American Express Company · NYSE:AXP
American Express — Q1 2026 Earnings Presentation
44 slides from American Express's earnings presentation, Apr 23, 2026
Slide 1: American Express Earnings Conference Call Q1'26
American Express Earnings Conference Call Q1'26 APRIL 23, 2026
Slide 2: Business Highlights
Business Highlights • Q1 2026 revenue growth of 11%, and EPS of $4.28, up 18% YoY • Named the Official Payments Partner of the NFL and announced a multi-year partnership extension with the NBA across league platforms, including the WNBA • Launched the American Express Graphite™ Business Cash Unlimit
Slide 3: Summary Financial Performance
Summary Financial Performance $ in millions, except per share amounts; % Increase/(decrease) vs. Prior year YoY% Q1'26 Q1'25 Inc/(Dec) Total Revenues Net of Interest Expense $18,907 $16,967 11% FX-Adjusted* $17,210 10% Net Income $2,971 $2,584 15% Diluted EPS** $4.28 $3.64 18% Average Diluted Shares
Slide 4: Total Billed Business
Total Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted unless otherwise stated) 15% Leap Year Approx. (1%) 10% Reported 10% 9% 9% 7% 9% 6% 8% 8% 7% 5% 6% 0% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 G&S 7% 7% 9% 8% 8% T&E 6% 5% 8% 8% 9% See Annex 1 for reported bil
Slide 5: U.S. Consumer Services Billed Business
U.S. Consumer Services Billed Business % Increase/(decrease) vs. Prior year 15% Leap Year Approx. (1%) 10% G&S, 9% YoY 10% 9% 9% T&E, 11% YoY 7% 7% 5% 0% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'26 Gen-Z Millennials Gen-X Baby Boomer + Total YoY 38% 13% 8% 4% 10% % of Total 6% 30% 36% 28% 100% 5
Slide 6: U.S. Consumer Platinum Performance
U.S. Consumer Platinum Performance Spend Growth is Accelerating Retention Rates Remain High and Very Stable % Increase/(decrease) vs. Prior year Anniversary Month + ~6 percentage points 2025 January 2026 2025 February 2026 2025 March 2026 // // Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 90% 90.000% 100% 100.000%
Slide 7: U.S. Consumer: Membership Model Engagement
U.S. Consumer: Membership Model Engagement Card Member Spend Growth Rates; % Increase/(decrease) vs. Prior year Lodging Restaurants Airlines Q1’2026 Spend Growth Q1’2026 Spend Growth Q1’2026 Spend Growth 10x 2x 2x 5% 50% 10% 20% 11% 21% U.S. Consumer Fine Hotels + U.S. Consumer U.S. Resy U.S. Consum
Slide 8: Membership Model Engagement: Proprietary Lodging Assets
Membership Model Engagement: Proprietary Lodging Assets Lodging Spend Growth Fine Hotels + Resorts and % Increase/(decrease) vs. Prior year The Hotel Collection Fine Hotels + Resorts and The Hotel Collection 50% 3,400+ Premium Global Properties U.S. Consumer Services 300+ New Properties Selected out
Slide 9: Commercial Services Billed Business
Commercial Services Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted) 15% 10% Leap Year Approx. (1%) 5% 4% 4% G&S, 3% YoY 3% 2% 2% T&E, 6% YoY 0% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'26 U.S. SME U.S. Large & Global Corp. Total YoY 4% 4% 4% % of Total 81% 19% 100% SME refers to small and
Slide 10: International Card Services Billed Business
International Card Services Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted unless otherwise stated) 25% Leap Year Approx. (1%) 20% Reported 20% 17% 15% G&S, 14% YoY 15% 14% 13% 13% T&E, 10% YoY 13% 10% 9% 12% 12% 5% 0% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'26 Int’l Consumer Int’l SME &
Slide 11: Transaction Growth
Transaction Growth % Increase/(decrease) vs. Prior year 15% Leap Year Approx. (1%) 10% 10% 10% 9% 9% 9% 5% 0% Q1'25 Q2’25 Q3’25 Q4’25 Q1'26 Transactions represent global merchant transactions (excluding ATM transactions and balance transfers) on cards issued by American Express, net of returns. 11
Slide 12: New Acquisitions
New Acquisitions Proprietary New Proprietary New Cards Acquired Accounts Acquired in millions Q1’2026 3.4 3.1 3.2 3.1 Global Consumer 1.1 0.9 1.0 2.9 0.9 1.0 International Card Services 66 % New Accounts Acquired from Millennial / Gen-Z 0.8 0.7 0.7 Commercial 0.7 0.8 Services 73 % 1.5 1.5 1.5 U.S. C
Slide 13: Total Balances and Billed Business
Total Balances and Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted) Total Balances Billed Business 9% 8% 8% 7% 7% 7% 7% 7% 6% 6% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Total Balances includes Card Balances held for investment and Other Loans. See the Statistical Tables for more information
Slide 14: Credit Metrics
