FirmAtlas
Company handbook · AXP · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
AXP · CIK 4962 · LATEST FILING: 10-Q JUN '26 · FILED JUL 24, 2026
American Express Co
$313.59
−0.28 (−0.09%)
Last trade 3:59 PM ET, Oct 16, 2026 · 52-week $291–387
American Express issues credit and charge cards to people and businesses, and runs the card network and the merchant services that handle payments on those cards. It also takes bank deposits and makes other loans.
- SegmentsUS Consumer Services 48% · Commercial Services 23% · International Card Services Segment 18% · Global Merchant And Network Services Segment 11% (FY25)
- CustomersConsumers, small businesses, mid-sized and large companies, and the merchants that accept its cards, in the U.S. and other countries; sold online and in apps, through partners, its own sales teams and direct mail
Last fiscal year
American Express Co reported revenue of $72.2B for the year ended Dec 31, 2025 (FY25), up 9.5% from FY24. Net income was $10.8B. Source: 10-K filed Feb 6, 2026.
In October 2026 American Express consented to Federal Reserve and OCC orders resolving reviews of its financial crimes compliance program; American Express National Bank agreed to a $350 million civil money penalty, and the orders impose no asset cap.
8-K · Oct 2026In May 2026 the company agreed to sell its approximately 30% equity interest in Global Business Travel Group under Long Lake and General Catalyst's agreement to acquire it. It expects proceeds of approximately $1.5 billion and a pre-tax gain of approximately $975 million.
8-K · May 2026
As of 2026-10-16 · Opinion only, not investment advice or a forecast.
Market cap
$215.1B
P/E
18.8
P/B
6.3
Div yield
1.17%
ROTCE
34.0%
Revenue 10Y
8.2%/yr
EPS 10Y
11.2%/yr
Shares 10Y
−29%
Share count down 29% in 10 years.
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOStephen J. Squeri
HQNew York, NY
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Revenue by segment · FY25
US Consumer Services48%
Commercial Services23%
International Card Services Segment18%
Global Merchant And Network Services Segment11%
Compounded growth & averages
10Y
5Y
3Y
TTM
Revenue
8.2%
14.9%
11.0%
10.7%
Net income
7.7%
28.1%
13.0%
12.8%
EPS
11.2%
32.5%
16.0%
15.6%
Share price
18.0%
12.3%
27.1%
−2.9%
Avg ROTCE
28.6%
33.6%
33.5%
34.0%
Tangible book / share
8.6%
11.3%
13.6%
—
Dividend / share
10.6%
12.6%
16.3%
—
The windows end at FY25, the highest net income in the record.
Net income fell in 4 of the last 10 years.
Dividend per share raised every year for 10 years.
Growth rows are yearly compound rates; ROTCE is an average.
TTM = last four quarters vs the four before (1Y for price, latest year for averages).
Where the earnings went · FY16–FY25
$69.8B net income
Dividends
$15.7B
22.5%
Buybacks
$38.0B
54.4%
Retained
$16.1B
23.1%
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Net income growth, split into its two engines · A = FY22, B = FY25 · A = FY20, B = FY25 · A = FY15, B = FY25
Total growth
+13.0%
Net income CAGR, A to B
=
Engine 1 · new investment
+11.3%
ROIIC 37.9% × reinvestment 29.9%
+
Engine 2 · existing capital
+1.7%
Change in return on the capital already in place
Bank version: capital = shareholders’ equity, earnings = net income · Δ earnings $3.3B ÷ Δ capital $8.8B
Total growth
+28.1%
Net income CAGR, A to B
=
Engine 1 · new investment
+17.1%
ROIIC 73.4% × reinvestment 23.4%
+
Engine 2 · existing capital
