2025-10-17 American Express Company (AXP) Q3 2025 Earnings Call Transcript
American Express Company (NYSE:AXP) Q3 2025 Earnings Call October 17, 2025 8:30 AM EDT
Company Participants
Kartik Ramachandran - Senior VP & Head of Investor Relations
Stephen Squeri - Chairman & CEO
Christophe Le Caillec - Chief Financial Officer
Conference Call Participants
Sanjay Sakhrani - Keefe, Bruyette, & Woods, Inc., Research Division
Ryan Nash - Goldman Sachs Group, Inc., Research Division
Mark DeVries - Deutsche Bank AG, Research Division
Donald Fandetti - Wells Fargo Securities, LLC, Research Division
Craig Maurer - Financial Technology Partners LP
L. Erika Penala - UBS Investment Bank, Research Division
Brian Foran - Truist Securities, Inc., Research Division
Richard Shane - JPMorgan Chase & Co, Research Division
Jeffrey Adelson - Morgan Stanley, Research Division
Mihir Bhatia - BofA Securities, Research Division
Moshe Orenbuch - TD Cowen, Research Division
Robert Wildhack - Autonomous Research US LP
Presentation
Operator
主持人
Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q3 2025 Earnings Call. [Operator Instructions] As a reminder, today’s call is being recorded. I would now like to turn the conference over to our host, Head of Investor Relations, Mr. Kartik Ramachandran. Please go ahead.
女士们、先生们，感谢耐心等待。欢迎参加 American Express 2025 年第三季度财报电话会。[Operator Instructions] 提醒一下，今天的电话会将被录音。现在我将会议交给本次主持人、投资者关系负责人 Kartik Ramachandran 先生。请开始。
Kartik Ramachandran
Senior VP & Head of Investor Relations
高级副总裁兼投资者关系负责人
Thank you, Darryl, and thank you all for joining today’s call. As a reminder, before we begin, today’s discussion contains forward-looking statements about the company’s future business and financial performance. These are based on management’s current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these statements are included in today’s presentation slides and in our reports on file with the SEC. The discussion today also contains non-GAAP financial measures.
谢谢你，Darryl，也感谢各位参加今天的电话会。提醒一下，在开始之前，今天的讨论包含关于公司未来业务和财务表现的前瞻性陈述。这些陈述基于管理层当前的预期，并受到风险与不确定性的影响。可能导致实际结果与这些陈述存在重大差异的因素，已包含在今天的演示文稿以及我们向 SEC 备案的报告中。今天的讨论还包含非 GAAP 财务指标。
The comparable GAAP financial measures are included in this quarter’s earnings materials as well as the earnings materials for the prior periods we discussed. All of these are posted on our website at ir.americanexpress.com. We’ll begin today with Steve Squeri, Chairman and CEO, who will start with some remarks about the company’s progress and results; and then Christophe Le Caillec, Chief Financial Officer, will provide a more detailed review of our financial performance. After that, we’ll move to a Q&A session on the results with both Steve and Christophe. With that, let me turn it over to Steve.
相应的 GAAP 财务指标包含在本季度的财报资料中，以及我们此前讨论期间的财报资料中。所有这些材料都发布在我们的网站 ir.americanexpress.com 上。今天我们将先由 Steve Squeri（董事长兼首席执行官）介绍公司进展与业绩概况；随后由 Christophe Le Caillec（首席财务官）更详细地回顾我们的财务表现。之后，我们将与 Steve 和 Christophe 一起进入问答环节。现在，我把时间交给 Steve。
Stephen Squeri
Chairman & CEO
Thank you, Kartik. Good morning, and thank you for joining us. We had a very strong quarter with revenues up 11% year-over-year to a record $18.4 billion and earnings per share up 19% to $4.14. Card Member spending in the quarter accelerated to 9% or 8% on an FX-adjusted basis, with particularly strong retail spending and a bounce back in travel, and our credit performance continued to be excellent. Based on our strong performance through the first 3 quarters, we’re raising the guidance we provided in January. We now expect full year revenue growth of 9% to 10% and EPS between $15.20 and $15.50. The big news in the quarter was the launch of our refreshed U.S. Consumer and Business Platinum cards, which reinforces our leadership in the premium space.
谢谢你，Kartik。各位早上好，感谢大家参加。我们本季度表现非常强劲，收入同比增长 11% 至创纪录的 184 亿美元，每股收益增长 19% 至 4.14 美元。本季度持卡人消费加速至 9%，按汇率调整为 8%，零售支出尤为强劲，旅行回暖，我们的信贷表现也持续优秀。基于前三个季度的强劲表现，我们上调了 1 月份给出的指引。我们现在预计全年收入增长 9% 至 10%，每股收益在 15.20 至 15.50 美元之间。本季度的一件大事是我们在美国市场推出了焕新的消费者版和商业版 Platinum 卡，进一步巩固我们在高端领域的领先地位。
I’m very pleased to say that the initial customer demand and engagement are exceeding our expectations. In fact, while it’s still early, this is the strongest start we’ve seen for U.S. Platinum card refresh. Before I get into more details on Platinum, I want to provide some context. We are fortunate to have a global premium customer base that is unmatched in the industry. And our goal is to provide our customers with the best experience in the industry by continually investing in innovating our value propositions. The recent Platinum launch is yet another example of our proven strategy of refreshing our products on a regular basis to drive customer engagement and growth. In fact, we’ve done over 200 refreshes across our portfolio globally since 2019, and this is the third U.S. Platinum refresh we’ve done in the past decade.
我非常高兴地说，初期的客户需求与参与度超出我们的预期。事实上，尽管还处于早期阶段，但这是我们在美国 Platinum 卡焕新中见过的最强劲的开局。在进入更多有关 Platinum 的细节之前，我想先提供一些背景。我们很幸运拥有业内无可匹敌的全球高端客户群。我们的目标是通过持续投资、不断创新我们的价值主张，为客户提供业内最佳体验。近期的 Platinum 发布再次印证了我们行之有效的策略：定期焕新产品，以推动客户参与和增长。事实上，自 2019 年以来，我们在全球组合中已进行了 200 多次焕新，而这是我们过去十年完成的第三次美国 Platinum 卡焕新。
Our refresh strategy leverages and strengthens the competitive advantages of our membership model. It starts with understanding what our customers and our prospective customers want and then enhancing our value propositions with access to compelling benefits, services and experiences at a price point that delivers outstanding value. The scale of our premium customer base gives us a distinct advantage. Our Consumer and Business Platinum Card franchise alone accounts for approximately $530 billion of annual spend globally. This scale gives us deep insights into customer spending patterns and emerging trends, which informs our product enhancements and where we invest. Another key advantage is the relationships we have with the 160 million merchants around the world who accept our cards. We’ve grown the number of Amex accepting merchants by nearly 5x since 2017, giving our card members more places to use their cards and giving more merchants access to our high-spending customers who spend on average nearly 3x more annually on American Express cards than the average spend per card on other networks.
我们的焕新策略利用并强化了我们会员制模式的竞争优势。首先是了解现有与潜在客户的需求，然后以能够提供卓越价值的价格点，赋予他们可获得的、富有吸引力的权益、服务与体验来强化我们的价值主张。我们庞大的高端客户规模给了我们独特优势。仅消费者与商业版 Platinum Card 体系，全球年消费额就约为 5,300 亿美元。这一规模让我们对客户的消费模式与新兴趋势有深入洞察，从而指导我们的产品升级与投资方向。另一个关键优势是我们与全球 1.6 亿家接受我们卡片的商户之间的关系。自 2017 年以来，我们已将接受 Amex 的商户数量扩大近 5 倍，让持卡人有更多可用之处，同时也让更多商户能够触达我们高消费的客户群——这些客户在 American Express 卡上的年均消费额，几乎是其他网络每卡平均消费额的 3 倍。
Ultimately, product refreshes fuel a virtuous cycle of growth for the company. By continually enhancing our offerings, we drive the engagement and scale of our premium customer base. Our high-spending card members attract a growing number of world-class merchant partners who add more value to membership, which drives more engagement. And this enables us to generate more dollars that we can reinvest in enhancing our products. The result of all this is a loyal and growing premium customer base, mutually beneficial relationships with our merchants and strong returns for our shareholders, including higher revenue growth, excellent credit quality, expense leverage and increased profit across our product portfolios.
