[Bear Team] Amazon 26Q2 Results Quick Review: Comprehensive Beat, AWS Growth Accelerated Sharply, Full-Year CapEx Raised

English summary

26Q2 Amazon results comprehensively beat market expectations. 26Q2 revenue was $200.6 billion, +20% YoY, +11% QoQ, beating market expectations ($197.03 billion); operating profit was $27.5 billion, +43% YoY, +15% QoQ, beating market expectations (approximately $23.5 billion). Among these, tariff refunds and changes in fair value of energy contracts contributed approximately $600 million each, together adding about $1.2 billion to operating profit. Net profit was $62.647 billion, +245% YoY, +107% QoQ; EPS was $5.75, +242% YoY, +107% QoQ, greatly beating market expectations ($1.82), mainly due to a $53.4 billion pre-tax non-operating gain from investments in Anthropic and others. Operating net profit after excluding related investment gains was approximately $21.27 billion, corresponding to EPS of about $1.95, still above market expectations.…