Amazon earnings updates: AI spend and AWS in focus for Wall Street ahead of results

Wall Street is getting ready for Amazon earnings after the closing bell.

The key metric for investors will be revenue in the AWS segment, as Amazon has been pouring money into its cloud and AI capabilities in recent quarters.

Also key to this quarter's results will be any news of Amazon's chip developments. CEO Andy Jassy is hugely bullish on the initiative, so much so that he took a rare shot at Nvidia when talking about the project in his letter to shareholders earlier this month.

The stock has already had a strong run in 2026, but investors will want to see evidence that the party can continue through the rest of this year. Shares were up 14% year to date through Tuesday's close.

The results will be published after the 4 p.m. ET closing bell, and the call will begin around 5:30 p.m.

First quarter

• Net sales estimate $177.23 billion (Bloomberg Consensus)
• AWS net sales estimate $36.68 billion
• Online stores net sales estimate $62.65 billion
• Physical Stores net sales estimate $5.81 billion
• Third-Party Seller Services net sales estimate $40.78 billion
• Advertising services net sales estimate $16.9 billion
• Subscription Services net sales estimate $13.07 billion
• North America net sales estimate $102.08 billion
• International net sales estimate $38.59 billion
• Amazon Web Services net sales excluding F/X estimate +25.7%
• Third-party seller services net sales excluding F/X estimate
  +10.9%
• Subscription services net sales excluding F/X estimate +11%
• EPS estimate $1.62
• Operating income estimate $20.75 billion
• Operating margin estimate 11.7%
• North America operating margin estimate +6.85%
• International operating margin estimate 2.58%
• Fulfillment expense estimate $27.31 billion
• Seller unit mix estimate 60%
  
  Second quarter
• Net sales estimate $189.15 billion
• Operating income estimate $22.86 billion
• Capital expenditure estimate $47.44 billion