American Express Company (AXP) Presents at Morgan Stanley US Financials Conference Transcript

American Express Company (NYSE:AXP) Morgan Stanley US Financials Conference June 11, 2025 9:45 AM ET

Company Participants

Christophe Y. Le Caillec - Chief Financial Officer

Unidentified Analyst

All right. Up next, we have American Express. Before we get started, I'm going to read some quick disclosures. For important disclosures, please see the Morgan Stanley research disclosure website at morganstanley.com/researchdisclosures. The taking of photographs and use of recording devices is also not allowed. If you have any questions, please reach out to your Morgan Stanley sales representative.

Christophe Y. Le Caillec

Getting really good at saying that, by the way.

Unidentified Analyst

Yes. So delighted to have with us today from American Express, Christophe Le Caillec, CFO, to our conference. Welcome, Chris.

Christophe Y. Le Caillec

Thank you for having me.

Question-and-Answer Session

Unidentified Analyst

Second year here. Welcome back. So maybe let's start high level and talk about the growth outlook you have. Amex has been able to drive really robust top line growth since the pandemic. That's moderated somewhat over the past year, but you're still looking for growth above historical levels at 8% to 10%. How do you think about the runway for growth over the next few years? And how can you get back to that double-digit aspiration?

Christophe Y. Le Caillec

So I think the starting point is -- the right starting point is the TAM, the total addressable market. The way we think about it from a TAM standpoint is that the TAM is growing at about say, 5-ish percent in the U.S. It's basically GDP plus a bit of inflation. When you overlay on top of that, internationally grows at a bit faster because their cash conversion to credit is a bigger opportunity. When you put all of this together, we think the TAM is growing at like 6%, 7%. And what's specific about American Express