American Express reported record third-quarter 2025 results on Friday, driven by the spending power and loyalty of younger affluent consumers. Chief Executive Steve Squeri hailed millennial and Gen Z Platinum members as “very comfortable paying for its exceptional value and highly engaged in the product,” underscoring the company’s successful push to attract a new generation of premium customers.

The company posted net income of $2.9 billion, reflecting a 16% increase over the prior year. Earnings per share rose 19% to $4.14, topping analyst estimates of $3.99. Total revenue, net of interest expense, climbed 11% to an all-time high of $18.43 billion, again beating the anticipated $18.05 billion. Shares jumped 7%.

American Express attributed its success largely to strong card spending across categories and deepening engagement among younger affluent cohorts. Millennials and Gen Z now account for 36% of total card member spending—on par with Gen X—and are making 25% more transactions on average than older customers. The group’s appetite for premium products has reinforced the company’s reputation as the go-to brand for upscale consumers seeking quality benefits and experiences.

Brands like American Express and Delta are benefitting from a wider inflection in the American economy, as premium products and experiences are coinciding with a dramatic concentration of wealth. Moody’s Analytics found that for the second quarter of 2025, the top 10% of households accounted for nearly 50% of all consumer spending—and consumer spending in the U.S. accounts for two-thirds of all economic activity.

This bifurcation is appearing all over the economy, with Federal Reserve Governor Chris Waller telling CNBC earlier this month that CEOs are sharing stories of a disparate tariff effect, with premium producers passing through price increases directly to their “prince-insensitive,” affluent consumers.

“It’s about a 40% pass-through,” Waller estimated, describing a “two-tier” effect in the economy. By contrast, he sees no inflation at all, anecdotally, for consumer prices for the lower half of the income distribution, because those customers will just “walk out the door” if prices shoot up.

Platinum Refresh Ignites Record Engagement

“The big news in the quarter,” Squeri told analysts on the earnings call, “was the launch of our refreshed U.S. Consumer Platinum Card and Business Platinum Card, which reinforces our leadership in the premium space. I’m very pleased to say that the initial customer demand and engagement are exceeding our expectations.”

He described it as the strongest rollout the card has seen, with new Platinum account acquisitions doubling compared with pre-refresh levels, and more than 500,000 requests pouring in for the redesigned mirror card in just three weeks.

And there have been a lot of new rollouts, Squeri explained, calling it a “proven strategy of refreshing our products on a regular basis to drive customer engagement and growth.” American Express has done over 200 refreshes across its portfolio globally since 2019, according to the CEO, with this being the third U.S. Platinum refresh in the past decade.

The 2025 refresh emphasized lifestyle and digital perks designed to resonate with younger high-income consumers—ranging from elevated travel rewards to new benefits in wellness, entertainment, and delivery services. CFO Christophe Le Caillec noted that spending among Platinum cardholders outside the U.S. climbed 24%, signaling the brand’s global expansion among young professionals. He added that 70% of new accounts acquired globally now come from fee-paying premium products.

Given strong momentum, Amex raised its full-year 2025 outlook and now sees revenue growth between 9% and 10% and EPS of $15.20 to $15.50, citing steady spending trends among affluent consumers.

Over the past three years, the company has returned about 70% of its earnings to investors. This year, American Express has returned $2.9 billion to shareholders through $2.3 billion in stock buybacks and $600 million in dividends.

The millennial angle

Squeri described Millennials and Gen Z as key to American Express’s future, saying, “Several years ago, we made a conscious decision to widen our aperture for premium products so that we could attract new generations and grow with them as their needs change.”

Then Squeri pulled back the curtain a bit on just what the affluent millennial and Gen Z spending habits are saying about their habits and preferences. When Platinum launched over 40 years ago, it “was initially designed for well-established, affluent, frequent travelers,” but it has evolved into “the premium lifestyle card that it is today, with a wider range of benefits and experiences that appeal broadly across generations.”

Nodding to the last refresh in 2021, coming out of the pandemic, Squeri said they “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.” He highlighted record bookings through Amex Travel with the latest refresh and the launch of a new all-in-one travel app, introduced earlier in September.

American Express’ results rhymed with those a week earlier from Delta Air Lines. The most profitable airline in the U.S. confirmed to analysts that its own premium offerings are set to generate more revenue than the main cabin in 2026, a year ahead of schedule. Delta President Glen Hauenstein and CEO Ed Bastian both discussed an “inflection” in main cabin demand, and Hauenstein sounded almost surprised: “Premium products used to be loss leaders, and now they’re the highest-margin products.”

Wealthy millennial, Gen Z Platinum members drive American Express to record revenue: ‘very comfortable paying for its exceptional value’