Amazon.com Announces First Quarter Results
SEATTLE--( BUSINESS WIRE)--Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its first quarter ended March 31, 2026.
“We’re making customers’ lives easier and better every day across all our businesses, and their response is driving significant growth,” said Andy Jassy, President and CEO, Amazon. “AWS is growing 28% (our fastest growth in 15 quarters) on a very large base, our chips business topped a $20 billion revenue run rate (growing triple digits year-over-year), Advertising grew to over $70 billion in TTM revenue, and unit growth in our Stores reached 15% (the highest since the tail end of covid lockdowns). We also hit exciting milestones with delivery speed (more than 1 billion items same-day or overnight in 2026 and counting), Project Hail Mary (nearly $615 million at the box office to date and the second most successful non-sequel, non-franchise opening of recent memory), and Amazon Leo continues to resonate with prospective customers, with Delta Airlines the latest to sign on. We’re in the middle of some of the biggest inflections of our lifetime, we’re well positioned to lead, and I’m very optimistic about what’s ahead for our customers and Amazon.”
Some other highlights since the company’s last earnings announcement include that Amazon:
Financial Guidance
The following forward-looking statements reflect Amazon.com’s expectations as of April 29, 2026, and are subject to substantial uncertainty. Our results are inherently unpredictable and may be materially affected by many factors, such as fluctuations in foreign exchange rates and energy prices, changes in global economic and geopolitical conditions, tariff and trade policies, resource and supply volatility, including for memory chips, and customer demand and spending (including the impact of recessionary fears), inflation, interest rates, regional labor market constraints, world events, the rate of growth of the internet, online commerce, cloud services, and new and emerging technologies, and the various factors detailed below.
Second Quarter 2026 Guidance
Conference Call Information
A conference call will be webcast live today at 2:30 p.m. PT/5:30 p.m. ET, and will be available for at least three months at amazon.com/ir. This call will contain forward-looking statements and other material information regarding the Company’s financial and operating results.
Forward-Looking Statements
These forward-looking statements are inherently difficult to predict. Actual results and outcomes could differ materially for a variety of reasons, including, in addition to the factors discussed above, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products and services sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income or other taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of claims, litigation, government investigations, and other proceedings, fulfillment, sortation, delivery, and data center optimization, risks of inventory management, variability in demand, the degree to which the Company enters into, maintains, and develops commercial agreements, proposed and completed acquisitions and strategic transactions, payments risks, and risks of fulfillment throughput and productivity. Other risks and uncertainties include, among others, risks related to new products, services, and technologies, security incidents, system interruptions, government regulation and taxation, and fraud. In addition, global economic and geopolitical conditions and additional or unforeseen circumstances, developments, or events may give rise to or amplify many of these risks. More information about factors that potentially could affect Amazon.com’s financial results is included in Amazon.com’s filings with the Securities and Exchange Commission (“SEC”), including its most recent Annual Report on Form 10-K and subsequent filings.
Additional Information
Our investor relations website is amazon.com/ir and we encourage investors to use it as a way of easily finding information about us. We promptly make available on this website, free of charge, the reports that we file or furnish with the SEC, corporate governance information (including our Code of Business Conduct and Ethics), and select press releases, which may contain material information about us, and you may subscribe to be notified of new information posted to this site.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
AMAZON.COM, INC.
Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Three Months Ended
March 31,
Twelve Months Ended
March 31,
2025
2026
2025
2026
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD
$
82,312
$
90,106
$
73,332
$
69,893
OPERATING ACTIVITIES:
Net income
17,127
30,255
65,944
90,798
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other
14,262
18,945
55,373
70,439
Stock-based compensation
3,689
4,032
20,739
19,810
Non-operating expense (income), net
(2,817
)
(15,632
)
(3,539
)
(27,695
)
Deferred income taxes
507
12,798
(3,203
)
23,761
Changes in operating assets and liabilities:
Inventories
(1,222
)
1,622
(4,882
)
(158
)
Accounts receivable, net and other
1,247
(5,750
)
(5,686
)
(14,330
)
Other assets
(3,402
)
(3,811
)
(15,184
)
(16,041
)
Accounts payable
(9,043
)
(8,737
)
5,211
11,537
Accrued expenses and other
(4,061
)
(8,045
)
(4,037
)
(9,003
)
Unearned revenue
728
355
3,167
(587
)
Net cash provided by (used in) operating activities
17,015
26,032
113,903
148,531
INVESTING ACTIVITIES:
Purchases of property and equipment
(25,019
)
(44,203
)
(93,093
)
(151,003
)
Proceeds from property and equipment sales and incentives
764
969
5,115
3,704
Acquisitions, net of cash acquired, non-marketable investments, and other, net
48
(15,408
)
(3,680
)
(19,297
)
Sales and maturities of marketable securities
7,737
17,686
22,748
54,335
Purchases of marketable securities
(13,333
)
(23,256
)
(37,373
)
(64,693
)
Net cash provided by (used in) investing activities
(29,803
)
(64,212
)
(106,283
)
(176,954
)
FINANCING ACTIVITIES:
Proceeds from short-term debt, and other
1,815
6,018
6,619
13,523
Repayments of short-term debt, and other
(2,082
)
(6,109
)
(6,738
)
(12,453
)
Proceeds from long-term debt
746
53,441
746
68,368
Repayments of long-term debt
—
—
(8,852
)
(5,021
)
Principal repayments of finance leases
(410
)
(468
)
(1,683
)
(1,615
)
Principal repayments of financing obligations
(116
)
(115
)
(695
)
(327
)
Net cash provided by (used in) financing activities
(47
)
52,767
(10,603
)
62,475
Foreign currency effect on cash, cash equivalents, and restricted cash
416
(1
)
(456
)
747
Net increase (decrease) in cash, cash equivalents, and restricted cash
(12,419
)
14,586
(3,439
)
34,799
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD
$
69,893
$
104,692
$
69,893
$
104,692
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on debt, net of capitalized interest
$
236
$
274
$
1,825
$
1,496
Cash paid for operating leases
3,562
4,315
12,571
15,791
Cash paid for interest on finance leases
71
102
284
326
Cash paid for interest on financing obligations
55
76
210
217
Cash paid for income taxes, net of refunds
877
1,323
12,727
8,741
Assets acquired under operating leases
4,321
6,239
15,992
21,848
Property and equipment acquired under finance leases, net of remeasurements and modifications
54
1,565
866
4,422
Increase (decrease) in property and equipment acquired but not yet paid
3,108
9,920
9,736
16,967
AMAZON.COM, INC.
Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)
Three Months Ended
March 31,
2025
2026
Net product sales
$
63,970
$
71,304
Net service sales
91,697
110,215
Total net sales
155,667
181,519
Operating expenses:
Cost of sales
76,976
87,463
Fulfillment
24,593
27,289
Technology and infrastructure
22,994
29,567
Sales and marketing
9,763
10,314
General and administrative
2,628
2,587
Other operating expense (income), net
308
447
Total operating expenses
137,262
157,667
Operating income
18,405
23,852
Interest income
1,066
1,135
Interest expense
(541
)
(800
)
Other income (expense), net
2,749
15,647
Total non-operating income
3,274
15,982
Income before income taxes
21,679
39,834
Provision for income taxes
(4,553
)
(9,560
)
Equity-method investment activity, net of tax
1
(19
)
Net income
$
17,127
$
30,255
Basic earnings per share
$
1.62
$
2.82
Diluted earnings per share
$
1.59
$
2.78
Weighted-average shares used in computation of earnings per share:
Basic
10,603
10,743
Diluted
10,793
10,874
AMAZON.COM, INC.
Consolidated Statements of Comprehensive Income
(in millions)
(unaudited)
Three Months Ended
March 31,
2025
2026
Net income
$
17,127
$
30,255
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $(66) and $(13)
1,535
(764
)
Unrealized gains (losses) on net investment hedging instruments, net of tax of $0 and $24
—
(85
)
Available-for-sale debt securities:
Change in net unrealized gains (losses), net of tax of $(11) and $(340)
37
826
Less: reclassification adjustment for net losses (gains) included in “Other income (expense), net,” net of tax of $809 and $1,142
(2,454
)
(3,337
)
Net change
(2,417
)
(2,511
)
Other, net of tax of $1 and $(2)
2
(2
)
Total other comprehensive income (loss)
(880
)
(3,362
)
Comprehensive income
$
16,247
$
26,893
AMAZON.COM, INC.
