American Express — Financial Results
Revenue Grew 10% to $72.2 Billion, Driven by Card Fees and Lending Income
| Metric | 2023 | 2024 | 2025 | Change (2024–2025) |
|---|---|---|---|---|
| Total revenues net of interest expense | $60.5B | $65.9B | $72.2B | +10% |
| Net card fees | $7.3B | $8.4B | $10.0B | +18% |
| Net interest income | $13.1B | $15.5B | $17.4B | +12% |
| Discount revenue | $33.4B | $35.2B | $37.4B | +6% |
Revenue growth was broad-based. Discount revenue (fees charged to merchants) grew with spending volumes, while net card fees — the annual fees cardholders pay — jumped 18% as more customers chose premium cards and fewer cancelled them. Net interest income rose 12% as more cardholders carried revolving loan balances.
Net Income Rose 7% to $10.8 Billion; Earnings Per Share Up 10%
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Net income | $10.1B | $10.8B | +7% |
| Diluted EPS | $14.01 | $15.38 | +10% |
Profit grew solidly, though it is worth noting 2024 included a one-time $0.66-per-share gain from selling a fraud-prevention subsidiary called Accertify. Stripping that out, underlying earnings growth looks even stronger. The share count is also shrinking (down 2%), which mechanically boosts earnings per share (EPS) — the profit attributable to each share.
Card Spending Up 8%, Led by International and Younger Cardholders
Billed business (total card spending) reached $1.67 trillion, up 8% year-over-year. International Card Services was the standout, growing 14%. On the U.S. consumer side, Millennial and Gen-Z cardholders were called out as the fastest-growing group. Goods and services spending — which makes up about 74% of the total — grew 8%, with travel and dining also up 8%. This broad-based growth suggests the spending engine is healthy across categories and geographies.
Credit Quality Remains Stable — Write-Off Rates Held Flat
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net write-off rate (principal, interest & fees) | 2.0% | 2.3% | 2.3% |
| 30+ days past due (consumer & small business) | 1.3% | 1.3% | 1.3% |
Despite loan balances growing 9%, the rate at which cardholders are failing to repay did not worsen. Net write-off rates (the share of loans the company gave up on collecting) and delinquency rates were flat year-over-year. That said, the company did set aside slightly more in provisions for credit losses ($5.26B vs. $5.19B) partly because its economic models are flagging a more uncertain macro outlook.
Costs Growing Faster Than Revenue in Some Areas — Especially Card Benefits
| Expense | 2024 | 2025 | Change |
|---|---|---|---|
| Card Member rewards | $16.6B | $18.4B | +11% |
| Card Member services | $4.8B | $6.1B | +27% |
| Marketing | $6.0B | $6.3B | +4% |
The 27% jump in Card Member services expense reflects heavier usage of premium card perks — particularly new benefits introduced with the refreshed U.S. Platinum Card. Rewards costs also outpaced revenue growth. Management frames this as intentional investment to drive acquisition and engagement, but it is something to watch: if spending growth slows, these costs do not shrink as quickly.
$7.6 Billion Returned to Shareholders; Dividend Set to Rise 16%
American Express bought back $5.3 billion of its own shares and paid $2.3 billion in dividends in 2025 — returning about 71% of available net income to shareholders. The company plans to raise its quarterly dividend from $0.82 to $0.95 per share starting in early 2026, a 16% increase. Its Common Equity Tier 1 (CET1) ratio — a key measure of financial cushion required by regulators — held steady at 10.5%, comfortably within its 10–11% target range.