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AXP · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A strong quarter — total revenues net of interest expense rose 10% to $19.6B on 9% higher Card Member spending, 15% growth in net card fees and 11% higher net interest income; expenses grew faster (12%, with Card Member services up 50% after the U.S. Platinum Card refresh) and the tax rate rose to 23.6% from 18.7%, so net income grew 8% to $3.1B while EPS rose 11% to $4.53 on 3% fewer shares.
Net Income
$3,110M
up 7.8% y/y
Total Revenues Net of Interest Expense
$19,637M
up 10.0% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Discount Revenue | $10,163 · +8.6% |
| Net Card Fees | $2,862 · +15.4% |
| Service Fees & Other | $1,963 · +7.4% |
| Net Interest Income | $4,649 · +11.0% |
| Total Revenues Net of Interest Expense | $19,637 · +10.0% |
| Expenses | $14,482 · +12.3% |
| Provisions for Credit Losses | $1,084 · -22.8% |
| Pretax Income | $4,071 · +14.7% |
| Income Tax | $961 · +44.5% · 23.6% effective rate |
| Net Income | $3,110 · +7.8% · EPS diluted $4.53 |
Verdict: a strong quarter — total revenues net of interest expense rose 10% to $19.6B on 9% higher Card Member spending, 15% growth in net card fees and 11% higher net interest income; expenses grew faster (12%, with Card Member services up 50% after the U.S. Platinum Card refresh) and the tax rate rose to 23.6% from 18.7%, so net income grew 8% to $3.1B while EPS rose 11% to $4.53 on 3% fewer shares.
Diluted EPS $4.53 (up 11%); FY 2026 revenue growth guidance raised to 10%, EPS guidance of $17.30 to $17.90 reaffirmed; average diluted shares 679M (down 3%); dividend $0.95 per share (up 16%); net write-off rate 2.0%.
Source and notation
* marks non-cash / ≈ estimated. Source: American Express earnings release and statistical tables, 8-K EX-99.1/99.2 (SEC EDGAR).
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Chart: “AXP Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/axp/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/axp/q2-2026"><img src="https://whoreportstoday.com/t/axp/q2-2026/sankey.png" alt="AXP Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/axp/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/axp/q2-2026">AXP Q2 2026 earnings chart (Who Reports Today)</a>
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- Revenue is total revenues net of interest expense, $19,637M (up 10%): discount revenue $10,163M (up 9%), net card fees $2,862M (up 15%), service fees and other revenue $1,963M (up 7%) and net interest income $4,649M (up 11%).
- Provisions for credit losses fell 23% to $1,084M: a reserve release this quarter versus a reserve build a year ago, partly offset by higher net write-offs; the net write-off rate was 2.0%, flat year over year.
- Expenses rose 12% to $14,482M: Card Member rewards $5,051M (up 9%), Card Member services $1,949M (up 50%, the U.S. Platinum Card refresh and benefit usage), salaries and employee benefits $2,344M (up 9%), business development $1,755M (up 10%) and marketing $1,650M (up 6%).
- The effective tax rate was 23.6% versus 18.7% a year ago, when discrete tax benefits lowered it: income tax rose 45% while pretax income rose 15%.
- Diluted EPS of $4.53 grew 11%, faster than net income (8%), as average diluted shares fell 3% to 679M.
- During the quarter American Express announced the proposed acquisition of TheFork, a European restaurant booking platform with 50,000 restaurants across 11 countries.
What distorts the picture in this report and what to watch beyond the headlines.
AXP — American Express is a financial services company specializing in payment cards, including credit and charge cards.
It operates a global network for card transactions and provides travel and business services, headquartered in New York City, USA.
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