归根结底，产品焕新为公司的增长注入了良性循环。通过持续强化我们的产品与服务，我们提升了高端客户群的参与度与规模。我们的高消费持卡人吸引越来越多世界级商户伙伴，他们为会员增加更多价值，进而带来更多互动。这也使我们能够创造更多可再投资于产品提升的美元。所有这一切的结果是：忠诚且不断扩大的高端客户群、与商户互利共赢的关系，以及为股东带来强劲回报——包括更高的收入增长、优秀的信贷质量、费用杠杆效应和跨产品组合的利润提升。
There’s no better example of how we execute this strategy in our Platinum cards. We launched our first Platinum card over 40 years ago. It was the first premium card of its kind in the industry and remains the category leader. Platinum was initially designed for well-established affluent frequent travelers. Several years ago, we made a conscious decision to widen our aperture for our premium products so that we could also attract new generations to the franchise and grow with them as their needs change. With the value enhancements we’ve made over the past decade, the Platinum card has evolved into the leading premium lifestyle card that it is today, with a wider range of benefits and experiences that appeal broadly across generations, including Millennial and Gen Z consumers who are very comfortable paying for exceptional value and are highly engaged in the product.
在 Platinum 卡上，这一策略的执行可谓最佳范例。我们在 40 多年前推出了第一张 Platinum 卡——它是业内首张同类高端卡，至今仍是该品类的领导者。Platinum 最初面向的是具有稳定财富、且经常出行的旅客。几年前，我们有意识地扩大了高端产品的覆盖面，以便也能吸引新一代客户，并随着他们需求的变化与之共同成长。凭借过去十年我们所做的价值增强，Platinum 卡如今已发展为领先的高端生活方式卡，提供更广泛的权益与体验，对跨代际的用户均具吸引力——包括愿意为卓越价值买单且高度参与产品的 Millennial 与 Gen Z 消费者。
A good example of these value enhancements is the previous U.S. Platinum refresh we did in 2021 coming out of the COVID pandemic. We learned that our card members, particularly the younger cohorts, love the benefits we’ve added in categories like digital entertainment, wellness and delivery services in addition to our travel offerings, which we also continue to enrich with investments in new Centurion Lounges and the expansion of our hotel programs. That brings me to our most recent Platinum launch. Here again, we continued our strategy of enhancing the card’s benefits and services with more world-class partners across the areas we know our customers love to deliver industry-leading value that far exceeds the card’s annual fee.
这些价值增强的一个很好例子是我们在 2021 年、走出 COVID 疫情后完成的上一次美国 Platinum 焕新。我们了解到，除旅行权益外，我们新增的数字娱乐、健康与配送服务等类别的权益深受持卡人，特别是更年轻客群的喜爱；与此同时，我们也持续通过新建 Centurion Lounges 和扩展酒店项目来丰富旅行产品。说到这里，就引出我们最新的 Platinum 发布。本次我们再次延续既有策略：在我们知道客户喜爱的领域，与更多世界级伙伴合作，持续增强卡片的权益与服务，以远超年费的行业领先价值回馈客户。
In addition, we continue to enhance our award-winning digital capabilities, introducing a new app experience for our U.S. Platinum members that makes it even easier to engage with the card’s benefits. As I mentioned earlier, the initial results are very strong, exceeding our expectations. For example, new Platinum account acquisitions are running at twice the level before the refresh. In the first 3 weeks, we saw very strong engagement in the new benefits and over 500,000 requests for the new mirror card. And while the annual fee increase won’t go into effect for a few months, retention rates have been stable post refresh. In addition to these results, we saw record bookings through Amex Travel following the Platinum refresh and the launch of our new all-in-one travel app, which we introduced earlier in September in the U.S.
此外，我们持续强化屡获殊荣的数字能力，为美国 Platinum 会员推出了全新的 App 体验，使其更易于使用卡片权益。正如我先前所说，初期结果非常强劲，超出我们的预期。比如，新开立的 Platinum 账户数量目前是焕新前水平的两倍。在最初的 3 周内，我们看到了对新权益的高度参与，并收到了超过 50 万份对新 mirror card 的申请。虽然年费上调要在几个月后才生效，但焕新后的留存率依然稳定。除了这些结果之外，随着此次 Platinum 焕新以及我们 9 月初在美国推出的一体化旅行 App，我们也看到了通过 Amex Travel 的创纪录预订量。
全世界旅行的消费增长很可能远超软饮料的增长。
Looking ahead, I’m confident about our ability to sustain our growth by continuing to build on our powerful membership platform with a growing set of high-value products, benefits, services and experiences. We’ll also continue expanding our digital capabilities for consumers and businesses, including the upcoming integration of Centers expense management solution for commercial customers. And we’ll focus on continuing to grow merchant coverage outside the U.S. to give card members more places to use their Amex cards. With that, I’ll hand it over to Christophe to walk through more detail on third quarter results.
展望未来，我对我们持续增长的能力充满信心——我们将继续构建在强大的会员平台之上，提供不断增长的高价值产品、权益、服务与体验。我们也将继续拓展面向消费者与企业的数字能力，其中包括即将把 Centers 的费用管理解决方案整合给商业客户。同时，我们将专注于继续扩大美国以外的商户覆盖，让持卡人在更多地方可以使用他们的 Amex 卡。下面我把时间交给 Christophe，请他详细讲解第三季度的业绩。
Christophe Le Caillec
Chief Financial Officer
Thanks, Steve, and good morning, everyone. Let me start with a few highlights for the quarter. Our business model is performing really well. Revenue growth accelerated to 11% this quarter with broad-based growth across revenue lines. Annual card fees are now approaching $10 billion annually and have grown at double digits for 29 consecutive quarters. Credit performance remains excellent with both U.S. consumer and small business delinquency rates still below 2019 levels. And we've driven leverage from expenses and provision even as we have invested in our premium value propositions, marketing and technology. As a result, we continue to deliver very strong returns.
谢谢你，Steve。各位早上好。先说本季度的几个亮点。我们的业务模式表现非常强劲。收入增长在本季度加速至11%，各收入科目均实现广泛增长。年化年费收入现已接近100亿美元，并已连续29个季度实现两位数增长。信用表现依然优秀，美国个人与小企业的逾期率仍低于2019年水平。即使我们持续投入于高端价值主张、市场营销与技术，我们仍通过费用与备抵实现了经营杠杆。由此，我们继续交付非常强劲的回报。
EPS growth was 19% this quarter with an ROE of 36%. Turning to billed business trends for the quarter. Total spend was up 8.5% FX adjusted, about 2 percentage points higher than Q2. The step-up in growth was driven by strong retail spending, up 12% as well as a rebound in T&E. Airline spending picked up this quarter and restaurant, our largest T&E category continued to be very strong, up 9%. Premium T&E bookings saw good momentum with spending on front-of-cabin airline tickets up 14%. The momentum we've seen from younger customers also continued. Millennials and Gen Z now account for 36% of total spend, making up the same share as Gen X. International had another strong quarter with spend up 13% FX adjusted. Momentum remains broad-based across markets with 3 of our 5 top countries growing by 18% or more this quarter.
本季度EPS增长19%，ROE为36%。来看本季度的记账业务趋势。经汇率调整后，总消费额增长8.5%，较第二季度高约2个百分点。增速提升主要来自零售支出的强劲增长（+12%）以及差旅（T&E）的回升。航空支出本季度走强；餐饮（我们最大的T&E类别）继续坚挺，增长9%。高端T&E预订动能良好，前舱机票支出增长14%。年轻客群的动能亦在延续：Millennials与Gen Z现已占总支出的36%，与Gen X占比相当。国际业务亦表现强劲，经汇率调整后，支出增长13%。动能在各市场广泛显现，本季度我们前五大国家中的三国增长达到或超过18%。
In addition to the strong early performance we are seeing in the U.S. following the refresh, spend on Platinum cards issued outside the U.S. is up 24% this quarter, consistent with what we have seen over the last 2 years. Overall spend growth continues to be driven by transaction growth, up 10% in Q3, a good indicator of engagement from our customer base. I will note that we see strong engagement from millennial and Gen Z card members with the average number of transactions per U.S. customer about 25% higher than older cohorts. We acquired 3.2 million new cards in the quarter. And even more important than the overall number of cards, demand for our premium products remain very strong with over 70% of new accounts acquired on fee-paying products. Turning to balance growth and credit. Loan and card member receivables were up 7% year-over-year, broadly in line with bill business.
