American Express expects earnings per share between US$17.30 and US$17.90 in 2026, with revenue growth of 9 per cent to 10 per cent.Brendan McDermid/Reuters
American Express AXP-N forecast annual profit largely above Wall Street expectations on Friday, underscoring resilient spending by the credit card giant’s largely affluent customer base amid broader economic uncertainty.
The company expects 2026 earnings per share between US$17.30 and US$17.90. The mid-point of the range is above analysts’ average projection of US$17.41 per share, according to estimates compiled by LSEG. Revenue is expected to grow in the range of 9 per cent to 10 per cent versus expectations of about 9 per cent.
Analysts have said Amex’s focus on the premium segment insulates the company from a broader slowdown in spending and helps deliver solid growth.
“As demonstrated in our results, our investments are paying off – driving increased customer demand, engagement and loyalty,” CEO Stephen Squeri said in a statement.
Billed business, a measure of spending on Amex cards, rose 9 per cent to US$445.1-billion in the fourth quarter.
The company in December reported a 9-per-cent growth in U.S. retail consumer spending around the key Thanksgiving holiday week, ahead of an Adobe Analytics report of a 7.7-per-cent rise for the broader spending.
The credit card company’s shares gained 24.7 per cent in 2025, outperforming rivals Visa’s 11-per-cent and Mastercard’s 8.4-per-cent rise.
American Express’ profit came in at US$3.53 per share in the three months ended Dec. 31. That compares with US$3.04 per share, a year earlier. Revenue grew 10 per cent to US$18.98-billion.
Investor attention is on how Amex will navigate a potential one-year cap on credit card interest rates proposed by U.S. President Donald Trump to address affordability concerns.
Banking and card industry bodies have pushed back strongly against the proposal, arguing that it would limit credit availability to everyday Americans.
Though analysts have said such a move would require legislation and has slim odds of passage, the proposal weighed on financial stocks and sent them tumbling earlier this month.