American Express Company is an integrated payments company operating in the United States, Europe, the Middle East and Africa, Asia Pacific, Australia, New Zealand, Latin America, Canada, the Caribbean, and internationally. It operates through four segments: U.S. Consumer Services, Commercial Services, International Card Services, and Global Merchant and Network Services. The company offers credit and charge cards, travel, dining, lifestyle and expense management services, banking and other payment and financing products, and merchant acquisition, processing, settlement, fraud prevention, and point-of-sale marketing and information services. Founded in 1850, it is headquartered in New York, New York.
AmEx's affluent base powers record spending; digital and dining bets expand
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Affluent customers keep spending, boosting AmEx revenue AmEx reported that its wealthy cardholders are still spending strongly despite inflation. Billed business grew 10% in Q1, the fastest in three years, and luxury purchases jumped 18%. This matters because AmEx earns a fee every time a card is used, so more spending directly lifts revenue and profit.
This is the core demand driver behind AmEx's recent earnings strength and stock recovery.
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Strong Q1 results and low credit losses cushion AmEx AmEx's Q1 net income rose 15% as fee revenue and net interest income grew double digits. Its loan write-off rate improved to 2%, far below the average bank's 4%. Because AmEx lends to wealthier customers, fewer of them default, which keeps profits stable even in a shaky economy.
Shows the financial health and lower risk that support AmEx's valuation.
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AmEx buys TheFork to grow dining and international reach AmEx agreed to buy restaurant booking platform TheFork for $700 million, adding about 75,000 restaurants to its network. This expands AmEx's international presence and gives cardholders more dining perks, which can attract new customers and increase card usage abroad.
A major acquisition that expands AmEx's global footprint and premium offerings.
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AmEx joins stablecoin group and adds Apple Pay rewards AmEx joined over 140 companies backing Open USD, a stablecoin project for cheaper digital payments, and now lets U.S. cardholders redeem Membership Rewards points directly through Apple Pay. These moves push AmEx deeper into everyday digital spending, helping it stay competitive with other payment apps.
Highlights AmEx's technology push to keep up with digital payment trends.
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AmEx raises outlook on strong spending, but higher costs and spending weigh
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Q2 revenue miss and unchanged EPS guidance American Express reported second-quarter revenue of $19.6 billion, up 10% but below Wall Street estimates, and kept its full-year earnings-per-share guidance unchanged at $17.30 to $17.90. The stock fell sharply because investors had hoped for a raise, and the unchanged outlook signaled that extra profit would be reinvested rather than returned.
This is the main reason the stock dropped this period and sets up the tug-of-war between growth spending and near-term profit.
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Heavy spending on marketing and technology Management said it will boost marketing spending by 10% in the second half and continue investing in technology and customer acquisition. Card-member services costs jumped 50% to $1.95 billion, and data processing spending rose 13%. Higher costs eat into near-term profit, which is why the stock fell even as revenue guidance was raised.
It explains the cost side of the story and why profit guidance didn't move up despite better revenue.
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Raised revenue outlook on strong card spending AmEx lifted its 2026 revenue-growth outlook toward 10%, citing strong card spending, mid-teens earnings-per-share growth, and a 16% jump in card fees. Billings grew 8% to 9%, and net interest income rose at a double-digit rate. This shows the core business is healthy and growing, which supports the stock over time.
It is the key positive counterweight: the company is growing faster than previously expected.
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New business savings and checking accounts American Express launched a high-yield business savings account paying 2.95% and a business checking account, aiming to attract small-business deposits and deepen customer relationships. This gives AmEx a new source of funding and more ways to earn fees, though paying interest on deposits will cost money as balances grow.
It is a new product expansion that could add a steady funding base and fee income over time.
Q3 2026
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AmEx Q2 beats but cost surge and unchanged guidance spook investors
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Q2 earnings beat and raised revenue outlook AmEx beat profit expectations and raised its full-year revenue growth target to about 10%, helped by strong card spending, higher billings, and a 16% jump in card fees.
This is the core positive fundamental news that drove the quarter's results.
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Platinum fee hike and new partnerships AmEx raised the Platinum annual fee 29% to $895 with near-perfect retention, launched Accor and Bottomline partnerships, and introduced business savings and checking accounts to deepen customer relationships.
These strategic moves show pricing power and expansion into new areas.
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Revenue miss and unchanged EPS guidance Despite the earnings beat, revenue of $19.6 billion fell short of estimates, and AmEx kept its full-year EPS guidance unchanged at $17.30–$17.90, signaling it will reinvest rather than return more cash to shareholders.
This is the key negative that disappointed investors and weighed on the stock.
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Heavy spending to compress near-term margins AmEx is ramping up marketing, technology, and card-member services spending, which jumped 50%, and this will squeeze profit margins in the near term, causing the stock to fall sharply on cost and guidance concerns.
This explains the sharp stock drop and the margin pressure outlook.
News & notes movingAXP
United States
Artificial Intelligence▲
AmEx Launches AI Expense Platform for Midsize Businesses
American Express is rolling out a new business platform that combines payments, expense management, and agentic AI tools aimed at midsize companies, according to Raymond Joabar, group president of global commercial services at AmEx. The tools are designed for companies with roughly $5 million to $300 million in revenue and about 10 to 500 employees, Joabar told Yahoo Finance. The offering bundles intelligent expense management software, a new cashback card program, and agentic tools on a single platform, with accounts payable capabilities planned. Joabar cited a survey showing 92% of midsize businesses are trying to consolidate their expense tools, and said the platform lets finance teams analyze spending data in real time while automating expense reporting and policy checks. A new mobile app lets employees approve transactions and route receipts in real time.
