Earnings
American Express posts record third-quarter revenue and plans to cut about 3,500 jobs
By the newsroom · · 1 min read · ▶ 1:05
The essentials
- American Express reported record third-quarter revenue of $20.1 billion, up 9% from a year earlier.[1]
- The company plans to cut its workforce by 5%, or about 3,500 employees, its first major job cuts in roughly a decade.[2]
- Net income rose 28% to $3.7 billion in the quarter.[1]
- AmEx raised its full-year adjusted profit forecast to between $17.60 and $17.90 per share.[2][3]
What happened
On October 23, 2026, American Express reported third-quarter revenue of $20.1 billion, which it called a record for a third quarter.[1] The New York company reported a profit of $3.71 billion, up 28% from a year ago, or $5.42 a share.[2] On the same day, it said it plans to cut its workforce by 5%, or about 3,500 employees.[2] According to AP, these are its first major job cuts in roughly a decade.[2] CEO Steve Squeri told investors that the layoffs were about making the company more efficient, not a reflection of any downturn in business.[2]
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What the video doesn't say
Excluding a one-time gain from the sale of its stake in Global Business Travel Group, AmEx earned $4.68 per share, which beat Wall Street estimates.[2] Travel and entertainment spending rose 10% in the third quarter from a year earlier, led by a 13% jump in the airline category.[3] Billed business, a measure of total spending on all AmEx-issued cards, rose 8% to $454 billion.[3] Net card fees rose by more than $400 million from a year earlier, after the annual fee of the Platinum Card went from $695 to $895.[2] Consolidated expenses came in at $14.5 billion, up 9% over the prior year.[3] The stock is down 12% year-to-date and has underperformed the S&P 500.[3]
Sources
- 1Documentsec.gov
- 2American Express profits rise; company plans to cut workforce by 5%, or about 3,500 employeesWRAL.com · October 23, 2026
- 3AmEx lifts 2026 profit forecast, plans to cut 5% of workforce - AOLAOL.com · October 23, 2026
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