American Express
AXP NYSE Consumer Finance Financials FY2016–FY2025
American Express' revenue rose 9.5% to $72.2 billion in fiscal 2025. Net income was $10.8 billion, up 7.0%. Its return on equity was 34.0%, down from 34.7% a year earlier. Its efficiency ratio was 73.6%, up from 72.6% a year earlier. It paid out $8.1 billion in dividends and buybacks. The diluted share count fell 2.4%.
What American Express does
American Express issues credit and charge cards to consumers, small businesses, mid-sized companies and large corporations around the world, plus travel, dining and expense management services. It also offers savings and checking accounts, consumer installment loans and small-business lines of credit. It runs its own payments network and signs up merchants to accept its cards, charging them a fee it calls the discount rate. Banks and other institutions in approximately 110 countries and territories also issue American Express-branded cards or sign up merchants on its network.
American Express says it makes money mainly from spending on its cards and secondarily from finance charges and fees, including annual fees on many cards. It reports four segments: U.S. Consumer Services, Commercial Services, International Card Services, and Global Merchant and Network Services. In 2025 spending on the cards it issues came to $1,670 billion, and at year-end it had 86.6 million of its own cards in force. Delta Air Lines is its largest partner; cards issued with Delta made up approximately 13 percent of that worldwide spending as of December 31, 2025.
Its card network competes with Visa, China UnionPay, Mastercard, JCB, Discover and Diners Club International, and it says it is the fourth largest general-purpose card network globally by purchase volume. Other cobrand partners include Marriott International, British Airways and Hilton. As of December 31, 2025, it employed approximately 76,800 people, approximately 25,900 of them in the United States. In 2025 it bought Center, an expense management software company.
- Legal name
- AMERICAN EXPRESS COMPANY
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 6, 2026
- Accession · CIK
- 0000004962-26-000080
0000004962
Revenue and margins
American Express had $72.2B of revenue in fiscal 2025, up 9.5% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 11.9% a year. Loss periods are shown in red.
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
Dividends, buybacks and share count
American Express returned $8.1B to shareholders in fiscal 2025. The diluted share count fell 2.4%.
Value American Express yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Earnings multiple
Value per share
—
Reference multiples: today 17.6x · peers 10.6x · sector 13.7x.
Balance sheet
Loans, deposits and capital at each fiscal year end.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Deposits | $84.4B | $110.2B | $129.1B | $139.4B | $152.5B |
| Total assets | $189.0B | $228.4B | $261.1B | $271.5B | $300.1B |
| Shareholders' equity | $22.2B | $24.7B | $28.1B | $30.3B | $33.5B |
| Goodwill | $3.8B | $3.8B | $3.9B | $4.2B | $4.9B |
| Intangible assets | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$42.3M
9 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Monique HerenaChief Colleague Exp. Officer | Sold | 8,811 | $337.41 | $3.0M | Form 4 |
| Jun 15, 2026 | Glenda G McNealChief Partner Officer | Sold | 7,033 | $339.36 | $2.4M | Form 4 |
| Mar 13, 2026 | Raymond JoabarGrp. Pres., Global Comm. Serv. | Sold | 16 | $301.27 | $0.0M | Form 4 |
| Mar 6, 2026 | Quinn Jessica LiebermanEVP - Controller | Sold | 3,032 | $300.02 | $0.9M | Form 4 |
| Mar 2, 2026 | Raymond JoabarGrp. Pres., Global Comm. Serv. | Sold | 24 | $309.85 | $0.0M | Form 4 |
| Feb 19, 2026 | Raymond JoabarGrp. Pres., Global Comm. Serv. | Sold | 14,000 | $340.67 | $4.8M | Form 4 |
| Feb 12, 2026 | Howard GrosfieldGroup Pres., U.S. Cons. Serv. | Sold | 8,134 | $346.73 | $2.8M | Form 4 |
| Feb 9, 2026 | Laureen SeegerChief Legal Officer | Sold | 12,737 | $360.99 | $4.6M | Form 4 |
| Feb 9, 2026 | Ravikumar RadhakrishnanChief Information Officer | Sold | 15,000 | $356.58 | $5.3M | Form 4 |
| Feb 5, 2026 | Anna MarrsGroup Pres., Gmns | Sold | 27,425 | $350.01 | $9.6M | Form 4 |
| Feb 5, 2026 | Denise PickettPres., Enterprise Shared Serv. | Sold | 23,385 | $356.91 | $8.3M | Form 4 |
