Q3 2025 American Express Co Earnings Call

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Thank you Daryl and thank you all for joining today's call as a reminder, before we begin today's discussion contains forward looking statements about the company's future business and financial performance. These are based on management's current expectations and are subject to risks and uncertainties factors that could cause actual results to differ materially from these statements are.

Speaker #1: Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q3 2025 earnings call. At this time, all participants are in a listen-only mode.

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the American Express Company Q3 2025 earnings call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. If you wish to ask a question, please press star, then one on your touch-tone phone. You will hear a tone indicating you have been placed in queue. You may remove yourself from the queue at any time by pressing star, then two. If you're using a speaker phone, please pick up the handset before pressing the numbers. Should you require assistance during the call, please press star, then zero. As a reminder, today's call is being recorded. I would now like to turn the conference over to our host, Head of Investor Relations, Mr. Kartik Ramachandran. Please go ahead.

Included in today's presentation slides and in our reports on file with the SEC. The discussion today also contains non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter's earnings materials as well as the earnings materials for prior periods. We discuss all of these are posted on our.

Speaker #1: Later, we will conduct a question-and-answer session. If you wish to ask a question, please press star then one on your touchstone phone. You will hear a tone indicating you have been placed in queue.

Speaker #1: You may remove yourself from the queue at any time by pressing star then two. If you are using a speakerphone, please pick up the handset before pressing the numbers.

Our web site at IR Dot American Express Dot Com will begin today with Steve <unk>, Chairman and CEO, who will start with some remarks about the company's progress and results and then Christophe the kayak Chief Financial Officer, who will provide a more detailed review of our financial performance. After that we'll move to a Q&A session on the results with both Steve and Chris.

Speaker #1: Should you require assistance during the call, please press star, then zero. As a reminder, today's call is being recorded. I would now like to turn the conference over to our host, Head of Investor Relations, Mr. Kartik Ramachandran.

Speaker #1: Please go ahead.

Speaker #2: Thank you, Daryl, and thank you all for joining today's call. As a reminder, before we begin, today's discussion contains forward-looking statements about the company's future business and financial performance.

Kartik Ramachandran: Thank you, Daryl, and thank you all for joining today's call. As a reminder, before we begin, today's discussion contains forward-looking statements about the company's future business and financial performance. These are based on management's current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these statements are included in today's presentation slides and in our reports on file with the SEC. The discussion today also contains non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter's earnings materials, as well as the earnings materials for the prior periods we discussed. All of these are posted on our website at ir.americanexpress.com. We'll begin today with Stephen J. Squeri, Chairman and CEO, who will start with some remarks about the company's progress and results.

With that let me turn it over to Steve. Thank you Carter.

Good morning, and thank you for joining us we had a very strong quarter with revenues up 11%.

Speaker #2: These are based on management's current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these statements are included in today's presentation slides and in our reports on file with the SEC.

Year over year to a record $18 4 billion.

And earnings per share up 19% to $4 14.

Card member spending in the quarter accelerated to 9% or 8% on an FX adjusted basis, with particularly strong retail spending and a bounce back in travel and our credit performance continued to be excellent.

Speaker #2: The discussion today also contains non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter's earnings materials, as well as the earnings materials for the prior periods we discussed.

Based on our strong performance through the first three quarters, we are raising the guidance. We provided in January we now expect full year revenue growth of 9% to 10% and EPS between $15 20.

Speaker #2: All of these are posted on our website at ir.americanexpress.com. We'll begin today with Stephen Squeri, Chairman and CEO, who will start with some remarks about the company's progress and results.

Speaker #2: And then Christophe Caillec, Chief Financial Officer, will provide a more detailed review of our financial performance. After that, we'll move to a Q&A session on the results with both Steve and Christophe.

Kartik Ramachandran: Christophe Le Caillec, Chief Financial Officer, will provide a more detailed review of our financial performance. After that, we'll move to a Q&A session on the results with both Steve and Christophe. With that, let me turn it over to Steve.

And $15 50.

The Big news in the quarter was the launch of our refreshed U S consumer and business platinum cards, which reinforces our leadership in the premium space.

Speaker #2: With that, let me turn it over to Steve.

Speaker #3: Thank you, Kartik. Good morning, and thank you for joining us. We had a very strong quarter, with revenues up eleven percent year-over-year to a record $18.4 billion.

Stephen J. Squeri: Thank you, Kartik. Good morning, and thank you for joining us. We had a very strong quarter, with revenues up 11% year-over-year to a record $18.4 billion and earnings per share up 19% to $4.14. Card member spending in the quarter accelerated to 9% or 8% on an FX-adjusted basis, with particularly strong retail spending and a bounce back in travel. Our credit performance continued to be excellent. Based on our strong performance through the first three quarters, we're raising the guidance we provided in January. We now expect full-year revenue growth of 9% to 10% and EPS between $15.20 and $15.50. The big news in the quarter was the launch of our refreshed U.S. consumer and business Platinum Cards, which reinforces our leadership in the premium space. I'm very pleased to say that the initial customer demand and engagement are exceeding our expectations.

I am very pleased to say that the initial customer demands and engagement are exceeding our expectations. In fact, while it's still early this is the strongest start we've seen for a U S platinum card refresh.

Speaker #3: And earnings per share are up nineteen percent to $4.14. Card members' spending in the quarter accelerated to nine percent, or eight percent on an FX-adjusted basis, with particularly strong retail spending and a bounce back in travel. Our credit performance continued to be excellent.

Before I get into more details on platinum I want to provide some context.

We are fortunate to have a global premium customer base that is unmatched in the industry and our goal is to provide our customers with the best experience in the industry, but continually investing and innovating our value proposition.

Speaker #3: Based on our strong performance through the first three quarters, we're raising the guidance we provided in January. We now expect full-year revenue growth of nine to ten percent, and EPS between fifteen dollars and twenty cents, and fifteen dollars and fifty cents.

The recent platinum launch is yet. Another example of our proven strategy of refreshing of our products on a regular basis to drive customer engagement and growth in fact, we've done over 200 refreshes across our portfolio globally. Since 2019, and this is the third U S platinum refresh.

Speaker #3: The big news in the quarter was the launch of our refreshed U.S. consumer and business platinum cards, which reinforces our leadership in the premium space.

We have done in the past decade.

Speaker #3: I'm very pleased to say that the initial customer demand and engagement are exceeding our expectations. In fact, while it's still early, this is the strongest start we've seen for a U.S. platinum card refresh.

Our refreshed strategy Leverages and strengthens our competitive advantages of our membership model.

Stephen J. Squeri: In fact, while it's still early, this is the strongest start we've seen for a U.S. Platinum Card refresh. Before I get into more details on Platinum, I want to provide some context. We are fortunate to have a global premium customer base that is unmatched in the industry. Our goal is to provide our customers with the best experience in the industry by continually investing in innovating our value propositions. The recent Platinum launch is yet another example of our proven strategy of refreshing our products on a regular basis to drive customer engagement and growth. We've done over 200 refreshes across our portfolio globally since 2019. This is the third U.S. Platinum refresh we've done in the past decade. Our refresh strategy leverages and strengthens the competitive advantages of our membership model.

It starts with understanding what our customers and our prospective customers want and then enhancing our value propositions with access to compelling benefits services and experiences at a price point that delivers outstanding value.

Speaker #3: Before I get into more details on platinum, I want to provide some context. We are fortunate to have a global premium customer base that is unmatched in the industry.

The scale of our premium customer base gives us a distinct distinct advantage.

Speaker #3: And our goal is to provide our customers with the best experience in the industry but continually investing in innovating our value propositions. The recent platinum launch is yet another example of our proven strategy of refreshing our products, on a regular basis, to drive customer engagement and growth.

Our consumer and business platinum card franchise alone accounts for approximately 530 billion of annual spend globally.

This scale gives us deep insights into customer spending patterns and emerging trends, which informs our product enhancements and where we invest.

Speaker #3: In fact, we've done over two hundred refreshes across our portfolio globally, since twenty nineteen. And this is the third US platinum refresh we've done in the past decade.

Another key advantage is the relationships, we have with the 160 million merchants around the world who accept our courts.

Speaker #3: Our refresh strategy leverages and strengthens the competitive advantages of our membership model. It starts with understanding what our customers and our prospective customers want, and then enhancing our value propositions, with access to compelling benefits, services, and experiences, at a price point that delivers outstanding value.

We've grown the number of amex accepting merchants by nearly five times since 2017, giving our card members more places to use their cards and giving more merchants access to our high spending customers who spend on average nearly three times more annually on American express cards than the.

Stephen J. Squeri: It starts with understanding what our customers and our prospective customers want, and then enhancing our value propositions with access to compelling benefits, services, and experiences at a price point that delivers outstanding value. The scale of our premium customer base gives us a distinct advantage. Our consumer and business Platinum Card franchise alone accounts for approximately $530 billion of annual spend globally. This scale gives us deep insights into customer spending patterns and emerging trends, which informs our product enhancements and where we invest. Another key advantage is the relationships we have with the 160 million merchants around the world who accept our cards.

Average spend per card on other networks.

Ultimately product refreshes fuel a virtuous cycle of growth for the company by.

Speaker #3: The scale of our premium customer base gives us a distinct advantage. Our consumer and business platinum card franchise alone accounts for approximately $530 billion of annual spend globally.

By continually enhancing our offerings, we drive engagement and scale of our premium customer base.

Our high spending card members attract a growing number of world class merchant partners, who add more value to membership which drives more engagement.

Speaker #3: This scale gives us deep insights into customer spending patterns and emerging trends, which inform our product enhancements and where we invest. Another key advantage is the relationships we have with the 160 million merchants around the world who accept our cards.

And this enables us to generate more dollars that we can reinvest and enhancing our products.

The result of all this.

As a loyal and growing premium customer base mutually beneficial relationships with our merchants and strong returns for our shareholders, including higher revenue growth excellent credit quality expense leverage and increased profit across our product portfolios.

Speaker #3: We've grown the number of AMEX-accepting merchants by nearly five times since twenty seventeen. Giving our card members more places to use their cards and giving more merchants access to our high-spending customers.

Stephen J. Squeri: We've grown the number of American Express-accepting merchants by nearly five times since 2017, giving our card members more places to use their cards and giving more merchants access to our high-spending customers, who spend on average nearly three times more annually on American Express cards than the average spend per card on other networks. Ultimately, product refreshes fuel a virtuous cycle of growth for the company. By continually enhancing our offerings, we drive the engagement and scale of our premium customer base. Our high-spending card members attract a growing number of world-class merchant partners who add more value to membership, which drives more engagement. This enables us to generate more dollars that we can reinvest in enhancing our products.

Speaker #3: Who spends, on average, nearly three times more annually on American Express cards than the average spend per card on other networks? Ultimately, product refreshes fuel a virtuous cycle of growth for the company.

There's no better example of how we execute this strategy in our platinum cards.

We launched our first platinum card over 40 years ago.

It was the first premium card of its kind in the industry and remains the category leader.

Platinum was initially designed for well established affluent frequent travelers.

Speaker #3: By continually enhancing our offerings, we drive the engagement and scale of our premium customer base. Our high-spending card members attract a growing number of world-class merchant partners, who add more value to membership.

Several years ago, we made a conscious decision to widen our aperture for our premium products. So that we can also attract new generations to the franchise and grow with them as their needs change.

Speaker #3: Which drives more engagement, and this enables us to generate more dollars that we can reinvest in enhancing our products. The result of all this is a loyal and growing premium customer base.

With the value enhancements, we've made over the past decade. The platinum card has evolved into the leading premium lifestyle card than it is today.

Stephen J. Squeri: The result of all this is a loyal and growing premium customer base, mutually beneficial relationships with our merchants, and strong returns for our shareholders, including higher revenue growth, excellent credit quality, expense leverage, and increased profit across our product portfolios. There's no better example of how we execute this strategy in our Platinum Cards. We launched our first Platinum Card over 40 years ago. It was the first premium card of its kind in the industry and remains the category leader. Platinum was initially designed for well-established, affluent, frequent travelers. Several years ago, we made a conscious decision to widen our aperture for our premium products so that we could also attract new generations to the franchise and grow with them as their needs change.

With a wider range of benefits and experiences that appeal broadly across generations, including millennial and Gen Z consumers, who are very comfortable paying for success exceptional value and are highly engaged in our product.

Speaker #3: Mutually beneficial relationships with our merchants, and strong returns for our shareholders, including higher revenue growth, excellent credit quality, expense leverage, and increased profit across our product portfolios.

A good example of these value enhancements as the previous U S. Platinum refresh we did in 2021 coming out of the Covid pandemic.

Speaker #3: There's no better example of how we execute this strategy than with our platinum cards. We launched our first platinum card over forty years ago. It was the first premium card of its kind in the industry and remains the category leader.

