What were the key takeaways from American Express’s earnings call?

What guidance did American Express's management provide for the next earnings period?

What is the revenue and EPS growth rate for American Express year over year?

What is American Express's gross profit margin?

What does American Express do and what are its main business segments?

What is the market's earnings forecast for American Express next quarter?

What factors drove the changes in American Express's revenue and profit?

What were the key takeaways from American Express's earnings call?

- **Record Growth**: 2025 revenue up 10% to $72 billion, EPS +15% to $15.38. 2026 guidance for 9-10% revenue growth and $17.30-$17.90 EPS.
- **Premium Product Dominance**: Platinum Cards now 8% of fee-paying mix, driving 16% card fee growth. New Platinum refresh saw no retention loss despite fee increase.
- **Efficiency Engine**: Operating expenses as % of revenue down 4pts since 2022. 2026 marketing spend to grow low-single digits.
- **Credit Resilience**: Delinquency rates flat at best-in-class levels, with no impact from Platinum fee increase.
- **Capital Return Leadership**: $7.6 billion returned in 2025, including 16% dividend increase. Share buybacks reduced count 7% since 2022.

**【CEO Summary Section】**
- Full-year 2025 revenue reached $72 billion (+10% YoY), with EPS of $15.38 (+15% YoY). 2026 guidance: 9-10% revenue growth and EPS of $17.30-$17.90.
- Key investments: $6.3 billion in marketing (+75% since 2019), $5 billion in technology, and new Platinum Card refresh driving engagement.
- Strategic focus: premium products (Platinum Cards up 8% in fee-paying mix), international expansion (12% FX-adjusted spend growth), and AI-driven customer experiences.
- Capital returns: $7.6 billion returned in 2025, including 16% dividend increase to $0.95/share.

**【CFO Financial Commentary】**
- Q4 2025: GAAP net income $420 million, Non-GAAP EPS $1.08 (vs. $1.02 consensus). Full-year card fees reached $10 billion (+18% YoY).
- Expense management: Operating expenses as % of revenue down 4pts since 2022. 2026 marketing spend expected to grow low-single digits.
- Credit quality: Delinquency and write-off rates remain best-in-class, below 2019 levels.
- Balance sheet: Loans/receivables +7% YoY, ROE 34% for 2025.

**【Q&A Highlights】**
- **Platinum Card Performance**: New Platinum Cards drove 16% card fee growth, with no retention impact despite fee increase. Engagement metrics (travel bookings +30%, Resy spending +20%) validate value proposition.
- **Commercial Strategy**: Center acquisition to launch expense management solution for SMBs. Commercial spend growth led by U.S. Platinum refresh and international expansion.
- **Regulatory Risks**: 10% credit card cap proposal criticized as counterproductive, with focus on maintaining premium card profitability.
- **Competitive Landscape**: Emphasized differentiation through service quality (J.D. Power #1 for 17th straight year) and technology (new AI-driven data platform to launch in 2027).

American Express Company (AXP) Q4 2025 Earnings Call Transcript

- **Revenue and EPS Beat Expectations**: Q3 revenue up 11% to $18.4B, EPS of $4.14 (+19%). Full-year guidance raised to 9-10% revenue growth and EPS of $15.20-$15.50.
- **Platinum Card Success**: New account acquisitions doubled, with 500K mirror card requests. Global Platinum spend outside U.S. up 24%.
- **Strong Credit and Growth Drivers**: Delinquency rates stable at 1.3%, retail spending up 12%. International markets and T&E rebound (airline spend +5%) fueled growth.
- **Strategic Investments**: $6B annualized marketing spend focused on premium products, 70% of new accounts on fee-paying cards. Younger cohorts drive 36% of total spend.
- **Financial Resilience**: ROE of 36%, $2.9B returned to shareholders, including $2.3B buybacks.


**【CEO Summary Section】**
- **Record Revenue Growth**: Q3 revenue reached $18.4 billion, up 11% YoY, with EPS of $4.14, a 19% increase. Card Member spending accelerated to 9% (8% FX-adjusted), driven by retail and travel recovery.
- **Platinum Card Success**: The refreshed U.S. Consumer and Business Platinum cards saw new account acquisitions double, with 500,000 requests for the new mirror card. Global Platinum spend outside the U.S. rose 24%.
- **Strategic Refresh Cycle**: Over 200 product refreshes since 2019, leveraging scale ($530B annual spend) and merchant relationships (160M+ partners) to drive engagement and growth.
- **Growth Outlook**: Full-year guidance raised to 9-10% revenue growth and EPS of $15.20-$15.50, supported by premium product expansion and digital capabilities.

