American Express reported a 15 percent increase in first-quarter profit on April 23, 2026, as cardmember spending reached a three-year high. The New York-based financial services company posted net income of $2.97 billion for the quarter ending March 31, 2026, up from $2.58 billion during the same period the previous year. This performance exceeded the consensus expectations of Wall Street analysts, driven by robust growth in the company's core credit card business and increased fee-based revenue.
Earnings per share for the quarter reached $4.28, significantly surpassing the $4.00 average estimate from analysts surveyed by FactSet. Total revenue, net of interest expense, rose 11 percent to $18.9 billion. This figure also topped the $18.6 billion projected by market researchers. The revenue growth was primarily attributed to higher net interest income, which benefited from increased loan balances, and a steady rise in cardmember spending across both domestic and international markets.
Chief Executive Officer Stephen Squeri stated in a formal company announcement that cardmember spending grew 9 percent on a foreign exchange-adjusted basis. This represents the highest quarterly growth rate for the company in three years. Squeri noted that the results reflect the continued demand for the company's premium card products and the overall resilience of its customer base despite broader economic fluctuations. The company reported that spending by millennial and Gen Z customers remained a significant driver of growth, representing a key demographic for new account acquisitions and long-term engagement.
The company reaffirmed its full-year financial guidance for 2026, signaling confidence in its operational trajectory and business model. American Express continues to project revenue growth between 9 percent and 10 percent for the full fiscal year. It also maintained its earnings per share guidance in the range of $17.30 to $17.90. This outlook is consistent with the multi-year growth plan the company established to deliver sustainable value to its shareholders through disciplined expense management and strategic investments.
Operating expenses for the first quarter were reported at $11.4 billion, influenced by increased marketing investments and higher human resources costs. The company noted that these investments are part of a broader strategy to enhance brand loyalty and expand its digital service offerings. The provision for credit losses was $1.3 billion, compared with $1.1 billion a year earlier. This increase reflects the company's assessment of the current macroeconomic environment and the continued growth in its total loan portfolio.
In premarket trading on Thursday, April 23, 2026, American Express shares rose approximately 1 percent following the release of the earnings report. Prior to this announcement, the company's stock had declined 11 percent since the beginning of the year through the market close on Wednesday. The first-quarter results provide a benchmark for the company's performance as it navigates the evolving financial services landscape and consumer spending trends throughout the remainder of 2026.