10-Q · July 24, 2026
American Express delivered a strong Q2, with revenue net of interest expense up 10% to $19.637 billion and diluted EPS up 11% to $4.53. Revenue growth was broad based, led by 12% International Card Services growth and…
Earnings analysis · 10-Q
AXP earnings analysis
Filed October 23, 2026 · Our reading of the company's report
The latest report
American Express delivered a strong EPS quarter, with GAAP EPS of $5.42 versus $4.49 consensus and adjusted EPS of $4.68, despite revenue of $20.062 billion coming in approximately $56 million below consensus. The…
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American Express delivered a strong EPS quarter, with GAAP EPS of $5.42 versus $4.49 consensus and adjusted EPS of $4.68, despite revenue of $20.062 billion coming in approximately $56 million below consensus. The company raised FY 2026 GAAP EPS guidance to $18.30-$18.60 and maintained its expectation for 10% revenue growth. The principal negative signal is material interest-rate exposure: a hypothetical 200-basis-point rate increase would reduce annual net interest income by $655 million. Balance-sheet, cash-flow, margin, and segment details were not included in the provided filing extract.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $5.42
What stood out
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Q3 revenue below consensus
Q3 revenue was $20.062 billion, down approximately 7.1% from $21.59 billion in Q2 2026 and approximately 2.4% from $20.56 billion in Q3 2025 based on the supplied quarterly history. Revenue was approximately $56 million below the $20.118 billion consensus estimate.
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Strong EPS growth
GAAP diluted EPS was $5.42, up from $4.53 in Q2 2026 and $4.14 in Q3 2025. Adjusted EPS was $4.68, representing 13% year-over-year growth.
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Full-year outlook raised
FY 2026 GAAP EPS guidance was raised to $18.30-$18.60, while adjusted EPS guidance was set at $17.60-$17.90; management also stated it remains on track for 10% revenue growth.
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Meaningful share repurchases
The company repurchased 4,777,766 common shares during Q3 at an average price of $331.37, leaving 41,128,690 shares available under the repurchase authorization at September 30, 2026.
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Controls remained effective
Disclosure controls were deemed effective as of September 30, 2026, and management reported no changes in internal control over financial reporting that materially affected or were reasonably likely to materially affect controls.
What to watch
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Material interest-rate sensitivity
A hypothetical instantaneous 200-basis-point increase in market interest rates would reduce annual net interest income by $655 million; a 100-basis-point increase would reduce it by $210 million. Management states that higher rates are detrimental because interest-rate-sensitive liabilities exceed interest-rate-sensitive assets.
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Nonrecurring items distort earnings
Q3 results included a $982 million pre-tax GBTG gain and a $336 million restructuring charge, creating significant comparability and earnings-quality distortion relative to recurring operations.
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Capital deployment reduces flexibility
The company reported 4,777,766 share repurchases in Q3 at an average price of $331.37, which reduced the remaining authorization to 41,128,690 shares and represents a material use of capital that could limit financial flexibility if credit or market conditions deteriorate.
Management's outlook
FY 2026 GAAP EPS guidance was raised to $18.30-$18.60; adjusted EPS guidance is $17.60-$17.90. Management remains on track for 10% revenue growth. No quarterly revenue-dollar guidance was provided.
Earlier filings 4
10-Q · April 23, 2026
American Express reported Q1 2026 total revenues net of interest expense of $18,907 million, up 11% year-over-year, and diluted EPS of $4.28, up 18% vs. Q1 2025. Revenue and billed-business momentum was broad-based…
10-K · February 6, 2026
American Express reported strong 2025 results driven by growth in billed business and lending: total revenues (net of interest expense) were $72,229 million (+10% vs. 2024) and net income was $10,833 million (diluted…
10-Q · April 18, 2025
American Express reported a solid quarter: total revenues net of interest expense rose 7% year-over-year to $16,967 million and diluted EPS increased 9% to $3.64. Billed business and net card fees were strong (billed…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.