American Express Announces Record FY 2024 Revenue, Up 9%, or 10% on an FX-Adjusted Basis
American Express (NYSE: AXP) reported strong financial results for FY 2024, with record revenues of $65.9 billion, up 9% year-over-year (10% FX-adjusted). The company achieved net income of $10.1 billion, representing a 21% increase, and earnings per share of $14.01, up 25% from the previous year.
Key highlights include record card member spending, record net card fee revenues, and 13 million new card acquisitions. Fourth quarter performance showed accelerated billings growth of 8%, driven by stronger holiday season spending. The company maintained strong credit performance with a net write-off rate of 2.0% for the full year.
Looking ahead to 2025, AXP projects revenue growth of 8-10% and EPS between $15.00-$15.50. The company plans to increase its quarterly dividend by 17% to $0.82 per common share.
American Express (NYSE: AXP) ha riportato risultati finanziari solidi per l'anno fiscale 2024, con entrate record di 65,9 miliardi di dollari, in aumento del 9% rispetto all'anno precedente (10% rettificato per il cambio). L'azienda ha registrato un utile netto di 10,1 miliardi di dollari, con un aumento del 21%, e un utile per azione di 14,01 dollari, in aumento del 25% rispetto all'anno scorso.
I punti salienti includono spese record degli utenti della carta, entrate record dalle commissioni delle carte e 13 milioni di nuove acquisizioni di carte. Le performance del quarto trimestre hanno mostrato una crescita accelerata delle fatturazioni dell'8%, sostenuta da una spesa più forte durante la stagione natalizia. L'azienda ha mantenuto buone performance creditizie, con un tasso di cancellazione netto dell'2,0% per l'intero anno.
Guardando al 2025, AXP prevede una crescita dei ricavi compresa tra l'8% e il 10% e un utile per azione tra 15,00 e 15,50 dollari. L'azienda pianifica di aumentare il proprio dividendo trimestrale del 17%, portandolo a 0,82 dollari per azione ordinaria.
American Express (NYSE: AXP) reportó resultados financieros sólidos para el año fiscal 2024, con ingresos récord de 65.9 mil millones de dólares, un aumento del 9% interanual (10% ajustado por tipo de cambio). La empresa logró un ingreso neto de 10.1 mil millones de dólares, lo que representa un aumento del 21%, y ganancias por acción de 14.01 dólares, un 25% más que el año anterior.
Los aspectos destacados incluyen el gasto récord de los miembros de la tarjeta, ingresos récord por tarifas de tarjetas, y 13 millones de nuevas adquisiciones de tarjetas. El rendimiento del cuarto trimestre mostró un crecimiento acelerado de las facturaciones del 8%, impulsado por un aumento en el gasto durante la temporada navideña. La empresa mantuvo un rendimiento crediticio sólido con una tasa de cancelación neta del 2.0% para todo el año.
De cara al 2025, AXP proyecta un crecimiento de ingresos del 8-10% y ganancias por acción entre 15.00 y 15.50 dólares. La empresa planea aumentar su dividendo trimestral en un 17% a 0.82 dólares por acción ordinaria.
아메리칸 익스프레스 (NYSE: AXP)는 2024 회계연도에 대해 659억 달러의 기록적인 수익을 보고하며, 전년 대비 9% 증가했다고 발표했습니다 (환율 조정 시 10%). 회사는 101억 달러의 순이익을 달성했으며, 이는 21% 증가한 것으로, 주당 14.01달러의 수익을 기록해 전년 대비 25% 증가했습니다.
주요 하이라이트에는 카드 회원 지출의 기록, 카드 수수료 수익의 기록, 그리고 1300만 개의 새로운 카드가 포함됩니다. 4분기 성과는 더욱 강력한 연휴 시즌 지출로 인해 송장 성장률이 8% 증가했습니다. 회사는 전체 연도 동안 2.0%의 순 상각 비율로 강력한 신용 성능을 유지했습니다.
2025년을 기대하며, AXP는 수익 성장률을 8-10%로 예상하고 주당 수익은 15.00-15.50달러로 예상합니다. 회사는 분기 배당금을 17% 인상하여 보통주 0.82달러를 지급할 계획입니다.
