AWS remaining performance obligations reached $496 billion as of June 30, 2026, a $132 billion increase in a single quarter. The cloud division generated $42.2 billion in Q2 revenue, with 37% year-over-year growth, its fastest pace in 18 quarters. Operating income landed at $16.6 billion for the quarter. Amazon raised its full-year 2026 capital expenditure guidance to $220 billion, driven by AI infrastructure buildout needs. Analysts are reading the $496 billion backlog as a signal that AWS could evolve into a $1 trillion annual revenue business.
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