Jun 2026 (Q2 FY26) — Jul 24, 2026
American Express Q2 FY26 — Strong Revenue Growth and Strategic Reinvestment
Read the full callAmerican Express (AXP) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
American Express earnings: last reported Fri, 24 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 11,212 | +8.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 3,110 | +7.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
5 of 5 judged targets kept · 24 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Launch of Center's expense management solution | Launch | Dec 2025 | I think this will us not only retain business, but actually win new business as well. It's middle market where we have seen the softness. Small business has been very strong and large in global and corporate been moving along, I believe, very nicely. So my perspective is we've seen an uptick in SME billings over the last 2 quarters. And I think the road map that we have and this financial -- the launch of the middle market expense management software will certainly help us. | Achieved |
| Marketing expense growth | up in the low single digits | Dec 2025 | We expect marketing to be up by around 10% year-over-year in the second half of the year, driven by increased investments in customer acquisition. | Revised Down |
| Card fee growth (year-end) | in the high teens | Dec 2025 | On card fees, we expect growth to accelerate in Q3 and to exit the year in the high teens, and we continue to expect credit metrics to be generally stable throughout the year. | On Track |
24 of AMERICAN EXPRESS CO's 29 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 26 more targets are in the full ledger.
Claimed
- Revenue grew 10% year-over-year.
- EPS increased 11% year-over-year to $4.53.
- Overall spend was up 9.4% FX adjusted, the highest level in 3 years.
- Net card fees grew 15.4%, reaching record levels, with 75% of new accounts on fee-paying products.
- Credit performance remains very strong, with delinquency and write-off rates below 2019 levels.
Qualified
- Full-year EPS guidance of $17.30 to $17.90 was maintained despite raising revenue guidance, due to reinvestment in growth initiatives.
- Small business co-brand portfolio sales are expected to impact spend growth by ~1 percentage point and NII by ~2.5 percentage points starting Q4 FY26.
- The VCE to revenue ratio is now expected to be slightly higher, between 44% and 45% for the full year, due to stronger spend in rewards-earning categories.
Price
$316.41 +0.90% · +$2.82
Performance −8.7% 1Y
1Y: $346.62 on 17 Oct 2025 → $316.41. High $384.89 (11 Dec 2025), low $292.27 (27 Mar 2026).
- Previous close
- $313.59
- 52-week range
- $292.27 – $384.89
- One year
- −9.46%
Overview
- Symbol
- AXP
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
5 of 5 judged targets kept · 24 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Launch of Center's expense management solution | Launch | Dec 2025 | I think this will us not only retain business, but actually win new business as well. It's middle market where we have seen the softness. Small business has been very strong and large in global and corporate been moving along, I believe, very nicely. So my perspective is we've seen an uptick in SME billings over the last 2 quarters. And I think the road map that we have and this financial -- the launch of the middle market expense management software will certainly help us. | Achieved |
| Marketing expense growth | up in the low single digits | Dec 2025 | We expect marketing to be up by around 10% year-over-year in the second half of the year, driven by increased investments in customer acquisition. | Revised Down |
| Card fee growth (year-end) | in the high teens | Dec 2025 | On card fees, we expect growth to accelerate in Q3 and to exit the year in the high teens, and we continue to expect credit metrics to be generally stable throughout the year. | On Track |
Claimed
- Revenue grew 10% year-over-year.
- EPS increased 11% year-over-year to $4.53.
- Overall spend was up 9.4% FX adjusted, the highest level in 3 years.
- Net card fees grew 15.4%, reaching record levels, with 75% of new accounts on fee-paying products.
- Credit performance remains very strong, with delinquency and write-off rates below 2019 levels.
Qualified
- Full-year EPS guidance of $17.30 to $17.90 was maintained despite raising revenue guidance, due to reinvestment in growth initiatives.
- Small business co-brand portfolio sales are expected to impact spend growth by ~1 percentage point and NII by ~2.5 percentage points starting Q4 FY26.
- The VCE to revenue ratio is now expected to be slightly higher, between 44% and 45% for the full year, due to stronger spend in rewards-earning categories.
