American Express Financial Update
American Express (NYSE: AXP) is now the second-largest position in Berkshire Hathaway’s stock portfolio, making up approximately 17% of its equity holdings, with a stock price around $350. In Q1 of 2026, the company reported a revenue increase of 11% year-over-year, reaching about $18.9 billion, while earnings per share grew by 18%. Cardholder spending rose 10%, with Millennials and Gen Z becoming the fastest-growing demographics among its cardholders.
The company’s valuation has increased, trading at a price-to-earnings ratio of about 22 and a forward ratio of approximately 20, reflecting a shift from being viewed as a value stock to a premium franchise. Notably, the net write-off rate for U.S. consumer card balances stands at approximately 1.9%, indicating stable credit quality. American Express will report its second-quarter results on July 24, 2026.
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