Slide 1: American Express Earnings Conference Call Q2'26
American Express Earnings Conference Call Q2'26 JULY 24, 2026
Slide 2: Business Highlights
Business Highlights • Q2 2026 revenue growth of 10%, and EPS of $4.53, up 11% YoY • Raising FY 2026 revenue growth guidance to 10%, and reaffirming EPS guidance of $17.30 - $17.90 with increased investments in growth opportunities • Announced the proposed acquisition of TheFork, a leading European r
Slide 3: Summary Financial Performance
Summary Financial Performance $ in millions, except per share amounts; % Increase/(decrease) vs. Prior year YoY% YoY% Q2’26 YTD’26 Inc/(Dec) Inc/(Dec) Total Revenues Net of Interest Expense $19,637 10% $38,544 11% FX-Adjusted* 10% 10% Pretax Income $4,071 15% $7,849 14% Net Income $3,110 8% $6,082 1
Slide 4: Total Billed Business
Total Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted unless otherwise stated) 15% 10% 10% 9% 9% 9% Reported 7% 9% 9% FX Adjusted 8% 8% 7% 5% 0% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 G&S 7% 9% 8% 8% 9% T&E 5% 8% 8% 9% 10% See Annex 1 for reported billings grow
Slide 5: U.S. Consumer Services Billed Business
U.S. Consumer Services Billed Business % Increase/(decrease) vs. Prior year 15% 11% G&S, 11% YoY 10% T&E, 13% YoY 10% 9% 9% 7% 5% 0% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'26 Gen-Z Millennials Gen-X Baby Boomer + Total YoY 40% 14% 10% 5% 11% % of Total 7% 31% 36% 27% 100% Subtotals may not sum due to roun
Slide 6: Commercial Services Billed Business
Commercial Services Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted) 15% 10% 5% G&S, 4% YoY 5% 4% 4% 3% T&E, 8% YoY 2% 0% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'26 U.S. SME U.S. Large & Global Corp. Total YoY 5% 5% 5% % of Total 81% 19% 100% SME refers to small and mid-sized businesses w
Slide 7: International Card Services Billed Business
International Card Services Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted unless otherwise stated) 25% 20% 20% 17% 15% 15% 14% 13% Reported FX G&S, 14% YoY 13% 13% 10% 12% 12% 12% Adjusted T&E, 9% YoY 5% 0% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'26 Int’l Consumer Int’l SME & Large Corp
Slide 8: Transaction Growth
Transaction Growth % Increase/(decrease) vs. Prior year 15% 10% 10% 10% 10% 9% 9% 5% 0% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Transactions represent global merchant transactions (excluding ATM transactions and balance transfers) on cards issued by American Express, net of returns. 8
Slide 9: New Acquisitions
New Acquisitions Proprietary New Proprietary New Cards Acquired Accounts Acquired in millions Q2’2026 3.1 3.2 3.1 3.0 2.9 Global Consumer 0.9 1.0 0.9 1.0 0.9 International Card Services 65 % New Accounts Acquired from Millennial / Gen-Z 0.7 0.7 Commercial 0.7 0.8 0.8 Services 75 % 1.5 1.5 1.3 1.3 1.
Slide 10: Total Balances and Billed Business
Total Balances and Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted) Total Balances Billed Business 9% 9% 9% 8% 8% 7% 7% 7% 7% 6% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Total Balances includes Card Balances held for investment and Other Loans. See the Statistical Tables for more information
Slide 11: Credit Metrics
Credit Metrics 30+ Days Past Due Net Write-off Rates % of Card Balances % of Average Card Balances 2.1% 2.0% 2.0% 2.0% 1.9% 1.3% 1.3% 1.3% 1.3% 1.2% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Net write-off rates based on principal losses only and both net write-off rates and 30+ day
Slide 12: Total Provision
Total Provision $ in millions $1,405 $1,414 Total Provision $1,287 $141 $1,251 $1,084 $222 Reserve $125 Build/(Release) $1,273 $1,275 $1,275 Write-offs $1,183 $1,162 ($24) ($191) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Reserve Rate for 2.9% 2.9% 2.9% 2.8% 2.7% Total Balances See Variance Commentary in the app
Slide 13: Revenue Performance
Revenue Performance $ in millions; % Increase/(decrease) vs. Prior year Q2'26 Q2'25 Reported FX-Adjusted* YoY% Inc/(Dec) YoY% Inc/(Dec) Discount Revenue $10,163 $9,361 9% 8% Net Card Fees $2,862 $2,480 15% 15% Service Fees and Other Revenue $1,963 $1,828 7% 7% Net Interest Income $4,649 $4,187 11% 1
Slide 14: Net Card Fees
Net Card Fees $ in billions - % Increase/(decrease) vs. Prior year & CAGR (FX-adjusted) Net Card Fees (Q2: 2019-2026) Net Card Fees YoY% (Q2’24-Q2’26) 17% / Year 30% % CAGR Q3-Q4 Outlook: $2.9 25% Q3: Acceleration in YoY Growth Q4: Exit in high-teens $2.5 20% 20% 20% 19% 18% $2.1 17% 16% 16% 16% $1.
