AXP · Earnings call · 2026Q3T · Full report
Revenue Performance and Mix
AMERICAN EXPRESS CO · 2026-10-23 · Importance 48 · Surprise 40 · No source text
Q3 revenue was $20.1 billion, up 9% year over year, and growth would have been about one percentage point higher without small-business co-brand portfolio exits. Billed business rose 8%; U.S. consumer spend grew 9.4%, commercial spend grew 3% (5% excluding co-brand exits), and international spend grew 11%. T&E spending increased 10%, including airline spending up 13% and restaurant spending up 9%, while goods and services grew 7%.
Key facts
- Q3 2026 revenue was $20 billion, up 9%; reported EPS was $5.42 and adjusted EPS was $4.68.
- Q3 revenue was $20.1 billion, up 9% year over year; growth would have been about one percentage point higher excluding small business co-brand portfolio exits.
- American Express reported Q3 GAAP EPS of $5.42, up 31% year over year.
- Q3 net interest income grew 10%, with co-brand portfolio exits reducing year-over-year growth by about two percentage points.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +14.8% | Q3 revenue was $20.1 billion, up 9% year over year; growth would have been about one percentage point higher excluding small business… |
| revenue | negative | realized | -1.6% | Q3 revenue was $20.1 billion, up 9% year over year; growth would have been about one percentage point higher excluding small business… |
| net_income | positive | realized | — | American Express reported Q3 GAAP EPS of $5.42, up 31% year over year. |