American Express reported first‑quarter 2026 results that surpassed analyst expectations, with revenue of $18.91 billion and earnings per share of $4.28. The company’s net income rose to $2.97 billion, driven by a 10% increase in billed business and a 10% rise in card‑member spending, the strongest quarterly rate in three years.
Revenue grew 11% year‑over‑year to $18.91 billion, up from roughly $17.0 billion in Q1 2025. The increase was largely supported by robust demand in the international segment, which expanded faster than the U.S. Consumer Services and Global Commercial Services divisions. The 11% growth reflects a mix of higher card‑fee income and a favorable shift toward premium travel and luxury retail spending.
Net income climbed to $2.97 billion, a 10% year‑over‑year gain that reflects disciplined cost management and the continued strength of the company’s premium‑customer base. Billed business grew 10% and card‑member spending rose 10%, with luxury retail spending up 18% and travel spending up 11%, underscoring the effectiveness of the U.S. Platinum Card refresh and other product initiatives.
The company reaffirmed its full‑year 2026 outlook, maintaining revenue growth guidance of 9% to 10% and earnings per share guidance of $17.30 to $17.90. It also announced plans to increase marketing and technology spending to support long‑term growth. "Given our strong results to date and our confidence going forward, we've decided to increase our investments in marketing and technology to capitalize on key growth opportunities and build on our momentum," said CEO Stephen Squeri.
CFO Christophe Le Caillec highlighted the segment mix, noting, "Very strong growth across the board. I think in goods and services, the highlight is retail spend (which) was up 11 per cent and when you look at luxury retail, it's up 18 per cent." The CFO also added, "Credit numbers are incredibly strong... we see no noise or concerns there."
Management acknowledged headwinds from macro‑economic uncertainty and the Iran war’s impact on travel cancellations, but emphasized tailwinds from a resilient premium customer base, successful product refreshes, and a growing appeal to younger consumers. "Against the backdrop of an unstable world, we saw record billings, and are seeing great engagement from our Platinum refresh," Squeri said, adding that "the younger generation is more equipped for the changing dynamics in the world today. They are more adaptable, more technology savvy."
Market reaction to the earnings was mixed, with pre‑market trading showing a slight decline of about 1%. The beat on both revenue and earnings was noted by analysts, but broader market uncertainty tempered investor enthusiasm.
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