American Express Company · NYSE:AXP
American Express — Q3 2026 Earnings Presentation
41 slides from American Express's earnings presentation, Oct 23, 2026
Slide 1: American Express Earnings Conference Call Q3'26
American Express Earnings Conference Call Q3'26 OCTOBER 23, 2026
Slide 2: Business Highlights
Business Highlights • Raising FY 2026 EPS guidance to a range of $18.30 - $18.60 on a GAAP basis and $17.60 - $17.90 on an adjusted basis1 • Launched the next generation of Amex Corporate™, with a new integrated Expense Management software and Amex Expense mobile app, along with new Corporate Cashba
Slide 3: Summary Financial Performance
Summary Financial Performance in millions, except per share amounts; % Increase/(decrease) vs. Prior year YoY% YoY% Q3'26 YTD’26 Inc/(Dec) Inc/(Dec) Total Revenues Net of Interest Expense $20,062 9% $58,606 10% FX-Adjusted(1) 9% 10% Net Income $3,712 28% $9,794 17% Diluted EPS(2) $5.42 31% $14.22 20
Slide 4: Q3'26 Earnings Adjustments & Other Notable Items
Q3’26 Earnings Adjustments & Other Notable Items $ in millions, except per share amounts; % Increase/(decrease) vs. Prior Year Pretax Income Net Income Diluted EPS YoY% YoY% YoY% Q3’26 Q3’26 Q3’26 Inc/(Dec) Inc/(Dec) Inc/(Dec) GAAP $4,531 18% $3,712 28% $5.42 31% GBTG Gain on Sale ($982) ($751) ($1.
Slide 5: Total Billed Business
Total Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted) 15% 10% 9% 9% 8% 8% 8% 5% (~0.6%) YoY impact from Small Business Cobrand exits 0% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 G&S 9% 8% 8% 9% 7% T&E 8% 8% 9% 10% 10% See Annex 2 for reported billings growth rate
Slide 6: U.S. Consumer Services Billed Business
U.S. Consumer Services Billed Business % Increase/(decrease) vs. Prior year 15% 11% 10% 10% 9% 9% 9% G&S, 9% YoY T&E, 11% YoY 5% 0% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'26 Gen-Z Millennials Gen-X Baby Boomer + Total YoY 35% 11% 8% 4% 9% % of Total 7% 31% 36% 27% 100% Amounts may not sum due to rounding.
Slide 7: Commercial Services Billed Business
Commercial Services Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted) 15% 10% Excluding Exited Small Business Cobrand 5% 5% Portfolios 5% G&S, 2% YoY 5% 4% 4% T&E, 7% YoY 3% 3% 0% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'26 U.S. SME U.S. Large & Global Corp. Total YoY 3% 3% 3% % of Total 82
Slide 8: International Card Services Billed Business
International Card Services Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted unless otherwise stated) 25% 20% 20% 17% 15% 14% 13% 11% Reported 13% 13% G&S, 11% YoY 10% 12% 12% 11% FX T&E, 11% YoY Adjusted 5% 0% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'26 Int’l Consumer Int’l SME & Large Cor
Slide 9: New Acquisitions
New Acquisitions Proprietary New Proprietary New Cards Acquired Accounts Acquired in millions Q3’2026 3.2 3.1 3.1 2.9 3.0 Global Consumer 1.0 0.9 1.0 0.9 1.0 International Card Services 65 % New Accounts Acquired from Millennial / Gen-Z 0.7 Commercial 0.7 0.8 0.8 0.8 Services 76 % 1.5 1.3 1.3 1.3 1.
