美國運通 (AXP) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American Express Q4 2025 earnings call. (Operator Instructions) As a reminder, today's call is being recorded.

女士們、先生們，感謝你們的耐心等待。歡迎參加美國運通2025年第四季財報電話會議。（操作員說明）提醒您，今天的通話將會被錄音。

I would now like to turn the conference over to our host, Head of Investor Relations, Mr. Kartik Ramachandran. Thank you. Please go ahead.

現在我謹將會議交給我們的主持人、投資者關係主管卡爾蒂克·拉馬錢德蘭先生。謝謝。請繼續。

Thank you, Donna, 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.

謝謝唐娜，也謝謝各位參加今天的電話會議。在開始之前提醒大家，今天的討論包含有關公司未來業務和財務表現的前瞻性陳述。這些預測是基於管理層目前的預期，但存在風險和不確定性。可能導致實際結果與這些聲明有重大差異的因素已包含在今天的簡報和我們向美國證券交易委員會提交的報告中。

The discussion today also contains non-GAAP financial measures. 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.

今天的討論也涉及非GAAP財務指標。本季的獲利資料以及我們討論過的前幾個期間的獲利資料中都包含了可比較的 GAAP 財務指標。所有這些資訊都發佈在我們的網站 ir.americanexpress.com 上。

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.

今天首先由董事長兼首席執行官史蒂夫·斯奎裡 (Steve Squeri) 致辭，他將首先就公司的發展和業績發表一些看法，然後首席財務官克里斯托夫·勒·凱萊克 (Christophe Le Caillec) 將對我們的財務業績進行更詳細的回顧。之後，我們將與史蒂夫和克里斯托夫進行問答環節，討論討論結果。

With that, let me turn it over to Steve.

那麼，接下來就交給史蒂夫吧。

Thank you, Kartik. Good morning and welcome to our fourth quarter earnings call. We had another year of strong performance, continuing the momentum we've delivered since introducing our long-term growth aspirations in January of 2022. Full year revenues were up 10% to a record $72 billion and EPS was $15.38, up 15% over last year excluding the Accertify gain.

謝謝你，卡爾蒂克。早上好，歡迎參加我們第四季財報電話會議。我們又取得了強勁的業績，延續了自 2022 年 1 月提出長期成長目標以來所取得的成長動能。全年營收成長 10% 至創紀錄的 720 億美元，每股收益為 15.38 美元，不計 Accertify 的收益，比上年增長 15%。

Card Member spending was strong throughout the year,cCard fee growth continued in double-digits for 30 straight quarters, and we maintained excellent credit quality. Importantly, we continued to invest in areas that strengthen our Membership Model and drive our growth. For example, we continued our successful product refresh strategy with refreshes in close to a dozen countries around the world, including the launch of our new US Consumer and Small Business Platinum Cards. We renewed and expanded our relationships with key international co-brand partners including British Airways, ANA, and Air France/KLM.

持卡會員全年消費強勁，信用卡手續費連續 30 個季度保持兩位數增長，並且我們保持了良好的信用品質。重要的是，我們持續投資於能夠加強會員模式和推動成長的領域。例如，我們繼續推行成功的產品更新策略，在全球近十幾個國家進行了產品更新，包括推出我們新的美國消費者和小型企業白金卡。我們與包括英國航空、全日空航空和法國航空/荷航在內的主要國際聯名合作夥伴續簽並擴大了合作關係。

We continued to build our Membership assets with new lounges, the expansion of our hotel network, the toast partnership, and a series of new Card Member experiences. And we expanded global merchant acceptance to over 170 million locations worldwide. And we continue to deliver innovative mobile experience.

我們透過新建貴賓休息室、擴大飯店網路、與 Toast 合作以及推出一系列新的會員體驗，不斷提升會員資產。我們將全球商家受理範圍擴大到全球超過 1.7 億個地點。我們將繼續提供創新的行動體驗。

Turning to 2026 guidance, given the strength and stability in our premium customer base, the momentum we're generating from our investments in the business, and the flexibility we have to drive leverage in our business model, we expect 2026 revenue growth of 9% to 10%, and EPS of $17.30 to $17.90. We will also continue our strong track record of returning capital to shareholders with a planned 16% increase in the quarterly dividend to $0.95.

展望2026年，鑑於我們優質客戶群的實力與穩定性、業務投資帶來的強勁成長勢頭，以及我們業務模式的靈活性，我們預計2026年營收成長9%至10%，每股盈餘（EPS）為17.30美元至17.90美元。同時，我們將繼續保持向股東返還資本的良好記錄，並計劃將季度股息提高16%至0.95美元。

For the last several years we've been managing a company with a focus on accelerated revenue and EPS growth. This has generated consistently strong momentum, which gives me confidence in our ability to not only deliver on our 2026 guidance, but also to continue driving strong growth over the long term.

過去幾年，我們致力於管理一家以加速營收和每股盈餘成長為重點的公司。這產生了持續強勁的成長勢頭，讓我有信心我們不僅能夠實現 2026 年的業績目標，而且還能在長期內繼續保持強勁增長。

The key to driving our growth has been our investment philosophy. We consistently invest to strengthen our competitive advantages across key areas, including our customer value propositions, marketing, technology, partnerships, and coverage. In 2025, for example, we invested $6.3 billion in marketing, an increase of around 75% since 2019. And in just the last two years, both marketing and technology investments are up 20%-plus.

我們發展的關鍵在於我們的投資理念。我們持續投資，以增強我們在關鍵領域的競爭優勢，包括我們的客戶價值主張、行銷、技術、合作夥伴關係和覆蓋範圍。例如，到 2025 年，我們在行銷方面投資了 63 億美元，比 2019 年成長了約 75%。僅在過去兩年裡，行銷和技術方面的投資就成長了 20% 以上。

We apply a rigorous return discipline focusing on outcomes that drive growth. For example, after a product refresh, in addition to its financial results, we measure customer demand and engagement, credit quality, retention, and relationship expansion. In evaluating our marketing investments, we measure the spend and revenue efficiency of our marketing dollars across thousands of campaigns. As a result of this process, we've created a robust marketplace of ideas where we fund the best opportunities from across the company.

我們採用嚴格的回報策略，專注於能夠推動成長的成果。例如，產品更新後，除了財務績效外，我們還會衡量客戶需求和參與度、信用品質、客戶留存率和關係拓展。在評估我們的行銷投資時，我們會衡量數千個行銷活動中行銷資金的支出和收入效率。透過這個過程，我們創造了一個強大的創意市場，為公司內部最有潛力的專案提供資金支持。

This return discipline, combined with our investment flexibility, enables us to dynamically reallocate resources to those opportunities that represent the highest returns. A great example of this is our recent decision to quickly redirect marketing investments to our US Platinum products, given the strength we saw towards the end of the year.

這種回報紀律，加上我們的投資彈性，使我們能夠動態地將資源重新分配到那些能夠帶來最高回報的機會。一個很好的例子就是我們最近決定迅速將行銷投資轉向我們的美國白金產品，因為我們在年底看到了這些產品的強勁表現。

One of the key lessons we've learned in executing this philosophy is that the investments we make in our value propositions pay off in multiple ways, including increasing customer demand and engagement, driving business to our merchant partners, maintaining strong credit performance, and driving efficiencies by enabling our marketing dollars to go further.

我們在執行這一理念的過程中學到的關鍵經驗之一是，我們對價值主張的投資會在多個方面獲得回報，包括提高客戶需求和參與度、為我們的商家合作夥伴帶來業務、保持良好的信用表現，以及透過使我們的行銷資金發揮更大作用來提高效率。

We're seeing this in our new US Consumer Platinum Card, which continues to perform even better than our expectations. Customer demand is high, engagement is up, credit quality continues to be excellent, and we're seeing no change in retention rates as the new fee kicks in. At the same time, investments in our marketing capabilities have driven acquisition incentives to some of the lowest levels in the last couple of years.

我們在新推出的美國消費者白金卡上看到了這一點，它的表現甚至超出了我們的預期。客戶需求旺盛，參與度提高，信用品質依然優秀，而且隨著新費用的生效，客戶留存率也沒有改變。同時，我們對行銷能力的投資使得收購激勵措施降至近幾年來的最低水準。

Powering the success of our product refresh strategy and our growth overall are the investments we're making in technology. This enables us to quickly introduce new capabilities that drive customer engagement and satisfaction, add new partners and categories that our Card Members value, and develop new customer experiences that enrich Amex Membership.

我們對技術的投資推動了產品更新策略的成功以及整體成長。這使我們能夠快速推出推動客戶參與和滿意度的新功能，增加持卡會員重視的新合作夥伴和類別，並開發豐富美國運通會員體驗的新客戶體驗。

We now spend $5 billion annually on technology. At a high level, we categorize our tech spending into two broad categories. One, I would call "run the business" investments - things like infrastructure, software licenses, and cybersecurity - and investments in development activities. Development includes things like new mobile experiences and capabilities and the ongoing modernization of our core systems, which we upgrade regularly, similar to our product refresh strategy to stay on the cutting edge.

我們現在每年在科技方面的支出為50億美元。從整體來看，我們將科技支出分為兩大類。一類投資，我稱之為「營運業務」投資——例如基礎設施、軟體授權和網路安全——另一類投資，我稱之為發展活動投資。發展包括新的行動體驗和功能，以及我們核心系統的持續現代化，我們會定期升級這些系統，類似於我們的產品更新策略，以保持領先地位。

For example, we're rolling out our new, third-generation data analytics platform which will enable greater personalization in marketing, improve servicing experiences, augment our industry leading fraud capabilities, and enable new Gen AI and agentic use cases. The new platform, which is built on the public cloud is already reducing the time for key processes in marketing and fraud by 90%, and we expect to migrate 100% of our data and analytics processes to the new platform by 2027.

