Amazon has reported what may be its best quarter ever, with a nearly doubled revenue and operating margins of $181.5 billion, up 17% year over year, beating the Wall Street consensus of $177.3 billion. The company's cloud division, AWS, saw its fastest growth rate in 15 quarters and operating income reached $23.9 billion at a 13.1% operating margin, the highest Amazon has ever recorded. JPMorgan raised its Amazon price target to $330 from $280, while maintaining an overweight rating. The bank believes Amazon's earnings trajectory has improved enough to justify a richer valuation. Other major firms also raised their Amazon price targets within hours of the report. Amazon's Q1 2026 results beat expectations across all major line.