American Express reported first-quarter earnings of $3.64 per share on revenue of $17 billion, representing 8% year-on-year growth on a currency-adjusted basis. Both figures beat Wall Street expectations.
Why it matters
American Express is a bellwether for high-income consumer spending. The results suggest that premium cardholders — the wealthiest segment of the consumer economy — continue to spend freely despite broader economic uncertainty around tariffs and geopolitical tensions.
The numbers
Total card member spending grew 6% in the quarter, or 7% excluding the leap-year impact from 2025. Spending on goods and services continued to accelerate relative to the prior year. The company added 3.4 million new cards, a sign that demand for its premium products remains strong.
Management reiterated full-year guidance of 9–10% revenue growth and earnings per share of $17.30–$17.90. The quarterly dividend was raised 16% to $0.95 per share.
Premium card strength
The Platinum Card — American Express’s flagship product — showed a 99% retention rate after last year’s annual fee increase. Travel bookings through the Amex app rose 30% in the most recent quarter, and spending at Resy-affiliated restaurants by US consumers climbed 20%.
These figures indicate that premium cardholders see enough value in the rewards ecosystem to absorb higher fees. That dynamic underpins American Express’s pricing power.
The broader picture
American Express’s results contrast with signs of strain among lower-income consumers at other financial institutions. The company’s focus on affluent cardholders — who account for a disproportionate share of consumer spending — insulates it from the pressures hitting mass-market lenders.
The stock was set to report alongside other major financial names on 23 April, including Blackstone and Comcast.