Amazon’s Q2 2026 net sales rose 20% to $200.6 billion, while AWS growth reached 37%, its fastest pace in 18 quarters. Amazon reported GAAP earnings per share of $5.75 versus the $1.82 analyst estimate, helped in part by unrealized investment gains recorded as other income. Together with Alphabet’s $9.11 EPS versus $2.88 expected, the results helped lift the S&P 500’s blended Q2 earnings growth rate to 51% as of Monday, according to FactSet analyst John Butters. If sustained, that would be the index’s strongest growth since Q2 2021. Excluding Amazon and Alphabet, growth falls to 32.6%, still the strongest since Q3 2021 and the seventh consecutive quarter of double-digit gains. Cloud demand is supporting Amazon’s heavy infrastructure spending, while Trainium adoption is contributing to margin expansion. The available analysis mentions Amazon’s forward price-to-earnings ratio but does not provide a complete figure.