American Express (AXP) · Payments
American Express Q2 2026 earnings: summary, key numbers & outlook
Results filed 24 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
American Express reported Q2 2026 revenue of $19.6 billion, up 10 percent, and earnings per share of $4.53, up 11 percent from $4.08 a year ago, with net income of $3.1 billion.
American Express grew revenue 10 percent to $19.6 billion in the second quarter. Card Member spending rose 9 percent, which the company says is its fastest FX-adjusted pace in three years. Net income was $3.1 billion and earnings per share were $4.53, up 11 percent. Credit costs fell because the company released reserves rather than building them, as it did a year ago. Expenses rose 12 percent on rewards, the Platinum Card refresh and higher usage of Card Member benefits.
Management raised its full-year revenue growth guidance to 10 percent. It kept full-year earnings per share at $17.30 to $17.90 and plans to reinvest the revenue outperformance in growth initiatives. The tension is that expenses are growing faster than revenue and the tax rate rose to 23.6 percent. The company also lists risks to its outlook, including a slowdown in the economy, regulation of card pricing, and the Middle East conflict.
Key numbers
- Total revenues net of interest expense · GAAP
- $19.6 billion
- Net income · GAAP
- $3.1 billion
- Diluted earnings per share · GAAP
- $4.53
- Provisions for credit losses · GAAP
- $1.1 billion
- Effective tax rate · GAAP
- 23.6 percent
up 10 percent year-over-year
compared with net income of $2.9 billion a year ago
up 11 percent from $4.08 a year ago
compared with $1.4 billion a year ago
up from 18.7 percent a year ago
| Segment or metric | Value | Change |
|---|---|---|
| U.S. Consumer Services revenue | $9.5B | up 11% |
| Commercial Services revenue | $4.5B | up 7% |
| International Card Services revenue | $3.6B | up 12% |
| Global Merchant and Network Services revenue | $2.1B | up 8% |
Where each number comes from
- Total revenues net of interest expense: “Second-quarter consolidated total revenues net of interest expense were $19.6 billion, up 10 percent year-over-year.”
- Net income: “American Express Company (NYSE: AXP) today reported second-quarter 2026 net income of $3.1 billion, compared with net income of $2.9 billion a year ago.”
- Diluted earnings per share: “Earnings per share was $4.53, up 11 percent from $4.08 a year ago.”
- Provisions for credit losses: “Consolidated provisions for credit losses were $1.1 billion, compared with $1.4 billion a year ago.”
- Effective tax rate: “The consolidated effective tax rate was 23.6 percent, up from 18.7 percent a year ago, primarily reflecting discrete tax benefits in the prior year.”
- U.S. Consumer Services revenue: “Total revenues net of interest expense | 9,524 | 4,503 | 3,619 | 2,096 | (104) | 19,637”
- Commercial Services revenue: “Total revenues net of interest expense | 9,524 | 4,503 | 3,619 | 2,096 | (104) | 19,637”
- International Card Services revenue: “Total revenues net of interest expense | 9,524 | 4,503 | 3,619 | 2,096 | (104) | 19,637”
- Global Merchant and Network Services revenue: “Total revenues net of interest expense | 9,524 | 4,503 | 3,619 | 2,096 | (104) | 19,637”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $11.2B | +8.6% | +6.6% |
| Net income | $3.1B | +7.8% | +4.7% |
| Diluted EPS | $4.53 | +11.0% | +5.8% |
| Free cash flow | $4.5B | +19.4% | +68.5% |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Revenue growth | full-year 2026 | 10 percent |
| Earnings per share | full-year 2026 | $17.30 to $17.90 |
Key takeaways
Revenue growth guidance raised to 10 percent
Management raised full-year revenue growth guidance to 10 percent on better-than-expected first-half performance. Full-year EPS guidance of $17.30 to $17.90 was kept.
Card Member spending growth is the fastest in three years
Card Member spending grew 9 percent, the highest rate in three years on an FX-adjusted basis. Billed business was $455.8 billion.
Lower credit provisions lifted earnings
Provisions for credit losses were $1.1 billion versus $1.4 billion a year ago, reflecting a reserve release rather than a build. The net write-off rate was 2.0 percent, flat year-over-year.
Expenses grew faster than revenue
Consolidated expenses were $14.5 billion, up 12 percent year-over-year, against 10 percent revenue growth. Drivers included variable customer engagement costs, the U.S. Platinum Card refresh and higher operating expenses.
Outperformance will be reinvested in growth
Management plans to reinvest the revenue outperformance in growth initiatives instead of raising its EPS guidance. It also announced the proposed acquisition of TheFork, a European restaurant booking platform.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $10.0B * |
| Q1 2025 | $9.6B |
| Q2 2025 | $10.3B |
| Q3 2025 | $10.4B |
| Q4 2025 | $10.9B * |
| Q1 2026 | $10.5B |
| Q2 2026 | $11.2B |
| Q3 2026 | $11.2B |
Data
| Q1 2025 | $3.64 |
| Q2 2025 | $4.08 |
| Q3 2025 | $4.14 |
| Q1 2026 | $4.28 |
| Q2 2026 | $4.53 |
| Q3 2026 | $5.42 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | $5.3B |
| Q1 2025 | $4.3B |
| Q2 2025 | $3.7B |
| Q3 2025 | $5.6B |
| Q4 2025 | $2.3B |
| Q1 2026 | $2.7B |
| Q2 2026 | $4.5B |
| Q3 2026 | $4.4B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were American Express's Q2 2026 results?
Revenue net of interest expense was $19.6 billion, up 10 percent, and net income was $3.1 billion. Earnings per share were $4.53, up 11 percent from $4.08 a year ago.
Did American Express change its 2026 guidance?
It raised full-year revenue growth guidance to 10 percent. It continues to expect full-year EPS of $17.30 to $17.90.
How is Card Member spending trending?
Card Member spending grew 9 percent, the highest FX-adjusted rate in three years. Billed business was $455.8 billion, and International Card Services grew fastest at 13 percent.
How is credit quality?
The net write-off rate was 2.0 percent, flat year-over-year. Provisions fell to $1.1 billion from $1.4 billion because of a reserve release versus a reserve build a year earlier.
What are the main risks to the outlook?
Expenses rose 12 percent, faster than revenue, and the effective tax rate rose to 23.6 percent from 18.7 percent. The company also cites macroeconomic and geopolitical conditions, regulation of card pricing, and the TheFork closing conditions.
Documents
SEC filing