| Dec 12, 2025 | Raymond JoabarGrp. Pres., Global Comm. Serv. | Sold | 1,400 | $384.93 | $0.5M | Form 4 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| American Express AXP | $218.0B | 9.5% | — | — | — | 17.6x | — | |
| Capital One COF | $109.0B | 36.6% | — | — | — | 12.1x | — | Compare → |
| Synchrony Financial SYF | $27.5B | −2.8% | — | — | — | 7.7x | — | Compare → |
| Ally Financial ALLY | $12.2B | −3.3% | — | — | — | 9.2x | — | Compare → |
| SoFi Technologies SOFI | $18.3B | 35.1% | — | — | — | 29.8x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $35.4B | $36.9B | $40.3B | $43.6B | $36.1B | $42.4B | $52.9B | $60.5B | $65.9B | $72.2B |
| Net interest income | $5.8B | $6.5B | $7.7B | $8.6B | $8.0B | $7.8B | $9.9B | $13.1B | $15.5B | $17.4B |
| Noninterest income | $29.7B | $30.4B | $32.7B | $34.9B | $28.1B | $34.6B | $43.0B | $47.4B | $50.4B | $54.9B |
| Noninterest expense | $25.4B | $26.7B | $28.9B | $31.6B | $27.1B | $33.1B | $41.1B | $45.1B | $47.9B | $53.2B |
| Provision for credit losses | $2.0B | $2.8B | $3.4B | $3.6B | $4.7B | −$1.4B | $2.2B | $4.9B | $5.2B | $5.3B |
| Pretax income | $8.0B | $7.4B | $8.1B | $8.4B | $4.3B | $10.7B | $9.6B | $10.5B | $12.9B | $13.8B |
| Income tax | $2.7B | $4.7B | $1.2B | $1.7B | $1.2B | $2.6B | $2.1B | $2.1B | $2.8B | $3.0B |
| Net income | $5.4B | $2.7B | $6.9B | $6.8B | $3.1B | $8.1B | $7.5B | $8.4B | $10.1B | $10.8B |
| Net income to common | $5.3B | $2.7B | $6.8B | $6.7B | $3.1B | $8.0B | $7.5B | $8.3B | $10.1B | $10.8B |
| Diluted EPS | $5.61 | $2.99 | $7.91 | $7.99 | $3.77 | $10.02 | $9.85 | $11.21 | $14.01 | $15.38 |
| Diluted shares | 0.94B | 0.89B | 0.86B | 0.83B | 0.81B | 0.79B | 0.75B | 0.74B | 0.71B | 0.70B |
| Cash flow | ||||||||||
| Stock-based compensation | $254M | $282M | $283M | $283M | $249M | $330M | $375M | $450M | $504M | $551M |
| Share buybacks | $4.4B | $4.3B | $1.6B | $0.0M | $1.0B | $7.7B | $3.5B | $3.7B | $6.0B | $5.8B |
| Dividends paid | $1.2B | $1.3B | $1.3B | $1.4B | $1.5B | $1.4B | $1.6B | $1.8B | $2.0B | $2.3B |
| Dividends and buybacks | $5.6B | $5.6B | $2.9B | $1.4B | $2.5B | $9.1B | $5.1B | $5.4B | $8.0B | $8.1B |
| Balance sheet | ||||||||||
| Loans, net | $64.0B | $71.7B | $79.7B | $85.0B | — | — | — | — | — | — |
| Deposits | $53.0B | $64.5B | $70.0B | $73.3B | $86.9B | $84.4B | $110.2B | $129.1B | $139.4B | $152.5B |
| Goodwill | $2.9B | $3.0B | $3.1B | $3.3B | $3.9B | $3.8B | $3.8B | $3.9B | $4.2B | $4.9B |
| Intangible assets | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total assets | $159.0B | $181.0B | $189.0B | $198.0B | $191.0B | $189.0B | $228.4B | $261.1B | $271.5B | $300.1B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $20.5B | $18.3B | $22.3B | $23.1B | $23.0B | $22.2B | $24.7B | $28.1B | $30.3B | $33.5B |
| Margins | ||||||||||
| Net margin | 15.2% | 7.5% | 17.2% | 15.5% | 8.7% | 19.0% | 14.2% | 13.8% | 15.4% | 15.0% |
| Net interest share of revenue | 16.3% | 17.5% | 19.0% | 19.8% | 22.1% | 18.3% | 18.7% | 21.7% | 23.6% | 24.0% |
| Efficiency ratio | 71.6% | 72.4% | 71.6% | 72.4% | 75.0% | 78.1% | 77.7% | 74.5% | 72.6% | 73.6% |
| Returns | ||||||||||
| Return on equity | 26.1% | 14.2% | 34.1% | 29.8% | 13.6% | 35.7% | 32.1% | 31.7% | 34.7% | 34.0% |
| Return on assets | 3.4% | 1.6% | 3.7% | 3.5% | 1.6% | 4.2% | 3.6% | 3.4% | 3.8% | 3.8% |
| Return on tangible equity | 29.8% | 16.2% | 39.7% | 34.3% | 15.7% | 42.5% | 38.0% | 36.9% | 40.1% | 39.4% |
| Growth | ||||||||||
| Revenue growth | 8.0% | 4.1% | 9.4% | 8.0% | −17.2% | 17.4% | 24.7% | 14.5% | 9.0% | 9.5% |
| Net income growth | 4.1% | −48.9% | 151.9% | −2.3% | −53.6% | 157.1% | −6.8% | 11.5% | 21.0% | 7.0% |
| EPS growth | 11.1% | −46.7% | 164.6% | 1.0% | −52.8% | 165.8% | −1.7% | 13.8% | 25.0% | 9.8% |
| Share count change | −6.8% | −5.2% | −3.1% | −3.4% | −2.9% | −2.0% | −4.8% | −2.1% | −3.1% | −2.4% |
| Financial health | ||||||||||
| Loans / deposits | 120.7% | 111.2% | 114.0% | 116.0% | — | — | — | — | — | — |
| Provision / loans | 3.3% | 4.1% | 4.4% | 4.3% | — | — | — | — | — | — |
| Capital allocation | ||||||||||
| Stock comp / revenue | 0.7% | 0.8% | 0.7% | 0.7% | 0.7% | 0.8% | 0.7% | 0.7% | 0.8% | 0.8% |
Source: SEC EDGAR XBRL filings (CIK 0000004962). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.