Overview
- The company's Q2 results, reported Saturday, Sept. 12, 2026, showed trailing 12‑month revenue of $775 billion and AWS revenue up 37% year over year.
- Non‑retail businesses grew faster than e‑commerce, with non‑retail revenue up 24% to $124 billion and AWS supplying about 60% of Amazon's operating income.
- Amazon's trailing 12‑month operating margin expanded to 12.7% from 6.5% in 2023, and reported Q2 EPS rose 242% to $5.75 per share largely because of non‑operating gains from the Anthropic investment.
- Demand for Amazon's custom chips (Trainium and Graviton) is running at more than $25 billion annualized and the company says it has a roughly $496 billion AWS backlog, both cited as drivers of higher long‑term margins.
- Analysts have modeled a scenario where 20% annual earnings growth and a 20x forward P/E could roughly double the stock by 2030, a view that depends on continued AWS momentum, margin gains and execution on large AI and infrastructure investments.