American Express reported a strong financial performance in FY 2024, with earnings per share (EPS) increasing 25% to $14.01 and net income reaching $10.1 billion, up from $8.4 billion in 2023. Total revenues net of interest expense rose 9% to $65.9 billion, driven by higher card member spending, increased card fee growth, and higher net interest income. Credit loss provisions increased slightly to $5.2 billion, reflecting higher net write-offs, while expenses rose 6% due to higher customer engagement costs and marketing investments.

For FY 2025, the company projects revenue growth of 8–10% and EPS between $15.00 and $15.50. Additionally, American Express plans to raise its quarterly dividend by 17% to $0.82 per share. CEO Stephen J. Squeri highlighted record levels of card member spending, 13 million new card acquisitions, and strong growth among Millennial and Gen Z customers as key drivers of the company’s momentum.

In the fourth quarter of 2024, net income increased 12% year-over-year to $2.2 billion, or $3.04 per share, while revenues grew 9% to $17.2 billion. Credit loss provisions decreased, and expenses rose due to higher customer engagement and marketing investments.

American Express will host an investor conference call to discuss these results, with additional details available on the company’s investor relations website.