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…
Earnings analysis · 10-Q
AMZN earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.78
What stood out
-
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.
What to watch
-
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.
Management's outlook
Management has not provided explicit numerical guidance in the MD&A.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.