American Express (NYSE:AXP) opened 2026 with a strong first quarter, reporting 11% revenue growth and earnings per share of $4.28, up 18% year over year.
Card Member spending rose 10%, the company’s highest quarterly growth in three years. Management also pointed to continued momentum in premium products and growth among Millennial and Gen Z customers.
The company said it will increase investment in marketing and technology while developing new expense management software and AI-based capabilities. Management tied those efforts to automation, security, and future commerce use cases, especially as AI agents begin to play a larger role in transactions.
Why It Matters: American Express showed how financial services companies might be looking to connect tech spending to AI as part of software development and fraud protection. CEO Stephen Squeri said, “data is king” in an agentic environment, reflecting the company’s view that transaction visibility and risk controls can matter more as AI-based commerce grows.
- Increased Tech Investment Focus: American Express said first-quarter outperformance gave it room to raise investment in marketing and technology while keeping full-year guidance unchanged. Squeri said stronger results let the company lower internal ROI thresholds and fund projects that otherwise may have stayed unfunded. He also made clear that management is making these investments with future growth in mind.
- AI Boosts Developer Productivity: AI is already helping internal software teams work faster. Squeri said the company is seeing “about 30% benefit with our programmers from a coding perspective and testing perspective.” He added that these gains have helped teams deliver more work across the company’s consumer, merchant, network, small business, and corporate operations.
- Expansion of Commercial Software Tools: American Express announced plans for 8 new or enhanced benefits and capabilities in the U.S. during 2026, including a corporate cashback card and expense management software. Leadership said these offerings are intended to help business customers manage expenses and automate routine work. The company also said it plans to relaunch Center and bring Hypercard talent and expertise into that effort, with attention on middle-market companies and small businesses moving into that segment.
- Launch of Agentic Commerce Tools: American Express introduced its Amex Agentic Commerce Experiences, or ACE, developer kit, which is meant to let cards work inside AI-powered transactions. Squeri said the company wants “the agent declare intent” and then compare that intent with the completed purchase. He said this can improve visibility into transactions and support the new Amex Agent Purchase Protection offering for registered agent purchases.
- Closed-Loop Data Advantage Explained: Management said the company’s closed-loop network gives it useful transaction data across the Card Member, network, and merchant relationship. Squeri connected that visibility to identification and credit decisions, particularly in AI commerce. He said, “What we’re trying to do is get as close to perfect data as you can in the agentic transaction,” which shows how much the company is relying on data quality in this area.
Go Deeper -> American Express’s Earnings Report – Marketbeat
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