Mihir Bhatia's questions to AMERICAN EXPRESS (AXP) leadership • Q3 2025
Question
Mihir Bhatia inquired about American Express's marketing spend strategy for Q4 and longer term into 2026, asking for details on the allocation between broad-based sponsorships/brand building and more micro-targeted efforts like card member bonuses and retention.
Answer
CFO Christophe Le Caillec explained that the largest variable component of marketing spend is welcome incentives. He emphasized a disciplined approach, balancing the desire to invest more with the need for efficiency, ensuring every dollar meets profitability criteria. He noted increasing sophistication in measuring and tracking returns on marketing investments, which guides spending decisions rather than a fixed budget.