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American Express Co Financials

AXP
FY2025 annual
Revenue $72.2B +9.5% YoY
Net Income $10.8B +7.0% YoY
EPS (Diluted) $15.38 +9.8% YoY
Free Cash Flow $16.0B +31.8% YoY
Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

American Express Co (AXP) reported $72.2B in revenue for fiscal year 2025, up 9.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AXP FY2025

High shareholder returns come from a large funded balance sheet that converts modest asset profits into outsized equity earnings.

FY2025's 32.4% ROE sits on only 3.6% ROA, showing how heavily returns to shareholders depend on the balance sheet rather than on wide reported margins. With assets of $300.1B backed by liabilities of $266.6B, the company is using scale and funding structure to turn modest asset profitability into much stronger equity profitability without a recent step-up in leverage.

Cash conversion strengthened as operating cash flow reached $18.4B against net income of $10.8B, widening the cash cushion after the prior year's softer conversion. Free cash flow recovered to $16.0B even though capital spending rose to $2.4B, suggesting the earlier dip was not simply a permanent increase in reinvestment needs.

Capital returns were comfortably covered internally: buybacks plus dividends used about $8.1B versus free cash flow of $16.0B. That matters because cash of $47.8B sits near long-term debt of $56.4B, so shareholder distributions do not appear to rely on a meaningfully looser balance-sheet posture.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

American Express Co does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial
4/7

American Express Co passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
1.70x

For every $1 of reported earnings, American Express Co generates $1.70 in operating cash flow ($18.4B OCF vs $10.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$72.2B
YoY+9.5%
5Y CAGR+14.9%
10Y CAGR+8.2%

American Express Co generated $72.2B in revenue in fiscal year 2025. This represents an increase of 9.5% from the prior year.

Net Income
$10.8B
YoY+7.0%
5Y CAGR+28.1%
10Y CAGR+7.7%

American Express Co reported $10.8B in net income in fiscal year 2025. This represents an increase of 7.0% from the prior year.

EPS (Diluted)
$15.38
YoY+9.8%
5Y CAGR+32.5%
10Y CAGR+11.8%

American Express Co earned $15.38 per diluted share (EPS) in fiscal year 2025. This represents an increase of 9.8% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
$16.0B
YoY+31.8%
5Y CAGR+31.2%
10Y CAGR+5.5%

American Express Co generated $16.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 31.8% from the prior year.

Cash & Debt
$47.8B
YoY+17.6%
5Y CAGR+7.7%
10Y CAGR+7.5%

American Express Co held $47.8B in cash against $56.4B in long-term debt as of fiscal year 2025.

Dividends Per Share
$3.28
YoY+17.1%
5Y CAGR+13.8%
10Y CAGR+11.2%

American Express Co paid $3.28 per share in dividends in fiscal year 2025. This represents an increase of 17.1% from the prior year.

Shares Outstanding
687M
YoY-2.3%
5Y CAGR-3.1%
10Y CAGR-3.3%

American Express Co had 687M shares outstanding in fiscal year 2025. This represents a decrease of 2.3% from the prior year.

Margins & Returns

Net Margin
15.0%
YoY-0.4pp
5Y CAGR+6.3pp
10Y CAGR-0.7pp

American Express Co's net profit margin was 15.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.4 percentage points from the prior year.

Return on Equity
32.4%
YoY-1.1pp
5Y CAGR+18.7pp
10Y CAGR+7.4pp

American Express Co's ROE was 32.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.1 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks
$5.8B
YoY-3.4%
5Y CAGR+41.4%

American Express Co spent $5.8B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 3.4% from the prior year.

Capital Expenditures
$2.4B
YoY+26.9%
5Y CAGR+10.4%
10Y CAGR+6.1%

American Express Co invested $2.4B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 26.9% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

AXP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AXP annual income statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Revenue$76.0B$72.2B+9.5%$65.9B+9.0%$60.5B+14.5%$52.9B+24.7%$42.4B+17.4%$36.1B-17.1%$43.6B+8.0%$40.3B+9.4%$36.9B+4.1%$35.4B+8.0%$32.8B+357.1%$7.2B+2.5%$7.0B+2.2%$6.9B+2.4%$6.7B
SG&A Expenses$9.6B$9.0B+10.0%$8.2B+1.6%$8.1B+11.2%$7.3B+16.2%$6.2B+9.1%$5.7B-3.3%$5.9B+12.6%$5.3B-0.2%$5.3B0.0%$5.3B+5.7%$5.0B-18.4%$6.1B-1.6%$6.2B-6.2%$6.6B+5.5%$6.3B
Interest Expense$8.1B$8.2B-0.2%$8.3B+20.5%$6.8B+147.9%$2.8B+115.4%$1.3B-38.8%$2.1B-39.4%$3.5B+17.7%$2.9B+39.3%$2.1B+23.9%$1.7B+5.1%$1.6B-4.9%$1.7B-12.8%$2.0B-12.0%$2.2B-4.1%$2.3B
Income Tax$3.3B$3.0B+7.1%$2.8B+29.3%$2.1B+3.3%$2.1B-21.2%$2.6B+126.4%$1.2B-30.5%$1.7B+39.1%$1.2B-74.3%$4.7B+75.4%$2.7B-3.9%$2.8B-10.7%$3.1B+22.8%$2.5B+28.4%$2.0B-4.3%$2.1B
Net Income$11.4B$10.8B+7.0%$10.1B+21.0%$8.4B+11.4%$7.5B-6.8%$8.1B+157.1%$3.1B-53.6%$6.8B-2.3%$6.9B+151.9%$2.7B-48.9%$5.4B+4.1%$5.2B-12.3%$5.9B+9.8%$5.4B+19.6%$4.5B-9.2%$4.9B
EPS (Diluted)$15.38+9.8%$14.01+25.0%$11.21+13.8%$9.85-1.7%$10.02+165.8%$3.77-52.8%$7.99+1.0%$7.91+164.5%$2.99-46.7%$5.61+11.1%$5.05-9.2%$5.56+13.9%$4.88+25.4%$3.89-5.6%$4.12

