American Express stock holds steady on payment growth and record spending

American Express (ISIN US0258161092) is supported by 2025 numbers that still frame the share story in 2026: revenue rose to $73.4 billion, net income reached $9.3 billion, and card member spending climbed to $1.6 trillion. Those figures come from the companys 2025 annual report and provide the latest full-year base for American Express stock as investors assess earnings power and spending trends.

Revenue and profit set the base

The 2025 annual report shows revenue of $73.4 billion and net income of $9.3 billion, while diluted earnings per share came in at $14.01. Revenue growth mattered because it reflected both higher customer spending and the strength of the premium card franchise.

The same report also showed return on equity of 34.6%, a level that highlights the profitability of the model. For American Express stock, that combination of revenue scale and high returns remains the key valuation anchor.

Card spending reached $1.6 trillion

Card member spending reached $1.6 trillion in 2025, according to the annual report. That figure matters because American Express earns a large part of its revenue from transaction volume, not only from lending income.

The company also reported 114.9 million total cards in force at year-end 2025, up from 105.1 million a year earlier. That 9.3% increase shows the network still expanded even as the business stayed focused on premium customers.

Margins still matter most

Net income of $9.3 billion in 2025 compares with $8.4 billion in 2024, an increase of 10.7%. That year-over-year rise gives investors a clean comparison point and shows that earnings stayed ahead of the prior year despite a more selective consumer backdrop.

Diluted EPS of $14.01 in 2025 also compared with $11.21 in 2024, a 25.0% increase. That pace matters more than headline revenue alone because it captures how efficiently American Express converted spending volume into profit.

Premium model still drives growth

American Express continues to rely on its premium charge and credit card model, which is built around affluent consumers, merchant acceptance, and travel-linked spending. The 2025 report showed that spend on the network and card count both grew, which supports the idea that the franchise is still expanding on two fronts at once.

That combination is important for American Express stock because it ties the earnings base to both customer acquisition and usage. A business that can add cards while lifting spend per cardholder has a clearer path to sustained profit growth than one relying on a single metric.

2025 results remain the reference

The most recent fully reported year gives the clearest anchor for the share story, even before the next earnings update. Revenue of $73.4 billion, net income of $9.3 billion, and EPS of $14.01 together define the current earnings power investors are likely to compare against future quarters.

American Express stock traded on the New York Stock Exchange under the ticker NYSE: AXP, and the company belongs to the financial services sector with a consumer finance focus. For market watchers, the next step is less about the brand name and more about whether spending, card growth, and profitability can keep moving in the same direction.

American Express card franchise

American Express cards remain the core product line, and the 2025 annual report shows why the franchise still matters. Card member spending of $1.6 trillion and 114.9 million cards in force indicate that the network was still growing at scale, which is the operating metric that matters most for a payments company.

The product mix also helps explain why investors focus on premium positioning rather than raw card count alone. In 2025, the company paired a larger card base with higher spending per card, which is a healthier combination than volume growth without usage growth.

American Express stock around the current base

American Express stock is best judged against the 2025 base of $73.4 billion in revenue, $9.3 billion in net income, and $14.01 in diluted EPS. Those are the numbers the market is likely to use as a benchmark until the next reported quarter updates the picture.

The share story therefore rests on a simple test: whether spending, card count, and earnings continue to rise together from that 2025 base. NYSE: AXP remains the relevant market reference for the stock in US dollar terms.