Amex CEO: Customers Are 'Rolling With' Inflation and Higher Gas Prices as Travel Demand Surges

April 23, 2026 - 19:29

American Express posted blowout quarterly earnings that beat Wall Street expectations, driven by record-high spending from its affluent cardmembers. Despite persistent inflation and gas prices hovering around $4 per gallon, CEO Stephen Squeri said the company’s customer base is proving resilient. “Our customers are rolling with the pressure,” Squeri noted during the earnings call, emphasizing that travel and entertainment spending remains strong.

The credit card giant reported a 12% increase in revenue, reaching $15.4 billion, while net income jumped to $2.1 billion. Cardmember spending rose 7% year-over-year, with travel and entertainment categories leading the charge. Squeri highlighted that premium cardholders—who tend to have higher incomes and stronger credit profiles—are not cutting back on discretionary expenses, including flights, hotels, and dining.

“We’re seeing a continued appetite for experiences,” Squeri said, pointing to a surge in bookings for international travel and luxury accommodations. Even with higher fuel costs, Amex’s data shows that cardmembers are spending more on airfare and car rentals compared to last year. The CEO acknowledged that lower-income consumers may be feeling the pinch, but Amex’s focus on high-spending customers shields it from the worst of the economic headwinds.

The strong results come as other financial institutions report mixed signals from consumers. While some retailers warn of cautious spending, Amex’s performance suggests that the wealthiest Americans remain undeterred by rising prices. Squeri also noted that the company’s provisions for credit losses remained stable, indicating that its customers are keeping up with payments despite the broader inflationary environment.