TLDR
- AmEx raised its full-year 2026 revenue growth forecast to 10%, in line with Wall Street expectations
- Q2 revenue rose 10% to $19.6 billion; billed business jumped 9% to $455.8 billion
- EPS came in at $4.53, beating analyst estimates of $4.40
- Credit loss provisions fell to $1.1 billion, down from $1.4 billion a year ago
- AXP stock was down 1.4% in premarket trading despite the strong results
American Express (AXP) stock slipped 1.4% in premarket trading on Friday after the company raised its 2026 revenue growth forecast to 10% and posted a Q2 earnings beat.
The stock’s dip came despite results that came in ahead of Wall Street expectations on both the top and bottom lines.
AmEx reported Q2 revenue of $19.6 billion, up 10% year-over-year. Billed business — total spending on AmEx cards — rose 9% to $455.8 billion on a foreign exchange-adjusted basis.
AMERICAN EXPRESS $AXP Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $19.64B (Est. $19.7B) 🔴; +10% YoY
🔹 EPS: $4.53 (Est. $4.41) 🟢; +11% YoY
🔹 Billed Business: $455.8B (Est. $454.8B) 🟢; +9% YoY
🔹 Credit Loss Provision: $1.10B (Est. $1.38B) 🟢
🔹 Card Member Spending: +9% YoY
🔹 Net… pic.twitter.com/n3BBrFCttk— Wall St Engine (@wallstengine) July 24, 2026
Earnings per share came in at $4.53 for the quarter ended June 30. That beat analyst estimates of $4.40 per share. A year ago, EPS stood at $4.08.
CEO Stephen Squeri pointed to strong momentum heading into the second half of the year. “Six months into the year, we’re seeing stronger momentum than we expected,” he said. “The investments we made in our value propositions have driven accelerated spend and revenue growth.”
The company updated its full-year 2026 revenue growth forecast to 10%. That matches what analysts had expected, according to LSEG data. AmEx held its profit growth forecast unchanged, which may have contributed to the muted market reaction.
Credit Quality Holds Steady
One area of encouragement was credit quality. AmEx set aside $1.1 billion in provisions for credit losses in Q2, down from $1.4 billion in the same quarter a year ago.
Lower provisions suggest the company is more confident its customers will keep up with payments. For a lender, that’s a positive signal.
AmEx’s customer base skews toward higher-income consumers, who have largely held up better than lower-income borrowers in the current economic environment.
Affluent Spending Stays Resilient
Travel and dining continued to drive spending on AmEx cards. Those are two categories where higher-income consumers have kept opening their wallets, even as broader consumer sentiment has been choppy.
U.S. consumer sentiment did rebound from record lows in June, according to the University of Michigan, though households remain concerned about the cost of living.
AmEx results are closely watched because they provide an early read on affluent consumer spending ahead of other major card networks reporting.
The Q2 numbers suggest that group is still spending freely, at least for now.
AmEx’s provisions for credit losses stood at $1.1 billion for the quarter, compared to $1.4 billion a year ago.
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