+11.0%
Change in return on the capital already in place
Bank version: capital = shareholders’ equity, earnings = net income · Δ earnings $7.7B ÷ Δ capital $10.5B
Total growth
+7.7%
Net income CAGR, A to B
=
Engine 1 · new investment
+8.1%
ROIIC 44.3% × reinvestment 18.3%
+
Engine 2 · existing capital
−0.4%
Change in return on the capital already in place
Bank version: capital = shareholders’ equity, earnings = net income · Δ earnings $5.7B ÷ Δ capital $12.8B
Financials
10-year record · USD millions · each year opens its 10-K · change vs previous year
Last 8 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Total revenue
35,438+8.0%
36,878+4.1%
40,338+9.4%
43,556+8.0%
36,087−17.1%
42,380+17.4%
52,862+24.7%
60,515+14.5%
65,949+9.0%
72,229+9.5%
75,950
YoY
+8.0%
+4.1%
+9.4%
+8.0%
−17.1%
+17.4%
+24.7%
+14.5%
+9.0%
+9.5%
Interest income
7,484−0.8%
8,563+14.4%
10,606+23.9%
12,084+13.9%
10,083−16.6%
9,033−10.4%
12,658+40.1%
19,983+57.9%
23,795+19.1%
25,598+7.6%
—
Interest expense
1,705+5.1%
2,112+23.9%
2,943+39.3%
3,464+17.7%
2,098−39.4%
1,283−38.8%
2,763+115.4%
6,849+147.9%
8,252+20.5%
8,234−0.2%
—
Net interest income
5,779−2.4%
6,451+11.6%
7,663+18.8%
8,620+12.5%
7,985−7.4%
7,750−2.9%
9,895+27.7%
13,134+32.7%
15,543+18.3%
17,364+11.7%
18,349
Non-interest income
29,659+10.3%
30,427+2.6%
32,675+7.4%
34,936+6.9%
28,102−19.6%
34,630+23.2%
42,967+24.1%
47,381+10.3%
50,406+6.4%
54,865+8.8%
—
Provision for credit losses
2,027+2.0%
2,760+36.2%
3,352+21.4%
3,573+6.6%
4,730+32.4%
(1,419)−130.0%
2,182n/m
4,923+125.6%
5,185+5.3%
5,256+1.4%
—
NII after provision
3,752−4.6%
3,691−1.6%
4,311+16.8%
5,047+17.1%
3,255−35.5%
9,169+181.7%
7,713−15.9%
8,211+6.5%
10,358+26.1%
12,108+16.9%
—
Non-interest expense
25,369+10.8%
26,693+5.2%
28,864+8.1%
31,554+9.3%
27,061−14.2%
33,110+22.4%
41,095+24.1%
45,079+9.7%
47,869+6.2%
53,178+11.1%
—
Pre-tax income
8,042+1.3%
7,425−7.7%
8,122+9.4%
8,429+3.8%
4,296−49.0%
10,689+148.8%
9,585−10.3%
10,513+9.7%
12,895+22.7%
13,795+7.0%
—
Net income
5,375+4.1%
2,748−48.9%
6,921+151.9%
6,759−2.3%
3,135−53.6%
8,060+157.1%
7,514−6.8%
8,374+11.4%
10,129+21.0%
10,833+7.0%
11,445
YoY
+4.1%
−48.9%
+151.9%
−2.3%
−53.6%
+157.1%
−6.8%
+11.4%
+21.0%
+7.0%
EPS (diluted, $)
5.95+11.6%
3.20−46.2%
8.17+155.4%
7.99−2.2%
3.77−52.8%
10.02+165.8%
9.85−1.7%
11.21+13.8%
14.01+25.0%
15.38+9.8%
16.54
YoY
+11.6%
−46.2%
+155.4%
−2.2%
−52.8%
+165.8%
−1.7%
+13.8%
+25.0%
+9.8%
Balance sheet
Total assets
159,000−1.2%
181,000+13.8%
189,000+4.4%
198,000+4.8%
191,000−3.5%
189,000−1.0%
228,354+20.8%
261,108+14.3%
271,461+4.0%
300,052+10.5%
308,203
Cash & securities
25,494+9.7%
33,333+30.7%
27,974−16.1%
24,669−11.8%
33,122+34.3%
22,216−32.9%
34,221+54.0%
46,762+36.6%
40,861−12.6%
48,534+18.8%
—
Gross loans & leases
—
—
81,854
87,381+6.8%
—
—
—
—
—
—
—
Less allowance for credit losses
(1,223)n/m
(1,706)n/m
(2,134)n/m
(2,383)n/m
—
—
—
—
—
—
—
Other assets
134,729−2.9%
149,373+10.9%
81,306−45.6%
88,333+8.6%
157,878+78.7%
166,784+5.6%
194,133+16.4%
214,346+10.4%
230,600+7.6%
251,518+9.1%
—
Total liabilities
138,477−1.3%
162,739+17.5%
166,710+2.4%
174,929+4.9%
168,016−4.0%
166,823−0.7%
203,643+22.1%
233,051+14.4%
241,197+3.5%
266,578+10.5%
273,923
Deposits
53,042−3.6%
64,452+21.5%
69,960+8.5%
73,287+4.8%
86,875+18.5%
84,382−2.9%
110,239+30.6%
129,144+17.1%
139,413+8.0%
152,488+9.4%
—
Borrowings
52,571−0.6%
59,082+12.4%
61,523+4.1%
64,277+4.5%
44,830−30.3%
40,918−8.7%
