American Express’s fourth quarter was marked by a negative market reaction, as the company’s revenue and non-GAAP profit both fell short of Wall Street expectations. Management attributed the results to a deliberate shift in marketing investments toward premium products, especially the U.S. platinum card, and ongoing product refreshes across global markets. CEO Stephen Squeri emphasized that card fee growth and customer engagement remained strong, noting, “Customer demand is high, engagement is up, credit quality continues to be excellent.” Management also pointed to high retention rates and robust credit performance, despite competitive pressures and a slight sequential decline in net cards acquired.

Is now the time to buy AXP? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From American Express’s Q4 Earnings Call

• Ryan Nash (Goldman Sachs) asked how the shift from cash back to premium products would impact future results. CEO Stephen Squeri responded that the focus is on acquiring revenue rather than card numbers and that the premium strategy has improved marketing efficiency.
• Sanjay Sakhrani (KBW) questioned the competitive landscape in commercial services. Squeri acknowledged increased competition, noting American Express’s acquisition of Center and plans for future product launches, while emphasizing the company’s scale advantage.
• Erika Najarian (UBS) inquired about the impact of remixing towards fee-paying cards on card fee growth. CFO Christophe Le Caillec explained that the premium portfolio is driving higher card fees and credit performance, with growth expected to pick up as more platinum members renew at higher rates.
• Rick Shane (JPMorgan) asked whether persistently low credit costs might lead to further reinvestment or flow to the bottom line. Le Caillec stated that the company balances reinvestment in growth with operating efficiencies, aiming for consistent mid-teens EPS growth.
• Mark DeVries (Deutsche Bank) wanted to understand how product refreshes affect existing customer engagement. Squeri described faster engagement among new cardholders but highlighted a meaningful uptick among existing users, especially with the platinum travel app launch.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will monitor (1) the pace of premium card renewals and the impact on card fee growth, (2) the rollout and adoption rates of new technology platforms and digital tools, and (3) competitive responses in commercial and small business markets, particularly following recent M&A activity. Execution on international expansion and further product refreshes will also be important signposts.

American Express currently trades at $348.57, down from $358.50 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).

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