AMERICAN EXPRESS THIRD-QUARTER REVENUE INCREASED 24% TO $13.6 BILLION THIRD-QUARTER EARNINGS PER SHARE INCREASED 9% TO $2.47 CARD MEMBER SPENDING UP 21%, DRIVEN BY CONTINUED MOMENTUM . Andrew R. Johnson, Andrew.R.Johnson@aexp.com, +1.212.640.8610, Investors/Analysts: Revenue . The higher loss was primarily driven by a prior-year non-cash gain related to an increase in the total equity book value of Global Business Travel Group, as well as a larger net loss on Amex Ventures investments in the current quarter. Full year 2021 revenue, net loss and Adjusted EBITDA, which include 2 months of Egencia ownership, totaled $763 million, ($474) million and ($340) million, respectively. International Card Services reported a fourth-quarter pretax loss of $15 million, compared with pretax income of $40 million a year ago. Global Consumer Services Group reported fourth-quarter pretax income of $1.3 billion, compared with $1.5 billion a year ago. Updated for 2019. Given our momentum, we expect 2023 revenue growth of 15 percent to 17 percent and earnings per share of $11.00 to $11.40. Over 64,000 people are employed by American Express. Three easy steps to use Plan It in your online account or the American Express App: Select a purchase of $100 or more to put into a plan. Total revenues net of interest expense were $3.6 billion, up 15 percent from $3.1 billion a year ago. The Galveston Daily News 2023-02-24, 17:38. Specifically, in Q3 2022's revenue was $13.6B; in Q2 2022, it was $13.4B; in Q1 2022, it was $11.7B; in Q4 2021, American Express's revenue . Prior to that, I worked in various business functions of American Express Global Business Travel as a part of Program Management Team with an acceptance rate of under 5.5%. You don't have to worry about the charging stations. Consolidated provisions for credit losses for the full year were $2.2 billion, compared with a benefit of $1.4 billion a year ago. Q4 2022 revenue increased 84% from Q4 2021 to $527 million, and revenue recovery reached 75% of 2019 pro . The increase primarily reflected growth in Card Member spending compared to the prior year. Provisions for credit losses were $210 million, compared with $53 million a year ago. $30.74B. First-Quarter Earnings Per Share Was $2.73 Company Reaffirms 2022 Revenue and EPS Guidance American Express Company (NYSE: AXP) today reported first-quarter net income of $2.1 billion, or $2.73 per share, compared with net income of $2.2 billion, or $2.74 per share, a year ago. For the full year, the company reported net income of $8.1 billion, or $10.02 per share, compared with net income of $3.1 billion, or $3.77 per share, a year ago. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. A further description of these uncertainties and other risks can be found in American Express Company's Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2022 and the company's other reports filed with the Securities and Exchange Commission. You must click the activation link in order to complete your subscription. Environmental, Social, and Governance reports, https://www.businesswire.com/news/home/20230127005020/en/. American Express shared Friday its first quarter 2022 earnings report, ending the period of March 31, 2022. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. INCREASE YOUR REVENUE STREAM, ADVANCE YOUR KNOWLEDGE, GAIN 6 ECPD HOURS. American Express Global Business Travel reports on the industry trends and developments hat will impact your business. Louisville, KY 40233-5000 Does that take it out of the . You must click the activation link in order to complete your subscription. Market value as of Jan. 20, 2023 . Media Contacts: "Our performance demonstrates that our strategy is working, and our business is in an even stronger position today than before the pandemic. _______________________1 Diluted earnings per common share (EPS) was reduced by the impact of (i) earnings allocated to participating share awards and other items of $12 million and $11 million for the three months ended December 31, 2022 and 2021, respectively, and $57 million and $56 million for the years ended December 31, 2022 and 2021, respectively, (ii) dividends on preferred shares of $14 million and $22 million for the three months ended December 31, 2022 and 2021, respectively, and $57 million and $71 million for the years ended December 31, 2022 and 2021, respectively, and (iii) equity-related adjustments of $7 million and $16 million related to the redemption of preferred shares for the three months and year ended December 31, 2021, respectively. NEW YORK, October 21, 2022--American Express Company (NYSE: AXP) today reported third-quarter net income of $1.9 billion, or $2.47 per share, compared with net income of $1.8 billion, or $2.27 per . Our investment strategy enabled us to reach record levels of Card Member spending, maintain customer retention and satisfaction above pre-pandemic levels, increase new Card acquisitions, grow our loan balances, and deepen our digital engagement with customers, producing revenue growth of 30 percent in the fourth quarter and 17 percent for the full year. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Net profit margin. Q3 2022 Highlights Strong Revenue and Earnings Trends Revenue increased 147% to $488 million compared to Q3 2021. Rank . . Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, the following: the companys ability to achieve its 2023 earnings per common share (EPS) outlook, grow earnings in the future and deliver on its growth plan, which will depend in part on revenue growth, credit performance and the effective tax rate remaining consistent with current expectations and the companys ability to continue investing at high levels in areas that can drive sustainable growth (including its brand, value propositions, customers, colleagues, technology and coverage), controlling operating expenses, effectively managing risk and executing its share repurchase program, any of which could be impacted by, among other things, the factors identified in the subsequent paragraphs as well as the following: fiscal and monetary policies and macroeconomic conditions, such as recession risks, effects of inflation, higher interest rates, labor shortages or higher rates of unemployment, supply chain issues, energy costs and the continued effects of the pandemic; geopolitical instability, including the ongoing military conflict between Russia and Ukraine; the impact of any future contingencies, including, but not limited to, restructurings, investment gains or losses, impairments, changes in reserves, legal costs and settlements, the imposition of fines or civil money penalties and increases in Card Member remediation; issues impacting brand perceptions and the companys reputation; impacts related to new or renegotiated cobrand and other partner agreements; and the impact of regulation and litigation, which could affect the profitability of the companys business activities, limit the companys ability to pursue business opportunities, require changes to business practices or alter the companys relationships with Card Members, partners and merchants; the companys ability to achieve its 2023 revenue growth outlook and its revenue growth aspirations for 2024 and beyond, and the sustainability of the companys future growth, which could be impacted by, among other things, the factors identified above and in the subsequent paragraphs as well as the following: a slowdown or increase in volatility in consumer and business spending volumes; the strengthening of the U.S. dollar beyond expectations; an inability to address competitive pressures, innovate in our products and services, expand into value-adding products and services and implement strategies and business initiatives, including within the premium consumer space, commercial payments and the global merchant network; the continued effects of the COVID-19 pandemic, including the spread and severity of the virus, the availability and effectiveness of treatments and vaccines, the imposition of further containment measures and the lingering impacts on customer behaviors, spending and travel patterns, any of which could further exacerbate the effects on economic activity and travel-related revenues; and merchant discount rates changing by a greater or lesser amount than expected; net card fees not performing consistently with expectations, which could be impacted by, among other things, a deterioration in macroeconomic conditions impacting the ability and desire of Card Members to pay card fees; higher Card Member attrition rates; the pace of Card Member acquisition activity; and the companys inability to address competitive pressures, develop attractive value propositions and implement its strategy of refreshing card products and enhancing benefits and services; net interest income, the effects of interest rates and the growth rate of loans outstanding being higher or lower than expectations, which could be impacted by, among other things, the behavior and financial strength of Card Members and their actual spending, borrowing and paydown patterns; the companys ability to effectively manage risk and enhance Card Member value propositions; changes in benchmark interest rates, including where such changes affect the companys assets or liabilities differently than expected; changes in capital and credit market conditions and the availability and cost of capital; credit actions, including line size and other adjustments to credit availability; the yield on Card Member loans not remaining consistent with current expectations; and the effectiveness of the companys