Financial Data and Key Metrics Changes - Full-year revenues increased by 10% to a record $72 billion, and EPS rose by 15% to $15.38, excluding the Accertify gain [4][14] - Net card fees grew by 18% to reach a record $10 billion for the year [15] - Net interest income (NII) was up 12% in Q4, continuing to grow faster than balances [19] Business Line Data and Key Metrics Changes - Card member spending remained strong, with retail spending up 10% and luxury retail spending up 15% [15] - B2B total spend increased by 8% (FX adjusted), with growth in both goods and services and P&E [15] - Spending at U.S. restaurants by U.S. consumer customers increased by over 20% [16] Market Data and Key Metrics Changes - International spending grew by 12% (FX adjusted), with broad-based growth across consumer and business customers [16] - Millennial and Gen Z customers now represent the largest share of U.S. consumer spending, with the average age of new customers being 33 for the U.S. Consumer Platinum Card [16] Company Strategy and Development Direction - The company plans to continue investing in premium products and enhancing customer value propositions, with a focus on technology and marketing [6][12] - The 2026 guidance anticipates revenue growth of 9%-10% and EPS between $17.30 and $17.90 [5][26] - The company aims to maintain a disciplined focus on premium products and high credit standards while driving growth [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and stability of the premium customer base and the momentum generated from investments [5][12] - The competitive landscape remains challenging, but the company believes it can stay ahead by focusing on customer service and innovation [72] Other Important Information - The company plans to increase its quarterly dividend by 16% to $0.95 per share, reflecting a commitment to returning capital to shareholders [25] - Operating expenses as a percentage of revenue decreased by 4 points since 2022, despite increased technology spending [22] Q&A Session Summary Question: Can you expand on the comments regarding allocating away from cashback and putting this towards fee-paying products? - Management noted that they are flexible with marketing investments and have seen strong demand for premium products, particularly the Platinum Card [31][32] Question: What gets things going in the SME spend area? - Management indicated that small business spending is strong, while middle market shows some slowdown, and they are optimistic about future growth [36][39] Question: Can you talk about the health of the premium consumer? - Management expressed bullishness regarding consumer engagement and spending, particularly with the new Platinum Card [41][42] Question: How do you see the impact of the 10% credit card cap proposal? - Management believes that a cap would reduce the number of cards in the marketplace and negatively impact small businesses [67][68] Question: What poses the greatest risk to your 2026 outlook? - Management identified macroeconomic and political factors as greater risks compared to competitive dynamics [71][72] Question: How is the company positioning itself with recent acquisitions in the small business arena? - Management highlighted the acquisition of Center to enhance their offerings in expense management for small businesses [77][78]