The full ledger
Open AMERICAN EXPRESS CO’s full ledger
A free account opens 5 company ledgers a month. All 29 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 23, 2026
American Express Q1 FY26 — Record 3-year spend growth and 18% EPS gain fuel reinvestment
Read the full callDec 2025 (Q4 FY25) — Jan 30, 2026
American Express Q4 FY25 — Record Revenues and Strong EPS Growth Driven by Premium Products
Read the full callEvery analysed call
American Express earnings calls (AXP)
Financials
What the filings say
Net profit, year on year: +8% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 9,716 | 9,952 | 9,626 | 10,321 | 10,415 | 10,942 | 10,517 | 11,212 |
| Profit before tax | 3,204 | 2,756 | 3,330 | 3,550 | 3,825 | 3,090 | 3,778 | 4,071 |
| Tax rate | 21.8% | 21.3% | 22.4% | 18.7% | 24.1% | 20.3% | 21.4% | 23.6% |
| Net profit | 2,507 | 2,170 | 2,584 | 2,885 | 2,902 | 2,462 | 2,971 | 3,110 |
| EPS ($ per share) | 3.50 | — | 3.64 | 4.08 | 4.14 | — | 4.29 | 4.54 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 170 | 163 | 161 | 153 | 149 | 145 | 141 | 138 |
| Reserves | 12,499 | 13,871 | 13,837 | 13,474 | 16,279 | 19,612 | 22,148 | 25,487 |
| Total liabilities | 166,312 | 175,250 | 168,383 | 166,371 | 203,643 | 233,051 | 241,197 | 266,578 |
| Fixed assets | 4,416 | 4,834 | 5,015 | 4,988 | 5,215 | 5,138 | 5,371 | 6,118 |
| Investments | 166 | 223 | 157 | 188 | 307 | 166 | 221 | 742 |
| Total assets | 189,000 | 198,000 | 191,000 | 189,000 | 228,354 | 261,108 | 271,461 | 300,052 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 8,930 | 13,632 | 5,591 | 14,645 | 21,079 | 18,559 | 14,050 | 18,428 |
| Cash from investing | -19,615 | -16,707 | 11,632 | -10,529 | -33,689 | -24,433 | -24,402 | -22,891 |
| Cash from financing | 5,101 | -519 | -9,068 | -14,933 | 24,509 | 18,379 | 4,436 | 11,210 |
| Net cash flow | -5,455 | -3,362 | 8,519 | -10,937 | 11,886 | 12,682 | -5,956 | 7,152 |
| Capital expenditure | -1,310 | -1,645 | -1,478 | -1,550 | -1,855 | -1,563 | -1,911 | -2,425 |
| Free cash flow | 7,620 | 11,987 | 4,113 | 13,095 | 19,224 | 16,996 | 12,139 | 16,003 |
AXP revenue by segment
Commercial Services shrank from 30% to 28% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| US Consumer Services | 37% | 37% | 38% | 38% | 38% | 38% | 38% | 39% | +11.4% |
| Commercial Services | 30% | 30% | 29% | 29% | 29% | 28% | 28% | 28% | +4.1% |
| International Card Services | 18% | 18% | 18% | 18% | 19% | 19% | 19% | 18% | +9.3% |
| Global Merchant and Network Services | 15% | 16% | 15% | 15% | 15% | 15% | 16% | 15% | +9.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
AXP operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 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 | — | — | — | -0.1 pt |
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.
Insider filings
73 filings between Oct 21, 2025 and Aug 18, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$62.96M
24 sales by 11 insiders
25% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 20
- Award — granted as compensation
- 3
- Option exercise — converted options into shares
- 20
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 gifts, 1 other.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Rutledge Elizabeth | — | $18.01M | Oct 31, 2025 |
| Pickett Denise | — | $10.10M | Feb 5, 2026 |
| Marrs Anna | — | $9.60M | Feb 5, 2026 |
| Radhakrishnan Ravikumar | — | $5.35M | Feb 9, 2026 |
| Joabar Raymond | — | $5.32M | Mar 13, 2026 |
| Seeger Laureen | — | $4.60M | Feb 9, 2026 |
| Herena Monique | — | $2.97M | Aug 18, 2026 |
| Grosfield Howard | — | $2.82M | Feb 12, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 18, 2026 | Herena Monique Chief Colleague Exp. Officer | Sale | 8,811 | $2.97M |
| Jun 15, 2026 | McNeal Glenda G Chief Partner Officer | Sale | 7,033 | $2.39M |
| Mar 13, 2026 | Joabar Raymond Grp. Pres., Global Comm. Serv. | Sale | 16 | $4.8K |
| Mar 6, 2026 | Lieberman Quinn Jessica EVP - Controller | Sale | 3,032 | $909.7K |
