American Express Raises 2026 EPS Forecast After Strong Q3 Spending Growth

American Express lifted its full-year 2026 earnings outlook after reporting a robust third quarter, now projecting GAAP EPS of $18.30 to $18.60, up from a prior range of $17.30 to $17.90. Adjusted EPS guidance was set at $17.60 to $17.90, roughly in line with analyst estimates of $17.63. The company also reaffirmed full-year revenue growth of 10%.

Third-quarter revenue rose 9% year over year to $20.1 billion, just shy of the $20.12 billion consensus estimate. Adjusted EPS of $4.68 beat estimates of $4.48 by a wide margin and was up 13% from the same period last year. GAAP EPS came in at $5.42, a 31% year-over-year jump, boosted by a $982 million pretax gain on the sale of Global Business Travel Group, which added $751 million after tax. Billed business reached $454 billion, slightly below the $456.93 billion estimate but still up 8% year over year, driven by affluent customer spending on travel and shopping. Credit quality improved, with the net write-off rate falling to 1.8% from 1.9% a year ago and provisions for credit losses declining to $1.0 billion from $1.3 billion. Total expenses of $14.5 billion came in under the $14.81 billion estimate.

In a separate set of quarterly results, SLB posted Q3 revenue of $9.45 billion, topping estimates of $9.3 billion, with adjusted EPS of $0.64 beating the $0.62 consensus. Adjusted EBITDA margin of 21.9% was down 121 basis points year over year. The company announced an agreement to acquire heat-exchange manufacturer Kelvion for approximately $3.4 billion in cash plus the assumption of roughly $0.7 billion in debt, with closing expected in the first half of 2027. North America revenue surged 13% on a pro forma basis, while the Digital division grew its annualized recurring revenue 13% to $1.04 billion.

Rogers Communications reported Q3 revenue of C$5.44 billion, beating estimates of C$5.38 billion, with adjusted EPS of C$1.29 topping the C$1.22 consensus. Free cash flow surged 65% year over year to C$1.37 billion, while capital expenditures fell 46% to C$524 million. Rogers completed its acquisition of a minority interest in Maple Leaf Sports and Entertainment for C$4.35 billion on October 1 and said it plans to pursue a sale of a minority interest in Rogers Sports by the first half of 2027. The company affirmed its full-year 2026 guidance across all key metrics and declared a dividend of C$0.50 per share.