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Amex: Price Hikes Fueling Growth
16 Dec, 2025
Summary
- American Express targets 10% revenue and mid-teen EPS growth.
- Active card count reached 151.2 million as of Q3 2025.
- Annual fees for Gold and Platinum cards increased significantly.
American Express continues to solidify its position in the premium credit card market, demonstrating robust growth strategies. The company has set ambitious long-term goals, aiming for a compound annual revenue growth rate of 10% and mid-teen annual growth in diluted earnings per share. This forward-looking approach is supported by consistent acquisition of new card members, which has grown by 36% between Q3 2020 and Q3 2025.
The firm's success is also attributed to its pricing power, evidenced by recent increases in annual fees for its Gold and Platinum cards. These adjustments, coupled with enhanced cardholder spending and expanded global acceptance, reinforce the value proposition for its growing customer base of 151.2 million active cards as of Q3 2025.
Management expresses optimism about the future, noting strong engagement from Gen Z and millennial consumers. With an average spend per card up 58% in five years and an average fee per card jumping 72% since Q3 2020, American Express appears poised for continued dominance and expansion.
