Amazon Q1 revenue hits $181.5B but $16.8B Anthropic gain inflates net income as free cash flow collapses 95%

TL;DR
Amazon reported Q1 2026 revenue of $181.5 billion and net income of $30.3 billion, but $16.8 billion of pre-tax profit came from a mark-to-market gain on its Anthropic investment rather than operations. AWS grew 28 per cent to $37.6 billion at … [6748 chars]