Amazon Operating Profits Miss Expectations Despite S&P 500 Growth Driven by Anthropic Gains

Key Facts

1S&P 500 EPS and revenue growth are up 51.1% and 15.2% respectively for Q2 '26 to-date.

2Amazon's operating EPS, excluding the Anthropic mark-up, was $0.86 compared to the $1.92 expected by analysts.

Amid a complex earnings season for big tech, Q2 2026 results show significant growth for the S&P 500, though underlying operational data reveals a different story for individual leaders. The S&P 500 has recorded an EPS growth of 51.1% and revenue growth of 15.2% to-date. However, Amazon's results were heavily impacted by the valuation of its Anthropic investment, with adjusted operating EPS coming in at $0.86, failing to meet the $1.92 expected by market analysts.

The discrepancy between headline figures and operational reality suggests that non-operating mark-ups are playing a major role in current market performance. According to reports, the Anthropic valuation gains masked an underlying earnings miss for Amazon, highlighting a potential fundamental weakness despite the high headline growth rates. This dynamic underscores the importance of revenue growth as a health indicator, which remains robust across the broader index per market data.

Amazon (AMZN) shares stood at $274.48 at close August 07, 2026, after trading within a range of $272.75 to $278.31 during the session. Investors should now monitor upcoming catalysts, including the U.S. Balance of Trade data, to gauge broader economic conditions that may impact consumer spending and tech sector valuations following these adjusted earnings results.

Sources:

seekingalpha.com