American Express Company: AXP: 2Q billings ahead, guidance intact, credit steady

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American Express Company: AXP: 2Q billings ahead, guidance intact, credit steady

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American Express Company

AXP: 2Q billings ahead, guidance intact,

credit steady

Maintain Rating: BUY | PO: 387.00 USD | Price: 312.30 USD

Steady as she goes; 2Q shaping up nicely 09 June 2026

Management update at an investor conference should bolster confidence in the 2026 Equity

and 2Q outlooks. AXP said 2Q billings are tracking slightly above 1Q’s 9% FX-adjusted

Mihir Bhatia

growth, premium spending and card acquisitions are solid, and credit is stable. Research Analyst

BofAS

Billings: trending ahead of 1Q (9% Fx-adj) +1mihir.bhatia@bofa.com415 436 3553

AXP reiterated that 2Q billings are trending ahead of 1Q’s 9% Fx-adj level. Amex noted Matthew C. O'Neill

that it is seeing strength across the portfolio with no cohort/vintage showing Research Analyst BofAS

deterioration. Airlines, broader T&E and retail/luxury were all called out as healthy, +1 646 855 1681

alongside strong new card demand. Amex has seen no offsetting weakness from higher matthew.c.oneill@bofa.com

gas prices. We note current BofAe/consensus forecasts for 1Q billings (reported) are Caroline Latta Research Analyst

8.9%/8.5% respectively so 2Q billings look set to outperform. BofAS

+1 646 855 0564

Lowe’s / Amazon: modest revenue impact; no earnings caroline.latta@bofa.com Natalie Howe

Amex expects a modest drag from the planned exit of the Amazon and Lowe’s co-brand Research Analyst

portfolios to occur between now and year-end. The impact is primarily in the commercial BofAS+1 415 436 1103

segment, with low single-digit pressure on billings growth, alongside a similarly modest Lawrence Aydlett

drag on NII growth, reflecting the more revolver-heavy nature of these portfolios. Research Analyst