AXP · 8-K · 20261023PR000405

Operating Expense Trends

AMERICAN EXPRESS CO · 2026-10-23 · Importance 49 · Surprise 32 · Contradicted

Consolidated expenses were $14.5 billion in Q3 2026, up 9% year over year. Higher variable customer-engagement costs reflected increased Card Member spending and the U.S. Platinum Card refresh. Lower operating expenses primarily reflected the GBTG sale gain, partly offset by increased legal reserves for previously disclosed matters and restructuring costs.

Key facts

• American Express reported Q3 2026 consolidated expenses of $14.5 billion, up 9% year over year; the increase was primarily driven by higher variable customer engagement costs related to increased Card Member spending and the U.S. Platinum Card refresh, partially offset by lower operating expenses. source
• American Express said lower operating expenses primarily reflected the GBTG sale gain, partially offset by increased legal reserves for previously disclosed matters and restructuring costs. source

Impact estimates