Amazon Q2 Earnings Preview: What to Expect From Upcoming Report

July 28 - Amazon AMZN is set to release Q2 2025 earnings on July 31, following the closing bell.

Wall Street projects about $162 billion in revenue, up roughly 9.5% from a year earlier and sitting near the top of management's $159164 billion forecast. Operating income estimates center on $16.7 billion, a 13.8% lift driven largely by AWS and the ad division, while adjusted EPS of $1.32 would mark an 8% rise.

Analysts have grown more bullish ahead of the report. Morgan Stanley elevated Amazon to its premier internet stock, highlighting the cloud unit's AI momentum. Baird's Colin Sebastian kept his Outperform stance, raising his target to $244 thanks to Project Kuiper's promise. Bank of America also nudged its price objective to $265, reaffirming a Buy rating.

In the center of the story, AWS keeps growing its AI library. The unit manufactures bespoke Inferentia and Trainium processors, and provides such services as Amazon Bedrock and Nova. The company has been keen on competing with Google Cloud GOOGL and Microsoft Azure MSFT as evidenced by a recent investment of 100 million dollars in the Generative AI Innovation Center.

Despite the macro uncertainty, the company should continue to experience robust mid?single?digit earnings growth over 2026, based on cloud adoption through the lens of AI and stronger ad sales.