Amex Tops Q3 Estimates, Lifts FY26 EPS Guidance to $18.30-$18.60
AXP is trading near its 52-week low of $290.967 (11% above the low).
Summary
Record Q3 revenue of $20.1 billion, up 9%, and adjusted EPS of $4.68, up 13%, prompted Amex to raise full-year 2026 EPS guidance to $18.30-$18.60 GAAP ($17.60-$17.90 adjusted). Credit quality also improved, with provisions down to $1.0 billion from $1.3 billion a year ago.
Key Events · Earnings and Guidance · AXP
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Record Q3 Revenue, EPS Up 31%
Total revenues net of interest expense reached a record $20.1 billion, up 9% year over year. GAAP diluted EPS came in at $5.42, up 31%, while adjusted EPS was $4.68, up 13%.
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FY26 EPS Guidance Raised
Full-year 2026 EPS guidance was raised to $18.30-$18.60 GAAP ($17.60-$17.90 adjusted), with management still expecting 10% revenue growth for the year.
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Credit Provisions Fall, Write-Offs Improve
Consolidated provisions for credit losses were $1.0 billion versus $1.3 billion a year ago, reflecting a reserve release versus a prior-year build. The consumer and small-business principal-only net write-off rate improved to 1.8% from 1.9%.
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GBTG Sale Inflates GAAP EPS
GAAP results include a $982 million pre-tax ($751 million after-tax) gain on the sale of the GBTG equity interest, net of restructuring; adjusted EPS of $4.68 excludes it.
Analysis · AXP · Finance
The headline for investors is the guidance raise: full-year EPS is now seen at $18.30-$18.60 GAAP ($17.60-$17.90 adjusted), and management still expects 10% revenue growth. That comes on a record $20.1 billion of revenue, up 9%, with adjusted EPS of $4.68, up 13% — growth that supports the premium multiple. Credit is the other half of the story. Provisions fell to $1.0 billion from $1.3 billion a year ago on a reserve release, and the consumer/small-business principal write-off rate improved to 1.8% from 1.9%. Note that GAAP EPS of $5.42 is flattered by a $982 million pre-tax gain on the GBTG stake sale, so the adjusted $4.68 is the cleaner read. The quarter lands two weeks after Amex consented to Fed and OCC orders over financial-crimes compliance, including a $350 million OCC penalty; the results show the core franchise still compounding while remediation costs run through expenses.
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At the time of this filing, AXP was trading at $321.99 on NYSE in the Finance sector, with a market capitalization of approximately $219.6B. The 52-week trading range was $290.97 to $387.49. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.