American Express is defending its small-business franchise against agile fintechs like Ramp and Brex, with its Commercial Services business growing 5% year over year in the second quarter of 2026, up from 4% in the first quarter and 2% a year earlier, while segment revenue rose 7% to $4.5 billion. Small-business card balances increased 8% to $56.2 billion, and the company launched a pilot of a new expense-management platform for middle-market customers, adding a $300 ChatGPT Business credit to U.S. Business Platinum and Gold cards. Credit quality remains strong, with the 30-plus-day delinquency rate for small-business balances falling to 1.3% from 1.4% a year earlier, and a $191 million reserve release helped credit-loss provisions drop 23% to $1.1 billion. Peers are also competing: JPMorgan serves 7.4 million small-business customers and provided $17 billion in credit in the first half of 2026, though its Business Banking loans declined 5% to $18.3 billion, while Synchrony Financial expanded its commercial credit products to $2.7 billion from $1.8 billion at 2025-end. AmEx shares have fallen 9.9% year to date, underperforming the industry's 6.3% decline, and trade at a forward P/E of 17.19X versus the industry's 16.86X, with the Zacks Consensus Estimate implying 14.9% earnings growth in 2026.
American Express CompanySmall-business card balances up 8% and Commercial Services growth accelerating.
JPMorgan Chase & CoMentioned as peer with declining Business Banking loans.
Synchrony Financial