Amazon (AMZN) Q1 earnings report 2025

Amazon is slated to announce its first-quarter earnings after the market close on Thursday.

Here’s what analysts are looking for:

• Earnings per share: $1.36 expected, according to LSEG
• Revenue: $155.04 billion expected, according to LSEG

Wall Street is also looking at other key revenue numbers:

• Amazon Web Services: $29.42 billion expected, according to StreetAccount
• Advertising: $13.74 billion expected, according to StreetAccount

The topic of tariffs will hover over Amazon’s earnings report. Several of the company’s businesses are exposed to President Donald Trump‘s new tariffs, especially its core retail unit. Investors will want to know whether Trump’s 145% levy on China could impact Amazon’s margins, and whether uncertainty around the tariffs has caused shoppers to be more cautious with their spending.

The results come days after the White House ripped Amazon over a report that the company planned to display tariff-related costs to shoppers. Amazon said no such change was coming, and that it only considered adding a line item to products sold via its discount storefront, called Haul.

“This was never approved and is not going to happen,” Amazon said in a blog post on Tuesday.

Amazon CEO Andy Jassy told CNBC last month the company is working to keep prices low for consumers, including by making strategic forward inventory buys on products overseas. But he acknowledged some third-party sellers will “need to pass that cost” of tariffs to consumers.

Analysts believe Trump’s tariffs could provide a boost to Amazon’s retail business, at least in the short term, as some shoppers have stocked up on items in anticipation of price hikes.

Retail sales rose 1.4% in March, after rising 0.2% in February, according to Commerce Department data, indicating there may have been a pull forward in spending.

Investors will be keeping a close eye on Amazon’s guidance for the current quarter. Some analysts have suggested the impact of Trump’s tariffs may not show up until then, or potentially the third quarter.

“A meaningful portion of products sold on the eCommerce platform (apparel, furniture, toys, accessories, consumer electronics, etc.) come from China, which may impact forward guidance,” Canaccord analysts wrote in a note to clients this week. “That said, we think Amazon’s vast product selection and structural advantages in price and logistics should enable it to mitigate some of the impact.”

Amazon could also potentially benefit from Trump’s executive order to end the de minimis trade exemption, which is set to take effect on Friday. Discount Chinese retailers Temu and Shein have relied heavily on the loophole, which allows shipments under $800 to enter the U.S. duty-free, as a way to keep their prices low.

Both companies began raising prices last week, while Temu added “import charges” between 130% and 150% to some of its products. The prices of many of their products are more aligned with competitors like Amazon, but could still take more than a week to arrive.

Outside of retail, Amazon’s cloud computing business and investments in AI will also be in focus. It’s been a mixed bag for Amazon’s cloud peers so far. Microsoft reported strong cloud growth in its third-quarter earnings on Wednesday, while Alphabet‘s cloud revenue fell just short of estimates last week.

For the quarter, analysts are projecting AWS revenue of $29.4 billion, according to StreetAccount. That would represent growth of 17.6%, compared to 18.9% growth in the fourth quarter.

Amazon last quarter pledged to boost capital expenditures to $100 billion this year, with the “vast majority” going toward AI services. The company has been rushing to roll out AI products across its businesses. In March, Amazon released a new AI agent for web browsers, and it began testing new AI assistants for its shopping and health platforms.

Amazon’s stock is down more than 13% year to date, while the Nasdaq has fallen less than a percent over the same stretch.

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