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Amazon (AMZN) Stock Analysis

Consumer CyclicalRetail-Catalog & Mail-Order Houses

Q2 2026 · +19.6% revenue · +10.5% revenue
Beat the trendvs trailing 3-quarter avg
Revenue▲+5.1 ppvs trend
Net income▲+204.6 ppvs trend
Diluted EPS▲+203.6 ppvs trend
Free cash flow▼−2705.3 ppvs trend

Outperformed in 3 of 4 metrics

How the cash was deployedQ2 2026
Operating cash flow$45.39B
$54.21B (119.4 %)
Debt repayment$2.75B (6.1 %)
Last 8 quarters of revenueLatest quarter highlighted. Q4 reconstructed from the annual filing.
+19.6% +10.5%
158.88B
Q3 24
187.79B
Q4 24*
155.67B
Q1 25
167.70B
Q2 25
180.17B
Q3 25
213.39B
Q4 25*
181.52B
Q1 26
200.61B
Q2 26

* Q4 is reconstructed from the annual filing (FY − Q1 − Q2 − Q3), since the SEC does not require a Q4 10-Q.

RevenueReversal
$200.61B
▲+19.6% ▲+10.5%
143.31B
147.98B
158.88B
187.79B
155.67B
167.70B
180.17B
213.39B
181.52B
200.61B
Direction flipped this quarter — watch for a one-off or a new trend.
Net incomeAccelerating
$62.65B
▲+245% ▲+107%
10.43B
13.48B
15.33B
20.00B
17.13B
18.16B
21.19B
21.19B
30.25B
62.65B
Moving faster than the prior quarter — the trend is picking up speed.
Free cash flowReversal
−$8.82B
▼−2757% —
4.06B
7.66B
3.35B
17.80B
−8.00B
332.00M
430.00M
14.94B
−18.17B
−8.82B
Direction flipped this quarter — watch for a one-off or a new trend.
Diluted Accelerating
$5.75
▲+242% ▲+107%
0.98
1.26
1.43
1.86
1.59
1.68
1.95
1.95
2.78
5.75
Moving faster than the prior quarter — the trend is picking up speed.

Margins

Gross marginSlowing
52.3 %
▲+0.4 pp ▲+0.4 pp
49.32
50.14
49.03
47.34
50.55
51.81
50.79
48.47
51.82
52.26
Still moving the same direction, but at a smaller pace than the prior quarter.
Operating marginSlowing
13.7 %
▲+2.3 pp ▲+0.5 pp
10.68
9.92
10.96
11.29
11.82
11.43
9.67
11.71
13.14
13.69
Still moving the same direction, but at a smaller pace than the prior quarter.
Net marginAccelerating
31.2 %
▲+20.4 pp ▲+14.6 pp
7.28
9.11
9.65
10.65
11.00
10.83
11.76
9.93
16.67
31.23
Moving faster than the prior quarter — the trend is picking up speed.
Metric
Q2 2025Same quarter, prior year
Q1 2026Previous quarter
Q2 2026Latest quarter
YoYQoQ
Revenue$167.70B$181.52B$200.61B+19.6%+10.5%
Cost of revenue$80.81B$87.46B$95.78B+18.5%+9.5%
Gross profit$86.89B$94.06B$104.83B+20.6%+11.5%
Operating expenses$148.53B$157.67B$173.15B+16.6%+9.8%
Operating income$19.17B$23.85B$27.46B+43.2%+15.1%
Net income$18.16B$30.25B$62.65B+245%+107%
Diluted $1.68$2.78$5.75+242%+107%
Operating cash flow$32.52B$26.03B$45.39B+39.6%+74.4%
$32.18B$44.20B$54.21B+68.4%+22.6%
Free cash flow$332.00M−$18.17B−$8.82B−2757%—
Gross margin51.8 %51.8 %52.3 %+0.4 pp+0.4 pp
Operating margin11.4 %13.1 %13.7 %+2.3 pp+0.5 pp
Net margin10.8 %16.7 %31.2 %+20.4 pp+14.6 pp