Consumer Finance Tidbits: Issue 26-17

Research evidence excerpt

Consumer Finance Tidbits: Issue 26-17

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Consumer Finance

Industry Overview

DAL results suggest solid quarter for AXP 12 July 2026

On Friday, Delta Airlines reported Q2 earnings with a positive read through for American Equity

Express (AXP). The quarter marked the seventh consecutive period of double-digit year- United States

over-year growth in cardholder spending and Delta noted accelerating card acquisitions, Consumer Finance

suggesting sustained consumer interest in the co-branded loyalty ecosystem.

Commentary on premium demand was strong. Our take: These results serve as a Mihir Bhatia

Research Analyst

modest positive for AXP 2Q T&E spend. These results are consistent with prior BofAS

commentary from AXP that billings growth accelerated into 2Q and travel momentum +1 415 436 3553 mihir.bhatia@bofa.com

was strong.

Matthew C. O'Neill

BofASUPST June originations matthew.c.oneill@bofa.com

Upstart (UPST) reported June originations of $1.5B, bringing total 2Q originations to

Caroline Latta

$4.2B, +23% q/q and +50% y/y. We note VA consensus today still sits at $4.0B of 2Q Research Analyst

originations, though we expect that number to come up to $4.2B by the time of BofAS +1 646 855 0564

earnings. June originations were up 3% m/m (vs. 14% last month) and 48% y/y (52% last caroline.latta@bofa.com

month). Our take: We see accelerating origination growth y/y on a quarterly basis as a Natalie Howe

positive, and we tweak our 2Q EPS estimate to $0.50 from $0.41 as we account for ResearchBofAS Analyst

updated origination volumes (full year unchanged). natalie.howe@bofa.com

Lawrence Aydlett

SOFI launches small business loans ResearchBofAS Analyst

SoFi announced the launch of a new small business lending product, expanding beyond lawrence.aydlettjr@bofa.com