Filing Flows › American Express (AXP) › Q1 2026
American Express (AXP) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 23, 2026
American Express (AXP) reported revenue of $18.9B for the first quarter 2026 (Q1 2026), +11% from a year earlier and -0.4% from the quarter before. Operating margin was 20.0%, net earnings $3.0B (15.7% of revenue).
American Express, Q1 2026: revenue $18.9B (+11% year over year), operating margin 20.0%, net earnings $3.0B, operating cash flow $3.8B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.9B | -0.4% | +11% |
| Operating profit | $3.8B | +22% | +13% |
| Net earnings | $3.0B | +21% | +15% |
| Operating cash flow | $3.8B | +24% | -20% |
| Free cash flow | $2.7B | +13% | -39% |
What changed
Revenue was $18.9B in Q1 2026, up 11% year over year and roughly flat from the previous quarter.
Operating profit was $3.8B, a 20.0% margin (up 0.4 points year over year). Of the extra revenue versus Q1 2025, 23% reached operating profit, above the 20% margin then. Total costs grew 11% against revenue growth of 11%. Net earnings were $3.0B, up 15% year over year. The effective tax rate was 21.4%.
Operating cash flow was $3.8B (down 20% year over year), 128% of net earnings. Non-cash charges added back $0.47B of depreciation and amortization and $0.20B of share-based compensation. Capital expenditures of $1.1B left free cash flow of $2.7B.
Questions
What was American Express' revenue in the first quarter 2026?
American Express (AXP) reported revenue of $18.9B for the first quarter 2026 (Q1 2026), +11% from a year earlier and -0.4% from the quarter before.
Was American Express profitable in the first quarter 2026?
Operating profit was $3.8B (20.0% of revenue) and net earnings $3.0B.
Source: American Express 10-Q on SEC EDGAR.