July 30, 2026 · Amazon Earnings Deep Dive
Amazon’s press release was a very good quarter. The conference call an hour later was where the actual news lived, and none of it is in the filing.
Amazon's $220B Capex Guide, the $496B Backlog, and the Fine Print Inside a Blowout Quarter
AWS delivered its fastest growth in 18 quarters, backlog surged to $496 billion, and advertising accelerated. The capex bill is enormous—but the growth engine is finally catching up.
