American Express Company · NYSE:AXP
American Express — Q3 2025 Earnings Presentation
44 slides from American Express's earnings presentation, Oct 17, 2025
Slide 1: American Express Earnings Conference Call Q3'25
American Express Earnings Conference Call Q3'25 OCTOBER 17, 2025
Slide 2: Q3 2025 Business Highlights
Q3 2025 Business Highlights • Revenue growth of 11%, and EPS of $4.14, up 19% year-over-year • Raising FY2025 guidance to 9-10% revenue growth and EPS of $15.20 - $15.50(1) • Refreshed U.S. Consumer and Business Platinum Cards • Released new Amex Travel App, announced partnership with Toast, and lau
Slide 3: 2025 U.S. Platinum Refresh
2025 U.S. Platinum Refresh Refresh performance data reflects the first three weeks (Sep 18 to Oct 8). Comparisons to Pre-Refresh reflect Jul - Aug 2025 weekly averages. Global Premium Customer Early Momentum Activating Membership and Driving Base at Scale and Engagement Value to Partners ~2x Record
Slide 4: Summary Financial Performance
Summary Financial Performance In millions, except per share amounts; % Increase/(decrease) vs. Prior year (Reported) unless otherwise stated YoY% Q3'25 Q3'24 Inc/(Dec) Total Revenues Net of Interest Expense $18,426 $16,636 11% FX-Adjusted* $16,674 11% Net Income $2,902 $2,507 16% Diluted EPS** $4.14
Slide 5: Total Billed Business
Total Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted) 15% Leap Year Approx. (1%) 10% 8% 8% 7% 6% 6% 5% 0% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 G&S 6% 8% 7% 7% 9% T&E 6% 10% 6% 5% 8% All growth rates reflect FX-adjusted rates. See Annex 1 for reported billing
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% T&E, 9% YoY 7% 7% 6% 5% 0% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 Gen-Z Millennials Gen-X Baby Boomer + Total YoY 39% 12% 8% 4% 9% % 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%) G&S, 4% YoY 5% 4% 4% T&E, 5% YoY 2% 2% 1% 0% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 U.S. SME U.S. Large & Global Corp. Total YoY 4% 6% 4% % of Total 82% 18% 100% SME refers to small and
Slide 8: International Card Services Billed Business
International Card Services Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted) 20% Leap Year Approx. (1%) 15% 15% 13% 13% 13% G&S, 15% YoY 12% T&E, 8% YoY 10% 5% 0% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'25 Int’l Consumer Int’l SME & Large Corp. Total YoY 14% 12% 13% % of Total 65% 35% 100
Slide 9: Transaction Growth
Transaction Growth % Increase/(decrease) vs. Prior year 15% Leap Year Approx. (1%) Q3’25: Average number of 10% 10% transactions per customer 10% 9% 9% 9% is ~25% higher for USCS Millennial & Gen-Z vs. Older Cohorts 5% 0% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Transactions represent global merchant transacti
Slide 10: New Acquisitions
New Acquisitions Proprietary New Proprietary New Cards Acquired Accounts Acquired (in millions) (Q3’2025) 3.3 3.4 3.1 3.2 Global Consumer 64 % 3.0 New Accounts 0.9 1.1 International Acquired from 0.9 1.0 0.9 Card Services Millennial / Gen-Z 0.9 0.8 0.7 0.7 Commercial 0.7 Services 72 % 1.5 1.5 1.5 1.
Slide 11: Total Loans & Card Member Receivables vs. Billed Business
Total Loans & Card Member Receivables vs. Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted) Billed Business Total Loans & Card Member Receivables 10% 9% 8% 8% 7% 7% 7% 6% 6% 6% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Customers rebuilding balances post-pandemic Total Loans reflects Card Member
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% 2.0% 1.9% 1.9% 1.9% 1.3% 1.3% 1.3% 1.3% 1.3% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Net write-off rates based on principal losses only
Slide 13: Total Provision
Total Provision ($ in millions) $1,405 $1,356 Total Provision $1,292 $1,287 $1,150 $222 Reserve $264 $153 $125 Build/(Release) $1,139 $1,223 $1,183 $1,162 Write-offs $1,092 ($73) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Reserves as a % of Total Loans & 2.9% 2.9% 2.9% 2.9% 2.9% CM Receivables See Variance Comme
Slide 14: Revenue Performance
Revenue Performance ($ in millions) YoY% Inc/(Dec) Q3'24 Reported FX-Adjusted* Q3'25 YoY% Inc/(Dec) YoY% Inc/(Dec) Discount Revenue $9,413 $8,780 7% 7% Net Card Fees $2,551 $2,170 18% 17% Service Fees and Other Revenue $1,976 $1,680 18% 17% Net Interest Income $4,486 $4,006 12% 12% Revenues Net of I
Slide 15: Net Card Fees
Net Card Fees $ in billions (on a reported basis) - % Increase/(decrease) vs. Prior year & CAGR (FX-adjusted) Net Card Fees (Q3: 2019-2025) Net Card Fees YoY% (Q3’23-Q3’25) 17% / Year $2.6 30% % CAGR $2.2 25% $1.8 20% 20% 19% 19% 20% 18% $1.5 17% 17% 16% 16% $1.3 15% $1.2 $1.0 10% 5% 0% Q3'19 Q3'20
Slide 16: Premium Lending
Premium Lending Net Interest Income NII: Volume & Margin Drivers $ in billions (on a reported basis) - % Increase/(decrease) vs. Prior year (FX-adjusted) CAGR % vs. Q3’19 (FX-adjusted except Margin) $4.5 Q3’25 vs. Q3’19 $4.2 $4.2 CAGR % $4.0 $4.0 Billed Business 8% Net Interest Income 13% YoY 17% 13
Slide 17: Total Revenues Net of Interest Expense
Total Revenues Net of Interest Expense $ in billions (on a reported basis) - % Increase/(decrease) vs. Prior year (FX-adjusted) 15% Leap Year Approx. (1%) 11% 10% 10% 9% 8% 8% 5% 0% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 $B $16.6 $17.2 $17.0 $17.9 $18.4 Revenues Net of Interest
Slide 18: Expense Performance
Expense Performance ($ in millions) Reported Q3'25 Q3'24 YoY% Inc/(Dec) Card Member Rewards $4,608 $4,168 11% Business Development $1,611 $1,430 13% Card Member Services $1,477 $1,179 25% Q3'25 VCE % of Revenue Variable Customer Engagement Expenses $7,696 $6,777 14% 42% Marketing $1,599 $1,470 9% Op
Slide 19: Capital
Capital Capital Return & Common Shares Outstanding Increase in 709 ($ in billions; Common Shares Outstanding in millions) 58 % Quarterly Dividend per Common Share (3 Year2) 704 702 699 Average Common 693 Shares Outstanding Net Income 72 % $2.9 (Diluted) Returned to Common $2.4 $0.6 Dividends Shareho
Slide 20: 2025 Guidance
2025 Guidance Original Updated Revenue Growth: Revenue Growth: 8% - 10% 9% - 10% EPS: EPS: $15.00 - $15.50 $15.20 - $15.50 (Adjusted EPS Growth*: 12% - 16%) (Adjusted EPS Growth*: 14% - 16%) Our ability to achieve our 2025 guidance is subject to the macroeconomic environment, as well as contingencie
Slide 21: Appendix
Appendix
Slide 22: Q3'25 Network Volumes Growth by Customer Type
Q3’25 Network Volumes Growth by Customer Type % Increase/(decrease) vs. Prior Year (FX-adjusted) U.S. Consumer Services: Commercial Services: International Card Services: 9% 4% 13% 14% 12% 9% 9% 6% 4% % of Total U.S. U.S. U.S. Large & Int’l Int’l SME & Processed Network Volumes Consumer SME Global C
Slide 23: FX Impact on Billed Business
FX Impact on Billed Business Q3’25 Billed Business YoY Change in USD* vs. Currency as a % of Total Strengthened / (Weakened) Euro € 5% (5%) UK £ 6% (2%) Japan ¥ 4% 1% Australia $ 4% 3% Canada $ 3% 2% Mexico $ 2% (3%) Top 6 Intl. Currencies 24% (1%)** All Other Intl. Currencies 3% Billed Business by
Slide 24: Travel & Entertainment Billed Business
Travel & Entertainment Billed Business Q3'25 Restaurants Lodging Airlines Other Total T&E YoY Growth 9% 4% 5% 12% 8% % of Total Billed Business 7% 5% 6% 8% 27% All growth rates reflect FX-adjusted rates. See Slide 4 for an explanation of FX-adjusted information. Subtotals may not sum due to rounding
Slide 25: Card Member Credit Metrics
Card Member Credit Metrics Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Card Member Loans Net Write-off Rate(1) 2.1% 2.1% 2.4% 2.2% 2.1% Card Member Receivables Net Write-off Rates(1) 1.4% 1.2% 1.3% 1.4% 1.3% Corporate Net Write-off Rates(2) 0.6% 0.5% 0.5% 0.5% 0.6% Card Member Loans 30+ Days Past Due(3) 1.4% 1.4%
Slide 26: Credit Reserve Macroeconomic Scenarios: Select Variables
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)% Q4'24 Q3'26 Q3'24 Q2'26 Q2'24 Q1'26 Q1'24 Q4'25 Q3'27 Q3'25 Q2'27 Q2'25 Q1'27 Q1'25 Q4'26 Q3'24 Q4'25 Q1'27 Q4'24 Q1'26
Slide 27: Funding and Deposits
Funding and Deposits Funding Mix Deposit Programs 92% FDIC ($ in billions) ($ in billions) insured at Q3'25 $209 $209 $148 $149 Short-term 1% 1% Funding Third Party 8% 7% 8% 8% CDs Card ABS* Third Party Unsecured 10% 10% Sweep 20% 21% Funding** 2% 2% Checking Savings and 80% 80% Direct CDs 71% 71% D
Slide 28: Additional Commentary – Variance Analysis
Additional Commentary – Variance Analysis The following summary provides selected variance information for the three months ended September 30, 2025 compared to the same period in the prior year. It should be read in conjunction with the statistical tables for Q3'25, available at ir.americanexpress.
