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AXP

American Express Company

AXP

American Express Company • NYSE
$365.27 ▲ 0.36% (+1.30)
Market Cap $254.87 B
52w High $377.23
52w Low $220.43
Dividend Yield 3.16%
P/E 24.51
Volume 872.29K
Outstanding Shares 697.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $20.557B ▲ $13.314B ▲ $2.902B ▲ 14.117% ▼ $4.14 ▲ $4.282B ▲
Q2-2025 $19.933B ▲ $12.901B ▲ $2.885B ▲ 14.473% ▲ $4.09 ▲ $3.977B ▲
Q1-2025 $18.933B ▼ $12.487B ▼ $2.584B ▲ 13.648% ▲ $3.64 ▲ $3.763B ▲
Q4-2024 $19.218B ▲ $13.131B ▲ $2.17B ▼ 11.291% ▼ $2.99 ▼ $3.184B ▼
Q3-2024 $18.779B $12.076B $2.507B 13.35% $3.49 $3.641B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $54.706B ▼ $297.55B ▲ $265.133B ▲ $32.417B ▲
Q2-2025 $58.818B ▲ $295.556B ▲ $263.245B ▲ $32.311B ▲
Q1-2025 $52.406B ▲ $282.244B ▲ $251.042B ▲ $31.202B ▲
Q4-2024 $41.505B ▼ $271.461B ▲ $241.197B ▼ $30.264B ▲
Q3-2024 $48.684B $270.979B $241.272B $29.707B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.849B ▼ $6.233B ▲ $-6.598B ▲ $-2.957B ▼ $-4.305B ▼ $5.578B ▲
Q2-2025 $2.962B ▲ $4.364B ▼ $-6.797B ▼ $7.678B ▲ $5.429B ▼ $3.745B ▼
Q1-2025 $2.584B ▲ $4.764B ▼ $451M ▲ $6.643B ▲ $11.868B ▲ $4.334B ▼
Q4-2024 $2.17B ▼ $5.778B ▲ $-12.245B ▼ $-770M ▼ $-7.278B ▼ $5.283B ▲
Q3-2024 $2.507B $-1.812B $-3.522B $350M $-4.977B $-2.267B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Global Commercial Services
Global Commercial Services
 $4.12Bn ▲$4.04Bn ▼$4.21Bn ▲$4.28Bn ▲
Global Consumer Services Group
Global Consumer Services Group
 $8.25Bn ▲$8.25Bn ▲$8.55Bn ▲$8.86Bn ▲
Global Merchant and Network Services
Global Merchant and Network Services
 $1.89Bn ▲$1.82Bn ▼$1.93Bn ▲$1.97Bn ▲
International Card Services
International Card Services
 $2.99Bn ▲$2.94Bn ▼$3.23Bn ▲$3.34Bn ▲

Five-Year Company Overview

Income Statement

Income Statement American Express has delivered steady, healthy growth over the past five years. Revenue has risen each year, and profits have expanded even faster than sales, showing that the company is managing expenses and credit risk reasonably well. Earnings rebounded strongly after the 2020 downturn and are now well above pre‑pandemic levels. Profitability looks solid, with operating and net income both moving in the right direction. This suggests the core business model—driving card spending and fee income from a relatively affluent customer base—is working effectively. The main watchpoint is that credit and spending are cyclical. If the economy slows or travel and discretionary spending weaken, growth and margins could come under pressure, even if the long‑term story remains intact.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown in size while keeping a relatively stable capital base. Total assets have climbed meaningfully over five years, in line with a larger lending and payments franchise. Cash levels are solid for a financial firm, giving Amex flexibility to manage funding needs and invest in the business. Debt has increased over time but not in an alarming way relative to the growth of the company, and equity has steadily inched higher, supporting resilience. As with most financial institutions, leverage is inherent to the model, so the key risk is less about the raw debt figures and more about credit quality and funding markets. For now, the balance sheet trend looks orderly rather than stretched.

Cash Flow

Cash Flow Cash generation has been a clear strength. American Express consistently produces more cash from its operations than it spends on capital investments, leaving healthy free cash flow most years. Operating cash flow peaked a couple of years ago and has eased back somewhat, but it still comfortably covers the company’s investment needs. Capital spending is relatively modest and stable, which fits a business that is more about software, data, and networks than heavy physical assets. This surplus cash gives Amex room to keep investing in technology, support loan growth, and return capital to shareholders, as long as credit conditions remain manageable and funding markets stay steady.

Competitive Edge

Competitive Edge American Express holds a distinctive position in payments, built around a premium brand, an affluent customer base, and its unique “closed‑loop” network where it acts as both issuer and network. This structure gives Amex richer data than most peers, stronger control over the customer experience, and the ability to capture more economics from each transaction. Its brand is deeply associated with service, travel, and status, which supports pricing power and customer loyalty. High switching costs for corporate clients, valuable rewards and lounge access for consumers, and strong relationships with merchants all reinforce this moat. The main challenges are intense competition from Visa, Mastercard, banks, and fintechs, along with regulatory and economic risks that can affect fees and lending. Overall, Amex’s position is not just large, but differentiated—especially in the premium and small‑business segments—though it must keep innovating to defend that edge.

Innovation and R&D

Innovation and R&D American Express has leaned hard into a digital‑first, data‑driven strategy. It uses artificial intelligence and advanced analytics across fraud detection, risk management, personalization, and customer service, aiming to make interactions smoother and more tailored. The company runs internal innovation engines like Amex Digital Labs and a Frontier Research Team focused on AI and machine learning, while Amex Ventures invests in startups in fintech, e‑commerce, and generative AI. This mix of in‑house development and external partnerships helps it tap new ideas quickly. On the product side, Amex continually refreshes its card lineup and benefits—especially for Platinum and other premium cards—while expanding airport lounges, dining platforms like Resy, and digital tools for both consumers and small businesses. A key strategic focus is winning and retaining Millennial and Gen Z customers with modern experiences and relevant perks. The approach is ambitious but measured: Amex is experimenting in areas like generative AI and monitoring crypto, without betting the franchise on unproven technologies.

Summary

American Express looks like a mature, well‑run financial services company that has successfully grown both revenue and profit over the past five years, bouncing back strongly from the 2020 shock. Its business model—centered on high‑spending, relatively high‑quality customers and fee income from card usage—has translated into solid profitability and strong cash generation. The balance sheet and cash flows appear robust for a financial institution, providing room to invest in technology, product enhancements, and customer acquisition. The company’s competitive moat is rooted in its premium brand, closed‑loop network, rich data, and sticky relationships with both consumers and businesses. At the same time, Amex remains exposed to economic cycles, travel and discretionary spending trends, credit losses, and intense competitive and regulatory pressures. Its future performance will depend heavily on maintaining credit discipline, continuing to innovate digitally, and successfully deepening its appeal with younger generations while preserving the premium aura that has long defined the brand.

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