American Express is expected to report second-quarter 2026 earnings on Friday that exceed Wall Street consensus estimates, as resilient spending among affluent cardholders and higher card fees support revenue growth. Analysts polled by LSEG projected earnings per share near $4.00 on revenue above $18 billion.

The New York-based company has leaned on its premium customer base to weather consumer caution driven by tariffs and elevated interest rates. Travel and entertainment spending, a core Amex category, has held up better than mass-market credit card volumes reported earlier in the week by JPMorgan and Citigroup.

Investors are expected to focus on credit quality, as Amex has gradually increased provisions for potential loan losses. The company's net write-off rate and loan-loss reserve build will signal whether younger Millennial and Gen Z cardholders, a fast-growing segment, continue to pay reliably.

Chief executive Stephen Squeri has repeatedly pointed to fee-based revenue and card acquisition as buffers against economic softness. Analysts at Morgan Stanley and Baird said continued growth in net card fees and stable delinquencies would likely prompt Amex to reaffirm or raise its full-year revenue and EPS guidance.

American Express shares have traded near record highs in recent months, leaving limited room for disappointment. A strong billed-business figure and steady credit metrics would reinforce the view that high-income US consumers remain a durable pocket of strength in an otherwise uneven spending environment.