As Cardholder Spending Rises, American Express’s Revenue and Profit Both Increase

	Special topic: Focusing on the U.S. stock market’s Q2 2026 earnings reports
　　Net revenue, after interest expense, at this credit card company rose year over year by 10% to $19.64 billion
　　Key takeaways
　　Benefiting from cardholder spending growth, American Express’s second-quarter net profit was $3.11 billion, higher than $2.89 billion in the same period last year.
　　American Express (driven by cardholder spending growth, with second-quarter revenue and profit rising in parallel).
　　This credit card company reported on Friday that its second-quarter net profit for the period ended June 30 was $3.11 billion, equivalent to earnings per share of $4.53. In the same period last year, net profit was $2.89 billion, with earnings per share of $4.08. Analysts’ earnings per share expectations compiled by FactSet were $4.40, and this report came in above estimates.
　　Net revenue excluding interest expense increased 10% year over year to $19.64 billion; analysts surveyed by FactSet had previously expected revenue of $19.7 billion.
　　The key driver behind revenue growth was a 9% increase in cardholder spending, reaching the highest growth rate in three years.
　　Credit card fee income rises with card transaction volumes, and the increase in cardholders’ outstanding balances also boosts net interest income.
　　Stephen Squires, CEO, said: “Overall business conditions in the first half of the year exceeded our earlier expectations.”
　　American Express plans to continuously reinvest its current excess earnings into various growth initiatives, with a focus on expanding the annual-fee credit card ecosystem—cards that come with multiple exclusive benefits. In the second quarter, AmEx plans to acquire European dining reservation platform TheFork to expand dining-related benefits and perks.
　　The AmEx Platinum Card is one of the company’s highest annual-fee and most benefit-rich card offerings; it is currently one of the fastest-growing products in the U.S. individual card spending segment.
　　Updated full-year performance guidance
　　American Express raised its full-year revenue growth outlook, now expecting full-year revenue to rise 10%, previously guided at 9%~10%. Full-year earnings per share guidance was kept unchanged in the original range of $17.30~$17.90.