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Friday 6 November 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.

Revenue
+6.92%
EPS
+31.2%
Free cash flow
−20.5%
Total debt
+1.30%

Quarter to September 2026, against a year earlier

324.11 0.86 −0.26%
Market cap
$217.9B
P/E
18.3×
Fwd P/E
17.4×
Dividend yield
1.13%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

American Express Company (AXP) valuation and DCF model

What the price implies · reverse DCF

At $324.11 the price implies 25.6% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 10.8% a year over the last ten years, 12.3% over the last five. The price asks for about twice its ten-year rate. Return on equity averaged 28.1% over ten years; the price implies 42.1% for good.

In December 2017 the price assumed 22.8% a year; American Express Company went on to grow the dividend a share 3.0% a year to FY2025.

Price implies
25.6%
Last 5 years, reported
12.3%
Last 10 years, reported
10.8%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
25.6% a year for ten years
$324.11
today’s price
Its base case
10.8% a year for five years, then 6.5%
$93.43
71.2% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record American Express Company’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 25.6% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against American Express Company’s own cost of capital: risk-free 4.3% + beta 1.08 × equity premium 4.5% = 9.2% cost of equity; weighted, 9.2%.

Use 9.2%
Base case value per share $93.43 ten years discounted, and what follows
Current price $324.11 market price per share
Below today’s price 71.2% downside at the base case’s assumptions

How we got there$37.72 10 years of dividends+$55.71 terminal value=$93.43 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Credit Services).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 18.32× 19.04× 20.52× 11% below 8.96× 104% above
P/FCF 15.77× 12.63× 12.30× 28% above 2.55× 519% above
P/B 6.13× 6.04× 5.32× 15% above 1.23× 398% above
EV/Sales — 2.77× 2.74× — 3.90× —
P/E P/FCF P/B EV/Sales
14.14×20.30×26.46×32.62×10Y avg 20.52×2017201820192020202120222023202420252026

AXP trades at 18.32× P/E, against a 10-year average of 20.52× (range 12.02×–34.00×). That is dearer than 56% of the last 9 year-end readings; re-rating to the average implies $362.93 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.