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American Express (AXP) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 23, 2026 · American Express (AXP) Q3 2026 earnings results →
Q3 2026 Revenue up 9% year over year to $20.1B · 19¢ of every $1 of revenue kept as net profit · operating margin 22.6%
American Express made $20.1B in Q3 2026 (+9% Y/Y). Operating margin 22.6%, net earnings $3.7B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 23, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $20.1B in Q3 2026, up 9% year over year and up 2% from the previous quarter.
Operating profit was $4.5B, a 22.6% margin (up 1.8 points year over year). Of the extra revenue versus Q3 2025, 43% reached operating profit, above the 21% margin then. Total costs grew 6% against revenue growth of 9%. Net earnings were $3.7B, up 28% year over year. The effective tax rate was 18.1%.
Operating cash flow was $5.4B (down 14% year over year), 145% of net earnings. Non-cash charges added back $0.49B of depreciation and amortization and $0.14B of share-based compensation. Working capital and other items added $1.0B. Capital expenditures of $0.95B left free cash flow of $4.4B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 23, 2026 | $20.1B | +9% | 22.6% | $3.7B | $5.4B |
| Q2 2026 | 10-Q | Jul 24, 2026 | $19.6B | +10% | 20.7% | $3.1B | $5.4B |
| Q1 2026 | 10-Q | Apr 23, 2026 | $18.9B | +11% | 20.0% | $3.0B | $3.8B |
| Q4 2025 | 10-K | Feb 6, 2026 | $19.0B | +10% | 16.3% | $2.5B | $3.1B |
| Q3 2025 | 10-Q | Oct 17, 2025 | $18.4B | +11% | 20.8% | $2.9B | $6.2B |
| Q2 2025 | 10-Q | Jul 18, 2025 | $17.9B | +9% | 19.9% | $2.9B | $4.4B |
| Q1 2025 | 10-Q | Apr 18, 2025 | $17.0B | +7% | 19.6% | $2.6B | $4.8B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About American Express
American Express is a global payments and premium lifestyle brand powered by technology. Founded in 1850 and headquartered in New York, American Express’ card-issuing, merchant-acquiring and card network businesses offer products and services to a broad range of customers, including consumers, small businesses, mid-sized companies and large corporations around the world. • Credit and charge cards and complementary products and services, including travel, dining, lifestyle and expense management products and services
In its own words, from its 10-K, filed Feb 6, 2026.
American Express against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +17%. Operating margin: 22.6% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
| BKKT Bakkt | Q2 2025 | $578M | +13% | -3.2% |
Source: American Express 10-Q on SEC EDGAR · CIK 4962 · Finance Services
Guidance and outlook
13F: who owns AXP and who is buying
More on AXP
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results