Amazon’s Q1 Beat Spurs New Upgrades As AWS Growth Reaccelerates

Overview

• Analysts raised targets after the April 29 earnings, with Goldman at $325, BofA at $310, Baird at $300, and Raymond James at $280.
• Amazon reported Q1 revenue of $181.5 billion and net income of $30.3 billion, while AWS sales rose 28% to $37.6 billion.
• AWS said it has a $364 billion backlog, which is future cloud work customers have already ordered over multiple years.
• The company guided Q2 net sales to $194 billion to $199 billion and projected operating income of $20 billion to $24 billion, topping prior estimates.
• Since Q4 2025, Amazon has touted 20-plus AWS deals with AI leaders like OpenAI and Anthropic, and fresh commentary is bullish even as some analysis flags large capital spending and near-term cash flow strain.