MEMORY INDUSTRY INTELLIGENCE
아마존닷컴, 1분기 실적 발표
한국어 번역·요약·분석
원문 제목: Amazon.com Announces First Quarter Results
원문 문장이 일치하지 않은 주장 4건은 근거 등록에서 제외했습니다.
핵심 요약
아마존은 2026년 1분기(3월 31일 종료) 순매출이 전년 동기 대비 17% 증가한 1,815억 달러를 기록했다고 발표했다. AWS 매출은 28% 증가한 376억 달러로 15분기 만에 최고 성장률을 보였고, 아마존의 칩 사업(Graviton, Trainium, Nitro 포함)은 연간 매출 런레이트 200억 달러를 돌파하며 전년 대비 세 자릿수 성장을 기록했다. OpenAI는 2027년부터 약 2GW의 Trainium 용량을 AWS 인프라를 통해 사용하기로 약정했고, Anthropic은 최대 5GW의 Trainium 칩을 확보하기로 했다. 2026년 2분기 가이던스로 순매출 1,940억~1,990억 달러(16~19% 성장), 영업이익 200억~240억 달러를 제시했다. 이 문서는 메모리 산업에 대한 직접적인 수치나 계획을 명시하지 않았으나, AI 인프라 투자 확대와 자체 칩 사용 증가가 간접적으로 서버 메모리 수요에 영향을 줄 수 있다는 가정을 가능하게 한다.
메모리 산업 영향 분석
이 문서는 아마존의 2026년 1분기 실적 발표로, 메모리 산업에 대한 직접적인 언급은 '메모리 칩'을 공급 변동성 요인 중 하나로 나열한 위험 요인 문구 외에는 없다. 따라서 메모리 산업과의 직접 연결 근거는 부족하다. 다만 AWS의 AI 인프라 투자 확대(자체 칩 Trainium, Graviton 사용 증가, OpenAI·Anthropic과의 대규모 용량 약정)는 간접적으로 서버 DRAM 및 HBM 수요에 긍정적일 수 있다는 분석가 가설을 세울 수 있다. 그러나 이는 원문에서 확인되지 않은 추정이며, 구체적인 메모리 용량·비트 수요·제품별 영향은 문서에 명시되지 않았다. 또한 아마존이 언급한 '메모리 칩' 공급 변동성은 메모리 산업의 공급망 리스크를 시사하지만, 구체적인 내용은 없다. 따라서 메모리 산업 영향은 미확인으로 분류하는 것이 타당하다.
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## 뉴스 릴리스 세부 정보
2026년 4월 29일
아마존닷컴(Amazon.com, Inc., NASDAQ: AMZN)은 오늘 2026년 3월 31일 종료된 1분기 재무 실적을 발표했습니다.
* **순매출**은 1분기에 17% 증가한 1,815억 달러를 기록했으며, 이는 2025년 1분기의 1,557억 달러와 비교됩니다. 분기 전체에 걸친 환율 변동의 29억 달러 유리한 영향을 제외하면, 순매출은 2025년 1분기 대비 15% 증가했습니다.
* 북미 부문 매출은 전년 대비 12% 증가한 1,041억 달러를 기록했습니다.
* 국제 부문 매출은 전년 대비 19% 증가한 398억 달러를 기록했으며, 환율 변동을 제외하면 11% 증가했습니다.
* AWS 부문 매출은 전년 대비 28% 증가한 376억 달러를 기록했습니다.
* **영업이익**은 1분기에 239억 달러로 증가했으며, 이는 2025년 1분기의 184억 달러와 비교됩니다.
* 북미 부문 영업이익은 83억 달러로, 2025년 1분기의 58억 달러와 비교됩니다.
* 국제 부문 영업이익은 14억 달러로, 2025년 1분기의 10억 달러와 비교됩니다.
* AWS 부문 영업이익은 142억 달러로, 2025년 1분기의 115억 달러와 비교됩니다.
* **순이익**은 1분기에 303억 달러(희석 주당 2.78달러)로 증가했으며, 이는 2025년 1분기의 171억 달러(희석 주당 1.59달러)와 비교됩니다.
* 2026년 1분기 순이익에는 Anthropic에 대한 투자로 인한 영업외 수익에 포함된 168억 달러의 세전 이익이 포함됩니다.
* **영업현금흐름**은 지난 12개월 동안 30% 증가한 1,485억 달러를 기록했으며, 이는 2025년 3월 31일로 종료된 12개월의 1,139억 달러와 비교됩니다.
* **잉여현금흐름**은 지난 12개월 동안 12억 달러로 감소했으며, 주로 자산 및 장비 구매(판매 및 인센티브 수익금 순)가 전년 대비 593억 달러 증가한 데 기인합니다. 이 증가는 주로 인공지능에 대한 투자를 반영합니다. 이는 2025년 3월 31일로 종료된 12개월의 잉여현금흐름 259억 달러와 비교됩니다.
“우리는 모든 사업에서 매일 고객의 삶을 더 쉽고 나아지게 만들고 있으며, 그에 대한 반응이 상당한 성장을 이끌고 있습니다,”라고 앤디 재시(Andy Jassy) 아마존 CEO는 말했습니다. “AWS는 매우 큰 기반에서 28% 성장하고 있으며(15분기 만에 최고 성장률), 우리의 칩 사업은 200억 달러 매출 런레이트를 돌파했고(전년 대비 세 자릿수 성장), 광고는 TTM 매출 700억 달러 이상으로 성장했으며, 스토어의 단위 성장은 15%에 도달했습니다(코로나 봉쇄 말기 이후 최고). 우리는 또한 배송 속도(2026년에 10억 개 이상의 품목을 당일 또는 익일 배송, 계속 증가 중), _프로젝트 헤일 메리_(현재까지 박스오피스 약 6억 1,500만 달러, 최근 기억으로 두 번째로 성공적인 비속편, 비프랜차이즈 개봉), 그리고 Amazon Leo가 잠재 고객들에게 계속 호응을 얻고 있으며 델타 항공이 최근 계약한 것과 같은 흥미로운 이정표를 달성했습니다. 우리는 일생에 몇 번 없는 가장 큰 변곡점의 한가운데에 있으며, 주도할 좋은 위치에 있고, 고객과 아마존의 앞날에 대해 매우 낙관적입니다.”
회사의 지난 실적 발표 이후 다른 주요 하이라이트는 다음과 같습니다:
* 맞춤형 실리콘 사업을 계속 성장시키면서도 가장 광범위한 컴퓨팅 옵션을 계속 제공하고 있습니다.
* Graviton, Trainium, Nitro를 포함한 아마존의 칩 사업 연간 매출 런레이트 200억 달러를 초과했으며, 전년 대비 세 자릿수 비율로 성장하고 있습니다.
* OpenAI로부터 AWS 인프라를 통해 약 2기가와트(GW)의 Trainium 용량을 사용하겠다는 약정을 확보했으며, 이는 2027년부터 증가하기 시작합니다.
* Anthropic이 고급 AI 모델을 훈련하고 구동하기 위해 최대 5기가와트(GW)의 현재 및 미래 세대 아마존 Trainium 칩을 확보할 것이라고 발표했습니다.
* 지난 12개월 동안 210만 개 이상의 AI 칩을 확보했으며, 그 중 절반 이상이 Trainium이었고, 2026년부터 배치될 100만 개 이상의 NVIDIA GPU를 발표하여 고객에게 가장 넓은 범위의 가속 컴퓨팅 옵션을 제공합니다.
* Cerebras와의 협력을 발표하고 Amazon Bedrock을 통해 대규모 언어 모델에 사용 가능한 가장 빠른 AI 추론 속도를 제공할 계획을 발표하여, 이러한 솔루션을 제공하는 유일한 클라우드 제공업체가 되었습니다.
* Uber와 협력하여 수백만 건의 일일 승차 및 배달에 Graviton4 칩을 사용하고, 승객과 운전자를 순식간에 더 낮은 비용으로 연결하며, Trainium3를 활용하여 모든 승차를 시간이 지남에 따라 더 스마트하게 만드는 AI 모델을 훈련합니다.
