The 2026 Q2 earnings season faces its busiest week yet, with a wide variety of notable companies on deck to report. Headlining the docket is a bunch of Magnificent 7 members whose sentiment is driven by cloud results, specifically Microsoft MSFT and Amazon AMZN.

Amazon Earnings

Regarding AWS, the most important part of Amazon’s release over recent years, our consensus estimate stands at $40.6 billion, reflecting a nearly 32% YoY growth rate. An accelerating/decelerating growth rate among AWS remains the biggest sentiment driver behind the post-earnings reaction.

Microsoft Earnings

Microsoft’s Intelligent Cloud segment, which includes Azure, will again be a focus concerning its post-earnings reaction. Sentiment has largely been beaten down in this business given flat growth rates over recent periods, though management has noted that the stagnation has mostly been due to capacity constraints. Our consensus estimate for Intelligent Cloud revenue stands at $38.1 billion, suggesting a 27% YoY growth rate.

Bottom Line

The 2026 Q2 earnings season has picked up considerably, with Microsoft MSFT and Amazon AMZN both on the docket this week. Other members of the beloved bunch are on the docket as well, such as Apple and Meta.

The post-earnings reaction of AMZN and MSFT will be driven nearly entirely by their respective cloud results, with investors likely to cheer accelerating growth and punish any signs of slowdown or stagnation. MSFT has been in the spotlight as of late on the development, with its YoY cloud growth rates largely disappointing investors.

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