Slide 15: Premium Lending
Premium Lending Net Interest Income NII: Volume & Margin Drivers $ in billions - % Increase/(decrease) vs. Prior year (FX-adjusted) CAGR % vs. Q2’19 (FX-adjusted except Margin) $4.7 $4.6 Q2’26 vs. Q2’19 $4.5 $4.5 $4.2 CAGR % Billed Business 8% Net Interest Income 12% YoY 12% 12% 12% 12% 11% Growth V
Slide 16: Deposits
Deposits Deposit Balance Growth $ in billions - % Increase/(decrease) vs. Prior year ~75% ~10% 12% Deposit Balances Held by U.S Card Members U.S. Card Members Have an AXP Deposit Account 10% 10% 9% 9% ~60% 92% Consumer Deposit Accounts Held by FDIC Insured Deposits* Millennials & Gen-Z Q2'25 Q3'25 Q
Slide 17: Total Revenues Net of Interest Expense
Total Revenues Net of Interest Expense $ in billions - % Increase/(decrease) vs. Prior year 15% 11% 11% 10% 10% Reported 10% 9% 11% 10% 10% FX Adjusted 9% 9% 5% 0% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 $B $17.9 $18.4 $19.0 $18.9 $19.6 Revenues Net of Interest Expense YoY growth
Slide 18: Expense Performance
Expense Performance YoY% $ in millions Inc/(Dec) YoY% Q2'26 Q4'24 Q2'25 Inc/(Dec) Card Member Rewards $5,051 $4,618 9% Business Development $1,755 $1,589 10% Card Member Services $1,949 $1,301 50% Q2'26 VCE % of Revenue Variable Customer Engagement Expenses $8,755 $7,508 17% 44.6% Marketing $1,650 $
Slide 19: Capital
Capital Capital Return & Common Shares Outstanding Increase in 701 696 $ in billions; Common Shares Outstanding in millions 58 % Quarterly Dividend per Common Share (3 Year2) 689 686 682 675 Common Shares Outstanding Net Income $2.9 $0.6 $2.3 $2.9 $0.6 Dividends 76 % Returned to Common Shareholders
Slide 20: 2026 Guidance
2026 Guidance Original Updated Revenue Growth: Revenue Growth: 9% - 10% 10% EPS: EPS: $17.30 - $17.90 $17.30 - $17.90 Our ability to achieve our 2026 guidance is subject to the macroeconomic environment, as well as contingencies and other factors beyond our control. Refer to "Cautionary Note Regardi
Slide 21: Appendix
Appendix
Slide 22: Q2'26 Network Volumes Growth by Customer Type
Q2’26 Network Volumes Growth by Customer Type % Increase/(decrease) vs. Prior Year (FX-adjusted) U.S. Consumer Services: Commercial Services: International Card Services: 11% 5% 12% 12% 12% 11% 9% 5% 5% % of Total U.S. U.S. U.S. Large & Int’l Int’l SME & Processed Network Volumes Consumer SME Global
Slide 23: FX Impact on Billed Business
FX Impact on Billed Business Q2’26 Billed Business YoY Change in USD* vs. Currency as a % of Total Strengthened / (Weakened) Euro € 5% (1%) UK £ 6% 1% Japan ¥ 4% 11% Australia $ 5% (9%) Canada $ 3% 1% Mexico $ 2% (10%) Top 6 Intl. Currencies 24% (1%)** All Other Intl. Currencies 3% Billed Business b
Slide 24: Travel & Entertainment Billed Business
Travel & Entertainment Billed Business Q2'26 Restaurants Lodging Airlines Other Total T&E YoY Growth 10% 5% 10% 14% 10% % of Total Billed Business 8% 6% 6% 9% 28% All growth rates reflect FX-adjusted rates. See Slide 3 for an explanation of FX-adjusted information. Subtotals may not sum due to round
Slide 25: Credit Reserve Macroeconomic Scenarios: Select Variables
Credit Reserve Macroeconomic Scenarios: Select Variables U.S. Unemployment Rate % U.S. GDP Growth* % 10% 6% 9% 5% 8% 4% 3% 7% 2% 6% 1% 5% 0% 4% (1)% 3% (2)% 2% (3)% 1% (4)% 0% (5)% Q1'26 Q4'27 Q3'25 Q2'28 Q3'26 Q4'26 Q1'28 Q2'25 Q1'27 Q4'25 Q1'27 Q2'28 Q4'25 Q3'27 Q1'26 Q2'26 Q2'27 Q1'28 Q1'25 Q2'26
Slide 26: Funding and Deposits
Funding and Deposits Funding Mix Deposit Programs 92% FDIC $ in billions $ in billions insured at Q2'26 $210 $216 $151 $156 Short-term 1% 1% Funding Third Party 6% 5% 7% 6% CDs Card ABS* 9% Third Party 10% 21% Unsecured Sweep 21% 2% 2% Funding** Checking Savings and 81% 83% 73% Direct CDs 72% Deposi
Slide 27: Additional Commentary – Variance Analysis
Additional Commentary – Variance Analysis The following summary provides selected variance information for the three months ended June 30, 2026 compared to the same period in the prior year. It should be read in conjunction with the statistical tables for Q2'26, available at ir.americanexpress.com.
