American Express reported strong first-quarter 2025 earnings, surpassing profit expectations driven by robust consumer spending. The company added 3.4 million new cards during the quarter, with over 60% of these new accounts held by millennial and Gen Z consumers globally. Loans and card member receivables increased 7% year-over-year on a foreign exchange-adjusted basis, primarily fueled by premium products including pay-over-time and co-brand portfolios, which accounted for approximately 80% of growth. Net card fees reached record levels, rising 20% on an FX-adjusted basis, marking the twenty-seventh consecutive quarter of double-digit card fee growth. American Express CEO highlighted that spending trends are more influenced by white-collar unemployment than overall unemployment, reflecting the company’s customer base composition. Despite global economic uncertainties, the company’s affluent customers continue to spend actively, particularly on dining and lifestyle activities, contributing to a 6% growth in consumer spending. The strong performance and steady guidance reinforce American Express’s reputation as a favored stock among investors, including Warren Buffett.