AWS AI Investment, Growth, and Debt-Funded Return Test

AWS reported Q2 2026 revenue of $42.2 billion, up roughly 37%, with a reported 39.4% margin and approximately $26.5 billion guidance range. A reported $496 billion backlog and Amazon’s planned $200 billion-$220 billion 2026 capital spending sharpen scrutiny of debt, depreciation, power, utilization, and free-cash-flow conversion; the Generac arrangement adds infrastructure context without establishing new AWS financial results.