“In 2026, we expect credit metrics to remain generally stable with some seasonal variation in provision across quarters.”

In context

“cash back products to platinum, and platinum new acquisitions were up significantly. In fact, the percentage of fee-paying products for US consumer is up 8 percentage points year over year. Turning to balance growth and credit. Loans and card member receivables increased 7% year over year FX growing at a similar pace to billed business. There was about a one percentage point impact on balanced growth from our held-to-sale portfolios again this quarter. In 2026, we expect loans and receivables to continue to grow largely in line with billed business. Our credit performance throughout the year was remarkably strong and stable. Delinquency rates were flat throughout the year, and write-off rates remain best in class. Notably, both delinquency and write-off rates are still below 2019 levels. In 2026, we expect credit metrics to remain generally stable with some seasonal variation in provision across quarters. Turning to revenue on slide 14. Revenue was up 10% FX reported for both Q4 and the full year. Momentum was broad-based across revenue lines with net card fees, NII, and service fees and other revenue all growing at double-digit rates. Net card fees reached record levels driven by continued success in acquiring new customers onto fee-paying products, our ongoing cycle of product refreshes, and our high retention rates. In Q4, card fees were up 16% FX adjusted moderating a bit as we expected. In 2026, we expect card fee growth to pick up as the year progresses as we see the impact from the platinum refresh, exiting the year in the high teens. We have now started applying the new annual fee for US platinum card members reaching their renewal anniversaries. For those customers, we have seen n”