AmEx lifts 2026 revenue outlook after Q2 beat

American Express (AXP) delivered a solid second quarter for the period ended June 30, 2026, posting GAAP earnings per share of $4.53, ahead of consensus estimates. Total revenues, net of interest expense, reached about $19.6 billion, representing roughly 10% growth compared with the same quarter a year earlier. The results highlight robust customer activity across the card portfolio during the quarter.

Billed business, the company’s key measure of total card volume, rose 9% to $455.8 billion. This increase indicates higher spending levels among card members and underpins the company’s revenue expansion. Management pointed to continued strength among its customer base as a driver of the higher volumes.

Credit quality metrics also supported the quarterly performance. American Express (AXP) recorded consolidated provisions for credit losses of $1.1 billion in the second quarter, down from $1.4 billion a year earlier. The lower provision level suggests that expected credit losses on the portfolio have moderated compared with the prior-year period.

The decline in credit-loss provisions provided an additional tailwind to earnings in the quarter. This development, combined with higher revenues from increased spending, contributed to the company’s ability to exceed profit expectations for the period.

On the back of the stronger-than-anticipated first-half performance, American Express (AXP) raised its full-year 2026 revenue growth outlook to 10%. The company left its full-year earnings-per-share guidance unchanged in a range of $17.30 to $17.90. This combination signals confidence in continued top-line expansion while maintaining prior profitability targets.

Chief Executive Officer Stephen Squeri noted that the business is seeing stronger momentum in the first half of the year. He said that investments in American Express’s value propositions have driven accelerated spend and revenue growth, supporting both the upgraded revenue outlook and the current guidance on earnings.

Management emphasized that continued investment in the company’s value propositions is a central element of its growth strategy. These investments are intended to enhance the appeal of American Express products and encourage higher card member engagement and spending. The second-quarter results and raised revenue guidance indicate that this approach has so far translated into higher billed business and revenue.

Taken together, the quarter’s performance, the reduction in provisions for credit losses, and the updated outlook position American Express for continued growth in 2026. At the same time, the decision to keep earnings guidance unchanged suggests an ongoing balance between reinvestment in the franchise and delivering on profit objectives.