01—Abstract
Summary
Summary of the 10-K filed February 6, 2026. Cited figures are marked; the original filing is the authoritative source.
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 trilliona 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%b increase in the quarterly dividend for 2026, signaling confidence in future earnings and cash flow generation.
02—Key points
Key Highlights
- Total billed business increased 8% year-over-year to $1.67 trillion, indicating strong customer spending.
- Total revenues net of interest expense grew 10% to $72.2 billion, driven by higher discount revenue and net card fees.
- Net card fees saw a significant 18% increase, largely due to growth in premium card portfolios.
- Credit performance remained strong, with net write-off rates and delinquency rates described as 'best-in-class'.
- AXP returned $7.6 billion to shareholders via share repurchases ($5.3 billion) and dividends ($2.3 billion) in 2025.
- A planned 16% increase in the quarterly common stock dividend is expected to commence in Q1 2026.
- International Card Services (ICS) showed robust growth, with billed business increasing 14%.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 6, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $41.30B$38.83B | +6.4% |
| Net Income | $10.83B$10.13B | +7.0% |
| EPS (Basic) | $15.41$14.04 | +9.8% |
| EPS (Diluted) | $15.38$14.01 | +9.8% |
| Shares Outstanding (Basic) | 695.00M712.00M | −2.4% |
| Shares Outstanding (Diluted) | 696.00M713.00M | −2.4% |
05—Questions
Frequently Asked Questions
What was American Express's financial performance in 2025?
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.
How did American Express manage credit risk in 2025?
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.
What is American Express's strategy for returning capital to shareholders?
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.
What are the key growth drivers for American Express?
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.
06—Continue