AMERICAN EXPRESS (AXP) Company Report

Delivered 10% revenue growth to a record $72 billion in FY2025 and EPS of $15.38, up 15% excluding the Accertify gain.
In Q4 2025, net card fees rose 16% FX-adjusted, net interest income increased 12%, and VCE-to-revenue was 45%; 2026 guidance calls for 9–10% revenue growth, EPS of $17.30–$17.90, and a 16% dividend hike to $0.95/share.
Invested $6.3 billion in marketing (up ~75% since 2019) and increased technology spend by 11% in 2025; plans for record technology development and sustained high marketing and VCE investment in 2026 to drive premium product momentum.
Returned $7.6 billion of capital in 2025 with an ROE of 34%, comprising $2.3 billion in dividends and $5.3 billion in share repurchases.

4 days ago

Transcript

American Express reports Q4 2025 earnings

AXP

Earnings

Guidance Update

Dividends

Q4'25 revenues net of interest expense were $18.98 B, up 10% YoY; FY 2025 revenues totaled $72.23 B, up 10%, with FY 2025 EPS of $15.38, up 15% adjusted(0).
Q4'25 net income was $2.46 B, up 13% YoY, and diluted EPS was $3.53, up 16%; average diluted shares outstanding were 688 M, down 2%(0).
FY 2026 guidance expects revenue growth of 9–10% and EPS of $17.30–$17.90(0).
Quarterly dividend increased 16% to $0.95 per share, and the British Airways cobrand partnership was extended(0).

4 days ago

Presentation

American Express reports Q4 and full-year 2025 results

AXP

Earnings

Guidance Update

Dividends

Full-year revenues of $72 billion (+10%) and EPS of $15.38 (+15% ex-Accertify) mark record performance in 2025.
Net card fees rose 18% to $10 billion, with net interest income up 12% and service fees also growing at double-digit rates in Q4.
2026 guidance: revenue growth of 9–10%, EPS of $17.30–$17.90, and a 16% dividend increase to $0.95 per share.
Returned $7.6 billion of capital in 2025 (dividends $2.3 billion; share repurchases $5.3 billion) and achieved 34% ROE.

4 days ago

Transcript

American Express reports Q4 2025 results

AXP

Earnings

Guidance Update

Dividends

Full-year revenues rose 10% to $72 billion and EPS grew 15% to $15.38 (excluding the Accertify gain).
2026 guidance calls for 9–10% revenue growth, EPS of $17.30–17.90, and a 16% dividend increase to $0.95 per share.
Returned $7.6 billion of capital in 2025—$2.3 billion in dividends and $5.3 billion in share repurchases—with ROE of 34%.
Continued focus on premium customer growth: launched new U.S. Consumer and Small Business Platinum cards, refreshed products in a dozen countries, and invested $6.3 billion in marketing and $5 billion annually in technology.

4 days ago

Transcript

American Express reports FY & Q4 2025 results

AXP

Earnings

Guidance Update

Dividends

Delivered FY 2025 revenues net of interest expense of $72.2 B, up 10% YoY (9% FX-adjusted), with EPS of $15.38, up 10% (15% adjusted).
In Q4 2025, achieved revenues net of interest expense of $19.0 B (up 10% YoY, 9% FX-adjusted), net income of $2.46 B and diluted EPS of $3.53, up 16%.
Q4 Card Member spend grew 9% (8% FX-adjusted), with net card fee revenues posting double-digit growth for the 30th straight quarter.
For FY 2026, expects revenue growth of 9–10%, EPS of $17.30–$17.90, and will boost the quarterly dividend by ~16% to $0.95 per share.

4 days ago

8-K

American Express reports Q4 profit, raises dividend

AXP

Earnings

Guidance Update

Dividends

Reported Q4 profit of $2.43 billion ($3.53/share) on revenue of $18.98 billion; billed business rose ~9% and luxury/retail spending was up double digits, though the stock dipped after the release.
Expenses increased about 10%, with provisions for credit losses of $1.4 billion and a net write-off rate of ~2.1%.
Guided 2026 revenue growth of 9–10% and EPS of $17.30–$17.90; quarterly dividend to rise ~16% to $0.95.
Highlighted strength among Gen Z and millennial cardholders supporting travel, dining and luxury spending, and extended its British Airways cobranded card partnership.

