AMZN Amazon (AMZN) Q2 FY26 earnings call
Amazon delivered a very strong Q2 FY26, driven by robust performance in AWS, particularly its AI and core services, and continued momentum in its advertising business. The company is making significant investments in AI infrastructure, leading to increased CapEx and short-term free cash flow headwinds, but anticipates compelling long-term returns. The retail segment showed strength in delivery speeds, grocery, and everyday essentials, with strategic focus on expanding ultra-low price selection and agentic AI shopping assistants.
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AMZN operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Change vs prior quarter |
|---|---|---|---|---|---|
| Third-party seller unit mix Worldwide | 61%And worldwide third-party selling unit mix was 61% in Q1, consistent with Q1 of last year.Source: earnings call transcript | 62%In Q2, worldwide third-party seller unit mix was 62%, the highest ever, up on 100 basis points from Q2 of last year.Source: earnings call transcript | 62%And in Q3, worldwide third-party seller unit mix was 62%, up 200 basis points from Q3 of last year.Source: earnings call transcript | 61%In Q4, Worldwide third-party seller unit mix was 61%.Source: earnings call transcript | -1 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.