AMERICAN EXPRESS (AXP) Company Report

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.

Nov 12, 2025, 2:25 PM

Transcript

American Express outlines growth strategy and Platinum card refresh at KBW Fintech Payments Conference

AXP

Guidance Update

Product Launch

Revenue Acceleration/Inflection

Full-year guidance raised, with 9–10% revenue growth and $15.20–$15.50 EPS, reflecting strong momentum and the Platinum card impact.
Platinum card refresh sees Q3 billing acceleration of ~200 bps, with modeling indicating a ~30% revenue and ~40% variable margin lift over two years.
Younger cardmembers use their cards 25% more and exhibit 40% lower delinquency than older cohorts, boosting engagement and long-term value.
International billing has grown double digits for 18 quarters, driven by expanded coverage (~80% in tier-one markets), premium positioning, and renewed airline partnerships.
Agentic commerce & GenAI initiatives include collaborating on the AP2 protocol, embedding Resi in Google Gemini, and piloting a ‘Dining Companion’ booking tool.

Nov 12, 2025, 2:25 PM

Transcript

American Express highlights strategy and momentum at KBW Fintech Payments Conference 2025

AXP

Product Launch

Guidance Update

Revenue Acceleration/Inflection

CFO Christophe Le Caillec reaffirmed FY EPS guidance of $15.20–15.50, incorporating the full-quarter impact of the Platinum card refresh in Q4.
The Platinum card refresh drove ~200 bp acceleration in Q3 billing, with October billing sustaining that momentum across segments and geographies.
International billing has grown in double-digits for 18 consecutive quarters, fueled by new card-member acquisition, small-business growth, and expanded merchant coverage.
American Express is advancing digital and Gen AI initiatives, including a beta “Dining Companion” LLM integration and collaboration on Agentic commerce protocols to enhance member and merchant experiences.

Nov 12, 2025, 2:25 PM

Transcript

American Express reports Q3 2025 results

AXP

Earnings

Guidance Update

Product Launch

Revenue rose 11% y/y to $18.4 B and EPS increased 19% to $4.14, driven by 9% growth in card member spending (8% FX-adjusted) with strength in retail and a travel & entertainment rebound.
Full-year guidance raised to 9–10% revenue growth and EPS of $15.20–15.50 based on strong year-to-date performance.
Refreshed U.S. Consumer & Business Platinum cards launched: new account acquisitions running at 2× pre-refresh levels and over 500 K Mirror Card requests in the first three weeks.
Net card fees up 17% FX-adjusted, net interest income up 12%, and servicing, cardholder engagement & other (VCE) expenses up 14% with a VCE/revenue ratio of 42%. Returned $2.9 B to shareholders (dividends $0.6 B; buybacks $2.3 B) with 36% ROE.

Oct 17, 2025, 12:30 PM

Transcript

American Express reports Q3 2025 results

AXP

Earnings

Guidance Update

Product Launch

Revenue up 11% year-over-year to a record $18.4 billion; EPS increased 19% to $4.14. Company raised full-year revenue growth outlook to 9–10% and EPS guidance to $15.20–$15.50.
Total card member spending accelerated to 9% (8% FX-adjusted), with retail spending up 12% and restaurants up 9%; FX-adjusted international spend grew 13%, and Millennials/Gen Z now account for 36% of total spend.
Refreshed U.S. Consumer and Business Platinum Cards launched, driving new account acquisitions at 2× pre-refresh levels, over 500,000 Mira card requests, and record Amex Travel bookings.
Credit performance remains strong with delinquencies around 1.3% and write-offs at 1.9%; Q3 ROE was 36%, and the company returned $2.9 billion to shareholders ($0.6 billion dividends, $2.3 billion buybacks).

Oct 17, 2025, 12:30 PM

Transcript

American Express reports Q3 2025 earnings

AXP

Earnings

Guidance Update

Dividends

Q3’25 revenues net of interest expense were $18.426 billion, up 11% year-over-year; earnings per share were $4.14, a 19% increase.
Raised full-year 2025 guidance to 9–10% revenue growth and EPS of $15.20–$15.50, up from prior guidance of 8–10% revenue and $15.00–$15.50 EPS.
Total expenses grew 10% to $13.314 billion; variable customer engagement expenses represented 42% of revenues.
Returned $2.9 billion of capital to shareholders in Q3 (dividends of $0.6 billion and share repurchases of $2.3 billion); common shares outstanding declined to 693 million.

Oct 17, 2025, 12:30 PM

Presentation

American Express reports Q3 2025 results

AXP

Earnings

Guidance Update

Net income rose 16% to $2.9 billion, driven by increased card spending and higher net interest income
EPS climbed to $4.14 from $3.49 a year ago
Revenue grew 11% to a record $18.4 billion
Card member spending increased 9%, with average spend of $6,387 per card
Raised full-year 2025 guidance to 9%–10% revenue growth and $15.20–$15.50 EPS