**【CFO Financial Commentary】**
- **Strong Financial Performance**: GAAP net income of $420 million, Non-GAAP EPS of $1.08. Revenue growth across all lines, including 17% YoY increase in net card fees.
- **Credit Health**: Delinquency rates below 2019 levels, with U.S. consumer and small business delinquency rates stable. VCE ratio at 42%, reflecting investments in value propositions.
- **Capital Returns**: $2.9 billion returned to shareholders, including $2.3 billion in share buybacks, with ROE of 36%.
- **Platinum Refresh Impact**: Card fee growth to moderate before peaking in 2026, with a 2-year lag in fee realization. VCE expenses stepped up due to early engagement with new benefits.

**【Q&A Highlights】**
- **Platinum Refresh Financial Dynamics**: Card fee growth will lag benefits expenses, with peak impact in 2026. VCE ratio expected to rise as premium product mix shifts.
- **Consumer Health**: Strong credit metrics (delinquency 1.3%, write-offs 1.9%) and retail spending (12% YoY) indicate resilient consumer base. International markets (3 top countries up 18%+) and T&E rebound (airline spend +5%) drove growth.
- **Marketing Strategy**: $6 billion annualized marketing spend focused on premium products, with 70% of new accounts on fee-paying cards. Younger cohorts (Millennials/Gen Z) drive 36% of total spend.
- **Merchant Expansion**: Global Business Travel Group merger contributed $80 million gain, supporting service fees growth. Merchant coverage outside the U.S. continues to expand.


American Express Company (AXP) Q3 2025 Earnings Call Transcript

- **Record Financials**: Q2 revenue $17.9B (+9% YoY), EPS $4.08 (+17% YoY). Gen Z spend up 40%, millennial spend +10%.
- **Platinum Refresh Momentum**: 2025 launch expected to replicate prior success (30%+ revenue growth, 60%+ fee growth). 27,000 dining partners and 30 Centurion lounges differentiate value proposition.
- **Strong Credit Metrics**: Delinquency rates 40% better than industry peers for millennials/Gen Z. Fed CCAR stress test shows lowest credit loss rate among banks.
- **Capital Efficiency**: Operating expenses as % of revenue down to 21% (from 25% in 2023). ROE 36% supports $2B quarterly capital returns.
- **Blockchain Expansion**: Coinbase partnership enables stablecoin use for cross-border SMB transactions, complementing traditional payment rails.

**【CEO Summary Section】**
- **Record Revenue and EPS Growth**: Q2 revenue reached $17.9 billion (9% YoY), with EPS of $4.08 (17% YoY, excluding Accertify gain). Total Card Member spending grew 7% YoY.
- **Upcoming Platinum Card Refresh**: Fall 2025 launch expected to drive double-digit account growth, with 98% spend retention in prior refreshes. Strategy focuses on differentiated benefits, premium partners, and superior customer service.
- **Premium Card Leadership**: U.S. Consumer Gold, Delta, and Hilton Cards saw 30%+ revenue growth and 60%+ card fee growth. Gen Z and millennial spend up 40% and 10%, respectively.
- **Resilient Business Model**: Fed CCAR stress test showed lowest credit card loss rate and highest profitability among banks. CET1 ratio of 10.6% supports capital returns ($2B in Q2, including $1.4B buybacks).

**【CFO Financial Commentary】**
- **Revenue Performance**: FX-adjusted revenue up 9% YoY, with net card fees reaching record levels (20% YoY growth). NII grew double-digit, driven by balance sheet expansion and margin improvements.
- **Expense Management**: VCE expenses grew in line with revenue, with OpEx up 9% YoY due to risk management and tech investments. Operating leverage improved 4 points since 2023 (21% OpEx/Revenue in Q2).
- **Credit Quality**: Delinquency rates stable, write-offs declined. Millennial and Gen Z delinquency rates 40% better than industry peers. Provision expense $1.4B (includes $222M reserve build).
- **Capital Allocation**: Reaffirmed full-year guidance of 8-10% revenue growth and EPS $15-15.50. ROE of 36% supports disciplined capital returns.

**【Q&A Key Highlights】**
- **Spending Trends**: Goods/services spending resilient (7% YoY), while airline and lodging softer. Gen Z and millennial spend growth offset macro prudence. International business up 12% YoY.
- **Competitive Dynamics**: Increased premium card competition seen as positive for industry innovation. Amex's value proposition (e.g., 27,000 dining partners, 30 Centurion lounges) differentiates from peers.
- **Platinum Refresh Impact**: Cost of Card Member services to increase post-launch, with fee benefits amortized over 12 months. Historical refreshes drove 30%+ revenue growth and 60%+ fee growth.
- **Blockchain Strategy**: Partnership with Coinbase to enable stablecoin use for cross-border transactions. Stablecoins seen as complementary to existing payment rails, not replacements.
- **SMB Portfolio**: Amazon and Lowe's portfolio losses minimal impact. SMB revenue strong, but billings circumspect amid macro uncertainty.


