# American Express Stock Q3 2026: Revenue Up 9% as Card Fees Rise 16%
> American Express stock Q3 2026: revenue up 9% to $20.1bn, card fees up 16%, EPS of $5.42 ($4.68 adjusted) and raised guidance. AXP earnings and risks.

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## Facts
- Ticker: AXP
- QSILabs fair value: $313.98 USD
- Price: $319.11 (as of 2026-10-30)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-23) and Form 10-Q; price as of 2026-10-30 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/american-express-stock-q3-2026-earnings-card-fees-credit/

## Short answer
American Express stock Q3 2026 is a story of steady growth with a busy quarter of one-off items around it. In the three months to 30 September 2026, revenue net of interest expense rose 9% to $20,062m, which the company called a record for a third quarter. Net card fees rose 16%, card member spending (billed business) 8%, and credit losses fell. Diluted EPS jumped 31% to $5.42 because of a gain on the sale of its stake in Global Business Travel Group (GBTG); excluding that gain and a restructuring charge, adjusted EPS was $4.68, up 13%. Our cash-flow model values American Express at $313.98 a share, 1.6% below the $319.11 close on 30 October 2026, so we see the shares as roughly fairly priced.

## Key takeaways
- Revenue up 9%, card fees up 16%. Q3 2026 revenue net of interest expense was $20,062m against $18,426m a year earlier. Net card fees rose to $2,969m and net interest income 10% to $4,940m (8-K Ex 99.2).
- Two EPS numbers. Diluted EPS was $5.42, up 31%, including a $982m pre-tax gain on the GBTG sale and a $336m restructuring charge. Adjusted EPS was $4.68, up 13% from $4.14 (8-K Ex 99.1).
- Guidance raised. American Express now expects 2026 EPS of $18.30-18.60, or $17.60-17.90 adjusted, against $17.30-17.90 in January, and still expects about 10% revenue growth (8-K Ex 99.1; Q4 2025 release).
- Credit is improving. The net write-off rate on consumer and small business card balances fell to 1.8% from 1.9%, and provisions fell 23% to $985m as the company released reserves (8-K Ex 99.2).
- A regulatory cost. On 8 October 2026 the company consented to Federal Reserve and OCC orders over its financial crimes compliance programme, including a $350m civil money penalty; legal reserves rose $400m in the quarter (Form 10-Q).
- Our value: $313.98 a share, 1.6% below the $319.11 close on 30 October 2026 and down from $319.24 in our previous estimate. Analysts' average price target is $365.79 (StockAnalysis, S&P Global data).
- What to watch. Fourth-quarter results, expected in late January 2027, where consensus adjusted EPS is about $4.33, and whether spending growth holds near 8% as the Platinum card refresh is lapped.

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