美国二季度实际GDP年化增长1.5%
GDP价格指数初值为6.2%，高于4.0%的预期。
外观
2026-08-05 MAG7财报重估：AWS与Azure兑现，内存与长期承诺抬高门槛
- 数据时间：公司与宏观事实截至2026-08-05 21:55（UTC+8）；美股正式收盘截至2026-08-04。
- 研究对象：MAG7、AI基础设施资本开支、现金回报与存储供应链。
- 报告类型：财报深挖 / 跨公司比较 / 供应链验证。
- 资料来源：公司IR与SEC、完整电话会归档、官方宏观数据、本地IBKR共享日线及用户提供的渠道文本。
结论与建议
本轮财报把MAG7的AI投资分成三组。MSFT与AMZN给出了最强的收入、积压和产能利用证据；GOOGL与META增长强劲，但自由现金流和长期承诺提高了后续兑现门槛；AAPL产品需求超预期，关税退款、先进制程供给和内存成本令盈利质量与下一季度毛利率承压。NVDA下一季尚未公布，TSLA的AI回报仍取决于产品部署，两者不进入同步季度排序。
财报后的正式收盘也修正了7月30日盘前版本。MSFT与AMZN首个完整交易日分别上涨15.51%和15.32%；AAPL下跌7.35%。META首日下跌7.95%，截至8月4日已回到财报前附近；GOOG在财报次日下跌6.89%，截至8月4日较财报前上涨9.78%。首日反应揭示市场门槛，后续走势说明门槛会随新证据重新定价。
当前研究动作采用条件式框架，不给统一目标价或仓位比例。
| 标的 | 观点变化 | 当前动作 | 下一验证 |
|---|---|---|---|
| MSFT | 保持本组最完整的资本开支正向验证 | 优先跟踪；等待FY27折旧与毛利率证明完整回报 | Azure、剔除OpenAI后的RPO、新增容量利用率 |
| AMZN | 从财报前观察升为与MSFT并列的强需求验证 | 重新纳入优先跟踪；现金流拐点出现前保留资本强度折价 | AWS增速、4960亿美元backlog转化、2200亿美元现金CapEx执行 |
| GOOGL | Cloud与backlog更强，CapEx与现金流压力也上调 | 重新评估；等待收入与FCF共同兑现 | 1950亿至2050亿美元CapEx、Q3 Cloud利润、FCF |
| META | 首日压力已被价格修复，长期资产刚性成为主要风险 | 等待证据；不把首日跌幅延伸成持续弱势结论 | 2027至2028起租义务、FCF、广告与AI收入回报 |
| AAPL | 产品周期强于旧基线，下一季利润率和供给约束偏紧 | 等待供应与毛利率证明；AI变现仍属观察项 | 9%至11%收入指引、先进制程供给、内存成本、Siri AI使用量 |
| NVDA | 客户CapEx与存储需求提供顺风，季度证据尚未同步 | 等待8月26日FY2027 Q2财报 | 收入、供给、客户集中、自研芯片替代 |
| TSLA | 维持长周期、高执行风险分类 | 观察真实利用率和营业利润 | Robotaxi、Optimus、车队与算力资产利用率 |
正式收盘完成了事件窗口
| 标的 | 财报事件窗口 | 首个完整交易日 | 截至8月4日相对财报前 |
|---|---|---|---|
| MSFT | 7月29日收盘至7月30日收盘 | +15.51% | +26.19% |
| META | 7月29日收盘至7月30日收盘 | -7.95% | +0.40% |
| GOOG | 7月22日收盘至7月23日收盘 | -6.89% | +9.78% |
| AMZN | 7月30日收盘至7月31日收盘 | +15.32% | +17.80% |
| AAPL | 7月30日收盘至7月31日收盘 | -7.35% | -7.21% |
MSFT与AMZN的反应支持“需求兑现可以覆盖高CapEx”的市场读取。AAPL的需求增长没有消除下一季度毛利率、汇率和供应约束。META与GOOG的后续修复则表明，首日对现金流与资本强度的担忧没有固化为持续下跌。上述窗口来自共享IBKR canonical日线；单日价格同时受宏观、行业与公司因素影响，不用于分配精确事件归因。
AAPL：需求强，盈利质量与下一季度约束需拆开看
Apple FY2026 Q3收入1094.17亿美元，同比增长16.4%；产品收入786.78亿美元，服务收入307.39亿美元。iPhone收入542.52亿美元，同比增长22%，Mac收入103.52亿美元，同比增长29%，是主要增量；iPad收入同比下降6%。净利润297.89亿美元，稀释EPS 2.02美元。
本季总毛利率50.1%，其中关税退款贡献约2个百分点；退款同时为EPS贡献0.11美元。剔除已披露退款后，毛利率约48.1%，该桥接是分析口径。季度经营现金流343.69亿美元、物业设备付款24.55亿美元，简单相减得到自由现金流319.14亿美元。Apple仍保持显著轻于云厂商的直接资本强度，但混合AI架构还会通过营业费用、销售成本、第三方云与供应商协议形成支出。
9月季度收入增长指引为9%至11%，毛利率指引47%至48%，其中仍含约1个百分点关税退款；机械剔除后区间为46%至47%、中点约46.5%，低于本季剔除退款后的约48.1%，这些均为分析桥接。汇率预计造成约2.5个百分点的环比拖累。管理层预计先进制程SoC供应约束将明显加剧并覆盖iPhone、Mac与iPad，内存成本也将继续上升。Siri AI已进入测试，iCloud+可能形成商业化入口，但公司没有披露使用量、增量收入或完整推理成本。
观点由“等待财报”改为“需求已证明，利润率和供给待证明”。AAPL的下一个估值变量是剔除退款后的毛利率、供给缺口与AI功能对设备换机和服务付费的贡献。
AMZN：AWS兑现最强，现金资本开支再上台阶
Amazon Q2收入2006.06亿美元，同比增长20%；AWS收入422.32亿美元，同比增长37%，AWS营业利润166.21亿美元，营业利润率约39.4%。广告收入198.09亿美元，同比增长26%。公司总营业利润274.61亿美元。
GAAP净利润626.47亿美元、稀释EPS 5.75美元，其中其他收益534.15亿美元主要来自Anthropic投资。经营利润另含约6亿美元关税退款和6亿美元能源合同公允价值变动；扣除这两项的营业利润约262.61亿美元，为分析桥接。持续经营判断应以分部营业利润、经营现金流和资本开支为主。
季度经营现金流453.87亿美元，物业设备购买542.08亿美元，扣除11.32亿美元相关补偿与处置后净设备支出530.76亿美元，简单相减后的季度自由现金流为负76.89亿美元。公司把2026年现金资本开支预期从约2000亿美元提高到约2200亿美元，增量主要来自内存价格上涨。
需求证据比旧版门槛更强：AWS backlog达到4960亿美元，AI业务和自研芯片业务年化收入均超过250亿美元；管理层称2027年新增产能大部分已预订，2028年也有相当数量预订。数据中心建设周期长、使用期超过30年，服务器通常在投产前数月采购，多数AI合同期限至少五年。既有长期合同按约定价格执行，内存、硬盘和SSD涨价主要在新合同中重新定价，因此成本传导存在时间差。这里仍有两项待验证：backlog转收入的速度，以及2200亿美元CapEx后经营现金流何时重新覆盖增量投入。
Q3收入指引1970亿至2020亿美元，营业利润指引225亿至265亿美元。Prime Day跨季度使同比口径失真，汇率预计带来约0.8个百分点拖累。观点由“财报前四项门槛”改为“需求门槛通过，现金回报门槛继续上升”。
五家已公布财报的资本效率对照
| 公司 | 增长或合同证据 | 本季资本投入 | 经营现金流 | 简化FCF | 资产与承诺读取 |
|---|---|---|---|---|---|
| MSFT | Cloud 593亿美元、+27%；商业RPO 6780亿美元 | CapEx 410亿美元 | 554亿美元 | 196亿美元 | 约三分之二CapEx为较短寿命CPU/GPU |
| AMZN | AWS 422.32亿美元、+37%；backlog 4960亿美元 | 净设备支出530.76亿美元 | 453.87亿美元 | -76.89亿美元 | 数据中心长寿命；多数AI合同至少五年 |
| GOOGL | Cloud 247.68亿美元、+82%；backlog 5140亿美元 | PP&E购买449.24亿美元 | 390.69亿美元 | -58.55亿美元 | Q2技术设施约60%服务器、40%数据中心与网络 |
| META | 收入608.01亿美元、+28% | 含融资租赁CapEx 310.8亿美元 | 318.62亿美元 | 7.84亿美元 | 尚未起租租赁2789.9亿美元；不可取消承诺3493.1亿美元 |
| AAPL | iPhone +22%；Mac +29%；服务+12% | 物业设备付款24.55亿美元 | 343.69亿美元 | 319.14亿美元 | 自建、第三方云、供应商协议和端侧计算混合 |
这张表只用于识别资本强度与现金转换，不用于直接排序估值。各公司对CapEx、融资租赁、设备补偿和自由现金流的定义不同；AAPL的低PP&E支出也不包含全部AI相关成本。
盈利质量决定headline EPS能否外推
| 公司 | 报告利润 | 需要单列的项目 | 研究读取 |
|---|---|---|---|
| MSFT | 调整OpenAI后EPS 4.74美元 | Anthropic收益、退休成本与遣散等离散项目合计增加EPS 0.27美元 | 云收入、RPO与FCF优先于单季EPS |
| META | GAAP EPS 6.18美元 | 24亿美元法律费用、11.8亿美元遣散 | 核心营业趋势强，现金消耗和长期义务仍真实存在 |
| GOOGL | GAAP EPS 9.11美元 | 权益证券收益贡献EPS 6.26美元 | 扣除该项后约2.85美元，仅为分析桥接 |
| AMZN | GAAP EPS 5.75美元 | 其他收益534.15亿美元主要来自Anthropic；营业利润另有12亿美元收益 | AWS营业利润、OCF与设备支出更具可持续性 |
| AAPL | GAAP EPS 2.02美元 | 关税退款贡献EPS 0.11美元，毛利率约2个百分点 | 需求强度已兑现，下一季剔除退款后的毛利率更重要 |
| TSLA | 稀释EPS 0.32美元 | 2.74亿美元加州递延税项估值备抵转回 | 营业利润、研发与资产利用率优先 |
GOOGL与META：增长已证明，资产刚性抬高风险
Alphabet Q2 Cloud收入247.68亿美元，同比增长82%，Cloud营业利润88.14亿美元；Cloud backlog达到5140亿美元，预计未来24个月确认略高于一半。公司把2026年CapEx指引从1800亿至1900亿美元上调到1950亿至2050亿美元，并预计2027年继续显著增加。Q2技术基础设施投入约60%用于服务器，40%用于数据中心与网络。Cloud兑现速度很强，单季负58.55亿美元简化FCF和更高CapEx区间要求后续利润与现金流继续增长。
Meta Q2收入608.01亿美元，同比增长28%；CapEx 310.8亿美元几乎用尽318.62亿美元经营现金流。10-Q进一步披露，尚未起租的经营与融资租赁义务约2789.9亿美元，7月又签订约680亿美元数据中心租赁，预计2027至2028年起租，租期18至20年；不可取消合同承诺达到3493.1亿美元。META截至8月4日已收复财报首日跌幅，价格风险从短期情绪转向长期合同能否形成广告、商业agent或算力收入。
存储链：经营验证加强，Samsung回购催化降级
SK hynix Q2收入79.318746万亿韩元、营业利润60.542608万亿韩元，营业利润率76%；HBM4已开始批量出货，约10家客户完成LTA谈判。Samsung Q2 Memory收入120.8万亿韩元，环比增长62%、同比增长471%，DS营业利润89.2万亿韩元；公司扩大HBM4销售并向主要客户送出首批HBM4E样品。两家公司共同支持服务器DRAM、企业SSD与HBM供给偏紧的经营事实。
AAPL和AMZN又从需求端提供了新的交叉验证：Apple明确提到内存成本继续上升，Amazon将2026年现金资本开支上调约200亿美元，增量主要来自内存。存储景气已经进入MAG7利润率、CapEx与新签合同定价。
Samsung的股东回报事件需要降级。公司7月23日正式回应称，正在评估基于2026年经营表现、用于股权激励的股票回购，时间与规模尚未确定，最迟10月22日再次披露。用户提供的Meritz文本缺少原始研报、分析师模型和目标价，因此只保留为观察项。新增分红、面向股东价值的回购和注销仍需董事会或正式公告确认。
宏观门槛：增长仍有韧性，投入价格偏高
7月29日FOMC以9比3维持3.50%至3.75%的联邦基金利率目标区间，三名委员主张加息25个基点。7月ISM制造业PMI为55.6，Production为58.5、Employment为52.8、Prices为71.1；受访者仍报告内存与电子元件短缺。6月JOLTS显示职位空缺740万、招聘530万、离职540万。
这组数据对应的估值约束是：企业需求和制造业没有出现衰退式收缩，AI收入仍有增长环境；价格指数、内存与电子元件紧张会抬高服务器、终端设备和数据中心成本。市场对高CapEx公司的要求继续集中在收入兑现速度、合同覆盖、毛利率和自由现金流。
情景与监控雷达
| 情景 | 形成条件 | 观点变化 | 反证或失效 |
|---|---|---|---|
| 强势 | 云收入与backlog连续快于CapEx；AAPL供给缓解；存储涨价被合同定价吸收 | MSFT与AMZN的需求验证扩散到GOOGL、META和供应链 | 利用率下降、合同延后或Cloud增量利润放缓 |
| 基准 | CapEx维持高位，收入增长延续，FCF按建设节奏波动 | 个股继续按现金转换与资产久期分化 | 折旧、电力和内存成本持续快于毛利增长 |
| 压力 | 产能交付快于客户使用，组件涨价无法传导，折现率维持高位 | 降低对远期回报的估值容忍度，等待现金流证明 | 预订转收入加速且FCF提前修复 |
近期硬节点包括：AAPL 9月季度收入与毛利率、AMZN季度现金CapEx与AWS backlog转化、GOOGL 1950亿至2050亿美元CapEx执行、META 2027至2028起租义务、Samsung最迟10月22日重新披露，以及NVDA 8月26日FY2027 Q2财报。
电话会归档
| 公司 | 全文归档状态 | 关键新增事实 | 原文 |
|---|---|---|---|
| AAPL | 完整归档并生成中文摘要 | 9%至11%收入指引、先进制程约束、内存成本和Siri AI商业化边界 | StockAnalysis / Quartr转写 |
| AMZN | 完整归档并生成中文摘要 | AWS加速、4960亿美元backlog、2200亿美元现金CapEx与多年产能预订 | StockAnalysis / Quartr转写 |
两份文字稿均为Quartr经StockAnalysis提供的第三方转写。财务数值以公司IR与SEC文件为准；Amazon另有官方音频，Apple有官方回放，逐字引语需回查录音。
快讯、文章与研报页内阅读
金十快讯
美国6月核心PCE同比3.3%、环比0.1%
微软盘前涨7%，Meta盘前跌8.3%
KOSPI跌1.35%，SK海力士再跌5.6%
三星预计芯片供应短缺延续至2028年
FOMC后美股转跌，半导体领跌
FOMC以9比3维持利率，三名委员支持加息
美国二季度实际GDP年化增长1.5%
快讯正文
美国二季度实际GDP年化增长1.5%，低于2.1%的预期；个人消费支出增长3.2%，企业投资在AI投资推动下保持强劲。
GDP价格指数初值为6.2%，高于4.0%的预期。
证据限制：GDP为初值，后续可能修订；GDP价格指数来自同日另一条数据快讯。
美国6月核心PCE同比3.3%、环比0.1%
快讯正文
美国6月核心PCE同比3.3%，较上月3.4%回落并符合预期；环比0.1%，低于0.2%的预期。
证据限制：月度核心PCE降温与季度GDP价格指数偏热同时存在，单一指标不足以概括通胀趋势。