* 이미 대규모 Amazon Bedrock 고객인 Meta와 계약을 체결하여 수천만 개의 AWS Graviton 코어를 배치하여 실시간 추론, 코드 생성, 다단계 에이전트 워크플로우를 포함한 에이전트 AI 노력을 뒷받침하는 CPU 집약적 워크로드를 구동합니다.
* OpenAI, Anthropic, Meta, NVIDIA, Uber, U.S. Bank, Fox Corporation, Southwest Airlines, U.S. Army, Bloomberg, Cerebras, AT&T, DTCC, Nokia, Fundamental, The National Geographic Society, NEURA Robotics, DXC, PGA TOUR, O2 Telefónica, NTT DOCOMO, Veolia, The Evri Group, Telenor, ModMed, Yotta Data Services, Parrot Analytics, U.S. Hunger, TGS 등과 새로운 AWS 계약을 발표했습니다.
* OpenAI가 지원하는 Amazon Bedrock Managed Agents의 프리뷰를 발표했으며, AWS 고객이 프로덕션 규모로 생성 AI 애플리케이션과 에이전트를 구축할 수 있도록 Amazon Bedrock에서 사용할 수 있는 상태 저장 런타임 환경입니다.
* OpenAI의 GPT-5.4 모델이 Amazon Bedrock에서 제한된 프리뷰로 고객에게 제공되며, GPT-5.5가 곧 출시될 예정이라고 발표했습니다.
* 이메일, 캘린더, Slack, 로컬 파일 및 기타 여러 애플리케이션을 쿼리하여 정보를 검색 및 요약하고, 권장 사항을 만들고, 커뮤니케이션을 작성 및 전송하고, 작업을 강조하거나 자동으로 수행하는 에이전트를 생성할 수 있는 Amazon Quick 데스크톱 앱을 발표했습니다. 사용자는 선호도를 계속 개선할 수 있으며 Quick의 고급 지식 그래프를 통해 AI 에이전트가 다른 사람과의 사용자 상호 작용에서 자동으로 학습하여 시간이 지남에 따라 더 개인화됩니다.
* Amazon Connect를 확장하여 Connect Decisions, Connect Talent, Connect Customer, Connect Health를 포함시켜 조직이 기존 프로세스를 개편하거나 AI 전문가가 되지 않고도 공급망 운영, 채용, 고객 경험 및 의료를 혁신할 수 있도록 지원합니다.
* Amazon Bedrock AgentCore의 새로운 기능을 출시했습니다. 이는 개발자와 기업이 안전하고 확장 가능한 에이전트를 구축할 수 있도록 하는 AWS의 선구적인 인프라 빌딩 블록 세트로, 현재 10초마다 에이전트를 배포하는 데 사용됩니다. 여기에는 다음이 포함됩니다:
* AWS Agent Registry는 고객이 기업 전체에서 AI 에이전트, 도구 및 에이전트 기술을 검색, 공유 및 재사용하여 대규모로 안전하고 관리되는 에이전트 액세스를 가능하게 합니다.
* 새로운 관리형 에이전트 하네스를 통해 고객은 에이전트가 사용해야 하는 모델, 도구 및 지침을 정의할 수 있으며, AgentCore는 자동으로 인프라를 연결하여 몇 분 만에 실행 중인 에이전트를 생성합니다.
* 에이전트가 할 수 있는 것과 할 수 없는 것을 제어하는 Amazon Bedrock AgentCore의 Policy 및 에이전트의 자동 품질 평가를 위한 AgentCore Evaluations의 정식 출시.
* Anthropic과의 Project Glasswing의 일환으로 Amazon Bedrock에서 Claude Mythos Preview의 가용성을 발표했습니다. Claude Mythos Preview는 사이버 보안 및 취약점 탐지를 위한 새로운 클래스의 AI 모델로, 중요한 AWS 코드베이스에 적용되었으며 엔터프라이즈급 보안 제어와 함께 제한된 연구 프리뷰로 제공됩니다.
* Amazon Bedrock에서 Claude Opus 4.7의 가용성을 발표했습니다. 이는 코딩, 장기 실행 에이전트 및 전문 작업을 위한 Anthropic의 가장 강력한 Opus 모델로, 향상된 개인 정보 보호 제어, 더 넓은 지역 가용성 및 개선된 처리량을 제공합니다.
* 1분기에 Bedrock에서 이전 모든 연도를 합친 것보다 더 많은 토큰을 처리했으며, Bedrock은 분기 대비 고객 지출이 170% 성장했습니다.
* Kiro를 사용하는 개발자 수가 분기 대비 두 배 이상 증가했으며, 엔터프라이즈 고객 사용량은 거의 10배 증가했습니다.
* Amazon Bio Discovery를 출시했습니다. 이는 과학자들에게 생물학적 기초 모델, 실험 설계를 위한 AI 에이전트, 테스트를 위한 통합 실험실 파트너에 대한 액세스를 제공하여 신약 발견을 가속화하도록 설계된 에이전트 AI 애플리케이션으로, Memorial Sloan Kettering Cancer Center는 이를 사용하여 소아암 치료제를 위한 항체 설계를 몇 달에서 몇 주로 단축했습니다.
* Prime Day가 대부분의 국가에서 6월에 열릴 것이라고 공유했습니다. 아마존의 연례 쇼핑 이벤트는 패션 및 뷰티부터 식료품, 가정 필수품, 전자제품에 이르기까지 35개 이상의 카테고리에서 수백만 개의 딜을 Prime 회원에게 놀라운 할인으로 제공합니다.
* Ted Baker, PAPATUI by Dwayne Johnson, Simpson Strong-Tie, Sun Mountain Golf, Kind Patches, ONDO, Chosen Foods와 같은 600개 이상의 새로운 주목할 만한 브랜드를 포함하여 Amazon.com의 선택을 확장했습니다.
* 미국에서 90,000개 이상의 제품에 대해 새로운 1시간 및 3시간 배송 옵션으로 당일 배송을 더 빠르게 만들었습니다. 종이 타월과 청소 용품부터 전자제품까지 모든 것이 포함됩니다. 1시간 배송은 수백 개의 도시와 마을에서 이용 가능하며, 3시간 배송은 2,000개 이상의 도시와 마을에서 이용 가능합니다.
* 도쿄 일부와 브라질 8개 주요 도시에서 Amazon Now(30분 이내 초고속 배송)의 가용성을 출시하여 9개국 수천만 고객에게 Amazon Now를 제공하고 있으며, 올해 미국 및 전 세계에서 서비스를 계속 확장할 계획입니다.
* Seller Central에 새로운 AI 경험을 도입하여 판매자의 목표에 맞춰 데이터, 주요 통찰력 및 시나리오를 동적으로 생성하는 맞춤형 시각화를 제공하여 비즈니스 성장을 위한 조치를 취할 수 있도록 지원합니다.
* 아마존의 AI 기반 “Hear the highlights”에 새로운 기능인 “Join the chat”을 출시하여 고객이 제품 요약을 들으면서 질문하고 실시간으로 답변을 받을 수 있도록 합니다. “Hear the highlights”는 수백만 고객이 사용하여 4천만 분 이상의 오디오를 스트리밍했습니다.
* Amazon 미국 앱 및 웹사이트에서 Health AI를 출시하여 One Medical 임상의가 지원하는 24/7 AI 기반 개인 건강 에이전트를 고객에게 제공합니다. Health AI는 개인화된 건강 통찰력과 지침을 제공하고 허가를 받아 메시징을 통한 즉각적인 진료, 약속 예약, 처방전 관리 등의 조치를 취합니다. 가상 진료 방문은 전년 대비 거의 3배 증가했으며, 대부분의 방문이 이제 Health AI를 통해 이루어집니다. 다른 주요 AI 어시스턴트는 이러한 방식으로 진료 서비스를 제공하지 않으며, 아마존만이 Prime을 통해 최대 5회의 무료 가상 진료를 제공합니다.