Slide 10: Total Balances and Billed Business
Total Balances and Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted) Total Balances Billed Business 9% 9% 9% 8% 8% 8% 8% 7% 7% 7% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Total Balances includes Card Balances held for investment and Other Loans. See the Statistical Tables for more information
Slide 11: Credit Metrics
Credit Metrics 30+ Days Past Due Net Write-off Rates % of Card Balances % of Average Card Balances 2.1% 2.0% 2.0% 1.9% 1.8% 1.3% 1.3% 1.3% 1.2% 1.2% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net write-off rates based on principal losses only and both net write-off rates and 30+ day
Slide 12: Total Provision
Total Provision $ in millions $1,414 Total Provision $1,287 $141 $1,251 $1,084 $985 Reserve $125 Build/(Release) $1,273 $1,275 $1,275 $1,196 Write-offs $1,162 ($24) ($191) ($211) Q3’26: ($215M) CECL Model Update Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Reserve Rate for 2.9% 2.9% 2.8% 2.7% 2.6% Total Balances S
Slide 13: Revenue Performance
Revenue Performance $ in millions; % Increase/(decrease) vs. Prior year Q3'26 Q3'25 Reported FX-Adjusted* YoY% Inc/(Dec) YoY% Inc/(Dec) Discount Revenue $10,169 $9,413 8% 8% Net Card Fees $2,969 $2,551 16% 17% Service Fees and Other Revenue $1,984 $1,976 0% 1% Net Interest Income $4,940 $4,486 10% 1
Slide 14: Net Card Fees
Net Card Fees $ in billions; % Increase/(decrease) vs. Prior year & CAGR (FX-adjusted) Net Card Fees (Q3: 2019-2026) Net Card Fees YoY% (Q3’25-Q3’26) 17% / Year 30% % CAGR $3.0 25% $2.6 $2.2 20% 17% 17% $1.8 16% 16% 15% $1.5 15% $1.3 $1.2 $1.0 10% 5% 0% Q3'19 Q3'20 Q3'21 Q3'22 Q3'23 Q3'24 Q3'25 Q3'2
Slide 15: Premium Lending
Premium Lending Net Interest Income NII: Volume & Margin Drivers $ in billions; % Increase/(decrease) vs. Prior year (FX-adjusted) CAGR % vs. Q3’19 (FX-adjusted except Margin) (~2%) YoY impact from Small Business Cobrand exits Q3’26 vs. Q3’19 CAGR % $4.9 $4.7 $4.6 $4.5 $4.5 Billed Business 8% Net In
Slide 16: Total Revenues Net of Interest Expense
Total Revenues Net of Interest Expense $ in billions; % Increase/(decrease) vs. Prior year 15% 11% 11% 10% 10% 10% 11% 9% Reported 10% 10% 9% 9% FX Adjusted 5% (~1%) YoY impact from Small Business Cobrand exits 0% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 $B $18.4 $19.0 $18.9 $19.6
Slide 17: Expense Performance
Expense Performance $ in millions; % Increase/(decrease) vs. Prior year YoY% Q3'26 Q3'25 Inc/(Dec) Card Member Rewards $5,090 $4,608 10% Business Development $1,795 $1,611 11% Card Member Services $2,006 $1,477 36% Q3'26 VCE % of Revenue Variable Customer Engagement Expenses $8,891 $7,696 16% 44.3%
Slide 18: Operating Expense Performance
Operating Expense Performance $ in millions; % Increase/(decrease) vs. Prior year YoY% Q3'26 Q3'25 Inc/(Dec) Operating Expenses - GAAP $3,885 $4,019 (3%) GBTG Gain on Sale $982 Restructuring ($336) Notable Item: Legal Matters* ($400) Operating Expenses (ex.Adjusted & Notable Items)** $4,131 $4,019 3
Slide 19: 2010 - 2026 Business Performance
2010 - 2026 Business Performance Return on Average Equity 38% 34% 34% 35% 34% 32% 32% 30% 29% 27% 28% 28% 26% 24% 23% 14% 13% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD'26 Return on Average Tangible Common Equity 34% 35% 29% 34% 34% 30% 32% 17% 44% 37% 18% 43
Slide 20: Capital
Capital Capital Return & Common Shares Outstanding Increase in 689 $ in billions; Common Shares Outstanding in millions 58 % Quarterly Dividend per Common Share (3 Year*) 686 682 675 671 Common Shares Outstanding Net Income $2.9 $0.6 $2.3 $2.9 $0.6 75 % Returned to Common Shareholders (3 Year**) $2.
Slide 21: 2026 Guidance
2026 Guidance Original As of Q2’26 Updated Revenue Growth: Revenue Growth: Revenue Growth: 10% 9% - 10% 10% EPS: EPS: EPS: GAAP: $18.30 - $18.60 (EPS Growth: 19% - 21%) $17.30 - $17.90 $17.30 - $17.90 Adjusted: $17.60 - $17.90* (EPS Growth: 14% - 16%) Our ability to achieve our 2026 guidance is subj
Slide 22: Appendix
Appendix
Slide 23: FX Impact on Billed Business
FX Impact on Billed Business Q3’26 Billed Business YoY Change in USD* vs. Currency as a % of Total Strengthened / (Weakened) Euro € 5% 2% UK £ 6% 0% Japan ¥ 4% 8% Australia $ 5% (8%) Canada $ 3% 2% Mexico $ 2% (6%) Top 6 Intl. Currencies 24% 0% ** All Other Intl. Currencies 3% Billed Business by cur
Slide 24: Travel & Entertainment Billed Business
Travel & Entertainment Billed Business Q3'26 Restaurants Lodging Airlines Other Total T&E YoY Growth 9% 6% 13% 12% 10% % of Total Billed Business 8% 6% 6% 9% 29% All growth rates reflect FX-adjusted rates. See Slide 3 for an explanation of FX-adjusted information. 24
Slide 25: Credit Reserve Macroeconomic Scenarios: Select Variables
Credit Reserve Macroeconomic Scenarios: Select Variables U.S. Unemployment Rate % U.S. GDP Growth* % 10% 6% 9% 5% 8% 4% 3% 7% 2% 6% 1% 5% 0% 4% (1)% 3% (2)% 2% (3)% 1% (4)% 0% (5)% Q3'25 Q4'26 Q1'28 Q4'25 Q2'28 Q4'25 Q1'27 Q3'27 Q3'25 Q2'27 Q1'26 Q2'27 Q2'25 Q3’28 Q1'27 Q1'25 Q2'26 Q1'25 Q3'27 Q4'26
Slide 26: Funding and Deposits
Funding and Deposits Funding Mix Deposit Programs 92% FDIC $ in billions $ in billions insured at Q3'26 $210 $216 $151 $154 Short-term 1% 1% Funding Third Party 6% 6% 7% 6% CDs Card ABS* 8% Third Party 10% Unsecured 2% Sweep 21% 22% 2% Funding** Checking 83% Savings and 81% Direct CDs 72% 72% Deposi
Slide 27: Additional Commentary – Variance Analysis
Additional Commentary – Variance Analysis The following summary provides selected variance information for the three months ended September 30, 2026 compared to the same period in the prior year. It should be read in conjunction with the statistical tables for Q3'26, available at ir.americanexpress.
