AXP
SP100NYSEAmerican Express Company
Financial Services · Credit Services · United States
American Express Company, together with its subsidiaries, operates as an integrated payments company in the United States, Europe, the Middle East and Africa, the Asia Pacific, Australia, New Zealand, Latin America, Canada, the Caribbean, and internationally. It operates through four segments: U.S. Consumer Services, Commercial Services, International Card Services, and Global Merchant and Network Services. The company offers credit and charge cards and complementary products and services, including travel, dining, and lifestyle and expense management products and services; and banking and other payment and financing products and services, including deposits and non-card lending. It also provides merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services, as well as network services. The company offers its products and services to consumers, small businesses, mid-sized companies, and large corporations through mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, in-house sales teams, direct mail, telephone, and direct response advertising. American Express Company was founded in 1850 and is headquartered in New York, New York.
www.americanexpress.com ↗Shares trade at a moderate 22.0× trailing earnings, easing to 17.4× on forward estimates. Profitability shows a net margin of 16.3% and return on equity of 34.4%. Debt/equity stands at 1.78×. Revenue grew 11.6% year-on-year. It yields 1.1% in dividends. The mean analyst target of USD366.58 sits 4.2% above the current price (Buy, 25 analysts).
business model
American Express operates a closed-loop payments network combined with card issuing, earning most revenue from discount fees charged to merchants on card spending, plus net interest income on lending, card membership/annual fees, and travel-related services. Its spend-centric model targets premium consumers and businesses.
revenue segments
Revenue splits into discount revenue (largest, from merchant fees), net card fees (annual fees on premium products), net interest income, and other services. Business lines include US Consumer, Commercial Services (small business and corporate cards), and International Card Services; the US is the dominant market.
key dependencies
Depends on affluent consumer and business spending, merchant acceptance breadth, co-brand partnerships (e.g., Delta), credit quality and reserves, funding costs, and rewards/marketing investment to retain premium cardholders. It is sensitive to the macro/credit cycle and interest rates.
competitors
Competes with Visa and Mastercard (open networks) and their issuing banks, plus card issuers like JPMorgan Chase, Citi, and Capital One, and emerging fintech/BNPL players.
moat
Moat comes from its integrated closed-loop network (rich data on both cardholders and merchants), a premium brand, an affluent and resilient customer base, valuable rewards ecosystem, and strong co-brand relationships; spending-based fees are less credit-sensitive than pure lenders.
risks
Risks include recession-driven declines in spending, rising credit losses, narrower merchant acceptance than Visa/Mastercard, concentration in premium co-brands, competitive rewards escalation raising costs, and regulatory scrutiny of interchange/fees.
Financials & metrics
as of 23 Aug 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $72.23B | $65.95B | $60.52B | $52.86B | — |
| Interest expense | $8.23B | $8.25B | $6.85B | $2.76B | — |
| Pretax income | $13.79B | $12.89B | $10.51B | $9.59B | — |
| Tax provision | $2.96B | $2.77B | $2.14B | $2.07B | — |
| Net income | $10.83B | $10.13B | $8.37B | $7.51B | — |
| Diluted EPS | $15.38 | $14.01 | $11.21 | $9.85 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $300.05B | $271.46B | $261.11B | $228.35B | — |
| Cash & equivalents | $47.71B | $40.55B | $46.53B | $33.54B | — |
| Total liabilities | $266.58B | $241.20B | $233.05B | $203.64B | — |
| Total debt | $57.76B | $51.09B | $49.16B | $43.92B | — |
| Long-term debt | $56.39B | $49.72B | $47.87B | $42.57B | — |
| Shareholders' equity | $33.47B | $30.26B | $28.06B | $24.71B | — |
| Retained earnings | $25.49B | $22.15B | $19.61B | $16.28B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $18.43B | $14.05B | $18.56B | $21.08B | — |
| Investing cash flow | -$22.89B | -$24.40B | -$24.43B | -$33.69B | — |
| Financing cash flow | $11.21B | $4.44B | $18.38B | $24.51B | — |
| Capital expenditure | -$2.42B | -$1.91B | -$1.56B | -$1.85B | — |
| Free cash flow | $16.00B | $12.14B | $17.00B | $19.22B | — |
| Dividends paid | -$2.27B | -$2.00B | -$1.78B | -$1.56B | — |
| Share buybacks | -$5.81B | -$6.02B | -$3.65B | -$3.50B | — |
| End cash position | $47.79B | $40.64B | $46.60B | $33.91B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 23 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 21 Aug 2026News
Sector peers
Notes & alerts
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