American Express Q2 Profit Rises 8%, Tops Forecasts, Despite Higher Expenses

American Express reported an 8% rise in Q2 profit to $4.53 a share, surpassing expectations. The company's revenue growth was offset by higher expenses, but commercial spending surged to a 3-year high, boosting the stock despite a 6% drop.

American Express posted Q2 2026 earnings of $4.53 per share, up roughly 8% and ahead of the ~$4.40 consensus, on revenue of $19.64 billion, about 10% higher than a year earlier. It marked a fourth straight quarter of double-digit revenue growth for AXP.

Card member spending climbed to a 3-year high, with commercial volumes leading the acceleration. Even so, AXP shares fell about 6.5% as consolidated expenses rose 12% to $14.5 billion and the effective tax rate jumped to 24% from 19%, outpacing the top-line gain and overshadowing the beat.

American Express lifted its full-year revenue growth target to 10% but left its EPS guidance of $17.30 to $17.90 unchanged, tempering the market reaction despite the strong spending backdrop. Investors will watch whether billed-business momentum can outrun the cost and tax headwinds into the second half.

American Express Q2 Profit Rises 8%, Tops Forecasts, Despite Higher Expenses

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