Company Reports

American Express has enjoyed several years of accelerated growth as its new card acquisition and loan growth has significantly outpaced peers'. The company has historically been a payment network first and lender second. While this has not changed—it still only gets around 25% of its revenue from net interest income—its shift toward a younger cardholder base and more lending features on its cards drove 26.1% compound annual growth in net interest income from 2021 to 2024, providing a major tailwind to overall growth. We expect this growth to decelerate significantly, as it was driven by specific strategic and product shifts that have run their course. As a case in point, net interest income increased 12% in 2025—still a strong result but well below the previous three-year average.

American Express has enjoyed several years of accelerated growth as its new card acquisition and loan growth has significantly outpaced peers'. The company has historically been a payment network first and lender second. While this has not changed—it still only gets around 25% of its revenue from net interest income—its shift toward a younger cardholder base and more lending features on its cards drove 26.1% compound annual growth in net interest income from 2021 to 2024, providing a major tailwind to overall growth. We expect this growth to decelerate significantly, as it was driven by specific strategic and product shifts that have run their course. As a case in point, net interest income increased 12% in 2025—still a strong result but well below the previous three-year average.

American Express reported solid second-quarter earnings as higher spending on its cards drove strong revenue growth. Net revenue increased 10% from last year to $19.6 billion while diluted earnings per share rose to $4.53 from $4.08. These results translate to a return on average equity of 36.4%.

American Express has enjoyed several years of accelerated growth as its new card acquisition and loan growth has significantly outpaced peers'. The company has historically been a payment network first and lender second. While this has not changed—it still only gets around 25% of its revenue from net interest income—its shift toward a younger cardholder base and more lending features on its cards drove 26.1% compound annual growth in net interest income from 2021 to 2024, providing a major tailwind to overall growth. We expect this growth to decelerate significantly, as it was driven by specific strategic and product shifts that have run their course. As a case in point, net interest income increased 12% in 2025—still a strong result but well below the previous three-year average.

The Federal Reserve released its annual stress test results on June 24. With stronger results than last year, albeit in a less severe scenario, shares of the 32 tested banks generally traded upward, though the movement was muted.

American Express has enjoyed several years of accelerated growth as its new card acquisition and loan growth has significantly outpaced peers'. The company has historically been a payment network first and lender second. While this has not changed—it still only gets around 25% of its revenue from net interest income—its shift toward a younger cardholder base and more lending features on its cards drove 26.1% compound annual growth in net interest income from 2021 to 2024, providing a major tailwind to overall growth. We expect this growth to decelerate significantly in 2025 and on, as it was driven by specific strategic and product shifts that have run their course. As a case in point, net interest income increased 12% in 2025—still a strong result but well below the previous three-year average.

American Express reported strong first-quarter results as net interest income growth and spending volume continued to impress. Revenue rose 11% from last year to $18.9 billion, while diluted earnings per share rose 18% to $4.28. These results translate to a return on average equity of 35.2%.

American Express has enjoyed several years of accelerated growth as its new card acquisition and loan growth has significantly outpaced peers'. The company has historically been a payment network first and lender second. While this has not changed—it still only gets around 25% of its revenue from net interest income—its shift toward a younger cardholder base and more lending features on its cards drove 26.1% compound annual growth in net interest income from 2021 to 2024, providing a major tailwind to overall growth. We expect this growth to decelerate significantly in 2025 and on, as it was driven by specific strategic and product shifts that have run their course. As a case in point, net interest income increased 12% in 2025—still a strong result but well below the previous three-year average.

Shares of consumer finance names such as Capital One, American Express, and Affirm traded between 7% and 8% lower intraday on Feb. 23, likely on concerns that AI disruption could lead to future layoffs and structurally higher unemployment, increasing credit costs and lowering payment volume.

