Amazon 8-K
PositiveEarningsNew guidance
AI-related equipment spending drove the free cash flow decline; an Anthropic investment gain boosted net income.
Filed 2026-04-29 16:18 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results with Q2 guidance. Revenue and operating income grew, with AWS sales up 28%; net income also included a $16.8B pre-tax gain on Anthropic investments. Amazon expects Q2 net sales of $194B–$199B and operating income of $20B–$24B, assuming Prime Day occurs in the quarter.
Key Figures
| Metric | Q1 2026 | Q1 2025 | Y/Y |
|---|---|---|---|
| Net sales | $181.5B | $155.7B | 17% |
| Operating income | $23.9B | $18.4B | 30% |
| Net income | $30.3B | $17.1B | 77% |
| Diluted EPS | $2.78 | $1.59 | 75% |
| Operating cash flow | $26.0B | $17.0B | 53% |
| North America net sales | $104.1B | $92.9B | 12% |
| International net sales | $39.8B | $33.5B | 19% |
| AWS net sales | $37.6B | $29.3B | 28% |
- TTM operating cash flow was $148.5B, up 30% from $113.9B. TTM free cash flow was $1.2B, down from $25.9B, primarily reflecting a $59.3B Y/Y increase in property and equipment purchases net of sales proceeds and incentives, largely for AI investment.
- AWS operating income rose to $14.2B from $11.5B; North America operating income was $8.3B vs $5.8B, and International was $1.4B vs $1.0B.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Net sales | Q2 2026 | $194B–$199B; growth of 16%–19% Y/Y; ≈10 bp unfavorable foreign exchange impact | — | — |
| Operating income | Q2 2026 | $20B–$24B | — | — |
Investor Takeaways
- Q2 results vs the sales and operating-income ranges will show whether growth continues; the outlook assumes Prime Day takes place in Q2.
- Track free cash flow alongside AI-related property and equipment investment, which drove the TTM decline.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3