DEAR SHAREHOLDERS,
亲爱的股东们，
American Express had a strong year in 2023, continuing the momentum we have built in our business over the last few years. As a result of the loyalty of our customers, our colleagues’ commitment and strong execution of our strategy, we delivered record annual revenues of \$61 billion, up 14 percent, or 15 percent on an FX-adjusted basis1, and we generated record annual net income of \$8 billion, or \$11.21 per share.
美国运通在 2023 年表现强劲，延续了过去几年来的良好势头。得益于客户的忠诚、员工的奉献以及我们战略的有力执行，公司实现了 610 亿美元的年度创纪录收入，同比增长 14%，按固定汇率计算增长 15%¹，并创造了 80 亿美元的年度净利润，即每股收益 11.21 美元。
Underlying our sustained momentum is our differentiated business model, which provides us significant competitive advantages in the payments space across four key areas: our powerful global brand that is synonymous with trust and service excellence; our unique Membership model with leading value propositions; our loyal, premium, high-spending customers who have excellent credit profiles; and our large and growing global network of merchants and partners, which enhances value for our Card Members.
支撑我们持续增长势头的是差异化的商业模式，为公司在支付领域的四大关键方面带来显著竞争优势：全球强势品牌与信任和卓越服务直接挂钩；独特的会员模式和领先的价值主张；忠诚、高端、消费力强且信用记录优异的客户群；以及不断扩大的全球商户和合作伙伴网络，为持卡会员持续提升价值。
Along with these competitive advantages, we have a long legacy of customer-focused innovation driven by our colleagues that enables us to unlock additional opportunities to fuel our growth.
除了上述竞争优势，我们还有由员工推动、以客户为中心的创新传统，使我们能够发掘更多机遇，进一步推动增长。
Delivering on Our Growth Plan
落实我们的增长计划
We introduced a new growth plan in January 2022 that set forth long-term growth aspirations for our company through 2024 and beyond.
2022 年 1 月，我们推出了新的增长计划，确立了面向 2024 年及更长远的长期增长愿景。
Since introducing that plan, we have been investing to innovate and enhance value for our customers, colleagues, merchants and partners. Our decision to increase strategic investments has enabled us to accelerate our momentum, including:
自该计划推出以来，我们持续投资创新，为客户、员工、商户和合作伙伴提升价值。增加战略投资的决定帮助我们加速发展，包括：
• Growing our revenue base by more than 40 percent, from \$42 billion at the end of 2021 to \$61 billion last year.
• 将收入基数从 2021 年底的 420 亿美元提升逾 40%，至去年的 610 亿美元。
• Increasing Card Member spending by 37 percent on an FX-adjusted basis1 to \$1.5 trillion.
• 以固定汇率计算¹，持卡人消费额增长 37%，达到 1.5 万亿美元。
• Growing our customer base, adding approximately 25 million new proprietary cards over the last two years, bringing the total number of cards-in-force on our global network to more than 140 million.
• 扩大客户基础，在过去两年新增约 2,500 万张自有卡，使全球在用卡总量超过 1.4 亿张。
• Driving strong customer demand, particularly for our premium products, with more than 70 percent of the new accounts we acquired in 2023 coming into the franchise on fee-based products, which provide a steady stream of subscription-like revenues in addition to the revenues we generate from spending and lending.
• 推动强劲的客户需求，尤其是对高端产品的需求；2023 年新开账户中逾 70% 为收费型产品，这些产品除了消费和贷款收入外，还为我们带来稳定的“订阅式”收入。
• Expanding our merchant network globally, sustaining our virtual parity coverage in the U.S., with approximately 99% of credit-card accepting merchants able to accept American Express2, and increasing coverage in key international locations that are most frequented by our Card Members.
• 全球扩张商户网络，在美国保持近乎同业的覆盖率——约 99% 的信用卡商户可接受美国运通²，并在持卡人常去的关键国际地区提升覆盖。
• Continuing to grow our deposit programs, which has resulted in over 70 percent of our funding coming from stable customer deposits. Of our retail deposits, 92% were FDIC-insured as of year-end 2023.
• 持续扩大存款项目，使稳定的客户存款贡献逾 70% 的资金来源。截至 2023 年底，我们零售存款中有 92% 享受 FDIC 保险。
• Maintaining best-in-class credit quality, supported by our premium global customer base, our strong focus on risk management and disciplined growth strategy.
