DEAR SHAREHOLDERS,
致股东：
American Express had an exceptional year in 2022, thanks to the dedication and ingenuity of our talented colleagues. Their unwavering focus to deliver on our vision of providing the world’s best customer experience every day enabled us to continue building long-lasting relationships and deepen engagement with our customers around the world.
得益于我们才华横溢的同事的奉献和创造力，American Express 在 2022 年取得了卓越的表现。他们始终专注于实现“每天为全球客户提供最佳体验”的愿景，使我们得以持续建立并深化与全球客户的长久关系和互动。
We entered the year with strong momentum, enabled by the strategic decisions we made to significantly invest in our colleagues, customers and brand, as well as pandemic recovery tailwinds. To build on that momentum, we introduced a new growth plan in January 2022 with the aspiration to grow revenue and earnings over the long term at levels exceeding the already strong growth rates we had delivered before the pandemic.
在大力投资员工、客户和品牌的战略决策以及疫情复苏顺风的助推下，我们以强劲势头开启了这一年。为在此基础上再接再厉，我们于 2022 年 1 月推出了新的增长计划，志在长期实现收入和盈利增长，超越疫情前已然强劲的增长速度。
In the first year of our growth plan, total revenues net of interest expense grew 25% to reach a company record of \$52.9 billion, and we produced EPS of \$9.85, both exceeding the guidance we set at the start of the year of 18% to 20% revenue growth and EPS of \$9.25 to \$9.65 for 2022.
在增长计划实施的首年，扣除利息费用后的总收入增长 25%，创下 529 亿美元的公司纪录，每股收益达 9.85 美元，均超出年初设定的 18%–20% 收入增长和 9.25–9.65 美元每股收益的指引。
As we entered 2023 with continued momentum across our businesses, American Express is a stronger company today than before the pandemic, and I remain confident that we have the right strategy and the right team in place to pursue our long-term growth aspirations.
带着业务的持续动能步入 2023 年，American Express 今日已比疫情前更为强大。我坚信我们拥有正确的战略和团队，得以实现长期增长愿景。
In reflecting on our team’s outstanding performance, our success comes down to three important assets: our differentiated business model, our talented colleagues who power that model, and our global premium customer base who are at the center of everything we do.
回顾团队的卓越表现，我们的成功归功于三项关键资产：差异化的商业模式、赋能该模式的才华横溢的同事，以及始终置于我们一切工作的核心——全球优质客户群。
Our Differentiated Business Model and Framework for Winning
我们的差异化业务模式与致胜框架
Our business model is unique in the payments industry and provides a number of competitive advantages that, assembled together, are difficult for others to replicate. It is built on our leadership positions in the premium consumer and commercial payments space; our integrated payments platform that connects and builds relationships with both buyers and sellers; our membership model that comprises a broad array of rich benefits; our global position; and our world-renowned brand.
我们的业务模式在支付行业中独一无二，汇聚多项难以被他人复制的竞争优势：我们在高端个人与商业支付领域的领先地位；联结买卖双方、并不断深化关系的一体化支付平台；涵盖丰富权益的会员体系；遍布全球的业务布局；以及享誉世界的品牌。
In order to most effectively optimize the advantages of our differentiated business model, when I became Chairman and CEO five years ago, my leadership team and I established what we call our Framework for Winning, a strategic document that focuses the organization on a core set of values and priorities that are most important for us to win in the marketplace. The Framework clearly defines our vision and mission, as well as our most critical business imperatives and how we plan to achieve them. Just as important to setting out what we want to achieve, the Framework also articulates how we want to achieve our goals, including the leadership behaviors we expect and the core values that are the foundation of all that we do. This Framework has served as our architecture for running the company, and it evolves as we identify ways to build on our momentum and strengthen our culture.
为最大程度发挥差异化业务模式的优势，五年前我出任董事长兼首席执行官时，与领导团队共同制定了《致胜框架》。这份战略文件将组织的注意力聚焦于一套核心价值观与优先事项，助力我们在市场上取得胜利。《框架》明确界定了公司的愿景与使命、最关键的业务要务及其实现路径；同样重要的是，它阐明了我们达成目标的方式，包括期望的领导行为以及我们一切行动的基石——核心价值观。随着我们不断寻求巩固势头、强化文化，《框架》也与时俱进，成为公司运行的蓝图。
As we mark the end of the fifth year since establishing our Framework, I am proud of the progress we have made across each of our strategic imperatives, leading to the exceptional results we delivered in 2022.
