American Express, the credit card giant, reported a 13% year-over-year increase in fourth-quarter profit, driven by its high-net-worth clients who continued to use their Amex cards extensively for purchases across categories such as luxury goods, dining, and travel.

The New York-based company announced on Friday a quarterly profit of $2.46 billion, or $3.53 per share, compared to a profit of $2.17 billion, or $3.04 per share, in the same period last year. According to financial data firm FactSet, these results were largely in line with analyst expectations.

For several quarters, American Express has been encouraging cardmembers to significantly increase their spending through various exclusive benefits and rewards. In September of last year, the company enhanced the benefits of the Centurion Black Card, adding an annual $400 dining credit while simultaneously raising the card's annual fee to $895.

Total spending by American Express cardmembers in the fourth quarter reached $506.2 billion, up from $464 billion a year earlier, equating to average spending of $6,696 per cardmember. Outstanding balances on cards also increased, with the company's total credit card loans on its books rising to $213 billion, up from $199.1 billion in the prior-year period.

Despite fee increases on some card products, American Express's customer base continued to grow, with particularly strong growth among younger demographics. Chief Financial Officer Christophe Le Caillec noted that combined spending by Gen Z and Millennial cardmembers surpassed that of Gen X for the first time—the latter group had previously been the highest-spending customer segment for American Express.

American Express also issued its full-year 2026 earnings guidance, projecting earnings per share to be in the range of $17.30 to $17.90. The company further plans to increase its quarterly dividend from $0.82 per share to $0.95 per share.