微软盘前涨7%，Meta盘前跌8.3%
快讯正文
微软因云业务收入增长超预期盘前上涨7%；Meta二季度自由现金流下降91%，盘前跌8.3%。
证据限制：盘前快照，2026-07-30正式收盘尚未形成。
KOSPI跌1.35%，SK海力士再跌5.6%
快讯正文
韩国KOSPI指数2026年7月30日收跌1.35%至5586.81点；SK海力士跌5.6%，三星电子跌0.7%。
三星预计芯片供应短缺延续至2028年
快讯正文
金十存储市场汇总称，AI存储需求推动三星芯片利润大增；三星预计2027年芯片供应短缺加剧并持续至2028年，2026年服务器需求保持强劲。
证据限制：多条企业消息的汇总，供应短缺判断仍属于公司展望。
FOMC后美股转跌，半导体领跌
快讯正文
2026年7月29日美国常规时段，道指收跌2.18%、标普500跌1.5%、纳指跌1.7%；英伟达跌3.5%、SK海力士ADS跌2.6%。
证据限制：指数数值为金十收盘初值；单日表现同时受FOMC、宏观和行业因素影响。
FOMC以9比3维持利率，三名委员支持加息
快讯正文
FOMC维持联邦基金利率目标区间3.50%-3.75%，三名委员支持加息25个基点。
证据限制：政策事实另由美联储官方声明复核。
文章与研报
| 来源 | 发布日期 | 站内阅读 | 状态 |
|---|---|---|---|
| Quartr via StockAnalysis | 2026-07-30 | 苹果强劲财报遇上内存与供应约束 | 原文与中文摘要已归档 |
| Quartr via StockAnalysis | 2026-07-30 | 亚马逊云加速与两千二百亿资本开支 | 原文与中文摘要已归档 |
苹果强劲财报遇上内存与供应约束
重要性5/5 极高
文章是AAPL最新财报电话会的完整转写，直接覆盖财务结果、季度指引、内存成本、供应约束、AI资本路径和服务业务变化，且距08/05日报仅六天。数据密度高，但文本由Quartr经StockAnalysis归档，并非Apple发布的官方文字稿。
中文摘要
核心结论
苹果FY2026第三季度收入和利润创六月季度纪录，iPhone与Mac形成主要增量；9月季度增速将受到汇率、先进制程供应和内存成本共同约束。Siri AI已进入测试和初步商业化探索，但管理层尚未量化使用量、收入贡献或完整计算成本。
重要性评级
评级：5/5（极高）
这篇电话会转写直接更新AAPL的收入结构、盈利质量、季度指引、AI投入与供应链约束，是08/05日报的核心财报材料。转写来自Quartr经StockAnalysis归档，关键数字可与Apple财报及SEC（美国证券交易委员会）文件交叉验证，逐字引述仍应核对官方音频。
关键事实
- FY2026第三季度收入1,094亿美元，同比增长16%；产品收入787亿美元，增长18%，服务收入307亿美元，增长12%。净利润298亿美元，稀释EPS（每股收益）2.02美元，同比增长29%。
- iPhone收入543亿美元，同比增长22%；Mac收入104亿美元，增长29%；iPad收入62亿美元，下降6%；可穿戴、家居与配件收入79亿美元，增长6%。管理层称iPhone和Mac需求高于内部预测。
- 总毛利率50.1%，其中关税退款贡献约2个百分点；剔除该项后约为48.1%。关税退款还为稀释EPS贡献0.11美元。产品毛利率40.1%，服务毛利率75.6%，后者环比下降1.1个百分点，主要受业务组合影响。
- 经营现金流344亿美元。期末现金及有价证券1,470亿美元，总债务840亿美元；本季度向股东返还330亿美元，包括40亿美元股息和258亿美元股票回购。
- 活跃设备安装基数超过25亿台，付费订阅超过15亿。服务各类别均创收入纪录，但移动游戏偏弱、美国App Store（应用商店）外链交易规则及部分国家商业模式调整构成压力。
- 9月季度总收入增速指引为9%-11%，iPhone收入预计同比增长中双位数；总毛利率指引47%-48%，包含约1个百分点关税退款收益，营业费用预计191亿至194亿美元。顺序性汇率变化预计令公司同比增速承受约2.5个百分点拖累。
- 6月季度供应约束主要影响Mac，较小程度影响iPhone和iPad；9月季度约束预计明显加剧并覆盖三类产品，主要瓶颈是先进制程系统级芯片产能。内存成本从12月季度至6月季度持续上升，管理层预计9月季度进一步增加，且9月之后市场价格仍可能走高。
- Siri AI已进入开发者和公开测试。苹果采用第三方云与自建数据中心并行的混合模式，AI支出分布在营业费用和销售成本等科目；高频用户未来可能通过iCloud+升级获得更多使用额度，但管理层称成本与收入的平衡仍不确定。Siri AI在欧盟部分设备及中国的上线仍受监管审批限制。
作者观点与证据
电话会传递的管理层判断是，本轮产品增长来自强于预期的真实需求，供应问题主要源于需求预测和供应链弹性不足。iPhone增长22%、Mac增长29%、升级用户和安装基数纪录支持这一说法，但电话会没有披露订单缺口、渠道库存或可量化的需求递延规模。
管理层对Siri AI、端侧推理和Private Cloud Compute（私有云计算）保持积极表述，并提到测试反馈、企业部署案例及iCloud+升级可能性。这些证据主要是管理层口径和个案，尚无独立使用量、留存率、增量硬件需求或AI收入数据。关税退款对本季度毛利率和EPS的贡献已明确量化，分析盈利质量时需要单独识别。
与相关标的的关系
对AAPL而言，本次财报把近期经营变量集中到四条路径：iPhone与Mac产品周期、先进制程供给、内存价格对产品毛利率的挤压，以及Siri AI从测试走向规模使用后的云端成本与服务变现。服务业务仍在增长，但汇率、移动游戏和App Store规则使其短期增速低于安装基数与订阅增长所体现的长期扩张能力。
时效性与限制
电话会发表于07/30（未给出具体时刻）。归档页面提供完整转写，但来源为Quartr经StockAnalysis转载，并非苹果官方书面文字稿；季度指引、逐字引语和新产品名称应与公司财报、SEC文件或官方音频复核。文中有关测试反馈、客户满意度和市场份额的部分数据由管理层引用第三方机构，未附完整样本与方法。
后续跟踪
- 9月季度9%-11%收入增速指引的兑现程度，以及先进制程供给缺口是否延续至12月季度。
- 内存价格、提价后的需求弹性及剔除关税退款后的产品毛利率变化。
- Siri AI的正式上线地区、活跃使用量、Private Cloud Compute成本和iCloud+升级转化。
- 服务收入中移动游戏、App Store规则变化、汇率与云服务增长的分项影响。
证据限制：Original text is extracted for private station-internal report reading under configured access protection.；Apple did not publish an official text transcript; exact wording and guidance are from the full archived third-party transcript and were not checked line-by-line against official audio.
原文
Apple (AAPL) Q3 2026 Earnings Call Transcript & Audio
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Apple Inc. (AAPL)
NASDAQ: AAPL · Real-Time Price · USD
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Aug 5, 2026, 9:52 AM EDT - Market open
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Earnings Call: Q3 2026
Jul 30, 2026
- Earnings release
Play Audio Download Transcript
Summary
Revenue grew 16% year-over-year to $109.4 billion, with record results across iPhone, Mac, and services despite supply constraints and FX headwinds. Gross margin reached 50.1%, aided by tariff refunds, while net income was $29.8 billion. September quarter guidance reflects ongoing supply and FX challenges.
Suhasini Chandramouli
Director of Investor Relations, Apple
Good afternoon, welcome to the Apple Q3 fiscal year 2026 earnings conference call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded. Speaking first today is Apple CEO Tim Cook, followed by CFO Kevan Parekh. Also joining us on today's call is incoming CEO John Ternus. After the prepared remarks, we'll open the call to questions from analysts. Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, and future business outlook. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast, including risks related to the potential impact to the company's business and results of operations from macroeconomic conditions, tariffs and other measures, and legal and regulatory proceedings.
For more information, please refer to the risk factors discussed in Apple's most recently filed reports on Form 10-Q and Form 10-K, and the Form 8-K filed with the SEC today, along with the associated press release. Additional information will also be in our report on Form 10-Q for the quarter ended June 27, 2026, to be filed tomorrow, and in other reports and filings we make with the SEC. Apple assumes no obligation to update any forward-looking statements which speak only as of the date they are made. I'd now like to turn the call over to Tim for introductory remarks.
Tim Cook
CEO, Apple
Thank you, Suhasini. Good afternoon, everyone, thanks for joining the call. Today, Apple is pleased to report $109.4 billion in revenue, up 16% from a year ago and a June quarter record. We were able to achieve this despite supply constraints and sequential foreign exchange headwinds. We continue to see enormous customer enthusiasm for our most popular lineup ever, with iPhone revenue growing 22% from a year ago to reach a June quarter record. We saw so much excitement around the best Mac lineup we've ever had, growing a strong 29% to achieve a June quarter revenue record. Services also set a June quarter record with $30.7 billion in revenue. We achieved June quarter revenue records in every geographic segment. We were pleased to see strength across the board with June quarter records in the U.S., Latin America, Western Europe, India, China Mainland, Japan, and Southeast Asia.
We also achieved June quarter revenue records in both developed and emerging markets and saw double-digit growth in most emerging markets. This year's WWDC was a wonderful showcase of our latest innovations. We were tremendously excited to unveil the all-new Siri AI, a completely reimagined version of Siri that is profoundly capable, deeply personal, and integrated seamlessly across our platforms. We've been absolutely thrilled by the response from people who've been using Siri AI in the developer and public betas. The reviews from early users have been phenomenal, it's been so wonderful to hear from people who are excited about the capabilities we've built. It underscores our philosophy that building AI that is private and based on personal context can change how users find information and get things done with our products in a way that truly enriches their lives.
