AMERICAN EXPRESS COAXP
AMERICAN EXPRESS CO Financial Overview 2021–2025
Updated Jul 10, 2026American Express expanded its net card fees by 18% in FY2025, proving the deep pricing power embedded in its membership model. This aggressive fee expansion anchors the central investment thesis: the company operates less like a traditional credit issuer and more like a high-retention lifestyle brand capable of monetizing premium consumers across economic cycles. The business demonstrated this structural resilience as total revenues net of interest expense climbed 10% year-over-year to $72.2 billion in FY2025.
The company's fundamental momentum reveals a sustained multi-year expansion. Diluted earnings per share surged from $10.02 in FY2021 to $15.38 by the end of FY2025, driven by compounding cardholder acquisition and disciplined capital allocation. After acquiring a record 13 million proprietary new cards in FY2024, American Express pushed total billed business up 8% to $1.67 trillion in FY2025. The underlying credit profile remained tight with stable write-off rates, allowing the business to confidently return $7.6 billion to shareholders via dividends and share repurchases during the year.
Public markets have clearly rewarded this specific customer base and spending velocity. At the close of FY2025, the market capitalized the business at $253.8 billion, with the stock finishing the year at $369.95. This translated to a 24.1x P/E ratio, reflecting high market conviction in the company’s ability to capture an outsized share of global travel, entertainment, and commercial spending.
Recent Developments (Q4 2025 and Q1 2026)
In Q1 2026, American Express accelerated its operational momentum, generating $18.9 billion in revenue net of interest expense, representing an 11% year-over-year increase. This expansion was driven by a 10% jump in total billed business to $428.0 billion, propelling net income up 15% to $3.0 billion. Strategically, the company announced the sale of its equity stake in Global Business Travel Group for $1.5 billion, realizing a $975 million pre-tax gain outside previous guidance. Management also unveiled plans to build a 1.95 million square foot headquarters at 2 World Trade Center, slated for completion in 2031.
Bulls point to the 16% dividend increase to $0.95 per share as proof of highly resilient cash flows. Conversely, bears warn that Q1 2026 provisions for credit losses rose 9%, signaling early credit normalization. Trading at 20.7x earnings as of the April 23, 2026 reporting date, the stock appears reasonably valued relative to its sustained double-digit bottom-line growth.
What to watch: deployment of the $975 million pre-tax gain; early softening in airline spending categories.
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
All AXP Financial Metrics(48)
Income Statement
Balance Sheet
Cash Flow
Recent SEC Filings
AMERICAN EXPRESS CO 8-K Report, Regulation FD Disclosure (Aug 17, 2026)
This 8-K filing from American Express provides updated delinquency and write-off statistics for its U.S. Consumer and U.S. Small Business card portfolios for the months ending May 31, June 30, and July 31, 2026. The data pertains to card balances held for investment and excludes those held for sale. For investors, the key takeaways revolve around the stability of delinquency rates and the fluctuations in net write-off rates, which were impacted by a specific sale of written-off balances in June 2026. Overall, the reported figures suggest a relatively stable credit performance across the consumer and small business segments. While the net write-off rate saw a dip in June due to the sale of charged-off balances, the underlying trend in both delinquency and write-offs appears manageable. Investors should monitor these metrics for any sustained deviations, as they are critical indicators of the company's credit risk and the health of its lending portfolio.
AMERICAN EXPRESS CO 8-K Report, Rights Modification (Aug 12, 2026)
American Express Company (AXP) has filed an 8-K detailing significant changes in its preferred stock structure. On August 12, 2026, the company issued 1,600,000 Depositary Shares representing interests in its new 6.450% Fixed Rate Reset Noncumulative Preferred Shares, Series E. This issuance, totaling $1,600,000,000 assuming a $1,000,000 per share liquidation preference for the Series E Preferred Shares, adds to the company's capital structure and comes with specific dividend and redemption terms. Investors should note that the terms of the Series E Preferred Shares impose restrictions on dividend payments or redemptions of common stock and other parity preferred shares if the Series E dividends are not fully met.
AMERICAN EXPRESS CO 8-K Report, Corporate Update (Aug 5, 2026)
American Express Company (AXP) announced on August 5, 2026, the launch of a proposed public offering for new Series E Fixed Rate Reset Noncumulative Preferred Shares. Each depositary share represents a 1/1,000th interest in these preferred shares. The primary stated purpose for the net proceeds from this offering is to fund the potential partial or full redemption of its existing Series D Preferred Shares, which carry a 3.550% fixed rate reset coupon.
AMERICAN EXPRESS CO 8-K Report, Financial Results (Jul 24, 2026)
This 8-K filing from American Express Company (AXP) announces the company's financial results for the second quarter of 2026. The filing primarily serves as an informational update, attaching the company's official earnings release and additional financial details as exhibits. While specific financial figures from the earnings release are not detailed within this 8-K text itself, the document emphasizes the numerous factors that could impact the company's ability to achieve its 2026 financial guidance and future growth aspirations. These factors span macroeconomic and geopolitical conditions, technological advancements like AI, credit performance, regulatory environments, competitive pressures, and the company's ongoing investments in growth initiatives and expense management. Investors should note that this 8-K filing focuses on forward-looking statements and risk factors, rather than providing a detailed recap of the quarter's performance. The attached exhibits are crucial for a complete understanding of the reported results. The extensive list of potential risks and uncertainties highlights the dynamic and complex operating environment American Express navigates, influencing its revenue growth, EPS, and overall profitability. Key areas of concern for the company include maintaining its premium brand position, managing credit risk, adapting to evolving payment technologies, and effectively controlling operating expenses.
AMERICAN EXPRESS CO 8-K Report, Regulation FD Disclosure (Jul 15, 2026)
This 8-K filing from American Express Company provides an update on credit performance metrics for its U.S. Consumer and U.S. Small Business card portfolios, as well as for the American Express Credit Account Master Trust. The report offers preliminary delinquency and write-off statistics for the months ending April 30, May 31, and June 30, 2026, and for the second quarter of 2026. Investors should note that the data presented here is supplementary to the information reported in the Lending Trust's monthly Form 10-D filings and focuses on card balances held for investment. The key takeaway is the relatively stable and low delinquency and write-off rates across both consumer and small business segments, despite a slight variation. Notably, a sale of previously written-off card balances in June 2026 had a positive impact, reducing reported net write-off rates. The filing also includes data for the securitized portion of its business through the Lending Trust, showing a decline in the annualized default rate in June 2026, also influenced by the sale of written-off balances.
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