• 凭借全球高端客户群、专注的风险管理和审慎的增长策略，持续保持行业领先的信用质量。
• Returning \$5.3 billion in capital to our shareholders through dividends and share buybacks, while maintaining strong capital and liquidity levels.
• 通过分红和股票回购向股东返还 53 亿美元，并保持充足的资本和流动性水平。
Our performance is a result of the success of our strategy, the competitive advantages of our business model, the loyalty of our customers and the dedication of our colleagues. As a result, we are a larger, stronger, higher-growth company today.
我们的业绩体现了战略成功、商业模式竞争优势、客户忠诚度以及员工奉献精神。由此，公司今天已成为规模更大、实力更强、增长更快的企业。
Innovating for our Customers
为客户而创新
In order to sustain our momentum and high levels of growth, it is imperative that we continue to innovate to meet the evolving needs of our customers.
为了保持我们的发展势头和高水平增长，持续创新以满足客户不断变化的需求至关重要。
American Express has a long history of delivering differentiated products, services, and experiences to our customers by listening to them and anticipating their needs. From our formation as a freight forwarding company in 1850, to the invention of Travelers Cheques and entry to the card business and travel services, to the creation of one of the world’s most prestigious Membership platforms, American Express has constantly reinvented itself, while staying true to our brand promise of service, trust and security.
美国运通拥有通过倾听客户、预见需求而向其提供差异化产品、服务和体验的悠久历史。自 1850 年作为货运公司成立起，到发明旅行支票、进入卡片及旅行服务业务，再到打造全球最负盛名的会员平台之一，美国运通不断自我革新，同时始终坚守服务、信任与安全的品牌承诺。
More than 170 years later, we continue to innovate by creating value propositions that enhance and reimagine the Membership experience. Our commitment to customer-focused innovation has positioned us as leaders in the most attractive customer segments, which include premium consumers, small and medium-sized businesses and large corporations.
170 多年后，我们仍通过创造能够提升并重新定义会员体验的价值主张而持续创新。我们对以客户为中心的创新承诺，使我们在最具吸引力的客户细分市场——高端消费者、中小企业及大型企业——中处于领先地位。
Our cadence of product refreshes is a key part of our strategy to drive relevance across customer segments, generations and geographies, while reinforcing the unique value of American Express Membership. In 2023 alone, we refreshed or enhanced over 20 products around the world, including our U.S. Business Gold Card, Hilton HonorsTM American Express® co-brand cards, and Consumer Platinum Card® in Japan, and we saw net card fee revenues increase 20 percent for the year. This fast pace of product innovation will continue in 2024, with plans to refresh 40 products globally by the end of the year. With each product refresh, we seek to enhance the Card Member experience through compelling rewards and benefits, as well as differentiated travel and lifestyle services, which we evolve to add more value in the areas our customers care about the most.
产品的定期焕新是我们战略的重要组成部分，可在不同客户细分、世代与地域之间保持相关性，同时强化美国运通会员的独特价值。仅 2023 年，我们就在全球范围内更新或优化了 20 多款产品，包括美国 Business Gold Card、Hilton HonorsTM American Express® 联名卡，以及日本的 Consumer Platinum Card®，全年净卡费收入增长 20%。这一快速的产品创新节奏将在 2024 年延续，我们计划在年底前全球焕新 40 款产品。每次焕新，我们都通过引人注目的奖励和权益以及差异化的旅行与生活方式服务来提升持卡体验，并在客户最关心的领域不断增值。
Some of the most popular benefits we offer to our Card Members relate to dining, such as the Global Dining Collection on our Resy® restaurant booking platform, which offers access to sought-after restaurants, and further drives engagement. In fact, restaurant spending is now our largest travel and entertainment spend category, reaching \$100 billion for the first time for the full year 2023.
我们为持卡会员提供的一些最受欢迎的权益与餐饮相关，例如 Resy® 餐厅预订平台上的 Global Dining Collection，可让会员轻松预订热门餐厅，并进一步提高互动。事实上，餐厅消费现已成为我们最大的差旅与娱乐消费类别，2023 全年首次突破 1,000 亿美元。
In addition, our highly popular sponsorships and experiences cut across entertainment, sports, food, art, and fashion, generating strong onsite engagement and helping to drive interest among prospects. One of the new experiences we added last year was our sponsorship with Formula 1. To build on the rapidly growing popularity of the race, we announced an exclusive multiyear agreement with Formula 1 to be their official payments partner in the Americas.
