American Express Company reported record second-quarter 2025 financial results on July 18, 2025, with total revenues net of interest expense reaching $17.9 billion, a 9% increase year-over-year. Adjusted diluted earnings per common share rose 17% to $4.08, excluding a prior-year gain from the sale of Accertify.
The company achieved record Card Member spending in the quarter, up 7% over the last year. Despite a slight deceleration in some travel categories, overall spending remained robust, with premium cabin airfare up 10% and hotel bookings over $5,000 increasing 9%. Economy class domestic airfare was noted as a weaker spot, coming in flat from a year ago.
American Express reaffirmed its full-year 2025 guidance for revenue growth of 8% to 10% and earnings per share of $15.00 to $15.50. This reaffirmation reflects confidence in the company's strong performance year-to-date and its differentiated Membership model.
Consolidated provisions for credit losses increased to $1.4 billion from $1.3 billion a year ago, driven by a higher net reserve build and increased net write-offs due to growth in total loans and Card Member receivables. However, the second-quarter net write-off rate improved to 2.0% from 2.1% a year ago.
Consolidated expenses increased 14% to $12.9 billion, primarily due to higher operating expenses, including investments in enterprise risk management capabilities and technology, and increased variable customer engagement costs. CEO Stephen J. Squeri highlighted the upcoming refresh of U.S. Consumer and Business Platinum Cards as a key factor in sustaining leadership in the premium space.
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