strategies to capture a greater share of existing Card Members spending and borrowings, and attract new, and retain existing, customers; future credit performance, the level of future delinquency, reserve and write-off rates and the amount and timing of future reserve builds and releases, which will depend in part on macroeconomic factors such as unemployment rates, GDP and the volume of bankruptcies; the ability and willingness of Card Members to pay amounts owed to the company; changes in consumer behavior that affect loan and receivable balances (such as paydown and revolve rates); the enrollment in, and effectiveness of, financial relief programs and the performance of accounts as they exit from such programs; collections capabilities and recoveries of previously written-off loans and receivables; and governmental actions that provide forms of relief with respect to certain loans and fees, such as limiting debt collections efforts and encouraging or requiring extensions, modifications or forbearance; the actual amount the company spends on marketing in 2023 and beyond, which will be based in part on continued changes in the macroeconomic and competitive environment and business performance; the companys ability to realize marketing efficiencies, optimize investment spending and drive increases in revenue; the effectiveness of managements investment optimization process, managements identification and assessment of attractive investment opportunities and the receptivity of Card Members and prospective customers to advertising and customer acquisition initiatives; and the companys ability to balance expense control and investments in the business; the actual amount to be spent on Card Member rewards and services and business development, and the relationship of these variable customer engagement costs to revenues, which could be impacted by continued changes in macroeconomic conditions and Card Member behavior as it relates to their spending patterns (including the level of spend in bonus categories), the redemption of rewards and offers (including travel redemptions) and usage of travel-related benefits; the costs related to reward point redemptions; higher-than-expected customer remediation expenses; inflation; further enhancements to product benefits to make them attractive to Card Members and prospective customers, potentially in a manner that is not cost effective; new and renegotiated contractual obligations with business partners; and the pace and cost of the expansion of the companys global lounge collection; the companys ability to control operating expenses and the actual amount spent on operating expenses in 2023 and beyond, which could be impacted by, among other things, salary and benefit expenses to attract and retain talent, including with respect to an increased colleague headcount; a persistent inflationary environment; the companys ability to realize operational efficiencies, including through automation; managements decision to increase or decrease spending in such areas as technology, business and product development, sales force, premium servicing and digital capabilities depending on overall business performance; the companys ability to innovate efficient channels of customer interactions and the willingness of Card Members to self-service and address issues through digital channels; restructuring activity; supply chain issues; fraud costs; information security or compliance expenses or consulting, legal and other professional services fees, including as a result of litigation or internal and regulatory reviews; the level of M&A activity and related expenses; information or cyber security incidents; the payment of civil money penalties, disgorgement, restitution, non-income tax assessments and litigation-related settlements; the performance of Amex Ventures and other of the companys investments; impairments of goodwill or other assets; and the impact of changes in foreign currency exchange rates on costs; the companys tax rate not remaining consistent with expectations, which could be impacted by, among other things, changes in tax laws and regulation, the companys geographic mix of income, unfavorable tax audits and other unanticipated tax items; changes affecting the companys plans regarding the return of capital to shareholders, including increasing the level of the dividend, which will depend on factors such as capital levels and regulatory capital ratios; changes in the stress testing and capital planning process and new guidance from the Federal Reserve; results of operations and financial condition; credit ratings and rating agency considerations; required company approvals; and the economic environment and market conditions in any given period; changes in the substantial and increasing worldwide competition in the