AMZN Q1 2026 First Take: In absolute terms, results were solid.

Total revenue rose nearly 17% YoY, or ~15% ex-FX, with growth accelerating QoQ.

Operating income came in near 24bn, well above the prior guidance high of 21.5bn and ahead of the Street.

That said, after a run of positive catalysts, the stock has already rebounded over 30% from the lows to new highs.

Expectations have shifted up, so from a surprise perspective, this print may not qualify as a major beat.

Details:

1) AWS revenue grew 28% YoY, a sharp reacceleration of ~5ppt vs. last quarter.

However, most major sell-side firms had already raised Q1 and forward AWS growth assumptions materially.

28% lands at the low end of the updated range, with some bullish houses modeling well above 30%.

2) By contrast, the broad retail segment was more of a positive surprise.

Segment revenue rose 14% YoY, +2ppt QoQ, while total order growth reached 15%, the highest since 2021.

Faster logistics (e.g., same-day/next-day) and near-field fresh grocery likely helped.

3) Profit beat across the board, with North America, Intl and AWS OPMs all above expectations.

North America and Intl retail margins continued to expand, contrary to concerns that Middle East tensions and higher oil would weigh on retail profitability.

AWS margin narrowed on higher investment, but not by much.

4) Total capex reached 44.2bn this quarter, up by almost 5bn QoQ and above the already high consensus (~43bn).

This points to a faster, more aggressive build-out of compute than previously expected, implying AWS growth could further accelerate.

5) Guidance for Q2 revenue is notably upbeat, with the top end implying ~19% YoY, a further acceleration.

Assuming retail grows 15%–16% next quarter, the guide implies AWS growth of roughly 30%–35%, in line to slightly ahead of the latest sell-side resets.

However, the guided midpoint for Q2 operating income at 22bn is below the Street.

Implied OPM of 11.2% trails the prior 12.1% expectation, suggesting conflict-related headwinds and capex intensity may weigh more visibly next quarter. $Amazon(AMZN.US) $Direxion Daily AMZN Bear 1X Shares(AMZD.US) $Direxion Daily AMZN Bull 2X Shares(AMZU.US)

Ownership	%Owned	Share Chg	Report Date
Jeffrey P. Bezos	8.19%	-1.25 M	04/05/2026
The Vanguard Group, Inc.	7.86%	No Change	31/12/2025
BlackRock, Inc.	6.83%	1.02 M	31/03/2026
State Street Global Advisors, Inc.	3.63%	1.80 M	31/03/2026
FMR LLC	2.99%	22.48 M	31/03/2026
Geode Capital Management, LLC	2.17%	8.11 M	31/03/2026
Capital Research and Management Company	2%	19.50 M	31/03/2026
T. Rowe Price Group, Inc.	1.38%	-758.60 K	31/03/2026
Norges Bank Investment Management	1.32%	No Change	31/12/2025
JP Morgan Asset Management	1.09%	-2.45 M	31/03/2026

Amazon(AMZN.US)

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