NYSE: AXP · Consumer Finance
American Express Company
American Express is a globally integrated payments company: it issues premium charge and credit cards, runs its own card network — the fourth-largest general-purpose network by purchase volume, behind Visa, China UnionPay, and Mastercard — and acquires merchants. In 2025 its cards were used for $1.67 trillion of spending, and it had 86.6 million proprietary cards in force. Total revenues net of interest expense rose 10% to $72.2 billion. About $37.4 billion came from discount revenue (merchant fees) and $10.0 billion from card fees. Net income was $10.8 billion. In 2026 it raised its full-year revenue growth guidance to 10%.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 6, 2026
Built on10-K FY2025 · filed 2026-02-0610-Q (quarter ended 2026-09-30) · filed 2026-10-23
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 14.9%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 15.0%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 34.0%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 11.2%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.70x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 4 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 18.4x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.13
Higher than 77% of 44 financial companies
Average yearly growth over the years shown
Higher than 33% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 87% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 44% of 45 financial companies
Equity ÷ total assets
Higher than 64% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$328.60close on 2026-11-04
Market cap$225.42B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 18.4x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 6.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.0%
At FY2025 year-end: 24.1x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 7.6x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 6.3%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$18.43B → $20.06B (vs. a year earlier)↑ +8.9%$18.43B → $20.06B (vs. a year earlier)
- Net income$2.9B → $3.71B (vs. a year earlier)↑ +27.9%$2.9B → $3.71B (vs. a year earlier)
- Diluted EPS$4.14 → $5.42 (vs. a year earlier)↑ +30.9%$4.14 → $5.42 (vs. a year earlier)
- Cash$45.24B → $43.2B (vs. previous quarter-end)↓ −4.5%$45.24B → $43.2B (vs. previous quarter-end)
- Long-term debt$57.02B → $58.54B (vs. previous quarter-end)↑ +2.7%$57.02B → $58.54B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 23, 2026.
Management outlook ↑ Raised
Raised full-year EPS guidance to $18.30–$18.60. Source sentence
“Given our performance year-to-date, we are raising our full-year EPS guidance to between $18.30 and $18.60 ($17.60-$17.90 adjusted), 4 and we're on track to deliver another year of 10 percent revenue growth.
Key changes
Q3 revenues $20.1B, up 9%. Source sentence
Third-quarter consolidated total revenues net of interest expense were $20.1 billion, up 9 percent year-over-year.
EPS $5.42, or $4.68 adjusted, up 13%. Source sentence
“We had another strong quarter, delivering 9 percent revenue growth and EPS of $5.42, or $4.68 adjusted, up 13 percent year-over-year. 1 Our business momentum continues, with strength in billings, new acquisitions and Card Member retention, and excellent credit quality.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- AMERICAN EXPRESS CO
- Headquarters
- NEW YORK, NY
- Incorporated in
- New York
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: AXP
- Industry
- Consumer Finance
- CIK
- 4962
Workforce (as of FY2025 year-end)
Employees
76,800
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 24–30 days after quarter end (Jan 30, 2026; Jan 24, 2025; Jan 26, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 17–30 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 23, 2026 (+23 days) | Oct 23, 2026 10-Q (+23 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 24, 2026 (+24 days) | Jul 24, 2026 10-Q (+24 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 23, 2026 (+23 days) | Apr 23, 2026 10-Q (+23 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 30, 2026 (+30 days) | Feb 6, 2026 10-K (+37 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 17, 2025 (+17 days) | Oct 17, 2025 10-Q (+17 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 18, 2025 (+18 days) | Jul 18, 2025 10-Q (+18 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 17, 2025 (+17 days) | Apr 18, 2025 10-Q (+18 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 24, 2025 (+24 days) | Feb 7, 2025 10-K (+38 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 18, 2024 (+18 days) | Oct 18, 2024 10-Q (+18 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 19, 2024 (+19 days) | Jul 19, 2024 10-Q (+19 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 19, 2024 (+19 days) | Apr 19, 2024 10-Q (+19 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 26, 2024 (+26 days) | Feb 9, 2024 10-K (+40 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Card issuing
Consumer cards
Examples: Platinum, Gold, cobrand cards
Card issuing
Commercial cards
Examples: Small-business and corporate cards, expense management
Network
American Express network
Examples: Merchant acquiring, third-party issuer partnerships
66.2 million cards issued by third parties.
