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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AXP

AXP fundamentals

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