Here are 1-2 brief analogies for American Express (AXP):

1. Apple of payment cards: American Express issues its own premium credit cards, manages its own payment network, and offers a suite of integrated financial and travel services, similar to how Apple controls its hardware, software, and ecosystem for a premium experience.
2. Ritz-Carlton of credit cards: American Express is known for its premium credit card offerings, exclusive perks, and high-touch customer service, akin to the luxury experience and dedicated service provided by Ritz-Carlton hotels.

• Credit and Charge Cards: American Express issues a variety of consumer and business cards that facilitate purchases and offer rewards, with charge cards requiring full monthly payment and credit cards allowing revolving balances.
• Merchant Acquiring and Payment Processing: This service enables businesses to accept American Express cards for transactions, facilitating customer payments.
• Business Loans and Working Capital Solutions: American Express provides lending products and financial solutions primarily to small and medium-sized businesses for their operational needs.
• Travel and Lifestyle Services: These services enhance cardmember experiences, offering benefits like travel booking, concierge assistance, lounge access, and exclusive event invitations.

American Express (AXP) serves a diverse customer base, encompassing both individual consumers and businesses of all sizes. While it has a significant commercial services arm, its core business model revolves around its proprietary card network and serving cardmembers.

Given the nature of its business, where millions of individuals and businesses hold and use American Express cards, it is most appropriate to describe its major customers by categories of cardmembers rather than listing specific corporate entities. American Express primarily serves the following categories of customers:

1. High-Net-Worth and Affluent Individual Consumers: This category includes individuals who typically have higher spending patterns and seek premium rewards, exclusive benefits, travel perks, and concierge services. American Express is well-known for cards like The Platinum Card and The Centurion Card, which cater to this demographic.
2. Small and Medium-Sized Business (SMB) Owners: American Express has a strong focus on entrepreneurs and small to medium-sized enterprises. These customers use American Express business cards for their operational expenses, purchasing, working capital, and to manage employee spending, often leveraging integrated business management tools and rewards tailored for business growth.
3. Large and Global Corporate Clients: This category encompasses major corporations and multinational companies that utilize American Express's corporate card programs for employee travel and entertainment (T&E) expenses, procurement, and other business expenditures. American Express provides comprehensive expense management solutions, data insights, and global support for these larger organizations.

• Amazon.com, Inc. (AMZN)

Stephen J. Squeri, Chairman and Chief Executive Officer

Mr. Squeri joined American Express in 1985 and has served in numerous leadership positions across the company before being appointed Chairman and CEO in February 2018. His previous roles include Vice Chairman, Group President of Global Corporate Services, Group President of Global Services, and Executive Vice President and Chief Information Officer, where he oversaw mergers and acquisitions. He began his professional career as a management consultant at Arthur Andersen & Company. Mr. Squeri holds a bachelor's degree and an MBA from Manhattan College, and currently serves as the Chairman of the Manhattan College Board of Trustees.

Christophe Le Caillec, Chief Financial Officer

Mr. Le Caillec was appointed Chief Financial Officer of American Express in August 2023. Prior to assuming this role, he served as the Deputy CFO.

Raymond Joabar, Group President, Global Commercial Services and Global Servicing

Mr. Joabar joined American Express in 1992 and has accumulated over 33 years of experience in various senior leadership roles across multiple countries and lines of business. His past positions include Group President of Global Merchant & Network Services, Chief Risk Officer of American Express Company and American Express National Bank, and President of International Card Services. He holds a B.S. in Electrical Engineering from the University of Michigan and an MBA from Manchester Business School.

Douglas L. Buckminster, Vice Chairman

Mr. Buckminster became Vice Chairman of American Express in April 2021, and plays a key role in the company's strategic direction and global growth opportunities. He leads Global Advertising and Brand Management, Corporate Development, and China Operations teams. Joining American Express in 1985 through the Graduate Management Summer Intern Program, he previously served as Group President of Global Consumer Services and President, Global Network & International Card Services, among other significant leadership roles. Mr. Buckminster earned his bachelor's degree from Boston University and an MBA from New York University.