例如，我們正在推出全新的第三代資料分析平台，該平台將實現更個人化的行銷，改善服務體驗，增強我們業界領先的詐欺防範能力，並實現新一代人工智慧和代理用例。該新平台基於公有雲構建，已將行銷和反詐騙的關鍵流程時間縮短了 90%，我們預計到 2027 年將 100% 的數據和分析流程遷移到新平台。

We continue to invest in enhancing our app experiences in a number of ways from the new Platinum onboarding experience and the launch of our Travel App to digital journeys that enable self-servicing. As a result, we're driving more revenue generating engagement via the apps and we're creating operating efficiencies from digital self-servicing. Over the last three years, for example, the number of calls per count coming into our service centers has dropped by 25%.

我們持續投資，從全新的白金會員註冊體驗和旅遊應用程式的推出，到實現自助服務的數位化旅程，不斷提升我們的應用程式體驗。因此，我們透過應用程式推動了更多產生收入的參與，並透過數位化自助服務提高了營運效率。例如，在過去三年裡，我們服務中心接到的電話數量下降了 25%。

We're also expanding our digital capabilities for Business customers, including the integration of Center's expense management solution which we plan to launch later this year as part of a suite of offerings for Small and Middle Market commercial customers.

我們也在擴展企業客戶的數位化能力，包括整合 Center 的費用管理解決方案，我們計劃在今年稍後將其作為中小企業商業客戶的一系列產品的一部分推出。

And we've created an enterprise AI enablement layer to support the development and launch of Gen AI and agentic capabilities, including those already in markets such as our Travel Counselor Assist tool, our Dining Companion experience, as well as the deployment of Gen AI tools to nearly all our colleagues worldwide.

我們已經創建了一個企業級人工智慧賦能層，以支援 Gen AI 和代理功能的開發和推出，包括已經在市場上推出的功能，例如我們的旅遊顧問助理工具、我們的用餐夥伴體驗，以及向全球幾乎所有同事部署 Gen AI 工具。

By successfully executing this investment philosophy over the last several years, we've delivered on our goals of accelerating revenue and EPS growth while maintaining best-in-class credit performance. At the same time, we are substantially increasing capital returns to shareholders.

過去幾年，我們透過成功執行這項投資理念，實現了加速收入和每股盈餘成長的目標，同時保持了一流的信貸表現。同時，我們正在大幅提高股東的資本回報。

Our expectations for 2026 are no different. We expect to continue delivering the pace and quality of growth we've seen in recent years, while also continuing to invest in areas to sustain our growth and deliver strong capital returns to shareholders.

我們對2026年的期望也是一樣。我們期望繼續保持近年來所取得的成長速度和質量，同時繼續投資於能夠維持成長並為股東帶來強勁資本回報的領域。

In summary, we are operating from a position of strength, thanks to our loyal premium customers and the dedication of our world-class colleagues, and I'm confident in our colleagues' ability to continue to innovate for our customers as we invest for growth to drive long-term consistent results.

總而言之，我們憑藉著忠實的優質客戶和世界一流同事的奉獻精神，處於有利地位。我相信，隨著我們投資成長以推動長期穩定的業績，我們的同事有能力繼續為客戶創新。

Now I'll hand it over to Christophe for more details about the quarter and full year results, and then we'll take your questions.

現在我將把發言權交給克里斯托夫，讓他詳細介紹季度和全年業績，之後我們將回答大家的問題。

Thanks, Steve, and good morning, everyone. In 2025, we generated 10% revenue growth and EPS of $15.38, up 15% ex-Accertify. If you look back at our performance over the past three years, what you see is a track record of delivering consistent and strong results. We have driven average revenue growth of 11% per year and we have generated mid-teens EPS growth for three consecutive years. Importantly, we delivered these results while maintaining a disciplined focus on premium products and high credit standards.

謝謝你，史蒂夫，大家早安。2025 年，我們實現了 10% 的營收成長和每股收益 15.38 美元，不計 Accertify 的貢獻，成長 15%。回顧我們過去三年的業績，你會發現我們一直保持著穩定而強勁的業績記錄。我們實現了平均每年 11% 的收入成長，並且連續三年實現了 15% 左右的每股盈餘成長。重要的是，我們在取得這些成果的同時，始終堅持專注於高端產品和高信貸標準。

Our momentum continued in 2025, we saw healthy spending and loan growth throughout the year, and continued demand for our premium products. Net card fees grew at 18% and reached a record of $10 billion for the year, and we drove greater scale of the business through increased investment, enhancing our ability to drive operating leverage over the long term. Overall, our business model is performing as we expected, driving our confidence in the year ahead.

2025年，我們的發展勢頭依然強勁，全年支出和貸款均實現健康成長，並且對我們的高端產品需求持續旺盛。淨信用卡手續費成長了 18%，達到創紀錄的 100 億美元，我們透過增加投資擴大了業務規模，增強了我們在長期內推動營運槓桿的能力。總體而言，我們的商業模式運作良好，符合預期，這增強了我們對未來一年的信心。

Turning to Billed Business trends for the quarter. Total spend was up 8% FX-adjusted, consistent with Q3. Both Goods & Services and T&E continued to grow at a faster pace than during the first half of the year. Retail spending continued to show good momentum in the quarter, up 10%, and spending at luxury retail merchants was up 15%, reflecting the continued strength of our customer base.

接下來分析本季已計費業務趨勢。經匯率調整後，總支出成長了 8%，與第三季持平。商品和服務以及差旅費用均繼續以比上半年更快的速度成長。本季零售支出持續保持良好勢頭，成長了 10%，奢侈品零售商的支出成長了 15%，反映出我們客戶群的持續強勁。

Growth in the airline and lodging spend was largely stable and restaurant spending was up 9% once again this quarter. Our dining assets are driving high levels of engagement, with spend at US Resy restaurants by US Consumer customers up by more than 20%. Momentum from younger Card Members -- from younger customers also continued.

本季航空和住宿支出成長基本穩定，餐飲支出再次成長 9%。我們的餐飲資產正在推動高水準的用戶參與度，美國消費者客戶在美國 Resy 餐廳的消費額成長超過 20%。年輕持卡會員的成長動能－來自年輕客戶的成長動能也持續強勁。

As of Q4, Millennial and Gen-Z customers now make up the largest share of US consumer spending, and they remain the fastest-growing cohorts. That momentum is driven by our success in attracting younger customers into the franchise.

截至第四季度，千禧世代和 Z 世代消費者已占美國消費支出的最大份額，並且他們仍然是成長最快的群體。這項發展動能源自於我們成功吸引年輕顧客加入加盟店。

For example, the average age of new customers is 33 on the US Consumer Platinum Card and 29 on the US. Consumer Gold Card, giving us a long runway to grow our relationships with these customers over time. International also delivered another very strong quarter, with spend up 12% FX-adjusted. Growth remains broad-based across Consumer and Business customers, and across geographies.

例如，美國消費者白金卡的新客戶平均年齡為 33 歲，而美國消費者白金卡的新客戶平均年齡為 29 歲。消費者金卡，讓我們有充足的時間與這些客戶建立和發展關係。國際業務也再次取得了非常強勁的季度業績，經匯率調整後支出成長了 12%。消費者和企業客戶以及各個地區的客戶群均實現了廣泛成長。

Overall, transaction growth of 9% was consistent with what we've seen throughout the year and reflects continued engagement from our customers. Looking at the first three weeks of January, we continue to see good momentum in spend trends. As we look ahead to 2026, we are encouraged by the strength and stability that we continue to see across our customer base.

整體而言，交易量成長了 9%，這與我們全年所看到的成長一致，也反映了我們客戶的持續參與。從一月份的前三週來看，消費趨勢持續保持良好動能。展望 2026 年，我們深受鼓舞，因為我們的客戶群持續保持著強勁的勢頭和穩定性。

Turning to New Card Acquisition. Demand for our premium products remains very strong. Although the overall number of New Ccards is down versus Q3, we reallocated marketing dollars away from lower-cost cash-back products to Platinum, and Platinum new acquisitions were up significantly. In fact, the percentage of fee-paying products for US Consumer is up 8 percentage points year-over-year.

轉向新卡獲取。市場對我們高端產品的需求依然非常強勁。雖然新信用卡的總數比第三季有所下降，但我們將行銷預算從低成本的現金回饋產品重新分配到白金卡，白金卡的新用戶數量顯著增加。事實上，美國消費者付費產品的比例年增了 8 個百分點。

Turning to balance growth and credit. Loans and Card Member Receivables increased 7% year-over-year FX adjusted, growing at a similar pace to Billed Business. There was about a 1 percentage point impact on balance growth from our held-for-sale portfolios again this quarter. In 2026, we expect loans and receivables to continue to grow largely in line with Billed business.

轉向平衡成長和信貸。經匯率調整後，貸款和信用卡會員應收款年增 7%，與已開立發票業務的成長速度相近。本季度，待售資產組合再次對資產餘額成長造成了約 1 個百分點的影響。預計到 2026 年，貸款和應收帳款將繼續成長，與已開票業務的成長基本保持一致。

Our credit performance throughout the year was remarkably strong and stable. Delinquency rates were flat throughout the year, and write-off rates remain best-in-class. Notably, both delinquency and write-off rates are still below 2019 levels. In 2026, we expect credit metrics to remain generally stable with some seasonal variation in provisions across quarters.

