American Express Company (AXP) investor relations material

Executive summary

• Q2 2026 revenue grew 10% year-over-year to $19.6 billion, with EPS up 11% to $4.53 and net income at $3.1 billion, driven by premium product momentum, strong customer engagement, and disciplined expense management.

• Full-year 2026 revenue growth guidance raised to 10%, with EPS guidance maintained at $17.30–$17.90; outperformance reinvested in growth initiatives, especially customer acquisition and technology.

• Premium product strategy, especially the Platinum refresh, and strong Millennial/Gen-Z acquisition drove accelerated spend and high retention.

• Announced proposed acquisition of TheFork, expansion of partnerships (Accor, Fanatics), and new digital/travel product launches.

• Returned $2.9 billion to shareholders in Q2 2026 via dividends and share repurchases, maintaining a CET1 capital ratio at 10.4%.

Financial highlights

• Total revenues net of interest expense for Q2 2026 were $19.6 billion, up 10% year-over-year; net income was $3.1 billion, up 8%; diluted EPS was $4.53, up 11%.

• Net card fees rose 15% to $2.9 billion, with 32 consecutive quarters of double-digit growth.

• Net interest income increased 11% to $4.6 billion, with a 1% headwind from portfolio sales.

• Billed business grew 9% year-over-year (FX-adjusted), reaching $455.8 billion.

• Return on average equity reached 36.4% for Q2 2026.

Outlook and guidance

• Full-year 2026 revenue growth guidance raised to 10%; EPS guidance maintained at $17.30–$17.90.

• Card fee growth expected to accelerate in Q3 and exit the year in the high teens.

• Marketing expenses projected to rise ~10% in H2, with OpEx to grow mid single-digits for the year.

• VCE to revenue ratio expected between 44%-45% for the full year.

• Portfolio sales to impact spend growth by ~1% and NII by ~2.5% in Q4.