Strong Q1 Beat Driven By AWS And Backlog Growth
Jones noted that Amazon delivered a broad-based beat in the first quarter of fiscal 2026, with worldwide net sales reaching $181.5 billion, about 2% above consensus.
Amazon Web Services revenue came in at $37.6 billion, also ahead of expectations, while backlog surged 50% quarter over quarter to approximately $365 billion, excluding the recently announced Anthropic deal.
Operating income and adjusted EBITDA also exceeded estimates, coming in at $23.9 billion and $46.8 billion, respectively, reflecting strong demand across cloud, retail, and advertising businesses supported by AI momentum.
Guidance Signals Continued Demand Despite Spending
Jones highlighted that Amazon’s second-quarter revenue guidance of $194 billion to $199 billion came in roughly 4% above consensus, while operating income guidance of $20 billion to $24 billion bracketed expectations.
He emphasized that AWS’s strength and backlog growth justify elevated investment…