我們全年的信貸表現非常強勁且穩定。全年逾期率維持穩定，壞帳核銷率仍處於業界領先水準。值得注意的是，拖欠率和壞帳率均低於 2019 年的水準。我們預期 2026 年信貸指標將維持整體穩定，各季度撥備將出現一些季節性波動。

Turning to revenue on slide 14. Revenue was up 10% FX-reported for both Q4 and the full year. Momentum was broad-based across revenue lines, with net card fees, NII and service fees and other revenue, all growing at double-digit rates. Net card fees reached record levels, driven by continued success in acquiring new customers on to fee-paying products, our ongoing cycle of product refreshes and our high retention rates.

接下來請看第 14 頁的收入狀況。第四季和全年營收按匯率計算均成長了 10%。各收入項目均呈現全面成長勢頭，淨卡費、淨利息收入、服務費及其他收入均以兩位數的速度成長。淨卡費用達到創紀錄水平，這得益於我們不斷成功地吸引新客戶使用付費產品、持續的產品更新周期以及我們較高的客戶留存率。

In Q4, card fees were up 16% of FX-adjusted, moderating a bit as we expected. In 2026, we expect card fee growth to pick up as the year progresses as we see the impact from the Platinum refresh, exiting the year in the high teens. We have now started applying the new annual fee for US Platinum Card Members reaching their renewal anniversaries. For those customers, we have seen no change to our very high retention rates relative to pre-refresh.

第四季度，信用卡手續費經匯率調整後上漲了 16%，正如我們預期的那樣略有放緩。預計 2026 年信用卡手續費成長將隨著時間的推移而加快，因為我​​們看到了白金卡升級的影響，年底時手續費將達到 10% 以上。我們現已開始對達到續卡週年紀念日的美國白金卡會員收取新的年費。對於這些客戶而言，我們發現其留存率與更新前相比仍然非常高，沒有任何變化。

Net interest income was up 12% again this quarter, continuing to grow faster than balances. We expect NII growth to continue to outpace growth in loans and receivables in 2026.

本季淨利息收入再次成長 12%，繼續以高於餘額增速的速度成長。我們預計 2026 年淨利息收入的成長將持續超過貸款和應收帳款的成長。

Turning to expense performance. The VCE-to-revenue ratio was 45% this quarter. The VCE ratio stepped up from earlier in the year as we expected, driven by the investments we made in the value propositions of our US Platinum Cards. As Steve noted, VCE investments are an important part of our model. This support revenue growth by driving customer acquisition and engagement, they improve credit outcomes by attracting highly creditworthy customers, and they drive marketing efficiency by increasing demand for our products.

轉向費用績效。本季VCE與營收之比為45%。正如我們預期的那樣，VCE 比率較年初有所上升，這得益於我們對美國白金卡價值主張的投資。正如史蒂夫所指出的，VCE 投資是我們模式的重要組成部分。透過推動客戶獲取和互動來支持收入成長，透過吸引高信用客戶來改善信用結果，並透過增加對我們產品的需求來提高行銷效率。

In 2026, we expect the VCE-to-revenue ratio to be around 44%, driven by these investments and ongoing mix shift towards premium products, and assuming a similar spend environment to what we've seen recently. We continue to drive leverage from our operating expenses, with OpEx as a percentage of revenue down 4 points since 2022, even as we increased our technology spend by 11% for the year.

預計到 2026 年，VCE 與收入之比將達到 44% 左右，這主要得益於這些投資以及產品組合持續向高端產品轉變，並假設支出環境與我們最近看到的類似。我們繼續利用營運支出來提高槓桿率，營運支出佔收入的百分比自 2022 年以來下降了 4 個百分點，儘管我們今年的技術支出增加了 11%。

In 2026, we expect operating expenses to grow in the mid-single digits. Marketing expense totaled $6.3 billion for the year, up 4% year-over-year. We expect marketing expense to be up in the low single digits in 2026, as we look to generate efficiencies from the investment in product value propositions and technology, as Steve discussed.

預計到 2026 年，營運費用將以中等個位數的速度成長。本年度行銷費用總計 63 億美元，年增 4%。正如史蒂夫所討論的那樣，我們預計 2026 年行銷費用將以較低的個位數成長，因為我們希望透過對產品價值主張和技術的投資來提高效率。

Before leaving expenses, let me add to Steve's comments about our investment approach and where those investments sit in the P&L. At a high level, when we think about growth, we consider three types of investments.

在結束費用結算之前，我想補充史蒂夫關於我們的投資方法以及這些投資在損益表中的位置的評論。從宏觀層面來看，當我們思考成長時，我們會考慮三種類型的投資。

The first is spend on welcome offers and distribution channels that generate demand for our cards. These expenses are reported on the marketing line. Second, a significant part of our technology spend drives growth. For example, the new Travel App or the enhancements we made to the Amex App for the Platinum refresh, these expenses are reported in operating expenses. And third, are the customer benefits and partnership associated with Card Membership, which generate demand and customer engagement.

第一部分支出用於迎新優惠和分銷管道，以創造對我們信用卡的需求。這些費用計入市場行銷費用項下。其次，我們很大一部分技術支出推動了成長。例如，新的旅遊應用程式或我們為白金卡升級而對美國運通應用程式所做的改進，這些費用都計入營運費用。第三，會員卡帶來的客戶利益和合作關係，能夠創造需求並提高客戶參與度。

The recent step-up in card member services on the Platinum Card is a good example of this type of investment. These expenses show up in VCE. Every year, we balance how much of these investments to deploy for growth across these investment categories. For 2026, we plan for investment levels to continue to be high with a record level of technology development, the step-up in the value proposition of our US Platinum Cards, and with a large marketing budget, and we plan to invest at these levels while generating strong bottom line growth in line with our aspirations.

最近白金卡會員服務的提升就是這類投資的一個很好的例子。這些費用會在VCE中顯示。每年，我們都會權衡在這些投資類別中，應該投入多少資金用於成長。2026 年，我們計劃繼續保持高投資水平，實現創紀錄的技術開發，提升美國白金卡的價值主張，並投入大量行銷預算。我們計劃在維持這些投資水準的同時，實現強勁的利潤成長，以達到我們的目標。

Moving on to capital. We continue to deliver very strong returns, with an ROE of 34% for the full year. We returned $7.6 billion of capital to our shareholders, including $2.3 billion of dividends and $5.3 billion of share repurchases.

接下來談談資本。我們持續取得非常強勁的回報，全年淨資產收益率達到 34%。我們向股東返還了 76 億美元的資本，其中包括 23 億美元的股息和 53 億美元的股票回購。

In 2026, we expect to increase our quarterly dividend by 16% to $0.95 per share, consistent with our approach of growing our dividend in line with earnings and our 20% to 25% target payout ratio. With this planned increase, the dividend will be up by more than 80% since 2022, and we have reduced the share count by 7% since then, while maintaining capital well in excess of regulatory minimum levels.

2026 年，我們預計將季度股息提高 16% 至每股 0.95 美元，這符合我們根據獲利增加股息的策略以及 20% 至 25% 的目標派息率。隨著此次計劃中的增長，股息將比 2022 年增長 80% 以上，而自那時以來，我們的股份數量減少了 7%，同時保持了遠超監管最低水平的資本。

This demonstrates our confidence in the sustainability of earnings generated by our model and our disciplined capital management. We also have a robust and diverse funding stack, supported by continued demand for our High-Yield Savings Accounts with balances up 8% year-over-year.

這反映了我們對自身模式所產生的收益永續性以及我們嚴謹的資本管理的信心。我們也擁有穩健且多元化的資金結構，這得益於市場對我們高收益儲蓄帳戶的持續需求，帳戶餘額較去年同期成長 8%。

The majority of those balances come from our Card Members who, on average, hold higher deposit balances than non-Card Members, given strong engagement with our brand and the premium nature of our Card Member base. With less than 10% of our US Consumer Card Members currently holding a high-yield savings account with us, we see a long runway for growth.

這些餘額大部分來自我們的持卡會員，由於他們對我們的品牌有著強烈的認同感，並且我們的持卡會員群體具有高端特質，因此他們的平均存款餘額高於非持卡會員。目前，我們美國消費者信用卡會員中只有不到 10% 的人在我們這裡持有高收益儲蓄帳戶，因此我們看到了巨大的成長空間。

This brings me to our 2026 guidance. We continue to run our business with an aspiration to achieve 10%-plus revenue growth and mid-teens EPS growth. As shown on slide 21, for the full year 2026, we expect revenue growth of 9% to 10% and earnings per share between $17.30 and $17.90. 2025 was a very strong year for the company. We are well positioned to continue our track record of strong growth into 2026, and we feel good about the year ahead.

這就引出了我們對2026年的指導。我們將繼續以實現 10% 以上的營收成長和 15% 以上的每股盈餘成長為目標來經營業務。如投影片 21 所示，我們預計 2026 年全年營收成長 9% 至 10%，每股收益介於 17.30 美元至 17.90 美元之間。 2025 年是公司業績非常強勁的一年。我們已做好充分準備，將強勁的成長勢頭延續到 2026 年，我們對未來一年充滿信心。

With that, I'll turn the call back over to Kartik, and we'll take your questions.

