American Express Q1 2026 Results: Younger Card Members Propel Growth
American Express is leaning on a younger cadre of card members to sustain revenue expansion amid a choppier economic backdrop.
Q1 Performance and Revenue Growth
Reporting first-quarter 2026 figures on Thursday, the company posted its strongest quarterly momentum in three years, led by a 10% jump in spending within its United States consumer billed segment despite stubborn inflation, higher jobless claims, and geopolitical strain across the Middle East that has curbed some travel. The company highlighted billed-business momentum in its consumer franchise, but the release and remarks referenced here did not provide a single consolidated figure for total card spending or overall network volume, nor a detailed geographic split beyond the emphasis on the United States.
Net income for the period rose 15% year over year to $2.97 billion, while revenue excluding interest expense increased 11% to $18.9 billion, according to the company’s release. The company did not include, in the figures cited here, a total revenue line that explicitly combines interest and non-interest revenue, nor did it provide an operating profit or pre-tax income figure alongside these numbers; earnings per share for the quarter was also not specified in the excerpted results.
Chief financial officer Christophe Le Caillec told analysts the card portfolio shows broad-based strength, momentum, and stability across products. Executives also pointed to continued demand across consumer and commercial activity, as well as contributions from international operations, though the update shared in this article did not break out separate revenue or profit figures for consumer, commercial, and international segments.
The company’s release and commentary cited here did not detail quarter-end capital ratios, such as the common equity tier 1 ratio or Tier 1 capital ratio, and it did not provide return metrics such as return on equity or return on assets for the quarter.
American Express also did not provide, in the figures referenced here, a consolidated total for capital returned to shareholders during the quarter through dividends and share repurchases.
Similarly, the update in this article did not include total deposits or a liquidity coverage-style metric as of March 31, 2026.
Younger Customer Credit Trends and Behavior
Asked how younger customers might fare in a more volatile environment compared with older cohorts, chief executive officer Steve Squeri expressed confidence in their resilience.
In premium card portfolios, younger customers can still show durable spend because the segment is anchored by higher incomes and strong engagement, even when the broader economy softens.
Younger cohorts are better prepared for today’s shifting landscape—more adaptable, more fluent with technology, and more attuned to market currents than middle-aged consumers.
Squeri added that he is more at ease with a customer base that skews younger than a decade ago, while noting Amex’s Gen Z and Millennial members are not typical for their age group but rather represent top-tier prospects. In the commentary provided, the company did not disclose specific credit quality metrics such as delinquency rates or net charge-offs, and it did not state the quarter’s provision for credit losses amount.
Our Millennial and Gen Z credit metrics outpace the industry’s Gen X and Baby Boomer results and also surpass broader market performance for those same younger segments.
He also highlighted that Millennials tend to allocate a large share of wallet to their Amex card early in the relationship and deepen that engagement over time.
To underscore the point, he cited internal presentation materials:
| Cohort | Spending Growth YoY (%) | Share of Total Billed Spending (%) |
|---|---|---|
| Gen Z | 38 | 6 |
| Millennials | 13 | 30 |
| Gen X | 8 | 36 |
| Baby Boomers | 4 | 28 |
Product Updates, Technology, and Marketing Partnerships
Executives said last year’s refresh of the Platinum Card has supported results, with Le Caillec pointing to accelerated spend growth.
The company plans to extend growth by stepping up investment in marketing and technology this year, including artificial intelligence initiatives referenced in Squeri’s March letter to shareholders, which noted hundreds of artificial intelligence use cases.
Addressing concerns that artificial intelligence and agentic commerce could fuel fraud, Squeri acknowledged the risk but emphasized the firm’s expanding data assets as a core defense.
Data carries the advantage—from service and identity verification to fraud controls and credit decisioning.
On the marketing front, Squeri highlighted sports partnerships as meaningful contributors to revenue.
- Became the National Football League’s designated payments partner.
- Rolled out new cardmember benefits and sponsorship activity for the league’s draft.
- Extended its agreement with the National Basketball Association.
Management did not provide an updated forward guidance framework or a detailed outlook for the remainder of 2026 in the remarks cited here, beyond emphasizing continued investment priorities and a focus on sustaining engagement and spend.
Whether to invest in American Express based on these results depends on an investor’s time horizon and risk tolerance. The quarter showed momentum in billed-business trends and profitability, while management flagged an uncertain macro backdrop; investors typically weigh that balance, along with valuation, competitive dynamics, and the absence here of detailed credit, capital, liquidity, and segment-level disclosures.