Amazon released its Q2 2026 financial report on July 31 Beijing time after the U.S. stock market closed, signaling that AWS has re-entered an acceleration phase, with AI and self-developed chip businesses beginning to provide quantifiable income. Net sales reached $200.6 billion, up 20% year-on-year; operating profit was $27.5 billion, up 43% year-on-year. Net profit reached $62.6 billion, with diluted earnings per share at $5.75, including $53.4 billion in non-operating pre-tax income from the Anthropic investment. North American revenue was $116.2 billion, up 16% year-on-year, with operating profit of $9.1 billion; international revenue was $42.2 billion, up 15% year-on-year, with operating profit of $1.7 billion. Advertising revenue increased by 26% year-on-year. AWS Q2 revenue was $42.232 billion, up 37% year-on-year, the fastest growth rate in 18 quarters; operating profit was $16.621 billion, up 64% year-on-year, with an operating margin of 39.4%. The report highlights four main aspects for assessing performance quality: operating profit, AWS growth, advertising growth, and cash flow pressure. The retail business did not drag down group profit, with Prime Day moved up to Q2 and improvements in delivery efficiency. Advertising has become an important force in