Banking
Deposits and loans
Examples: Savings accounts, personal and business loans
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Card network
General-purpose card networks worldwide, by purchase volume
U.S. share
—
Not disclosedWorldwide share
4th largest
Company-disclosedBehind Visa, China UnionPay and Mastercard, per the 10-K.
Sources:
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from 8-Ks.
Q3 2026 results
Record revenue of $20.1B (+9%); EPS $5.42 (+31%), or $4.68 (+13%) adjusted, excluding a $982M pre-tax gain on the sale of its stake in Global Business Travel Group; billed business $454.0B (+8%). Full-year 2026 EPS guidance was raised.
Source: Q3 2026 earnings release
New notes
Issued $3.0B of senior notes on October 30, 2026: $1.5B 5.447% and $350M floating-rate notes due 2030, and $1.15B 5.817% notes due 2034.
Source: 8-K filed 2026-10-30
Preferred shares
Issued 6.450% Series E fixed-rate reset noncumulative preferred shares (via depositary shares) in August 2026.
Source: 8-K filed 2026-08-12
Acquisition
Acquired an expense management software company in 2025 (Commercial Services).
Source: Form 10-K (FY2025), Note 6
Record 2025
Revenue of $72.2B (+10%) and EPS of $15.38 (+10%).
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
1.36x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$2,425M ÷ $1,777M = 1.36x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$1.17B
Latest year: $633M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.48B in FY2020 to $2.43B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$72.23B
As reported in the 10-K
Revenue CAGR (5 years)
+14.9%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($72,229M ÷ $36,087M) ^ (1÷5) − 1 = 14.9%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
34.0%▲favorable
6-year average: 30.3%
As reported in the 10-K
- ▲
Revenue grew +14.9% a year over 5 years (strong growth)
From $36.09B in FY2020 to $72.23B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 30.3% over 6 years (latest: 34.0%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
U.S. Consumer Services
Issuing cards and lending- Running rewards and travel services
Commercial Services
Corporate and small-business cardsInternational Card Services
Issuing cards internationallyGlobal Merchant and Network Services
Signing and serving merchants- Licensing the network to other issuers
06 · what it draws on
Key resources
U.S. Consumer Services
Deposits and debt funding- Rewards and partnerships (airline cobrands, lounges, dining)
Commercial Services
Expense management software (acquired 2025)International Card Services
Local operationsGlobal Merchant and Network Services
Global card network
02 · why customers buy
Value propositions
- Premium card products with travel, lifestyle and business services (the Membership Model), and a closed-loop network.
04 · how it keeps them
Customer relationships
- Card Member relationships deepened through digital apps and services such as the Amex Travel App; annual card fees.
03 · how it reaches them
Channels
- Its own card-issuing and merchant-acquiring business; network partners licensed to issue cards or acquire local merchants; co-brand partners.
01 · who it serves
Customer segments
U.S. Consumer Services
U.S. consumersCommercial Services
U.S. businessesInternational Card Services
Consumers and businesses abroadGlobal Merchant and Network Services
Millions of merchants- Third-party issuers
09 · where money goes
Cost structure
FY2025, share of revenue ($72.23B)
- Interest expense11.4%
- Operating expenses (as reported)73.6%
Depreciation & amortization (inside the costs above): $1.78B. Capital spending: $2.43B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
U.S. Consumer Services
Discount revenue- Card fees
Commercial Services
Discount revenue, fees, net interest incomeInternational Card Services
Discount revenue, fees, net interest incomeGlobal Merchant and Network Services
Discount revenue- Network partnership revenue
Value propositions, channels and customer relationships: Form 10-K (FY2025)
U.S. Consumer Services (USCS)
Consumer cards in the U.S., including premium Platinum and Gold products, plus banking products such as deposits.
