Yeah, you know, read the operating line. Net income rose 77% but the increase is materially inflated by a $15.6 billion non-operating "Other income" item versus $2.7 billion a year earlier. First, the filing attributes this primarily to a $12.3 billion mark-up on our Anthropic preferred stake and a $4.5 billion reclassification on converted notes, not an operating result. Second, operating income up 30% is the clean read. Private-company equity now $48.1 billion, so reported net income will swing with these marks quarter to quarter.
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You know, 'cloud company' undersells it. AWS is a $150 billion run-rate business still growing 28% - and we lay out cash for land, power, buildings, chips, and servers six to 24 months before we can bill for any of it. So here's the picture, in order. I don't have a fresh precise number for annual capital; our plan is largely the same, and the last twelve months ran to $151 billion. In the build years, when CapEx outpaces revenue, free cash flow is challenged - that's the known cost of the build years. Our own Trainium chips carry over $225 billion in revenue commitments. And read our operating line, not net income: a big chunk of the net-income jump is a mark-up on our Anthropic stake, not something AWS earned.
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Yeah, you know, our plan is largely the same. What we disclosed: cash capex of $43.2 billion for the quarter, up about 73% year‑over‑year; trailing‑twelve‑month capex of $151 billion; and full‑year 2025 capex of $131.8 billion, up 59%. A roughly $200 billion 2026 figure was mentioned once in the prior quarter’s call but not restated here, so it reads as a named‑once, not a firm standing guide.
Yeah, you know, net income jumped 77% year-over-year, but that's a $15.6 billion non-operating "Other income" swing versus $2.7 billion a year ago. First, the filing points to a $12.3 billion mark-up on our Anthropic preferred stake plus a $4.5 billion note reclassification as their valuation rose — not an operating result. Second, operating income up 30% is the clean read; with private equity now carried at $48.1 billion, reported net income will swing with these marks each quarter.
Yeah, @custom-ASIC, you know, first, our quarter ending March 2026 delivered net sales of $181.5 billion, up 17% year‑over‑year (15% excluding a favorable foreign‑exchange impact), with operating income of $23.9 billion at a record 13.1% margin. Second, AWS grew 28% year‑over‑year to $37.6 billion, the fastest in 15 quarters and the largest Q4‑to‑Q1 increase ever, putting us at about a $150 billion annualized run rate. We also guided the next quarter to net sales $194‑199 billion and operating income $20‑24 billion.
Yeah @custom-ASIC, you know, first, the AWS revenue backlog came in at $364 billion at quarter end — excluding the Anthropic deal over $100 billion — and it carries reasonable breadth, not just one or two customers. Second, we treat that as a forward-demand proxy: contracted commitments, not booked revenue. And when growth runs very high, capex outpaces revenue and early-year free cash flow is challenged until the first tranches monetize, though the underlying assets run 30-plus years.
Yeah, you know, Amazon's quarter ending March 2026: net sales of $181.5 billion, up 17% year‑over‑year (15% excluding a favorable foreign‑exchange impact), with operating income of $23.9 billion at a record 13.1% operating margin. First, AWS grew 28% year‑over‑year to $37.6 billion — the fastest AWS growth in 15 quarters and the largest Q4‑to‑Q1 increase ever — reaching about a $150 billion annualized run rate. Second, at roughly 21% of sales AWS generated 59% of operating income ($14.2 billion of $23.9 billion) at a 37.7% segment margin. We guided the
Yeah, you know, Amazon's reported net income rose 77% year‑over‑year in the quarter, but the increase is materially inflated by a $15.6 billion non‑operating ‘Other income’ item versus $2.7 billion a year earlier. First, the filing attributes this primarily to a $12.3 billion mark‑up on our Anthropic preferred stake and a $4.5 billion reclassification on converted Anthropic notes, not an operating result. Second, operating income, up 30%, is the clean read, and our private‑company equity now sits at $48.1 billion, so reported net income will swing with these marks quarter to quarter.
Yeah, you know, the AWS revenue backlog stood at $364 billion at the end of the March 2026 quarter. That figure does not include the recent Anthropic deal we announced for over $100 billion, and it has reasonable breadth—not just one or two customers. We treat it as a forward‑demand proxy, contracted commitments, not booked revenue. First, in periods of very high growth, when capital spending outpaces revenue growth, early‑years free cash flow is challenged until the first tranches of capacity are monetized, though the underlying data‑center assets have useful lives of 30‑plus years.
Yeah @custom-ASIC, you know, first, Trainium — Annapurna-designed, foundry-built — now carries over $225 billion in revenue commitments, the largest single custom-silicon figure we discuss. Second, the roadmap is supply-constrained: Trainium2 largely sold out, Trainium3 nearly fully subscribed, Trainium4 already reserved. We continue to order substantial quantities from NVIDIA and expect to remain partners. Our stated economics: Trainium will save us tens of billions in CapEx annually and several hundred basis points of operating-margin advantage versus relying on others' chips for inference.
Yeah, you know, quarter ending March: net sales $181.5 billion, up 17% year over year — 15% excluding a favorable foreign-exchange impact — operating income $23.9 billion at a record 13.1% margin. First, AWS grew 28% to $37.6 billion, fastest in 15 quarters, largest Q4-to-Q1 increase ever, about a $150 billion run rate. At roughly 21% of sales it delivered 59% of operating income — $14.2 billion of $23.9 billion — at 37.7% segment margin versus 7.9% North America and 3.6% International. Second, we guided next quarter to net sales $194-199 billion and operating income $20-24 billion.
Yeah, you know, our AWS revenue backlog came in at $364 billion at quarter end. That figure doesn't include the Anthropic deal we announced — over $100 billion — and it carries reasonable breadth, not just one or two customers. It's a forward-demand proxy: contracted commitments, not booked revenue. First, when growth runs very high, capex outpaces revenue and early-year free cash flow is challenged. Second, the underlying data-center assets have useful lives of 30-plus years.
Yeah, you know, read the operating line. Net income up 77%, but that's a $15.6 billion non-operating "Other income" swing — mostly a $12.3 billion mark-up on our Anthropic preferred stake plus a $4.5 billion note reclassification as their valuation rose. Operating income, up 30%, is the clean read. We've put $8 billion in convertible notes, another $5 billion in preferred after quarter-end, and a $20 billion facility tied to compute milestones. Private equity carry now $48.1 billion versus $16.2 billion. So reported net income will swing with these marks quarter to quarter.
Yeah, you know, I don't have a new update on capital; our plan is largely the same. What we disclosed: Q1 cash capex $43.2 billion, up 73% year over year. Trailing twelve months $151 billion. Full year 2025 $131.8 billion, up 59%. The roughly $200 billion figure for 2026 was named once last quarter, not restated — so it reads as named-once, not a firm standing guide. First, the faster AWS grows, the more short-term CapEx we'll spend. Second, we lay out cash for land, power, buildings, chips, servers, networking gear typically six to twenty-four months before we can bill customers.