Amazon delivered better-than-expected Q2 results on July 30, with net sales up 20% to $200.6B and the Stores business accelerating to up 15%, aided in part by Prime Day shifting into Q2. The real story was AWS, posting its fastest revenue growth in 18 quarters, supporting a higher 2026 capital-spending outlook of $220B. Investors viewed the spend as evidence of demand rather than a risk, sending shares up roughly 10% after hours.
Retail commentary was limited, but Amazon highlighted same-day perishables as a meaningful grocery growth unlock and offered useful insight into how tariff-related refunds may be handled across the broader retail landscape. As Amazon further establishes itself as a primary grocery competitor and raises the bar on delivery speed, its diversified mix of retail, advertising, and AWS leaves the business well positioned to withstand potential consumer or retail headwinds.
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