美国运通 2025年度报告

Dear Fellow Shareholders, 2025 was an excellent year for American Express. Propelledby our loyal customers, our global network of merchants andpartners, and our talented colleagues, we delivered some ofthe best financial results in our long history, building on thestrong growth we have sustained since introducing our long-term growth aspirations in 2022. Our consistently strong performance has been powered byour Framework for Winning, a strategic roadmap we have hadin place since 2018 that lays out our vision, our key businessimperatives, and what we need to do to win. We continuouslyrefine and update the Framework as the environmentchanges, pivoting as needed to take advantage of emergingopportunities. As we look ahead, artificial intelligence’s potential totransform commerce is one of those opportunities. Weare embarking on an era in which AI-powered agentscan discover products and services, make decisions,and complete transactions on behalf of consumers andbusinesses – from booking travel and making dinnerreservations to replenishing business inventories, managingexpenses, and completing payments autonomously. American Express is entering this next phaseof commerce from a position of strength. Our business is driven by the value we create through our differentiated Membership Model, witha wide range of benefits, services, and experiences we strategically invest in to enrich the value weoffer our Card Members and merchants. The Model is powered by our global, closed-loop networkwhich gives us rich, first-party data that enables personalization, best-in-class fraud protections,our no pre-set spending limit capability, and much more. All of this is underpinned by our dedicated colleagues and our global, premium customer base thatis unmatched in the industry. 2025: Year-in-Review $72Bin revenue The strength of our customer base and the effectivenessof our strategy of continually enhancing the valueof Membership were clearly evident in our strongperformance in 2025. 30consecutivequarters ofdouble-digit netcard fee revenuegrowth For the year, we delivered record revenues of $72 billion,up 10 percent year-over-year, and EPS of $15.38, up15 percent, excluding the prior-year gain.1Spendingon American Express Cards increased 7 percent on anFX-adjusted basis2; net card fee revenues grew doubledigits for the 30thconsecutive quarter to reach a record$10 billion for the year; and our credit performancecontinued to be excellent and best-in-class. As it has been for many years, International was ourfastest growing business segment, with 13 percent FX-adjusted spend growth in 2025.2In fact, our businessoutside the U.S. is now approximately 50 percent largerby spend than it was three years ago, with FX-adjustedbillings growth in the double-digits for 19 consecutivequarters2, and we see a long runway for continued growth. 12.5Mnew proprietarycards acquired Demand for our premium Card products remainedstrong globally as we added 12.5 million new proprietarycards, with over 70 percent of new accounts acquiredon fee-paying products. Millennial and Gen Z consumersremained our fastest growing cohort, representingapproximately 65 percent of new consumer accountacquisitions globally, and are now contributing thelargest share of consumer spending in the U.S. Ourpremium value propositions resonate particularlywell with younger consumers, with approximately 75percent of new U.S. Consumer Gold and Platinumaccount acquisitions coming from Millennial and Gen Zcustomers. In fact, the average age of new customers weacquired on the U.S. Consumer Platinum Card® and GoldCard in 2025 was 33 and 29, respectively. >70%of new accountsacquired on fee-paying products ~65%of new consumeraccount acquisitionsfrom Millennialsand Gen Zs Our new U.S.Platinum Cardshave exceededour expectations Customer acquisition was supported by our product refreshes in close to a dozen countries aroundthe world, including the highly successful launch of our updated U.S. Consumer and BusinessPlatinum Cards in September. The new Platinum Cards have exceeded our expectations, drivingstrong demand and engagement with our new benefits. A key component of the products’ valuepropositions is the partnerships we have with over 20 leading brands with whom we co-createbenefits that add even more value to Amex®Membership. In addition to the partner benefits embedded on our Cards, we are continuing to deepen andexpand our cobrand partnerships. In 2025, we renewed and expanded our relationships withkey international cobrand partners, including British Airways, ANA, and Air France-KLM, and weintroduced new partnerships with fintechs like Coinbase, which launched its first credit card, theCoinbase One Card, on the American Express network. We’re also using the power of partnerships to enhance our Membership assets and capabilities. Indining, we built on our 2024 acquisitions of Tock® and Rooam® with the announcement of a multi-year partnership with Toast to creat