Overview
- The company reported second-quarter results on July 24 with GAAP profit of $3.11 billion and EPS of $4.53, while revenue net of interest was about $19.6 billion and narrowly missed expectations.
- Management raised full-year revenue guidance toward roughly 10 percent growth but left the EPS forecast unchanged and said the quarter’s upside would be redirected into acquisition, product refreshes and tech investment.
- Fee revenue, driven by a $200 Platinum Card price increase, rose about 15 percent year over year, AmEx added roughly 3 million new customers in the quarter with about 75 percent on fee products, and cardmember spending increased about 9 percent.
- Operating expenses climbed about 12 percent to $14.5 billion and the CFO said marketing will be about 10 percent higher in the second half of 2026, a stance that helped trigger a roughly 4 to 7 percent drop in the stock.
- The results show the firm's premium, fee‑driven model is resilient against competition but the choice to prioritize growth investment over near‑term EPS gains makes marketing ROI and the fee‑revenue exit rate the key metrics to watch next.