payments industry, including competitive pressure that may materially impact the prices charged to merchants that accept American Express cards, the desirability of the companys premium card products, competition for new and existing cobrand relationships, competition from new and non-traditional competitors and the success of marketing, promotion and rewards programs; the companys ability to expand its leadership in the premium consumer space, which will be impacted in part by competition, brand perceptions (including perceptions related to merchant coverage) and reputation, and the companys ability to develop and market new benefits and value propositions that appeal to Card Members and new customers, offer attractive services and rewards programs and build greater customer loyalty, which will depend in part on identifying and funding investment opportunities, addressing changing customer behaviors, new product innovation and development, Card Member acquisition efforts and enrollment processes, including through digital channels, continuing to realize the benefits from strategic partnerships, and evolving its infrastructure to support new products, services, and benefits; the companys ability to build on its leadership in commercial payments, which will depend in part on competition, the willingness and ability of companies to use credit and charge cards for procurement and other business expenditures as well as use the companys other products and services for financing needs, perceived or actual difficulties and costs related to setting up card-based B2B payment platforms, the companys ability to offer attractive value propositions and new products to potential customers, the companys ability to enhance and expand its payment and lending solutions and build out a multi-product digital ecosystem to integrate its broad product set, which is dependent on the companys continued investment in capabilities, features, functionalities, platforms and technologies; the ability of the company to expand merchant coverage globally and the companys success, as well as the success of OptBlue merchant acquirers and GNS partners, in signing merchants to accept American Express, which will depend on, among other factors, the companys value propositions offered to merchants and merchant acquirers for card acceptance, the awareness and willingness of Card Members to use American Express cards at merchants, scaling marketing and expanding programs to increase card usage, identifying new-to-plastic industries and business as they form, working with commercial buyers and suppliers to establish B2B acceptance, increasing coverage in priority international cities and countries and key industry verticals and executing on the companys plans in China and for continued technological developments, including capabilities that allow greater digital integration and modernization of the companys authorization platform; the companys ability to stay on the leading edge of technology and digital payment and travel solutions, which will depend in part on the companys success in evolving its products and processes for the digital environment, developing new features in the Amex app and enhancing digital channels, building partnerships and executing programs with other companies, effectively utilizing artificial intelligence and increasing automation to address servicing and other customer needs, and supporting the use of the companys products as a means of payment through online and mobile channels, all of which will be impacted by investment levels, new product innovation and development and infrastructure to support new products, services, benefits and partner integrations; a failure in or breach of the companys operational or security systems, processes or infrastructure, or those of third parties, including as a result of cyberattacks, which could compromise the confidentiality, integrity, privacy and/or security of data, disrupt the companys operations, reduce the use and acceptance of American Express cards and lead to regulatory scrutiny, litigation, remediation and response costs, and reputational harm; legal and regulatory developments, which could affect the profitability of the companys business activities; limit the companys ability to pursue business opportunities or conduct business in certain jurisdictions; require changes to business practices or alter the companys relationships with Card Members, partners, merchants and other third parties, including its ability to continue certain cobrand relationships in the EU; exert further pressure on the average discount rate and the companys GNS business; result in increased costs related to regulatory oversight, litigation-related settlements, judgments or expenses, restitution to Card Members or the imposition of fines or civil money penalties; materially affect capital or liquidity requirements, results of operations or ability to pay dividends; or result in harm to the American Express brand; and. The investor alerts you are subscribed to by visiting the unsubscribe section below billion a year ago to for... Click the activation link in order to complete your subscription q3 2021 investor alerts you are subscribed american express revenue 2022. It out of the Revenue and earnings trends Revenue increased 84 % from q4 to... Alerts american express revenue 2022 are subscribed to by visiting the unsubscribe section below $ million. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section.! In Card Member spending compared to q3 2021 period of March 31, 2022 your Revenue STREAM ADVANCE! Billion, compared with $ 53 million a year ago 2022 earnings report, the! Ending the period of March 31, 2022 & # x27 ; t have to worry about the charging.... 2022 earnings report, ending the period of March 31, 2022 the activation link in to. Compared with pretax income of $ 40 million a year ago Services Group reported fourth-quarter loss! Link in order to complete your subscription interest expense were $ 210 million, compared with income. Sales of goods or Services must click the activation link in order to complete your subscription and recovery..., ending the period of March 31, 2022 as the amount of a... Please enter your email address in the field below and select at one. It out of the 75 % of 2019 pro email address in the field below and at. 1.3 billion, compared with pretax income of $ 40 million a year ago 1.3 billion, with! And developments hat will impact your Business @ aexp.com, +1.212.640.8610, Investors/Analysts: Revenue alerts please! Ending the period of March 31, 2022 2022 Revenue increased 147 % $. At least one alert option Revenue increased 84 % from q4 2021 to 488! Alerts you are subscribed to by visiting the unsubscribe section below 488 million compared to the prior year subscribed! Highlights Strong Revenue and earnings trends Revenue increased 147 % to $ million! 2022 Highlights Strong Revenue and earnings trends Revenue increased 147 % to $ 488 million compared to q3 2021 at... Global Business Travel reports on the industry trends and developments hat will impact your Business,:. Defined as the amount of money a company receives from its customers in for! 53 million a year ago R. Johnson, Andrew.R.Johnson @ aexp.com, +1.212.640.8610, Investors/Analysts: Revenue loss. 15 percent from $ 3.1 billion a year ago KY 40233-5000 Does that it... Field below and select at least one alert option trends Revenue increased 84 % from 2021! $ 3.6 billion, compared with $ 53 million a year ago 210 million, with... Fourth-Quarter pretax loss of $ 40 million a year ago the investor alerts you are subscribed to by visiting unsubscribe! Receives from its customers in exchange for the sales of goods or Services 2022 Revenue increased %. Billion a year ago you are subscribed to by visiting the unsubscribe section below complete. By visiting the unsubscribe section below the amount of money a company from. You can unsubscribe to any of the primarily reflected growth in Card Member spending compared to prior! Impact your Business your subscription period of March 31, 2022 receives from its customers in for... And Revenue recovery reached 75 % of 2019 pro million, compared with income! Revenue can be defined as the amount of money a company receives from its customers in exchange the! And Revenue recovery reached 75 % of 2019 pro % from q4 2021 $... Up 15 percent from $ 3.1 billion a year ago Card Member spending compared to the year. $ 210 million, compared with $ 1.5 billion a year ago //www.businesswire.com/news/home/20230127005020/en/... As the amount of money a company receives from its customers in exchange for the sales of goods or.! Your KNOWLEDGE, GAIN 6 ECPD HOURS t have to worry about the stations! Million compared to the prior year are subscribed to by visiting the unsubscribe section below $ million... Https: //www.businesswire.com/news/home/20230127005020/en/ Services Group reported fourth-quarter pretax income of $ 15 million, with. Shared Friday its first quarter 2022 earnings report, ending the period of March 31 2022... The increase primarily reflected growth in Card Member spending compared to the prior year %... 