American Express Raises 2026 Profit Outlook After Record $20.1 Billion Quarterly Revenue

American Express raised its 2026 profit outlook on Friday after reporting record third-quarter revenue of $20.1 billion, extending a year in which spending by its cardmembers has remained resilient even as investors have watched for signs of a broader slowdown in consumer demand.

The company said revenue net of interest expense rose 9% from a year earlier to $20.062 billion in the quarter ended Sept. 30. Reported net income climbed 28% to $3.712 billion, while diluted earnings per share rose 31% to $5.42. On an adjusted basis, which strips out the gain from the sale of American Express’s stake in Global Business Travel Group, earnings per share increased 13% to $4.68.

Management also lifted its full-year earnings target. American Express now expects 2026 diluted earnings per share of $18.30 to $18.60 on a reported basis, or $17.60 to $17.90 on an adjusted basis. The company said it remains on track to deliver about 10% revenue growth for the full year.

American Express outlined the new guidance in its third-quarter earnings materials, which also showed that billed business reached $454.0 billion in the quarter, up 8% from a year earlier, while total revenue for the first nine months of 2026 reached $58.606 billion.

Record revenue reflected steady card spending

The headline number in the quarter was the top line. American Express has spent years leaning into affluent consumers, small businesses and corporate customers who tend to keep spending through uneven economic conditions, and the latest quarter suggested that approach is still supporting growth. The company’s billed business increase, together with the 9% revenue gain, indicated that purchase volumes remained healthy across its network.

The earnings release pointed to continued strength in customer spending, new card acquisitions and retention. Those are important markers for American Express because its model depends not only on loan balances and net interest income, but also on discount revenue from card spending, annual fees and travel- and service-related activity across its premium customer base. A quarter in which revenue rose faster than billed business also suggested that pricing, product mix and customer engagement continued to support the business.

The third-quarter performance kept American Express on pace for another year of double-digit top-line expansion. For the first nine months of 2026, revenue net of interest expense rose 10% year over year. Reported net income for that period reached $9.794 billion, while diluted earnings per share rose to $14.22 from $11.85 a year earlier. Adjusted earnings per share for the nine-month period was $13.49, up 14%.

That matters because the company’s full-year outlook still assumes a demanding final quarter. By holding to a roughly 10% revenue growth target while lifting earnings guidance, management signaled confidence that spending trends and customer activity remained strong enough to offset normal seasonal shifts and a still-elevated rate environment.

Guidance increase was not driven only by the GBTG sale gain

The raised outlook could look at first glance like a simple consequence of a one-time boost, but the quarter’s adjusted results showed that the business also improved on an operating basis. American Express said adjusted earnings excluded a $982 million pre-tax gain, or $751 million after tax, tied to the previously announced sale of the company’s equity interest in Global Business Travel Group. A portion of that gain was used to fund restructuring tied to efficiency initiatives.

Separating the reported and adjusted figures is important for this quarter. The reported earnings number of $5.42 per share captured the benefit of that gain, while the adjusted figure of $4.68 per share gives a cleaner view of the underlying business. Even on that adjusted basis, American Express still posted double-digit earnings growth from a year earlier, which supports management’s decision to raise its target for the full year.

The guidance itself also came in two forms. On a GAAP basis, American Express now expects full-year earnings per share of $18.30 to $18.60. On an adjusted basis, it expects $17.60 to $17.90. That dual presentation is useful because it shows the company is not relying on a single accounting gain to justify a more optimistic tone. Instead, it is pairing the gain with continued revenue growth and improved underlying profitability.

The company also described the efficiency-related restructuring as part of its current financial picture, showing that it is still looking for ways to simplify operations and protect margins while continuing to invest in growth. For investors, that mix of revenue momentum and expense discipline helps explain why the guidance move carried more weight than a quarter built only on nonrecurring items would have.

Official filings show where the quarter stands heading into year-end

American Express also filed the earnings release and supplemental materials with the Securities and Exchange Commission through a current report, giving investors the formal filing trail behind the headline numbers. The filing reinforced that the quarter combined another record revenue result with an improved earnings outlook, while still making clear which parts of the profit increase were recurring and which were tied to the GBTG stake sale.

For the rest of 2026, the key question is whether the company can carry that momentum through the holiday-heavy fourth quarter without leaning too heavily on one-off benefits. The latest guidance suggests management believes it can. The revenue target was not raised above the roughly 10% level, which keeps expectations measured, but the higher earnings range shows confidence that spending trends, cardmember activity and expense management are landing well enough to push profitability above its earlier expectations.

That combination leaves American Express entering the final stretch of the year with stronger earnings guidance, record quarterly revenue and evidence that the business is still producing solid underlying growth even after stripping out the travel-investment gain.