全球最大规模的财务、金融投资以及旅游等综合服务提供商美国运通公司(AXP.US)第二季度信用卡及 其他计费产品的账单业务(即交易额)超出市场预期，得益于其高端客户们持续强劲的消费者支出。全球 富裕客户们继续"刷刷刷"，助力美国运通第二季度整体业绩超市场预期。 在美国市场，高端信用卡市场竞争日趋激烈。摩根大通近期对Chase Sapphire Reserve信用卡进行升级， 年费升至795美元;花旗集团也宣布将推出面向富裕客户群体的定制版Strata Elite信用卡。美国运通同样 加码高端市场，暗示今年晚些时候将升级热销的Platinum信用卡。 "展望今年秋季即将焕新的美国个人及商务版Platinum白金卡，我们有信心继续保持在高端领域的绝对 领先地位。"斯奎里在业绩声明中表示。 总部位于纽约的这家大型金融机构再次确认全年营收增幅8%–10%、每股收益15–15.5美元的业绩展望指 引区间。 由于特朗普政府发起的史无前例贸易战带来重大通胀威胁以及对美国经济展望引发疑问，投资者们尤其 关注美国消费支出是否会大幅放缓，尤其是旅行、住宿等可选消费支出领域。 财报数据显示，在截至6月的三个月里，按恒定汇率计算，美国 ...

Business Performance - American Express' billed business on its cards and other products exceeded expectations in the second quarter [1]

Group 1 - The core viewpoint of the article highlights that American Express reported a second-quarter revenue of $17.86 billion, exceeding the expected $17.71 billion [1] - The company achieved earnings per share of $4.08, surpassing the forecast of $3.87 [1]

Group 1 - The core viewpoint of the article highlights American Express's strong financial performance in Q2, with revenue of $17.86 billion exceeding expectations of $17.71 billion [1] - The company reported earnings per share of $4.08, surpassing the forecast of $3.87 [1]

EXHIBIT 99.2 American Express Company (Preliminary) Consolidated Statements of Income (Millions, except percentages and per share amounts) | Q4'24 | | Q3'24 | Q2'24 | | YOY % change | | YTD'25 | | | YTD'24 | YOY % change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Q2'25 | Q1'25 | | | | | | | | | | | | Non-interest revenues | | | | | | | | | | | | | Discount revenue $ 9,361 $ 9,177 Net card fees 2,480 2,245 | $ 8,743 2,333 | $ 8,780 2,170 | $ 8,855 | 2,060 | | 6 20 | $ 18,10 ...

Core Insights - Warren Buffett, CEO of Berkshire Hathaway, has achieved a cumulative return of nearly 5,800,000% on Class A shares over 60 years, significantly outperforming the S&P 500 by almost 140 times [2] - Buffett's investment strategy focuses on concentrating capital in a few high-conviction stocks, with 58% of Berkshire's $292 billion portfolio invested in just four major holdings [5] Group 1: Major Holdings - Apple is the largest holding at $62.6 billion, representing 21.5% of invested assets, although Buffett has sold 67% of his stake since September 2023 [6][7] - American Express is the second-largest holding at $48.7 billion, accounting for 16.7% of invested assets, benefiting from its dual role as a payment processor and lender [12][13] - Bank of America is the third-largest holding at $29.7 billion, making up 10.2% of invested assets, with Buffett selling shares due to profit-taking and expectations of declining interest rates [16][17] - Coca-Cola is the fourth-largest holding at $27.8 billion, representing 9.5% of invested assets, known for its stable cash flow and strong brand loyalty [21][22] Group 2: Investment Rationale - Buffett values companies with sustainable competitive advantages, as seen in his long-term investments in Apple, American Express, Bank of America, and Coca-Cola [4][21] - The investment in Apple is supported by its strong consumer loyalty and growth in subscription services, despite stagnant device sales [8][10] - American Express attracts high-earning clientele, which helps mitigate risks during economic downturns [15] - Coca-Cola's geographic diversity and consistent cash flow make it a reliable investment, with a significant yield on cost due to a low cost basis [23][25]

Group 1 - American Express is set to release its Q2 earnings results on July 18, with expected earnings of $3.86 per share, down from $4.15 per share in the previous year [1] - The projected quarterly revenue for American Express is $17.7 billion, an increase from $16.33 billion a year earlier [1] - The company's board declared a regular quarterly dividend of 82 cents per common share [2] Group 2 - JP Morgan analyst Richard Shane maintained a Neutral rating and raised the price target from $260 to $342 [4] - Morgan Stanley analyst Betsy Graseck maintained an Equal-Weight rating and increased the price target from $250 to $311 [4] - Keefe, Bruyette & Woods analyst Sanjay Sakhrani maintained an Outperform rating and raised the price target from $360 to $371 [4] - Truist Securities analyst Brian Foran maintained a Buy rating and increased the price target from $375 to $340 [4] - Citigroup analyst Keith Horowitz maintained a Neutral rating and raised the price target from $300 to $327 [4]

Core Insights - American Express Company (AXP) is expected to report second-quarter 2025 results on July 18, 2025, with earnings estimated at $3.86 per share and revenues at $17.69 billion [1][5] Earnings Estimates - The second-quarter earnings estimate has seen four upward revisions and two downward movements in the past 60 days, indicating a year-over-year increase of 10.6% [2] - The Zacks Consensus Estimate for quarterly revenues implies a year-over-year growth of 8.3% [2] - For the full year 2025, the revenue estimate is pegged at $71.24 billion, reflecting an 8% year-over-year rise, while the EPS estimate is $15.22, indicating a 14% growth year-over-year [3] Performance Indicators - American Express has beaten consensus estimates in the last four quarters, with an average surprise of 5.2% [3] - The company is predicted to have a positive earnings surprise this quarter, supported by an Earnings ESP of +0.72% and a Zacks Rank of 3 (Hold) [4] Factors Influencing Q2 Results - A rise in network volumes is expected, driven by resilient consumer spending among AXP's premium customer base, with a projected EPS of $3.86 and revenues of $17.69 billion [5] - Total network volumes are estimated to grow by 5.7% year-over-year from $440.6 billion, while Discount revenues are expected to increase by 11.8% [6] - Cards-in-force are projected to grow by 3.2%, and interest income is expected to rise by 13% due to higher loan receivables [7][8] Client Engagement and Costs - Client engagement costs are likely to increase due to higher Card Member spending and travel-related benefits [9] - The pre-tax income estimate from Global Merchant and Network Services indicates a significant decline of 33.6% year-over-year [9]

Core Viewpoint - Analysts project that American Express (AXP) will report quarterly earnings of $3.86 per share, reflecting a year-over-year increase of 10.6%, with revenues expected to reach $17.69 billion, an 8.3% increase from the same quarter last year [1] Earnings Estimates - There have been no revisions in the consensus EPS estimate for the quarter over the last 30 days, indicating stability in analysts' forecasts [1][2] Key Metrics Projections - The consensus estimate for 'Book value per common share' is $44.84, up from $39.26 in the same quarter last year [4] - 'Risk-Based Capital - Common Equity Tier 1' is projected to be 10.5%, slightly down from 10.8% in the same quarter of the previous year [4] Commercial Services Metrics - 'Commercial Services - Card Member Loans - Total loans' are expected to reach $32.53 billion, compared to $28.62 billion in the same quarter last year [5] - 'Commercial Services - Card Member loans - Average Loans' is projected at $31.83 billion, up from $28.03 billion in the same quarter last year [5] International Card Services Metrics - 'International Card Services - Card Member loans - consumer and small business - Average loans' is forecasted to be $17.98 billion, compared to $16.84 billion in the same quarter last year [6] - 'International Card Services - Card Member loans - consumer and small business - Total loans' is expected to reach $18.50 billion, up from $17.27 billion a year ago [6] U.S. Consumer Services Metrics - 'U.S. Consumer Services - Card Member loans - Total loans' is projected at $92.66 billion, compared to $84.96 billion in the same quarter last year [7] - 'Card billed business (Network volumes)' is expected to reach $465.80 billion, up from $440.60 billion a year ago [7] Average Card Member Loans - 'Average Card Member loans' is expected to be $141.10 billion, compared to $128.32 billion in the same quarter last year [8] - 'Total Card Member loans' is projected at $143.69 billion, up from $130.85 billion in the same quarter last year [8] Non-Interest Revenues - 'Total non-interest revenues' are projected to reach $13.40 billion, compared to $12.60 billion in the same quarter last year [9] Stock Performance - Shares of American Express have returned +9.1% over the past month, outperforming the Zacks S&P 500 composite's +5% change [10]

Core Viewpoint - The article discusses the recent developments in trade negotiations, the impact of tariffs on inflation, and the upcoming economic data releases that could influence monetary policy decisions in the US and Europe [1][3][6]. Trade Negotiations and Tariffs - President Trump announced a new round of reciprocal tariffs on several trade partners, leading to a decline in US stock markets, with the Dow Jones down 1.02% and the S&P 500 down 0.31% for the week [1]. - The deadline for the new tariffs to take effect is August 1, and investors are awaiting further news on trade negotiations [1][3]. - The EU is attempting to reach a trade agreement with the US, with concerns that US tariffs could disrupt transatlantic supply chains [6]. Economic Data and Monetary Policy - The upcoming US inflation data, particularly the Consumer Price Index (CPI) for June, is expected to influence the Federal Reserve's decision on potential interest rate cuts later this year [3]. - The Federal Reserve's June meeting minutes indicated concerns about inflation pressures from tariffs, but a belief that a rate cut may occur later in the year [3]. - In the UK, inflation has risen, with the CPI at 3.4% in May, and expectations for a potential rate cut by the Bank of England if economic data continues to underperform [7]. Commodity Markets - Oil prices have stabilized, with WTI crude oil rising 2.16% to $68.45 per barrel and Brent crude oil increasing 3.02% to $70.36 per barrel, amid concerns over summer supply and demand [4]. - Gold prices have also rebounded, with COMEX gold rising 0.73% to $3356 per ounce, as investors seek safe-haven assets amid trade uncertainties [5]. Upcoming Economic Indicators - Key economic indicators to watch include the US PPI, industrial production, and retail sales data, as well as consumer sentiment surveys [3][9]. - In Europe, the ZEW economic sentiment index for Germany will be released, reflecting the economic outlook amid trade tensions [6].