Ahead of the U.S. stock market open on Monday, December 22, 2025 (22/12/2025), American Express Company (NYSE: AXP) is in focus after a strong run into mid-December, followed by a week of consolidation. The setup for AXP now hinges on four themes investors typically care about most: holiday spending momentum, credit quality, Wall Street’s shifting price targets, and the countdown to Q4 and full-year results.
Below is what to know—based on the latest filings, company updates, and recent reporting—before the opening bell.
AXP in 60 seconds: the essentials for Monday morning
- Last close: AXP ended Friday, Dec. 19 at $376.51, after trading as high as $377.55 that session. [1]
- Recent context: Shares pushed higher earlier in December, including a mid-month spike where the stock’s daily high reached $385.92 on Dec. 11, then pulled back into the mid-$370s. [2]
- New dividend: AmEx declared a $0.82 quarterly dividend, payable Feb. 10, 2026, to shareholders of record Jan. 2, 2026. [3]
- Next major catalyst: AmEx set Q4 and full-year 2025 earnings for Friday, Jan. 30, 2026 (8:30 a.m. ET), with results expected around 7:00 a.m. ET ahead of the call. [4]
- Holiday spending signal: CEO Stephen Squeri said AmEx saw 9% growth in U.S. consumer retail spending in the week before Thanksgiving through Cyber Monday, and 13% growth among U.S. Platinum retail spending—a potentially important read-through for Q4 billed business. [5]
- Credit snapshot: In a Dec. 15 Form 8-K, AmEx reported 30-day delinquencies of 1.4% for U.S. consumer card member loans at Nov. 30 and a 2.1% net write-off rate (principal only). [6]
AXP stock price: what the tape is saying heading into Dec. 22
From a trading standpoint, AXP’s December story looks like this:
- Momentum phase: AXP climbed into mid-December and printed a notably strong session on Dec. 11, when it reached a high of $385.92. [7]
- Consolidation phase: Since then, the stock has drifted lower and stabilized, finishing Dec. 19 at $376.51—roughly a “pause” after the earlier move. [8]
For Monday’s open, investors will be watching whether this consolidation acts as a base for another leg higher—or whether the stock struggles to regain the mid-December highs.
The freshest company headlines: dividend + earnings calendar are now set
Two company items are especially relevant before Monday’s open:
1) Dividend: $0.82 quarterly payout
AmEx’s board declared a regular quarterly dividend of $0.82 per share, payable Feb. 10, 2026, to shareholders of record Jan. 2, 2026. [9]
At Friday’s close of $376.51, that implies an annualized dividend of $3.28 ($0.82 × 4) and a dividend yield around 0.87% (a calculation based on the declared dividend and the latest close). [10]
2) Earnings conference call dates: next report is Jan. 30
AmEx also published its earnings call schedule, including:
- Q4 and full-year 2025:Friday, Jan. 30, 2026 at 8:30 a.m. ET
- With results and presentation materials expected around 7:00 a.m. ET before the call [11]
In other words: between now and late January, the market will likely trade AXP on macro data, credit trends, and any incremental commentary on holiday spending and premium-card demand.
Holiday spending and premium customers: why that Reuters update mattered
The biggest near-term fundamental question for AXP is whether the company is seeing a meaningful Q4 acceleration in billed business—especially among its higher-spend card members.
At a Goldman Sachs financial services conference, AmEx CEO Stephen Squeri said the network saw:
- 9% growth in U.S. consumer retail spending from the week before Thanksgiving through Cyber Monday
- 13% growth in U.S. Platinum retail consumer spending over the same period [12]
Reuters also reported that AmEx shares rose on that update and were up about 26.5% year-to-date at the time, outperforming Visa and Mastercard, and noted that Adobe Analytics estimated 7.7% growth in overall online spending during “Cyber Week.” [13]
Why investors care: AXP is often treated as a “premium consumer + travel and entertainment” read. Strong holiday-period spending—particularly among Platinum customers—can support the thesis that AmEx’s base remains resilient even when broader consumer narratives turn cautious.
Credit quality check: what AmEx disclosed about November delinquencies and write-offs
Credit performance is the other key swing factor for card lenders, especially late in the cycle.
In a Form 8-K dated Dec. 15, 2025, American Express furnished delinquency and write-off statistics for its U.S. consumer and small business card member loans held for investment. Highlights from the filing include: [14]
- U.S. Consumer card member loans:$97.7B total loans at Nov. 30, 2025
- 30 days past due:1.4% (also 1.4% in October and September)
- Net write-off rate (principal only):2.1% in November (2.2% October; 1.9% September) [15]
For U.S. Small Business card member loans: [16]
- Total loans:$31.4B at Nov. 30
- 30 days past due:1.6% (also 1.6% in October and September)
- Net write-off rate (principal only):2.7% in November (2.6% October; 2.5% September) [17]
What this suggests heading into Monday: Delinquencies appear stable in the most recently disclosed month, while net write-offs show some variation month to month. For AXP bulls, the key is that credit remains contained while spending stays firm; for bears, the worry is that write-offs could continue creeping higher if the consumer slows.
