Amazon Web Services has a backlog of $578 billion, compared with $496 billion as of June 30, 2026 and $364 billion at the end of the first quarter. Amazon CEO Andy Jassy said the figure has more than doubled year over year and consists largely of multi-year customer commitments tied to artificial intelligence. In the second quarter of 2026, AWS generated revenue of $42.2 billion, up 37% from a year earlier, with an operating margin of about 39%. Amazon said its cloud capacity for 2026 is sold out, while 2027 is largely booked and significant commitments are already in place for 2028. To support this demand, Amazon raised its 2026 capital expenditure forecast to approximately $220 billion from $200 billion, which could weigh on free cash flow in the near term.
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