We learned that our card members, particularly the younger cohorts loved the benefits we've added in categories like digital Entertainment wellness delivery services. In addition to our travel offerings, which we also continued to enrich with investments in new Centurion lounges, and the expansion of our wholesale programs.

Speaker #3: Platinum was initially designed for well-established, affluent frequent travelers. Several years ago, we made a conscious decision to widen our aperture for our premium products.

Speaker #3: So that we could also attract new generations to the franchise and grow with them as their needs change. With the value enhancement we've made over the past decade, the Platinum Card has evolved into the leading premium lifestyle card that it is today.

That brings me to our most recent platinum launch.

Here again, we continued our strategy of enhancing the card benefits and services with more world class partners across the areas, we know our customers love to deliver industry, leading value that far exceeds the cards annual fee in.

Stephen J. Squeri: With the value enhancements we've made over the past decade, the Platinum Card has evolved into the leading premium lifestyle card that it is today, with a wider range of benefits and experiences that appeal broadly across generations, including millennial and Gen Z consumers who are very comfortable paying for its exceptional value and are highly engaged in the product. A good example of these value enhancements is the previous U.S. Platinum refresh we did in 2021, coming out of the COVID pandemic. We learned that our card members, particularly the younger cohorts, love the benefits we've added in categories like digital entertainment, wellness, and delivery services, in addition to our travel offerings, which we also continue to enrich with investments in new Centurion lounges and the expansion of our hotel programs. That brings me to our most recent Platinum launch.

Speaker #3: With a wider range of benefits and experiences that appeal broadly across generations, including Millennial and Gen Z consumers, who are very comfortable paying for exceptional value and are highly engaged in the product.

In addition, we continue to enhance our award winning digital capabilities, introducing a new app experience for our U S. Platinum members that makes it even easier to engage with the card benefits.

Speaker #3: A good example of these value enhancements is the previous US Platinum refresh we did in 2021, coming out of the COVID pandemic. We learned that our card members, particularly the younger cohorts, love the benefits we've added in categories like digital entertainment, wellness, and delivery services, in addition to our travel offerings, which we also continue to enrich with investments in new Centurion lounges and the expansion of our hotel programs.

As I mentioned earlier the initial results are very strong exceeding our expectations for example.

Platinum account acquisitions are running at twice the level before the refresh in.

In the first three weeks, we saw very strong engagement in the new benefits and over 500000 requests for the new mirror card.

And while the annual fee increased won't go into effect for a few months retention rates have been stable post refresh.

Speaker #3: That brings me to our most recent platinum launch. Here again, we continued our strategy of enhancing the card's benefits and services, with more world-class partners across the areas we know our customers love, to deliver industry-leading value that far exceeds the card's annual fee.

Stephen J. Squeri: Here again, we continued our strategy of enhancing the card's benefits and services with more world-class partners across the areas we know our customers love to deliver industry-leading value that far exceeds the card's annual fee. In addition, we continue to enhance our award-winning digital capabilities, introducing a new app experience for our U.S. Platinum members that makes it even easier to engage with the card's benefits. As I mentioned earlier, the initial results are very strong, exceeding our expectations. For example, new Platinum account acquisitions are running at twice the level before the refresh. In the first three weeks, we saw very strong engagement in the new benefits and over 500,000 requests for the new Mira card. While the annual fee increase won't go into effect for a few months, retention rates have been stable post-refresh.

In addition to these results we saw record bookings through Amex travel following the platinum refresh and the launch of our new all in one travel App, which we introduced earlier in September in the U S.

Looking ahead, I am confident about our ability to sustain our growth by continuing to build on our powerful membership platform with a growing set of high value products benefits services and experiences. We will also continue expanding our digital capabilities for consumers and businesses <unk>.

Speaker #3: In addition, we continue to enhance our award-winning digital capabilities. Introducing a new app experience for our US platinum members, that makes it even easier to engage with the card's benefits.

Speaker #3: As I mentioned earlier, the initial results are very strong, exceeding our expectations. For example, new platinum account acquisitions are running at twice the level before the refresh.

<unk> the upcoming integration of centers expense management solution for commercial customers.

And we will focus on continuing to grow merchant coverage outside the U S to give card members more places to use their amex cards with that.

Speaker #3: In the first three weeks, we saw very strong engagement in the new benefits, and over five hundred thousand requests for the new Miracard. And while the annual fee increase won't go into effect for a few months, retention rates have been stable post-refresh.

I'll hand, it over to Christophe to walk through more detail on third quarter results.

Thanks, Steve and good morning, everyone.

Let me start with a few highlights for the quarter.

Speaker #3: In addition to these results, we saw record bookings through AMEX travel following the platinum refresh, and the launch of our new all-in-one travel app, which we introduced earlier in September in the US.

Stephen J. Squeri: In addition to these results, we saw record bookings through American Express Travel following the Platinum refresh and the launch of our new all-in-one travel app, which we introduced earlier in September in the U.S. Looking ahead, I'm confident about our ability to sustain our growth by continuing to build on our powerful membership platform with a growing set of high-value products, benefits, services, and experiences. We will also continue expanding our digital capabilities for consumers and businesses, including the upcoming integration of Center Expense Management Solution for commercial customers. We will focus on continuing to grow merchant coverage outside the U.S. to give card members more places to use their American Express cards. With that, I'll hand it over to Christophe Le Caillec to walk through more detail on third-quarter results.

Our business model is performing really well.

Revenue growth accelerated to 11% this quarter with broad based growth across revenue lines.

And we will card fees are now approaching $10 billion annually.

Speaker #3: Looking ahead, I'm confident about our ability to sustain our growth by continuing to build on our powerful membership platform, with a growing set of high-value products, benefits, services, and experiences.

And have grown at double digits for 29 consecutive quarters.

Credit performance remains excellent with both U S consumer and small business delinquency rates still below 2019 levels.

Speaker #3: We'll also continue expanding our digital capabilities for consumers and businesses, including the upcoming integration of Centers Expense Management Solution for commercial customers. Additionally, we'll focus on continuing to grow merchant coverage outside the U.S. to give card members more places to use their AMEX cards.

And we've driven deleverage from expenses and provision even as we have invested in our <unk>.

Premium value propositions marketing and technology.

As a result, we continued to deliver very strong returns and EPS growth was 19% this quarter with an ROE of 36%.

Speaker #3: With that, I'll hand it over to Christophe Caillec to walk through more detail on third quarter results.

Turning to build business trends for the quarter total spend was up eight 5% FX adjusted.

Speaker #4: Thanks, Steve, and good morning, everyone. Let me start with a few highlights for the quarter. Our business model is performing really well. Revenue growth accelerated to 11% this quarter, with broad-based growth across revenue lines.

Christophe Le Caillec: Thanks, Steve, and good morning, everyone. Let me start with a few highlights for the quarter. Our business model is performing really well. Revenue growth accelerated to 11% this quarter, with broad-based growth across revenue lines. Annual card fees are now approaching $10 billion annually, and have grown at double digits for 29 consecutive quarters. Credit performance remains excellent, with both U.S. consumer and small business delinquency rates still below 2019 levels. We've driven leverage from expenses and provision even as we have invested in our premium value propositions, marketing, and technology. As a result, we continue to deliver very strong returns. EPS growth was 19% this quarter, with an ROE of 36%. Turning to bill business trends for the quarter, total spend was up 8.5% FX-adjusted, about two percentage points higher than Q2.

About two percentage points higher.

In Q2.

The step up in growth was driven by strong retail spending up 12% as well as a rebound in <unk>.

Speaker #4: Annual card fees are now approaching $10 billion annually and have grown in double digits for twenty-nine consecutive quarters. Credit performance remains excellent, with both U.S. consumer and small business delinquency rates still below 2019 levels.

Airline spending picked up this quarter and restaurant, our largest T&D category continued to be very strong up 9%.

Premium tea any bookings so good momentum with spending on front of cabin airline tickets up 14%.

Speaker #4: And we've driven leverage from expenses and provision even as we have invested in our premium value propositions, marketing, and technology. As a result, we continue to deliver very strong returns.

The momentum we've seen from younger customers also continued.

Millennials and Gen Z now account with 36% of total spend making up the same share of genetics.

International had another strong quarter.

Speaker #4: EPS growth was nineteen percent this quarter, with an ROE of thirty-six percent. Turning to bill business trends for the quarter. Total spend was up eight point five percent, FX-adjusted.

We spent up 13% FX adjusted.

Momentum remained momentum remains broad based across markets with three of our five top countries growing by 18% or more of this quarter.

Speaker #4: About two percentage points higher than Q2. The step-up in growth was driven by strong retail spending, up twelve percent, as well as a rebound in T&E.

In addition.

Two the strong early performance we've seen in the U S. Following the refresh spend on platinum cards issued outside the U S is up 24% this quarter consistent with what we've seen over the last two years.

Christophe Le Caillec: The step-up in growth was driven by strong retail spending up 12%, as well as a rebound in T&E. Airline spending picked up this quarter, and restaurants, our largest T&E category, continued to be very strong, up 9%. Premium T&E bookings saw good momentum, with spending on front-of-cabin airline tickets up 14%. The momentum we've seen from younger customers also continued. Millennials and Gen Z now account for 36% of total spend, making up the same share as Gen X. International had another strong quarter. We spent up 13% FX-adjusted. Momentum remains broad-based across markets, with three of our five top countries growing by 18% or more this quarter. In addition to the strong early performance we are seeing in the U.S. following the refresh, spend on Platinum Cards issued outside the U.S. is up 24% this quarter, consistent with what we have seen over the last two years.

Speaker #4: Airline spending picked up this quarter, and restaurants, our largest T&E category, continued to be very strong, up 9 percent. Premium T&E bookings saw good momentum, with spending on front-of-cabin airline tickets up 14 percent.

Overall spin growth continues to be driven by transaction growth up 10% in Q3, the good indicator of engagement from our customer base I would note that we see strong engagement from millennial and Gen Z card members with the average number of transactions per U S customer about 25% higher than older cohorts.

Speaker #4: The momentum we've seen from younger customers also continued. Millennials and Gen Z now account for thirty-six percent of total spend, making up the same share as Gen X.

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We acquired $3 2 million new cards in the quarter and even more important than the overall number of cards demand for our premium products remains very strong with over 70% of new accounts required on fee paying products.

Speaker #4: International had another strong quarter. We spent up 13%, FX-adjusted. Momentum remains broad-based across markets, with three of our five top countries growing by 18% or more this quarter.

Turning to balanced growth and credit loan and card member receivables were up 7% year over year broadly in line with billed business.

Speaker #4: In addition to the strong early performance we are seeing in the U.S. following the refresh, spend on platinum cards issued outside the U.S. is up 24% this quarter, consistent with what we have seen over the last two years.

There was about a one percentage point impact on balanced growth from our held for sale portfolios again this quarter.

Credit performance remains very strong and stable.

Speaker #4: Overall spend growth continues to be driven by transaction growth, up ten percent in Q3, a good indicator of engagement from our customer base. I will note that we see strong engagement from millennial and Gen Z card members, with the average number of transactions per US customer about twenty-five percent higher than older cohorts.

Q3, delinquency and write off rates were low with delinquency rates flat to last quarter, while write off rates declined.

Christophe Le Caillec: Overall spend growth continues to be driven by transaction growth, up 10% in Q3, a good indicator of engagement from our customer base. I will note that we see strong engagement from millennial and Gen Z card members, with the average number of transactions per U.S. customer about 25% higher than older cohorts. We acquired 3.2 million new cards in the quarter. Even more important than the overall number of cards, demand for our premium products remains very strong, with over 70% of new accounts acquired on fee-paying products. Turning to balance growth and credit, loan and card member receivables were up 7% year-over-year, broadly in line with bill business. There was about a 1 percentage point impact on balance growth from our held-for-sale portfolios again this quarter. Credit performance remains very strong and stable.

This performance is supported by our focus on premium products, which tend to attract high income highly credit worthy customers. We're seeing the outcome of this strategy in the latest platinum refresh where the credit profiles of consumer applicants following the refresh or even better than what we were seeing before.

Speaker #4: We acquired three point two million new cards in the quarter. And even more important than the overall number of cards, demand for our premium products remained very strong, with over seventy percent of new accounts acquired on fee-paying products.

With average FICO score up 15 points.

Contributing to two weeks the number of acquisitions.

Overall provision expense of $1 3 billion. This quarter included a reserve build of $125 million, reflecting balanced growth.

Speaker #4: Turning to balance growth and credit. Loan and card member receivables were up 7% year-over-year, broadly in line with bill business. There was about a 1 percentage point impact on balance growth from our health and sales portfolios, again this quarter.

Turning to revenue on slide 14.

Revenue was very strong this quarter up 11% with momentum across revenue lines.

Speaker #4: Credit performance remains very strong and stable. Q3 delinquency and write-off rates were low, with delinquency rates flat to last quarter, while write-off rates declined.

Net card fees were up 17% FX adjusted the pace that we have now maintained since 2019.

