Haverhill Financial Research · News · Earnings · October 23, 2026
The short version
American Express reported third-quarter results before the open this morning. Card Members spent $454.0 billion on Amex cards, up 8% from a year ago, and revenue net of interest expense rose 9% to $20.06 billion.
Reported earnings were $5.42 a share, up from $4.14. That number includes a one-time gain from selling the company's stake in Global Business Travel Group, partly offset by a restructuring charge. Without both, Amex earned $4.68 a share, up 13%. The company raised its full-year EPS guidance.
The quarter in numbers
| Measure | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Billed businessCard Member spending | $454.0B | $421.0B | +8% |
| Revenue net of interest expense | $20.06B | $18.43B | +9% |
| Total expenses | $14.5B | — | +9% |
| Provision for credit lossesIncludes a reserve release | $1.0B | $1.3B | −23% |
| Net write-off rate | 1.8% | 1.9% | −0.1 pts |
| Net income | $3.71B | $2.90B | +28% |
| EPS, dilutedAdjusted $4.68, up 13% | $5.42 | $4.14 | +31% |
| Average diluted shares | 674M | 693M | −3% |
Adjusted to reported EPS. Source: American Express third-quarter 2026 earnings release.
What was in the reported number
GBTG sale. A $982 million pre-tax gain ($751 million after tax, or $1.11 a share) from the previously announced sale of its Global Business Travel Group stake.
Restructuring. A $336 million pre-tax charge ($253 million after tax, or $0.37 a share) for efficiency initiatives. Amex said it used part of the gain to fund it.
Credit and costs
Credit stayed in good shape. The provision for credit losses fell to $1.0 billion from $1.3 billion because of a reserve release, though actual write-offs rose. The net write-off rate was 1.8%, down from 1.9% a year ago. Expenses rose 9% to $14.5 billion, with the company pointing to higher customer engagement costs that include the U.S. Platinum Card refresh.
The new guidance
Amex now expects full-year EPS of $18.30 to $18.60, or $17.60 to $17.90 on an adjusted basis, and expects another year of about 10% revenue growth. CEO Stephen Squeri said the raise reflects the company's performance so far this year.
Our take
Strip out the gain and the charge and this is a steady quarter: 8% more spending, 9% more revenue and 13% more adjusted earnings per share. About three points of that EPS growth came from having fewer shares outstanding. The rest came from the business itself, and credit isn't getting worse. For a premium card issuer this late in the cycle, that's a clean report.
Sources and disclosures
Figures come from American Express's third-quarter 2026 earnings release. The provision change and the share-count effect are our calculations.
Disclosures. Haverhill Financial Research is a publisher of general financial commentary. This article is not personalized investment advice and does not consider any reader's financial situation; readers should do their own research. Nothing here is a recommendation to buy or sell any security. Company figures and guidance can change. The author of this post does not hold positions in American Express or the other companies named. Data as of October 23, 2026.
