Earnings PerformanceAXP missed on PPOP as card spend came in slower, rewards expense higher.
Regulatory RisksIncreased competition or regulatory actions concerning credit cards, particularly related to interchange rates, could pose downside risks.
Revenue GrowthMacroeconomic uncertainties could lead to a slowdown in revenue growth, with AXP's volumes likely to be more affected than those of other major card players, given its high exposure to travel and entertainment.