American Express Raises Profit as Platinum Card Fees Climb

American Express reported a 28% increase in third-quarter profit on Friday, October 23, 2026, as the New York-based financial services company retained customers after raising its Platinum Card annual fee to $895 and benefited from continued spending by affluent cardholders. The results exceeded Wall Street expectations on an adjusted earnings-per-share basis, according to the company.

American Express posted a profit of $3.71 billion, or $5.42 per share, compared with the same period a year earlier. Excluding a one-time gain from selling its stake in Global Business Travel Group, adjusted earnings reached $4.68 per share, surpassing analysts' estimates.

The company's revenue growth reflected both higher customer spending and increased fees for holding its cards. Net card fees rose by more than $400 million from a year earlier, as nearly all cardmembers transitioned to the updated Platinum Card chose to retain it, according to American Express.

The company introduced the revised Platinum Card last year, adding benefits while increasing its annual fee from $695 to $895. The $200 increase raised questions about whether customers would accept the higher cost, despite the company's concentration of wealthier cardholders.

Customer spending also continued to increase. The average American Express cardmember spent $6,735 during the third quarter, equivalent to $2,245 per month, representing a 5% increase from the previous year, according to the company's reported figures.

Christophe Le Caillec, chief financial officer of American Express, said inflation accounted for part of the increase in spending. The company's customers allocate substantial spending to travel and entertainment, categories affected by rising prices.

Le Caillec cited airline fares as one example, noting that prices had increased sharply from a year earlier because of higher fuel costs and other inflationary pressures. American Express also reported an increase in the number of transactions per cardmember, indicating that higher spending was not solely attributable to rising prices.

The company raised the lower end of its full-year adjusted earnings forecast following the quarterly results. American Express now expects adjusted earnings of $17.60 to $17.90 per share, compared with its previous range of $17.30 to $17.90 per share.

The updated forecast maintains the previous upper-end target while reflecting greater confidence in the lower end of the earnings range. The company's latest results highlight the contribution of card fees and sustained customer spending to its financial performance.