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Full earnings analysis

Research updated: Jul 11, 2026, 12:00 AM UTC

Amazon.com (AMZN) Q1 2026

Amazon's latest completed quarter was Q1 2026, ended March 31, 2026, with AWS, advertising, custom chips, fulfillment, and AI investment shaping the operating outlook.

Reported outcomes

Net sales
$181.5 billion
Up 17% year over year
Operating income
$23.9 billion
$18.4 billion in Q1 2025
AWS net sales
$37.6 billion
Up 28% year over year
Trailing-twelve-month free cash flow
$1.2 billion
$25.9 billion for the prior-year trailing period

Management guidance

  • For Q2 2026, Amazon expected net sales of $194.0 billion to $199.0 billion and operating income of $20.0 billion to $24.0 billion.

Risks that still need monitoring

  • AI infrastructure spending

    Rapid AI-infrastructure investment can depress free cash flow before the associated capacity is fully monetized.

  • Macro and supply volatility

    Tariffs, trade policy, energy prices, memory-chip supply, foreign exchange, and consumer demand can affect costs and guidance.

  • Regulatory constraints

    Regulatory actions involving marketplace practices, cloud competition, labor, privacy, or acquisitions could raise costs or constrain expansion.

Market reaction

+2.06%

2026-04-28 $259.70 → 2026-04-30 $265.06

Method: previous trading-day close to the first full trading-day close after the announcement.

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Primary sources

Amazon.com Announces First Quarter ResultsAmazon.com, Inc. · earningsVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

Published: Apr 29, 2026, 12:00 AM

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Amazon Investor RelationsAmazon.com, Inc. · companyVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

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Amazon SEC FilingsAmazon.com, Inc. · filingVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

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AMZN editorial research profileAlphaVue Research · editorialVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

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