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Edge19 Sep 2025
American Express: An Empire of Plastic
How history, brand, and structure have steadily built American Express' moat, and why Warren Buffett still calls it a one-of-a-kind business.
American Express (AXP) investor relations material
American Express Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Oct, 2025
Executive summary
Q3 2025 revenue reached a record $18.4B, up 11% year-over-year, with EPS up 19% to $4.14 and net income rising 16% to $2.9B.
Card Member spending accelerated to 9% (8% FX-adjusted), led by strong retail and travel activity, with Millennials and Gen Z accounting for a significant share of spend.
Refreshed U.S. Consumer and Business Platinum Cards launched, driving strong new account momentum and engagement, with annual card fees and premium customer base growing.
New Amex Travel App and Amex Ads platform launched, and partnership with Toast announced.
Card acceptance expanded to 160 million merchant locations globally, nearly 5x growth since 2017.
Financial highlights
Total revenues net of interest expense for Q3 were $18.4B, up from $16.6B year-over-year.
Net card fees increased 18% to $2.6B; net interest income rose 12% to $4.5B.
Service fees and other revenue up 18%, partly due to a gain from an equity transaction.
Total expenses increased 10% to $13.3B, mainly due to higher customer engagement, rewards, and marketing costs.
Provision for credit losses decreased 5% year-over-year, with reserves stable at 2.9% of loans and receivables.
Outlook and guidance
Full-year 2025 revenue growth guidance raised to 9–10%, with EPS expected between $15.20–$15.50.
Adjusted EPS growth guidance (excluding 2024 Accertify gain) is 14–16%.
Management expects stable macroeconomic conditions and continued strong demand for premium products, with guidance subject to macroeconomic and geopolitical risks.
Card fee growth expected to moderate before inflecting upward in 2026 as refreshes take full effect.
Long-term aspiration remains 10%+ revenue growth and mid-teens EPS growth.
Quantify Platinum card refresh revenue impact.
Explain lower credit provisions despite write-offs.
What drives the 5x merchant acceptance growth?
Platinum refresh: VCE vs. fee timing impact on EPS?
Amex consumer health: Lower-end segment trends?
International growth: Key markets and coverage gaps?
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Next American Express earnings date
KBW Fintech Payments Conference 202512 Nov, 2025
Next American Express earnings date
KBW Fintech Payments Conference 202512 Nov, 2025
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Frequently asked questions
More than credit cards
American Express, also known as Amex, is a financial services company that provides a range of payment, travel, and expense management solutions to individuals and businesses. The company's products and services include credit cards, charge cards, traveler's checks, personal savings accounts, and small business solutions.
Some of American Express’ competitors include Discover, Visa, and Mastercard.
Further reading: The Payments Value Chain: A Complex Ecosystem
The main business segments
American Express operates through three main business segments:
Global Consumer Services Group. Provides a range of services and benefits to consumers through its card and payment products.
Global Commercial Services. Provides payment and financing solutions to businesses of all sizes
Global Merchant and Network Services. Provides payment processing, merchant acquisition, and other services to merchants around the world
Interesting facts about American Express
American Express was founded in 1850 and is headquartered in New York City. The company has a global presence, with operations in over 200 countries and territories.
An interesting fact about American Express is that the company was one of the earliest pioneers of the credit card industry, introducing the first charge card in 1958.
Additionally, American Express has a long history of sponsoring major events and experiences, including the U.S. Open tennis tournament, New York Fashion Week, and various music festivals.
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