American Express (NYSE: AXP) reported fourth-quarter results that largely matched Wall Street expectations, while its profit outlook for the year came in above consensus at the midpoint. Shares of the payments company fell more than 3% intraday.

American Express posted earnings per share of $3.53 for the quarter, essentially in line with the consensus forecast of $3.54. Revenue increased 9% on a foreign-exchange adjusted basis to $18.98 billion, slightly exceeding analyst expectations of $18.92 billion.

The revenue growth was driven by higher Card Member spending, stronger net interest income supported by growth in revolving loan balances, and continued strength in card fee revenue, the company said.

For 2026, American Express forecast earnings per share in the range of $17.30 to $17.90, with the midpoint exceeding consensus estimates of $17.40. The company also projected revenue growth of 9% to 10%.

American Express announced plans to increase its regular quarterly dividend by approximately 16% to $0.95 per share from $0.82, beginning with the first-quarter 2026 payout.

Credit loss provisions totaled $1.4 billion in the fourth quarter, up from $1.3 billion a year earlier, reflecting higher net write-offs. The net write-off rate rose to 2.1% from 1.9%. Expenses increased 10% year over year to $14.5 billion, primarily due to higher customer engagement costs tied to increased spending and the U.S. Platinum Card refresh. The effective tax rate declined to 20.3% from 21.3%, driven by changes in the geographic mix of income.