American Express raised its full-year earnings outlook on 23 October 2026 after third-quarter revenue net of interest expense increased 9%. For readers assessing the payments company, the important distinction is that reported earnings include a sale-related benefit that its adjusted measure removes.
Q3 results at a glance
| Measure | Verified disclosure | Official evidence |
|---|---|---|
| Revenue net of interest expense | US$20.062 billion, up 9% year on year. | Issuer results |
| Net income | US$3.712 billion, up 28% year on year. | Issuer results |
| Diluted EPS | US$5.42 reported, up 31%; US$4.68 adjusted, up 13%. | Issuer results |
| 2026 EPS guidance | US$18.30–US$18.60 reported; US$17.60–US$17.90 adjusted. Forecasts, not completed results. | Issuer results |
Why reported and adjusted profit differ
The reconciliation excludes the gain from selling the company’s equity interest in Global Business Travel Group, net of a restructuring charge. That makes it misleading to present the 31% reported EPS increase as the adjusted earnings growth rate. Adjusted EPS is a non-GAAP measure, meaning it modifies the accounting result by removing specified items; it does not replace the reported result.
Revenue is the amount earned from business activity before the full set of costs, while net income is the profit remaining after expenses and tax. Neither should be confused with card spending or with a shareholder’s return.
What the outlook does—and does not—say
The annual ranges describe management’s expectations for 2026. They are not the profit already earned during the first nine months. Future spending, credit performance and costs can change the outcome, so the quarter’s figures and full-year forecasts should remain separate.
For comparison across banks and payments businesses, start with the same accounting measure and reporting period, then examine the issuer’s reconciliation. A higher reported figure alone does not establish stronger underlying growth.
Official records and scope
Primary results release and official companion record. Both records originate from the issuer; they are not two independent investigations. Latest saved source observation: . No live share-price reaction or investment return is established by this report.
Related CapKet coverage: First Citizens’ Q3 earnings and separate buyback authorization.
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