American Express and Fluence Energy face diverging stock fortunes in 2026

Two major companies are facing contrasting fortunes in early 2026. American Express, despite strong financial results, has seen its stock price tumble by nearly a quarter since December. Meanwhile, Fluence Energy, a battery storage specialist, is negotiating large-scale deals with data centre operators even as its share value plummets by over half from its February high.

American Express reported solid performance in late 2025. Quarterly earnings per share rose 16% year-on-year to $3.53, while revenue climbed 10.5% to $21.05 billion. The company's loan quality remained robust, with just 1.3% of card balances overdue by 30 days or more—well below the industry's 4.1% charge-off rate. For fiscal 2026, management forecast revenue growth of 9% to 10% and earnings per share between $17.30 and $17.90, up to 16.4% higher than 2025. Yet, despite these fundamentals, the stock fell from a December peak of $387 to around $297–$302 by mid-March, a drop of 22–28%. Analysts like Bank of America maintained a 'buy' rating with a $381 target, but technical trends—including a breakdown below $335—suggested further downside risk.

Fluence Energy, however, is navigating a different challenge. The company's shares have halved since February, yet its business pipeline remains strong. A record $5.5 billion backlog covers its full 2026 revenue guidance, while talks with data centre operators could add 36 GWh of projects—none of which are yet included in official forecasts. These discussions come as grid delays push operators toward on-site battery solutions. First-quarter margins disappointed due to $20 million in unexpected costs from two international projects, but Fluence expects to recover the shortfall in later quarters.

American Express's stock decline contrasts with its steady financial health, marked by low delinquencies and rising earnings guidance. Fluence Energy, despite its plunging share price, continues to secure large contracts and expand its project pipeline. Both companies now face the task of aligning market sentiment with their underlying business performance.