Even at 175 years old, American Express hasn’t aged a day when it comes to selling aspiration.

The company posted another strong quarter, beating Wall Street’s forecasts thanks to a rush of new sign-ups for its refreshed Platinum card and steady consumer spending across nearly every category. For a brand built on appealing to high-end customers, the strategy seems to be working as well as ever.

For the third quarter of 2025, Amex reported earnings per share of $4.14, up 19% from a year earlier and ahead of expectations for $3.99. Revenue climbed 11% to $18.43 billion, also beating forecasts. Net income rose 16% to $2.9 billion, powered by steady transaction growth and a modest share buyback.

Customers put $421 billion on Amex cards during the quarter… more than analysts anticipated. Spending on goods and services rose 9%, while travel and entertainment climbed 8%, proof that cardholders are still willing to open their wallets despite mixed economic signals. Shares rose more than 4% in New York following the results and are now up roughly 13% this year.

Chief Executive Steve Squeri called the company’s updated Platinum card launch “the strongest start we’ve ever seen.” He wasn’t exaggerating: new U.S. Platinum account openings doubled compared with before the refresh.

Amex raised the card’s annual fee from $695 to $895, but offset it with new perks, including $400 in annual dining credits at Resy-partner restaurants, enhanced travel rewards, and more lifestyle benefits. For many customers, the extra perks apparently outweighed the higher price tag.

“The engagement has been beyond expectations,” Squeri said, crediting the new benefits for keeping Amex’s most affluent members loyal at a time when competitors like JPMorgan Chase and Citigroup are introducing their own premium cards.

Total expenses rose slightly to $13.3 billion, a bit above analyst estimates, as the company invested in travel perks and customer engagement. Still, profit growth outpaced spending, which Squeri said reflects the strength of the business model.

“There’s a lot of concern about credit in the market, but ours continues to be pristine,” he added.

Chief Financial Officer Christophe Le Caillec noted that new Platinum applicants are coming in with stronger credit than before, with average scores about 15 points higher than previous groups.

Amex raised its full-year forecast after the upbeat results. It now expects revenue growth of 9-10% and earnings of $15.20 to $15.50 a share, nudging the lower end of its guidance upward.

Growth was broad-based: U.S. consumer spending rose 9%, helped by younger users. Gen Z cardholders increased their spending by 39%, though they still represent just 6% of U.S. consumer volume. Commercial spending grew 4%, largely driven by small and mid-sized businesses, while international card activity jumped 13%, led by strong consumer demand in Europe and Asia.

American Express has long focused on affluent and aspirational customers, and the latest results show that approach remains solid. Even with higher annual fees, members continue to see value in the company’s travel, lifestyle, and dining ecosystem.

For a brand once known for shipping parcels by horse and carriage in the 1850s, Amex has evolved into a modern symbol of financial privilege… and right now, it looks like the bet on premium is still paying off.

At the time of publishing this article, Stocks.News doesn’t hold positions in companies mentioned in the article.