除了焕新后我们在美国看到的强劲早期表现之外，美国以外发行的Platinum卡本季度支出增长24%，与过去两年的趋势一致。总体支出增长继续由交易笔数推动，第三季度交易量增长10%，这反映了客户群体良好的参与度。需要指出的是，Millennial和Gen Z持卡人的参与度强劲，单个美国客户的平均交易次数较年长客群高约25%。本季度我们新发卡320万张。更重要的是，高端产品需求仍非常强劲，超过70%的新开户选择了付费产品。转向资产与信用方面：贷款与持卡人应收同比增长7%，与记账业务基本一致。
There was about a 1 percentage point impact on balance growth from our held-for-sale portfolios again this quarter. Credit performance remains very strong and stable. Q3 delinquency and write-off rates were low with delinquency rates flat to last quarter, while write-off rates declined. This performance is supported by our focus on premium products, which tend to attract high-income, highly creditworthy customers. We're seeing the outcome of this strategy in the latest Platinum refresh, where the credit profiles of consumer applicants following the refresh are even better than what we were seeing before with average FICO score up 15 points, contributing to 2x the number of acquisitions. Overall provision expense of $1.3 billion this quarter included a reserve build of $125 million, reflecting balanced growth.
本季度待售组合再次对资产增长带来约1个百分点的不利影响。信用表现依然非常强劲且稳定。第三季度逾期与核销率处于低位；逾期率与上季度持平，核销率有所下降。这一表现得益于我们聚焦高端产品，这类产品更能吸引高收入、高信用资质的客户。最新的Platinum焕新已体现该战略成效：焕新后的个人申请者信用画像更佳，平均FICO分上升15分，带动获客数量翻倍。本季度整体信贷成本（备抵）为13亿美元，其中包含1.25亿美元的准备金增加，反映均衡的资产增长。
Turning to revenue on Slide 14. Revenue was very strong this quarter, up 11% with momentum across revenue lines. Net card fees were up 17% FX adjusted, a pace that we have now maintained since 2019. Card fee growth moderated as we expected and will continue to moderate before we see an inflection upward in 2026 as a result of our product refreshes. As a reminder, card members who held Platinum cards prior to the refresh get to experience the new benefits for a few months before the increase in the annual fee goes into effect. The new card fee will then be applied at renewal anniversaries over the next 12 months. Additionally, card fees are amortized over a 12-month period. Putting those factors together, it takes roughly 2 years to fully lap the impact of the refresh on card fees with the contribution to growth peaking 12 months following the effective date of the new annual fee.
看第14页的收入。本季度收入非常强劲，增长11%，各项收入科目动能良好。经汇率调整后，净年费收入增长17%，这一增速自2019年以来持续保持。正如我们预期，年费增长有所放缓，并将在2026年因产品焕新进入拐点前继续温和；提醒一下，焕新前持有Platinum卡的持卡人可先体验新权益数月，之后年费上调才生效；新的年费将于未来12个月在续卡周年时逐步应用。另外，年费按12个月摊销。综合这些因素，年费收入完全“抹平”焕新影响大约需要两年，且在新年费生效后第12个月对增长的贡献达到峰值。
Of course, the overall trajectory of card fees is also dependent on many other factors such as volume and mix of acquisitions, retention and the full suite and cadence of product refreshes globally. Net interest income was up 12% again this quarter. We continue to grow balances largely in line with spending while driving higher NII growth by expanding the margin earned on balances. And at the same time, we've maintained best-in-class credit results. This quarter, the service fees and other revenue line includes the impact of a transaction at the Global Business Travel Group, which contributed about 5 percentage points to year-over-year growth in this line. In addition, this is the first quarter that we have fully lapped the sale of the Accertify business last May.
当然，年费收入的整体轨迹还取决于诸多因素，如新客规模与结构、留存，以及全球产品焕新的节奏与覆盖范围。本季度净利息收入再次增长12%。我们在与消费基本同步推动余额增长的同时，通过提升余额利差驱动更高的净息收入增长；并且我们依旧保持行业领先的信用表现。本季度“服务费及其他收入”包含Global Business Travel Group一笔交易的影响，对该科目同比增长贡献约5个百分点。此外，这是我们自去年5月处置Accertify业务后首个完全“抹平”交易影响的季度。
The main takeaway here is that growth in service fees and other revenue is running higher than the low single digits that we saw in the second half of last year and earlier this year. Overall, we feel good about the momentum we have at this point in the year, and we are on track for full year revenue growth of 9% to 10%. Turning to expense performance. VCE was up 14% in the quarter with the VCE to revenue ratio coming in at 42%. Card Member service growth stepped up for the first -- stepped up from the first half of the year, driven by strong early engagement with the refreshed U.S. Platinum benefits, especially some of the quarterly credits that were available to customers. This is a good early sign of interest in the product and the new benefits. And as we noted previously, the cost of benefits occurs immediately while the realization of fee revenue is lagged given the timing and accounting of those fees.
这里的要点是，“服务费及其他收入”的增长已高于去年下半年和今年年初所见的低个位数区间。总体而言，我们对年内至今的动能感觉良好，并有望实现全年9%至10%的收入增长。转向费用表现：本季度VCE（可变客户支出）增长14%，VCE/收入比为42%。会员服务费用较上半年有所上升，主要受美国Platinum焕新后的强劲早期参与带动，尤其是客户可用的若干季度性抵用权益。这是市场对产品及新权益兴趣的良好早期信号。正如我们此前所述，权益成本是即时确认，而年费收入因确认时点与会计处理存在滞后。
Our model also benefits from partners that offer value to our customers. Over the last 12 months, our partners have offered over $3 billion of value across embedded benefits, Amex Travel and Amex Offers. We also manage our VCE expenses through constant innovation of our rewards and benefits, the latest one being the introduction of amount-based redemptions. As we've noted previously, we expect the VCE ratio to increase over time as a result of our investments in the value proposition and the mix shift to a more premium portfolio. We also feel good about the ability of these investments, together with the expense leverage to drive sustainable mid-teens EPS growth under our long-term aspiration.
我们的模式还受益于合作伙伴向客户提供的价值。在过去12个月里，合作伙伴通过内置权益、Amex Travel以及Amex Offers，为客户提供了超过30亿美元的价值。我们也通过持续创新奖励与权益来管理VCE支出，最新举措是引入按金额计的积分兑换。正如我们此前所言，随着我们在价值主张上的投资以及产品组合向更高端迁移，VCE比率预计将逐步上升。我们也有信心，这些投资叠加费用杠杆，将在我们的长期目标下，驱动EPS可持续实现中十位数增长。
Moving on to capital. We returned $2.9 billion of capital to our shareholders, including $0.6 billion of dividends and $2.3 billion of share repurchases. Our business continues to generate very strong returns with an ROE of 36% this quarter. Our strong ROE enables us to return a high level of earnings to our shareholders around 70% over the past 3 years. Over the same time period, our dividend is up 58%. That brings me to the outlook for the year. While there continues to be uncertainty in the environment, given the strength of our performance, we are raising our full year guidance. We now expect revenue growth of 9% to 10% and earnings per share between $15.20 and $15.50. This assumes a stable macroeconomic outlook as we get to the end of the year. Stepping back, we feel really good about our momentum year-to-date, and we are very pleased with the initial demand and engagement following the Platinum refresh. With that, I'll turn the call back over to Kartik, and we'll take your questions.
