Amazon.com Inc.
Amazon.com Inc. · Big Tech (E-commerce/Cloud)
01Wall Street Consensus
02Earnings Results
※ The $5.75 GAAP EPS includes $53.4B of non-operating pre-tax income, mostly the Anthropic stake mark-up. It is not core operating performance — the same distortion pattern as Alphabet.
Key Takeaways
- Revenue $200.6B (+20% YoY)
- GAAP EPS $5.75 against a $1.82 consensus — but it carries $53.4B of non-operating pre-tax income, mostly the Anthropic stake mark-up, so it is not core earnings power
- Operating income $27.46B, net income $62.6B
- AWS revenue $42.2B (+36.7% YoY) — the fastest in 18 quarters, with AWS operating income of $16.62B (36.8% margin)
- Quarterly capex $54.21B
- TTM free cash flow -$7.6B, down from +$18.2B a year earlier; TTM operating cash flow $161.4B
- Full-year capex guidance raised to $220B from $200B, on rising memory prices
Key Checkpoints
- 01AWS revenue growth and operating margin
- 02Companywide operating income (retail + AWS)
- 03Advertising revenue
- 04CapEx guidance (AI/datacenters)
- 05Q3 revenue and operating income guidance
Upside Catalysts
- Accelerating AWS AI workloads
- High-growth advertising business
- Prime Day (falling in Q2) effect
Risk Factors
- Surging CapEx → FCF pressure
- AWS growth deceleration concerns
- Retail margin swings
- Macro and consumer slowdown
EEPS History (Last 14 Quarters)
Actual EPS vs Consensus — Green Beat · Red Miss
1Our Read
The same distortion as Alphabet. The $5.75 GAAP EPS carries $53.4B of non-operating pre-tax income, most of it the Anthropic stake mark-up. It is not a reading of operating performance.
Two things matter instead. The first is AWS, which posted its fastest growth in eighteen quarters. The second is capital expenditure. The full-year plan set at $200B in February was lifted again to $220B, and management named rising memory prices as the reason. Unlike Microsoft's adjustment this quarter, which was an accounting reclassification, this is real spend.
Cash has already turned. Quarterly free cash flow was negative in the second quarter as it was in the first. On a trailing twelve-month basis it flipped from +$18.2B a year ago to -$7.6B.
This is the first quarter where memory prices pushed a hyperscaler's capex guidance up directly.
SEPS 서프라이즈 히스토리
분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출
컨센서스 대비 실제 EPS/매출 서프라이즈 (%)