New York, Jan 30, 2026, 3:34 PM ET — Regular session
American Express (NYSE:AXP) shares dropped 2.2% to $350.61 in Friday afternoon trading, weighed down by a quarterly report highlighting both robust spending and higher expenses. The stock touched a session low of $344.53.
The pullback is significant because American Express operates at the top tier of U.S. consumer credit. Investors watch it closely for early signs on travel and dining demand. With interest rates remaining elevated, the market is on alert for any weakness in premium spending — and whether the escalating perks competition is becoming more costly than beneficial.
American Express projects earnings per share between $17.30 and $17.90 for 2026, with revenue expected to grow 9% to 10%. The company also announced plans to boost its quarterly dividend by roughly 16% to 95 cents a share. In the December quarter, it posted earnings of $3.53 per share on $18.98 billion in revenue, while billed business—a key card spending metric—climbed 9% to $445.1 billion. CEO Stephen J. Squeri described 2025 as “a very strong year” and highlighted a multi-year extension of its British Airways cobrand card deal. SEC
AmEx CFO Christophe Le Caillec told Reuters the company sees “no discontinuity” ahead, highlighting that Gen Z and millennials now outspend Gen X on its U.S. consumer cards. Truist analysts flagged the quarter as reflecting “the cost of the Platinum refresh.” Investors also watched closely as President Donald Trump backed a one-year 10% cap on credit card interest rates. AmEx shares climbed 24.7% in 2025, beating Visa’s 11% and Mastercard’s 8.4%. Reuters
Supplemental tables showed card member loans and receivables hitting $213.9 billion at the quarter’s close, marking a 7% rise from last year. Net card fees climbed 17% to $2.63 billion for the quarter. The 30-days-past-due rate remained steady at 1.3%, while the net write-off rate—loans deemed uncollectible—stood at 2.1%, principal-only.
A filing with the U.S. Securities and Exchange Commission revealed American Express submitted its earnings release along with supplementary financial tables in a Form 8-K.
The math can shift quickly. If the costs of rewards and lounges keep rising, the gains from new accounts and fee income need to come through fast—or margins will tighten. A weaker economy won’t make things easier, particularly if credit losses begin to climb simultaneously.
Traders are now eyeing whether spending will sustain itself through the early-2026 travel season and if the Platinum refresh begins to signal growth rather than just cost. A more abrupt shift in the U.S. rate-cap debate would inject fresh uncertainty across the entire card sector.
American Express will deliver its first-quarter results on April 24, 2026, with an earnings call scheduled for 8:30 a.m. ET, the company announced.
