AmEx lifts revenue forecast, unchanged profit outlook weighs on shares

American Express beat second-quarter profit estimates and raised its 2026 revenue forecast, helped by strong spending from affluent customers, but its shares slipped on Friday as investors focused on an unchanged profit outlook.

Unlike many rivals that cater to a broader range of borrowers, the credit card issuer derives much of its business from higher-income consumers, who are generally better-positioned to weather inflationary pressures and maintain discretionary spending.

Billed business, a measure of total spending on AmEx cards, rose 9% to $455.8 billion, with travel and entertainment growing 10% over the prior year.

AmEx's earnings offer an early look at spending patterns among affluent consumers, providing investors with an initial read on discretionary spending before other major card networks report results.