American Express has enjoyed several years of accelerated growth as its new card acquisition and loan growth has significantly outpaced peers'. The company has historically been a payment network first and lender second. While this has not changed—it still only gets around 25% of its revenue from net interest income—its shift toward a younger cardholder base and more lending features on its cards drove 26.1% compound annual growth in net interest income from 2021 to 2024, providing a major tailwind to overall growth. We expect this growth to decelerate significantly in 2025 and on, as it was driven by specific strategic and product shifts that have run their course. As a case in point, net interest income increased 12% in 2025—still a strong result but well below the previous three-year average.

American Express reported strong fourth-quarter earnings with net revenue increasing 10% from last year to $19 billion. Diluted earnings per share rose 16% to $3.53, which translates to a return on common equity of 35.3%.

On Jan. 9 President Donald Trump called for a temporary 10% cap on credit card interest rates, effective Jan. 20. Consumer finance shares are trading sharply lower in response.

American Express has enjoyed several years of accelerated growth as its new card acquisition and loan growth has significantly outpaced peers'. The company has historically been a payment network first and lender second. While this has not changed—it still only gets around 25% of its revenue from net interest income—its shift toward a younger cardholder base and more lending features on its cards drove 26.1% compound annual growth in net interest income from 2021 to 2024, providing a major tailwind to overall growth. We expect this growth to decelerate significantly in 2025 and on, as it was driven by specific strategic and product shifts that have run their course. As a case in point, net interest income increased 12% in the first nine months of 2025—still a strong result but well below the three-year average.

American Express has enjoyed several years of accelerated growth as its new card acquisition and loan growth has significantly outpaced peers'. The company has historically been a payment network first and lender second. While this has not changed—it still only gets around 25% of its revenue from net interest income—its shift toward a younger cardholder base and more lending features on its cards drove 26.1% compound annual growth in net interest income from 2021 to 2024, providing a major tailwind to overall growth. We expect this growth to decelerate significantly in 2025 and on, as it was driven by specific strategic and product shifts that have run their course. As a case in point, net interest income increased 12% in the first nine months of 2025—still a strong result but well below the three-year average.

American Express reported strong third-quarter results thanks to higher transaction volume and net interest income. Earnings per share rose to $4.14 from $3.49 on an 11% increase in revenue.

American Express reported strong second-quarter results. Revenue increased 9% from last year to $17.9 billion, and diluted earnings per share rose an impressive 17%, when adjusted for last year's sale of Accertify, to $4.08. These results translated to a strong return on average equity of 36.3%.

The Federal Reserve released its annual stress test results on Friday, June 27. With significantly stronger results compared with a year ago, the shares of the 22 tested institutions traded slightly higher in after hours trading.

American Express has enjoyed several years of accelerated growth as its new card acquisition and loan growth has significantly outpaced peers'. The company has historically been a payment network first and lender second. While this has not changed and it still only gets around 25% of its revenue from net interest income, its shift toward a younger cardholder base and more lending features on its cards drove a 26.1% compound annual growth rate in net interest income from 2021 to 2024, providing a major tailwind to overall growth. We expect this growth to decelerate significantly in 2025 and on, as it was driven by specific strategic and product shifts that have run their course. As a case in point, net interest income increased 11% in the first quarter of 2025—still a strong result but well below the three-year average.

American Express reported solid earnings in the first quarter, with earnings per share rising 9% from last year to $3.64, partially thanks to a $73 million credit reserve release. These results translate to a return on average equity of 33.6%.

American Express has enjoyed several years of accelerated growth as its new card acquisition and loan growth has significantly outpaced peers'. The company has historically been a payment network first and lender second. While this has not changed and it still only gets around 25% of its revenue from net interest income, its shift toward a younger cardholder base and more lending features on its cards has driven a 26.1% compound annual growth rate in net interest income over the last three years, providing a major tailwind to overall growth. We expect this growth to decelerate significantly in 2025 and on, as it was driven by specific strategic and product shifts that have run their course. As a case in point, net interest income increased 12% in the fourth quarter of 2024—still a strong result but well below the three-year average.