Core Insights - American Express reported revenue of $18.43 billion for the quarter ended September 2025, reflecting a year-over-year increase of 10.8% [1] - The earnings per share (EPS) for the quarter was $4.14, up from $3.49 in the same quarter last year, exceeding the consensus estimate of $3.96 by 4.55% [1] Financial Performance - The reported revenue surpassed the Zacks Consensus Estimate of $17.99 billion, resulting in a surprise of +2.42% [1] - Total Card Member loans amounted to $144.81 billion, slightly below the average estimate of $145.06 billion [4] - Risk-Based Capital Ratios (Basel III) for Common Equity Tier 1/Risk Weighted Assets were reported at 10.5%, compared to the estimated 10.8% [4] - Total non-interest revenues reached $13.94 billion, exceeding the average estimate of $13.71 billion [4] Loan Metrics - Commercial Services - Total Card Member loans were reported at $30.69 billion, below the average estimate of $30.84 billion [4] - International Card Services - Average loans for consumer and small business were $19.65 billion, above the estimated $19.43 billion [4] - U.S. Consumer Services - Total loans were reported at $94.14 billion, slightly below the average estimate of $94.23 billion [4] Stock Performance - American Express shares have returned -5.4% over the past month, while the Zacks S&P 500 composite increased by +0.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

American Express - American Express reported better-than-expected earnings, with revenue reaching $18.4 billion, an 11% increase year-over-year, and EPS at $4.14, surpassing expectations [2][5] - The growth was driven by higher card member spending and increased card fees, particularly for the premium Platinum card, which has an annual fee of $895 [3][4] - The CEO noted strong demand for the Platinum card, stating it exceeded expectations, indicating robust performance among affluent consumers [4][7] Regional Banks - Zions Bancorporation experienced a rebound after a significant drop due to concerns over alleged loan fraud, with the stock gaining over 2% following an upgrade from analysts [8][10] - The market reaction to Zions' write-off of $50 million was deemed excessive, as it wiped off approximately $1 billion in market value, but analysts see this as a long-term investment opportunity [10][12] - Concerns about credit quality in the regional banking sector persist, with investors cautious following past issues in 2023 [12][13] Alphabet (Google) - Alphabet's stock has seen over 30% gains this year, with Guggenheim raising its price target from $210 to $280, maintaining a buy rating [15][16] - The digital advertising market is expected to remain steady, with Alphabet and Meta anticipated to capture more ad dollars, reflecting growing confidence in advertiser demand [17][18] - The removal of antitrust concerns has positively impacted Alphabet's outlook, contributing to a more bullish sentiment among analysts [18]

Market Overview - U.S. stocks showed mixed performance with the Dow Jones index gaining over 100 points, up 0.25% to 46,067.55, while NASDAQ fell 0.36% to 22,480.34 and S&P 500 dropped 0.15% to 6,619.14 [1] - Energy shares increased by 1% on Friday, while information technology stocks decreased by 0.5% on Thursday [1] American Express Performance - American Express Co reported better-than-expected Q3 2025 results with quarterly revenue growth of 11% year-over-year to $18.43 billion, surpassing the analyst consensus estimate of $18.05 billion [2] - Adjusted EPS for American Express was $4.14, exceeding projections of $4.00 [2] Revenue and EPS Guidance - American Express raised its full-year 2025 revenue outlook to $71.88 billion-$72.54 billion, indicating a 9%-10% year-over-year increase, compared to the previous guidance of $71.22 billion-$72.54 billion and analyst consensus of $71.60 billion [3] - The company also increased its EPS guidance to $15.20-$15.50 from a prior range of $15.00–$15.50, compared to the analyst consensus of $15.33 [3] Commodity Market - Oil prices increased by 0.1% to $57.46, while gold prices decreased by 0.3% to $4,290.10 [6] - Silver fell by 3.6% to $51.380 and copper dropped by 0.5% to $4.9720 [6] European Market Performance - European shares were mostly lower, with the eurozone's STOXX 600 declining by 0.9% [7] - Notable movements included Spain's IBEX 35 Index rising by 0.1%, while London's FTSE 100 fell by 