Corporate America: October 23, 2026 — AmEx Beats, Raises Guidance and Cuts 5% to Prepare for AI

Key Takeaways

• American Express posted record third-quarter revenue of $20.1 billion and raised its full-year earnings guidance, then announced it will cut about 5% of its global workforce — roughly 3,500 jobs — in a $336 million restructuring to prepare for AI.
• Earnings season is beating on breadth, not size: 24% of the S&P 500 has reported, 83% have topped EPS estimates, but results are only 2.1% above estimates in aggregate, according to FactSet.
• The busiest week of the season starts Monday with Verizon, then Alphabet and Microsoft on Wednesday and Amazon on Thursday — with a Federal Reserve decision in between.

American Express set the tone on Friday: a record quarter, a raised outlook, and, in the same breath, a plan to cut about one in twenty jobs as it reshapes itself for artificial intelligence. Procter & Gamble and SLB also beat expectations, Apple launched its first foldable iPhone and briefly reclaimed the title of the world’s most valuable company, and a Delaware court kept a $2.35 billion deal alive. The earnings season is now a quarter complete — strong, but narrower than the headline beat rate suggests.

Earnings

American Express reported third-quarter revenue of $20.1 billion, up 9% and in line with consensus. Adjusted EPS rose 13% to $4.68, beating the $4.49–$4.50 consensus, while GAAP EPS was $5.42, lifted by a gain from the sale of its stake in Global Business Travel. Net card fees grew 17% on an FX-adjusted basis to about $3.0 billion, billed business rose 8% to $454.0 billion, and it added 3.1 million new cards. Management reaffirmed 10% revenue growth guidance and raised reported EPS guidance to $18.30–$18.60 (adjusted: $17.60–$17.90). Shares still fell 3.7% to $313.22.

Procter & Gamble reported fiscal first-quarter 2027 sales of $23.28 billion, up 4%, ahead of the roughly $22.71–$22.80 billion consensus cited by Zacks and MarketBeat. Core EPS was $2.00, up 1% and above the $1.89 Zacks consensus. Organic sales rose 4%, driven by 2.4 points of volume growth, with gains across all 10 categories. P&G returned $3.9 billion to shareholders, maintained organic sales guidance of 1% to 3% and core EPS of $6.89–$7.11, and raised all-in sales guidance to 2%–4% after completing the $3.8 billion acquisition of Thorne on October 1. Shares closed down 2.76% amid a broader sell-off.

SLB, the world’s largest oilfield services provider, beat on both lines. Revenue was $9.45 billion against a $9.27 billion consensus, and adjusted EPS was $0.64 against a $0.62 average estimate, according to Bloomberg reporting of its earnings statement and MarketBeat. Middle East revenue rose 13% from the prior quarter despite late-quarter disruptions. Chief Executive Olivier Le Peuch said SLB sees “a very compelling outlook for 2027.” Shares rose 7.08% at the close — the day’s clear winner. Energy producers also set records: Exxon Mobil closed 2.79% higher at $183.21, an all-time high, alongside record closes at Chevron and ConocoPhillips as Brent settled 3.1% higher at $116.72.

FactSet’s October 23 update puts that in context: 24% of the S&P 500 has reported, 83% has beaten EPS estimates — above the five-year average of 78% — but the aggregate surprise is only 2.1%, below the 7.5% five-year average, even as year-over-year earnings growth stays above 25% for a third straight quarter.

Deals & Capital

Verisk Analytics said Friday, in a Globe Newswire statement, it will proceed in accordance with a Delaware Supreme Court order affirming the Chancery Court judgment in the AccuLynx case. The ruling leaves Verisk obligated to keep pursuing antitrust clearance for its $2.35 billion acquisition of roofing software company AccuLynx and to close if regulators approve. Verisk noted the deal remains subject to closing conditions and FTC review, with no guarantee of completion.

Separately, Law360 reported October 23 that SpaceX and Tesla have each formed special board committees after Elon Musk said a SpaceX–Tesla merger would be a “good idea” — SpaceX to evaluate a combination, Tesla to explore “deepening Tesla’s relationship” with SpaceX. No agreement has been announced; this is an evaluation step, not a deal.

Jobs & Footprint

American Express’s restructuring is the day’s biggest jobs story. CEO Stephen Squeri told analysts the plan will eliminate about 5% of its global workforce, Reuters reported. With about 78,000 employees, that implies roughly 3,500 jobs, per Bloomberg figures cited in trade reporting. CFO Christophe Le Caillec told CNBC the goal is to become “leaner, more agile, and also to prepare for AI,” and Squeri said it will “reduce layers” so the company can “automate and take advantage of AI,” per CNBC. AmEx recorded a $336 million restructuring charge in the quarter, with no breakdown by region or unit. The move followed a similar AI-cited announcement by Barclays a day earlier to eliminate about 5,000 jobs — profitable companies, not just struggling ones, are now cutting layers for AI readiness.

Leadership & Strategy

Apple’s strategy bet reached stores Friday. The $1,999 iPhone Duo — its first foldable iPhone — hit stores globally, with pre-order delivery estimates extending into late January. Marketing chief Greg Joswiak told CNBC pre-orders were exceptionally strong and pushed back on reports of production problems; Morgan Stanley checks point to about 6.5 million Duo units in the second half of 2026. Apple shares hit a record above $351 and its market value reached about $5.11 trillion, briefly edging past Nvidia’s $5.09 trillion, per Google Finance figures cited by Stocktwits and 9to5Mac, before the lead changed hands again in the session. The common thread at AmEx and Apple is the same: spend heavily on AI and product, and pay for it by flattening the organization and protecting margins elsewhere.

The One to Watch

Monday, October 26 opens the busiest week of the season, with about a third of the S&P 500 scheduled to report, per Barron’s. Verizon reports Monday, then Boeing, Coca-Cola and Visa on Tuesday. Alphabet and Microsoft report after the close on Wednesday, October 28 — the same day the Federal Reserve announces its decision, with the funds rate expected to be held at 3.75% to 4% — and Amazon, Caterpillar, Eli Lilly, Intel, Mastercard and Merck follow Thursday. After Meta’s results reignited concern about AI capital commitments this week, AI-spending guidance from Alphabet, Microsoft and Amazon will decide whether this season broadens or narrows further.

This is not investment advice. Corporate America is AI-assisted research produced with automated data checks; figures are verified against the cited sources at publication time.

Sources: Reuters (AmEx workforce, Oct 23); American Express Q3 2026 earnings release via MarketBeat, TradingView and call reporting; CNBC via Wealth Professional and market reporting; FactSet S&P 500 Earnings Season Update, October 23, 2026; Zacks and MarketBeat (Procter & Gamble Q1 FY27); Bloomberg via Rigzone and MarketBeat (SLB Q3 2026); Verisk Globe Newswire statement, October 23, 2026, and Law360, October 23, 2026; Stocktwits / 9to5Mac and CNBC (Apple iPhone Duo); Barron’s and EarningsWatcher calendars (October 26–30, 2026).