American Express (AXP)财务
NYSE · Financial Services · Financial - Credit Services · 员工76,800人 · CEO Stephen Joseph Squeri
- 股价
- $319.11 -1.42%
- 市值
- $2140亿
- 企业价值
- $2310亿
- 最近财报
- Q3 '26 2026-10-23提交
- 下次财报
- 2027-01-29
营收(TTM)$855亿+8.7% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)27.6%+10.4 百分点 对比去年同期营业利润 $236亿
净利润(TTM)$123亿+16.3% 对比去年同期税后,含营业外收益
自由现金流(TTM)$139亿-26.6% 对比去年同期资本支出 $37.2亿
稀释EPS(TTM)$17.81+19.5% 对比去年同期最近4个季度之和
净现金-$168亿-259.5% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $2140亿 EV $2310亿
- 营收
- $855亿 过去12个月
- 营收增速
- -1% FY2026年一致预期
- 净利润率
- 14.3% 净利润 / 营收,TTM
- P/E
- 17.9× 预期 17.5×(FY2026)
- P/S
- 2.5× 股价 / 营收,TTM
- EV / EBITDA
- 8.6× TTM
- 自由现金流
- $139亿 过去12个月
- 净利润
- $123亿 过去12个月
- 营收预期
- $794亿 FY2026年一致预期
- 盈利
- 2027-01-29
- 股息
- $3.67 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 营收增长放缓:同比6.9%Q3 '26营收$220亿,此前四个季度的平均值为9.4%。
- 营业利润率27.6%(TTM),较去年同期+10.4 百分点营收增长8.7%,营业利润增长75.0%。
- 税前利润的52.3%被营业外亏损吞噬税前利润$155亿,营业利润$236亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的4.3%(去年为2.8%)最近4个季度投入$37.2亿(同比+68.9%)。自由现金流$139亿,相当于净利润的113.5%。
- 股东回报$92亿 = 自由现金流的66.2%回购$67亿(去年为$59.5亿),股息$25亿,股权激励$6.36亿(TTM)。
- 稀释股数一年内减少2.7%Q3 '26稀释股数6.74亿,一年前为6.93亿。
- 净债务 $168亿现金 + 短期投资 $432亿,含租赁债务 $600亿;一年前净债务 $46.6亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $220亿 | $206亿 | +6.9% |
| 毛利率 | 86.8% | 83.4% | +3.4 百分点 |
| 营业利润 | $45.3亿 | $38.3亿 | +18.5% |
| 营业利润率 | 20.6% | 18.6% | +2.0 百分点 |
| 净利润 | $37.1亿 | $29亿 | +27.9% |
| 稀释EPS | $5.42 | $4.14 | +30.9% |
| 经营现金流 | $53.8亿 | $62.3亿 | -13.6% |
| 资本支出 | $9.47亿 | $6.55亿 | +44.6% |
| 自由现金流 | $44.4亿 | $55.8亿 | -20.5% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $1.37亿 | $1.25亿 | +9.6% |
营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Global Consumer Services Group | $98.4亿 | +11.1% | 48.8% | $376亿 | +11.0% | |
| Global Commercial Services | $45.5亿 | +6.4% | 22.6% | $178亿 | +6.8% | |
| International Card Services | $36.8亿 | +10.4% | 18.3% | $143亿 | +14.7% | |
| Global Merchant and Network Services | $20.8亿 | +5.6% | 10.3% | $82.2亿 | +7.9% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $176亿
- 资本支出
- -$37.2亿
- 股票回购
- -$67亿
- 股息
- -$25亿
- 收购
- -$5.24亿
- 债务净发行
- $16.5亿
- 股权激励费用
- $6.36亿
- 自由现金流
- $139亿
- 股东回报 / FCF
- 66.2%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 17.9× | 18.6× | 15.0× – 24.0× |
| EV / EBITDA | 8.6× | 13.4× | 10.8× – 17.2× |
| EV / 营收 | 2.7× | 2.8× | 2.1× – 3.3× |
| 股价 / FCF | 15.4× | 11.4× | 5.8× – 17.4× |
| 股价 / 净资产 | 6.0× | 6.0× | 4.5× – 7.7× |
| FCF收益率 | 6.5% | 10.4% | 5.7% – 17.3% |
| 投入资本回报率 | 6.0% | 8.0% | 7.2% – 8.8% |
| 净资产收益率 | 35.6% | 32.5% | 29.8% – 36.3% |
分析师
一致目标价 $357.64 (+12.1%)
区间 $315.00 – $400.00 · 评级 Hold
强烈买入0
买入23
持有30
卖出4
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $794亿 | -1.3% | $18.26 | +18.7% | 17.5× | 16 |
| FY2027 | $866亿 | +9.1% | $20.17 | +10.5% | 15.8× | 20 |
| FY2028 | $941亿 | +8.6% | $23.20 | +15.0% | 13.8× | 17 |
| FY2029 | $1040亿 | +10.6% | $27.45 | +18.3% | 11.6× | 12 |
| FY2030 | $764亿 | -26.5% | $28.70 | +4.6% | 11.1× | 7 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
American Express Company在近期10-Q / 10-K文件中标记的全部327项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable | $152亿 | $147亿 | +3.2% | $147亿 | $139亿 | +5.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $133亿 | $118亿 | +12.9% | $120亿 | $107亿 | +12.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$33.9亿 | -$32.5亿 | -4.4% | -$32.8亿 | -$34亿 | +3.5% |
| Additional Paid in Capital | $112亿 | $111亿 | +1.0% | $111亿 | $114亿 | -2.1% |
| Affordable Housing Tax Credits and Other Tax Benefits, Amount | $8000万 | $6500万 | +23.1% | $2.76亿 | $2.21亿 | +24.9% |
| Amortization Method Qualified Affordable Housing Project Investments | $18.8亿 | $17.2亿 | +9.1% | $17.8亿 | $15.7亿 | +13.6% |
