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Sentiment · FY2026 Q2
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $187.79B | +10.5% | $1.86 | +86.0% | 47.3% | 11.3% | 10.7% | $17.80B |
| FY2025 Q1 | $155.67B | +8.6% | $1.59 | +62.2% | 50.6% | 11.8% | 11.0% | $-8.00B |
| FY2025 Q2 | $167.70B | +13.3% | $1.68 | +33.3% | 51.8% | 11.4% | 10.8% | $332M |
| FY2025 Q3 | $180.17B | +13.4% | $1.95 | +36.4% | 50.8% | 9.7% | 11.8% | $430M |
| FY2025 Q4 | $213.39B | +13.6% | $1.95 | +4.8% | 48.5% | 11.7% | 9.9% | $14.94B |
| FY2026 Q1 | $181.52B | +16.6% | $2.78 | +74.8% | 51.8% | 13.1% | 16.7% | $-18.17B |
| FY2026 Q2 | $200.61B | +19.6% | $5.75 | +242.3% | 52.3% | 13.7% | 31.2% | $-8.82B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brian Nowak | Morgan Stanley | 9 (11%) |
| Doug Anmuth | JPMorgan | 7 (0%) |
| Justin Post | Bank of America | 6 (0%) |
| Colin Sebastian | Robert W. Baird | 6 (0%) |
| Eric Sheridan | Goldman Sachs | 6 (0%) |
| Mark Mahaney | Evercore ISI | 4 (0%) |
| Shweta Khajuria | Wolfe Research | 2 (0%) |
| John Blackledge | TD Cowen | 2 (0%) |
| Michael Morton | MoffettNathanson | 2 (0%) |
| Ross Sandler | Barclays | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 1 | 9 (11%) |
| JPMorgan | 1 | 7 (0%) |
| Robert W. Baird | 1 | 6 (0%) |
| Goldman Sachs | 1 |
| 6 (0%) |
| Bank of America | 1 | 6 (0%) |
| Evercore ISI | 1 | 4 (0%) |
| Wolfe Research | 1 | 2 (0%) |
| Barclays | 1 | 2 (0%) |
Amazon surged with Q1 revenue of $181.5 billion up 17% year-over-year as AWS growth accelerated to 28% on a $150 billion run rate, driven by AI workload expansion and the custom silicon business emerging as a top-three chip player. Operating income reached $23.9 billion with a 13.1% operating margin while the Bedrock platform and OpenAI partnership expanded the AI platform ecosystem. The AI infrastructure investment cycle showed no signs of slowing as customer demand continued outpacing available capacity.
Cloud & AI | Demand | Competitive Dynamics | Innovation & R&D | Cost Pressure | Capex Investment | Margin | Trade Tariffs | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 1 | 1 | 2 | 2 | 1 | 1 | |
| 2025Q1 | 4 | 2 | 2 | 1 | 2 | |||
| 2025Q2 | 4 | 2 | 1 | 1 | 1 | 2 | ||
| 2025Q3 | 5 | 1 | 2 | 2 | 2 | |||
| 2025Q4 | 4 | 1 | 2 | 1 | 2 | 1 | ||
| 2026Q1 | 5 | 2 | 1 | 4 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 4 | 4 | 4 | 5 | 4 | 5 |
| Demand | 1 | 2 | 2 | 1 | 1 | 2 |
| Competitive Dynamics | 1 | 2 | 1 | 2 | 2 | 1 |
| Innovation & R&D | 2 | 1 | 2 | 4 | ||
| Cost Pressure | 2 | 2 | 1 | |||
| Capex Investment | 1 | 2 | 2 | |||
| Margin | 1 | 1 | 1 | 1 | ||
| Trade Tariffs | 2 | 2 |
What AMZN and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“In Q4, we announced that we will enable AWS with NVLink to integrate with their custom silicon.”
NVIDIA enabling AWS to pair NVLink with Amazon's custom silicon indicates deeper integration between NVIDIA networking and AWS in-house chips.
“This past year alone, we did nearly $1.5 billion of total contract value on the AWS marketplace, growing nearly 50% year-over-year.”
CrowdStrike transacted nearly $1.5B of TCV via the AWS marketplace (up ~50% YoY), a positive read-through for AWS marketplace volumes and the CrowdStrike-AWS partnership.
“AWS continues to scale its custom silicon strategy with Arm-based Graviton alongside Trainium and Nitro”
Amazon's AWS keeps scaling Arm-based Graviton custom silicon, a positive read-through on AWS custom-chip momentum and Arm royalty growth.
“In Q3, we introduced a new capability, enabling Amazon S3 Access Points for Amazon FSx for NetApp ONTAP.”
NetApp's first-party integration with AWS (Amazon FSx for NetApp ONTAP) deepens, connecting AWS AI and analytics services to NetApp data.
“We delivered significant growth with AWS, beginning Q3 with two AWS regions live, exiting Q3 with eight AWS regions live; we will exit Q4 with 22 AWS regions live.”
