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Saturday 17 October 2026 Export AXP’s income statement to Excel — free account

American Express Company

AXP Financial Credit Services

American Express Company’s revenue for fiscal 2025 (year ended December 2025) was $80.5 billion, up 8.44% from fiscal 2024. In the quarter to June 2026, revenue grew 8.34%, EPS grew 11.3%, free cash flow grew 19.4% and total debt fell 2.04%, each against the same quarter a year earlier. Member of the S&P 500 and Dow Jones; dividend growth for ten consecutive years, revenue growth for five.

313.59 0.28 −0.09%
Market cap
$212.0B
P/E
19.0×
Fwd P/E
17.6×
Dividend yield
1.17%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

American Express Company (AXP) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

American Express recorded revenue of $80.5 billion, gross profit of $72.2 billion, operating income of $13.8 billion and net income of $10.8 billion in FY2025. Diluted EPS was $15.38 in FY2025, with weighted average shares of 695.0 million shares in FY2025.

In Q2 FY2026, revenue was $21.6 billion, gross profit was $19.6 billion, operating income was $4.1 billion and net income was $3.1 billion. Diluted EPS reached $4.53 in Q2 FY2026. Revenue in the TTM to Q2 FY2026 was $84.1 billion, while net income in the TTM to Q2 FY2026 was $11.4 billion.

Growth

Revenue grew 8.44% in FY2025 against FY2024, reaching $80.5 billion in FY2025 from $74.2 billion in FY2024. Revenue compound annual growth was 13.1% in FY2022–FY2025 and 16.1% in FY2020–FY2025. Diluted EPS grew 9.78% in FY2025 against FY2024 to $15.38 in FY2025, and its compound annual growth was 16.0% in FY2022–FY2025.

Free cash flow rose 31.8% in FY2025 against FY2024 to $16.0 billion in FY2025. In Q2 FY2026, revenue increased 8.34% against Q2 FY2025, diluted EPS increased 11.0% against Q2 FY2025, and free cash flow increased 19.4% against Q2 FY2025.

Profitability

Gross margin was 89.8%, operating margin was 17.1%, pre-tax margin was 17.1% and net margin was 13.5% in FY2025. Gross margin increased by 0.9 percentage points in FY2024–FY2025, while operating, pre-tax and net margins each declined by −0.2 percentage points in FY2024–FY2025.

Over FY2020–FY2025, gross margin changed by −4.7 percentage points, operating margin changed by 5.9 percentage points, pre-tax margin changed by 5.9 percentage points and net margin changed by 5.3 percentage points. Return on equity was 33.6%, return on assets was 3.74% and return on invested capital was 20.5% in FY2025. Gross margin was 90.9% and operating margin was 18.9% in Q2 FY2026.

Balance sheet

Total debt was $56.4 billion, cash and short-term investments were $47.8 billion, and net debt was $8.6 billion in FY2025. Shareholders’ equity was $33.5 billion, working capital was $100.1 billion and book value per share was $48.16 in FY2025.

Net debt was $11.8 billion in Q2 FY2026, compared with $8.6 billion in Q4 FY2025. The current ratio was 1.5× and debt to equity was 1.7× in Q2 FY2026. Total debt rose from $49.7 billion in FY2024 to $56.4 billion in FY2025, while cash and short-term investments rose from $40.6 billion in FY2024 to $47.8 billion in FY2025.

Cash flow & capital return

Operating cash flow was $18.4 billion, capital expenditure was $2.4 billion and free cash flow was $16.0 billion in FY2025. Free cash flow represented 147.7% of net income in FY2025. Operating cash flow grew 31.2% and free cash flow grew 31.8% in FY2025 against FY2024.

Dividends paid were $2.3 billion and net share repurchases were $5.8 billion in FY2025, for capital returned to shareholders of $8.0 billion in FY2025. Capital returned to shareholders totaled $35.4 billion in FY2021–FY2025. Weighted average shares declined by −13.7% in FY2020–FY2025 and were 695.0 million shares in FY2025. Free cash flow was $4.5 billion in Q2 FY2026.

Valuation

As of September 28, 2026, market capitalisation was $207.7 billion and the P/E was 18.6×. The P/E was higher than its five-year median of 16.8× and ten-year median of 16.6× as of September 28, 2026, and higher than the industry median of 9.1× as of September 28, 2026.

As of September 28, 2026, P/S was 2.5×, below its five-year median of 2.8× but above its ten-year median of 2.2× and industry median of 0.9×. P/B was 6.1×, above its five-year median of 5.8×, ten-year median of 4.6× and industry median of 1.1×. EV/Sales was 2.6×, below its five-year median of 3.0× but above its industry median of 2.1×. EV/Cash flow was 14.6×, above its five-year median of 11.1× and ten-year median of 12.3×.

What changed since last quarter

In Q2 FY2026 against Q1 FY2026, revenue increased 3.42% to $21.6 billion, diluted EPS increased 5.84% to $4.53 and free cash flow increased 68.5% to $4.5 billion. Gross margin increased by 0.4 percentage points and operating margin increased by 0.8 percentage points in Q2 FY2026 against Q1 FY2026. Net debt increased by $6.8 billion and weighted average shares changed by −1.02% in Q2 FY2026 against Q1 FY2026.

In Q2 FY2026 against Q2 FY2025, revenue increased 8.34%, diluted EPS increased 11.0% and free cash flow increased 19.4%. Gross margin increased by 1.4 percentage points, operating margin increased by 1.0 percentage point, net debt increased by $11.5 billion and weighted average shares changed by −2.87% in Q2 FY2026 against Q2 FY2025.

Open questions

  • What factors drove the increase in net debt during the latest quarter?
  • What explains the movement in operating margin across recent quarters?
  • How are changes in working capital affecting operating cash flow?
  • What components account for the difference between capital returned through dividends and repurchases?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.