Credit Metrics 30+ Days Past Due Net Write-off Rates % of Card Balances % of Average Card Balances 2.1% 2.1% 2.0% 2.0% 1.9% 1.3% 1.3% 1.3% 1.3% 1.3% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Net write-off rates based on principal losses only and both net write-off rates and 30+ day
Slide 15: Total Provision
Total Provision $ in millions $1,405 $1,414 Total Provision $1,287 $141 $1,251 Reserve $1,150 $222 $125 Build/(Release) $1,223 $1,273 $1,275 Write-offs $1,183 $1,162 ($73) ($24) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Reserve Rate for 2.9% 2.9% 2.9% 2.9% 2.8% Total Balances See Variance Commentary in the appe
Slide 16: Revenue Performance
Revenue Performance $ in millions; % Increase/(decrease) vs. Prior year Q1'26 Q1'25 Reported FX-Adjusted* YoY% Inc/(Dec) YoY% Inc/(Dec) Discount Revenue $9,512 $8,743 9% 7% Net Card Fees $2,752 $2,333 18% 16% Service Fees and Other Revenue $1,951 $1,722 13% 9% Net Interest Income $4,692 $4,169 13% 1
Slide 17: Net Card Fees
Net Card Fees $ in billions - % Increase/(decrease) vs. Prior year & CAGR (FX-adjusted) Net Card Fees (Q1: 2019-2026) Net Card Fees YoY% (Q1’24-Q1’26) 17% / Year 30% % CAGR $2.8 $2.3 25% $2.0 20% 20% 20% 19% 18% $1.7 17% 16% 16% 16% 16% $1.4 15% $1.3 $1.1 $0.9 10% 5% 0% Q1'19 Q1'20 Q1'21 Q1'22 Q1'23
Slide 18: Premium Lending
Premium Lending Net Interest Income NII: Volume & Margin Drivers $ in billions - % Increase/(decrease) vs. Prior year (FX-adjusted) CAGR % vs. Q1’19 (FX-adjusted except Margin) $4.7 Q1’26 vs. Q1’19 $4.5 $4.5 $4.2 $4.2 CAGR % Billed Business 8% Net Interest Income 13% YoY 11% 12% 12% 12% 12% Growth V
Slide 19: Total Revenues Net of Interest Expense
Total Revenues Net of Interest Expense $ in billions - % Increase/(decrease) vs. Prior year 15% Leap Year Approx. (1%) 11% 11% Reported 10% 10% 9% 11% 8% 10% FX Adjusted 9% 9% 7% 5% 0% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 $B $17.0 $17.9 $18.4 $19.0 $18.9 Revenues Net of Intere
Slide 20: Expense Performance
Expense Performance YoY% $ in millions Inc/(Dec) YoY% Q1'26 Q4'24 Q1'25 Inc/(Dec) Card Member Rewards $4,891 $4,378 12% Business Development $1,591 $1,529 4% Card Member Services $1,975 $1,328 49% Q1'26 VCE % of Revenue Variable Customer Engagement Expenses $8,457 $7,235 17% 44.7% Marketing $1,480 $
Slide 21: Capital
Capital Capital Return & Common Shares Outstanding Increase in 702 701 $ in billions; Common Shares Outstanding in millions 696 58 % Quarterly Dividend per Common Share (3 Year2) 689 686 682 Common Shares Outstanding Net Income 74 % $2.9 Returned to Common $0.6 $2.3 Shareholders (3 Year3) $2.0 $0.7
Slide 22: 2026 Guidance
2026 Guidance 2026 Guidance Revenue Growth: 9% - 10% EPS: $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 Regarding Forward-Looking Statements" at the end of
Slide 23: Appendix
Appendix
Slide 24: Q1'26 Network Volumes Growth by Customer Type
Q1’26 Network Volumes Growth by Customer Type % Increase/(decrease) vs. Prior Year (FX-adjusted) U.S. Consumer Services: Commercial Services: International Card Services: 10% 4% 13% 13% 12% 10% 9% 4% 4% % of Total U.S. U.S. U.S. Large & Int’l Int’l SME & Processed Network Volumes Consumer SME Global
Slide 25: FX Impact on Billed Business
FX Impact on Billed Business Q1’26 Billed Business YoY Change in USD* vs. Currency as a % of Total Strengthened / (Weakened) Euro € 5% (10%) UK £ 6% (6%) Japan ¥ 4% 3% Australia $ 4% (10%) Canada $ 3% (4%) Mexico $ 2% (15%) Top 6 Intl. Currencies 24% (7%)** All Other Intl. Currencies 3% Billed Busin
Slide 26: Travel & Entertainment Billed Business
Travel & Entertainment Billed Business Q1'26 Restaurants Lodging Airlines Other Total T&E YoY Growth 9% 6% 8% 13% 9% % of Total Billed Business 7% 5% 7% 9% 29% All growth rates reflect FX-adjusted rates. See Slide 3 for an explanation of FX-adjusted information. Subtotals may not sum due to rounding
Slide 27: 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)% Q3'26 Q4'25 Q1'28 Q1'25 Q4'27 Q3'27 Q4'26 Q3'27 Q2'27 Q1'26 Q2'25 Q1'27 Q4'26 Q4'27 Q3'26 Q1'27 Q2'26 Q2'26 Q1'26 Q3'25
Slide 28: Funding and Deposits
Funding and Deposits Funding Mix Deposit Programs 92% FDIC $ in billions $ in billions insured at Q1'26 $210 $219 $151 $157 Short-term 1% 1% Funding Third Party 6% 6% 7% 6% CDs Card ABS* 10% Third Party 10% Unsecured Sweep 21% 21% 2% 2% Checking Funding** Savings and 81% 82% Direct CDs 72% 72% Depos
Slide 29: Additional Commentary – Variance Analysis
Additional Commentary – Variance Analysis The following summary provides selected variance information for the three months ended March 31, 2026 compared to the same period in the prior year. It should be read in conjunction with the statistical tables for Q1'26, available at ir.americanexpress.com.
Slide 30: Additional Commentary – Variance Analysis
Additional Commentary – Variance Analysis • Card Member Rewards Expense: Increased 12 percent versus Q1’25, primarily driven by higher billed business and changes to the Membership Rewards program for U.S. Business Platinum cards. • Business Development Expense: Increased 4 percent versus Q1’25, pri
Slide 31: Annex 1 (1 of 2)
Annex 1 (1 of 2) Billed Business and Processed Volumes – Reported & FX-Adjusted* % Increase/(decrease) vs. Prior year Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Billed Business Reported 6% 7% 9% 9% 10% FX-Adjusted* 6% 7% 8% 8% 9% Reported Billed Business Q1’19 - Q1’26 CAGR 5% FX-Adjusted Billed Business Q1’19 -
Slide 32: Annex 1 (2 of 2)
Annex 1 (2 of 2) Billed Business – Reported & FX-Adjusted* % Increase/(decrease) vs. Prior year Q1'26 Q1'26 Reported FX-Adj.* Reported FX-Adj.* International Consumer 21% 13% U.S. Large and Global Corp. 4% 4% International SME & Large Corp. 19% 12% Commercial Services International Card Services Tot
Slide 33: Annex 2
Annex 2 Total Balances – Reported & FX-Adjusted* $ in billions Q1'19 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 GAAP Total Balances $142 $194 $199 $202 $208 $207 $212 $216 $225 $224 FX-Adjusted Total Balances* $140 $193 $200 $202 $211 $209 YoY% Inc/(Dec) in GAAP Total Balances 7% 7% 7% 8%
Slide 34: Annex 3
Annex 3 Revenue – Reported & FX-Adjusted* $ in millions YoY% Q1'26 Q1'25 Inc/(Dec) Discount Revenue $9,512 $8,743 9% FX-Adjusted* $8,857 7% Net Card Fees $2,752 $2,333 18% FX-Adjusted* $2,374 16% Service Fees and Other Revenue $1,951 $1,722 13% FX-Adjusted* $1,783 9% Net Interest Income $4,692 $4,16
Slide 35: Annex 4
Annex 4 Net Card Fees – Reported & FX-Adjusted* $ in billions Q1'19 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 GAAP Net Card Fees $0.9 $1.7 $1.8 $1.8 $1.9 $2.0 $2.1 $2.2 $2.2 $2.3 $2.5 $2.6 $2.6 $2.8 FX-Adjusted Net Card Fees* $0.9 $1.7 $1.8 $1.8 $1.9 $2.0 $2.1 $2.
Slide 36: Annex 5
Annex 5 Net Interest Income – Reported & FX-Adjusted* $ in billions Q1'19 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 GAAP Net Interest Income $2.1 $3.8 $3.7 $4.0 $4.0 $4.2 $4.2 $4.5 $4.5 $4.7 FX-Adjusted Net Interest Income* $2.1 $3.7 $3.7 $4.0 $4.1 $4.2 YoY% Inc/(Dec) in GAAP Net Interes
Slide 37: Annex 6
Annex 6 Revenues Net of Interest Expense – Reported & FX-Adjusted* $ in billions Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 GAAP Revenues Net of Interest Expense $15.8 $16.3 $16.6 $17.2 $17.0 $17.9 $18.4 $19.0 $18.9 FX-Adjusted Revenues Net of Interest Expense* $15.7 $16.4 $16.7 $17.3 $17
Slide 38: 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 39: 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 40: 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 costs to revenues, which could be impacted by the investments and enhanceme
Slide 41: 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 42: 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 43: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • the company’s ability to successfully implement its dining strategy and grow its dining platform, which will depend in part on the company’s ability to deliver value to diners, restaurants and other bookable venues; expand and innovate the tools
Slide 44: American Express
AMERICAN EXPRESS
American Express Company — Q1 2026 Earnings Presentation on 6ix