Amex Turns Gen Z Spending and Data Into AI Edge

American Express controls the issuer, network and merchant relationships in its closed-loop model, giving it end-to-end transaction data that rivals may lack. It has extended that information advantage into dining by linking Resy and Tock reservations, benefits and payments. The strategy matters as AI agents begin shopping for consumers: richer context can help Amex authenticate intent, detect fraud and resolve disputes, while restaurant access reinforces loyalty among younger cardholders.

On July 24, American Express reported second-quarter 2026 revenue net of interest expense of $19.64 billion, up 10%, and net income of $3.11 billion, or $4.53 a share. Gen Z spending surged 40% from a year earlier, versus 14% for millennials; the two cohorts generated 38% of U.S. consumer billed business and 65% of new global consumer accounts. Restaurant spending rose 10%, while Resy-linked spending grew at twice that pace. Amex raised its full-year revenue-growth forecast to 10%.