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 [5][16] - Net card fees grew by 18%, reaching a record $10 billion for the year [17] - Revenue growth for 2026 is expected to be between 9% and 10%, with EPS projected between $17.30 and $17.90 [7][29] Business Line Data and Key Metrics Changes - Card member spending remained strong, with retail spending up 10% and spending at luxury retail merchants up 15% [17] - B2B total spend increased by 8% (FX adjusted), with growth in both goods and services and P&E [17] - Loans and card member receivables increased by 7% year-over-year, with credit performance remaining strong and stable [21][22] Market Data and Key Metrics Changes - International spending grew by 12% (FX adjusted), with broad-based growth across consumer and business customers [18] - Millennial and Gen Z customers now represent the largest share of U.S. consumer spending, indicating a shift in demographics [18] - Transactions growth was consistent at 9%, reflecting continued customer engagement [19] Company Strategy and Development Direction - The company continues to focus on premium products and high credit standards, with a disciplined investment approach to drive growth [16][24] - Investments in technology and marketing are expected to enhance customer engagement and operational efficiencies [11][24] - The company plans to maintain a strong capital return strategy, with a 16% increase in quarterly dividends planned for 2026 [8][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and stability of the premium customer base, anticipating continued growth in 2026 [7][29] - The competitive landscape remains challenging, but the company believes it can maintain its leadership through innovation and customer service [74][75] - Management highlighted the importance of macroeconomic factors as potential risks to the 2026 outlook, rather than competitive dynamics [73] Other Important Information - The company has invested significantly in marketing, with a total of $6.3 billion spent in 2025, reflecting a 75% increase since 2019 [8] - The new third-generation data and analytics platform is expected to enhance marketing efficiency and customer personalization [12] - The company has reduced its share count by 7% since 2022, demonstrating confidence in sustainable earnings [27] Q&A Session Summary Question: Can you expand on the allocation of marketing dollars towards fee-paying products? - Management noted a strong demand for premium products, particularly the Platinum Card, and emphasized flexibility in marketing investments [35][36] Question: What are the expectations for commercial services and the competitive landscape? - Management acknowledged a slowdown in middle-market spending but expressed confidence in their competitive position and upcoming product refreshes [40][42] Question: How does the company view the potential impact of the 10% credit card cap proposal? - Management believes the cap would negatively affect the market by reducing the number of cards and line sizes, which could harm small businesses [68][70] Question: What are the key initiatives for 2026? - Management highlighted priorities such as winning in the premium space, building commercial capabilities, and enhancing digital offerings [83][84]

Financial Data and Key Metrics Changes - Full-year revenues increased by 10% to a record $72 billion, and EPS was $15.38, up 15% over the previous year, excluding the Accertify gain [5][16] - Net card fees grew 18% to reach a record $10 billion for the year [17] - Revenue was up 10% FX reported for both Q4 and the full year, with net card fees, net interest income (NII), and service fees all growing at double-digit rates [22][24] Business Line Data and Key Metrics Changes - Card member spending was strong throughout the year, with total spend up 8% FX adjusted, and retail spending up 10% [17][19] - Spending at luxury retail merchants was up 15%, and restaurant spending was up 9% [17] - Loans and card member receivables increased by 7% year-over-year, with credit performance remaining strong and stable [21][22] Market Data and Key Metrics Changes - International spending increased by 12% FX adjusted, with broad-based growth across consumer and business customers [18] - The average age of new customers is 33 for the U.S. Consumer Platinum Card and 29 for the U.S. Consumer Gold Card, indicating a long runway for growth with younger demographics [18] Company Strategy and Development Direction - The company plans for 2026 revenue growth of 9%-10% and EPS of $17.30-$17.90, continuing to focus on premium products and high credit standards [7][29] - Investments in marketing and technology are expected to drive growth, with a planned 16% increase in the quarterly dividend to $0.95 [8][27] - The company aims to maintain a disciplined focus on premium products while expanding its digital capabilities and partnerships [14][80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and stability of the premium customer base and the ability to drive growth through investments [15][30] - The competitive landscape remains challenging, but the company believes it can stay ahead by focusing on customer service and innovative offerings [74][75] Other Important Information - The company returned $7.6 billion of capital to shareholders, including $2.3 billion in dividends and $5.3 billion in share repurchases [26] - The company expects to continue delivering strong capital returns while investing in growth initiatives [29] 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 have the flexibility to adjust marketing investments based on demand for premium products, particularly the Platinum Card, and emphasized that the focus is on revenue generation rather than just card acquisition [35][36] Question: What gets things going in commercial services, especially with SME spend remaining weak? - Management indicated that small business spending is strong, while middle market shows some slowdown, and they are optimistic about future growth as they continue to refresh products [40][41] Question: Can you discuss the health of the premium consumer and potential for growth? - Management expressed bullishness regarding consumer engagement and spending, particularly with the new Platinum Card, and noted strong momentum in restaurant spending [44][45] Question: How do you see the impact of the 10% credit card cap proposal? - Management believes that a credit card cap would reduce the number of cards in the marketplace and negatively impact small businesses, indicating that affordability is important but the cap is not the solution [68][70] Question: What are the priorities for 2026? - Management highlighted the focus on winning in the premium space, building commercial position, and enhancing digital capabilities as key priorities for the upcoming year [83][84]

