American Express and Visa both benefit from payment activity, but they are not the same business. American Express issues cards, lends to customers and runs a network; Visa is a payments network with a different credit-risk profile. Their latest available reports also have different dates: American Express reported its September 2026 quarter on October 23, while Visa's latest published result is its June 2026 fiscal third quarter. Visa has scheduled its September-quarter release for October 27. This is a comparison of separately dated evidence, not a claim that one company's September results can already be matched against Visa's.
The American Express earnings bridge
American Express reported $20.062 billion of revenue net of interest expense in its September quarter, versus $18.426 billion a year earlier, and $454.0 billion of billed business. GAAP diluted earnings per share were $5.42. The company's non-GAAP adjusted EPS was $4.68: remove $1.11 per share of after-tax gain from the sale of its Global Business Travel Group interest, then add back $0.37 per share of after-tax restructuring expense. That bridge is $5.42 - $1.11 + $0.37 = $4.68. Calling $5.42 the recurring earnings run-rate would ignore the gain.
American Express September-quarter issuer exhibit
The issuer-and-lender model brings both card spending and credit costs into view. American Express reported about $1.0 billion of provision for credit losses in the quarter. Visa's network economics should not be compared to that provision as though it carried the same loan book.
Visa's older network scorecard
Visa reported $11.633 billion of net revenue and 71.7 billion processed transactions for its quarter ended June 30, 2026. Payments volume grew 10% year over year on a constant-dollar basis. Visa reported $2.97 of GAAP EPS and $3.32 of non-GAAP EPS, with its own reconciliation. Neither figure is synchronized with American Express's September-quarter EPS. Raw revenue amounts also reflect different business models; a simple higher-versus-lower ranking would not answer which company has a better return on investor capital.
Visa fiscal third-quarter results | Visa's October 27 result-date announcement
Visa's next published quarter will provide a more current network comparison. Until then, the fair test is whether American Express's underlying growth after the investment gain and credit provision holds up, and whether Visa's transaction and service economics remain durable. It is premature to describe an unreported Visa quarter as an actual result.
Completed share-price evidence is a separate test
American Express closed October 23 at $313.22 on two agreeing daily-history sources. Nasdaq's dated regular-close field was two cents lower; that difference is disclosed rather than silently averaged. Its 20-, 50- and 200-day averages were $310.12, $319.19 and $327.30. The close sat above the shorter average but below the 50- and 200-day levels. Friday's exact intraday low differs among sources, so it is not used as a precision support line.
Visa closed at $407.92 on two agreeing daily-history sources. Nasdaq's dated regular close rounds to $408.00, eight cents higher at public two-decimal precision. Its 20-, 50- and 200-day averages were $385.26, $377.07 and $340.56. Visa remained above all three after Friday's decline. Its corroborated Friday low of $406.80 is a dated observation, not a buy level or a price target.
Over a matched 75-session U.S.-listed closing-price window ending October 23, American Express declined 10.66% and Visa gained 16.89%, excluding dividends. This is price-only performance, not a synchronized earnings comparison or a calculation of total shareholder return.
For American Express, a chart repair would require a daily reclaim, retest and close above its 50-day average near $319.19, then the longer average near $327.30. Visa's first nearer test is whether completed daily closes continue to hold above the 20-day average near $385.26. Neither chart can substitute for Visa's coming report or for American Express's credit-performance detail.
Completed AXP history | Completed Visa history | American Express charts | Visa charts | More comparisons
Market research only, not a recommendation to buy or sell.