American Express Posts $2.97B Q1 Profit, Up 15% as Card Spending Drives Revenue Gain

American Express Company (NYSE: AXP), a global payments and premium lifestyle brand, reported net income of $2.97 billion for the quarter ending March 31, 2026, a 15% increase from $2.58 billion in the year-ago quarter. Diluted earnings per share climbed to $4.28 from $3.64. Read more earnings reports.

Total revenue net of interest expense rose 9.3% to $10.52 billion from $9.64 billion in the first quarter of 2025. Discount revenue, the company's largest revenue stream from merchant fees, jumped to $3.99 billion from $3.63 billion. Card member fees increased to $2.93 billion from $2.83 billion, while other fees and commissions rose to $1.98 billion from $1.69 billion.

Interest income from cardmember loans and other sources totaled $6.67 billion, up from $6.14 billion in the prior-year period. The company reported interest expense of $4.07 billion on cardmember deposits, compared to $3.76 billion a year earlier.

Labor and related expenses climbed to $2.48 billion from $2.12 billion in the first quarter of 2025. The company paid $807 million in income taxes for the quarter, compared to $746 million in the same period last year.

American Express ended the quarter with total assets of $308.89 billion, up from $300.05 billion at December 31, 2025. Cash and restricted cash increased to $53.76 billion from $47.79 billion at year-end. Total liabilities stood at $274.90 billion, while stockholders' equity rose to $34.00 billion from $33.47 billion.

Cash from operating activities totaled $3.80 billion for the three months ending March 31, 2026, down from $4.76 billion in the comparable 2025 period. The company used $2.87 billion in investing activities and generated $4.98 billion from financing activities during the quarter.

American Express had 682 million common shares outstanding at quarter-end, down from 686 million at December 31, 2025. The company reported 685 million weighted average shares outstanding for the quarter on a basic basis, compared to 701 million in the first quarter of 2025.