Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Revenue | $20.1 billion | Up 9% |
| Reported EPS | $5.42 | Up 31% |
| Adjusted EPS | $4.68 | Up 13% |
| Net card fee growth | 17% | FX-adjusted |
| Total balances | Up 8% | Year-over-year |
Guidance and outlook
- Full-year revenue growth guidance is reaffirmed at 10%.
- Full-year reported EPS guidance is raised to between $18.30 and $18.60.
- Full-year adjusted EPS guidance is raised to between $17.60 and $17.90.
How management sounded
Positive (+6 on our -10 to +10 scale). Management reaffirmed revenue growth targets and raised EPS guidance while highlighting strong customer behavior and momentum in premium segments. Management sounded more upbeat than on 8% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
AI and Rewards
Asked: How will AI impact rewards gamification?
Answer: Management stated they do not have a breakage model and can use levers like spend thresholds to manage behavior, while focusing on service and security.
VCE and Margins
Asked: Can the company maintain mid-teens EPS growth?
Answer: Management expects VCE growth to moderate significantly in Q4 as they lap the Platinum refresh, which supports continued mid-teens EPS growth.
Competition
Asked: How is the competitive landscape for premium cards?
Answer: Competition remains high, but the company continues to innovate and grow revenue by focusing on premium customers and fee-paying products.
Credit Quality
Asked: Why is the allowance coverage ratio at 2.6%?
Answer: The ratio reflects the premiumization of the portfolio, with high-quality customers and stable delinquency rates of 1.2% to 1.3%.
What to watch before the next call
- The impact of AI agents on payment standards and potential regulatory developments.
- The effectiveness of the restructuring plan in improving operational efficiency.
- Continued performance of the premium customer base and credit quality.
