American Express Company (AXP) investor relations material

Macro and consumer trends

• Portfolio strength remains high, with Q2 billing growth slightly outpacing Q1, which was the strongest in three years.

• No significant inflection points or weaknesses detected across generations or cohorts.

• Modest inflation is seen as slightly accretive, with card members handling higher prices well.

• Categories like airline, T&E, and luxury retail are performing strongly, with luxury spend up 18% globally.

Revenue guidance and portfolio changes

• Revenue growth guidance for the year is 9%-10%, supported by strong billing, card fee growth, and double-digit NII.

• Card fee growth expected to remain in the high teens for the rest of the year.

• Transfer of Amazon and Lowe’s portfolios to new issuers will create slight downward pressure on revenue and NII, but no EPS impact.

Product innovation and value proposition

• Ongoing product refreshes and enhancements, such as new benefits for Delta and Gold cards, keep value propositions dynamic.

• Continuous innovation extends beyond cards to travel and dining platforms, with a focus on regular updates and new features.

• Product enhancements are driven by ongoing partner discussions and market feedback.