Goldman Sachs released first-take analysis on Amazon Q2 2025 earnings July 31st. Revenue hit $167.7B (+13% YoY) beating estimates, operating income reached $19.2B vs $16.8B expected. AWS revenue $30.9B (+17%) slightly below investor expectations elevated by competitor performance, with weaker-than-estimated profitability. Advertising revenue $15.7B (+23%) standout performer. Q3 guidance optimistic but Goldman expects muted stock reaction, maintains Buy rating with $220 target. Focus on supply chain tariff adaptation and AI investment outlook.