那麼，我就把電話轉回給卡爾蒂克，我們來回答你們的問題。

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?

謝謝你，克里斯托夫。在正式開放問答環節之前，請排隊的各位每人只提一個問題。感謝您的合作。接下來，接線員將開通電話接受提問。操作員？

(Operator Instructions)

（操作說明）

Ryan Nash, Goldman Sachs.

Ryan Nash，高盛集團。

Hey, good morning, everyone.

嘿，大家早安。

Good morning.

早安.

Maybe to start with the Net Cards Acquired, Steve. Can you maybe expand on the comments regarding allocating away from Cash Back and putting this towards fee-paying products? And do you expect this remix to continue? And maybe just talk about how it will impact the results going forward? Thank you.

或許可以先從獲得的網卡開始，史蒂夫。您能否詳細解釋一下關於減少返現支出並將資金用於付費產品的評論？你覺得這種混音形式會繼續下去嗎？或許可以談談這會對未來的結果產生什麼影響？謝謝。

Yeah. So, I think as I said in my comments, we have the ability when we see opportunity to be really flexible with our marketing investments, and we saw a tremendous demand for premium products, particularly the Platinum Card. And as we go forward, we'll continue to adjust as necessary. I don't, again, I don't think this affects the overall results because we don't really focus so much on acquiring cards as much as we focus on acquiring revenue, and we're hitting all our revenue targets, and we're hitting our return on investment target. So again, I wouldn't focus too much.

是的。所以，正如我剛才所說，我們有能力在發現機會時靈活調整行銷投入，而我們看到了市場對高端產品，特別是白金卡的巨大需求。未來，我們將繼續根據需要進行調整。我再次強調，我認為這不會影響整體業績，因為我們並沒有像關注營收成長那樣關注信用卡獲取，而是更注重營收成長，而且我們實現了所有營收目標和投資回報率目標。所以，我還是建議不要太在意。

I mean, if you look at it sequentially, it's a little bit down. If you look at it year-over-year, it's 100,000 cards, and that led to an increase in Platinum Cards. So, we're really happy with those decisions. And we think it was the -- obviously the right thing to do.

我的意思是，如果按順序來看，它稍微低一些。如果按年來看，每年的信用卡發行量是 10 萬張，這導致了白金卡數量的增加。所以，我們對這些決定非常滿意。我們認為這顯然是正確的做法。

Maybe I'll add two small things. The first one is that, there are variations among the quarters. Some of that is just a function of our own marketing plans, whether we're running LT -- limited time offers or not. And so, that drives volatility from one quarter to another. And as you saw, Q4 last year was also lower.

或許我還會補充兩點小東西。第一點是，各季度之間存在差異。其中一些只是我們自身行銷計劃的結果，無論我們是否開展限時優惠活動。因此，這就導致了季度之間的波動。正如你所看到的，去年第四季的業績也低於去年同期。

The other thing that I mentioned is that if you focus just on fee-paying cards in the US Consumer business, the percentage of new accounts (corrected by company after the call) paying a fee went up by 8 percentage points from Q4 last year to Q4 this year. This is not exactly visible to you in the numbers that we are sharing with you, but this shows that the efficiency of our marketing dollars is improving, and that's at the end what matters.

我提到的另一點是，如果只專注於美國消費者業務中的收費信用卡，那麼（該公司在電話會議後更正了）支付費用的新帳戶百分比從去年第四季到今年第四季上升了 8 個百分點。這一點可能在我們分享的數據中並不完全體現出來，但這表明我們的行銷投入效率正在提高，而這才是最終最重要的。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. Good morning. Had a question on Commercial Services. Obviously, SMB spend still remains pretty weak, saw a slight deceleration. I'm just curious, as we think about next or this year, like what gets things going a little bit, more some of the investments you've made. Obviously, some of your competitors have made some M&A moves and are getting deeper into this space. How do you think that changes sort of the competitive backdrop in which you operate, and how would you compare your products? Thanks.

謝謝。早安.我有一個關於商業服務的問題。顯然，中小企業的支出仍然相當疲軟，成長略有放緩。我只是好奇，當我們考慮明年或今年的事情時，是什麼讓事情開始運轉起來，以及你們所做的一些投資。顯然，你們的一些競爭對手已經進行了一些併購活動，並且正在深入這個領域。您認為這會如何改變您所處的競爭環境？您會如何比較您的產品？謝謝。

Yeah. Look, I think when you tease out SMB, you've got to look at Middle Market, you've got to look at Small Business. I think Small Business is really, really strong. I think Middle Market is where you see a little bit of the slowdown. I think as far as the competitive space, and look, you just saw Capital One just acquired Brex.

是的。我認為，要區分中小企業，就必須關注中端市場，必須關注小型企業。我認為小型企業真的非常強大。我認為中階市場成長放緩。我認為就競爭領域而言，你看，Capital One 剛剛收購了 Brex。

You've got Ramp out there. We acquired Center last year, which we'll be launching probably by midyear. And it's a highly competitive space. Having said that, we're still 3 times larger than anybody else. Our Platinum refresh has gone very, very well.

外面有 Ramp。我們去年收購了 Center，可能會在年中推出。這是一個競爭非常激烈的領域。即便如此，我們的規模仍然是其他任何公司的三倍。我們的白金版升級計畫進行得非常非常順利。

And we're looking for a pickup as the year goes on, and we'll be communicating more in terms of just what's going to go on in our overall Commercial strategy as the year goes on from a product refresh perspective. So yes, it's a highly competitive market. I think the other thing to look at is, it's not just us that is sort of slow on the overall growth as it relates to SMB. And I think most of it is Middle Market from an industry perspective. So again, competitive, I like the hand that we have. I like the plans that we have going forward, and we'll be communicating more as the year goes on in that.

隨著時間的推移，我們希望銷售量能夠有所提升，並且我們會從產品更新的角度出發，就我們整體商業策略的後續發展進行更多溝通。是的，這是一個競爭非常激烈的市場。我認為另一點需要注意的是，不只是我們，就中小企業而言，整體成長速度比較慢。從產業角度來看，我認為其中大部分屬於中階市場。所以再說一遍，就競爭而言，我對我們目前的情況感到滿意。我喜歡我們未來的計劃，隨著時間的推移，我們會就此進行更多溝通。

Don Fandetti, Wells Fargo.

唐范德蒂，富國銀行。

Hi, good morning. Steve, can you talk a little bit about 2026 in terms of US Consumer Billed Business and the health of the premium consumer. I know there's a sort of scenario where we could run a little hot. There's a lot of stimulus. And just want to get your kind of sense, I mean that you're running at 9% now. Is it like steady state from here, or could we accelerate?

您好，早安。史蒂夫，你能談談 2026 年美國消費者帳單業務以及高端消費者的健康狀況嗎？我知道有一種情況是我們可能會有點操之過急。刺激因素很多。我只是想了解你的想法，我的意思是，你現在的運行率為 9%。從現在開始會保持穩定狀態嗎？還是會加速？

Look, we saw a big uplift in Platinum over the holidays. And I think the momentum that the new Platinum launch has given us the momentum that Gold has given us, we're really bullish from a Consumer perspective. Will it go ahead of 9%? I don't know. But I like what our Card Members are doing with the product.

你看，我們在假期期間看到了白金級產品大幅成長。我認為，鉑金系列新品的推出，延續了黃金系列的勢頭，從消費者的角度來看，我們對此非常看好。會超過9%嗎？我不知道。但我很欣賞我們的持卡會員使用這款產品的方式。

They're really engaging. I think one of the big things that is sort of lost on a lot of people was the Platinum App that we launched and the ability for our Card Members to really engage with the product and to go out there and spend. I mean if you look at, if you look at restaurant spending, for example, for the quarter, it's up 9%. If you look at Resy restaurant spending, it's up 20%. And that's really due to the engagement of our Platinum cardholders, and it's due to the engagement of our Gold cardholders with our Resy restaurants.

它們真的很有吸引力。我認為很多人都忽略了我們推出的白金卡應用程序，以及我們的持卡會員能夠真正參與產品互動並進行消費的能力。我的意思是，如果你看一下，比如說，本季餐飲支出增加了 9%。如果查看 Resy 上的餐廳消費數據，會發現成長了 20%。這主要歸功於我們的白金卡持卡人的積極參與，以及我們的金卡持卡人對我們 Resy 餐廳的積極互動。

So, that synergy has really worked out very, very well from us. So again, I'm not projecting more than 9%, but we do have very, very strong momentum. And that momentum, and as Christophe just talked about, as well, that momentum from a Platinum acquisition perspective, we expect to continue.

所以，這種協同效應對我們來說真的非常非常有效。所以，我再次強調，我預計不會超過 9%，但我們的確擁有非常非常強勁的成長動能。而且，正如 Christophe 剛才提到的，從 Platinum 收購的角度來看，這種勢頭預計將會持續下去。

Erika Najarian, UBS.

瑞銀集團的 Erika Najarian。

Yes, good morning and thank you. I just wanted to revisit the Net Cards Acquired number because this is a big talking point with investors before the call began. So completely understand the message. And of course, the focus should be on revenue generation and not that number. But as we think about this remix strategy, as you refocus more of your dollars towards the fee-paying cards, does that, over time, then impact the trajectory of net card fees, for example on slide 15, or get you closer to that plus part of your long-term aspiration in terms of revenue growth?