在《框架》实施满五周年之际，我为我们在各项战略要务上取得的进展感到自豪，这些成果促成了 2022 年的卓越业绩。
We have strengthened our leadership with premium consumers and in the commercial payments space as a result of decisions we made before and during the pandemic to take care of our customers and invest in growth opportunities. We enhanced our consumer value propositions by building out the lifestyle and experiential aspects of our products to attract a broader range of consumers. We also expanded the payment and cash flow solutions we offer small and medium size enterprises to help them grow their businesses. And we invested in growing and strengthening our global merchant network.
凭借在疫情前后持续关爱客户、投资增长机遇的决策，我们进一步巩固了在高端个人和商业支付领域的领先地位。通过强化产品的生活方式与体验元素，我们提升了消费者价值主张，吸引了更广泛的客群；同时扩展了面向中小企业的支付与现金流解决方案，助力其业务发展；并持续投入，拓展与强化全球商户网络。
The results we saw in 2022 demonstrate that our investment in these areas is working. We saw strong momentum in bringing in new customers to the franchise across our consumer and commercial businesses, with proprietary new card acquisitions reaching a record 12.5 million, including record acquisitions of our U.S. Consumer Platinum and Gold cards and U.S. Business Platinum card. Our investments to broaden the lifestyle and experiential aspects of our membership model continued to resonate with younger consumers. In particular, Millennial and Gen Z customers, who are our fastest growing customer cohort in terms of both new account acquisitions and card spending, comprised over 60% of our new consumer proprietary accounts globally. Customer retention remained at high levels, and engagement continued to be strong, with overall Card Member spending increasing 25% (FX-adjusted) for the full year. Across our portfolios, credit performance also continued to be strong, with delinquencies and net write-offs remaining below pre-pandemic levels through the year.
2022 年的成果表明，我们在上述领域的投资卓有成效：在个人与商业业务中，新客户吸纳动能强劲，自营新发卡量创下 1,250 万张纪录，其中美国个人白金卡、金卡及美国商业白金卡均创历史新高。我们在会员模式中不断拓展生活方式与体验层面的投入，持续获得年轻消费者共鸣；千禧一代及 Z 世代——无论在新开户还是刷卡金额方面增长最快的客群——占全球新增个人自营账户的逾六成。客户留存率依旧高企，客户互动强劲，全年整体持卡人消费按汇率调整增长 25%。各组合的信用表现亦维持稳健，全年的逾期率与净核销率均低于疫情前水准。
We also strengthened our global, integrated network, which underpins our products and services and is a unique differentiator in the payments space. We maintained virtual parity coverage in the United Statesi,while significantly increasing our coverage outside the U.S. We also further modernized our network, which has enabled us to introduce new products, including our first-ever consumer digital checking product, as well as launching capabilities that enable fintechs and partners to more seamlessly work with our network.
我们还强化了全球一体化网络——这一支付领域的独特差异化基础，支撑着我们的产品与服务。我们在美国维持了几乎同等的受理覆盖率，并显著提升了海外受理覆盖。此外，我们进一步实现网络现代化，从而推出了首款个人数字支票产品，并上线多项功能，使金融科技公司与合作伙伴能够更顺畅地接入我们的网络。
Another key asset for American Express is our global position. Before the pandemic, our international consumer and commercial card issuing businesses were among our fastest growing segments. To accelerate our growth and build scale outside the U.S., we established our new International Card Services Group in 2022, bringing together the international consumer and small business card issuing businesses under a unified team.
American Express 的另一项关键资产是全球化布局。疫情前，我们的国际个人与商业发卡业务是增长最快的板块之一。为加速海外扩张并实现规模化发展，我们于 2022 年成立了新的国际卡服务集团，将国际个人及小企业发卡业务整合到统一团队之下。
The Power of Team Amex
Team Amex 的力量
Our success in executing against our strategic priorities has been and will continue to be powered by our more than 77,000 colleagues around the world. They are the heart and soul of our organization, and they work with commitment and passion to deliver on our vision.
我们在执行战略重点方面取得的成功，过去如此、未来亦然，都仰赖在全球各地的 77,000 余名同事。他们是公司真正的心脏与灵魂，以投入和热情推进我们的愿景。
That is why we consider the most important part of our Framework for Winning our priority to attract, develop and engage the best colleagues – not just in our own sector but across all industries – who live our Blue Box Values.
因此，在我们的《致胜框架》中，最关键的部分就是优先吸引、培养并激励业内乃至各行各业最优秀的人才，使其践行我们的“蓝盒价值观”。
Our Blue Box Values define what we stand for and guide how we operate. They reinforce our focus on backing our customers, our respect for each other, our commitments to embracing diversity and standing for equity and inclusion, and most importantly, doing what is right.
