American Express started 2026 with revenue and earnings ahead of Wall Street’s expectations, yet the market responded negatively. Management attributed the revenue growth to strong card member spending, particularly in premium products and international markets, as well as robust engagement from Millennial and Gen Z customers. CEO Stephen Squeri pointed to the Platinum portfolio refresh and ongoing high retention rates as meaningful factors behind the company’s performance. However, leadership acknowledged that late-quarter airline spending softened due to travel disruptions in the Middle East, partially offset by resilience in other spending categories.

Is now the time to buy AXP? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From American Express’s Q1 Earnings Call

• Ryan Nash (Goldman Sachs) asked if robust spend momentum could drive revenue growth above guidance, and CEO Stephen Squeri stressed confidence in achieving 9-10% but emphasized reinvesting overperformance into the business for future growth.
• Sanjay Sakhrani (KBW) questioned the materiality of late-quarter airline spending softness, to which CFO Christophe Le Caillec explained that the impact was minor and offset by strong customer engagement in other categories.
• Donald Fandetti (Wells Fargo) inquired about enhancements to expense management solutions for middle market SMEs; Squeri detailed the focus on launching new software and integrating recent acquisitions to solidify their position.
• Craig Maurer (FT Partners) asked about the sustainability of Platinum portfolio spend post-refresh, and Le Caillec clarified that most growth came from existing customers, with the uplift expected to be maintained rather than further accelerated.
• Darrin Peller (Wolfe Research) raised questions on fraud and structural changes in an AI-driven “agentic” commerce world, and Squeri highlighted the advantages of American Express’s closed-loop data model and new protection products to address these risks.

Catalysts in Upcoming Quarters

In future quarters, the StockStory team will focus on (1) the rollout and customer adoption of new commercial products and expense management tools, (2) the effectiveness of increased marketing and technology investments in driving new card acquisition and premium customer retention, and (3) the resilience of spending trends, especially in travel-related categories, amid ongoing geopolitical volatility. Developments in AI-powered offerings and strategic partnerships will also be key markers of execution.

American Express currently trades at $314, down from $332.90 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).

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