是的，早上好，謝謝。我只是想再次強調淨信用卡收購量，因為這是電話會議開始前投資者討論的重要議題。所以要完全理解這訊息。當然，重點應該放在創造收入上，而不是這個數字。但是，當我們思考這種重組策略時，當您將更多資金重新集中到收費信用卡上時，隨著時間的推移，這是否會影響淨信用卡費用的軌跡（例如第 15 頁所示），或者是否會使您更接近該目標，並實現您在收入增長方面的長期願景的一部分？

Hey, good morning, Erika. So yes, you're right. The overall portfolio is slowly getting more premium, you know, the Platinum portfolio is growing at a very fast pace. The spend because of the strong engagement is also growing at a faster pace than the rest. And we have celebrated on this call for many quarters, the growth and their sustained growth on card fees, which just reached $10 billion, right? And there is in the slides that we talked about this morning, you can see the trajectory over time.

嘿，早安，艾莉卡。是的，你說得對。整體產品組合逐漸變得更高端，你知道，白金級產品組合的成長速度非常快。由於用戶參與度高而帶來的支出成長速度也高於其他方面。在過去的幾個季度裡，我們已經在電話會議上慶祝了信用卡手續費的成長和持續成長，這項收入剛剛達到了 100 億美元，對吧？在今天早上我們討論的幻燈片中，你可以看到它隨時間推移的軌跡。

A lot of that is coming from the premium cards, especially Platinum. And as you think about that card fee line in the P&L for 2026, which is right now, growing at 16%, which in itself is like an amazingly strong number for a base like that is reaching $10 billion annually.

其中許多成長都來自高端信用卡，尤其是白金卡。想想看，2026 年損益表中的信用卡手續費項目，目前正以 16% 的速度增長，對於一個每年達到 100 億美元的基數來說，這本身就是一個驚人的強勁數字。

We expect that growth rate to pick up in the balance as the year progresses. And as more and more of our Card Members on the Platinum Card are facing their renewal anniversary, and we are moving them to the new price points. So that's very much the dynamic indeed that is happening.

我們預計隨著時間的推移，該項指標的成長率將會加快。隨著越來越多的白金卡會員即將迎來續卡週年紀念日，我們將把他們升級到新的價格等級。所以，這確實是目前正在發生的動態。

The other proof points that are, you know, visible that the portfolio is getting more premium is the incredible performance on the credit side, right? You see those delinquency rates, those write-off rates that are not only best-in-class, but they are flat. And I compare and contrast that with many of our competitors that have guided for a small increase, while we're talking about stability when it comes to those metrics. So the portfolio is indeed moving towards a more premium portfolio and, you know, a lot of the P&L lines are reflecting that.

其他顯而易見的證據表明，該投資組合正在變得更有價值，那就是信貸方面的出色表現，對吧？你看那些拖欠率和壞帳率，它們不僅是同類最佳，而且保持穩定。我將此與許多競爭對手的情況進行了對比，他們預計會有小幅增長，而我們則強調這些指標的穩定性。所以，投資組合確實正在朝向更高端的投資組合轉變，而且，你知道，很多損益表項目都反映了這一點。

Rick Shane, JPMorgan.

Rick Shane，摩根大通。

Thanks, for taking my questions. It's sort of a follow-on to what Erika just asked. When we look at 2025, margin, the strong -- the low expense on credit on a relative side allowed you to aggressively ramp marketing and rewards.

謝謝您回答我的問題。這算是對艾麗卡剛才問題的後續。展望 2025 年，利潤率強勁——相對較低的信貸成本使你能夠積極加強行銷和獎勵。

When you think about the '26 guidance, it feels like it is more in balance in terms of more normalized growth of credit expense. If credit expense continues to be low, as Christophe you just alluded to, is there incremental opportunity for investment, or is that something we would see fall to the bottom line, American Express has historically reinvested those excess returns.

從 2026 年的業績指引來看，信貸支出的成長似乎更正常化，也更平衡了。如果信貸支出繼續保持低位，正如 Christophe 你剛才提到的那樣，是否有額外的投資機會，或者這是否會影響到利潤？美國運通歷來都會將這些超額收益再投資。

Yeah. So, to your point, Rick. Credit is very low and there is a hard limit to how low these numbers can be, right? And 2% is pretty much at that limit. The other core component of the model, which we also try to illustrate this quarter is the efficiencies that we're getting on operating expenses, right?

是的。所以，瑞克，你說的沒錯。信用評分非常低，而且這些數字的低到什麼程度是有底線的，對吧？2% 幾乎已經是極限了。這個模型的另一個核心組成部分，也是我們本季試圖闡明的，是我們在營運費用方面所獲得的效率，對吧？

So, as we are extending the increasing the value proposition on our premium products. As premium products are getting a bigger share of our portfolio, it's putting a downward pressure on credit, and we are generating efficiencies on marketing acquisition as well as operating expenses. And that's very much how the model is working. And we try to illustrate that also by saying that this is not by constraining technology growth. We're actually growing technology, I think the CAGR is 11%. It's all the other operating expenses that are generating efficiencies. So, as you think about modeling American Express and thinking about how the business is working, that's very much how you should think about it. Now when it comes to potential upside and what we would do with it, we're guiding towards mid-teens EPS growth. We're providing a range.

因此，我們正在不斷提升我們高端產品的價值主張。隨著高端產品在我們產品組合中所佔份額越來越大，信貸面臨下行壓力，我們在行銷取得和營運費用方面也提高了效率。該模型的運作方式大致如此。我們試圖透過說明這不是透過限制技術發展來實現這一點的。我們實際上正在發展技術，我認為年複合成長率為 11%。正是其他所有營運費用帶來了效率提升。所以，當你思考如何建構美國運通的模型，以及思考這家公司是如何運作的時候，你就應該這樣思考。至於潛在的成長空間以及我們將如何利用它，我們預計每股收益將達到 15% 左右。我們提供一系列產品。

This includes a lot of scenarios, including where we overperform some lines and underperform on some others. The idea here is just like, we are committed to that EPS, but there will be certainly movements between the lines as the year progresses.

這包括很多情況，包括我們在某些​​產品線表現優異而在其他產品線表現不佳的情況。我們的想法是，我們致力於實現每股盈餘目標，但隨著時間的推移，實際情況肯定會有所調整。

Mark DeVries, Deutsche Bank.

馬克‧德弗里斯，德意志銀行。

Yeah, thank you. I had a question about kind of the impact you see on engagement and the level of spend from existing customers when you do a meaningful product refresh like you did with Platinum. Do you see existing customers actually change the way they use their card when you layer on new value.

是啊，謝謝。我有一個問題，當您對 Platinum 所做的那樣進行有意義的產品更新時，您對現有客戶的參與度和消費水平的影響。當您增加新的加值服務時，您是否觀察到現有客戶在使用信用卡的方式上發生了變化？

And if so, is there also a delay in that? Is they take time to kind of gain awareness of what's kind of new and incremental kind of in contrast to new customers acquired to presumably are being acquired because they are aware of that and very immediately engage around the new value you've layered on.

如果是這樣，那也會有延遲嗎？他們需要時間來了解什麼是新的、漸進式的，這與新客戶獲取方式不同，因為新客戶意識到了這一點，並會立即參與到你添加的新價值中。

Yeah, I think with existing customers, they don't uptake it as quickly as new customers do, but what I will tell you is that it goes very quickly. The engagement with lululemon, the engagement with Resy, the engagement with the hotel credit was pretty quick with our existing customers, with the new customers, it's what draws them immediately.

是的，我認為老客戶接受的速度不如新客戶快，但我可以告訴你的是，它的發展速度非常快。我們與 lululemon、Resy 和飯店積分的互動，在現有客戶和新客戶中都很快得到了體現，這正是吸引他們的關鍵所在。

And I think what's really important there is that draw is why, as you move forward when you have a new value proposition, you don't need to heavy up as much on marketing. I mean, and Christophe's point about movement between lines. So, there's movement between VCE, marketing, there's better credit performance, there's operating expenses, you've got to look at the entire thing.

我認為真正重要的是，吸引力在於，當你擁有新的價值主張時，你不需要在行銷上投入太多精力。我的意思是，還有克里斯托夫關於線條之間轉換的觀點。所以，VCE、行銷、更好的信貸表現、營運費用等等，都需要綜合考量。

But the bottom line is new customers look at the product, they're very rational about it, and they engage in everything they want to engage in. The existing customers have a little bit of inertia, but then all of a sudden they start to engage. And one of the things that really made a huge difference for us was the Platinum Travel App, the Platinum App. It made it so easy to enroll in all the benefits. And we didn't -- I don't think Christophe mentioned this, but we certainly have it in.

但歸根結底，新客戶會審視產品，他們對此非常理性，並且會參與他們想參與的任何事情。現有客戶起初有些猶豫，但隨後突然間他們就開始積極參與。真正對我們產生巨大影響的一件事就是白金旅行應用程序，白金應用程式。它讓加入所有福利計劃變得非常簡單。我們沒有——我想克里斯托夫沒有提到這一點，但我們肯定已經考慮到了。

We had an uptick of 30% in our US (added by company after the call) travel bookings in the fourth quarter. That is a direct result of that Platinum launch and the engagement of our cardholders. So you get a lot more engagement across the board. And you just see what's going on with Resy. Our restaurant spending is up 20%. So all of the metrics that we look at speaks to the fact that this was a wildly successful product launch, it attracted new cardholders and it engaged existing cardholders to spend even more.