Synchrony Financial Study Finds Trust, Not Convenience, Will Drive AI Shopping Adoption
Synchrony Financial is arguing that trust, more than convenience, will decide how quickly consumers hand more shopping tasks to AI, citing a study with Oxford Economics that found shoppers want security, transparency, control and recourse before allowing AI agents to act for them. In the 2026 AI in Commerce study, data security was important to 82% of respondents and transparency to 77%, both ahead of time savings at 58%, while 67% said they would use AI more if fraud protection were included. Consumers were most comfortable using AI for lower-risk activities such as searching, comparing prices and applying discounts, with 79% willing to let AI apply discounts, 74% loyalty rewards and 43% purchases within a preset limit, though 46% would not use AI for purchases of $5,000 or more. The company is developing tools so financing, rewards and offers remain visible and reliable when AI agents shop, while also supporting standards for fraud protection and accountability. Peers are moving in the same direction: Global Payments Inc. said in its Agentic Commerce Report that consumers expect AI to make 15% of purchases within five years, up from 9% a year ago, and American Express Company introduced its ACE Developer Kit and Agent Purchase Protection. Synchrony Financial shares have plunged 14.1% year to date compared with the industry's 12.9% decline, and the stock trades at a forward price-to-earnings ratio of 7.08 versus the industry average of 14.66, with the Zacks Consensus Estimate for 2026 earnings pegged at $9.37 per share, implying a 0.5% decline from the year-ago period.
Artificial Intelligence › Agentic AI & Autonomous Workflows Demand
Artificial Intelligence › AI Applications & Copilots ▲Demand
SYF · Technology · Neutral Synchrony cites its AI in Commerce study and is developing tools to keep financing, rewards and offers visible when AI agents shop.
AXP · Technology · Neutral American Express introduced its ACE Developer Kit and Agent Purchase Protection for AI agent commerce, a passing peer mention.
GPN · Demand · Neutral Global Payments' Agentic Commerce Report projects AI will make 15% of purchases within five years, a passing peer mention.
American Express Launches Next Generation of Amex Corporate With New Cashback Card
American Express announced the launch of the next generation of Amex Corporate, bringing together the new American Express Corporate Cashback Cards, integrated Expense Management software, and the new Amex Expense mobile app. The new Corporate Cashback Card earns 1.5% cash back as a monthly statement credit on up to $10 million per calendar year across all of the company's Corporate Cashback Cards, then 1% after, and carries a $2,950 annual program membership fee for unlimited Corporate Cashback Cards, waived for the first year. The card also offers 3% Uber Cash on Business Rides and Uber Eats and access to unlimited Virtual Cards. The launch marks the next evolution of Amex Business Membership, which American Express said has served the commercial segment for over 60 years, and the company plans to add new AI agents to the Amex Corporate Expense Management software later this fall, including an expense agent and an insights agent. American Express also plans to further expand Amex Corporate to include Accounts Payable software available to Corporate Cashback Card customers. The company said American Express Cards are now accepted at more than 190 million Merchant locations worldwide, an increase of approximately 20 million locations this year.
Digital Finance & Tokenization › Payments Modernization & Rails Technology
AXP · Technology · Positive American Express launches next-generation Amex Corporate with new Cashback Cards, expense management software, and AI agents.
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Digital Finance & Tokenization▲4
AmEx Global Merchant Network Tops 190 Million Locations After 20 Million Added in 2026
American Express Company's global merchant network has crossed 190 million locations, adding about 20 million locations in 2026 alone, with acceptance outside the United States more than doubling over the past four years. The company credits partnerships with banks, fintechs, payment facilitators and local acquirers, alongside its own acquiring network, and says expansion has focused on cities and spending categories important to card members. Since 2021, acceptance has doubled in Canada, Japan and Mexico, tripled across Europe and quadrupled in Singapore, while U.S. acceptance has remained at 99% of places taking credit cards since 2019. AmEx says average spending on its U.S. cards is three times that of cards on other networks, so broader acceptance should support higher card spending, transaction volumes and merchant-related revenues, though the financial benefit will depend on how efficiently the company converts new merchant locations into active spending. Peers Visa Inc. and Mastercard Incorporated are already entrenched across more than 200 countries and territories, with Visa's total processed transactions at 71.7 billion for the June quarter, up 10% year over year, and Mastercard's switched transactions up 9% year over year to 47.4 billion in the last reported quarter. Shares of AXP have declined 17.4% year to date, underperforming the broader industry's 10.9% fall, and the stock trades at a forward price-to-earnings ratio of 15.61X versus the industry average of 15.02X, with the Zacks Consensus Estimate implying a 15.2% rise in 2026 earnings followed by 14.5% growth next year.
Digital Finance & Tokenization › Payments Modernization & Rails Supply
AXP · Demand · Positive AmEx's global merchant network crossed 190 million locations after adding 20 million in 2026, which should support higher card spending, transaction volumes and merchant-related revenues.
American Express Launches Business Savings Accounts and AI Payroll Tools for SMBs
American Express has launched American Express Business Savings Accounts alongside a new integrated Business Banking platform for small and medium-sized businesses. The company is also adding a payroll solution that uses AI-powered tools to help automate tasks for business customers. The three offerings — the savings accounts, the unified Business Banking front end, and the AI payroll tools — extend American Express beyond card processing into broader small and medium-sized business financial services and digital banking. The push aims to capture more of a small-business owner's financial life, including deposits, payments, payroll, and software integrations, rather than card spend alone. Larger rivals such as JPMorgan Chase and Capital One also pair cards with digital banking, leaving open the question of whether American Express can bundle benefits tightly enough to cover higher customer engagement costs with thicker fee and interchange income.
Digital Finance & Tokenization › Digital Banking & Neobanks ▼Competition
AXP · Technology · Positive American Express launched new Business Savings Accounts, a unified Business Banking platform, and AI-powered payroll tools to expand into SMB financial services.
Marriott Signs First Ritz-Carlton All-Inclusive Resort in Türkiye, Deepens Spotnana Partnership
Marriott International has signed on for its first luxury all-inclusive Ritz-Carlton resort in Türkiye and deepened its partnership with Spotnana, widening its reach in both leisure and corporate travel. The company's Marriott Bonvoy loyalty program is now supported by new long-term U.S. co-branded agreements with JPMorgan Chase and American Express, with an expected high 30% rise in 2026 global co-branded fees. Co-branded credit card economics are expected to add about US$30 million of incremental 2026 fees and potentially US$100 million to US$125 million of incremental annual fees by 2028. Marriott last closed at $351.66 against a prevailing fair value narrative of $380.80, while its P/E of 35.4x sits above the US Hospitality group's 20.3x and its own fair ratio of 27.7x. The story could be knocked off course if Middle East travel remains weak or if richer Bonvoy economics for owners fail to translate into healthier net unit growth.
MAR · Capital · Positive New co-branded card deals with JPMorgan and Amex expected to add ~$30M incremental 2026 fees and $100-125M annually by 2028.