American Express Company (AXP) Q2 2025 Earnings Call Transcript

- **Q1 Revenue Beats Expectations**: $17 billion (+8% YoY) driven by 6% spending growth, with Goods & Services outperforming T&E.
- **Customer Growth Momentum**: 3.4 million new cards added, 60% from millennials/Gen Z, with card fee growth of 20% YoY.
- **Strong Credit Performance**: Delinquency rates 30% lower than 2019 levels, maintaining guidance despite macro risks.
- **Investment in SME Tech**: Center acquisition to enhance SME ecosystem, supporting 8% YoY lending growth in premium products.
- **Expense Discipline**: VCE ratio of 43%, with flexibility to adapt to economic conditions while maintaining long-term investments.

**【CEO Summary Section】**
- **Revenue Growth**: Q1 revenue of $17 billion, up 8% YoY (FX-adjusted), driven by 6% card member spending growth. Goods & Services spending outpaced T&E, with strong performance in restaurants and lodging.
- **Customer Acquisition**: Added 3.4 million new cards, with millennials/Gen Z representing 60% of new consumer accounts. Card fee growth of 20% YoY reflects demand for premium products.
- **Guidance**: Maintained full-year revenue growth of 8-10% and EPS of $15-15.50, despite macroeconomic uncertainty. Emphasis on long-term investments in technology, customer acquisition, and lending products.
- **Resilience**: Credit performance remains strong, with delinquency rates below pre-pandemic levels. Flexibility in marketing and OpEx to adapt to economic conditions.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income of $2.6 billion ($3.64 EPS), up 14% YoY. Non-GAAP EPS of $3.64 exceeded expectations. VCE ratio of 43% reflects disciplined expense management.
- **Fee Growth**: Net card fees at record levels, up 20% YoY, driven by 70% of new accounts on fee-paying products. Average fee per new account increased 40% over 3 years.
- **Lending Performance**: Loans & receivables up 7% YoY, with premium products (e.g., pay-over-time) contributing 80% of growth. Net interest income rose 11% YoY.
- **Credit Quality**: Delinquency rates for low-tenure card members are 30% lower than 2019 levels. Provision expense of $1.2 billion included small reserve releases.
- **Capital Allocation**: Returned $1.3 billion to shareholders (60% dividends, 40% buybacks), with a 17% dividend increase. CET1 ratio of 10.7% supports flexibility.

**【Q&A Key Themes】**
- **Macroeconomic Risks**: Management expects steady spending trends in Q2, with no significant pull-forward effects. Guidance incorporates a peak unemployment rate of 5.7%.
- **SMB & Technology**: Acquisition of Center to enhance SME ecosystem, integrating with Kabbage platform. SME spending acceleration seen in wholesale merchants.
- **Fee Strategy**: Fee increases tied to value-added features, with millennials/Gen Z cards performing better than industry peers.
- **Expense Flexibility**: Marketing and OpEx levers allow for adjustments, but long-term investments (e.g., refreshes, technology) remain prioritized.


American Express (AXP)-17 Apr 25-2025 Q1 Earnings call transcript

- **Record 2024 Performance**: $66B revenue (10% FX-adjusted), $10B net income, $14.01 EPS (25% growth). 
- **Q4 Momentum**: 8% billings growth (T&E +13%, Goods & Services +19%), 13M new cards acquired.
- **2025 Guidance**: 8-10% revenue growth, $15-$15.50 EPS (high end achievable if Q4 spend trends continue).
- **Strategic Wins**: 40+ product refreshes, Tock/Rooam acquisitions, Formula 1 partnership.
- **Sustainability**: 10.5% CET1 ratio, $7.9B capital returns in 2024.
- **Growth Drivers**: Millennial/Gen-Z spend +16%, international consumer/SME expansion, SME organic spend improving to 3% YoY.

