American Express Company (AXP) UBS Financial Services Conference 2026 summary

Consumer trends and spend performance

• Global spend grew 7–8% annually, with a strong second half of 2025 and robust travel and entertainment spending, especially in premium segments like front-of-cabin and luxury lodging.

• Holiday shopping season spend rose 9%, with Platinum card member spend up 12% during the same period.

• Credit quality remains exceptionally strong, with low write-off and delinquency rates, supporting financial performance.

Card acquisition strategy and premiumization

• New card acquisitions remained steady at 1.5 million per quarter, dipping to 1.4 million in Q4'24 and 1.3 million in Q4'25, with a significant increase in average fee per account, peaking at $282 in Q4'25, driven by demand for premium products, especially the Platinum Card.

• Focus shifted from maximizing new card numbers to attracting high-value, fee-paying, and engaged card members to maximize shareholder value.

• Platinum Card refresh outperformed previous Gold and Delta refreshes, with strong acquisition, high engagement, and retention rates near 99% for consumers and 98% for small businesses.

Financial outcomes and premium product impact

• Card fee revenue has grown at a 17% CAGR since 2018–2019, with guidance for high-teens growth by end of 2026, supported by Platinum repricing.

• Premiumization has led to best-in-class credit metrics, with delinquency rates at 1.2–1.3% over the past two years, and higher VCE ratios for premium and co-branded cards.

• The repricing of the Platinum back book began in January, with full impact expected by Q4 2026, then moderating in 2027.