“In 2026, we expect the VCE to revenue ratio to be around 44%. Driven by these investments and ongoing mix shift towards premium products, and assuming a similar spend environment to what we've seen recently.”

In context

“r those customers, we have seen no change to our very high retention rates relative to pre-refresh. Net interest income was up 12% again this quarter. Continuing to grow faster than balances. We expect NII growth to continue to outpace growth in loans and receivables in 2026. Turning to expense performance. The VCE to revenue ratio was 45% this quarter. The VCE ratio stepped up from earlier in the year as we expected driven by the investment we made in the value propositions of our US platinum cards. As Stephen noted, VCE investments are an important part of our model. They support revenue growth by driving customer acquisition and engagement, they improve credit outcomes by attracting highly creditworthy customers and they drive marketing efficiency by increasing demand for our products. In 2026, we expect the VCE to revenue ratio to be around 44%. Driven by these investments and ongoing mix shift towards premium products, and assuming a similar spend environment to what we've seen recently. We continue to drive leverage from our operating expenses with OpEx as a percentage of revenue down four points since 2022 even as we increased our technology spend by 11% for the year. In 2026, we expect operating expenses to grow in the mid-single digits. Marketing expense totaled $6.3 billion for the year, up 4% year over year. We expect marketing expense to be up in the low single digits in 2026. As we look to generate efficiencies from the investment in product value propositions, and technology as Stephen discussed. Before leaving expenses, let me add to Stephen's comments about our investment approach and where those investments sit in the P&L. At a high level, when we think about growth, we consider three types of investment. The first is spent on welcome offers and distribution c”