American Express (AXP) is a globally integrated payments company that provides a wide range of financial products and services, including credit and charge cards, banking, and other payment and financing products . The company also offers merchant acquisition and processing services, network services, travel and lifestyle services, and expense management products . American Express operates through four primary reportable operating segments, focusing on premium consumer and small business segments as key growth areas due to their higher spending and better credit performance .
- U.S. Consumer Services (USCS) - Offers credit and charge cards, banking, and payment products to U.S. consumers, focusing on premium services and benefits.
- Commercial Services (CS) - Provides payment and financing products, expense management solutions, and other services to small and large businesses.
- International Card Services (ICS) - Delivers credit and charge card products and services to consumers and businesses outside the U.S.
- Global Merchant and Network Services (GMNS) - Facilitates transactions between card members and merchants, offering merchant acquisition, processing, and network services.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Stephen J. Squeri ExecutiveBoard | Chairman and Chief Executive Officer | Trustee at Manhattan College, Monsignor McClancy Memorial High School, Valerie Fund; Board of Overseers at Memorial Sloan Kettering Cancer Center; Chair of Business Roundtable Corporate Governance Committee | Joined AXP in 1985; became CEO in 2018; previously held roles such as Vice Chairman and Group President of Global Corporate Services. | View Report → |
Anna Marrs Executive | Group President, Global Merchant and Network Services | None | Joined AXP in 2018; became Group President in February 2025; previously Group President of Global Commercial Services and Credit & Fraud Risk. | |
Christophe Y. Le Caillec Executive | Chief Financial Officer | None | Joined AXP in 1997; became CFO in August 2023; previously served as Deputy CFO and Head of Corporate Planning. | View Report → |
Denise Pickett Executive | President, Enterprise Shared Services | None | Joined AXP in 1993; became President of ESS in February 2025; previously President of Global Services Group and Chief Risk Officer. | |
Douglas E. Buckminster Executive | Vice Chairman | None | Joined AXP in an unspecified year; became Vice Chairman in April 2021; previously Group President of Global Consumer Services Group. | |
Douglas Tabish Executive | Chief Risk Officer | None | Joined AXP in an unspecified year; became Chief Risk Officer in April 2024; previously EVP and General Manager of Global Card & Risk Operations. | |
Elizabeth Rutledge Executive | Chief Marketing Officer | None | Joined AXP in February 2018; oversees global marketing strategies, brand management, and customer engagement. | |
Glenda McNeal Executive | Chief Partner Officer | None | Joined AXP in an unspecified year; became Chief Partner Officer in February 2024; previously President of Enterprise Strategic Partnerships. | |
Howard Grosfield Executive | Group President, U.S. Consumer Services | None | Joined AXP 20 years ago; became Group President in February 2025; previously President of U.S. Consumer Services and EVP of U.S. Consumer Marketing. | |
Jennifer Skyler Executive | Chief Corporate Affairs Officer | None | Joined AXP in October 2019; previously Chief Communications Officer at WeWork. | |
Laureen E. Seeger Executive | Chief Legal Officer | None | Joined AXP in July 2014; oversees Legal, Government Affairs, Global Security, and Corporate Secretarial functions. | |
Mohammed Badi Executive | President, Global Servicing | None | Joined AXP in an unspecified year; became President of Global Servicing in February 2025; previously President of Global Network Services and Chief Strategy Officer. | |
Monique Herena Executive | Chief Colleague Experience Officer | None | Joined AXP in April 2019; previously Chief Human Resources Officer at BNY Mellon. | |
Nicole Hildebrandt Executive | Chief Strategy Officer | None | Joined AXP in an unspecified year; became Chief Strategy Officer in January 2025. | |
Rafael Marquez Executive | President, International Card Services | None | Joined AXP in 2019; became President of International Card Services in May 2022; previously President of International Consumer Services and Global Loyalty Coalition. | |
Raymond Joabar Executive | Group President, Global Commercial Services | None | Joined AXP 32 years ago; became Group President in February 2025; previously Group President of Global Merchant and Network Services. | |
Daniel L. Vasella Board | Director | Honorary Chairman of Novartis AG; Director at PepsiCo and SciClone Pharmaceuticals | Joined AXP in 2012; brings expertise in global business, governance, and risk oversight. | |
Deborah P. Majoras Board | Director | Director at Valero Energy Corporation; Member of U.S. Golf Association Executive Committee; Trustee at Westminster College; Board Member at First Tee Foundation | Joined AXP in December 2022; former Chief Legal Officer at Procter & Gamble and Chair of the FTC. | |
Lisa W. Wardell Board | Director | Board member at Adtalem Global Education; Member of Business Council and Executive Leadership Council | Joined AXP in 2021; brings senior leadership and global management experience. | |
Lynn A. Pike Board | Chair of the Board, American Express National Bank | Non-executive director at Hiscox Ltd.; Board member at BankWork$ and California State University Channel Islands Foundation | Joined AXP in 2013; became Chair of the Board of American Express National Bank in 2019; co-Chair from 2021 to 2022. | |
Theodore J. Leonsis Board | Director | Founder, Chairman, and CEO of Monumental Sports & Entertainment; Chair of Groupon; Co-Founder of aXiomatic Gaming; Advisory Board Chair at Georgetown Entrepreneurship; Chair of D.C. College Access Program | Joined AXP in 2010; brings expertise in innovation, entrepreneurship, and digital trends. |
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Given that billing growth has remained at around 6% for the past year, what specific strategies are you implementing to achieve your aspirational goal of 10% revenue growth, especially in a softer spending backdrop?