* 연말까지 거의 4,500개의 미국 도시와 마을로 Same-Day Amazon Pharmacy 배송을 확장할 계획을 발표했으며, Novo를 포함한 GLP-1 선택 확대
[원문 후반 발췌]
불확실성. 우리의 결과는 본질적으로 예측할 수 없으며 외환 환율 및 에너지 가격 변동, 글로벌 경제 및 지정학적 조건 변화, 관세 및 무역 정책, 자원 및 공급 변동성(메모리 칩 포함), 고객 수요 및 지출(경기 침체 우려의 영향 포함), 인플레이션, 금리, 지역 노동 시장 제약, 세계 사건, 인터넷 성장률, 온라인 상거래, 클라우드 서비스 및 신흥 기술의 성장률, 그리고 아래에 자세히 설명된 다양한 요인과 같은 많은 요인에 의해 중대하게 영향을 받을 수 있습니다.
2026년 2분기 가이던스
* 순매출은 1,940억 달러에서 1,990억 달러 사이, 즉 2025년 2분기 대비 16%에서 19% 성장할 것으로 예상됩니다. 이 가이던스는 환율로 인한 약 10베이시스 포인트의 불리한 영향을 예상합니다.
* 영업이익은 200억 달러에서 240억 달러 사이로 예상되며, 2025년 2분기의 192억 달러와 비교됩니다.
* 이 가이던스는 Prime Day가 2026년 2분기에 열린다고 가정합니다.
* 이 가이던스는 무엇보다도 추가적인 사업 인수, 구조 조정 또는 법적 합의가 체결되지 않는다고 가정합니다.
**컨퍼런스 콜 정보**컨퍼런스 콜이 웹캐스트됩니다
[원문 후반 발췌]
Kindle, Career Choice, Fire 태블릿, Fire TV, Amazon Echo, Alexa, Just Walk Out 기술, Amazon Studios, The Climate Pledge는 아마존이 개척한 것들 중 일부입니다. 자세한 내용은 amazon.com/about을 방문하고 @AmazonNews를 팔로우하세요.
**AMAZON.COM, INC.**
**연결 현금흐름표**
**(백만 달러)**
**(감사되지 않음)**
**3개월 종료**
**3월 31일****12개월 종료**
**3월 31일,**
**2025****2026****2025****2026**
현금, 현금성 자산 및 제한성 현금, 기초$82,312$90,106$73,332$69,893
영업 활동:
순이익 17,127 30,255 65,944 90,798
순이익을 영업 활동 순현금으로 조정하기 위한 조정:
유형자산 및 자본화 콘텐츠 비용, 운용리스 자산 및 기타의 감가상각 및 상각 14,262 18,945 55,373 70,439
주식 기반 보상 3,689 4,032 20,739 19,810
영업외 비용(수익), 순(2,817)(15,632)(3,539)(27,695)
이연 법인세 507 12,798(3,203)23,761
영업 자산 및 부채 변동:
재고(1,222)1,622(4,882)(158)
매출채권, 순 및 기타 1,247(5,750)(5,686)(14,330)
기타 자산(3,402)(3,811)(15,184)(16,041)
매입채무(9,043)(8,737)5,211 11,537
미지급 비용 및 기타(4,061)(8,045)(4,037)(9,003)
미수익 728 35
[원문 후반 발췌]
12)(106,283)(176,954)
재무 활동:
단기 부채 및 기타로부터의 수익 1,815 6,018 6,619 13,523
단기 부채 및 기타의 상환(2,082)(6,109)(6,738)(12,453)
장기 부채로부터의 수익 746 53,441 746 68,368
장기 부채 상환——(8,852)(5,021)
금융리스 원금 상환(410)(468)(1,683)(1,615)
금융 의무 원금 상환(116)(115)(695)(327)
재무 활동으로 제공된(사용된) 순현금(47)52,767(10,603)62,475
현금, 현금성 자산 및 제한성 현금에 대한 외화 효과 416(1)(456)747
현금, 현금성 자산 및 제한성 현금의 순 증가(감소)(12,419)14,586(3,439)34,799
현금, 현금성 자산 및 제한성 현금, 기말$69,893$104,692$69,893$104,692
보충 현금흐름 정보:
자본화 이자 차감 후 부채 이자 현금 지급$236$274$1,825$1,496
운용리스 현금 지급 3,562 4,315 12,571 15,791
금융리스 이자 현금 지급 71 102 284 326
금융 의무 이자 현금 지급 55 76 210 217
환급 차감 후 법인세 현금 지급 877 1,323 12,727 8,741
운용리스로 취득한 자산 4,321 6,239 15,992 21,848
금융리스로 취득한 자산 및 장비, 재측정 및 수정 차감 후 54 1,565 866 4,422
미지급금 증가(감소)
2026년 4월 29일
아마존닷컴(Amazon.com, Inc., NASDAQ: AMZN)은 오늘 2026년 3월 31일 종료된 1분기 재무 실적을 발표했습니다.
* **순매출**은 1분기에 17% 증가한 1,815억 달러를 기록했으며, 이는 2025년 1분기의 1,557억 달러와 비교됩니다. 분기 전체에 걸친 환율 변동의 29억 달러 유리한 영향을 제외하면, 순매출은 2025년 1분기 대비 15% 증가했습니다.
* 북미 부문 매출은 전년 대비 12% 증가한 1,041억 달러를 기록했습니다.
* 국제 부문 매출은 전년 대비 19% 증가한 398억 달러를 기록했으며, 환율 변동을 제외하면 11% 증가했습니다.
* AWS 부문 매출은 전년 대비 28% 증가한 376억 달러를 기록했습니다.
* **영업이익**은 1분기에 239억 달러로 증가했으며, 이는 2025년 1분기의 184억 달러와 비교됩니다.
* 북미 부문 영업이익은 83억 달러로, 2025년 1분기의 58억 달러와 비교됩니다.
* 국제 부문 영업이익은 14억 달러로, 2025년 1분기의 10억 달러와 비교됩니다.
* AWS 부문 영업이익은 142억 달러로, 2025년 1분기의 115억 달러와 비교됩니다.
* **순이익**은 1분기에 303억 달러(희석 주당 2.78달러)로 증가했으며, 이는 2025년 1분기의 171억 달러(희석 주당 1.59달러)와 비교됩니다.
* 2026년 1분기 순이익에는 Anthropic에 대한 투자로 인한 영업외 수익에 포함된 168억 달러의 세전 이익이 포함됩니다.
* **영업현금흐름**은 지난 12개월 동안 30% 증가한 1,485억 달러를 기록했으며, 이는 2025년 3월 31일로 종료된 12개월의 1,139억 달러와 비교됩니다.
* **잉여현금흐름**은 지난 12개월 동안 12억 달러로 감소했으며, 주로 자산 및 장비 구매(판매 및 인센티브 수익금 순)가 전년 대비 593억 달러 증가한 데 기인합니다. 이 증가는 주로 인공지능에 대한 투자를 반영합니다. 이는 2025년 3월 31일로 종료된 12개월의 잉여현금흐름 259억 달러와 비교됩니다.
“우리는 모든 사업에서 매일 고객의 삶을 더 쉽고 나아지게 만들고 있으며, 그에 대한 반응이 상당한 성장을 이끌고 있습니다,”라고 앤디 재시(Andy Jassy) 아마존 CEO는 말했습니다. “AWS는 매우 큰 기반에서 28% 성장하고 있으며(15분기 만에 최고 성장률), 우리의 칩 사업은 200억 달러 매출 런레이트를 돌파했고(전년 대비 세 자릿수 성장), 광고는 TTM 매출 700억 달러 이상으로 성장했으며, 스토어의 단위 성장은 15%에 도달했습니다(코로나 봉쇄 말기 이후 최고). 우리는 또한 배송 속도(2026년에 10억 개 이상의 품목을 당일 또는 익일 배송, 계속 증가 중), _프로젝트 헤일 메리_(현재까지 박스오피스 약 6억 1,500만 달러, 최근 기억으로 두 번째로 성공적인 비속편, 비프랜차이즈 개봉), 그리고 Amazon Leo가 잠재 고객들에게 계속 호응을 얻고 있으며 델타 항공이 최근 계약한 것과 같은 흥미로운 이정표를 달성했습니다. 우리는 일생에 몇 번 없는 가장 큰 변곡점의 한가운데에 있으며, 주도할 좋은 위치에 있고, 고객과 아마존의 앞날에 대해 매우 낙관적입니다.”
