The company posted net income of $2.9 billion, reflecting a 16% increase over the prior year. Earnings per share rose 19% to $4.14, topping analyst estimates of $3.99. Total revenue, net of interest expense, climbed 11% to an all-time high of $18.43 billion, again beating the anticipated $18.05 billion. Shares jumped 7%.
American Express attributed its success largely to strong card spending across categories and deepening engagement among younger affluent cohorts. Millennials and Gen Z now account for 36% of total card member spending—on par with Gen X—and are making 25% more transactions on average than older customers. The group’s appetite for premium products has reinforced the company’s reputation as the go-to brand for upscale consumers seeking quality benefits and experiences.
“It’s about a 40% pass-through,” Waller estimated, describing a “two-tier” effect in the economy. By contrast, he sees no inflation at all, anecdotally, for consumer prices for the lower half of the income distribution, because those customers will just “walk out the door” if prices shoot up.
He described it as the strongest rollout the card has seen, with new Platinum account acquisitions doubling compared with pre-refresh levels, and more than 500,000 requests pouring in for the redesigned Mira card in just three weeks.
And there have been a lot of new rollouts, Squeri explained, calling it a “proven strategy of refreshing our products on a regular basis to drive customer engagement and growth.” American Express has done over 200 refreshes across its portfolio globally since 2019, according to the CEO, with this being the third U.S. Platinum refresh in the past decade.
Given strong momentum, Amex raised its full-year 2025 outlook and now sees revenue growth between 9% and 10% and EPS of $15.20 to $15.50, citing steady spending trends among affluent consumers.
Squeri described Millennials and Gen Z as key to American Express’s future, saying, “Several years ago, we made a conscious decision to widen our aperture for premium products so that we could attract new generations and grow with them as their needs change.”
Then Squeri pulled back the curtain a bit on just what the affluent millennial and Gen Z spending habits are saying about their habits and preferences. When Platinum launched over 40 years ago, it “was initially designed for well-established, affluent, frequent travelers,” but it has evolved into “the premium lifestyle card that it is today, with a wider range of benefits and experiences that appeal broadly across generations.”
