Product Refresh
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FY2025 Q3
Raised
American Express Company earnings call
Buzzberg read
Platinum refresh demand exceeds expectations; acquisitions double pre-refresh levels
American Express reported strong Q3 FY2025 with revenue up 11% to $18.4B and EPS of $4.14, beating prior expectations. Management raised full-year guidance to 9-10% revenue growth and EPS $15.20-$15.50, fueled by an exceptionally successful Platinum card refresh that doubled new account acquisitions and drove high engagement with new partner benefits. Credit quality remained excellent and spending accelerated across retail, travel, and international segments. Q3 revenue record $18.4B (+11% YoY), EPS $4.14 (+19%).
Buzzberg read Platinum refresh demand exceeds expectations; acquisitions double pre-refresh levels American Express reported strong Q3 FY2025 with revenue up 11% to $18.4B and EPS of $4.14, beating prior expectations. Management raised full-year guidance to 9-10% revenue growth and EPS $15.20-$15.50, fueled by an exceptionally successful Platinum card refresh that doubled new account acquisitions and drove high engagement with new partner benefits. Credit quality remained excellent and spending accelerated across retail, travel, and international segments. Q3 revenue record $18.4B (+11% YoY), EPS $4.14 (+19%). Read full analysisCollapse analysis
American Express reported strong Q3 FY2025 with revenue up 11% to $18.4B and EPS of $4.14, beating prior expectations. Management raised full-year guidance to 9-10% revenue growth and EPS $15.20-$15.50, fueled by an exceptionally successful Platinum card refresh that doubled new account acquisitions and drove high engagement with new partner benefits. Credit quality remained excellent and spending accelerated across retail, travel, and international segments. Q3 revenue record $18.4B (+11% YoY), EPS $4.14 (+19%).
- Full-year guidance raised: revenue growth 9-10%, EPS $15.20-$15.50.
- Platinum refresh launched Sep 18; new accounts doubling, 500K+ requests for new benefits, retention stable.
- Card member spending accelerated to +9% (FX-adjusted +8%), with retail +12% and T&E rebounding.
Revenue$20.557BReported
EPS$4.14Reported
Gross margin83.37%Reported
Operating margin18.61%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Guidance
Full-year guidance raised to 9-10% revenue growth and EPS $15.20-$15.50
Revenue
Card fee growth to moderate before inflection upward in 2026
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Demand
Millennials and Gen Z now 36% of spend, equal to Gen X
Demand
International spend up 13% FX-adjusted with broad-based momentum
Credit Quality
Credit profiles of new Platinum applicants improved by 15 FICO points
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $20.557B | Reported |
| EPS | $4.14 | Reported |
| Gross margin | 83.37% | Reported |
| Operating margin | 18.61% | Reported |
| Free cash flow | $5.578B | Reported |
| Capex | $0.655B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2025 | $15.20–$15.50 | $15.35 | Raised |
| Revenue | FY2025 | 9%–10% | 9.5% | Raised |
AI, capex & demand read
Management read
Confident
Management expressed strong confidence in the business, citing record revenues, strong credit performance, and raising full-year guidance while highlighting the success of the Platinum refresh.
all 1 named companies below
Companiesreturns since call
Partners
Partners
Steve Squeri
Lululemon is one of the partners in the Platinum refresh; early demand for the benefit suggests strong consumer interest.
Evidence
“we saw very strong engagement in the new benefits and over 500,000 requests for the new MiraCard”
Methodology & coverage
Management-only analysis. All 1 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.