AMZN Amazon (AMZN) Q1 FY26 earnings call
The quarter reframes Amazon as an AI-infrastructure compounder: AWS growth reaccelerated to its fastest pace in years while multi-gigawatt Trainium commitments and a leading custom-silicon franchise recast the CapEx surge as demand-backed rather than speculative. Management is explicit that heavy upfront spend pressures near-term free cash flow but expects attractive downstream ROIC, echoing the first AWS wave.
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AMZN operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Change vs prior quarter |
|---|---|---|---|---|---|
| Third-party seller unit mix Worldwide | 61%And worldwide third-party selling unit mix was 61% in Q1, consistent with Q1 of last year.Source: earnings call transcript | 62%In Q2, worldwide third-party seller unit mix was 62%, the highest ever, up on 100 basis points from Q2 of last year.Source: earnings call transcript | 62%And in Q3, worldwide third-party seller unit mix was 62%, up 200 basis points from Q3 of last year.Source: earnings call transcript | 61%In Q4, Worldwide third-party seller unit mix was 61%.Source: earnings call transcript | -1 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.