Amazon Reports April 29: AWS AI Workloads, $105B Capex Leverage, and Whether the Cloud Giant Can Beat Microsoft

# Amazon Reports April 29: AWS AI Workloads, $105B Capex Leverage, and Whether the Cloud Giant Can Beat Microsoft

> **Quick answer:** Amazon reports Q1 2026 earnings after the close on April 29, the same evening as Microsoft, Alphabet, and Meta. Wall Street consensus is AWS revenue of $36.75 billion, up 25.6% year over year, on total revenue of $177.84 billion. The pivotal question is not whether AWS grew — it almost certainly did — but whether its AI workload growth rate is accelerating relative to Azure's 30%-plus pace, and whether Amazon's record $105 billion H1 capex commitment is translating into pricing power or margin compression.

Amazon earnings April 29 2026 is arguably the most consequential data point in the entire Q1 reporting cycle. Not because Amazon's retail business is the most exciting story on the tape — it isn't. But because AWS sits at the center of the global AI infrastructure buildout, and by the time Andy Jassy takes his earnings call, investors will already know what Microsoft's Azure said about demand 30 minutes earlier. The two numbers will be compared in real time. One will frame the other.

*This article is for informational purposes only and does not constitute financial advice. Consult a qualified financial advisor for personal financial decisions.*

## What Wall Street Expects: The Full Q1 2026 Consensus Picture

The FactSet consensus heading into April 29 is cleaner than it looks at first glance: