Amex crushed Q4. Premium spending alive. Fee growth unstoppable. Credit elite.
2026 guidance = another 14% EPS growth year. The aristocracy keeps printing. 💳👑
Another Flawless Quarter
Amex just dropped Q4 2025 numbers, and it’s the same beautiful story: premium spending is alive, the fee machine keeps humming, and credit remains pristine. This is what a compounder in full stride looks like.
The Numbers That Matter
Revenue Growth:
Q4 Revenue: $19.0B, +10% YoY (9% FX-adjusted)
FY 2025 Revenue: $72.2B, +10% YoY
Guidance for 2026: 9-10% revenue growth
EPS:
Q4 EPS: $3.53, +16% YoY
FY 2025 EPS: $15.38, +15% YoY (adjusted for prior year Accertify gain)
2026 Guidance: $17.30-$17.90 = 13-16% growth at midpoint
The Fee Machine (Still Unstoppable):
Net card fees: +17% YoY in Q4
This is the 30th consecutive quarter of double-digit net card fee growth
Translation: Premium customers keep paying $695/year for Platinum Cards, and they’re not flinching
Spending Trends:
Q4 billed business: +8% FX-adjusted
Gen-Z: +38% YoY (6% of volume)
Millennials: +12% YoY (30% of volume)
U.S. Consumer: +9% YoY (still resilient despite macro fears)
Commercial: +3% YoY (SMEs slowing a bit, but large corporates steady at +4%)
Credit Metrics (Best-in-Class):
Net write-off rate: 2.1% (vs 1.9% prior year, but still elite compared to peers at 4-6%)
30+ days delinquent: 1.3% (flat, rock-solid)
Reserve rate: 2.9% (unchanged—no panic building reserves)
The Bottom Line: Credit is normalizing from COVID-lows but remains excellent for a lender