Released

FY2026 Q1

Earnings Review

AMZN

BEAT

Amazon.com Inc.

Amazon.com Inc. · Big Tech (E-commerce/Cloud)

Wed, April 29, 2026·After Market Close

AmazonAWSCloudE-commerceAIEarnings

01Wall Street Consensus

EPS$1.62

Revenue$177.0B

02Earnings Results

EPS$2.78+72%

Revenue$181.5B+2.5%

After-Hours ReactionAH -1.6%

Key Takeaways

EPS $2.78 — beat consensus $1.62 by +72%, partially includes $16.8B pre-tax Anthropic investment gain
Revenue $181.5B — beat consensus $177.0B by +2.5%, +17% YoY
AWS revenue $37.6B — above consensus $36.8B, +28% YoY (highest growth in 15 quarters)
AWS operating income $14.2B (vs prior-year $11.5B, +24%) — robust 37.7% margin
Operating income $23.9B — beat consensus $20.9B by +14%, +30% YoY
North America revenue $104.1B (+12%), op income $8.3B (vs $5.8B, +43%)
International revenue $39.8B (+19%, ex-FX +11%), op income $1.4B (vs $1.0B)
Ads TTM revenue crossed $70B, store unit growth +15% (highest since pandemic lockdown end)
AI chips (Trainium etc) annual revenue run-rate crossed $20B, triple-digit YoY growth
2.1M+ AI chips delivered in last 12 months (over half Trainium)
Bedrock token processing in Q1 exceeded all prior years combined, customer spend +170% QoQ
Q2 revenue guide $194-199B (above consensus $189B), FY26 CapEx ~$200B
Andy Jassy: 'AWS grew 28% on a massive base — highest growth in 15 quarters. We're at the heart of one of the biggest inflection points of our lifetimes'

Key Checkpoints

01AWS revenue growth rate — Q4 2025 +19% YoY baseline, reacceleration vs Azure/GCP
02AWS operating margin — 35%+ trajectory sustainment
03North America e-commerce operating margin expansion — 6%+ target
04Advertising revenue growth — $17B+ quarterly run rate
05AI/ML services contribution to AWS revenue mix
06International segment profitability — path to breakeven

Upside Catalysts

AWS AI services (Bedrock, SageMaker, Trainium) driving higher-margin workload adoption
Trainium2 custom chip deployment — reducing dependency on NVIDIA and improving cloud margins
Advertising business reaching $70B+ annual run rate with expanding retail media network
Same-day/next-day delivery network efficiency gains driving margin expansion
Project Kuiper satellite internet launch — long-term connectivity revenue stream

Risk Factors

AWS growth deceleration risk — hyperscaler competition intensifying with Azure and GCP
Iran conflict driving oil to $107+ Brent — logistics costs rising, consumer spending pressure
E-commerce margin headwinds from rising energy and transportation costs
Google TurboQuant custom AI chip trend — potential reduction in AWS GPU instance demand
Regulatory scrutiny: FTC antitrust actions and EU Digital Markets Act compliance costs

Detail

EEPS History (Last 14 Quarters)

Actual EPS vs Consensus — Green Beat · Red Miss

Beat13

Miss1

Beat rate93%

1Final Verdict

Amazon enters Q1 2026 with AWS reacceleration and advertising growth as dual profit engines. Consensus EPS $1.32, Revenue $155B. The key question is whether AWS can sustain 19%+ growth amid intensifying competition from Azure and GCP.

The Iran conflict creates mixed effects — rising fuel costs pressure e-commerce logistics margins, but enterprise cloud migration tends to accelerate during uncertainty as companies seek operational flexibility. Amazon's Trainium2 custom chips offer a strategic counter to the Google TurboQuant narrative.

With advertising now a $70B+ annual business and North America retail margins expanding above 6%, Amazon's profit profile has structurally transformed from the pre-2023 era.

2AWS & Cloud

AWS Performance:

Q4 2025: Revenue $28.8B (+19% YoY)
Operating margin: 35.2% — highest in AWS history
AI services growing at 3x the pace of overall AWS

AI Strategy:

Bedrock: Managed foundation model service (Anthropic Claude, Meta Llama, etc.)
Trainium2: Custom AI training chip — deployed at scale in Q1 2026
SageMaker HyperPod: Managed ML training infrastructure
Positioning: Platform-agnostic AI cloud vs Google's vertically integrated approach

Google TurboQuant Response:

Custom silicon trend validates Amazon's own Trainium/Inferentia strategy
AWS offers choice — customers can use NVIDIA, AMD, or custom chips
Differentiation through breadth of services, not just compute

3E-commerce & Advertising

E-commerce Margins:

North America operating margin: 6.2% (Q4 2025) — structural improvement
Same-day delivery hubs: 100+ US locations reducing last-mile costs
Rising fuel costs ($107+ Brent) could pressure margins by 50-80 bps

Advertising:

