10-KPeriod: FY2025

AMERICAN EXPRESS CO Annual Report, Year Ended Dec 31, 2025

Filed February 6, 2026For Securities:AXP

Summary

American Express Company (AXP) reported solid financial results for the fiscal year ended December 31, 2025, demonstrating continued growth and resilience. The company saw an 8% increase in total billed business to $1.67 trillion and a 10% rise in total revenues net of interest expense to $72.2 billion, reflecting strong customer spending and engagement across its global network. This growth was supported by robust credit performance, with net write-off rates remaining best-in-class, a testament to AXP's premium customer base and disciplined risk management. The company continues to invest in its 'Membership Model,' enhancing value propositions for card members through refreshed premium card products and strategic partnerships. Expansion of merchant acceptance globally further strengthens its integrated payments platform. AXP also returned significant capital to shareholders through dividends and share repurchases, with a planned 16% increase in the quarterly dividend for 2026, signaling confidence in future earnings and cash flow generation.

Financial Highlights

41 data points
Beta

Revenue

$41.30B

Net Income

$10.83B

26.2% Net Margin

EPS (Diluted)

$15.38

Total Assets

$300.05B

Cash & Equivalents

$47.79B

Free Cash Flow

$16.00B

Financial Statements
Beta
Revenue$41.30B
Net Income$10.83B
EPS (Basic)$15.41
EPS (Diluted)$15.38
Shares Outstanding (Basic)695.00M
Shares Outstanding (Diluted)696.00M

Key Highlights

  • 1Total billed business increased 8% year-over-year to $1.67 trillion, indicating strong customer spending.
  • 2Total revenues net of interest expense grew 10% to $72.2 billion, driven by higher discount revenue and net card fees.
  • 3Net card fees saw a significant 18% increase, largely due to growth in premium card portfolios.
  • 4Credit performance remained strong, with net write-off rates and delinquency rates described as 'best-in-class'.
  • 5AXP returned $7.6 billion to shareholders via share repurchases ($5.3 billion) and dividends ($2.3 billion) in 2025.
  • 6A planned 16% increase in the quarterly common stock dividend is expected to commence in Q1 2026.
  • 7International Card Services (ICS) showed robust growth, with billed business increasing 14%.

Frequently Asked Questions

American Express reported strong financial results for 2025, with total revenues net of interest expense increasing 10% to $72.2 billion and net income reaching $10.8 billion, or $15.38 per diluted share. Billed business grew 8% to $1.67 trillion, driven by continued customer spending and engagement.

The company maintained strong credit performance, with net write-off rates and delinquency rates described as 'best-in-class.' This was attributed to their premium customer base, robust risk management practices, and disciplined growth strategy. Provisions for credit losses were $5.26 billion.

In 2025, American Express returned $7.6 billion to shareholders through $5.3 billion in share repurchases and $2.3 billion in common stock dividends. The company also announced plans to increase its regular quarterly dividend by approximately 16% starting in the first quarter of 2026.

Key growth drivers include expanding its leadership in the premium consumer space by enhancing membership benefits and partnerships, strengthening its commercial payments business with innovative solutions, and growing its global integrated network by increasing merchant acceptance. Investments in technology and AI are also crucial for reimagining customer and colleague experiences and driving innovation.