Amazon Shares Trade Below May High as Markets Size Up AI Spending Ahead of Q2

Investors are focused on whether AWS-driven AI infrastructure outlays are starting to lift profit and cash generation or will continue to compress free cash flow.

Overview

Amazon will report second-quarter results after the close on July 30, 2026, and analysts project full-year EPS of about $7.75.
The stock is trading near $243.78, roughly 8% below its early May peak and up modestly year-to-date, while Wall Street consensus is broadly bullish with an average price target near $313.
AWS remains the core profit engine and the center of a company pledge to spend about $200 billion on AI and cloud infrastructure, which is raising close scrutiny of margins and returns.
Analysts say free cash flow has been shrinking even as revenue grows, and investors will watch Q2 results for signs that higher AWS utilization or pricing can offset heavy capital spending.
Amazon Business has reached about a $60 billion annualized run rate and institutional owners hold roughly 72% of shares while insiders sold about $38.7 million via pre-arranged 10b5-1 plans, factors that shape near-term investor sentiment.