research report · AXP

American Express Co

Johannes Vermeer, Woman Holding a Balance, c. 1664, detail · National Gallery of Art

Viridis’s deep research report, written Nov 1, 2026 from its quarterly report (10-Q for the quarter ended Sep 30, 2026, filed Oct 23, 2026). Written and checked with Anthropic’s Claude models.

your email, no card; what you get

business trajectory

Improving

better on balance: sales, margins, cash or competitive position

financial resilience

Strong

can meet its obligations and fund its plan for two years with money it can count on, with room

Judgments of the business from its filings, not of its shares: no valuation, no advice.

bottom line

American Express is still compounding: third-quarter revenue rose 9% to $20.1 billion, card fees grew 16% and delinquencies held near record lows, while capital rose. The 31% jump in earnings per share overstates the quarter. A one-time gain from selling the Global Business Travel (GBTG) stake did most of that work, and adjusted EPS rose 13% to $4.68. Capital is ample: the core equity ratio (Common Equity Tier 1, CET1) is 10.9% against a 7.0% regulatory minimum. The open question is cost. Reward and benefit spending grew 16% against 9% revenue growth, and management expects that gap to narrow in the fourth quarter.

what changed this quarter

  • Third quarter versus a year earlier: revenue $20,062M (+9%), net income $3,712M (+28%), diluted EPS $5.42 (+31%), adjusted EPS $4.68 (+13%).
  • Full-year 2026 EPS guidance raised to $18.30–$18.60 ($17.60–$17.90 adjusted), with about 10% revenue growth reaffirmed. The release does not restate the prior range.
  • On September 29 the company sold its roughly 30% GBTG stake for a $982M pretax gain. It used part of the gain for a $336M restructuring charge, which management expects to eliminate about 5% of positions.
  • $1.6B of 3.550% Series D preferred shares were redeemed with proceeds from $1.6B of 6.450% Series E.
  • On October 8 the company consented to Federal Reserve and Office of the Comptroller of the Currency (OCC) orders on its financial-crimes compliance program. The orders carry a $350M penalty and no asset cap.

in the full report

Its findings, each with the evidence, the strongest counterpoint and what would prove it wrong:

  • Underlying earnings grew about 13%, not 31%
  • Fees and lending carry growth, but benefit costs outran the fee gain
  • Credit is excellent, but profit leaned on a thinner reserve
  • The financial-crimes orders cost little but keep compliance risk elevated

Then its finances, the quality of its earnings, its management, the case for and against, and what to watch, its claims cited to the filings and checked against them.

read it whole

Your email and the code we send it, no card. The report then opens: a free account has 2 free reports a month from the library, the reports already written. Already have a Viridis account? Use its email, and the report goes on it. You also see what AXP files, free: its deadlines and its red flags.

Subscribe: your plan’s reports work on any company that files with the SEC, written for you if nobody has asked yet, and each new one on the companies you choose comes as they file.

In Claude or ChatGPT, ask: “What does Viridis's report on AXP say?” Add Viridis to Claude, or to ChatGPT.