Q1 2026 RESULTS (Form 8-K)

Q1 2026 RESULTS

Quarters Ended

March 31,

YoY%

Inc/(Dec)

2026

2025

Billed Business (Billions)

FX-adjusted1

$428.0

$387.4

$393.6

10%

9%

Total Revenues Net of Interest Expense

FX-adjusted1

$18,907

$16,967

$17,210

11%

10%

Net Income

$2,971

$2,584

15%

Diluted Earnings Per Common Share (EPS)2

$4.28

$3.64

18%

Average Diluted Common Shares Outstanding

686

702

(2)%

Stephen J. Squeri | Chairman and Chief Executive Officer

"We had a very strong start to the year, reflecting continued momentum across our premium customer base and execution of our proven growth strategy. We delivered 10 percent FX-adjusted revenue growth and 18 percent EPS growth in the quarter. 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. Our credit performance remained excellent.

"Our consistently strong performance reinforces that our strategy is working well, supported by our ongoing investments in growth initiatives. During the quarter, we continued to expand the access and experiences we provide across sports, a powerful engagement engine with our Card Members, becoming the Official Payments Partner of the NFL globally and extending our long-term partnership with the NBA. We also shared plans for the largest one-year expansion of our commercial product suite in our history, starting with the launch of our new Graphite Business Cash Unlimited Card. And we continued to drive AI innovation with the announcement of the Amex Agentic Commerce Experiences developer kit and industry-first Agent Purchase Protection.

"Given our strong results to date, we're reaffirming our full-year 2026 guidance for 9 to 10 percent revenue growth and EPS of $17.30 to $17.90, and decided to increase our investments in marketing and technology to capitalize on long-term growth opportunities. With our differentiated Membership Model, fueled 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."

First-Quarter 2026 Results

Business Highlights

First-quarter consolidated total revenues net of interest expense were $18.9 billion, up 11 percent year-over-year, or 10 percent on an FX-adjusted basis. The increase was primarily driven by higher Card Member spending, increased net interest income supported by growth in card balances, and strong card fee growth.

Consolidated provisions for credit losses were $1.3 billion, compared with $1.2 billion a year ago. The increase reflected higher net write-offs and a lower reserve release compared to the prior year. The first-quarter net write-off rate was 2.0 percent, compared to 2.1 percent a year ago.3

Consolidated expenses were $13.9 billion, up 11 percent year-over-year. The increase was primarily driven by higher variable customer engagement costs due to increased Card Member spending, the U.S. Platinum Card refresh, and usage of travel- and lifestyle-related benefits, as well as higher operating expenses.

The consolidated effective tax rate was 21.4 percent, down from 22.4 percent a year ago, primarily reflecting discrete tax benefits in the current quarter.

•American Express was named the Official Payments Partner of the NFL and announced a multi-year partnership extension with the NBA across league platforms, including the WNBA.

•Kicking off a major expansion of integrated solutions for businesses of all sizes, the company launched the American Express Graphite™ Business Cash Unlimited Card.

•The company announced the Amex Agentic Commerce Experiences™ developer kit and industry-first Amex Agent Purchase Protection™.

•Resy unveiled the next phase of its dining platform, including the planned integration of Resy and Tock venue networks.

•American Express continues to expand the Centurion Lounge® network, opening new spaces in Las Vegas and New Delhi and announcing plans in three other locations.

•The company ranked #4 on Great Place to Work's® 2026 list of the 100 Best Companies to Work For® in the U.S.

1

As used in this release, FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translations into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for current period apply to the corresponding prior-year period against which such results are being compared). FX-adjusted revenues is a non-GAAP measure. The company believes the presentation of information on an FX-adjusted basis is helpful to investors by making it easier to compare the company's performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

2

Attributable to common shareholders. Represents net income less earnings allocated to participating share awards and dividends on preferred shares. Refer to the statistical tables for more information.

3

Net write-off rates are based on principal losses only (i.e., excluding interest and/or fees) and represent consumer and small business card balances (net write-off rates based on principal losses only are unavailable for corporate). Refer to the statistical tables for more information and net write-off rates including interest and fees.