蓝盒价值观定义了我们的立场并指引运营，强化了我们对客户的支持、彼此尊重、对多元化的拥抱与对公平包容的承诺，以及最重要的——坚持做正确的事。
To back our colleagues, we continued to invest in them in 2022, building on the wide range of learning and development opportunities and enhancing our competitive benefits in key areas, including holistic health and wellness, total compensation, and flexibility. As a result, 90% of our colleagues said in a recent survey that the benefits and programs offered by American Express support their well-being, and 92% would recommend our company as a great place to work. Additionally, 89% of colleagues said they have a feeling of belonging at American Express, an increase from the prior year.
为了支持同事，我们在 2022 年继续加大投入，在广泛的学习与发展机会基础上，进一步完善了关键领域的竞争力福利，包括身心健康、整体薪酬和灵活性。一项最新调查显示，90% 的同事认为美国运通的福利计划有助于他们的身心健康，92% 会推荐公司作为绝佳的工作场所；89% 的同事表示在美国运通拥有归属感，较上一年有所提升。
We were pleased to achieve our results in a year in which we all transitioned to our new way of working. In planning our return to our offices after the pandemic, we wanted to retain the best of what we learned working virtually while also recapturing the benefits of working together in person. To that end, last year we launched Amex Flex, our new working model that gives colleagues the ability to work fully virtual, fully in an office, or a hybrid schedule. As we mark the first anniversary of Amex Flex, I am pleased that while the way we work has evolved, our culture has endured. A majority of our colleagues have selected a hybrid schedule, which means they have chosen to come into an office on certain days and work virtually on the others, while other colleagues have chosen to be mostly or entirely virtual.
在大家全面过渡至新工作方式的这一年里，我们仍取得优异成果，令人欣慰。规划疫情后的返岗方案时，我们既要保留远程办公的优势，也要重新获得线下协作的益处。因此，去年我们推出了新的工作模式 Amex Flex，让同事可以选择完全远程办公、完全到办公室或混合排班。值此 Amex Flex 推出一周年，令人欣喜的是，工作方式虽已改变，但文化依旧长存。大多数同事选择混合排班，即在某些日子到办公室、其余则远程办公；还有一些同事则选择大部分或全部远程。
Our flexible approach is a key differentiator for us, and our continuous efforts to create an inclusive culture that embraces diversity has continued to earn us accolades. In 2022, American Express ranked No. 8 on the 100 Best Companies to Work For list in the U.S. by Great Place to Work and Fortune magazine and ranked similarly high on several other workplace lists outside the U.S. The company also ranked No. 13 on Fortune’s list of the World’s Most Admired Companies.
灵活的工作模式是我们的重要差异化优势，而持续打造拥抱多元、包容的文化也不断为我们赢得赞誉。2022 年，美国运通在 Great Place to Work® 与《财富》联合评选的美国“最佳雇主 100 强”中位列第 8，并在美国以外的多份职场榜单中同样名列前茅；公司还在《财富》“全球最受赞赏公司”榜单中位列第 13。
To remain competitive, we will continue to listen and evolve our approach to deliver the best experience for our colleagues so that they can deliver the best experience for our customers.
为保持竞争力，我们将继续倾听同事的声音并不断优化做法，力求为同事打造最佳体验，使他们能为客户提供同样卓越的体验。
Backing Our Customers
客户至上
Our customers are at the center of everything we do, and they represent one of our most critical competitive advantages in the fast-growing payments space. We are leaders in the most attractive customer segments in the industry, including premium consumers, small and medium-sized businesses, and the largest corporations around the world.
我们的客户是我们一切工作的核心，也是快速增长的支付领域中最关键的竞争优势之一。我们在行业内最具吸引力的客户细分市场——包括高端个人、各类中小企业以及全球最大的跨国公司——均处于领先地位。
Our focus on these segments has enabled American Express to create a virtuous cycle of growth that starts with our premium customers. The high levels of engagement that we drive with our customers enables us to attract a growing network of merchants and partners, who add more value to our membership model, which in turn enables us to attract more premium customers, creating more scale. This scale enables us to generate more investment capacity and operating efficiencies to continue building our membership model, making it difficult for our competitors to catch up.
对这些细分市场的专注让美国运通形成了以高端客户为起点的良性增长循环。我们与客户高度互动，吸引着不断壮大的商户与合作伙伴网络，他们为我们的会员模式增添价值，从而吸引更多优质客户，扩大规模。规模效应为我们带来更大的投资能力和运营效率，持续完善会员模式，使竞争对手难以追赶。
What’s truly special about our business is the relationship that our customers have with our brand. Many of our customers don’t see themselves as simply having or using American Express® cards. They feel they are with American Express. Our customers have a strong emotional connection to our brand and the products and services we offer. They are proud of their association with us. I often have people tell me how long they’ve been a member when I first meet them. As we have continuously evolved our membership model by adding more offerings, benefits, experiences and digital solutions to meet the changing needs and expectations of our customers, the power of our brand endures and remains relevant across generations.
