American Express reported stronger-than-expected second-quarter earnings, driven by increased spending among affluent customers on travel and dining, despite ongoing economic uncertainties. The New York-based financial services company said its revenue rose 10 percent compared to the same period last year, supported by a 9 percent increase in card member spending to $455.8 billion. Spending on travel and entertainment grew by 10 percent over the previous year.

Net income for the quarter reached $3.1 billion, up from $2.9 billion in the second quarter of 2025. Stephen Squeri, chairman and chief executive officer, described the first half of 2026 as showing “stronger momentum than we expected.” He highlighted continued growth in customer acquisition, particularly among millennials and Gen Z cardholders. These younger demographics are drawn to American Express’s premium rewards focused on travel, dining, and lifestyle benefits, which the company views as having greater lifetime value.

The company has recently pursued strategic initiatives to enhance its offerings. In June, American Express announced a proposed $700 million all-cash acquisition of TheFork, a leading European restaurant reservation platform. Additionally, the company expanded its membership rewards program, allowing eligible cardholders to redeem points through Apple Pay for everyday purchases.

Following the robust quarterly performance, American Express raised its full-year revenue growth guidance to approximately 10 percent, aligning with broader Wall Street expectations based on data from the London Stock Exchange Group.

American Express’s results provide an early indication of discretionary spending trends among higher-income consumers, an important signal ahead of earnings from other major credit card networks. The positive momentum coincides with a partial rebound in U.S. consumer sentiment after hitting record lows in June, according to the University of Michigan’s consumer surveys. This improvement comes despite ongoing concerns about the high cost of living, pointing to resilient demand in premium spending categories.