Christophe Le Caillec: Q3 delinquency and write-off rates were low, with delinquency rates flat to last quarter, while write-off rates declined. This performance is supported by our focus on premium products, which tend to attract high-income, highly credit-worthy customers. We're seeing the outcome of this strategy in the latest Platinum Card refresh, where the credit profiles of consumer applicants following the refresh are even better than what we were seeing before, with the average FICO score up 15 points, contributing to 2X the number of acquisitions. Overall provision expense of $1.3 billion this quarter included a reserve build of $125 million, reflecting balance growth. Turning to revenue on slide 14, revenue was very strong this quarter, up 11%, with momentum across revenue lines. Net card fees were up 17% FX-adjusted, a pace that we have now maintained since 2019.

Card fee growth moderated as we expected and we will continue to moderate before we see an inflection upward in 2026 as a result of our product refreshes.

Speaker #4: This performance is supported by our focus on premium products, which tend to attract high-income, highly creditworthy customers. We're seeing the outcome of this strategy in the latest platinum refresh, where the credit profiles of consumer applicants following the refresh are even better than what we were seeing before, with average FICO score up fifteen points.

As a reminder.

Card members, who help platinum cost prior to the refresh get to experience the new benefits for a few months before the increase in the annual fee goes into effect.

The new car fee will then be applied at renewables anniversaries over the next 12 months.

Speaker #4: Contributing to two X the number of acquisitions. Overall provision and expense of one point three billion this quarter, included a reserve build of one hundred and twenty-five million reflecting balance growth.

Additionally card fees are amortized over 12 months period.

Putting those factors together it takes roughly two years to fully lap the impact of the refresh on card fees with a contribution to growth, peaking 12 months. Following the effective date of the new and we'll see.

Speaker #4: Turning to revenue on slide fourteen. Revenue was very strong this quarter, up eleven percent, with momentum across revenue lines. Net card fees were up seventeen percent, FX-adjusted, a pace that we have now maintained since 2019.

Of course, the overall trajectory of card fees is also dependent on many other factors such as volume and mix of acquisitions retention and the full suite and cadence of product refreshes globally.

Speaker #4: Card fee growth moderated, as we expected, and will continue to moderate before we see an inflection upward in twenty twenty-six as a result of our product refreshes.

Christophe Le Caillec: Card fee growth moderated, as we expected, and will continue to moderate before we see an inflection upward in 2026 as a result of our product refreshes. As a reminder, card members who held Platinum Cards prior to the refresh get to experience the new benefits for a few months before the increase in the annual card fee goes into effect. The new card fee will then be applied at renewal anniversaries over the next 12 months. Additionally, card fees are amortized over a 12-month period. Putting those factors together, it takes roughly two years to fully lap the impact of the refresh on card fees, with a contribution to growth peaking 12 months following the effective date of the new annual card fee.

Net interest income was up 12% again this quarter, we continue to grow balances largely inline with spending while driving higher NII growth by expanding the margin earned on balances.

Speaker #4: As a reminder, card members who held Platinum cards prior to the refresh get to experience the new benefits for a few months before the increase in the annual fee goes into effect.

And at the same time, we've maintained best in class credit results.

This quarter the service fees and other revenue line includes the impact of a transaction at the global business travel group, which contributed about five percentage points to year over year growth in this line.

Speaker #4: The new card fee will then be applied at renewal anniversaries over the next twelve months. Additionally, card fees are amortized over a twelve-month period.

In addition, this is the first quarter that we have fully lapped the sale of the certified business last may.

Speaker #4: Putting those factors together, it takes roughly two years to fully lap the impact of the refresh on card fees. With the contribution to growth peaking twelve months following the effective date of the new annual fee.

The main takeaway here is that growth in service fees and other revenue is running higher than the low single digits that we saw in the second half of last year and earlier this year.

Speaker #4: Of course, the overall trajectory of card fees is also dependent on many other factors, such as volume, and mix of acquisitions, retention, and the full suite and cadence of product refreshes globally.

Christophe Le Caillec: Of course, the overall trajectory of card fees is also dependent on many other factors, such as volume and mix of acquisitions, retention, and the full suite and cadence of product refreshes globally. Net interest income was up 12% again this quarter. We continue to grow balances largely in line with spending, while driving higher NII growth by expanding the margin earned on balances. At the same time, we've maintained best-in-class credit results. This quarter, the service fees and other revenue lines include the impact of a transaction at the American Express Global Business Travel Group, which contributed about 5 percentage points to year-over-year growth in this line. In addition, this is the first quarter that we have fully lapped the sale of the Accertify business last May.

Overall, we feel good about the momentum we have at this point in the year and we are on track for full year revenue growth of 9% to 10%.

Speaker #4: Net interest income was up twelve percent, again this quarter. We continue to grow balances largely in line with spending, while driving higher NII growth by expanding the margin earned on balances.

Turning to expense performance.

<unk> was up 14% in the quarter with the VC to revenue ratio coming in at 42%.

Speaker #4: And at the same time, we've maintained best-in-class credit results. This quarter, the service fees and other revenue line includes the impact of a transaction at the Global Business Travel Group, which contributed about five percentage points to year-over-year growth in this line.

Member service growth stepped up for the first.

Picked up from the first half of the year driven by strong early engagement with our refresh U S platinum benefits, especially some of the quarterly credits that were available to customers.

This is a good early sign of interest in the product and the new benefits.

Speaker #4: In addition, this is the first quarter that we have fully lapped the sale of the asserted business last May. The main takeaway here is that growth in service fees and other revenue is running higher than the low single digits that we saw in the second half of last year and earlier this year.

And as we noted previously the cost of benefits occurs immediately while the realization of fee revenue has lagged given the timing and accounting of those fees.

Christophe Le Caillec: The main takeaway here is that growth in service fees and other revenue is running higher than the low single digits that we saw in the second half of last year and earlier this year. Overall, we feel good about the momentum we have at this point in the year, and we are on track for full-year revenue growth of 9% to 10%. Turning to expense performance, VCE was up 14% in the quarter, with the VCE to revenue ratio coming in at 42%. Card member service growth stepped up from the first half of the year, driven by strong early engagement with the refresh U.S. Platinum Card benefits, especially some of the quarterly credits that were available to customers. This is a good early sign of interest in the product and the new benefits.

Our model also benefits from partners that offer value to our customers over the last 12 months.

Speaker #4: Overall, we feel good about the momentum we have at this point in the year, and we are on track for full-year revenue growth of 9 to 10 percent.

Our partners have offered over $3 billion of value across embedded benefits.

Ex travel and Amex offers.

Speaker #4: Turning to expense performance. VCE was up fourteen percent in the quarter, with the VCE to revenue ratio coming in at forty-two percent. Card member service growth stepped up for the first, stepped up from the first half of the year, driven by strong early engagement with the refreshed US platinum benefits, especially some of the quarterly credits that were available to customers.

We also managed our <unk> expenses through constant innovation of our rewards and benefits the latest one being the introduction of a mountain base redemptions.

As we've noted previously we expect the VCU ratio to increase over time as a result of our investments in the value proposition and the mix shift to a more premium portfolio.

We also feel good about the ability of these investments together with expense leverage to drive sustainable mid teens EPS growth under our long term aspiration.

Speaker #4: This is a good early sign of interest in the product and the new benefits. As we noted previously, the cost of benefits occurs immediately, while the realization of fee revenue is lagged.

Christophe Le Caillec: As we noted previously, the cost of benefits occurs immediately, while the realization of fee revenue is lagged, given the timing and accounting of those fees. Our model also benefits from partners that offer value to our customers. Over the last 12 months, our partners have offered over $3 billion of value across embedded benefits, American Express Travel, and American Express Offers. We also manage our VCE expenses through constant innovation of our rewards and benefits, the latest one being the introduction of amount-based redemptions. As we've noted previously, we expect the VCE ratio to increase over time as a result of our investments in the value proposition and the mix shift to a more premium portfolio. We also feel good about the ability of these investments, together with the expense leverage, to drive sustainable mid-teens EPS growth under our long-term aspiration.

Moving on to capital, we returned $2 9 billion of capital to our shareholders, including $6 billion of dividends and $2 3 billion of share repurchases.

Speaker #4: Given the timing and accounting of those fees, I will model also benefits from partners that offer value to our customers. Over the last twelve months, our partners have offered over $3 billion of value across embedded benefits, AMEX Travel, and AMEX Offers.

Our business continues to generate very strong returns with an ROE of 36% this quarter, our strong ROE enables us to return a high level of earnings to our shareholders around 70% over the past three years.

Speaker #4: We also manage our VCE expenses through constant innovation of our rewards and benefits, the latest being the introduction of amount-based redemptions. As we've noted previously, we expect the VCE ratio to increase over time as a result of our investments in the value proposition and the mix shift to a more premium portfolio.

Over the same time period, our dividend is up 58%.

That brings me to the outlook for the year, where there continues to be uncertainty in the environment given the strength of our performance. We are raising our full year guidance. We now expect revenue growth of 9% to 10% and earnings per share between <unk> 20, and $15 50.

Speaker #4: We also feel good about the ability of these investments together with the expense leverage to drive sustainable mid-teams EPS growth under our long-term aspiration.

This assumes a stable macroeconomic outlook as we get to the end of the year stepping back we feel really good about our momentum year to date and we are very pleased with the initial demand and engagement following the platinum refresh with that I'll turn the call back over to Karthik and we will take your questions. Thank you Christoph.

Speaker #4: Moving on to capital. We returned two point nine billion dollars of capital to our shareholders, including point six billion of dividends, and two point three billion of share repurchases.

Christophe Le Caillec: Moving on to capital, we returned $2.9 billion of capital to our shareholders, including $0.6 billion of dividends and $2.3 billion of share repurchases. Our business continues to generate very strong returns, with an ROE of 36% this quarter. Our strong ROE enables us to return a high level of earnings to our shareholders, around 70% over the past three years. Over the same time period, our dividend is up 58%. That brings me to the outlook for the year. While there continues to be uncertainty in the environment, given the strength of our performance, we are raising our full-year guidance. We now expect revenue growth of 9% to 10% and earnings per share between $15.20 and $15.50. This assumes a stable macroeconomic outlook as we get to the end of the year.

Speaker #4: Our business continues to generate very strong returns, with an ROE of 36% this quarter. Our strong ROE enables us to return a high level of earnings to our shareholders, around 70% over the past three years.

Before we open up the lines for Q&A I'll ask those in the queue to please limit yourself to just one question.

Thank you for your cooperation and with that the operator will now open up the line for questions operator.

Ladies and gentlemen, if you wish to ask a question. Please press Star then one on your Touchtone phone.

Speaker #4: Over the same time period, our dividend is up fifty-eight percent. That brings me to the outlook for the year. While there continues to be uncertainty in the environment, given the strength of our performance, we are raising our full-year guidance.

You'll hear a tone, indicating that <unk> been placed in Q.

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You are using a speaker phone please pick up the handset before pressing the numbers one moment. Please for the first question.

Speaker #4: We now expect revenue growth of 9% to 10%, and earnings per share between $15.20 and $15.50. This assumes a stable macroeconomic outlook as we get to the end of the year.

Our first question comes from the line of Sanjay <unk> with <unk>. Please proceed with your question.

Thank you good morning first of all I appreciate all the disclosures on the platinum card and the refresh and it seems like things are going really well there.

Speaker #4: Stepping back, we feel really good about our momentum year-to-date, and we are very pleased with the initial demand and engagement following the Platinum refresh.

Christophe Le Caillec: Stepping back, we feel really good about our momentum year to date, and we are very pleased with the initial demand and engagement following the Platinum Card refresh. With that, I've turned the call back over to Kartik, and we'll take your questions.

Steve I guess theres been a lot of resiliency, if not strength across your customer base, even even corporate and small business did accelerate sequentially. So maybe you could just could you just talk about how you're feeling about the path forward can things actually improve here because we bought them. Some because you had this acceleration maybe.

Speaker #4: With that, I'll turn the call back over to Kartik, and we'll take your questions.

Speaker #3: Thank you, Christophe.

Kartik Ramachandran: Thank you, Christophe. Before we open up the lines for Q&A, I will ask those in the queue to please limit yourself to just one question. Thank you for your cooperation. With that, the operator will now open up the lines for questions. Operator?

Speaker #1: Before we open up the lines for Q&A, I will ask those in the queue to please limit yourself to just one question. Thank you for your cooperation. With that, the operator will now open up the lines for questions.

Speaker #1: Operator?

Speaker #5: Ladies and gentlemen, if you wish to ask a question, please press star then one on your touchstone phone. You'll hear a tone indicating that you've been placed in queue.

Operator: Ladies and gentlemen, if you wish to ask a question, please press star, then one on your touch-tone phone. You'll hear a tone indicating that you've been placed in queue. You may remove yourself from the queue at any time by pressing star, then two. If you're using a speaker phone, please pick up the handset before pressing the numbers. One moment, please, for the first question. Our first question comes from the line of Sanjay Sakhrani with KBW. Please proceed with your question.

And in a stable macro backdrop, specifically and then just one Christophe modeling thing the gain that you had this quarter I mean should we think about it as an explicit benefit and I'm sorry, if I missed it missed that commentary if you have any.

Speaker #5: You may remove yourself from the queue at any time by pressing star, then two. If you are using a speakerphone, please pick up the handset before pressing the numbers.

Look I think you saw a little bit of an accelerant this quarter from a billings perspective, but if you look back over the last six or seven quarters.

Speaker #5: One moment, please, for the first question. Our first question comes from the line of Sanjay Sacarani with KBW. Please proceed with your question.

That it's been relatively stable.

Speaker #3: Thank you. Good morning. First of all, I appreciate all the disclosures on the Platinum Card and the refresh. It seems like things are going really well there.

[Analyst]: Thank you. Good morning. First of all, I appreciate all the disclosures on the Platinum Card and the refresh, and it seems like things are going really well there. Steve, I guess there's been just a lot of resiliency, if not strength, across your customer base, even corporate and small business, to accelerate sequentially. Maybe you could just talk about how you're feeling about the path forward. Can things actually improve here because we've bottomed some, because you had this acceleration? Maybe just in a stable macro backdrop specifically. Then just one Christophe modeling thing. The gain that you had this quarter, should we think about it as an explicit benefit? I'm sorry if I missed that commentary, if you had any. Thanks.

Is this a sign of things to come.

I don't know if this were going to keep this billings up the way we are but I don't see any anything in the horizon here that would indicate that billings are going to slow down or decline. So I think the second quarter you saw.

Speaker #3: Steve, I guess there's been just a lot of resiliency, if not strength, across your customer base, even corporate and small business, to accelerate sequentially.

Speaker #3: So maybe you could just, could you just talk about how you're feeling about the path forward? Can things actually improve here because we've bottomed some?

A deceleration in airline spending I think the pickup in <unk> was really good I mean restaurants continued to be strong.

Speaker #3: Because you had this acceleration, maybe just in a stable macro backdrop, specifically. And then just one, Christophe, modeling thing. The gain that you had this quarter, I mean, should we think about it as an explicit benefit?

But airlines really did pick up and I think what was what was really encouraging for us as well was the premium part from an airline perspective, I mean that was up 14%. When you think about front of the cabin. So.

Speaker #3: I'm sorry if I missed it. I missed that commentary, if you had any. Thanks.

Speaker #2: Look, I think you saw a little bit of an accelerant this quarter from a billing perspective. But if you look back over the last six or seven quarters, it's been relatively stable.

Stephen J. Squeri: Look, I think you saw a little bit of an accelerant this quarter from a billings perspective. If you look back over the last six or seven quarters, it's been relatively stable. Is this a sign of things to come? I don't know if we're going to keep this billings up the way we are, but I don't see anything in the horizon here that would indicate that billings are going to slow down or decline. I think the second quarter, you saw a deceleration in airline spending. I think the pickup in T&E was really good. Restaurants continue to be strong. Airlines really did pick up. I think what was really encouraging for us as well was the premium part from an airline perspective. That was up 14% when you think about front of the cabin. That, coupled with quarterly bookings in our U.S.

That coupled with.

Quarterly billing quarterly bookings in our U S travel consumer travel business, which were at an all time high so.

I think look we're we're still in a relatively stable stable environment I would also point out as I always point out.

Speaker #2: is this a sign of things to come, I I don't know if this we're gonna keep this, billings up the way we are, but, I don't see any anything in the horizon here that would indicate that billings are gonna slow down or decline.

Our card basis, not representative of what's going on across the United States. It truly is a bifurcated economy, we have a small percentage of the cards, but our cargo cardholders are much more premium and we're lucky to have a much more premium card base. So.

Speaker #2: So, you know, I think the second quarter (Q2), you know, you saw a deceleration in airline spending. I think the pickup in T&E was really good.

We're seeing a little bit of a pickup in spend we hope that that continues into the into the fourth quarter. I think what was encouraging for US is also to pick up in small business.

Speaker #2: I mean, restaurants continue to be strong, but airlines really did pick up. I think what was really encouraging for us as well was the premium part from an airline perspective.

We saw 4% growth to pick up in large and global as well, which was up at about 6% and international continues to just continues to really be really strong and then the last thing I'll say is I think retail spending, especially in the U S. Consumer business hopefully is a good harbinger for what will come during the.

Speaker #2: I mean, that was up 14% when you think about front-of-the-cabin. So, that, coupled with quarterly billing and quarterly bookings in our U.S. travel consumer business, which are at an all-time high.

Stephen J. Squeri: consumer travel business, which were at an all-time high. I think we're still in a relatively stable environment. I would also point out, as I always point out, our card base is not representative of what's going on across the United States. It truly is a bifurcated economy. We have a small percentage of the cards, but our cardholders are much more premium, and we're lucky to have a much more premium card base. We're seeing a little bit of a pickup in spend. We hope that that continues into the fourth quarter. I think what was encouraging for us is also the pickup in small business. We saw a 4% growth, the pickup in large and global as well, which was up at about 6%. International continues to really be really strong. The last thing I'll say is I think the retail spending, especially in the U.S.

Speaker #2: So, I I think, you know, look, we're we're still in a relatively stable stable environment. I would also point out, as I always point out, our card base is not representative of what's going on across the United States.

During the holiday season for U S consumer business is very strong as well at 9% so.

<unk>.

Is are we going to see a big accelerant from here, it's not what we were expecting but we're not also expecting a deceleration as well.

Speaker #2: It truly is a bifurcated economy. We have a small percentage of the cards, but our cardholders are much more premium, and we're lucky to have a much more premium card base.

And Sanjay.

On your question about the gain so.

It's not a large gain its in the range of about $80 million.

Speaker #2: So, you know, we're seeing a little bit of a pickup in spend. We hope that that continues into the fourth quarter.

We called it out because it has an impact on the growth rate of that line service fees and other revenue.

Speaker #2: I think what was encouraging for us is also the pickup in small business. You know, we saw a 4% growth, the pickup in large and global as well, which was up at about 6%.

If you want more color as you know we own about 30% of the global business travel group and I'm sure you've heard or seen that.

Theyre just merged with their colson, and we're going to be and that translated into a small gain for us, which we recognized this quarter and that is moving the line a little bit it's about five percentage point of that 17% growth that you see here FX adjusted.

Speaker #2: And international continues to, you know, just continues to really be really strong. And and the last thing I'll say is I think retail spending, especially in the US consumer business, you know, hopefully is a good harbinger for what will come during the, during the holiday season.

Stephen J. Squeri: consumer business, hopefully is a good harbinger for what will come during the holiday season, because U.S. consumer business was very strong as well at 9%. Are we going to see a big accelerant from here? It's not what we're expecting, but we're not also expecting a deceleration as well.

Speaker #2: Because US consumer business was very strong as well at at nine percent. So, you know, is are we gonna see a big accelerant from here?

If you control for that.

We'd still be in double digit revenue growth through is really not changing that much there the picture in terms of the momentum that we've reported this quarter.

Speaker #2: It's not what we were expecting, but we're also not anticipating a deceleration as well.

Thank you. Our next question comes from the line of Ryan Nash with Goldman Sachs. Please proceed with your question.

Speaker #3: And And Sanjay,

Christophe Le Caillec: Sanjay, on your question about the gain, it's not a large gain. It's in the range of about $80 million. We called it out because it has an impact on the growth rate of that line, service fees, and other revenue. If you want more color, as you know, we own about 30% of American Express Global Business Travel. I'm sure you've heard or seen that they just merged with CWT, and that translated into a small gain for us, which we recognized this quarter, and that is moving the line a little bit. It's about five percentage points of that 17% growth that you see here FX-adjusted. Even if you control for that, we would still be in double-digit revenue growth. It's really not changing that much the picture in terms of the momentum that we've reported this quarter.

Speaker #4: On your question about the gain: so you know, it's not a large gain; it's in the range of about $80 million. We called it out because it has an impact on the growth rate of that line—service fees and other revenue.

Hey, good morning, Steve Good morning, Christoph and I Echo <unk> comments on the disclosures.

Maybe Steve can you, maybe just talk or Christophe broad strokes on the financial impact of the platinum refresh, particularly on card fees and Vcs and Christophe you broadly comment on this but does this in any way impact your ability to generate mid teens EPS growth not over time, but during the refresh.

Speaker #4: There, you know, if you want more color, as you know, we own about 30% of their global business travel group. I'm sure you've heard or seen that they just merged with their calls on WagonLi, and that translated into a small gain for us, which we recognized this quarter, and that is moving the line a little bit.

Thank you.

I'll have Christophe go through some of the numbers here.

Short answer is no.

Yes.

Speaker #4: It's about five percentage points of that seventeen percent growth that you see here, FX-adjusted. Even if you control for that, we would still be in double-digit revenue growth, though.

There.

We try to provide some more color in terms of the dynamic and you understand I know there the coffee dynamic it's delayed and then it's amortized over 12 months, where the benefits are our immediate and are available to everybody that clearly puts a little bit of pressure and we signaled at the beginning of the year that you.

Speaker #4: It's really not changing that much; the picture in terms of the momentum that we've reported this quarter.

Speaker #1: Thank you.

Speaker #5: Our next question comes from the line of Ryan Nash with Goldman Sachs. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Ryan Nash with Goldman Sachs. Please proceed with your question.

Should expect.

Speaker #6: Hey, good morning, Steve. Good morning, Christophe. And, I echo Sanjay's comments on the disclosures. Maybe, Steve, can you talk or Christophe in broad strokes on the financial impact of the Platinum Refresh, particularly on card fees and VCEs?

[Analyst]: Hey, good morning, Steve. Good morning, Christophe. I echo Sanjay's comments on the disclosures. Maybe, Steve, can we maybe just talk or Christophe broad strokes on the financial impact of the Platinum Card refresh, particularly on card fees and VCEs? Christophe, you broadly commented on this, but does this in any way impact your ability to generate mid-teens EPS growth, not over time, but during the refresh period? Thank you.

A little bit of a step up in <unk> at the back end of the year on the back of this platinum refresh, but the euro is really playing out as we were expecting it to play out.

Of course, we had those insights it was not all that visible to all of you, but we weren't expecting that.

Speaker #6: And, and, and Christophe, you broadly commented on this, but does this in any way impact your ability to generate mid-teams EPS growth, not over time, but during the refresh period?

That kind of like step up in <unk> in Q4, and we are expecting it as well for 2026 going forward. So we did all of this with our eyes wide open it's a material investment a significant investment, but it's our biggest product and we give you a little bit of either some global numbers as well on the size of their.

Speaker #6: Thank you.

Speaker #2: Oh, yeah, Christophe, go through some of the numbers here.

Operator: I'll let Christophe Le Caillec go through some of the numbers here.

Speaker #4: Yeah, the short answer is no. Either they're, they're... We try to provide some more color in terms of the dynamic, and you understand, I know there the card fee dynamic; it's delayed, and then it's amortized over twelve months, while the benefits are immediate and are available to everybody.

Christophe Le Caillec: Yeah. The short answer is no. We try to provide some more color in terms of the dynamic. You understand, I know the card fee dynamic is delayed, and then it's amortized over 12 months, while the benefits are immediate and are available to everybody. That clearly puts a little bit of pressure. We signaled at the beginning of the year that you should expect a little bit of a step-up in costs at the back end of the year on the back of this Platinum Card refresh. The year is really playing out as we were expecting it to play out. Of course, we had those insights. It was not all that visible to all of you, but we were expecting that kind of like step-up in costs in Q4. We are expecting it as well for 2026 going forward.

Of the product is very large so it is a sizable investment for us, but we are.

We are still <unk>.

Doing all of this with the ambition to deliver 15 or mid teens EPS in terms of.

Speaker #4: That clearly puts a little bit of pressure, and with signal at the beginning of the year, you should expect a little bit of step-up in cottons at the back end of the year, on the back of this platinum refresh.

In terms of the coming years right and the only thing I would say is that look we we plan and we run the company medium to long term here. So as Christophe pointed out we do all this stuff with our eyes wide open and with our aspirations in mind and so when we think about our planning horizon as Christoph said it will take.

Speaker #4: But the year is really playing out as we were expecting it to play out. You know, of course, we had those insights. It was not all that visible to all of you, but we were expecting that kind of step-up in cottons in Q4.

Rick.

Two years for everything to fully play out in expenses play out a little bit earlier, but our aspirations are still our aspirations 10, plus 10% plus revenue growth and mid teens EPS growth.

Speaker #4: And we are expecting it as well for for twenty twenty-six going forward. So we did all of this with our eyes wide open. It's a material investment, a significant investment, but it's our biggest product, and we give you a little bit of either some global numbers as well on their size of their of the product.

Christophe Le Caillec: We did all of this with our eyes wide open. It's a material investment, a significant investment, but it's our biggest product. We gave you a little bit of either some global numbers as well on the size of the product. It's very large. It is a sizable investment for us. We are still doing all of this with the ambition to deliver 15 or mid-teens EPS in terms of the coming years.

Thank you. Our next question comes from the line of Mark Devries with Deutsche Bank. Please proceed with your question.

Speaker #4: It's it's very large. So it is a sizable investment for us, but, we are either we are still, you know, doing all of this with the, you know, ambition to deliver fifteen or mid-teams EPS, in terms of, in terms of the coming years.

Yeah. Thanks, I was hoping to get a better sense of how much you think the platinum refresh contributed to the acceleration in billed business growth during the quarter I was kind of surprised that how quickly you made some of those credits like the resi on Lulu lemon available.

Speaker #2: Right. And the only thing I would say is that, you know, look, we plan and run the company medium to long-term here.

Stephen J. Squeri: Right. The only thing I would say is that, you know, look, we plan and we run the company medium to long term here. As Christophe Le Caillec pointed out, we do all this stuff with our eyes wide open and with our aspirations in mind. When we think about our planning horizon, as Christophe said, it'll take, you know, two years for everything to fully play out, and expenses play out a little bit earlier. Our aspirations are still our aspirations, 10%+ revenue growth and mid-teens EPS growth.

Probably stimulated some spend there and also any color on kind of the strength of <unk>.

Speaker #2: So, as Christophe pointed out, we do all this stuff with our eyes wide open and with our aspirations in mind. And so, when we think about our planning horizon, as Christophe said, it'll take, you know, two years for everything to fully play out, and expenses play out a little bit earlier.

Demand on the consumer product versus the business.

Good morning, Mark So under spend if you if you look at the spending in aggregate total bill business for the quarter. The impact is small we have seen.

We've seen strength as we said in travel entertainment airline went from being flat last quarter to being at 5%. This quarter. So I either dose macro changes are what's driving the billing strength that you've seen in the quarter. If you were to look at some specific partners, though you would see like an impact.

Speaker #2: But, you know, our aspirations are still our aspirations, ten plus ten percent plus revenue growth, and and mid-teams EPS growth.

Speaker #1: Thank you.

Speaker #5: Our next question comes from the line of Mark DeVries with Deutsche Bank. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Mark DeVries with Deutsche Bank. Please proceed with your question.

Speaker #6: Yeah, thanks. I was hoping to get a better sense of how much you think the Platinum Refresh contributed to the acceleration in bill business growth.

[Analyst]: Yeah, thanks. I was hoping to get a better sense of how much you think the Platinum Card refresh contributed to the acceleration in bill business growth during the quarter. I was kind of surprised at how quickly you made some of those credits, like the Resy and Lululemon available, probably stimulated some spend. Also, any color on the strength of demand on the consumer product versus the business?

And we are sharing some of those numbers on that platinum.

Charge platinum part, where we're calling out that for those partners listing on the bottom right here. There was like a two X increase in terms of the number of customers.

Speaker #6: During the quarter, I was kind of surprised at how quickly you made some of those credits, like the the Resi and Lulu Lemon available.

Speaker #6: Probably stimulated some spend. And also, any color on kind of the strength of demand on the consumer product versus the business?

But their total impact billing wise for the quarter is is not really material.

Thank you. Our next question comes from the line of Don <unk> with Wells Fargo. Please proceed with your question.

Speaker #4: good morning, Mark. So on the spend, if you if you look at the spend in aggregate, total bill business for the quarter, the impact is small.

Christophe Le Caillec: Good morning, Mark. On the spend, if you look at the spend in aggregate, total bill business for the quarter, the impact is small. We've seen strength, as we said, in travel and entertainment. Airline went from being flat last quarter to being at 5% this quarter. Either those macro changes are what's driving the billing strength that you see in the quarter. If you were to look at some specific partners, you would see an impact. We are sharing, I think, some of those numbers on that Platinum Card, where we're calling out that, for those partners listed on the bottom right here, there was a 2X increase in terms of the number of customers. Their total impact billing-wise for the quarter is not really material.

Hi, good morning.

Steve can you dig in a bit on what youre seeing in F&B. Obviously, it's good to see the uptick is that organic growth or is this just sort of bouncing around and do you see any scenarios where that could normalize as you look out to 2026. There is also some fintech competition.

Speaker #4: you know, we've seen we've seen strength, as we said, in, like, travel and entertainment, airline went from being flat last quarter to being at five percent this quarter.

Speaker #4: So either those macro changes are what's driving the billing strength that you see in the quarter. If you were to look at some specific partners, though, you would see an impact.

Yes look I think what we're seeing is we're seeing still good acquisition, which is good and youre seeing organic start to turnaround.

Speaker #4: and we are sharing I think some of those numbers on that platinum, charge on platinum card, where you know, we're calling out that, you know, for those partners listed on the bottom right here, there was, like, a two X increase in terms of the number of customers.

Bitt, especially at the small end.

And at the in the mediums in a middle market as well. So I think it'll it'll stabilize you know one of the things that we've talked about quite a bit is.

Speaker #4: but they're total impact billing-wise for the quarter is is not really material.

<unk>.

Our larger transactions moving off.

Some of the cards that came on during during the Covid piece and I think we're we're we're growing over that right now so we feel good about acquisitions, we feel good about the early indications as it relates to the business platinum platinum launch and yes. It's look it's a it's a competitive it is.

Speaker #1: Thank you. Our next question comes from the line of Don Fandetti with Wells Fargo. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Don Fandetti with Wells Fargo. Please proceed with your question.

Speaker #7: Hi, good morning. Steve, can you dig in a bit on what you're seeing in SME? You know, obviously it’s good to see the uptick.

[Analyst]: Hi, good morning. Steve, can you dig in a bit on what you're seeing in SME? Obviously, it's good to see the uptick. Is that organic growth, or is this just sort of bouncing around? Do you see any scenarios where that could normalize as you look out to 2026? There's also some fintech competition.

Speaker #7: You know, is that organic growth, or is this just sort of bouncing around? And do you see any scenarios where that could normalize as you look out to 2026?

Competitive market place out there no doubt about it which is why we've done the center that where we did the center acquisition and while we will be looking.

Speaker #7: There's also, you know, some fintech competition.

Speaker #2: Yeah, look, I think what we're seeing is we're seeing still good acquisition. which is good, and you're seeing organic start to turn around. a little bit, especially at the small end.

Stephen J. Squeri: Yeah, look, I think what we're seeing is we're seeing still good acquisition, which is good. You're seeing organic start to turn around a little bit, especially at the small end and in the middle market as well. I think it'll stabilize. One of the things that we've talked about quite a bit is our larger transactions moving off some of the cards that came on during the COVID piece. I think we're growing over that right now. We feel good about acquisitions. We feel good about the early indications as it relates to the business Platinum Card launch. Yeah, it's a competitive marketplace out there, no doubt about it, which is why we've done the Center acquisition and why we'll be looking early next year to launch our version of Center integrated in with our card.

Early next year to relaunch at launch our version of center integrated in with our card so.

We think there's still a lot of opportunity in this space.

Speaker #2: and at the in the in the medium in in the in the middle market, as well. So, I I think it'll it'll stabilize. You know, one of the things that we've talked about quite a bit is, you know, our larger transactions moving off, you know, some of the cards that came on during during the COVID piece.

And we think hopefully the the downturn that we saw from an organic perspective is is going to be behind us.

Thank you. Our next question comes from the line of Craig Maurer with Ft Partners. Please proceed with your question.

Yes, hi, good morning, Thanks for taking the questions.

I wanted to ask first.

Speaker #2: And I think we're growing over that right now. So, we feel good about acquisitions. We feel good about the early indications as it relates to the business platinum.

When you look at the platinum card refresh I was curious how much of that you think has been.

With consumers or businesses that have high end cards with other issuers already or upgrades within your own portfolio trying to ascertain.

Speaker #2: Platinum launch. And yeah, it's look, it's a it's a competitive it's a competitive market, place out there. No doubt about it. Which is why we've done the the center that where we did the center acquisition, and why we'll be looking, you know, early next year to to relaunch to launch our our version of center integrated in with our card.

The degree to which this.

This investment is creating a competitive takeaway from others and second if you could just talk about the international strength and where you saw that most outside the U S.

Speaker #2: So, you know, we think there's still a lot of opportunity in this space. And we think, you know, hopefully the downturn that we saw from an organic perspective is going to be behind us.

Stephen J. Squeri: We think there's still a lot of opportunity in this space, and we think, hopefully, the downturn that we saw from an organic perspective is going to be behind us.

And where you might still be lacking in terms of coverage. Thanks.

Yes, so look I think it's a little bit too early to tell.

In terms of.

Speaker #1: Thank you. Our next question comes from the line of Craig Moore with FT Partners. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Craig Moore with FT Partners. Please proceed with your question.

What the takeaways are at this point I think upgrades were very happy with the upgrades and we were happy with that.

Speaker #7: Yeah, hi, good morning. Thanks for taking the questions. wanted to ask, first, when you look at the platinum card, refresh, I was curious, how much of that you think has been with, consumers or businesses that have high-end cards with other issuers already?

[Analyst]: Yeah, hi, good morning. Thanks for taking the questions. I wanted to ask, first, when you look at the Platinum Card refresh, I was curious how much of that you think has been with consumers or businesses that have high-end cards with other issuers already or upgrades within your own portfolio, trying to ascertain, you know, the degree to which this investment is creating a competitive takeaway from others. Second, if you could just talk about the international strength and where you saw that most outside the U.S., and where you might still be lacking in terms of coverage. Thanks.

New card acquisition that we saw what we what we don't know and we'll figure this out but we are sort of three weeks in here.

With these people had premium cards before.

Is this their first foray into the premium card segment, but we will look at all that we will look at all of that data and figure that out as far as international goes.

Speaker #7: Or upgrades within your own portfolio? Trying to ascertain, you know, the degree to which this, this investment is creating a competitive takeaway from others.

International pretty much across the board was very very strong for US I think we focus on really the big five markets I think three of those markets, we had at almost 18%.

Speaker #7: And second, if you could just talk about the international strength and where you saw that, most outside the US, and where you might still be lacking in terms of coverage.

Growth and coverage continues.

As I said, we are we talked about the city strategy of getting to 75% LIF coverage and we talked about the various country strategies and we continue to March March in that direction.

Speaker #7: Thanks.

Speaker #2: Yeah, so look, I think the, it's a little bit too early to tell, in terms of, you know, what the takeaways are at this point.

Stephen J. Squeri: Yeah, so look, I think it's a little bit too early to tell, in terms of what the takeaways are at this point. I think the upgrades, we're very happy with the upgrades, and we were happy with the new card acquisition that we saw. What we don't know, and we'll figure this out, but we're sort of three weeks in here, were these people that had premium cards before? Is this their first foray into the premium card segment? We'll look at all that. We will look at all that data and figure that out. As far as international goes, international pretty much across the board was very, very strong for us. I think we focus on really the big five markets. I think three of those markets, we had at almost 18% growth. Coverage continues.

Speaker #2: I think the upgrades were very happy with the upgrades, and we were happy with, you know, the new card acquisition that we saw. What we don't know, and we'll figure this out, but we're, you know, sort of three weeks in here.

Continue to focus on Europe.

And that's been a big focus there are still some cities that we're working on and we'll share more color with that is is that as that occurs but we're really pleased with just how much coverage has increased over the last over the last few years.

Speaker #2: Will these people at had premium cards before? Is this their first foray into the premium card segment? But we'll look at it all; we will look at all the data and figure that out.

Thank you. Our next question comes from the line of Erika Najarian with UBS. Please proceed with your question.

Speaker #2: As far as international goes, international pretty much across the board was was very, very strong for us. I think, you know, we focus on really the big five markets.

Hi, Good morning, Chris does if I could just dig in to Ryan's question a little bit.

Thank you so much for taking us through.

Speaker #2: I think three of those markets we had at almost eighteen percent growth. And, you know, coverage continues. As I said, we talked about the city strategy of getting to seventy-five percent LIF coverage, and we talked about the various country strategies, and we continue to march in that direction.

<unk> sort of lifespan of any increase in card fees two years after their refresh its fully baked in 12 months. After the new cards needle peak I'm wondering if you could walk us through in terms of the same pacing in terms of the step up in related expenses is it would it be the heaviest over the next like three to four quarters.

Stephen J. Squeri: As I said, we talked about the city strategy of getting to 75% LIF coverage, and we talked about the various country strategies, and we continue to march in that direction. We'll continue to focus on Europe, and that's been a big focus. There's still some cities that we're working on, and we'll share more color with that as that occurs. We're really pleased with just how much coverage has increased over the last few years.

Speaker #2: You know, we'll continue to focus on Europe, and that has been a big focus. There are still some cities that we're working on, and we'll share more color with that as that occurs.

It would.

Syed.

And the next in the back half of let's say 27.

That work would be helpful.

Hey, good morning Erika.

Speaker #2: But we're really pleased with just how much coverage has increased over the last few years.

Predicting what's going to happen in 2007 is going to be like really hard but.

Yeah.

From an engagement standpoint, we certainly going to keep engaging with card members and our goal is to increase the engagement, but from a modeling standpoint, I think you can assume that.

Speaker #1: Thank you. Our next question comes from the line of Erica Najarian with UBS. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Erica Najarian with UBS. Please proceed with your question.

Speaker #8: Hi, good morning. Christophe, if I could just, dig into Ryan's question a little bit. You know, thank you so much for taking us through, you know, the sort of lifespan of the increase in card fees, two years after the refresh.

[Analyst]: Hi, good morning. Christophe, if I could just dig into Ryan's question a little bit. Thank you so much for taking us through the sort of lifespan of the increase in card fees two years after the refresh. It's fully baked in 12 months after the new card fee will peak. I'm wondering if you could walk us through in terms of the same pacing, in terms of the step-up and related expenses. Would it be the heaviest over the next three to four quarters, and then it would subside in the back half of, let's say, 2027? That walk would be helpful.

The entire benefits are available to our record members from book back book from day, one and they're very strong engagement that we've seen either ride on the day of that either announcing the new product on September 18.

Speaker #8: It's fully baked in. Twelve months after the new card fee will peak. I'm wondering if you could walk us through in terms of the same pacing, in terms of the step-up and related expenses, is it would it be the heaviest over the next, like, three to four quarters, and then it would, subside in the in the next in the back half of, let's say, twenty-seven?

Was very high you from day, one and has remained elevated.

Elevated and strong since then so I don't think we there isn't like a bit of a curve that is playing out for those benefits do we do weeds playing out if you want for card fees right.

Speaker #8: that walk would be helpful.

The accounting is also a lot more straightforward.

Speaker #4: Hey, good morning, Erica. You know, predicting what's going to happen in 2027 is going to be really hard. But you know, from an engagement standpoint, we're certainly going to keep engaging with card members, and our goal is to increase the engagement.

Many of the benefits our quarterly benefits. So you kind of like expense them as soon as the card member earn stem. So there is not that kind of complexity for those benefit as there is for card fees. So it's going to be like much more linear but over time as I said the goal is actually to get more and more of these core members to engage with those benefits. So you should expect that kind of like.

Christophe Le Caillec: Hey, good morning, Erica. You know, predicting what's going to happen in 2027 is going to be like really hard. From an engagement standpoint, we're certainly going to keep engaging with card members, and our goal is to increase the engagement. From a modeling standpoint, I think you can assume that the entire benefits are available to our card members, front book, back book, from day one. The very strong engagement that we've seen right on the day of announcing the new product on September 18 was very high from day one and has remained elevated and strong since then. I don't think there is like a bit of a curve that is playing out for those benefits the way it's playing out, if you want, for card fees. The accounting is also a lot more straightforward.

Speaker #4: But from a modeling standpoint, I think you can assume that the entire benefits are available to our card members, from book backbook, from day one.

Modest trend up by design.

Thank you. Our next question comes from the line of Brian <unk> with <unk> Securities. Please proceed with your question.

Speaker #4: And there are very strong engagements that we've seen, you know, right on the day of the announcement of the new product on September 18th, which was very high, you know, from day one.

Okay.

Hey.

Maybe piggybacking a little on Craig's question.

Speaker #4: And has remained, you know, elevated and strong since then. So I don't think there is, like, a bit of a curve that is playing out for those benefits the way it's playing out, if you want, for card fees, right?

If I think about the tearing of gold platinum and black.

Now that there's more dining on platinum.

Are you seeing any interactions with gold.

That you would call out and then on the other side.

Speaker #4: The accounting is also a lot more straightforward. Many of the benefits are quarterly benefits, so you kind of, like, expense them as soon as the card member earns them.

Is there a white space available for some.

Christophe Le Caillec: Many of the benefits are quarterly benefits, so you kind of like expense them as soon as the card member earns them. There is not that kind of complexity for those benefits as there is for card fees. It's going to be much more linear. Over time, as I said, the goal is actually to get more and more of these card members to engage with those benefits. You should expect that kind of like modest trend up, by design.

Enhanced or new even new car between platinum and black now that.

Speaker #4: So there is not that kind of complexity for those benefits as there is for card fees. So it's gonna be, like, much more linear.

It is clear that a lot of consumers will jump at a pretty high annual fee.

Speaker #4: But over time, as I said, the goal is actually to get more and more of these card members to engage with those benefits. So you should expect that kind of, like, you know, modest trend up, by design.

So look goal continues to be.

A very strong product for us and we continue to acquire new card holders. There. So we haven't seen gold card acquisition go down.

Speaker #1: Thank you. Our next question comes from the line of Brian Ferran with Trua Securities. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Brian Foran with Truist Securities. Please proceed with your question.

And we have seen upgrades, but it's still early with only three weeks in here. So.

So we'll see how that plays out in <unk>.

Speaker #9: Hey, maybe piggybacking a little on Craig's question, if I think about the tiering of gold, platinum, and black, you know, now that there's more dining on platinum, are you seeing any interactions with gold, that you would call out?

[Analyst]: Hey, maybe piggybacking a little on Craig's question. If I think about the tiering of Gold, Platinum, and Black, you know, now that there's more dining on Platinum, are you seeing any interactions with Gold that you would call out? On the other side, is there white space available for some enhanced or even new card between Platinum and Black now that it's clear that a lot of consumers will jump at a pretty high annual fee?

Part of part of our strategy is to provide card members with a path to higher end products that potentially meet their needs.

Look is there a is there a product between platinum and Centurion maybe.

If you have any ideas, we're open to those to those ideas but.

Speaker #9: And then on the other side, you know, is there white space available for some, you know, enhanced or new, even new card between Platinum and Black now that, you know, it's clear that a lot of consumers will jump at a pretty high annual fee?

It's something that we talk about from time to time, but we will see but we're really happy with Centurion is and we're happy with where with where platinum is an.

And I think this refresh will continue to cement our position as the leading premium product.

Okay.

Speaker #2: So, you know, look, gold continues to be, you know, a very strong product for us, and we continue to acquire new cardholders there. So we haven't seen gold card acquisition go down, and we have seen upgrades, but it's still early.

Stephen J. Squeri: Gold continues to be a very strong product for us, and we continue to acquire new cardholders there. We haven't seen Gold Card acquisition go down. We have seen upgrades, but it's still early. I mean, we're only three weeks in here. We'll see how that plays out. Part of our strategy is to provide card members with a path to higher-end products that potentially meet their needs. Is there a product between Platinum and Centurion? Maybe. If you have any ideas, we're open to those ideas. It's something that we talk about from time to time, but we'll see. We're really happy with where Centurion is, and we're happy with where Platinum is. I think this refresh will continue to cement our position as the leading premium product.

Thank you. Our next question comes from the line of Rick Shane with Jpmorgan. Please proceed with your question.

Hey, guys. Thanks, I'd kind of like a follow up related to <unk> question, particularly related to retention offers.

Speaker #2: I mean, you know, we're only three weeks in here, so we'll see how that plays out. And, you know, part of our strategy is to provide card members with a path to higher-end products that potentially meet their needs.

As you.

The new higher fees rollout I assume that that really sort of cascades over 12 months and I am curious, how we should think about perhaps what percentage of customers take retention officer request retention offers and <unk>.

Speaker #2: You know, look, is there a is there a product, between platinum and Centurion? Maybe. if you have any ideas, we're open to those to those ideas.

Do you expect that that response rate is going to be higher or lower this time based on the initial.

Speaker #2: But, you know, it's something that we talk about from time to time, but we'll see. But we're really happy with Centurion is, and we're happy with where with where platinum is, and, and I think this refresh will, continue to cement our position as the leading, premium product.

Responses you've seen yes.

So I think in general that's a low that's a very low percentage of.

Of how we retain our base.

Most of the retaining of the base is actually just explaining the product to them and I think when you look at this product.

And you look at.

Speaker #1: Thank you. Our next question comes from the line of Rick Shane with JP Morgan. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Rick Shane with J.P. Morgan. Please proceed with your question.

What you pay for the value that you get it.

It's pretty easy to come to the conclusion that.

Speaker #10: Hey, guys. Thanks. I'd kind of like to follow up, related to Erica's question, particularly regarding retention offers as the new higher fees roll out.

[Analyst]: Hey, guys. Thanks. I'd kind of like to follow up, related to Erica's question, particularly related to retention offers, as the new higher fees roll out. I assume that really sort of cascades over 12 months. I'm curious how we should think about perhaps what % of customers take retention offers or request retention offers, and if you expect that response rate is going to be higher or lower this time based on the initial responses you've seen.

This is a product that I really want to keep and so I think what we one of the things that we've really tried to do with this refresh is really make it easy to understand what the benefits are and easy to engage in those benefits and I think that's critical because with that we will do will lead to more retention more.

Speaker #10: I assume that that really sort of cascades over twelve months. And I'm curious how we should think about perhaps what percentage of customers take retention offers or request retention offers, and if you expect that that response rate's gonna be higher or lower this time based on the initial responses you've seen?

<unk> will drive more business to our merchants and we will have more loyalty all the way around so I don't see retention offers playing a.

In fact, I would argue that they may play, even a smaller role than they have in the past and they already had a small role because I think this product.

Speaker #2: Yeah, so I think in general, that's a low that's a very low percentage of, of how we retain our base. most of the retaining of the base is actually just explaining the product to them.

Stephen J. Squeri: Yeah. I think in general, that's a very low percentage of how we retain our base. Most of the retaining in the base is actually just explaining the product to them. I think when you look at this product and you look at what you pay for the value that you get, it's pretty easy to come to the conclusion that this is a product that I really want to keep. I think one of the things that we've really tried to do with this refresh is really make it easy to understand what the benefits are and easy to engage in those benefits. I think that's critical because what that will do will lead to more retention, more engagement, will drive more business to our merchants, and we'll have more loyalty all the way around.

Really works really hard for itself.

Thank you. Our next question comes from the line of Jeff Adelson with Morgan Stanley. Please proceed with your question.

Speaker #2: And I think when you look at this product, and you look at what you pay for the value that you get, it's pretty easy to come to the conclusion that this is a product that I really want to keep.

Hey, good morning, Stephen Christoph.

I just wanted to maybe digging a little bit more on consumer health I know I think your results really speak for themselves and you've been pretty clear that youre seeing a stable spend environment, the last six or seven quarters delinquencies remain I.

Speaker #2: And so, I think one of the things that we've really tried to do with this refresh is to really make it easy to understand what the benefits are and easy to engage in those benefits.

I guess, just maybe in light of all these seemingly one off headlines <unk> seen recently, which the market has may be sharing or not so one off there's been a lot of focus on the health of the consumer. So obviously your consumer base is very different than most but maybe you could just give us a little bit more color and commentary into the health of your consumer base, maybe what youre seeing at the lower end of that spectrum.

Speaker #2: And I think that's critical, because with that, we'll lead to more retention, more engagement, we'll drive more business to our merchants, and we'll have more loyalty all the way around.

Speaker #2: So I I don't see retention offers playing a a in fact, I I would argue that they may play even a smaller role than they have in the past, and they and they already had a small role, because I think this product, really works really hard for itself.

Stephen J. Squeri: I don't see retention offers playing a, in fact, I would argue that they may play even a smaller role than they have in the past, and they already had a small role because I think this product really works really hard for itself.

And.

Relatedly just anything you're noticing from the government shutdown so far if at all thanks.

Alright, let me make a couple comments.

I missed Christoph.

Can fill in.

I think that there's been a little bit of noise out there in the last couple of days about defaults.

Speaker #1: Thank you. Our next question comes from the line of Jeff Addison with Morgan Stanley. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Jeff Adelson with Morgan Stanley. Please proceed with your question.

Speaker #11: Hey, good morning, Steve and Christophe. I just wanted to maybe dig in a little bit more on consumer health. I know, you know, I think your results really speak for themselves, and you've been pretty clear that you're seeing a stable spend environment the last six to seven quarters. Delinquencies remain low.

Especially from a commercial perspective.

[Analyst]: Hey, good morning, Steve and Christophe. I just wanted to maybe dig in a little bit more on consumer health. I know your results really speak for themselves, and you've been pretty clear that you're seeing a stable spend environment the last six to seven quarters. Delinquencies remain low. I guess just maybe in light of all these seemingly one-off headlines we've seen recently, which the market is maybe hearing are not so one-off. There's been a lot of focus on the health of the consumer. Obviously, your consumer base is very different than most, but maybe you could just give us a little bit more color and commentary into the health of your consumer base, maybe what you're seeing at the lower end of that spectrum. Relatedly, just anything you're noticing from the government shutdown so far, if at all. Thanks.

