American Express Co. Shares declined on Friday following the release of its fourth quarter financial results. While the credit card titan saw a 13% increase in profits — driven by its affluent customer base’s resilient spending on luxury travel and dining — the figures fell slightly short of analyst expectations.
The New York-based company reported a quarterly profit of $2.46 billion ($3.53 per share) for October-December 2025, up from $2.17 billion ($3.04 per share) during the same period last year. Despite the growth, Wall Street had anticipated a slightly higher earnings-per-share figure. Meanwhile, total expenses climbed 10% year-over-year, reaching $14.5 billion.
AmEx has successfully maintained high engagement through premium perks and rewards. A strategic refresh of the Platinum Card in September added a $400 annual dining credit but also raised the annual membership fee to $895.
At 12:59 pm EST, American Express shares were trading dowm by 3.82%, or $13.68, at $344.97. On Thursday, the stock closed at $358.50.
KeyMetrics
• Total Spending: Cardmembers spent $506.2 billion in Q4, an increase from $464 billion a year prior.
• Average Spend:This equates to an average of $6,696 per cardholder.
• Loan Balances: Credit card loans on the books reached $213 billion, compared to $199.1 billion last year.
In a landmark shift for the company, Chief Financial Officer Christophe Le Caillec said that Gen-Z and Millennial customers are now collectively outspending Gen-X, which has historically been the firm’s most significant spending demographic.
In a call with analysts, Amex Chief Executive Officer Steve Squeri said that the company invested $6.3 billion in marketing last year, an increase of about 75% since 2019.
“The key to driving our growth has been our investment philosophy,” Squeri said. “We consistently invest to strengthen our competitive advantages across key areas, including our customer value propositions, marketing, technology, partnerships and coverage.”
“Our investments are paying off — driving increased customer demand, engagement and loyalty, while generating efficiencies across the enterprise and supporting our excellent credit performance,” Squeri said in a statement.
2026 Outlook and Relocation Plans
Looking toward the future, AmEx issued a 2026 forecast projecting earnings per share between $17.30 and $17.90. The company also announced plans to raise its quarterly dividend by 16%, increasing it from 82 cents to 95 cents per share.
Strategically, the company is reportedly nearing a deal to move its global headquarters to 2 World Trade Center. Such an agreement would provide the necessary anchor tenant for Silverstein Properties to begin construction on the long-delayed Manhattan supertall. Any final deal remains subject to approval by the Port Authority of New York & New Jersey, which owns the World Trade Center site, as reported by Bloomberg.
