American Express reported Oct. 23, 2026, that third-quarter revenue rose 9% to $20.1 billion as card-member spending, interest income and card fees increased. The results give merchants and customer-experience leaders a fresh view of premium spending, while showing that richer membership benefits carry additional costs.
This Rapid News Brief separates the company’s operating performance from items affecting reported profit. Net income was $3.7 billion, compared with $2.9 billion a year earlier. Reported earnings per share rose 31% to $5.42; adjusted earnings per share increased 13% to $4.68, according to the company’s earnings release.
Reported and adjusted figures differ
The company’s quarterly filing says the period included a $982 million gain before tax from selling its stake in Global Business Travel Group. American Express also recorded a $336 million restructuring charge before tax.
Those items make the reported profit increase an incomplete description of the quarter’s recurring business. The adjusted figure is a company-defined measure, not a replacement for the reported result, and neither number alone establishes the performance of an individual card product.
Management raised its full-year earnings-per-share outlook to $18.30-$18.60, or $17.60-$17.90 on an adjusted basis. Those ranges are company forecasts, not completed results.
Benefits add to the customer equation
American Express’s filing attributes higher card-member services costs to new U.S. Platinum benefits and greater use of benefits. It also says marketing expenses increased with spending on customer acquisition and other growth initiatives.
That matters for executives assessing premium propositions: higher fees and customer activity need to be considered alongside the expense of delivering the promised experience. The filing does not establish that every benefit or acquisition channel produces the same return.
The Associated Press reported that customers continued spending strongly during the quarter as most members transitioned to the higher-fee Platinum Card. That describes American Express’s customer base, not a representative measure of spending across all households or every retail category.