We really couldn't be more excited about it, we are feeling incredibly enthusiastic about the impact it's going to have. At WWDC, we also announced new tools to help parents keep kids safe online, we were pleased by the overwhelmingly positive reaction. New child safety features like Ask to Browse and Time Allowances will help parents encourage kids to develop healthy digital habits. These new tools integrate guidance from leading clinical and child development research, including the American Academy of Pediatrics. Our goal is to make it easier for parents to manage what their children see, who they interact with, and how and when they can use their devices. We're looking forward to bringing these new capabilities to users this fall, in addition to amazing new updates across our operating systems. Let me turn to the results for the quarter, beginning with iPhone.
iPhone revenue for the June quarter was $54.3 billion, up 22% from a year ago. We achieved June quarter records in every geographic segment and set a June quarter record for upgraders. According to IDC, we gained share globally during the quarter. As I've said before, this is the most powerful and most popular iPhone lineup we've ever had. More people are relying on iPhone every day for AI, powered by the outstanding performance of A19 and A19 Pro. Across the lineup, iPhone continues to deliver the performance, battery life, durability, and camera capabilities that people count on every day. Whether it's the extraordinary camera system of iPhone 17 Pro and Pro Max, the remarkably thin design of iPhone Air, the balanced performance and durability of iPhone 17, or the exceptional value of iPhone 17e, there's an iPhone for every customer.
Mac delivered its best June quarter yet with $10.4 billion in revenue, growing an impressive 29% from a year ago despite significant supply constraints. This revenue growth was driven by the incredible strength of our latest lineup with MacBook Pro and the all-new MacBook Neo. According to IDC, we gained share globally. We also set a June quarter revenue record in developed markets and an all-time record in emerging markets with particular strength in Greater China, where we had an all-time revenue record. In addition, we achieved all-time records for upgraders and customers new to Mac. With the power of Apple silicon, the Mac lineup delivers outstanding power-efficient performance, massive memory bandwidth, and next-level AI capabilities. Mac continues to be the ultimate AI powerhouse, excelling at high throughput, on-device inference, and creation across a broad range of AI workloads.
We're seeing customers increasingly put those capabilities to work, from using Mac mini as a powerful platform for agentic AI to deploying clusters of Mac Studio systems to run frontier class models locally. Across the lineup, customers continue to embrace the Mac family. MacBook Neo has been especially popular with its distinctive design and excellent value resonating with customers around the world, we're continuing to work hard to meet demand. MacBook Air, the world's most popular laptop, continues to deliver the portability and performance customers love with M5. MacBook Pro, powered by M5 Pro and M5 Max, remains a go-to choice for professionals tackling the most demanding AI development and creative workflows. In iPad, revenue was $6.2 billion for the June quarter.
iPad continues to be the ultimate go-anywhere, do anything device for students, entrepreneurs, and creators of all kinds, thanks to its incredible power, portability, and versatility. The addition of M4 to iPad Air has made it even more capable, delivering a significant performance boost for everything from personal productivity and immersive learning to advanced creative workflows. Together with the remarkable performance of iPad Pro, the amazing value and versatility of iPad, and the ultra-portable iPad mini, we're offering customers our strongest iPad lineup ever. Revenue for wearables, home, and accessories was $7.9 billion, up 6% from a year ago. We grew in every geographic segment and achieved a June quarter record for upgraders for Apple Watch. Our Apple Watch lineup brings together the most comprehensive set of health and fitness features we've ever had.
We're delivering useful features backed by research to enable users to better understand their health and well-being. It's gratifying to receive almost daily reminders of the meaningful impact Apple's health innovations are having for users all over the world, changing, even saving lives. Meanwhile, we continue raising the bar across our AirPods lineup, whether it's the immersive listening experience of AirPods Pro 3 or the premium listening experience and exceptional active noise cancellation of AirPods Max 2. With live translation powered by Apple Intelligence, people are crossing language barriers and connecting like never before. As I mentioned earlier, we're excited about the work we're doing on the next generation of Apple Intelligence, including Siri AI and the AI features we're developing across our platforms.
These experiences are intuitive and useful, while also deeply integrated in a way that's personal and private with the latest models running on-device and on servers using private cloud compute. We began laying the groundwork for users to have the best possible experience with AI when we introduced the Neural Engine in 2017. Ever since then, we've innovated and invested deliberately in silicon, systems, and scalable unified memory architecture designed with AI at their core. What sets Apple apart is the unique combination of massive unified memory bandwidth, industry-leading power-efficient performance, and deep on-device intelligence, all built around the customer experience from the ground up. The result is that Apple has created the world's best hardware to experience AI, whether using Apple Intelligence, including Siri AI, or third-party offerings. That's why developers and researchers are increasingly using Apple devices to build ever more advanced tools and models.
Turning to services, revenue was $30.7 billion, a June quarter revenue record and up 12% from a year ago, despite significant sequential foreign exchange headwinds. We also set an all-time revenue record in developed markets and a June quarter record in emerging markets. Apple TV continues to leave audiences spellbound with new releases like "Widow's Bay" and "Cape Fear," alongside returning favorites like "Silo" and "Sugar." Next week, we're excited that "Ted Lasso" is back for its fourth season. It was wonderful to see Apple TV earn the industry's top honors, adding Tony Awards this year to its Emmy, Grammy, and Oscar wins. We reached that milestone faster than any streamer in history.
We're also looking forward to this year's Emmy Awards, where Apple has landed a record 89 nominations, leading all networks in both the major drama and comedy series categories, with three Outstanding Drama Series nominations and three Outstanding Comedy Series nominations. "Widow's Bay" also stands out as the year's most nominated new program, earning 19 Emmy nominations. In the six and a half years since launch, Apple TV has earned more than 850 wins and nearly 3,800 nominations. In time for the World Cup, we expanded Apple Sports to include more than 170 countries and regions worldwide and made it easier than ever for fans to follow every moment of the tournament, from the opening game to the final whistle. At the same time, we're halfway through an unforgettable year of F1, and Apple TV subscribers have been tuning in all season to follow their favorite drivers and teams.
In retail, we were pleased to announce Apple Upgrade this week for customers in the U.S. Apple Upgrade is a new hardware leasing program launched in partnership with Klarna and makes it even easier for customers to get their hands on Apple's latest products with a plan that's right for them. In all of our work, we're thoughtful and intentional in how we show up for our users and across our communities. That means innovating to protect user privacy with the next generation of Apple Intelligence, or helping parents keep kids safe, as I mentioned earlier. In honor of Global Accessibility Awareness Day, we unveiled new features to help users get more out of the products they use every day. New intelligent capabilities are coming to VoiceOver, Magnifier, Voice Control, and Accessibility Reader to make them more useful and intuitive.
We're also using on-device speech recognition to generate subtitles for video content without captions. Apple Vision Pro is adding a feature for power wheelchair users to control drive systems using just their eyes. All of these features were born out of Apple's long-standing commitment to ensuring that the benefits of technology are shared with everyone. As we continue to develop new capabilities for users around the world, we're also doing our part to invest in innovation close to home. Last year, we made a $600 billion commitment to the U.S. over four years, and now, as we said before, we plan to reinvest the tariff refunds we've received into the U.S. We're pleased with the progress we've already made advancing the American supply chain. Earlier this month, Apple announced a new agreement with Broadcom to design and produce custom silicon components and cutting-edge wireless connectivity technologies.
The new multi-year agreement with Broadcom, which is part of Apple's American Manufacturing Program, is expected to exceed $30 billion. This marks our largest-ever American manufacturing program commitment. It's also an important step forward in our work to build an end-to-end silicon supply chain here in the U.S. We're excited for the upcoming opening of the Apple Advanced Manufacturing Center in Houston. The center is located in a facility where we currently assemble advanced AI servers. Later this year, we'll make Mac mini there, too. The center will teach students, supplier employees, and business of all sizes the same innovative processes we use to make our products. The goal is to empower American manufacturers to take their work to the next level and strengthen the entire advanced manufacturing ecosystem. We have an exciting fall ahead and an incredible future beyond.
Our roadmap is phenomenal, and we are so excited about the way Siri AI will enrich our users' lives. Throughout all of it, we will remain guided by our North Star: building the best products and services to enable people to do magical things. It's a special privilege to be part of people's lives in lasting and meaningful ways, helping them to create, connect, and experience the world around them. I couldn't be more excited to watch our phenomenal story of innovation continue to unfold, and I've never been more confident that the best is yet to come. With that, I'll turn it over to Kevan.
Kevan Parekh
CFO, Apple
Thanks, Tim, good afternoon, everyone. Here's a quick rundown of our key financial metrics. Our revenue of $109.4 billion was up 16% year-over-year, a June quarter revenue record. We saw strong performance around the world, with double-digit growth in every geographic segment despite supply constraints. Products revenue was $78.7 billion, up 18% year-over-year, driven by double-digit growth on iPhone and Mac, both of which set new June quarter records. Our installed base of over two and a half billion active devices has reached another all-time high across all major product categories and geographic segments. Services revenue was $30.7 billion, up 12% year-over-year. We set revenue records in every services category, including all-time records in cloud services and payment services. Company gross margin was 50.1%, up 80 basis points sequentially.
This included a benefit from tariff refunds, which had a favorable impact of approximately two percentage points. When you remove this favorable impact, we would have been at the midpoint of the guidance range we provided last quarter. Products gross margin was 40.1%, up 140 basis points sequentially. This also included a benefit from the tariff refunds I just mentioned, which had a favorable impact of over two and a half percentage points. Services gross margin was 75.6%, down 110 basis points sequentially, driven by a different mix. Operating expenses came in at $19.1 billion, up 23% year-over-year, driven by investments in R&D. Net income was $29.8 billion. Diluted earnings per share was $2.02, up 29% year-over-year, and included $0.11 of favorable impact from tariff refunds. Operating cash flow was very strong at $34.4 billion.
All three of these metrics set June quarter records, even when excluding the tariff refund benefit. I'm going to provide some more details for each of our revenue categories. iPhone revenue was $54.3 billion, up 22% year-over-year, driven by the iPhone 17 family. We grew double digits in the vast majority of markets we track and reached June quarter revenue records across both developed and emerging markets. The iPhone active install base grew to an all-time high and set a June quarter record for upgraders. According to a recent survey from Worldpanel, iPhone was the top-selling model in the U.S., urban China, the U.K., France, Australia, and Japan. We were thrilled with the response to the iPhone 17 family. Customer satisfaction in the U.S. was recently measured at 99% by 451 Research.
Mac revenue was $10.4 billion, up 29% year-over-year, a new June quarter record, driven by the strength of MacBook Neo and MacBook Pro. We grew in both developed and emerging markets, with strong double-digit growth in markets like Latin America, India, and Southeast Asia. The customer reception to MacBook Neo has been incredible. We continue to attract new customers to the product around the world. As Tim mentioned, Mac had its best quarter ever for customers new to the Mac and for upgraders worldwide, including in the U.S., China Mainland, and India. In the U.S., customer satisfaction for Mac was recently measured at 95%. iPad revenue was $6.2 billion, down 6% year-over-year, driven by the continued difficult compare against the launch of the A16-powered iPad in the prior year.
At the same time, the iPad install base reached a new all-time high, and over half of the customers who purchased an iPad were new to the product. 451 Research recently measured customer satisfaction at 98% in the U.S. Wearables, home, and accessories revenue was $7.9 billion, up 6% year-over-year, driven by strength in wearables and accessories, and we saw growth in both developed and emerging markets. The wearables install base reached a new all-time high. We set a June quarter record for upgraders on Apple Watch, and over half the customers purchasing an Apple Watch during the quarter were new to the product. In the U.S., customer satisfaction on Apple Watch was reported at 95%. Our services revenue reached a June quarter record of $30.7 billion, up 12% year-over-year, despite significant sequential FX headwinds.
For the total services business, we saw double-digit growth in the vast majority of markets we track. We set records in every category, with June quarter records in advertising, App Store, AppleCare, Apple Music, and Apple TV+, as well as all-time records in cloud services and payment services. We are optimistic about the long-term future of our services business. With our large install base of over two and a half billion active devices, we have an incredibly strong foundation for growth opportunities. Our services continue to attract more customers, and we have now surpassed one and a half billion in paid subscriptions. Both transacting and paid accounts reached new all-time highs in the quarter, with double-digit growth for both in emerging markets.
We continue to improve and expand our services offerings, from powerful updates to Creator Studio to exciting new features we're bringing to services later this year, like splitting bills with Apple Cash using visual intelligence. Turning now to enterprise and education. Organizations are using the Apple platform to drive AI innovation and empower the next generation of students. Starting with enterprise, Morgan Stanley has deployed over 20,000 iPhone 17 devices globally as part of a shift from employee-owned to corporate-owned devices for liability and security. More companies are choosing Mac for on-device AI advantages, including lower costs, better performance, and enhanced privacy and security. At Disney, creative teams are increasingly turning to Mac for on-device AI workflows that reduce overall cloud token costs and keep their IP secure.
Crédit Agricole, France's leading retail bank, is using on-device AI on MacBook Pro to streamline regulatory workflows, reducing manual processing time by over 80%. Our newest addition to the Mac lineup, MacBook Neo, is reaching new enterprise users in many environments, from bank branches to retail storefronts. In education, MacBook Neo continued to accelerate adoption of Apple products, with many districts leveraging Apple Financial Services to deploy at scale. Pinellas County Schools, one of the largest districts in Florida, is transitioning 25,000 students from Windows devices to MacBook Neo across its 18 high schools. In Washington, Peninsula School District 401 moved over 8,000 students from Chromebooks to MacBook Neo. In Oklahoma, Midwest City-Del City School District purchased over 6,000 MacBook Neos to become an all-Apple district for students.
