AXP · Q2 FY2026
AMERICAN EXPRESS CO Q2 FY2026 earnings analysis
By SageNoodle ResearchNeutral
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $11.21B | $10.32B (yr ago) | Beat |
| EPS | $4.53 | $4.08 (yr ago) | Beat |
| Free Cash Flow | $4.47B | $3.75B (yr ago) | Beat |
| Gross Margin | N/M (financial company) | N/M (yr ago) | Miss |
| Operating Margin | 36.3% pre-tax | 34.4% pre-tax (yr ago) | Beat |
What changed
Q2 FY2026 revenue increased 8.6% year over year to $11.21 billion, while EPS rose 11.0% to $4.53. The pre-tax margin expanded 1.9 percentage points to 36.3%, indicating that earnings grew faster than revenue, although the supplied filing extract does not disclose the operating or credit drivers behind that improvement.
Impact on the investment thesis
There was no prior fair value to revise. We establish fair value at $321.40 per share; the stronger quarter supports the earnings base, but the current $320.73 price already reflects that performance.