真正让我们的业务与众不同的是客户与品牌的关系。许多客户并不只是“持有”或“使用”美国运通卡，他们觉得自己“属于美国运通”。客户对我们的品牌及其产品与服务拥有深厚的情感联结，并以此为荣。我经常在初次见面时就听到客户告诉我他们成为会员的年限。随着我们不断通过新产品、福利、体验和数字化方案来满足客户日益变化的需求与期待，品牌的力量跨世代延续，历久弥新。
I’m proud that our colleagues’ continued commitment to customer-focused product innovation and delivering a great customer experience that once again earned our team top accolades. In 2022, customers rated American Express No. 1 in customer satisfaction in the J.D. Power U.S. Credit Card Satisfaction Study among national credit card issuers, landing the top spot for the 12th time in the 16 years since the survey began. Customers also rated us No. 1 in the J.D. Power U.S. Small Business Credit Card Satisfaction Study for the second year in a row.
令人自豪的是，我们的同事始终致力于以客户为中心的产品创新与卓越体验，再次为团队赢得了至高荣誉。在 2022 年 J.D. Power 全美信用卡满意度调查中，美国运通在全国信用卡发行机构中蝉联第一，这已是该调查开展 16 年来第 12 次夺冠；在 J.D. Power 全美小企业信用卡满意度调查中，我们亦连续第二年位居榜首。
We see many opportunities ahead for our business, and we intend to capture these opportunities and build on our momentum by continuing to invest at high levels in several key areas, including further innovating our consumer and small business products; growing merchant acceptance with a particular focus outside the U.S.; introducing new digital capabilities that deliver seamless customer experiences in their channels of choice; and expanding into adjacent areas that reinforce our core membership model, including new lifestyle and financial services for consumers and SMEs.
前景中蕴含诸多机遇，我们计划继续在若干关键领域保持高水平投入，抓住这些机会并延续增长势头：进一步创新个人与小企业产品；尤其在美国以外市场扩大商户受理；推出新数字化能力，在客户首选渠道带来无缝体验；同时向相邻领域拓展，为个人和中小企业提供嵌入会员模式的新型生活方式及金融服务。
Remaining Focused
保持专注
Looking ahead, we are focused on building on our momentum to achieve our long-term growth aspirations and remaining disciplined and nimble to meet our customers’ evolving needs.
展望未来，我们将致力于在现有动能基础上实现长期增长目标，并保持纪律性与灵活性，以满足客户不断变化的需求。
While there are uncertainties in the macroeconomic environment, we have the right strategy and team in place to navigate changes in the operating environment should they occur. Our company has shown resiliency in the face of disruption throughout the years, including more recent events like the September 11 terrorist attacks, the Great Financial Crisis, and the COVID-19 pandemic. Each time, we have emerged a stronger, more focused company, and that is because of our commitment to backing our colleagues and our customers.
尽管宏观经济环境存在不确定性，我们拥有正确的战略与团队来应对潜在的运营环境变化。多年来，包括“9·11”恐怖袭击、全球金融危机及新冠疫情等事件在内的冲击，都证明了公司的韧性。每一次挑战后，我们都变得更强大、更聚焦，而这正源于我们对员工和客户的坚定支持。
Having just completed my fifth year as Chairman and CEO, I have never felt more inspired and proud to lead American Express and the incredibly talented colleagues who make our company so special. We have numerous opportunities ahead to continue deepening and strengthening our relationships with our customers. I am confident that by staying true to our vision, focusing on our strategic imperatives, and living our Blue Box Values, American Express will continue to succeed well into the future.
担任董事长兼首席执行官至今已满五年，我从未像现在这样充满激情与自豪，能领导美国运通及其卓越非凡的同事。未来还有无数机会，让我们与客户的关系更加深入、更加稳固。我坚信，只要秉持愿景、专注战略要务并践行蓝盒价值观，美国运通将在未来持续取得成功。
Stephen J. Squeri
Chairman and Chief Executive Officer American Express Co.
Cautionary Note Regarding Forward-Looking Statements
This letter contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. You can identify forward-looking statements by words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “continue” or other similar expressions. Actual results may differ from those set forth in the forward-looking statements due to a variety of factors, including those contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and the Company’s other filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements.