AXP · Earnings call · 2026Q3T · Full report

Operating Expense Trends

AMERICAN EXPRESS CO · 2026-10-23 · Importance 31 · Surprise 32

Reported operating expenses declined 3% year over year, while underlying operating expense growth was 3% after excluding the Global Business Travel Group gain, restructuring, and legal items. Marketing expense rose 11% as American Express increased customer-acquisition investment following strong first-half performance. The VCE-to-revenue ratio was 44.3%, and management expects VCE dollar growth to moderate significantly in Q4 as the company laps the U.S. Platinum refresh.

Key facts

• Q3 marketing expense increased 11%, reflecting additional customer-acquisition investment following strong first-half performance.
• Q3 operating expenses declined 3% year over year; excluding the GBTG gain, restructuring and legal items, underlying operating expense growth was 3%.