American Express (AXP) Q3 2025 Financial Results Summary
American Express Company (NYSE: AXP) released its third-quarter financial results on October 17, 2025. Below is a summary of the key financial metrics and business highlights from the report.
Financial Results Overview
- Net Income:
- Q3 2025: $2.9 billion
- Q3 2024: $2.5 billion
-
Increase: 16%
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Earnings Per Share (EPS):
- Q3 2025: $4.14
- Q3 2024: $3.49
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Increase: 19%
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Total Revenues (Net of Interest Expense):
- Q3 2025: $18.4 billion
- Q3 2024: $16.6 billion
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Increase: 11%
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Billed Business (Billions):
- Q3 2025: $421.0
- Q3 2024: $387.3
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Increase: 9%
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Average Diluted Common Shares Outstanding:
- Q3 2025: 693 million
- Q3 2024: 709 million
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Decrease: 2%
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Consolidated Expenses:
- Q3 2025: $13.3 billion
- Q3 2024: $12.1 billion
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Increase: 10%
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Effective Tax Rate:
- Q3 2025: 24.1%
- Q3 2024: 21.8%
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Increase: 10.5%
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Provision for Credit Losses:
- Q3 2025: $1.3 billion
- Q3 2024: $1.4 billion
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Decrease: 7.1%
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Net Write-off Rate:
- Q3 2025: 1.9% (flat year-over-year)
Nine-Month Results
- Net Income:
- First 9 months 2025: $8.4 billion
- First 9 months 2024: $8.0 billion
-
Increase: 5%
-
EPS:
- First 9 months 2025: $11.85
- First 9 months 2024: $10.97
-
Increase: 8%
-
Total Revenues (Net of Interest Expense):
- First 9 months 2025: $53.2 billion
- First 9 months 2024: $48.8 billion
- Increase: 9%
Business Highlights
- Card Member Spending Growth: Accelerated to 9%, with 8% growth on a foreign exchange (FX)-adjusted basis.
- High Demand for New Products: The refreshed U.S. Consumer and Business Platinum Cards saw customer demand and account acquisitions double compared to pre-refresh levels.
- Revenue Guidance Raised: American Express raised its fiscal year 2025 guidance for revenue growth to 9%-10% and EPS to between $15.20 and $15.50.
- New Digital Products: The launch of an all-in-one Amex Travel App and digital tools aimed at enhancing Card Member travel experiences.
- Global Acceptance: American Express cards are now accepted at approximately 160 million merchant locations worldwide, expanding nearly fivefold since 2017.
- Partnerships: Partnership announced with Toast to enhance hospitality experiences through the Resy, Tock, and Toast restaurant networks.
- New Advertising Platform: Introduction of Amex Ads, aimed at helping brands engage with American Express Card Members.
Shareholder Returns
- Dividends: The release did not specify a quarterly dividend paid during this period.
- Share Repurchase Program: The document does not mention any share repurchase activity involved in this quarter.
This summary highlights American Express’s strong performance in the third quarter of 2025 compared to the same period last year, reflecting robust revenue and earnings growth driven by Card Member engagement and strategic product enhancements.
Income Statement Table (CONDENSED CONSOLIDATED STATEMENTS OF INCOME)
(Millions, except per share amounts, and where indicated)
| Quarters Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, 2025 | 2024 | September 30, 2025 | 2024 | |
| Billed Business | $421.0 | $387.3 | $1,224.7 | $1,142.5 |
| (Billions) | $388.1 | $1,142.7 | ||
| Total Revenues Net of Interest Expense | $18,426 | $16,636 | $53,249 | $48,770 |
| FX-adjusted | $16,674 | $48,734 | ||
| Net Income | $2,902 | $2,507 | $8,371 | $7,959 |
| Diluted Earnings Per Common Share (EPS) | $4.14 | $3.49 | $11.85 | $10.97 |
| Adjusted EPS Excluding Transaction Gain | $11.85 | $10.31 | ||
| Average Diluted Common Shares Outstanding | 693 | 709 | 698 | 716 |
Balance Sheet Table (CONDENSED CONSOLIDATED BALANCE SHEETS)
(Millions)
| September 30, 2025 | September 30, 2024 | |
|---|---|---|
| Total Assets | ||
| Total Liabilities | ||
| Shareholders’ Equity |
(Note: The balance sheet data did not appear in the provided text. Therefore, the balance sheet table is outlined, but does not contain any data. Please provide the relevant section if the balance sheet information exists in the original document.)