But if you look at what the banks reported from a card write off perspective, and a card delinquency perspective, it all got better.

Speaker #11: I guess just maybe in light of all these seemingly one-off headlines we've seen recently, which the market is maybe sharing or not so one-off, you know, there's been a lot of focus on the health of the consumer.

Write offs were down from the bank.

The major issues that we follow.

Delinquency is down and for ourselves delinquencies are exactly what they've been for the last number of quarters around at one three and our write offs sequentially are down a little bit the $1 nine, but we've been hovering around two and $1 nine and our gap we still have a.

Speaker #11: So, obviously, your consumer base is very different than most, but maybe you could just give us a little bit more color and commentary into the health of your consumer base, maybe what you're seeing at the lower end of that spectrum, and, relatedly, just anything you're noticing from the government shutdown so far. Thanks.

Huge gap between us and our competitors so I think.

Speaker #2: All right, let me make a couple comments, and then I'll whatever I miss, Christophe can can fill in. I, you know, I think that there's been a little bit of noise out there in the last couple days about, you know, defaults and, especially from a commercial perspective.

Stephen J. Squeri: All right. Let me make a couple of comments, and then whatever I miss, Christophe Le Caillec can fill in. I think that there's been a little bit of noise out there in the last couple of days about defaults, especially from a commercial perspective. If you look at what the banks reported from a card write-off perspective and a card delinquency perspective, it all got better. Write-offs are down from the bank, from the major issuers that we follow. Delinquency is down. For ourselves, delinquencies are exactly what they've been for the last number of quarters, around that 1.3. Our write-offs sequentially are down a little bit. They're 1.9, but we've been hovering around 2 and 1.9. Our gap, we still have a huge gap between us and our competitors. I think the health of our consumer is really, really good.

The health of our consumer is really really good.

And they are spending.

They are engaging with the product.

And they are paying their bills and I would argue that it looks like the health of our bank competitors.

Speaker #2: But if you look at what the banks reported, from a card write-off perspective and a card delinquency perspective, it all got better. Write-offs are down, from the banks, from the major issuers that we follow.

<unk> are getting a getting a little bit better as far as the government shutdown goes.

This is not our first rodeo when the government shutdown.

And we haven't really seen any impact at this particular point in time and if I go back historically I think the last.

Speaker #2: Delinquency is down. And for ourselves, delinquencies are exactly what they've been for the last number of quarters, you know, around that 1.3.

The last one maybe the one before it was like 35 days or something like that.

It didn't really have an impact and so and for card members that are impacted we do have our programs are short term relief programs, which we'll get them over the hump.

Speaker #2: And our write-offs sequentially are, you know, are are down a little bit. They're one point nine. But, you know, we've been hovering around two, and and one point nine.

<unk> enable them to continue to use the product and then come back in.

Speaker #2: And our gap, you know, we still have a huge gap between us and our competitors. So I think, you know, the health of our consumer is really, really good.

And engage with us as they normally would so that's pretty much what we're seeing.

I don't have a lot to add I will see.

Speaker #2: ... and their spending, their engagement with the product, and they're paying their bills. I would argue that it looks like the health of our bank competitors' consumers is getting a little bit better.

Stephen J. Squeri: They're spending, they're engaging with the product, and they're paying their bills. I would argue that it looks like the health of our bank competitors' consumers are getting a little bit better. As far as the government shutdown goes, this is not our first rodeo with a government shutdown. We haven't really seen any impact at this particular point in time. If I go back historically, I think the last, not the last one, but maybe the one before was like 35 days or something like that. It didn't really have an impact. For card members that are impacted, we do have our programs, our short-term relief programs, which will get them over the hump, enable them to continue to use the product, and then come back and engage with us as they normally would. That's pretty much what we're seeing.

Some indicators that reflect the strength of our portfolio like retail spin up 12% restaurants spin up 9%.

Very strong acquisition as well with 70% of the card members joining the franchise choosing to join American Express on a fee paying product. So the first thing to do is just like to pay a fee that shows confidence in there in the future and of course on the credit metric part of our job is also to kind of.

Speaker #2: As far as the government shutdown goes, you know, this is not our first rodeo with a government shutdown. And we haven't really seen any impact at this particular point in time.

Speaker #2: And if I go back historically, I think the last, well, not the last one, but maybe the one before was like 35 days or something like that.

Look at every single either customers that just to see whether there are areas of weakness.

Speaker #2: It it didn't really have an impact. And so, and and for card members that are impacted, we do have our programs. Our short-term relief programs, which will get them over the hump, enable them to continue to use the product, and then come back, and and and engage with us as they normally would.

It's it's very stable across the board very strong and.

Reflected in the metrics in the reserve rate we go.

There's a lot of scrutiny that goes into this modeling and either we see a lot of strength and stability across the board.

Speaker #2: So, that's pretty much what we're seeing.

Speaker #4: I I don't have a lot to to add. You know, I will say, you know, some indicators that reflect their strength of our portfolio, like retail spent up twelve percent, restaurant spent up nine percent, you know, very strong acquisition as well with seventy percent of the card members joining the franchise, choosing to join American Express on a fee-paying product.

Christophe Le Caillec: I don't have a lot to add. I will say some indicators that reflect the strength of our portfolio, like retail spend up 12%, restaurant spend up 9%, very strong acquisition as well, with 70% of the card members joining the franchise, choosing to join American Express on a fee-paying product. The first thing they do is just like to pay a fee that shows confidence in their future. Of course, on the credit metric, part of our job is also to kind of look at every single customer in that just to see whether there are areas of weakness. It's very stable across the board, very strong, and reflected in the metrics, in the reserve rate. We go, there's a lot of scrutiny that goes into this modeling, and we see a lot of strength and stability across the board.

Thank you. Our next question comes from the line of Mihir Bhatia with Bank of America. Please proceed with your question.

Good morning, and thank you for taking my question.

I was wondering if you could spend a couple of minutes on marketing spend and how you're thinking about that not just into <unk>, but also just longer term on to 'twenty 'twenty six.

Speaker #4: So the first thing they do is just like to pay a fee that shows you know confidence in their future. And of course, you know, on the credit metric, part of our job is also to kind of, you know, look at every single customer in that just to see whether there are areas of weakness.

I guess for both of you I suspect you want to continue to support the platinum refresh, but any details you can provide on where that $6 billion ish of annualized spending going maybe just give us a peek under the hood how much is broad based.

One such as brand building versus like more micro like the card member bonuses retention type stuff.

Speaker #4: And, you know, like, it's very stable across the board, very strong, and reflected in the metrics, in the reserve rate. We go, you know, there's a lot of scrutiny that goes into this modeling, and, you know, we see a lot of strength and stability across the board.

Hey, good morning here.

The biggest share and the one that is moving from one quarter to another when it comes to marketing is the size of their welcome incentives right. That's the biggest share of this marketing line.

Speaker #1: Thank you. Our next question comes from the line of Mahir Bhatia with the Bank of America. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Mahir Bhatia with Bank of America. Please proceed with your question.

And there is tension here in that number.

Speaker #6: Good morning, and thank you for taking my question. I was wondering if you could spend a couple of minutes on marketing spend, and how you're thinking about that, not just into Q4, but also, you know, just longer-term or into 2026.

Between we want to spend more marketing dollars, but we also want that marketing dollar to be more efficient. So if you work here and the marketing organization, you're constantly battling between let's do more let's spend more and yet at the same time, let's make sure. The dollars were really really hard for us and the Europe.

[Analyst]: Good morning, Tim. Thank you for taking my question. I was wondering if you could spend a couple of minutes on marketing spend and how you're thinking about that, not just into Q4, but also, you know, just longer term or into 2026. I guess for Q4, I suspect you want to continue to support the Platinum Card refresh. Any details you can provide on where that $6 billion-ish of annualized spend is going? Maybe just give us a peek under the hood. How much is broad-based sponsorships, brand building versus more micro, like, you know, the card member bonuses, retention type stuff? Thank you.

Speaker #6: I guess for Q4, I suspect you want to continue to support the Platinum refresh. But any details you can provide on where that $6 billion-ish of annualized spend is going?

There.

The number that we end up spending each quarter and each year is the outcome of those two kind of like pressure points.

Speaker #6: Maybe just give us a peek under the hood. How much is broad-based sponsorships and brand building versus, like, more micro, such as, you know, the card member bonuses and retention-type stuff?

And we are very strict and disciplined about those too.

Speaker #6: Thank you.

We really do not want a great opportunity to go and so we're going to keep investing and we're going to keep investing.

Speaker #4: Yeah. Hey, good morning, Mahir. The biggest share and the one that is moving from one quarter to another when it comes to marketing is their size of the welcome incentives, right?

Christophe Le Caillec: Yeah. Hey, good morning, Mahir. The biggest share and the one that is moving from one quarter to another when it comes to marketing is the size of the welcome incentives, right? That's the biggest share of this marketing line. There is tension here in that number, between we want to spend more marketing dollars, but we also want that marketing dollar to be more efficient. If you work here in the marketing organization, you're constantly battling between, "Let's do more. Let's spend more." At the same time, let's make sure the dollars work really, really hard for us. The number that we end up spending each quarter and each year is the outcome of those two kind of like pressure points. We are very strict and disciplined about those two. We really do not want a great opportunity to go.

Weighted levels and at the same time, we've got a subject every single of this daughter to the level of rigor that we have spoken in the past, making sure that the return on that investment, which read that as an investment meets our profitability criteria and we are very clear in terms of stopping those investments where theyre not meeting these <unk>.

Speaker #4: That's the biggest share of this marketing line. There is tension here in that number between wanting to spend more marketing dollars and also wanting those marketing dollars to be more efficient.

And we are getting more and more sophisticated.

Speaker #4: So, if you work here in the marketing organization, you're constantly battling between, "Let's do more; let's spend more," and yet at the same time, "Let's make sure the dollars work really, really hard for us."

Neither worth measuring those tracking goes and and that's that's how we make that decision. It's not like let's spend this year like $6 billion, we kind of like going very much in the detail and it is the sum of all this kind of like analysis that leaders to that number that's what we've done in the past and that's what we're going to keep doing.

Speaker #4: And the you know, the the the the the number that we end up spending each quarter and each year is the outcome of those two kind of, like, pressure points.

Going forward.

Speaker #4: And we are very strict and disciplined about those two. We really do not want a great opportunity to go, and so we're going to keep investing, and we're going to keep invested at elevated levels.

Thank you. Our next question comes from the line of Osha Orenbuch with TD Cowen. Please proceed with your question.

Great. Thanks.

Christophe Le Caillec: We're going to keep investing, and we're going to keep investing at elevated levels. At the same time, we're going to subject every single of these dollars to the level of rigor that we have spoken in the past, making sure that the return on that investment, which we treat that as an investment, meets our profitability criteria, right? We are very clear in terms of stopping those investments where they are not meeting these criteria. We are getting more and more sophisticated, you know, in measuring those, tracking those. That's how we make that decision. It's not like, "Let's spend this year like $6 billion." We kind of like go in very much into detail, and it is the sum of all this kind of like analysis that lead us to that number.

You've kind of answered both.

Speaker #4: And at the same time, we're going to subject every single one of these dollars to the level of rigor that we have spoken about in the past, making sure that the return on that investment—we treat that as an investment—meets our profitability criteria, right?

Question about card fees and spending in terms of could refreshed.

Is there some.

Sort of a like a vintage like performance in terms of spend volumes.

Speaker #4: And we are very clear in terms of stopping those investments where they are not meeting these criteria. And we are getting more and more sophisticated, you know, in measuring those, tracking those.

And therefore, the key revenue drivers that you could share with us what gets you kind of bring on.

Both.

From new accounts and from higher spend.

From existing accounts any any ways to think about that over the next several quarters.

Speaker #4: And and, you know, and that's that's how we make that decision. It's not, like, let's spend this year, like, six billion dollars. We kind of, like, go in very much in the detail, and it is the sum of all this kind of, like, analysis that leads us to that number.

So we're not.

We're not disclosing those kinds of numbers around spend by vintage of revenue by vintage, but what I can tell you is that intentionally we have been either back to the conversation with me here about investments in marketing dollars, we've been spending more of our dollars against.

Speaker #4: That's what we've done in the past, and that's what we're going to keep doing going forward.

Christophe Le Caillec: That's what we've done in the past, and that's what we're going to keep doing, going forward.

Speaker #1: Thank you. Our next question comes from the line of Osha Orenbach with TD Cowan. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Bosha Orenbuch with TD Cowen. Please proceed with your question.

Fee paying products and premium products. So there are customers that are in the more recent customers or very index on these fee payment products. They also over index on being younger customers and we've made that point, many many times and either this quarter, we share with our with you there.

Speaker #11: Great, thanks. You've kind of answered both the question about card fees and spending in terms of the refreshed. Is there, you know, some sort of a vintage-like performance in terms of spend volumes and, you know, therefore the key revenue driver that you could share with us?