In fact, in the last quarter, about half of the MacBook Neo large purchases by U.S. education institutions displaced Windows and Chromebook devices. Let's turn to our cash position and capital return program. We ended the quarter with $147 billion in cash and marketable securities and $84 billion in total debt. During the quarter, we returned $33 billion to shareholders. This included $4 billion in dividends and equivalents and $25.8 billion in share repurchases. As we move ahead into the September quarter, I'd like to review our outlook, which includes the types of forward-looking information that Suhasini referred to. Importantly, the color we're providing assumes that global tariff rates, policies, and their application remain in effect as of this call, and the global macroeconomic outlook does not worsen from today. We also expect our September quarter total company revenue to be impacted by two main factors.
First, we expect foreign exchange to be a sequential headwind of about two and a half percentage points to the year-over-year total company growth rate from the June quarter to the September quarter. Second, we expect the impact from supply constraints to increase significantly sequentially. The projected supply constraints in the September quarter affect iPhone, Mac, and iPad. As a result, we expect our September quarter total company revenue to grow between 9%-11% year-over-year. On iPhone, we expect to continue to see high levels of demand. However, we do expect iPhone revenue to be impacted by these foreign exchange headwinds and supply constraints. Therefore, we expect the September quarter reported growth rate for iPhone to be mid-teens year-over-year.
For services, we expect the September quarter year-over-year reported growth rate to be largely similar to what we reported in the June quarter after removing the negative sequential impact of about two and a half percentage points from foreign exchange that we just described. We expect gross margin to be between 47%-48%. This includes an expected benefit of approximately one percentage point related to tariff refunds. We expect operating expenses to be between $19.1 billion-$19.4 billion. We expect OIE to be around $350 million, excluding any potential impact from the mark to market of minority investments, and our tax rate to be around 16.5%. Finally, today, our board of directors has declared a cash dividend of $0.27 per share of common stock payable on August 13th, 2026, to shareholders of record as of August 10th, 2026.
Before we take questions, let me turn it back over to Tim.
Tim Cook
CEO, Apple
Thanks, Kevan. Before we get into questions, I just wanted to take a moment to say thank you to all of you, from our shareholders, particularly our long-term shareholders, who have put their trust in us for so many years, to the analysts who have followed our company so closely. As you know, this will be my final earnings call, and John will lead these calls going forward. The transition is going seamlessly, and I am beyond excited for John to step into his new role and lead Apple into its next era. He is truly one of a kind, and there is no better person to take the helm of the company. As I've said, I couldn't be more confident in his leadership, in our executive team, and in the extraordinary people at Apple who are determined to enrich the lives of our users all over the world.
We have a bright future ahead, and I truly have never been more optimistic. Thank you all, and now Kevan and I will be happy to take your questions.
Suhasini Chandramouli
Director of Investor Relations, Apple
Thank you, Tim. We ask that you limit yourself to two questions. Operator, may we have the first question, please?
Operator
Certainly. We will go ahead and take our first question from Amit Daryanani from Evercore. Please go ahead.
Amit Daryanani
Analyst, Evercore
Yep. Thanks. I'll take my question. Tim, best of luck. It's been a pleasure working with you over the years. Maybe to start with, if I think about the 9%-11% sort of growth that's guided for September, it's about a 500 basis point or so deceleration versus what we've seen really in June quarter, even through this year, I would say. Can you just talk about how much of this decel is really supply constraint versus other factors like FX? If you could just flesh out what these supply constraints are that are broadening beyond these advanced SOCs you talked about last quarter as well.
Kevan Parekh
CFO, Apple
Yeah, Amit, this is Kevan. How are you doing? Why don't I start with just kind of describing the sequential change, then I'll let Tim jump into a bit more color on the supply constraints. I think, as I mentioned in my prepared remarks, we expect the September quarter total revenue to grow by 9%-11% year-over-year. We expect that to be impacted by two main factors. First, when we look at going from the June quarter to September quarter, we expect foreign exchange to be a sequential headwind of around two and a half percentage points to the year-over-year total company growth rate. The second impact is that the impact from supply constraints is we expect that to increase significantly when we go sequentially from June to September.
That projected supply constraint in the September quarter will affect the iPhone, Mac, and the iPad. Really, when you combine those two factors, we get pretty close to the June overall total company growth rate.
Tim Cook
CEO, Apple
Yeah, Amit, it's Tim. First of all, thank you for your comments. During the June quarter, we did experience supply constraints, primarily on the Mac, and to a lesser extent, on iPhone and iPad. These were driven by very high levels of demand. As we've said before, we are seeing less flexibility in the supply chain than normal. The constraints were primarily driven by the availability of the advanced nodes that our SoCs are produced on. If you look forward into the current quarter, the September quarter, we continue to expect high levels of demand. However, with less flexibility in supply chain, we expect the impact from the supply constraints to increase significantly sequentially. The projected supply constraints in the September quarter, as Kevan said, affect iPhone, Mac, and iPad.
We're seeing some very significant constraints currently, with limited flexibility in the supply chain to remedy it.
Amit Daryanani
Analyst, Evercore
Got it. That's really helpful. Thanks a lot for that. Tim, I just have a memory question for you. Apple has historically, I think, done a really excellent job about delivering capability and utility to customers without really making them pay disproportionately more. The stagnant memory inflation seems to challenge that equation for you folks right now. There are reports that suggest that you're seeking greater sourcing flexibility for memory. Can you just talk about, is this sourcing options really about ensuring that you have supply and it's a way to mitigate memory inflation? Or is it more to preserve the value proposition for your customers? Just any light you could shed on this would be helpful. Thank you.
Tim Cook
CEO, Apple
Yeah. Let me back up and talk about memory in general, because I know this is a subject on many of your minds. If you look at, as I'd said on the last call, we paid more for memory in the March quarter than the December quarter. As I alluded to last quarter, we expected to pay significantly more in the June quarter than the March quarter, and that is what happened. It was partially offset by the benefit of carry-in inventory. For September, we expect to pay even higher memory costs, and we're able to offset partly by a few factors, and let me walk through kind of what they are. The first is, as you would expect, we have a benefit from some carry-in inventory in the September quarter. However, we believe we'll see decreasing benefit from this over time beyond the September quarter.
The second is, we're expecting lower costs on certain non-memory components that are in our BOM. If you look beyond September, we see the market pricing for memory continuing to increase, which could drive an increasing impact on our business, and we're continuing to evaluate this. In terms of the sources of supply, primarily the DRAM market has three suppliers. Obviously if there were more suppliers, that would be good, and it would help us on the supply side and perhaps the pricing side. It's unclear on the pricing side, it could help on the supply side. We're evaluating all options.
Suhasini Chandramouli
Director of Investor Relations, Apple
All right. Thank you, Amit. Operator, could we have the next question, please?
Operator
Our next question is from Michael Ng of Goldman Sachs. Please go ahead.
Michael Ng
Analyst, Goldman Sachs
Good afternoon. First, Tim, congratulations on the extraordinary run you on these earnings calls. In terms of my questions, I have two as well. First, on the Apple Upgrade Program, could you talk a little bit about the expected adoption rates across your two and a half billion device install base in success? Do you see it shortening the replacement cycle for iPhone or also having an equal impact to Mac and iPad, which may have not have benefited from device subsidies in the U.S. like iPhone has historically? Thank you.
Tim Cook
CEO, Apple
Michael, first of all, thank you for your comments. I really appreciate that. If you look at the Apple Upgrade, what it's all about is making it easier for customers to get their hands on our latest products with a leasing plan that's right for them. Of course, as you know, the residual values on Apple products are generally much higher than the residual value on several of our competition. It's a way to get into a product on a fairly affordable basis, particularly for those customers who want to upgrade on some kind of schedule. We're very excited about it. It is offered in our retail stores, it's not widely offered in all channels. We'll see what the customer uptake is, but the early feedback on it is quite positive.
Kevan Parekh
CFO, Apple
Michael, I'll just mention that it's only available in the U.S. right now as well.
Michael Ng
Analyst, Goldman Sachs
Great. Thank you. That's very helpful. My second question, just on iOS 27 and Apple Intelligence, went into public beta earlier this month. Could you talk about learnings from the public beta? Will the new Siri AI be a demand driver for iPhones this holiday? How does the Apple Intelligence usage to date in the open beta inform how you're thinking about compute costs and the ability to recover some of those costs through iCloud+? Thank you.
Tim Cook
CEO, Apple
Thank you for that. First of all, we are off the charts excited about Siri AI. We had a great reception from WWDC. We released the developer beta immediately after the keynote. The developer feedback has been overwhelmingly positive. The feedback from reviewers and so forth have been overwhelmingly positive. We released it to the public for a public beta a few weeks ago, the continued feedback is really, really great. I think it's a very big idea to have AI that's private, that's based on your personal context, and that's integrated across the operating system. We couldn't be happier with how things are going. In terms of what it means for compute cost, it's obviously early going for us. I don't want to say that we have a complete plan for that.
We do believe there will be people that want to use it a lot. We will have some kind of upgrade possibilities on iCloud+ where people can buy up the stack on iCloud+. We'll see how the pickup for that is. We could not be more excited about where the product is.
Michael Ng
Analyst, Goldman Sachs
Wonderful. Thank you for all the thoughts, Tim.
Tim Cook
CEO, Apple
Thank you.
Suhasini Chandramouli
Director of Investor Relations, Apple
Thank you, Michael. Operator, could we have the next question, please?
Operator
Our next question is from Ben Reitzes from Melius Research. Please go ahead.
Ben Reitzes
Analyst, Melius Research
Yeah. Hey, guys. Thanks a lot for the question and, obviously, Tim, known you a long time. I'll really miss you. I wanted to ask about the supply constraints again. I think people are just trying to make sense of it a little bit this way, is that the Street had you at 12% growth for the quarter, September. You could argue that to get to the 10% you guided, that's just the FX. In the 1st quarter, which is December, Street has you decelerating quite a bit, to like 8%-9%. I think what we're struggling with after hours here is how much do these supply constraints really hit you in December and impact that because the Street did a pretty good job of taking that number into the higher single digits.
Is there any guidance you can give us there as you see it, Tim, and we'd really appreciate it. Thanks.
Tim Cook
CEO, Apple
Let me talk about the constraints a little more, and then Kevan can weigh in on the guidance for revenue. As I'd mentioned before, the primary issue is advanced nodes that we run our SoCs on. That's the primary supply constraint now. The root cause of it is not a regular supply issue. It's a demand forecast issue, to be candid, where the iPhone and the Mac are both doing remarkably better than we thought they would do. We had high expectations, so it wasn't that our expectations were low. As you can see from iPhone's growth being 22% and Mac's growth at 29%, and the iPhone is 22% year-to-date as well, that these are extraordinary numbers. The supply chain just has less flexibility in it than normal. We've been pulling supply ahead. At some point, there's a limit to that.
We've got a quarter that we're going to be scrambling on the supply side, essentially. Kevan, you want to add on the revenue guidance?
Kevan Parekh
CFO, Apple
Yeah. Thanks, Tim. Ben, let me jump in here. The dynamics Tim mentioned, combined with the foreign exchange impact I mentioned earlier sequentially, is really what's built into the 9%-11% guidance we're giving for the September total company revenue year-over-year growth rate. Beyond September, we're not providing any color at this point. I think you mentioned December, so we're not providing any kind of color or guidance beyond the September quarter.
Ben Reitzes
Analyst, Melius Research
Okay. If I could just ask, you guys know what's in the press all the time, but there's this little company that is also building a fab in Arizona that you guys have been speculated you guys could work with that could potentially alleviate some, at least your silicon constraints. Is there any possibility that you guys broaden out your silicon providers in a reasonable time frame to alleviate these so we feel better about supply?
Tim Cook
CEO, Apple
Yeah. Let me stress again, this isn't a partner or supplier issue. This issue is an incredibly strong, it's a great issue in some ways. It's an incredibly strong iPhone and Mac product cycle that has really yielded demand beyond our expectation. In Arizona, we do source over 100 million components this year out of Arizona, it is part of our $600 billion commitment to the U.S., and we could not be more pleased with how that fab has ramped and is producing for us.
Ben Reitzes
Analyst, Melius Research
Thanks, Tim.
Tim Cook
CEO, Apple
Yep. Thank you.
Suhasini Chandramouli
Director of Investor Relations, Apple
Thank you, Ben. Operator, could we get the next question, please?
Operator
Our next question is from Erik Woodring of Morgan Stanley. Please go ahead.
Erik Woodring
Analyst, Morgan Stanley
Great. Thanks so much for taking my questions, guys. Tim, just echo what everyone is saying, it's been a pleasure working with you. Hope to still talk to you in the future. I want to maybe focus on pricing here, Tim, and kind of unprecedented for you to take pricing in the ways that you have. I guess two related questions is just, is it your intention to pursue some of these multi-year LTAs with your suppliers just to ensure access to supply at pre-agreed prices? When you approach product pricing in this environment, is it your intention to protect product gross profit dollars? Is it your intention to protect product gross margins? Would just love the kind of thought process behind the pricing. Then a quick follow-up, please. Thank you.
Tim Cook
CEO, Apple
Yeah. On the pricing front, we reluctantly raised prices, I would say. We did it because we're in what I would characterize as a 100-year flood on the memory pricing, with exponential increases in memory prices. That was the rationale for it. In terms of our philosophy on dollars or percentages, we look at units, revenue, and margin, then come to a business judgment as to how to handle that. It's not a mathematical formula that gets us to a specific result or just looking at one dimension of that. We look at all three dimensions and think about it over the long term, instead of a 90-day clock. Hopefully that helps.