AWS is scaling as an Oracle multicloud database partner, with live regions growing from two to a planned 22, representing incremental cloud demand routed through Amazon's cloud.
“that is where you will see the majority of the Amazon volume. It is still ramping, and it is not material in this quarter”
FedEx is onboarding Amazon home-delivery (big-and-heavy) volume through its ground/home-delivery network; it is still ramping, expected to be accretive but not a top customer.
“Yet you, Google and Amazon are showing higher margins tonight as you report.”
An analyst groups Amazon with Microsoft and Google as hyperscalers reporting higher margins alongside heavy AI investment, an implied positive read-through on Amazon's cloud margins.
“For Amazon Premium Beauty stores, we deepened brand reach across the 10 markets where we have launched, for instance, with Clinique launching in France and Estée Lauder in the U.K.”
Estée Lauder is expanding brand presence across Amazon Premium Beauty stores in 10 markets, adding prestige beauty volume to Amazon's platform.
“when we look at the marketplace for streaming in our competitive set, Netflix, Prime video, YouTube, Paramount+, all of them are increasing their position in live sports.”
Disney names Amazon Prime Video among streaming competitors pushing into live sports, a read-through to Amazon's live-sports rights investment.
“Cepheus-1-108 is the first gate-based device on Amazon Bracket with more than 100 qubits offering improved fidelities that enable wider and deeper circuits for applications such as material science, optimization and quantum simulation.”
Rigetti's Cepheus-1-108Q is the first gate-based device above 100 qubits on Amazon Braket, a read-through for Amazon's cloud quantum-computing service.
“relationship with Amazon continues to be something that we're very proud of”
Amazon made up nearly half of automotive revenue in the quarter as van volumes ramped meaningfully, a strong read-through for the commercial relationship.
“We feel very good about how Amazon is doing and how our other partnerships are going.”
Roku says the Amazon DSP partnership is performing well and that third-party programmatic is now the majority of its video delivery.
“We also announced that we plan to acquire Globalstar, which will expand Leo's satellite network with direct-to-device capabilities”
Amazon plans to acquire Globalstar for its spectrum and direct-to-device satellite capabilities, an M&A read-through for Globalstar.
“the latest of which was Delta Airlines committing at least half of their fleet starting in 2028.”
Delta committed at least half its fleet to Amazon Leo connectivity starting 2028, a Delta in-flight-connectivity read-through.
“we entered an agreement with Apple for Amazon Leo to power satellite services for iPhones and Apple Watches.”
Apple will use Amazon Leo direct-to-device satellite services for iPhones and Apple Watches, a supplier/partner win for Amazon's satellite network.
“We also partnered with Comcast Advertising to expand local advertising to thousands of brands”
Amazon Ads partnered with Comcast Advertising to expand local/CTV advertising reach.
“We deepened our Netflix partnership with Amazon Audiences, which enables advertisers to apply Amazon's exclusive signals from shopping, browsing and streaming to Netflix's highly engaged viewers to reach the right audiences and drive even stronger performance.”
Amazon Ads expanded its ad-targeting partnership with Netflix, a read-through for Netflix's advertising business.
“We recently announced that Zoox will be available through the Uber app in Las Vegas and in Los Angeles in the future.”
Amazon's Zoox robotaxi will be distributed through the Uber app, an Uber partnership read-through for autonomous-vehicle marketplace access.
“we continue to have a deep partnership with NVIDIA. We have immense respect for them, continue to order substantial quantities.”
Amazon continues ordering substantial NVIDIA GPUs even as it scales its own Trainium silicon, indicating sustained NVIDIA demand from AWS alongside growing internal competition.
“We also just announced that Meta is committed to using tens of millions of Graviton cores.”
Meta committed to tens of millions of AWS Graviton cores for agentic-AI CPU workloads, signaling large-scale Meta compute demand on AWS.
“That does not include the recent deal that we announced with Anthropic for over $100 billion.”
Anthropic committed to a $100B+ multi-year Trainium/AWS deal, a major compute-spend read-through and one of AWS's largest AI customers.
“We're excited to make OpenAI's models available in Bedrock. Yesterday, we added OpenAI's GPT-5.4 model with 5.5 coming soon.”
Amazon is making OpenAI's frontier models available on Bedrock and co-built managed agents with OpenAI, deepening the AWS-OpenAI partnership and validating OpenAI's model demand.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
AMZN Amazon.com, Inc. | 9 | +16.6% | |
| AZO AutoZone | 6 | +8.2% | |
| BBY Best Buy | 5 | -1.0% | |
| CASY Casey's General Stores, Inc. | 8 | +0.3% | |
| EBAY eBay | 8 | +19.5% | |
| GPC Genuine Parts Company | 6 | +6.8% | |
| MELI MercadoLibre | 7 | +49.0% | |
| ORLY O'Reilly Automotive | 8 | +10.2% | |
| PDD PDD Holdings | 6 | +10.4% | |
| TSCO Tractor Supply | 5 | +3.6% | |
| ULTA Ulta Beauty | 7 | +11.8% | |
| WSM Williams-Sonoma | 5 | -4.3% |