American Express (AXP) financials
NYSE · Financial Services · Financial - Credit Services · 76,800 employees · CEO Stephen Joseph Squeri
- Price
- $319.11 -1.42%
- Market cap
- $214B
- Enterprise value
- $231B
- Last report
- Q3 '26 filed 2026-10-23
- Next report
- 2027-01-29
Revenue (TTM)$85.5B+8.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)27.6%+10.4 pp vs a year agoOperating income $23.6B
Net income (TTM)$12.3B+16.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$13.9B-26.6% vs a year agoCapex $3.72B
Diluted EPS (TTM)$17.81+19.5% vs a year agoSum of the last 4 quarters
Net cash-$16.8B-259.5% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $214B EV $231B
- Revenue
- $85.5B Trailing 12 months
- Revenue growth
- -1% FY2026 consensus
- Profit margin
- 14.3% Net income / revenue, TTM
- P/E
- 17.9× Forward 17.5× (FY2026)
- P/S
- 2.5× Price / sales, TTM
- EV / EBITDA
- 8.6× TTM
- Free cash flow
- $13.9B Trailing 12 months
- Net income
- $12.3B Trailing 12 months
- Revenue estimate
- $79.4B FY2026 consensus
- Earnings
- 2027-01-29
- Dividend
- $3.67 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 6.9% year on yearQ3 '26 revenue $22B, against an average of 9.4% over the four quarters before.
- Operating margin 27.6% (TTM), +10.4 pp on a year agoOperating income grew 75.0% while revenue grew 8.7%.
- 52.3% of pre-tax profit is eaten by non-operating lossesPre-tax income $15.5B vs operating income $23.6B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 4.3% of revenue (a year ago 2.8%)$3.72B invested in the last 4 quarters (+68.9% on a year earlier). Free cash flow $13.9B = 113.5% of net income.
- Returned $9.2B to shareholders = 66.2% of free cash flowBuybacks $6.7B (a year earlier $5.95B), dividends $2.5B, stock-based pay $636M (TTM).
- Diluted share count down 2.7% in a year674M diluted shares in Q3 '26, 693M a year earlier.
- Net debt $16.8BCash + short-term investments $43.2B, debt incl. leases $60B; a year ago net debt $4.66B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $22B | $20.6B | +6.9% |
| Gross margin | 86.8% | 83.4% | +3.4 pp |
| Operating income | $4.53B | $3.83B | +18.5% |
| Operating margin | 20.6% | 18.6% | +2.0 pp |
| Net income | $3.71B | $2.9B | +27.9% |
| Diluted EPS | $5.42 | $4.14 | +30.9% |
| Operating cash flow | $5.38B | $6.23B | -13.6% |
| Capex | $947M | $655M | +44.6% |
| Free cash flow | $4.44B | $5.58B | -20.5% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $137M | $125M | +9.6% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Global Consumer Services Group | $9.84B | +11.1% | 48.8% | $37.6B | +11.0% | |
| Global Commercial Services | $4.55B | +6.4% | 22.6% | $17.8B | +6.8% | |
| International Card Services | $3.68B | +10.4% | 18.3% | $14.3B | +14.7% | |
| Global Merchant and Network Services | $2.08B | +5.6% | 10.3% | $8.22B | +7.9% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $17.6B
- Capex
- -$3.72B
- Buybacks
- -$6.7B
- Dividends
- -$2.5B
- Acquisitions
- -$524M
- Net debt issued
- $1.65B
- Stock-based compensation
- $636M
- Free cash flow
- $13.9B
- Returned to shareholders / FCF
- 66.2%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 17.9× | 18.6× | 15.0× – 24.0× |
| EV / EBITDA | 8.6× | 13.4× | 10.8× – 17.2× |
| EV / Sales | 2.7× | 2.8× | 2.1× – 3.3× |
| Price / FCF | 15.4× | 11.4× | 5.8× – 17.4× |
| Price / Book | 6.0× | 6.0× | 4.5× – 7.7× |
| FCF yield | 6.5% | 10.4% | 5.7% – 17.3% |
| Return on invested capital | 6.0% | 8.0% | 7.2% – 8.8% |
| Return on equity | 35.6% | 32.5% | 29.8% – 36.3% |
Analysts
Consensus target $357.64 (+12.1%)
range $315.00 – $400.00 · rating Hold
Strong buy0
Buy23
Hold30
Sell4
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $79.4B | -1.3% | $18.26 | +18.7% | 17.5× | 16 |
| FY2027 | $86.6B | +9.1% | $20.17 | +10.5% | 15.8× | 20 |
| FY2028 | $94.1B | +8.6% | $23.20 | +15.0% | 13.8× | 17 |
| FY2029 | $104B | +10.6% | $27.45 | +18.3% | 11.6× | 12 |
| FY2030 | $76.4B | -26.5% | $28.70 | +4.6% | 11.1× | 7 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 327 figures American Express Company tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable | $15.2B | $14.7B | +3.2% | $14.7B | $13.9B | +5.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $13.3B | $11.8B | +12.9% | $12B | $10.7B | +12.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$3.39B | -$3.25B | -4.4% | -$3.28B | -$3.4B | +3.5% |
| Additional Paid in Capital | $11.2B | $11.1B | +1.0% | $11.1B | $11.4B | -2.1% |
| Affordable Housing Tax Credits and Other Tax Benefits, Amount | $80M | $65M | +23.1% | $276M | $221M | +24.9% |
| Amortization Method Qualified Affordable Housing Project Investments | $1.88B | $1.72B | +9.1% | $1.78B | $1.57B | +13.6% |
| Amortization Method Qualified Affordable Housing Project Investments, Amortization | $64M | $60M | +6.7% | $233M | $193M | +20.7% |
| Amortization of Intangible Assets | – | – | – | $36M | $46M | -21.7% |
| Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $16B2025-12-31 | $15.3B | +4.6% | $16B | $15.3B | +4.6% |
