American Express reported record revenues of $17.9 billion, up 9% year over year in Q2 2025.
Capital position remains strong with CET1 ratio at 10%, stress capital buffer at the lowest permissible 2.5%, and ROE of 36%.
Delinquency rates remained flat and write-off rates declined, reflecting strong credit quality.
Earnings per share were $4.08, up 17% excluding last year's gain from the sale of the certified portfolio.
Net card fees reached record levels, up 20% FX adjusted, more than doubling since 2019.
Net interest income grew at a double-digit pace driven by balance sheet growth and margin expansion.
Operating expenses grew 9% excluding certified, driven by investments in risk management and technology, but operating leverage improved with expenses as a percentage of revenue down from 25% to 21%.
Reaffirmed full-year guidance of 8% to 10% revenue growth and EPS between $15 and $15.50.
Returned $2 billion to shareholders including $0.6 billion dividends and $1.4 billion share repurchases.
Total card member spending increased 7%, with strong growth in goods and services and restaurant spending, offset by softer airline and lodging spend.
Adjusted compensation expense was accrued at 67.5% of revenues for the first half of 2025 compared to 69.5% for the first half of 2024.
Adjusted EPS was $1.54, up 29% from year ago levels for the second quarter.
Adjusted noncompensation expense was $52 million in the second quarter, up 18% year-over-year, and $101 million for the first half, up 13.5% year-over-year.
Adjusted pretax income was $80 million, up 22% year-over-year.
Adjusted pretax margin for the first 6 months was 18.6% compared to 17.5% for the same period last year.
Adjusted pretax margin for the second quarter was 19.7% compared to 18.2% for the same period last year.
Board approved a quarterly dividend of $0.25 per share.
Effective tax rate for the first half of 2025 was 16.5%, estimated for the full year.
Ended the quarter with $318 million in cash, cash equivalents and short-term investments and $461 million in net working capital with no funded debt outstanding.
For the 6 months, revenues increased 6%, adjusted pretax income increased 13%, and adjusted EPS increased 19% from year ago levels.
Repurchased approximately 642,000 shares in the second quarter and 2.1 million shares in the first 6 months.
Second quarter revenues were $407 million, up 13% year-over-year.
Weighted average share count was 43.4 million shares, up 1% versus a year ago.
Attritional combined ratio improved 2.3 points year-over-year to 90.9% in the first half, driven by improvements in loss ratio, acquisition costs, and operating expenses.
Core combined ratio improved by 3.8 points year-over-year to 89.5% in Q2, marking the 11th consecutive quarter of underwriting profit.
Gross written premiums grew 10% in Q2 and 14% year-to-date, with net premiums growing 8% in Q2 and 14% in the first half.
Half year underwriting income was $96 million with core combined ratio of 92.4%, showing slight improvement despite catastrophe losses.
Insurance & Services segment saw net premium growth of 15% in Q2, outpacing gross premium growth due to increased retention.
Net investment income was $68 million in Q2, tracking in line with full-year guidance of $265 million to $275 million.
Second quarter BSCR ratio was 223%, within target range, supporting organic growth opportunities.
SiriusPoint delivered strong Q2 2025 results with an underlying return on equity (ROE) of 17%, exceeding the target range of 12% to 15%.
Underlying earnings per share increased over 100% year-over-year to $0.66 in Q2; diluted book value per share grew 4% in Q2 and 10% year-to-date.
Year-to-date underlying ROE was 15.4%, at the upper end of the target range despite losses from aviation and California wildfires.
Dafinchi