AXP · US
AXP.US American Express: latest print still Q2 — calendar set Q3 for Oct 23
American Express Closed-loop network plus bank. No new P&L in this window; financials still Q2. 2025-12-19 calendar sets Q3 for **2026-10-23** (~07:00 ET print / 08:30 ET call). Watch billed business, credit losses, premium spend.
Cite a section with a deep link, e.g. /en/r/axp-us-research#thesis
Snapshot
- Price
- USD 311.56
- Market cap
- USD 210.4B
- 2026-Q2 net revenue
- USD 19.6B
- PE TTM
- 18.9
As-of 2026-09-29 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
American Express (AXP) Closed-loop card network plus bank. Discount rate, membership fees and NII. Watch billed business, credit losses, premium spend.
Business
Model: discount rate + card NII/fees + merchant acquiring. Flagships: premium and commercial cards. Edge: closed-loop data and brand. Strategy: premium acquisition, merchant coverage, credit. Entity: American Express Company (BHC).
Value chain
Payments midstream. Risks: spend cycle, merchant-rate pressure, credit.
Corporate events
No new 8-K P&L in this window. The table only records the company-IR named next print and the still-current latest print.
Corporate events
| Date | Phase | Event | Meaning |
|---|---|---|---|
| Q2 | 财报 | 最新正式打印仍为 Q2 | 收入/净利图不停在未披露的下一季 |
| 2026-10-23 | 日历 | 下一份出数 / 电话会（07:00 ET print / 08:30 ET call） | American Express IR, 2025-12-19 2026 call calendar |
Valuation
Growth/fee premium vs deposit banks; sensitive to spend and credit losses.
Valuation snapshot
| Metric | Value | Note |
|---|---|---|
| TTM PE | 18.9 | 腾讯财经行情；历史季为 null |
| PB | 6.14 | 腾讯财经行情；银行主锚之一 |
| 股息率 | N/A | 未接入分红公告同源序列 |
| 现价 / 市值 | 311.56 / $210.40B | 2026-09-18 16:05:15 |
Valuation · ~3y
Interactive chart available in the reader.
~3y quarterly closes (Sina US daily resampled to quarter-end; gaps are null):
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Net revenue RevenuesNetOfInterestExpense and net income NetIncomeLoss from SEC companyfacts CYyyyyQn frames (single-quarter). Banks have no gross margin; the margin chart is quarterly NI / net revenue.
Net revenue · last 8Q
Interactive chart available in the reader.
Net margin · last 8Q (NI / net revenue)
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Watch card NCOs, liquidity, CET1. Auditor opinion on the 10-K.
Financial health
| Item | Read-through | Note |
|---|---|---|
| 财务健康总评 | 银行口径：看资本与信贷成本 | 非工业净现金框架 |
| 经营现金流 | 见最新 10-Q | 银行 OCF 含交易/营运资金，波动大 |
| 资本 / 有息负债 | CET1 与批发融资见 10-Q | GSIB/区域行资本规则不同 |
| 流动性 | LCR / 现金及准备金见 10-Q | 存款搬家与市场流动性 |
| 审计意见 | 以最新 10-K 为准 | 持续经营强调事项如有会在年报披露 |
Operations
Volume: billed business; price: discount rate and annual fees; cost: credit and card benefits.
Key financial points
| Item | Value | As-of | Basis |
|---|---|---|---|
| 最新单季净营收 | $19.64B | 2026-Q2 | SEC RevenuesNetOfInterestExpense CYyyyyQn |
| 最新单季净利润 | $3.11B | 2026-Q2 | SEC NetIncomeLoss CYyyyyQn |
| 近四季度净营收合计 | $74.83B | LTM | 单季加总，未年化调整 |
| 现价 / 市值 | 311.56 / $210.40B | 2026-09-18 16:05:15 | 腾讯财经 gtimg |
| TTM PE / PB | 18.91 / 6.14 | 最新季一点 | 无历史同源序列则仅最新点 |
Competition
No sourced quarterly deposit/IB-wallet share series — share charts stay null. Qualitative peers:
Peer comparison
| Company | Position | Quality (qual.) | Strength | Weakness |
|---|---|---|---|---|
| American Express | 闭环卡 | 高 | 品牌与数据 | 商户覆盖窄于 Visa 网络 |
| Capital One | 消费信贷 | 中 | 信用卡规模 | 闭环网络弱 |
| JPMorgan | 发卡+存款 | 高 | Chase 卡 | 闭环品牌弱于 AXP |
| Bank of America | 发卡 | 中 | 存款交叉 | 高端卡弱于 AXP |
Management
Core management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Stephen Squeri | 2018 | 稳定 |
| CFO | Christophe Le Caillec | 2024 | 24m CFO 变动，以最新 10-K 为准 |
| 董事长 | Stephen Squeri | 2018 | 两职合一 |
Stability: Strategy consistent; confirm CFO tenure in the latest 10-K.
Outlook
Near-term: next official print scheduled 2026-10-23 (07:00 ET print / 08:30 ET call). Financials still stop at Q2; this pack does not pre-fill an undisclosed P&L. Medium-term: the tracking items above.
Scenarios
| Case | Condition | Read-through |
|---|---|---|
| Bull | NIM / credit / fees beat last 4Q | Upside revision |
| Base | Rates and credit near recent trend | Hold / track |
| Bear | Credit or IB/wealth fees deteriorate | Reassess |
Risks
Risks
| Risk | Level | Note |
|---|---|---|
| 账单与高端消费 | 高 | 旅行/可选消费放缓会压贴现收入 |
| 信用卡信贷 | 高 | 损失滞后于失业率 |
| 商户覆盖与费率 | 中 | 闭环网络相对 Visa/MC 覆盖较窄 |
| 权益成本 | 中 | 高端卡权益通胀吃利润 |
| 监管费率 | 低 | 发卡/收单监管 |
Tracking
Check the next 10-Q / earnings release for:
- Next official print scheduled 2026-10-23 (07:00 ET print / 08:30 ET call; American Express IR, 2025-12-19 2026 call calendar) — pack financials still stop at Q2; do not extrapolate
- Billed business YoY
- Card net charge-offs
- Discount rate
- Membership fees
References
- IR: https://ir.americanexpress.com/
- SEC companyfacts CIK 0000004962 — https://data.sec.gov/api/xbrl/companyfacts/CIK0000004962.json
- Tencent Finance quotes (gtimg, 2026-09-18 16:05:15)
- Sina US daily bars — https://finance.sina.com.cn/usstock/
- CompaniesMarketCap bank ranking — https://companiesmarketcap.com/banks/largest-banks-by-market-cap/
Not investment advice. Filings over quotes; PE/PB are point-in-time, not a historical multiple curve.
- American Express IR, 2025-12-19 2026 call calendar — https://ir.americanexpress.com/news/investor-relations-news/investor-relations-news-details/2025/American-Express-Announces-Fourth-Quarter-2025-and-2026-Earnings-Conference-Call-Dates/default.aspx
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