TLDR
- American Express Q1 net income rose 15% year-over-year to $2.97 billion
- EPS came in at $4.28, beating analyst estimates of $4.00–$4.02
- Revenue hit $18.9 billion, up 11%, topping the $18.6 billion consensus
- Cardmember spending grew 9% on an FX-adjusted basis — the highest quarterly rate in three years
- The company held its full-year 2026 guidance: revenue growth of 9–10% and EPS of $17.30–$17.90
American Express posted a strong first quarter, with net income climbing 15% to $2.97 billion compared to $2.58 billion in the same period last year.
AMERICAN EXPRESS $AXP Q1’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $18.91B (Est. $18.61B) 🟢; +11% Y/Y
🔹 EPS: $4.28 (Est. $4.00 / $4.03) 🟢; +18% Y/Y
🔹 Card Member spend growth: +10% (+9% FX-adjusted)
🔹 Net income: $2.971B; +15% Y/YFY Guide:
🔹 EPS: $17.30 to $17.90 (Est. $17.56)… pic.twitter.com/EDdj41iTqf— Wall St Engine (@wallstengine) April 23, 2026
Earnings per share landed at $4.28, clearing the Wall Street consensus of around $4.00–$4.02, depending on the source.
Revenue reached $18.9 billion, up 11% year-over-year. That beat analyst expectations of $18.6 billion, according to FactSet data.
The stock nudged up roughly 1–1.2% in premarket trading Thursday. That said, AXP is still down about 11% year-to-date heading into the print.
The standout number in the report was cardmember spending. Billed business — total spending across AmEx cards — rose 9% on a foreign exchange-adjusted basis to $428 billion.
CEO Stephen Squeri called it “the highest quarterly growth in three years,” driven by demand for the company’s premium products.
Spending Holds Up
Travel and discretionary purchases were key drivers of the spending growth. AmEx’s customer base, which skews toward higher-income individuals, has shown more resilience than broader consumer cohorts.
That picture comes as elevated interest rates and inflation concerns have weighed on other parts of the consumer landscape.
The result puts AmEx in a relatively comfortable position compared to card issuers more exposed to lower-income borrowers.
Credit Loss Provisions Tick Up
On the credit side, AmEx set aside $1.3 billion in consolidated provisions for credit losses in Q1, up from $1.2 billion a year ago.
That’s a modest increase. Higher provisions can signal a lender is building a buffer against potential defaults, though the move here was incremental.
The company did not change its full-year financial outlook. It still expects revenue growth of 9% to 10% for 2026.
Full-year EPS guidance remains at $17.30 to $17.90, Squeri confirmed in a statement.
AmEx results are closely tracked across the industry as an early read on U.S. consumer spending trends for the quarter.
Strong numbers from the card giant tend to ease concerns for retailers and consumer brands targeting higher-end buyers.
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