회사의 지난 실적 발표 이후 다른 주요 하이라이트는 다음과 같습니다:
* 맞춤형 실리콘 사업을 계속 성장시키면서도 가장 광범위한 컴퓨팅 옵션을 계속 제공하고 있습니다.
* Graviton, Trainium, Nitro를 포함한 아마존의 칩 사업 연간 매출 런레이트 200억 달러를 초과했으며, 전년 대비 세 자릿수 비율로 성장하고 있습니다.
* OpenAI로부터 AWS 인프라를 통해 약 2기가와트(GW)의 Trainium 용량을 사용하겠다는 약정을 확보했으며, 이는 2027년부터 증가하기 시작합니다.
* Anthropic이 고급 AI 모델을 훈련하고 구동하기 위해 최대 5기가와트(GW)의 현재 및 미래 세대 아마존 Trainium 칩을 확보할 것이라고 발표했습니다.
* 지난 12개월 동안 210만 개 이상의 AI 칩을 확보했으며, 그 중 절반 이상이 Trainium이었고, 2026년부터 배치될 100만 개 이상의 NVIDIA GPU를 발표하여 고객에게 가장 넓은 범위의 가속 컴퓨팅 옵션을 제공합니다.
* Cerebras와의 협력을 발표하고 Amazon Bedrock을 통해 대규모 언어 모델에 사용 가능한 가장 빠른 AI 추론 속도를 제공할 계획을 발표하여, 이러한 솔루션을 제공하는 유일한 클라우드 제공업체가 되었습니다.
* Uber와 협력하여 수백만 건의 일일 승차 및 배달에 Graviton4 칩을 사용하고, 승객과 운전자를 순식간에 더 낮은 비용으로 연결하며, Trainium3를 활용하여 모든 승차를 시간이 지남에 따라 더 스마트하게 만드는 AI 모델을 훈련합니다.
* 이미 대규모 Amazon Bedrock 고객인 Meta와 계약을 체결하여 수천만 개의 AWS Graviton 코어를 배치하여 실시간 추론, 코드 생성, 다단계 에이전트 워크플로우를 포함한 에이전트 AI 노력을 뒷받침하는 CPU 집약적 워크로드를 구동합니다.
* OpenAI, Anthropic, Meta, NVIDIA, Uber, U.S. Bank, Fox Corporation, Southwest Airlines, U.S. Army, Bloomberg, Cerebras, AT&T, DTCC, Nokia, Fundamental, The National Geographic Society, NEURA Robotics, DXC, PGA TOUR, O2 Telefónica, NTT DOCOMO, Veolia, The Evri Group, Telenor, ModMed, Yotta Data Services, Parrot Analytics, U.S. Hunger, TGS 등과 새로운 AWS 계약을 발표했습니다.
* OpenAI가 지원하는 Amazon Bedrock Managed Agents의 프리뷰를 발표했으며, AWS 고객이 프로덕션 규모로 생성 AI 애플리케이션과 에이전트를 구축할 수 있도록 Amazon Bedrock에서 사용할 수 있는 상태 저장 런타임 환경입니다.
* OpenAI의 GPT-5.4 모델이 Amazon Bedrock에서 제한된 프리뷰로 고객에게 제공되며, GPT-5.5가 곧 출시될 예정이라고 발표했습니다.
* 이메일, 캘린더, Slack, 로컬 파일 및 기타 여러 애플리케이션을 쿼리하여 정보를 검색 및 요약하고, 권장 사항을 만들고, 커뮤니케이션을 작성 및 전송하고, 작업을 강조하거나 자동으로 수행하는 에이전트를 생성할 수 있는 Amazon Quick 데스크톱 앱을 발표했습니다. 사용자는 선호도를 계속 개선할 수 있으며 Quick의 고급 지식 그래프를 통해 AI 에이전트가 다른 사람과의 사용자 상호 작용에서 자동으로 학습하여 시간이 지남에 따라 더 개인화됩니다.
* Amazon Connect를 확장하여 Connect Decisions, Connect Talent, Connect Customer, Connect Health를 포함시켜 조직이 기존 프로세스를 개편하거나 AI 전문가가 되지 않고도 공급망 운영, 채용, 고객 경험 및 의료를 혁신할 수 있도록 지원합니다.
* Amazon Bedrock AgentCore의 새로운 기능을 출시했습니다. 이는 개발자와 기업이 안전하고 확장 가능한 에이전트를 구축할 수 있도록 하는 AWS의 선구적인 인프라 빌딩 블록 세트로, 현재 10초마다 에이전트를 배포하는 데 사용됩니다. 여기에는 다음이 포함됩니다:
* AWS Agent Registry는 고객이 기업 전체에서 AI 에이전트, 도구 및 에이전트 기술을 검색, 공유 및 재사용하여 대규모로 안전하고 관리되는 에이전트 액세스를 가능하게 합니다.
* 새로운 관리형 에이전트 하네스를 통해 고객은 에이전트가 사용해야 하는 모델, 도구 및 지침을 정의할 수 있으며, AgentCore는 자동으로 인프라를 연결하여 몇 분 만에 실행 중인 에이전트를 생성합니다.
* 에이전트가 할 수 있는 것과 할 수 없는 것을 제어하는 Amazon Bedrock AgentCore의 Policy 및 에이전트의 자동 품질 평가를 위한 AgentCore Evaluations의 정식 출시.
* Anthropic과의 Project Glasswing의 일환으로 Amazon Bedrock에서 Claude Mythos Preview의 가용성을 발표했습니다. Claude Mythos Preview는 사이버 보안 및 취약점 탐지를 위한 새로운 클래스의 AI 모델로, 중요한 AWS 코드베이스에 적용되었으며 엔터프라이즈급 보안 제어와 함께 제한된 연구 프리뷰로 제공됩니다.
* Amazon Bedrock에서 Claude Opus 4.7의 가용성을 발표했습니다. 이는 코딩, 장기 실행 에이전트 및 전문 작업을 위한 Anthropic의 가장 강력한 Opus 모델로, 향상된 개인 정보 보호 제어, 더 넓은 지역 가용성 및 개선된 처리량을 제공합니다.
* 1분기에 Bedrock에서 이전 모든 연도를 합친 것보다 더 많은 토큰을 처리했으며, Bedrock은 분기 대비 고객 지출이 170% 성장했습니다.
* Kiro를 사용하는 개발자 수가 분기 대비 두 배 이상 증가했으며, 엔터프라이즈 고객 사용량은 거의 10배 증가했습니다.
* Amazon Bio Discovery를 출시했습니다. 이는 과학자들에게 생물학적 기초 모델, 실험 설계를 위한 AI 에이전트, 테스트를 위한 통합 실험실 파트너에 대한 액세스를 제공하여 신약 발견을 가속화하도록 설계된 에이전트 AI 애플리케이션으로, Memorial Sloan Kettering Cancer Center는 이를 사용하여 소아암 치료제를 위한 항체 설계를 몇 달에서 몇 주로 단축했습니다.
* Prime Day가 대부분의 국가에서 6월에 열릴 것이라고 공유했습니다. 아마존의 연례 쇼핑 이벤트는 패션 및 뷰티부터 식료품, 가정 필수품, 전자제품에 이르기까지 35개 이상의 카테고리에서 수백만 개의 딜을 Prime 회원에게 놀라운 할인으로 제공합니다.
