American Express reported fourth-quarter earnings per share growth driven by a 9% increase in net revenues on a foreign-exchange-adjusted basis. Net revenues rose to $18.98 billion, outpacing consensus estimates, while EPS of $3.53 nearly matched expectations. Card Member spending climbed 11% year-over-year, reflecting strength across travel and dining categories, but higher operating expenses trimmed margin expansion.

Operating expenses increased 10% to $14.5 billion, driven largely by elevated customer engagement outlays tied to marketing campaigns and the Platinum Card product refresh. Credit loss provisions totaled $1.4 billion, up from $1.3 billion a year earlier, as net write-offs rose to 2.1% of loans versus 1.9% in Q4 of the prior year. The effective tax rate declined to 20.3% from 21.3%, reflecting favorable shifts in the geographic mix of taxable income.

For fiscal 2026, the company forecast EPS in a range that sits above Street estimates at the midpoint, underpinned by expected 9%–10% revenue growth and continued expansion in net interest income. Management also approved a 16% increase to the regular quarterly dividend, lifting it to $0.95 per share, underscoring confidence in cash flow generation and capital return capacity.