American Express Just Reported Its Second Quarter. Here's What the Card-Fee Line Says About the Premium Consumer.

American Express reported Q2 2026 earnings with EPS beating expectations but revenue slightly missing. Despite a 4% stock drop, the company's fee revenue grew 15% year-over-year, driven by strong customer acceptance of the Platinum Card's $200 annual fee increase to $895. The premium cardholder base remains resilient with low delinquency rates, and Millennials/Gen Z represent 65% of new accounts, supporting long-term growth.