Erik Woodring
Analyst, Morgan Stanley
Okay. I appreciate that.
Tim Cook
CEO, Apple
Yeah.
Erik Woodring
Analyst, Morgan Stanley
Yeah. No, that does help. Thank you, Tim. Just maybe a quick follow-up, I guess, Tim or Kevan, just 12% services growth was just a bit below your guidance. I imagine FX maybe played a role there. I think the fiscal 4Q guidance assumes another deceleration. I think the math would imply below 10% year-over-year as reported. Can you maybe just help us understand the kind of function factors underlying that deceleration? If that's App Store, which I think some third-party data sources would suggest, is that a function of AI maybe reprioritizing time away from parts of the App Store? Just want to make sure we understand the moving pieces on services, please. Thank you so much.
Kevan Parekh
CFO, Apple
Hey, Erik, this is Kevan. I'll take that one. Let's walk from kind of the 16% in our fiscal second quarter to kind of the 12% that we just talked about in the June quarter that you referenced. We look at that, relative to the March quarter. Foreign exchange was the main driver for the change in the year-over-year growth rate sequentially. Also a couple other factors to keep in mind. One is we had the theatrical release of F1, which is one of the highest grossing sports films in history, and this year we didn't have a theatrical release. That had a favorable impact on both the June quarter and also the September quarter in the year ago. We also had some factors that impacted the performance of the App Store. We did see some headwinds in mobile gaming.
Keep in mind, we also made some changes to the App Store business model in certain countries. In the U.S., we do continue to operate under a court ruling impacting the link-out transactions. We're pleased the Supreme Court will hear our appeal. Despite this, the App Store did set a June quarter revenue record. We take a step back. There are several positive trends in the services business. During the June quarter, we saw strong double-digit growth in categories like cloud services, video, payment services, and advertising. We set revenue records in every category with June quarter records in advertising, the App Store, AppleCare, music, and video, where Apple TV+ viewership reached an all-time high in the quarter.
We also set all-time records in cloud services and payment services, where Apple Pay saw a record level of users in both developed and emerging markets. Services also had a June quarter record in emerging markets. As we outlined in the prepared remarks, our services continue to attract more customers, and we now have surpassed one and a half billion in paid subscriptions. Our transacting and paid accounts hit an all-time high with double-digit growth in both those two in emerging markets. I think when I step back, if I look at how we landed versus our expectations that we had outlined in the March quarter for the June quarter, I would say that we roughly met our expectations, but we did see a bit more softness on mobile gaming in the App Store.
As we go into the September quarter, what I would say is we expect foreign exchange will continue to be a headwind. In fact, this is a theme that's impacting the services business more so than the total company. We expect foreign exchange to drive about a 5 percentage point headwind to the year-over-year growth rate from the March to September quarter. If we look at the sequential change from the June quarter, the 12% services we reported to what we're guiding for the September quarter, we are going to see another two and a half point sequential headwind.
Erik Woodring
Analyst, Morgan Stanley
Great. Thank you so much, Kevan. I appreciate the detail there.
Kevan Parekh
CFO, Apple
Sure. No problem, Erik. Thanks.
Suhasini Chandramouli
Director of Investor Relations, Apple
Awesome. Thanks, Erik. Operator, could we get the next question, please?
Operator
Our next question is from Aaron Rakers of Wells Fargo. Please go ahead.
Aaron Rakers
Analyst, Wells Fargo
Thanks for taking the questions, also best wishes, Tim. I guess I want to, maybe it tethers with the memory pricing dynamic, as you look at the demand that you're seeing right now, I'm curious of how you assess whether or not you've seen any pull forward of demand, either from the consumer or even the enterprise and education markets. Whether or not you're factoring that into your views as we look forward at all.
Tim Cook
CEO, Apple
You're talking about on iPhone, I assume, in general. We've been running at this 22% growth rate for the last while. For this cycle has been a 22% increase year to date. It's not obvious, I would say. It's not obvious in the data that what you're asking is true. Obviously, we've now had to increase prices on iPad and Mac, the price elasticity there, it's just too early to come to a definitive conclusion of what happens there. Because it takes a little while for the channels to adjust since there's channel inventory, it takes a while for the consumer to respond. We'll understand that more in the weeks ahead.
Aaron Rakers
Analyst, Wells Fargo
Very helpful. Then as a quick follow-up, maybe more longer term thematically, as AI proliferates towards the edge and more consumers utilize AI, I'm curious, Tim, if you see AI opening up additional opportunities. I can appreciate that you're not going to give us specifics, do you see other kind of addressable markets evolving from AI over time?
Tim Cook
CEO, Apple
I think there are enormous opportunities for Apple moving forward in AI. I'm so excited about Siri AI and where it is and where it's going. I'm excited about the feedback that we're getting there. Of course, the ability to run some percentage of request on device is also very strategic and sort of a competitive weapon, if you will. I could not be more excited about the opportunities there.
Aaron Rakers
Analyst, Wells Fargo
Thank you.
Tim Cook
CEO, Apple
Yeah.
Suhasini Chandramouli
Director of Investor Relations, Apple
Thanks, Aaron. Operator, could we get the next question, please?
Operator
Our next question is from Wamsi Mohan of Bank of America. Please go ahead.
Wamsi Mohan
Analyst, Bank of America
Yes. Thank you. Tim, first, congrats on your tenure as CEO. You joined back in 2011 when Apple reported $108 billion in revenue, and you just delivered a quarter of $109 billion. Just an amazing journey.
Tim Cook
CEO, Apple
Thank you for that.
Wamsi Mohan
Analyst, Bank of America
For my question.
Tim Cook
CEO, Apple
I really appreciate it.
Wamsi Mohan
Analyst, Bank of America
Yeah, sure, Tim. It's been a pleasure. For my question, first on Siri AI, do you expect that Siri AI would change the capital intensity of Apple, despite the fact that you have the ability to do so much differentiated workloads on device, and you have this distributed compute. You do have some requests that go into the back end, both in your own first-party cloud as well as third party. Is it right to think that the capital intensity of Apple will change in the future because of Siri AI? I have a follow-up.
Tim Cook
CEO, Apple
We use a hybrid model, as I know Kevan has reviewed with you earlier. We use some third-party cloud, and we do our own data centers. There will be a mix. Generally speaking, as you know, we have been growing our OpEx and spending more in AI in general and quite a bit more. There are other locations on the P&L other than OpEx, like COGS etc., that also have AI expenditures. We'll see what Siri AI does from the cost side of it. There's also the ability when people use it a lot for them to move up on an iCloud Plan as well. What the balance of that is a bit uncertain at the moment.
Wamsi Mohan
Analyst, Bank of America
Okay. Thanks, Tim.
Tim Cook
CEO, Apple
Yeah.
Wamsi Mohan
Analyst, Bank of America
John, since you're on the call, congrats on the new role. I'd love to get maybe a just a high-level take from you if you think that the competitive landscape here is changing, especially as you hear about potentially companies like OpenAI building an AI-enabled competitive device or SpaceX AI potentially having a phone that could bypass some of the typical carrier attacks. Just would love your high-level thoughts on how you see the competitive landscape evolving and Apple's position there.
John Ternus
Incoming CEO, Apple
Well, thank you for asking. I guess I would just reiterate what Tim said, there is so much opportunity for us with everything that's happening in this space. We're just really focused on our plans and very excited about it.
Wamsi Mohan
Analyst, Bank of America
Thank you.
Suhasini Chandramouli
Director of Investor Relations, Apple
Awesome. Thank you, Wamsi. Operator, can we have the last question, please?
Operator
We will now go to Samik Chatterjee of JP Morgan. Please go ahead.
Samik Chatterjee
Analyst, JPMorgan
Hi, thanks for squeezing me in here. Tim, best wishes from my side as well. Maybe just for my first one, if I go back to WWDC, when you announced Siri AI, you also did mention, along with the rollout, that probably we won't have the initial rollout in China and Europe. Just wanted to get your updated thoughts on that front and any more color in terms of what hurdles you need to cross to be able to launch it in those regions. I have a follow-up. Thank you.
Tim Cook
CEO, Apple
Thanks for the question. Let me take them individually. You look at the EU, we're working closely with the commission. Obviously, our complete desire is to launch everything everywhere at the same time. That's always the philosophy that we have. We have not been able to do that in the European Union, but we're working closely with them to try to get to something that would allow us to offer Siri AI there. It is offered or will be offered for the Mac there, because the Mac is not covered by the same regulations as the iPhone and the iPad. Net-net, we're working with them and hope to reach some sort of solution. You look at China, last week we received approval to ship sort of the original features of Apple Intelligence, things like cleanup and so forth.
We're working now through the rollout of those, and there will be more work required down the road for Siri AI. We're at the front end of that.
Samik Chatterjee
Analyst, JPMorgan
Okay. Got it. Great. For my follow-up, Kevan, just not to beat sort of this FX thing to death here, but if I look at the gross margin, you delivered 48% in the quarter without the tariff refund benefit. You're guiding to like 46.5%. Any way to walk us through the sequential driver there and how much of that is FX impacting it versus maybe increased commodity costs, et cetera, that's driving that sequential moderation? It does seem a bit more atypical than your normal sort of years.
Kevan Parekh
CFO, Apple
Yeah, Samik, that's a good question. Let me walk through kind of what's impacting our gross margins. We look at our gross margin change from the 49.3% we had at the total company level for the March quarter, and as you mentioned, the 48.1% adjusted for the tariff refund in the June quarter, that 120 basis point change. You look at the drivers of that, more than 100% of that can be explained by the memory cost change that Tim outlined. While FX was a factor, really the main driver was really the memory cost impact. As Tim outlined earlier when we talked a bit about the dynamics around the memory costs, is we did see some partial offsets from things like the benefit of carry and inventory, reduction in non-memory component costs, and some favorable mix.
We are seeing the same dynamics when you go from the 48.1% that we printed in the June quarter to the 46.5% midpoint you referenced of our range without the tariff refund impact. That 160 basis point change is also more than that is explained by the change in memory cost. We had some partial offsets again from things like the benefit of carry and inventory, lower cost of non-memory components, and as well, favorable mix. I think that FX was a pretty minimal impact when you look at that versus the memory. Generally, the sequential change from the March quarter to the 46.5% you referenced is really driven by memory.
Samik Chatterjee
Analyst, JPMorgan
Great. Thank you both for taking my questions. Congrats again, Tim. Thank you.
Tim Cook
CEO, Apple
Thank you so much for saying that. I appreciate it.
Suhasini Chandramouli
Director of Investor Relations, Apple
Thank you, Samik. A replay of today's call will be available on Apple Podcasts and at apple.com/investor. Thanks again for joining us today.
Operator
Once again, this does conclude today's conference. We do appreciate your participation.