01 what it draws on
Inputs & resources
- Deposits and debt funding
- Rewards and partnerships (airline cobrands, lounges, dining)
- About 76,800 colleagues company-wide
02 what it does
Activities
- Issuing cards and lending
- Running rewards and travel services
03 who it serves
Customers
- U.S. consumers
04 how money comes in
How it earns
- Discount revenue
- Card fees
- Net interest income on card loans
U.S. Consumer Services (USCS): how it makes money
- Revenue $34.8B and pretax income $6.8B in 2025.
Commercial Services (CS)
Cards and payment solutions for U.S. small businesses and large corporations.
01 what it draws on
Inputs & resources
- Expense management software (acquired 2025)
02 what it does
Activities
- Corporate and small-business cards
03 who it serves
Customers
- U.S. businesses
04 how money comes in
How it earns
- Discount revenue, fees, net interest income
Commercial Services (CS): how it makes money
- Revenue $16.9B and pretax income $3.7B in 2025.
International Card Services (ICS)
Consumer and commercial cards outside the U.S.
01 what it draws on
Inputs & resources
- Local operations
02 what it does
Activities
- Issuing cards internationally
03 who it serves
Customers
- Consumers and businesses abroad
04 how money comes in
How it earns
- Discount revenue, fees, net interest income
International Card Services (ICS): how it makes money
- Revenue $13.0B and pretax income $1.6B in 2025.
Global Merchant and Network Services (GMNS)
Merchant acquiring and the American Express network, including partnerships with third-party issuers.
01 what it draws on
Inputs & resources
- Global card network
02 what it does
Activities
- Signing and serving merchants
- Licensing the network to other issuers
03 who it serves
Customers
- Millions of merchants
- Third-party issuers
04 how money comes in
How it earns
- Discount revenue
- Network partnership revenue
Global Merchant and Network Services (GMNS): how it makes money
- Revenue $7.8B and pretax income $4.0B in 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
American Express is a regulated bank holding company; card economics are shaped by regulation in the U.S. and EU.
Regulated prices & reimbursement
EU card payment rules
An EU Advocate General advised in March 2025 that payments to cobrand partners can be subject to EU interchange caps.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Sanctions and AML rules
Subject to significant AML, counter-terrorism financing, sanctions and anti-corruption regulation.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Government funding & tax credits
Tax-credit investments
Held $1.78B of tax credit investments at end-2025.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
USCS
34,814 (48%)profit 6,810 · margin 19.6%
CS
16,926 (23%)profit 3,668 · margin 21.7%
ICS
13,000 (18%)profit 1,603 · margin 12.3%
GMNS
7,759 (11%)profit 3,968 · margin 51.1%
Source: Form 10-K (FY2025) — Note 23, segment information Revenue is total revenues net of interest expense; profit is pretax income. Corporate & Other had a −$2.25B pretax loss.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Revenue comes mainly from merchant discount fees on card spending, annual card fees, and interest on revolving loans. Card Member loans totaled $151.8 billion at year-end 2025.
- Spot / one-off transaction
Discount revenue
$37.4B (52% of 2025 revenue)
Typical term: Merchant fees on each purchase
Billed business grew 8%.
- Annual contract
Net card fees
$10.0B (14%)
Typical term: Annual fees on cards
Grew 18%, driven by premium cards.
Net interest income
$17.4B (24%)
Typical term: Interest on Card Member loans net of funding costs
Service fees and other
$7.5B (10%)
Typical term: FX, network partnership, loyalty coalition and other fees
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Consumers, small businesses, corporations, merchants, and third-party card issuers worldwide.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- Billed business of $1,670B in 2025; significant jurisdictions include the U.S., U.K., EU, Australia, Japan, Canada, and Mexico. (Form 10-K (FY2025), Item 1)
- 152.8 million cards in force, including 86.6 million proprietary cards. (Form 10-K (FY2025), Table 5)
Suppliers
Cobrand partners, rewards partners, and funding sources (deposits and debt).
