American Express Company · NYSE:AXP
American Express — Q4 2025 Earnings Presentation
46 slides from American Express's earnings presentation, Jan 30, 2026
Slide 1: American Express Earnings Conference Call Q4'25
American Express Earnings Conference Call Q4'25 JANUARY 30, 2026
Slide 2: Business Highlights
Business Highlights • FY 2025 revenue growth of 10%, and EPS of $15.38, up 15% YoY adjusted for the prior year gain on sale from Accertify(1) • FY 2026 guidance of revenue growth of 9% - 10%, and EPS of $17.30 - $17.90(2) • Plan to increase quarterly dividend per common share by 16% to $0.95 • Signe
Slide 3: 2022-2025 Financial Performance
2022-2025 Financial Performance Revenue EPS $ in billions - % Increase/(decrease) vs. Prior year & CAGR % Increase/(decrease) vs. Prior year & CAGR +11% CAGR +16% CAGR $72.2 $15.38 $65.9 $14.01 $60.5 $52.9 $11.21 $13.35 * 14% 9% 10% Reported $9.85 15%* 9% 15% 19%* 10% 19% 14% 15% 14% 15% 10% 9% FX-a
Slide 4: Summary Financial Performance
Summary Financial Performance $ in millions, except per share amounts; % Increase/(decrease) vs. Prior year YoY% YoY% Q4'25 FY'25 Inc/(Dec) Inc/(Dec) Total Revenues Net of Interest Expense $18,980 10% $72,229 10% FX-Adjusted(1) 9% 9% Net Income $2,462 13% $10,833 7% Diluted EPS(2) $3.53 16% $15.38 1
Slide 5: Total Billed Business
Total Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted) 15% Leap Year Approx. (1%) 10% 8% 8% 8% FY'25 7% 6% 7% 5% 0% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY'25 G&S 8% 7% 7% 9% 8% 8% T&E 10% 6% 5% 8% 8% 7% See Annex 2 for reported billings growth rates. G&S = G
Slide 6: U.S. Consumer Services Billed Business
U.S. Consumer Services Billed Business % Increase/(decrease) vs. Prior year 15% Leap Year Approx. (1%) G&S, 9% YoY 10% 9% 9% 9% T&E, 9% YoY 7% 7% 5% 0% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 Gen-Z Millennials Gen-X Baby Boomer + Total FY'25 YoY 38% 12% 8% 2% 9% 8% % of Total 6% 30% 36% 28% 100% 6
Slide 7: Commercial Services Billed Business
Commercial Services Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted) 15% 10% Leap Year Approx. (1%) 5% 4% 4% 3% G&S, 3% YoY 2% 2% T&E, 4% YoY 0% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 U.S. SME U.S. Large & Global Corp. Total FY'25 YoY 3% 4% 3% 3% % of Total 82% 18% 100% SME refers to
Slide 8: International Card Services Billed Business
International Card Services Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted unless otherwise stated) 20% Leap Year Approx. 17% Reported (1%) 15% 15% 15% 14% 13% G&S, 14% YoY 12% 11% 13% T&E, 9% YoY 9% 12% 10% 5% 0% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'25 Int’l Consumer Int’l SME & Larg
Slide 9: Transaction Growth
Transaction Growth % Increase/(decrease) vs. Prior year 15% Leap Year Approx. (1%) 10% 10% 10% FY’25 9% 9% 9% 9% 5% 0% Q4’24 Q1’25 Q2’25 Q3’25 Q4'25 Transactions represent global merchant transactions (excluding ATM transactions and balance transfers) on cards issued by American Express, net of retu
Slide 10: New Acquisitions
New Acquisitions Proprietary New Proprietary New Cards Acquired Accounts Acquired in millions Q4’2025 3.4 3.1 3.2 Global Consumer 65 % 3.0 2.9 New Accounts 1.1 Acquired from 0.9 1.0 International 0.9 0.9 Millennial / Gen-Z Card Services 0.8 0.7 0.7 Commercial 0.7 0.7 Services 73 % 1.5 1.5 1.5 U.S. C
Slide 11: Total Loans & Card Member Receivables
Total Loans & Card Member Receivables vs. Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted) Billed Business Total Loans & Card Member Receivables 9% 8% 8% 8% 7% 7% 7% 7% 6% 6% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Total Loans reflects Card Member loans held for investment and Other loans. T