Slide 28: Notes on Business Highlights
Notes on Business Highlights 1. Adjusted EPS is a non-GAAP measure that excludes the $0.73 net impact from the gain from the sale of the company's equity investment in GBTG, net of a restructuring charge. See Annex 1 for a reconciliation to EPS guidance on a GAAP basis. Our ability to achieve our fu
Slide 29: Annex 1
Annex 1 Adjusted Pretax Income, Adjusted Net Income, Adjusted EPS and Adjusted EPS Guidance Amounts may not sum due to rounding YoY% YoY% YoY% Q3'26 Q3'25 Q3'26 Q3'25 YTD’26 YTD’25 Inc/(Dec) Inc/(Dec) Inc/(Dec) GAAP Pretax Income $4,531 $3,825 18% GAAP Diluted EPS $5.42 $4.14 31% $14.22 $11.85 20% G
Slide 30: Annex 2
Annex 2 Billed Business – Reported & FX-Adjusted* % Increase/(decrease) vs. Prior year Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q2'26 Q3'26 Q3'26 Total Commercial Services: International Card Services: Reported 9% 9% 10% 9% 8% Reported 5% 3% Reported 11% FX-Adjusted* 8% 8% 9% 9% 8% FX-Adjusted* 5% 3% FX-Adjust
Slide 31: Annex 3
Annex 3 Total Balances – Reported & FX-Adjusted* $ in billions Q3'19 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 GAAP Total Balances $145 $202 $208 $207 $212 $216 $225 $224 $229 $233 FX-Adjusted Total Balances* $144 $202 $211 $209 $211 $216 YoY% Inc/(Dec) in GAAP Total Balances 7% 8% 8% 8%
Slide 32: Annex 4
Annex 4 Revenue – Reported & FX-Adjusted* $ in millions YoY% YoY% Q3'26 Q3'25 YTD’26 YTD’25 Inc/(Dec) Inc/(Dec) Discount Revenue $10,169 $9,413 8% FX-Adjusted* $9,409 8% Net Card Fees $2,969 $2,551 16% FX-Adjusted* $2,545 17% Service Fees and Other Revenue $1,984 $1,976 0% FX-Adjusted* $1,967 1% Net
Slide 33: Annex 5
Annex 5 Net Card Fees, Net Interest Income and Revenues Net of Interest Expense – Reported & FX-Adjusted* $ in billions Q3'19 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 GAAP Net Card Fees $1.0 $2.2 $2.2 $2.3 $2.5 $2.6 $2.6 $2.8 $2.9 $3.0 FX-Adjusted Net Card Fees* $1.0 $2.2 $2.3 $2.4 $2.5
Slide 34: Annex 6
Annex 6 Reconciliation of Return on Average Equity to Return on Average Tangible Common Equity $ in millions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD'26 Annualized Net income $4,057 $4,935 $4,482 $5,359 $5,885 $5,163 $5,375 $2,748 $6,921 $6,759 $3,135 $8,06
Slide 35: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which address American Express Company’
Slide 36: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • net card fee revenues not growing consistent with the company’s expectations for 2026 and beyond, which could be impacted by, among other things, the pace of Card Member acquisition activity and demand for the company’s fee-based products; highe
Slide 37: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • Card Member rewards and services and business development expenses not growing consistent with the company’s expectations for 2026 and beyond, and the relationship of these variable customer engagement expenses to revenues, which could be impact
Slide 38: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • the company’s tax rate not remaining consistent with expectations, which could be impacted by, among other things, further changes in tax laws and regulation, the implementation by jurisdictions of the Organization for Economic Cooperation and D
Slide 39: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • the company’s ability to build on its leadership in commercial payments and successfully roll out new commercial products and solutions in 2026 and beyond, which will depend in part on competition, including from financial technology companies a
Slide 40: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • a failure in or breach of the company’s operational or security systems, processes or infrastructure, or those of third parties, including as a result of cyberattacks or outages, which could compromise the confidentiality, integrity, privacy and
Slide 41: American Express
AMERICAN EXPRESS
American Express Company — Q3 2026 Earnings Presentation on 6ix