AMERICAN EXPRESS (AXP) Company Report

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

Oct 17, 2025, 12:23 PM

Bloomberg

American Express reports record Q3 2025 revenue and EPS

AXP

Earnings

Guidance Update

Product Launch

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.

Oct 17, 2025, 11:00 AM

8-K

American Express launches Amex Ads digital advertising platform

AXP

Product Launch

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.

Oct 6, 2025, 1:00 PM

Press Release

American Express reports record member spending

AXP

Earnings

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%.

Jul 18, 2025, 4:05 PM

CNBC Television

Earnings Transcripts

Quarterly earnings call transcripts for AMERICAN EXPRESS.

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