MAR · Demand · Positive Signed first Ritz-Carlton all-inclusive resort in Türkiye and deepened Spotnana partnership, widening leisure and corporate travel reach.
Spotnana · Demand · Positive Marriott deepened its partnership with Spotnana, expanding corporate travel distribution.
AXP · Demand · Positive New long-term U.S. co-branded card agreement with Marriott Bonvoy, expected to lift co-branded fee economics.
JPM · Demand · Positive New long-term U.S. co-branded card agreement with Marriott Bonvoy, expected to lift co-branded fee economics.
Delta Non-Main-Cabin Revenue Reaches 61% of Second-Quarter Total
Delta Air Lines said non-main-cabin revenue reached 61% of total revenue in the second quarter of 2026, up 2 points from a year earlier, with premium and loyalty revenue each up nearly 20%. Chief Commercial Officer Joe Esposito gave the figure on the company's second-quarter earnings call, describing the shift as part of a deliberate, multiyear strategy to reduce reliance on main cabin ticket revenue. That 61% share is calculated on an adjusted basis that strips out $2.091 billion in third-party refinery sales; including those sales, non-main-cabin revenue would have been 65.3% of the $19.757 billion total, versus 50% for full-year 2017. Premium cabin ticket revenue of $6.920 billion exceeded main cabin ticket revenue of $6.851 billion in the quarter, and Esposito said Delta is not growing main cabin seats and will not grow them next year either. Management also expects loyalty-related remuneration from co-branded credit cards with American Express to grow 10% to $9 billion in 2026, and the stock trades at 12.4 times 2026 earnings estimates.
DAL · Demand · Positive Non-main-cabin revenue hit 61% of Q2 total with premium and loyalty revenue each up nearly 20%, reflecting strong end-customer demand for Delta's premium and loyalty offerings.
AXP · Demand · Positive Delta expects loyalty remuneration from co-branded American Express credit cards to grow 10% to $9 billion in 2026, signaling higher card spending and fee revenue for Amex.
Mastercard Launches AI Payment Tool Allowing Bots to Shop Without Approval
Mastercard rolled out an AI payment option on Thursday that allows a virtual credit card to be issued to a user's AI agent, letting the bot make purchases without seeking the cardholder's approval each time, through a partnership with startup Alchemy. Users connect an existing AI agent to their Mastercard through Alchemy and set restrictions on what the agent can do, including spending caps and limits on which retailers it can shop at, and the agent can then make purchases at any online merchant that accepts Mastercard, though cardholders can also choose to have the agent check back before completing a transaction. Mastercard said its system depends on agentic tokens that the issuing bank generates, bundling together the cardholder's stated intent and transaction details so the network can confirm the agent is operating within authorized boundaries. Mastercard chief product officer Jorn Lambert said the company views agentic commerce as inevitable, adding that it is not about if but about when and how quickly, and that nothing happens overnight. Visa partnered with Alchemy earlier this year, according to The Wall Street Journal, meaning a majority of credit cards can now work with the tool, and Visa, Mastercard, and American Express have each announced their own tools and standards to support AI-driven purchases. Trust remains the biggest barrier to widespread adoption, according to The Wall Street Journal, with many users wary of trusting an AI agent with their financial details and worried about bots running up charges they never approved, and Citizens Financial Group president Brendan Coughlin said the concept is a really good one but certainly not without its risks. Uncertainty also surrounds the regulatory treatment of agentic payments, and it remains unsettled who would bear responsibility if an AI agent, whether malfunctioning or acting outside its intended scope, were to complete a transaction the cardholder never sanctioned, according to The Wall Street Journal, with bank executives including Coughlin remaining skeptical that the technology will take over the payments landscape soon.
Digital Finance & Tokenization › Payments Modernization & Rails ▲Technology
Artificial Intelligence › Agentic AI & Autonomous Workflows ▲Demand
Digital Finance & Tokenization › Distribution & Revenue-Share Partners Competition
MA · Technology · Positive Mastercard launched an AI payment option with Alchemy letting AI agents make purchases via agentic tokens.
Alchemy · Demand · Positive Alchemy is the startup partner powering Mastercard's new AI agent payment tool, gaining a major card-network deal.
AXP · Competition · Neutral American Express is noted as having announced its own AI-driven purchase tools/standards, alongside Visa and Mastercard, but no specific development is described.
V · Competition · Neutral Visa is mentioned as having partnered with Alchemy earlier this year and announced its own AI-purchase tools, but no new development.
Mastercard Targets Small-Business Growth With New Collection for Business
Mastercard is positioning itself beyond payments with a new Collection for Business offering, citing survey findings that small businesses prioritize stability and integrated tools. Its Dreamonomics survey of more than 6,000 SMEs across 18 countries found that 68% prioritize stability and predictability over rapid growth, while 54% avoid unnecessary financial risk, and 61% favor deeper customer relationships over simply reaching more buyers. The new Collection for Business combines payment capabilities with productivity tools, travel and lifestyle benefits, cybersecurity support and business-focused experiences for eligible cardholders. Mastercard sees clear gaps: SMEs already rely on five digital tools on average, yet 89% intend to add more and 78% say integrated tools are critical, while 71% consider cyber protection a priority but only 37% currently use cybersecurity tools. Rival Visa launched its Visa & Main platform with a $100 million working-capital facility, and American Express offers its Business Blueprint, as Mastercard shares have lost 0.5% year to date compared with the broader industry's 11.2% decline.
American Express Launches High-Yield Business Savings Offering
American Express Company is expanding beyond cards with a new high-yield savings option for business clients, bringing Business Checking and Business Savings under AmEx Business Banking so customers can manage banking and Card products in one place without needing an AmEx card to apply. The offering provided a 2.95% annual percentage yield as of Sept. 15, with no minimum balance or monthly maintenance fee, free ACH, wire and check deposits, instant fee-free transfers between Business Checking and Business Savings, and same-day ACH transfers at $10. The platform will later add a Graphite Business Cash Unlimited Card rewards deposit feature expected later this year, with Reward Dollars redeemable into Business Checking at 1:1, and a Gusto-powered payroll solution with AI insights expected early next year. An AmEx survey of 1,165 small-business financial decision-makers found 82% believe excess cash could be put to better use in savings, 93% want banking and financial tools to work together seamlessly, 81% want better visibility into upcoming payroll payments and 65% prioritize payroll streamlining. The financial opportunity centers on deposit growth and broader product usage, with business deposits giving American Express an additional funding source, though paying interest on those balances will affect the economics of the offering depending on how quickly deposits grow and how effectively those funds are deployed.
American Express Raises 2026 Revenue Outlook Toward 10% on Strong Card Spending
American Express raised its revenue-growth outlook toward 10% for the second quarter while reaffirming its earnings-per-share range, CFO Christophe Le Caillec said at a conference, citing strong operating trends through the first half of 2026. Foreign-exchange-adjusted revenue rose 10% in the first half and earnings per share climbed in the mid-teens, with billings growth holding in the 8% to 9% range over recent quarters and running somewhat stronger in the second quarter. Card fees rose 16% year to date and net interest income grew at a double-digit rate, while billings growth was approximately 8% quarter to date in July and August. The raised outlook excludes any expected gain from the sale of American Express's Global Business Travel shares or any planned use of the proceeds. The company also lifted its 2026 outlook for variable customer engagement expenses to 44% to 45% of revenue from about 44%, partly reflecting the rollout timing of refreshed card benefits and stronger spending that increases points-related costs. Le Caillec said American Express continues to treat 10% revenue growth and mid-teens earnings-per-share growth as long-term aspirations rather than forecasts or formal guidance, and that it is directing better-than-anticipated performance toward customer acquisition and technology investments.
AXP · Capital · Positive American Express raised its 2026 revenue-growth outlook toward 10% on strong card spending, with mid-teens EPS growth and 16% card-fee growth.
American Express and Aspire Expand Lounge Partnership Across Canada
American Express and Aspire Pre-Flight Hospitality, Swissport International's airport hospitality business, announced an expansion of their lounge partnership in Canada with two new Aspire Amex Lounges. A new Aspire Amex Lounge opens at YYC Calgary Airport for domestic departures on September 16, 2026, and a second opens at YUL Montréal-Trudeau International Airport for transborder departures to the U.S. by early 2027. The expansion builds on the companies' first co-branded Aspire Amex Lounge, which opened in the domestic departures area of Montréal-Trudeau International Airport in September 2025 and has since drawn more than 50,000 Cardmember visits. Eligible American Express Cardmembers will receive priority lounge and waitlist access, along with buffet offerings and tableside ordering. The partnership is one part of American Express' broader lounge offering, through which eligible Cardmembers have access to more than 1,550 airport lounges across 140 countries.
AXP · Demand · Positive American Express expands its co-branded Aspire Amex Lounge network in Canada, adding two new lounges to grow its Cardmember benefit offering.
Aspire Pre-Flight Hospitality · Demand · Positive Aspire Pre-Flight Hospitality expands its lounge partnership with Amex, opening two new Aspire Amex Lounges in Calgary and Montréal.
Swissport International AG · Demand · Positive Swissport's airport hospitality business Aspire expands its Amex lounge partnership with two new Canadian locations.
Visa Study Finds Home-Centered Spending Embedded Across Six Markets
Visa Inc. says the "couch economy" has become a lasting part of consumer behavior rather than a passing e-commerce trend, with online and in-app payments expanding in every market it studied between 2019 and 2026. In the United States, online and in-app payment volume rose to 58% in 2026 from 48% in 2019, while Poland climbed to 24% from 10% and the UAE increased to 55% from 35%. More than 17% of U.S. cards now carry streaming subscriptions, versus about 6% tied to cinema and concerts, and in the UAE active food delivery cards jumped from roughly 2% in 2018 to nearly 30% in 2026. Visa said the shift creates a favorable payments backdrop, as more online, in-app, subscription and delivery spending can lift digital transaction activity across its network and deepen card usage through recurring payments. Mastercard Incorporated and American Express Company are also benefiting from the same move toward digital purchases, with Mastercard seeing higher transaction volumes and demand for tokenization and fraud prevention services, and American Express gaining through increased card spending, merchant fees and its closed-loop transaction data. Visa shares have gained 7.1% in the year-to-date period against the broader industry's 10.8% decline, and the stock trades at a forward price-to-earnings ratio of 25.18X versus the industry average of 17.69X.
Digital Finance & Tokenization › Payments Modernization & Rails ▲Demand
Digital Finance & Tokenization › Distribution & Revenue-Share Partners ▲Demand
V · Demand · Positive Visa's study shows online, in-app, subscription and delivery spending expanding across six markets, lifting digital transaction activity and recurring card usage on its network.
AXP · Demand · Positive American Express gains through increased card spending and merchant fees as the home-centered digital spending shift lifts card usage.
MA · Demand · Positive Mastercard sees higher transaction volumes and demand for tokenization and fraud prevention services from the same move toward digital purchases.
High-End Credit Card Market Faces Retention and Cost Pressures as Banks Raise Fees
Banks competing in the high-end credit card market are grappling with retention challenges, rising costs, and missed engagement opportunities that can dampen profitability, according to American Banker. The segment, which generally refers to cards with annual fees of $500 and above, attracts high-income spenders with strong FICO scores, and several financial institutions including American Express, Barclays, Citi, and JPMorganChase target the upper end of this luxury market, while others like Capital One and U.S. Bank offer high-end cards with somewhat lower annual fees. To offset rising costs, issuers have raised fees: Amex recently increased the annual fee on its exclusive Platinum Card to $895 from $695, and Chase boosted the fee last year on its Sapphire Reserve to $795 from $550. Brian Riley, co-head of payments at Javelin Strategy & Research, told American Banker that attracting cardholders with introductory points and perks is easier than keeping them in subsequent years, and banks need to make the year-two proposition meaningful. EY research cited by John Radecki, consumer banking leader at EY, indicates that more than 40% of younger consumers are comfortable with AI recommending which credit card or bank account to use for a purchase, adding further pressure to issuer economics. Beth Robertson, managing director at Keynova Group, told American Banker that issuers should streamline benefit enrollment and make membership services easier to access, since cardholders may forget or not realize they have access to certain benefits.
AXP · Pricing · Negative Amex raised its Platinum Card annual fee to $895 from $695 to offset rising costs, a pricing move that risks cardholder retention.
JPM · Pricing · Negative Chase boosted the Sapphire Reserve annual fee to $795 from $550, a pricing move that raises retention risk in the high-end segment.