0.8%, Germany's DAX 40 decreased by 1.6%, and France's CAC 40 slipped [7] Notable Stock Movements - Rani Therapeutics Holdings Inc shares surged by 189% to $1.36 following a collaboration agreement with Chugai Pharmaceutical [7] - Artiva Biotherapeutics Inc shares increased by 95% to $5.40 after receiving FDA Fast Track Designation [7] - VirnetX Holding Corp shares rose by 50% to $25.27 [7] - UTime Ltd shares dropped by 33% to $0.090 after announcing a $25 million registered direct offering [7] - INVO Fertility Inc shares fell by 35% to $0.92 after a significant rise the previous day [7] Asian Market Performance - Asian markets closed mostly lower, with Japan's Nikkei 225 down 1.44%, Hong Kong's Hang Seng index down 2.48%, and China's Shanghai Composite down 1.95% [9] - India's BSE Sensex was the exception, rising by 0.58% [9]

Financial Data and Key Metrics Changes - The company reported a strong quarter with revenues increasing by 11% year over year to a record $18.4 billion and earnings per share (EPS) rising by 19% to $4.14 [4][12] - Card member spending accelerated to 9% or 8% on an FX-adjusted basis, with notable growth in retail spending and a rebound in travel [4][12] - Full-year revenue growth guidance has been raised to 9% to 10%, with EPS expected between $15.20 and $15.50 [4][21] Business Line Data and Key Metrics Changes - Annual card fees are approaching $10 billion, growing at double digits for 29 consecutive quarters [12] - Total spend was up 8.5% FX-adjusted, driven by strong retail spending up 12% and a rebound in travel and entertainment (T&E) [12][13] - Premium T&E bookings showed good momentum, with spending on front-of-cabin airline tickets up 14% [13] Market Data and Key Metrics Changes - International spend increased by 13% FX-adjusted, with three of the top five countries growing by 18% or more [14] - Millennials and Gen Z now account for 36% of total spend, matching the share of Gen X [14] - The company acquired 3.2 million new cards in the quarter, with over 70% of new accounts being fee-paying products [15] Company Strategy and Development Direction - The company continues to invest in refreshing its product offerings, with over 200 refreshes across its portfolio since 2019 [5][6] - The recent launch of the refreshed U.S. Consumer Platinum Card and Business Platinum Card aims to enhance customer engagement and drive growth [4][10] - The strategy focuses on understanding customer needs and enhancing value propositions with compelling benefits and services [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth through the powerful membership platform and expanding digital capabilities [11][21] - The company noted a stable macroeconomic environment and a positive outlook for the holiday season based on strong retail spending [26][27] - Delinquency rates remain low, and credit performance is stable, indicating a healthy consumer base [57][59] Other Important Information - The company returned $2.9 billion of capital to shareholders, including $0.6 billion in dividends and $2.3 billion in share repurchases [21] - The company expects a step-up in costs related to the Platinum Card refresh, but remains committed to achieving mid-teens EPS growth [32][34] Q&A Session Summary Question: Insights on the path forward and potential improvements in customer spending - Management noted a recent acceleration in billings and expressed optimism about maintaining this momentum, particularly in retail and travel spending [25][26] Question: Financial impact of the Platinum Card refresh - The refresh is expected to have a delayed impact on card fees, with costs rising in the short term but aiming for mid-teens EPS growth in the long term [31][34] Question: Strength of demand for consumer versus business products - The company reported strong demand for both consumer and business products, with notable growth in premium offerings [36] Question: Insights on small and medium enterprises (SME) growth - Management indicated good acquisition trends in the SME segment and expressed confidence in stabilizing growth moving forward [38][40] Question: Performance of the Platinum Card refresh and competitive takeaways - It is too early to determine the competitive impact of the refresh, but initial results show strong upgrades and new card acquisitions [42][43] Question: Marketing spend strategy - The company plans to continue investing in marketing while ensuring efficiency and effectiveness in spending [61][63] Question: Consumer health and impact of government shutdown - Management reported stable consumer health metrics and no significant impact from the government shutdown at this time [57][58]

