AXP: CFO Presentation Takeaways

Research evidence excerpt

AXP: CFO Presentation Takeaways

Equity Research

Flash Comment — June 9, 2026

Consumer Finance

American Express Company

CFO Presentation Takeaways Overweight

Price Target: $415.00

Ticker AXP

Our Call Upside/(Downside) to Target 29.6%

Reiterated that QTD billed business growth is tracking slightly ahead of Q1. Tone around Price (06/09/2026) $320.26

spend/T&E was positive, and credit remains strong in their portfolio. Initial rollout of their 52 Week Range $286.15 - 387.49

expense mgt solutions (via Center) will start in a few weeks. Market Cap (MM) $219,698

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

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

See Our Deep Dive on the Premium Card Market. Premium Card Market Competition Donald Fandetti, CFA

Deep Dive 3.0. Equity Analyst | Wells Fargo Securities, LLC

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

Steven DeBartolo, CFA

Takeaway #1. CFO Christophe Le Caillec presented. He reminded that the slight uptick Associate Equity Analyst | Wells Fargo Securities, LLC

in billed business growth QTD in Q2 is ahead of the strength they saw in Q1. They also Steven.Debartolo@wellsfargo.com | 201-739-8679

view modest inflation as slightly accretive to their business. Their credit remains strong. Nathaniel Richam-Odoi

Consumer health comments today from other firms has been positive as well, including Associate Equity Analyst | Wells Fargo Securities, LLC

Synchrony and ALLY. Nathaniel.Richam-Odoi@wellsfargo.com |

212-214-8295

Takeaway #2. On SME, the initial phase of their new expense mgt solutions launch,

via the Center tech platform, is a few weeks away. The first phase will be limited, then

expand to a bigger population by YE26. This should help them compete with fintechs in