$AXP · AMERICAN EXPRESS CO
American Express filed its Q3 FY2026 Form 10-Q. Total revenues net of interest expense rose 9% year over year to $20.062B; net income was $3.712B, or $5.42 diluted EPS. Results included a $982M pre-tax GBTG equity-sale gain and a $336M restructuring charge.
- Diluted EPS rose 31% to $5.42 from $4.14 a year ago.
- Billed business grew 8% year over year.
- The GBTG equity sale produced a $982M pre-tax gain.
- Efficiency initiatives added a $336M pre-tax restructuring charge.
- Card balance net write-off rate improved to 2.1% from 2.2%.
AXP traded at $313.29, down 3.65% on the day but roughly flat (-0.07%) from the $313.50 price at filing. The muted post-filing move suggests the large GBTG gain and restructuring were already absorbed.
American Express delivered 28% net income growth and improving credit, but the quarter's EPS partly relies on a one-time GBTG gain.
American Express's 10% T&E spend growth and 8.5% net interest yield underscore favorable premium-card economics.
The exit of two small business cobrand held-for-sale portfolios weighed on goods and services spend growth and could continue to pressure billed business.
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