American Express Earnings Show Mixed Q4, Strong 2026 Outlook

American Express reported on Jan. 30, 2026, that fourth-quarter spending remained steady while the company raised full-year profit targets above Wall Street forecasts, despite a narrow holiday-quarter EPS miss that tempered the headline results.

Fourth-Quarter and Full-Year Results

American Express said fourth-quarter 2025 revenue rose 10% year over year to $18.98 billion, exceeding the consensus estimate. Net income reached $2.46 billion, while earnings per share (EPS) increased 16% to $3.53, narrowly missing the Street’s $3.54 consensus.

Billed business grew 9% to $445.1 billion, reflecting continued spending momentum among the company’s premium cardholders. For the full year, revenue hit a record $72.2 billion, up 10% from 2024, and adjusted EPS rose 15% to $15.38. Net card fees approached $10 billion, increasing about 18%.

Credit quality showed some deterioration as the net write-off rate rose to 2.1% in the quarter from 1.9% in the prior quarter, a moderate increase alongside gains in fees and volume.

Outlook and Financial Trends

For fiscal 2026, American Express forecast revenue growth of 9% to 10% and EPS between $17.30 and $17.90, with the midpoint above the consensus estimate. Management framed these targets as evidence of a stronger trajectory despite the narrow holiday-quarter shortfall.

The company also set long-term goals of more than 10% annual revenue growth and mid-teens EPS expansion beyond 2026. It raised the quarterly dividend 16% to $0.95 per share, payable in the first quarter, signaling a greater emphasis on capital returns amid sustained top-line growth.

That guidance, combined with billed-business growth, supports management’s expectation that premium-customer spending will continue to drive revenue expansion and enable elevated capital returns.