Amex reports continued rebound in travel and entertainment spending

Corporate travel demand remains resilient despite uneven economic signals and competitive financial services landscape

American Express reported a continued recovery in travel and entertainment spending in the fourth quarter of 2025, with U.S. commercial customers increasing T&E expenditures by 4 percent year over year. Growth improved compared with earlier quarters in 2025, although it slowed slightly from the third quarter. Airline, lodging and restaurant spending remained stable or growing, indicating sustained travel activity. The company also highlighted strong small-business spending and intensifying competition in the SME financial services market.

Key takeaways

• T&E spending growth continues: U.S. commercial customers increased travel and entertainment spending by 4 percent year over year in Q4 2025, confirming ongoing recovery trends.
• Travel categories remain stable: Airline and lodging spending held steady while restaurant spending rose 9 percent, supporting continued travel activity.
• Small business shows resilience: Spending among small and midsize businesses grew modestly, with executives highlighting particularly strong small-business demand.
• International spending strengthens: T&E spending by international cardholders increased 9 percent, with total international business spending up 13 percent year over year.
• Strategic SME focus emerging: Amex plans new offerings integrating expense-management capabilities, reflecting growing competition in the SME financial services segment.
• Solid financial performance overall: Fourth-quarter revenue rose 10 percent year over year and net income increased 13 percent, indicating stable business momentum.

Source: Amex

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