Companies /Financial Services

American Express Company

NYSE: AXP Credit Services
$324.48
▼ $3.31 (−1.01%) today
Markets open · 3:10pm ET

Q1 2025 Earnings

Reported Apr 17, 2025, 7:03am ET · SEC source
$3.64
Beat +4.80%
EPS · est. $3.47
$17.0B
Beat +0.23%
Revenue · est. $16.9B
+5.2%
Beating market
AXP vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%−2%0Apr 17Apr 17report 7:03am ETearnings−0.4%−3.4%
−4%−2%0Apr 17Apr 17earnings−0.4%−3.4%
AXP −3.4%S&P 500 −0.4%
−4%−2%0Apr 17Apr 17report 7:03am ETearnings−0.5%−3.4%
−4%−2%0Apr 17Apr 17earnings−0.5%−3.4%
AXP −3.4%NASDAQ −0.5%
−4%0+4%+8%Apr 16Apr 25report 7:03am ETearnings+3.2%+6.8%
−4%0+4%+8%Apr 16Apr 25earnings+3.2%+6.8%
AXP +6.8%S&P 500 +3.2%
−4%0+4%+8%Apr 16Apr 25report 7:03am ETearnings+4.1%+6.8%
−4%0+4%+8%Apr 16Apr 25earnings+4.1%+6.8%
AXP +6.8%NASDAQ +4.1%
−0.64%
Day of report
−3.50%
Next session
+5.37%
One week
+17.85%
30 days

S&P 500 over the same 30 days: +12.62%.

Did AXP Beat Earnings? Q1 2025 Results

American Express opened 2025 on firm footing, posting first-quarter earnings per share of $3.64, ahead of the $3.47 consensus estimate by 4.80%, as its affluent cardholder base continued spending freely on travel, dining, and everyday essentials. Revenue came in at $16.97 billion, edging past estimates by 0.23%, though the figure reflected a 4.7% decline year-over-year amid tough prior-period comparisons. The clearest engine behind the beat was a powerful combination of surging card fee income, up 18% to $2.33 billion, and net interest income rising 11% to $4.17 billion on growing revolving balances, which together offset higher customer engagement costs. Credit quality held steady, with the net write-off rate flat at 2.1% and provisions falling 9% to $1.15 billion, reinforcing confidence in the premium customer strategy. Notably, Gen Z and millennial cardholders, who accounted for 60% of new card acquisitions, are showing stronger spending growth than older cohorts, a dynamic management cited as a durable tailwind. American Express reaffirmed its full-year 2025 guidance for revenue growth of 8% to 10% and EPS of $15.00 to $15.50, though it added a caveat around the broader macroeconomic environment.

Key Takeaways
  • Higher net interest income supported by growth in revolving loan balances (net interest income up 11% YoY)
  • Increased Card Member spending with billed business up 6% YoY to $387.4 billion
  • Strong card fee growth with net card fees up 18% to $2.333 billion
  • Average fee per card increased 13% to $111
  • Proprietary cards-in-force grew 4% to 84.6 million
  • Card Member loans grew 10% YoY to $139.2 billion
  • Credit performance remained stable with net write-off rate flat at 2.1%
  • Modest net reserve release compared to net reserve build a year ago

“We delivered strong results during the first quarter, reflecting the power of our premium customer base. FX-adjusted revenue increased 8 percent year-over-year, or 9 percent excluding the leap year impact, to $17.0 billion. Total Card Member spending continued to grow at a solid pace, up 6 percent, or 7 percent excluding the leap year impact.”

American Express CEO, on the earnings call

Forward Guidance & Outlook

American Express is maintaining its full-year 2025 guidance for revenue growth of 8 to 10 percent and earnings per share of $15.00 to $15.50, consistent with ranges provided in January, subject to the macroeconomic environment. The company cited steady spend and credit trends observed to date and the current economic outlook as the basis for reaffirming guidance.

AXP YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$0$5.0B$10.0B$15.0B$17.8B$17.0BRevenue$2.4B$2.6BNet Income$3.1B$3.3BOperating Income
$0$5.0B$10.0B$15.0BRevenueNet IncomeOperating Income

AXP Revenue by Segment

U.S. Consumer Services$8.2B+10.0%
Commercial Services$4.0B+7.0%
International Card Services$2.9B+8.0%
Global Merchant and Network Services$1.8B−3.0%

Figures from SEC filings and company reports. Not investment advice.