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American Express Stock Is Down 12% Ahead of Q3 Earnings
Why is American Express stock down 12% this year?
American Express (AXP) stock is down about 12% in 2026, closing Thursday at $325.17, ahead of Friday's Q3 earnings as investors worry higher costs and strained consumers could squeeze profits.
Key numbers
| EPS estimate (Q3) | $4.58vs $4.14 a year ago |
|---|---|
| Revenue estimate (Q3) | $20.1B+9% vs $18.4B a year ago |
| Stock, year to date | -12%Closed $325.17 on Oct 22 |
| Options-implied move | ±4.5%Either direction after results |
| 2026 EPS guidance | $17.30–$17.90Unchanged at Q2 report |
| EPS estimate range | $4.47–$4.58Differs by outlet; $4.58 used here |
What happened
American Express (AXP) stock is down about 12% in 2026, closing Thursday at $325.17, ahead of Friday's Q3 earnings as investors worry higher costs and strained consumers could squeeze profits. The card and travel company reports its July-to-September results before the market opens. Analysts expect profit of $4.58 per share on $20.1 billion in sales, about 9% more sales than a year ago. Options traders are pricing in a share-price swing of roughly 4.5% either way.
Why it matters
American Express is often watched as a check-up on how well-off households are spending, because its premium cardholders drive much of its business. The stock has fallen about 12% this year while the S&P 500, a broad index of large US companies, is up about 13%. This report shows whether card spending is holding up and whether higher costs are eating into profit.
Who this affects
- MarketneutralMedium impact
- Investors get a read on consumer spending health.
- CompanymixedMedium impact
- Shareholders face a roughly 4.5% price swing either way.
- CompetitorsmixedLow impact
- Visa and Mastercard are up this year; Capital One lags.
- IndustryneutralMedium impact
- Card companies get a read on rising costs and spending.
American Express vs Visa, Mastercard, Capital One
How we got here
Reported Q3 2025 revenue of $18.4B (+11%) and EPS of $4.14 (+19%).
Reported Q2 revenue of $19.6B, EPS of $4.53; raised 2026 revenue growth goal to 10%.
Options traders priced in a roughly 4.5% share move after Q3 results.
Due to report Q3 results before the market opens.
What to watch
- Card spending growth versus 9% in Q2, the fastest pace in three years.2026-10-23
- Whether rewards, marketing and technology costs weigh on profit and 2026 EPS guidance of $17.30–$17.90.2026-10-23
- Visa reports fiscal fourth-quarter results, another read on consumer spending (per).2026-10-27
Educational content only. Not investment advice.
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