Q1 25 EPS
$3.64
BEAT +4.80%
Est. $3.47
Q1 25 Revenue
$16.97B
BEAT +0.23%
Est. $16.93B
vs S&P Since Q1 25
-9.3%
TRAILING MARKET
AXP +27.6% vs S&P +36.9%
Market Reaction
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. Rev… Read more 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
AXP YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
AXP Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Stephen J. Squeri, Q1 2025 Earnings Press Release
AXP Earnings Trends
AXP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AXP EPS Trend
Earnings per share: estimate vs actual
AXP Revenue Trend
Quarterly revenue: estimate vs actual
AXP Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $4.28 | — | $18.91B | +1.61% |
| Q4 25 MISS FY | $3.55 | $3.53 | -0.56% | $18.98B | +49.28% |
| FY Full Year | $15.40 | $15.38 | -0.14% | $72.23B | +0.13% |
| Q3 25 BEAT | $4.00 | $4.14 | +3.61% | $18.43B | +2.09% |
| Q2 25 BEAT | $3.86 | $4.08 | +5.61% | $17.86B | +0.87% |
| Q1 25 BEAT | $3.47 | $3.64 | +4.80% | $16.97B | +0.23% |