Amazon Q1 2026: $181.5B Revenue (+17%), AWS 28% Growth at 15-Quarter High

Amazon (AMZN) reported Q1 2026 revenue of $181.5B (approximately ₩254T), with EPS of $2.78. AWS achieved 28% year-over-year growth, marking its strongest growth rate in 15 quarters, while the AI chip business surpassed $20B in annualized revenue. (Source: SEC EDGAR 8-K, 2026.04.29)

Q1 2026 Results at a Glance

• Revenue: $181.5B, +17% YoY
• Operating Income: $23.9B, +30% YoY
• Net Income: $30.3B, EPS $2.78 (prior year $1.59)
• AWS Revenue: $37.6B (+28% YoY) — strongest growth in 15 quarters
• North America Segment Revenue: $104.1B (+12%)
• International Segment Revenue: $39.8B (+19%)

AWS 28% Growth — AI Infrastructure Demand Accelerating

AWS revenue of $37.6B represents 28% year-over-year growth, the strongest in 15 quarters. AWS operating income expanded to $14.2B from $11.5B in the prior year. CEO Andy Jassy disclosed that the AI chip business (Graviton, Trainium, Nitro) has surpassed $20B in annualized revenue with triple-digit year-over-year growth. OpenAI secured a Trainium contract for approximately 2GW capacity, while Anthropic finalized a maximum 5GW Trainium chip agreement.

Free Cash Flow Decline Driven by AI Investment Surge

Of the $30.3B net income, $16.8B (pre-tax) represents non-operating gains from Anthropic investment revaluation. Free cash flow on a trailing twelve-month basis declined sharply to $1.2B from $25.9B in the prior year, primarily due to a $59.3B increase in property and equipment purchases for AI infrastructure. Operating cash flow, however, remains robust at $148.5B on an TTM basis (+30%).

Business Segment Performance

• North America Operating Income: $8.3B (prior year $5.8B)
• International Operating Income: $1.4B (prior year $1.0B)
• AWS Operating Income: $14.2B (prior year $11.5B)
• Advertising Revenue: Exceeded $70B on TTM basis
• Same-Day and Next-Day Delivery: Surpassed 1B cumulative shipments in 2026

Market Reaction

AWS's 28% growth exceeded consensus expectations. The key takeaway is validation of actual revenue contribution from AI chip and infrastructure investments. While free cash flow decline presents a near-term concern, the investment magnitude itself reflects strong AI demand, which markets are interpreting positively.