American Express stock holds near record levels on strong earnings

American Express (ISIN US0258161092) continues to look resilient after reporting record quarterly revenue of $17.9 billion for the second quarter of 2026, up 9% from a year earlier, while diluted earnings per share rose to $4.08 from $3.49. The company also said its shares were trading near a 52-week high, with the stock at $324.77 on 27 July 2026, according to the market context used for this article.

Revenue up 9%

The second-quarter 2026 revenue figure marked another step up for American Express, which has leaned on premium card spending and a large affluent customer base. The company said total revenues net of interest expense reached $17.9 billion, while adjusted expenses rose to $11.6 billion, keeping operating leverage in view for the quarter.

That combination mattered because earnings expanded faster than revenue: diluted EPS of $4.08 was 16.9% above the $3.49 reported in the second quarter of 2025. The gap between a 9% revenue increase and a 16.9% EPS increase is the kind of comparison that usually keeps attention on margins rather than just headline sales growth.

EPS outpaces sales

American Express also highlighted that card member spending remained healthy, with billed business reaching $416.3 billion in the quarter. That compares with $403.5 billion a year earlier and shows that the top line is still being supported by transaction volumes rather than one-off accounting effects.

Provision for credit losses was $1.4 billion in the quarter, up from $1.2 billion a year earlier, reflecting a more cautious stance on credit quality. Even so, the company kept net income at $2.9 billion, underscoring that higher credit costs have not erased profitability.

Premium spending still matters

The revenue mix still points to the company’s core product strategy. U.S. Consumer Services and Commercial Services remained the engine, while card fees and spending volumes helped offset slower growth in a higher-rate environment.

For investors, the useful comparison is not just absolute size but pace: $17.9 billion in revenue, $4.08 in EPS, and $416.3 billion in billed business together show that American Express is converting scale into earnings with limited strain on the top line.

Gold card strength

American Express Gold Card remains one of the company’s best-known consumer products and helps anchor recurring fee income. The broader card franchise benefits from premium positioning, where annual fees and transaction activity can support both revenue and customer retention.

That product mix also helps explain why the stock has stayed close to its recent high rather than discounting slower growth more aggressively. The market is still pricing in the durability of premium spending and the company’s ability to defend margins.

Near 52-week high

On 27 July 2026, American Express stock was quoted at $324.77, close to its 52-week high of $329.14 and well above the 52-week low of $220.43. The gap between the low and the current level reflects a strong rerating over the past year, even as credit-loss provisions and expenses remain part of the earnings story.

That price backdrop keeps the focus on the next quarterly update. If revenue keeps growing faster than expenses, the current valuation support is easier to justify; if not, the stock may need more earnings growth to hold these levels.