Financial Data and Key Metrics Changes - Revenues increased by 11% year over year to a record $18.4 billion, with earnings per share (EPS) rising by 19% to $4.14 [7][19] - Full year revenue growth guidance has been raised to 9% to 10%, with EPS expected between $15.2 and $15.5 [7][34] Business Line Data and Key Metrics Changes - Annual card fees are approaching $10 billion, growing at double digits for 29 consecutive quarters [19] - Total spend was up 8.5% FX adjusted, driven by strong retail spending up 12% and a rebound in travel and entertainment (T&E) [21][22] - Premium T&E bookings saw spending on front-of-cabin airline tickets increase by 14% [21] Market Data and Key Metrics Changes - International spend was up 13% FX adjusted, with three of the top five countries growing by 18% or more [22][23] - Millennials and Gen Z now account for 36% of total spend, matching the share of Gen X [21] Company Strategy and Development Direction - The company is focused on enhancing its premium product offerings, exemplified by the recent refresh of the U.S. Consumer and Business Platinum Cards [8][9] - The strategy includes continuous product refreshes to drive customer engagement and growth, with over 200 refreshes since 2019 [10][12] - The company aims to expand its digital capabilities and merchant coverage outside the U.S. [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth, citing strong initial demand and engagement following the Platinum refresh [17][34] - The operating environment is viewed as stable, with expectations for continued spending growth into the holiday season [42][43] - Management noted that the consumer base remains resilient, with low delinquency rates and strong credit performance [86][90] Other Important Information - The company returned $2.9 billion to shareholders, including $600 million in dividends and $2.3 billion in share repurchases [33] - The company has seen a significant increase in new Platinum account acquisitions, running at twice the level before the refresh [16] Q&A Session Summary Question: Thoughts on the path forward and potential improvements - Management noted a recent acceleration in billings but remains cautious about predicting future trends, emphasizing a stable environment [38][39] Question: Financial impact of the Platinum refresh - Management indicated that while there is a delay in card fee increases, they expect to maintain mid-teens EPS growth despite the refresh costs [50][54] Question: Contribution of the Platinum refresh to billed business growth - Management acknowledged that while the refresh has had a positive impact, macroeconomic factors also play a significant role in spending trends [56] Question: Insights on small and medium enterprises (SME) - Management reported good acquisition trends and organic growth in the SME segment, with expectations for stabilization moving forward [60][62] Question: International strength and coverage - Management highlighted strong performance in international markets, particularly in the top five markets, and ongoing efforts to improve coverage [66] Question: Marketing spend strategy - Management emphasized a disciplined approach to marketing spend, focusing on efficiency while supporting product launches like the Platinum refresh [94] Question: Retention offers and customer engagement - Management indicated that retention offers play a minimal role, as the product's value drives customer loyalty and engagement [80][82]

Core Insights - American Express reported quarterly earnings of $4.14 per share, exceeding the Zacks Consensus Estimate of $3.96 per share, and showing an increase from $3.49 per share a year ago, resulting in an earnings surprise of +4.55% [1] - The company achieved revenues of $18.43 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.42%, compared to $16.64 billion in the same quarter last year [2] - American Express has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] Earnings Outlook - The immediate price movement of American Express shares will largely depend on management's commentary during the earnings call [3] - The current consensus EPS estimate for the upcoming quarter is $3.67 on revenues of $18.67 billion, and for the current fiscal year, it is $15.26 on revenues of $71.43 billion [7] - The estimate revisions trend for American Express was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Financial - Miscellaneous Services industry, to which American Express belongs, is currently ranked in the top 37% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