Named by the company
None named in the 10-K or the company’s press releases.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
American Express's 10-K says it competes in the global payments industry with networks, issuers, acquirers, and other payment methods, faces intense competition for premium customers and cobrand partners, and names the card networks it competes with.
Competitors named in the 10-K
Card networks
- Visasite ↗
- China UnionPaysite ↗
- Mastercardsite ↗
- JCBsite ↗
- Capital Onesite ↗
Discover and Diners Club International are owned by Capital One.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Financial institutions, iconic global consumer brands, and payment and technology businesses that American Express competes with for talent. Adobe, IBM, Salesforce, Uber, and Verizon were added for 2025.
- Bank of Americasite ↗
- BNY (Bank of New York Mellon)site ↗
- BlackRocksite ↗
- Capital Onesite ↗
- Citigroupsite ↗
- Goldman Sachssite ↗
- JPMorgan Chasesite ↗
- Morgan Stanleysite ↗
- U.S. Bancorpsite ↗
- Wells Fargosite ↗
- Nikesite ↗
- PepsiCosite ↗
- Starbuckssite ↗
- Ubersite ↗
- Verizonsite ↗
- Adobesite ↗
- IBMsite ↗
- Mastercardsite ↗
- PayPalsite ↗
- Salesforcesite ↗
- Visasite ↗
Also named as network competitors in the 10-K
Source: Proxy statement (DEF 14A, filed 2026-03-25) — Peer Group and BenchmarkingCompany names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-06
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 36,087 | 42,380 | 52,862 | 60,515 | 65,949 | 72,229 |
| Pretax income | 4,296 | 10,689 | 9,585 | 10,513 | 12,895 | 13,795 |
| Net income (attributable) | 3,135 | 8,060 | 7,514 | 8,374 | 10,129 | 10,833 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 17.4% | 24.7% | 14.5% | 9.0% | 9.5% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 8.7% | 19.0% | 14.2% | 13.8% | 15.4% | 15.0% |
| Balance sheet ($M) | ||||||
| Total assets | 191,000 | 189,000 | 228,354 | 261,108 | 271,461 | 300,052 |
| Total equity | 22,984 | 22,177 | 24,711 | 28,057 | 30,264 | 33,474 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 44,830 | 40,918 | 43,921 | 49,159 | 51,089 | 57,758 |
| Equity ratio | 12.0% | 11.7% | 10.8% | 10.7% | 11.1% | 11.2% |
| ROE | 13.6% | 35.7% | 32.1% | 31.7% | 34.7% | 34.0% |
| Cash flow ($M) | ||||||
| Operating CF | 5,591 | 14,645 | 21,079 | 18,559 | 14,050 | 18,428 |
| Investing CF | 11,632 | -10,529 | -33,689 | -24,433 | -24,402 | -22,891 |
| Financing CF | -9,068 | -14,933 | 24,509 | 18,379 | 4,436 | 11,210 |
| Free cash flowcalccash flow from operations − capital expenditures | 4,113 | 13,095 | 19,224 | 16,996 | 12,139 | 16,003 |
| Cash and equivalents | 32,965 | 22,028 | 33,914 | 46,596 | 40,640 | 47,792 |
| Per share & other | ||||||
| EPS ($) | 3.77 | 10.02 | 9.85 | 11.21 | 14.01 | 15.38 |
| BVPS ($) | 28.55 | 29.14 | 33.26 | 38.81 | 43.11 | 48.80 |
| Dividend per share ($) | 1.72 | 1.72 | 2.08 | 2.40 | 2.80 | 3.28 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 45.6% | 17.2% | 21.1% | 21.4% | 20.0% | 21.3% |
| P/E (x) | 32.1 | 16.3 | 15.0 | 16.7 | 21.2 | 24.1 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 4.23 | 5.61 | 4.44 | 4.83 | 6.88 | 7.58 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $20.06B+8.9% | $3.71B+27.9% | $5.42 |
| 2026-06-30 | $19.64B+10.0% | $3.11B+7.8% | $4.53 |
| 2026-03-31 | $18.91B+11.4% | $2.97B+15.0% | $4.28 |
| 2025-12-31 † | $18.98B+10.5% | $2.46B+13.5% | — |
| 2025-09-30 | $18.43B | $2.9B | $4.14 |
| 2025-06-30 | $17.86B | $2.89B | $4.08 |
| 2025-03-31 | $16.97B | $2.58B | $3.64 |
| 2024-12-31 † | $17.18B | $2.17B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit a bank, so these are the usual yardsticks instead.
