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Question-and-Answer SessionAbsolutely. So there's certainly a lot to double-click on after earnings. But first, I just want to ask how the Amex consumer is doing and what you continue to observe as major drivers of spend acceleration? And just to frame this, you did see billings growth accelerate in the second half of '25 versus the first half. Perhaps talk about the health of the American Express consumer and the sensitivity to spend, the factors that may not be relevant outside your cohort like stock mark ...

This renewed multiyear agreement expands American Express’s presence across the league, which may be contributing to positive investor sentiment.Evercore ISI Group analyst John Pancari maintained an In-Line rating on American Express. Pancari lowered his price forecast to $393 from $400.The AgreementUnder the new agreement, American Express will increase its investment in the WNBA and add USA Basketball, including both Men’s and Women’s National Teams. The deal also positions American Express as the entitle ...

This renewed multiyear agreement expands American Express’s presence across the league, which may be contributing to positive investor sentiment.Evercore ISI Group analyst John Pancari maintained an In-Line rating on American Express. Pancari lowered his price forecast to $393 from $400.The AgreementUnder the new agreement, American Express will increase its investment in the WNBA and add USA Basketball, including both Men’s and Women’s National Teams. The deal also positions American Express as the entitle ...

American Express Company (NYSE:AXP) 2026 Conference Summary Company Overview - **Company**: American Express Company (AXP) - **Date of Conference**: February 10, 2026 - **Key Speaker**: Christophe Le Caillec, CFO Key Points Industry and Market Performance - **Consumer Spending**: Global spend growth remained strong at 7% to 8% throughout the year, with an uptick in the second half of 2025 [6][7] - **Travel and Entertainment**: Notable growth in travel and entertainment spending, particularly front-of-cabin travel at 9% and luxury lodging at 12% [6] - **Holiday Shopping**: Holiday shopping season saw a 9% increase, with Platinum card members spending up 12% [7] Financial Health - **Consumer Credit Metrics**: American Express reported very low write-off and delinquency rates, indicating a strong consumer balance sheet [7] - **Fee Performance**: The company has seen strong performance in fee income, particularly from premium products, which supports the business model [8] Card Acquisition and Strategy - **New Card Acquisitions**: There was a sequential decline in new cards acquired from Q3 to Q4 2025, but this was attributed to the non-linear nature of marketing programs [22][25] - **Focus on Fee-Paying Cards**: The strategy emphasizes acquiring fee-paying card members rather than maximizing the number of new cards [25] - **Average Fee Increase**: The average fee paid per account increased significantly due to high demand for premium products, particularly the Platinum Card [23][24] Product Development and Engagement - **Platinum Card Refresh**: The recent refresh of the Platinum Card has been more successful than previous refreshes of Gold and Delta cards, with strong demand and engagement metrics [29] - **Travel Bookings**: A 30% increase in travel bookings was reported, attributed to the new Platinum value proposition [32] - **Engagement Metrics**: High retention rates of 99% for consumer cards and 98% for small business cards were noted [31] International Growth - **International Market**: International growth is a major source of revenue, with a focus on premium products and younger demographics, particularly Gen Z and millennials [55] - **Market Share**: American Express holds about 6% market share in major international markets, indicating significant growth potential [56] Technology and Operational Efficiency - **Tech Investments**: The company plans to reach $5 billion in annual tech spend, focusing on AI and operational efficiencies [70] - **Operational Efficiency**: Operating expenses as a ratio to revenue decreased from 26% to 22% over three years, highlighting improved operational leverage [72] Valuation and Shareholder Returns - **Stock Buybacks**: The company is committed to returning capital to shareholders through stock buybacks, with a focus on maintaining a strong return on equity of 36% [86][87] - **EPS Growth Guidance**: American Express is guiding towards mid-teens EPS growth, supported by strong credit profiles and business momentum [86] Regulatory Environment - **Credit Card Competition Act**: The company maintains a neutral stance on the Credit Card Competition Act, indicating that it does not expect significant impacts on its business model [10][14] Additional Insights - **Consumer Behavior**: The company noted that younger consumers prefer digital interactions, with 63% of Gen Z interactions occurring online compared to only 13% for Baby Boomers [79] - **Lending Innovations**: The introduction of features like "Pay Over Time" has contributed significantly to balance growth, meeting the revolving needs of premium card members [48][52] This summary encapsulates the key insights and metrics discussed during the American Express conference, highlighting the company's strong performance, strategic focus on premium products, and commitment to shareholder value.

Average Spend per Account on U.S. Consumer Platinum vs. Blue Cash Everyday New accounts acquired represents the number of new Card Member accounts opened, and excludes supplemental cards issued on those accounts. Average Spend FY'25 ~10x U.S. Consumer Services New Acquisitions $164 $189 $179 $182 $179 $203 $196 $282 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Average Fee per New Account Acquired Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 New Cards Acquired (M) 1.5 1.5 1.5 1.4 1.5 1.5 1.5 1.3 ...

Companies that make it into Berkshire Hathaway's equities portfolio usually pass the Oracle of Omaha's test in terms of quality. However, that doesn't mean the investments are guaranteed to work out well. Thorough analysis requires understanding downside variables. One of Warren Buffett's top stocks, which makes up more than 16% of the conglomerate's portfolio, faces a big competitive risk. But there are reasons investors shouldn't worry just yet. Where to invest $1,000 right now? Our analyst team just rev ...

Core Viewpoint - Berkshire Hathaway has a significant investment in American Express, valued at over $53 billion, representing 22.1% of all shares outstanding and 16.4% of Berkshire's equity portfolio, making it the second-largest position after Apple [1]. Investment Thesis - American Express is praised for its global brand and dividend, aligning with Warren Buffett's investment criteria, including its economic role, cash-rich status, and market leadership [2]. - The company continues to invest in its business and competitive advantages, focusing on maintaining its market position in the financial services industry [3]. Financial Performance - In the fourth quarter of 2025, American Express reported a 10% year-over-year increase in revenue and a 16% increase in earnings per share (EPS) [5]. - Card fees rose by 17% year over year, and renewal rates remained stable despite a card refresh that included increased annual fees [5]. Marketing and Investment Strategy - American Express invested $6.3 billion in marketing in 2025, a 75% increase since 2019, resulting in higher customer demand, improved credit quality, and stronger retention [4]. - The company focuses on maintenance and innovation, utilizing technology for a new cloud-based data analytics model to enhance marketing personalization [4]. Consumer Demographics - Gen-Z spending, although only 6% of total spending, grew by 36% year over year, indicating a strong growth potential as this demographic matures [6].

Group 1: Microsoft - Microsoft is a leading tech company with a market cap of $3.1 trillion, experiencing a recent stock decline despite a 17% revenue growth in the last quarter of 2025 [4][6] - The Azure cloud business showed a growth rate of 39%, slightly below the expected 39.4%, which contributed to investor disappointment [4] - The company reported a profit of $38.5 billion, up from $24.1 billion a year ago, indicating strong financial health [7] - Microsoft has a dividend yield of 0.9% and recently announced a 10% increase in its dividend [8] Group 2: American Express - American Express generated $72.2 billion in revenue for 2025, reflecting a 10% year-over-year increase, driven by strong card member spending [9] - The company forecasts a revenue growth rate of 9% to 10% for 2026, despite concerns over potential caps on credit card interest rates [10] - American Express has a market cap of $247 billion and a dividend yield of approximately 0.9%, with plans to increase its payout by 16% this year [12]

Investors looking for stocks in the Financial - Miscellaneous Services sector might want to consider either Grupo Financiero Banorte SAB de CV (GBOOY) or American Express (AXP) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies wi ...