BARC.LSE · Pricing · Neutral Barclays is named as one of the banks targeting the high-end card market facing retention and cost pressures, but no Barclays-specific development is described.
C · Pricing · Neutral Citi is named as targeting the high-end card market facing retention and cost pressures, but no Citi-specific development is described.
COF · Pricing · Neutral Capital One is mentioned only as offering high-end cards with lower annual fees amid the segment's cost pressures, with no specific development.
American Express Rises 1.24% as Earnings Preview Points to $4.58 Per Share
American Express closed at $324.69, up 1.24% and ahead of the S&P 500's 0.86% gain, though the stock has lost 6.68% over the past month. The company is scheduled to report earnings on October 23, 2026, with analysts projecting $4.58 per share, a 10.63% year-over-year increase, and revenue of $20.09 billion, up 9.05%. For the full year, the Zacks Consensus Estimates forecast earnings of $17.68 per share and revenue of $79.46 billion, representing growth of 14.95% and 10.02%, respectively. The consensus EPS estimate has edged 0.1% higher over the past month, and American Express currently carries a Zacks Rank #3 (Hold). The stock trades at a Forward P/E of 18.14, a premium to its industry average of 11.71, with a PEG ratio of 1.36 versus the industry's 1.1.
AXP · Capital · Neutral Earnings preview with analyst EPS/revenue estimates and Zacks Rank #3 (Hold) ahead of the October 23 report; no actual results yet.
Visa Teams With Ant International and Mastercard on Know-Your-Agent Framework
Visa Inc. has initiated collaboration with Ant International and Mastercard Incorporated to develop an interoperable Know-Your-Agent framework aimed at streamlining agent identification and onboarding across card networks, digital wallets, agent platforms and marketplaces while allowing each network to retain its own verification and risk controls. Under the framework, each agent would be linked to a validated operator, cardholder or business, with shared certification requirements assessing security and behavior and continuous transaction monitoring supporting ongoing risk evaluation. The collaboration builds on Visa's Trusted Agent Protocol, Mastercard's Verifiable Intent and Ant International's Agentic Mobile Protocol, and the companies will work through BuildFin.ai, an industry platform convened by the Monetary Authority of Singapore. Visa already offers Trusted Agent Protocol and Intelligent Commerce solutions for secure agent-initiated transactions, and the company says interoperability could reduce fragmentation and support transaction growth across its network. Mastercard's Verifiable Intent framework and American Express's ACE developer kit and Agent Purchase Protection are cited as competing efforts in agentic commerce.
V · Technology · Positive Visa initiated the collaboration to develop an interoperable Know-Your-Agent framework, building on its Trusted Agent Protocol, which could reduce fragmentation and support transaction growth.
MA · Technology · Positive Mastercard is collaborating on an interoperable Know-Your-Agent framework, building on its Verifiable Intent framework, to streamline agent identification and onboarding.
Ant International · Technology · Positive Ant International is collaborating on the Know-Your-Agent framework, contributing its Agentic Mobile Protocol for agent identification and onboarding.
AXP · Competition · Neutral American Express's ACE developer kit and Agent Purchase Protection are cited only as competing efforts in agentic commerce, not as a participant in the framework.
American Express is defending its small-business franchise against agile fintechs like Ramp and Brex, with its Commercial Services business growing 5% year over year in the second quarter of 2026, up from 4% in the first quarter and 2% a year earlier, while segment revenue rose 7% to $4.5 billion. Small-business card balances increased 8% to $56.2 billion, and the company launched a pilot of a new expense-management platform for middle-market customers, adding a $300 ChatGPT Business credit to U.S. Business Platinum and Gold cards. Credit quality remains strong, with the 30-plus-day delinquency rate for small-business balances falling to 1.3% from 1.4% a year earlier, and a $191 million reserve release helped credit-loss provisions drop 23% to $1.1 billion. Peers are also competing: JPMorgan serves 7.4 million small-business customers and provided $17 billion in credit in the first half of 2026, though its Business Banking loans declined 5% to $18.3 billion, while Synchrony Financial expanded its commercial credit products to $2.7 billion from $1.8 billion at 2025-end. AmEx shares have fallen 9.9% year to date, underperforming the industry's 6.3% decline, and trade at a forward P/E of 17.19X versus the industry's 16.86X, with the Zacks Consensus Estimate implying 14.9% earnings growth in 2026.
AMEX partners with 3 Thai banks to expand card acceptance network
American Express has announced partnerships with Kasikornbank (KBank), Krungsri (Bank of Ayudhya), and Siam Commercial Bank (SCB) to expand its card acceptance network in Thailand. The goal is to enable both foreign and Thai cardholders to use their cards at a wider range of merchants, especially in major tourist destinations and everyday spending categories. This collaboration is part of AMEX's global strategy, which currently includes over 170 million merchant locations worldwide and 152.8 million cards in force as of the end of 2025. Annual spending on AMEX cards is approximately three times higher than other cards globally. However, a key challenge is the merchant discount rate (MDR), which ranges from 3.00% to 3.65% per transaction, significantly higher than the 0.55% charged on typical Thai credit and debit cards, potentially making smaller merchants hesitant to participate.
Amex joins forces with three major banks to expand card acceptance and attract premium tourists to Thailand
American Express has announced partnerships with Kasikornbank, Bank of Ayudhya, and Siam Commercial Bank to expand its card acceptance network across Thailand, aiming to bring premium spending power into the Thai economy. Premium cardholders spend up to three times more annually than other card networks. Between 2023 and 2025, the number of Amex card members travelling to Thailand rose 47 percent, in line with the government's High Value Tourism policy. Sirisun, Country Manager for Thailand, said the expansion of card acceptance will cover travel, dining, and lifestyle categories to serve both members in Thailand and premium tourists from around the world. Currently, Amex is accepted at more than 170 million merchants worldwide, and the number of merchants accepting the card has doubled since 2021.
Synchrony Financial Record Purchase Volume May Boost Second-Half Earnings
Synchrony Financial reported record purchase volume of $49.8 billion in the second quarter of 2026, up 8% year over year, with growth across all five sales platforms and acceleration to 11% in June. Co-branded card purchase volume jumped 23% and accounted for 52% of total purchase volume, while the company added or renewed more than 15 partners during the quarter. Management expects stronger purchase volume to overcome elevated payment rates and lift loan receivables and earnings in the second half. Peers American Express and Capital One also benefited from strong card spending, with billed business rising 9% to $455.8 billion at American Express and purchase volume up 15% to $249.2 billion at Capital One. Synchrony shares have risen 9.1% over the past year, and the stock trades at a forward price-to-earnings ratio of 7.96 times versus the industry average of 17 times, with a Zacks Rank of 3, or Hold.
