American Express Cardholders Spent $455.8 Billion Last Quarter
In the second quarter of 2026, American Express (NYSE: AXP) reported a record billed business volume of $455.8 billion, reflecting a year-over-year increase of 10% and a quarterly rise of approximately 6.5%. Despite this strong spending data, Amex's stock fell roughly 5%, partly due to revenue missing Wall Street expectations by about $50 million. The company maintained its full-year EPS guidance between $17.30 and $17.90 but revised its revenue growth forecast upward from up 9%–10% to just 10%. Expenses rose significantly, attributed to investments in refreshing U.S. platinum card offerings. Amex added three million new card members during the quarter, with strong retention rates and a growing share of younger customers (Millennials and Gen Zs). The company also increased its platinum card annual subscription fee from $695 to $895 earlier this year. While Amex's stock has declined 13.3% in 2026 amid economic uncertainty, the firm’s strong brand position and ability to hedge inflation through higher interest rates and transaction fees remain key strengths for long-term investors.