Amazon just had its first $200 billion quarter — and Wall Street was not ready for it.

The company pulled in $200.6 billion in revenue for Q2 2026, beating analyst estimates, according to Deadline. Earnings per share came in at $5.75, more than triple what Wall Street had forecast. Amazon shares jumped 9% in after-hours trading.

The biggest engine was AWS, Amazon's cloud computing division — the part of the business that rents server space and computing power to other companies. AWS revenue reached $42.2 billion, up 37% from a year earlier, its fastest quarterly growth in more than four years, according to Reuters. Analysts had been expecting growth of about 31%.

A lot of that cloud demand is coming from artificial intelligence. Amazon's microchip business and its AWS AI operation each reached a $25 billion annual run rate — meaning at their current pace, each is on track to bring in $25 billion over a full year, Deadline reported. Amazon is also moving to rent out AI computing capacity to major players including Meta, OpenAI and Anthropic, and can supply its own chips for companies to install in their own data centres.

That AI push stands in contrast to what happened at Meta, whose stock fell after its own Q2 earnings report in which it said it would increase its already heavy AI spending, Deadline noted. Amazon's pitch is the opposite side of that coin: it wants to be the company selling the computing power that others are buying.

Advertising was the other standout. Amazon's ad revenue rose 26% year-over-year to $19.8 billion, its best growth rate in years, Deadline reported. Amazon sells ads across its shopping site, its streaming service Prime Video, and other properties.

For people watching at home, the entertainment side of the business had its own moment. The earnings release highlighted new live sports offerings on Prime Video, including NBA and NASCAR coverage. The Prime Video original series Off Campus drew 36 million viewers in its first 12 days, making it the third most-watched series debut in the platform's history, Deadline reported.

CEO Andy Jassy, who in March projected that AWS could reach $600 billion in annual sales by 2036, according to Reuters, struck an upbeat tone in the earnings release. "There's a lot to be excited about, and we have much more coming for customers in the second half of the year and beyond," Jassy said.

Amazon held its earnings conference call on Thursday, 30 July 2026 at 2:00 p.m. PT.