AMERICAN EXPRESS COAXP
AMERICAN EXPRESS CO Financial Overview 2021–2025
American Express leveraged its pricing power to deliver an 18% surge in net card fees in FY2025, validating a strategy built on premium subscriptions rather than just transaction volume. This focus on high-credit-quality customers has insulated the lender from broader subprime volatility, allowing it to maintain "best-in-class" delinquency rates while aggressively expanding its global footprint. The company's long-term growth arc remains consistent, with worldwide network volumes and billed business climbing from $1.28 trillion in FY2021 to $1.67 trillion in FY2025.
Operational execution spurred a 10% rise in total revenues to $72.2 billion for FY2025, supported by a 14% jump in International Card Services billings. Profitability followed suit, with the company reporting earnings per share of $15.38, significantly above the $10.02 recorded in FY2021. Management reinforced this financial strength by returning $7.6 billion to shareholders via buybacks and dividends, alongside a commitment to a 16% dividend hike for 2026. At the close of FY2025, the stock traded at $369.95—a 24.1x multiple on earnings—reflecting a market capitalization of $253.8 billion.
Recent Developments (Q3 and Q4 2025)
American Express sustained its momentum in Q3 2025, delivering a 16% increase in net income to $2.9 billion and an 11% rise in revenue to $18.4 billion. Notably, provisions for credit losses fell 5% year-over-year to $1.3 billion, reflecting management's confidence in its premium cardholder base despite broader economic pressures. While U.S. consumer delinquency rates remained stable at 1.4% through January 2026, pockets of softness appeared in small business portfolios, where net write-offs ticked up to 2.8%.
The company reinforced its capital structure with a $3.55 billion debt offering in February 2026 ahead of Vice Chairman Douglas Buckminster’s planned retirement in March 2026. Bulls point to the resilient quarterly profit as proof of the membership model's durability, while bears caution that the stock’s 23.4x P/E valuation as of February 5, 2026, leaves little room for credit deterioration or slower growth.
What to watch: Small business write-off trends; Executive leadership transition impact
Rev
$41.30B
FY2025
NI
$10.83B
FY2025
EPS
$15.41
FY2025
OCF
$18.43B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
AMERICAN EXPRESS CO 8-K Report, Regulation FD Disclosure (Feb 17, 2026)
This 8-K filing from American Express (AXP) provides an update on key credit performance metrics for its U.S. Consumer and U.S. Small Business Card Member loan portfolios, as well as its securitized Lending Trust. For the month ended January 31, 2026, overall delinquency and write-off rates remain relatively stable compared to the prior two months. Total loans held for investment in the U.S. Consumer and Small Business segments showed a slight decrease from December 2025 to January 2026. Investors should note that the provided statistics offer a more granular view than typically reported, distinguishing between held-for-investment loans and those held-for-sale. The filing also clarifies differences in reporting methodologies between the total loan portfolios and the securitized Lending Trust, highlighting that the Lending Trust's performance may not be identical due to variations in loan characteristics and calculation methods. Overall, the credit metrics presented suggest a consistent, albeit monitored, credit environment for American Express's core lending business.
AMERICAN EXPRESS CO 8-K Report, Corporate Update (Feb 10, 2026)
American Express Company (AXP) has announced the successful completion of a significant debt offering, raising a total of $3.55 billion through the issuance of both Senior Notes and Subordinated Notes. The Senior Notes encompass three tranches: $1.35 billion in 4.009% Fixed-to-Floating Rate Notes due 2029, $1.0 billion in 4.456% Fixed-to-Floating Rate Notes due 2032, and $650 million in Floating Rate Notes due 2029. These offerings aim to bolster the company's capital structure and provide financial flexibility. In addition to the Senior Notes, American Express also issued $500 million in 5.412% Fixed-to-Fixed Rate Subordinated Notes due 2041. The issuance of these notes, under established indentures and pursuant to a Form S-3 registration statement, suggests a strategic move to diversify funding sources and potentially optimize its cost of capital. Investors should note the mixed fixed-to-floating rate nature of the senior tranches, which introduces interest rate sensitivity, while the subordinated notes offer a higher fixed yield with a longer maturity.
AMERICAN EXPRESS CO 8-K Report, Financial Results (Jan 30, 2026)
American Express Company (AXP) has filed a Current Report on Form 8-K detailing its financial results for the full year and fourth quarter of 2025. The report primarily serves to attach the official earnings release (Exhibit 99.1) and supplementary financial information (Exhibit 99.2), which contain the specific performance metrics. While this 8-K does not present new financial figures directly within its text, it signals the official release of AXP's 2025 year-end and Q4 results and highlights the forward-looking factors and potential risks that could impact the company's ability to achieve its 2026 guidance and future growth aspirations. Investors should refer to the attached Exhibits 99.1 and 99.2 for detailed financial performance. The 8-K, however, emphasizes the numerous macroeconomic, geopolitical, competitive, and regulatory factors that could influence AXP's future revenue growth, earnings per share, credit performance, operating expenses, and overall profitability. Key areas of focus for potential impact include evolving consumer spending patterns, interest rate changes, credit reserve adequacy, investments in value propositions and technology, and the competitive landscape within the payments industry. The company's ability to successfully execute its investment strategy while managing expenses and credit risks will be crucial.
AMERICAN EXPRESS CO 8-K Report, Regulation FD Disclosure (Jan 15, 2026)
American Express Company (AXP) has filed an 8-K report on January 15, 2026, providing a preliminary update on its U.S. Consumer and U.S. Small Business Card Member loan portfolios for the months ending October 31, November 30, and December 31, 2025, as well as the full three-month period ending December 31, 2025. This filing focuses on delinquency and write-off statistics for loans held for investment, offering investors insights into the company's credit quality trends. The reported data indicates a relatively stable credit performance for both U.S. Consumer and U.S. Small Business segments. Delinquency rates remained consistent, with U.S. Consumer loans at 1.3% and U.S. Small Business loans at 1.7% for the latest period. Net write-off rates also showed minimal fluctuation, suggesting that the company's risk management strategies are effectively mitigating significant credit deterioration, even as loan balances have grown. Investors should note that these figures exclude loans classified as held for sale and that the data from the American Express Credit Account Master Trust, while related, may differ due to securitization characteristics.
AMERICAN EXPRESS CO 8-K Report, Regulation FD Disclosure (Dec 15, 2025)
This 8-K filing from American Express provides an update on credit performance metrics for its U.S. Consumer and U.S. Small Business card member loan portfolios held for investment, as well as for the American Express Credit Account Master Trust. The data covers the periods ending November 30, October 31, and September 30, 2025. Investors should note that while the overall loan portfolio shows stable delinquency rates, the net write-off rates have seen a slight uptick, particularly in the U.S. Small Business segment, which warrants monitoring. The report distinguishes between loans held for investment and those held for sale, with the presented statistics focusing on the former. The deliquency rates across both consumer and small business segments remained consistent at 1.4% and 1.6% respectively for 30 days past due. However, the net write-off rate (principal only) for U.S. Consumer loans increased from 1.9% in September to 2.1% in November, while U.S. Small Business write-offs moved from 2.5% to 2.7% over the same period. The information on the Credit Account Master Trust presents a separate view of securitized assets, showing generally lower annualized default rates.
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