American Express Co.

Strong quarter + raised outlook (guidance) - Q3 performance: record revenue ~$20.1B (+9% YoY); GAAP EPS $5.42 (+31%); adjusted EPS $4.68. - Guidance updated: reaffirm revenue growth guidance ~10% for FY; raised EPS guidance - Reported EPS: $18.30–$18.60 - Adjusted EPS: $17.60–$17.90 - Management confidence: positioned as on track for ~10% revenue growth and mid-teen EPS growth into next year (explicitly referenced as an ambition).

One-time / discrete items impacted EPS (investor “noise” factors) - Global Business Travel transaction: gain of ~$1.11/share, but they’re dropping two-thirds of the gain to bottom line and also using a portion for restructuring; adjusted EPS excludes these effects. - Restructuring charge: $336M (~$0.37/share) to fund/accelerate long-term growth initiatives; expected to eliminate ~5% of global positions. - Legal/regulatory provision: added unreserved portion of an OCC civil money penalty (cost included in adjusted EPS); CFO noted it does not change full-year 2026 guidance, and the remediation is not expected to affect 2027 guidance. - Additional adjusted items (net neutral impact to adjusted EPS): tax benefit $0.29/share and CECL model updates $0.24 benefit; legal reserve increase overall +$0.51/share.

Operating momentum: spend, acquisition, and credit quality remain strong - Customer behavior stable: strong and consistent spend growth, high retention, strong credit performance. - Billed business/spend: total spend +8% YoY; U.S. consumer spend +9.4% YoY; T&E +10% YoY; airline +13%; restaurants +9% (notably Resy restaurants +18%, Fine Hotels + Resorts/The Hotel Collection up ~50%). - Commercial spend: +3% YoY, and +5% excluding co-brand portfolio exits; strong take-up in newer commercial product (Graphite Business Cash Unlimited). - Card growth: 3.1M new cards in the quarter with 76% on fee-paying products.