* Ted Baker, PAPATUI by Dwayne Johnson, Simpson Strong-Tie, Sun Mountain Golf, Kind Patches, ONDO, Chosen Foods와 같은 600개 이상의 새로운 주목할 만한 브랜드를 포함하여 Amazon.com의 선택을 확장했습니다.
* 미국에서 90,000개 이상의 제품에 대해 새로운 1시간 및 3시간 배송 옵션으로 당일 배송을 더 빠르게 만들었습니다. 종이 타월과 청소 용품부터 전자제품까지 모든 것이 포함됩니다. 1시간 배송은 수백 개의 도시와 마을에서 이용 가능하며, 3시간 배송은 2,000개 이상의 도시와 마을에서 이용 가능합니다.
* 도쿄 일부와 브라질 8개 주요 도시에서 Amazon Now(30분 이내 초고속 배송)의 가용성을 출시하여 9개국 수천만 고객에게 Amazon Now를 제공하고 있으며, 올해 미국 및 전 세계에서 서비스를 계속 확장할 계획입니다.
* Seller Central에 새로운 AI 경험을 도입하여 판매자의 목표에 맞춰 데이터, 주요 통찰력 및 시나리오를 동적으로 생성하는 맞춤형 시각화를 제공하여 비즈니스 성장을 위한 조치를 취할 수 있도록 지원합니다.
* 아마존의 AI 기반 “Hear the highlights”에 새로운 기능인 “Join the chat”을 출시하여 고객이 제품 요약을 들으면서 질문하고 실시간으로 답변을 받을 수 있도록 합니다. “Hear the highlights”는 수백만 고객이 사용하여 4천만 분 이상의 오디오를 스트리밍했습니다.
* Amazon 미국 앱 및 웹사이트에서 Health AI를 출시하여 One Medical 임상의가 지원하는 24/7 AI 기반 개인 건강 에이전트를 고객에게 제공합니다. Health AI는 개인화된 건강 통찰력과 지침을 제공하고 허가를 받아 메시징을 통한 즉각적인 진료, 약속 예약, 처방전 관리 등의 조치를 취합니다. 가상 진료 방문은 전년 대비 거의 3배 증가했으며, 대부분의 방문이 이제 Health AI를 통해 이루어집니다. 다른 주요 AI 어시스턴트는 이러한 방식으로 진료 서비스를 제공하지 않으며, 아마존만이 Prime을 통해 최대 5회의 무료 가상 진료를 제공합니다.
* 연말까지 거의 4,500개의 미국 도시와 마을로 Same-Day Amazon Pharmacy 배송을 확장할 계획을 발표했으며, Novo를 포함한 GLP-1 선택 확대
[원문 후반 발췌]
불확실성. 우리의 결과는 본질적으로 예측할 수 없으며 외환 환율 및 에너지 가격 변동, 글로벌 경제 및 지정학적 조건 변화, 관세 및 무역 정책, 자원 및 공급 변동성(메모리 칩 포함), 고객 수요 및 지출(경기 침체 우려의 영향 포함), 인플레이션, 금리, 지역 노동 시장 제약, 세계 사건, 인터넷 성장률, 온라인 상거래, 클라우드 서비스 및 신흥 기술의 성장률, 그리고 아래에 자세히 설명된 다양한 요인과 같은 많은 요인에 의해 중대하게 영향을 받을 수 있습니다.
2026년 2분기 가이던스
* 순매출은 1,940억 달러에서 1,990억 달러 사이, 즉 2025년 2분기 대비 16%에서 19% 성장할 것으로 예상됩니다. 이 가이던스는 환율로 인한 약 10베이시스 포인트의 불리한 영향을 예상합니다.
* 영업이익은 200억 달러에서 240억 달러 사이로 예상되며, 2025년 2분기의 192억 달러와 비교됩니다.
* 이 가이던스는 Prime Day가 2026년 2분기에 열린다고 가정합니다.
* 이 가이던스는 무엇보다도 추가적인 사업 인수, 구조 조정 또는 법적 합의가 체결되지 않는다고 가정합니다.
**컨퍼런스 콜 정보**컨퍼런스 콜이 웹캐스트됩니다
[원문 후반 발췌]
Kindle, Career Choice, Fire 태블릿, Fire TV, Amazon Echo, Alexa, Just Walk Out 기술, Amazon Studios, The Climate Pledge는 아마존이 개척한 것들 중 일부입니다. 자세한 내용은 amazon.com/about을 방문하고 @AmazonNews를 팔로우하세요.
**AMAZON.COM, INC.**
**연결 현금흐름표**
**(백만 달러)**
**(감사되지 않음)**
**3개월 종료**
**3월 31일****12개월 종료**
**3월 31일,**
**2025****2026****2025****2026**
현금, 현금성 자산 및 제한성 현금, 기초$82,312$90,106$73,332$69,893
영업 활동:
순이익 17,127 30,255 65,944 90,798
순이익을 영업 활동 순현금으로 조정하기 위한 조정:
유형자산 및 자본화 콘텐츠 비용, 운용리스 자산 및 기타의 감가상각 및 상각 14,262 18,945 55,373 70,439
주식 기반 보상 3,689 4,032 20,739 19,810
영업외 비용(수익), 순(2,817)(15,632)(3,539)(27,695)
이연 법인세 507 12,798(3,203)23,761
영업 자산 및 부채 변동:
재고(1,222)1,622(4,882)(158)
매출채권, 순 및 기타 1,247(5,750)(5,686)(14,330)
기타 자산(3,402)(3,811)(15,184)(16,041)
매입채무(9,043)(8,737)5,211 11,537
미지급 비용 및 기타(4,061)(8,045)(4,037)(9,003)
미수익 728 35
[원문 후반 발췌]
12)(106,283)(176,954)
재무 활동:
단기 부채 및 기타로부터의 수익 1,815 6,018 6,619 13,523
단기 부채 및 기타의 상환(2,082)(6,109)(6,738)(12,453)
장기 부채로부터의 수익 746 53,441 746 68,368
장기 부채 상환——(8,852)(5,021)
금융리스 원금 상환(410)(468)(1,683)(1,615)
금융 의무 원금 상환(116)(115)(695)(327)
재무 활동으로 제공된(사용된) 순현금(47)52,767(10,603)62,475
현금, 현금성 자산 및 제한성 현금에 대한 외화 효과 416(1)(456)747
현금, 현금성 자산 및 제한성 현금의 순 증가(감소)(12,419)14,586(3,439)34,799
현금, 현금성 자산 및 제한성 현금, 기말$69,893$104,692$69,893$104,692
보충 현금흐름 정보:
자본화 이자 차감 후 부채 이자 현금 지급$236$274$1,825$1,496
운용리스 현금 지급 3,562 4,315 12,571 15,791
금융리스 이자 현금 지급 71 102 284 326
금융 의무 이자 현금 지급 55 76 210 217
환급 차감 후 법인세 현금 지급 877 1,323 12,727 8,741
운용리스로 취득한 자산 4,321 6,239 15,992 21,848
금융리스로 취득한 자산 및 장비, 재측정 및 수정 차감 후 54 1,565 866 4,422
미지급금 증가(감소)
본문이 길어 35411자 중 14971자만 처리했습니다.
브리프용 요약 초안
아마존 2026년 1분기 실적에서 AWS 매출이 28% 성장하고 자체 칩 사업이 200억 달러 런레이트를 돌파했으며, OpenAI와 Anthropic이 대규모 Trainium 용량을 약정했다. 이는 AI 인프라 투자 확대를 보여주지만, 메모리 산업에 대한 직접적인 수치나 계획은 문서에 명시되지 않아 메모리 수요 영향은 미확인이다.
원문 텍스트
원문 열기 ↗## News release details
April 29, 2026
Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its first quarter ended March 31, 2026.
* **Net sales** increased 17% to $181.5 billion in the first quarter, compared with $155.7 billion in first quarter 2025. Excluding the $2.9 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 15% compared with first quarter 2025.
