Amazon Stock on Track to Double by 2030 Amid AWS Growth
Amazon's stock has been on a tear, and analysts are projecting that it could double by 2030. According to recent comments from CEO Andy Jassy, Amazon Web Services (AWS) is the main engine driving growth for the company, with its revenue rising 37% year over year in Q2 2026 to $42 billion.
The demand for cloud services and AI compute, especially workloads running on Amazon-designed chips, has Jassy bullish about AWS's trajectory. He believes that AWS could become a $1 trillion annual revenue business over time. This is significant because AWS is already doing all the heavy lifting for Amazon's profits, generating 60% of the company's operating income last quarter.
Amazon's earnings rose 242% year over year in Q2 to $5.75 per share, though much of that increase came from non-operating gains tied to its investment in Anthropic. The company's trailing 12-month operating margin climbed to 12.7%, up from 6.5% in 2023.
Analysts are projecting about 20% annual earnings growth over the next several years, with billionaire Bill Ackman, whose Pershing Square holds a large position in Amazon, sharing the same forecast. If AWS continues to track toward management's expectations, Amazon can deliver, putting the share price on track to potentially double by 2030.