Filing Flows › American Express (AXP) › Q2 2026 › vs Q1 2026
American Express (AXP) Q2 2026 vs Q1 2026 (quarter over quarter)
American Express's revenue rose $730M (+4%) from $18.9B in Q1 2026 to $19.6B in Q2 2026. Operating margin 20.7% against 20.0% (+0.7 pts).
American Express, Q2 2026: revenue $19.6B (+10% year over year), operating margin 20.7%, net earnings $3.1B, operating cash flow $5.4B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 20.7% | 20.0% | +0.7 pts |
| Net margin | 15.8% | 15.7% | +0.1 pts |
| Free cash flow margin | 22.8% | 14.0% | +8.7 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $19.6B | $18.9B | $730M | +4% |
| Operating profit | $4.1B | $3.8B | $293M | +8% |
| Costs & expenses | $15.6B | $15.1B | $437M | +3% |
| Pre-tax earnings | $4.1B | $3.8B | $293M | +8% |
| Net earnings | $3.1B | $3.0B | $139M | +5% |
| Income tax | $961M | $807M | $154M | +19% |
| Depreciation & amortization | $488M | $468M | $20.0M | +4% |
| Share-based compensation | $155M | $203M | −$48.0M | -24% |
| Working capital & other | $1.6B | $162M | $1.5B | +899% |
| Operating cash flow | $5.4B | $3.8B | $1.6B | +41% |
| Free cash flow (OCF − capex) | $4.5B | $2.7B | $1.8B | +68% |
| Capital expenditures | $898M | $1.1B | −$251M | -22% |
Questions
How much did American Express's revenue grow quarter over quarter in Q2 2026?
American Express's revenue rose $730M (+4%) from $18.9B in Q1 2026 to $19.6B in Q2 2026. Operating margin 20.7% against 20.0% (+0.7 pts).