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

AXP Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AXP annual balance sheet
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Total Assets$300.1B+10.5%$271.5B+4.0%$261.1B+14.3%$228.4B+20.8%$189.0B-1.0%$191.0B-3.5%$198.0B+4.8%$189.0B+4.4%$181.0B+13.8%$159.0B-1.2%$161.0B+1.3%$159.0B+3.9%$153.0B-0.1%$153.1B-0.1%$153.3B
Cash & Equivalents$47.8B+17.6%$40.6B-12.8%$46.6B+39.6%$33.4B+55.2%$21.5B-34.8%$33.0B+34.8%$24.4B-12.1%$27.8B-16.4%$33.3B+30.5%$25.5B+9.7%$23.2BN/AN/AN/AN/A
Accounts ReceivableN/AN/AN/AN/AN/AN/A$56.8B+2.7%$55.3B+3.4%$53.5B+14.3%$46.8B+7.3%$43.7B-1.6%$44.4B+1.4%$43.8B+3.4%$42.3B+4.7%$40.5B
Goodwill$4.9B+16.4%$4.2B+8.7%$3.9B+1.7%$3.8B-0.5%$3.8B-1.2%$3.9B+16.2%$3.3B+7.9%$3.1B+2.1%$3.0B+2.8%$2.9B+6.5%$2.7B-9.1%$3.0B-5.4%$3.2B+0.5%$3.2B+0.3%$3.2B
Total Liabilities$266.6B+10.5%$241.2B+3.5%$233.1B+14.4%$203.6B+22.4%$166.4B-1.2%$168.4B-3.9%$175.3B+5.4%$166.3B+2.1%$162.9B+17.7%$138.4B-1.5%$140.5B+1.5%$138.4B+3.4%$133.9B-0.3%$134.3B-0.2%$134.5B
Long-Term Debt$56.4B+13.4%$49.7B+3.9%$47.9B+12.4%$42.6B+10.1%$38.7B-10.0%$43.0B-25.7%$57.8B-1.0%$58.4B+4.7%$55.8B+18.8%$47.0B-2.2%$48.1B-17.1%$58.0B+4.7%$55.3B-6.2%$59.0B-1.0%$59.6B
Total Equity$33.5B+10.6%$30.3B+7.9%$28.1B+13.5%$24.7B+11.4%$22.2B-3.5%$23.0B-0.4%$23.1B+3.5%$22.3B+22.1%$18.3B-11.0%$20.5B-0.7%$20.7B0.0%$20.7B+6.0%$19.5B+3.2%$18.9B+0.5%$18.8B
Retained Earnings$25.5B+15.1%$22.1B+12.9%$19.6B+20.5%$16.3B+20.8%$13.5B-2.6%$13.8B-0.2%$13.9B+11.0%$12.5B+50.5%$8.3B-19.9%$10.4B+7.3%$9.7B+1.6%$9.5B+11.8%$8.5B+13.0%$7.5B+4.2%$7.2B

Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities.