亚马逊云加速与两千二百亿资本开支
重要性5/5 极高
文章直接覆盖AMZN最新季度业绩、AWS加速、AI与自研芯片收入、2,200亿美元资本开支及投资回报框架，与MAG7 AI资本开支主题高度相关。完整电话会事实密度高，但属于第三方归档转写，长期需求和回报判断主要来自管理层前瞻表述。
中文摘要
核心结论
亚马逊第二季度增长由AWS（亚马逊云服务）、广告和零售共同推动，其中AWS连续第五个季度加速，AI需求已转化为收入、积压合同和多年产能预订。公司将2026年现金资本开支提高至约2,200亿美元，短期自由现金流将承压；投资回报取决于预订需求最终转化为使用量、收入和服务器利用率。
重要性评级
评级：5/5（极高）
电话会提供了AWS增长、AI收入、自研芯片、积压合同、资本开支、资产使用周期和季度指引的完整管理层口径，直接对应AMZN及MAG7 AI资本开支研究。数据价值高，长期万亿美元收入空间和回报判断仍属于管理层前瞻估计。
关键事实
- 第二季度收入2,006亿美元，剔除汇率影响后同比增长20%；营业利润275亿美元，同比增长43%。营业利润包含约12亿美元费用减免，其中6亿美元来自关税退款，另6亿美元来自能源合同公允价值变动。
- AWS收入422亿美元，同比增长36.7%，连续第五个季度加速，达到18个季度以来最快增速；营业利润166亿美元。AWS营业利润率同比提高6.5个百分点，剔除能源合同衍生品收益后仍提高5.2个百分点。
- AWS年化收入运行率达到1,690亿美元，积压合同4,960亿美元，同比增长三位数。AI业务与自研芯片业务的年化收入运行率均超过250亿美元，且均保持三位数增长。
- Trainium（亚马逊AI加速芯片）获得Anthropic和OpenAI的多年、多吉瓦承诺；Graviton（亚马逊服务器中央处理器）已被前1,000大EC2客户中的98%采用。亚马逊还在研发自有前沿模型，目标是控制成本、训练重点和迭代速度，同时继续通过Bedrock提供多模型选择。
- 第二季度现金资本开支531亿美元，主要用于AWS和生成式AI。公司把2026年现金资本开支预期从约2,000亿美元上调至约2,200亿美元，增量主要来自内存成本上涨；即使按该规模投入，管理层仍预计2026年无法满足全部需求，2027年也可能延续供不应求。
- 公司称2027年新增产能的大部分已经预订，2028年也已有相当数量预订；目标是在2027年底把电力容量较2025年翻倍。数据中心通常提前约两年投入、使用期超过30年；服务器和网络设备通常在投产前数月采购，平均不到三年达到收支平衡，使用期至少五至六年，多数AI产能合同期限至少五年。
- 北美收入1,162亿美元，同比增长16%，营业利润率7.9%；国际收入422亿美元，剔除汇率影响后增长15%，营业利润率4.1%；广告收入198亿美元，增长26%；全球付费商品件数增长17%。
- 第三季度净销售额指引为1,970亿至2,020亿美元，营业利润指引为225亿至265亿美元。Prime Day（会员日）由上年第三季度移至本年第二季度造成比较扰动，剔除两年活动影响后，第三季度同比收入增速约高4个百分点；汇率预计带来约0.8个百分点拖累。
作者观点与证据
管理层认为AWS增长来自AI与传统云业务相互拉动：推理靠近既有数据和应用，训练后处理、强化学习及智能体工具调用又增加中央处理器、存储和数据库需求。36.7%的AWS增速、4,960亿美元积压合同、连续五季加速及2027至2028年预订构成主要证据。
资本开支论证建立在两类资产周期上。数据中心前置投入较长，但可跨多个服务器世代使用；服务器采购更接近客户需求确认，并由多年合同覆盖。管理层承认同时建设大量数据中心会压低近期自由现金流，也表示未来收入增速终将超过增量资本开支。后半句属于长期判断，文章没有给出达到该拐点的年份、资本回报率目标或积压合同转收入的具体节奏。
亚马逊对自研芯片、Bedrock（托管式生成式AI平台）、Kiro（智能体编程服务）和Amazon Q（企业AI工作助手）的表述积极。Kiro使用量环比增至三倍，Alexa购物功能过去12个月触达超过3.5亿客户，活跃用户接近翻倍、互动量同比增长超过五倍；这些采用指标尚未完整映射到独立收入和利润。
与相关标的的关系
对AMZN而言，AWS加速与2,200亿美元资本开支构成当前财务模型的主要张力：积压合同、长期预订和AI收入支持需求强度，内存及硬盘等组件涨价、债务融资选择和建设周期决定现金流压力。广告、物流效率及高频生鲜配送为AWS之外的利润与收入来源，可缓冲云基础设施投资的阶段性波动。
时效性与限制
电话会发表于07/30（未给出具体时刻）。归档文本由Quartr经StockAnalysis提供，并非Amazon发布的官方逐字稿；财务数字应与公司新闻稿、季度报告和投资者关系材料核对。4,960亿美元积压合同包含多年承诺，不能等同于短期确认收入；2027至2028年产能预订、AWS长期万亿美元收入空间和投资回报均为管理层前瞻判断。
后续跟踪
- AWS收入增速、积压合同转化速度及剔除能源衍生品收益后的营业利润率。
- 2026年约2,200亿美元现金资本开支的季度执行、自由现金流和新增融资结构。
- 内存、硬盘与固态硬盘成本对新签AWS合同定价和服务器回收期的影响。
- Trainium产能、外部销售可能性，以及Bedrock、Kiro和Amazon Q从使用量到收入的转化。
证据限制：Original text is extracted for private station-internal report reading under configured access protection.；Amazon did not publish an official text transcript; wording is from the full archived third-party transcript and is cross-checked where possible against official release/audio.
原文
Amazon (AMZN) Q2 2026 Earnings Call Transcript & Audio
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Earnings Call: Q2 2026
Jul 30, 2026
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- Earnings release
- Quarterly report
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Summary
Q2 2026 saw 20% revenue growth and 43% operating income growth, with AWS accelerating to a $169B run rate and strong AI momentum. CapEx guidance increased to $220B for 2026 due to high demand and supply chain inflation, with robust performance across Stores, Ads, and Entertainment.
Operator
Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Quarter Two 2026 financial results teleconference. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question-and-answer session. Today's call is being recorded. For opening remarks, I'll be turning the call over to the Vice President of Investor Relations, Mr. Dave Fildes. Thank you, sir. Please go ahead.
Dave Fildes
VP of Investor Relations, Amazon
Hello, and welcome to our Q2 2026 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO, and Brian Olsavsky, our CFO. As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2025. Our comments and responses to your questions reflect management's views as of today, July 30th, 2026, only, and will include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.
During this call, we may discuss certain non-GAAP financial measures. In our press release, slides accompanying this webcast, and our filings with the SEC, each of which is posted on our IR website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures. Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions.
Our results are inherently unpredictable and may be materially affected by many factors, including fluctuations in foreign exchange rates and energy prices, changes in global economic and geopolitical conditions, tariff and trade policies, resource and supply volatility, including for memory chips, and customer demand and spending, including the impact of recessionary fears, inflation, interest rates, regional labor market constraints, world events, the rate of growth of the internet, online commerce, cloud services, and new and emerging technologies, and the various factors detailed in our filings with the SEC. Our guidance assumes, among other things, that we don't conclude any additional business acquisitions, restructurings, or legal settlements. It's not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance. Now I'll turn the call over to Andy.
Andy Jassy
CEO, Amazon
Thanks, Dave. We're reporting $200.6 billion in revenue, up 20% year-over-year. Operating income was $27.5 billion, up 43% year-over-year. Q2 was another very strong quarter for Amazon. I'll start with AWS, which is booming right now, and I'll share the numbers, what we think is going on, and why we're enthusiastic about the ROIC equation, even with heavy CapEx the next few years. First, the numbers. Revenue growth of 36.7% year-over-year, accelerating for the fifth straight quarter, our fastest growth in 18 quarters back when AWS was less than half its current revenue size. We added over $4.6 billion in revenue quarter-over-quarter, about 80% more than our largest increase ever. Our backlog stands at $496 billion, growing triple digits year-over-year.
AWS is now a $169 billion annualized revenue run rate business, which, for perspective, would place it 24th on the Fortune 500 list if it was a standalone company. Our chips business now has an annual revenue run rate of over $25 billion, growing triple-digit percentages year-over-year. Our AI revenue run rate climbed significantly quarter-over-quarter, and is now also over $25 billion, growing triple-digit percentages year-over-year. Customers choose AWS because we offer the broadest capabilities. They want their AI inference to reside near their other applications and data, and more of it resides in AWS than anywhere else. Because AWS has the strongest security and operational performance. We're seeing strong growth across both AI and non-AI, what we call core, and growth in one is driving growth in the other.
Growth in AI drives core because post-training reinforcement learning and agent tool use is mostly done on CPUs versus AI accelerators. This is an advantage for AWS, as our Graviton chip is the strongest CPU chip, offering up to 30%-40% better price performance than other options. You need a place to store this AI data and to run vector databases, which are also emblematic of a meaningful edge for AWS because we have the broadest and most capable functionality by a fair bit in these core infrastructure areas. We feel similarly about the AI stack, top to bottom. We have a unique offering that customers are excited about. As we've been saying for 18 months now, technically competent companies are going to build their own foundation models. Not the really big frontier models, but smaller models that leverage their proprietary data.
There is no easier service for this than our SageMaker AI service. Customers also need a high-performance, cost-effective inference service, and that's what Amazon Bedrock provides. Bedrock not only provides the best selection of leading models at superior performance and with the governance and security controls that companies need, it's also continuing to grow incredibly quickly. In addition to leading model building and inference services, customers need easier ways to build, run, and leverage agents. For example, even after you've built an agent, you have a lot of muck to worry about. A production agent needs somewhere secure to run, memory so it holds context, an identity so it can act on a user's behalf, tools and data to connect to, and a way to watch what it's doing once real traffic hits. Stitching all that together reliably is hard, and it's stalled many production deployments.
It's why we've built Amazon Bedrock Agents. It provides building blocks as managed infrastructure, and our teams keep iterating, recently adding features like policies which give companies deterministic controls over what agents can do, payments so agents can execute transactions autonomously, web search to ground agents' knowledge without having to leave AWS, and a new harness that further speeds up how fast customers can put this all together, including creating the agent with Strands. While companies will construct their own purpose-built agents from the ground up, most will also use turnkey agentic services. Coding agents are a good example, and there are several successful ones, including Claude Code, Codex, and our own spec-driven Kiro, which is up to 50% more cost-effective than others and tripled in usage quarter-over-quarter.
Another of these agentic services is Amazon Q, an intelligent AI work companion that helps you manage, search, and automate your digital workload across email, calendar, local or cloud files, and custom workflows. Unlike other offerings in this space, Q also lets you manage across leading SaaS tools like Slack, Salesforce, Jira, Teams, and ServiceNow. Q enforces a company's existing access controls so each person sees only what they're cleared to see. Then it takes action: scheduling meetings, drafting and sending email, updating a CRM record, building a dashboard, and more. In Q2, we made Q even more capable, adding autonomous agents that customers set up in plain language to run continuously in the background and carry out multi-step tasks, a personalized activity feed that pulls email, messages, calendars, and tasks into one prioritized view, and 16 new integrations, including Adobe, Moody's, and Snowflake.
Q has momentum, with 3M, Allianz, AstraZeneca, Autodesk, BMW, Exxon, FINRA, Hyundai, Intuit, Mondelēz International, Moody's, the NBA, the NFL, Sun Life, and Southwest Airlines all using it. We also have services like Amazon Connect, our call center service, and AWS Transform, which automates software migration growing quickly. I will mention one more that I am excited about. As frontier models get increasingly powerful, they're making it easier to find security vulnerabilities in technical applications, many of which humans haven't found.
This is obviously concerning for companies that protect important data. We recently released AWS Continuum, which discovers, prioritizes, validates, and remediates code vulnerabilities. It starts by ingesting the backlog of vulnerabilities a team already has and then leverages the new frontier models to run comprehensive scans. Continuum uses agents in each company's own business context to prioritize what matters, reasoning through questions like, "Is the affected component deployed? Is it reachable?
Is it in a production path? What's the impact if it's exploited?" Then it validates vulnerabilities in a sandbox so teams aren't chasing false positives. Finally, it recommends the fix. It is hard to talk with enterprises about AI right now without their mentioning security. We expect Continuum to grow quickly. I mentioned earlier that our chips revenue run rate is now over $25 billion. We are unusually well-positioned for this AI inflection, given our leading price-performance chips in both AI with Trainium and CPU with Graviton. In addition to the two leading AI labs in the world, Anthropic and OpenAI, making multi-year, multi-gigawatt commitments to Trainium, an increasing number of AI startups are also adopting Trainium, including unicorns like Neurorobotics and Odyssey, joining startups like Twelve Labs, Descartes Labs, Poolside AI, Karakuri, Metagenomi, NetoAI, and Splash Music, and larger companies like Uber and Pinterest all adopting Trainium.
Graviton is used by 98% of our top 1,000 EC2 customers. The revenue commitments have increased nearly 3x quarter-over-quarter, and Graviton5 is growing nearly 2x faster as Graviton4 did. We also continue to have a deep partnership with Nvidia, and we'll continue making AWS the best place to run Nvidia chips, as we have customers who will run on Nvidia for as long as we can foresee, and we believe strongly that customers want choice. Choice is good for customers, competition, and driving the cost of inference down, which customers care deeply about. Let me talk for a second about how we see this investment playing out. Earlier this year, we said we plan to invest approximately $200 billion in cash CapEx in 2026, the majority of which to support AI and AWS.
At this level of spend and higher, we have clear line of sight to strong financial returns. I'll explain why. There are two major parts of the investment, the data centers and the servers and networking equipment that go into them. These have different capital cycles. Data center capital is spent starting two years before we can put servers into them to start monetizing. Once a data center opens with servers plugged in, we start generating significant revenue right away and then get to monetize these data centers for 30+ years without having to spend that startup capital again. Servers and networking equipment operate on a shorter cycle. We typically purchase these a few months before putting them into service, so we have strong visibility into customer demand before we trigger the spend. If the demand isn't there, we won't spend the capital.
For servers and networking equipment, on average, it takes a little less than three years to break even on that investment. The servers currently have a useful life of at least five to six years, and most of our AI capacity these days is being contracted for at least five-year terms. That means that we're driving significant free cash flow on the servers and networking equipment in the two to three years after we break even. It's also worth noting that AWS has a strong track record of pulling forward break evens on server equipment where we've already made meaningful progress and finding ways to extend the useful life of this equipment without sacrificing customer experience.
For our data centers, which have 30+ year useful lives, we should get at least five to six generations of server economics, like I explained earlier, with subsequent generations after the first having even better overall economics because we don't have to repeat that upfront data center investment I mentioned earlier. This means in the short term, when demand is necessitating so many data centers being built simultaneously in advance of when we can start monetizing them, we'll spend a lot of CapEx and encounter free cash flow headwinds until these data centers come online, can be monetized, and we get a few years into these servers being utilized. As we get a few years out and the revenue growth outpaces the incremental CapEx growth, which will happen at some point, the resulting revenue, free cash flow, and return on invested capital is very compelling.
We've done this before in the first era of cloud computing, just over a longer time horizon, where demand built more gradually than it has in AI. We see the margins and returns in AI tracking what we saw with Core at the same point of evolution, actually a little ahead. We now believe we will spend approximately $220 billion in cash CapEx in 2026. The higher cost of memory pushing this number up from our prior estimate of about $200 billion. Even at that amount, we will still not have enough capacity to meet all the demand we have in 2026, and I believe this dynamic will also be true in 2027, too. In fact, the demand we already have for 2028 is striking. Remember, enterprises are still very early in using inference at scale in their current production applications.