American Express (NYSE: AXP) a annoncé des résultats financiers solides pour l'exercice 2024, avec des revenus records de 65,9 milliards de dollars, en hausse de 9 % d'une année sur l'autre (10 % ajusté en fonction des devises). L'entreprise a réalisé un bénéfice net de 10,1 milliards de dollars, représentant une augmentation de 21 %, et un bénéfice par action de 14,01 dollars, en hausse de 25 % par rapport à l'année précédente.
Parmi les faits marquants, on trouve des dépenses record des titulaires de cartes, des revenus record des frais de carte, et 13 millions de nouvelles acquisitions de cartes. La performance du quatrième trimestre a montré une croissance des frais facturés de 8 %, soutenue par des dépenses plus fortes pendant la saison des fêtes. L'entreprise a maintenu une performance de crédit solide avec un taux de radiation net de 2,0 % pour l'année entière.
En se projetant vers 2025, AXP prévoit une croissance des revenus de 8 à 10 % et un bénéfice par action compris entre 15,00 et 15,50 dollars. L'entreprise prévoit d'augmenter son dividende trimestriel de 17 % pour le porter à 0,82 dollar par action ordinaire.
American Express (NYSE: AXP) hat starke finanzielle Ergebnisse für das Geschäftsjahr 2024 gemeldet, mit Rekordumsätzen von 65,9 Milliarden US-Dollar, was einem Anstieg von 9% im Vergleich zum Vorjahr entspricht (10% bereinigt um Wechselkurs). Das Unternehmen erreichte ein Nettoeinkommen von 10,1 Milliarden US-Dollar, was einem Anstieg von 21% entspricht, und ein Ergebnis je Aktie von 14,01 US-Dollar, was 25% mehr ist als im Vorjahr.
Wichtige Highlights sind rekordverdächtige Ausgaben der Karteninhaber, rekordverdächtige Einnahmen aus Kartengebühren und 13 Millionen neue Kartenakquisitionen. Die Leistungen im vierten Quartal zeigten ein beschleunigtes Wachstum der Rechnungen von 8%, getrieben durch eine stärkere Ausgaben während der Feiertagseasons. Das Unternehmen hielt eine starke Kreditleistung mit einer Nettoausfallrate von 2,0% für das gesamte Jahr aufrecht.
Für 2025 prognostiziert AXP ein Umsatzwachstum von 8-10% und einen Gewinn je Aktie zwischen 15,00 und 15,50 US-Dollar. Das Unternehmen plant, die vierteljährliche Dividende um 17% auf 0,82 US-Dollar pro Stammaktie zu erhöhen.
- Record revenue of $65.9 billion, up 9% YoY (10% FX-adjusted)
- Net income increased 21% to $10.1 billion
- EPS grew 25% to $14.01
- Record 13 million new card acquisitions
- Quarterly dividend increase of 17% planned
- Strong 2025 guidance with 8-10% revenue growth
- Net write-off rate increased to 2.0% from 1.8% year-over-year
- Credit loss provisions rose to $5.2 billion from $4.9 billion
- Operating expenses increased 6% year-over-year
Insights
American Express's stellar FY2024 performance showcases exceptional execution across key metrics. The 21% surge in net income to
Credit quality remains robust despite economic uncertainties, with the net write-off rate at
The planned
Variable customer engagement costs increased notably, but this investment in customer acquisition and retention is driving record card acquisitions and spending levels. The 13 million new card acquisitions represent a significant expansion of the company's premium customer base, setting the foundation for future recurring revenue streams through card fees and transaction volumes.
AXP's market execution demonstrates remarkable strength in premium segment dominance. The accelerated Q4 billings growth of
The
The record card fee revenues underscore the success of AXP's premium value proposition strategy, with customers willing to pay higher fees for enhanced benefits. This pricing power and customer loyalty create a sustainable competitive advantage in the high-end payment services market.
FY 2024 Earnings Per Share Increased
FY 2025 Guidance for Revenue Growth of
Company Plans to Increase Quarterly Dividend by
(Millions, except per share amounts, and where indicated) |
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2024 |
2023 |
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2023 |
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Billed Business (Billions) |
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Total Revenues Net of Interest Expense |
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FX-adjusted1 |
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Net Income |
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Diluted Earnings Per Common Share (EPS)2 |
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Full Year Adjusted EPS Excluding Transaction Gain3 |
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Average Diluted Common Shares Outstanding |
704 |
726 |
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713 |
736 |
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“2024 was another strong year for American Express. We delivered record revenues of
“We also saw record levels of annual Card Member spending, record net card fee revenues, and a record 13 million new card acquisitions, and we continued to add millions of merchant locations to our network globally. We exited the year with increased momentum, with billings growth accelerating to 8 percent in the fourth quarter, driven by stronger spending from our consumer and commercial customers during the holiday season. We maintained our best-in-class credit performance and disciplined expense management throughout the year.
