American Express on Friday reported an 8% rise in second-quarter profits compared to last year

ByKEN SWEET AP business

July 24, 2026, 9:27 AM

The major credit card issuer American Express announced that its earnings for the second quarter increased by 8 percent year-over-year, driven by greater cardholder expenditures, reduced late payments, and growth in sign-ups for premium offerings such as the Platinum and Gold Cards.

Based in New York, the firm reported on Friday net income of $3.11 billion, equating to $4.53 per share, versus $2.89 billion or $4.08 per share from the prior year. These figures surpassed expectations, with analysts anticipating $4.40 per share per FactSet data.

The company keeps gaining from worldwide economic expansion that has favored affluent and high-net-worth people more, given its clientele leans toward this group via premium cards including Platinum and Gold. Cardholders typically charge nearly all purchases and settle balances monthly. Average spending per customer reached $6,759 this quarter, compared to $6,393 previously.

Simultaneously, AmEx is investing significantly to retain its base amid rising rivalry from premium cards such as JPMorgan Chase Sapphire Reserve, Citigroup Strata, and Capital One Venture X. Expenses climbed 12 percent annually, allocated to boosted marketing efforts and product updates.