American Express Delivers Strong First-Quarter Results With Revenue of $17.0 Billion, Up 7%, or 8% on an FX-Adjusted Basis

New York - April 17, 2025 - American Express Company (NYSE: AXP) today reported first-quarter net income of $2.6 billion, or $3.64 per share, compared with net income of $2.4 billion, or $3.33 per share, 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,³ 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,"³ said Stephen J. Squeri, Chairman and Chief Executive Officer.

"Our performance across key areas, including Card Member spending, customer retention, demand for our premium products, and credit performance, continued to be strong across our customer base, consistent with and in many cases better than what we saw in 2024.

"Based on the steady spend and credit trends we have seen to date and the current economic outlook, we are maintaining our full-year guidance for revenue growth of 8 to 10 percent and EPS of $15.00 to $15.50, in line with the ranges we provided in January, subject to the macroeconomic environment.

"Looking ahead, we will continue to manage the company for the long term, focusing on backing our customers and colleagues, exercising disciplined expense management, and strategically investing in our business."

First-quarter consolidated total revenues net of interest expense were $17.0 billion, up 7 percent year-over-year, or 8 percent on an FX-adjusted basis. The increase was primarily driven by higher net interest income supported by growth in revolving loan balances, increased Card Member spending, and continued strong card fee growth.

Consolidated provisions for credit losses were $1.2 billion, compared with $1.3 billion a year ago. The decrease reflected a modest net reserve release during the quarter compared to a net reserve build a year ago, partially offset by higher net write-offs driven by growth in Total loans and Card Member receivables. The first-quarter net write-off rate was 2.1 percent, flat year-over-year.⁴

Consolidated expenses were $12.5 billion, up 10 percent year-over-year. The increase was driven by higher variable customer engagement costs driven by higher Card Member spending, a benefit in the prior year resulting from enhancements to the models for estimating future Membership Rewards redemptions, and higher usage of travel-related benefits. In addition, operating expenses increased, while marketing expenses were roughly flat year-over-year.

The consolidated effective tax rate was 22.4 percent, compared to 22.5 percent a year ago.

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This earnings release should be read in conjunction with the company's statistical tables for the first quarter 2025, which include information regarding our reportable operating segments, available on the American Express Investor Relations website at http://ir.americanexpress.com and in a Form 8-K furnished today with the Securities and Exchange Commission.

An investor conference call will be held at 8:30 a.m. (ET) today to discuss first-quarter results. Live audio and presentation slides for the investor conference call will be available to the general public on the above-mentioned American Express Investor Relations website. A replay of the conference call will be available later today at the same website address.