The Affluent Customer Flywheel: Resilient and Rewarding
For a quantamental fund like us, American Express’s (AXP) Q3 2025 earnings, released on October 17, 2025, were a textbook example of a premium financial services model excelling in a mixed economic environment. AXP proved that its targeted focus on the affluent consumer segment is a key differentiator, insulating it from the stresses faced by broader financial institutions
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The results highlighted a formidable dual-engine growth mechanism: robust growth in both high-margin fee income and profitable net interest income (NII).
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