The baseline operating backdrop: what AmEx said in Q3 (and the guidance it reaffirmed)
The most recent full quarter on the record remains Q3 2025, reported Oct. 17, 2025. In its Q3 earnings release, AmEx reported: [18]
- Revenue: total revenues net of interest expense up 11% to a record $18.4B
- EPS:$4.14, up 19% year over year
- Card Member spend growth: accelerated to 9% (or 8% FX-adjusted) [19]
Crucially, AmEx raised FY 2025 guidance to: [20]
- Revenue growth:9% to 10%
- EPS:$15.20 to $15.50 [21]
At Friday’s close ($376.51), AXP trades at roughly 24.5× the midpoint of that EPS guidance range (a simple price-to-earnings calculation using the latest close and management’s guidance range). [22]
Platinum refresh: the premium strategy (and why it’s central to the bull case)
One reason investors remain attentive to AmEx’s product cycle is the company’s tendency to “refresh” premium cards, raise fees, and layer in benefits to sustain engagement.
Reuters reported that AmEx upgraded its U.S. Platinum cards by adding new perks worth more than $3,500 annually while increasing the annual fee by $200 to $895 (from $695). [23]
If premium customers continue to view the fee as worthwhile, that can support card fee growth, spend growth, and (over time) a stronger ecosystem moat—especially as premium competition intensifies.
Analyst forecasts and Wall Street positioning: why the picture is mixed
If you’re scanning forecasts into the open, one theme stands out: price targets are rising in some corners, but consensus targets can still sit below the current share price.
Wells Fargo reiterated Overweight; consensus target implies downside
A Nasdaq/Fintel write-up noted that Wells Fargo maintained an Overweight on Dec. 17. The same piece cited a $357.54 average one-year price target (as of Dec. 5), versus a then-recent close around $375.53, implying a ~4.8% downside to that average target. [24]
This is the kind of split that often shows up after a strong run: some analysts remain constructive, but the “average” target can lag behind a market that has already repriced higher.
Recent target raises also appear in market commentary feeds
Other widely circulated market notes around mid-December referenced:
- Wells Fargo lifting its price target to $425 (from $400) while maintaining Overweight
- Deutsche Bank lifting its target to $462 (from $380) and maintaining Buy [25]
Because these types of analyst actions can influence pre-market chatter and short-term sentiment, they’re worth monitoring—even if you ultimately anchor your view on fundamentals like billed business and credit.
A legal headline to keep on your radar: antisteering case settlement talks
Another developing storyline (less likely to move the stock day-to-day, but relevant to longer-term risk perception) involves litigation tied to AmEx’s “antisteering” / nondiscrimination provisions.
- A Cravath summary of the trial outcome stated that a jury awarded plaintiffs $12.5 million under Illinois consumer laws while ruling in AmEx’s favor on antitrust counts. [26]
- Separate reporting summaries indicated the parties later notified the court they had reached a term sheet/settlement framework, with details not disclosed in that notice. [27]
For Monday’s open, this is more of a background factor than a trading catalyst—unless new settlement terms or court filings surface.
What could move AXP on Monday, Dec. 22
With no earnings report until late January, AXP’s near-term drivers are more “signal-based” than “event-based.” Here’s what typically matters most right now:
- Any incremental read-through on holiday spend and travel
The Reuters commentary about 9% retail spend growth and 13% Platinum growth sets expectations for Q4 momentum. [28] - Credit data and consumer risk sentiment
The November credit stats show steady delinquency rates and specific write-off levels—numbers investors may compare against peers if more credit updates hit the tape. [29] - Analyst actions and target changes
AXP has become a popular “quality consumer finance” narrative when spending looks resilient—so upgrades/downgrades can matter more than usual when the stock is near recent highs. [30] - Positioning into the Jan. 30 earnings date
Now that AmEx has confirmed the timing, the market can begin to price the Q4 print more precisely. [31]
Bottom line for investors before the bell
American Express heads into the Dec. 22 open with a relatively clear near-term narrative: spending signals look encouraging, credit appears stable in the latest month disclosed, and the company has locked in the dividend and the next earnings date. [32]
The counterweight is valuation and expectations: after a strong 2025 run (including the year-to-date gain cited by Reuters earlier this month), the stock may need either continued evidence of premium spending strength or very clean credit performance to push decisively beyond recent highs. [33]
References
1. stockanalysis.com, 2. stockanalysis.com, 3. www.nasdaq.com, 4. ir.americanexpress.com, 5. www.reuters.com, 6. www.sec.gov, 7. stockanalysis.com, 8. stockanalysis.com, 9. www.nasdaq.com, 10. www.nasdaq.com, 11. ir.americanexpress.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.sec.gov, 15. www.sec.gov, 16. www.sec.gov, 17. www.sec.gov, 18. s26.q4cdn.com, 19. s26.q4cdn.com, 20. s26.q4cdn.com, 21. s26.q4cdn.com, 22. stockanalysis.com, 23. www.reuters.com, 24. www.nasdaq.com, 25. stockanalysis.com, 26. www.cravath.com, 27. constantinecannon.com, 28. www.reuters.com, 29. www.sec.gov, 30. www.nasdaq.com, 31. ir.americanexpress.com, 32. www.reuters.com, 33. www.reuters.com
