Total Revenue

+9.3% " " "

Total Revenue increased from $16,333 million in Q2 2024 to $17,856 million in Q2 2025, reflecting a robust multi‑segment performance; this growth builds on previous period trends driven by higher discount revenue, net card fees, and improved interest income, underscoring strong consumer and business engagement. " " "

U.S. Consumer Services

N/A (contribution of $8,553 million in Q2 2025)

U.S. Consumer Services contributed $8,553 million in Q2 2025, reinforcing overall revenue strength; its performance is consistent with prior period gains driven by increased consumer spending and enhanced card member activity. " "

Commercial Services

N/A (recorded at $4,212 million in Q2 2025)

Commercial Services delivered $4,212 million in Q2 2025, demonstrating continuity in revenue growth driven by expanding billed business and premium card portfolio performance seen in earlier periods. " "

International Card Services

N/A (recorded at $3,232 million in Q2 2025)

International Card Services recorded $3,232 million, supported by strong international card member engagement and spending, a trend that builds on prior period improvements in FX‑adjusted billed business and geographic expansion initiatives. " "

Global Merchant and Network Services

N/A (recorded at $1,933 million in Q2 2025)

Global Merchant and Network Services posted $1,933 million, highlighting diversified revenue streams and improved service fee performance; this result follows earlier period efforts to rebalance network revenues and manage alternative payment solution volumes. " "

Corporate & Other

Downside: $(74) million "

Corporate & Other reported a minor negative contribution of $(74) million in Q2 2025, reflecting ongoing challenges in non-core areas, as contrasted with prior periods where adjustments in deferred compensation and investment losses had similarly impacted performance. "

Revenue Growth

FY 2025

8% to 10% " " "

8% to 10% "

no change

EPS

FY 2025

$15 to $15.50 " " "

$15.00 to $15.50 "

no change

Operating Expenses

FY 2025

no prior guidance

mid-single digits "

no prior guidance

Card Fee Growth

FY 2025

no prior guidance

moderate in Q3 and Q4 2025 with potential early 2026 acceleration "

no prior guidance

Premium Product Innovation and Refresh Strategy

Emphasized across Q3 2024 ( " " ), Q4 2024 ( " " " ) and Q1 2025 ( " " " ) with details on successful product refreshes and innovations for premium cards.

In Q2 2025, the discussion continued with a strong focus on premium products and an upcoming Platinum refresh ( " " " ).

Consistent focus with renewed emphasis on differentiated benefits and a high-impact Platinum refresh – reinforcing a proven growth engine.

Continuous Technology Investment and Product Refreshes

Addressed in Q3 2024 with plans for further investments ( " " " ), in Q4 2024 with ongoing refresh cadence and technology spending ( " " " ) and in Q1 2025 with commitment to long-term upgrades ( " " " " ).

Q2 2025 reiterated these investments with clear insights on timing (expenses incurred before revenue recognition) and sustained product refresh strategy ( " " " " " ).

Steady emphasis on building technology and regularly refreshing the product lineup while managing integration timing challenges.

Robust New Account Growth and Premium/Millennial-Gen Z Customer Acquisition

Discussed robust growth in Q3 2024 ( " " ), record acquisitions and strong Millennial/Gen Z appeal in Q4 2024 ( " " " ), and strong fee-paying account growth in Q1 2025 ( " " " ).

Q2 2025 again reported strong new account numbers and highlighted growing spend among Millennials and Gen Z, reinforcing premium acquisition efforts ( " " ).

Consistent strong performance with continuous emphasis on premium and younger demographics as key drivers of future growth.

Fintech Partnerships and Stablecoin Initiatives

Not mentioned in Q3 2024, Q4 2024 or Q1 2025 (N/A).

Introduced in Q2 2025 through discussion of a partnership with Coinbase and exploration of stablecoin use for cross‑border transactions ( " ).

New topic emergence with potential to impact digital payments and rewards, adding a fresh strategic dimension.

SME Ecosystem Expansion and International Market Growth

International market growth discussed in Q3 2024 ( " " ); SME expansion and international performance were detailed in Q4 2024 ( " " " " ) and Q1 2025 saw significant SME platform integration and international spending growth ( " " " " " ).

Q2 2025 featured emphasis on SME spending trends and strong international growth with double-digit FX‑adjusted increases ( " " " ).

Continued emphasis; international markets remain a high-growth area while SME capabilities are being refined despite some billing challenges.

Net Card Fee Growth and Revenue Performance

Q3 2024 saw 18% growth with subscription‑like revenues ( " " " " ); Q4 2024 noted 19% growth and record revenue levels ( " " " " ); Q1 2025 reported record net fee growth and stable revenue performance ( " " " ).

Q2 2025 reported record net card fees up 20% YoY and revenue of $17.9B with full‑year guidance maintained ( " " " " " ).

Robust and steady growth across periods with record fee levels, though Q2 hints at moderated growth in upcoming quarters.

Competitive Pressure in Premium and SME Segments

Q4 2024 discussed competitive dynamics with specific mentions of mergers and competitors ( " " " ); Q1 2025 alluded to strong demand and resilient customer profiles ( " " ); Q3 2024 did not explicitly mention it (N/A).

Q2 2025 explicitly addressed competitive pressures in both segments, noting strong external competition and the need to continuously refresh offerings ( " " " " ).

Heightened emphasis on competitive dynamics now, signaling increased external pressures that may drive further innovation and strategic adjustments.

Macroeconomic and Revenue Volatility Risks

Addressed indirectly in Q3 2024 with stable consumer spending and resilient performance ( " " ); Q4 2024 mentioned revenue guidance and cautious optimism ( " " " ); Q1 2025 provided detailed discussion of unemployment assumptions and spending resilience ( " " " ).

Q2 2025 stressed a resilient customer base and solid revenue growth amidst macroeconomic uncertainty, with detailed guidance and reserve adjustments ( " " " ).

Reassuring continuity – risks are acknowledged across periods but consistently managed through strategic planning and adaptable spending adjustments.

Increased Cost Pressures and Integration Challenges from Product Refreshes

Q1 2025 discussed cost pressures on SMEs and the challenges of integrating refreshes ( " " " " ); Q4 2024 and Q3 2024 provided limited explicit discussion on these challenges (N/A in Q4; Q3 focused on benefits).

Q2 2025 offered clear insights into timing issues (expenses incurred before benefits materialize) and expected post‑refresh cost impacts, particularly for the Platinum card ( " " ).

Consistent awareness – while integration challenges and cost pressures are a recurring consideration, Q2 2025 provides a more detailed operational outlook.

Declining Organic Spending and Shifts in Customer Engagement

Q3 2024 mentioned decreased organic spend among small businesses and strong engagement from new card members ( " " ); Q4 2024 highlighted modest organic growth challenges in SMEs and strong holiday engagement ( " " " ); Q1 2025 reported stable overall engagement with slight SME spend upticks ( " " " ).

Q2 2025 did not explicitly flag declining organic spending but noted stable overall spending with ongoing strength in key segments, including high retention ( " ).

Mixed sentiment – while some segments (like SMEs) continue to face organic spend challenges, overall customer engagement remains robust and may improve over time.