Equity Profile

AMZN

Amazon.com, Inc.

Consumer DiscretionaryBroadline Retail$2.6T

Jul30Thu

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Amazon.com, Inc. (AMZN) is a leading online retailer that offers a wide range of products and services, including e-commerce, cloud computing, and digital streaming....

Key Metrics to Watch

E-commerce Revenue

E-commerce revenue is crucial as it reflects consumer spending trends and the company's ability to capture market share.

N/A

AWS Revenue

Amazon Web Services (AWS) is a key growth driver, and its performance indicates the company's strength in the cloud computing market.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

AMZN Q2-2026 Earnings Preview

Context

Company Snapshot

Amazon.com, Inc. (AMZN) is a leading online retailer that offers a wide range of products and services, including e-commerce, cloud computing, and digital streaming. As a major player in the consumer discretionary sector, Amazon is significantly impacted by consumer spending trends and technological advancements, particularly in areas like artificial intelligence and cloud services.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+25.97%

Avg Stock Reaction

-0.66%

Last Quarter Recap

In Q1-2026, Amazon reported an earnings per share (EPS) of $2.78, significantly exceeding expectations by 74.29%. The stock reacted positively, gaining 1.29% the following day.

Management Promises & Guidance

Focus on expanding AWS services and capabilities.
Enhance customer experience through improved logistics.
Continue investing in technology and AI to drive innovation.

Expectations

Wall Street Expectations

Overall, expectations for Amazon's upcoming earnings are mixed, with some analysts anticipating strong performance due to previous earnings surprises, while others remain cautious about potential challenges in e-commerce and cloud growth.

Bull Case

The optimistic view hinges on continued strong growth in AWS and e-commerce, potentially leading to better-than-expected earnings and revenue figures.

Bear Case

Conversely, a slowdown in consumer spending or disappointing AWS growth could lead to a negative reaction in the stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported growth rate for AWS revenue this quarter?

AWS growth is critical for Amazon's overall profitability and market position, and any slowdown could raise concerns.

How has consumer spending impacted e-commerce sales during the quarter?

Understanding consumer behavior is essential for gauging future revenue potential and overall business health.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for AWS to exceed growth expectations due to increased enterprise demand for cloud services.

Supporting Evidence

Amazon's recent investments in AI and cloud infrastructure suggest a stronger performance than anticipated.

The options market is pricing a larger move than historical averages, indicating potential for a surprise.

Insider selling may reflect a strategic shift rather than lack of confidence in future growth.

Key Risk

If AWS revenue comes in below $20B, it could undermine the bullish sentiment surrounding Amazon's growth prospects.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around the sustainability of growth in both AWS and e-commerce amid changing consumer behaviors.

Bull Confirmed If

AWS revenue growth of +25% YoY or better would confirm the bull case.

Bear Confirmed If

E-commerce revenue declining or remaining flat would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±6.18%

Historical Avg

±2.5%

Pricing rich

The options market is pricing in a significant move of about 6.18%, indicating uncertainty or volatility around the earnings report.

Options are pricing ±6.2% while AMZN has averaged ±2.5% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.4%

30d HV

21.6%

Calls (23.4M)P/C Ratio: 0.36Puts (7.4M)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$12.9M

51,500 sh

2 insiders

Net

$12.9M

Net selling

Most Active Insiders· 2 open-market trades

President and CEOJassy Andrew R
$7.9M
Net selling

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Amazon beats expectations, history suggests a potential stock increase of around 2.5%, confirming strong growth narratives.

In-Line / Cautious

If results are in line but management is cautious, the stock may experience muted movement as investors reassess future growth.

Miss

A miss could lead to a decline of approximately 4.4%, reflecting investor disappointment and concerns about growth.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

11 buys·8 sells

Members

House + Senate

Est. Notional

$1.7M–$6.7M

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
7

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on AWS growth and new service launches.
2Insights into consumer spending trends and e-commerce performance.
3Any changes in guidance for future quarters.
4Details on Prime membership growth and retention strategies.
5Management's commentary on competitive pressures in the retail space.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Amazon.com, Inc. (AMZN) is a leading online retailer that offers a wide range of products and services, including e-commerce, cloud computing, and digital streaming....

Key Metrics to Watch

E-commerce Revenue

E-commerce revenue is crucial as it reflects consumer spending trends and the company's ability to capture market share.

N/A

AWS Revenue

Amazon Web Services (AWS) is a key growth driver, and its performance indicates the company's strength in the cloud computing market.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

AMZN Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+25.97%

Avg Stock Reaction

-0.66%

Last Quarter Recap

In Q1-2026, Amazon reported an earnings per share (EPS) of $2.78, significantly exceeding expectations by 74.29%. The stock reacted positively, gaining 1.29% the following day.

Management Promises & Guidance

Focus on expanding AWS services and capabilities.
Enhance customer experience through improved logistics.
Continue investing in technology and AI to drive innovation.

Expectations

Wall Street Expectations

Bull Case

The optimistic view hinges on continued strong growth in AWS and e-commerce, potentially leading to better-than-expected earnings and revenue figures.

Bear Case

Conversely, a slowdown in consumer spending or disappointing AWS growth could lead to a negative reaction in the stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported growth rate for AWS revenue this quarter?

AWS growth is critical for Amazon's overall profitability and market position, and any slowdown could raise concerns.

How has consumer spending impacted e-commerce sales during the quarter?

Understanding consumer behavior is essential for gauging future revenue potential and overall business health.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for AWS to exceed growth expectations due to increased enterprise demand for cloud services.

Supporting Evidence

Amazon's recent investments in AI and cloud infrastructure suggest a stronger performance than anticipated.

The options market is pricing a larger move than historical averages, indicating potential for a surprise.

Insider selling may reflect a strategic shift rather than lack of confidence in future growth.

Key Risk

If AWS revenue comes in below $20B, it could undermine the bullish sentiment surrounding Amazon's growth prospects.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around the sustainability of growth in both AWS and e-commerce amid changing consumer behaviors.

Bull Confirmed If

AWS revenue growth of +25% YoY or better would confirm the bull case.

Bear Confirmed If

E-commerce revenue declining or remaining flat would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±6.18%

Historical Avg

±2.5%

Pricing rich

The options market is pricing in a significant move of about 6.18%, indicating uncertainty or volatility around the earnings report.

Options are pricing ±6.2% while AMZN has averaged ±2.5% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.4%

30d HV

21.6%

Calls (23.4M)P/C Ratio: 0.36Puts (7.4M)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$12.9M

51,500 sh

2 insiders

Net

$12.9M

Net selling

Most Active Insiders· 2 open-market trades

President and CEOJassy Andrew R
$7.9M
Net selling

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Amazon beats expectations, history suggests a potential stock increase of around 2.5%, confirming strong growth narratives.

In-Line / Cautious

If results are in line but management is cautious, the stock may experience muted movement as investors reassess future growth.

Miss

A miss could lead to a decline of approximately 4.4%, reflecting investor disappointment and concerns about growth.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

11 buys·8 sells

Members

House + Senate

Est. Notional

$1.7M–$6.7M

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
7

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on AWS growth and new service launches.
2Insights into consumer spending trends and e-commerce performance.
3Any changes in guidance for future quarters.
4Details on Prime membership growth and retention strategies.
5Management's commentary on competitive pressures in the retail space.