Slide 12: Credit Metrics
Credit Metrics 30+ Days Past Due Net Write-off Rates % of Card Member Loans and Receivables % of Average Card Member Loans and Receivables 2.1% 2.1% 2.0% 1.9% 1.9% 1.3% 1.3% 1.3% 1.3% 1.3% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net write-off rates based on principal losses only
Slide 13: Total Provision
Total Provision $ in millions $1,405 $1,414 Total Provision $1,292 $1,287 $141 Reserve $1,150 $222 Build/(Release) $153 $125 $1,223 $1,273 Write-offs $1,139 $1,183 $1,162 ($73) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Reserve Rate for Total Loans & CM 2.9% 2.9% 2.9% 2.9% 2.9% Receivables See Variance Commentar
Slide 14: Revenue Performance
Revenue Performance $ in millions; % Increase/(decrease) vs. Prior year YoY% YoY% Q4'25 FY'25 Inc/(Dec) Inc/(Dec) Discount Revenue $9,884 8% $37,401 6% Net Card Fees $2,629 17% $9,993 18% Service Fees and Other Revenue $1,945 13% $7,471 10% Net Interest Income $4,522 12% $17,364 12% Revenues Net of
Slide 15: Net Card Fees
Net Card Fees $ in billions - % Increase/(decrease) vs. Prior year & CAGR (FX-adjusted) Net Card Fees (Q4: 2019-2025) Net Card Fees YoY% (Q4’23-Q4’25) 17% / Year 30% % CAGR $2.6 25% $2.2 20% 20% $1.9 20% 19% 18% 17% 17% $1.6 16% 16% 16% $1.3 15% $1.2 $1.1 10% 5% 0% Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'2
Slide 16: Premium Lending
Premium Lending Net Interest Income NII: Volume & Margin Drivers $ in billions - % Increase/(decrease) vs. Prior year (FX-adjusted) CAGR % vs. Q4’19 (FX-adjusted except Margin) $4.5 $4.5 Q4’25 vs. Q4’19 $4.2 $4.2 CAGR % $4.0 Billed Business 8% Net Interest Income 12% YoY 13% 11% 12% 12% 12% Growth V
Slide 17: Total Revenues Net of Interest Expense
Total Revenues Net of Interest Expense $ in billions - % Increase/(decrease) vs. Prior year 15% Leap Year Approx. (1%) FY'25 11% 10% 10% Reported 10% 10% 9% 11% 8% FX Adjusted 9% 9% 9% 9% 7% 5% 0% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY'25 $B $17.2 $17.0 $17.9 $18.4 $19.0 $72.
Slide 18: Expense Performance
Expense Performance $ in millions YoY% YoY% YoY% YoY% Q4'25 Q4'24 FY'25 FY'24 Inc/(Dec) Inc/(Dec) Inc/(Dec) Inc/(Dec) Card Member Rewards $4,805 8% $18,409 11% Business Development $1,728 6% $6,457 10% Card Member Services $1,951 53% $6,057 27% Variable Customer Engagement Expenses $8,484 16% $30,92
Slide 19: Operating Expenses
Operating Expenses Operating Expense Leverage Technology Spend Expenses as a % of Revenue $ in billions - % Increase / (decrease) vs. Prior year Total +11% Operating 26% +10% Expense 25% 23%* $5.0 22% $4.5 $4.1 Operating Expense excl. 19% Technology 18% 16% 16% Technology 7% 7% 7% 7% Expense FY'22 F
Slide 20: Capital
Capital Capital Return & Common Shares Outstanding Increase in 790 752 $ in billions; Common Shares Outstanding in millions 58 % Quarterly Dividend per Common Share (3 Year3) 736 Average Common 713 696 Shares $9.0 Outstanding $7.9 (Diluted) Net Income 71 % $1.4 $7.6 Returned to $2.0 Common $2.3 Divi
Slide 21: Long-Term Aspiration & 2026 Guidance
Long-Term Aspiration & 2026 Guidance Long-Term Aspiration 2026 Guidance Revenue Growth: Revenue Growth: 10%+ 9% - 10% EPS Growth: EPS: Mid-teens $17.30 - $17.90 Our ability to achieve our 2026 guidance is subject to the macroeconomic environment, as well as contingencies and other factors beyond our
Slide 22: Appendix
Appendix
Slide 23: Q4'25 Network Volumes Growth by Customer Type
Q4’25 Network Volumes Growth by Customer Type % Increase/(decrease) vs. Prior Year (FX-adjusted) U.S. Consumer Services: Commercial Services: International Card Services: 9% 3% 12% 13% 12% 9% 9% 3% 4% % of Total U.S. U.S. U.S. Large & Int’l Int’l SME & Processed Network Volumes Consumer SME Global C