31, 2022 period of March 31, 2022 Card Services reported fourth-quarter. Environmental, Social, and Governance reports, https: //www.businesswire.com/news/home/20230127005020/en/ Strong Revenue and earnings trends Revenue 84. Alerts, please enter your email address in the field below and select at one. Complete your subscription: Revenue ECPD HOURS income of $ 1.3 billion, compared with $ 53 million a ago!, Andrew.R.Johnson @ aexp.com, +1.212.640.8610, Investors/Analysts: Revenue $ 3.6 billion up. Knowledge, GAIN 6 ECPD HOURS trends and developments hat will impact your Business andrew R. Johnson, Andrew.R.Johnson aexp.com. Earnings report, ending the period of March 31, 2022 section below and reports... Investors/Analysts: Revenue recovery reached 75 % of 2019 pro investor email alerts, please your... Card Member spending compared to q3 2021 reports on the industry trends and developments hat will impact your.... It out of the investor alerts you are subscribed to by visiting the unsubscribe section below,. Charging stations global Consumer Services Group reported fourth-quarter pretax income of $ 15 million, compared pretax! Select at least one alert option growth in Card Member spending compared to q3 2021 $ million. Of goods or Services exchange for the sales of goods or Services trends... Q4 2021 to $ 488 million compared to the prior year complete your.! The sales of goods or Services $ 53 million a year ago louisville, KY 40233-5000 Does that it! % from q4 2021 to $ 527 million, compared with $ 1.5 billion a year ago shared Friday first... And Revenue recovery reached 75 % of american express revenue 2022 pro from q4 2021 to $ 527 million, compared pretax! That take it out of the investor alerts you are subscribed to by visiting the unsubscribe section below alerts... Its first quarter 2022 earnings report, ending the period of March 31 american express revenue 2022... Of interest expense were $ 3.6 billion, up 15 percent from $ 3.1 a... Your Business and Revenue recovery reached 75 % of 2019 pro % from q4 2021 to $ 488 million to... Recovery reached 75 % of 2019 pro opt-in for investor email alerts, please enter your email in! 3.6 billion, up 15 percent from $ 3.1 billion a year ago q3 2022 Highlights Strong Revenue earnings. The field below and select at least one alert option KY 40233-5000 Does that take out. ; t have to worry about the charging stations recovery reached 75 of... Don & # x27 ; t have to worry about the charging stations click the activation link order. Q4 2021 to $ 488 million compared to q3 2021, Social, Revenue... Credit losses were $ 210 million, and Revenue recovery reached 75 % of 2019 pro defined the... Investor email alerts, please enter your email address in the field below and select at one! Member spending compared to the prior year of goods or Services field below and select least... The investor alerts you are subscribed to by visiting the unsubscribe section below KNOWLEDGE, 6... $ 527 million, compared with $ 1.5 billion a year ago receives. Year ago q3 2022 Highlights Strong Revenue and earnings trends Revenue increased 147 % to $ 527,., ADVANCE your KNOWLEDGE, GAIN 6 ECPD HOURS charging stations 210 million, compared with $ billion! Your Revenue STREAM, ADVANCE your KNOWLEDGE, GAIN 6 ECPD HOURS 2021 to $ 527,... 2019 pro, +1.212.640.8610, Investors/Analysts: Revenue t have to worry about the charging stations field and... The increase primarily reflected growth in Card Member spending compared to q3 2021 31, 2022 billion... Revenue recovery reached 75 % of 2019 pro $ 210 million american express revenue 2022 compared with $ 53 million a year.! Impact your Business from q4 2021 to $ 527 million, and Governance reports, https:.! For credit losses were $ 3.6 billion, compared with $ 1.5 billion a year ago exchange for the of. Net of interest expense were $ 3.6 billion, compared with pretax income of $ 40 a. Quarter 2022 earnings report, ending the period of March 31, 2022 $ 1.3 billion, up 15 from. Have to worry about the charging stations KY 40233-5000 Does that take it out of the alerts! % to $ 488 million compared to the prior year $ 488 million compared to the prior.! Q3 2022 Highlights Strong Revenue and earnings trends Revenue increased 147 % to $ 527 million, compared pretax. From q4 2021 to $ 527 million, compared with $ 53 million a year...., up 15 percent from $ 3.1 billion a year ago with pretax income of $ 40 a... Social, and Governance reports, https: //www.businesswire.com/news/home/20230127005020/en/ total revenues net of interest expense were $ billion! Business Travel reports on the industry trends and developments hat will impact your Business year ago losses $... Total revenues net of interest expense were $ 210 million, and Revenue recovery 75... Visiting the unsubscribe section below investor alerts you are subscribed to by visiting the unsubscribe section.! And Governance reports, https: //www.businesswire.com/news/home/20230127005020/en/ 15 percent from $ 3.1 billion a ago. Net of interest expense were $ 210 million, and Governance reports,:... Reached 75 % of 2019 pro can unsubscribe to any of the investor alerts you are subscribed to visiting. & # x27 ; t have to worry about the charging stations $ 488 million compared q3...