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Earnings

Amazon's quarterly net income more than tripled to $62.6bn, and $53.4bn of it sits on the non-operating line

Money & World
The Editorial Team ·
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$53.4 billion. That is the pre-tax non-operating other income inside Amazon's second quarter, and the company attributes it primarily to its investments in Anthropic.

Net income for the three months to 30 June was $62.6 billion, or $5.75 a diluted share. A year earlier it was $18.2 billion, or $1.68. Operating income over the same comparison went from $19.2 billion to $27.5 billion, which is a rise of 43 percent and roughly an eighth of the change in the bottom line.

Read the statement, not the headline

The condensed consolidated statement of operations sets it out without commentary. Operating income of $27,461 million. Other income, net, of $53,415 million. Total non-operating income of $53,396 million, which is more than the operating result and the interest lines combined. Income before income taxes of $80,857 million, and a provision for income taxes of $18,199 million against $2,678 million a year earlier.

A year ago the same non-operating total was $1,686 million.

The cash went the other way

Operating cash flow for the trailing twelve months rose 33 percent, to $161.4 billion. Free cash flow over those same twelve months was an outflow of $7.6 billion, against an inflow of $18.2 billion a year before.

The release names the cause and does not hedge it. Purchases of property and equipment, net of proceeds from sales and incentives, rose $66.1 billion year on year, an increase that "primarily reflects investments in artificial intelligence". On the cash flow statement the gross figure is $173,028 million for the trailing twelve months, against $107,656 million.

What the operating business did

AWS sales rose 37 percent to $42.2 billion, and AWS operating income rose to $16.6 billion from $10.2 billion. North America sales rose 16 percent to $116.2 billion, International 15 percent to $42.2 billion. Group net sales were $200.6 billion, up 20 percent.

"AWS is booming, growing 36.7% year-over-year in Q2, our fastest growth in 18 quarters, and our AI and Chips businesses each eclipsed run rates of more than $25 billion", chief executive Andy Jassy said in the release.

For the third quarter Amazon guides net sales of $197.0 billion to $202.0 billion and operating income of $22.5 billion to $26.5 billion, against $17.4 billion a year earlier. That guidance is given on the operating line. It carries no forecast of what the Anthropic holding will be worth in September.

The document: Amazon.com, Inc., Form 8-K, accession 0001018724-26-000024, accepted by EDGAR 2026-07-30 at 16:06:23 Eastern, CIK 0001018724. Items 2.02 and 9.01. Exhibit 99.1, the earnings release dated 30 July 2026 for the quarter ended 30 June 2026, was retrieved from EDGAR, extracted to text and read including the condensed consolidated statements of operations and of cash flows. No fetch-tool summary was relied on. Bulleted figures verbatim from the release: 'Net sales increased 20% to $200.6 billion in the second quarter, compared with $167.7 billion in second quarter 2025'; 'North America segment sales increased 16% year-over-year to $116.2 billion'; 'International segment sales increased 15% year-over-year to $42.2 billion'; 'AWS segment sales increased 37% year-over-year to $42.2 billion'; 'Operating income increased to $27.5 billion in the second quarter, compared with $19.2 billion in second quarter 2025'; 'AWS segment operating income was $16.6 billion, compared with $10.2 billion in second quarter 2025'; 'Net income increased to $62.6 billion in the second quarter, or $5.75 per diluted share, compared with $18.2 billion, or $1.68 per diluted share, in second quarter 2025'; 'Second quarter 2026 net income includes non-operating pre-tax other income of $53.4 billion, primarily from our investments in Anthropic'; 'Operating cash flow increased 33% to $161.4 billion for the trailing twelve months, compared with $121.1 billion for the trailing twelve months ended June 30, 2025'; and 'Free cash flow decreased to an outflow of $7.6 billion for the trailing twelve months, driven primarily by a year-over-year increase of $66.1 billion in purchases of property and equipment, net of proceeds from sales and incentives. This increase primarily reflects investments in artificial intelligence. This compares to free cash flow inflow of $18.2 billion for the trailing twelve months ended June 30, 2025.' Line items read directly off the condensed consolidated statements of operations for the three months ended 30 June 2026, in millions: operating income 27,461; other income (expense), net 53,415; total non-operating income 53,396; income before income taxes 80,857; provision for income taxes (18,199). Prior year comparatives on the same statement: operating income 19,171; other income (expense), net 1,117; total non-operating income 1,686; income before income taxes 20,857; provision for income taxes (2,678); net income 18,164. Trailing twelve month cash flow lines: net cash provided by operating activities 161,403 against 121,137; purchases of property and equipment (173,028) against (107,656); proceeds from property and equipment sales and incentives 4,021 against 4,703. Third quarter guidance verbatim: 'Net sales are expected to be between $197.0 billion and $202.0 billion, or to grow between 9% and 12% compared with third quarter 2025' and 'Operating income is expected to be between $22.5 billion and $26.5 billion, compared with $17.4 billion in third quarter 2025.' The chief executive quotation used in the brief, verbatim from the release and attributed there to Andy Jassy, President and CEO: 'AWS is booming, growing 36.7% year-over-year in Q2, our fastest growth in 18 quarters, and our AI and Chips businesses each eclipsed run rates of more than $25 billion.' The release renders the clause breaks in that sentence with dashes, which house style does not use, and the wording is otherwise unaltered..

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