- CET1 capital ratio
- 10.5%
American Express Company, December 31, 2025
As stated by the company: Form 10-K (FY2025)
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 13.6% | 35.7% | 32.1% | 31.7% | 34.7% | 34.0% |
| Net interest income ÷ average assetsSpread earned on the balance sheet; a stand-in for net interest margin, which uses earning assets. | — | 4.1% | 4.7% | 5.4% | 5.8% | 6.1% |
| Noninterest expense ÷ revenueThe efficiency ratio. Lower means less cost for each dollar of revenue. | 75.0% | 78.1% | 77.7% | 74.5% | 72.6% | 73.6% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 12.0% | 11.7% | 10.8% | 10.7% | 11.1% | 11.2% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 85.7%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 14.3%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 256 of 416
- Beta (adjusted)
- 1.13
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 61% of covered companies have more
above 1 = swings more than the market
- 578.5M shares reported by 2,999 13F filers ÷ 675.3M shares outstanding on 2026-07-14. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-25 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-14)
19
Strengths & weaknessesSite analysis
Strengths
1. Premium, high-spending customers
Average proprietary basic Card Member spending was $25,453 in 2025.
Evidence: Form 10-K (FY2025), Table 5
2. Closed-loop network
American Express both issues cards and runs the network and merchant acquiring.
Evidence: Form 10-K (FY2025), Item 1
3. Fee growth
Net card fees grew 18% in 2025 to $10.0B.
Evidence: Form 10-K (FY2025), MD&A
4. High returns
Return on equity of 34% in 2025 and EPS growth from $10.02 (2021) to $15.38 (2025).
Evidence: Proxy statement (2026); SEC EDGAR XBRL
Weaknesses
1. Rising rewards costs
Card Member rewards, business development, and services expenses were $30.9B in 2025 — over 40% of revenue.
Evidence: Form 10-K (FY2025), Note 23
2. Credit risk
$151.8B of Card Member loans at year-end 2025; net write-offs of principal on those loans rose to $3.18B in 2025 from $2.89B.
Evidence: Form 10-K (FY2025)
3. Smaller network
The fourth-largest general-purpose network, behind Visa, China UnionPay, and Mastercard.
Evidence: Form 10-K (FY2025), Competition
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
24.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.89%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
21%
Dividends per share ÷ diluted EPS
1. Premium franchise
Spending, card fees, and loans all grew in 2025, led by premium cards.
- What has to hold
- High-spending customers keep growing.
- The other side
- Competition for premium customers is intensifying, raising rewards costs.
Evidence: Form 10-K (FY2025)
2. Shareholder returns
Dividend per share rose from $1.72 (2021) to $3.28 (2025), and share count fell from 761M to 686M.
- What has to hold
- Earnings keep growing.
- The other side
- Credit losses rise in recessions.
Evidence: SEC EDGAR XBRL
American Express is treated as a financial company, so ROIC, WACC, and FCF yield aren't shown. Revenue is total revenues net of interest expense from the 10-K.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Net income | -6.8% in FY2022 ($8.06B → $7.51B) | Yes, by FY2023 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Credit reserves
$6.4B of reserves for credit losses at year-end 2025.
