Slides
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Q2 2026 Financial Results Conference Call Slides
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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.
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3 Net Sales Billions $167.7 $200.6 Q2 2025Q3 2025Q4 2025Q1 2026Q2 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)
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4 Net Sales – TTM (1) $670.0 $775.7 Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026$0 $600 $1,200 Net Sales - TTM (B) $453.7 59%$173.6 22% $148.4 19% North America International AWS 22% (1) Trailing twelve-month period. Up 16% Y/Y; Up 15% F/X Adjusted Billions
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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
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6 $76.2 $93.7 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026$0 $60 $120Operating Income – TTM Up 23% Y/Y Billions
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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
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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
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9 [Down 31%] Y/Y; [Down 32%] F/X Adjusted Segment Results – North America $100.1 $116.2 Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026$0 $100 $200 $7.5 $9.1 Q2 2025Q3 2025Q4 2025Q1 2026Q2 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
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10 Segment Results – International $36.8 $42.2 Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026$0 $40 $80 Up 15% Y/Y $1.5 $1.7 Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026$0 $2 $4 Net Sales Operating Income [Down N/A] Y/Y; [Down N/A] F/X Adjusted TTM Net Sales $173.6B; TTM Operating Income $5.4B Up 15% Y/Y; Up 18% F/X Adjusted Billions Billions [Up 15%] Y/Y; [Up 15%] F/X Adjusted
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11 Segment Results – AWS $30.9 $42.2 Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026$0 $30 $60 Up 37% Y/Y $10.2 $16.6 Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026$0 $15 $30 Net Sales Operating Income Up 64% Y/Y TTM Net Sales $148.4B; TTM Operating Income $54.7B Up 50% Y/Y; Up 50% F/X Adjusted Billions Billions Up 64% Y/Y; Up 64% F/X Adjusted
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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 $30Down 142% Y/Y (2) Billions
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13 Shares 10,660 10,783 292 244 Common Shares OutstandingStock-Based Awards Outstanding Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 20260 8,000 16,000 10,952 11,027 Millions Long-Term Goal – Efficiently Managing Dilution
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Appendix 14
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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)