American Express Reports Record $455.8 Billion in Billed Business for Q2
American Express reported a record billed business volume of $455.8 billion in the second quarter, reflecting a 10% year-over-year increase and a 6.5% rise from the previous quarter. Despite this strong spending performance, American Express stock fell by approximately 5%, as revenue came in slightly below expectations at $19.64 billion. The company maintained its full-year earnings per share guidance of $17.30 to $17.90 and raised its annual revenue forecast from a projected increase of up to 10%. However, expenses rose by 12% year-over-year due in part to investments aimed at refreshing U.S. platinum card offerings. American Express added three million new card members during the quarter, with strong retention rates and an increasing share of younger customers—65% of whom were Millennials or Gen Zs. The company also increased its annual subscription fee for the Platinum Card from $695 to $895.
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