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If billing growth does not accelerate, how sustainable is your mid-teens EPS growth target, and what other drivers can you leverage to maintain this growth in a challenging economic environment?
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Can you provide more details on the lifetime value and spending behaviors of customers as they move from Green to Gold to Platinum Cards, and how this progression impacts your overall revenue growth strategy?
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With your recent investments in dining platforms like Resy, Tock, and Rooam, how do you anticipate these acquisitions will contribute to restaurant spending growth, and should we expect an acceleration in this category despite the slight deceleration observed this quarter?
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Given that you expect modest upward bias in delinquency and write-off rates as you grow lending through your premium customer base, how are you adjusting your risk management strategies to maintain strong credit performance and profitability?
Research analysts who have asked questions during AMERICAN EXPRESS earnings calls.
Craig Maurer
FT Partners
4 questions for AXP
Cristopher Kennedy
William Blair & Company
4 questions for AXP
Donald Fandetti
Wells Fargo & Company
4 questions for AXP
Jeffrey Adelson
Morgan Stanley
4 questions for AXP
Mark DeVries
Deutsche Bank
4 questions for AXP
Mihir Bhatia
Bank of America
4 questions for AXP
Richard Shane
JPMorgan Chase & Co.
4 questions for AXP
Sanjay Sakhrani
Keefe, Bruyette & Woods (KBW)
4 questions for AXP
Terry Ma
Barclays
4 questions for AXP
Ryan Nash
Goldman Sachs & Co.
3 questions for AXP
Brian Foran
Truist Financial
2 questions for AXP
Erika Najarian
UBS
2 questions for AXP
L. Erika Penala
UBS
2 questions for AXP
Moshe Orenbuch
TD Cowen
2 questions for AXP
Saul Martinez
HSBC
2 questions for AXP
Gustavo Gala
Monness, Crespi, Hardt & Co., Inc.
1 question for AXP
Robert Wildhack
Autonomous Research
1 question for AXP
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company is one of the largest card networks globally based on purchase volume, and its scale, resources, marketing, and pricing provide significant competitive advantages in the payments industry. | |
China UnionPay | The company is one of the largest card networks globally based on purchase volume, competing directly in the global payments industry. |
The company is one of the largest card networks globally based on purchase volume, and its scale, resources, marketing, and pricing provide significant competitive advantages in the payments industry. | |
JCB | The company is a competitor in the global payments industry, operating as a card network. |
Discover | The company competes in the global payments industry and owns Diners Club International, which is also a competitor. |
Diners Club International | The company, owned by Discover, is a competitor in the global payments industry. |
Alipay | The company operates as a web- and mobile-based payment platform, competing in the global payments industry. |
The company operates as a web- and mobile-based payment platform, competing in the global payments industry. | |
Shop Pay | The company operates as a web- and mobile-based payment platform, competing in the global payments industry. |
National Payments Corporation of India | The company operates as a regional payment network, competing in the global payments industry. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Delta Air Lines (Delta) | Co-branded card issuance, Membership Rewards partner, travel benefits, merchant acceptance, and corporate payments | Co-brand | 12% of worldwide billed business and 21% of worldwide Card Member loans as of Dec 31, 2024. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Tock | 2024 | Acquired by American Express, Tock expands the dining portfolio by adding thousands of bookable venues including high-end restaurants, wineries, hotels, and events, enhancing its closed-loop network model and digital offerings in the hospitality sector. |
Rooam | 2024 | Acquired in Q3 2024, Rooam strengthens American Express’s dining and hospitality offerings by integrating sophisticated point‐of‐sale systems with reservation platforms, complementing other acquisitions like Tock and Resy while targeting Millennial and Gen-Z consumers. |
Kabbage | 2022 | Acquired to bolster SME services, Kabbage provides platforms for transaction banking, debit cards, and working capital loans, supporting American Express’s strategy to become the primary working capital provider for small businesses, though specific deal values are not disclosed. |
Resy | 2022 | Acquired to enhance the dining experience, Resy serves as a key channel for unique dining access and card member acquisition, significantly increasing diner engagement and lowering customer acquisition costs through American Express’s marketing channels, despite lacking detailed financial terms. |
Recent press releases and 8-K filings for AXP.
