Amazon Q2 Preview: Ecommerce Growth May Be Overshadowed By AWS Momentum Again

Amazon.com Inc (NASDAQ: AMZN ) is set to report second-quarter financial results Thursday after market close.

Here are the earnings estimates, analyst ratings, and key items to watch ahead of the report.

Analysts expect the e-commerce giant to report Q2 revenue of $196.02 billion, up from $167.70 billion in last year’s Q2, according to data Pro.

The company has beaten analyst estimates for revenue in seven straight quarters and in nine of the last 10 quarters overall.

Analysts expect Amazon Q2 earnings per share of $1.82, up from $1.68 in last year’s Q2.

The Seattle-based company has beaten analyst estimates for earnings per share in nine of the last 10 quarters.

Guidance calls for revenue to be between $194 billion and $199 billion.

The company did not provide earnings per share guidance.

Read Also: Amazon, Apple, Meta, Microsoft Earnings on Deck: 33% of Viewers Say This is Top Report to Watch Amazon Analyst Ratings Here are some of the most recent analyst ratings on Amazon.com stock and their price targets: UBS: Maintained Buy rating, lowered price target from $333 to $305 BMO Capital: Maintained Outperform rating, raised price target from $355 to $360 Mizuho: Maintained Outperform rating, lowered price target from $325 to $320 Wedbush: Maintained Outperform rating, with $293 price target Wells Fargo: Maintained Overweight rating, raised price target from $313 to $322 Amazon Q2: Key Items to Watch Amazon posted double-digit revenue growth of 17% year-over-year in the first quarter, with the main segments of North America (+12%), International (+19%) and Amazon Web Services (+28%) all seeing double-digit growth.

AWS has been a standout performer in recent quarters, also posting revenue growth of 24% in the fourth quarter.

The company said AWS growth in the first quarter was the fastest growth in 15 quarters.

The cloud segment is getting closer to passing International revenue and becoming the second-largest revenue driver each quarter.

AWS will be a key focus area for investors and analysts.

Another key will be any commentary on AI spending and AI monetization as the big technology companies look to show that their large capex is paying off in areas like revenue and margins.

Prime Video Bets On Blockbusters And Live Sports The company’s Prime Video segment saw "Project Hail Mary" as a box office hit in March and likely into Q2. "Masters of the Universe" didn’t perform as hot in theaters, with $113.8 million in global box office.

The hit show "Off Campus" saw huge viewership in the month of May, as did the final season of "The Boys." NBA and NBA Playoffs coverage by Prime Video in April could also help boost overall advertising revenue for the company with live sports content being a key driver for this area.

Amazon is one of four Magnificent Seven stocks reporting this week and is also a key component of the S&P 500, Nasdaq 100 and Dow Jones Industrial Average.

Here is Amazon’s place in three ETFs that track those indexes: SPDR S&P 500 ETF Trust (NYSE: SPY ): 3.6%, fourth largest holding Invesco QQQ Trust (NASDAQ: QQQ ): 4.2%, fifth largest holding SPDR Dow Jones Industrial Average ETF (NYSE: DIA ): 2.7%, 17 th largest holding Strong earnings and guidance, along with a positive reaction to capex by investors, could provide a boost for those ETFs and the overall market.

Price Action Amazon stock is up 0.4% to $231.82 on Wednesday versus a 52-week trading range of $196.00 to $278.56.

The stock price is up 2.4% year-to-date in 2026.

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