Q3 2025 American Express Co Earnings Call Transcript
Key Points
- American Express Co (AXP) reported a strong quarter with revenues up 11% year over year to a record $18.4 billion and earnings per share up 19% to $4.14.
- The company raised its full-year revenue growth guidance to 9% to 10% and EPS between $15.20 and $15.50, reflecting confidence in sustained performance.
- The launch of the refreshed US Consumer and Business Platinum Cards has exceeded expectations, with new account acquisitions running at twice the level before the refresh.
- American Express Co (AXP) continues to benefit from a premium customer base, with Millennials and Gen Z now accounting for 36% of total spend.
- International markets showed strong performance with spend up 13%, FX adjusted, and three of the top five countries growing by 18% or more this quarter.
- The cost of benefits from the Platinum Card refresh occurs immediately, while the realization of fee revenue is lagged, creating short-term pressure on expenses.
- There is uncertainty in the macroeconomic environment, which could impact future performance despite current strong results.
- The competitive marketplace, especially in the SME segment, poses challenges, necessitating strategic acquisitions like Center to maintain growth.
- The impact of the Platinum Card refresh on billed business growth for the quarter was not material, indicating limited immediate financial impact.
- Marketing spend remains high, with a focus on fee-paying products, which could pressure margins if not managed effectively.
Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q3 2025 earnings call. (Operator Instructions) As a reminder, today's call is being recorded.
I would now like to turn the conference over to our host, Head of Investor Relations, Mr. Kartik Ramachandran. Please go ahead.
Thank you, Daryl, and thank you, all, for joining today's call. As a reminder, before we begin, today's discussion contains forward-looking statements about the company's future business and financial performance.
These are based on management's current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these statements are included in today's presentation slides and in our reports on file with the SEC.
The discussion today also contains non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter's earnings materials as well as the
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