Fluence Energy and American Express navigate contrasting market struggles in 2026

Two major companies are facing contrasting challenges in early 2026. Fluence Energy, a battery storage specialist, is negotiating large-scale deals despite a sharp drop in its share price. Meanwhile, American Express has raised its profit forecasts but continues to see its stock underperform the broader market.

Fluence Energy's shares have fallen 51% since their February high, trading at significantly lower levels by mid-March. The decline follows weaker-than-expected Q1 gross margins, caused by unexpected scope changes in two international projects. Management has stated that the $20 million in extra costs will be recovered over time.

Despite the setback, the company holds a record backlog of $5.5 billion, enough to meet its full-year revenue targets for 2026. It is also in talks with leading data centre operators for 36 GWh of new projects, not yet included in its official pipeline. These discussions come as data centres struggle with long grid connection delays, making Fluence's on-site battery solutions an attractive alternative. American Express, on the other hand, has seen its stock drop by roughly 23-28% since the start of 2026. After reaching a 52-week peak of $387.36 in December 2025, shares now hover around $301. The decline outpaces losses in the wider financial sector, with Visa and Mastercard also lagging behind the S&P 500. The company's business model—issuing its own cards, carrying credit risk, and earning from interest and fees—remains robust. It recently raised its 2026 earnings guidance to $17.30–$17.90 per share, a 12.5% to 16.4% increase over 2025. Revenue is projected to grow by 9–10%, supported by a long-term target of 10% annual revenue expansion. Margins are expected to rise faster than revenue, further boosting earnings per share. The firm also increased its dividend, reinforcing confidence in its financial health. Risk management remains a strength, with a net write-off rate of just 2.1% in Q4 2025—well below the industry average of 4.1%.

Fluence Energy continues to pursue major contracts despite its stock decline, while American Express maintains strong financial guidance even as its shares struggle. The battery storage provider's backlog and new project talks suggest resilience, whereas the payment giant's earnings outlook and risk controls highlight its stability in a volatile market.