* 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 income** increased to $30.3 billion in the first quarter, or $2.78 per diluted share, compared with $17.1 billion, or $1.59 per diluted share, in first quarter 2025.
* First quarter 2026 net income includes pre-tax gains of $16.8 billion included in non-operating income from our investments in Anthropic.
* **Operating cash flow** increased 30% to $148.5 billion for the trailing twelve months, compared with $113.9 billion for the trailing twelve months ended March 31, 2025.
* **Free cash flow** decreased to $1.2 billion for the trailing twelve months, driven primarily by a year-over-year increase of $59.3 billion in purchases of property and equipment, net of proceeds from sales and incentives. This increase primarily reflects investments in artificial intelligence. This compares to free cash flow of $25.9 billion for the trailing twelve months ended March 31, 2025.
“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:
* Continued growing custom silicon business while also continuing to offer the broadest selection of compute options.
* Exceeded $20 billion annual revenue run rate for Amazon’s chips business—inclusive of Graviton, Trainium, and Nitro—which is growing triple-digit percentages year-over-year.
* Secured a commitment from OpenAI to consume approximately two gigawatts (GW) of Trainium capacity through AWS infrastructure to power its frontier models and advanced workloads, which begins ramping in 2027.
* Announced that Anthropic will secure up to five gigawatts (GW) of current and future generations of Amazon’s Trainium chips to train and power their advanced AI models.
* Landed 2.1 million+ AI chips over the past 12 months, more than half of which were Trainium, and announced one million+ NVIDIA GPUs to be deployed starting in 2026, giving customers the widest range of accelerated compute options.
* Announced a collaboration with Cerebras and plans to deliver through Amazon Bedrock the fastest AI inference speeds available for large language models, becoming the only cloud provider to offer a solution like this.
* Partnered with Uber to put Graviton4 chips to work on millions of daily rides and deliveries—matching riders with drivers in fractions of a second at lower cost—and leveraging Trainium3 to train the Al models that make every ride smarter over time.
* Signed an agreement with Meta, already an Amazon Bedrock customer at scale, to deploy tens of millions of AWS Graviton cores to power CPU-intensive workloads behind its agentic AI efforts, including real-time reasoning, code generation, and multi-step agent workflows.
* Announced new AWS agreements with OpenAI, Anthropic, Meta, NVIDIA, Uber, U.S. Bank, Fox Corporation, Southwest Airlines, U.S. Army, Bloomberg, Cerebras, AT&T, DTCC, Nokia, Fundamental, The National Geographic Society, NEURA Robotics, DXC, PGA TOUR, O2 Telefónica, NTT DOCOMO, Veolia, The Evri Group, Telenor, ModMed, Yotta Data Services, Parrot Analytics, U.S. Hunger, TGS, and more.
* Announced the preview of Amazon Bedrock Managed Agents, powered by OpenAI, a Stateful Runtime Environment available on Amazon Bedrock for AWS customers to build generative AI applications and agents at production scale.
* Announced OpenAI’s GPT-5.4 model is available to customers in limited preview on Amazon Bedrock, with GPT-5.5 coming soon.
* Announced the Amazon Quick desktop app, which can query email, calendar, Slack, local files, and several other applications to retrieve and summarize information, make recommendations, compose and send communications, and create agents that highlight or automatically do work. Users can keep refining their preferences and Quick’s advanced knowledge graph enables its AI agents to automatically learn from users’ interactions with others, becoming more personalized over time.
* Expanded Amazon Connect to include Connect Decisions, Connect Talent, Connect Customer, and Connect Health to help organizations transform supply chain operations, hiring, customer experience, and health care, without requiring teams to overhaul existing processes or become AI experts.
* Launched new capabilities for Amazon Bedrock AgentCore, AWS’s pioneering set of infrastructure building blocks for developers and companies to build secure, scalable agents that is now used to deploy an agent as frequently as every 10 seconds, including:
* AWS Agent Registry to help customers discover, share, and reuse AI agents, tools, and agent skills across an enterprise for secure, governed access to agents at scale.
* A new managed agent harness that allows customers to define the model, tools, and instructions an agent should use, and AgentCore automatically stitches together the infrastructure to create a running agent in minutes.
* The general availability of Policy in Amazon Bedrock AgentCore to control what agents can and cannot do, and of AgentCore Evaluations for automated quality assessments of agents.
* Announced the availability of Claude Mythos Preview, as part of Project Glasswing with Anthropic, in Amazon Bedrock. Claude Mythos Preview is a new class of AI model for cybersecurity and vulnerability detection that has been applied to critical AWS codebases and is available in gated research preview with enterprise-grade security controls.
* Announced availability of Claude Opus 4.7 in Amazon Bedrock—Anthropic’s most capable Opus model for coding, long-running agents, and professional work—which delivers enhanced privacy controls, broader regional availability, and improved throughput.
* Processed more tokens on Bedrock in the first quarter than all prior years combined, and Bedrock saw 170% growth in customer spend quarter-over-quarter.
* More than doubled the number of developers using Kiro quarter-over-quarter, and enterprise customer usage increased nearly tenfold.
* Launched Amazon Bio Discovery, an agentic AI application designed to accelerate drug discovery by giving scientists access to biological foundation models, an AI agent for experimental designs, and integrated lab partners for testing, which Memorial Sloan Kettering Cancer Center used to compress antibody design for potential pediatric cancer therapies from months to weeks.
* Shared that Prime Day will take place in most countries in June. Amazon’s annual shopping event delivers incredible savings to Prime members on millions of deals across more than 35 categories—from fashion and beauty to groceries, household essentials, and electronics.
* Expanded selection on Amazon.com, including more than 600 new notable brands, like Ted Baker, PAPATUI by Dwayne Johnson, Simpson Strong-Tie, Sun Mountain Golf, Kind Patches, ONDO, and Chosen Foods.
* Made Same-Day delivery even faster with new 1-hour and 3-hour delivery options on 90,000+ products in the U.S.—everything from paper towels and cleaning supplies to electronics. One-hour delivery is available in hundreds of cities and towns, and 3-hour delivery is in 2,000+ cities and towns.
* Launched availability of Amazon Now (ultra-fast delivery in 30-minutes or less) in parts of Tokyo and eight major cities in Brazil—bringing the total availability of Amazon Now to tens of millions of customers across nine countries—and plans to continue expanding the service in the U.S. and around the world this year.
* Introduced a new AI experience in Seller Central that dynamically generates a custom, personalized visualization of data, key insights, and scenarios tailored to the seller’s goals to help them take actions to grow their business.
* Launched “Join the chat,” a new feature in Amazon’s AI-powered “Hear the highlights,” that lets customers ask questions while listening to product summaries and get answers in real time. “Hear the highlights” has been used by millions of customers who have streamed over 40 million minutes of audio.
* Launched Health AI on the Amazon U.S. app and website, bringing a 24/7 AI-powered personal health agent backed by One Medical clinicians to customers. Health AI gives personalized health insights and guidance and takes action with permission, including providing instant care via messaging, booking appointments, and managing prescriptions. Virtual care visits have nearly tripled year-over-year, with a majority of those visits now via Health AI. No other major AI assistant enables care services in this way, and only Amazon offers up to five free virtual care visits through Prime.
* Announced plans to expand Same-Day Amazon Pharmacy delivery to nearly 4,500 U.S. cities and towns by year-end, with expanded GLP-1 selection, including Novo Nordisk’s Wegovy High Dose injectable and Eli Lilly and Company’s Zepbound KwikPen and Foundayo pill. In addition, Amazon launched a comprehensive GLP-1 Management Program through Amazon One Medical that integrates primary care, pharmacy, and virtual care options to help patients achieve lasting weight loss results.
* Introduced Sponsored Products and Brand Prompts in Rufus, Amazon’s AI shopping assistant. Prompts act as a virtual product expert, automatically surfacing relevant details and deepening shopper confidence at key moments in their shopping journey. Nearly 20% of shoppers who interact with a prompt in Rufus continue the conversation about that brand.