Audrey Hendley, President, American Express Travel

Ms. Hendley's career at American Express began in 1992, spanning over three decades of leadership across various business units. She has held influential roles such as Vice President and General Manager, Chief Marketing Officer and Head of Strategic Partnerships, and Senior Vice President & GM for Global Products, Loyalty and Consulting. Ms. Hendley was inducted into American Express's Hall of Fame in 2012. She is an honors graduate of Trinity College in Dublin, where she received her Master's in Marketing Management. She also serves as Chair for the New York Women's Interest Network (WIN) and Chair of the Board for World Education Services (WES).

Buy Now, Pay Later (BNPL) Services

The rapid proliferation and adoption of Buy Now, Pay Later (BNPL) services like Affirm, Afterpay, and Klarna pose a clear emerging threat to American Express. These services offer consumers interest-free installment payment options at the point of sale, particularly online. This directly competes with American Express's core credit card product for consumer spending, especially among younger demographics and for specific retail purchases. As BNPL becomes a standard checkout option for a growing number of merchants, it can divert transaction volume and potential interest revenue away from traditional credit cards, impacting Amex's fee income and market share in consumer lending.

Rise of Account-to-Account (A2A) Payments and Real-time Payment Networks

The development and increasing adoption of Account-to-Account (A2A) payment systems and real-time payment networks represent a fundamental threat to the traditional card network model. Initiatives like FedNow in the United States, SEPA Instant Credit Transfer in Europe, and India's Unified Payments Interface (UPI) enable direct bank-to-bank transfers, bypassing intermediaries like American Express. While currently more prevalent for peer-to-peer (P2P) and business-to-business (B2B) transactions, the long-term vision includes widespread merchant payments (P2M). If A2A payments gain significant traction for retail purchases, they could offer merchants a lower-cost alternative to traditional card processing fees (interchange fees), thereby challenging American Express's revenue streams derived from its role as a payment network and issuer.

American Express (AXP) operates in several large addressable markets, primarily centered around its payment card products, network services, and travel-related offerings. Below are the estimated market sizes for their main products and services:

• Credit Cards (Global): The global credit card market, based on total annual purchase value, is projected to reach USD 17.73 trillion by 2030, growing from USD 14.83 trillion in 2025. Another estimate for the global credit card payments market size indicates a value of USD 677.63 billion in 2025, expanding to approximately USD 1,433.49 billion by 2034. A separate report projects the global credit card market to grow from USD 160.93 billion in 2023 to USD 324.90 billion in 2031. The credit card payment market size is also projected to grow from USD 343.20 billion in 2025 to USD 657.87 billion by 2033.
• Business Credit Cards (Global): The global business credit cards market was valued at USD 33.5 billion in 2023 and is projected to reach USD 59.9 billion by 2032. The corporate credit card market, a related segment, grew from USD 23.78 billion in 2024 to USD 25.51 billion in 2025, with an expectation to reach USD 36.74 billion by 2030.
• Payment Processing Solutions (Global): The global payment processing solutions market was estimated at USD 144.12 billion in 2024, is projected to be worth USD 173.38 billion by 2025, and is anticipated to reach approximately USD 914.91 billion by 2034. Other estimates for the global payment processing solutions market include USD 103.2 billion in 2023, projected to reach USD 160.0 billion by 2028, and USD 54.92 billion in 2024, expected to reach USD 121.47 billion by 2032.
• Merchant Acquiring (Global): The global merchant acquiring market size is expected to grow from USD 25.43 billion in 2024 to USD 42.16 billion in 2029. Another report indicates the market size was USD 23.00 billion in 2023, grew to USD 25.43 billion in 2024, and is projected to reach USD 38.16 billion by 2028. The global merchant acquiring market size was also reported as USD 22,145.2 million in 2024.
• Travel Agency Services (Global): The global travel agency services market is expected to grow from USD 430.97 billion in 2024 to USD 623.39 billion by 2029. Other projections estimate the market to be valued at USD 458.7 billion in 2024 and reach USD 1,056.4 billion by 2034, or USD 522.96 billion in 2024, expanding to USD 1,606.28 billion by 2034. Another source estimates the market size in 2024 as USD 471.2 billion, growing to USD 1.4 trillion by 2035.

