American Express Company (AXP) Goldman Sachs 2024 U.S. Financial Services Conference summary

2024 performance and outlook

• Achieved 10% FX-adjusted revenue growth through Q3, with EPS running about 20% and raised full-year guidance to 23–25% EPS growth.

• Ended the year with approximately 9% revenue growth, citing strong product refreshes and international gains.

• Card fee revenue has grown 10%+ for 25 consecutive quarters, supporting recurring revenue.

• Marketing spend increased to $6 billion, focusing on efficiency and customer retention.

• Holiday season billings showed double-digit growth in U.S. retail and mid-teens in online retail.

Growth strategy and market positioning

• Maintains a 10%+ aspirational revenue growth target, requiring high single-digit billings and continued card fee growth.

• Scale enables mid-teens EPS growth even if revenue is slightly below target.

• Focus on Millennials and Gen Z, who now make up a third of U.S. billings and have double the lifetime value of older cohorts.

• Membership model emphasizes value, experiences, and high engagement, attracting premium customers and partners.

Product innovation and customer acquisition

• Conducted 40 product refreshes in 2024, with over 150 in the last five years, adapting to changing customer needs.

• Gold Card refresh raised the fee but added more value, driving 30% higher Millennial/Gen Z acquisition than Platinum.

• Marketing spend is used to acquire more customers, not just maintain current levels, in a highly competitive market.