The news: American Express’s total net revenues increased 7% YoY in Q1 2025, per its earnings release. This is a deceleration from 11% YoY growth the year prior.

Higher net interest income, revolving loan balances, card spending, and card fees fueled growth, the company said.

• US consumer network volume increased 7% YoY in Q1.
• International consumer card volume grew 14% YoY.
• Overall loan and card member receivables increased 7% YoY.
• And net card fees increased 18% YoY.