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Amazon AMZN AWS — Operating Expenses

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Other financials

Income statement

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Revenue$200.61B+19.6%
Gross profit$104.83B+20.6%
Operating income$27.5B+43.2%
Net income$62.6B+245%
EPS (diluted)$5.75+242%

Balance sheet

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Cash & equivalents$78.2B+35.5%
Total debt$128.89B-16.6%
Total equity$551.62B+65.3%
Total assets$1.10T+60.6%

Cash flow

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Operating cash flow$45.4B+39.6%
CapEx-$54.2B-268%
Free cash flow-$8.8B-2,757%

Valuation

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Market cap$2.92T+29.4%
Enterprise value$2.97T+26.3%
P/E23.6×-8.3×
P/S3.8×+0.4×

Profitability

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Gross margin50.8%+1.2pp
Operating margin12.1%+0.7pp
Net margin15.9%+5.4pp
FCF margin0.2%-1.8pp

Returns & leverage

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Return on equity27.9%+3.1pp
Debt / equity0.2×-0.2×
Current ratio0.0×

Where this comes from

Reported directly by Amazon in its filing.

Tagged under the XBRL concept us-gaap:CostsAndExpenses.

The source filing: Amazon’s 10-Q, filed April 30, 2026.

Filed
Apr 29, 2026, 6:48 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001018724-26-000014
Line itemThree Months Ended March 31, 2025Three Months Ended March 31, 2026
Operating income$1,017$1,424
AWS
Net sales$29,267$37,587
Operating expenses17,72023,426
Operating income$11,547$14,161
Consolidated
Net sales$155,667$181,519
Operating expenses137,262157,667

Item 1. Financial Statements

FAQ

What is Amazon's AWS — operating expenses?
Amazon (AMZN) reported AWS — operating expenses of $23.43B in Q1 2026.
How has Amazon's AWS — operating expenses changed year-over-year?
Amazon's AWS — operating expenses increased by 32.2% year-over-year, from $17.72B to $23.43B.
What is the long-term trend for Amazon's AWS — operating expenses?
Over 4 years (2021 to 2025), Amazon's AWS — operating expenses has grown at a 17.5% compound annual growth rate (CAGR), from $43.67B to $83.12B.
What does AWS — operating expenses mean?
The total costs incurred to run the cloud business, including data center maintenance, energy costs, research and development for new services, and sales and marketing efforts. It excludes interest and taxes but includes the cost of goods sold and administrative overhead specific to the segment.

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