Revenue Growth Momentum
Total revenues reached $10.52B in Q1 2026, up 9.3% from $9.63B in Q1 2025, reflecting continued strength in card member spending and fee income across American Express's premium customer base.
Source: 10-Q Income Statement
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
American Express delivered a strong Q1 2026 with revenue of $10.5B (+9.3% YoY) and net income of $3.0B (+15.0% YoY), driven by robust card member spending and premium customer growth, though operating cash flow declined 20.2% YoY.
Revenue
$10.52B
+9.26% YoY
EPS (Diluted)
$4.28
+17.58% YoY
Source: SEC XBRL
American Express (AXP) reported Q1 FY2026 revenue of $10.52B, up 9.3% year over year. Operating cash flow was $3.8B, down 20.2% year over year. AXP's fiscal Q1 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 4.53 | 4.45 | Beat +1.8% |
| Mar 2026This filing | 4.28 | 4.06 | Beat +5.3% |
| Dec 2025 | 3.53 | 3.57 | Miss -1.2% |
| Sep 2025 | 4.14 | 4.04 | Beat +2.6% |
Reported EPS of $4.28 versus the $4.06 analyst consensus — a +5.3% beat for Mar 2026.
Compiled by AI from this SEC filing
Total revenues reached $10.52B in Q1 2026, up 9.3% from $9.63B in Q1 2025, reflecting continued strength in card member spending and fee income across American Express's premium customer base.
Source: 10-Q Income Statement
Net income grew 15.0% YoY to $2.97B, outpacing revenue growth and indicating meaningful operating leverage. Diluted EPS rose 17.6% to $4.28, further boosted by share repurchases reducing the share count.
Source: 10-Q Income Statement
AXP returned significant capital in Q1 2026, with share buybacks surging 58.2% YoY to $1.91B and dividends paid rising 14.5% YoY to $583M, signaling management confidence in earnings durability.
Source: 10-Q Cash Flow Statement
Operating cash flow fell 20.2% YoY to $3.80B from $4.76B, while investing cash flow swung sharply negative to -$2.87B from +$451M in the prior year period, suggesting increased investment activity or changes in working capital.
Source: 10-Q Cash Flow Statement
Total assets grew 9.4% YoY to $308.9B, supported by a 14.7% increase in long-term debt to $58.75B. The debt-to-equity ratio stands at approximately 8.1x, reflecting the capital-intensive nature of AXP's lending and card business.
Source: 10-Q Balance Sheet
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
AXP's debt-to-equity ratio of approximately 8.1x reflects substantial leverage inherent in its card lending and financial services model. A deterioration in credit quality or rising funding costs could pressure profitability and capital adequacy. Long-term debt increased 14.7% YoY to $58.75B, amplifying sensitivity to interest rate movements.
Source: 10-Q Balance Sheet
Operating cash flow declined 20.2% YoY to $3.80B, a meaningful drop that warrants monitoring. If this trend persists, it could constrain AXP's ability to sustain its aggressive capital return program, which consumed approximately $2.49B in buybacks and dividends in Q1 2026 alone.
Source: 10-Q Cash Flow Statement
As a premium card issuer, AXP's revenue is highly dependent on card member spending volumes and credit performance. An economic slowdown or deterioration in consumer confidence could reduce transaction volumes and increase credit losses, directly impacting revenue and net income.
Source: 10-Q Income Statement
Long-term debt surged 14.7% YoY to $58.75B, increasing AXP's refinancing risk and interest expense burden in a potentially elevated rate environment. Higher funding costs could compress net interest margins and weigh on future earnings growth.
Source: 10-Q Balance Sheet
Investing cash flow swung from +$451M in Q1 2025 to -$2.87B in Q1 2026, a shift of over $3.3B. This dramatic change may reflect significant asset purchases or loan portfolio expansion, which could introduce execution or valuation risk if economic conditions deteriorate.
Source: 10-Q Cash Flow Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 10.52 $B | 9.63 $B | +9.26% |
Net Income $B | 2.97 $B | 2.58 $B | +14.98% |
EPS (Basic) $ | 4.29 $ | 3.64 $ | +17.86% |
EPS (Diluted) $ | 4.28 $ | 3.64 $ | +17.58% |
Answers draw on this SEC filing and the data on this page
AXP reported Q2 FY2026 net income of $3.110B and diluted EPS of $4.53, supported by 9% billed-business growth, 10% growth in total revenues net of interest expense, lower credit-loss provisions, and continued investment in premium-card benefits. Source: 10-Q Item 2 MD&A, pp.2-6
American Express delivered strong FY2025 results with revenue rising 6.4% to $41.3B and net income growing 7.0% to $10.8B, driven by robust operating cash flow of $18.4B and a 9.8% jump in diluted EPS to $15.38.
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