Travel and entertainment spending by American Express U.S. commercial customers increased 4 percent year over year in the fourth quarter of 2025, continuing the reversal of the slower growth trends seen at the start of last year, the company reported.

The 4 percent growth rate was below the 5 percent rate reported in the third quarter but higher than the 2 percent and 1 percent growth rates reported in the first and second quarters, respectively. Amex CFO Christophe Le Caillec in an earnings call said across commercial and U.S. consumer customers—who increased T&E spending 9 percent year over year in the fourth quarter—that "growth in airline and lodging spend was largely stable, and restaurant spending was up 9 percent once again this quarter."

Spending by Amex's large and global business customers in the U.S., inclusive of T&E and goods and services, increased 4 percent year over year in the fourth quarter. Among small and midsize business clients, spending increased 3 percent year over year.

"Small business is really, really strong," Amex chairman and CEO Stephen Squeri said. "I think the middle market Is where you a see a little bit of the slowdown."

Squeri said Amex later this year will launch "a suite of offerings for small and middle market commercial customers" that will include the integration of the Center expense management solution, which Amex acquired last year. He acknowledged that the SME space is a "highly competitive market," evidenced by Capital One Financial Corp.'s announcement last week of an agreement to acquire fintech platform Brex.

Squeri called the acquisition "a very good move for Capital One" and "probably a good move for Brex as well."

"When we're out in the marketplace, I feel that we're going to be able to compete quite effectively," he said. "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."

T&E spending by Amex's international cardholders, including both business and consumer clients, was up 9 percent year over year in the quarter. Total international business client spending increased 13 percent year over year.

Amex reported total revenue of $19 billion for the fourth quarter, up 10 percent year over year, and a net income of $2.5 billion, up 13 percent. For the full year 2025, Amex's net income increased 7 percent year over year to $10.8 billion.