Not Prime. Not Delivery. This Business Holds the Key to Amazon's Future.

Amazon Web Services (AWS) is positioned as the primary growth driver for Amazon's future investment potential. Despite representing only 21% of sales, AWS generated 60% of operating income in Q2 with a 39.3% operating margin, compared to North American commerce's 7.8%. AWS grew 37% in Q2 while investing heavily in AI infrastructure, making it increasingly central to Amazon's profitability and margin expansion.