此外，我们深受欢迎的赞助与体验覆盖娱乐、体育、美食、艺术和时尚等领域，带来强烈的现场互动，并有助于吸引潜在客户的关注。去年新增的体验之一是与一级方程式赛车（F1）的合作。为借助赛事日益攀升的人气，我们宣布与 F1 达成独家多年协议，成为其美洲地区官方支付合作伙伴。
Collectively, our investments across experiential offerings and product innovation have continued to drive our relevance across generations. In 2023, Millennial and Gen Z consumers accounted for more than 60% of our new Consumer account acquisitions globally and 75% of our Consumer Platinum and Consumer Gold account acquisitions in the U.S.
总体而言，我们在体验型产品和创新方面的投资不断提升了品牌在各年龄层的相关性。2023 年，千禧一代和 Z 世代消费者在全球新开个人账户中占比超过 60%，在美国新开个人白金卡和个人金卡账户中占比达到 75%。
We are also continuing to invest in our Commercial Services offerings, adding new capabilities and integrations with B2B technology providers to deepen our relationships with small and medium-sized enterprises. We are the largest issuer of small business cards in the U.S., and see many opportunities ahead to build on our relationships by enabling our business clients to run more of their business with American Express3. In early 2023, we launched Business Blueprint, a digital one-stop-shop for U.S. small- and medium-sized enterprises’ financial needs, including real-time cash flow analysis, access to flexible funding, and other tools that help them efficiently manage their payments and cash flows. We also continued to innovate our business card products, with the roll-out of our refreshed U.S. Business Gold Card, which provides significantly more value and new benefits in top business spending categories.
我们还在持续加大对商业服务产品的投资，引入新功能并与 B2B 科技供应商整合，以深化与中小企业的合作关系。我们是美国最大的中小企业卡发行机构，看到了众多机遇，通过让企业客户更多地使用美国运通来经营业务进一步巩固关系³。2023 年初，我们推出了 Business Blueprint，为美国中小企业提供数字化一站式金融服务，包括实时现金流分析、灵活融资渠道和其他帮助其高效管理支付和现金流的工具。我们还持续创新商务卡产品，推出焕新的美国 Business Gold Card，在主要商务支出类别中提供显著提升的价值和新福利。
We have also continued to invest in modernizing our network, adding new capabilities that make it easier and seamless for emerging financial technology companies to work with us. In particular, our Agile Partnership Platform provides fintechs with access to a roster of issuing, processing and program management partners to help increase their speed to market with new value propositions for their customers, enabling them to tap into our brand, digital assets and technology capabilities.
我们亦继续投资于网络现代化，引入新功能，使新兴金融科技公司与我们合作更加便捷顺畅。尤其是我们的 Agile Partnership Platform，为金融科技企业提供发卡、处理和项目管理合作伙伴资源，帮助其更快地向客户推出新价值主张，并利用我们的品牌、数字资产和技术能力。
Our investments help fuel a virtuous cycle of growth, enabling us to attract and retain large numbers of high spending, highly engaged premium customers. Our premium customer base, along with the investments we have been making in our marketing analytics and platforms, attract a growing network of merchants and partners, who add more value to our Membership offerings, which in turn enables us to attract even more premium customers.
我们的投资助推了增长的良性循环，使我们能够吸引并留住大量高消费、高参与度的高端客户。我们的高端客户基础，加上在营销分析和平台上的持续投入，吸引了不断壮大的商户和合作伙伴网络，他们为我们的会员服务增值，反过来又帮助我们吸引更多高端客户。
Innovating Through Our Colleagues
通过同事推动创新
Driving our continuous innovation for our customers is our nearly 75,000 colleagues around the world who are dedicated to delivering the world’s best customer experience every day. Their talent, creativity, and collaboration drive our success, and make American Express one of the best places to work in the world, as repeatedly demonstrated by our rankings in many top-tier employer of choice lists.