Slide 28: Additional Commentary – Variance Analysis
Additional Commentary – Variance Analysis • Card Member Rewards Expense: Increased 9 percent versus Q2'25, primarily driven by higher billed business and changes to the Membership Rewards Program for U.S. Business Platinum cards, partially offset by a benefit from enhancements to the models that est
Slide 29: Annex 1 (1 of 2)
Annex 1 (1 of 2) Billed Business and Processed Volumes – Reported & FX-Adjusted* % Increase/(decrease) vs. Prior year Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Billed Business Reported 7% 9% 9% 10% 9% FX-Adjusted* 7% 8% 8% 9% 9% Reported Billed Business Q2’19 - Q2’26 CAGR 8% FX-Adjusted Billed Business Q2’19 -
Slide 30: Annex 1 (2 of 2)
Annex 1 (2 of 2) Billed Business – Reported & FX-Adjusted* % Increase/(decrease) vs. Prior year Q2'26 Q2'26 Reported FX-Adj.* Reported FX-Adj.* U.S. Large and Global Corp. 5% 5% International Consumer 13% 12% Commercial Services International SME & Large Corp. 13% 12% Total Billed Business 5% 5% Int
Slide 31: Annex 2
Annex 2 Total Balances – Reported & FX-Adjusted* $ in billions Q2'19 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 GAAP Total Balances $146 $199 $202 $208 $207 $212 $216 $225 $224 $229 FX-Adjusted Total Balances* $144 $200 $202 $211 $209 $211 YoY% Inc/(Dec) in GAAP Total Balances 7% 7% 8% 8%
Slide 32: Annex 3
Annex 3 Revenue – Reported & FX-Adjusted* $ in millions YoY% Q2'26 Q2'25 Inc/(Dec) Discount Revenue $10,163 $9,361 9% FX-Adjusted* $9,373 8% Net Card Fees $2,862 $2,480 15% FX-Adjusted* $2,479 15% Service Fees and Other Revenue $1,963 $1,828 7% FX-Adjusted* $1,833 7% Net Interest Income $4,649 $4,18
Slide 33: Annex 4
Annex 4 Net Card Fees – Reported & FX-Adjusted* $ in billions Q2'19 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 GAAP Net Card Fees $1.0 $1.8 $1.8 $1.9 $2.0 $2.1 $2.2 $2.2 $2.3 $2.5 $2.6 $2.6 $2.8 $2.9 FX-Adjusted Net Card Fees* $1.0 $1.8 $1.8 $1.9 $2.0 $2.1 $2.2 $2.
Slide 34: Annex 5
Annex 5 Net Interest Income – Reported & FX-Adjusted* $ in billions Q2'19 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 GAAP Net Interest Income $2.1 $3.7 $4.0 $4.0 $4.2 $4.2 $4.5 $4.5 $4.7 $4.6 FX-Adjusted Net Interest Income* $2.1 $3.7 $4.0 $4.1 $4.2 $4.2 YoY% Inc/(Dec) in GAAP Net Interes
Slide 35: Annex 6
Annex 6 Revenues Net of Interest Expense – Reported & FX-Adjusted* $ in billions Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 YTD'25 Q1'26 Q2'26 YTD'26 GAAP Revenues Net of Interest Expense $16.3 $16.6 $17.2 $17.0 $17.9 $18.4 $19.0 $34.8 $18.9 $19.6 $38.5 FX-Adjusted Revenues Net of Interest $16.4 $16.
Slide 36: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which address American Express Company’
Slide 37: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • net card fee revenues not growing consistent with the company’s expectations for 2026 and beyond, which could be impacted by, among other things, the pace of Card Member acquisition activity and demand for the company’s fee-based products; highe
Slide 38: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • the actual amount to be spent on Card Member rewards and services and business development in 2026 and beyond, and the relationship of these variable customer engagement expenses to revenues, which could be impacted by the investments and enhanc
Slide 39: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • the company’s tax rate not remaining consistent with expectations, which could be impacted by, among other things, further changes in tax laws and regulation, the implementation by jurisdictions of the Organization for Economic Cooperation and D
Slide 40: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • the company’s ability to build on its leadership in commercial payments and successfully roll out new commercial products and solutions in 2026, which will depend in part on competition, including from financial technology companies and as a res
Slide 41: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • the company’s ability to satisfy the closing conditions related to its proposed acquisition of TheFork, including completion of a labor consultation process and receipt of regulatory approvals, and consummate the transaction; the underlying assu
Slide 42: American Express
AMERICAN EXPRESS