| Assets | $310B | $298B | +4.3% | $300B | $271B | +10.5% |
| Assets, Fair Value Disclosure | $1.22B2025-12-31 | $2.25B | -45.9% | $1.22B | $2.25B | -45.9% |
| Bank Overdrafts | $4.05B2025-12-31 | $3.46B | +17.1% | $4.05B | $3.46B | +17.1% |
| Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 4.5%2025-12-31 | 4.5% | 0.0% | 4.5% | 4.5% | 0.0% |
| Banking Regulation, Supplementary Leverage Ratio, Capital Adequacy, Minimum | 3.0%2025-12-31 | 3.0% | 0.0% | 3.0% | 3.0% | 0.0% |
| Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum | 4.0%2025-12-31 | 4.0% | 0.0% | 4.0% | 4.0% | 0.0% |
| Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 6.0%2025-12-31 | 6.0% | 0.0% | 6.0% | 6.0% | 0.0% |
| Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 8.0%2025-12-31 | 8.0% | 0.0% | 8.0% | 8.0% | 0.0% |
| Business Development | $1.8B | $1.61B | +11.4% | $6.46B | $5.89B | +9.7% |
| Cash and Due from Banks | $3.67B | $3.23B | +13.5% | $3.56B | $3.41B | +4.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $43.2B | $54.7B | -21.0% | $47.8B | $40.6B | +17.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$2.04B | -$3.23B | +36.9% | $7.15B | -$5.96B | +220.1% |
| Common Stock, Capital Shares Reserved for Future Issuance | 25M2025-12-31 | 27M | -7.4% | 25M | 27M | -7.4% |
| Common Stock, Dividends, Per Share, Declared | $0.95 | $0.82 | +15.9% | $3.28 | $2.80 | +17.1% |
| Common Stock, Par or Stated Value Per Share | $0.20 | $0.20 | 0.0% | $0.20 | $0.20 | 0.0% |
| Common Stock, Shares Authorized | 3.6B | 3.6B | 0.0% | 3.6B | 3.6B | 0.0% |
| Common Stock, Shares, Issued | 671M | 689M | -2.6% | 686M | 702M | -2.3% |
| Common Stock, Shares, Outstanding | 671M | 689M | -2.6% | 686M | 702M | -2.3% |
| Common Stock, Value, Issued | $134M | $138M | -2.9% | $138M | $141M | -2.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $3.67B | $2.9B | +26.6% | $11B | $9.81B | +11.7% |
| Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | – | – | – | $280B | $255B | +9.8% |
| Contribution of Property | $0 | – | – | – | – | – |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.74B | $2.37B | -26.7% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.27B | $894M | +42.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $3.5B | $3.76B | -6.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $497M | $494M | +0.6% |
| Debt Instrument, Unamortized Discount (Premium), Net | $470M2025-12-31 | $487M | -3.5% | $470M | $487M | -3.5% |
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $20M | $3M | +566.7% | $3M | $3M | 0.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $41M | $46M | -10.9% | $45M | $50M | -10.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $7M | $7M | 0.0% | $7M | $32M | -78.1% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $3.13B | $143M | +2,090.9% | $126M | $166M | -24.1% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $1.97B | $1.14B | +72.7% | $825M | $955M | -13.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $28M | $25M | +12.0% | $26M | $152M | -82.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $10M | $7M | +42.9% | $7M | $12M | -41.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 10 security2025-09-30 | 10 security | 0.0% | 45 security2024-12-31 | 71 security | -36.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $3.02B | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $64M | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 0 security2025-09-30 | 0 security | – | 0 security2024-12-31 | 0 security | – |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $32M | $38M | -15.8% | $37M | $40M | -7.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $7M | $7M | 0.0% | $7M | $33M | -78.8% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $3.07B | $144M | +2,031.3% | $127M | $166M | -23.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $1.97B | $1.14B | +72.7% | $826M | $953M | -13.3% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $25M2025-09-30 | $145M | -82.8% | $152M2024-12-31 | $1.15B | -86.8% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $7M2025-09-30 | $10M | -30.0% | $12M2024-12-31 | $19M | -36.8% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 10 security2025-09-30 | 10 security | 0.0% | 45 security2024-12-31 | 71 security | -36.6% |
| Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year 10 | 2.7%2025-12-31 | 2.7% | -1.5% | 2.7% | 2.7% | -1.5% |
| Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year 5 Through 10 | 3.5%2025-12-31 | 4.8% | -27.7% | 3.5% | 4.8% | -27.7% |
| Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year One Through Five | 4.2%2025-12-31 | 3.7% | +12.4% | 4.2% | 3.7% | +12.4% |
| Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, Year One | 5.3%2025-12-31 | 5.3% | -0.4% | 5.3% | 5.3% | -0.4% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss | $5.15B | $1.33B | +285.9% | $1B | $1.2B | -16.7% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $5.07B | $1.33B | +281.8% | $997M | $1.19B | -16.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01