Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Remuneration from American Express grew 10% to over $2 billion, led by 12% spend growth on strong acquisitions.”
Delta's co-brand card remuneration from American Express grew 10% to over $2 billion on 12% spend growth, a positive read-through for Amex co-brand economics.
“For the year, American Express remuneration grew 11% to $8.2 billion, driven by a fourth consecutive year of more than 1 million new card acquisitions and double-digit year-over-year co-brand spend growth in every quarter.”
Delta reports its Amex co-brand remuneration up 11% to $8.2B with record card acquisitions, a strongly positive read-through for American Express's co-brand economics.
“we're currently in discussions with Visa, Chase, and American Express and expect to have new deals in the U.S. in place later this year.”
Marriott is negotiating new co-brand card deals with American Express.
“we have a fantastic credit card program that continues to be among the best and most popular cards in our industry and with Amex.”
American Express is Hilton's dominant co-brand credit card partner, a program growing above algorithm and driving customer engagement, a read-through for Amex's co-brand card economics.
“We've secured new business and extended contracts with leading brands such as American Express, Bayer, BBVA, BNY, Clarins, Mercedes and NatWest.”
American Express was named among the brands Omnicom secured new business or extended contracts with, a read-through to American Express's continued marketing-agency spend.
“remuneration from American Express increased 12% over the prior year to $2 billion in the quarter, keeping us on track to deliver over $8 billion this year”
Delta's co-brand remuneration from American Express grew 12% to $2B in the quarter, a read-through on strong Amex co-brand card spend and the partnership's momentum.
“you've seen kind of product launches or refreshes from 3 major players out there, American Express, Chase and Citi.”
Capital One names American Express as a premium-card competitor that has stepped up product investment and annual fees at the top of the market.
“the new business we've won, including American Express, Porsche, InterSnack, White Castle, OpenAI, just to name a few”
Omnicom named American Express among its recent new-business account wins.
“the partnerships that we're doing with Coinbase around X402, with Visa, Mastercard, American Express, around how you can create agent-to-agent payments”
American Express is named among Cloudflare's payment partners for agent-to-agent commerce, positioning it inside the emerging agentic-payments ecosystem.
“Can you talk about the benefits of being between Amex and Chase?”
American Express is one of Marriott's two co-brand credit card issuers; Marriott is in active discussions to renew these partnerships and expects the deals to reflect Bonvoy's growth.
“we have a best-in-breed program with Amex.”
Uber cites a membership partnership with American Express (Consumer Platinum) as strengthening Uber One, implying continued Amex co-brand engagement.
“we provide kind of modern-day commercial cards that compete with the likes of Amex, Ramp, Brex, Divvy, et cetera.”
Corpay names American Express as part of the competitive set for its Corpay One spend-management commercial cards.
“They may not use a Walmart Plus. May not use a Lululemon and so forth.”
Walmart+ is one of the Platinum card benefit credits; Amex notes not every cardholder uses each partner credit, characterizing Walmart+ as a supplemental benefit partner.
“The engagement with Lululemon, the engagement with Resy, the engagement with the hotel credit was pretty quick with our existing customers.”
Lululemon is a benefit partner on the refreshed Platinum card; Amex cites fast customer uptake of the Lululemon credit as evidence of strong engagement.
“rather than partnering with expense management providers as we've done with whether it was Concur or IBM before that, we'll now have our own expense management offering.”
Concur was a prior expense-management partner for Amex; Amex is displacing such third-party providers with its in-house Center offering.
“rather than partnering with expense management providers as we've done with whether it was Concur or IBM before that, we'll now have our own expense management offering.”
IBM was a prior expense-management partner for Amex; the read-through is that Amex is moving off third-party providers like IBM in favor of its own Center-based offering.
“with our Center acquisition, especially from a small business perspective, you know, rather than partnering with expense management providers as we've done with whether it was Concur or IBM before that, we'll now have our own expense management offering.”
Amex acquired Center to build an in-house expense-management offering for small-business and middle-market customers, replacing prior reliance on third-party providers.
“I think the combination of Capital One and Brex is a, you know, it's a very good move for Capital One. It's probably a good move for Brex as well. It's great software, and you put a balance sheet together.”
Brex, a private SMB spend-management competitor, is being acquired by Capital One; Amex management characterizes the tie-up as a good outcome for Brex, pairing its software with a bank balance sheet.
“you just saw Capital One just acquired Brex. You've got Ramp out there. We acquired Center last year, which we'll be launching, you know, probably by midyear.”