“As we prepare to celebrate the 175th anniversary of American Express in March, we will continue to build on our history of growth and innovation by investing in our premium value propositions, coverage, marketing, technology, and talent. For the full year 2025, we expect revenue growth of between 8 to 10 percent and EPS in the range of
“I am confident that we can sustain our strong momentum over the long term, driven by the many attractive opportunities we see across our premium customer base, particularly with Millennial and Gen Z consumers and in key international markets, along with our operating expense leverage which enables us to continue investing at high levels to drive growth.”
Full Year 2024 Results
Consolidated total revenues net of interest expense for the full year were
Consolidated provisions for credit losses for the full year were
Consolidated expenses for the full year were
The consolidated effective tax rate for the full year was 21.5 percent, up from 20.3 percent a year ago, primarily reflecting discrete tax benefits recognized in the prior year.
Fourth Quarter 2024 Results
For the fourth quarter of 2024, the company reported net income of
Fourth quarter consolidated total revenues net of interest expense were
Consolidated provisions for credit losses were
Consolidated expenses were
The consolidated effective tax rate was 21.3 percent, down from 23.0 percent a year ago, primarily reflecting discrete tax charges in the prior year.
Planned Dividend Increase
The company plans to increase the regular quarterly dividend on its common shares outstanding by 17 percent, from
This earnings release should be read in conjunction with the company’s statistical tables for the fourth quarter 2024, which include information regarding our reportable operating segments, available on the American Express Investor Relations website at http://ir.americanexpress.com and in a Form 8-K furnished today with the Securities and Exchange Commission.
An investor conference call will be held at 8:30 a.m. (ET) today to discuss full year and fourth quarter results. Live audio and presentation slides for the investor conference call will be available to the general public on the above-mentioned American Express Investor Relations website. A replay of the conference call will be available later today at the same website address.
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1 |
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As used in this release, FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translations into |
2 |
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Diluted earnings per common share (EPS) was reduced by the impact of (i) earnings allocated to participating share awards of |
3 |
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Adjusted diluted earnings per common share, a non-GAAP measure, excludes the |
4 |
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Net write-off rates are based on principal losses only (i.e., excluding interest and/or fees) and represent consumer and small business Card Member loans and receivables (net write-off rates based on principal losses only are unavailable for corporate). We present a net write-off rate based on principal losses only to be consistent with industry convention. Net write-off rates including interest and fees are presented in the above-mentioned statistical tables available on the American Express Investor Relations website, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses.
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As used in this release:
- Card Member spending (billed business) represents transaction volumes, including cash advances, on payment products issued by American Express.
- Operating expenses represent salaries and employee benefits, professional services, data processing and equipment, and other, net.
- Reserve releases and reserve builds represent the portion of the provisions for credit losses for the period related to increasing or decreasing reserves for credit losses as a result of, among other things, changes in volumes, macroeconomic outlook, portfolio composition, and credit quality of portfolios. Reserve releases represent the amount by which net write-offs exceed the provisions for credit losses. Reserve builds represent the amount by which the provisions for credit losses exceed net write-offs.
- Variable customer engagement costs represent the aggregate of Card Member rewards, business development, and Card Member services expenses.
About American Express
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, X.com/americanexpress, and youtube.com/americanexpress.
Key links to products, services and corporate sustainability information: personal cards, business cards and services, travel services, gift cards, prepaid cards, merchant services, Business Blueprint, Resy, corporate card, business travel, corporate sustainability, and Environmental, Social, and Governance reports.