关于资本方面：我们向股东回馈了29亿美元资本，其中包括6亿美元股息与23亿美元回购。本季度业务继续创造强劲回报，ROE为36%。强劲的ROE使我们在过去三年内将约70%的收益回馈给股东；同一期间，我们的股息提升了58%。最后是对全年展望。尽管外部环境仍存在不确定性，但鉴于我们的强劲表现，我们上调了全年指引：预计收入增长9%至10%，EPS在15.20至15.50美元之间；该指引假设年末宏观环境保持稳定。总体看，我们对年初至今的动能非常乐观，也对Platinum焕新后的初期需求与参与度非常满意。下面把时间交还给Kartik，我们进入问答环节。
Question-and-Answer Session
Kartik Ramachandran
Senior VP & Head of Investor Relations
Thank you, Christophe. Before we open up the lines for Q&A, I will ask those in the queue to please limit yourself to just one question. Thank you for your cooperation. And with that, the operator will now open up the line for questions. Operator?
谢谢你，Christophe。在我们开始问答环节之前，请在队列中的各位将问题限制为一个。感谢配合。接下来由接线员开放提问通道。Operator？
Operator
[Operator Instructions] Our first question comes from the line of Sanjay Sakhrani with KBW.
Sanjay Sakhrani
Keefe, Bruyette, & Woods, Inc., Research Division
First of all, I appreciate all the disclosures on the Platinum Card and the refresh, and it seems like things are going really well there. Steve, I guess there's been just a lot of resiliency, if not strength across your customer base, even corporate and small business did accelerate sequentially. So maybe you could just -- could you just talk about how you're feeling about the path forward? Can things actually improve here because we've bottomed some because you had this acceleration? Maybe just -- in a stable macro backdrop specifically? And then just one Christophe modeling thing. The gain that you had this quarter, I mean, should we think about it as an explicit benefit? I'm sorry if I missed that commentary, if you had any.
首先，感谢你们对 Platinum Card 及此次焕新的详尽披露，看起来进展非常顺利。Steve，我的感觉是你们的客户基础展现了很强的韧性，甚至可以说是强劲；就连企业与小企业也环比加速了。能否谈谈你对未来路径的看法？在宏观稳定的背景下，这轮加速是否意味着阶段性触底、后续还有改善空间？然后有一个给 Christophe 的建模问题。本季度的那笔收益，我们是否应该将其视为一项明确的正向影响？如果你之前已经评论过而我错过了，还请见谅。
Stephen Squeri
Chairman & CEO
Look, I think you saw a little bit of an accelerant this quarter from a billings perspective. But if you look back over the last 6 or 7 quarters that it's been relatively stable. Is this a sign of things to come? I don't know if this -- we're going to keep this billings up the way we are. But I don't see anything in the horizon here that would indicate that billings are going to slow down or decline. So I think the second quarter, you saw a deceleration in airline spending. I think the pickup in T&E was really good. I mean restaurants continue to be strong, but airlines really did pick up. And I think what was really encouraging for us as well was the premium part from an airline perspective. I mean that was up 14% when you think about front of the cabin.
从账单量的角度看，这个季度确实出现了一些加速。但回看过去 6 到 7 个季度，整体相对稳定。至于这是否意味着趋势性的改善？我不确定我们是否会一直保持当前的账单增速。但我同样没有看到任何迹象显示账单会放缓或下滑。第二季度你们看到航空支出放缓，而这次 T&E 有所回升非常不错。餐饮仍然强劲，而航空确实明显回升。更令我们鼓舞的是航空中的高端舱部分——就前舱来看，增长了 14%。
So that, coupled with quarterly billing -- quarterly bookings in our U.S. travel, consumer travel business, which were at an all-time high. So I think, look, we're still in a relatively stable environment. I would also point out, as I always point out, our card base is not representative of what's going on across the United States. It truly is a bifurcated economy. We have a small percentage of the cards, but our cardholders are much more premium, and we're lucky to have a much more premium card base. So we're seeing a little bit of a pickup in spend. We hope that, that continues into the fourth quarter.
再加上我们在美国旅行（消费者旅行）业务上的季度预订创下历史新高。总体来看，我们仍处在一个相对稳定的环境中。我也要重申，我们的持卡人结构并不代表美国整体状况，经济确实是分化的。我们卡片占比不大，但持卡人更偏高端，这也是我们的幸运。因此我们看到支出略有回升，希望这种趋势能延续到第四季度。
AI带来生产力的提升-》闲余时间增加-》旅行消费增加。
I think what was encouraging for us is also the pickup in small business. We saw 4% growth, a pickup in large and global as well, which was up at about 6%. And international continues to -- just continues to really be really strong. And the last thing I'll say is I think the retail spending, especially in the U.S. consumer business, hopefully is a good harbinger for what will come during the holiday season because U.S. consumer business was very strong as well at 9%. So are we going to see a big accelerant from here? It's not what we're expecting, but we're not also expecting a deceleration as well.
另一个让我们受鼓舞的是小企业的回升，我们看到 4% 的增长；大型与全球客户也回升到约 6%。国际业务持续强劲。最后一点，我认为美国消费者业务中的零售支出表现强劲（增长 9%），这有望成为假日季的良好前兆。至于是否会从这里出现更明显的加速？这并不是我们的基线预期，但同样我们也不期待会出现放缓。
Christophe Le Caillec
Chief Financial Officer
And Sanjay, on your question about the gain. So it's not a large gain. It's in the range of about $80 million. We called it out because it has an impact on the growth rate of that line, service fees and other revenue. If you want more color, as you know, we own about 30% of their global business travel group. And I'm sure you've heard or seen that they just merged with the [Carlson Wagonlit] and that translated into a small gain for us, which we recognized this quarter, and that is moving the line a little bit. It's about 5 percentage points of that 17% growth that you see here, FX adjusted. Even if you control for that, we still would still be in double-digit revenue growth. So it's really not changing that much the picture in terms of the momentum that we reported this quarter.
Sanjay，关于你问到的那笔收益，并不大，大约在 8,000 万美元。我们之所以单独提及，是因为它影响了“服务费及其他收入”这条线的增速。更具体地说，你知道我们持有其 Global Business Travel Group 约 30% 的股权；他们刚刚与 [Carlson Wagonlit] 合并，这为我们带来了一笔小的收益，本季度已确认，因此那条线有所抬升。按恒汇计算，这笔收益大约占你们看到的 17% 增长中的 5 个百分点。即便扣除这一影响，我们的收入增长仍然是双位数。所以这并没有改变本季度我们报告的动能大局。
Operator
Our next question comes from the line of Ryan Nash with Goldman Sachs.
Ryan Nash
Goldman Sachs Group, Inc., Research Division
I echo Sanjay's comments on the disclosures. Maybe, Steve, can you maybe just talk or Christophe broad strokes on the financial impact of the Platinum refresh, particularly on card fees and VCEs. And Christophe, you broadly commented on this, but does this in any way impact your ability to generate mid-teens EPS growth, not over time, but during the refresh period?
我同意 Sanjay 对信息披露的评价。也许请 Steve，或者 Christophe，从整体上谈谈此次 Platinum 焕新的财务影响，特别是对 card fees 和 VCEs 的影响。还有 Christophe，你刚才也大体提到过，但这是否会在焕新期间影响你们实现中双位数（mid-teens）的 EPS 增长能力？我说的不是长期，而是焕新期间本身。
Stephen Squeri
Chairman & CEO
I'll let Christophe go through some of the numbers here.
我让 Christophe 来讲一些具体数字。
Christophe Le Caillec
Chief Financial Officer
Yes. The short answer is no. We try to provide some more color in terms of the dynamic. And you understand, I know the card fee dynamic, it's delayed and then it's amortized over 12 months while the benefit are immediate and are available to everybody. That clearly puts a little bit of pressure. And we've signaled at the beginning of the year that you should expect a little bit of step-up in [indiscernible] at the back end of the year on the back of this Platinum refresh. But the year is really playing out as we were expecting it to play out.
