American Express is acquiring a restaurant reservation platform for approximately $700 million, deepening its push into dining and lifestyle benefits that anchor its premium card value proposition. AXP posted $41.3B in revenue (+6.4% YoY) and 26.2% net margins in FY2025, giving it ample capacity to absorb the deal financially — but $700M is still a notable discretionary spend.

The strategic tension is whether dining/reservation infrastructure genuinely drives card spend and retention, or whether this is an overpriced bolt-on that dilutes returns. Watch for management commentary on expected synergies, any revision to EPS guidance given the cash outlay, and competitive reaction from Chase (Sapphire dining) and Visa.