Shares of Amazon initially fell but are now 1.7% higher on earnings.
- Revenue of $181.5B vs $177.3B exp
- Q2 revenue guide of $194-199B vs $188.9B exp (but this does include Prime Day in Q2 this year)
On capex, the release says $44.2B in purchases of property and equipment (vs. $25.0B in Q1 2025 — up 77% YoY). TTM FCF is now just $1.2B, down from $25.9B a year ago — a 95% YoY.
Amazon borrowed $53.4B in long-term debt this quarter (vs. $746M in Q1 2025). Long-term debt on the balance sheet went from $65.6B at year-end to $119.1B at March 31 — nearly doubled in one quarter.
Amazon doesn’t guide on capex but you can see the trajectory.
