American Express
Q3 2022 Earnings Call
Oct 21, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q3 2022 earnings call. [Operator instructions] I would now like to turn the conference over to our host, head of investor relations, Ms. Kerri Bernstein.
Please go ahead.
Kerri Bernstein -- Head of Investor Relations
Thank you, Daryl. And thank you, all, for joining today's call. As a reminder, before we begin, today's discussion contains forward-looking statements about the company's future business financial performance. These are based on management's current expectations and are subject to risks and uncertainties.
Factors that could cause actual results to differ materially from these statements are included in today's presentation slides and in our reports filed with the SEC. The discussion today also contains non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter's earnings materials, as well as the earnings materials for the prior periods we discuss. All of these are posted on our website at ir.americanexpress.com.
We will begin today with Steve Squeri, chairman and CEO, who will start with some remarks about the company's progress and results. And then Jeff Campbell, chief financial officer, will provide a more detailed review of our financial performance. After that, we'll move to a Q&A session on the results with both Steve and Jeff. With that, let me turn it over to Steve.
Steve Squeri -- Chairman and Chief Executive Officer
Thanks, Kerri. And good morning, everyone. Thank you for joining us for our third quarter earnings call. As you saw in our release this morning, we had another strong quarter.
Revenues grew 27% on an FX-adjusted basis, and earnings per share was $2.47, up 9% over the last year. Our investments to drive customer engagement, acquisitions, and retention once again generated great results, and our credit quality remained strong. Card member spending remained at near-record levels in the quarter. Billed business was up 24% on an FX-adjusted basis over the record growth we delivered a year earlier, led by the continued strength in goods and services spending and the ongoing strong rebound in travel and entertainment.
As we said earlier this year, we expected the recovery in travel spending to be a tailwind for us. But the strength of the rebound has exceeded our expectations throughout the year. In the quarter, total T&E spending was up 57% from a year earlier on an FX-adjusted basis, driven by the continued strong demand from consumers and small business customers. Particularly noteworthy is the strength we're seeing in T&E spending in our international markets, which exceeded pre-pandemic levels for the first time this quarter on FX-adjusted basis.