**【CEO Summary Section】**
- **Record Financial Performance**: 2024 revenue reached $66 billion (10% FX-adjusted growth), net income of $10 billion, and EPS of $14.01 (25% YoY increase). 
- **Key Growth Drivers**: 
  - 8% Q4 billings growth driven by holiday spending (T&E up 13%, Goods & Services up 19%).
  - 13 million new card acquisitions (70% on fee-paying products), with Millennial/Gen-Z spend up 16% YoY.
  - International consumer and SME growth (15% Q4 FX-adjusted revenue growth).
- **Strategic Initiatives**: 
  - Refreshed 40+ products (e.g., US Consumer Gold Card, Delta co-brand cards).
  - Acquired Tock and Rooam to enhance dining portfolio.
  - Global Formula 1 partnership to strengthen premium positioning.
- **2025 Guidance**: 
  - Revenue: 8-10% growth (targeting high end if Q4 spend momentum continues).
  - EPS: $15-$15.50 (12-16% YoY growth).
  - Focus on disciplined expense management and capital returns ($7.9B returned in 2024).

**【CFO Financial Commentary】**
- **Q4 Financial Highlights**: 
  - Revenue: $16.5B (10% FX-adjusted growth).
  - Net Card Fees: $3.3B (19% YoY growth).
  - NII: $3.1B (13% YoY growth).
  - Operating Expenses: $4.2B (down 1% YoY).
- **Credit Performance**: 
  - Delinquency and write-off rates stable at pre-COVID levels.
  - Provision expense down YoY due to lower reserve needs.
- **2025 Outlook**: 
  - Card fee growth expected in mid-to-high teens.
  - NII growth to outpace loans/receivables growth.
  - Operating expenses to grow low-single digits (1-3%).

**【Q&A Key Highlights】**
- **Revenue Growth Drivers**: 
  - 70% of billing growth from new card acquisitions, 30% from organic spend.
  - SME organic spend improved to 3% YoY (from 1% in prior quarters).
- **Competitive Landscape**: 
  - Competing with fintechs (e.g., Ramp, Brex) through superior experience and service.
  - Capital One/Discover merger unlikely to impact premium card strategy.
- **International Expansion**: 
  - 6% spend share in top 5 markets, targeting 80%+ merchant coverage in key categories.
  - SME segment growing off a small base with differentiated product offerings.
- **Credit Risk**: 
  - Modest upward pressure on write-offs due to new customer acquisition, but best-in-class credit quality maintained.


Actual																0.41	0.29	1.3	1.76	2.74	2.8	2.27	2.18	2.73	2.57	2.47	2.07	2.4	2.89	3.3	2.62	3.33	4.15	3.49	3.04	3.64	4.08	4.14	3.53
Forecast																1.4593	-0.0763	1.3378	1.3248	1.6109	1.6318	1.7962	1.8636	2.4436	2.415	2.4012	2.2303	2.6562	2.8141	2.948	2.6387	2.9545	3.2602	3.2899	3.0282	3.4725	3.8857	3.9957	3.5408	4.0091
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-71.90%	+480.08%	-2.83%	+32.85%	+70.09%	+71.59%	+26.38%	+16.98%	+11.72%	+6.42%	+2.87%	-7.19%	-9.65%	+2.70%	+11.94%	-0.71%	+12.71%	+27.29%	+6.08%	+0.39%	+4.82%	+5.00%	+3.61%	-0.31%	0.00%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	10.31B	7.67B	8.75B	9.35B	9.06B	10.24B	10.93B	12.14B	11.73B	13.39B	13.56B	14.18B	14.28B	15.05B	15.38B	15.80B	15.80B	16.33B	16.64B	17.18B	16.97B	17.86B	18.43B	18.98B	--
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	10.71B	8.10B	8.66B	9.34B	9.21B	9.57B	10.52B	11.54B	11.62B	12.51B	13.51B	14.23B	13.98B	15.41B	15.35B	16.00B	15.79B	16.60B	16.68B	17.16B	16.94B	17.71B	18.05B	18.93B	18.60B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-3.77%	-5.21%	+0.99%	+0.07%	-1.53%	+7.04%	+3.84%	+5.23%	+1.00%	+7.08%	+0.34%	-0.37%	+2.15%	-2.31%	+0.17%	-1.28%	+0.05%	-1.64%	-0.28%	+0.10%	+0.14%	+0.80%	+2.09%	+0.25%	0.00%

AXP

AXP fundamentals

AXP Q1 2026 Earnings Preview

Earnings Call

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AXP

AXP fundamentals

AXP Q1 2026 Earnings Preview

Earnings Call

AXP Earnings Call Summary for Q1/2026Upcoming8:30 AM on Apr 23, 2026

AXP Earnings Call Summary for Q4/20258:30 AM on Jan 30, 2026

AXP Earnings Call Summary for Q3/20258:30 AM on Oct 17, 2025

AXP Earnings Call Summary for Q2/20258:30 AM on Jul 18, 2025

AXP Earnings Call Summary for Q1/20258:30 AM on Apr 17, 2025

You can ask Aime