Amazon - Dolphin Research

Amazon

Dolphin ResearchJul 31 at 09:11 AM

AMZN: AWS on a Tear, Finally Back with the Pack!

Mega-caps are rolling out results, and $Amazon(AMZN.US) reported its Q2 2026 print after the U.S. close on Jul 31 Beijing time.

The results vindicate Dolphin Research’s call last quarter. It is Amazon’s turn to shine.

1) AWS is taking off? YoY growth accelerated from 28% to 37%, with revenue at $42.2bn. Anthropic’s ARR surge has delivered tangible tailwinds to AWS.

More importantly, unlike most cloud peers, AWS is seeing both faster top-line growth and faster margin expansion. Segment OPM expanded 170bps QoQ...

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Dolphin ResearchJul 30 at 10:39 PM

AMZN (Trans): Capex raised to $220bn

Below is Dolphin Research's FY26Q2 earnings call Trans for $Amazon(AMZN.US). Key highlights from the release are as follows.

1) Q3 guidance: net sales of $197.0bn–$202.0bn. Operating income of $22.5bn–$26.5bn.

The sequential slowdown in revenue growth from Q2 to Q3 is mainly due to two factors. First, Prime Day timing: in 2026 the event lands in Q2 across most major countries, including the U.S., whereas in 2025 it fell entirely in Q3...

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Dolphin ResearchJul 13 at 02:09 PM

AI Compute: From Feast to Leftovers?

In Dolphin Research's earlier piece 'AMZN's AI Misfire: Can It Mount a Comeback?', we examined AWS's AI buildout from several angles.

From in-house chips and the Anthropic partnership to model performance, we saw a meaningful step-up in AMZN's end-to-end AI capabilities, with the gap vs. Alphabet clearly narrowing.

Two questions still stand out for us.

First, AI margins at cloud providers seem better than we had penciled in; second, they remain heavily dependent on their model partners...

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Dolphin ResearchJun 24 at 12:30 PM

Amazon Fell Behind on AI. Can It Stage a Comeback?

When OpenAI took off, Microsoft enjoyed the limelight. As Gemini gained traction, Google Cloud surged ahead.

That begs the question: with Anthropic now out in front, which cloud provider stands to benefit? In AI, whether in chip R&D or model development...

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Dolphin ResearchApr 30 at 09:42 AM

AMZN (Trans): AI's once-in-a-lifetime investment opportunity

Below is Dolphin Research's FY26Q1 earnings call Trans for $Amazon(AMZN.US).

For our earnings analysis, see 'Retail Steady, AI Breakthroughs: Is AMZN back in the top tier?'.

I. Core highlights recap — 1) Guidance: Q2 net sales of $194-199bn (FX headwind ~10bps); Q2 OP of $20-24bn...

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Dolphin ResearchApr 30 at 09:23 AM

Retail steadies, AI breakout: Is AMZN back in the top tier?

$Amazon(AMZN.US) released its Q1 2026 results after the US market close on Apr 30 (Beijing time). It was an after-hours release.

Overall, AWS accelerated markedly, while the broader retail businesses posted steady gains. Both revenue and profit beat Bloomberg consensus.

However, with the shares up over 30% from recent lows in recent weeks, the bar had already moved higher. From an expectations-gap perspective, there was little surprise.

Specifically: 1) AWS accelerated as expected, with its competitive standing improving. On the key KPI, AWS revenue grew 28% YoY to $37.6bn...

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Dolphin ResearchFeb 9 at 10:34 AM

AI Endgame: Power Calls the Shots?---

Is North America's power shortage a near- to mid-term supply-demand mismatch? Or a long-term structural issue?

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Dolphin ResearchFeb 6 at 03:14 AM

AMZN (Trans): All incremental capacity was absorbed by customers immediately---

Below is Dolphin Research's Trans of $Amazon(AMZN.US) FY25 Q4 earnings call. For our earnings take, see 'A $200bn arms race: Amazon takes AI to a new level'.

I. Key financials recap. Overall results:

Global revenue was $213.4bn, up 12% YoY ex-FX. Global operating income was $25.0bn, including three special items that reduced OI by $2.4bn in total.

LTM free cash flow was $11.2bn. Operating cash flow for FY2025 increased to $139.5bn...

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Dolphin ResearchFeb 6 at 02:11 AM

200bn Arms Race: AMZN Raises the Bar in AI

$Amazon(AMZN.US) reported Q4 2025 results after-hours on Feb 6 Beijing time. Overall, the quarter was solid with some blemishes. Revenue and OP came in slightly above estimates.

Core AWS growth accelerated meaningfully as expected. However, the market reaction was familiar—shares plunged despite decent prints.

Specifically, 1) AWS accelerated as expected, with revenue up 23.6% YoY (similar on a constant FX basis). That represented a further 340bps acceleration vs. last quarter, and a cumulative 670bps pickup from early-year levels...

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Dolphin ResearchOct 31, 2025 at 03:35 AM

Amazon (Minutes): Computing power supply to double again by 2027

The following is the Q3 2025 earnings call minutes for $Amazon(AMZN.US) organized by Dolphin Research. For earnings interpretation, please refer to "AWS's Major Reversal: Has Amazon Finally 'Turned the Corner'?" 1. Review of Core Financial Data 2. Detailed Information from the Earnings Call 2.1 Key Executive Statements and Strategic Outlook 1. AWS Business Momentum: AWS growth rate reached its highest level since 2022, with a year-over-year growth rate returning to 20.2%. Achieving a 20% year-over-year growth on an annualized run rate of $132 billion is extraordinary...

Amazon

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AmazonConference Minutes

AMZN: AWS on a Tear, Finally Back with the Pack!

AMZN (Trans): Capex raised to $220bn

AI Compute: From Feast to Leftovers?

Amazon Fell Behind on AI. Can It Stage a Comeback?

AMZN (Trans): AI's once-in-a-lifetime investment opportunity

Retail steadies, AI breakout: Is AMZN back in the top tier?

AI Endgame: Power Calls the Shots?---

AMZN (Trans): All incremental capacity was absorbed by customers immediately---

200bn Arms Race: AMZN Raises the Bar in AI

Amazon (Minutes): Computing power supply to double again by 2027

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