American Express Company (AXP) investor relations material

Executive summary

• Q3 revenue net of interest expense rose 9% YoY to $20.062B; net income increased 28% to $3.712B and diluted EPS rose 31% to $5.42.

• Adjusted diluted EPS was $4.68, up 13%; adjusted net income was $3.214B, up 11%.

• FY’26 revenue growth guidance remained 10%; GAAP EPS guidance rose to $18.30–$18.60 and adjusted EPS to $17.60–$17.90.

• Strong spending, premium product refreshes, card acquisitions and retention supported results; credit performance remained strong.

Financial highlights

• Revenue components: discount revenue $10.169B (+8%); net card fees $2.969B (+16% reported, +17% FX-adjusted); net interest income $4.940B (+10%).

• Q3 billed business rose 8% to $454B; network volumes increased 8% to $517.9B.

• Pretax income rose 18% to $4.531B; total expenses increased 9% to $14.546B, including variable customer engagement expenses up 16% to $8.891B.

• Provisions for credit losses fell 23% to $985M, primarily reflecting reserve releases versus builds a year earlier, partly offset by higher net write-offs.

• Nine-month revenue net of interest expense grew 10% to $58.606B; diluted EPS was $14.22, up 20%.

Outlook and guidance

• FY’26 revenue growth guidance remained 10%; GAAP EPS guidance is $18.30–$18.60 (+19%–21%) and adjusted EPS guidance is $17.60–$17.90 (+14%–16%).

• Adjusted EPS guidance excludes the net impact of the GBTG sale gain and restructuring charges; outcomes remain subject to macroeconomic conditions and other factors beyond control.

• Variable customer engagement expense growth is expected to moderate next quarter as the U.S. Platinum refresh is reflected in both current- and prior-period results.

• Excess capital returns are planned while keeping CET1 within the 10%–11% target range and supporting balance-sheet growth.