第四季度，我們在美國（電話會議後公司補充）的旅行預訂量增加了 30%。這是白金卡推出和持卡人積極參與的直接結果。這樣一來，各個方面的參與度都會大大提高。你看看Resy那邊的情況就知道了。我們的餐飲消費成長了20%。因此，我們所看到的所有指標都表明，這是一次非常成功的產品發布，它吸引了新的持卡人，並促使現有持卡人消費更多。

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

Yeah, thanks. Good morning. I actually wanted to ask the flip side to the last question, which is, when we think about card member services growth as we move through the year, how much of, I'm trying to think of how much the growth rate itself could moderate while expecting it to remain high until you lap the relaunch of Platinum.

嗯，謝謝。早安.我其實想問的是上一個問題的另一面，那就是，當我們思考今年信用卡會員服務的成長時，我正在思考成長率本身可能會放緩多少，同時預計成長率將保持高位，直到白金卡重新推出為止。

But how much do you think the fourth quarter growth rate was related to this being the new product? And now that we're moving through into the early part of the year, some of that new card smell kind of wears off. And so engagement might wane a little bit versus where we were. So I'm just trying to think about the cadence of that spend through the year.

但你認為第四季的成長率與這款新產品有多大關係？現在我們已經進入了年初，新卡的新鮮感也漸漸消退了。因此，參與度可能會比之前略有下降。所以我正在考慮全年支出的節奏。

Yeah. I'll let make a couple of comments, and I'll let Christophe go a little bit further. But I think that during that, look, we launched on September 18 or so, and I think we got to certain engagement levels. I think those are probably the engagement levels we're going to get to. I think what you'll see is as new people come on, they will engage.

是的。我先說幾點，然後讓克里斯托夫再深入講講。但我認為在那段時間裡，你看，我們大約在 9 月 18 日推出了產品，我認為我們達到了一定的參與度。我認為這大概就是我們最終能達到的參與度了。我認為你會看到，隨著新人的加入，他們會積極參與。

But I think the existing card base has planted their flag, if you will. This is what they're going to use out of the new product. And a new card base, they've done what they're going to do. So as we plan for this, and we're fine with where these -- where the VCE levels are. I mean, it's expected.

但我認為，現有的卡牌玩家群體已經表明了自己的立場。這是他們將要使用的新產品部分。他們推出了新的卡片基礎，他們已經完成了他們想做的事情。所以，當我們為此做計劃時，我們對這些——VCE 的等級設定感到滿意。我的意思是，這是意料之中的。

But as we plan for this, I think you're right, I think you get to a point where it sort of stabilizes, right? Not every Card Member uses every single benefit. It's just -- and that's not how we really designed the product, right? We designed the product so that it appeals to a wide variety of people. There are core benefits that -- a lot of people eat, right? So they'll use the Resy credit and people take Ubers and things like that. But then there are other credits on the side that they may not use. They may not use a Walmart Plus. They may not use a lululemon, and so forth. And so you get to that sort of balance, if you will, where it's a lot easier to project what's going to happen.

但是，當我們為此制定計劃時，我認為你是對的，我認為你會達到一個相對穩定的階段，對嗎？並非所有持卡會員都會使用所有權益。只是——但這並非我們設計產品的初衷，對吧？我們設計這款產品時，使其能夠吸引各種各樣的人。它有一些核心益處——很多人都吃，對吧？所以他們會使用 Resy 積分，然後人們會用它來搭乘 Uber 之類的交通工具。但除此之外，他們可能還有一些未使用的額外積分。他們可能不會使用沃爾瑪Plus。他們可能不會穿lululemon之類的運動服。這樣就達到了某種平衡，更容易預測會發生什麼事。

Some things you get more uptake than you thought you were going to get and other things you get less uptake that you thought you could get. But in balance, we're very happy with the overall engagement, which then leads to a wide variety of spend and more spend on the product.

有些東西的接受度比你預想的還要高，而有些東西的接受度則比你預想的要低。但總的來說，我們對整體參與度非常滿意，這進而帶來了多種多樣的消費以及在產品上的更多支出。

I don't have a lot to add. I would just say that in the guidance that we gave you, we are assuming that the VCE-to-revenue ratio will be around 44%. And we'll see whether we land or not. At the current level of spend, of course, because another big driver of that VCE is the rewards cost. But we are assuming around 44% for the balance of the year, and we'll be watching it.

我沒什麼要補充的。我只想說，在我們給你們的指導意見中，我們假設 VCE 與收入之比約為 44%。我們拭目以待，看看能否成功降落。當然，這是在目前的支出水準下發生的，因為影響 VCE 的另一個主要因素是獎勵成本。但我們預計今年剩餘時間將這一比例將在 44% 左右，我們會密切關注。

Jeff Adelson, Morgan Stanley.

傑夫·阿德爾森，摩根士丹利。

Hey, good morning, Steve and Christophe. Wanted to just ask about the 10% credit card cap proposal are out there. Obviously, everybody has been quite vocal about this, the unintended consequences, et cetera. Just wondering what your view is of that, what might happen to Amex in the industry if this goes through, obviously, seems like Amex is more of a defensive moat against us with the premium card focus. But maybe just discuss that as well any conversations you've had with the administration?

嘿，史蒂夫和克里斯托夫，早安。我想問關於信用卡利率上限為 10% 的提案是否已經提出。顯然，大家都對此事、其意想不到的後果等等發表了不少看法。我只是想知道您對此有何看法，如果此事成真，美國運通在業界會受到什麼影響？顯然，美國運通似乎更注重高端信用卡，以此抵禦我們。但或許也可以談談你和校方進行過的任何對話？

Look, I think everybody has pretty much said everything there is to say on this. I think, look, affordability is really important. I don't think a 10% credit card cap is the answer to that. I think it would reduce the number of cards ultimately in the marketplace. I think it would reduce line sizes.

你看，我覺得大家在這個問題上該說的都說完了。我認為，價格實惠真的非常重要。我不認為10%的信用卡利率上限能解決這個問題。我認為這最終會減少市場上流通的信用卡數量。我認為這樣可以減小線條粗細。

America pretty much runs on credit. I think that would impact small businesses and so forth, and it just has this sort of effect of a downward spiral from my perspective. So, I don't think that's the answer. And I mean, obviously, we have conversations, and I'm not going to get into those. But we just, we don't think it's a good idea.

美國基本上是靠信貸運作的。我認為這將對小型企業等產生影響，而且在我看來，這會產生一種惡性循環的影響。所以，我覺得那不是答案。我的意思是，很顯然，我們之間有過交流，但我不會深入討論這些交流。但我們覺得這不是個好主意。

John Pancari, Evercore ISI.

John Pancari，Evercore ISI。

Good morning. Steve, you mentioned on the competitive backdrop, I know you mentioned the Commercial dynamics already. Can you discuss a little bit more on the Consumer side? I know competing card players are leaning in still to their travel rewards programs and all that. And then what poses the greatest risk to your 2026 outlook. Is it that competitive dynamic, or would you say it's more macroeconomic or political at this point?

早安.史蒂夫，你提到了競爭背景，我知道你已經提到了商業動態。能否再詳細談談消費者方面的問題？我知道競爭對手的信用卡公司仍然在大力推廣他們的旅行獎勵計劃等等。那麼，什麼因素對您2026年的前景構成最大風險呢？是競爭因素，還是您認為目前更多的是宏觀經濟或政治因素？

I would say, if you look at risk, it's more macroeconomic or political. The competitive dynamic has been here since the financial crisis. I mean this became a very interesting business after the financial crisis because it's a great return. It's a category that continues to grow about 8% every year. It's a great return on assets for people, and it's a great way to deploy capital.

我認為，從風險的角度來看，它更多的是宏觀經濟風險或政治風險。這種競爭態勢自金融危機以來就一直存在。我的意思是，金融危機後，這變成了一項非常有趣的生意，因為它的回報非常豐厚。這是一個每年持續成長約 8% 的類別。對人們來說，這是一種很好的資產回報方式，也是一種很好的資本配置方式。

So the competitive dynamic in consumer is as tough as it's ever been. JPMorgan is out there, Citi is out there, Capital One is out there. And the challenge for us has been the challenge that we faced for the last 15 years is to stay one or two or three steps ahead of our competitors. And when you look at what our competitors are doing, they are following our playbook. And so, our goal is to continue to move that playbook to a higher level, and that's what we'll continue to do and to execute and provide fantastic service to our customers.

因此，消費領域的競爭格局仍異常激烈。摩根大通、花旗集團、第一資本都在那裡。過去 15 年來，我們面臨的挑戰始終是保持比競爭對手領先一到兩到三步。當你觀察我們的競爭對手時，你會發現他們都在效法我們的做法。因此，我們的目標是繼續將這套策略提升到更高的水平，我們將繼續這樣做，並為客戶提供優質的服務。

The one thing I'll say that nobody has really been able to replicate is our customer service. I mean we continue year over year to perform and win the JD Power Award for service. And I think service is sometimes an underlooked component of the overall value proposition. And it's one that we invest in quite heavily. So, it's a highly competitive market. We never rest on our laurels, and we'll keep fighting and keep anticipating where the competition is going to go and beat them to that point.

