Consolidated provisions for credit losses were $1.0 billion, compared with $53 million a year ago. For the fourth quarter of 2022, the company reported net income of $1.6 billion, or $2.07 per share, compared with net income of $1.7 billion, or $2.18 per share, a year ago. Rank . The decrease primarily reflected lower net write-offs in the current quarter, partially offset by a smaller reserve release compared with a year ago. P.O. ($ in millions, except per share amounts, and where indicated), Average Diluted Common Shares Outstanding. factors beyond the companys control such as continued waves of COVID-19 cases, the severity and contagiousness of new variants, severe weather conditions, natural disasters, power loss, disruptions in telecommunications, terrorism and other catastrophic events, any of which could significantly affect demand for and spending on American Express cards, delinquency rates, loan and receivable balances and other aspects of the companys business and results of operations or disrupt its global network systems and ability to process transactions. Discount revenue. Card fees. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, the following: A further description of these uncertainties and other risks can be found in American Express Companys Annual Report on Form 10-K for the year ended December 31, 2020, the Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2021 and the companys other reports filed with the Securities and Exchange Commission. American Express: New York City, New York: $214 7.0 $93.52 18 SVB Financial Group (defunct: March 2023) Santa Clara, California: $212 - $26.65 19 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 . Media: Provisions for credit losses were $271 million, compared with $9 million a year ago. Commercial Services reported fourth-quarter pretax income of $547 million, compared with $717 million a year ago. Updated for 2019. The increase primarily reflected discrete tax charges in the current quarter and changes in the level and geographic mix of income. Fourth-Quarter 2022 Revenue Increased 17% to a Record $14.2 Billion, Driven by Highest Ever Quarterly Card Member Spending; EPS for Quarter Was $2.07 Company Expects Full-Year 2023 Revenue Growth . The increase was primarily driven by higher net interest income, reflecting higher average loan volumes, and increased Card Member spending. Customer engagement costs were up due to higher marketing investments to continue building growth momentum, as well as higher costs driven by increasing Card Member spending and usage of travel-related benefits. (212) 640-2000, Computershare 01/25/2022. 77,300 people were employed by American Express at the end of 2022, up from 64,000 in 2021. For the fourth quarter of 2022, the company reported net income of $1.6 billion, or $2.07 per share, compared with net income of $1.7 billion, or $2.18 per share, a year ago. American Express Co's quarterly card spending soared to a record as pandemic-weary travelers shrugged off rising airfare to throng airports, helping the company raise its annual revenue forecast . 2022-12-22T22:50:24Z A bookmark. -15.89%. Operating expenses also increased, primarily reflecting net losses of $302 million related to Amex Ventures investments in the current year compared with net gains of $767 million in the prior year, as well as higher compensation costs in the current year. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, the following: A further description of these uncertainties and other risks can be found in American Express Companys 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, June 30 and September 30, 2022 and the companys other reports filed with the Securities and Exchange Commission. After submitting your request, you will receive an activation email to the requested email address. Get 60% off on Pro. AXP fundamental statistics; Market Cap: US$119.61b: Earnings (TTM) US$7.40b: American Express's Profile, Revenue and Employees. Consolidated provisions for credit losses were $53 million, compared with a benefit of $111 million a year ago. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The group's acronym, OMG, is rather appropriate considering the circumstances in which O'Keefe, the founder of Project Veritas, was unceremoniously removed from that company. The change reflected a reserve build of $617 million, compared with a reserve release of $2.5 billion in the prior year. Fourth-Quarter Earnings Per Share Was $2.18, With Full-Year EPS of $10.02, To Continue Building on Strong Momentum, Company Raises Long-Term Aspiration With New Growth Plan. American Express Meetings & Events Global Forecast: More In-Person Connections in 2023 . 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. By Bram Berkowitz - Sep 16, 2022 at 5:45AM Key Points. American Express shared Friday its first quarter 2022 earnings report, ending the period of March 31, 2022. Results for this segment were significantly impacted by the strengthening of the U.S. dollar. Reserve builds represent the amount by which the provisions for credit losses exceed net write-offs. If you experience any issues with this process, please contact us for further assistance. The decrease reflected reserve releases of $2.5 billion, compared with a reserve build of $1.5 billion a year ago, as well as lower net write-offs in the current year. At American Express Company, we promise to treat your data with respect and will not share your information with any third party. In 2022, my teams will reach $2.2B charge volume and grow by 20% +. Figures are for fiscal year ended Dec. 31, 2022. Key links to products, services and corporate responsibility information: personal cards, business cards, travel services, gift cards, prepaid cards, merchant services, Accertify, Kabbage, Resy, corporate card, business travel, diversity and inclusion, corporate responsibility and Environmental, Social, and Governance reports. Consolidated provisions for credit losses for the full year were $2.2 billion, compared with a benefit of $1.4 billion a year ago. BOX 505000 American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Should you invest in American Express (NYSE:AXP)? . Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. Total revenues net of interest expense were $3.6 billion, up 15 percent from $3.1 billion a year ago. Revenue for American Express (AXP) Revenue in 2022 (TTM): $52.56 B According to American Express's latest financial reports the company's current revenue (TTM) is $52.56 B.In 2021 the company made a revenue of $43.14 B an increase over the years 2020 revenue that were of $36.08 B.The revenue is the total amount of income that a company generates by the sale of goods or services. the companys ability to achieve its 2022 earnings per common share (EPS) outlook, grow earnings in the future and execute on its new 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 in customers, brand and talent, controlling operating expenses, effectively manage 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: the extent and duration of the effect of the pandemicon the economy, inflation, consumer confidence, consumer and business spending, and customer behaviors, such as with respect to travel, dining, shopping and in-person events; the impact on consumers and businesses as forbearance and government support programs end; the continued stress on businesses due to containment measures, operational changes, supply chain issues and staffing shortages; issues impacting brand perceptions and the companys reputation; the impact of any future contingencies, including, but not limited to, restructurings, investment gains, impairments, changes in reserves, legal costs, the imposition of fines or civil money penalties and increases in Card Member reimbursements; 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 partners, merchants and Card Members; the companys ability to achieve its 2022 revenue growth outlook, its revenue growth expectations for 2023 and its revenue growth aspirations for 2024 and beyond, which could be impacted by, among other things, uncertainty regarding the continued spread of COVID-19 (including new variants) and the availability, distribution and use of effective treatments and vaccines; a deterioration in global economic and business conditions; consumer and business spending not growing in line with expectations, including Goods & Services spending not continuing to show strong growth and Travel & Entertainment spending not recovering through 2022 and 2023 as expected; prolonged measures to contain the spread of COVID-19 (including travel restrictions), concern of the possible imposition of further containment measures or premature easing of such containment measures, any of which could further exacerbate the effects on business activity and the companys Card Members, partners and merchants; health concerns associated with the pandemic continuing to affect customer behaviors, spending levels and preferences, and travel patterns and demand even after containment measures are lifted; the amount and efficacy of investments in share, scale and relevance; growth in Card Member loans and the yield on Card Member loans not remaining consistent with current expectations; the average discount rate changing by a greater or lesser amount than expected; an inability of business partners to meet their obligations to the company and the companys customers due to slowdowns or disruptions in their businesses, bankruptcy or liquidation, or otherwise; and the companys inability to address competitive pressures and implement its strategies and business initiatives, including within the premium consumer space, commercial payments, the global merchant network and digital environment; future credit performance, the level of future delinquency and write-off rates and the amount and timing of future reserve builds and releases, which will depend in part on changes in consumer behavior that affect loan and receivable balances (such as paydown and revolve rates); 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, particularly as forbearance and government support programs end; the enrollment in, and effectiveness of, hardship programs and troubled debt restructurings; the performance of accounts as they graduate and exit from financial relief 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; net interest income and the growth rate of loans outstanding being higher or lower than current expectations, which will depend on the behavior 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; 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; and the effectiveness of the companys strategies to capture a greater share of existing Card Members spending and borrowings, and retain and attract new customers; the actual amount to be spent on marketing in 2022 and beyond, which will be based in part on continued changes in the macroeconomic and competitive environment and business performance; managements identification and assessment of attractive investment opportunities and the receptivity of Card Members and prospective customers to advertising and customer acquisition initiatives; the companys ability to balance expense control and investments in the business; and managements ability to realize efficiencies and optimize investment spending; 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; 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 ability of the company to control its operating expenses and the actual amount the company spends on operating expenses in 2022 and beyond, which could be impacted by, among other things, salary and benefit expenses to attract and retain talent; costs due to new hybrid working arrangements; supply chain issues; a persistent inflationary environment; 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; restructuring activity; 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; the payment of civil money penalties, disgorgement, restitution, non-income tax assessments and litigation-related settlements; impairments of goodwill or other assets; and the impact of changes in foreign currency exchange rates on costs; net card fees not performing consistent with current 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; the average discount rate not performing consistent with current expectations, including as a result of further changes in the mix of spending by location and industry (including the level of T&E spending), merchant negotiations (including merchant