AXP American Express (AXP) Q2 FY26 earnings call
American Express delivered another strong quarter, driven by robust revenue and spend growth, particularly from its premium Platinum products and younger customer cohorts. The company raised its full-year revenue guidance to 10% but maintained EPS guidance, opting to reinvest outperformance into strategic growth initiatives like technology, customer acquisition, and the acquisition of TheFork, rather than dropping it to the bottom line. This strategy aims to sustain long-term growth and leverage the company's strong credit performance and premium customer base.
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AXP operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| New cards acquired | 3.4MWe also continue to grow our customer base, adding 3.4 million new cards in the quarter.Source: earnings call transcript | 3.1MWe acquired 3.1 million new cards in Q2 within the range of recent quarters.Source: earnings call transcript | 3.2MWe acquired 3.2 million new cards in the quarter.Source: earnings call transcript | 3.1MLooking at New Card acquisition, we acquired 3.1 million new COGS in the quarter with continued momentum in acquiring younger customers and attracting new customers onto our fee-paying products.Source: earnings call transcript | 3MWe acquired 3 million new cards in the quarter with continued momentum in acquiring younger customers and attracting new customers onto our fee-paying products.Source: earnings call transcript | — | -3.2% |
| Common equity tier 1 ratio (CET1) | 10.7%Our CET1 ratio was 10.7% within our 10% to 11% target range.Source: earnings call transcript | 10.6%Our CET1 ratio was 10.6%, within our 10% to 11% target range.Source: earnings call transcript | — | — | — | 10.9%And we ended the quarter with a CET1 ratio of 10.9%, reflecting the gain from the sale of GBTG that happened at the end of the quarter.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.