$AMZN Amazon GAAP EPS of $2.78 beats by $1.13, revenue of $181.52B beats by $4.35B

Q1 GAAP EPS of $2.78 beats by $1.13.
Revenue of $181.52B (+16.6% Y/Y) beats by $4.35B.
North America segment sales increased 12% year-over-year to $104.1 billion.
International segment sales increased 19% year-over-year to $39.8 billion, or increased 11% excluding changes in foreign exchange rates.
AWS segment sales increased 28% year-over-year to $37.6 billion.
Operating income increased to $23.9 billion in the first quarter, compared with $18.4 billion in first quarter 2025.
North America segment operating income was $8.3 billion, compared with $5.8 billion in first quarter 2025.
International segment operating income was $1.4 billion, compared with $1.0 billion in first quarter 2025.
AWS segment operating income was $14.2 billion, compared with $11.5 billion in first quarter 2025.
Net sales are expected to be between $194.0 billion and $199.0 billion vs consensus of $188.86B, or to grow between 16% and 19% compared with second quarter 2025. This guidance anticipates an unfavorable impact of approximately 10 basis points from foreign exchange rates.
Operating income is expected to be between $20.0 billion and $24.0 billion, compared with $19.2 billion in second quarter 2025.
Amazon blows past AWS estimates while AI investments dent free cash flow
Amazon (AMZN) fell slightly in postmarket trading on Thursday after releasing its first-quarter earnings report.
The Seattle-based e-commerce giant reported total revenue in North America in FQ1 was up 12% to $104.1B vs. $102.1B, while international revenue was 19% higher at $39.8B vs. $38.7B consensus. Total revenue was up 16.6% year-over-year to $181.5B, vs. $177.2B consensus.
The cloud business was strong again as AWS revenue came in at $37.6B (+28% Y/Y) to beat the consensus estimate of $36.7B. Online stores revenue came in at $64.2B, vs. the $62.7B consensus estimate.
Operating income was reported at $23.9B in comparison to the consensus mark of $20.8B and the company's guidance range of $18.0B to $22.5B. North America segment operating income was $8.3B, international segment operating income was $1.4B, and AWS segment operating income was $14.2B.
Free cash flow decreased to $1.2B for the trailing twelve months, driven primarily by a year-over-year increase of $59.3B in purchases of property and equipment, net of proceeds from sales and incentives. Of note, the increase primarily reflects investments in artificial intelligence by Amazon (AMZN).
"We’re in the middle of some of the biggest inflections of our lifetime we’re well positioned to lead," stated CEO Andy Jassy.
Looking ahead, Amazon (AMZN) expects Q2 revenue of $194.0B to $199.0B (midpoint $196.5B) for the second quarter, vs. $189.5B consensus. Amazon (AMZN) also guided for operating income of $20.B to $24.0B (midpoint $22.0B) vs. $22.9B consensus. The guidance assumes that Prime Day occurs in Q2.
Amazon (AMZN) will hold a conference call at 5:00 p.m.
Shares of Amazon (AMZN) were down 0.1% in after-hours trading. The e-commerce stock was up 1.1% during the regular session. The ETFs with the highest weighting of Amazon (AMZN) in their portfolios are the ProShares Online Retail ETF (ONLN), and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY).