Amazon Q1 2026: AWS accelerates to 28% growth, $15B OpenAI bet, $60B debt raise fund capex surge

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

Key Changes

• high

  AWS revenue jumped 28% YoY to $37.6B (vs 17% prior year), driving operating income up 23% to $14.2B despite margin compression from heavy infrastructure investment for AI workloads.

  MD&A: AWS Performance verify on EDGAR →
• high

  Amazon invested $15B in OpenAI Series C Preferred Stock and committed another $35B subject to conditions, funded by $59.5B debt issuance in Q1—a dramatic shift from $2.6B raised in Q1 2025.

  MD&A: Investing Activities verify on EDGAR →
• high

  Capex nearly doubled to $43.2B in Q1 2026 (vs $24.3B prior year), driving trailing-twelve-month free cash flow down from $25.9B to $1.2B as infrastructure spending outpaced operating cash flow gains.

  MD&A: Capital Expenditures verify on EDGAR →