In Q1'26, American Express's (AXP) operating expenses totaled $9.6B USD, driven entirely by SG&A expenses at $9.6B USD, as R&D expenses remained at no data across all periods. This marks a decline from the Q4'25 peak of $10.7B USD in SG&A, reflecting a 10% drop quarter-over-quarter. From Q2'23 to Q1'26, SG&A expenses exhibited a steady upward trend, rising from $8.6B USD to a high of $10.7B USD in Q4'25 before the recent pullback, indicating consistent growth in administrative and selling costs amid expanding operations. R&D expenses showed no data throughout the period, suggesting minimal or undisclosed investment in research and development, with the stacked bar chart highlighting SG&A as the dominant component of total operating expenses.