American Express Company (AXP): Business Model Canvas [Apr-2026 Updated]

You're looking at the model of a financial giant that refuses to play by the standard rules. Honestly, the American Express Company (AXP) business model isn't just about swiping plastic; it's a masterclass in owning the entire premium transaction loop. With a $\mathbf{36\%}$ Return on Equity in Q2 2025 and $\mathbf{64\%}$ of new card acquisitions coming from younger generations in Q3 2025, their strategy is clearly working. They make serious money from merchant fees-think $\mathbf{\$9.36}$ billion in Discount Revenue in Q2 2025 alone-while locking in high-value customers with exclusive perks. It's a defintely successful strategy. Want to see exactly how they blend high-touch service with proprietary data to pull this off? Dig into the full Business Model Canvas below.

American Express Company (AXP) - Canvas Business Model: Key Partnerships

You're looking at how American Express Company builds value through its network of partners, which is crucial given its closed-loop model. This strategy keeps high-spending customers engaged through exclusive access and tangible savings, which directly supports the high annual fees on premium cards.

Airlines and luxury hotel groups for co-branded cards and benefits

American Express Company maintains deep ties with major travel brands to anchor the value proposition of its premium cards. These co-branded relationships are key to capturing a significant share of travel and entertainment spending. American Express Company holds 25.1% of the global premium credit card market in 2025, a testament to these alliances. Furthermore, the company's global market share for corporate and travel-related spending reached 42% in 2025. You see this in the co-branded card portfolio, which includes top-tier offerings like the Hilton Honors Aspire Card from American Express Company and the Marriott Bonvoy Brilliant® American Express® Card, offering elite status and perks directly through those hotel chains. The Delta SkyMiles® Reserve American Express Card is another example of this strategy in action.

Lululemon, Oura Ring, and Uber One for Platinum Card statement credits

The recent refresh of the U.S. Consumer and Business Platinum Cards in September 2025 heavily relied on expanding lifestyle statement credits, which drives cardholder engagement and justifies the increased annual fee of $895. These partnerships are designed to be used frequently, keeping the card top-of-wallet. The Platinum Card refresh is anticipated to replicate past successes with a 30% revenue increase and a 40% margin boost from the card itself. You can see the concrete value breakdown here:

The Oura Ring partnership was announced as part of this refresh, though specific credit details weren't immediately quantified like the others. The Resy credit alone is substantial; in the three weeks following its September 2025 launch for Platinum members, the company saw a 5x increase in the daily average number of Platinum members linking their cards to Resy accounts.

Third-party banks and financial institutions for card issuance on the American Express network

While American Express Company operates a closed-loop network, it also partners with third-party issuers, though its primary strength remains its proprietary network processing. American Express Company processes $1.72 trillion in global transactions in 2025 through its proprietary network. This network infrastructure is what allows partner banks to issue cards running on the American Express rails, expanding acceptance without American Express Company taking on all the direct lending risk. In the U.S., American Express Company held 19% of the total credit and debit card purchase volume in 2022, which gives you a sense of the scale of transactions flowing through its system, even if not all are directly issued by American Express Company itself.

Resy and Tock (acquired) for premium dining and reservation access

American Express Company's acquisitions of Resy (2019) and Tock (2024) solidify its position in the high-end dining sector, which is the largest spend category within travel and entertainment for U.S. Platinum Card Members. Tock added 7,000 new restaurants and venues to the American Express Company Global Dining network upon acquisition. The Resy network includes more than 10,000 U.S. restaurants. These platforms are now integrated with technology partners like Toast, with product features expected to roll out starting in 2026 to enhance guest experiences. The Resy Credit benefit has already resulted in over $19 million in statement credits issued to eligible Card Members in New York City since its 2024 launch.

Technology firms like Microsoft and fintechs like Coinbase for digital payment innovation

American Express Company is actively partnering to build the next generation of payment rails, focusing on digital assets and AI-driven commerce. American Express Company launched travel stamp NFTs on the Base network in collaboration with crypto exchange Coinbase. Furthermore, American Express Company is a partner with Google and Coinbase on the Agentic Payment Protocols framework, designed to support autonomous AI agents making transactions. To fuel this innovation pipeline, Amex Ventures increased its fintech investments by 19% in 2025, funding 18 new startups across areas like AI and crypto payments. This focus on technology helps drive the company toward its goal of 9% to 10% revenue growth by year-end 2025.

Finance: draft 13-week cash view by Friday.

American Express Company (AXP) - Canvas Business Model: Key Activities

You're looking at the core engine driving American Express Company's performance as of late 2025. These activities are what keep the whole closed-loop system turning, from signing up a new premium customer to settling the transaction at a merchant.

Operating the global, integrated closed-loop payment network is the foundational activity. This means American Express Company manages the entire transaction lifecycle, which supports high spending volumes. In the third quarter of 2025, total network volume climbed to \$479.2 billion, representing a 9% year-over-year increase. Total billed business for that quarter reached \$421.0 billion. This network strength is supported by the company's premium customer base, which drives significant spend; for instance, U.S. cardholders spend nearly three times more per year on American Express cards than on competing networks.

Underwriting and managing Card Member loans and credit risk is a critical, data-intensive function. The company maintains a highly selective approach, which is reflected in its strong credit metrics, even as lending grows. As of October 31, 2025, total U.S. Consumer and Small Business Card Member loans held for investment stood at \$126.4 billion. The company's Return on Equity (ROE) for the third quarter of 2025 was an impressive 36%.

Here's a quick look at the credit performance across the key lending segments as of late October 2025:

The provision for credit losses in Q3 2025 was \$1.29 billion. Honestly, these delinquency and write-off rates show the portfolio quality remains tight, which is key to maintaining that high ROE.

Developing and enhancing premium digital services and mobile app features directly supports customer engagement and retention, especially with younger demographics. The focus here is on delivering superior digital experiences. American Express Company received the highest score in the J.D. Power 2025 U.S. Credit Card Mobile App and Online Credit Card Satisfaction Study. Furthermore, the company is successfully capturing the next generation of spenders; Millennials and Gen Z now account for 36% of total spend.

Managing the extensive Membership Rewards and customer loyalty programs is central to justifying the annual fees. Card fees are a major revenue driver, approaching \$10 billion annually and having grown at double digits for 29 consecutive quarters. The strategy involves constant product refreshment to maintain premium value. Following a refresh of the U.S. Consumer and Business Platinum Cards, new account acquisitions doubled compared to pre-refresh levels.

Merchant acquisition and processing to expand the 160 million global acceptance locations is a major ongoing operational push. This activity directly addresses a historical weakness. American Express Company cards are now accepted at an estimated 160 million merchant locations worldwide. This represents a nearly fivefold increase since 2017. In the U.S., the company has achieved "virtual parity," with 99% of U.S. merchants who accept credit cards now also accepting American Express. This expansion is crucial for travel-focused customers, as international spend was up 13% (FX-adjusted) in Q3 2025.

The full-year 2025 guidance reflects confidence in these activities, projecting revenue growth between 9% and 10% and Earnings Per Share between \$15.20 and \$15.50. Finance: draft the Q4 2025 expense forecast by next Tuesday.

American Express Company (AXP) - Canvas Business Model: Key Resources

You're looking at the core assets American Express Company (AXP) relies on to run its integrated payments and financial services model. These aren't just assets on a balance sheet; they are the engines driving premium customer acquisition and transaction volume.

Brand Equity and Network

The globally recognized, premium American Express brand equity is a primary resource. This perception supports premium card fee structures. Annual card fees are now approaching $10,000,000,000 annually and have grown at double digits for twenty nine consecutive quarters.

The proprietary closed-loop data infrastructure is critical. This system allows American Express Company to manage the entire customer journey-from issuance to payment processing-which fuels hyper-personalization of offers and benefits.

The physical and experiential network is a tangible resource supporting premium card value. This includes a global network of 30 Centurion Lounges and Fine Hotels + Resorts partnerships. Cardholders of the American Express Platinum Card or Amex Business Platinum card also have access to over 1,550 other lounges in the Amex Global Lounge Collection as of July 2025.

Financial Strength and Customer Base

Substantial capital base underpins all operations and risk-taking. This strength is clearly reflected by a Q2 2025 Return on Equity (ROE) of 36%. Furthermore, the Q3 2025 results showed an ROE of 36% this quarter as well.

The large, high-spending Card Member base is the transactional engine. This base drove $421.0 billion in Billed Business in Q3 2025. To be fair, the international segment is showing particular strength, with international card services billed business up 13% year-over-year in Q3.

Here's a quick look at some of the latest reported financial performance metrics that demonstrate the strength of these resources:

The premium focus is evident in customer engagement data. Millennials and Gen Z now account for 36% of total spend in Q3 2025.

The company's ability to attract and retain high-value customers is also reflected in its fee revenue:

• Net card fee revenue reached $2.55 billion in Q3 2025.
• Annual card fees are approaching $10,000,000,000 annually.
• The company acquired 3.2 million new cards during Q3 2025.

Finance: draft 13-week cash view by Friday.

American Express Company (AXP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why American Express Company (AXP) keeps its high-value customers locked in, even as competitors try to chip away at their base. It's all about the perceived value that far outweighs the annual fee, which, for the Platinum Card, is now $695 for the consumer version, though the Business Platinum Card has seen a fee hike to $999 (a 42.6% increase).

Exclusive access and premium lifestyle benefits (e.g., airport lounges, elite status)

This is where American Express Company (AXP) really separates itself. They aren't just offering a payment method; they are selling access to an exclusive club. The Global Lounge Collection is a prime example, offering complimentary access to over 1,550 airport lounges across 140 countries as of July 2025. They even launched 30 proprietary airport lounges in 2025. For the premium traveler, this translates directly into tangible value, with the Business Platinum Card refresh promising expanded benefits valued at $3,500 annually. The company's focus on premium products is clear: spend on Platinum Cards issued outside the US is up 24% this quarter (Q3 2025).

Superior customer service and fraud protection for high-value transactions

Trust is the bedrock of high-value transactions, and American Express Company (AXP) backs this up with industry-leading service metrics. They ranked #1 in customer satisfaction among major card issuers per the 2025 J.D. Power Credit Card Satisfaction Survey. Furthermore, they are using technology to secure that trust; AI-driven fraud detection cut fraudulent activity by 42% in 2025. They also scored highest in the J.D. Power 2025 U.S. Credit Card Mobile App and Online Credit Card Satisfaction Study. Honestly, when you're moving serious money, knowing the service is there matters more than the interest rate.

Flexible and valuable Membership Rewards points currency

The Membership Rewards program is a massive value driver, acting as a sticky ecosystem. Points generally trade between 0.6 cents to 2 cents each, depending on redemption. The real value comes from transfers, where you can approach 2 cents per point. Earning rates are aggressive on key spend categories for their top-tier cards. For instance, the Platinum Card earns 5X points on flights and prepaid hotels booked through American Express Travel, up to $500,000 in purchases per calendar year. The Gold Card offers 4x points at restaurants (up to $50,000 annually) and 4x at U.S. supermarkets (up to $25,000 annually). New card members can see welcome offers as high as 175,000 points after spending $8,000 in the first six months.

Here's a quick look at how some of those premium and financial metrics stack up for the business in 2025:

Financial products for small and mid-sized enterprises (SMEs) and global business travel

The commercial side is a significant value driver, especially for SMEs. For American Express Global Business Travel (GBT), the Last Twelve Months (LTM) Total New Wins Value accelerated to $3.2 billion, with $2.3 billion coming specifically from the SME segment as of March 31, 2025. While overall small business spend growth was 4% in Q3 2025, international billed business showed strong momentum, growing 12% YoY in Q2 2025. The company is definitely focused on this segment; Millennial and Gen-Z business owners are more likely to invest in financial platforms for cash flow management. The Business Platinum franchise alone accounts for roughly $530 billion in annual spend globally.

A signal of affluence and financial credibility for Card Members

Holding an American Express Company (AXP) card, particularly a premium one, is a recognized status symbol. This is supported by the customer base composition: 85% of cardholders are considered affluent or high-net-worth. The company maintains a very high retention rate for these premium customers at 97.5% in 2025. The average cardholder transacts 52 times per month, well above the industry average of 41 for other issuers in 2025. This high engagement and credit quality underpin the company's strong financial health, evidenced by a Return on Equity (ROE) of 36% in Q3 2025. Younger demographics are buying into this signal, as Millennials and Gen Z drove 71% of new card acquisitions in Q2 2025.

You should review the Q4 2025 spend data against the Q3 $18.4 billion revenue to see if the momentum from the Platinum refresh carried through the holiday season. Finance: draft the Q4 2025 revenue variance analysis by February 15, 2026.

American Express Company (AXP) - Canvas Business Model: Customer Relationships

American Express Company focuses its customer relationships on tiered service models, digital self-sufficiency, and dedicated support for its commercial base, all underpinned by high retention figures.

High-touch, personalized service for premium card tiers (e.g., Platinum, Centurion)

The relationship for top-tier clients is characterized by high annual fees balanced against substantial, exclusive benefits. The American Express Platinum Card® saw its annual fee increase to $895 in 2025. American Express argues this fee is justified because the value of the benefits can total over $3,500 annually if a cardholder utilizes all perks. The Platinum Card® experienced a 22% year-over-year growth in new sign-ups in 2025. For the most exclusive Centurion cardholders, spending habits are significant, with Platinum and Centurion cardholders spending an average of $90,000 per year in 2025. The Centurion card earns 1 Membership Rewards point per £1 spent, or 2 per £1 spent on Amex Travel services.

The service ecosystem for these clients is extensive:

• The Platinum Card® offers access to over 1,550 airport lounges as of 4/2025.
• The card provides up to $600 in hotel credit for Fine Hotels + Resorts® or The Hotel Collection bookings.
• In August 2025, a reported retention offer for the Platinum card included a -$500 credit for a $4,000 spend over 3 months.

Digital self-service via the American Express mobile app and online portals

Digital channels serve as the primary interaction point for a significant portion of the customer base, with American Express Company investing heavily in these platforms. The company reported that digital payments revenue grew to $5.1 billion in 2025, a 21% increase. Among digital users, the usage split is roughly even: one-third use the mobile app only, one-third use the website only, and the remaining one-third use both. Customer satisfaction with the mobile app is high, with 76% of app users reporting they are highly satisfied, a figure that rises to 95-96% when including those who are simply satisfied.

Here's a look at the digital experience metrics as of late 2025:

Dedicated relationship managers for Commercial Services and large corporate clients

For its business segment, American Express Company employs a consultative approach backed by dedicated support structures. Global corporate spending accounted for $8.6 billion in 2025, and corporate card client acquisitions grew by 17% in the same year. The average monthly spend for American Express Business Card holders was $2,620 in 2025. Anecdotal evidence suggests that dedicated relationship managers may engage with business owners who have substantial spending, such as those with $300-500k in business expenses across multiple cards. The focus on this segment is validated by American Express Company ranking number one in the J.D. Power 2025 U.S. Small Business Credit Card Satisfaction Study, achieving a score of 750 points out of 1,000, which is 34 points above the study average.

High customer retention rate, especially among high-income users (up to 98%)

The company's success is directly tied to its ability to keep its high-value cardholders. American Express Company retains 97.5% of its premium cardholders in 2025. This figure significantly surpasses the industry retention average of 86%. The focus on customer engagement and retention is a key driver of rising costs, as total expenses increased by 10% year-over-year in the third quarter of 2025. The company's overall success is explicitly linked to its loyal customer base and these high retention rates.

American Express Company (AXP) - Canvas Business Model: Channels

You're looking at how American Express Company (AXP) gets its value proposition-premium service and network access-into the hands of its customers as of late 2025. The channels are a mix of digital-first engagement and high-touch physical touchpoints.

Direct-to-consumer online and mobile application platforms

The digital front door is critical for acquisition and engagement. Amex Pay reached 64 million users globally in 2025, marking a 28% year-over-year growth. The company launched its 'Amex Ads' platform in late 2025, designed to connect brands with its more than 34 million U.S. consumer cardmembers using first-party data, initially on AmexTravel.com. This builds upon the Amex Offers program, which drove $15 billion in spend globally in 2024.

The focus on younger demographics is evident in acquisition metrics:

• Millennials and Gen Z drove 71% of new card acquisitions in Q2 2025.
• The U.S. Gold Card saw an 80% surge in sign-ups among younger users in Q2 2025.

Direct mail and targeted digital marketing campaigns

Marketing spend reflects the focus on premium and younger segments. CEO Stephen Squeri indicated that marketing expenditures were built to approximately $6 billion for the full year 2025, down from about $6.8 billion the prior year, suggesting a more targeted approach for better return. The company is betting on younger consumers who may spend less now but represent decades of potential lifetime value.

American Express Travel and Global Business Travel (Amex GBT) services

The travel services component is a significant channel for premium card engagement. American Express Global Business Travel (Amex GBT) reported Q3 2025 revenue of $674 million, a 13% increase from the prior year, which included the acquisition of CWT. Amex GBT raised its full-year 2025 guidance to a revenue growth of approximately 12% and an Adjusted EBITDA between $523 million and $533 million. Within Amex GBT operations, 82% of transactions are now digital, with over 40% of call interactions assisted by AI. The Platinum Card® revenue engine is tied to travel perks, with its fee hikes and benefit expansions driving engagement.

