Amazon Q1 2026: Operating income +30%, capex surges to $43B, $15B OpenAI invest + $35B commitment

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 2, 2025 · ~2 min read

Key Changes

• high

  Operating income rose 30% YoY to $23.9B, accelerating from 20% growth in Q1 2025, with all three segments contributing (North America +42%, International +40%, AWS +23%).

  MD&A: Operating income growth verify on EDGAR →
• high

  Quarterly capex nearly doubled to $43.2B (from $24.3B in Q1 2025), driven by AWS infrastructure and AI initiatives; trailing-twelve-month free cash flow collapsed to $1.2B from $25.9B as capex outpaced operating cash flow growth.

  MD&A: Capital expenditures & Free cash flow verify on EDGAR →
• high

  Amazon invested $15B in OpenAI Series C Preferred Stock and committed to an additional $35B purchase (subject to conditions), plus a $100B expansion of the AWS-OpenAI commercial arrangement over 8 years; AWS unrecognized performance obligations nearly doubled to $364B.

  Notes: OpenAI investment & AWS commitments verify on EDGAR →