Amazon reported revenue that beat Wall Street forecasts in Q2 2026, with results covering the period ending 30 June 2026 [Brief - 2026-08-02]. The beat was noted alongside Apple's Q2 2026 revenue of $109.4bn, both results published on 30 July 2026. During the preceding weeks, broad equity markets experienced stress following reports of Iran launching drone strikes on US military facilities in Kuwait and Bahrain, pushing crude oil above $100 per barrel during the week of 21 July 2026 [Brief - 2026-07-31]. Separately, a sharp decline in global semiconductor stocks followed reports that China had developed domestic deep-ultraviolet lithography capability [Brief - 2026-07-28], creating volatility across large-cap US technology names including Amazon.
Amazon's trailing twelve-month revenue stood at $775.68bn as of 30 June 2026, representing year-over-year growth of 19.6% [SEC 10-Q - AMZN - 2026-06-30]. Net income for the same period was $135.28bn, with a net margin of 17.44% and an operating margin of 12.08%. Gross margin was recorded at 71.31%. Earnings per share grew 242.26% year-over-year. The company held $78.21bn in cash against total debt of $133.32bn. Market capitalisation was approximately $3.06 trillion, with a price-to-earnings ratio of 22.85 [SEC 10-Q - AMZN - 2026-06-30].
Institutional ownership changes in the most recent 13F reporting period showed divergent positioning among prominent funds. Pershing Square added 19% to its AMZN position, and Millennium added 12%, while AQR Capital increased its holdings by 6.1% [SEC 13F - Pershing Square - Q2 2026] [SEC 13F - Millennium - Q2 2026] [SEC 13F - AQR Capital - Q2 2026]. In contrast, Coatue reduced its position by 20% and Citadel trimmed its holding by 9.8% [SEC 13F - Coatue - Q2 2026] [SEC 13F - Citadel - Q2 2026]. No insider transaction data was available for the current reporting period.
The 10-year US Treasury yield stood at 4.75% and the 2-year at 4.28% as of the generation date, producing a normal yield curve spread of 47 basis points [FRED DGS10] [FRED DGS2]. This rate environment forms the broader context in which Amazon's valuation metrics and debt load are observed. The yield curve configuration reflects the prevailing interest rate backdrop against which large-cap equities with significant capital expenditure programmes are currently assessed.
This report was generated in response to new SEC filings and material changes in institutional positioning disclosed in 13F submissions for the quarter ending 30 June 2026.