Earnings Preview: What To Expect From Amazon.com's Report

Amazon (AMZN.OQ) is set to report fiscal Q1 2026 results after the close on Apr. 29, with analysts forecasting EPS of $1.69 (up 6.3% year-over-year). Street estimates show fiscal 2026 EPS of $7.76 and fiscal 2027 EPS of $9.36. The stock has outperformed the S&P 500 over the past 52 weeks, rising 43.4%. Market concerns persist after a 5.6% post‑earnings drop in February tied to a planned ~$200 billion 2026 AI infrastructure capex program and a weaker Q1 operating income guide; free cash flow fell to $11.2B after a $50.7B capex surge. Despite that, analysts are broadly bullish (majority “Strong Buy”) with an average price target implying ~15.9% upside.