* Added Amazon Audiences for advertisers using Amazon Ads to buy advertising on Netflix, enabling brands to use Amazon’s proprietary shopping, streaming, and browsing signals, to reach relevant Netflix audiences and drive even stronger performance.
* Launched Creative Agent, an agentic AI solution for advertisers in Canada, France, Germany, India, Italy, Spain, and the UK. Creative Agent acts as a virtual creative partner, helping advertisers research, brainstorm, and generate full-funnel ad campaigns from concept to completion using conversational guidance and Amazon’s retail data.
* Generated nearly $615 million in global box office for _Project Hail Mary_ to date, anchored by an $80 million+ U.S./Canada opening weekend—only the second non-sequel, non-franchise film in the last decade to exceed this mark.
* Debuted exclusive coverage of NBA SoFi Play-In Tournament, averaging nearly 2.8 million U.S. viewers on Prime Video across six exclusive broadcasts, up 18% compared to last year on cable.
* Announced planned acquisition of Globalstar, which will enable Amazon Leo to add direct-to-device services to its network, and that Amazon Leo will power satellite services for Apple iPhone and Apple Watch.
* Announced new customer agreements with Delta Air Lines to bring free, high-speed Amazon Leo-powered Wi-Fi to hundreds of aircraft beginning in 2028; Vodafone to extend mobile coverage across Europe and Africa; and the DP World Tour to provide satellite-powered connectivity across 42 professional golf tournaments annually.
* Completed its tenth launch of Amazon Leo’s satellites, bringing the number of satellites in orbit to 250+, with 20+ additional launches planned over the next year.
* Expanded Alexa+ to Mexico, the UK, Italy, and Spain and introduced new capabilities, including _Alexa+ Personality Styles_ to customize how Alexa responds to questions and requests as well as _Send to Alexa_ to share notebooks and documents from Kindle Scribe to Alexa.
* Began testing Zoox’s purpose-built robotaxi in Austin and Miami, expanded services in San Francisco and Las Vegas, and announced an agreement with Uber to bring Zoox robotaxis to the Uber app in Las Vegas and Los Angeles. Zoox has driven nearly 2 million miles and carried 350,000+ riders in its robotaxis.
* Continued making significant progress on safety—improving both Amazon’s Global Recordable Incident Rate and Global Lost Time Incident Rate by 14% year-over-year, and improving Global Recordable Incident Rate by 43% and Global Lost Time Incident Rate by 70% over the past six years.
**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
* Net sales are expected to be between $194.0 billion and $199.0 billion, 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.
* This guidance assumes that Prime Day occurs in second quarter 2026.
* This guidance assumes, among other things, that no additional business acquisitions, restructurings, or legal settlements are concluded.
**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_
* References to customers mean customer accounts established when a customer places an order through one of our stores. Customer accounts exclude certain customers, including customers associated with certain of our acquisitions, Amazon Payments customers, AWS customers, and the customers of select companies with whom we have a technology alliance or marketing and promotional relationship. Customers are considered active when they have placed an order during the preceding twelve-month period.
_Seller Accounts_
* References to sellers means seller accounts, which are established when a seller receives an order from a customer account. Sellers are considered active when they have received an order from a customer during the preceding twelve-month period.
_AWS Customers_
* References to AWS customers mean unique AWS customer accounts, which are unique customer account IDs that are eligible to use AWS services. This includes AWS accounts in the AWS free tier. Multiple users accessing AWS services via one account ID are counted as a single account. Customers are considered active when they have had AWS usage activity during the preceding one-month period.
_Units_
* References to units mean physical and digital units sold (net of returns and cancellations) by us and sellers in our stores as well as Amazon-owned items sold in other stores. Units sold are paid units and do not include units associated with AWS, certain acquisitions, certain subscriptions, rental businesses, or advertising businesses, or Amazon gift cards.
Source: Amazon.com, Inc.
**Multimedia Files:**
April 29, 2026
Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its first quarter ended March 31, 2026.
* **Net sales** increased 17% to $181.5 billion in the first quarter, compared with $155.7 billion in first quarter 2025. Excluding the $2.9 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 15% compared with first quarter 2025.
* 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 income** increased to $30.3 billion in the first quarter, or $2.78 per diluted share, compared with $17.1 billion, or $1.59 per diluted share, in first quarter 2025.
* First quarter 2026 net income includes pre-tax gains of $16.8 billion included in non-operating income from our investments in Anthropic.
* **Operating cash flow** increased 30% to $148.5 billion for the trailing twelve months, compared with $113.9 billion for the trailing twelve months ended March 31, 2025.
* **Free cash flow** decreased to $1.2 billion for the trailing twelve months, driven primarily by a year-over-year increase of $59.3 billion in purchases of property and equipment, net of proceeds from sales and incentives. This increase primarily reflects investments in artificial intelligence. This compares to free cash flow of $25.9 billion for the trailing twelve months ended March 31, 2025.
“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:
* Continued growing custom silicon business while also continuing to offer the broadest selection of compute options.
* Exceeded $20 billion annual revenue run rate for Amazon’s chips business—inclusive of Graviton, Trainium, and Nitro—which is growing triple-digit percentages year-over-year.
* Secured a commitment from OpenAI to consume approximately two gigawatts (GW) of Trainium capacity through AWS infrastructure to power its frontier models and advanced workloads, which begins ramping in 2027.
* Announced that Anthropic will secure up to five gigawatts (GW) of current and future generations of Amazon’s Trainium chips to train and power their advanced AI models.
* Landed 2.1 million+ AI chips over the past 12 months, more than half of which were Trainium, and announced one million+ NVIDIA GPUs to be deployed starting in 2026, giving customers the widest range of accelerated compute options.
* Announced a collaboration with Cerebras and plans to deliver through Amazon Bedrock the fastest AI inference speeds available for large language models, becoming the only cloud provider to offer a solution like this.
* Partnered with Uber to put Graviton4 chips to work on millions of daily rides and deliveries—matching riders with drivers in fractions of a second at lower cost—and leveraging Trainium3 to train the Al models that make every ride smarter over time.
* Signed an agreement with Meta, already an Amazon Bedrock customer at scale, to deploy tens of millions of AWS Graviton cores to power CPU-intensive workloads behind its agentic AI efforts, including real-time reasoning, code generation, and multi-step agent workflows.
* Announced new AWS agreements with OpenAI, Anthropic, Meta, NVIDIA, Uber, U.S. Bank, Fox Corporation, Southwest Airlines, U.S. Army, Bloomberg, Cerebras, AT&T, DTCC, Nokia, Fundamental, The National Geographic Society, NEURA Robotics, DXC, PGA TOUR, O2 Telefónica, NTT DOCOMO, Veolia, The Evri Group, Telenor, ModMed, Yotta Data Services, Parrot Analytics, U.S. Hunger, TGS, and more.
* Announced the preview of Amazon Bedrock Managed Agents, powered by OpenAI, a Stateful Runtime Environment available on Amazon Bedrock for AWS customers to build generative AI applications and agents at production scale.
* Announced OpenAI’s GPT-5.4 model is available to customers in limited preview on Amazon Bedrock, with GPT-5.5 coming soon.
* Announced the Amazon Quick desktop app, which can query email, calendar, Slack, local files, and several other applications to retrieve and summarize information, make recommendations, compose and send communications, and create agents that highlight or automatically do work. Users can keep refining their preferences and Quick’s advanced knowledge graph enables its AI agents to automatically learn from users’ interactions with others, becoming more personalized over time.
* Expanded Amazon Connect to include Connect Decisions, Connect Talent, Connect Customer, and Connect Health to help organizations transform supply chain operations, hiring, customer experience, and health care, without requiring teams to overhaul existing processes or become AI experts.
* Launched new capabilities for Amazon Bedrock AgentCore, AWS’s pioneering set of infrastructure building blocks for developers and companies to build secure, scalable agents that is now used to deploy an agent as frequently as every 10 seconds, including:
* AWS Agent Registry to help customers discover, share, and reuse AI agents, tools, and agent skills across an enterprise for secure, governed access to agents at scale.
