American Express just posted the kind of quarter that makes credit card companies look like growth stocks. The company reported Q2 2025 revenue of $17.9 billion, a 9% jump year-over-year, setting a new company record and pushing shares up roughly 2%.

Billed business, the metric that tracks how much cardholders actually spend, hit $416.3 billion for the quarter. That’s a 7% increase from the same period last year, and the number holds steady even after adjusting for foreign exchange swings.

The numbers behind the momentum

Reported earnings per share came in at $4.08. Adjusted for a one-time gain booked in Q2 2024, EPS growth was actually 17% year-over-year.

Credit quality improved too. The net write-off rate dropped to 2.0% from 2.1% a year ago.

Management reaffirmed full-year 2025 guidance, projecting revenue growth of 8-10% and EPS in the range of $15.00 to $15.50.

The quarter was driven by what Amex called record Card Member spending and strong demand for its premium product lineup.

Why affluent spending matters more than ever

The premium positioning also gives Amex pricing power that most financial services companies would envy. Higher annual fees, richer interchange rates from merchants, and a customer demographic that responds to experiential perks rather than cashback percentages.

Looking ahead, subsequent data from Q1 2026 showed billed business growth accelerating further to 10%, with revenue growth hitting 11%.

What this means for investors

The improving credit quality is arguably the most underrated part of this report. A net write-off rate of 2.0% is remarkably low by historical standards for a consumer lending business.

For crypto-adjacent investors, it’s worth noting that Amex’s Q2 results contained no references to digital assets or blockchain integration. The company has historically been cautious about crypto adoption within its payment ecosystem.