Amazon delivered a strong quarter, anchored by faster fulfilment and a lower cost-to-serve that reinforced its market leadership. Prime continues to deepen customer stickiness by bundling essential e-commerce services with digital entertainment. Meanwhile, AWS remains a high-growth engine, capturing the robust demand for AI infrastructure.

Financial indicator	Q1 2025 (US$ million)	Q1 2026 (US$ million)	Percentage change
Revenue	155,667	181,519	+16.6%
North America	92,887	104,143	+12.1%
International	33,513	39,789	+18.7%
AWS	29,267	37,587	+28.4%
Operating income	18,405	23,852	+29.6%
North America	5,841	8,267	+41.5%
International	1,017	1,424	+40.0%
AWS	11,547	14,161	+22.6%
Net income	17,127	30,255	+76.7%
Operating cash flow (TTM)	113,903	148,531	+30.4%

Revenue grew 15% excluding the 180-basis-point favourable foreign exchange tailwind. The overall operating margin expanded to from 11.8% in Q1 2025 to 13.1% in Q1 2026, which is a record high, driven by expansions in the margins of the North America and International segments. Revenue from the International segment grew 11% excluding the favourable impact of foreign exchange. AWS recorded the fastest growth rate in the recent 15 quarters, driven by demand for both core and AI services. Its revenue increased US$2.o billion sequentially from Q4 2025,...