Amazon’s Q2 2026 net income soared 244% YoY to $62.6 billion, boosted by a $53.4 billion non-operating gain from Anthropic.
Amazon’s stock jumped 15.32% to $271.58 after reporting Q2 2026 earnings, driven by $200.6 billion in revenue, up 20% YoY, and net income of $62.6 billion, a 244% increase. The surge was partly fueled by a $53.4 billion non-operating gain from its investment in AI firm Anthropic, raising questions about sustainable profit growth.
The company’s revenue growth outpaced the S&P 500’s 9.55% year-to-date gain, but the bulk of net income came from a one-time valuation boost rather than core operations. Morgan Stanley raised its price target to $335 from $330, maintaining a bullish outlook based on a 25x multiple, though analysts caution about over-reliance on non-operating gains.
CEO Andy Jassy highlighted rising capital expenditures during the earnings call, signaling continued investment in AI and infrastructure. The market reaction reflects optimism but also underscores concerns about the quality of earnings amid the AI boom.