American Express reported third-quarter 2026 revenue, net of interest expense, of $20.1bn on 23 October 2026, up 9% from $18.4bn a year earlier, which it called a record for a third quarter. Diluted EPS rose 31% to $5.42. Stripping out the gain on its stake in Global Business Travel Group (GBTG), net of a restructuring charge, adjusted EPS was $4.68, up 13%. The company raised its full-year 2026 EPS guidance to $18.30-$18.60, or $17.60-$17.90 adjusted.
- Revenue net of interest expense · Q3 202620.1 $bn
- Diluted EPS · Q3 20265.42 $
- Adjusted diluted EPS · Q3 20264.68 $
- Net write-off rate · Q3 20261.8 %
- FY2026 EPS guidance (adjusted) · 23 October 202617.60-17.90 $
- Billed business · Q3 2026454.0 $bn
“We're on track to deliver another year of 10 percent revenue growth.”
Separating the one-off gain
| Measure | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Net income ($m) | 3,712 | 2,902 | +28% |
| Adjusted net income ($m) | 3,214 | 2,902 | +11% |
| Diluted EPS ($) | 5.42 | 4.14 | +31% |
| Adjusted diluted EPS ($) | 4.68 | 4.14 | +13% |
Source: American Express Q3 2026 earnings release (Form 8-K, Exhibit 99.1), Q3 2026.
The adjusted figures exclude a $982m pre-tax gain, or $751m after tax, from selling the company's equity interest in GBTG, net of a $336m pre-tax restructuring charge tied to efficiency initiatives. On that adjusted basis, net income rose 11% in Q3 2026 rather than 28%. In July 2026, American Express gave only a reported range, saying it expected full-year EPS of $17.30 to $17.90. On that same reported basis, the new range of $18.30-$18.60 is higher at both ends.
Credit held up in Q3 2026. Provisions for credit losses fell to $1.0bn from $1.3bn a year earlier, reflecting a reserve release against a build in Q3 2025, and the net write-off rate slipped to 1.8% from 1.9%. Expenses rose 9% to $14.5bn in Q3 2026, mainly because of higher customer engagement costs tied to increased Card Member spending and the U.S. Platinum Card refresh. Lower operating expenses, part of that total, trimmed the increase: they fell mainly because of the GBTG sale gain, which more than offset higher legal reserves for previously disclosed matters and restructuring costs.
On 8 October 2026, the Federal Reserve and the Office of the Comptroller of the Currency issued consent orders over the company's anti-money-laundering controls, and its bank agreed to pay a $350m civil penalty. American Express said then that the penalty, partly reserved in earlier periods, did not affect its 2026 guidance.
- American Express, Q3 2026 Results (Form 8-K, Exhibit 99.1, SEC EDGAR), 23 Oct 2026, 13:00 CEST
- American Express, Q2 2026 Results (Form 8-K, Exhibit 99.1, SEC EDGAR), 24 Jul 2026, 02:00 CEST
- American Express, Form 8-K (Item 7.01), SEC EDGAR, 8 Oct 2026, 02:00 CEST
- OCC, OCC Assesses $350 Million Civil Money Penalty Against American Express, 8 Oct 2026, 02:00 CEST