According to a research report published by Jefferies, Amazon's overall performance in the second quarter was strong. AWS revenue increased 37% year on year, and operating profit margin reached 39.4%, only 10 basis points lower than the historical high in the first quarter of 2025; the overall operating profit margin was 13.7%, which reached a new high; and core retail sales increased 15% year over year, the highest level since the pandemic. The AWS backlog of orders increased quarterly to $132 billion, including about $100 billion from Anthropic. Management raised this year's cash capital expenditure guideline from US$200 billion to US$220 billion, which is higher than the market's forecast of US$215 billion, but the bank believes that the demand is clear enough to support the relevant investments. The bank is optimistic that AWS revenue growth will accelerate for the fifth consecutive quarter. The backlog of orders has also tripled since the third quarter of 2024, approaching 500 billion US dollars, reflecting supply restrictions in 2026. It is believed that the situation will continue next year, and demand has surfaced significantly in 2028. The bank currently predicts Amazon's 2026 revenue growth of about 15.5% year-on-year, operating profit margin of about 13.1%, and raised the target price from $320 to $330, maintaining a “buy” rating.

According to a research report published by Jefferies, Amazon's overall performance in the second quarter was strong. AWS revenue increased 37% year on year, and operating profit margin reached 39.4%, only 10 basis points lower than the historical high in the first quarter of 2025; the overall operating profit margin was 13.7%, which reached a new high; and core retail sales increased 15% year over year, the highest level since the pandemic. The AWS backlog of orders increased quarterly to $132 billion, including about $100 billion from Anthropic. Management raised this year's cash capital expenditure guideline from US$200 billion to US$220 billion, which is higher than the market's forecast of US$215 billion, but the bank believes that the demand is clear enough to support the relevant investments. The bank is optimistic that AWS revenue growth will accelerate for the fifth consecutive quarter. The backlog of orders has also tripled since the third quarter of 2024, approaching 500 billion US dollars, reflecting supply restrictions in 2026. It is believed that the situation will continue next year, and demand has surfaced significantly in 2028. The bank currently predicts Amazon's 2026 revenue growth of about 15.5% year-on-year, operating profit margin of about 13.1%, and raised the target price from $320 to $330, maintaining a “buy” rating.