Amazon reports $181.5 billion Q1 revenue, 17% year-over-year growth, with AWS accelerating at 28% and AI revenue run rate over $15 billion

Amazon's Q1 2026 revenue reached $181.5 billion, up 17% year-over-year (15% excluding $2.9 billion favorable foreign exchange impact), with operating income of $23.9 billion—the company's highest operating margin ever at 13.1%. AWS revenue grew 28% year-over-year to $37.6 billion with operating income of $14.2 billion.

AWS AI services are driving growth: Bedrock saw 170% quarter-over-quarter growth in customer spend and processed more tokens in Q1 than all prior years combined, serving over 125,000 customers including almost 80% of the Fortune 100; Amazon Q developer usage more than doubled quarter-over-quarter with enterprise customer usage increasing nearly 10x; AWS AI revenue run rate is over $15 billion in the first three years of the current AI wave.

Amazon's custom silicon business achieved nearly 40% quarter-over-quarter growth in Q1 with an annual revenue run rate over $20 billion and growing triple-digit percentages year-over-year. Trainium chips have over $225 billion in revenue commitments with Trainium2 largely sold out, Trainium3 nearly fully subscribed, and much of Trainium4 already reserved.

AWS backlog reached $364 billion in Q1, not including the recently announced Anthropic deal for over $100 billion, with backlog described as having reasonable breadth and not concentrated to one or two customers.