Amazon Q1 revenue tops estimates as AWS hits 15-quarter growth high

Amazon reported Q1 results that beat Wall Street estimates, with EPS $2.78 and revenue $181.5B versus expectations of $1.62 and $177.2B. AWS accelerated to its fastest growth in 15 quarters, generating $37.6B (28% ex-FX growth) and helping drive a $364B cloud backlog, supporting the AI-driven demand narrative. The company’s heavy capex for AI pushed trailing 12-month free cash flow down to $1.2B from $25.9B, and investors reacted with a volatile stock move — an intraday record high followed by a sharp reversal. Amazon gave Q2 revenue guidance above estimates ($194B–$199B) but operating income guidance was slightly light versus consensus, leaving markets weighing stronger cloud momentum against near-term cash-flow pressures.