Business/Financial Results (Form 8-K)

New York | October 23, 2026

AMERICAN EXPRESS

Q3 2026 RESULTS

Quarters Ended

September 30,

YoY%

Inc/(Dec)

Nine Months Ended

September 30,

YoY%

Inc/(Dec)

2026

2025

2026

2025

Billed Business (Billions)

FX-adjusted2

$454.0

$421.0

$420.8

8%

8%

$1,337.7

$1,224.7

$1,231.3

9%

9%

Total Revenues Net of Interest Expense

FX-adjusted2

$20,062

$18,426

$18,413

9%

9%

$58,606

$53,249

$53,503

10%

10%

Pretax Income

$4,531

$3,825

18%

$12,380

$10,705

16%

Net Income

$3,712

$2,902

28%

$9,794

$8,371

17%

Diluted Earnings Per Common Share (EPS)3

$5.42

$4.14

31%

$14.22

$11.85

20%

Adjusted EPS1

$4.68

$4.14

13%

$13.49

$11.85

14%

Average Diluted Common Shares Outstanding

674

693

(3)%

680

698

(3)%

Stephen J. Squeri | Chairman and Chief Executive Officer

"We had another strong quarter, delivering 9 percent revenue growth and EPS of $5.42, or $4.68 adjusted, up 13 percent year-over-year.1 Our business momentum continues, with strength in billings, new acquisitions and Card Member retention, and excellent credit quality.

"Given our performance year-to-date, we are raising our full-year EPS guidance to between $18.30 and $18.60 ($17.60-$17.90 adjusted),4 and we're on track to deliver another year of 10 percent revenue growth.

"The progress we're making across the business and ongoing innovations to enhance our Membership Model give me great confidence in our ability to deliver differentiated value for our customers and strong returns for our shareholders over the long term."

Third-Quarter 2026 Results

Business Highlights

Third-quarter consolidated total revenues net of interest expense were $20.1 billion, up 9 percent year-over-year. The increase was primarily driven by higher Card Member spending, increased net interest income supported by growth in card balances, and strong card fee growth.

Consolidated provisions for credit losses were $1.0 billion, compared with $1.3 billion a year ago. The decrease reflected a reserve release during the quarter compared to a reserve build in the prior year, partially offset by higher net write-offs. The third-quarter net write-off rate was 1.8 percent, down from 1.9 percent a year ago.5

Consolidated expenses were $14.5 billion, up 9 percent year-over-year. The increase was primarily driven by higher variable customer engagement costs due to increased Card Member spending and the U.S. Platinum Card® refresh, partially offset by lower operating expenses. The decrease in operating expenses was primarily driven by the GBTG sale gain, partially offset by an increase in legal reserves for previously-disclosed matters, and restructuring costs.

The consolidated effective tax rate was 18.1 percent, down from 24.1 percent a year ago, primarily reflecting discrete tax benefits in the current year related to the resolution of certain prior-period tax items.

•American Express launched the next generation of Amex Corporate™, with new integrated Expense Management software and Amex Expense mobile app, along with new Corporate Cashback® Cards.

•The company introduced a new American Express Business Savings account, expanding its banking offerings for businesses.

•American Express extended its long-term strategic partnership with Marriott International, including the U.S. cobrand cards.

•American Express launched an exclusive partnership with Airbnb, bringing over one million listings globally to Amex Travel and expanding travel benefits for eligible U.S. Card Members.

•The company announced Resy integrations, including with OpenAI, and released the Intent Intelligence framework for trusted agentic commerce.

•Card acceptance reached more than 190 million merchant locations worldwide, with acceptance outside the U.S. more than doubling over the past four years.6

•The company opened its newest Centurion Lounge at Amsterdam Airport Schiphol to bring the total to 33 locations, and announced expansions in four locations, including a new 30,000-sq.ft. lounge at Newark Liberty International Airport, its largest to date.

•The company ranked #1 issuer in the JD Power 2026 U.S. Credit Card Satisfaction Study℠ for the seventh consecutive year.

1

Adjusted Net Income and adjusted diluted earnings per common share are non-GAAP measures and exclude the impact of the gain from the sale of the company's equity investment in GBTG, net of a restructuring charge. See Appendix I for a reconciliation to Net Income and EPS on a GAAP basis. Management believes adjusted Net Income and adjusted EPS are useful in evaluating the ongoing operating performance of the company.

2

As used in this release, FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translations into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for current period apply to the corresponding prior-year period against which such results are being compared). FX-adjusted revenues is a non-GAAP measure. The company believes the presentation of information on an FX-adjusted basis is helpful to investors by making it easier to compare the company's performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

3

Attributable to common shareholders. Represents net income less earnings allocated to participating share awards, dividends on preferred shares and other items. Refer to the statistical tables for more information.

4

The company's adjusted EPS outlook, a non-GAAP measure, excludes the impact of the gain from the sale of the company's equity investment in GBTG, net of a restructuring charge. See Appendix I for a reconciliation to EPS outlook on a GAAP basis. Management believes the presentation of adjusted EPS guidance is useful in evaluating the ongoing operating performance of the company.

5

Net write-off rates are based on principal losses only (i.e., excluding interest and/or fees) and represent consumer and small business card balances (unavailable for corporate). Refer to the statistical tables for more information and net write-off rates including interest and fees.

6

Locations in force (LIF) estimate as of July 2026, including an estimated 80 million Merchants that accept American Express in China and Brazil (including through digital wallets). LIF represents proprietary and partner acquired Merchant locations where the Merchant is enabled to accept American Express. LIF estimates incorporate data provided to us by certain third parties and include Merchants that accept American Express through payment facilitators and digital wallets.