American Express Q3 earnings top estimates, company raises outlook

American Express reported Q3 2025 earnings of $4.14 per share and record revenue of $18.4 billion, both surpassing analyst estimates, driven by an 11% year-over-year revenue increase and strong performance from its Platinum Card relaunch. Following these results, the company raised its full-year 2025 EPS guidance to $15.20-$15.50 and its revenue growth forecast to 9%-10%, prompting a 1.4% rise in pre-market trading.

Analysis

American Express (AXP) reported robust Q3 2025 results, with earnings per share of $4.14 surpassing the $4 consensus and record revenue of $18.4 billion exceeding the $18.1 billion estimate. This performance was driven by an 11% year-over-year revenue increase and an 8% foreign exchange-adjusted growth in Card Member spend. The company's Platinum Card relaunch significantly contributed, doubling new US Platinum account acquisitions compared to pre-refresh levels.

Following the strong Q3, AmEx raised its full-year 2025 guidance, now expecting EPS between $15.20 and $15.50, an increase from its previous $15.00 to $15.50 range. Revenue growth for the year is also projected higher, from 8%-10% to 9%-10%. This upward revision reflects management's confidence in sustained momentum and "best-in-class" credit metrics.

The positive earnings surprise and improved outlook led to a 1.4% rise in AXP shares during pre-market trading, indicating a favorable market response. The successful Platinum Card relaunch highlights effective product strategy and strong consumer demand within its premium segment. These results underscore AmEx's solid fundamental performance and positive trajectory in the competitive payments landscape.

Key Decisions for Investors

• Investors should review their AXP positions given the strong Q3 performance and raised full-year guidance, which signal continued operational strength and effective product strategy.
• Monitor the sustainability of Platinum Card acquisition rates and overall Card Member spend growth, as these are critical drivers for future revenue and profitability.
• While the improved outlook and 'best-in-class' credit metrics suggest a favorable risk-reward profile, consider potential macro-economic shifts that could impact consumer spending trends.