Amazon reported strong first-quarter results with significant revenue growth driven by AWS and North America, alongside substantial net income gains attributed to an investment. The company is heavily investing in AI infrastructure, which is impacting free cash flow but positioning it for future growth.
Net sales increased 17% to $181.5 billion, compared with $155.7 billion in first quarter 2025.
positiveAWS segment sales increased 28% year-over-year to $37.6 billion, representing the fastest growth in 15 quarters.
positiveOperating income increased to $23.9 billion in the first quarter, compared with $18.4 billion in first quarter 2025.
positiveNet income increased to $30.3 billion, or $2.78 per diluted share, compared with $17.1 billion, or $1.59 per diluted share, in first quarter 2025.
positiveOperating cash flow increased 30% to $148.5 billion for the trailing twelve months.
positiveFree cash flow decreased to $1.2 billion for the trailing twelve months, driven primarily by a year-over-year increase of $59.3 billion in purchases of property and equipment, reflecting significant investments in artificial intelligence.
attentionInternational segment sales increased 11% excluding changes in foreign exchange rates, indicating a slower growth rate compared to the reported 19% increase.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
North America | N/A | — | — | — | +12.0% |
International | N/A | — | — | — | +11.0% |
AWS | N/A | — | — | — | +28.0% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| net_sales | $194 billion to $199 billion | Q2 2026 | tight_range | New |
| operating_income | $20 billion to $24 billion | Q2 2026 | tight_range | New |
| cost_increase_amazon_leo | approximately $1 billion | Q2 2026 | point | New |
1x to 1.5x · within 24 months after Chart closes · funded by free cash flow generation and proceeds from our ongoing portfolio management actions · Net Debt to Adjusted EBITDA: 1x to 1.5x
funded by debt offering proceeds
2026
$1 billion · Q2 · funded by Amazon Leo
$43.2 billion · Q1
coming years
funded by Global Star acquisition
We’re making customers’ lives easier and better every day across all our businesses, and their response is driving significant growth.
AWS is growing 28% (our fastest growth in 15 quarters) on a very large base, our chips business topped a $20 billion revenue run rate (growing triple digits year-over-year), Advertising grew to over $70 billion in TTM revenue, and unit growth in our Stores reached 15% (the highest since the tail end of covid lockdowns).
We also hit exciting milestones with delivery speed (more than 1 billion items same-day or overnight in 2026 and counting), Project Hail Mary (nearly $615 million at the box office to date and the second most successful non-sequel, non-franchise opening of recent memory), and Amazon Leo continues to resonate with prospective customers, with Delta Airlines the latest to sign on.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.