Anthropic Growth and Bedrock Mix Drive AWS Margins Higher While Peers Lag
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Amazon’s Bedrock Mix and Anthropic Deal Terms Combine to Show Greater Operating Leverage
Anthropic Growth and Bedrock Mix Drive AWS Margins Higher While Peers Lag Amazon’s Bedrock Mix and Anthropic Deal Terms Combine to Show Greater Operating Leverage Jeremie Eliahou Ontiveros , Joey Brookhart , Crystal Huang , and Dylan Patel May 27, 2026 ∙ Paid 160 2 11 Share While other CSPs have seen declining-to-flat operating margins over the last several quarters, Amazon’s AWS margins inflected this past quarter driven primarily by customer spending growth on Claude through Bedrock. AWS’ higher share of 3P model API spend, Anthropic/Bedrock deal structure, and Anthropic’s ARR outperformance
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