Visa beats Q2 estimates while Bread Financial leads credit card sector outperformance
Visa reported second-quarter revenues of $11.63 billion, up 14.4% year on year and exceeding analyst expectations by 2.2%, alongside beats on EBITDA and EPS. Among the six credit card stocks tracked, Bread Financial posted the biggest analyst estimate beat with revenues of $993 million, up 6.9% year on year and 3.5% above consensus, while American Express was the weakest performer with revenues of $18.55 billion, up 12.8% year on year but missing estimates by 5.8%. Capital One delivered the fastest revenue growth at 25.8% to $15.83 billion, in line with expectations, and Synchrony Financial grew revenues 1.9% to $3.72 billion, slightly below estimates but with strong EPS and efficiency ratio beats. Overall, the group's revenues were in line with consensus and share prices have held steady, rising 4.2% on average since reporting.
American Express Stock Lags Peers Despite Strong Earnings and Raised Revenue Guidance
American Express shares have fallen about 6% year to date, underperforming Visa's 6% gain, Mastercard's flat performance, and the 13% rise in both the Dow Jones Industrial Average and S&P 500. The company reported second-quarter revenue of $19.6 billion, up 10% year over year but slightly below estimates of $19.7 billion, while earnings per share of $4.53 beat the $4.40 consensus. It raised full-year revenue growth guidance to 10% from a prior range of 9% to 10%, and maintained earnings guidance of $17.30 to $17.90 per share, implying about 14% growth at the midpoint. Expenses rose 12% to $14.5 billion, driven by higher spending on customer engagement and acquisition, which CEO Stephen Squeri said is necessary for long-term growth. Only 48% of Wall Street analysts rate the stock a buy, compared with 93% each for Mastercard and Visa, and it trades at 20 times earnings.
Marriott Raises 2026 Guidance on Strong Q2, but Cuts Rooms Growth Outlook
Marriott International raised its full-year 2026 guidance after second-quarter gross fee revenues rose 13% to $1.58 billion and adjusted diluted earnings per share climbed 20% to $3.19. Global RevPAR increased 3.4%, led by a 5% gain in the US and Canada, while international RevPAR slipped slightly as EMEA fell over 5% on a 43% drop in the Middle East. The company now expects full-year gross fees to rise 11% to between $6.03 billion and $6.06 billion, adjusted EBITDA to increase 11% to 12% to $5.97 billion to $6.03 billion, and adjusted diluted EPS to grow 16% to 18%. However, full-year 2026 net rooms growth is now expected to be at the low end of the 4.5%-5% range, primarily due to construction delays in the Middle East. Marriott also announced new co-branded credit card agreements with JPMorgan Chase and American Express that are expected to add about $30 million in incremental fees this year and could reach $100 million to $125 million annually by 2028.
American Express expects 10% annual revenue growth and mid-teens EPS gains
American Express management projects long-term annual revenue growth of 10% and mid-teens diluted earnings per share growth. In the second quarter, 65% of new consumer card signups globally came from millennials and Gen Z, whose spending is growing faster than older generations. CEO Steve Squeri said the company is intentionally investing in rewards and benefits, such as the Platinum card refresh, to strengthen its competitive position even if it pressures near-term profitability. Payment volume rose 9% year over year in the latest quarter, supported by the ongoing shift to a cashless economy.
AXP · Demand · Positive Company projects 10% revenue growth and mid-teens EPS gains, with strong millennial/Gen Z signups and 9% payment volume growth.
American Express Has a Strong Moat but Visa and Mastercard's Duopoly May Be Wider
American Express, Berkshire Hathaway's second-largest holding valued at more than $50 billion, possesses a durable competitive advantage built on a premium brand and a closed-loop network effect, yet the duopoly of Visa and Mastercard arguably holds the widest economic moat in payments. American Express targets affluent customers, resulting in a net write-off rate of 2% in the second quarter, half the industry average of 4%, while average spend per card rose 34% and average fee per card jumped 77% over the past five years. The company's closed-loop system strengthens its network effect as more cardholders and merchants join. However, Visa and Mastercard's ubiquitous reach, with billions of active cards and trillions of dollars in quarterly volume, along with average quarterly operating margins of 67% and 58% respectively over the past five years, underpin their dominant position. American Express still expects 10% revenue growth and over 14% earnings per share growth in 2026.
Jim Cramer calls American Express post-earnings sell-off a golden buying opportunity
Jim Cramer says the post-earnings drop in American Express shares is a golden buying opportunity. The company beat Q2 2026 earnings expectations with EPS of $4.53, up 11% year-over-year, and raised full-year revenue growth guidance to approximately 10%, yet the stock fell after management chose to reinvest outperformance into growth initiatives rather than accelerate share buybacks, leaving full-year EPS guidance unchanged at $17.30 to $17.90. Cramer argues the market misread that decision, pointing to a 36% return on equity and strong demographic momentum, with Millennials and Gen Z now accounting for more than 60% of new accounts and Gen Z card member spending up 40%. American Express shares are down about 8.27% year-to-date but have returned roughly 110% over both three- and five-year periods, significantly outperforming the S&P 500.
Berkshire Hathaway Will Hold American Express for Decades Under Greg Abel
Berkshire Hathaway is predicted to retain its nearly 40-year stake in American Express under incoming CEO Greg Abel, driven by the card issuer's success in attracting younger generations through its rewards program. In the second quarter of 2026, Gen Z spending grew 40% year-over-year, outpacing millennials at 14%, Gen X at 10%, and baby boomers at 5%. American Express collected $5.61 billion in net card fees but spent $9.94 billion on rewards in the first half of the year, a gap it covers with $19.68 billion in discount revenue from merchant fees. The company's 155.1 million cards in force create network effects that sustain this cycle, supporting double-digit revenue growth and record earnings guidance for 2026.
AXP · Demand · Positive Gen Z spending growth of 40% and strong card fee revenue indicate robust end-customer demand for American Express's services.
