Amazon set to report Q2 2026 earnings with focus on cloud and capex

Amazon reports its Q2 2026 earnings today after the bell, with the conference call slated for 5:00 p.m. ET. Analysts expect earnings per share of $1.82 on total revenue of roughly $196.9 billion. That’s within the company’s own guidance range of $194 billion to $199 billion, which would represent 16% to 19% year-over-year growth. AWS is the headline act Wall Street’s consensus puts AWS revenue at $40.5 billion for the quarter, which would mark a 31% increase compared to the $30.8 billion reported in Q2 2025. AWS revenue growth hit 28% in Q1 2026, its fastest pace in 15 quarters. If the Q2 number lands at or above expectations, it would mean the division is actually accelerating, not just coasting on previous momentum. Amazon’s investment in Anthropic, the AI firm behind Claude, generated $16.8 billion in pre-tax gains during Q1 2026. Amazon has invested more than $13 billion in Anthropic, with additional funds potentially reaching $20 billion based on performance milestones. The $200 billion question Amazon has earmarked roughly $200 billion for capital expenditures in 2026, directed primarily at data centers, networking infrastructure, and custom AI chips. AWS growth accelerating ...