推动我们持续为客户创新的，是遍布全球、每天致力于提供全球最佳客户体验的近 75,000 名同事。他们的才华、创造力与协作精神成就了公司的成功，也让美国运通屡次跻身各大顶级雇主榜单，成为全球最理想的工作场所之一。
To foster a culture of innovation and enable and motivate our colleagues to achieve their full potential, we continue to make significant investments in our Colleague Value Proposition. This includes our culture built on our enduring Blue Box Values, and opportunities we provide for colleagues to grow and develop as leaders. We also offer world-class benefits and programs that support our colleagues’ physical, financial, and mental wellbeing, and we cultivate an inclusive and engaging environment for our colleagues.
为了培育创新文化，并激励同事充分发挥潜能，我们持续在“同事价值主张”上进行大量投入。内容包括：以恒久“蓝盒子价值观”为基石的企业文化，为同事提供成长与领导力发展的机会；以及支持同事身心、财务健康的世界级福利和项目，营造多元包容且充满活力的工作环境。
We embed innovation in our culture through a range of programs that encourage creative thinking and an entrepreneurial mindset. Through our flagship learning and development programs, we provide training and thought leadership to support innovation, collaboration and agility. We also hold Enterprise Innovation Learning days for colleagues to explore emerging technologies. In addition, our Edward P. Gilligan Award for Innovation, named after our late American Express President, recognizes colleagues who demonstrate innovative thinking in developing new products, processes or programs.
我们通过多项计划将创新融入文化，鼓励创造性思维与创业心态。借助旗舰学习与发展项目，我们提供培训与思想领导力，支持创新、协作与敏捷。我们还举办企业创新学习日，让同事探索新兴技术。此外，以已故美国运通总裁命名的“Edward P. Gilligan 创新奖”表彰在开发新产品、流程或项目中展现创新思维的同事。
As our colleagues collectively work to raise the bar on what a great customer experience looks like, we see opportunities for them to further innovate by leveraging Generative Artificial Intelligence (Gen AI)to enhance American Express Membership. We were one of the first companies in the financial services industry to embrace AI, starting with machine learning in 2010 for fraud-prevention purposes and credit modeling. Investments in this space have helped us to maintain the lowest U.S. fraud rates among major credit card networks.4 Our colleagues also use AI to deliver personalized experiences to customers and automate certain time-consuming processes.
当同事们携手提升卓越客户体验标准时，我们也看到他们可通过利用生成式人工智能 (Gen AI) 进一步创新，提升美国运通会员价值。我们是金融服务行业最早拥抱 AI 的公司之一，2010 年便开始以机器学习用于防欺诈和信用建模。相关投入助我们保持美国主要信用卡网络中最低的欺诈率⁴。同事们也借助 AI 向客户提供个性化体验，并自动化部分耗时流程。
We are now applying our expertise to experiment with potential use cases of Gen AI. We have formed an internal Generative AI Council that includes leaders across our technology, data science, risk management, legal, and strategy teams to assess and approve the deployment of Generative AI use cases across the company. Among the areas where we are implementing Gen AI-powered capabilities is in card and travel servicing, with a focus on enhancing the productivity of frontline colleagues and elevating the customer experience. We are also deploying a Gen AI coding assistant that aids with code generation, which is expected to speed development efforts.
目前，我们正运用专业知识试验 Gen AI 的潜在应用场景。公司成立了由技术、数据科学、风险管理、法律及战略团队领导组成的“生成式 AI 委员会”，负责评估并批准公司范围内 Gen AI 用例的部署。其中一项应用是在卡片与差旅服务领域，通过 Gen AI 技术提升一线同事的工作效率并优化客户体验。我们还在推出 Gen AI 编码助手，用于代码生成，预计将加快开发进程。
As we explore opportunities, we will do so by focusing on managing the risks associated with the technology, complying with regulations, following and enhancing our established governance processes and ensuring we have the appropriate controls and human oversight, all while maintaining the trust and security that is foundational to our brand.
在探索机遇的同时，我们将专注于管理相关技术风险，遵守法规，沿用并完善既有治理流程，确保实施适当的控制和人工监督，并始终维护品牌基石——信任与安全。
I am proud of our talented colleagues who continue to drive innovation, creativity and agile thinking to bring to life American Express Membership for our premium customers globally.