Slide 29: Additional Commentary – Variance Analysis
Additional Commentary – Variance Analysis • Card Member Rewards Expense: Increased 11 percent versus Q3'24, primarily driven by higher billed business and the impact associated with a card product migration. • Business Development Expense: Increased 13 percent versus Q3'24, primarily due to increase
Slide 30: Notes on Q3 2025 Business Highlights
Notes on Q3 2025 Business Highlights 1. Our ability to achieve our full-year 2025 guidance is subject to the macroeconomic environment, as well as contingencies and other factors beyond our control. Refer to "Cautionary Note Regarding Forward-Looking Statements" at the end of this presentation. 2. A
Slide 31: Annex 1 (1 of 2)
Annex 1 (1 of 2) Billed Business and Processed Volumes – Reported & FX-Adjusted* % Increase/(decrease) vs. Prior year Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Billed Business Reported 6% 8% 6% 7% 9% FX-Adjusted* 6% 8% 6% 7% 8% Reported Billed Business Q3’19 - Q3’25 CAGR 8% FX-Adjusted Billed Business Q3’19 - Q
Slide 32: Annex 1 (2 of 2)
Annex 1 (2 of 2) Billed Business – Reported & FX-Adjusted* % Increase/(decrease) vs. Prior year Q3'25 Q3'25 Reported FX-Adj.* Reported FX-Adj.* International Consumer 15% 14% U.S. Large and Global Corp. 6% 6% Commercial Services International SME & Large Corp. 12% 12% Total Billed Business 4% 4% Int
Slide 33: Annex 2
Annex 2 Total Loans and Card Member Receivables – Reported & FX-Adjusted* ($ in billions) Q3'19 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 GAAP Total Loans and Card Member Receivables $145 $183 $193 $194 $199 $202 $208 $207 $212 $216 FX-Adjusted Total Loans and Card Member $144 $185 $191
Slide 34: Annex 3
Annex 3 Revenue – Reported & FX-Adjusted* ($ in millions) YoY% Q3'25 Q3'24 Inc/(Dec) Discount Revenue $9,413 $8,780 7% FX-Adjusted* $8,797 7% Net Card Fees $2,551 $2,170 18% FX-Adjusted* $2,178 17% Service Fees and Other Revenue $1,976 $1,680 18% FX-Adjusted* $1,692 17% Net Interest Income $4,486 $4
Slide 35: Annex 4
Annex 4 Net Card Fees – Reported & FX-Adjusted* ($ in billions) Q3'19 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 GAAP Net Card Fees $1.0 $1.5 $1.6 $1.7 $1.8 $1.8 $1.9 $2.0 $2.1 $2.2 $2.2 $2.3 $2.5 $2.6 FX-Adjusted Net Card Fees* $1.0 $1.6 $1.6 $1.7 $1.8 $1.8 $1.9 $
Slide 36: Annex 5
Annex 5 Net Interest Income – Reported & FX-Adjusted* ($ in billions) Q3'19 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 GAAP Net Interest Income $2.2 $3.4 $3.6 $3.8 $3.7 $4.0 $4.0 $4.2 $4.2 $4.5 FX-Adjusted Net Interest Income* $2.2 $3.4 $3.6 $3.7 $3.7 $4.0 YoY% Inc/(Dec) in GAAP Net Inter
Slide 37: Annex 6
Annex 6 Revenues Net of Interest Expense – Reported & FX-Adjusted* ($ in billions) Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 GAAP Revenues Net of Interest Expense $15.4 $15.8 $15.8 $16.3 $16.6 $17.2 $17.0 $17.9 $18.4 FX-Adjusted Revenues Net of Interest Expense* $15.3 $15.6 $15.7 $16.4 $
Slide 38: Annex 7
Annex 7 Adjusted EPS Excluding the Impact of Accertify Gain on Sale Original Original FY’24 2025 Guidance 2025 Guidance YoY% Inc/(Dec) GAAP Diluted EPS $14.01 $15.00 - $15.50 7% - 11% Accertify Gain on Sale (after tax) $0.66 — Adjusted Diluted EPS Excluding the Impact of Accertify Gain on Sale $13.3
Slide 39: 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 40: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • net card fee revenues not growing consistent with the company’s expectations, which could be impacted by, among other things, the pace of Card Member acquisition activity and demand for the company’s fee-based products; higher Card Member attrit
Slide 41: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • the actual amount the company spends on marketing in 2025 and beyond and the effectiveness and efficiency of its marketing spending, which will be based in part on continued changes in the macroeconomic and competitive environment and business p
Slide 42: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • changes in the substantial and increasing worldwide competition in the payments industry, including competitive pressure and competitor settlements and transactions that may materially impact the prices charged to merchants that accept American
Slide 43: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements • the company’s ability to grow internationally, which could be impacted by regulation and business practices, such as those capping interchange or other fees, mandating network access or data localization, favoring local competitors or prohibitin
Slide 44: American Express
AMERICAN EXPRESS
American Express Company — Q3 2025 Earnings Presentation on 6ix