4 Reasons American Express Stock Is Having Its Worst Year Since 2015 Despite Record Earnings

American Express stock is down 15.3% year-to-date despite posting record earnings and raising full-year guidance, marking its worst year since 2015. The decline is attributed to valuation pullback after a decade-long surge, declining gross margins due to increased customer reward expenses, concerns about consumer spending weakness amid economic headwinds, and uncertainty around AI investment costs. However, the stock trades at a cheap 17.8x earnings multiple, presenting a potential buying opportunity for long-term investors given the company's strong fundamentals and unique positioning in agentic commerce.