Amazon earnings: AWS revenue rises 28%, its fastest growth in the past 15 quarters; net income jumps sharply on Anthropic investment gains

Amazon reported Q1 2026 revenue up 17% year over year and operating income up 29.6%, with net income boosted 77% by a pre-tax valuation gain on its Anthropic stake.

AWS revenue grew 28% to $37.6 billion, its fastest pace in 15 quarters, and Amazon said the cloud unit’s annualized revenue run rate reached $150 billion.

Amazon pointed to a $364 billion AWS backlog and more than $100 billion in contracts with Anthropic, underscoring strong demand for its cloud and AI services.

Higher AI-related capital spending could weigh on near-term free cash flow, but management said it should support longer-term returns.