American Express Q3 2026 Earnings Analysis
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American Express Q3 2026 Earnings Analysis
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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown, bringing you the numbers and the narrative behind the biggest names in the market. I'm Alex.
**JORDAN:** And I'm Jordan. Today we're diving into American Express, ticker AXP, fresh off their Q3 2026 report.
**ALEX:** Before we jump in, quick reminder: this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.
**JORDAN:** With that said, Alex, this was a busy quarter for Amex. Lots of moving pieces.
**ALEX:** Lots of moving pieces is an understatement. Let's start with the headline numbers. Record revenue of $20 billion, up 9% year-over-year. GAAP EPS came in at $5.42, up 31%, but there's a big asterisk there.
**JORDAN:** Right, because that number is inflated by the sale of their stake in Global Business Travel Group. That deal added about $1.11 per share in gains. Strip that out, along with a restructuring charge, and adjusted EPS was $4.68 — still a healthy 13% increase.
**ALEX:** And speaking of that restructuring charge — this is the part that caught my eye. Amex took a $336 million hit, expected to eliminate about 5% of positions globally.
**JORDAN:** Yeah, CEO Steve Squeri was pretty candid about this. He basically said: we've got good momentum, but to win over the next few years, we need to be leaner and faster. So they're using part of that GBTG windfall to fund the restructuring rather than just dropping it all to the bottom line.
**ALEX:** It's a classic "use the good quarter to clean house" move.
**JORDAN:** Exactly. And there's one more notable item buried in there — the OCC civil money penalty. Amex took a legal reserve charge tied to a consent order. Squeri was upfront that "the deficiencies cited... should not have occurred" and they're accountable for fixing them. Importantly, no asset cap, and management says it won't impact 2027 guidance.
**ALEX:** That's the kind of regulatory headline that usually spooks investors, but the market seems to be taking it in stride given the rest of the quarter's strength. Let's talk guidance — they reaffirmed 10% revenue growth for the full year and actually raised EPS guidance to $18.30-$18.60 on a reported basis, or $17.60-$17.90 adjusted.
**JORDAN:** Raising guidance while absorbing a legal charge and a restructuring charge — that tells you how strong the underlying business is performing.
**ALEX:** Let's get into the spending trends because this is really where the Amex story lives. Total spend was up 8%. U.S. consumer spending was up 9.4% — the third-highest quarterly growth rate in three years.
**JORDAN:** And travel and entertainment was the real standout. T&E spend up 10%, airlines accelerating to 13%. Restaurant spend up 9%, but dig into the detail — Resy bookings were up 18%, and Fine Hotels + Resorts bookings were up 50%. That's the "membership model" thesis playing out in real numbers — when they combine their card benefits with their own travel and dining platforms, spend just explodes.
**ALEX:** Net card fees grew 17% on an FX-adjusted basis — that's their fastest-growing revenue line, largely riding the tailwind from last year's Platinum card refresh. CFO Christophe Le Caillec said this was the "inflection point" they'd been forecasting all year.
**JORDAN:** And credit quality remains pristine. Delinquency rates have been stuck at 1.2-1.3% for fifteen straight quarters. Write-offs only grew 3% while balances grew 8% — that's the premiumization story. They're attracting higher-income, more creditworthy members who spend more and default less.
**ALEX:** Now let's talk strategy, because Squeri spent a lot of time on AI and agentic commerce — basically how AI assistants will shop and transact on behalf of customers.
**JORDAN:** This
This episode includes AI-generated content.
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