American Express Q3 2026 earnings: profit beats as spending, credit quality hold firm
American Express topped adjusted earnings expectations in Q3 2026 on steady card spending and strong credit quality, and raised its full-year guidance.
| Q3 2026 | Reported | Expected | Surprise |
|---|---|---|---|
| EPS | $4.68 | $4.53 | +3.3% |
| Revenue | $20.06B | $20.32B | -1.3% |
Key takeaways
- Adjusted earnings came in ahead of Wall Street’s forecast, while revenue of roughly $20.1 billion was close to what analysts had expected and about 9% higher than a year earlier.
- Reported (GAAP) profit jumped much more sharply than the adjusted figure because it included a one-time $982 million pre-tax gain from selling American Express’s stake in Global Business Travel Group; excluding that gain, underlying profit still grew at a solid double-digit pace.
- Total spending on American Express cards (“billed business”) rose about 8% to $454 billion, suggesting cardholders - a customer base skewed toward higher-income, premium spenders - kept spending even amid broader economic uncertainty.
- The company set aside less money this quarter to cover potential unpaid card balances than it did a year ago, and the share of loans going unpaid held steady rather than rising - a sign the company’s credit quality has stayed healthy.
- Management raised its full-year outlook, now expecting earnings per share of $18.30 to $18.60 (or $17.60 to $17.90 excluding the travel-stake sale gain) and roughly 10% revenue growth for the year, signaling confidence that recent momentum will continue.
- Profitability measures over the past twelve months - including a return on equity above 34% and a net profit margin near 14% - point to a business that converts a large share of the fees and spending it generates into bottom-line profit.
- Coverage of the release noted the results extend a string of quarters in which American Express’s premium, fee-paying card members have driven growth even as some other lenders flagged more cautious consumer spending.
Q3 2026 in context
| Metric | Sep 2026 | Sep 2025 | Change |
|---|---|---|---|
| Revenue | $11.2B | $10.4B | +7.8% |
| Net income | $3.7B | $2.9B | +27.9% |
| Free cash flow | $4.4B | $5.6B | -20.5% |
| Diluted EPS | $5.42 | $4.14 | +30.9% |
| Net margin | 33.0% | 27.9% | +5.2 pts |
Figures for the quarter ended Sep 2026 and the quarter ended Sep 2025, as reported to the SEC.
Each company's quarter ending in calendar Q3 '26, as reported to the SEC. A peer that reported no revenue figure for that quarter is left out.
How the stock took it
American Express Co closed at $325.17 on Oct 22, 2026, the last session before the report, and at $315.05 on Oct 26, 2026, the first session after it — -3.1% across the report.
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Fundamentals
| Metric | Value | Period |
|---|---|---|
| Gross margin | 60.6% | Trailing 12 months |
| Operating margin | 18.2% | Trailing 12 months |
| Net profit margin | 14.1% | Trailing 12 months |
| Pretax margin | 18.2% | Trailing 12 months |
| EPS | $16.67 | Trailing 12 months |
| Revenue growth (YoY) | 9.5% | Trailing 12 months |
| EPS growth (YoY) | 15.5% | Trailing 12 months |
| Return on equity | 34.1% | Trailing 12 months |
Sources: company report · financial data provider · news coverage