We long believed AWS could become a few hundred billion-dollar revenue business and now believe it'll be at least double that, and very possibly be a trillion-dollar annual revenue business for us in time, with very appealing accompanying free cash flow and return on invested capital. I'll now turn to Stores. We added millions of new products to our selection, including over 700,000 from notable brands. We also expanded ultra-low price selection on Amazon Haul in the U.S. by nearly 20x since launch and now have over 6 million items priced under $10. We continue offering everyday low prices that meet or beat our competitors, as well as deep discounts and savings during sales events. We're pleased with the customer response to Prime Day, where customers shop millions of deals, including more than 80% at our lowest price of the year and hundreds of thousands discounted by 40% or more.
We're the second largest grocer in the U.S., and our grocery business continues growing quickly across perishables and non-perishables. The number of monthly active perishables customers grew over 50% since the start of the year. Same-day orders with perishables average over 3x more units per order, and fresh groceries now make up six of the top 20 best sellers on amazon.com. We grew the number of new customers for Amazon Pharmacy by more than 2x in the first six months of the year, and same-day prescription deliveries nearly 5x. We also saved customers nearly $250 million so far this year in out-of-pocket costs, up more than 400% year-over-year. We continue speeding up overall delivery and once again achieved record delivery speeds for customers in the first half of the year.
We offer millions of items for same-day delivery with Prime, up to 40 times more selection than a typical big box retail store, and our same-day network continues to expand. Globally, we delivered over 40% more items same day or overnight in the first six months of the year than the same period last year. We also continued to expand our ultra-fast service, Amazon Now, which offers delivery in 30 minutes or less on thousands of everyday essentials. We added 80 new cities and towns across the U.S. and several major cities in Egypt in Q2, and Amazon Now is available in nine countries and over 250 cities and towns globally. We continue to see strong customer response with over 80% growth in growth sales and units sold quarter-over-quarter, and we served over 60% more customers quarter-over-quarter.
We recently launched Amazon Supply Chain Services. Any business can move, store, and deliver everything from raw materials to finished products using the same supply chain that supports Amazon. We already have several large customers, including Procter & Gamble, 3M, Lands' End, and American Eagle Outfitters. The Stores team also continues to innovate and deliver for customers with AI. Customers love Alexa for Shopping, our agentic AI shopping assistant. It offers personalized recommendations, product comparisons, price history, and the ability to automate shopping through features like price alerts and auto-buy. Over 350 million customers have used it in the last 12 months, and engagement accelerated in Q2, with active users nearly doubling and interactions up over 5x year-over-year.
We also expanded Amazon Lens, which lets customers take a photo of anything they see and instantly find the same or similar items on Amazon, to 10 additional countries, and it's now available in 21 countries around the world. Moving on to Amazon Ads, we saw strong growth across our offerings, generating $19.8 billion of revenue, up 26% year-over-year. Sponsored Products continues to be our largest offering and a key driver of growth. Additionally, increasingly more shoppers are discovering products in our agentic and conversational experiences, including in Alexa+ and Alexa for Shopping. Shoppers who click a sponsored prompt convert to a sale 48% more often and spend 21% more on average than those who don't. We see continued growth and engagement in Prime Video ads and live sports.
We introduced more than 30 new advertisers to the NBA in our first year, and inventory on Thursday Night Football, NBA, WNBA, and NASCAR all sold out. Advertisers are increasingly investing in multi-sport strategies, with brands activating across multiple sports seeing 2.3x higher unduplicated reach. Compared to single sport advertisers, multi-sport viewers are driving 12% higher spend and 17% more orders on Amazon. Finally, we make it easy to create, launch, and optimize full-funnel campaigns using AI-powered tools, including Ads Agent, which turns hours of setup and targeting into minutes. Advertisers using Ads Agent targeting see 8% lower cost per impression and 6% lower cost per acquisition, and we've expanded it to 11 new countries this year. We're also continuing to see momentum in several other areas, and I'll mention just a few.
Starting with entertainment, the inaugural season of NBA on Prime Video delivered strong viewership with a peak of 6.5 million U.S. viewers for Game Seven of the Eastern Conference Semifinals, outperforming Game Seven on broadcast a year ago. In Europe, viewership in the NBA more than doubled year-over-year on Prime Video, with the highest average viewership on record. We also drew 36 million viewers globally for the series premiere of "Off Campus" on Prime Video in its first 12 days, becoming Prime Video's number three top-viewed series debut ever. Alexa+ expanded to Germany, Austria, France, and Brazil, and hundreds of millions of customers are using new Alexa experiences. We find that everywhere Alexa goes, it drives momentum for the business. For example, in the U.S., customers who use Alexa for Shopping spend an average of over 40% more per order than those who don't.
Customers who've tried Alexa+ are signing up for Prime at nearly 25% higher rates. Finally, Amazon Leo is close to 400 satellites in orbit, enough to begin initial satellite internet service this year. We already have meaningful revenue commitments from enterprises and government customers, and we have more than 20 partners who will extend the reach of our network across the globe. We continue to be in the middle of some of the biggest inflections of our lifetime, and we're building multiple new long-term businesses that will make customers' lives better and easier and lead to substantial free cash flow and return on invested capital for our shareholders and business. With that, I'll turn it over to Brian.
Brian Olsavsky
CFO, Amazon
Thanks, Andy. Starting with our top-line financial results, worldwide revenue was $200.6 billion, a 20% increase year-over-year, excluding the impact of foreign exchange. These results include the timing shift of Prime Day into Q2 for most of our largest countries, including the U.S. In Q2, we reported worldwide operating income of $27.5 billion. This includes the benefit from two items that reduced expenses by approximately $1.2 billion during the quarter. First, we received tariff-related refunds of approximately $600 million. This is included in our North America segment and represents the significant majority of refunds we expect to receive. Second, we recorded a separate benefit of approximately $600 million related to the change in fair value measurement of energy contracts subject to derivative accounting. This primarily impacts the AWS segment. These energy contracts are to secure electricity supply for existing and future operations.
Certain terms in these contracts cause them to be subject to derivative accounting. Derivatives are measured at fair value each reporting period, and changes in fair value measurements will create unrealized gains and losses recorded within operating expenses on our statements of operations. While the impact of these fair value measurements can vary, these adjustments have not been significant in prior quarters. Moving on to our segment results. In the North America segment, second quarter revenue was $116.2 billion, an increase of 16% year-over-year. International segment revenue was $42.2 billion, an increase of 15% year-over-year, excluding the impact of foreign exchange. Worldwide paid units grew 17% year-over-year. Prime remains a key pillar of our business, and our double-digit year-over-year membership growth reflects the value our offerings deliver at scale.
We saw broad-based momentum across the inputs that drive our customer experience, including new selection, sharp prices, and fast delivery. Shifting to profitability, North America segment operating income was $9.1 billion with an operating margin of 7.9%. International segment operating income was $1.7 billion with an operating margin of 4.1%. In our fulfillment network, we made progress optimizing inventory placement, shortening shipping distances, reducing touches per package, and improving consolidation rates. We're expanding our deployment of robotics and automation, which have been integral to our operations for decades. We're retrofitting our facilities with our latest generation technology, and we expect to more than double our fleet of robotic arms, like Cardinal and Sparrow, in 2026.
We continue to lower our overall cost to serve, even as we face heightened transportation costs driven by fuel inflation from the conflict in the Middle East and higher line haul rates from driver capacity limitations. Excluding the impact of higher fuel and line haul rates, shipping costs grew more slowly than worldwide unit growth at a pace that is relatively consistent with last quarter. On the operating income side, the impact of these higher costs is partially offset by our FBA fuel and logistics surcharge that was implemented in April. Looking ahead, we see meaningful opportunities to further enhance productivity across our global fulfillment network, all while continuing to raise the bar in delivery speed. While operating margin may fluctuate and progress may not always be linear, we take a deliberate approach to achieving sustained long-term improvement in our cost to serve.
Moving to the AWS segment, revenue was $42.2 billion, up 36.7% year-over-year, driven by both core and AI services. AWS now has an annualized revenue run rate of $169 billion. Customers continue to increase cloud migrations and scale up their use of AWS core services. Increasingly, customers seeking the full benefits of AI are accelerating their transition to the cloud. We see a strong linkage between AI spend and core growth. As customers invest in AI, we see a corresponding increase in core consumption. We expect this relationship to strengthen over time as more AI workloads move into full-scale production and drive additional demand for our core services. AWS operating income was $16.6 billion, which reflects our strong growth, coupled with our focus on driving efficiencies across the business.
Our investments in software and process improvements optimize server capacity and help to develop a more efficient network using our lower cost custom silicon and custom network gear. Now turning to our cash CapEx, which is $53.1 billion in Q2. This primarily relates to AWS and generative AI as we invest to support strong customer demand. We'll continue to make significant investments, especially in generative AI, as we believe it to be a massive opportunity with the potential to drive long-term revenue and free cash flow. Before moving on to guidance, I'll briefly touch on the impact from the tariff-related refunds on our results. We are participating in the tariff refund process, as I mentioned earlier, we received approximately $600 million in Q2. The amount is limited for a couple of reasons. First, our teams did a lot of work forward buying and pre-positioning inventory to avoid tariff costs.
Second, we are not the importer of record for the large majority of items sold in our store, given suppliers typically handle imports and pay relevant tariffs. In cases where we did see an increase in cost due to tariffs, we largely absorbed these costs rather than pass them on to customers. You can see that in how we stayed very sharp in our price throughout the last year. With our product prices on average 14% less than other retailers, according to third-party research firm, Profitero. We've identified a limited set of circumstances where we can trace that we passed specific import charges on to customers. When we receive those refunds, we will proactively contact affected customers and automatically issue refunds to them. Otherwise, like other large retailers, we'll utilize refunds to continue to invest in low prices for customers. I'll finish with our financial guidance.
Q3 net sales are expected to be between $197 billion and $202 billion. I'll call out two areas that are driving the sequential deceleration in net sales growth from Q2 to Q3. First, Prime Day timing shifted this year with the sales event occurring in Q2 for most of our large countries, including the U.S. In 2025, Prime Day was entirely in Q3. Excluding the impact of Prime Day in both 2025 and 2026, third quarter 2026 year-over-year growth would have been nearly 400 basis points higher. We recognize the timing shift of Prime Day creates some noise in the modeling of our financial results. However, after adjusting for Prime Day, as we look across our stores business heading into Q3, we see strong customer engagement, growth, and a continuation of the trends that we have seen in the first half of the year.
Second, the Q3 guidance anticipates an unfavorable impact of approximately 80 basis points from the year-over-year changes in foreign exchange rates based on current rates. Q3 operating income is expected to be between $22.5 billion and $26.5 billion. I want to thank our teams across the company for their hard work and focus on customers. We'll continue to work to deliver more value to the broad range of customers we serve across each of our businesses, which is the only reliable way to create lasting value for our shareholders. With that, let's move on to your questions.
Operator
Thank you. At this time, we will now open the call up for questions. We ask each caller to please limit yourself to one question. If you would like to ask a question, please press star one on your keypad. We ask that when you pose your question, you pick up your handsets to provide optimum sound quality. Once again, to initiate a question, please press star, then one on your touch tone telephone at this time. Please hold while we poll for questions. The first question comes from the line of Doug Anmuth with J.P. Morgan. Please proceed.
Doug Anmuth
Managing Director and Internet Analyst, J.P. Morgan
Great. Thanks for taking questions. Just one for Brian, one for Andy. Brian, many have assumed that AI workloads would be lower margin, at least near term. Can you just talk about the drivers of the 39% AWS operating margin in 2Q and just how we should think about sustainability? Andy, strong Amazon Bedrock traction with customers spending more in the quarter than in all the prior quarters combined. When you think about the full stack offering, does Amazon need its own leading model toward the frontier? Thank you.
Brian Olsavsky
CFO, Amazon
Doug, let me start with the first question. Yes, we're pleased with the growth in both revenue and also margin expansion that we had in AWS in Q2, especially given the size of our business. You're seeing, despite the large investments, AWS margins have continued to remain strong, and we're up 650 basis points year-over-year. 520 basis points if you exclude the derivative accounting gain that I mentioned. We've said before, these margins will fluctuate. They're based on a number of factors, including our investment levels
Mix of products, mix of AI versus non-AI. I would say that the profitability you're seeing from AWS isn't random. It's a result of disciplined efficiency gains, capacity optimization, which we benefited quite a bit from in Q2, and always closely managing our fixed costs. Again, they'll fluctuate, but very strong performance year-over-year, and we'll take it.
Andy Jassy
CEO, Amazon
Yeah. I'll just add one other thing to what Brian said, which is, as I mentioned in my opening comments, we see the AI business following very much the same type of margin trajectory that we saw in the core business before, and it's a little bit ahead of that pace that we saw. We're optimistic about that. On the question about Bedrock and our own frontier model. My view of it is that AWS and Amazon can have a wildly successful business without its own frontier model. A lot of that is because there is not going to be one model to rule the world. You already see that right now. You see it. It's not just Anthropic, or it's not just OpenAI. You see increasingly more and more companies being interested in the open models as well.
We have all of them in Bedrock, and it's one of the many reasons why Bedrock is growing so quickly. If you're a company that's building important AI applications, you want to make sure that you have the ability to use all the available models. They're going to each leapfrog each other at different times. They're going to have lots of different models that actually are comparable in capabilities. You want that leading selection with the right price performance and with the right governance and security, and there's nothing like Bedrock that provides that right now. We use those models as well. All that said, we are pursuing our own frontier model, and we're doing it for a few reasons. First of which is it just gives us additional control over cost.
Cost for our own consumer applications, also we're trying to drive costs down for customers. Having a player like ourselves that's always focused on trying to take the price performance and the cost down for customers all the time, we think will help keep the models more cost effective for customers. I think also it allows us to have more control over prioritization on what models focus on. We have, both from our own external customers as well as our internal customers inside the company, certain priorities that matter that we want the models trained especially well for, then it gives us some control on speed. My view of it is that within the next few years, you're going to have at least a half dozen models that are comparably good to each other.
They'll all be in Bedrock, one of them will be ours.
Operator
Thank you. The next question comes from the line of Justin Post with Bank of America. Please proceed with your question.
Justin Post
Managing Director, Bank of America
Great. Thank you. Just thinking about the AWS acceleration, was that really driven by a lot of capacity coming online in the quarter? You guys have been more open than your peers on gigawatts you're adding. Any help you can give us on how much you might be adding in the second half versus the first half, also how you're thinking about 2027? Thank you.
Andy Jassy
CEO, Amazon
Yeah. I think that there are several reasons for why we saw such significant growth, we're really pleased and excited. It's fifth straight acceleration quarter, largest acceleration in 18 quarters. I think there are several things that are driving it. I think the first part is that customers are choosing AWS in part because it has the broadest functionality across both cloud core and AI, in part because it has the strongest operational performance and security, in part because as more and more companies are bringing their inference workloads to production, they want it to live near the rest of their workloads and data, and so much more of it lives in AWS than anywhere else. I think there are a couple other things going on here on the core side.
AI is obviously growing at a very rapid rate, as we talked about, well over $25 billion in annual revenue run rate at this point. The core business is growing very quickly as well, and I think there's at least a couple things at play. One is that increasingly more enterprises are building their transformation plan to move from on-premises to the cloud. Remember, by the way, that 85% of the global IT spend is still on premises. That equation is going to flip in the next 10- 20 years. You see more and more enterprises that are moving and building plans to move to the cloud, we're winning the lion's share of those with the capabilities I mentioned earlier and the advantages. AI is growing, at such a rapid rate, and it's pulling along core alongside of it.
That's because the post-training and the reinforcement learning and all the agentic tool use is being driven on CPU and core. With the leading CPU chip in Graviton, it makes AWS an even more attractive choice. Yes, we're adding a lot of capacity, there are a lot of other reasons why it's growing. We're on pace with the capacity build that we talked about a few quarters ago, where we said we expect to have double the power capacity by the end of 2027 that we had in 2025, and we continue to be on that track.
Operator
Thank you. The next question comes from the line of Brian Nowak with Morgan Stanley. Please proceed with your question.
Brian Nowak
Managing Director, Morgan Stanley
Thanks. Thanks for taking my questions. I have two, Andy.
I appreciate the color on the long-lived data centers investments versus the server and network investments. The question is, as you look into 2027, you look at the demand that's coming, et cetera, are you at a point where you're going to be able to start to slow that long-lived data center spend at all in 2027, or is that just too soon where you're still going to have to be opening up new data centers for the next two, three, four years as you look into 2027 as number one? Second one, in the past 90 days or so, the company talked publicly about selling Trainium at some point to third-party data centers. How do you think about when you could do that and just sort of the ROIC on that versus core AWS loads?
Andy Jassy
CEO, Amazon
Well, on the first question, Brian, we have so much demand right now. Apart from what we've talked about in 2026, the lion's share of capacity in 2027, we're adding a lot of capacity, as I mentioned just a few minutes ago, is largely reserved, and we have quite a bit of capacity that's already been reserved for 2028. I think it's actually kind of useful to look at at least our view of what we see in the demand and adoption curve right now, which is we see this adoption curve in AI right now is very barbellled. There is, on one end of the barbell, the AI labs are consuming gobs and gobs of compute, and there are a few runaway successful generative AI applications like Claude Code and ChatGPT.
On the other end of the barbell are enterprises who are getting real value from AI in cost avoidance and productivity. These are things like automating customer service or business process automation or fraud or things like that. In the middle of the barbell is all of the current enterprise production workloads, some of which are using inference in a pervasive way, but most of which aren't. That is going to change very significantly over time. In my opinion, that will be the largest absolute segment, the existing production workloads in the enterprise and new businesses and workloads that startups build too. I think we're still in the relative early stages of how much demand there's going to be for AI. I think it's going to change every customer experience that we know.
I think that it will invent all sorts of new ones that we never imagined. I don't know if the trajectory of that middle part of the barbell will be the same wildly steep trajectory that we've seen with the current barbell AI labs piece. We have a lot of demand in front of us, and we're going to invest in this business to continue to be the significant market segment leader that we are today. We think, as I mentioned earlier, it has the potential to be a $1 trillion revenue business for AWS, and we intend on continuing to be the leaders. On the question about selling Trainium, we're quite excited about what's happening in our chips business. As I mentioned earlier, it's over $25 billion in annual revenue at this point.
We think we have the leading price-performance chip in both the AI space with Trainium and in the CPU space with Graviton. The fact that we have multi-year, multi-gigawatt commitments from the two largest AI labs, Anthropic and OpenAI, and more and more companies, as I mentioned in my opening comments, using Trainium is exciting and promising. We just have an incredible amount of demand for Trainium. There are a lot of customers who are very excited about using it in the form that we're providing right now. We do have an increasing number of customers who are interested in us providing the Trainium chips to them, separate from our cloud, and we're actively having those conversations and exploring, and I expect there's a real chance we'll do that in the future.
Operator
Thank you. The next question comes from the line of Colin Sebastian with Baird. Please proceed with your question.
Colin Sebastian
Managing Director, Internet and Digital Media, Baird
Yeah, good afternoon. Thanks very much. Andy, is it fair to say that there's a more concerted effort to move into the application layer with Kiro and Transform, and I guess more broadly, plans for workplace productivity tools? Do you see those as sort of providing a boost to the broader platform offering from infrastructure on up? Brian, just given the demand signals you guys are both talking about and plans for additional capacity, what are your current thoughts on sources of capital for the build-out over the next couple of years? Thank you.
Brian Olsavsky
CFO, Amazon
Hi, Colin. Let me take your second question first. You've seen us issue debt this year. We have a lot of options available to us as we continue to fund this growth that we're seeing in AWS. We'll continue to look at all the options and make the appropriate decision at the right time, but nothing to share today. On your first question, Colin, we see a very substantial opportunity both for our customers and for AWS in building some of these agentic applications. Some of this is born out of what customers tell us they wish they had and they want to be using. Some of it is born out of just needing to provide those capabilities to ourselves inside Amazon. Kiro, which is our agentic coding service, is an example of that.
Amazon Q's a really interesting example where we just had so many people inside the company who wanted really an intelligent AI assistant to help them work. At first, it started off with, we're a very document-oriented culture. People wanted, when they got documents, not to have to read every document so carefully, and to get a summary, and then to be able to write their own analyses and responses to these things, and to be able to do business intelligence through these agents. That's really how Amazon Q started, was to do research, to do business intelligence, to do summarization.
We had so many people inside the company using it that they said, "Can't you actually find a way to make it much more productive and easier for us to manage our email, to manage our Slack communications, to manage our calendar, and to use all those things together?" That's really this next instantiation of Amazon Q. As I mentioned in my opening comments, it's pretty remarkable not only how fast it's taken off inside Amazon, but how many external enterprises have put it into production with a very large number of people at their companies. We see that opportunity up and down, kind of the different needs of companies.
I think that Amazon Connect, which is our call center service, which is used by all five major leading airline providers, as well as many of the leading banks and healthcare companies, continues to grow very quickly. AWS Transform, which makes it much easier to migrate software, is super useful for enterprises. In the latest one we just launched with Continuum, it's really hard to have a conversation with a large company about AI right now where they don't actually ask you about security, with just all the noise and the hype about the security risks with the most current, powerful models. Continuum really allows them to use those models productively to find their own vulnerabilities in their code, to design the fixes, and to help them deploy them. Those are kind of the first set of them.
They all have very high promise, but there are several others that we're working on, and we think it's going to be very helpful for customers and our business.
Operator
Thank you. The next question comes from the line of Jason Helfstein with Oppenheimer & Co.. Please proceed with your question. Jason, your line is now live. Okay, the next question comes from the line of Ken Gawrelski with Wells Fargo. Please proceed with your question.
Ken Gawrelski
Managing Director and Co-Head of TMT Research, Wells Fargo
Thanks so much. Two, if I may. First, your RPO reported as two and a half times that of the third quarter of 2025 when you gave us the doubling of capacity comments for year-end 2027. How does that RPO number and the massive expansion there impact your outlook for future capacity? I know that you talked about through year-end 2027, but maybe at least qualitatively, if you could touch upon what the RPO means for 2028 and beyond capacity. The second one related is you raised your CapEx guidance this year for some supply chain inflation. Could you talk about how your pricing strategy at AWS incorporates future cost inflation? Do your longer-term contracts allow for stable return profiles despite cost inflation? Thank you.
Andy Jassy
CEO, Amazon
Yeah. I'll start on the backlog number. To your point, it's very substantially continuing to grow. I think it's a reflection, again, of customers being very enthusiastic about using AWS, both across core and for AI. We know about that backlog, obviously, so that's all taken into account in our CapEx projections. Over time, I expect that we will continue to sign more deals with customers, and as I mentioned earlier, we're going to pursue the opportunity to continue being the significant market segment leader that we are. On the second question on the supply chain inflation. What I would say is that most of the deals that you sign, there's a certain amount of your demand that is on demand, where there aren't contracts. A large amount of it tends to be deals and agreements that you've signed.
The deals that you sign, those will be the prices and those will be the agreements that we have over the duration of that contract. New agreements that you sign, you always take into account what your costs are and how you ultimately build a price that you agree to with your customers. I think it's no secret right now to any company in the world that there are inflated prices right now on some of the components like memory and hard drives and SSDs.
Operator
Thank you. Our final question comes from the line of Eric Sheridan with Goldman Sachs. Please proceed with your question.
Eric Sheridan
Managing Director, Goldman Sachs
Thanks so much for taking the question. Maybe pivoting to the commerce business. When you're talking about scaling some of your initiatives around fast commerce and a wider array of supply of groceries and everyday essentials, can you talk a little bit about the signal you're getting from consumers in terms of either adoption rates of those services or what it's doing to overall spend trends? Whether there's any countries or geographies where you're seeing different outcomes as you launch and scale some of those services. Thanks so much.
Andy Jassy
CEO, Amazon
Yeah. We are quite enthusiastic and excited about the pace with which we are growing the amount of everyday essentials, as well as perishables, in the business right now. I think some of that has to do with the broader selection we have. Some of that has to do with just how fast our delivery has gotten over the last two to three years. When you can deliver items to people, when you have that broad selection like we do at low prices, and you can deliver that selection to people as fast as we are right now, people consider you for a lot more of their total purchases and shopping visits. We've talked for a while about grocery, and we have a very large business in that space.
Last year, it was over $150 billion in gross merchandise sales, making us the second largest grocer in the U.S. A lot of that are non-perishables, the middle aisles that you'd find in a grocery store where you have consumables and canned goods and beauty items and pharmaceutical items. A big chunk of it is our Whole Foods Market business, which is the leading organic grocer out there. If you look at the growth in geographies that Whole Foods Markets are in, they're significantly outpacing the growth of comparable grocers, and the profit trajectory continues to trend the right way as well. We found a new format there in Daily Shop in urban settings. It's off to an amazing start that we're expanding very rapidly.
We always knew that if we wanted to serve the number of customers who want us to serve them and that we want to serve, we had to find a way to offer mass brands and perishables in a significant way. We've tried lots of experiments over the last few years, as we've talked about on this call for a few years. We have finally found something that is a real needle mover for us in offering perishables in our same-day facilities that we're now able to offer same-day perishables in 2,300 cities around the U.S. If you look in those cities, nine of the top 10 best sellers in those geographies are perishables. The number of monthly active perishable customers has increased 50% since the start of this year. For same-day orders with perishables, on average, they average three times more units per order.
We're just seeing very significant traction in our everyday essentials and in our grocery items. We're not done experimenting, by the way, with other physical formats in the grocery side, but we've hit on something with same-day perishables in our same-day facilities that's changing the trajectory of our everyday essentials business.
Dave Fildes
VP of Investor Relations, Amazon
Joining us on the call today for your questions. A replay will be available on our investor relations website for at least three months. We appreciate your interest in Amazon and look forward to speaking with you again next quarter.
来源
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- Amazon：2026 Q2业绩、Form 10-Q、官方电话会音频。
- Microsoft：FY2026 Q4业绩与电话会。
- Meta：2026 Q2业绩、Form 10-Q。
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