| Amortization Method Qualified Affordable Housing Project Investments, Amortization | $6400万 | $6000万 | +6.7% | $2.33亿 | $1.93亿 | +20.7% |
| Amortization of Intangible Assets | – | – | – | $3600万 | $4600万 | -21.7% |
| Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries | $160亿2025-12-31 | $153亿 | +4.6% | $160亿 | $153亿 | +4.6% |
| Assets | $3100亿 | $2980亿 | +4.3% | $3000亿 | $2710亿 | +10.5% |
| Assets, Fair Value Disclosure | $12.2亿2025-12-31 | $22.5亿 | -45.9% | $12.2亿 | $22.5亿 | -45.9% |
| Bank Overdrafts | $40.5亿2025-12-31 | $34.6亿 | +17.1% | $40.5亿 | $34.6亿 | +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 | $18亿 | $16.1亿 | +11.4% | $64.6亿 | $58.9亿 | +9.7% |
| Cash and Due from Banks | $36.7亿 | $32.3亿 | +13.5% | $35.6亿 | $34.1亿 | +4.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $432亿 | $547亿 | -21.0% | $478亿 | $406亿 | +17.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$20.4亿 | -$32.3亿 | +36.9% | $71.5亿 | -$59.6亿 | +220.1% |
| Common Stock, Capital Shares Reserved for Future Issuance | 2500万2025-12-31 | 2700万 | -7.4% | 2500万 | 2700万 | -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 | 36亿 | 36亿 | 0.0% | 36亿 | 36亿 | 0.0% |
| Common Stock, Shares, Issued | 6.71亿 | 6.89亿 | -2.6% | 6.86亿 | 7.02亿 | -2.3% |
| Common Stock, Shares, Outstanding | 6.71亿 | 6.89亿 | -2.6% | 6.86亿 | 7.02亿 | -2.3% |
| Common Stock, Value, Issued | $1.34亿 | $1.38亿 | -2.9% | $1.38亿 | $1.41亿 | -2.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $36.7亿 | $29亿 | +26.6% | $110亿 | $98.1亿 | +11.7% |
| Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | – | – | – | $2800亿 | $2550亿 | +9.8% |
| Contribution of Property | $0 | – | – | – | – | – |
| Current Federal Tax Expense (Benefit) | – | – | – | $17.4亿 | $23.7亿 | -26.7% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $12.7亿 | $8.94亿 | +42.3% |
| Current Income Tax Expense (Benefit) | – | – | – | $35亿 | $37.6亿 | -6.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $4.97亿 | $4.94亿 | +0.6% |
| Debt Instrument, Unamortized Discount (Premium), Net | $4.7亿2025-12-31 | $4.87亿 | -3.5% | $4.7亿 | $4.87亿 | -3.5% |
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $2000万 | $300万 | +566.7% | $300万 | $300万 | 0.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $4100万 | $4600万 | -10.9% | $4500万 | $5000万 | -10.0% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $700万 | $700万 | 0.0% | $700万 | $3200万 | -78.1% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $31.3亿 | $1.43亿 | +2,090.9% | $1.26亿 | $1.66亿 | -24.1% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $19.7亿 | $11.4亿 | +72.7% | $8.25亿 | $9.55亿 | -13.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $2800万 | $2500万 | +12.0% | $2600万 | $1.52亿 | -82.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $1000万 | $700万 | +42.9% | $700万 | $1200万 | -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 | $30.2亿 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $6400万 | $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 | $3200万 | $3800万 | -15.8% | $3700万 | $4000万 | -7.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $700万 | $700万 | 0.0% | $700万 | $3300万 | -78.8% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $30.7亿 | $1.44亿 | +2,031.3% | $1.27亿 | $1.66亿 | -23.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $19.7亿 | $11.4亿 | +72.7% | $8.26亿 | $9.53亿 | -13.3% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $2500万2025-09-30 | $1.45亿 | -82.8% | $1.52亿2024-12-31 | $11.5亿 | -86.8% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $700万2025-09-30 | $1000万 | -30.0% | $1200万2024-12-31 | $1900万 | -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 | $51.5亿 | $13.3亿 | +285.9% | $10亿 | $12亿 | -16.7% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $50.7亿 | $13.3亿 | +281.8% | $9.97亿 | $11.9亿 | -16.4% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01