American Express (AXP) Q2 FY26 earnings
Revenue $19.6B, up 10% from a year ago. Net income $3.1B.
American Express grew revenue 10% to $19.6B, with US Consumer Services at $9.5B — 49% of the total. Net income was $3.1B, a 16% margin, after a 23.6% effective tax rate.
Non-interest revenue reached $54.9B in 2025 from $34.6B in 2021; net interest income, $17.4B.
The card company's two engines, as filed: non-interest revenues rose from $34.6B to $54.9B across the span, while net interest income more than doubled to $17.4B — the lending side is growing faster than the fee side, each year as first filed in its own 10-K.
Discount revenue grew from $30.7B in 2022 to $37.4B in 2025; net card fees, $6.1B to $10.0B.
The two prices a cardholder economy charges: the merchant's discount revenue and the member's card fees. Fees are growing faster — $6.1B to $10.0B in four years — while discount revenue climbs with billed business. The other non-interest revenue rows are not drawn.
Where the revenue came from
| Segment | Amount | % of revenue | Y/Y |
|---|---|---|---|
| USCS | $9.5B | 48.2% | +11% |
| CS | $4.5B | 22.8% | +7% |
| ICS | $3.6B | 18.3% | +12% |
| GMNS | $2.1B | 10.6% | +8% |
Income statement, line by line
| Line | Amount | % of revenue | Y/Y |
|---|---|---|---|
| Revenue | $19.6B | +10% | |
| Pretax income | $4.1B | 20.7% | — |
| Income tax | $961M | 4.9% | +45% |
| Net income | $3.1B | 15.8% | +8% |
— means the filing states no comparable prior-year figure for that line, so we do not compute one.
Effective tax rate: 23.6%. That is tax as a share of pretax income. The 4.9% in the column above is tax as a share of revenue, which is not a tax rate.
The last 8 quarters
| Quarter ended | Revenue | Net income | Net margin |
|---|---|---|---|
| Jun 30, 2026 | $19.6B | $3.1B | 15.8% |
| Mar 31, 2026 | $18.9B | $3.0B | 15.7% |
| Dec 31, 2025 | $19.0B | $2.5B | 13.0% |
| Sep 30, 2025 | $18.4B | $2.9B | 15.7% |
| Jun 30, 2025 | $17.9B | $2.9B | 16.2% |
| Mar 31, 2025 | $17.0B | $2.6B | 15.2% |
| Dec 31, 2024 | $17.2B | $2.2B | 12.6% |
| Sep 30, 2024 | $16.6B | $2.5B | 15.1% |
Held by tracked 13F managers
AMERICAN EXPRESS CO (COM): 18 of 69 tracked managers reported holding it — $55,836M across tracked reports, as filed.
13F reports arrive up to 45 days after quarter end and may be amended; totals sum across tracked reports, not unique economic ownership.
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