有一點我可以肯定地說，那就是我們的客戶服務，至今無人能真正複製。我的意思是，我們年復一年地持續取得優異成績，並贏得 JD Power 服務獎。我認為服務有時是整體價值主張中一個被低估的組成部分。而且我們在這方面投入了相當多的資金。所以，這是一個競爭非常激烈的市場。我們永不滿足於已有的成就，我們會繼續戰鬥，不斷預測競爭對手的動向，並最終超越他們。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Great, thanks. Most of my questions have actually been asked and answered. I was just hoping you could expand a little bit on how you're kind of positioning American Express with your kind of recent acquisitions versus in that Small Business arena given the competition, which obviously has always been there from some of those larger private companies. And now, obviously, one of them will be combining with a large bank.

太好了，謝謝。我的大部分問題其實都已經被問過並得到了解答。我只是希望您能詳細談談，鑑於一些大型私人公司一直存在的競爭，您是如何透過最近的收購來定位美國運通在小型企業領域的，以及您如何看待小型企業領域的競爭。很顯然，其中一家將會與一家大型銀行合併。

Yeah. Look, I think that, as I said, with our Center acquisition, especially from a Small Business perspective, rather than partnering with expense management providers as we've done with -- whether it was Concur or IBM before that, will now have our own expense management offering. And I think it's what small businesses want. It's what Middle Market companies want.

是的。我認為，正如我所說，隨著我們收購了 Center，特別是從小型企業的角度來看，我們將不再像以前那樣與費用管理提供商合作——無論是之前的 Concur 還是 IBM——而是擁有我們自己的費用管理產品。我認為這正是小企業所需要的。這正是中型市場公司所需要的。

I think additionally, and I'm not going to get into the details on this call, but we will be sharing over the next couple of months, just a road map of where we are going from a Commercial perspective, both from a product perspective, an integration perspective and other technical capabilities that we will be adding.

此外，我認為，雖然我不會在這次電話會議上詳細說明，但在接下來的幾個月裡，我們將分享一份路線圖，闡述我們在商業方面的發展方向，包括產品方面、整合方面以及我們將要添加的其他技術能力。

I think the Small Business and Middle Market space is highly competitive. It's been very competitive as it relates to a value proposition perspective. And I think now the puck is now moving and has moved to -- from a software perspective. I think the combination of Capital One and Brex is, it's a very good move for Capital One. It's probably a good move for Brex as well.

我認為中小企業市場競爭非常激烈。從價值主張的角度來看，競爭非常激烈。我認為現在事情已經發生了變化，從軟體的角度來看，事情已經發展到…我認為Capital One和Brex的合併對Capital One來說是一個非常好的舉措，對Brex來說也可能是個好舉措。

It's great software, and you put a balance sheet together, and I think that works. They'll work on their integration issues and challenges like you do when you have an acquisition like that. But I think when we're out in the marketplace, I feel that we're going to be able to compete quite effectively. So, more to come on it, but it's, it will be a battleground just like it has been. It's just that it's going to be a battleground on even more -- multiple fronts now.

這款軟體很棒，你可以用它來編制資產負債表，我覺得這樣就很好用了。他們會像你一樣，在進行類似的收購時，努力解決整合過程中遇到的問題和挑戰。但我認為，當我們進入市場後，我們能夠非常有效地參與競爭。所以，後續還會有更多消息，但可以肯定的是，這將是一場像以往一樣的激烈戰鬥。只不過，現在戰場將擴展到更多面向──多個戰線。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Hi, good morning and thank you for taking my question. Steve, you kind of maybe pre-empted a little bit of my question with that last answer. But I was just wondering, obviously, in 2025, the Platinum refresh was a big thing at Amex. As we go into 2026, are there two or three initiatives that are really high impact that you're working on that we should be thinking about? Just like what are the priorities, I guess, for 2026?

您好，早安，感謝您回答我的問題。史蒂夫，你剛才的回答可能有點提前回答了我的問題。但我只是在想，很顯然，在 2025 年，白金卡升級對美國運通來說是一件大事。展望 2026 年，您正在進行哪些具有重大影響的兩到三個項目值得我們關注？那麼，2026年的優先事項是什麼呢？

I mean, look, the priorities are pretty much -- if you think about even the Platinum refresh, you go back to sort of strategic priorities that we have from a company perspective, which is really to win in the premium space to continue to build our position in Commercial, obviously, our coverage and our network initiatives, and we're going to continue to focus on those things.

我的意思是，你看，優先事項基本上是——即使你想想白金卡的更新，你也會發現我們從公司角度出發的戰略重點是真正贏得高端市場，繼續鞏固我們在商業領域的地位，顯然還有我們的覆蓋範圍和網絡計劃，我們將繼續專注於這些方面。

I mean listen, the Platinum -- the Platinum Card is launched, right? Now we want to continue to get value out of that Platinum launch in both Consumer and in Small Business. We're going to continue to build coverage, obviously, in International as that continues to grow and continues to be the fastest growing overall part of our business. And we're going to continue to build more capabilities, both digital capabilities and capabilities as we just discussed for our Small Business customers.

我的意思是，聽著，白金卡——白金卡已經推出了，對吧？現在我們希望繼續從白金版發布中為消費者和小型企業帶來價值。顯然，我們將繼續擴大在國際市場的覆蓋範圍，因為國際市場持續成長，並且仍然是我們業務中成長最快的部分。我們將繼續建立更多能力，包括數位能力和我們剛才討論過的小型企業客戶的能力。

And then we've got Resy and Tock, and we're going to be combining those as the year goes on as, and I think those two acquisitions have been really great for us as you see the differential in overall restaurant spending, overall restaurant Resy spending, which is not only good for our Card Members, good for us, but good for the restaurants as well.

然後我們還有 Resy 和 Tock，我們將在今年逐步將它們合併，我認為這兩項收購對我們來說真的非常棒，正如你所看到的，整體餐飲消費，整體 Resy 餐飲消費的差異，不僅對我們的持卡會員有好處，對我們也有好處，對餐廳也有好處。

So I mean, as I said to somebody on one of our calls recently. I think when you sort of look at this year, it's more of the same for us, right? It will be, we're still going to have product refreshes, not as big as we had from a Platinum perspective this year. But the fact that we continue to refresh our products that we continue to refresh our technology base that we continue to make more things available to our consumers, that we continue to build on partnerships, and that we continue to use those partnerships to bring value to our Card Members is something that we're going to continue to lean into.

我的意思是，就像我最近在一次通話中跟某人說的那樣。我覺得回顧今年，對我們來說情況和往年差不多，對吧？我們仍然會推出新產品，但從白金版的角度來看，規模不會像今年那麼大。但是，我們將繼續致力於不斷更新產品、不斷更新技術基礎、不斷為消費者提供更多服務、不斷加強合作關係，並繼續利用這些合作關係為我們的持卡會員帶來價值。

Brian Foran, Truist.

Brian Foran，Truist。

Hey, good morning. I guess you've touched on my question a little bit through various answers. I just want to circle back. I do hear a lot of investor concern for Amex. And for the market as a whole, just whether the cost to grow is getting too high. And it is tough to measure from the outside, partly because of the investment required upfront to get premium customers.

嘿，早安。我想你已經透過各種回答稍微觸及了我的問題。我只是想再補充一點。我確實聽到很多投資者對美國運通的擔憂。而對於整個市場而言，問題在於成長成本是否過高。而且從外部很難衡量，部分原因是獲得優質客戶需要前期投入。

And then partly, I feel like I've been doing this 20 years, and I still have to constantly relearn the lesson that credit card accounting pulls forward a lot of the expenses and spreads out a lot of the benefits. You've been very clear on the metrics you're watching show that you're putting on good, very good, very profitable growth.

在某種程度上，我覺得我從事這項工作已經 20 年了，但我仍然需要不斷重新學習信用卡記帳會提前支付很多費用，並將很多好處分散開來。您已經非常明確地指出，您所關注的指標表明，您正在實現良好、非常好、非常有利可圖的成長。

You've shared some of them with us here. You've talked about the rigor behind measuring debt. But I wonder as you look across all your businesses, you talked a lot of customers, geographies, marketing, co-brand channels, rewards benefits.

您在這裡和我們分享了其中一些。您談到了衡量債務的嚴謹性。但我很好奇，當你審視你所有的業務時，你談到了很多關於客戶、地理、行銷、聯名管道、獎勵福利等方面的內容。

Is there any part of the market where you do think it's getting overheated, and where you have adjusted or might need to adjust, or is this kind of cost to grow concern in the market right now, really just kind of economic and accounting dynamics showing us all the costs upfront and the benefits more on the lag.

您認為市場中是否存在過熱的部分，您是否已經做出調整或可能需要做出調整？或者，目前市場上的這種成長成本問題，實際上只是經濟和會計動態向我們展示了所有前期成本，而收益則更落後於後期。

Well, I'll let Christophe comment after I comment. I'd look at the last four or five years, and I'd look at what our guidance is. And what we're basically saying here is, consistently we're going to grow 10% and consistently, we're going to deliver mid-teens EPS growth. Not a lot of companies do that. And we are committed to doing that.

好，我先評論一下，再讓克里斯托夫評論。我會回顧過去四、五年，看看我們的指導方針是什麼。我們在這裡想表達的意思是，我們將持續成長 10%，並且我們將持續實現 15% 左右的每股盈餘成長。這樣做的公司不多。我們致力於做到這一點。

And one of the earlier questions was, well, if you have extra flexibility, you're going to drop it down to shareholders. A couple of years ago, we had extra flexibility with the Accertify gain. We dropped it down to shareholders. I think one of the reasons we have been able to have this consistent growth trajectory over the last, really five years now, and going into this year is the plan is because we have stayed true to who we are, and we have made investments for the longer term and not taking any short-term shortcuts.