Q4 2025: $17.3B (+22% YoY)
Annual run rate: $70B+ — 3rd largest digital ad platform globally
Prime Video ads launched 2024 — still early innings
High-margin revenue stream (est. 60%+ operating margin)

International:

Path to profitability: India, LatAm, Middle East expansion
Iran conflict creating uncertainty in Middle East operations but limited direct exposure

Detail

SEPS 서프라이즈 히스토리

Beat13Miss1Beat률 93%

분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출

컨센서스 대비 실제 EPS/매출 서프라이즈 (%)

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AI Infrastructure 4 Bottlenecks — Big Tech Q1 2026 Earnings Summary

View Detail

Comments

Earnings

02Earnings Results

EPS$2.78+72%

Revenue$181.5B+2.5%

After-Hours ReactionAH -1.6%

Key Takeaways

EPS $2.78 — beat consensus $1.62 by +72%, partially includes $16.8B pre-tax Anthropic investment gain
Revenue $181.5B — beat consensus $177.0B by +2.5%, +17% YoY
AWS revenue $37.6B — above consensus $36.8B, +28% YoY (highest growth in 15 quarters)
AWS operating income $14.2B (vs prior-year $11.5B, +24%) — robust 37.7% margin
Operating income $23.9B — beat consensus $20.9B by +14%, +30% YoY
North America revenue $104.1B (+12%), op income $8.3B (vs $5.8B, +43%)
International revenue $39.8B (+19%, ex-FX +11%), op income $1.4B (vs $1.0B)
Ads TTM revenue crossed $70B, store unit growth +15% (highest since pandemic lockdown end)
AI chips (Trainium etc) annual revenue run-rate crossed $20B, triple-digit YoY growth
2.1M+ AI chips delivered in last 12 months (over half Trainium)
Bedrock token processing in Q1 exceeded all prior years combined, customer spend +170% QoQ
Q2 revenue guide $194-199B (above consensus $189B), FY26 CapEx ~$200B
Andy Jassy: 'AWS grew 28% on a massive base — highest growth in 15 quarters. We're at the heart of one of the biggest inflection points of our lifetimes'

Key Checkpoints

01AWS revenue growth rate — Q4 2025 +19% YoY baseline, reacceleration vs Azure/GCP

02AWS operating margin — 35%+ trajectory sustainment

03North America e-commerce operating margin expansion — 6%+ target

04Advertising revenue growth — $17B+ quarterly run rate

05AI/ML services contribution to AWS revenue mix

06International segment profitability — path to breakeven

Upside Catalysts

AWS AI services (Bedrock, SageMaker, Trainium) driving higher-margin workload adoption

Trainium2 custom chip deployment — reducing dependency on NVIDIA and improving cloud margins

Advertising business reaching $70B+ annual run rate with expanding retail media network

Same-day/next-day delivery network efficiency gains driving margin expansion

Project Kuiper satellite internet launch — long-term connectivity revenue stream

Risk Factors

AWS growth deceleration risk — hyperscaler competition intensifying with Azure and GCP

Iran conflict driving oil to $107+ Brent — logistics costs rising, consumer spending pressure

E-commerce margin headwinds from rising energy and transportation costs

Google TurboQuant custom AI chip trend — potential reduction in AWS GPU instance demand

Regulatory scrutiny: FTC antitrust actions and EU Digital Markets Act compliance costs

1Final Verdict

With advertising now a $70B+ annual business and North America retail margins expanding above 6%, Amazon's profit profile has structurally transformed from the pre-2023 era.

2AWS & Cloud

AWS Performance:

Q4 2025: Revenue $28.8B (+19% YoY)
Operating margin: 35.2% — highest in AWS history
AI services growing at 3x the pace of overall AWS

AI Strategy:

Bedrock: Managed foundation model service (Anthropic Claude, Meta Llama, etc.)
Trainium2: Custom AI training chip — deployed at scale in Q1 2026
SageMaker HyperPod: Managed ML training infrastructure
Positioning: Platform-agnostic AI cloud vs Google's vertically integrated approach

Google TurboQuant Response:

Custom silicon trend validates Amazon's own Trainium/Inferentia strategy
AWS offers choice — customers can use NVIDIA, AMD, or custom chips
Differentiation through breadth of services, not just compute

3E-commerce & Advertising

E-commerce Margins:

North America operating margin: 6.2% (Q4 2025) — structural improvement
Same-day delivery hubs: 100+ US locations reducing last-mile costs
Rising fuel costs ($107+ Brent) could pressure margins by 50-80 bps

Advertising:

Q4 2025: $17.3B (+22% YoY)
Annual run rate: $70B+ — 3rd largest digital ad platform globally
Prime Video ads launched 2024 — still early innings
High-margin revenue stream (est. 60%+ operating margin)

International:

Path to profitability: India, LatAm, Middle East expansion
Iran conflict creating uncertainty in Middle East operations but limited direct exposure