American Express reports 15% year-over-year growth in fee revenue after raising Platinum Card annual fees to $895.
American Express posted second-quarter earnings per share of $4.53, beating expectations, while revenue net of interest expense reached $19.64 billion, slightly below forecasts. Shares fell over 4% despite the earnings beat, as investors focused on the revenue miss.
The company’s fee revenue, driven by annual charges on premium cards, grew 15% year over year, outpacing other revenue streams. This follows a $200 increase in the Platinum Card’s annual fee to $895 at the start of 2026, signaling strong pricing power amid fierce competition.
Management expects fee revenue growth to accelerate in the coming quarters, underscoring confidence in demand for high-end card products despite economic uncertainty.