AMZN

Amazon

PRICE + EARNINGS

AMZN · daily price and volume
OFFICIAL CLOSE · Aug 31, 2026$259.77
NEXT EARNINGSOct 29, 2026
EPS ESTIMATE$1.97
52-WEEK RANGE$196.00—$287.20
Aug 31, 2026 · $259.77 · 46.1M shares+13.4% over period
$196$219$242$264$287Q3 · $1.95 EPSQ4 · $1.95 EPSQ1 · $2.78 EPSQ2 · $5.75 EPSAug 31, 2026$259.77 · 46.1MAug 27, 2025Aug 31, 2026

Forecasts

CURRENT

Card-spend index

LIKELY RANGE103.5–108.5middle 80%
UNCERTAINTY±2.1index
Aug 27105.7index

103.5–108.5 range

100.5103.8107.0110.3113.5Aug 5Aug 27

Derived from public YES prices · observed Sep 1, 2026

Questions

Case outcome

Government wins FTC case

49%Aug 27, 2026
050100Oct 24, 2023Aug 27, 2026

Derived from public YES prices · observed Sep 1, 2026

Q2 2026 · July 30, 2026

The retail nouns disappeared. Cost pressure supplied the surprise.

Third-party seller entered at 86¢ and was never said. The Middle East appeared from 21¢ because fuel inflation reached the fulfillment network.

REVENUE$200.6B

reported

AWS GROWTH36.7%

year over year

OPERATING INCOME$27.5B

$53.4B Anthropic gain sat below operating income

WIDEST GAP86%

Third Party Seller · not said

THE STORY IN THE PRICES

The board expected Amazon to name its shopping interfaces. The call spent its scarce attention on AWS capacity, delivery economics and the cost of moving goods.

THE SCRIPT

Anthropic, Trainium, Prime Day and tariffs were crowded trades and all appeared.

THE BREAK

Third-party seller, Zoox and Rufus stayed out; Middle East entered through transportation costs.

EARNINGS WORDS

What the call was about

5:00 PM ET start
CONFIRMEDTariff

95% before the call

5:02 PM ET · +2 min
Start+23 min+45 min

Cloud and AI

Retail and advertising

Devices and logistics

Media

Policy and geography

THE RECORD

Listen to the call. Read what changed.

▶
Earnings call audio49 minutes · official recording
R
Earnings release14 pages · reported results and guidance
S
Webcast slides15 pages · quarterly financial tables
10-Q
Form 10-QFiled July 31, 2026
CALL MAPOur index of the official audio
Andy Jassy

AWS acceleration makes the capex case

AWS growth accelerated to 36.7%. Jassy tied the spending cycle to scarce capacity, custom silicon and a backlog that reached $496 billion.

Data CenterTrainiumAnthropicOpenAISnowflakePinterest
Andy Jassy

The consumer story moves from speed to monetization

Faster delivery fed Prime engagement; advertising, shopping assistants and sports carried the argument from retail efficiency into higher-value demand.

Prime DaySupply ChainSponsored ProductsAlexa+ / Alexa PlusLive SportsAmazon Leo / Project Kuiper
Brian Olsavsky

Two benefits flatter the operating result

Operating income included $600 million of tariff refunds and a separate $600 million energy-contract gain. Cash capex reached $53.1 billion.

TariffRobotic / RoboticsIran / Middle EastGen-AI / Generative AIPrime Day
Q&A

Margins and model choice

The first exchange tested whether AI workloads dilute AWS margins and whether Amazon needs a frontier model of its own.

AnthropicOpenAI
Q&A

Capacity, data centers and custom silicon

Analysts pushed on the 2027 capacity build and whether Amazon will sell its chips into third-party data centers.

Data CenterTrainiumAnthropicOpenAI
Q&A

Applications, financing and component costs

The final exchanges moved up the stack into workplace software, then back down to funding and memory-cost pressure.

Supply Chain