American Express Reports Record Financial Performance in 2024
American Express reported a strong financial performance for the fourth quarter and full year of 2024, driven by record card member spending and robust holiday shopping activity. The company achieved record revenues of $65.9 billion, marking a 9% year-over-year increase (10% on a foreign exchange-adjusted basis). Net income surged 21% to $10.1 billion, with earnings per share (EPS) rising 25% to $14.01.
Key highlights include a record 13 million new card acquisitions and accelerated billings growth of 8% in the fourth quarter, fueled by increased consumer and commercial spending during the holiday season. Despite a slight uptick in the net write-off rate to 2.0%, credit performance remained strong.
Looking ahead, American Express projects revenue growth of 8-10% for 2025, with EPS expected to range between $15.00 and $15.50. The company also announced a 17% increase in its quarterly dividend to $0.82 per share, reflecting confidence in its financial strength and growth trajectory.
The company’s focus on premium customer segments, including millennials and Gen Z, along with international expansion, continues to drive its success. Analysts remain optimistic about American Express’s future, with RBC Capital maintaining a ‘Buy’ rating on the stock, which has appreciated over 70% in the past year.
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