Billed business increased 6% year-over-year, but growth was impacted by the stronger U.S. dollar and one less day due to the leap year. Excluding these impacts, G&S spending grew at a faster pace than in 2024.

The company acquired 3.4 million proprietary new cards during the first quarter, indicating continued success in attracting new customers. This is consistent with the prior year.

International Card Services billed business grew by 9% year-over-year (13% on an FX-adjusted basis), driven by strong growth across all regions and customer types outside the United States.

Operating expenses grew at a slower pace than revenue, reflecting continued operating expense discipline. Management remains focused on driving marketing and operating expense efficiencies over time.

The company maintained its CET1 capital ratio within the target range of 10 to 11 percent, demonstrating effective capital management. This provides flexibility to manage the balance sheet.

Card Member rewards, Card Member services and Business development expenses grew faster than revenues, indicating continued investment in enhancing value propositions and driving engagement.

Management recognizes the uncertainty of the macroeconomic environment and cannot predict the impacts on the economy and customers. This highlights potential risks to future performance.

The company is subject to evolving and extensive government regulation and supervision, and the costs of ongoing compliance are substantial. This indicates an ongoing risk and expense.

Legislators and regulators in various countries have focused on the operation of card networks, potentially changing practices or pricing. This could affect the company's business model.

Net write-off and delinquency rates were stable year-over-year and remain best-in-class, supported by the company's premium global customer base. This indicates a competitive advantage.

In jurisdictions allowing surcharging, there has been an increase in merchant surcharging on American Express cards, which is an adverse customer experience. This could affect the company's competitive position.

The company acknowledges the substantial and increasing worldwide competition in the payments industry, including from new and non-traditional competitors. This requires ongoing innovation and investment.

Operating expenses grew at a slower pace than revenue, indicating improved operational efficiency. This reflects management's focus on expense discipline.

Salaries and employee benefits and other expenses decreased in GMNS, primarily driven by Accertify costs included in the prior year. This indicates a change in cost structure due to the sale of Accertify.

Other expenses increased, primarily driven by higher professional service costs, losses on Amex Ventures investments and higher data processing costs. This indicates increasing operational costs in certain areas.

U.S. Consumer Services manages a dining platform that provides digital tools for restaurants and reservation bookings for diners, highlighting a focus on digital innovation.

The company emphasizes the importance of technological developments, digital payments, servicing and travel solutions, and building capabilities that allow for greater digital integration. This indicates a strategic focus on technology.

The company is focused on effectively utilizing artificial intelligence and machine learning and increasing automation to address servicing and other business and customer needs.

The company returned $1.3 billion of capital to shareholders through share repurchases and common stock dividends. This reflects a commitment to returning excess capital.

Marketing expense was relatively flat, reflecting consistent levels of spending on customer acquisition and other growth initiatives. This indicates a continued focus on investing in future growth.

The company maintained its CET1 capital ratio within the target range of 10 to 11 percent, balancing shareholder returns with regulatory requirements.

The company highlights its commitment to complying with anti-money laundering (AML) and countering the financing of terrorism (CFT) laws and regulations, as well as economic sanctions. This reflects a focus on ethical and responsible business practices.

The company emphasizes regulatory and legislative activity in the areas of privacy, data protection, data management, information security and cybersecurity, indicating a focus on responsible data handling.

The company disclosed certain transactions and accounts that may have related to Iran, demonstrating transparency in adhering to sanctions regulations.

Management acknowledges that macroeconomic and geopolitical conditions, including international tensions and instability, could impact business. This highlights the sensitivity to external factors.

The company recognizes the substantial and increasing worldwide competition in the payments industry, including from new and non-traditional competitors. This requires ongoing adaptation and innovation.

The company is being challenged in a number of countries regarding the application of value-added taxes (VAT) to certain international transactions, indicating potential regulatory headwinds.