American Express’s results for Q2 were in line with Wall Street’s revenue expectations and slightly exceeded earnings estimates, but the market reacted negatively. Management pointed to strong momentum in premium product adoption, especially the Platinum Card refresh, as a key factor driving double-digit revenue growth. CEO Stephen Squeri highlighted that both new customer acquisition and greater engagement from existing cardholders contributed to the acceleration in spend, particularly in travel and dining categories. CFO Christophe Le Caillec emphasized that delinquency and write-off rates remain below 2019 levels, underscoring the company’s focus on credit quality and disciplined expense management.

Is now the time to buy AXP? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From American Express’s Q2 Earnings Call

• Sanjay Sakhrani (KBW) asked about the sustainability of U.S. consumer growth, especially the balance between new account acquisition and increased spend from existing customers. CFO Christophe Le Caillec explained that growth is coming from both sources and highlighted the Platinum refresh as a key driver.
• Ryan Nash (Goldman Sachs) inquired about areas for reinvestment and their impact on sustaining revenue growth. CEO Stephen Squeri detailed investments in technology, TheFork integration, and ongoing cardholder acquisition.
• Don Fandetti (Wells Fargo) pressed on commercial segment trends and the potential impact of fintech competition. Squeri pointed to new expense management offerings for the middle market and a “bounce back” in SME billings as supportive of future growth.
• Craig Maurer (FT Partners) asked about adjustments to ultimate rate of redemption (URR) assumptions and their impact, as well as rising marketing expenses. Le Caillec clarified the change was minimal and that sponsorship investments are within planned budgets.
• Darrin Peller (Wolfe Research) questioned the pace and impact of AI-driven operating leverage. Squeri and Le Caillec described current AI deployments as improving operational efficiency, especially in technology and customer servicing, with more benefits expected over time.

Catalysts in Upcoming Quarters

In coming quarters, the StockStory team will be monitoring (1) the pace at which TheFork acquisition and other digital initiatives expand the premium membership ecosystem, (2) the company’s ability to offset headwinds from small business portfolio sales while maintaining expense discipline, and (3) the impact of increased investments in technology and customer acquisition on overall margin trends. Execution on product innovation and international growth will also be key signposts.

American Express currently trades at $337.28, down from $340.84 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).

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