American Express Company (AXP) investor relations material

Executive summary

• Q1 2026 delivered strong results with total revenues net of interest expense up 11% year-over-year to $18.9 billion, and EPS up 18% to $4.28, with net income rising 15% to $3.0 billion, driven by premium product demand, robust international and retail spending, and new partnerships.

• Card Member spending grew 10% (9% FX-adjusted), the highest quarterly growth in three years, especially among Millennial and Gen-Z customers.

• Major partnerships were extended with the NFL and NBA, new business card and developer kit launched, and premium customer experiences enhanced through new lounges and dining platform integration.

• Premium product demand remains robust, with over 70% of new accounts on fee-paying products and high retention rates post-Platinum refresh.

• Reaffirmed full-year 2026 guidance: 9%-10% revenue growth and EPS of $17.30-$17.90.

Financial highlights

• Total revenues net of interest expense reached $18.9 billion, up 11% year-over-year (10% FX-adjusted).

• Net income: $3.0 billion, up 15% year-over-year.

• Net card fees grew 18% year-over-year, driven by premium card portfolio growth.

• Net interest income rose 13% to $4.7 billion, supported by higher revolving loan balances.

• Consolidated expenses increased 11% to $13.9 billion, with card member services expense up 49%.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: 9%-10% revenue growth, EPS $17.30-$17.90.

• Increased investments in marketing and technology to support long-term growth.

• VCE-to-revenue ratio forecasted around 44% for the full year.

• Guidance is subject to macroeconomic, geopolitical, regulatory, and competitive risks.