American Express Projects 9–10% Revenue Growth, Q4 Billed Business Hits $445.1B
American Express forecast 9%–10% revenue growth and EPS of $17.30–$17.90 for 2026, exceeding analyst expectations. In Q4, billed business climbed 9% to $445.1 billion, revenue rose 10% to $18.98 billion and EPS increased to $3.53 from $3.04, while US retail card spending jumped 9% during Thanksgiving week.
1. 2026 Financial Outlook
American Express projects revenue growth of 9% to 10% and earnings per share between $17.30 and $17.90 for the full year 2026, placing the midpoint above current analyst estimates and signaling confidence in continued affluent consumer spending.
2. Q4 Performance Highlights
In the fourth quarter, billed business increased by 9% to $445.1 billion, while revenue climbed 10% to $18.98 billion. Profit per share rose to $3.53 from $3.04 year-over-year, driven by robust spending across its card portfolio.
3. US Consumer Spending Dynamics
Retail card spending by US customers soared by 9% during the Thanksgiving holiday week, contributing to an overall 7.7% increase in total card spending and underscoring the strength of American Express’s affluent customer base.
4. Regulatory and Market Risks
Investor attention has turned to a proposed one-year cap on credit card interest rates, which would require legislation to implement. While industry groups oppose the measure, its prospect has introduced near-term volatility in financial markets.