American Express Company reported second-quarter 2026 net income of $3.1 billion, up 8 percent from $2.9 billion a year earlier, with diluted earnings per share of $4.53, an 11 percent increase from $4.08 a year ago. Revenue net of interest expense rose 10 percent year over year to $19.6 billion, driven primarily by higher Card Member spending and increased net interest income supported by growth in card balances, along with strong card fee growth. Billed business increased 9 percent to $455.8 billion.
Based on stronger-than-expected performance in the first half of the year, American Express raised its full-year 2026 revenue growth guidance to 10 percent, while maintaining its earnings per share outlook of $17.30 to $17.90. Consolidated provisions for credit losses declined to $1.1 billion from $1.4 billion a year earlier, reflecting a reserve release during the quarter compared to a reserve build in the prior year, partially offset by higher net write-offs; the net write-off rate held flat year over year at 2.0 percent. Consolidated expenses rose 12 percent to $14.5 billion, driven by higher variable customer engagement costs tied to increased Card Member spending, the U.S. Platinum Card refresh, and higher usage of Card Member benefits.
The company said its Platinum portfolio is now the fastest growing in its U.S. Consumer business and that it continued to attract new customers, particularly Millennials and Gen Z consumers. During the quarter, American Express announced a proposed acquisition of TheFork, a European restaurant booking platform with 50,000 restaurants across 11 countries, and piloted a new expense management platform with an initial group of middle-market customers. The company also enabled Membership Rewards points redemption for U.S. Card Members using Apple Pay, introduced new travel benefits for Delta SkyMiles Card Members, became the Official Payments Partner of Fanatics, and announced a new global partnership with ALL Accor, the loyalty platform for Accor’s portfolio of 45 brands including Raffles, Fairmont, and Sofitel. American Express also ranked first in the JD Power 2026 U.S. Credit Card Mobile App and Online Satisfaction Studies.
KEY QUOTE:
“We had another excellent quarter, with 10 percent revenue growth, EPS of $4.53, and Card Member spending growth of 9 percent, the highest rate we’ve seen in three years on an FX-adjusted basis. Based on our better-than-expected performance in the first half of the year, we are raising our full-year revenue growth guidance to 10 percent and plan to reinvest this outperformance in growth initiatives given the significant opportunities we see ahead. We continue to expect full-year EPS of $17.30 to $17.90. Six months into the year, we’re seeing stronger momentum than we expected. The investments we made in our value propositions have driven accelerated spend and revenue growth; our Platinum portfolio is now the fastest growing in our U.S. Consumer business; our best-in-class credit performance further strengthened; and we continued to attract a large number of new customers, particularly Millennials and Gen-Zs who represent greater lifetime value.”
Stephen J. Squeri, Chairman and Chief Executive Officer, American Express
