Amazon Stock Soars After Blowout Earnings: Can the Rally Continue?

Amazon stock earnings for the second quarter of 2026 beat expectations across the board, and shares jumped as investors went through the Amazon earnings report line by line. Revenue landed at $200.6 billion, up 20% year over year, and AWS growth hit its fastest pace in 18 quarters, which is honestly the number everyone on the Amazon stock earnings call kept coming back to. At the time of writing, the Amazon stock price is still digesting just how strong AWS looked, and AMZN stock today is one of the more closely watched names on the market. Here’s a full look at what pushed shares higher, and honestly, what the Amazon stock earnings numbers say about the quarters still ahead.

Amazon Stock Earnings Boost Outlook As AWS And AI Accelerate

AWS Growth Drives The Amazon Stock Earnings Reaction

AWS revenue climbed 36.7% year over year to $42.2 billion, and that acceleration turned out to be the single biggest driver behind the Amazon stock earnings reaction on Wall Street this week. Operating income across the company rose 43% to $27.5 billion, and AWS operating margin expanded to 39%, up 650 basis points from a year earlier, which analysts had not really expected. North America revenue also rose 16% to $116.2 billion, and international sales climbed 15% to $42.2 billion on a currency neutral basis. Backlog for AWS reached $496 billion, and its annualized run rate now sits at $169 billion, a number that alone would rank among the bigger companies in the country right now.