AMZN · Deep research

Amazon.com, Inc. (AMZN) | FY2026-Q2 Deep Research Report

Amazon.com, Inc. delivered FY2026-Q2 net sales of $200.61B (+19.6% YoY) and reported GAAP net income of $62.65B. Forensic accounting penetration reveals that >85% of reported net income ($53.42B pre-tax) stemmed from non-cash, mark-to-market upward revaluations of its Anthropic equity investment. Simultaneously, 2026 full-year CapEx guidance was escalated to an unprecedented $220.0B, pushing TTM Free Cash Flow into negative territory (-$7.60B). With long-term debt doubling to $128.89B and dual FTC antitrust and ad-fraud lawsuits looming, AMZN faces severe risk-reward asymmetry.

Fiscal year

FY2026

Period

Q2

Period end

2026-06-30

Calendar year

2026