AXP: Takeaways from Management Meeting

Research evidence excerpt

AXP: Takeaways from Management Meeting

Equity Research

Flash Comment — June 5, 2026

Consumer Finance

American Express Company

Takeaways from Management Meeting Overweight

Price Target: $415.00

Ticker AXP

Our Call Upside/(Downside) to Target 32.8%

Investor questions focused on spend volumes and agentic commerce. They reiterated Price (06/04/2026) $312.53

recent comments about billed business (incl/ airline) slightly higher QTD vs Q1. In our 52 Week Range $286.15 - 387.49

view, AXP is poised for a modest Q2 rev/EPS beat. We're buyers on the pullback. Market Cap (MM) $214,396

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Summary. We hosted an investor lunch in NYC with Head of IR - Kartik Ramachandran. Donald Fandetti, CFA

See our recent Deep Dive on the Premium Card Sector (closer look at AXP, Chase and Equity Analyst | Wells Fargo Securities, LLC

Don.Fandetti@wellsfargo.com | 704-410-6093

Capital One) - REPORT LINK.

Steven DeBartolo, CFA

Associate Equity Analyst | Wells Fargo Securities, LLC

Current Billed Business (Spend) Trends. We sensed no hedging around recent comments Steven.Debartolo@wellsfargo.com | 201-739-8679

that billed business growth had ticked up vs Q1. In the meeting, they reminded that airline Nathaniel Richam-Odoi

travel spend was already healthy in Q1 at 8% y/y, but still increased slightly to 9%. US Associate Equity Analyst | Wells Fargo Securities, LLC

Platinum refresh is still performing very well. Nathaniel.Richam-Odoi@wellsfargo.com |

212-214-8295

Agentic Commerce. Several questions on agentic commerce and Amex closed-loop.

Importantly, we point out that Amex recently announced agentic purchase protection,