NASDAQ$AMZN
Amazon.com Inc · Q1 2026 earnings
Q1 2026 earnings · · After market close · Investor relations
Briefing
Amazon reported Q1 2026 net sales of $181.5B (+17% YoY) and diluted EPS of $2.78, with AWS up 28% and Q2 operating income guided to $20–24B.
For the quarter ended March 31, 2026, Amazon net sales increased 17% to $181.5 billion (15% excluding FX). Operating income rose to $23.9 billion from $18.4 billion a year ago. Net income was $30.3 billion, or $2.78 per diluted share, compared with $17.1 billion and $1.59 per share in Q1 2025; results included $16.8 billion of pre-tax gains from the Anthropic investment. AWS sales grew 28% to $37.6 billion with segment operating income of $14.2 billion. Trailing-twelve-month operating cash flow was $148.5 billion, while TTM free cash flow fell to $1.2 billion as capex surged on AI infrastructure.
- Net sales of $181.5B (+17% YoY) with operating income of $23.9B (+30%).
- AWS revenue of $37.6B (+28%) — fastest growth in 15 quarters — with $14.2B segment operating income.
- North America sales $104.1B (+12%); International $39.8B (+19%, +11% ex-FX).
- Diluted EPS of $2.78 benefited from $16.8B pre-tax Anthropic investment gains.
- Q2 guidance: net sales $194.0–199.0B (+16–19%) and operating income $20.0–24.0B.
Headline financials
Revenue & EPS history
Amazon · Revenue · Quarterly
$182B
Revenue by segment
Amazon · $182B total across 3 segments · Q1 2026
- North America$104B—57.4%
- International$39.8B—21.9%
- AWS$37.6B—20.7%
Forward guidance
For Q2 2026 Amazon expects net sales of $194.0 billion to $199.0 billion (+16% to +19% YoY), with roughly 10 bps unfavorable FX impact. Operating income is expected between $20.0 billion and $24.0 billion (vs. $19.2B in Q2 2025). Guidance assumes Prime Day occurs in Q2 2026.
Tailwinds
- Q2 revenue guide implies continued mid-to-high-teens growth on a very large base.
- AWS growing 28% with chips business above a $20B revenue run rate.
- OpenAI committed to ~2 GW of Trainium capacity; Anthropic up to 5 GW of Trainium.
- Stores unit growth reached 15% — highest since late COVID lockdowns.
Headwinds
- TTM free cash flow only $1.2B as capex rose $59.3B YoY on AI investments.
- Q1 net income heavily influenced by non-operating Anthropic gains ($16.8B pre-tax).
- Guidance subject to FX, memory supply, tariffs, and macro demand volatility.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2026
+0.7%
Avg return
Earnings day
-0.0%
Avg return
5 days after
+0.5%
Avg return
30 days after
47%
31 / 66 earnings
Positive
+18.4%
Q1 2012
Best reaction
-10.6%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.0% | +4.0% | +2.9% | |
| Q4 2025 | -5.6% | -8.4% | -4.3% | |
| Q3 2025 | +1.9% | +12.3% | +4.6% | |
| Q2 2025 | -6.2% | -5.0% | -2.2% | |
| Q1 2025 | -0.2% | -0.8% | +7.8% | |
| Q4 2024 | -4.1% | -4.1% | -16.6% | |
| Q3 2024 | +2.7% | +3.5% | +7.9% | |
| Q2 2024 | -10.2% | -13.4% | -4.5% | |
| Q1 2024 | -1.1% | +2.9% | -0.9% | |
| Q4 2023 | +10.7% | +9.0% | +14.8% | |
| Q3 2023 | +5.2% | +9.6% | +20.9% | |
| Q2 2023 | +8.9% | +9.1% | +7.7% | |
| Q1 2023 | +0.4% | -1.3% | +14.4% | |
| Q4 2022 | -1.7% | -2.9% | -9.7% | |
| Q3 2022 | -10.6% | -16.3% | -19.2% | |
| Q2 2022 | +11.6% | +10.9% | +8.1% | |
| Q1 2022 | -10.1% | -10.1% | -16.7% | |
| Q4 2021 | +4.7% | +7.2% | -3.3% | |
| Q3 2021 | -0.6% | -2.4% | +3.3% | |
| Q2 2021 | -8.3% | -7.3% | -7.7% | |
| Q1 2021 | +0.3% | -4.2% | -6.8% | |
| Q4 2020 | -0.9% | +0.3% | -10.9% | |
| Q3 2020 | -4.0% | -3.6% | +1.0% | |
| Q2 2020 | +4.3% | +3.5% | +12.1% | |
| Q1 2020 | -3.7% | -2.3% | +2.9% | |
| Q4 2019 | +8.1% | +10.3% | +1.4% | |
| Q3 2019 | -0.0% | +0.0% | -0.9% | |
| Q2 2019 | -2.9% | -5.1% | -12.6% | |
| Q1 2019 | +2.6% | +1.3% | -4.1% | |
| Q4 2018 | -2.6% | -0.7% | +0.1% | |
| Q3 2018 | -1.3% | -8.0% | -9.7% | |
| Q2 2018 | -2.5% | -4.6% | +2.2% | |
| Q1 2018 | +7.7% | +8.4% | +10.3% | |
| Q4 2017 | -1.4% | -0.6% | +3.4% | |
| Q3 2017 | +13.2% | +13.6% | +21.9% | |
| Q2 2017 | -3.1% | -5.4% | -10.2% | |
| Q1 2017 | +1.7% | +4.1% | +9.5% | |
| Q4 2016 | -2.7% | -2.4% | +2.1% | |
| Q3 2016 | -5.6% | -4.5% | -5.1% | |
| Q2 2016 | +3.0% | +3.2% | +4.4% | |
| Q1 2016 | +8.7% | — | — | |
| Q4 2015 | +0.6% | — | — | |
| Q3 2015 | +7.8% | — | — | |
| Q2 2015 | +8.4% | — | — | |
| Q1 2015 | +14.2% | — | — | |
| Q4 2014 | +16.6% | — | — | |
| Q3 2014 | -8.3% | — | — | |
| Q2 2014 | -9.5% | — | — | |
| Q1 2014 | -6.4% | — | — | |
| Q4 2013 | -6.7% | — | — | |
| Q3 2013 | +11.2% | — | — | |
| Q2 2013 | +4.3% | — | — | |
| Q1 2013 | -5.2% | — | — | |
| Q4 2012 | -1.2% | — | — | |
| Q3 2012 | +4.3% | — | — | |
| Q2 2012 | +9.4% | — | — | |
| Q1 2012 | +18.4% | — | — | |
| Q4 2011 | -6.5% | — | — | |
| Q3 2011 | -9.0% | — | — | |
| Q2 2011 | +4.6% | — | — | |
| Q1 2011 | +6.9% | — | — | |
| Q4 2010 | -8.0% | — | — | |
| Q3 2010 | +2.4% | — | — | |
| Q2 2010 | -1.3% | — | — | |
| Q1 2010 | -1.9% | — | — | |
| Q2 2009 | -10.2% | — | — |
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