BRK-B · Capital · Positive Berkshire Hathaway is predicted to retain its stake, implying continued value from its investment, but the article focuses on American Express, not Berkshire.
American Express Shares Fall 12% Despite Strong Business Performance
American Express shares have fallen almost 12% this year, trading around $326 as of July 24, despite the company continuing to operate at a high level. In the second quarter, revenue rose 10% year-over-year to $19.6 billion, missing Wall Street expectations, while diluted earnings per share of $4.53 beat analyst estimates. Management raised full-year revenue guidance to 10% growth but kept the EPS forecast unchanged, which may have disappointed investors and caused the stock to drop 7% immediately after the update. Member spending grew 9%, the fastest pace in more than three years on a currency-neutral basis, highlighting the company's strong position among affluent customers and its ability to attract millennials and Gen Zers. With a price-to-earnings ratio of 19.8, the stock is not a bargain but is considered fairly valued, and investors might still consider allocating capital given the high-quality business and secular shift toward cashless transactions.
American Express Shares Plummet on Rising Expense Outlook
Shares of American Express plummeted more than 6% in morning trading last Friday after the company reported second-quarter results that showed strong revenue and earnings growth but also a sharp rise in expenses that worried investors. Revenue net of interest expense reached $19.6 billion, up 10% from a year ago, while earnings per share rose 11% to $4.53, beating analyst estimates by about $0.12. However, expenses grew 12% year over year to $14.5 billion, and CFO Christophe Le Caillec said on an analyst call that the higher level of spending will continue through the end of 2026, with marketing expenses expected to be 10% higher in the second half of the year. The increased marketing spending, which was up about 9% in the quarter, is aimed at attracting and retaining members, particularly among younger consumers such as millennials and Gen Z, who are the company's fastest-growing group, but it also suggests that acquiring those new memberships is becoming more expensive.
AXP · Capital · Negative Rising expense outlook and continued high spending through 2026, with marketing costs increasing, worry investors despite strong revenue and earnings.
Amex raises full-year revenue outlook to 10% growth, but shares fall as profit forecast held steady
American Express has raised its full-year 2026 revenue growth forecast to 10% year-on-year, driven by continued spending on travel, entertainment, and dining by its affluent customers. However, the company kept its full-year earnings per share outlook unchanged at $17.30 to $17.90, which disappointed investors and sent the stock lower. CEO Stephen Squeri explained that the company chose to reinvest outperformance into business growth. In the second quarter, earnings per share came in at $4.53, beating market expectations, and revenue rose 10% to $19.6 billion, but consolidated expenses swelled 12% to $14.5 billion.
Financial stocks mixed as funds see largest four-week inflow since January 2022
Financial equity funds recorded their largest four-week inflow since January 2022, attracting $1.5 billion in the latest week and bringing cumulative inflows over the past four weeks to $8.8 billion, according to BofA Global Research citing EPFR data. The State Street Financial Select Sector SPDR ETF edged up 0.09% to $56.31, while the S&P 500 slipped 0.61% to 7,411.98 points. Among megacap gainers, Mitsubishi UFJ Financial rose 7.36% to $22.89 amid updates on Japan's $550 billion U.S. investment plan, and JPMorgan Chase added 3.55% to $353.21 after Deutsche Bank upgraded the stock to Buy. Crypto stocks surged, with Hut 8 jumping 20.27% to $109.99 after securing a second 15-year, $9.8 billion lease for 352 megawatts of IT capacity at its Beacon Point data center campus in Texas, and IREN gaining 10.26% to $37.07 after signing $2.8 billion in contracts and raising its 2026 annualized run-rate revenue target to over $4 billion. On the losing side, American Express fell 8.21% to $326.17 after second-quarter revenue missed estimates, MSCI dropped 12.39% to $550.79 on higher expense guidance, and HDFC Bank declined 11.94% to $23.23 following a profit miss.
S&P 500 Rises 0.6% at Midday on Easing Middle East Tensions
The S&P 500 rose 0.6% at midday Friday as oil prices retreated on reports of potential diplomatic progress in the Middle East. The Dow Jones Industrial Average gained 0.7%, adding roughly 310 points, while the Nasdaq Composite edged 0.1% higher. Brent crude fell about 4% to near $95 per barrel after Reuters reported that Pakistan and China are exploring ways to broker new peace negotiations between the U.S. and Iran. American Express dropped 5.9%, shaving 120 points off the Dow, despite beating earnings estimates and raising full-year revenue guidance, as profit margins are expected to compress in the second half. Apple rose 2.5%, providing the biggest boost to all three major indexes, while SK Hynix fell 6.6% on reports it is reallocating some AI-oriented HBM manufacturing capacity to commodity DRAM production.
American Express says AI is speeding up tech work, with job cuts coming only through attrition
American Express CEO Steve Squeri said artificial intelligence is helping the company tackle its technology backlog faster, but any workforce reduction will happen gradually through attrition rather than direct layoffs. Speaking during the company's second-quarter earnings call, Squeri described AI's current impact as being in the 'preseason,' with deeper effects on product development and revenue still to come. Amex reported net income of $3.11 billion, up from $2.88 billion a year ago, with revenue rising to $19.64 billion from $17.8 billion. The company launched an AI-powered service portal for representatives and is using AI to speed marketing campaigns, while also supporting the Agent Payments Protocol alongside Google and PayPal to enable secure AI-driven transactions. Amex projected full-year revenue growth of 10% and affirmed profit guidance of $17.30 to $17.90 per share.
American Express Sinks 6% After Q2 Earnings Beat as Visa, Mastercard Hold Steady
American Express shares dropped 6% to $320.55 after the company reported second-quarter 2026 earnings that beat estimates but signaled reinvestment of the upside into growth rather than booking it to the bottom line. The company posted earnings per share of $4.53, above the $4.40 consensus, while revenue net of interest expense came in at $19.6 billion, just below estimates. Management raised full-year revenue growth guidance to 10% but held EPS guidance unchanged at $17.30 to $17.90, and disclosed a proposed acquisition of European restaurant booking platform TheFork. Visa and Mastercard shares held steady, confirming the move is company-specific rather than a broader payments-sector signal.