我为才华横溢的同事们感到自豪——正是他们持续推动创新、创意与敏捷思维，使全球高端客户的美国运通会员体验生动呈现。
We are pleased that our focus on and investments in our colleagues are translating into results, as reflected in the positive feedback we receive directly from our colleagues. According to our annual Colleague Experience Survey, over 90 percent of colleagues who participated in the survey last year said they would recommend American Express as a great place to work. Additionally, the overwhelming majority of colleagues feel there is effective collaboration across teams, and our environment is a safe place for colleagues to challenge the status quo. This supporting and engaging culture we have built for our colleagues also continues to earn us external recognitions, including the No. 3 spot on Fortune’s most recent ranking of Best Companies to Work For and Fortune’s No. 1 spot in the Financial Services and Insurance category.
我们很高兴看到，对同事的关注与投资正在转化为成果，这从同事们直接给予的积极反馈中可见一斑。在去年开展的年度同事体验调查中，逾 90% 的受访同事表示愿意推荐美国运通作为理想工作场所。此外，绝大多数同事认为跨团队协作高效，并且公司环境是鼓励他们挑战现状的安全空间。这种支持性和参与度高的文化也让我们获得外部认可，包括在《财富》最新“最佳雇主”榜单中排名第 3，并位居金融服务和保险行业第 1。
Innovating for the Future
面向未来的创新
Based on the momentum we have built across our business and the success of our strategic investments to date, I am confident about our future.
基于我们在业务各领域积累的增长势头以及迄今战略投资的成功，我对公司的未来充满信心。
We have a differentiated business model that provides us several sustainable competitive advantages. We have a world-class colleague base, with a strong focus on delivering for our customers through innovative value propositions, experiences and exceptional service, supported by our brand promise of trust and security. The strong execution of our strategy to date and our investments in future growth provide us with a significant runway for continuing our momentum across generations, geographies, and customer segments.
我们拥有差异化的商业模式，为我们带来多项可持续的竞争优势。我们拥有世界级的员工队伍，秉承信任与安全的品牌承诺，专注通过创新的价值主张、体验和卓越服务满足客户需求。迄今为止对战略的有力执行以及对未来增长的持续投资，为我们在不同世代、地域和客户群体中保持势头提供了广阔跑道。
The power of our business model, combined with our global, loyal and premium customer base, the dedication and focus of our talented colleagues, and the many attractive growth opportunities we see ahead, all reinforce my confidence in our ability to drive towards our long-term growth aspirations.
我们的商业模式的强大动力，加上遍布全球、忠诚且高端的客户基础，才华横溢的员工的专注与奉献，以及我们所看到的众多诱人增长机遇，共同增强了我对实现长期增长目标的信心。
Stephen J. Squeri
斯蒂芬·J·斯奎里
Chairman and Chief Executive Officer American Express Co.
美国运通公司董事长兼首席执行官
Cautionary Note Regarding Forward-Looking Statements
前瞻性声明的注意事项
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, 2023 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.
本函包含若干依据《1995 年美国私人证券诉讼改革法案》定义的前瞻性声明，这些声明存在风险和不确定性。您可通过“相信”“预计”“预期”“打算”“计划”“目标”“将”“可能”“应当”“能够”“将会”“很可能”“继续”等词语或其他类似表述识别这些前瞻性声明。由于多种因素（包括公司截至 2023 年 12 月 31 日的年度报告 Form 10-K 以及向美国证券交易委员会提交的其他文件中所述因素），实际结果可能与这些前瞻性声明中列示的结果存在重大差异。请不要过度依赖这些仅代表发布当日观点的前瞻性声明。除法律另有规定外，我们不承担更新或修订任何前瞻性声明的义务。
Endnotes:
注释：
1 FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes 2023 foreign exchange rates apply to 2022 results). Total revenues net of interest expense on an FX-adjusted basis is a non-GAAP measure.
1 按固定汇率调整的信息假设比较期间在汇率换算为美元时使用相同汇率（即假设 2023 年汇率适用于 2022 年结果）。按固定汇率口径计算的扣除利息费用后的总收入为非 GAAP 指标。
2 Source: Company internal data and the Nilson Report, February 2024.
2 资料来源：公司内部数据及《尼尔森报告》2024 年 2 月。
3 Source: The Nilson Report, June 2023 “Small Business Credit Cards by Issuer” for 2022, Argus Data through November 2023, and internal calculations.
3 资料来源：《尼尔森报告》2023 年 6 月《按发行机构划分的小企业信用卡》（2022 年数据），Argus 数据（截至 2023 年 11 月）及公司内部计算。
4 Source: The Nilson Report, February 2024.
4 资料来源：《尼尔森报告》2024 年 2 月。