American Express Q3 Earnings Beat Estimates on Strong Card Fees

American Express (AXP) topped Q3 2026 expectations and lifted full-year guidance, a combination that gives the stock a clean fundamental catalyst.

The card issuer posted adjusted EPS of $4.68, beating estimates by 4.7% and growing 13% year over year. Total revenues rose 9% to $20.1 billion. Management pointed to three drivers: increased Card Member spending, higher net interest income, and improved card fees.

The guidance change matters most for forward-looking positioning. AXP raised its 2026 GAAP EPS outlook to $18.30-$18.60. It also reaffirmed its 10% revenue growth expectation, which signals that the earnings upgrade stems from profitability rather than a top-line reset.

Interpretation: EPS growth of 13% outpacing revenue growth of 9% suggests operating leverage is working in AXP's favor, though the source doesn't break out margin figures. Revenue growth of 9% sits just below the 10% full-year target, so the company needs to hold or accelerate to hit the reaffirmed figure.