American Express Company announced record full-year 2024 financial results on January 24, 2025, with net income reaching $10.1 billion, or $14.01 per share, a 25% increase from $11.21 per share in the prior year. Total revenues net of interest expense for the full year were $65.9 billion, up 9% year-over-year, or 10% on an FX-adjusted basis.
The company reported record levels of annual Card Member spending, record net card fee revenues, and a record 13 million new card acquisitions in 2024. Billings growth accelerated to 8% in the fourth quarter, driven by stronger spending from consumer and commercial customers during the holiday season.
For the fourth quarter of 2024, net income was $2.2 billion, or $3.04 per share, up 16% from $2.62 per share a year ago. Fourth-quarter total revenues net of interest expense were $17.2 billion, an increase of 9% year-over-year, or 10% on an FX-adjusted basis.
American Express provided full-year 2025 guidance, projecting revenue growth of 8% to 10% and earnings per share in the range of $15.00 to $15.50. The company also announced plans to increase its regular quarterly common stock dividend by 17%, from $0.70 to $0.82 per share, starting with the first quarter 2025 dividend declaration.
Chief Financial Officer Christophe Le Caillec noted that spending on AmEx cards jumped 8% year-over-year in the fourth quarter, with Millennial and Gen Z users driving 16% transaction volume growth. Travel and entertainment billings rose 11%, and airline spending increased 13%, with business and first-class airfares up 19%.
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