Full Breakdown
American Express Posts Strong Q3 Earnings, Raises 2026 Outlook Amid Platinum Fee Hike and New Airbnb Partnership
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Earnings Beat and Guidance Upgrade
American Express reported third-quarter 2026 results on October 23, posting adjusted earnings per share (EPS) of $4.68, above the consensus range of $4.49–$4.58. GAAP EPS was $5.42, helped by a $982 million pre-tax gain from the sale of its stake in Global Business Travel Group. Revenue was $20.06 billion, slightly below the $20.12 billion estimate. The company lifted the lower end of its full-year adjusted EPS forecast to $17.60, keeping the top end at $17.90.
Background: Premium-Card Strategy and Affluent Focus
In 2025 American Express raised the annual fee on its Platinum Card from $695 to $895. The firm says “nearly all” members who migrated retained the card. Total spend on AmEx-issued cards rose 8 % year-over-year to $454 billion, and average cardmember spend climbed to $6,735 per quarter, a 5 % increase.
New Airbnb Integration Expands Travel Offering
American Express added more than 1 million Airbnb listings to its AmEx Travel portal. Eligible U.S. Consumer and Business Platinum Card members can apply their $600 annual lodging credit to Airbnb Luxe stays and receive a $250 statement credit for qualifying Airbnb Experiences.
Data & Statistics
- Adjusted EPS: $4.68 (beat)
- GAAP EPS: $5.42 (incl. gain)
- Net income: $3.71 billion (up 28 %)
- Revenue: $20.06 billion (-0.03 % vs. estimate)
- Card-fee revenue: + $400 million YoY
- Average spend per member: $6,735 per quarter
- Net write-off rate: 1.8 % (down from 1.9 %)
- Effective tax rate: 18.1 % (down from 24.1 %)
- Workforce reduction: ?5 % (?3,500 jobs)
Official Statements & Responses
Chief Executive Stephen Squeri noted “business momentum continues, with strength in billings, new acquisitions and Card Member retention, and excellent credit quality.” CFO Christophe Le Caillec linked higher travel spend to rising airline fares and fuel costs.
Verbatim Quotes
- “We're excited to bring more choice and flexibility to American Express Card Members with this exclusive partnership.” — Juan David Borrero, head of partnerships at Airbnb
- “Our business momentum continues, with strength in billings, new acquisitions and Card Member retention, and excellent credit quality,” — Stephen Squeri
Conflicting Reports & Gaps
- Revenue was reported as $20.06 billion; some outlets called it a “record,” while others noted it “missed the $20.12 billion estimate.”
- Stock reaction varied: a 3 % pre-market decline versus a modest 0.48 % rise in after-hours trading.
What’s Next
American Express will monitor whether the higher Platinum fee sustains member retention through the fiscal year and will continue expanding travel perks, including further Airbnb integration and upcoming renovations at its Centurion lounges in Newark and London. No additional earnings guidance revisions have been announced.