American Express Q1 Net Income Rises 15% to $2.97bn, EPS Up 18%
American Express delivered Q1 2026 net income of $2.97bn, up 15% year-on-year, on revenues of $18.9bn, an 11% increase. Billed business grew 10% to $428bn and EPS jumped 18% to $4.28 as premium customer spending hit its highest quarterly growth in three years.
1. Q1 2026 Financial Results
American Express posted net income of $2.97 billion in Q1 2026, marking a 15% increase from $2.6 billion a year earlier. Consolidated revenues net of interest expense rose 11% to $18.9 billion and earnings per share climbed 18% to $4.28.
2. Spending Trends and Credit Performance
Card Member spending growth reached 9% FX-adjusted, the highest quarterly gain in three years, driving billed business up 10% to $428 billion. Consolidated provisions for credit losses totaled $1.3 billion, slightly higher than $1.2 billion a year ago, reflecting increased net write-offs and reduced reserve releases.
3. Expenses and Strategic Investments
Operating expenses rose 11% to $13.9 billion, driven by higher variable customer engagement costs linked to premium card features and travel benefits. The company continues investing in marketing, digital capabilities, and rewards programs and has agreed to acquire expense management platform Hypercard to bolster AI capabilities in commercial services.