The latest data point for AXP's P/E Ratio in Q1'26 stands at 17.46, reflecting a notable decline from the previous quarter's 22.76 in Q4'25 and marking the lowest value in the past year. Over the period from Q2'23 to Q1'26, the P/E Ratio exhibits an overall upward trend with intermittent volatility, starting at 16.48 and peaking at 22.76 in Q4'25, driven by significant increases in Q4'23 (to 18.37), Q3'24 (to 19.71), and Q3'25 (to 22.65), before the recent dip; this pattern suggests growing market expectations for earnings growth, though the latest drop may indicate short-term valuation pressures or sector adjustments.