AXP · Earnings call · 2026Q3T · Full report

Commercial Product Expansion

AMERICAN EXPRESS CO · 2026-10-23 · Importance 23 · Surprise 24

Management said small-business performance remains strong and large and multinational customers remain a commercial sweet spot, while middle-market growth has fallen short of its ambitions. The Corporate Cashback Card and Graphite Business Cash Unlimited Card have performed better than expected. American Express is using the Center acquisition and its Nova platform, Business Savings account, corporate liability capabilities, and expense-management tools to compete more effectively with Ramp and Brex in the middle market. The company plans to add agents to the platform and make these capabilities available to a broader base of existing middle-market and large customers.

Key facts

• American Express launched its Corporate Cashback Card a couple of quarters before the call and the Graphite Business Cash Unlimited Card in the prior quarter; both performed better than anticipated.
• American Express plans to introduce more agents into its commercial platform to help middle- and larger-sized businesses with their work.