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]

American Express Earnings Conference Call Q4'25 JANUARY 30, 2026 Business Highlights Refer to Slide 31 for notes. 2 • FY 2025 revenue growth of 10%, and EPS of $15.38, up 15% YoY adjusted for the prior year gain on sale from Accertify(1) • FY 2026 guidance of revenue growth of 9% - 10%, and EPS of $17.30 - $17.90(2) • Plan to increase quarterly dividend per common share by 16% to $0.95 • Signed a multi-year extension of our British Airways Cobrand Card partnership • Advanced Gen AI and agentic commerce init ...

Core Insights - American Express reported steady growth in spending for its fourth quarter, driven by increased retail and travel purchases by cardholders [1] Group 1 - The company experienced growth in consumer spending, indicating a positive trend in customer engagement and economic activity [1] - Cardholders are increasingly leaning into retail and travel purchases, suggesting a shift in consumer behavior towards these sectors [1]

Core Viewpoint - The credit-card company reported quarterly earnings that slightly missed Wall Street expectations [1] Financial Performance - The company's quarterly earnings were below analysts' forecasts, indicating potential challenges in meeting market expectations [1]

We're back on Morning Trade Live. We'll get a closer look at the consumer over the next 24 hours when we get earnings from Visa and American Express. So, here is a look at the last 12 months for some of these names.Visa, AXP, Mastercard, and Capital 1, American Express, and Capital 1 are in the green over the last year. Visa and Mastercard though are modestly lower. So, let's go inside out on some of these credit card stocks.Joining us now is Rebecca Walsa, president Wals Wealth Management. So, nice to see ...

Whatever to America or the industry. If there's a 10% cap on credit card rates, as President Trump has proposed. So the only thing I know for sure is that all the credit card businesses in the country lose money. In the credit card business, I get swipe fees.I get most of those away with rewards. I earn credit. When somebody is revolving a balance, I lend credit when somebody pays it at the end of the month.After all that, you charge interest rates, you have losses and you get a margin. Maybe you make 4%, I ...

Core Insights - Berkshire Hathaway's investment portfolio, valued at over $300 billion, will reveal its final changes under Warren Buffett's leadership in the upcoming SEC Form 13F filing [2][3] - Buffett's investment principles are expected to continue influencing Berkshire Hathaway even after his departure as CEO at the end of 2025 [3][9] Berkshire Hathaway's Portfolio Changes - The upcoming SEC Form 13F will disclose changes made to Berkshire's investment portfolio during the fourth quarter, which will be particularly interesting as it marks Buffett's last days in control [2] - Buffett has been reducing his stake in Apple, selling down from 906 million shares at the end of 2023 to 238.2 million shares by the end of 2025, yet Apple still constitutes 19% of Berkshire's total portfolio [6][7] Key Holdings - Apple has been a cornerstone of Berkshire's portfolio, with Buffett expressing admiration for its products and customer loyalty [6] - American Express is a significant holding for Berkshire, with 151.6 million shares, reflecting Buffett's preference for companies with strong competitive advantages and loyal customer bases [8][10]

Core Viewpoint - A proposed 10% cap on credit card interest rates may lead to a contraction in credit card lending rather than a decrease in consumer borrowing demand, according to SoFi Technologies CEO Anthony Noto [1][2]. Group 1: Impact on Credit Card Lending - If the interest rate cap is enacted, a significant contraction in industry credit card lending is expected, as credit card issuers may struggle to maintain profitability under such constraints [2]. - Credit card issuers may respond to the cap by reducing approvals, lowering credit limits, or closing accounts, indicating that the risk does not disappear but rather shifts [3]. Group 2: Consumer Borrowing Behavior - Despite potential changes in credit card access, consumers will still require credit for routine expenses and unexpected costs, suggesting a persistent demand for borrowing [3]. - As access to credit cards narrows, borrowing may shift towards other options like personal loans, which typically offer lower interest rates and amortizing structures that help pay down balances over time [5][6].