EarningsQ3 2026 Earnings Report
DE:AEC1 Q3 2026 EPS Results
Actual EPS€4.86
Consensus EPS€4.04
Beat/MissBeat by +€0.83
One Year Ago EPS€3.71
DE:AEC1 Q3 2026 Revenue Results
Actual Revenue€20.59B
Expected Revenue€18.04B
Beat/MissBeat by +€2.55B
YoY Revenue Growth+11.66%
Earnings Announcement Details
QuarterQ3 2026
Date10/23/2026
TimeBefore Open
Conference CallFriday, October 23, 2026
DE:AEC1 Upcoming Earnings
American Express's next earnings date is estimated for January 22, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:AEC1 Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. American Express reported record revenue, strong spending and credit trends, accelerating card fee growth, substantial capital returns, and raised EPS guidance. Management also emphasized continued investment in membership value, AI, technology, and commercial capabilities. The main challenges were the OCC penalty and remediation, restructuring-related position eliminations, co-brand portfolio exit impacts, moderation in international growth, competitive pressure, and uncertainty around AI rewards behavior and future regulatory developments.Company Guidance
Record Revenue and Raised EPS Guidance
Q3 revenue reached a record $20 billion, up 9% year-over-year. EPS was $5.42 on a reported basis and $4.68 on an adjusted basis. The company reaffirmed 10% full-year revenue growth guidance and raised full-year EPS guidance to $18.30-$18.60 reported and $17.60-$17.90 adjusted.
Strong Adjusted EPS Growth
Excluding the $1.11-per-share Global Business Travel Group gain and the $0.37-per-share restructuring charge, adjusted EPS was $4.68, up 13% year-over-year. Reported GAAP EPS was up 31% to $5.42.
Stable Customer Spending and Credit Performance
Management reported strong and consistent spend growth, balance growth in line with spend, high retention rates, and excellent credit performance. Total balances increased 8% year-over-year, net interest income increased 10%, and write-off dollars increased only 3%.
Strong U.S. Consumer Spending
U.S. consumer spending increased 9.4% in Q3, which management described as the third-highest quarterly growth rate in three years and above the levels seen in 2024 and 2025. One year after the U.S. Consumer Platinum refresh, spend retention remained at 99% for the portfolio.
Robust Travel and Dining Spend
Travel and entertainment spending increased 10% year-over-year, airline spending increased 13%, and restaurant spending increased 9%. Resy restaurant spending increased 18%, while Fine Hotels + Resorts and The Hotel Collection spending increased 50%.
Accelerating Card Fee Growth
Net card fees increased 17% on an FX-adjusted basis, accelerating from 15% in Q2. Management described card fees as the fastest-growing revenue line and said the performance was supported by strong results from the U.S. Platinum refresh.
International Growth and Expanded Merchant Coverage
International spend increased 11%, marking 22 straight quarters of double-digit growth. Merchant coverage expanded to more than 190 million locations globally, up from 160 million a year ago, and locations accepting American Express outside the U.S. have more than doubled over the last four years.
New Card Acquisition Momentum
American Express acquired 3.1 million new cards during the quarter, with 76% of new accounts on fee-paying products. Management said customer acquisition investments and engagement with existing card members were producing favorable results.
Premium Customer and Credit Quality
Management said the premium customer base continued to show strength and stability. Delinquency remained very low and stable at either 1.2% or 1.3% for the last 15 quarters, while the reserve rate was 2.6%. New customer vintages were performing better from a credit standpoint than past vintages.
Strong Commercial and Small Business Initiatives
Commercial spend increased 3%, or 5% excluding the impact of co-brand portfolio exits for the second consecutive quarter. Management reported strong take-up for the Graphite Business Cash Unlimited Card and highlighted the Corporate Cashback Card, Business Savings account, integrated expense management capabilities, and Center/Nova platform as initiatives supporting commercial growth.
Moderating Value Proposition Expense Growth
Management expects value proposition expense growth to moderate significantly in Q4 as the company fully laps the Platinum refresh, with growth rates expected to become more consistent with the period before the refresh. The value proposition expense-to-revenue ratio was 44.3% in Q3.
Strong Return on Equity and Capital Generation
Management said return on equity has increased from an average of 25%-28% ten years ago to around 35% more recently. Over that period, revenue is on track to more than double, EPS to triple, and share count has been reduced by over a quarter.
Capital Returned to Shareholders
American Express returned $2.2 billion of capital to shareholders in Q3, including $1.6 billion of share repurchases and $0.6 billion of dividends. The company ended the quarter with a CET1 ratio of 10.9%.
Membership Value Expansion
American Express announced an exclusive partnership with Airbnb that will bring more than 1 million global listings into the Amex Travel program and expand travel benefits for eligible U.S. card members. Management also highlighted new and expanded Centurion Lounges, the next-generation Corporate Cashback Card, and the expense management program.
Continued Investment in AI and Agentic Commerce
The company is continuing to invest in AI across value propositions, customer acquisition, engagement, payments, and service. Initiatives include Resy discovery and reservations in ChatGPT, an upcoming Amex Offers plugin with OpenAI, AI tools through Perplexity, the ACE developer kit, the Intent Intelligence framework, and development of Agent Purchase Protection.
AI-Enabled Customer Service and Personalization
American Express is deploying AI tools to help colleagues access information, understand customer needs, make personalized recommendations, and resolve issues more effectively. The company has expanded AI use in complaints and disputes and recently launched its first conversational AI voice agents.
Restructuring Intended to Improve Efficiency
The company took a $336 million restructuring charge to streamline the organization, reduce layers, speed decision-making, and increase capacity to invest in business priorities. The restructuring is expected to eliminate approximately 5% of global positions.
Banking Services Expansion
Management said approximately 10% of U.S. customers have a deposit account with American Express and that banking services will play a larger role in customer engagement and acquisition. The launch of the Business Savings account for small business customers was cited as another step in this strategy.
Strategic Network Partnerships
American Express is pursuing network partnerships with entities such as Synchrony and Bread Financial to reach additional customer segments. Management highlighted the alignment between the Bread Financial relationship, the NFL deal, and the American Express brand.
DE:AEC1 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed