As of June 30, Berkshire Hathaway owned 22.5% of American Express's shares outstanding, a stake worth $48 billion as of October 27 and 13.1% of its portfolio, making it the conglomerate's second-largest holding after Apple. AXP shares have produced a total return of 440% over the past decade, though they trade 18% below their peak. In the third quarter, net revenue rose 9% year over year to $20.1 billion, billed business grew 8%, the company added 3.1 million net new card members, and the net write-off rate was 1.8%. Management raised its full-year adjusted EPS forecast to $17.60–$17.90, a midpoint gain of about 15% versus 2025. Two-thirds of new card members come from Gen Z and Millennial cohorts, and the company is working with OpenAI on an Amex plugin for Amex Offers and on bringing Resy reservations into ChatGPT.
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