---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40304206.md"
description: "AMZN Q1 2026 First Take: In absolute terms, results were solid. Total revenue rose nearly 17% YoY, or ~15% ex-FX, with growth accelerating QoQ. Operating income came in near 24bn, well above the prior guidance high of 21.5bn and ahead of the Street. That said, after a run of positive catalysts, the stock has already rebounded over 30% from the lows to new highs. Expectations have shifted up, so from a surprise perspective, this print may not qualify as a major beat. Details: 1) AWS revenue grew 28% YoY, a sharp reacceleration of ~5ppt vs. last quarter. However, most major sell-side firms had already raised Q1 and forward AWS growth assumptions materially. 28% lands at the low end of the updated range, with some bullish houses modeling well above 30%. 2) By contrast, the broad retail segment was more of a positive surprise. Segment revenue rose 14% YoY, +2ppt QoQ, while total order growth reached 15%, the highest since 2021. Faster logistics (e.g., same-day/next-day) and near-field fresh grocery likely helped. 3) Profit beat across the board, with North America, Intl and AWS OPMs all above expectations. North America and Intl retail margins continued to expand, contrary to concerns that Middle East tensions and higher oil would weigh on retail profitability. AWS margin narrowed on higher investment, but not by much. 4) Total capex reached 44.2bn this quarter, up by almost 5bn QoQ and above the already high consensus (~43bn). This points to a faster, more aggressive build-out of compute than previously expected, implying AWS growth could further accelerate. 5) Guidance for Q2 revenue is notably upbeat, with the top end implying ~19% YoY, a further acceleration. Assuming retail grows 15%–16% next quarter, the guide implies AWS growth of roughly 30%–35%, in line to slightly ahead of the latest sell-side resets. However, the guided midpoint for Q2 operating income at 22bn is below the Street. Implied OPM of 11.2% trails the prior 12.1% expectation, suggesting conflict-related headwinds and capex intensity may weigh more visibly next quarter. $Amazon(AMZN.US) $Direxion Daily AMZN Bear 1X Shares(AMZD.US) $Direxion Daily AMZN Bull 2X Shares(AMZU.US)"
datetime: "2026-04-29T23:15:05.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40304206.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40304206.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40304206.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# AMZN Q1 2026 First Take: In absolute terms, result…


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## Comments (4)

- **晃荡中 · 2026-04-30T00:15:41.000Z**: GOOGLE is still more powerful
  - **Dolphin Research** (2026-04-30T01:26:06.000Z): Google really set a good example
  - **我日李奶奶** (2026-04-30T01:42:06.000Z): When is Microsoft coming out? I've been waiting for a long time.
  - **Dolphin Research** (2026-04-30T01:49:44.000Z): It's too crowded today, need to wait until later.