Craig Maurer

CFO quantified the URR change as a small in-quarter benefit and de minimis at the full year level, framing it as accounting hygiene.

Le Caillec confirmed the 6pp acceleration is mostly from the back book, a strong sign. Expects the step-up to maintain into 2027 but no further acceleration.

Squeri said engagement has likely stabilized for existing base while new cardholders will add incrementally; Le Caillec guided VCE-to-revenue at around 44% for 2026.

Squeri said too early to assess competitive takeaway at three weeks in; international had three of five top markets at nearly 18% growth with coverage strategy on track.

Le Caillec said acquisition mix stable at ~70% fee-paying with no expected change; VCE ratio guided to tick up slightly as portfolio shifts more premium.

Squeri cited 40 years of history showing consumer confidence and stock market haven't been key AXP credit drivers; white-collar unemployment is the real risk factor.

Squeri confirmed alignment with Delta on strong 2025 outlook, noting the Delta book drives broad card member spending beyond just airline.

Squeri acknowledged fintech competitors have good products and are making inroads but declined to comment on potential acquisitions.

Osvaldo attributed Mexico acquiring compression to device restocking and higher memory-chip costs rather than price cuts; Ariel added tax reform and the World Cup as GMV headwinds.

Osvaldo split answer: credit card repayments tracking well, personal loan duration extended deliberately from profitable base. NPLs stable despite macro conditions. Martin confirmed cautious credit management.

Osvaldo declined to share specific lift numbers but confirmed significant increase in NPS, engagement, and net spend for credit product users. Blue money share growing in all 3 markets.

Osvaldo confirmed 2023 and older cohorts in Brazil are profitable. Overall portfolio profitability depends on mix of mature vs new cohorts.

Osvaldo expressed excitement about Mexico's fintech opportunity. Martin noted no significant tariff impact on cross-border competition, with some tariffs in Mexico/Brazil reducing import volumes.

Sachin acknowledged FX volatility is hard to predict, impacts transaction processing assessments, and will be called out when outsized or record-low. On VAS: growth algorithm driven by network-linked revenues (60%), increasing attach rates, global penetration, organic innovation, and acquisitions like Recorded Future. Growth is broad-based across AP, EMEA, Americas and all product areas.

Sachin explained multi-step process: requires OECD agreement plus individual country legislation reversal. Singapore example cited, 15% rate enacted, would need local law change plus UTPR reversal in other countries.

Michael described digital identity as fundamental to the digital economy, with use cases from financial services to merchant onboarding to MLB All-Star voting. Open banking + identity solutions combined.

Michael highlighted diversification, secular cash-to-digital shift, rising cybersecurity demand, and data insights helping customers in all economic environments.

Ryan acknowledged it is early for agentic commerce and gave a general commitment to cardholder protection, but did not detail specific 4-party rule mechanics.

McInerney said today's renewal conversations are vastly different than three or four years ago, much more multifaceted and rich conversations about broad array of services beyond network services for debit/credit cards. Conversations include processing, services, fraud/risk services, expansion from consumer payments to small-business cards, commercial cards, fleet, agricultural verticals, B2B verticals. Very different sales motion and negotiation involving many different revenue levers. Varies by client/market but teams increasingly successful building on historical consumer payments relationships and using renewals to expand into new flows and VAS opportunities creating new revenue growth.

Ryan did not commit to a fixed operating-leverage framework, framing it around maximizing long-term growth.

Shiv reframed to the 20% annualized target, cited seasonality and promotions, and said customer health and engagement remain strong.

Vlad acknowledged state concerns as rational but framed it as a federal vs state jurisdiction issue, maintaining Robinhood's position that CFTC has authority over these products.

Harley emphasized Shop Pay's scale and consumer popularity as competitive advantages, plus Shopify's unique position of housing consumers' favorite brands makes the agentic toolkit a no-brainer for AI partners.

Harley advocated for de minimis protections and highlighted product features like duty collection at checkout and Shop App country search filters as mitigants.