* A new managed agent harness that allows customers to define the model, tools, and instructions an agent should use, and AgentCore automatically stitches together the infrastructure to create a running agent in minutes.
* The general availability of Policy in Amazon Bedrock AgentCore to control what agents can and cannot do, and of AgentCore Evaluations for automated quality assessments of agents.
* Announced the availability of Claude Mythos Preview, as part of Project Glasswing with Anthropic, in Amazon Bedrock. Claude Mythos Preview is a new class of AI model for cybersecurity and vulnerability detection that has been applied to critical AWS codebases and is available in gated research preview with enterprise-grade security controls.
* Announced availability of Claude Opus 4.7 in Amazon Bedrock—Anthropic’s most capable Opus model for coding, long-running agents, and professional work—which delivers enhanced privacy controls, broader regional availability, and improved throughput.
* Processed more tokens on Bedrock in the first quarter than all prior years combined, and Bedrock saw 170% growth in customer spend quarter-over-quarter.
* More than doubled the number of developers using Kiro quarter-over-quarter, and enterprise customer usage increased nearly tenfold.
* Launched Amazon Bio Discovery, an agentic AI application designed to accelerate drug discovery by giving scientists access to biological foundation models, an AI agent for experimental designs, and integrated lab partners for testing, which Memorial Sloan Kettering Cancer Center used to compress antibody design for potential pediatric cancer therapies from months to weeks.
* Shared that Prime Day will take place in most countries in June. Amazon’s annual shopping event delivers incredible savings to Prime members on millions of deals across more than 35 categories—from fashion and beauty to groceries, household essentials, and electronics.
* Expanded selection on Amazon.com, including more than 600 new notable brands, like Ted Baker, PAPATUI by Dwayne Johnson, Simpson Strong-Tie, Sun Mountain Golf, Kind Patches, ONDO, and Chosen Foods.
* Made Same-Day delivery even faster with new 1-hour and 3-hour delivery options on 90,000+ products in the U.S.—everything from paper towels and cleaning supplies to electronics. One-hour delivery is available in hundreds of cities and towns, and 3-hour delivery is in 2,000+ cities and towns.
* Launched availability of Amazon Now (ultra-fast delivery in 30-minutes or less) in parts of Tokyo and eight major cities in Brazil—bringing the total availability of Amazon Now to tens of millions of customers across nine countries—and plans to continue expanding the service in the U.S. and around the world this year.
* Introduced a new AI experience in Seller Central that dynamically generates a custom, personalized visualization of data, key insights, and scenarios tailored to the seller’s goals to help them take actions to grow their business.
* Launched “Join the chat,” a new feature in Amazon’s AI-powered “Hear the highlights,” that lets customers ask questions while listening to product summaries and get answers in real time. “Hear the highlights” has been used by millions of customers who have streamed over 40 million minutes of audio.
* Launched Health AI on the Amazon U.S. app and website, bringing a 24/7 AI-powered personal health agent backed by One Medical clinicians to customers. Health AI gives personalized health insights and guidance and takes action with permission, including providing instant care via messaging, booking appointments, and managing prescriptions. Virtual care visits have nearly tripled year-over-year, with a majority of those visits now via Health AI. No other major AI assistant enables care services in this way, and only Amazon offers up to five free virtual care visits through Prime.
* Announced plans to expand Same-Day Amazon Pharmacy delivery to nearly 4,500 U.S. cities and towns by year-end, with expanded GLP-1 selection, including Novo Nordisk’s Wegovy High Dose injectable and Eli Lilly and Company’s Zepbound KwikPen and Foundayo pill. In addition, Amazon launched a comprehensive GLP-1 Management Program through Amazon One Medical that integrates primary care, pharmacy, and virtual care options to help patients achieve lasting weight loss results.
* Introduced Sponsored Products and Brand Prompts in Rufus, Amazon’s AI shopping assistant. Prompts act as a virtual product expert, automatically surfacing relevant details and deepening shopper confidence at key moments in their shopping journey. Nearly 20% of shoppers who interact with a prompt in Rufus continue the conversation about that brand.
* Added Amazon Audiences for advertisers using Amazon Ads to buy advertising on Netflix, enabling brands to use Amazon’s proprietary shopping, streaming, and browsing signals, to reach relevant Netflix audiences and drive even stronger performance.
* Launched Creative Agent, an agentic AI solution for advertisers in Canada, France, Germany, India, Italy, Spain, and the UK. Creative Agent acts as a virtual creative partner, helping advertisers research, brainstorm, and generate full-funnel ad campaigns from concept to completion using conversational guidance and Amazon’s retail data.
* Generated nearly $615 million in global box office for _Project Hail Mary_ to date, anchored by an $80 million+ U.S./Canada opening weekend—only the second non-sequel, non-franchise film in the last decade to exceed this mark.
* Debuted exclusive coverage of NBA SoFi Play-In Tournament, averaging nearly 2.8 million U.S. viewers on Prime Video across six exclusive broadcasts, up 18% compared to last year on cable.
* Announced planned acquisition of Globalstar, which will enable Amazon Leo to add direct-to-device services to its network, and that Amazon Leo will power satellite services for Apple iPhone and Apple Watch.
* Announced new customer agreements with Delta Air Lines to bring free, high-speed Amazon Leo-powered Wi-Fi to hundreds of aircraft beginning in 2028; Vodafone to extend mobile coverage across Europe and Africa; and the DP World Tour to provide satellite-powered connectivity across 42 professional golf tournaments annually.
* Completed its tenth launch of Amazon Leo’s satellites, bringing the number of satellites in orbit to 250+, with 20+ additional launches planned over the next year.
* Expanded Alexa+ to Mexico, the UK, Italy, and Spain and introduced new capabilities, including _Alexa+ Personality Styles_ to customize how Alexa responds to questions and requests as well as _Send to Alexa_ to share notebooks and documents from Kindle Scribe to Alexa.
* Began testing Zoox’s purpose-built robotaxi in Austin and Miami, expanded services in San Francisco and Las Vegas, and announced an agreement with Uber to bring Zoox robotaxis to the Uber app in Las Vegas and Los Angeles. Zoox has driven nearly 2 million miles and carried 350,000+ riders in its robotaxis.
* Continued making significant progress on safety—improving both Amazon’s Global Recordable Incident Rate and Global Lost Time Incident Rate by 14% year-over-year, and improving Global Recordable Incident Rate by 43% and Global Lost Time Incident Rate by 70% over the past six years.
**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
* Net sales are expected to be between $194.0 billion and $199.0 billion, 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.
* This guidance assumes that Prime Day occurs in second quarter 2026.
* This guidance assumes, among other things, that no additional business acquisitions, restructurings, or legal settlements are concluded.
**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_
* References to customers mean customer accounts established when a customer places an order through one of our stores. Customer accounts exclude certain customers, including customers associated with certain of our acquisitions, Amazon Payments customers, AWS customers, and the customers of select companies with whom we have a technology alliance or marketing and promotional relationship. Customers are considered active when they have placed an order during the preceding twelve-month period.
_Seller Accounts_
* References to sellers means seller accounts, which are established when a seller receives an order from a customer account. Sellers are considered active when they have received an order from a customer during the preceding twelve-month period.
_AWS Customers_
* References to AWS customers mean unique AWS customer accounts, which are unique customer account IDs that are eligible to use AWS services. This includes AWS accounts in the AWS free tier. Multiple users accessing AWS services via one account ID are counted as a single account. Customers are considered active when they have had AWS usage activity during the preceding one-month period.
_Units_
* References to units mean physical and digital units sold (net of returns and cancellations) by us and sellers in our stores as well as Amazon-owned items sold in other stores. Units sold are paid units and do not include units associated with AWS, certain acquisitions, certain subscriptions, rental businesses, or advertising businesses, or Amazon gift cards.
Source: Amazon.com, Inc.
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