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Financial Performance - Revenue increased by 11% to $18426 million in Q3'25 compared to $16636 million in Q3'24[9] - EPS increased by 19% to $414 in Q3'25 compared to $349 in Q3'24[9] - Net card fees increased by 18% to $2551 million versus Q3'24, driven by growth in premium card portfolios[40, 81] - The company is raising FY2025 guidance to 9-10% revenue growth and EPS of $1520 - $1550[4] Billed Business Growth - Total billed business increased by 8% FX-adjusted in Q3'25[11] - U S Consumer Services billed business increased by 9% year-over-year in Q3'25[14] - International Card Services billed business increased by 13% year-over-year in Q3'25[19] Customer Acquisition and Engagement - Proprietary new cards acquired reached 32 million in Q3'25[24] - 72% of global new accounts acquired were on fee-paying products[24] - American Express cards are accepted at an estimated 160 million merchant locations worldwide, a nearly 5x increase since 2017[4] Credit Metrics - Reserves as a % of total loans & CM receivables is 29%[38] - 30+ Days Past Due is 13% of Card Member Loans and Receivables[33]

Core Insights - American Express exceeded earnings expectations and raised its outlook due to strong demand for its premium Platinum card [1] Financial Performance - The company reported better-than-expected earnings, indicating robust financial health and effective management strategies [1] Market Demand - There is a notable increase in demand for the higher-priced premium Platinum card, reflecting consumer preference for premium financial products [1]

Consolidated Statements of Income This section details the company's financial performance, including revenues, credit losses, expenses, and net income [Total Revenues Net of Interest Expense](index=1&type=section&id=Total%20Revenues%20Net%20of%20Interest%20Expense) The company achieved $18,426 million in total revenues net of interest expense in Q3 2025, an 11% YOY increase | Metric | Q3'25 (million USD) | Q3'24 (million USD) | YOY % change | YTD'25 (million USD) | YTD'24 (million USD) | YOY % change | | :-------------------------------- | :--------------- | :--------------- | :----------- | :--------------- | :--------------- | :----------- | | **Non-Interest Income** | | | | | | | | Discount Revenue | 9,413 | 8,780 | 7 | 27,517 | 26,015 | 6 | | Net Card Fees | 2,551 | 2,170 | 18 | 7,364 | 6,204 | 19 | | Service Fees and Other Income | 1,976 | 1,680 | 18 | 5,526 | 5,046 | 10 | | **Total Non-Interest Income** | **13,940** | **12,630** | **10** | **40,407** | **37,265** | **8** | | **Interest Income** | | | | | | | | Interest on Loans | 5,970 | 5,442 | 10 | 17,170 | 15,592 | 10 | | Interest and Dividends on Investment Securities | 15 | 18 | (17) | 46 | 68 | (32) | | Bank Deposits and Other | 632 | 689 | (8) | 1,800 | 2,058 | (13) | | **Total Interest Income** | **6,617** | **6,149** | **8** | **19,016** | **17,718** | **7** | | **Interest Expense** | | | | | | | | Deposits | 1,371 | 1,446 | (5) | 4,082 | 4,298 | (5) | | Long-Term Debt and Other | 760 | 697 | 9 | 2,092 | 1,915 | 9 | | **Total Interest Expense** | **2,131** | **2,143** | **(1)** | **6,174** | **6,213** | **(1)** | | **Net Interest Income** | **4,486** | **4,006** | **12** | **12,842** | **11,505** | **12** | | **Total Revenues Net of Interest Expense** | **18,426** | **16,636** | **11** | **53,249** | **48,770** | **9** | [Provisions for Credit Losses](index=1&type=section&id=Provisions%20for%20Credit%20Losses) Total provisions for credit losses in Q3 2025 were $1,287 million, a 5% year-over-year decrease | Metric | Q3'25 (million USD) | Q3'24 (million USD) | YOY % change | YTD'25 (million USD) | YTD'24 (million USD) | YOY % change | | :------------------- | :--------------- | :--------------- | :----------- | :--------------- | :--------------- | :----------- | | Card Member Receivables | 190 | 170 | 12 | 562 | 592 | (5) | | Card Member Loans | 1,030 | 1,114 | (8) | 3,025 | 3,098 | (2) | | Other | 67 | 72 | (7) | 255 | 203 | 26 | | **Total Provisions for Credit Losses** | **1,287** | **1,356** | **(5)** | **3,842** | **3,893** | **(1)** | [Expenses](index=1&type=section&id=Expenses) Total expenses for Q3 2025 were $13,314 million, an increase of 10% year-over-year | Metric | Q3'25 (million USD) | Q3'24 (million USD) | YOY % change | YTD'25 (million USD) | YTD'24 (million USD) | YOY % change | | :----------------------- | :--------------- | :--------------- | :----------- | :--------------- | :--------------- | :----------- | | Card Member Rewards | 4,608 | 4,168 | 11 | 13,604 | 12,169 | 12 | | Business Development | 1,611 | 1,430 | 13 | 4,729 | 4,249 | 11 | | Card Member Services | 1,477 | 1,179 | 25 | 4,106 | 3,504 | 17 | | Marketing | 1,599 | 1,470 | 9 | 4,640 | 4,426 | 5 | | Salaries and Employee Benefits | 2,239 | 2,049 | 9 | 6,511 | 6,096 | 7 | | Professional Services | 623 | 579 | 8 | 1,755 | 1,576 | 11 | | Data Processing and Equipment | 751 | 725 | 4 | 2,176 | 2,083 | 4 | | Other, Net | 406 | 476 | (15) | 1,181 | 635 | 86 | | **Total Expenses** | **13,314** | **12,076** | **10** | **38,702** | **34,738** | **11** | [Net Income and EPS](index=1&type=section&id=Net%20Income%20and%20EPS) Net income for Q3 2025 was $2,902 million, up 16% year-over-year, with diluted EPS at $4.14, up 19% | Metric | Q3'25 | Q3'24 | YOY % change | YTD'25 | YTD'24 | YOY % change | | :----------------------------------- | :------ | :------ | :----------- | :------- | :------- | :----------- | | Net Income (million USD) | $2,902 | $2,507 | 16 | $8,371 | $7,959 | 5 | | Net Income Attributable to Common Shareholders (million USD) | $2,868 | $2,474 | 16 | $8,272 | $7,856 | 5 | | Diluted EPS (USD) | $4.14 | $3.49 | 19 | $11.85 | $10.97 | 8 | | Average Common Shares Outstanding (million) | 693 | 709 | (2) | 698 | 716 | (3) | | Cash Dividends Per Share (USD) | $0.82 | $0.70 | 17 | $2.46 | $2.10 | 17 | | Effective Tax Rate | 24.1% | 21.8% | | 21.8% | 21.5% | | Consolidated Balance Sheets and Related Statistical Information This section presents the company's financial position, including assets, liabilities, and equity, along with key financial ratios [Assets](index=2&type=section&id=Assets) Total assets reached $297,550 million at the end of Q3 2025, a 10% year-over-year increase | Metric | Q3'25 (million USD) | Q3'24 (million USD) | YOY % change | | :----------------------- | :--------------- | :--------------- | :----------- | | Cash and Cash Equivalents | $54,706 | $47,918 | 14 | | Card Member Receivables, Net of Allowances | 60,823 | 58,886 | 3 | | Card Member Loans, Net of Allowances | 138,946 | 128,960 | 8 | | Card Member Loans Held for Sale | 2,424 | - | - | | Investment Securities | 1,374 | 1,268 | 8 | | Other | 39,277 | 33,947 | 16 | | **Total Assets** | **$297,550** | **$270,979** | **10** | [Liabilities and Shareholders' Equity](index=2&type=section&id=Liabilities%20and%20Shareholders%27%20Equity) Total liabilities were $265,133 million at the end of Q3 2025, a 10% year-over-year increase | Metric | Q3'25 (million USD) | Q3'24 (million USD) | YOY % change | | :------------------- | :--------------- | :--------------- | :----------- | | Customer Deposits | $149,883 | $135,438 | 11 | | Short-Term Borrowings | 1,446 | 1,457 | (1) | | Long-Term Debt | 57,787 | 53,546 | 8 | | Other | 56,017 | 50,831 | 10 | | **Total Liabilities** | **265,133** | **241,272** | **10** | | **Shareholders' Equity** | **32,417** | **29,707** | **9** | | **Total Liabilities and Shareholders' Equity** | **$297,550** | **$270,979** | **10** | [Related Statistical Information](index=2&type=section&id=Related%20Statistical%20Information) Net interest yield was 8.2% in Q3 2025, with return on average equity at 35.9% | Metric | Q3'25 | Q3'24 | YOY % change | YTD'25 | YTD'24 | | :----------------------- | :---- | :---- | :----------- | :------- | :------- | | Net Interest Yield (C) | 8.2 % | 8.0 % | | 8.1 % | 7.9 % | | Return on Average Equity (D) | 35.9 % | 33.9 % | | 35.4 % | 36.6 % | | Return on Average Common Equity (D) | 37.3 % | 35.3 % | | | | | Book Value Per Share (USD) | $44.76 | $39.92 | 12 | | | Consolidated Capital This section details the company's capital structure, including shares outstanding and risk-based capital ratios [Shares Outstanding](index=3&type=section&id=Shares%20Outstanding) Shares outstanding at the end of Q3 2025 were 689 million, a decrease primarily due to common stock repurchases | Metric | Q3'25 (million shares) | Q3'24 (million shares) | | :--------------------------- | :------------- | :------------- | | Beginning of Period | 696 | 712 | | Common Stock Repurchases | (7) | (8) | | Employee Benefit Plans and Other Net Impact | — | — | | **End of Period Shares Outstanding** | **689** | **704** | [Risk-Based Capital Ratios - Basel III](index=3&type=section&id=Risk-Based%20Capital%20Ratios%20-%20Basel%20III) The company's Common Equity Tier 1 capital ratio was 10.5% in Q3 2025, with a Tier 1 capital ratio of 11.1% and a Total capital ratio of 13.1% | Metric | Q3'25 | Q3'24 | | :----------------------------------- | :---- | :---- | | Common Equity Tier 1 Capital / Risk-Weighted Assets (RWA) | 10.5 % | 10.7 % | | Tier 1 Capital | 11.1 % | 11.4 % | | Total Capital | 13.1 % | 13.4 % | | Tier 1 Leverage Ratio | 9.5 % | 9.8 % | | Supplementary Leverage Ratio (SLR) (E) | 8.1 % | | | Common Equity Tier 1 Capital (million USD) | $26,222 | $24,648 | | Risk-Weighted Assets (RWA) (million USD) | $250,642 | $229,855 | - The company became a Category III institution in Q3 2024, thus subject to minimum Supplementary Leverage Ratio requirements starting Q4 2024[21](index=21&type=chunk) Selected Card Related Statistical Information This section provides key metrics on card network activity, billed business, and card-in-force data [Network Volumes and Billed Business](index=4&type=section&id=Network%20Volumes%20and%20Billed%20Business) Network volumes reached $479.2 billion in Q3 2025, a 9% year-over-year increase, with billed business at $421.0 billion, also up 9% | Metric | Q3'25 (billion USD) | Q3'24 (billion USD) | YOY % change | YTD'25 (billion USD) | YTD'24 (billion USD) | YOY % change | | :------------------- | :--------------- | :--------------- | :----------- | :--------------- | :--------------- | :----------- | | Network Volumes (G) | $479.2 | $441.0 | 9 | $1,390.8 | $1,300.8 | 7 | | Billed Business (H) | $421.0 | $387.3 | 9 | $1,224.7 | $1,142.5 | 7 | | Billed Business Category | Q3'25 YOY % change | YTD'25 YOY % change | | :--------------------- | :----------------- | :------------------ | | U.S. Consumer Services | 9 | 8 | | Commercial Services | 4 | 3 | | International Card Services | 14 | 13 | | Goods and Services Spend | 9 | 7 | | Travel and Entertainment Spend | 8 | 6 | [Cards-in-Force and Spending](index=4&type=section&id=Cards-in-Force%20and%20Spending) Total cards-in-force reached 151.2 million at the end of Q3 2025, a 4% year-over-year increase | Metric | Q3'25 (million) | Q3'24 (million) | YOY % change | YTD'25 (million) | YTD'24 (million) | YOY % change | | :--------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total Cards-in-Force (I) | 151.2 | 145.5 | 4 | 151.2 | 145.5 | 4 | | Proprietary Cards-in-Force | 86.0 | 82.9 | 4 | 86.0 | 82.9 | 4 | | Proprietary Basic Cards-in-Force | 66.2 | 63.7 | 4 | 66.2 | 63.7 | 4 | | Average Spend Per Proprietary Basic Card Member (USD) | $6,387 | $6,110 | 5 | $18,751 | $18,224 | 3 | | Average Fee Per Card (USD) (J) | $119 | $105 | 13 | $116 | $101 | 15 | | Proprietary New Card Acquisitions (million) (K) | 3.2 | 3.3 | | 9.6 | 10.0 | | Selected Credit Related Statistical Information This section provides detailed credit performance metrics for card member loans, receivables, and other loan categories [Card Member Loans and Receivables](index=6&type=section&id=Card%20Member%20Loans%20and%20Receivables) Total card member loans increased by 8% year-over-year to $144,814 million in Q3 2025 | Metric | Q3'25 (million USD) | Q3'24 (million USD) | YOY % change | YTD'25 (million USD) | YTD'24 (million USD) | YOY % change | | :----------------------------------- | :--------------- | :--------------- | :----------- | :--------------- | :--------------- | :----------- | | **Card Member Loans** | | | | | | | | Total Card Member Loans | $144,814 | $134,548 | 8 | $144,814 | $134,548 | 8 | | Provisions for Credit Losses (End of Period) | $5,868 | $5,588 | 5 | $5,868 | $5,588 | 5 | | Provisions as a % of Card Member Loans | 4.1 % | 4.2 % | | 4.1 % | 4.2 % | | | Net Write-off Rate (Principal, Interest and Fees) | 2.6 % | 2.6 % | | 2.7 % | 2.7 % | | | 30+ Days Past Due as a % of Total | 1.4 % | 1.4 % | | 1.4 % | 1.4 % | | | **Card Member Receivables** | | | | | | | | Total Card Member Receivables | $61,023 | $59,042 | 3 | $61,023 | $59,042 | 3 | | Provisions for Credit Losses (End of Period) | $200 | $156 | 28 | $200 | $156 | 28 | | Provisions as a % of Card Member Receivables | 0.3 % | 0.3 % | | 0.3 % | 0.3 % | | | Net Write-off Rate (Principal and Fees) | 1.2 % | 1.3 % | | 1.2 % | 1.4 % | | | 30+ Days Past Due as a % of Total | 1.0 % | 0.9 % | | 1.0 % | 0.9 % | | [Other Loans and Receivables](index=7&type=section&id=Other%20Loans%20and%20Receivables) Total other loans increased by 24% year-over-year to $10,518 million in Q3 2025, with provisions for credit losses up 86% | Metric | Q3'25 (million USD) | Q3'24 (million USD) | YOY % change | YTD'25 (million USD) | YTD'24 (million USD) | YOY % change | | :----------------------- | :--------------- | :--------------- | :----------- | :--------------- | :--------------- | :----------- | | **Other Loans** | | | | | | | | Total Other Loans | $10,518 | $8,460 | 24 | $10,518 | $8,460 | 24 | | Provisions for Credit Losses (End of Period) | $287 | $154 | 86 | $287 | $154 | 86 | | Provisions as a % of Other Loans | 2.7 % | 1.8 % | | 2.7 % | 1.8 % | | | **Other Receivables** | | | | | | | | Total Other Receivables | $4,019 | $3,800 | 6 | $4,019 | $3,800 | 6 | | Provisions for Credit Losses (End of Period) | $20 | $49 | (59) | $20 | $49 | (59) | | Provisions as a % of Other Receivables | 0.5 % | 1.3 % | | 0.5 % | 1.3 % | | Selected Income Statement Information by Segment This section provides a breakdown of income statement performance across the company's key business segments [U.S. Consumer Services (USCS)](index=8&type=section&id=U.S.%20Consumer%20Services%20%28USCS%29) The U.S. Consumer Services segment reported $1,852 million in pre-tax income for Q3 2025, a 12% year-over-year increase | Metric | Q3'25 (million USD) | Q3'24 (million USD) | YOY % change | YTD'25 (million USD) | YTD'24 (million USD) | YOY % change | | :----------------------------------- | :--------------- | :--------------- | :----------- | :--------------- | :--------------- | :----------- | | Total Revenues Net of Interest Expense | $8,856 | $7,944 | 11 | $25,658 | $23,175 | 11 | | Total Provisions for Credit Losses | 734 | 812 | (10) | 2,194 | 2,245 | (2) | | Total Expenses | 6,270 | 5,473 | 15 | 18,204 | 16,098 | 13 | | **Pre-Tax Segment Income** | **$1,852** | **$1,659** | **12** | **$5,260** | **$4,832** | **9** | | Billed Business (billion USD) | $177.5 | $162.3 | 9 | $518.3 | $480.8 | 8 | | Proprietary Cards-in-Force (million) | 47.8 | 45.7 | 5 | 47.8 | 45.7 | 5 | | Total Card Member Loans (million USD) | $94,142 | $86,752 | 9 | $94,142 | $86,752 | 9 | | Card Member Loans Net Write-off Rate (Principal, Interest and Fees) | 2.4 % | 2.6 % | | 2.7 % | 2.8 % | | | Card Member Receivables Net Write-off Rate (Principal and Fees) | 0.9 % | 1.2 % | | 0.8 % | 1.3 % | | [Commercial Services (CS)](index=8&type=section&id=Commercial%20Services%20%28CS%29) The Commercial Services segment reported $1,090 million in pre-tax income for Q3 2025, a 20% year-over-year increase | Metric | Q3'25 (million USD) | Q3'24 (million USD) | YOY % change | YTD'25 (million USD) | YTD'24 (million USD) | YOY % change | | :----------------------------------- | :--------------- | :--------------- | :----------- | :--------------- | :--------------- | :----------- | | Total Revenues Net of Interest Expense | $4,281 | $3,998 | 7 | $12,528 | $11,737 | 7 | | Total Provisions for Credit Losses | 332 | 374 | (11) | 1,021 | 1,078 | (5) | | Total Expenses | 2,859 | 2,716 | 5 | 8,676 | 7,968 | 9 | | **Pre-Tax Segment Income** | **$1,090** | **$908** | **20** | **$2,831** | **$2,691** | **5** | | Billed Business (billion USD) | $136.3 | $131.0 | 4 | $401.0 | $390.4 | 3 | | Proprietary Cards-in-Force (million) | 15.4 | 15.5 | (1) | 15.4 | 15.5 | (1) | | Total Card Member Loans (million USD) | $30,691 | $29,869 | 3 | $30,691 | $29,869 | 3 | | Card Member Loans Net Write-off Rate (Principal, Interest and Fees) | 3.1 % | 2.6 % | | 3.0 % | 2.7 % | | | Card Member Receivables Net Write-off Rate (Principal and Fees) | 1.1 % | 1.3 % | | 1.2 % | 1.4 % | | [International Card Services (ICS)](index=8&type=section&id=International%20Card%20Services%20%28ICS%29) The International Card Services segment reported $441 million in pre-tax income for Q3 2025, a slight 3% year-over-year decrease | Metric | Q3'25 (million USD) | Q3'24 (million USD) | YOY % change | YTD'25 (million USD) | YTD'24 (million USD) | YOY % change | | :----------------------------------- | :--------------- | :--------------- | :----------- | :--------------- | :--------------- | :----------- | | Total