Source: Form 10-K (FY2025)
Diverse revenue
Discount revenue, card fees, and interest income each contribute meaningfully.
Source: Form 10-K (FY2025), Table 2
Strong profitability
Pretax income of $13.8B in 2025.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
American Express is defending merchant antitrust challenges to the anti-steering rules in its merchant agreements and a $746 million fraudulent-transfer claim from the Kabbage wind-down estate. In October 2026 it settled bank regulators' anti-money-laundering reviews with consent orders and a $350 million OCC penalty, and has settled two long-running card antitrust cases.
3 open matters · 2 settled or closed
Merchant anti-steering antitrust suits
On appealAntitrustPizza Hazel v. American Express (D. Mass.); 5-Star General Store v. American Express (D.R.I.)
Merchant plaintiffs allege the anti-steering and non-discrimination provisions, and the arbitration clause shielding them, violate federal antitrust law. They seek damages and an injunction. Both courts refused to compel arbitration.
- Next step
- American Express is appealing both decisions to the First Circuit.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Kabbage fraudulent-transfer suit
PendingLawsuitKServicing Wind Down Corp. (Kabbage estate) v. American Express Kabbage (Bankr. D. Del.)
Filed October 16, 2025, alleging Amex's purchase of Kabbage's lending platform was a fraudulent transfer that left Kabbage insolvent with PPP-related liabilities to the DOJ and SBA.
- Amounts
- Seeks up to about $746 million.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Retirement plan ERISA class action
PendingClass actionRivetti v. American Express (S.D.N.Y.)
Filed May 15, 2026, alleging plan fiduciaries kept underperforming funds and an investment manager with business ties to Amex.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Anti-money-laundering consent orders
SettledEnforcement / sanctionFederal Reserve Board; Office of the Comptroller of the Currency (OCC)
On October 8, 2026, American Express Company and American Express Travel Related Services consented to a Federal Reserve order, and American Express National Bank to an OCC order, resolving the regulators' reviews of its financial crimes compliance program. Failure to meet the orders could lead to further penalties or business restrictions.
- Amounts
- $350 million civil money penalty paid by AENB to the OCC, part of it reserved in prior periods.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Moskowitz and B&R Supermarket card antitrust cases
SettledAntitrustNon-Amex cardholder classes (E.D.N.Y.); merchant class over EMV chargeback liability shift (E.D.N.Y.)
In Moskowitz, an August 2025 jury found for Amex on all claims except one Illinois consumer-law claim ($12.5 million); a settlement was approved July 7, 2026. The B&R EMV liability-shift class action settlement was approved April 27, 2026.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Company statement: Amex does not believe any legal proceeding would have a material adverse effect on its financial condition or liquidity, but outcomes could be material to results of operations. It also contests VAT assessments in several countries.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Competition for premium customers
- Company disclosure (summarized from the 10-K)
- Card issuers and networks target high spenders and cobrand partners; new payment technologies and alternatives keep emerging.
- Company’s stated mitigation
- Not stated.
- This site’s assessment
- Impact High / Likelihood High
- 2Demand & macro
Economic slowdown
- Company disclosure (summarized from the 10-K)
- Lower spending and higher credit losses in a downturn.
- Company’s stated mitigation
- Credit loss reserves of $6.4B.
- This site’s assessment
- Impact High / Likelihood Med
- 3Law & regulation
Regulation
- Company disclosure (summarized from the 10-K)
- Banking, consumer protection, and payments regulation in the U.S. and other jurisdictions.
- Company’s stated mitigation
- Not stated.
- This site’s assessment
- Impact Med / Likelihood Med
- 4FX & interest rates
Funding and deposit rates
- Company disclosure (summarized from the 10-K)
- Banking products face strong competition on deposit rates.