Amex frames Capital One as a competitor deepening its position in the small-business/commercial card space through its acquisition of Brex, intensifying the SMB competitive landscape.
“we've talked about the success that we had with Dunkin and the engagement that our card base has, and that's worked out very well for our cardholders, very well for us and very well for Duncan as well.”
Amex cites Dunkin' as a successful Gold card dining partner, with strong cardmember engagement benefiting Dunkin's business.
“we own about 30% of the Global Business Travel Group. And I'm sure you've heard or seen that they just merged with their Carlson Wagonlit. And that translated into a small gain for us, which we recognized this quarter.”
Amex holds a ~30% stake in Global Business Travel Group, which merged with CWT; the deal produced a roughly $80M gain for Amex this quarter.
“how quickly you made some of those credits, like the Resi and Lululemon available, probably stimulated some spend”
A Lululemon statement credit added to the refreshed Platinum card is expected to steer incremental cardmember spend toward Lululemon, a positive read-through for the partner.
“our relationship with Uber. You know, we always we've had an Uber benefit for a long time. And now you have an Uber one benefit on there.”
Amex highlights Uber as a deepening partner, having added an Uber One benefit to the refreshed Platinum card, signaling continued spend and engagement flowing to Uber through the co-brand relationship.
“I think what you will see is companies like American Express, Visa, and Mastercard being off ramps. For digital currencies.”
American Express predicted that major payment networks including Mastercard will position themselves as off-ramps for stablecoins and digital currencies.
American Express closed FY2025 with record revenue of $72 billion up 10% and EPS of $15.38 up 15% excluding a prior-year gain, as the EPS spread of +6.6pp confirmed margin expansion. Management introduced FY2026 guidance of 9-10% revenue growth and $17.30-$17.90 EPS, continuing the long-term growth trajectory. The U.S. Platinum refresh exceeded expectations, card fees reached the $10 billion milestone, and Millennials/Gen-Z became the largest spending cohort. SME middle-market spending deceleration was the primary headwind.
Demand | Competitive Dynamics | Product Launch | Pricing | Subscriber Growth | Guidance Reliability | Innovation & R&D | Credit | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 6 | 2 | 3 | 2 | 3 | 1 | 1 |
| 2025Q1 | 2 | 1 | 3 | 1 | 1 | 1 | 2 | 2 |
| 2025Q2 | 2 | 7 | 5 | 3 | 1 | 2 | 1 | |
| 2025Q3 | 4 | 4 | 4 | 2 | 3 | 1 | 1 | |
| 2025Q4 | 3 | 3 | 3 | 1 | 1 | 1 | 2 | 2 |
| 2026Q1 | 6 | 1 | 3 | 1 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 2 | 2 | 4 | 3 | 6 |
| Competitive Dynamics | 6 | 1 | 7 | 4 | 3 | 1 |
| Product Launch | 2 | 3 | 5 | 4 | 3 | 3 |
| Pricing | 3 | 1 | 3 | 2 | 1 | |
| Subscriber Growth | 2 | 1 | 1 | 3 | 1 | 1 |
| Guidance Reliability | 3 | 1 | 2 | 1 | 1 | |
| Innovation & R&D | 1 | 2 | 1 | 2 | 2 | |
| Credit | 1 | 2 | 1 | 2 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jeff Adelson | Morgan Stanley | 7 (0%) |
| Craig Maurer | FT Partners | 7 (29%) |
| Mark DeVries | Deutsche Bank | 6 (0%) |
| Don Fandetti | Wells Fargo | 6 (0%) |
| Rick Shane | JPMorgan | 6 (0%) |
| Erika Najarian | UBS | 6 (50%) |
| Sanjay Sakhrani | KBW | 6 (0%) |
| Mihir Bhatia | Bank of America | 6 (17%) |
| Chris Kennedy | William Blair | 5 (0%) |
| Ryan Nash | Goldman Sachs | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 1 | 7 (0%) |
| FT Partners | 1 | 7 (29%) |
| Wells Fargo | 1 | 6 (0%) |
| Deutsche Bank | 1 |
| 6 (0%) |
| KBW | 1 | 6 (0%) |
| Bank of America | 1 | 6 (17%) |
| JPMorgan | 1 | 6 (0%) |
| UBS | 1 | 6 (50%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
AXP American Express Company | 8 | +10.3% | |
| COF Capital One | 6 | +44.2% | |
| MA Mastercard | 8 | +15.8% | |
| PYPL PayPal | 5 | +7.2% | |
| SYF Synchrony Financial | 7 | +16.6% | |
| V Visa Inc. | 9 | +17.1% |