American Express Co at Goldman Sachs U.S. Financial Services Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ryan Nash - Goldman Sachs Inc - Analyst : So, maybe let's kick it off. 2025 has been another outstanding year for Amex. You're on track to generate 9% to 10% revenue growth, mid-teens EPS growth, and as I noted, you successfully refreshed your biggest product during the process of it. With that as a backdrop, maybe reflect on this year, what were the biggest achievements and more importantly, how do you think this positions the company to succeed as we look ahead?

Question: Ryan Nash - Goldman Sachs Inc - Analyst : So you've been successful in terms of improving Billings growth. I think we're around 8% in the recent quarter. Maybe just talk about what is driving the success. And do you think it is sustainable over the medium term? And I guess I'll add to that, since we're now two months through the quarter, maybe give us an update on Billings performance.

Question: Ryan Nash - Goldman Sachs Inc - Analyst : That's great. I'm sure Mrs. Nash contributed to that 13%.

Question: Ryan Nash - Goldman Sachs Inc - Analyst : Definitely, maybe more. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 2:20PM, AXP.N - American Express Co at Goldman Sachs U.S. Financial Services Conference

Question: Ryan Nash - Goldman Sachs Inc - Analyst : I'm going to leave the jokes out from here.

Question: Ryan Nash - Goldman Sachs Inc - Analyst : Let's maybe talk about the Platinum refresh. Obviously, the hallmark of '25 has been this. And you gave some stats at earnings, which were interesting, two times the new account acquisitions versus pre-refresh, record bookings on Amex Travel and a host of other things. Maybe just talk about so far the successes, what you've learned so far. And how do you think this distances you from others in the space?

Question: Ryan Nash - Goldman Sachs Inc - Analyst : So post the Platinum refresh, there was a really big focus on what it means for attracting new Card Members and generating growth. But in addition, investors have been focused on, obviously, the financial impact, particularly what it means for things like variable engagement costs. So, can you talk about how the model works economically in terms of providing enough value for Card Members, but also obviously making it attractive for American Express?

Question: Ryan Nash - Goldman Sachs Inc - Analyst : That makes a ton of sense, and I appreciate all the color on that. I guess one of the features of the Platinum refresh was the continued integration and expansion of the assets that you've built in dining, travel, and other elements of the ecosystem, which you just referenced. Maybe can you just talk a little bit more about what you're doing in some of those categories and how it's driving success in revenues for the company?

Question: Ryan Nash - Goldman Sachs Inc - Analyst : I won't ask you how much exactly partners are funding in the Platinum Card because I know Kartik will get mad at me, but you recently disclosed your merchant partners offer $3 billion of value across a variety of benefits. Maybe you could just tell us more about how you work with the partners and how they support you through this model?

Question: Ryan Nash - Goldman Sachs Inc - Analyst : So, I asked you a similar question on your earnings call and it's only one question. When you go through a refresh like this, can you still generate mid-teens EPS growth while going through this? And just help us broadly think about some of the moving pieces.

Question: Ryan Nash - Goldman Sachs Inc - Analyst : Got you. So, you talked about this earlier. Several years ago, you laid out the 10%-plus aspirational revenue growth target or aspiration. Talk about why you thought that was the right level for the company? And do you still feel that's the right level for the company?

Question: Ryan Nash - Goldman Sachs Inc - Analyst : So you've had, I think, close to 30 straight quarters of double-digit card fee growth, which again is a testament to the success of the model. You referenced this before, but can you maybe just talk a little bit about what's happening in the near term with the Platinum refresh? And more broadly, talk about how the focus on the fee-paying products, which has been a hallmark of your time as CEO, drives the overall business model? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 2:20PM, AXP.N - American Express Co at Goldman Sachs U.S. Financial Services Conference

Question: Ryan Nash - Goldman Sachs Inc - Analyst : Great. No, super helpful. So, there's been a major focus on Millennials and Gen Z and how to be relevant with them. And you've been, obviously, incredibly successful in penetrating this cohort. However, does the enhanced product suite, how do you think about it in terms of working for all of your core customer cohorts? Like, as an example, I would imagine some of the things that a Baby Boomer engaged in might not be the same as the Millennial. So, how do you guys strike the right balance when designing products?

Question: Ryan Nash - Goldman Sachs Inc - Analyst : Yeah. All right.

Question: Ryan Nash - Goldman Sachs Inc - Analyst : So, let's shift gears a bit and talk about Small Business. Small Business growth has begun to pick up over the past quarter. I think it was up 4%. Year on year, it had been running one or two. And when we go a level deeper, you noted that small businesses are actually doing very well, but it's been more the Middle Market where there's been some softness driven by large transactions coming off the card as well as you've been upgrading your expense management offering. So, can you talk about some of these issues you faced? And how are you addressing them?

Question: Ryan Nash - Goldman Sachs Inc - Analyst : Got you. Let's spend a couple of minutes talking about International growth. Obviously, it's been the strongest growth profile of the company. I think you've seen double-digit growth for many quarters now. And you're also growing this business double-digit pre-pandemic. So, maybe just talk a little bit about the drivers of growth there. Maybe let's just start on the issuing side of the business.

Question: Ryan Nash - Goldman Sachs Inc - Analyst : So, I wanted to spend a minute talking about lending. You referenced that your Card Members do like to borrow. And your performance has been best-in-class. I think the only issuer whose credit losses over the last few years are still well below pre-pandemic levels. And you've actually seen stabilization in the recent time, in the last year or so. And you've obviously undergone this premiumization of the portfolio that has driven this. So my question is, how do you think about the ability to grow at above market levels and yet still maintain this best-in-class loss rate that you've had?

Question: Ryan Nash - Goldman Sachs Inc - Analyst : So, we've obviously started to see an uptick in white collar job losses. Some of the companies that presented yesterday talked about just the slowness of the labor markets recently, particularly in adding new jobs. We've seen a handful of companies cut jobs. I guess just broadly speaking, how does this impact your credit? What are your expectations if we do see some softening relative to some past cycles? And how does the amount of fee-paying Card Members impact the overall credit performance?

Question: Ryan Nash - Goldman Sachs Inc - Analyst : So. maybe to shift a little bit. Obviously, there was news of a recent Visa, Mastercard proposed a potential settlement, including changes to interchange rates and which cards they accept. You're obviously not subject to this, if we were to go through, what would you expect the impact to be on your business, if at all, and why?

Question: Ryan Nash - Goldman Sachs Inc - Analyst : I think I smell it already. It feels like your business should be a major beneficiary of AI, whether it's generative or agentic. Maybe just talk a little bit about how you're leveraging these and where do you expect the benefits to show up most - costs, customer service ratings? And how are you judging the success of these?

Question: Ryan Nash - Goldman Sachs Inc - Analyst : In the last couple of seconds here. And maybe to wrap up, as you look out over the next few years, I guess, what is your takeaway message that you want to leave investors with today?