American Express Q3 2026 earnings: EPS $5.42, outlook raised

Key takeaways

• American Express earned $3.71 billion, or $5.42 per share, in the third quarter of 2026, up 28% and 31% respectively from a year earlier, according to its results filed with the SEC on October 23.
• Excluding a $982 million pre-tax gain on the sale of its Global Business Travel Group (GBTG) stake and a $336 million restructuring charge, adjusted EPS was $4.68, up 13%.
• Revenue net of interest expense rose 9% to $20.06 billion, and billed business grew 8% to $454.0 billion.
• Amex raised its full-year 2026 outlook to $18.30–$18.60 per share on a GAAP basis and $17.60–$17.90 adjusted; the low end of the adjusted range moved up from $17.30.
• Net card fees rose by more than $400 million year on year, and nearly all customers moved to the $895 Platinum Card have kept it, the Associated Press reported.

American Express earnings for the third quarter of 2026 were $5.42 per share, or $4.68 adjusted, on revenue of $20.06 billion, up 9%. Amex also raised its full-year 2026 EPS outlook to $17.60–$17.90 adjusted, according to its October 23 results.

The headline profit figure was lifted by a one-time gain. To see how the core card business performed, it helps to separate what came from the GBTG stake sale from what came from cardholder spending, fees and lending. That split is set out below.

American Express earnings Q3 2026: the key numbers

The table compares the main lines in Exhibit 99.1 of the company's Form 8-K with the third quarter of 2025. All figures are reported by American Express; "adjusted" figures are non-GAAP measures that exclude the GBTG gain and the restructuring charge.

Source: American Express Q3 2026 earnings release, Exhibit 99.1 to Form 8-K (SEC EDGAR), published October 23, 2026. Data as of 2026-10-23 12:48 UTC.

Consolidated expenses were $14.5 billion, up 9%. According to the release, customer engagement costs rose because cardholders spent more and because of the refresh of the U.S. Platinum Card. Net interest income also increased as card balances grew, although the release gives no dollar figure for that line.

How much of the profit came from the GBTG sale?

The gap between GAAP and adjusted earnings comes from two items, and they pull in opposite directions.

• GBTG gain: American Express booked a pre-tax gain of $982 million ($751 million after tax, or $1.11 per share) on the sale of its stake in Global Business Travel Group, the parent of Amex GBT.
• Restructuring charge: The company also took a $336 million pre-tax charge ($253 million after tax, or $0.37 per share), which the release ties to efficiency initiatives. American Express said it used part of the GBTG gain to fund this charge.

Together the two items added a net $498 million to net income, or $0.74 per share. That is the full difference between the $5.42 GAAP figure and the $4.68 adjusted figure. The one-off items also explain part of the lower tax rate. The appendix to the release puts the tax effect at about $230 million.

The sale was announced on May 4, 2026. American Express said then that Long Lake, a company backed by General Catalyst, would buy its roughly 30% equity interest in GBTG as part of a deal for GBTG to be acquired. Amex expected proceeds of about $1.5 billion and a pre-tax gain of about $975 million. It said the gain had not been included in its earlier 2026 guidance. It also said the deal would not change its brand licensing and commercial agreements with the travel business.

The core business on its own

Without the one-off items, adjusted net income rose 11% and adjusted EPS rose 13%. EPS grew faster than profit because the average diluted share count fell 3%. Revenue grew 9%. Lower credit-loss provisions ($1.0 billion against $1.3 billion a year earlier) and a slightly lower net write-off rate also helped pretax income. So the core result was a beat, but a smaller one than the 28% headline profit gain suggests.

Platinum Card and card member spending

The $895 Platinum Card was the main risk investors were watching this quarter. American Express raised the U.S. card's annual fee from $695 to $895 last year and added new perks. According to the Associated Press, nearly all cardholders moved to the new version have kept it, and net card fees, which include annual fees, rose by more than $400 million year on year.

Spending per customer also increased. The AP reported that the average card member spent $6,735 in the quarter, about $2,245 a month, up 5% from a year earlier, and that transactions per card member are rising. Chief Financial Officer Christophe Le Caillec said "some of that higher spending is likely tied to inflation," the AP reported, pointing to higher airfares linked to fuel prices.

The refresh also has a cost. In the release, American Express names the Platinum Card refresh as one reason customer engagement costs went up. Those costs include rewards, travel credits and other card member benefits. Amex competes for affluent customers with issuers such as JPMorgan Chase and Capital One, and the AP noted that investors have worried about the rising cost of those perks.

Job cuts: about 4,000 roles

The AP reported that American Express cut about 5% of its workforce, roughly 4,000 employees, during the third quarter. It was the company's first major round of layoffs in about a decade. Chief Executive Stephen Squeri described the cuts as an efficiency move, not a response to weaker business, the AP reported. The release does not state the number of jobs affected. It does say the quarter included the $336 million restructuring charge tied to efficiency initiatives.

Raised guidance: what changed

American Express now expects 2026 earnings of $18.30 to $18.60 per share on a GAAP basis and $17.60 to $17.90 adjusted. It also says it is on track for another year of 10% revenue growth.

Sources: American Express Q2 2026 and Q3 2026 earnings releases (SEC EDGAR). Midpoints calculated by Bullquill.

The adjusted range is the better comparison with the old outlook, because the earlier guidance excluded the GBTG gain. On that basis, Amex raised the bottom of the range by 30 cents and kept the top unchanged. That lifts the midpoint from $17.60 to $17.75. Compared with 2025 EPS of $15.38, the new adjusted range implies growth of roughly 14% to 16%. The higher GAAP range mostly reflects the net after-tax effect of the GBTG gain and the restructuring charge.

What it means

For readers following American Express earnings, the quarter shows three things. First, the higher Platinum fee has not led to the large cancellations some feared, and fee income is growing as a result. Second, spending growth is steady but not fast: billed business rose 8%, and management itself said part of the increase in spending per customer reflects inflation. Third, the company is offsetting the cost of richer card benefits with job cuts and lower credit-loss provisions.

The one-off GBTG gain makes the headline profit growth look larger than the trend. Adjusted EPS growth of 13% is the more useful figure for comparing this quarter with others. For context on how other large companies reported this week, see our coverage of IBM's Q3 2026 results, Procter & Gamble's latest quarter and Lockheed Martin's record backlog, and the wider market backdrop in our US stocks daily brief.

Several things are still unknown. The release does not break down the restructuring charge. It also gives no count of new card accounts and no dollar figures for net interest income or net card fees. Segment results are in supplemental tables that are not covered here.

Sources

• American Express: Third-quarter 2026 earnings release, Exhibit 99.1 to Form 8-K (SEC EDGAR)
• American Express: Second-quarter 2026 earnings release, Exhibit 99.1 to Form 8-K (SEC EDGAR)
• American Express Investor Relations: Long Lake to purchase American Express stake in GBTG (May 4, 2026)
• Associated Press via ABC News: American Express profit jumps as customers stick with the $895 Platinum Card
• Associated Press via WSLS: American Express profits rise; company cuts workforce by 5%

This article is for information only and is not investment advice.