The news: American Express’s net revenues grew 9% YoY in Q2 2025, per its earnings release.  

• US consumer card volume increased 7% YoY Q2.
• International consumer card volume increased 15% YoY.
• Card member loans increased 1% YoY.
• And new card fees increased a whopping 19% YoY.

Amex attributed its volume growth to strong spend from wealthy cardholders and international business accounts.

Assessing cardholder strength: Amex’s cardholders are in a much better position financially than those of other issuers—it is the only major issuer whose delinquencies and net charge-offs are below where they were before the pandemic.

• Its 30-day delinquency rates remained flat on the quarter and 0.1 percentage point higher on the year, at 1.3%.
• Net write-offs sank 0.1 percentage point on the quarter and the year to 2%.

Amex’s figures tend to be lower than competitors because its customer base is wealthier. Amex’s 30-day delinquency rate for Gen Zers and millennials is less than half the industry average, at 1.9%. 

Card refreshes: Amex is already reaping the rewards of its updated Gold Card. Cardholders didn’t blink at the $125 fee hike given the value of the card’s rewards, and Amex is seeing the dividends. Fee revenue growth handily outpaced rewards expenses in Q2.

With Amex’s planned refresh of its premium-tier Platinum Card, Amex alluded to a similar fee hike coming to its premier card.

Our take: Amex’s expansion into international markets and bet on its Gen Z and millennial cardholders’ interest in exclusive, experiential rewards has been a winning combination. But there may be early signs that Amex’s strategy is reaching its limits as consumers grapple with financial anxieties. 

For the last two quarters, spending on goods and services has pulled slightly ahead of travel and entertainment—reversing a yearslong trend. That could boil down to shifting inflation trends (air fare fell 3.5% in June), but it could indicate that even well-off consumers are reprioritizing to reflect the uncertain economic environment.

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