43,921+7.3%
49,159+11.9%
51,089+3.9%
57,758+13.1%
59,049
Other liabilities
32,864+1.3%
39,205+19.3%
35,227−10.1%
37,365+6.1%
36,311−2.8%
41,523+14.4%
49,483+19.2%
54,748+10.6%
50,695−7.4%
56,332+11.1%
—
Shareholders’ equity
20,523−0.7%
18,261−11.0%
22,290+22.1%
23,071+3.5%
22,984−0.4%
22,177−3.5%
24,711+11.4%
28,057+13.5%
30,264+7.9%
33,474+10.6%
34,280
Tangible common equity
20,523−0.7%
18,261−11.0%
22,290+22.1%
23,071+3.5%
22,984−0.4%
22,177−3.5%
24,711+11.4%
28,057+13.5%
30,264+7.9%
33,474+10.6%
—
Shares outstanding (M)
904−6.7%
859−5.0%
847−1.4%
810−4.4%
805−0.6%
761−5.5%
743−2.4%
723−2.7%
702−2.9%
686−2.3%
—
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Where the earnings went
Net income
5,375+4.1%
2,748−48.9%
6,921+151.9%
6,759−2.3%
3,135−53.6%
8,060+157.1%
7,514−6.8%
8,374+11.4%
10,129+21.0%
10,833+7.0%
11,445
Returned to shareholders
5,607−1.1%
5,551−1.0%
2,924−47.3%
1,422−51.4%
2,503+76.0%
9,100+263.6%
5,067−44.3%
5,430+7.2%
8,019+47.7%
8,085+0.8%
—
% of net income
104.3%
202.0%
42.2%
21.0%
79.8%
112.9%
67.4%
64.8%
79.2%
74.6%
Dividends
1,207+3.0%
1,251+3.6%
1,324+5.8%
1,422+7.4%
1,474+3.7%
1,448−1.8%
1,565+8.1%
1,780+13.7%
1,999+12.3%
2,271+13.6%
—
Buybacks
4,400−2.2%
4,300−2.3%
1,600−62.8%
—
1,029
7,652+643.6%
3,502−54.2%
3,650+4.2%
6,020+64.9%
5,814−3.4%
—
Retained
(232)n/m
(2,803)n/m
3,997n/m
5,337+33.5%
632−88.2%
(1,040)−264.6%
2,447n/m
2,944+20.3%
2,110−28.3%
2,748+30.2%
—
Operating cash flow
8,291−22.6%
13,540+63.3%
8,930−34.0%
13,632+52.7%
5,591−59.0%
14,645+161.9%
21,079+43.9%
18,559−12.0%
14,050−24.3%
18,428+31.2%
18,475
Buyback yield
6.6%−0.1 pp
5.0%−1.5 pp
2.0%−3.1 pp
—
1.1%
6.1%+5.1 pp
3.2%−3.0 pp
2.7%−0.5 pp
2.9%+0.2 pp
2.3%−0.6 pp
—
Returns & ratios
ROTCE
26.1%+1.1 pp
14.2%−11.9 pp
34.1%+20.0 pp
29.8%−4.3 pp
13.6%−16.2 pp
35.7%+22.1 pp
32.1%−3.6 pp
31.7%−0.3 pp
34.7%+3.0 pp
34.0%−0.7 pp
—
Net interest margin
3.6%−0.1 pp
3.8%+0.2 pp
4.1%+0.3 pp
4.5%+0.3 pp
4.1%−0.3 pp
4.1%−0.0 pp
4.7%+0.7 pp
5.4%+0.6 pp
5.8%+0.5 pp
6.1%+0.2 pp
—
Efficiency ratio
71.6%+1.8 pp
72.4%+0.8 pp
71.6%−0.8 pp
72.4%+0.9 pp
75.0%+2.5 pp
78.1%+3.1 pp
77.7%−0.4 pp
74.5%−3.2 pp
72.6%−1.9 pp
73.6%+1.0 pp
—
ROA
3.4%+0.2 pp
1.5%−1.9 pp
3.7%+2.1 pp
3.4%−0.2 pp
1.6%−1.8 pp
4.3%+2.6 pp
3.3%−1.0 pp
3.2%−0.1 pp
3.7%+0.5 pp
3.6%−0.1 pp
—
Loans / deposits
—
—
117.0%
119.2%+2.2 pp
—
—
—
—
—
—
—
Income
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Total revenue
16,636
17,179
16,967
17,856
18,426+10.8%
18,980+10.5%
18,907+11.4%
19,637+10.0%
vs year-ago quarter
+10.8%
+10.5%
+11.4%
+10.0%
Net interest income
4,006
4,038
4,169
4,187
4,486+12.0%
4,522+12.0%
4,692+12.5%
4,649+11.0%
Non-interest income
12,630
13,141
12,798
13,669
13,940+10.4%
14,458+10.0%
14,215+11.1%
14,988+9.6%
Net income
2,507
2,170
2,584
2,885
2,902+15.8%
2,462+13.5%
2,971+15.0%
3,110+7.8%
vs year-ago quarter
+15.8%
+13.5%
+15.0%
+7.8%
EPS (diluted, $)
3.49
3.09
3.64
4.08
4.14+18.6%
3.59+16.1%
4.28+17.6%
4.53+11.0%
vs year-ago quarter
+18.6%
+16.1%
+17.6%
+11.0%
Balance sheet
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
270,979
271,461
282,244
295,556
297,550+9.8%
300,052+10.5%
308,894+9.4%
308,203+4.3%
Cash & due from banks
47,918
40,861
52,508
57,937
54,706+14.2%
48,534+18.8%
53,757+2.4%
45,243−21.9%
Borrowings
55,003
51,089
52,795
59,695
59,233+7.7%
57,758+13.1%
60,442+14.5%
59,049−1.1%
Shareholders’ equity
29,707
30,264
31,202
32,311
32,417+9.1%
33,474+10.6%
33,995+9.0%
34,280+6.1%