Segment Information
(in millions)
(unaudited)
Three Months Ended
March 31,
2025
2026
North America
Net sales
$
92,887
$
104,143
Operating expenses
87,046
95,876
Operating income
$
5,841
$
8,267
International
Net sales
$
33,513
$
39,789
Operating expenses
32,496
38,365
Operating income
$
1,017
$
1,424
AWS
Net sales
$
29,267
$
37,587
Operating expenses
17,720
23,426
Operating income
$
11,547
$
14,161
Consolidated
Net sales
$
155,667
$
181,519
Operating expenses
137,262
157,667
Operating income
18,405
23,852
Total non-operating income
3,274
15,982
Provision for income taxes
(4,553
)
(9,560
)
Equity-method investment activity, net of tax
1
(19
)
Net income
$
17,127
$
30,255
Segment Highlights:
Y/Y net sales growth:
North America
8
%
12
%
International
5
19
AWS
17
28
Consolidated
9
17
Net sales mix:
North America
60
%
57
%
International
21
22
AWS
19
21
Consolidated
100
%
100
%
AMAZON.COM, INC.
Consolidated Balance Sheets
(in millions, except per share data)
(unaudited)
December 31, 2025
March 31, 2026
ASSETS
Current assets:
Cash and cash equivalents
$
86,810
$
101,816
Marketable securities
36,219
41,273
Inventories
38,325
36,534
Accounts receivable, net and other
67,729
75,532
Total current assets
229,083
255,155
Property and equipment, net
357,025
397,458
Operating leases
86,054
88,741
Goodwill
23,273
23,449
Other assets
122,607
151,827
Total assets
$
818,042
$
916,630
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
121,909
$
124,749
Accrued expenses and other
75,520
71,120
Unearned revenue
20,576
20,887
Total current liabilities
218,005
216,756
Long-term lease liabilities
87,339
90,814
Long-term debt
65,648
119,074
Other long-term liabilities
35,985
48,072
Commitments and contingencies
Stockholders’ equity:
Preferred stock ($0.01 par value; 500 shares authorized; no shares issued or outstanding)
—
—
Common stock ($0.01 par value; 100,000 shares authorized; 11,246 and 11,269 shares issued; 10,731 and 10,754 shares outstanding)
112
113
Treasury stock, at cost
(7,837
)
(7,837
)
Additional paid-in capital
140,024
143,979
Accumulated other comprehensive income (loss)
28,230
24,868
Retained earnings
250,536
280,791
Total stockholders’ equity
411,065
441,914
Total liabilities and stockholders’ equity
$
818,042
$
916,630
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions, except per share data)
(unaudited)
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Y/Y %
Change
Cash Flows and Shares
Operating cash flow -- trailing twelve months (TTM)
$
115,877
$
113,903
$
121,137
$
130,691
$
139,514
$
148,531
30
%
Operating cash flow -- TTM Y/Y growth
36
%
15
%
12
%
16
%
20
%
30
%
N/A
Purchases of property and equipment, net of proceeds from sales and incentives -- TTM
$
77,658
$
87,978
$
102,953
$
115,903
$
128,320
$
147,299
67
%
Free cash flow -- TTM (1)
$
38,219
$
25,925
$
18,184
$
14,788
$
11,194
$
1,232
(95
)%
Common shares and stock-based awards outstanding
10,876
10,876
10,952
10,955
10,953
10,949
1
%
Common shares outstanding
10,593
10,613
10,660
10,687
10,731
10,754
1
%
Stock-based awards outstanding
283
263
292
268
222
195
(26
)%
Stock-based awards outstanding -- % of common shares outstanding
2.7
%
2.5
%
2.7
%
2.5
%
2.1
%
1.8
%
N/A
Results of Operations
Worldwide (WW) net sales
$
187,792
$
155,667
$
167,702
$
180,169
$
213,386
$
181,519
17
%
WW net sales -- Y/Y growth, excluding F/X
11
%
10
%
12
%
12
%
12
%
15
%
N/A
WW net sales -- TTM
$
637,959
$
650,313
$
670,038
$
691,330
$
716,924
$
742,776
14
%
WW net sales -- TTM Y/Y growth, excluding F/X
11
%
11
%
11
%
11
%
12
%
13
%
N/A
Operating income
$
21,203
$
18,405
$
19,171
$
17,422
$
24,977
$
23,852
30
%
F/X impact -- favorable (unfavorable)
$
14
$
53
$
153
$
129
$
23
$
(33
)
N/A
Operating income -- Y/Y growth (decline), excluding F/X
60
%
20
%
30
%
(1
)%
18
%
30
%
N/A
Operating margin -- % of WW net sales
11.3
%
11.8
%
11.4
%
9.7
%
11.7
%
13.1
%
N/A
Operating income -- TTM
$
68,593
$
71,691
$
76,190
$
76,201
$
79,975
$
85,422
19
%
Operating income -- TTM Y/Y growth, excluding F/X
86
%
51
%
40
%
25
%
16
%
19
%
N/A
Operating margin -- TTM % of WW net sales
10.8
%
11.0
%
11.4
%
11.0
%
11.2
%
11.5
%
N/A
Net income
$
20,004
$
17,127
$
18,164
$
21,187
$
21,192
$
30,255
77
%
Net income per diluted share
$
1.86
$
1.59
$
1.68
$
1.95
$
1.95
$
2.78
75
%
Net income -- TTM
$
59,248
$
65,944
$
70,623
$
76,482
$
77,670
$
90,798
38
%
Net income per diluted share -- TTM
$
5.53
$
6.13
$
6.55
$
7.08
$
7.17
$
8.37
36
%
(1)
Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.”
