Amazon FY26Q2: Capex, ROI, everything the market wanted

English summary

1. FY26Q2 results beat: revenue of $200.6 billion (yoy +20%); operating profit of $27.5 billion (yoy +43%). 2. Capex: Q2 was $53.1 billion. #2026 Capex raised by $20 billion to $220 billion, mainly due to higher memory costs. Also stated that #even $220 billion cannot meet all FY26 demand, expected to continue in 2027, and in-hand demand for 2028 is already considerable. On returns, #server assets pay back in less than three years, and are expected to generate substantial free cash flow within 2-3 years after payback. 3. AWS: $42.2 billion (yoy +37%), OPM rose to 39% (yoy +6.5pcts), both significantly beat.…