Slide 24: FX Impact on Billed Business
FX Impact on Billed Business Q4’25 Billed Business YoY Change in USD* vs. Currency as a % of Total Strengthened / (Weakened) Euro € 5% (9%) UK £ 6% (5%) Japan ¥ 4% 0% Australia $ 4% (2%) Canada $ 3% (2%) Mexico $ 2% (10%) Top 6 Intl. Currencies 24% (4%)** All Other Intl. Currencies 3% Billed Busines
Slide 25: Travel & Entertainment Billed Business
Travel & Entertainment Billed Business Q4'25 Restaurants Lodging Airlines Other Total T&E YoY Growth 9% 5% 3% 11% 8% % of Total Billed Business 8% 5% 6% 8% 26% All growth rates reflect FX-adjusted rates. See Slide 3 for an explanation of FX-adjusted information. Subtotals may not sum due to rounding
Slide 26: Card Member Credit Metrics
Card Member Credit Metrics Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Card Member Loans Net Write-off Rate(1) 2.1% 2.4% 2.2% 2.1% 2.2% (4) Card Member Receivables Net Write-off Rates(1) 1.2% 1.3% 1.4% 1.3% 1.5% Corporate Net Write-off Rates(2) 0.5% 0.5% 0.5% 0.6% 0.5% Card Member Loans 30+ Days Past Due(3) 1.4%
Slide 27: Credit Reserve Macroeconomic Scenarios
Credit Reserve Macroeconomic Scenarios: Select Variables U.S. Unemployment Rate % U.S. GDP Growth* % 10% 6% 9% 5% 4% 8% 3% 7% 2% 6% 1% 5% 0% 4% (1)% 3% (2)% 2% (3)% 1% (4)% 0% (5)% Q3'24 Q4'25 Q1'27 Q2'24 Q3'25 Q4'26 Q1'24 Q2'25 Q3'26 Q4'27 Q1'25 Q2'26 Q3'27 Q4'24 Q1'26 Q2'27 Q1'25 Q1'27 Q2'25 Q2'27
Slide 28: Funding and Deposits
Funding and Deposits Funding Mix Deposit Programs 92% FDIC $ in billions $ in billions insured at Q4'25 $209 $210 $149 $151 Short-term 1% 1% Funding Third Party 7% 6% 8% 7% CDs Card ABS* Third Party 10% 10% Unsecured Sweep 21% 21% 2% Checking Funding** 2% Savings and 80% 81% Direct CDs 71% 72% Depos
Slide 29: Additional Commentary – Variance Analysis
Additional Commentary – Variance Analysis The following summary provides selected variance information for the three months ended December 31, 2025 compared to the same period in the prior year. It should be read in conjunction with the statistical tables for Q4'25, available at ir.americanexpress.c
Slide 30: Additional Commentary – Variance Analysis
Additional Commentary – Variance Analysis • Card Member Rewards Expense: Increased 8 percent versus Q4'24, primarily driven by higher billed business. • Business Development Expense: Increased 6 percent versus Q4'24, primarily due to increased partner payments driven by higher network volumes. • Car
Slide 31: Notes on Business Highlights
Notes on Business Highlights 1. Diluted earnings per share (EPS) growth adjusted for the prior year gain on sale from Accertify is a non-GAAP measure, see slide 3 for more information and Annex 1 for a reconciliation to EPS growth on a GAAP basis. 2. Our ability to achieve our full-year 2026 guidanc
Slide 32: Annex 1: Adjusted EPS Excluding Accertify Gain on Sale
Annex 1 Adjusted EPS, Excluding the Impact of Accertify Gain on Sale FY’25 vs FY’24 FY’24 vs FY’23 FY'25 FY'24 FY’23 YoY% Inc/Dec YoY% Inc/Dec GAAP Diluted EPS $15.38 $14.01 $11.21 10% 25% Accertify Gain on Sale (pretax) — $0.74 — Tax Impact of Accertify Gain on Sale — ($0.08) — Accertify Gain on Sa
Slide 33: Annex 2 (1 of 2)
Annex 2 (1 of 2) Billed Business and Processed Volumes – Reported & FX-Adjusted* % Increase/(decrease) vs. Prior year Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY'25 Billed Business Reported 8% 6% 7% 9% 9% 8% FX-Adjusted* 8% 6% 7% 8% 8% 7% Reported Billed Business Q4’19 - Q4’25 CAGR 8% FX-Adjusted Billed Busine
Slide 34: Annex 2 (2 of 2)