| Mar 2, 2026 | Joabar Raymond Grp. Pres., Global Comm. Serv. | Sale | 24 | $7.4K |
| Feb 19, 2026 | Joabar Raymond Grp. Pres., Global Comm. Serv. | Sale | 2,840 | $965.7K |
| Feb 19, 2026 | Joabar Raymond Grp. Pres., Global Comm. Serv. | Sale | 3,348 | $1.14M |
| Feb 19, 2026 | Joabar Raymond Grp. Pres., Global Comm. Serv. | Sale | 2,835 | $961.0K |
| Feb 19, 2026 | Joabar Raymond Grp. Pres., Global Comm. Serv. | Sale | 4,977 | $1.70M |
| Feb 12, 2026 | Grosfield Howard Group Pres., U.S. Cons. Serv. | Sale | 8,134 | $2.82M |
| Feb 9, 2026 | Radhakrishnan Ravikumar Chief Information Officer | Sale | 8,362 | $2.98M |
| Feb 9, 2026 | Seeger Laureen Chief Legal Officer | Sale | 12,737 | $4.60M |
| Feb 9, 2026 | Radhakrishnan Ravikumar Chief Information Officer | Sale | 6,638 | $2.37M |
| Feb 5, 2026 | Marrs Anna Group Pres., GMNS | Option exercise | 14,992 | $2.60M |
| Feb 5, 2026 | Marrs Anna Group Pres., GMNS | Sale | 27,425 | $9.60M |
| Feb 5, 2026 | Pickett Denise Pres., Enterprise Shared Serv. | Sale | 23,385 | $8.35M |
| Feb 5, 2026 | Pickett Denise Pres., Enterprise Shared Serv. | Option exercise | 12,660 | $2.20M |
| Feb 1, 2026 | Grosfield Howard Group Pres., U.S. Cons. Serv. | Tax withheld | 9,146 | $3.22M |
| Feb 1, 2026 | Buckminster Douglas E. Vice Chairman | Tax withheld | 710 | $250.0K |
| Feb 1, 2026 | Rutledge Elizabeth Chief Marketing Officer | Award | 72 | — |
| Feb 1, 2026 | Buckminster Douglas E. Vice Chairman | Tax withheld | 20,933 | $7.37M |
| Feb 1, 2026 | Radhakrishnan Ravikumar Chief Information Officer | Tax withheld | 9,864 | $3.47M |
| Feb 1, 2026 | Radhakrishnan Ravikumar Chief Information Officer | Award | 20,182 | — |
| Feb 1, 2026 | Lieberman Quinn Jessica EVP - Controller | Tax withheld | 2,843 | $1.00M |
| Feb 1, 2026 | Buckminster Douglas E. Vice Chairman | Award | 38,154 | — |
| Feb 1, 2026 | Buckminster Douglas E. Vice Chairman | Award | 1,728 | — |
| Feb 1, 2026 | Rutledge Elizabeth Chief Marketing Officer | Tax withheld | 40 | $14.1K |
| Feb 1, 2026 | Grosfield Howard Group Pres., U.S. Cons. Serv. | Award | 17,280 | — |
| Feb 1, 2026 | Pickett Denise Pres., Enterprise Shared Serv. | Tax withheld | 10,287 | $3.62M |
| Feb 1, 2026 | Herena Monique Chief Colleague Exp. Officer | Award | 18,800 | — |
| Feb 1, 2026 | Pickett Denise Pres., Enterprise Shared Serv. | Award | 21,012 | — |
| Feb 1, 2026 | McNeal Glenda G Chief Partner Officer | Tax withheld | 6,090 | $2.14M |
| Feb 1, 2026 | Marrs Anna Group Pres., GMNS | Tax withheld | 829 | $291.9K |
| Feb 1, 2026 | Marrs Anna Group Pres., GMNS | Award | 2,016 | — |
| Feb 1, 2026 | Marrs Anna Group Pres., GMNS | Tax withheld | 13,637 | $4.80M |
| Feb 1, 2026 | Rutledge Elizabeth Chief Marketing Officer | Award | 8,985 | — |
| Feb 1, 2026 | Marrs Anna Group Pres., GMNS | Award | 24,883 | — |
| Feb 1, 2026 | Marquez Rafael President, International Card | Tax withheld | 8,122 | $2.86M |
| Feb 1, 2026 | Marquez Rafael President, International Card | Award | 17,280 | — |
| Feb 1, 2026 | Le Caillec Christophe Chief Financial Officer | Tax withheld | 9,146 | $3.22M |
| Feb 1, 2026 | Rutledge Elizabeth Chief Marketing Officer | Tax withheld | 4,562 | $1.61M |
| Feb 1, 2026 | McNeal Glenda G Chief Partner Officer | Award | 11,750 | — |
| Feb 1, 2026 | Le Caillec Christophe Chief Financial Officer | Award | 17,280 | — |
| Feb 1, 2026 | Joabar Raymond Grp. Pres., Global Comm. Serv. | Tax withheld | 13,045 | $4.59M |
| Feb 1, 2026 | Joabar Raymond Grp. Pres., Global Comm. Serv. | Award | 24,330 | — |
| Feb 1, 2026 | Lieberman Quinn Jessica EVP - Controller | Award | 5,875 | — |
| Feb 1, 2026 | Herena Monique Chief Colleague Exp. Officer | Tax withheld | 9,989 | $3.52M |
| Feb 1, 2026 | Seeger Laureen Chief Legal Officer | Award | 25,988 | — |
| Feb 1, 2026 | Seeger Laureen Chief Legal Officer | Tax withheld | 14,119 | $4.97M |
| Feb 1, 2026 | Seeger Laureen Chief Legal Officer | Award | 1,152 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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