American Express lifts revenue growth guidance after stronger first-half performance
American Express raised its full-year 2026 revenue growth guidance to 10% after a stronger-than-expected first half. The company reported second-quarter earnings per share of $4.53, beating the consensus estimate of $4.40, while revenue net of interest expense rose 10% to $19.64 billion, slightly below analyst expectations of $19.69 billion. Net income increased 8% to $3.11 billion, and total billed business grew 9% to $455.8 billion. For the first six months of 2026, revenue climbed 11% to $38.54 billion and earnings per share reached $8.81. CEO Stephen Squeri said the company plans to reinvest the outperformance into growth initiatives, citing accelerating spend, growth in the US Consumer Platinum portfolio, and strong customer acquisition among Millennials and Gen Z consumers.
Intel, Oracle, and Amkor lead premarket movers on earnings and deal news
Several stocks made notable premarket moves following earnings reports and major agreements. Intel rallied 4% after posting its sharpest quarterly revenue growth in nearly 15 years, with Q2 revenue of $16.1 billion and adjusted earnings of 42 cents per share beating analyst expectations. Oracle rose nearly 3% after signing a 10-year, nearly $7 billion software agreement with the Pentagon for on-premises military use. Amkor Technology surged more than 11% on a multiyear $1.5 billion deal with Nvidia to develop advanced semiconductor packaging and testing for artificial intelligence. On the downside, American Express dipped 3% after missing revenue estimates with $19.64 billion versus the $19.71 billion consensus, while Deckers Outdoor slid 3% as Hoka and Ugg brand revenues fell short of Street expectations. Other movers included Tenet Healthcare jumping over 16% on a strong earnings beat, SAP gaining 5% on 27% cloud backlog growth to 22.9 billion euros, and MaxLinear tumbling more than 9% despite better-than-expected results, having been up over 400% in 2026 heading into the report.
59% of Berkshire Hathaway's Portfolio Sits in 5 Dow Stocks, With Apple as Top Pick
Nearly 59% of Berkshire Hathaway's equity portfolio is concentrated in five Dow Jones Industrial Average stocks, and Apple is the top pick among them right now. Apple makes up 21% of the portfolio, a position Warren Buffett began building in 2016, and the company has repurchased over $700 billion in stock since then. American Express accounts for 15%, a holding dating to the early 1990s that now yields hundreds of millions in annual dividends. Coca-Cola represents 9.3%, a Dividend King that has raised its payout for 64 consecutive years. Alphabet, at 8.6%, was initiated by Buffett last year and expanded by new CEO Greg Abel with over $20 billion in purchases, while Chevron rounds out the group at 4.5% as Berkshire has loaded up on energy stocks since the pandemic. Apple is favored for its patient AI strategy, potential to generate referral revenue and iCloud monetization as AI use grows on its devices, and its stock has risen nearly 21% this year, outperforming the broader market and many Magnificent Seven peers.
Verizon edges American Express on analyst safety ahead of July 24 earnings
Verizon Communications holds a cleaner analyst profile than American Express heading into their July 24 second-quarter reports, with zero Sell ratings versus one for American Express and a slightly higher implied upside to its AI model target. American Express trades at $348.74 with a 22 P/E, while Verizon trades near $44.29 at an 11 P/E. Verizon’s consensus target of $51.12 and AI model target of $49.99 imply 12.88% upside, just ahead of American Express’s 12.25% model upside, and Verizon has gained 8.7% year to date compared with a 5.7% decline for American Express. Polymarket gives American Express 88% odds of beating earnings and 74.5% odds of topping $19.5 billion in revenue, while Verizon’s beat probability is 85.5% with a 94% chance of exceeding $34.5 billion in operating revenue. For retirement investors, Verizon’s zero-Sell coverage and positive momentum make it the safer income play, though American Express’s 442% ten-year return and higher beat odds appeal to those with longer time horizons.
AXP · Capital · Neutral Article compares analyst ratings and earnings expectations ahead of July 24 report, but impact is mixed: higher beat odds vs. lower implied upside and negative YTD performance.
VZ · Capital · Positive Zero Sell ratings, higher implied upside to AI model target, positive YTD performance, and strong earnings beat odds make it a safer income play.
American Express and ALL Accor Launch Global Partnership with Elite Status Match and Points Transfer
American Express and ALL Accor announced a new global partnership rolling out in phases beginning in 2026 across 12 locations, introducing elite status matching and a Membership Rewards points transfer option for eligible Card Members. The partnership will launch in Hong Kong, Australia, Austria, Canada, France, Germany, Italy, Japan, Mexico, Singapore, the United Kingdom, and New Zealand, covering Accor's portfolio of more than 45 brands including Raffles, Fairmont, and Sofitel. Eligible Card Members in Hong Kong can transfer Membership Rewards points at a rate of 25 Membership Rewards points to 1 ALL Accor Reward point, with a minimum transfer of 25,000 points in multiples of 12,500 points. American Express Platinum Card Members will be eligible to receive ALL Accor Gold status, which includes benefits such as free Wi-Fi, welcome amenities, late check-out, complimentary room upgrades subject to availability, and bonus ALL Accor points. The launch date for the Elite Status Match benefit in Hong Kong will be announced later.
American Express Expands Accor Rewards and Paymode B2B Partnerships
American Express has launched a global partnership with Accor's ALL loyalty program introducing points transfer and elite status matching, while separately working with Bottomline to integrate the Paymode network into its Business IQ for Payments platform. The Accor tie-up allows Membership Rewards to convert into ALL Accor points at a published 1,000-to-500 rate and adds elite status matching, giving frequent travelers a clearer link between card spend and on-property recognition. On the B2B side, connecting BIP customers to Bottomline's Paymode network through BIP Connect aims to digitize and streamline U.S. B2B transactions by folding more payables activity into American Express infrastructure with automated invoice reporting and premium ACH access. These moves put American Express at the intersection of travel loyalty and B2B payment infrastructure, potentially reinforcing its relevance in both consumer travel and enterprise payments.
Digital Finance & Tokenization › Payments Modernization & Rails ▲Competition
AXP · Demand · Positive Partnerships with Accor and Bottomline expand travel loyalty and B2B payment services, driving card usage and transaction volume.
AC.PA · Demand · Positive Partnership with American Express allows ALL loyalty members to earn points from card spend and access elite status matching, boosting engagement.
Bottomline · Demand · Positive Integration of Paymode network into American Express's BIP platform expands reach and usage of Bottomline's B2B payment services.
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