TLDR
- American Express reported record Q3 2025 revenue of $18.4 billion, up 11% year-over-year, beating analyst estimates of $18.05 billion.
- Earnings per share reached $4.14, surpassing the $4.00 analyst consensus, representing a 19% increase from the previous year.
- Card member spending rose 9% to $421 billion, with net card fees jumping 18% to $2.55 billion.
- The refreshed U.S. Consumer and Business Platinum Cards doubled new account acquisitions compared to pre-launch levels.
- Full-year 2025 revenue guidance was raised to $71.88-$72.54 billion, with EPS guidance increased to $15.20-$15.50.
American Express delivered strong third-quarter results on October 17, 2025, beating Wall Street expectations on both the top and bottom lines. The company reported record revenue of $18.4 billion for the quarter.
That represents an 11% increase from the same period last year. Analysts had expected revenue of $18.05 billion.
Earnings per share came in at $4.14, topping the consensus estimate of $4.00. This marked a 19% jump from the previous year.
The revenue growth came from multiple sources. Card member spending increased across the board. Net interest income grew as more customers carried revolving balances. Card fees also accelerated during the quarter.
Total card member spending, known as billed business, reached $421 billion. This was up 9% compared to the third quarter of 2024.
Net card fees surged 18% year-over-year to $2.55 billion. This growth reflects both new customer acquisitions and increased spending by existing members.
Revenue Performance Across Business Segments
Different business segments showed varying levels of growth. U.S. Consumer Services revenue climbed 11.5% to $8.86 billion. Commercial Services revenue increased 7.1% to $4.28 billion.
International Card Services saw the strongest growth. Revenue jumped 13.6% to $3.34 billion.
Global Merchant and Network Services revenue grew 6.8% to $1.97 billion. All major business lines contributed to the overall revenue increase.
Total expenses rose 10% year-over-year to $13.3 billion. The increase came mainly from higher customer engagement costs. More cardholders used travel and lifestyle benefits during the quarter.
Operating expenses also increased. However, the expense growth rate remained below the revenue growth rate.
Platinum Card Refresh Drives New Accounts
CEO Stephen J. Squeri pointed to the refreshed Platinum Card products as a key driver of growth. The updated U.S. Consumer and Business Platinum Cards launched during the period.
New account acquisitions doubled compared to pre-launch levels. This success prompted management to raise guidance for the full year.
The company now expects full-year 2025 revenue between $71.88 billion and $72.54 billion. This represents 9-10% growth year-over-year. The previous guidance range was $71.22 billion to $72.54 billion.
Analysts had estimated full-year revenue of $71.60 billion. The new guidance sits above that consensus.
EPS guidance was also raised. American Express now expects earnings per share of $15.20 to $15.50 for the full year. The previous range was $15.00 to $15.50. Analyst consensus stood at $15.33.
Provisions for credit losses declined to $1.3 billion from $1.4 billion a year ago. This reflected a lower reserve build compared to the prior year.
Net write-offs did increase somewhat. However, the third-quarter net write-off rate held steady at 1.9%, flat year-over-year.
American Express stock gained 3.59% on the earnings announcement. The stock has risen 9% year-to-date. The current market capitalization stands at $224.9 billion.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
