**Market Brief: American Express Q4 2025 Earnings & 2026 Outlook** American Express (AXP) delivered a mixed earnings report on Friday, balancing a slight profit miss for the holiday quarter with a bullish forecast for 2026. While the company projects strong future growth driven by resilient wealthy consumers, immediate market reaction saw shares dip approximately **3%** to **3.7%** as investors weighed rising expenses against long-term guidance. **Earnings Snapshot** For the fourth quarter of 2025, American Express reported earnings per share (EPS) of **$3.53**, narrowly missing Wall Street's consensus estimate of **$3.56** to **$3.57**. The bottom line was pressured by a **10%** increase in expenses, totaling **$14.5 billion**, attributed to higher customer engagement costs and investments in premium card product refreshes. **Revenue Strength** Despite the earnings miss, the top line remained robust. Revenue for the quarter reached **$18.98 billion** to **$19.0 billion**, beating analyst expectations of **$18.92 billion**. This marks a **10%** year-over-year increase (FX-adjusted), contributing to a record full-year revenue of **$72.2 billion**. **2026 Guidance Beat** Looking ahead, the company issued an optimistic forecast that largely surpassed market expectations. American Express projects 2026 revenue growth of **9% to 10%** and full-year EPS in the range of **$17.30 to $17.90**. The midpoint of this guidance sits comfortably above many analyst projections, signaling confidence in the continued spending power of its premium user base. **Key Drivers & Dividends** Management underscored the resilience of its "young and affluent" customers, particularly Gen Z and Millennials, whose spending volumes continue to outpace other segments. To reward shareholders, the company announced a **16%** increase in its quarterly dividend, raising the payout to **$0.95** per share. **Credit & Risk** Provisions for credit losses rose to **$1.4 billion**, up from **$1.3 billion** a year ago, reflecting a normalization in net write-offs to **2.1%**. However, credit metrics remain strong relative to industry peers, supported by the premium nature of the AmEx customer base.