We now have the quarterly results from three of the giants in the digital sector. A few days after Google and Meta reported their earnings, Amazon has released its financial results for the second quarter of the year and for the first half as a whole.
And yes, things are going well at the company founded by Jeff Bezos.
Amazon increased its quarterly revenue by 19.6% year over year, well above what we saw for 2025 overall (+12%). For the first half, the company’s revenue rose 18.16% compared with the first half of last year.
Looking at the revenue breakdown in detail, the performance of the company’s cloud division once again stands out: AWS grew 36.7% compared with the second quarter of 2025, reaching $42.232 billion in revenue. As a result, AWS now accounts for 21% of Amazon’s total revenue.
In other words, (more than) one out of every five dollars Amazon brings in now comes from its cloud computing services. And in the current AI boom, that trend does not appear likely to slow down. There is also another figure that could go unnoticed, but it shows just how important this division is for the company: AWS now contributes around 60% of its operating income: $16.621 billion out of a total of $27.461 billion.
In addition, the company’s financial indicators are extraordinary, with quarterly net income of $62.6 billion, compared with $18.2 billion in the second quarter of 2025 (+243%). Although I am afraid this figure comes with an asterisk: it includes an extraordinary gain derived mainly from the revaluation of Anthropic.
For the third quarter of the year, the company expects revenue of between $197 billion and $202 billion (with estimated growth of 9% to 12% versus Q3 2025), while expected operating income is between $22.5 billion and $26.5 billion (compared with $17.4 billion in Q3 2025).
Although AWS captures much of the spotlight (understandably), Amazon’s advertising business continues to establish itself as another of the company’s major growth drivers. During the second quarter, advertising revenue rose 26% year over year, reaching $19.809 billion, well above the growth of the group as a whole (+20%).
This is no coincidence. Amazon knows with enormous precision which products its users search for, compare, and buy. That information makes its platform an especially attractive environment for brands, which can reach consumers with much stronger purchase intent than on other platforms.
In addition, the company continues to integrate artificial intelligence into this business. During the quarter, it expanded Ads Agent to eleven new countries, a tool capable of creating, launching, and optimizing advertising campaigns using AI in a matter of minutes. According to Amazon, advertisers that use it achieve a cost per impression 8% lower and a cost per acquisition 6% lower than those that do not use it.
On the other hand, the company also boasts that its AI- and chip-related businesses have already surpassed an annualized revenue run rate of $25 billion each.
As Andy Jassy, Amazon CEO, explained, “AWS is booming, growing 36.7% year over year in the second quarter—our fastest growth in 18 quarters—and our AI and chips businesses each surpassed an annualized revenue run rate of more than $25 billion. In Stores, we once again set delivery speed records for Prime members during the first half of the year—with more than 40% more items delivered the same day or the next day—highlighted by Grocery and Everyday Essentials growing significantly faster than the rest of the business. In addition, Advertising had another strong quarter with 26% year-over-year growth. There are many reasons to be excited, and we have much more in store for customers in the second half of the year and beyond.”
If a few years ago Amazon was seen primarily as an eCommerce company, the second-quarter results reinforce that the company’s growth increasingly depends on its technology businesses. AWS is accelerating thanks to the AI boom, advertising continues to gain weight, and artificial intelligence itself is beginning to spread across virtually every area of the group.
Amazon now presents artificial intelligence as a cross-cutting technology aimed at improving virtually every service the company offers. Interestingly, that approach is the same one Google and Meta are also following: AI is no longer a specific category, but rather the infrastructure on which the major tech companies are rebuilding their entire business.
Image: ChatGPT
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