Amex Clients Spent More in Q4 2025, Signal Business Travel Recovery

American Express has reported that travel and entertainment spending by its US commercial customers rose 4 percent year over year in the fourth quarter of 2025.

This increase signals a continued recovery compared with the more muted spending patterns seen at the beginning of last year.

Airlines, hotels, and restaurants remain key spending drivers

Across both commercial clients and US consumer cardholders, spending patterns in core travel categories remained resilient. Airline and lodging expenditures held largely steady, indicating consistent demand for flights and accommodation. Meanwhile, restaurant spending stood out, rising 9 percent year over year.

US consumer customers in particular increased their overall travel and entertainment spending by 9 percent, underscoring strong demand for dining and leisure-related experiences.

Quarterly growth shows gradual rebound pattern

Although the 4 percent rise in the fourth quarter was slightly below the 5 percent growth recorded in the third quarter, it still represents a clear improvement over earlier in the year.

Growth had been much more modest in the first quarter at 2 percent and slowed further to just 1 percent in the second quarter.

Business segment breakdown shows broad-based increases

Spending among Amex’s large and global US business clients, which includes not only travel and entertainment but also goods and services purchases, climbed 4 percent year over year in the fourth quarter.

Small and midsize business customers also contributed to the upward trend, though at a slightly slower pace, with spending up 3 percent compared with the same period last year.

International activity and overall financial performance strengthen

Beyond the US market, Amex saw notable momentum among international cardholders.

Travel and entertainment spending from customers outside the US, covering both business and consumer segments, rose 9 percent year over year in the quarter. Total spending by international business clients increased even more sharply, up 13 percent.

Check out Amex GBT’s financial report for the third quarter of 2025 to learn more about the company’s progress toward profitability.

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