American Express (AXP) Expected Drivers of Future Revenue Growth

American Express (AXP) anticipates several key drivers to fuel its revenue growth over the next two to three years, building on its premium customer strategy and ongoing investments.

1. Growth in Card Member Spending

A primary driver for American Express is the continued increase in Card Member spending. The company has observed robust spending trends, particularly in retail, and a significant rebound in travel and entertainment (T&E) expenditures. This growth is consistent across its customer base, with strong performance in premium products and notable engagement from younger demographics such as Millennials and Gen Z, who now account for a substantial portion of total spend.

2. Expansion of Net Card Fees through Premium Product Strategy

American Express expects sustained growth in net card fees, driven by its focus on premium card products and a successful refresh strategy. The recent refresh of its U.S. Consumer and Business Platinum Cards, for instance, has exceeded initial demand and engagement expectations, doubling new account acquisitions compared to pre-refresh levels. The company's annual card fees are approaching $10 billion and have consistently shown double-digit growth for 29 consecutive quarters. This strategy involves regularly enhancing value propositions with compelling benefits and services.

3. Growth in Revolving Loan Balances and Net Interest Income (NII)

Higher net interest income, supported by growth in revolving loan balances, is another significant revenue driver. American Express anticipates NII growth to outpace the growth in total loans and receivables, particularly as revolving balances increase. The company's growing deposits program, including high-yield savings accounts, also contributes to an improved funding mix.

4. New Card Acquisitions and Customer Base Expansion

The ongoing acquisition of new card members, especially on fee-paying products, is crucial for revenue growth. American Express achieved a record 13 million new card acquisitions in 2024, with approximately 70% of these on fee-paying products. The company is particularly focused on attracting and retaining younger customers, such as Millennials and Gen Z, who show exceptional engagement and spending growth.

5. International Expansion and Merchant Coverage

Expanding its global merchant network, particularly outside the U.S., is a strategic initiative to provide Card Members with more places to use their American Express cards. These coverage gains are expected to drive scale, relevance, and contribute significantly to future revenue growth.

Share Repurchases

• American Express actively engaged in share repurchases, buying back common shares worth $5.9 billion in 2024, $3.5 billion in 2023, and $3.3 billion in 2022.
• In March 2023, the Board of Directors authorized the repurchase of up to 120 million common shares, which superseded a prior authorization.
• As of December 31, 2024, approximately 75 million common shares remained under the Board's repurchase authorization.

Share Issuance

• The company's shares outstanding have shown a general declining trend, reflecting the impact of its share repurchase programs.
• Shares outstanding were approximately 0.713 billion in 2024, down from 0.736 billion in 2023 and 0.752 billion in 2022.
• In 2024, approximately 27 million shares were reserved for issuance under employee stock and employee benefit plans.

Outbound Investments

• In 2024, American Express acquired Tock, a restaurant reservation platform, aiming to further expand its portfolio in dining reservations.
• The company acquired Kabbage in 2020, subsequently launching Kabbage Checking for small businesses in June 2021, and rebranding the Kabbage entity to American Express Business Blueprint in January 2023.

Capital Expenditures

• American Express's capital expenditures were approximately $1.917 billion in 2024, $1.565 billion in 2023, and $1.856 billion in 2022.
• The latest twelve months (LTM) capital expenditures reached $2.201 billion as of September 2025.
• The company's capital expenditures often focus on digital platform improvements and strengthening the rewards ecosystem to drive revenue growth.