- Company’s stated mitigation
- Not stated.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (5)
We are a multinational company that derives a substantial portion of its revenues from activities outside of the United States and many of our U.S. Read more
customers have an international presence or are otherwise affected by global developments. Accordingly, events that impact international relations and geopolitical stability may have a significant impact on our business. For example, several countries have implemented and are considering the further implementation of tariffs, trade barriers or restrictions and other retaliatory international or domestic policies, as well as other measures affecting cross-border commerce, migration and the flow of information. These actions have had and may likely continue to have broad consequences for the global economy and regional and country economies, as well as impacts to global supply chains and negative effects on our customers and partners, which…
The use of AI & ML technologies, including generative AI and agentic commerce, has increased rapidly and may be transformative to the payments industry, heightening the risks described herein and others in ways that may be unpredictable and disadvantageous to us. Our and our partners’ use of AI & ML is subject to various and evolving risks, including flaws in models or datasets that may result in biased or inaccurate results, especially as generative AI has been known to produce false or “hallucinatory” inferences or outputs. The use of AI may also result in unintended or unexpected outcomes, present significant ethical challenges and heighten risks related to information security, the infringement of intellectual property rights and exposure of proprietary or personal information. We may also face challenges in our ability to safely deploy AI systems and implement appropriate…
We face risks from fraudulent activity associated with Card Members, merchants and others, including through bad actors obtaining access to our customer accounts and information and frauds committed by our customers against us. Read more
Large financial services firms such as American Express and our customers are regularly targeted by a range of fraudulent activity, including fraud on our card and banking products, false disputes, account takeovers, identity theft and electronic-transaction related crimes, with sophisticated perpetrators increasingly utilizing a range of advanced techniques and multiple parties acting in concert. New or emerging technologies, such as generative AI capabilities, have increased these fraud risks. For example, we have seen our customers targeted by elaborate and voluminous social engineering attacks, which may utilize advanced methods of deception, such as…
Legislative action or inaction in the jurisdictions in which we have operations could increase our effective tax rate. Read more
For example, guidelines issued by the Organization for Economic Cooperation and Development introduced a global minimum tax of 15 percent on the global profits of multinational enterprises, such as us. The global minimum tax increased our tax liability in 2025 as it came into effect in various jurisdictions where we operate and we expect the global minimum tax will continue to increase our tax liability in 2026 if it continues to be in effect in its current form.
We had net interest income of approximately $17.4 billion for the year ended December 31, 2025. Read more
Changes in interest rates could adversely affect our net interest yield, and consequently our net interest income and results of operations, including if our borrowing costs and the interest we pay on deposits increase at a greater magnitude than the rate of interest we earn on our loans. In addition, interest rate changes or prolonged periods of elevated or depressed rates may affect customer behavior, such as by impacting the balances Card Members carry on their cards or their ability to make payments to us, general spending and economic activity, or the demand for deposit accounts. While we take actions to mitigate interest risk, such as employing hedging strategies and changing the rates we pay on deposits, these actions may not be effective and we may be limited in our ability to…
No longer in the text (1)
Legislative action or inaction in the countries in which we have operations could increase our effective tax rate. Read more
For example, new guidelines issued by the Organization for Economic Cooperation and Development (OECD) will impact how multinational enterprises (MNEs) are taxed on their global profits. In particular, the OECD’s guidelines on a global minimum tax of 15 percent will impact the effective tax rate for many MNEs. Many countries have already implemented these minimum tax guidelines, with effective dates commencing in 2024. We expect that these minimum tax guidelines in their current form would increase our effective tax rate in future years. Furthermore, various provisions of the Tax Cut and Jobs Act will expire in 2025 unless extended. As a result, U.S. Congress may seek to enact significant tax legislation in the new session of Congress, which could result in higher levels of…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 6, 2026 ↗ with the 10-K filed Feb 7, 2025 ↗.
25
What to watch going forwardSite analysis
- Card Member spending growth (billed business +8% in Q3 2026).
- Net card fee growth from premium products.
- Credit quality and write-offs.
- Rewards and marketing spending.
- 2026 revenue growth guidance of 10%.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 6, 2026
Built on10-K FY2025 · filed 2026-02-06
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent American Express Company’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.