5 days ago

WSJ

American Express at Goldman Sachs U.S. Financial Services Conference

AXP

Guidance Update

Product Launch

On track to generate 9%–10% revenue growth and mid-teens EPS growth in 2025, driven by product investment and partnerships.
Q3 billing growth accelerated to 8.5% year-over-year, with holiday season spending up 9% in U.S. consumer retail and 13% on U.S. consumer Platinum Card.
Merchant partners fund $3 billion of cardmember value, resulting in a 27% increase in dining spend at Resy-partner restaurants after benefits rollout.
International business is 50% larger than three years ago, with Canada, Australia, and Japan growing 18% in Q3, underscoring further expansion potential.
Leveraging AI across credit, fraud, AML, and agentic commerce to enhance customer experience and unlock new revenue streams.

Dec 10, 2025, 2:20 PM

Transcript

American Express outlines growth targets and strategy at Goldman Sachs conference

AXP

Guidance Update

On track for 9%–10% revenue growth and mid-teens EPS growth in 2025, driven by product refreshes (including the U.S. Platinum Card) and long-term investments in technology, partnerships, and membership assets.
Billing growth accelerated to 8.5% in Q3 and remained at similar levels early in Q4; during the holiday week from Thanksgiving to Cyber Monday, U.S. consumer retail spending rose 9% and consumer Platinum spending rose 13%, reflecting strong post-refresh engagement.
Product refreshes have evolved into membership model refreshes, emphasizing dining, travel, lounges, and digital experiences; partner-funded value (approximately $3 billion annually) enhances acquisition, retention, and profitability.
International issuing and acceptance grew double-digits, with Canada, Australia, and Japan up 18% in Q3; merchant coverage has expanded fivefold since 2019 to 160 million locations, targeting under-penetrated markets.
Maintains best-in-class credit performance, with delinquency rates around 1.3% and loss rates below pre-pandemic levels, supported by a premium card-holder mix and real-time transaction authorization model.

Dec 10, 2025, 2:20 PM

Transcript

American Express posts strong 2025 guidance and Platinum refresh gains

AXP

Guidance Update

Product Launch

American Express is on track for 9–10% revenue growth and mid-teens EPS growth in 2025.
The 2025 Platinum Card refresh doubled new account acquisitions versus pre-refresh levels and drove record Amex Travel bookings through enhanced dining and travel assets.
Billing growth accelerated to 8.5% in Q3, while holiday retail spending rose 9% among U.S. consumers and 13% among Platinum cardholders.
International issuance expanded 50% over three years, with 18% Q3 growth in Canada, Australia, and Japan, and merchant acceptance now at 160 million locations.

Dec 10, 2025, 2:20 PM

Transcript

American Express outlines growth drivers at KBW Fintech Payments Conference

AXP

Guidance Update

Product Launch

Revenue Acceleration/Inflection

American Express expects 9–10% revenue growth and raised its EPS guidance to $15.20–$15.50, reflecting Q3 momentum and the full-quarter impact of the Platinum refresh in Q4.
The Platinum card refresh drove ~200 bps billing acceleration in Q3 and echoes prior premium launches that saw 30% revenue and 40% variable margin gains two years post-refresh.
Younger card members transact 25% more than older cohorts and exhibit 40% lower delinquency rates, underscoring their strong engagement and credit profile.
International billing has grown in double digits for 18 consecutive quarters, fueled by broad-based card-member acquisition, small-business growth, and ~80% merchant coverage in tier-one markets.
American Express is advancing in agentic commerce via protocol work (AP2), LLM-integrated Resy bookings in Google Gemini, and a beta “Dining Companion” AI tool for 15,000 card members.