American Express Co (NYSE:AXP) reported upbeat first-quarter 2026 results on Thursday.
The company reported quarterly revenue (net of interest expense) growth of 10% year-over-year to $18.91 billion, topping the analyst consensus estimate of $18.62 billion.
The increase was primarily driven by higher Card Member spending, increased net interest income supported by growth in card balances, and strong card fee growth.
Adjusted EPS coming in at $4.28, topping the analyst consensus estimate of $4.02.
Segments
Card Member spending, or Billed Business, rose 10% Y/Y to $428.0 billion. U.S. Consumer Services revenue climbed 10.6% to $9.12 billion, while Commercial Services revenue increased 7.1% to $4.32 billion.
International Card Services saw a 20.3% jump to $3.53 billion, and Global Merchant and Network Services revenue grew 10.4% to $2.00 billion.
Net card fees surged 18% year-over-year to $2.75 billion.
Total expenses, however, increased by 11% Y/Y to $13.88 billion, primarily driven by higher variable customer engagement costs …