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions)
(unaudited)
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Y/Y %
Change
Segments
North America Segment:
Net sales
$
115,586
$
92,887
$
100,068
$
106,267
$
127,083
$
104,143
12
%
Net sales -- Y/Y growth, excluding F/X
10
%
8
%
11
%
11
%
10
%
12
%
N/A
Net sales -- TTM
$
387,497
$
394,043
$
404,078
$
414,808
$
426,305
$
437,561
11
%
Operating income
$
9,256
$
5,841
$
7,517
$
4,789
$
11,472
$
8,267
42
%
F/X impact -- unfavorable
$
(49
)
$
(32
)
$
(46
)
$
(53
)
$
(73
)
$
(41
)
N/A
Operating income -- Y/Y growth (decline), excluding F/X
44
%
18
%
49
%
(14
)%
25
%
42
%
N/A
Operating margin -- % of North America net sales
8.0
%
6.3
%
7.5
%
4.5
%
9.0
%
7.9
%
N/A
Operating income -- TTM
$
24,967
$
25,825
$
28,277
$
27,403
$
29,619
$
32,045
24
%
Operating margin -- TTM % of North America net sales
6.4
%
6.6
%
7.0
%
6.6
%
6.9
%
7.3
%
N/A
International Segment:
Net sales
$
43,420
$
33,513
$
36,761
$
40,896
$
50,724
$
39,789
19
%
Net sales -- Y/Y growth, excluding F/X
9
%
8
%
11
%
10
%
11
%
11
%
N/A
Net sales -- TTM
$
142,906
$
144,484
$
149,582
$
154,590
$
161,894
$
168,170
16
%
Operating income
$
1,315
$
1,017
$
1,494
$
1,199
$
1,040
$
1,424
40
%
F/X impact -- favorable (unfavorable)
$
6
$
(56
)
$
338
$
302
$
319
$
347
N/A
Operating income -- Y/Y growth (decline), excluding F/X
N/A
19
%
324
%
(31
)%
(45
)%
6
%
N/A
Operating margin -- % of International net sales
3.0
%
3.0
%
4.1
%
2.9
%
2.1
%
3.6
%
N/A
Operating income -- TTM
$
3,792
$
3,906
$
5,127
$
5,025
$
4,750
$
5,157
32
%
Operating margin -- TTM % of International net sales
2.7
%
2.7
%
3.4
%
3.2
%
2.9
%
3.1
%
N/A
AWS Segment:
Net sales
$
28,786
$
29,267
$
30,873
$
33,006
$
35,579
$
37,587
28
%
Net sales -- Y/Y growth, excluding F/X
19
%
17
%
17
%
20
%
24
%
28
%
N/A
Net sales -- TTM
$
107,556
$
111,786
$
116,378
$
121,932
$
128,725
$
137,045
23
%
Operating income
$
10,632
$
11,547
$
10,160
$
11,434
$
12,465
$
14,161
23
%
F/X impact -- favorable (unfavorable)
$
57
$
141
$
(139
)
$
(120
)
$
(223
)
$
(339
)
N/A
Operating income -- Y/Y growth, excluding F/X
48
%
21
%
10
%
11
%
19
%
26
%
N/A
Operating margin -- % of AWS net sales
36.9
%
39.5
%
32.9
%
34.6
%
35.0
%
37.7
%
N/A
Operating income -- TTM
$
39,834
$
41,960
$
42,786
$
43,773
$
45,606
$
48,220
15
%
Operating margin -- TTM % of AWS net sales
37.0
%
37.5
%
36.8
%
35.9
%
35.4
%
35.2
%
N/A
AMAZON.COM, INC.