Source: American Express Company
Location: Global
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which address American Express Company’s current expectations regarding business and financial performance, including management’s outlook for 2025 and long-term growth aspiration, among other matters, contain words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “continue” and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, those that are set forth under the caption “Cautionary Note Regarding Forward-Looking Statements” in the company’s current report on Form 8-K filed with the Securities and Exchange Commission (SEC) on January 24, 2025 (the Form 8-K Cautionary Note), which are incorporated by reference into this release. Those factors include, but are not limited to, the following:
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the company’s ability to achieve its 2025 earnings per common share (EPS) outlook and grow EPS in the future consistent with the company’s growth aspiration, which will depend in part on revenue growth, credit performance and the effective tax rate remaining consistent with current expectations and the company’s ability to continue investing at high levels in areas that can drive sustainable growth (including its brand, value propositions, coverage, marketing, technology and talent), controlling operating expenses, effectively managing risk and executing its share repurchase program, any of which could be impacted by, among other things, the factors identified in the subsequent paragraphs and the Form 8-K Cautionary Note, as well as the following: macroeconomic conditions, higher rates of unemployment, changes in interest rates, effects of inflation, tariffs, supply chain issues, energy costs and fiscal and monetary policies; geopolitical instability, hostilities and tensions, such as involving
China and theU.S. ; the impact of any future contingencies, including, but not limited to, legal costs and settlements, the imposition of fines or monetary penalties, increases in Card Member remediation, investment gains or losses, restructurings, impairments and changes in reserves; issues impacting brand perceptions and the company’s reputation; impacts related to acquisitions, cobrand and other partner agreements, portfolio sales and joint ventures; and the impact of regulation and litigation, which may be heightened due to the uncertain regulatory environment and could affect the profitability of the company’s business activities, limit the company’s ability to pursue business opportunities, require changes to business practices or alter the company’s relationships with Card Members, partners and merchants;
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the company’s ability to achieve its 2025 revenue growth outlook and grow revenues net of interest expense in the future consistent with the company’s growth aspiration, which could be impacted by, among other things, the factors identified above and in the Form 8-K Cautionary Note, as well as the following: spending volumes and the spending environment not being consistent with expectations, including a decline in spending by
U.S. small and mid-sized enterprise Card Members or slowdowns inU.S. consumer or international spending volumes; an inability to address competitive pressures, attract and retain customers, invest in and enhance the company’s Membership Model of premium products, differentiated services and partnerships, successfully refresh its card products, grow spending and lending with customers across age cohorts, including Millennial and Gen-Z customers, and implement strategies and business initiatives, including within the premium consumer space, commercial payments and the global network; the effects of regulatory initiatives, including pricing and network regulation; merchant coverage growing less than expected or the reduction of merchant acceptance or the perception of coverage; increased surcharging, steering, suppression or differential acceptance of the company’s products; merchant discount rates changing from the company’s expectations; and changes in foreign currency exchange rates; and
- changes affecting the company’s plans regarding the return of capital to shareholders, including increasing the level of the dividend, which will depend on factors such as the company’s capital levels and regulatory capital ratios; changes in the stress testing and capital planning process and new rulemakings and guidance from the Federal Reserve and other banking regulators, including changes to regulatory capital requirements, such as from Basel III rulemaking; results of operations and financial condition; credit ratings and rating agency considerations; required company approvals; and the economic environment and market conditions in any given period.
A further description of these uncertainties and other risks can be found in American Express Company’s Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2024 and the company’s other reports filed with the SEC, including in the Form 8-K Cautionary Note.
(Preliminary) |
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American Express Company |
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Appendix I |
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Reconciliation of Adjusted EPS Excluding Transaction Gain |
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Years Ended December 31, |
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2024 |
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2023 |
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YoY%
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GAAP Diluted EPS |
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$ |
14.01 |
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$ |
11.21 |
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Accertify Gain on Sale (pretax) |
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$ |
0.74 |
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$ |
— |
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Tax Impact of Accertify Gain on Sale |
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$ |
(0.08 |
) |
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$ |
— |
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Accertify Gain on Sale (after tax) |
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$ |
0.66 |
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$ |
— |
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Adjusted Diluted EPS Excluding the Impact of Accertify Gain on Sale |
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$ |
13.35 |
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$ |
11.21 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250123783382/en/
Media Contacts:
Melanie Backs, Melanie.L.Backs@aexp.com, +1.212.640.2164
Deniz Yigin, Deniz.Yigin@aexp.com, +1.332.999.0836
Investors/Analysts Contacts:
Kartik Ramachandran, Kartik.Ramachandran@aexp.com, +1.212.640.5574
Kristy Ashmawy, Kristy.Ashmawy@aexp.com, +1.212.640.5574
Source: American Express Company
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