AXP Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AXP annual cash flow statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Operating Cash Flow$18.5B$18.4B+31.2%$14.1B-24.3%$18.6B-12.0%$21.1B+43.9%$14.6B+161.9%$5.6B-59.0%$13.6B+52.7%$8.9B-34.0%$13.5B+63.3%$8.3B-22.6%$10.7B-2.6%$11.0B+28.6%$8.5B+20.7%$7.1B-32.4%$10.5B
Capital Expenditures$3.4B$2.4B+26.9%$1.9B+22.3%$1.6B-15.7%$1.9B+19.7%$1.6B+4.9%$1.5B-10.2%$1.6B+25.6%$1.3B+23.4%$1.1B-22.8%$1.4B+2.5%$1.3B+12.2%$1.2B+18.8%$1.0B-4.5%$1.1B-11.4%$1.2B
Free Cash Flow$15.1B$16.0B+31.8%$12.1B-28.6%$17.0B-11.6%$19.2B+46.8%$13.1B+218.4%$4.1B-65.7%$12.0B+57.3%$7.6B-38.9%$12.5B+80.4%$6.9B-26.2%$9.4B-4.4%$9.8B+29.9%$7.5B+25.1%$6.0B-35.1%$9.3B
Investing Cash Flow-$28.4B-$22.9B+6.2%-$24.4B+0.1%-$24.4B+27.5%-$33.7B-220.0%-$10.5B-190.5%$11.6B+169.6%-$16.7B+14.8%-$19.6B-7.5%-$18.2BN/AN/AN/AN/AN/A-$491.0M
Financing Cash Flow-$3.0B$11.2B+152.7%$4.4B-75.9%$18.4B-25.0%$24.5B+264.1%-$14.9B-64.7%-$9.1B-1647.2%-$519.0M-110.2%$5.1B-58.3%$12.2BN/AN/AN/AN/AN/A-$1.4B
Dividends Paid$2.4B$2.3B+13.6%$2.0B+12.3%$1.8B+13.7%$1.6B+8.1%$1.4B-1.8%$1.5B+3.7%$1.4B+7.4%$1.3B+5.8%$1.3B+3.6%$1.2B+3.0%$1.2B+12.6%$1.0B+10.9%$939.0M+4.1%$902.0M+4.8%$861.0M
Share Buybacks$7.5B$5.8B-3.4%$6.0B+64.9%$3.6B+4.2%$3.5B-54.2%$7.7B+643.6%$1.0BN/A$1.6B-62.8%$4.3B-2.3%$4.4B-2.2%$4.5B+2.5%$4.4B+11.3%$3.9B-0.2%$4.0B+71.8%$2.3B

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

AXP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

AXP annual financial ratios
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Net Margin15.0%-0.4pp15.4%+1.5pp13.8%-0.4pp14.2%-4.8pp19.0%+10.3pp8.7%-6.8pp15.5%-1.6pp17.2%+9.7pp7.4%-7.7pp15.2%-0.6pp15.7%-66.3pp82.0%+5.5pp76.5%+11.1pp65.4%-8.3pp73.7%
Return on Equity32.4%-1.1pp33.5%+3.6pp29.8%-0.6pp30.4%-5.9pp36.3%+22.7pp13.6%-15.7pp29.3%-1.8pp31.1%+16.0pp15.0%-11.1pp26.2%+1.2pp25.0%-3.5pp28.5%+1.0pp27.5%+3.8pp23.7%-2.5pp26.3%
Return on Assets3.6%-0.1pp3.7%+0.5pp3.2%-0.1pp3.3%-1.0pp4.3%+2.6pp1.6%-1.8pp3.4%-0.3pp3.7%+2.1pp1.5%-1.9pp3.4%+0.2pp3.2%-0.5pp3.7%+0.2pp3.5%+0.6pp2.9%-0.3pp3.2%
Debt-to-Equity1.680.0x1.64-0.1x1.710.0x1.720.0x1.74-0.1x1.87-0.6x2.51-0.1x2.62-0.4x3.06+0.8x2.290.0x2.32-0.5x2.800.0x2.84-0.3x3.120.0x3.17
FCF Margin22.2%+3.7pp18.4%-9.7pp28.1%-8.3pp36.4%+5.5pp30.9%+19.5pp11.4%-16.1pp27.5%+8.6pp18.9%-14.9pp33.8%+14.3pp19.5%-9.0pp28.5%136.4%107.7%88.0%138.7%

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.

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Frequently Asked Questions

What is American Express Co's annual revenue?

American Express Co (AXP) reported $72.2B in total revenue for fiscal year 2025. This represents a 9.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is American Express Co's revenue growing?

American Express Co (AXP) revenue grew by 9.5% year-over-year, from $65.9B to $72.2B in fiscal year 2025.

Is American Express Co profitable?

Yes, American Express Co (AXP) reported a net income of $10.8B in fiscal year 2025, with a net profit margin of 15.0%.

American Express Co (AXP) reported diluted earnings per share of $15.38 for fiscal year 2025. This represents a 9.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, American Express Co (AXP) had $47.8B in cash and equivalents against $56.4B in long-term debt.

American Express Co (AXP) had a net profit margin of 15.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, American Express Co (AXP) paid $3.28 per share in dividends during fiscal year 2025.

American Express Co (AXP) has a return on equity of 32.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

American Express Co (AXP) generated $16.0B in free cash flow during fiscal year 2025. This represents a 31.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

American Express Co (AXP) generated $18.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

American Express Co (AXP) had $300.1B in total assets as of fiscal year 2025, including both current and long-term assets.

American Express Co (AXP) invested $2.4B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, American Express Co (AXP) spent $5.8B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

American Express Co (AXP) had 687M shares outstanding as of fiscal year 2025.

American Express Co (AXP) had a debt-to-equity ratio of 1.68 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

American Express Co (AXP) had a return on assets of 3.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

American Express Co (AXP) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

American Express Co (AXP) has an earnings quality ratio of 1.70x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

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