Supplemental Financial Information and Business Metrics
(in millions, except employee data)
(unaudited)
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Y/Y %
Change
Net Sales
Online stores (1)
$
75,556
$
57,407
$
61,485
$
67,407
$
82,988
$
64,254
12
%
Online stores -- Y/Y growth, excluding F/X
8
%
6
%
10
%
8
%
8
%
9
%
N/A
Physical stores (2)
$
5,579
$
5,533
$
5,595
$
5,578
$
5,855
$
5,785
5
%
Physical stores -- Y/Y growth, excluding F/X
8
%
6
%
7
%
7
%
5
%
4
%
N/A
Third-party seller services (3)
$
47,485
$
36,512
$
40,348
$
42,486
$
52,816
$
41,578
14
%
Third-party seller services -- Y/Y growth, excluding F/X
9
%
7
%
10
%
11
%
10
%
12
%
N/A
Advertising services (4)
$
17,288
$
13,921
$
15,694
$
17,703
$
21,317
$
17,243
24
%
Advertising services -- Y/Y growth, excluding F/X
18
%
19
%
22
%
22
%
22
%
22
%
N/A
Subscription services (5)
$
11,508
$
11,715
$
12,208
$
12,574
$
13,122
$
13,427
15
%
Subscription services -- Y/Y growth, excluding F/X
10
%
11
%
11
%
10
%
12
%
12
%
N/A
AWS
$
28,786
$
29,267
$
30,873
$
33,006
$
35,579
$
37,587
28
%
AWS -- Y/Y growth, excluding F/X
19
%
17
%
17
%
20
%
24
%
28
%
N/A
Other (6)
$
1,590
$
1,312
$
1,499
$
1,415
$
1,709
$
1,645
25
%
Other -- Y/Y growth, excluding F/X
17
%
4
%
18
%
7
%
7
%
25
%
N/A
Stock-based Compensation Expense
Cost of sales
$
205
$
148
$
250
$
197
$
182
$
171
16
%
Fulfillment
$
697
$
497
$
880
$
685
$
641
$
601
21
%
Technology and infrastructure
$
2,747
$
2,060
$
3,655
$
2,697
$
2,459
$
2,286
11
%
Sales and marketing
$
916
$
653
$
1,207
$
832
$
753
$
663
2
%
General and administrative
$
430
$
331
$
542
$
436
$
362
$
311
(6
)%
Total stock-based compensation expense
$
4,995
$
3,689
$
6,534
$
4,847
$
4,397
$
4,032
9
%
Other
WW shipping costs
$
28,549
$
22,495
$
23,370
$
25,384
$
31,492
$
25,709
14
%
WW shipping costs -- Y/Y growth
4
%
3
%
6
%
8
%
10
%
14
%
N/A
WW paid units -- Y/Y growth (7)
11
%
8
%
12
%
11
%
12
%
15
%
N/A
WW seller unit mix -- % of WW paid units (7)
62
%
61
%
62
%
62
%
61
%
60
%
N/A
Employees (full-time and part-time; excludes contractors & temporary personnel)
1,556,000
1,560,000
1,546,000
1,578,000
1,576,000
1,575,000
1
%
Employees (full-time and part-time; excludes contractors & temporary personnel) -- Y/Y growth
2
%
3
%
1
%
2
%
1
%
1
%
N/A
(1)
Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and software. These product sales include digital products sold on a transactional basis. Digital media content subscriptions that provide unlimited viewing or usage rights are included in “Subscription services.”
(2)
Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our physical stores are included in “Online stores.”
(3)
Includes commissions and any related fulfillment and shipping fees, and other third-party seller services.
(4)
Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising.
(5)
Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-AWS subscription services.
(6)
Includes sales related to various other offerings (such as shipping services, healthcare services, and certain licensing and distribution of video content) and our co-branded credit card agreements.
(7)
Excludes the impact of Whole Foods Market.
Amazon.com, Inc.
Certain Definitions
Customer Accounts
Seller Accounts
AWS Customers
Units