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Amazon — Q2 2026 Presentation
Amazon (AMZN) · 15 slides · Filed Oct 20, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All AMZN deck slides
Slide 1 — Q2 2026 Financial Results
Q2 2026 Financial Results Conference Call Slides
Slide 2 — This presentation may contain forward-looking statements which are inherently difficult to predict.
2 This presentation may contain forward-looking statements which are inherently difficult to predict. Actual results and outcomes could differ materially for a variety of reasons, including, among others, fluctuations in foreign exchange rates and energy prices, changes in global economic conditions, tariff and trade policies, resource and supply volatility, including for memory chips, and customer demand and spending, inflation, interest rates, regional labor market constraints, world events, the rate of growth of the internet, online commerce, cloud services, and new and emerging technologies, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products and services sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income or other taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of claims, litigation, government investigations, and other proceedings, fulfillment, sortation, delivery, and data center optimization, risks of inventory management, variability in demand, the degree to which the Company enters into, maintains, and develops commercial agreements, proposed and completed acquisitions and strategic transactions, payments risks, and risks of fulfillment throughput and productivity. Other risks and uncertainties include, among others, risks related to new products, services, and technologies, security incidents, system interruptions, government regulation and taxation, and fraud. In addition, global economic and geopolitical conditions and additional or unforeseen circumstances, developments, or events may give rise to or amplify many of these risks. More information about factors that potentially could affect Amazon.com’s financial results is included in Amazon.com’s filings with the Securities and Exchange Commission ("SEC"), including its most recent Annual Report on Form 10-K and subsequent filings. Additional information relating to certain of our financial measures contained herein, including non- GAAP financial measures, is available in the appendix to our presentation, our most recent earnings release and at our website at www.amazon.com/ir.
Slide 3 — Net Sales
3 Net Sales Billions $167.7 $200.6 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0 $200 $400 Net Sales (B) $116.2 58% $42.2 21% $42.2 21% North America International AWS (1) Information throughout this presentation regarding the effect of foreign exchange rates, versus the U.S. Dollar, on our net sales and operating income is provided to show reported period operating results had the foreign exchange rates remained the same as those in effect in the comparable prior year periods. Up 20% Y/Y (1)
Slide 4 — Net Sales – TTM (1)
4 Net Sales – TTM (1) $670.0 $775.7 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0 $600 $1,200 Net Sales - TTM (B) $453.7 59% $173.6 22% $148.4 19% North America International AWS (1) Trailing twelve-month period. Up 16% Y/Y; Up 15% F/X Adjusted Billions
Slide 5 — Operating Income
5 Operating Income $19.2 $27.5 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0 $20 $40 Up 43% Y/Y; Up 44% F/X Adjusted Billions
Slide 6 — Operating Income – TTM
6 $76.2 $93.7 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0 $60 $120 Operating Income – TTM Up 23% Y/Y Billions
Slide 7 — Net Income (1)
7 (1) Q2 2026 net income includes non-operating pre-tax other income of $53.4 billion, primarily from our investments in Anthropic. $18.2 $62.6 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0 $40 $80 Net Income (1) Billions Up 245% Y/Y
Slide 8 — Net Income – TTM
8 $70.6 $135.3 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0 $80 $160 Net Income – TTM Billions Up 92% Y/Y
Slide 9 — Segment Results – North America
9 [Down 31%] Y/Y; [Down 32%] F/X Adjusted Segment Results – North America $100.1 $116.2 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0 $100 $200 $7.5 $9.1 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0 $10 $20 Net Sales Operating Income TTM Net Sales $453.7B; TTM Operating Income $33.7B Up 16% Y/Y Up 21% Y/Y Billions Billions
Slide 10 — Segment Results – International
10 Segment Results – International $36.8 $42.2 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0 $40 $80 Up 15% Y/Y $1.5 $1.7 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0 $2 $4 Net Sales Operating Income TTM Net Sales $173.6B; TTM Operating Income $5.4B Up 15% Y/Y; Up 18% F/X Adjusted Billions Billions
Slide 11 — Segment Results – AWS
11 Segment Results – AWS $30.9 $42.2 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0 $30 $60 Up 37% Y/Y $10.2 $16.6 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $0 $15 $30 Net Sales Operating Income Up 64% Y/Y TTM Net Sales $148.4B; TTM Operating Income $54.7B Billions Billions
Slide 12 — Free Cash Flow – TTM (1)
12 Free Cash Flow – TTM (1) (1) Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.” See Appendix for a reconciliation of operating cash flow to free cash flow. (2) Operating cash flow increased 33% Y/Y. Long-Term Goal – Optimize Free Cash Flows Up 101% Y/Y $18.2 $(7.6) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $(15) $0 $15 $30 Down 142% Y/Y (2) Billions
Slide 13 — Shares
13 Shares 10,660 10,783 292 244 Common Shares Outstanding Stock-Based Awards Outstanding Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 0 8,000 16,000 10,952 11,027 Millions Long-Term Goal – Efficiently Managing Dilution
Slide 14 — Appendix
Appendix 14
Slide 15 — Free Cash Flow Reconciliation – TTM
15 Free Cash Flow Reconciliation – TTM Billions Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Operating Cash Flow $121.1 $130.7 $139.5 $148.5 $161.4 Purchases of property and equipment, net of proceeds from sales and incentives (102.9) (115.9) (128.3) (147.3) (169.0) Free Cash Flow $18.2 $14.8 $11.2 $1.2 $(7.6)