American Express Company (AXP) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue reached $72.23B, up 10% year-over-year, with adjusted EPS of $15.38, up 15% excluding the Accertify gain.

• Card member spending, net interest income, and card fee growth remained strong, with double-digit card fee growth for 30 consecutive quarters.

• Continued investment in technology, product refreshes, and partnerships, including new Platinum cards, AI-driven commerce, and expanded co-brand relationships.

• Maintained excellent credit quality and high customer retention, especially among premium cardholders.

• Achieved #1 ranking in U.S. Small Business Credit Card Customer Satisfaction by J.D. Power for the fifth consecutive year.

Financial highlights

• Net card fees grew 18% to $9.99B for FY 2025; net interest income rose 12% to $17.36B.

• Q4 2025 revenues were $19.0B, up 10% year-over-year; Q4 net income was $2.46B, up 13% year-over-year.

• Full-year net income was $10.83B, up 7%; consolidated expenses increased 11% to $53.2B.

• Provisions for credit losses were $5.3B for the year, with a net write-off rate of 2.0% and reserve rate of 2.9%.

• ROE reached 34% for the full year; CET1 ratio at Q4'25 was 10.5%.

Outlook and guidance

• 2026 revenue growth expected at 9–10% and EPS between $17.30 and $17.90.

• Quarterly dividend to increase by 16% to $0.95 per share, starting Q1 2026.

• Card fee growth expected to accelerate in 2026 as more Platinum cardholders renew at higher fees.

• Long-term aspiration remains 10%+ revenue growth and mid-teens EPS growth.

• Operating expenses expected to grow in the mid-single digits; marketing expense to rise in low single digits.