是的。简短回答是：不会。我们想补充一些动态方面的说明。你们也理解，card fee 的确认具有滞后性，并在 12 个月内摊销，而权益（benefits）是即时生效、向所有人开放的。这显然会带来一些压力。我们在年初就提示过，受此次 Platinum 焕新影响，年底会在[indiscernible]上看到一些上升。但今年的进展基本符合我们的预期轨迹。
Of course, we had those insights. It was not all that visible to all of you, but we were expecting that kind of like step-up in [indiscernible] in Q4. And we are expecting it as well for 2026 going forward. So we did all of this with our eyes wide open. It's a material investment, a significant investment, but it's our biggest product. And we gave you a little bit of some global numbers as well on the size of the of the product, it's very large. So it is a sizable investment for us, but we are still doing all of this with the ambition to deliver 15% or mid-teens EPS in terms of the coming years.
当然，我们对这些情况心中有数。尽管对外未必那么直观，但我们预期 Q4 会在[indiscernible]上出现这种台阶式上行。并且展望 2026 年也会如此。也就是说，我们是完全知情且权衡之后去做的。这是一笔重要、且规模可观的投资，但这是我们最大的产品。我们也给出了该产品体量的一些全球层面的数字，规模非常大。因此对我们而言是笔不小的投入，但我们仍以未来几年实现 15% 或中双位数 EPS 增长为目标来推进这些举措。
Stephen Squeri
Chairman & CEO
Right. And the only thing I would say is that, look, we plan and we run the company medium to long term here. So as Christophe pointed out, we do all this stuff with our eyes wide open and with our aspirations in mind. And so when we think about our planning horizon, as Christophe said, it will take 2 years for everything to fully play out and expenses play out a little bit earlier. But our aspirations are still our aspirations, 10% plus revenue growth and mid-teens EPS growth.
对。我想补充的一点是，我们以中长期视角来规划和经营公司。正如 Christophe 所说，我们在完全知情并围绕长期目标行事。从规划周期看，所有影响完全体现大约需要 2 年，费用端会更早一些体现。但我们的目标不变：收入 10%+ 增长、EPS 中双位数增长。
Operator
Our next question comes from the line of Mark DeVries with Deutsche Bank.
Mark DeVries
Deutsche Bank AG, Research Division
I was hoping to get a better sense of how much you think the Platinum refresh contributed to the acceleration in billed business growth during the quarter. I was kind of surprised at how quickly you made some of those credits like the Resy and lululemon available probably stimulated some spend. And also, any color on kind of the strength of demand on the consumer product versus the business?
我想更清楚地了解，你们认为本季度账单业务增速加快有多少是由 Platinum 焕新贡献的。我对你们像 Resy 和 lululemon 这类 credits 上线之快感到有些惊讶，这可能刺激了部分支出。另外，关于消费者产品与商业产品之间的需求强度差异，是否也能提供一些信息？
Christophe Le Caillec
Chief Financial Officer
Mark, so on the spend, if you look at the spend in aggregate, total billed business for the quarter, the impact is small. We've seen strength, as we said, in like travel and entertainment, airline went from being flat last quarter to being at 5% this quarter. So those macro changes are what's driving the billing strength that you see in the quarter.
Mark，就支出而言，如果看季度整体账单业务，总体影响较小。正如我们提到的，T&E 表现更强，航空从上季度大致持平，转为本季度增长 5%。因此本季度账单的强劲，主要由这些宏观层面的变化推动。
If you were to look at some specific partners, though, you would see like an impact. And we are sharing, I think, some of those numbers on that platinum charge on platinum part where we're calling out that for those partners listed on the bottom right here, there was like a 2x increase in terms of the number of customers. But their total impact billing-wise for the quarter is not really material.
不过，如果你观察部分具体合作伙伴，就会看到一定影响。我们在与 Platinum 相关的部分披露了一些数字——在右下角列示的那些合作伙伴上，客户数量大约增加了 2 倍。但从本季度的总账单贡献来看，影响并不显著。
Operator
Our next question comes from the line of Don Fandetti with Wells Fargo.
Donald Fandetti
Wells Fargo Securities, LLC, Research Division
Steve, can you dig in a bit on what you're seeing in SME? Obviously, it's good to see the uptick. Is that organic growth? Or is this just sort of bouncing around? And do you see any scenarios where that could normalize as you look out to 2026? There's also some fintech competition.
Steve，能否更深入谈谈你们在 SME 领域看到的情况？显然出现回升是好事。这是有机增长吗？还是只是上下波动？展望 2026 年，你们是否看到其正常化的情形？此外还有一些来自 fintech 的竞争。
Stephen Squeri
Chairman & CEO
Yes. Look, I think what we're seeing is we're seeing still good acquisition, which is good, and you're seeing organic start to turn around a little bit, especially at the small end and at the -- in the medium -- in the middle market as well. So I think it will stabilize. One of the things that we've talked about quite a bit is our larger transactions moving off some of the cards that came on during the COVID piece. And I think we're growing over that right now.
是的。我们现在看到的是，获客仍然不错，这是积极的；而且有机增速开始略有回暖，尤其是在小型客户以及中端市场。因此我认为会趋于稳定。我们之前多次提到的一点是：在 COVID 期间上来的部分卡片上，较大额交易正在迁移；而目前我们正逐步“跨过去”（继续在此基础上实现增长）。
So we feel good about acquisitions. We feel good about the early indications as it relates to the business Platinum launch. And yes, it's -- look, it's a competitive marketplace out there, no doubt about it, which is why we've done the center -- where we did the Center acquisition and why we'll be looking early next year to relaunch or launch our version of Center integrated in with our cards. So we think there's still a lot of opportunity in this space. And we think, hopefully, the downturn that we saw from an organic perspective is going to be behind us.
因此我们对获客情况感到满意；关于 Business Platinum 的发布，早期迹象也让我们有信心。当然，市场竞争非常激烈，这毫无疑问——这也是我们进行 Center 收购的原因，并且我们计划在明年初重新推出或推出我们版本、并与卡片深度集成的 Center 方案。所以我们认为该领域仍有大量机会，并且有望把此前在有机增长层面的低迷抛在身后。
Operator
Our next question comes from the line of Craig Maurer with FT Partners.
Craig Maurer
Financial Technology Partners LP
I wanted to ask, first, when you look at the Platinum Card refresh, I was curious how much of that you think has been with consumers or businesses that have high-end cards with other issuers already or upgrades within your own portfolio, trying to ascertain the degree to which this investment is creating a competitive takeaway from others? And second, if you could just talk about the international strength and where you saw that most outside the U.S. and where you might still be lacking in terms of coverage?
首先想问，在这次 Platinum Card 焕新中，你们认为有多大比例来自于：其一，原先在其他发行方已持有高端卡的个人或企业用户转投你们；其二，在你们自身组合内的升级？我想判断这笔投资带来的“从竞争对手处挖角”的程度。其次，能否谈谈国际业务的强劲表现：美国以外哪些地区最为突出？在受理覆盖方面你们还欠缺哪些地方？
Stephen Squeri
Chairman & CEO
Yes. So look, I think the -- it's a little bit too early to tell in terms of what the takeaways are at this point. I think the upgrades, we're very happy with the upgrades, and we were happy with the new card acquisition that we saw. What we don't know, and we'll figure this out, but we're sort of 3 weeks in here. Were these people that had premium cards before? Is this their first foray into the premium card segment? But we will look at all that data and figure that out.
是的。就目前而言，关于从竞争对手处“挖角”的具体规模还为时尚早。就升级而言，我们非常满意；新开卡的表现我们也很满意。我们尚不清楚——也会去弄清楚——这些申请者是不是此前就持有高端卡，还是首次进入高端卡品类。毕竟目前也就三周时间，我们将基于数据作进一步分析。
As far as international goes, international pretty much across the board was very, very strong for us. I think we focus on really the big 5 markets. I think 3 of those markets, we had almost 18% growth. And coverage continues. As I said, we're -- we talked about the city strategy of getting to 75% LIF coverage, and we talked about the various country strategies, and we continue to march in that direction. We'll continue to focus on Europe, and that's been a big focus. There are still some cities that we're working on, and we'll share more color with that as that occurs. But we're really pleased with just how much coverage has increased over the last few years.
至于国际业务，整体来看非常强劲。我们重点关注的“前五大”市场中，有三个位增长接近 18%。受理覆盖也在推进中。正如我所说，我们提出了城市层面的策略，目标是实现 75% 的 LIF 覆盖；同时也有各个国家层面的策略，并在持续推进。我们会继续聚焦于欧洲，这一直是重点。仍有一些城市在推进覆盖中，进展将适时分享。总体而言，近几年覆盖面的提升令我们非常满意。
Operator
Our next question comes from the line of Erika Najarian with UBS.
L. Erika Penala
UBS Investment Bank, Research Division
Christophe, if I could just dig into Ryan's question a little bit. Thank you so much for taking us through the sort of lifespan of the increase in card fees 2 years after the refresh, it's fully baked in, 12 months after the new card fee will peak. I'm wondering if you could walk us through in terms of the same pacing in terms of the step-up in related expenses. Is it -- would it be the heaviest over the next like 3 to 4 quarters and then it would subside in the next -- in the back half of, let's say, '27. That walk would be helpful.
Christophe，我想在 Ryan 的问题上再深入一点。非常感谢你解释了卡费提升的“生命周期”：焕新后两年完全反映、且新卡费在 12 个月后达到峰值。我想请你也按照类似节奏，讲一下相关费用的台阶式上升路径：是否会在接下来大约 3 到 4 个季度最重，然后在比如说 2027 年下半年回落？这样的节奏说明会很有帮助。
Christophe Le Caillec
Chief Financial Officer
Predicting what's going to happen in '27, it's going to be like really hard. But -- from an engagement standpoint, we're certainly going to keep engaging with card members, and our goal is to increase the engagement. But from a modeling standpoint, I think you can assume that the entire benefits are available to our card members front book, back book from day 1. And there are very strong engagement that we've seen right on the day of announcing the new product on September 18 was very high from day 1 and has remained elevated and strong since then. So I don't think we -- there is like a bit of a curve that is playing out for those benefits the way the way it's playing out if you want for card fees, right?
要预测 2027 年会发生什么，这真的很难。但是——从参与度角度看，我们当然会持续提升与持卡人的互动，目标是提高参与度。就建模而言，你可以假设所有权益从第 1 天起就同时向新老持卡人开放。我们在 9 月 18 日宣布新产品当天就看到了非常强的参与度，从第一天起就很高，并持续保持在较高水平。因此，我不认为这些权益会像卡费那样呈现一条“曲线”式的演进路径，对吧？
The accounting is also a lot more straightforward. Many of the benefits are quarterly benefits. So you kind of like expense them as soon as the card member earns them. So there is not that kind of complexity for those benefit as there is for card fees. So it's going to be like much more linear. But over time, as I said, the goal is actually to get more and more of these card members to engage with those benefits. So you should expect that kind of like modest trend up by design.
会计处理也更直接。很多权益是按季度计的，所以基本上是持卡人达成即确认费用。因此在权益端不会像卡费那样复杂，会更加线性。但随着时间推移，我们的目标是让更多持卡人参与这些权益，因此你应当预期会有一种按设计渐进式上行的趋势。
Operator
Our next question comes from the line of Brian Foran with Truist Securities.
Brian Foran
Truist Securities, Inc., Research Division
Maybe piggybacking a little on Craig's question. If I think about the tiering of Gold, Platinum and Black, now that there's more dining on Platinum, are you seeing any interactions with gold that you would call out? And then on the other side, is there white space available for some enhanced or new -- even new card between Platinum and Black now that it's clear that a lot of consumers will jump at a pretty high annual fee.
我借用一下 Craig 的问题。如果看 Gold、Platinum 和 Black 的分层，现在 Platinum 增加了餐饮权益，你们是否看到值得指出的与 Gold 之间的相互影响？另外，从另一面看，在 Platinum 与 Black 之间是否存在可供增强或新设的“空白地带”——鉴于现在很明显，很多消费者愿意接受相当高的年费？
Stephen Squeri
Chairman & CEO
So look, Gold continues to be a very strong product for us, and we continue to acquire new cardholders there. So we haven't seen Gold card acquisition go down, and we have seen upgrades, but it's still early. I mean we're only 3 weeks in here. So we'll see how that plays out. And part of our strategy is to provide card members with a path to higher-end products that potentially meet their needs. Look, is there a product between Platinum and Centurion? Maybe. If you have any ideas, we're open to those ideas. But it's something that we talk about from time to time, but we'll see. But we're really happy with where Centurion is, and we're happy with where Platinum is. And I think this refresh will continue to cement our position as the leading premium product.
总体来看，Gold 对我们来说依然是非常强的产品，我们也在持续获取新的持卡人。目前并未看到 Gold 的开卡放缓，当然也有升级发生，但还处在早期阶段——我们到现在也就过去 3 周，后续怎么演变还要观察。我们的策略之一，就是为持卡人提供通往更高端、且更能满足其需求的产品路径。至于 Platinum 与 Centurion 之间是否会有一款产品？也许会。如果你们有想法，我们也乐于倾听。这件事我们不时会讨论，但还要看进展。总之，我们对 Centurion 和 Platinum 的现状都很满意，我认为这次焕新会继续巩固我们作为领先高端产品的地位。
Operator
Our next question comes from the line of Rick Shane with JPMorgan.
Richard Shane
JPMorgan Chase & Co, Research Division
I'd kind of like to follow up related to Erika's question, particularly related to retention offers as you -- as the new hire fees roll out. I assume that, that really sort of cascades over 12 months. And I'm curious how we should think about perhaps what percentage of customers take retention offers or request retention offers? And if you expect that, that response rate is going to be higher or lower this time based on the initial responses you've seen.
我想就 Erika 的问题做个跟进，特别是关于在新年费推出时的留存优惠。我假设这会在 12 个月内逐步展开。我想了解，我们应如何看待接受或主动要求留存优惠的客户比例？基于你们目前看到的初期反馈，这次的响应率会更高还是更低？
Stephen Squeri
Chairman & CEO
Yes. So I think in general, that's a low -- that's a very low percentage of how we retain our base. Most of the retaining of the base is actually just explaining the product to them. And I think when you look at this product, and you look at what you pay for the value that you get, it's pretty easy to come to the conclusion that this is a product that I really want to keep.
是的。总体来说，这在我们保留客户群的方式中占比很低——非常低。我们留存客户的主要方式其实是向他们清晰解释产品。当你看这款产品、并把所付出的年费与获得的价值对比后，很容易得出“这是一张我确实想继续持有的卡”的结论。
And so I think what we -- one of the things that we've really tried to do with this refresh is really make it easy to understand what the benefits are and easy to engage in those benefits. And I think that's critical because what that will do will lead to more retention, more engagement, will drive more business to our merchants and we'll have more loyalty all the way around. So I don't see retention offers playing a -- in fact, I would argue that they may play even a smaller role than they have in the past, and they already had a small role because I think this product really works really hard for itself.
因此，这次焕新的一个重点，就是让权益更易理解、更易使用。我认为这至关重要，因为这会带来更高的留存、更深的参与、为商户带来更多业务，并整体提升忠诚度。所以我不认为留存优惠会发挥很大作用——事实上，我会说它们的作用可能比过去还要小，而过去其作用就已不大，因为这张卡本身的“自我说服力”非常强。
瞎扯。
Operator
Our next question comes from the line of Jeff Adelson with Morgan Stanley.
Jeffrey Adelson
Morgan Stanley, Research Division
I just wanted to maybe dig in a little bit more on consumer health. I know I think your results really speak for themselves, and you've been pretty clear that you're seeing a stable spend environment in the last 6 to 7 quarters, delinquencies remain low. I guess just maybe in light of all these seemingly one-off headlines we've seen recently, which the market is maybe hearing are not so one-off. There's been a lot of focus on the health of the consumer. So obviously, your consumer base is very different than most, but maybe you could just give us a little bit more color and commentary into the health of your consumer base, maybe what you're seeing at the lower end of that spectrum? And relatedly, just anything you're noticing from the government shutdown so far, if at all?
我想进一步探讨一下消费者的“健康状况”。你们的业绩其实已经说明了一切，也明确表示过去 6 到 7 个季度支出环境稳定、拖欠率维持在低位。但考虑到近期市场上出现的一些看似“个别”的负面新闻——而市场认为这些或许并非个例——关于消费者健康的讨论很多。显然你们的客户群与多数机构不同，但能否进一步解读你们消费者群体的健康状况，尤其在较低端客群上看到什么迹象？另外，关于政府关门（government shutdown），到目前为止你们是否观察到任何影响？
Stephen Squeri
Chairman & CEO
Let me make a couple of comments, and whatever I miss, Christophe can fill in. I think that there's been a little bit of noise out there in the last couple of days about defaults and -- especially from a commercial perspective. But if you look at what the banks reported from a card write-off perspective and a card delinquency perspective, it all got better. Write-offs are down from the bank -- from the major issuers that we follow. Delinquency is down. And for ourselves, delinquencies are exactly what they've been for the last number of quarters around that 1.3%.
我先说几点，遗漏的部分请 Christophe 补充。过去几天市场上关于违约的噪音有所增加，尤其来自商业领域。但从各大银行披露的卡片核销与拖欠数据看，情况在改善——我们跟踪的主要发行方的核销在下降，拖欠也在下降。就我们自身而言，拖欠率仍与过去数个季度一致，约为 1.3%。
And our write-offs sequentially are down a little bit. 1.9%, but we've been hovering around 2% and 1.9%. And our gap, we still have a huge gap between us and our competitors. So I think the health of our consumer is really, really good, and they're spending, they're engaging with the product and they're paying their bills. And I would argue that it looks like the health of our bank competitors, consumers are getting a little bit better.
我们的核销率环比略降至 1.9%，此前一直在 2% 与 1.9% 附近波动。我们与竞争对手之间在这些指标上仍有显著差距。因此我认为我们的消费者群体状况非常好——他们在消费、在使用我们的产品、并按时还款。我还会说，我们看到银行同业的消费者健康状况似乎也在有所改善。
As far as the government shutdown goes, this is not our first rodeo with a government shutdown. And we haven't really seen any impact at this particular point in time. And if I go back historically, I think the last -- not the last one, but maybe the one before was like 35 days or something like that, it didn't really have an impact. And so -- and for card members that aren't impacted, we do have our programs, our short-term relief programs, which will get them over the hump, enable them to continue to use the product and then come back and engage with us as they normally would. So that's pretty much what we're seeing.
至于政府关门，这对我们来说并非首次经历。就目前而言，我们没有看到实质性影响。回溯历史，我记得上一次——也许是上上次——持续了大概 35 天，实际影响也不大。对于受到影响的持卡人，我们有短期纾困计划，帮助他们渡过难关，维持正常用卡，随后再恢复如常地与我们互动。总体就这些情况。
Christophe Le Caillec
Chief Financial Officer
I don't have a lot to add. I will say some indicators that reflect the strength of our portfolio, like retail spend up 12%, restaurant spend up 9%, very strong acquisition as well with 70% of the card members joining the franchise, choosing to join American Express on a fee-paying product. So the first thing they do is just like to pay a fee that shows confidence in the future. And of course, on the credit metric, part of our job is also to kind of look at every single customer in that just to see whether there are areas of weakness. And like it's very stable across the board, very strong and reflected in the metrics in the reserve rate. We go -- there's a lot of scrutiny that goes into this modeling, and we see a lot of strength and stability across the board.
我补充不多。几项能反映我们资产组合韧性的指标：零售支出增长 12%、餐饮支出增长 9%；获客也很强，其中 70% 的新加入持卡人选择了付费产品——他们一开始就愿意付费，这体现了对未来的信心。在信贷指标方面，我们的工作之一是逐一审视客户，识别潜在薄弱环节；目前整体非常稳定且强劲，这也反映在准备金率等指标上。我们的建模经受了大量审慎检视，所见总体是强度与稳定性并存。
Operator
Our next question comes from the line of Mihir Bhatia with Bank of America.
Mihir Bhatia
BofA Securities, Research Division
I was wondering if you could spend a couple of minutes on marketing spend and how you're thinking about that, not just into 4Q, but also just longer term or into 2026. I guess for 4Q, I suspect you want to continue to support the Platinum refresh. But any details you can provide on where that $6 billion-ish of annualized spend is going? Maybe just give us a peek under the hood. How much is broad-based sponsorships, brand building versus like more micro like the card member bonuses, retention type stuff?
能否花几分钟谈谈营销支出，以及你们对此的思考，不仅针对第四季度，也包括更长期、比如到 2026 年的安排？我想第四季度你们会继续支持 Platinum 焕新。但能否分享一下年化大约 60 亿美元的营销投向？给我们“掀开盖子”看一看：有多少用于广泛的赞助与品牌建设，相比之下又有多少是更“微观”的，比如持卡人奖金、留存等？
Christophe Le Caillec
Chief Financial Officer
The biggest share and the one that is moving from one quarter to another when it comes to marketing is the size of the welcome incentives, right? That's the biggest share of this marketing line. And there is tension here in that number between we want to spend more marketing dollars, but we also want that marketing dollar to be more efficient. So if you work here in the marketing organization, you're constantly battling between let's do more, let's spend more. And yet at the same time, let's make sure the dollars work really, really hard for us. And the number that we end up spending each quarter and each year is the outcome of those 2 kind of like pressure points.
营销中占比最大、且季度间波动最大的一块，是开卡迎新激励（welcome incentives）的规模。这是营销费用项里最大的组成。这个数字背后有一对“张力”：一方面我们希望投更多营销费，另一方面也希望每一美元更高效。所以如果你在我们的营销组织工作，你会一直在“多做多投”与“确保每一美元都极其高效”之间平衡。我们每个季度、每一年实际花出去的数额，就是这两股力量权衡后的结果。
And we are very strict and disciplined about those 2. We really do not want a great opportunity to go. And so we're going to keep investing, and we're going to keep invested at elevated levels. And at the same time, we're going to subject every single of this dollar to the level of rigor that we have spoken in the past, making sure that the return on that investment, we treat that as an investment meets our profitability criteria, right? And we are very clear in terms of stopping those investments where they are not meeting these criteria. And we are getting more and more sophisticated in measuring those, tracking those. And that's how we make that decision. It's not like let's spend this year like $6 billion. We kind of like going very much in the detail, and it is the sum of all this kind of like analysis that lead us to that number. That's what we've done in the past, and that's what we're going to keep doing going forward.
我们在这两方面都非常严格自律。我们不愿错过好的机会，所以会持续投资，并保持在较高水平。同时，每一美元都会经受我们一贯强调的严格检验，把营销当作投资，确保其回报符合我们的盈利标准；反之，凡不达标的投入，我们会果断停止。我们在度量与跟踪方面也愈发精细。决策不是“今年就花 60 亿美元”这样粗线条，而是深入到细节，由成百上千个分析总和得出数字。过去我们一直如此，未来也会坚持。
Operator
Our next question comes from the line of Moshe Orenbuch with TD Cowen.
Moshe Orenbuch
TD Cowen, Research Division
You've kind of answered both the question about card fees and spending in terms of the refresh. Is there some sort of like a vintage like performance in terms of spend volumes and therefore, the key revenue driver that you could share with us like as you kind of bring on both from new accounts and from higher spend from existing accounts? Any ways to think about that over the next several quarters?
关于焕新对卡费与支出的影响，你们其实已经回答了。是否能从“分期群组（vintage）表现”的角度分享一些线索，比如不同开卡批次的消费量表现（从而关联关键收入驱动），包括新开户与存量客户提升消费这两部分？未来几个季度该如何思考这点？
Christophe Le Caillec
Chief Financial Officer
So we're not -- we're not disclosing those kinds of like numbers around spend by vintage or revenue by vintage. But what I can tell you is that intentionally, we have been back to the conversation with Mihir about investments and marketing dollars, we've been spending more of our dollars against fee-paying products and premium products. So there are customers that are the more recent customers over-index on these fee payment products.
我们并不披露按“分期群组”划分的消费或收入数据。但我可以说（也回到刚才与 Mihir 的对话），我们有意将更多营销预算投向付费与高端产品。因而，较新的客户群体在这些付费产品上的占比更高（over-index）。
They also over-index on being younger customers, and we've made that point many, many times. And this quarter, we shared with you that everything else equal, when you look at the engagement we're getting from this younger customer, they actually tend to transact 25% more than the older cohorts. So I'm not going to share vintages and detailed numbers with you, but those are the kind of like forces that are at work here, more premium, younger card members, more engaged, and that's what's kind of like the dynamic in the portfolio.
他们同样更偏年轻，这一点我们多次强调。本季度我们也分享过：在其他条件相同下，这些更年轻的客户，其交易活跃度比年长客群高出约 25%。因此，虽然我不提供分期群组的细项数据，但可以说明背后的驱动：更高端、更年轻、参与度更高的持卡人结构，这是当前资产组合的动态。
Stephen Squeri
Chairman & CEO
Right. The only thing I'll add is that we're getting from a younger cohort, we get a higher share of their wallet and they stay with us longer and they grow as their lives grow. And so while we don't disclose vintage numbers, you can just philosophically look at this and say, well, if you're getting somebody younger and they're going to stay with you longer and you have a premium base that you're going after, maybe you can conclude that they will spend more over time. And so those vintages as you get these cardholders now tend to add more value down the road.
我补充一点：来自更年轻客群，我们获得更高的钱包份额，他们留存时间更长，且会随着人生阶段成长而与我们共同成长。虽然我们不披露分期群组数据，但从“逻辑”上可以推断：如果你获取的是更年轻、会留得更久、且定位高端的客户，那么他们的长期消费会更高。这也意味着，当前新进入的这些“批次”，在未来往往会贡献更高的价值。
And that's the strategy without going through sort of this is who we acquired when. But if you just think about this from a strategic perspective, younger premium cardholders, we're going to grow with them as their careers grow, as their families grow, as their life changes. And we're -- what we're doing here is we're really creating that loyalty and engagement so that we become that card of choice. And when you put a lot of benefits on a product, people want to engage with that product on an ongoing basis, whether that -- whether they're using a benefit associated with the product or not. And so that's a dynamic that's at work.
这就是我们的战略，不必逐一罗列“我们何时获得了哪些客户”。从战略视角看，锁定更年轻的高端持卡人，我们将伴随其职业发展、家庭成长与人生变化共同成长。我们的做法是构建忠诚与参与度，使我们成为“首选卡”。当你把大量权益放在一张卡上，人们会持续与之互动，无论当下是否使用某项具体权益。这就是当下发挥作用的动态机制。
Operator
Our final question will come from the line of Rob Wildhack with Autonomous Research.
Robert Wildhack
Autonomous Research US LP
One more on Platinum. The $3 billion figure in partner offered value was an interesting one. As you've gone through this refresh cycle and maybe looking back over the last few cycles, refresh cycles now, too, I mean, how has that partner receptivity changed with respect to co-funding credits and rewards? And then is there anything unique or different between the products like to call out on the same theme as you compare the gold refresh to the Platinum refresh?
再问一个关于 Platinum 的问题。合作伙伴提供价值（partner offered value）达到 30 亿美元这个数字很有意思。结合这次焕新以及回看过去几轮焕新周期，你们看到在共同出资的 credits 与 rewards 方面，合作伙伴的接受度发生了怎样的变化？另外，沿着同一主题，对比 Gold 的焕新与 Platinum 的焕新，是否有任何需要特别指出的产品差异或独特点？
Stephen Squeri
Chairman & CEO
Well, I think the nice part about sort of this product and our customer base is people want to work with us and people that have been working with us want to work more with us. And I think there's no better example than that than our relationship with Uber. We always -- we've had an Uber benefit for a long time, and now you have an Uber One benefit on there. And so they clearly see the value of working together, and it's a great partnership of working together to drive results for both of us. And so it's -- we're very discerning about who we're going to work with.
我认为这款产品以及我们的客户基础的一个可贵之处在于，很多人愿意与我们合作，已经与我们合作的品牌也希望深化合作。与 Uber 的关系就是最好的例子。我们长期以来都提供 Uber 相关权益，如今还新增了 Uber One 的权益。他们显然看到了合作的价值，这是一种能为双方带来成果的优秀伙伴关系。因此我们会非常审慎地挑选合作伙伴。
We work -- we try and work with as many world-class brands as we can. And what you want to do is make sure that you're putting together a value proposition that speaks across the generations. And so as I said in my opening remarks, we've been expanding these value propositions from pure travel to much more lifestyle, wellness and retail and so forth and digital, people live their lives that way. And so I think that as we continue to think about this and as we continue to have success here, it gets back to what we talk about, which is our virtuous cycle that the more value we bring to our merchant partners, the more they want to engage with our cardholders and then the more that we drive.
我们尽可能与更多世界级品牌合作。关键在于打造能跨代际共鸣的价值主张。正如我在开场发言中所说，我们把价值主张从纯旅行拓展到更广的生活方式、健康、零售以及数字化领域——人们的生活方式就是如此。随着我们持续在这些方面思考并取得成功，这又回到了我们常说的良性循环：我们为商户伙伴创造的价值越多，他们越愿意与我们的持卡人互动，从而带来更多业务增长。
As you think about the various products, you look to target the various value propositions to the target audience that you're going for. And if you just take -- if you look at sort of differential between Platinum and Gold, while Gold has certain travel benefits associated with the hotel collection, it really is targeted. It has a heavy emphasis on dining. And we've talked about the success that we had with Dunkin' and the engagement that our card base has. And that's worked out very well for our cardholders, very well for us and very well for Dunkin' as well.
在不同产品上，我们会把不同的价值主张匹配到相应的目标客群。举例来说，比较 Platinum 与 Gold，虽然 Gold 也有与 The Hotel Collection 相关的一些旅行权益，但它的定位更突出餐饮。我们谈到过与 Dunkin' 合作的成功以及持卡人的高度参与度，这对持卡人、对我们、对 Dunkin' 都非常有利。
And so the challenge of our marketing teams is to make sure that we not only know what our card members want, but anticipate what our card members want and then build those into the value propositions by working with those partners that will, in fact, do that. And I think we've done a good job in that respect. And I think the team has really stepped up and created a Platinum card value proposition that is the best value proposition that we have ever had, and I think our customers are really appreciating it and we'll continue to appreciate it.
因此，我们营销团队的挑战在于，不仅要了解持卡人的需求，更要预判他们的需求，并通过与合适的合作伙伴协作，把这些需求构建进价值主张中。我认为我们在这方面做得很好。团队拿出了最好的表现，打造出了迄今为止最强的 Platinum 价值主张；我们的客户已经、并将继续对此给予高度认可。
Kartik Ramachandran
Senior VP & Head of Investor Relations
With that, we will bring the call to an end. Thank you again for joining today's call and for your continued interest in American Express. The IR team will be available for any follow-up questions. Operator, back to you.
就到这里，今天的电话会到此结束。再次感谢大家参加并持续关注 American Express。若有后续问题，欢迎联系投资者关系团队。Operator，请继续。
Operator
Ladies and gentlemen, the webcast replay will be available on our Investor Relations website at ir.americanexpress.com shortly after the call. You can also access a digital replay of the call at (877) 660-6853 or (201) 612-7415 access code 13756151 after 1:00 p.m. Eastern Time on October 17 through October 24. That will conclude our conference call for today. Thank you for your participation. You may now disconnect.
热门主题
Recent Articles
2003-02-21 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2003-02-21 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2002 was $6.1 billion, which increased the per-share book value of both our Class A and Class B ...2004-02-27 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2004-02-27 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2003 was $13.6 billion, which increased the per-share book value of both our Class A and Class B ...2005-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2005-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2004 was $8.3 billion, which increased the per-share book value of both our Class A and Class B ...2006-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2006-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2005 was $5.6 billion, which increased the per-share book value of both our Class A and Class B ...2007-02-28 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《2007-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 2006 was $16.9 billion, which increased the per-share book value of both our Class A and Class B ...