之前有人問過，如果你有更大的彈性，你會把決定權交給股東嗎？幾年前，我們利用 Accertify 增益獲得了更大的靈活性。我們把決定權下放給了股東。我認為，過去五年甚至今年我們能夠保持持續成長勢頭的原因之一是，我們始終忠於自我，進行長期投資，而不是走任何短期捷徑。

And so while people may not be happy all the time that, hey, you had some extra money and you invested it, why didn't you drop that to shareholders this year? It's because our goal is to drive consistent shareholder returns year after year over after year to continue to grow our dividend in line with how we're growing EPS, to continue to do our share buyback program, to continue to return capital to shareholders, which has allowed us to drive our market cap up and has allowed us to be consistent.

因此，雖然人們可能並不總是樂於見到這樣的情況：嘿，你有一些額外的錢，並且把它投資了，為什麼你今年沒有把這些錢分配給股東呢？這是因為我們的目標是年復一年地為股東帶來持續的回報，從而不斷提高股息，使其與每股收益的增長保持一致，繼續實施股票回購計劃，繼續向股東返還資本，這使我們能夠提高市值，並保持穩定增長。

It's really been the same old story with Amex for the last four or five years, and that's what we're going to continue. So, I don't look at the cost to grow as all that expensive right now. I mean we stay out of things that we think are non-economical, and there are portfolios out there that we do not think are economical. We do not bid on it.

過去四、五年裡，美國運通的情況一直沒變，我們也會繼續這樣下去。所以，我覺得現在發展的成本沒有那麼高。我的意思是，我們會避開那些我們認為不經濟的事情，而市面上確實存在一些我們認為不經濟的投資組合。我們不參與競標。

We have a large co-brand portfolio, and we believe that, that portfolio is a one plus one equals three for us. And we have a great premium customer base. We're growing very strongly internationally, and we still see those growth prospects over the horizon. As I said earlier, this is a market that continues to grow on a global basis by about 8%. So again, I don't share the, "it looks like it's too expensive to be in this business."

我們擁有龐大的聯名品牌組合，我們相信，這個組合對我們來說是 1+1=3 的。我們擁有龐大的優質客戶群。我們在國際市場上發展勢頭強勁，而且我們仍然看到未來成長的前景。正如我之前所說，這是一個在全球範圍內持續成長的市場，成長率約為 8%。所以，我並不認同「做這行成本太高」這種說法。

I think you may see from time to time, you'll see some rewards costs that get a little bit higher. You might see some incentive offers get a little bit higher. But I think what people fail to do is to look in aggregate at the entire expense base, and how one investment plays off another investment.

我想你可能會不時看到，有些獎勵成本會稍微升高一些。您可能會看到一些獎勵金額略有提高。但我認為人們往往忽略的是，應該從整體上看待整個支出基礎，以及一項投資如何與另一項投資互動。

And so when Christophe and I sit down and look at the expense base, we look at an investment, how it impacts our operating leverage, how it impacts our credit performance, how it impacts our ability maybe to dial back marketing or maybe we have to dial up marketing. So, there's a lot of levers that we're pulling.

因此，當克里斯托夫和我坐下來查看支出基礎時，我們會查看一項投資，它如何影響我們的經營槓桿，如何影響我們的信貸表現，如何影響我們可能縮減行銷或可能加大行銷力度的能力。所以，我們正在採取多種措施。

We've been doing this a long time now. And so, we feel really good about '26 and beyond at this point, given the macro environment that we have, the political, with all the contingencies that are out there. But yeah, I don't view this as an overheated market in any way, shape, or form for us. It's competitive, no doubt, but I don't think it's overheated from a cost perspective.

我們做這件事已經很久了。因此，鑑於我們目前的宏觀環境、政治環境以及所有可能出現的情況，我們對 2026 年及以後的情況感到非常樂觀。但是，就我們而言，我完全不認為這是一個過熱的市場。毫無疑問，市場競爭激烈，但從成本角度來看，我認為市場並沒有過熱。

Yeah. I'll add two more thoughts, Brian. The first one is, when you look at the quarter we're reporting, these are an outcome of a lot of decisions we made 2 years ago, 5 years ago, 10 years ago, 25 years ago. And we, that's the way we think about the decisions we're making now. When we are acquiring a new Card Member, we're thinking about that Card Member, not only in terms of what that Card Member will do to us this year or next year, we're thinking about the next 20 years.

是的。布萊恩，我再補充兩點。首先，當你查看我們正在報告的季度業績時，你會發現這是我們 2 年前、5 年前、10 年前、25 年前做出的許多決定的結果。而我們，就是這樣看待我們現在所做的決定的。當我們發展新持卡會員時，我們考慮的不僅是該持卡會員今年或明年會為我們帶來什麼，而是未來 20 年。

That's very much critical to the way we make all our decisions. And when you think about specifically the cost of growth, on the back of this Platinum refresh, when I look at the cost of acquiring and welcome offers that we put on the market, we've seen some of the lowest cost of acquisition for Platinum in the last two years happening like in Q4. And so, it's definitely a very competitive place. We have invested in our value proposition. We have an amazing brand.

這對我們做出所有決定至關重要。當你具體考慮成長成本時，考慮到這次白金會員升級，當我查看獲取成本和我們投放市場的歡迎優惠時，我們發現白金會員的獲取成本在過去兩年中處於最低水平，例如在第四季度。所以，這裡絕對是一個競爭非常激烈的地方。我們已對自身的價值主張進行了投資。我們擁有一個非常棒的品牌。

We have technology that allows us to personalize those offers and optimize the cost of origination and acquisition. And when you put all of this together, and you combine that with that long-term view that we have on those relationships. I can tell you the economics are very compelling. And that's why we, and that's how we are allocating our investment dollars.

我們擁有能夠實現個人化服務並優化客戶開發和獲取成本的技術。當你把所有這些因素綜合起來，再加上我們對這些關係的長期看法。我可以告訴你，經濟因素非常有吸引力。這就是我們分配投資資金的原因。

Chris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

Morning, thanks for squeezing me in. You've given a lot of great engagement metrics, and you do have the new data analytics platform on the horizon. Can you just talk about that journey and the tools that you'll have to drive more Card Member engagement as you get into AI, et cetera, et cetera?

早安，謝謝你抽空幫我。你們提供了許多優秀的用戶參與度指標，而且你們的新數據分析平台也即將推出。您能否談談您在人工智慧等領域的發展歷程，以及您將擁有哪些工具來提高持卡會員的參與度？

Well, I think as, look, and we're constantly, this is, I think, in the last 10 years, the third big data mart conversion that we've done here as technology gets better and better. I think what's really exciting for us is to be able to take large language models that are out there, and take our data and insert that in and really come up with great Card Member offers, great Card Member insights, be able to create archetypes of various cardholders and be able then to treat cardholders and target cardholders in a much more effective way.

嗯，我認為，你看，我們一直在這樣做，我認為這是過去 10 年裡我們在這裡進行的第三次大數據集市轉換，因為技術越來越好。我認為真正讓我們感到興奮的是，我們能夠利用現有的大型語言模型，將我們的數據插入其中，從而真正提出優秀的持卡會員優惠、提供優秀的持卡會員洞察，創建各種持卡人的原型，然後以更有效的方式對待持卡人和鎖定持卡人。

And so, and we'll roll those tools out and access to that entire data mart across the entire company. And so, it takes till 2027 because you're doing it sort of organization by organization, process by process, application by application. But we're already seeing some benefits of that in some of our Card Member marketing, which again leads to some of the reduction in overall costs.

因此，我們將推出這些工具，並讓全公司都能存取整個資料市集。因此，這項工作要到 2027 年才能完成，因為你們是逐一組織、逐一流程、逐一申請地進行的。但我們已經在一些持卡會員行銷中看到了這種做法帶來的好處，這也有助於降低整體成本。

So we're excited by that. We're excited that it's on the cloud, which gives us the ability to expand that on a very dynamic basis. And so, I think as we go on, we'll be able to talk more about just how the proof points of that comes out. But this is a business that not only you have to invest in value propositions, but you really have to invest in a like way in the technology behind it because ultimately, it's a technology that drives us value propositions, and it's a technology that drives the appropriate engagement with your cardholders.

我們對此感到很興奮。我們很高興它運行在雲端，這使我們能夠以非常動態的方式擴展它。所以，我認為隨著討論的深入，我們將能夠更多地探討這些論證要點是如何得出的。但在這個行業，你不僅要投資於價值主張，還要以同樣的方式投資於其背後的技術，因為歸根結底，是技術驅動著我們的價值主張，也是技術驅動著與持卡人的適當互動。

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.

通話到此結束。再次感謝您參加今天的電話會議，也感謝您一直以來對美國運通的關注。投資者關係團隊將隨時解答任何後續問題。

Operator, back to you

操作員，返回您的位置

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 13757801 after 1:00 PM Eastern Time on January 30 to February 6. That will conclude our conference call for today. Thank you for your participation. You may now disconnect

女士們、先生們，電話會議結束後不久，您可以在我們的投資者關係網站 ir.americanexpress.com 上觀看網路直播回放。您也可以在 1 月 30 日美國東部時間下午 1 點至 2 月 6 日期間，撥打 877-660-6853 或 201-612-7415，輸入接取碼 13757801，收聽電話會議的數位回放。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。