American Express
AXP · NYSEFinance Services · Fiscal year ends Dec 31
American Express reported revenue of $41.3B in the fiscal year ended Dec 2025, up 6.4% from the year before. Net income was $10.8B. Operating cash flow of $18.4B less capital expenditure of $2.4B left free cash flow of $16B. Net debt was $10B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $27.7B | $34.2B | $37.2B | $38.8B | $41.3B |
| Net interest incomeBanks | $7.8B | $9.9B | $13.1B | $15.5B | $17.4B |
| Interest expense | $1.3B | $2.8B | $6.8B | – | – |
| Pre-tax income | $10.7B | $9.6B | $10.5B | $12.9B | $13.8B |
| Income tax | $2.6B | $2.1B | $2.1B | $2.8B | $3B |
| Net income | $8.1B | $7.5B | $8.4B | $10.1B | $10.8B |
| Diluted EPS | 10.02 | 9.85 | 11.21 | 14.01 | 15.38 |
| Diluted shares | 790M | 752M | 736M | 713M | 696M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $21.5B | $33.4B | $46.6B | $40.6B | $47.8B |
| Net PP&E | $5B | $5.2B | $5.1B | $5.4B | $6.1B |
| Goodwill | $3.8B | $3.8B | $3.9B | $4.2B | $4.9B |
| Total assets | $189B | $228B | $261B | $271B | $300B |
| Short-term debt | $2.2B | $1.3B | $1.3B | $1.4B | $1.4B |
| Long-term debt | $38.7B | $42.6B | $47.9B | $49.7B | $56.4B |
| DepositsBanks | $84.4B | $110B | $129B | $139B | $152B |
| Total liabilities | $166B | $204B | $233B | $241B | $267B |
| Shareholders' equity | $22.2B | $24.7B | $28.1B | $30.3B | $33.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $14.6B | $21.1B | $18.6B | $14.1B | $18.4B |
| Capital expenditure | $1.6B | $1.9B | $1.6B | $1.9B | $2.4B |
| Free cash flow | $13.1B | $19.2B | $17B | $12.1B | $16B |
| Depreciation & amortisation | $1.7B | $1.6B | $1.7B | $1.7B | $1.8B |
| Stock-based compensation | $330M | $375M | $450M | $504M | $551M |
| Acquisitions | – | $15M | $64M | $454M | $633M |
| Share buybacks | $7.7B | $3.5B | $3.7B | $6B | $5.8B |
| Dividends paid | $1.4B | $1.6B | $1.8B | $2B | $2.3B |
| Dividend per share | 1.72 | 2.08 | 2.40 | 2.80 | 3.28 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 23.5% | 8.8% | 4.3% | 6.4% |
| EPS growth (YoY) | – | −1.7% | 13.8% | 25.0% | 9.8% |
| Net margin | 29.1% | 22.0% | 22.5% | 26.1% | 26.2% |
| Return on equityBlank when equity is negative | 36.3% | 30.4% | 29.8% | 33.5% | 32.4% |
| Free cash flow margin | 47.2% | 56.2% | 45.7% | 31.3% | 38.7% |
| Cash conversion (CFO ÷ net income) | 1.82x | 2.81x | 2.22x | 1.39x | 1.70x |
| Debt ÷ equity | 1.85x | 1.78x | 1.75x | 1.69x | 1.73x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $19.4B | $10.6B | $2.6B | $10.4B | $10B |
Recent filings
More in Finance Services
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.