| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 66 | 18.9x | 17.6x | Top tier | |
Growth | 42 | 9.4% | 7.1% | Around median | |
Quality | 98 | — | — | Top tier | |
Safety | 17 | — | — | Bottom tier | |
Capital Return | 66 | 1.14% | 2.15% | Top tier | |
Momentum | 54 | 5.3% | 2.3% | Around median | |
Sentiment | 71 | 21 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
American Express Company operates through an integrated membership and payments model that connects cardholders with merchants, generating revenue from card fees, net interest income on balances, spending processed through its network, and banking products. The company focuses on customers with high creditworthiness and fee-based products, particularly Platinum and Gold, and supports membership with travel, dining, and entertainment benefits such as airport lounges, hotel networks, Resy, and Tock; in Q2 fiscal 2026, fee-based products accounted for 75% of new accounts.
In Q2 fiscal 2026, revenue was $21.6 billion, net income was $3.1 billion, and earnings per share were $4.53, equivalent to a calculated net income margin of approximately 14.4%. Management reported that revenue grew 10%, earnings per share 11%, and pretax income 15% year over year, while net income grew 8% due to discrete tax items in the comparison period. In terms of revenue mix, net card fees reached a record level and grew 15.4%, while net interest income increased 11%.
Billed business in Q2 fiscal 2026 reached currency-adjusted growth of 9.4%, driven by 9% growth in goods and services, 10% in travel and entertainment, 13% in retail, and 10% in restaurants. U.S. consumer spending grew 11%, and international spending grew 12% on a currency-adjusted basis, while commercial spending grew 5%. The company added 3 million new cards, balances increased 9%, and credit quality remained strong, with provision expense of $1.1 billion that included a $191 million reserve release.
The average analyst target is $378.09, compared with a target range of $315 to $415 and a Neutral consensus; the average is approximately 2.4% below the 52-week range high of $387.49, while the highest target exceeds that high. The wide target range and the 52-week range of $290.97–$387.49 reflect the market’s balancing of revenue and fee growth and credit quality on one hand against reinvestment pressure, co-brand portfolio sales, and the lack of an increase in earnings-per-share guidance on the other.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
American Express reported revenue of $21.6 billion and net income of $3.1 billion in Q2 fiscal 2026. Earnings per share were $4.53, with revenue growing 10% and earnings per share 11% year over year. Pretax income increased 15%, while net income grew 8% due to discrete tax items in the comparison period. The net income margin calculated from EDGAR figures was also approximately 14.4%.
Management raised its fiscal 2026 revenue growth forecast to 10% following better-than-expected first-half performance. It maintained earnings-per-share guidance of $17.30 to $17.90 because it chose to invest the outperformance in customer acquisition, technology, and the proposed TheFork acquisition. The company expects operating expenses to grow at a mid-single-digit rate and marketing to grow approximately 10% in the second half. It also expects Card Member engagement costs as a percentage of revenue to range between 44% and 45% for fiscal 2026.
The Platinum portfolio became the fastest-growing portfolio in the U.S. consumer business, and management linked it to a 600-basis-point acceleration across the portfolio compared with what it discussed in Q1 fiscal 2026. Customer retention remained stable year over year after the $200 fee increase, with contributions from new accounts, increased spending by existing customers, and upgrades. Management expects card fee growth to accelerate in Q3 fiscal 2026 and end the year at an upper-teens rate. Outside the United States, Platinum spending grew 20% on a currency-adjusted basis during fiscal 2026.
Automated analysis for informational purposes only — not investment advice.
Delinquency and write-off rates remained below 2019 levels, and the delinquency rate stayed between 1.2% and 1.3% for more than three years. Provision expense was $1.1 billion and included a $191 million reserve release resulting from improved portfolio performance. Balances increased 9% on a currency-adjusted basis, in line with billed business growth. The CCAR stress test results showed the lowest projected credit card loss rate among all banks and a pretax return on equity of 3.8% over nine quarters under the severely adverse scenario.
The transfer of one of the two portfolios was completed in April 2026, and the transfer of the second portfolio was expected in Q3 fiscal 2026. Beginning in Q4 fiscal 2026, management expects pressure of approximately one percentage point on spending growth and 2.5 percentage points on net interest income growth. The expected impact on total revenue growth is approximately one percentage point until the year-over-year comparison is completed. However, management said the impact on pretax income would be minimal and that these effects are included in the annual guidance.
Global travel bookings through American Express increased 22% in Q2 fiscal 2026, while travel and entertainment spending grew 10%. The company uses Resy and Tock within its dining offering, and the proposed TheFork acquisition would add approximately 50 thousand restaurants in 11 European countries if the transaction is completed. On August 19, 2026, it announced a multiyear partnership with St Andrews Links that gives Platinum and Centurion cardholders an exclusive application process for packages that include the Old Course. It also added an integration that allows Membership Rewards points to be redeemed directly within Apple Pay and a global partnership with Accor’s loyalty and booking platform.
