Financial Trends -- 6/10
Revenue accelerating (+8.6% to +16.6% YoY), operating margin expanding +590bps over 5 years to
11.2% (Q1'26 record 13.1%), AWS re-accelerating to +28%. But AI capex supercycle has driven TTM
FCF negative (-$2.5B) -- quarterly capex hit $44.2B in Q1'26. Negative FCF triggers -2 penalty
and caps score at 6 regardless of revenue strength.
Weight: 25%
Quarterly P&L (Q1 2024 -- Q1 2026)
| Quarter | Net Sales ($M) | YoY | Op Margin | Op Income ($M) | Diluted EPS | FCF ($M) | Capex ($M) |
|---|---|---|---|---|---|---|---|
| Q1 2024 | $143,313 | — | 10.7% | $15,307 | $0.98 | $4,064 | $14,925 |
| Q2 2024 | $147,977 | — | 9.9% | $14,672 | $1.26 | $7,661 | $17,620 |
| Q3 2024 | $158,877 | — | 11.0% | $17,411 | $1.43 | $3,351 | $22,620 |
| Q4 2024 | $187,792 | — | 11.3% | $21,203 | $1.86 | $17,802 | $27,834 |
| Q1 2025 | $155,667 | +8.6% | 11.8% | $18,405 | $1.59 | -$8,004 | $25,019 |
| Q2 2025 | $167,702 | +13.3% | 11.4% | $19,171 | $1.68 | $332 | $32,183 |
| Q3 2025 | $180,169 | +13.4% | 9.7% | $17,422 | $1.95 | $430 | $35,095 |
| Q4 2025 | $213,386 | +13.6% | 11.7% | $24,977 | $1.95 | $14,937 | $39,522 |
| Q1 2026 | $181,519 | +16.6% | 13.1% | $23,852 | $2.78 | -$18,171 | $44,203 |
Source: Daloopa. All figures linked to source records.
Key Trends
- Revenue accelerating every quarter: +8.6% → +13.3% → +13.4% → +13.6% → +16.6%
- AWS the engine: +16.9% → +28.4% YoY (15-quarter high). $37.6B quarterly revenue, 37.7% op margin.
- Advertising durable at ~+24% YoY ($17.2B Q1'26)
- Operating margin expanded +590bps over 5 years (5.3% FY21 → 11.2% FY25), Q1'26 record 13.1%
- FCF turned negative on TTM basis (-$2.5B) as capex doubled. Quarterly capex $44.2B vs $25B a year ago.
Segment Revenue (Q1 2026)
Source: Daloopa
5-Year Annual Summary (FY2021 -- FY2025)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue ($M) | $469,822 | $513,983 | $574,785 | $637,959 | $716,924 |
| YoY Growth | — | +9.4% | +11.8% | +11.0% | +12.4% |
| Op Margin | 5.3% | 2.4% | 6.4% | 10.8% | 11.2% |
| Op Income ($M) | $24,879 | $12,248 | $36,852 | $68,593 | $79,975 |
| Diluted EPS | $3.24 | -$0.27 | $2.90 | $5.53 | $7.17 |
| FCF ($M) | -$14,726 | -$16,893 | $32,217 | $32,878 | $7,695 |
| OCF ($M) | $46,327 | $46,752 | $84,946 | $115,877 | $139,514 |
Source: Daloopa. FYE December 31.
Score Rationale
Negative FCF on TTM basis triggers -2 penalty. Score capped at 6.
Operating cash flow is still rising ($149B TTM) -- the FCF compression is capex-driven (AI/data center buildout), not operational deterioration. Revenue is accelerating (+16.6%), operating margins hit a record (13.1%), and AWS re-accelerated to +28%. Under normal circumstances this would score 8/10. But with quarterly capex at $44.2B and TTM FCF at -$2.5B, the negative FCF penalty applies mechanically.
Score: 6/10 -- Exceptional revenue and margin trajectory, capped by negative TTM free cash flow from the largest capex cycle in corporate history.
Data sourced from Daloopa, company filings. FYE December 31.