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AmEx Profit Soars on Affluent Spending
23 Apr
Summary
- American Express exceeded profit expectations due to affluent customer spending.
- Total spending on AmEx cards rose 9% to $428 billion, adjusted for currency.
- Company profit was $4.28 per share, surpassing analyst estimates.
American Express reported first-quarter earnings that significantly exceeded analyst expectations on April 23, 2026. The credit card giant benefited from continued strong spending by its affluent customer base, particularly on travel and luxury goods. This spending surge occurred despite broader economic concerns like inflation and elevated interest rates.
Billed business, a key indicator of spending on AmEx cards, saw a 9% increase to $428 billion on a foreign exchange-adjusted basis. Overall revenue for the quarter grew by 10%, reaching $18.9 billion. The company posted a profit of $4.28 per share for the three months ending March 31, 2026.
These results offer an early positive signal for U.S. card firms and suggest that high-end consumers are maintaining their spending habits. American Express has also been investing in marketing and digital capabilities to attract younger customers.
