金吾财讯 | 美国运通(AXP)发布2026财年第二季度财务业绩。受益于信用卡消费的韧性与信贷质量改善，公司盈利表现超出华尔街预期，并顺势上调了全年的营收增长指引。数据显示，二季度按照GAAP计算的每股收益(EPS)达到 4.53 美元，比市场一致预期高出 0.13 美元。总营收达 196.4 亿美元，同比增长 10.0%，但受部分成本及利息支出影响，略低于分析师预期的 197.0 亿美元(低约 6,000 万美元)。综合信贷损失拨备降至 11 亿美元，优于去年同期的 14 亿美元，反映出高端消费客群健康且稳健的还款能力。基于上半年强劲的消费动能，美国运通管理层正式将2026全年的营收增长目标上调至 10%。分析认为，在当前高利率与高通胀的宏观环境下，美国运通凭借其高净值客户群体的强劲消费力和粘性，成功抵消了部分运营成本上涨的压力。虽然二季度营收以微小差距低于预期，但信贷拨备的收窄与全年营收指引的上调，再次验证了其作为“防守型与成长型兼备”优质标的的商业模式韧性。
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