American Express Q3 Results: Profit Jumps 28%, 3,500 Jobs to Go

American Express Q3 results, released on Friday, showed net income rising 28% to $3.71 billion as the card issuer raised its 2026 profit forecast and confirmed it will cut about 3,500 jobs.

The New York-based company reported revenue net of interest expense of $20.06 billion for the quarter ended September 30, up 9% from a year earlier. Diluted earnings per share climbed 31% to $5.42, according to its earnings release filed with the US Securities and Exchange Commission.

American Express Q3 results: the key numbers

Net income of $3,712 million compared with $2,902 million a year ago. The figure was lifted by a one-time pretax gain of $982 million, or $751 million after tax, from the sale of the company’s stake in Global Business Travel Group.

Part of that gain was absorbed by a pretax restructuring charge of $336 million, or $253 million after tax, linked to efficiency initiatives. Stripping out such items, adjusted earnings per share rose 13% to $4.68, ahead of the $4.49 average analyst estimate in a Bloomberg survey.

Billed business, the total spending on Amex cards, grew 8% to $454.0 billion, slightly short of the $456.9 billion analysts had expected. Total expenses rose 9% to $14.5 billion, while provisions for credit losses eased to $1.0 billion from $1.3 billion a year earlier.

For the first nine months of 2026, revenue net of interest expense rose 10% to $58.61 billion and net income grew 17% to $9.79 billion. Diluted earnings per share for the period increased 20% to $14.22.

Amex job cuts and higher earnings guidance

Chairman and Chief Executive Officer Stephen J. Squeri said the reduction would affect about 5% of the workforce, the company’s first major round of job cuts in roughly a decade, according to the Associated Press. He told investors the move was “not a reflection of any downturn in business.”

The earnings release did not describe the layoffs, referring only to a restructuring charge tied to efficiency initiatives. The company has not said which countries or business units will be affected.

Amex lifted its full-year 2026 guidance for diluted earnings per share to $18.30–$18.60. On an adjusted basis, the forecast is now $17.60–$17.90, against the earlier range of $17.30–$17.90, according to AP. The company still expects revenue growth of about 10% for the year.

“Given our performance year-to-date, we are raising our full-year EPS guidance,” Squeri said in the statement accompanying the American Express Q3 results.

Premium credit cards and what the spending data signals

Spending by Amex’s largely affluent customer base remained firm. The average customer spent $6,735 in the quarter, up 5% from a year earlier, while travel and entertainment spending rose 10% and airline ticket spending grew 13%, AP reported.

Net card fees rose by more than $400 million after the annual fee on the Platinum card was raised from $695 to $895. Chief Financial Officer Christophe Le Caillec said some of the higher spending likely reflected inflation, though cardmembers were also using their cards more often.

The numbers matter beyond Amex. Its customers skew towards high-income households, so its billing data is closely watched as a gauge of upper-end US consumer demand at a time when sentiment surveys remain weak and fuel costs are elevated. Our banking and finance coverage tracks how other lenders are faring this earnings season.

The results also highlight the cost of competing in premium credit cards, where JPMorgan Chase and Capital One have been adding perks to win affluent customers. Investors have been watching how long Amex can keep raising fees and rewards spending without squeezing margins.

What happens next

Investors will look for details on the timing and location of the job cuts and on whether further restructuring costs fall into coming quarters. Fourth-quarter results will show whether spending growth and credit quality hold up well enough to deliver the raised guidance. Follow our latest business news for updates.