American Express reports a sharp rise in third-quarter profits, driven by a successful transition to its higher-fee Platinum Card

By KEN SWEET Associated Press

October 23, 2026, 8:48 AM

NEW YORK -- American Express saw its profits rise sharply in the third quarter as the credit card giant was able to transition the vast majority of its cardmembers over to the new higher-fee Platinum Card while its well-to-do customers continued to spend aggressively on their cards.

The New York-based company reported Friday a profit of $3.71 billion, up 28% from a year ago, or $5.42 a share. Excluding a one-time gain from AmEx's sale of its stake in Global Business Travel Group, the company earned a quarterly profit of $4.68 per share. That figure beat Wall Street estimates.

AmEx's revenue and profits rose from a combination of customers both charging more on their cards and spending more to have an AmEx card.…