American Express Co.
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+ FollowMarket Cap$214.11B
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Earnings Call Q3 2026
October 23, 2026 - AI Summary
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.
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$372.75
17.2% upside
Current Fair Value
17.2% upsideUndervalued by 17.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $214.11 Billion |
|---|---|
| Enterprise Value | $230.99 Billion |
| Annual dividend | $3.67 |
| Dividend yield | 1.14% |
| Earnings per Share | $15.41 |
| Beta | 1.08 |
| Outstanding Shares | 673,000,000 |
Return
| Return on Equity | 25.81% |
|---|---|
| Return on Assets | 2.98% |
| Return on Invested Capital | 8.09% |
Valuation & Multiples
| P/E Ratio | 18.05 |
|---|---|
| PEG | 62.71 |
| Price to Sales | 2.7 |
| Price to Book Ratio | 6.12 |
| Enterprise Value to Revenue | 2.89 |
| Enterprise Value to EBIT | 9.31 |
| Enterprise Value to Net Income | 25 |
| Total Debt to Enterprise | 0.26 |
| Debt to Equity | 1.67 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 23, 2026
EPS
$4.68
Est. $4.50Revenue
$20.06 B
Est. $20.12 BNext Earnings Call
Expected Date
January 29, 2027
EPS Estimate
$4.30
Consensus analyst estimateRevenue Estimate
$20.81 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 2.12, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 2.1203▲ 120.44% |
|---|---|
| Total Calls | 133,000▼ 97.78% |
| Total Puts | 282,000▼ 94.85% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 12.88%▼ 71.82% |
|---|---|
| Total Invested | $26.53B▼ 86.49% |
| Investors Holding | 1,748▼ 1370.00% |
About American Express Co.
76,800 employees
CEO: Stephen Squeri
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commer...