EarningsQ2 2026 Earnings Report
MX:AXP Q2 2026 EPS Results
Actual EPS$82.35
Consensus EPS$80.06
Beat/MissBeat by +$2.29
One Year Ago EPS$74.17
MX:AXP Q2 2026 Revenue Results
Actual Revenue$392.58B
Expected Revenue$358.05B
Beat/MissBeat by +$34.53B
YoY Revenue Growth+8.38%
Earnings Announcement Details
QuarterQ2 2026
Date07/24/2026
TimeBefore Open
Conference CallFriday, July 24, 2026
MX:AXP Upcoming Earnings
American Express's next earnings date is estimated for October 23, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:AXP Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operating momentum: double-digit revenue growth, robust spend and card fee expansion, excellent credit metrics, international strength, healthy deposit growth, and high ROE. Management raised revenue guidance and emphasized reinvesting incremental performance into customer acquisition, technology and strategic partnerships (e.g., TheFork). Near-term headwinds include a higher VCE ratio, the staggered sale of small business co-brand portfolios that will depress spend and NII growth until lapped, and elevated marketing/integration spending that keeps EPS guidance unchanged. Overall, positives around growth, credit quality and capital returns materially outweigh the manageable, largely-transitory challenges.Company Guidance
Strong Quarterly Revenue and EPS
Revenue grew 10% year-over-year in Q2 2026 and the company raised full-year revenue guidance to 10%. Reported EPS for the quarter was $4.53 and Christophe noted EPS was up ~11% year-over-year for the quarter; year-to-date the company delivered ~11% revenue growth and ~14% EPS growth.
Robust Spend and Billed Business Momentum
Overall billed business (spend) was up ~9.4% FX-adjusted in the quarter (9% FX-adjusted in both Q1 and Q2). Retail spending grew ~13% FX-adjusted, restaurants +10%, T&E and goods & services ~9-10%, and global MX travel bookings were up 22% year-over-year.
Premium Acquisition and Engagement Wins
Strong demand for premium products: Platinum portfolio became the fastest-growing U.S. consumer portfolio; ~3 million new cards acquired in the quarter; 70%+ of new consumer Platinum accounts internationally and 65-75% of new consumer accounts (varies by comment) coming from Millennials and Gen-Z; ~75% of new accounts in the quarter were on fee-paying products.
Card Fees and Net Interest Income Strength
Net card fees were a record and the fastest-growing revenue line, up ~15.4% year-over-year; net interest income grew ~11% in the quarter. Card fees have grown double-digit for 32 consecutive quarters.
Credit Performance and Capital Returns
Credit metrics remain strong: delinquency rates have stayed between ~1.2% and 1.3% for over three years, write-off rates below 2019 levels, and a $191 million reserve release included in Q2 provision expense of $1.1 billion. Returned $2.9 billion of capital (≈$0.6B dividends, $2.2B share repurchases) and reported ROE of 36% this quarter.
International Momentum
International spend grew ~12% FX-adjusted in the quarter with broad-based growth across geographies; four of the top five countries grew at double-digit rates and ~70% of new consumer Platinum accounts outside the U.S. came from Millennials and Gen-Z.
Deposit Growth and Cross-Sell Opportunity
Balances from U.S. consumer and small business deposit products increased ~9% year-over-year, with ~10% of U.S. card members holding a deposit account—indicating a long runway for deposit growth and deeper cardholder engagement.
Strategic Investments and Partnerships
Management is reinvesting upside into growth initiatives (customer acquisition, technology, travel/dining ecosystem). Notable partnerships and acquisitions include Resy/Tock, proposal to acquire TheFork (adds ~50,000 restaurants across 11 European countries), global partnership with Accor, and new sponsorships (NFL, Fanatics) to drive member experiences.
MX:AXP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed