American Express reported global customer spending growth of 7–8% in 2025, including a 9% rise in U.S. holiday purchases and a 12% increase in Platinum Card member spend. Travel and entertainment spending also strengthened, with travel bookings climbing 30% and luxury lodging up 12%, while write-offs and delinquencies remained very low.

The ongoing Platinum Card refresh has driven higher-value acquisitions, boosting average fees per new account and achieving retention rates near 99% for consumer products. Engagement metrics improved significantly, with Resy restaurant spend rising 20% and fee repricing underway since January expected to build revenue tailwinds through year-end.

International markets grew at an outsized rate, with Gen Z and millennial card member growth reaching 20% abroad versus 15% in the U.S. Merchant acceptance now spans approximately 170 million locations, and the planned Center acquisition aims to accelerate expense management solutions for small and medium-sized businesses in 2026.

American Express is allocating roughly $5 billion annually to technology initiatives, reducing its operating expense to revenue ratio from 26% to 22%. These investments have raised operating efficiency and support continued share buybacks, while maintaining openness to future strategic acquisitions to drive growth.