American Express Co (AXP) September 2026 Conference Transcript

our, you know, of the balances are from card members, but they represent something like 50%, is that right? Yeah, so 50% are from our existing card members. Yes, of dollars, right, Carty? Get in touch with IR. But it's a significant part, and we still, you know, the other way to think about it, which is on the flip side, is to look at how many of our card members have a high-yield savings account with us, And it's only like in the low double digits, like 10%-ish percents, right? So the growth opportunity is like super, super high.

So just a few minutes left, maybe just in closing, Christoph, looking ahead, where do you see American Express heading over the next three to five years? And what will be the outcome for shareholders?

So, you know, we have, as I said, we are a momentum business. I like what I'm seeing in terms of product innovation, what I'm seeing in terms of demand for the products, what I'm seeing in terms of growing in the premium space. I love our TAM and how it's growing and evolving. And so what you should expect from us is more of the same, right, and the continuation of what we've done in the past years. And there's something incredibly powerful for the shareholders when you compound that double-digit, like 10% revenue growth with mid-team CPS growth and a disciplined capital management, dividend increase, very strong capital share repo program. I was saying we buy back about, on average, 3% of the share count every year. The compounding effect of all of this creates a lot of value for shareholders, and that's what we're going to do, and that's what we're going to keep doing. Right. And I feel confident every time I look at, you know, the growth we're having with our younger generation, when I look at the credit profile, when I look at, you know, the card fee trend, which captures, you know, the premiumness of the portfolio and the momentum that we have. And so you should expect more of the same going forward. And it's been a good run for us. And I hope, you know, and I think that it's going to be a good run going forward as well.

Great. I think we'll end it there on a good note.