[Analyst]: Great. Thanks. You've kind of answered both the question about card fees and spending in terms of the refresh. Is there some sort of a vintage-like performance in terms of spend volumes and therefore the key revenue driver that you could share with us, like as you kind of bring on both from new accounts and from higher spend from existing accounts? Any ways to think about that over the next several quarters?

Everything else equal when you look at the engagement, we're getting from this younger customer they actually tend to transact, 25% more than the older cohorts. So so I'm not going to share vintages and detailed numbers with you but.

Speaker #11: Like, as you kind of bring on both, you know, both from new accounts and from, you know, higher spend from existing accounts? Any ways to think about that over the next several quarters?

Speaker #4: Yeah. So we're not disclosing those kinds of numbers around spend by vintage or revenue by vintage. But what I can tell you is that, intentionally, we have been, you know, back to the conversation with Mahir about investments and marketing dollars.

Those are they're kind of like forces that are at work here more premium younger card members more engage and that's what's kind of like the dynamics in the portfolio, Brian the only thing I'll add is that.

Christophe Le Caillec: Yeah. We're not disclosing those kinds of numbers around spend by vintage or revenue by vintage. What I can tell you is that intentionally, back to the conversation with me here about investments and marketing dollars, we've been spending more of our dollars against fee-paying products and premium products. The customers that are the more recent customers over-index on these fee-paying products, they also over-index on being younger customers. We've made that point many, many times. This quarter, we shared with you that everything else equal, when you look at the engagement we're getting from this younger customer, they actually tend to transact 25% more than the older cohort. I'm not going to share vintages and detailed numbers with you, but those are the forces that are at work here: more premium, younger card members, more engaged. That's what's the dynamic in the portfolio.

We're getting from our younger cohort, we get a higher share of their wallet.

And they stay with us longer.

Speaker #4: We've been spending more of our dollars against fee-paying products and premium products. So the customers that are, you know, the more recent customers over-index on these fee-payment products; they also over-index on being younger customers.

And they grow as their lives grow and so while we don't disclose vintage numbers you can just philosophically look at this and say well if you're getting somebody younger.

And theyre going to stay with you longer and you have a premium base that youre going after.

Speaker #4: And we've made that point many, many times. And, you know, this quarter we shared with you that, everything else equal, when you look at the engagement we're getting from these younger customers, they actually tend to transact 25% more than the older cohort.

Maybe you can conclude that they will spend more over time and so those vintages as you get these cardholders now tend to add more value down the road and that's that's the strategy without without going through sort of this this is who we acquired win but if you just think about this from a strategic.

Speaker #4: So, so, you know, I'm not going to share vintages and detailed numbers with you, but, you know, those are their kind of, like, forces that are at work here: more premium, younger card members, more engaged, and that's what's kind of, like, the dynamic in the portfolio.

Perspective younger premium cardholders.

We're going to grow with them as their careers grow as their families grow as their as their life changes and we're what we're doing.

Speaker #2: Right. And the only thing I'll add is that, from a younger cohort, we get a higher share of their wallet, and they stay with us longer, and they grow as their lives grow.

Stephen J. Squeri: Right. The only thing I'll add is that we're getting from a younger cohort, we get a higher share of their wallet, they stay with us longer, and they grow as their lives grow. While we don't disclose vintage numbers, you can just philosophically look at this and say, if you're getting somebody younger and they're going to stay with you longer and you have a premium base that you're going after, maybe you can conclude that they will spend more over time. Those vintages, as you get these cardholders now, tend to add more value down the road. That's the strategy without going through sort of this, this is who we acquired when. If you just think about this from a strategic perspective, younger premium cardholders, we're going to grow with them as their careers grow, as their families grow, as their life changes.

<unk> here is we're really creating that loyalty and engagement. So that we become that card of choice and when you put a lot of benefits on our product.

People want to engage with that product.

Speaker #2: And so, what we don't disclose vintage numbers, you can just philosophically look at this and say, well, if you're getting somebody younger, and they're going to stay with you longer, and you have a premium base that you're going after, maybe you can conclude that they will spend more over time. And so those vintages, as you get these cardholders now, tend to add more value down the road.

No.

On an ongoing basis, whether that whether they are using a benefit associated with the product or not and so that's a dynamic that's at work.

Thank you our final question will come from the line of Rob Wild Hack with Autonomous Research. Please proceed with your question.

Hey, guys, one more on flattening the $3 billion figure in our partner offered value was an interesting one as you've gone through this refresh cycle and maybe looking back over the last few cycles refresh cycles now too I mean, how has that partner receptivity changed.

Speaker #2: And that's that's the strategy without without going through sort of this this is who we acquired when. But if you just think about this from a strategic perspective, younger, premium cardholders, we're gonna grow with them as their careers grow, as their families grow, as their as their life changes, and we're what we're doing here is we're really creating that loyalty and engagement so that we become that card of choice.

Changed with respect to co funding credits and rewards.

And then is there anything unique or different between the products like to call out on the same theme.

Stephen J. Squeri: What we're doing here is we're really creating that loyalty and engagement so that we become that card of choice. When you put a lot of benefits on a product, people want to engage with that product more on an ongoing basis, whether that product, whether they're using a benefit associated with the product or not. That's a dynamic that's at work.

As you compare the gold refreshed platinum refresh.

Well I think the.

Speaker #2: And when you put a lot of benefits on a product, people wanna engage with that product. More on a on a on a on an ongoing basis, whether that pro whether they're using a benefit associated with the product or not.

The nice part about sort of this product and our customer base.

As.

People want to work with us and people that had been working with us want to work more with us and I think there's no better example than that.

Speaker #2: And so, that's the dynamic that's at work.

Then our relationship with Uber.

We always had an uber benefit for a long time and now you have an over one benefit on there and so they clearly see the value.

Speaker #1: Thank you. Our final question will come from the line of Rob Wildhack with Autonomous Research. Please proceed with your question.

Operator: Thank you. Our final question will come from the line of Rob Wildhack with Autonomous Research. Please proceed with your question.

Speaker #12: Hey, guys. one more on on platinum, the three billion dollar figure in a partner offered value was an interesting one. As you've gone through this refresh cycle, and and maybe looking back over the last few cycles, refresh cycles now too, I mean, how has that partner receptivity, changed with respect to co-funding credits and rewards?

Working together and it's a great partnership of working together to drive to drive results.

[Analyst]: Hey, guys. One more on Platinum. The $3 billion figure in partner offered value was an interesting one. As you've gone through this refresh cycle and maybe looking back over the last few refresh cycles now too, I mean, how has that partner receptivity changed with respect to co-funding credits and rewards? Is there anything unique or different between the products you'd like to call out on the same theme as you compare the Gold refresh to the Platinum refresh?

For both of Us and so.

Were very discerning about who we're going to work with we work, we try and work with.

As many world class brands as we can and.

Speaker #12: And then is there anything unique or different between the products, like, to call out on the same theme, as you compare the Gold Refresh to the Platinum Refresh?

Would you want to do is make sure that you are putting together a value proposition that speaks across the generations and so as I said in my opening remarks, we've been expanding these value propositions from short travel to much more lifestyle wellness.

Speaker #2: Well, I think, you know, the nice part about sort of this product and our customer base is people want to work with us. And people that have been working with us want to work more with us.

Stephen J. Squeri: I think the nice part about sort of this product and our customer base is people want to work with us. People that have been working with us want to work more with us. I think there's no better example than that than our relationship with Uber. We've had an Uber benefit for a long time, and now you have an Uber One benefit on there. They clearly see the value of working together, and it's a great partnership of working together to drive results for both of us. We're very discerning about who we're going to work with. We try and work with as many world-class brands as we can. What you want to do is make sure that you're putting together a value proposition that speaks across the generations.

And retail and so forth and digital.

Speaker #2: And I think there's no better example than that than our relationship with Uber. You know, we've had an Uber benefit for a long time, and now you have an Uber One benefit on there.

Live their lives that way and so I think that as we continue to think about this and as we continue to have success here.

Speaker #2: And so, they clearly see the value of working together, and it's a great partnership of working together to drive results, you know, for both of us.

It gets back to what we what we talk about which is our virtuous cycle that the more the more value we bring to our merchant partners. The more they want to engage with our cardholders and then the more that we drive as you think about the various products.

Speaker #2: And so, you know, it's we're we're very discerning, about who we're gonna work with. We work we try and work with, you know, as many world-class brands as we can.

You look to target.

The various value propositions.

Two the target audience that youre going for and if you just take if you look at sort of differential between platinum and gold while gold has.

Speaker #2: And, you know, what you wanna do is make sure that you're putting together a value proposition that speaks across the generations. And so, as I said in my opening remarks, we've been expanding these value propositions from short travel, to much more lifestyle, wellness, and, you know, retail, and and so forth, and digital, you know, people live their lives that way.

Certain travel benefits associated with the.

The hotel collection.

Stephen J. Squeri: As I said in my opening remarks, we've been expanding these value propositions from pure travel to much more lifestyle, wellness, retail, and so forth, and digital. People live their lives that way. I think that as we continue to think about this and as we continue to have success here, it gets back to what we talk about, which is our virtuous cycle, that the more value we bring to our merchant partners, the more they want to engage with our cardholders, and then the more that we drive. As you think about the various products, you look to target the various value propositions to the target audience that you're going for. If you look at sort of the differential between Platinum and Gold, Gold has certain travel benefits associated with the hotel collection. It really is targeted. It has a heavy emphasis on dining.

It really is targeted at has a heavy emphasis on dining and we've talked about the success that we had with Dunkin' and the engagement that our card base has and that's worked out very well for our cardholders very well for us and very well for Dunkin' as well and so the challenge of our marketing teams.

Speaker #2: And so, I I think that, you know, as we continue to think about this, and as we continue to to have success here, it it gets back to what we what we talk about, which is our virtuous cycle, that the more the more value we bring to our merchant partners, the more they wanna engage with our cardholders, and then the more that we drive.

Is to make sure that we're not only know what our card members, one, but anticipate where our card members want and then build those into the value propositions by working with those partners that will that will in fact do that and I think I think we've done a good job in that respect and I think the team has really stepped up.

Speaker #2: As you think about the various products, you look to target the various value propositions, to the target audience that you're going for. And if you just take if you look at sort of differential between platinum and gold, well, gold has you know, certain travel benefits associated with the the the hotel collection, it really is targeted it has a heavy emphasis on dining.

Up and created.

Our platinum card value proposition that is the best value proposition that we have ever that we've ever had and I think our customers are really appreciating it and we'll continue to depreciate it.

With that we will bring the call to an end. Thank you again for joining today's call and for your continued interest in American Express the IR team will be available for any follow up questions operator back to you.

Speaker #2: And, you know, we've talked about the success that we had with Dunkin’ and the engagement that our card base has. That’s worked out very well for our cardholders, very well for us, and very well for Dunkin’ as well.

Stephen J. Squeri: We've talked about the success that we had with Dunkin' and the engagement that our card base has. That's worked out very well for our cardholders, very well for us, and very well for Dunkin' as well. The challenge of our marketing teams is to make sure that we not only know what our card members want, but anticipate what our card members want, and then build those into the value propositions by working with those partners that will in fact do that. I think we've done a good job in that respect. I think the team has really stepped up and created a Platinum Card value proposition that is the best value proposition that we have ever had. I think our customers are really appreciating it and will continue to appreciate it.

Ladies and gentlemen, the webcast replay will be available on our Investor Relations website at IR Dot American Express Dot com shortly after the call.

Speaker #2: And so, the challenge of our marketing teams is to make sure that we're not only aware of what our card members want, but also anticipate what our card members want, and then build those into the value propositions by working with those partners that will, in fact, do that.

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Speaker #2: And I think I think we've done a good job in in in that respect, and I think the team has really stepped up. And created, a platinum card value proposition that is the best value proposition that we have ever that we have ever had, and I think our customers are really appreciating it, and will continue to appreciate it.

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That will conclude our conference call for today. Thank you for your participation you may now disconnect.

Speaker #2: With that, we will bring the call to a close.

Speaker #1: to an end. Thank you again for joining today's call and for your continued interest in American Express. The IR team will be available for any follow-up questions.

Kartik Ramachandran: With that, we will bring the call to an end. Thank you again for joining today's call and for your continued interest in American Express. The IR team will be available for any follow-up questions. Operator, back to you.

Speaker #1: Operator, back to you. Ladies and gentlemen, the webcast replay will be available on our Investor Relations website at ir.americanexpress.com shortly after the call.

Operator: Ladies and gentlemen, the webcast replay will be available on our investor relations website at ir.americanexpress.com shortly after the call. You can also access a digital replay of the call at 877-660-6853 or 201-612-7415. Access code 137-561-51 after 1:00 P.M. Eastern Time on October 17 through October 24. That will conclude our conference call for today. Thank you for your participation. You may now disconnect.

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