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.
