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American Express Company (AXP-0.87%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing reports total revenues net of interest expense of $65.9 billion, a 9% increase from the previous year. The increase was driven by higher discount revenue, net card fees, and interest income.
Provisions for credit losses increased to $5.2 billion, primarily due to higher net write-offs and a lower reserve build compared to the prior year.
Total expenses rose to $47.9 billion, reflecting increases in Card Member rewards, marketing, and business development expenses.
Net income for the year was $10.1 billion, up from $8.4 billion in the prior year, resulting in diluted earnings per share of $14.01.
American Express reported a return on average equity of 34.6% and maintained a Common Equity Tier 1 ratio of 10.5%.
The company returned $7.9 billion to shareholders through share repurchases and dividends, and plans to increase the quarterly dividend by approximately 17% in 2025.
American Express continues to focus on expanding its merchant network, enhancing card member benefits, and investing in technology and marketing to drive growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Express Company annual 10-K report dated February 7, 2025. To report an error, please email earnings@qz.com.