American Express posted record third-quarter revenue on Friday and raised its full-year profit outlook, giving investors a rare bright spot on a day when broader markets were sliding on unrelated worries about AI spending and rising oil prices.

The company reported third-quarter revenue of $20.1 billion, up 9% from a year earlier and a company record, according to its filing with the Securities and Exchange Commission. GAAP earnings per share rose 31% to $5.42, while adjusted earnings per share climbed 13% to $4.68. Pretax income reached $4.53 billion, up 18%, and net income came in at $3.71 billion, up 28% year-over-year.

Spending holds up

Billed business — the total amount cardmembers charged on their Amex cards — rose 8% to $454.0 billion for the quarter, a sign that premium cardholders are still spending freely even as other parts of the economy show strain. The results prompted the company to raise its full-year 2026 earnings-per-share guidance, a vote of confidence in consumer and small-business spending heading into the holiday season.

The strong print stood out against a tough backdrop. The broader market fell sharply Friday, with the Dow Jones Industrial Average down roughly 500 points in early trading, as investors weighed a spike in oil prices tied to reports of renewed U.S.-Israel military planning against Iran alongside separate jitters over how much tech companies are spending to build out AI infrastructure.

RECORD REVENUE, RAISED GUIDANCE — ON A DAY THE REST OF THE MARKET WAS SELLING OFF

American Express has long leaned on its affluent, fee-paying customer base to outperform other card issuers during periods of economic uncertainty, and this quarter's numbers fit that pattern. The company's fourth quarter, which covers the holiday shopping season and year-end travel rush, has historically been one of its strongest for billed business, and investors will be watching whether that seasonal boost holds up given the crosscurrents rattling the rest of the market this week.