1) Strong Financial Performance
- Revenue grew 11% YoY (10% FX-adjusted), with EPS at $4.28, up 18% YoY.
- Card member spending increased by 10%, marking the highest quarterly growth in three years.
- International segment showed double-digit growth for the 20th consecutive quarter.
- Credit performance remains strong, with delinquency and write-off rates below 2019 levels.

2) Strategic Investments and Product Enhancements
- Increased investments in marketing and technology to capitalize on growth opportunities.
- Launched new commercial products, including the Graphite Business Cash Unlimited card, with plans for eight more product enhancements in 2026.
- Continued expansion of premium offerings, including new airport lounges and partnerships with major sports leagues like the NFL.
- Focus on enhancing the differentiated membership model through unique experiences and access for card members.

3) Market Dynamics and Consumer Trends
- Strong demand for premium products, with over 70% of new accounts on fee-paying products.
- Millennial and Gen Z spending growth remains robust, contributing significantly to overall spending.
- Notable increases in spending in luxury retail (up 18%) and dining (up 20%).
- Some softness observed in airline spending due to geopolitical events, but overall spending trends remain stable.

4) Guidance and Outlook
- Reaffirming full-year 2026 guidance of 9% to 10% revenue growth and EPS between $17.30 and $17.90.
- Expecting continued strong performance despite macroeconomic uncertainties, supported by a focus on premium customers and a fee-centric model.
- Anticipating a slight drag on revenue from the roll-off of certain co-brand partnerships later in the year.

5) Conclusion and Missing Elements
- The call provided a comprehensive overview of American Express's strong performance and strategic direction, but specific figures on the impact of geopolitical events on spending were not fully quantified.
- Bottom line: American Express is well-positioned for sustainable growth, backed by strong financial results, strategic investments, and a focus on premium customer engagement, despite potential headwinds from the macroeconomic environment.