incentives, concessions and volume-related pricing discounts), competition, pricing regulation (including regulation of competitors interchange rates) and other factors; the companys tax rate not remaining consistent with current levels, 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 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 ability of the company to maintain the Platinum card franchises leadership in the premium space, competition for new and existing cobrand relationships, competition from new and non-traditional competitors and the success of marketing, promotion and rewards programs; changes affecting the companys plans regarding the return of capital to shareholders, including increasing the level of the dividend, subject to approval by the companys Board of Directors, 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; the companys results of operations and financial condition; the companys credit ratings and rating agency considerations; and the economic environment and market conditions in any given period; 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 ability of the company to develop and market value propositions that appeal to Card Members and new customers and offer attractive services and rewards programs, which will depend in part on ongoing investments, addressing changing customer behaviors, new product innovation and development, Card Member acquisition efforts and enrollment processes, including through digital channels, and infrastructure to support new products, services and benefits; the ability of the company 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 products for financing needs, perceived or actual difficulties and costs related to setting up card-based B2B payment platforms, the ability of the company to offer attractive value propositions to potential customers, the companys ability to enhance and expand its payment and lending solutions and continue the rollout of the Kabbage platform to the companys small business customers; the ability of the company to execute on its plans to expand merchant coverage globally, which will depend in part on the success of the company, OptBlue merchant acquirers and GNS partners in signing merchants to accept American Express, which could be impacted by our value propositions offered to merchants and merchant acquirers for card acceptance, as well as the awareness and willingness of Card Members to use American Express cards at merchants, the companys ability to increase coverage in priority international regions and execute on our plans in China and technological developments, including capabilities that allow greater digital integration; the ability of the company to stay on the leading edge of technology and digital payment solutions, which will depend on our success in evolving our products and processes for the digital environment, developing new features in the Amex app and enhancing our digital channels, building partnerships and executing programs with other companies, effectively utilizing artificial intelligence to address servicing and other customer needs, and supporting the use of our 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 and benefits; our ability to implement our ESG strategies and initiatives, which depend in part on the amount and efficacy of our investments in product innovations, marketing campaigns, our supply chain and operations, and philanthropic, colleague and community programs; customer behaviors; and the cost and availability of solutions for a low carbon economy; 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 its 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. American Express annual net income for 2022 was $7.4B, a 6.53% decline from 2021. American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Danielle Cloud, Senior VP of Enterprise Data Governance and Platforms at American Express, speaks with Asha Saxena, Founder & CEO of Women Leaders In Data & AI "We ended 2022 with record revenues, which grew 25 percent from a year earlier, and earnings per share of $9.85, both well above the guidance that we provided when we introduced our long-term growth plan at the start of last year, despite a mixed economic environment," said Stephen J. Squeri, Chairman and Chief Executive Officer. 200 Vesey Street New York, NY 10285 (212) 640-2000 Investor Relations (212) 640-5574 IR@aexp.com. "Given our momentum, we expect 2023 revenue growth of 15 percent to 17 percent and earnings per share of $11.00 to $11.40. Add a Comment Cancel reply. Sources: Bloomberg; S&P Global. Global Commercial Services reported fourth-quarter pretax income of $706 million, compared with $667 million a year ago. You must click the activation link in order to complete your subscription. The economics of the new terms are not expected to . American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. American Express has a nearly 19% share of the domestic credit card market. You must click the activation link in order to complete your subscription. American Express Statistics and Revenue Totals (2023) Last Updated on: January 8th, 2023. NEW YORK-- ( BUSINESS WIRE )--American Express Company (NYSE: AXP) today reported second-quarter net income of $2.0 billion, or $2.57 per share . American Express expects attractive growth economics over the term of the agreement and affirmed its previous guidance for 2019 of FX-adjusted revenue growth in the 8-10 percent range and adjusted earnings per share between $7.85 and $8.35, subject to any contingencies and legal settlements 1. You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in electric vehicle(EV). The change reflected a reserve build of $617 million, compared with a reserve release of $2.5 billion in the prior year. With an industry that is continually evolving, it's vital that you're receiving the best training possible to propel your knowledge and career - as well as opening up new revenue streams. fourth-quarter 2022 revenue increased 17% to a record $14.2 billion, driven by highest ever quarterly card member spending; eps for quarter was $2.07. Source:American Express. Measures how much net income or profit is generated as a percentage of revenue. 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