AXP · Earnings call · 2026Q3T · Full report
Card Fee Revenue Growth
AMERICAN EXPRESS CO · 2026-10-23 · Importance 36 · Surprise 40 · In source text
Net card fees grew 17% year over year on an FX-adjusted basis in Q3, accelerating from 15% in Q2. Management attributed the acceleration to strong results from the U.S. Platinum refresh. Card fees were approximately $3 billion for the quarter, and management described them as the fastest-growing revenue line.
Key facts
- American Express reported card fee growth of 15% in Q2 and 17% FX-adjusted in Q3, with management having expected an inflection in the second half and an exit rate in the high teens.
- American Express generated $3 billion in card fee income in Q3, up 17% year over year.
- Net card fee growth accelerated to 17% FX-adjusted in Q3, supported by results from the U.S. Platinum refresh.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | — | American Express reported card fee growth of 15% in Q2 and 17% FX-adjusted in Q3, with management having expected an inflection in the… |
| revenue | positive | probable | — | American Express reported card fee growth of 15% in Q2 and 17% FX-adjusted in Q3, with management having expected an inflection in the… |