American Express Q3 2023 Earnings Report
Key Takeaways
American Express reported a strong Q3 2023 with record revenues of $15.4 billion, up 13% year-over-year, and earnings per share of $3.30, a 34% increase. The results were driven by increased card member spending and best-in-class credit performance. The company remains confident in achieving its full-year revenue growth and EPS guidance.
Reported record revenues and earnings per share, increasing 13% and 34% respectively year-over-year.
Card Member spending was strong, with a 7% increase year-over-year on an FX-adjusted basis.
U.S. consumer Card Member spending increased by 9%, and International Card Services spending rose by 15% on an FX-adjusted basis.
Millennial and Gen Z consumers remained the fastest-growing consumer cohort, accounting for over 60% of new consumer account acquisitions globally.
American Express
American Express
Forward Guidance
American Express remains confident in its ability to achieve revenue growth and EPS for the full year consistent with the annual guidance provided at the start of the year and believes it is well positioned to achieve its long-term growth plan aspirations in 2024 and beyond in a steady-state macro environment.