American Express reported first-quarter 2026 net income of $2.97 billion, up 15% from $2.58 billion a year earlier, as diluted earnings per share rose to $4.28 from $3.64.
Total revenues net of interest expense climbed 11% to $18.91 billion. On an FX-adjusted basis, revenue was $17.21 billion, up 10%.
Key revenue lines moved higher: Discount revenue: $9.51 billion, up 9% Net card fees: $2.75 billion, up 18% Service fees and other revenue: $1.95 billion, up 13% Net interest income: $4.69 billion, up 13%
Total interest income increased 9% to $6.67 billion, while total interest expense was essentially flat at $1.97 billion.
Billed business reached $428.0 billion, up 10% year over year, or $393.6 billion on an FX-adjusted basis, up 9%. Network volumes were $486.3 billion, up 11%.
By segment, U.S. Consumer Services billed business rose 10%, Commercial Services rose 4%, and International Card Services jumped 20%, or 13% FX-adjusted.
Card balances and other loans increased 8% to $224.16 billion, or $208.83 billion FX-adjusted. Average Card balances and other loans were $222.81 billion, up 9%.
Customer deposits rose 8% to $157.95 billion. Long-term debt increased 15% to $58.75 billion.
Provision for credit losses rose 13% to $1.25 billion. Within that: Net write-offs: $1.21 billion, up 4% Reserve build/release: a $26 million release versus a $118 million release a year earlier
Total expenses were $13.88 billion, up 11%. Pretax income rose 13% to $3.78 billion.
Credit metrics remained tight: Net write-off rate, principal, interest and fees: 2.3% versus 2.4% Net write-off rate, principal only, consumer and small business: 2.0% versus 2.1% 30+ days past due, consumer and small business: 1.3%, unchanged 90+ days past billing, corporate: 0.4%, unchanged
Profitability and capital metrics also improved: Return on average equity: 35.2% versus 33.6% Common Equity Tier 1 ratio: 10.5% versus 10.7% * Effective tax rate: 21.4% versus 22.4%
American Express declared cash dividends of $0.95 per share, up from $0.82, and average diluted shares outstanding fell to 686 million from 702 million. Following these announcements, the company's shares moved -0.28%, and are now trading at a price of $299.39. For the full picture, make sure to review AMERICAN EXPRESS CO's 10-Q report.
