$AXP · AMERICAN EXPRESS CO
American Express filed preliminary Q3'26 results showing total revenues net of interest expense of $20,062M, up 9% year over year. Net income reached $3,712M, up 28%, with diluted EPS of $5.42, up 31%, while credit provisions fell 23% to $985M.
- Diluted EPS rose 31% year over year to $5.42.
- Total revenues net of interest expense increased 9% to $20,062M.
- Credit loss provisions declined 23% to $985M.
- Net write-off rate improved to 2.1% from 2.2% a year earlier.
- Return on average common equity was 43.6%, up from 37.3%.
Extended-hours last trade was $317.00, down 2.46% versus the regular close, after the release. The negative reaction contrasted with 31% EPS growth, implying focus on expense acceleration.
American Express posted 31% EPS growth and lower credit costs, yet a 2.46% after-hours drop shows investors focused on expense growth.
AXP's 43.6% return on average common equity and 8% billed business growth remain strong relative to card peers, but expense growth and lower reserve coverage add to sector margin debates.
Card Member services expense rose 36% YoY and total expenses rose 9%, outpacing revenue growth. Reserve as a percentage of card balances fell to 2.5% from 2.9%, reducing loss-absorption cushion.
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