AXP · Earnings call · 2026Q3T · Full report

Card Spending and Acquisition Growth

AMERICAN EXPRESS CO · 2026-10-23 · Importance 36 · Surprise 40

Billed business grew 8%, with U.S. consumer spending up 9.4% and discretionary travel and entertainment spending up 10%; airline spending rose 13% and restaurant spending 9%. Commercial spending increased 3%, or 5% excluding co-brand portfolio exits, while international spending grew 11%. American Express acquired 3.1 million new cards, 76% of which were fee-paying products, and management said premium customer spending remained strong. Management highlighted 18% growth at Resy restaurants and 50% growth at Fine Hotels + Resorts and The Hotel Collection.

Key facts

• Q3 billed business grew 8%, including an approximately 60-basis-point year-over-year impact from co-brand exits; the Amazon co-brand portfolio sale occurred midway through the quarter.
• Q3 goods and services spending grew 7%, while T&E spending grew 10%; airline spending grew 13% and restaurant spending grew 9%.
• U.S. consumer spending grew 9.4% in Q3 2026, the third-highest quarterly growth rate in three years.
• Commercial spending grew 3% in Q3; excluding co-brand portfolio exits, growth was 5% for the second consecutive quarter.
• One year after the U.S. Consumer Platinum refresh, spend retention was 99% for the portfolio.
• American Express acquired 3.1 million new cards in Q3, and 76% of new accounts were on fee-paying products.
• Resy restaurant spending was up 18%, and spending at Fine Hotels + Resorts and The Hotel Collection was up 50%.