International Companies
American Express beats estimates on premium member growth, but shares fall
By Benjamin Chiou
Date: Thursday 23 Apr 2026
(Sharecast News) - First-quarter results from American Express beat market expectations on Thursday, as revenues rose at a double-digit percentage on the back of strong business from its premium customer base, though shares retreated after hitting a two-month high the previous session.
Revenues increased 11% year-on-year to $18.91bn, or 10% on an FX-adjusted basis, to top the consensus forecast of $18.61bn, as total billed business grew 10% to $428.0bn.
Amex said growth was mainly driven by higher spending from card members, as well as increased net interest income and strong card fee growth.
In an interview with Reuters, chief financial officer Christophe Le Caillec said overall retail spending had risen by 11% year-on-year during the quarter, with luxury retail spending in particular up 18%.
Net income rose 15% to $2.97bn, with earnings per share up 18% at $4.28, comfortably beating the $4.00 consensus estimate.
Chairman and chief executive Stephen Squeri labelled it a "very strong start" to 2026. "Card Member spending grew 9 percent FX-adjusted, the highest quarterly growth in three years, driven by strong demand and engagement with our premium products," he said.
Looking ahead, Amex kept on to revenue and profit guidance for the full year, expecting 9-10% top-line growth and EPS of $17.30-17.90.
"With our differentiated Membership Model, fuelled by our premium Card Members, world-class partners, and the innovations and services delivered by our talented colleagues, we are confident in our ability to deliver sustainable long-term growth," Squeri said.
The stock was down 2.2% at $326.22 by 1516 BST. Shares have risen around 10% over the past month to close at $333.09 on Wednesday, its highest since 26 February.
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