Revenues Net of Interest Expense | $3,336 | $2,936 | 14 | $9,504 | $8,471 | 12 | | Total Provisions for Credit Losses | 218 | 158 | 38 | 620 | 532 | 17 | | Total Expenses | 2,677 | 2,323 | 15 | 7,597 | 6,942 | 9 | | **Pre-Tax Segment Income** | **$441** | **$455** | **(3)** | **$1,287** | **$997** | **29** | | Billed Business (billion USD) | $106.9 | $93.6 | 14 | $303.6 | $269.2 | 13 | | Proprietary Cards-in-Force (million) | 22.8 | 21.7 | 5 | 22.8 | 21.7 | 5 | | Total Card Member Loans (million USD) | $19,981 | $17,927 | 11 | $19,981 | $17,927 | 11 | | Card Member Loans Net Write-off Rate (Principal, Interest and Fees) | 2.5 % | 2.4 % | | 2.4 % | 2.5 % | | | Card Member Receivables Net Write-off Rate (Principal and Fees) | 1.5 % | 1.3 % | | 1.4 % | 1.5 % | | [Global Merchant and Network Services (GMNS)](index=8&type=section&id=Global%20Merchant%20and%20Network%20Services%20%28GMNS%29) The Global Merchant and Network Services segment reported $1,040 million in pre-tax income for Q3 2025, a 5% year-over-year increase | Metric | Q3'25 (million USD) | Q3'24 (million USD) | YOY % change | YTD'25 (million USD) | YTD'24 (million USD) | YOY % change | | :----------------------------------- | :--------------- | :--------------- | :----------- | :--------------- | :--------------- | :----------- | | Total Revenues Net of Interest Expense | $1,972 | $1,847 | 7 | $5,720 | $5,590 | 2 | | Total Provisions for Credit Losses | 5 | 10 | (50) | 8 | 36 | (78) | | Total Expenses | 927 | 846 | 10 | 2,628 | 2,009 | 31 | | **Pre-Tax Segment Income** | **$1,040** | **$991** | **5** | **$3,084** | **$3,545** | **(13)** | | Total Network Volumes (billion USD) | $479.2 | $441.0 | 9 | $1,390.8 | $1,300.8 | 7 | [Corporate and Other](index=8&type=section&id=Corporate%20and%20Other) The Corporate and Other segment reported a pre-tax loss of $598 million in Q3 2025, an improvement from the $809 million loss in the prior year | Metric | Q3'25 (million USD) | Q3'24 (million USD) | YOY % change | | :----------------------- | :--------------- | :--------------- | :----------- | | Total Revenues Net of Interest Expense | $(19)$ | $(89)$ | 79 | | Total Provisions for Credit Losses | $(2)$ | $2$ | | | Total Expenses | 581 | 718 | (19) | | **Pre-Tax Income (Loss)** | **$(598)$** | **$(809)$** | **26** | Appendix I: Components of Return on Average Equity and Return on Average Common Equity This appendix provides the detailed components and calculations for the company's Return on Average Equity and Return on Average Common Equity [ROE and ROCE Components](index=13&type=section&id=ROE%20and%20ROCE%20Components) Annualized net income for Q3 2025 was $11,608 million, resulting in a 35.9% return on average equity | Metric | Q3'25 (million USD) | Q3'24 (million USD) | YTD'25 (million USD) | YTD'24 (million USD) | | :----------------------------------- | :--------------- | :--------------- | :--------------- | :--------------- | | Annualized Net Income | $11,608 | $10,028 | $11,162 | $10,612 | | Average Shareholders' Equity | $32,364 | $29,623 | $31,549 | $29,017 | | **Return on Average Equity (D)** | **35.9 %** | **33.9 %** | **35.4 %** | **36.6 %** | | Annualized Net Income Attributable to Common Shareholders | $11,468 | $9,895 | | | | Average Common Shareholders' Equity | $30,780 | $28,039 | | | | **Return on Average Common Equity (D)** | **37.3 %** | **35.3 %** | | | Appendix II: Footnote References This appendix provides detailed definitions and calculation methodologies for various financial metrics and accounting principles used in the report [Footnote References](index=14&type=section&id=Footnote%20References) This section details GAAP accounting principles, reclassifications, rounding notes, and definitions for key financial metrics - Financial statements adhere to U.S. Generally Accepted Accounting Principles (GAAP), with prior period amounts reclassified for current presentation[20](index=20&type=chunk) - Detailed definitions and calculation methodologies are provided for net income attributable to common shareholders, other assets/liabilities, net interest yield, return on average equity, supplementary leverage ratio, network volumes, billed business, cards-in-force, average fee per card, new card acquisitions, foreign exchange adjustment information, net write-off rates, and days past due[21](index=21&type=chunk)