American Express Company reported strong first-quarter 2025 financial results on April 17, 2025, with net income reaching $2.6 billion, or $3.64 per share. This represents a 9% increase in diluted earnings per common share compared to $3.33 per share in the prior year.
Total revenues net of interest expense for the quarter were $17.0 billion, up 7% year-over-year, or 8% on an FX-adjusted basis. The company maintained its full-year 2025 guidance for revenue growth of 8% to 10% and earnings per share of $15.00 to $15.50, subject to the macroeconomic environment.
Total Card Member spending continued to grow at a solid pace, increasing 6% year-over-year, or 7% excluding the leap year impact. Chief Financial Officer Christophe Le Caillec noted that younger customers, specifically Millennial and Gen Z members, drove significant spending momentum, increasing their spending by 14% in the quarter.
Provisions for credit losses decreased to $1.2 billion from $1.3 billion a year ago, reflecting a modest net reserve release during the quarter compared to a net reserve build in the prior year. The first-quarter net write-off rate remained flat year-over-year at 2.1%.
Consolidated expenses increased 10% to $12.5 billion, driven by higher variable customer engagement costs and increased operating expenses. The company's CEO, Stephen Squeri, emphasized that performance across key areas like Card Member spending, customer retention, demand for premium products, and credit performance remained strong and consistent with 2024 trends.
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