Amex reports softer Q2 lodging spend by commercial customers

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Airline and lodging spend slows, while international and restaurant categories show strengt

Jul 21, 2025

In its Q2 earnings report, American Express revealed that travel and entertainment (T&E) spending growth among commercial customers has begun to cool, with lodging and airline expenses notably softening. While total commercial spend held steady with a 2% year-over-year increase, this marks a slight deceleration in T&E from earlier in the year. Despite the slowdown, Amex saw strong gains internationally and in restaurant spending, offsetting some of the domestic drag.

Key takeaways:

T&E spend by commercial customers rose just 1% YoY in Q2, down from 2% in Q1.
Airline and lodging spend was softer, while restaurant spend remained robust, growing 8%.
U.S. large/global corporate spending rose 4%, while SMB client spend grew 2%.
International commercial spend climbed 12%, with international T&E spend (consumer + commercial) up 8%.
Total revenue reached $17.9B (up 9% YoY), while net income dipped slightly to $2.9B.
Consolidated expenses rose 14% year over year.