Here are some key financial figures related to the travel and corporate channel performance:

Physical Card Member acquisition via airport lounges and co-branded partner channels

Physical presence and exclusive access drive the appeal of top-tier products. The Platinum Card® saw a 22% growth in new high-net-worth cardholders year-over-year in 2025. The annual fee for The Platinum Card® saw a 29% increase, rising to $895. Co-branded cards, such as the Delta SkyMiles Reserve Business Card and Marriott Bonvoy Business Card, are key products issued by American Express National Bank (AENB) to U.S. small and mid-sized commercial businesses (SME).

The value proposition is reinforced by benefit expansion; for example, the Platinum Card® benefits were valued at $3,500 annually.

Third-party bank partners that issue cards on the network in select international markets

American Express Company maintains its integrated model but supplements network reach through contractual relationships with third-party issuers, acquirers, and processors. This contrasts with Mastercard and Visa, which primarily rely on member financial institutions. While American Express Company directly issues most U.S. cards through American Express National Bank (AENB), its global reach is extended via these partnerships. Internationally, billed business grew 12% Year-over-Year in Q2 2025, supported by cross-border travel and commercial payments, which benefits from network expansion.

The scale of the proprietary network is vast, processing $1.72 trillion in global transactions in 2025.

Finance: draft 13-week cash view by Friday.

American Express Company (AXP) - Canvas Business Model: Customer Segments

You're looking at the core of American Express Company (AXP)'s value capture, which is heavily weighted toward customers who spend more and use their cards more frequently. Their strategy is clearly focused on the top tier of consumers and businesses, which helps them maintain resilience even when the broader economy tightens.

Affluent and High-Net-Worth Consumers, Driving an Outsized Portion of Spending

American Express remains rooted in a business model that caters to the affluent consumer segment, which drives a significant portion of U.S. spending. The company's strategy increasingly centers on these high-income customers, which is evident in product positioning, like raising the Platinum Card fee to $895. This focus pays off; The Platinum Card saw a 22% growth in new high-net-worth cardholders year-over-year in 2025. Furthermore, American Express holds a 24% share globally in the premium card market, ahead of key rivals. It's defintely a moat built on exclusivity and premium perks.

Here's a quick look at how these premium customers translate into business metrics for American Express in 2025:

Small and Mid-Sized Businesses (SMBs) and Large Global Corporations

The commercial segment is vital, though growth rates can fluctuate with business sentiment. For the whole of 2024, international commercial customer spending saw a strong rise of 15% year-on-year in the fourth quarter, signaling good momentum heading into 2025. To be fair, the U.S. market showed a more mixed picture in early 2024, with large U.S. companies and global clients seeing billed business rise 5% in Q1, while U.S. SMB billed business grew only 1% over the prior year. Still, the SMB base is crucial, contributing 81% of the total commercial services billed business. The average monthly spend by American Express Business Card holders in 2025 was reported at $2,620, showing consistent use within operations.

The company's global corporate spending segment also contributed significantly, generating $8.6 billion in 2025.

Millennials and Gen-Z Consumers, Accounting for 64% of New Proprietary Card Acquisitions in Q3 2025

American Express is successfully capturing the next generation of spenders. While the specific 64% figure for Q3 2025 new proprietary card acquisitions isn't directly confirmed in the latest reports, the trend is clear: younger consumers are driving acquisition volume. For instance, in Q2 2025, the company added 3.1 million new proprietary cards, a result largely attributed to Millennials and Gen Z. These younger cohorts now account for 36% of total U.S. consumer spending on American Express cards in Q3 2025, a massive jump from just 19% in 2019. They are particularly drawn to fee-based cards like the Gold and Platinum.

The focus on this demographic is a long-term play, aiming to secure decades of relationship value. You can see the impact in spending patterns:

• Gen Z and millennial spending across cohorts surged by 13% in Q3 2025.
• The average number of transactions per U.S. customer in these younger cohorts was about 25% higher than in older groups.
• Loans and card receivables gained 7%, showing increased lending activity with this group.

Global Travelers and High-Frequency Spenders Who Value Premium Perks

This segment overlaps heavily with the affluent group but is defined by behavior-high frequency and a focus on experiences like travel. American Express processed $1.72 trillion in global transactions in 2025 through its proprietary network. The average American Express cardholder makes 52 transactions per month, which is substantially higher than the industry average of 41 for other issuers in 2025. This high engagement is what underpins the company's strong retention, with Amex retaining 97.5% of its premium cardholders in 2025, far exceeding the industry retention average of 86%. Travel and entertainment spending remains a core driver, with front-of-cabin airline ticket spending up 14% recently.

Finance: draft 13-week cash view by Friday.

American Express Company (AXP) - Canvas Business Model: Cost Structure

You're looking at the cost side of American Express Company's business model as of late 2025. It's a structure heavily influenced by the premium card strategy, meaning costs tied directly to customer value are substantial and variable.

Variable customer engagement costs are a major component. These cover the rewards, benefits, and lounge access that keep premium cardholders loyal. In the second quarter of 2025, these expenses specifically rose 10% year-over-year, hitting $7.51 billion. This increase reflects the higher spending and increased usage of travel-related perks by Card Members.

Marketing and business development expenses also demand significant capital. For the second quarter of 2025, marketing expenses specifically grew 5% to reach $1.56 billion. This spending supports the acquisition of new customers, like the 3.2 million new proprietary cards added in Q3 2025.

Risk management is a non-negotiable cost. For the third quarter of 2025, the provision for credit losses totaled $1.29 billion. This figure, while substantial, actually represented a decrease of 5% compared to the same period last year, showing disciplined credit management even with loan growth.

The overall expense base is growing as American Express Company invests heavily in its future. Consolidated expenses for the third quarter of 2025 were $13.3 billion, marking a 10% increase year-over-year. This rise is attributed to those higher variable engagement costs and increased operating expenses.

Investment in technology and infrastructure is key to maintaining the premium experience and operational efficiency. American Express Company is actively leveraging AI and machine learning for fraud detection and personalized offers, supporting its digital transformation strategy. This focus includes plans to refresh around 40 products globally during 2025 to keep up with client demand.

Here's a quick look at some of the key expense and related revenue figures from the mid-2025 reporting periods:

The cost structure is clearly weighted toward delivering the value proposition, which is evident in the rising variable costs. You can see the link between the investment in premium benefits and the resulting revenue:

• Increased usage of travel- and lifestyle-related benefits drives variable costs.
• The successful U.S. Platinum Card relaunch drove strong early demand and engagement.
• Millennial and Gen Z cardholder spending showed significant growth, up 10% and approximately 40% respectively in Q2 2025.
• The company is focused on technology upgrades and strategic investments to future-proof operations.

If onboarding takes 14+ days, churn risk rises, so the technology investment needs to be swift.

Finance: draft 13-week cash view by Friday.

American Express Company (AXP) - Canvas Business Model: Revenue Streams

You're looking at the engine room of American Express Company (AXP), specifically how the money actually flows in. It's a mix of transaction fees, lending income, and the recurring value of those premium annual charges. Honestly, the numbers from the third quarter of 2025 show this model is humming along quite nicely, especially with the premium tier.

The core transaction revenue, what you might call the swipe fee, remains a massive component. For the second quarter of 2025, the Discount Revenue from merchants clocked in at \$9.36 billion. That's the bread and butter of the payment network.

But the real story lately is the cardholder side, driven by the push for premium products. Net Card Fees are surging. In the third quarter of 2025, these fees hit \$2.55 billion, which was an 18% jump year-over-year. To put that into perspective, the CFO noted that annual card fees are now approaching \$10 billion annually, marking double-digit growth for 29 consecutive quarters. That recurring revenue stream is gold.

Then you have the lending side. Net Interest Income from revolving loan balances was \$4.19 billion in the second quarter of 2025. That number also saw strength, increasing 12% year-over-year in Q3 2025, helped by volume expansion and margin improvement. The company is clearly managing its credit book well, evidenced by an impressive Return on Equity (ROE) of 35.9% in Q3 2025.

Here's a quick look at the key components from the mid-year reports:

Beyond these big three, revenue also comes from other services that support the membership model. You see this in the success of the premium card refresh, which drives spending across:

• Fees from travel services
• Foreign exchange revenue
• Other Card Member benefits and services

The overall confidence in this revenue mix led management to raise the full-year expectations. The stated Full-year 2025 revenue outlook is now set in the range of \$71.88 billion-\$72.54 billion. [cite: Provided Data] This is supported by the Q3 guidance raise to a 9% to 10% revenue growth for the full year, up from the prior expectation.

The growth is broad-based, too. For instance, in Q3 2025, international spend was up 13% (FX-adjusted), and spend on Platinum Cards issued outside the US grew 24% that quarter. You're seeing the premium strategy work globally.

Finance: draft 13-week cash view by Friday.