Amazon says AWS grew 37% and its AI business passed a $25 billion run rate

In its second-quarter results on 30 July 2026, Amazon said AWS sales rose 37% to $42.2 billion, with operating income of $16.6 billion against $10.2 billion a year earlier. It said the AWS AI business passed a $25 billion annual revenue run rate, growing triple-digit percentages, and that Anthropic and OpenAI have made multi-year, multi-gigawatt commitments to its Trainium chips. Free cash flow over the last twelve months swung to an outflow of $7.6 billion from an inflow of $18.2 billion a year earlier, which Amazon says mainly reflects AI spending, including a $66.1 billion rise in spending on property and equipment. We file this because the company ties its results to AI in its own words and gives hard figures. How we read it: AI demand is lifting AWS, but paying for that capacity has turned a large cash inflow into an outflow, which raises financial risk. What would change this: slower AWS growth or delays in delivering the committed capacity. Why it matters to you: it shows how much money customers are now paying for AI computing, and how much Amazon is spending to supply it.