Annex 2 (2 of 2) Billed Business – Reported & FX-Adjusted* % Increase/(decrease) vs. Prior year Q4'25 FY’25 Q4'25 FY’25 Reported FX-Adj.* Reported FX-Adj.* Reported FX-Adj.* Reported FX-Adj.* International Consumer 17% 12% U.S. Large and Global Corp. 4% 4% Commercial Services International SME & Lar
Slide 35: Annex 3
Annex 3 Total Loans and Card Member Receivables – Reported & FX-Adjusted* $ in billions Q4'19 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 GAAP Total Loans and Card Member Receivables $150 $193 $194 $199 $202 $208 $207 $212 $216 $225 FX-Adjusted Total Loans and Card Member $148 $191 $193 $2
Slide 36: Annex 4
Annex 4 Net Card Fees – Reported & FX-Adjusted* $ in billions Q4'19 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 GAAP Net Card Fees $1.1 $1.6 $1.7 $1.8 $1.8 $1.9 $2.0 $2.1 $2.2 $2.2 $2.3 $2.5 $2.6 $2.6 FX-Adjusted Net Card Fees* $1.0 $1.6 $1.7 $1.8 $1.8 $1.9 $2.0 $2.
Slide 37: Annex 5
Annex 5 Net Interest Income – Reported & FX-Adjusted* $ in billions Q4'19 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 GAAP Net Interest Income $2.3 $3.6 $3.8 $3.7 $4.0 $4.0 $4.2 $4.2 $4.5 $4.5 FX-Adjusted Net Interest Income* $2.3 $3.6 $3.7 $3.7 $4.0 $4.1 YoY% Inc/(Dec) in GAAP Net Interes
Slide 38: Annex 6
Annex 6 Revenues Net of Interest Expense – Reported & FX-Adjusted* $ in billions FY’22 Q4'23 FY'23 Q1'24 Q2'24 Q3'24 Q4'24 FY'24 Q1'25 Q2'25 Q3'25 Q4'25 FY'25 GAAP Revenues Net of Interest Expense $52.9 $15.8 $60.5 $15.8 $16.3 $16.6 $17.2 $65.9 $17.0 $17.9 $18.4 $19.0 $72.2 FX-Adjusted Revenues Net
Slide 39: Annex 7
Annex 7 Adjusted Operating Expenses, Excluding the Impact of Accertify Gain on Sale $ in millions YoY% FY’24 FY'25 FY'24 Inc/(Dec) % of Revenue GAAP Total Operating Expenses $16,003 $14,562 10% 22% Accertify Gain on Sale — ($531) Adjusted Total Operating Expenses Excluding the Impact of Accertify Ga
Slide 40: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which address American Express Company’
Slide 41: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • net card fee revenues not growing consistent with the company’s expectations for 2026 and beyond, which could be impacted by, among other things, the pace of Card Member acquisition activity and demand for the company’s fee-based products; highe
Slide 42: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • the actual amount to be spent on Card Member rewards and services and business development in 2026 and beyond, and the relationship of these variable customer engagement costs to revenues, which could be impacted by the investments and enhanceme
Slide 43: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • the company’s tax rate not remaining consistent with expectations, which could be impacted by, among other things, further changes in tax laws and regulation, the implementation by jurisdictions of the Organization for Economic Cooperation and D
Slide 44: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • the company’s ability to build on its leadership in commercial payments and the success of the refresh of its U.S. Business Platinum Card®, which will depend in part on competition, including from financial technology companies and as a result o
Slide 45: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • a failure in or breach of the company’s operational or security systems, processes or infrastructure, or those of third parties, including as a result of cyberattacks or outages, which could compromise the confidentiality, integrity, privacy and
Slide 46: American Express
AMERICAN EXPRESS
American Express Company — Q4 2025 Earnings Presentation on 6ix