American Express (AXP) Q4 2025 Earnings Call Transcript

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• When acquiring a new card member, American Express thinks about the next twenty years, not just this year or next year

  80% confidence

• American Express had another year of strong performance continuing momentum since introducing long-term growth aspirations in January 2022

  80% confidence

• American Express commercial business is 3x larger than nearest competitor

  80% confidence

• A 10% credit card interest rate cap would reduce cards in marketplace, reduce line sizes, impact small businesses, and create a downward spiral

  80% confidence

• Affordability is important but a 10% credit card interest rate cap is not the answer

  80% confidence

• Service center calls per account are down 25% over 3 years

  80% confidence

• American Express has seen some of the lowest cost of acquisition for platinum card

  80% confidence

• The third-generation data analytics platform reduces process time by 90% for key marketing and fraud processes

  80% confidence

• Nobody has been able to replicate American Express's customer service

  80% confidence

• American Express will consistently grow 10% and deliver mid-teens EPS growth, which not many companies do

  80% confidence

• Platinum app drove 30% increase in travel bookings in Q4 2025

  80% confidence

• Credit metrics are very low with a hard limit, and 2% is pretty much at that limit

  80% confidence

• The portfolio is moving towards a more premium portfolio and many P&L lines reflect that

  80% confidence

• January 2026 (first 3 weeks) shows good momentum continuing

  80% confidence

• Platinum retention rates are unchanged post-fee increase

  80% confidence

• American Express focuses on acquiring revenue rather than acquiring cards

  80% confidence

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