- 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.
- 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).
- 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.
- 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
- In Q3 2025, total revenues net of interest expense reached $18.4 billion, up 11% year-over-year.
- Diluted EPS rose to $4.14, a 19% increase from Q3 2024.
- Card Member spend growth accelerated to 9%, or 8% FX-adjusted, driven by consumer and business segments.
- The company raised its FY 2025 guidance, targeting 9–10% revenue growth and EPS of $15.20–$15.50.
- The U.S. Platinum Card refresh saw strong early demand, with new account acquisitions doubling versus pre-refresh levels.
- American Express introduced Amex Ads, a digital advertising platform to connect its 34 million U.S. Consumer Card Members with premium brands via AmexTravel.com and other Amex-owned channels.
- The new platform leverages first-party data and builds on the success of Amex Offers, which drove $15 billion in global spend in 2024, including $13 billion in the U.S..
- Pilot campaigns with Marriott Bonvoy and TUMI achieved 3× and 30 % higher results versus target benchmarks by using transaction and travel booking data for audience targeting.
- Amex Ads provides end-to-end measurement of ad exposure to online and in-store sales while ensuring privacy, security and brand safety through robust guardrails.
- American Express topped Q2 profit and revenue estimates, driven by a 20% increase in card fees year-over-year.
- Goods and services spending held up better than travel; airline spending was flat versus the prior year, reflecting weakness in economy-class airfare.
- First and business class airfare spending rose 10%, underscoring strength among the wealthiest card members.
- Gen Z transactions jumped 39%—boosted by higher new-member sign-ups—and restaurant spending increased 8%.
- The Federal Reserve set American Express’s preliminary Stress Capital Buffer at 2.5%, effective October 1, 2025 through September 30, 2026, matching the minimum requirement and the prior buffer level.
- AXP increased its quarterly dividend by 17% to $0.82 per share beginning with the Q1 2025 declaration and returned $5.4 billion to shareholders via share repurchases for the 12 months ended March 31, 2025.
- The SCB is subject to final confirmation by the Federal Reserve, expected by August 31, 2025.
- American Express is investing in its largest-ever refresh of the U.S. Consumer and Business Platinum Cards for late 2025, featuring enhanced travel, dining and lifestyle benefits plus three new Centurion Lounges in Newark, Salt Lake City and Tokyo.
- The update targets Millennial and Gen Z cardholders—who account for 35% of U.S. consumer spend—and follows a 40% YoY growth in Gen Z membership in Q1 2025.
- Over the past twelve months, Amex’s revenue grew 9.05% to $62.05 billion, underpinning expectations of potential annual fee increases alongside new perks.
- The company will expand its Fine Hotels + Resorts and The Hotel Collection programs with hundreds of new properties, and broaden dining offerings via Resy and the Tock acquisition.
- Observers view the refresh as a strategic response to Chase’s Sapphire Reserve revamp, aimed at capturing premium-card market share.
- Effective June 1, 2025, the Company reclassified $1.6 billion of Amazon small business cobrand loans to Card Member loans held for sale.
- U.S. Consumer Card Member loans held for investment totaled $92.0 billion as of May 31, 2025, with 1.3% 30-day past due rates and a 2.1% net write-off rate.
- U.S. Small Business Card Member loans held for investment totaled $32.0 billion as of May 31, 2025, with 1.5% 30-day past due rates and a 2.4% net write-off rate.
- The American Express Credit Account Master Trust reported an ending principal balance of $25.4 billion and a 1.3% annualized default rate (net of recoveries) for May 1–31, 2025.