American Express Company (AXP) investor relations material

Financial performance and outlook

• Achieved 10% FX-adjusted revenue growth and mid-teen EPS growth in the first half of 2026, driven by strong billing, card fees up 16%, and double-digit net interest income.

• Raised revenue guidance to 10% for the year and reaffirmed EPS range, excluding gains from the sale of GBT shares.

• Credit metrics remain strong and stable, with robust spend and billing trends continuing into Q3.

• Return on equity has increased to 33–35%, reflecting disciplined investment in marketing and technology.

• Share buybacks average 3% of share count annually, supporting EPS growth.

Investment strategy and growth drivers

• Prioritizes reinvestment of over-performance into card member acquisition and technology development.

• Marketing spend is closely monitored for returns, with funds shifted to higher-performing channels.

• Technology investments include new product launches like the Business Savings account and expense management solutions for mid-size customers.

• Focused on premium, fee-paying, and younger card members, as well as international expansion.

• Product innovation and refreshes are accelerating, supporting sustained double-digit revenue growth.

International and commercial business

• International billings have grown 50% over three years, with higher card fees and T&E spend than the U.S.

• Localized product offerings and co-brand partnerships drive international momentum.

• Commercial segment has seen multiple product refreshes, including the Graphite Business Cash Unlimited Card and Center expense management integration.

• Expense management solution is in pilot phase, with long-term plans to scale and improve commercial billings.

• International market share remains in single digits, indicating significant runway for growth.