American Express (AmEx) has demonstrated strong performance in the first quarter of 2025, with spending among its affluent cardholders remaining stable despite broader economic uncertainties. Chief Financial Officer (CFO) Christophe Le Caillec shared insights on this positive momentum in an interview with CNBC.

Key Financial Highlights

AmEx recorded a 6% increase in billed business during the first quarter, or 7% when adjustments for the leap year are considered. This continual rise reflects spending trends that began late last year, indicating a sustained consumer confidence within the company’s affluent demographic.

Shifts in Consumer Spending

While younger cardholders, namely millennials and Gen Z, displayed remarkable enthusiasm for spending—boosting their activity by 14%—older generations showed more conservative behavior. Gen X and Baby Boomer cardholders reported increases of 5% and 1%, respectively. Le Caillec acknowledged the uncertainty surrounding whether recent spending patterns might be artificially inflated due to consumer fears over upcoming tariffs.

Resilience Amid Economic Challenges

Despite stock market volatility driven by concerns regarding President Donald Trump’s tariff policies, AmEx maintained strong profitability and surpassed first-quarter earnings expectations. “There’s a lot of stability and strength, despite the news and the environment,” Le Caillec said, indicating that the company’s wealthier clientele may offer some insulation against economic headwinds.

Variances in Sector Performance

A notable distinction arose in spending patterns across different sectors. Restaurant spending saw an increase of 8%, reflecting discretionary consumer choices, which Le Caillec regarded as a solid indicator of customer confidence. In contrast, airline transactions saw much weaker growth at just 3%, a significant decline from the 13% growth experienced in the previous quarter.

Future Outlook and Guidance

While other companies, particularly in the airline and retail sectors, have revised their earnings guidance due to uncertainty surrounding tariff implications, AmEx has chosen to maintain its revenue growth forecast of 8% to 10% for the year, with expected earnings between $15 to $15.50 per share. However, the company qualified this guidance with a caveat, stating it is “subject to the macroeconomic environment.”