AMZN earnings analysis
What we found in AMZN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Amazon.com, Inc. reported strong Q1 2026 earnings with a revenue of $181.5 billion, exceeding estimates by 2.38%. The EPS was $2.78, significantly above the consensus of $1.64. The company experienced robust growth in its AWS segment, contributing to an increase in operating income and cash flow despite higher capital expenditures.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total revenue for Q1 2026 was $181.5 billion, up from $155.67 billion in Q1 2025, marking a 16.6% increase.
- Strong EPS Beat
- Reported EPS of $2.78 was substantially higher than the estimated $1.64, indicating a strong performance.
- Improved Operating Cash Flow
- Operating cash flow increased to $26.0 billion in Q1 2026, up from $17.0 billion in Q1 2025.
- AWS Segment Expansion
- AWS remained a significant growth driver, contributing positively to overall results.
- Debt Financing Strength
- Cash inflows from financing activities surged to $52.8 billion in Q1 2026, demonstrating strong capital-raising efforts.
- Less Inventory Risk
- Cost sensitivity analysis indicated $385 million impact for every 1% inventory valuation adjustment.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Capital Expenditure
- Capital expenditures surged to $43.2 billion in Q1 2026, significantly higher than $24.3 billion in Q1 2025, raising concerns about cash flow sustainability.
- Dependence on AWS Growth
- Increased reliance on AWS growth for overall performance may expose Amazon to sector-specific downturns.
- Market Volatility Impact
- Amazon's equity investments, valued at $96.5 billion, are susceptible to market price fluctuations, which could adversely affect financial results.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.78
What they said about what is next.
Management has not provided explicit numerical guidance in the MD&A.
The filing reads better than the one before it.
What came before.
- 10-Q · October 31, 2025
- Amazon reported Q3 2025 revenue of $180.169B (up $21.292B or 13.4% YoY) and diluted EPS of $1.95 (vs $1.43 in Q3 2024). Gross margin was roughly 50.8% and operating margin compressed to ~9.7% as operating income was…
- 10-Q · August 1, 2025
- Amazon reported Q2 2025 net sales of $167,702 million, up $19,725 million versus Q2 2024, with gross margin expanding to 51.8% and operating income rising to $19,171 million. Diluted EPS was $1.68 (vs $1.26 in Q2 2024)…
- 10-Q · May 2, 2025
- Amazon reported Q1 net sales of $155,667,000,000, up $12,354,000,000 or ~8.6% year-over-year, with gross margin expanding to 50.6% and operating margin to 11.8%. Net income rose to $17,127,000,000 and diluted EPS was…
- 10-K · February 2, 2024
- The 10-K reiterates Amazon’s strategy to be “Earth’s most customer‑centric company,” organized into three reportable segments: North America, International, and AWS, and emphasizes scale in selection, fulfillment, and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing AMZN makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever