Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ____ to ____ Commission file number 1-7657 AMERICAN EXPRESS COMPANY (Exact name of registrant as specified in its charter) New York 13-4922250 (State or ...

Financial Data and Key Metrics Changes - Revenue for Q2 2024 reached an all-time high of $16.3 billion, growing 9% year-over-year on an FX adjusted basis [15] - Net income was $3 billion, resulting in earnings per share (EPS) of $4.15, with EPS growth of 21% when excluding a gain of $0.66 from the sale of Accertify [15][16] - The company raised its full-year EPS guidance to a range of $13.30 to $13.80, up from $12.65 to $13.15 previously [8][28] Business Line Data and Key Metrics Changes - Billed business grew 6% year-over-year on an FX adjusted basis, with 6% growth in goods and services and 7% growth in travel and entertainment spending [16] - US consumer segment grew billings at 6%, with Millennials and Gen-Z spending increasing by 13% [17] - Commercial services saw overall growth of 2%, while international card services experienced a 13% increase [18] Market Data and Key Metrics Changes - The company reported stable spend growth across customer segments and categories, with strong growth in the number of transactions from card members, which grew 9% [16][18] - International spending growth remained robust, with double-digit growth across all regions [18] Company Strategy and Development Direction - The company plans to invest around $6 billion in marketing for the year, an increase of $800 million compared to last year, funded entirely from core business results [8][24] - Ongoing product innovations and enhancements to the membership model are key strategies, with approximately 40 product refreshes planned by year-end [12][60] - The company aims to maintain strong engagement with premium customers and continue attracting high-quality card members [9][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve mid-teens EPS growth even in a slower growth environment [27] - The outlook for credit performance remains strong, with expectations for stable write-off rates and a disciplined growth strategy focused on high credit quality customers [20][50] Other Important Information - The company returned $2.3 billion of capital to shareholders, including $1.8 billion in share repurchases, the highest level in over two years [26] - Operating expenses were down 13% year-over-year due to a gain from the sale of Accertify, with expectations for flat operating expenses for the year [24] Q&A Session Summary Question: Insights on US consumer and SMEs - Management noted a sequential decline in US consumer growth from 8% to 6%, influenced by Millennial and Gen-Z spending, which remains strong [31] Question: Revenue guidance for 2024 - Management reiterated the revenue guidance of 9% to 11%, indicating comfort within that range based on current performance [34] Question: Product refresh impact - Management highlighted that product refreshes enhance marketing effectiveness and provide more value to cardholders, contributing to future growth [38] Question: Marketing spend rationale - The increase in marketing spend is driven by identified opportunities rather than a response to competitor pullbacks, with a focus on acquiring more cardholders [42] Question: Credit quality outlook - Management expressed confidence in stable credit write-off rates for the remainder of the year, supported by strong customer health [50] Question: EPS guidance implications - Management clarified that the one-time gain from Accertify will not be included in future guidance, maintaining expectations for mid-teens EPS growth [52] Question: Digital banking investments - The company is focused on enhancing digital banking capabilities to engage more effectively with small businesses and consumers [55] Question: Product refreshes and net card fees - Management is optimistic about net card fee growth, supported by ongoing product refreshes and strong retention rates [59]

American Express earnings released on Friday (July 19) show that consumers continue to spend on experiences — particularly on dining out, and that momentum belongs to the younger generations who are using their cards more often.Spending by millennial and Gen Z customers was up 13% year over year, management said.CFO Christophe Le Caillec said on the conference call with analysts that spending growth was visible across several categories, where spending on goods and services was 6% higher and there was 7% gr ...

For the quarter ended June 2024, American Express (AXP) reported revenue of $16.33 billion, up 8.5% over the same period last year. EPS came in at $3.49, compared to $2.89 in the year-ago quarter.The reported revenue represents a surprise of -1.45% over the Zacks Consensus Estimate of $16.57 billion. With the consensus EPS estimate being $3.22, the EPS surprise was +8.39%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine th ...

American Express (AXP) came out with quarterly earnings of $3.49 per share, beating the Zacks Consensus Estimate of $3.22 per share. This compares to earnings of $2.89 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.39%. A quarter ago, it was expected that this credit card issuer and global payments company would post earnings of $2.97 per share when it actually produced earnings of $3.33, delivering a surprise of 12.12%.Ove ...

EXHIBIT 99.2 American Express Company (Preliminary) Consolidated Statements of Income (Millions, except percentages and per share amounts) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|---------|-------|----------|---------|----------|------------|----------|---------|--------|-------|-----------|-------------| | | Q2'24 | | Q1'24 | Q4'23 | | | Q2'23 | %change | YTD'24 | | YTD'23 | YOY %change | | Non-interest revenues | | | | | | ...

The fintech industry has shown its resilience even in tough times. Despite an uncertain economy, a high inflationary environment and a long period of low consumer spending, financial companies have stood strong. This industry still hasn’t peaked. With the introduction of artificial intelligence (AI) and new technologies, the scope of fintech stocks room to run continues to expand.Besides tech, I believe the fintech industry has shown tremendous growth over the past year. Adding fintech stocks to your portfo ...

American Express Company (AXP) is set to report second-quarter 2024 results on Jul 19, 2024, before the opening bell. Growing network volumes, total cards-in-force and interest income are expected to have supported its performance.The Zacks Consensus Estimate for second-quarter earnings is currently pegged at $3.22 per share, implying solid growth of 11.4% from the year-ago reported number. The estimate was revised upward by two analysts in the past week against no movement in the opposite direction, result ...

The fintech stocks had their heyday back in 2020-21 when it was thought they’d pose a serious threat to the market share of traditional financial institutions (think the banks). When the pandemic lockdowns happened and online shopping went into overdrive in what was a “roaring start” to the 2020s, it seemed like the market’s fintech darlings could only go higher. The blistering momentum eventually ran out of steam, and fintech stocks were among the first of the dominoes to fall as the 2022 market sell-off u ...

Fundamental analysis focuses on a company’s finances, catalysts, valuation, and other components that impact a stock’s long-term performance. It doesn’t consider technical indicators like 50-day moving averages and oscillators. Looking at long-term stocks also makes it easier to invest. Instead of timing the stock market and looking for opportunities to sell your shares at high prices, investors can take a more passive role if they focus on the fundamentals.A passive approach can go wrong if companies becom ...