Summary
American Express Company (AXP) reported a strong financial performance for the year ended December 31, 2024, driven by record levels of Card Member spending, robust new card acquisitions, and excellent credit performance. Total revenues net of interest expense grew by 9% year-over-year (10% on a foreign currency-adjusted basis), reaching $65.9 billion. Net income increased by 21% to $10.1 billion, or $14.01 per diluted share, boosted by the sale of Accertify and disciplined expense management. The company saw broad-based growth across its segments, with U.S. Consumer Services billed business up 7% and International Card Services up 11% (14% FX-adjusted). Commercial Services experienced more modest growth of 2%. This growth was supported by strategic investments in value propositions, marketing, and talent, leading to a record 13 million proprietary new cards acquired during the year. American Express also continued its commitment to returning capital to shareholders, repurchasing $5.9 billion in shares and increasing its common stock dividend by 17% starting in Q1 2025.
Financial Highlights
41 data points| Revenue | $38.83B |
| Net Income | $10.13B |
| EPS (Basic) | $14.04 |
| EPS (Diluted) | $14.01 |
| Shares Outstanding (Basic) | 712.00M |
| Shares Outstanding (Diluted) | 713.00M |
Key Highlights
- 1Total revenues net of interest expense increased 9% to $65.9 billion, with international growth notably strong at 11% (14% FX-adjusted).
- 2Net income rose 21% to $10.1 billion, translating to diluted EPS of $14.01.
- 3Billed business grew 6% year-over-year, demonstrating continued consumer and business spending momentum.
- 4The company acquired a record 13 million proprietary new cards in 2024, indicating effective customer acquisition strategies.
- 5Provisions for credit losses increased 5% to $5.2 billion, reflecting higher loan volumes, though net write-off and delinquency rates remained best-in-class.
- 6Marketing expenses increased 16% as the company invested in growth initiatives and customer acquisition.
- 7AXP returned $7.9 billion to shareholders through $5.9 billion in share repurchases and $2.0 billion in dividends, signaling a commitment to capital return.