American Express (Amex) has reported a net income of $2.88bn for the second quarter of 2025, down 4% compared to $3.01bn a year ago.  

The company’s earnings per share (EPS) decreased by 2% to $4.08. 

For the quarter ended 30 June 2025, Amex’s consolidated total revenues net of interest expense was $17.85bn, up 9% year-on-year.  

The US-headquartered company attributed this growth to rise in card member spending, which was supported by the expansion of revolving loan balances and saw gain in card fee revenues. 

Provisions for credit losses presented a different trend, with Amex setting aside $1.4bn, up from $1.3bn a year earlier due to a higher net reserve build and a rise in net write-offs associated with growth in the company’s total loans and card member receivables. 

For the first half of 2025, Amex reported net income of $5.46bn versus $5.45bn a year ago.  

However, diluted EPS saw a modest increase of 3% to $7.71 and half yearly revenues also rose by 8% to $34.82bn. 

Amex chairman and CEO Stephen Squeri said: “We saw record Card Member spending in the quarter, demand for our premium products was strong, and our credit performance remained best in class. Based on our strong performance year to date, we are reaffirming our full-year guidance for revenue growth of 8 to 10 percent and EPS of $15.00 to $15.50. 

“Looking at the upcoming refresh of our U.S. Consumer and Business Platinum Cards this fall, we are confident in our ability to sustain our leadership in the premium space, drawing on our competitive strengths. With our differentiated Membership model and proven product refresh strategy, combined with the expansion of the premium category, we see a long runway for growth.” 

Earlier in the year, Amex acquired Center, a company specialising in expense management software.  

The deal, which received regulatory approval in April, is expected to enhance Amex’s product offerings by integrating Center’s software with its existing suite of corporate and small business cards.