American Express Reports Mixed Q2 Earnings with Record Spending and Revenue Miss

American Express reported record spending through its card products in the latest quarter, with network volumes growing 8% to $427 billion. Revenue net of interest expense increased by 12% to $15.05 billion. While revenue fell short of expectations, spending growth remained resilient, particularly in the travel and entertainment sectors. The company also saw high-teens growth in international spending. AmEx's premium offerings and fee-based products attracted new accounts, with over 60% going to Millennial and Gen Z cardholders. The company's credit performance remained strong, with provisions for credit losses increasing to $1.20 billion. AmEx announced a 10-year extension of its partnership with Hilton Worldwide Holdings.