Q: What is American Express (AXP) Q4 2024 Earnings Call Transcript Summary?

**American Express (AXP) Q4 2024 Earnings Call Summary**

Here are the specific viewpoints from the earnings call:

**Bullish Points:**

1. American Express delivered record revenues of $66 billion for 2024, representing a 10% increase on an FX-adjusted basis.

2. Achieved record net income of $10 billion, with earnings per share (EPS) of $14.01, marking a 25% growth for the year.

3. Reached record levels of annual card member spending, net card fees, and acquired 13 million new card members.

4. Maintained high card member retention, best-in-class credit performance, and disciplined expense management.

5. Fourth-quarter billings growth accelerated to 8%, driven by robust holiday spending.

6. U.S. small- and medium-sized enterprise customer base continued to expand with strong new card acquisitions.

7. Added millions of new merchant locations globally in 2024, achieving an average of 80% coverage across the top 12 international countries.

8. Provided optimistic guidance for 2025, expecting revenue growth of 8% to 10% and EPS of $15 to $15.50, a 12% to 16% increase over 2024.

9. Returned $7.9 billion of capital to shareholders in 2024.

10. Strong Q4 spending results across businesses, with U.S. consumer spending up 9% year-over-year and international segment growth of 15% on an FX-adjusted basis, with top 5 markets growing in the mid to high teens.

**Bearish Points:**

1. Q4 total loans and card member receivables growth moderated over the course of the year.

2. Management expects some modest upward bias to write-off and reserve rates over time.

3. Rewards expense grew 15% in Q4, partly due to slow growth in rewards expense in the prior year and small program changes.

4. Marketing expenses increased significantly, up 16% for the full year.

5. Operating expenses for the quarter were down 1% year-over-year, but on a full-year basis, operating expenses increased by 1% when excluding the Accertify gain.

For more information about American Express (AXP)'s earnings call, you can read the relevant news: American Express (AXP) Q4 2024 Earnings Call Transcript