Financials · NYSE: AXP
American Express: how the business works
American Express issues charge and credit cards and runs the network they are paid on, with $72.2 billion of revenue net of interest expense in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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American Express Company · New York, New York · Founded 1850
Updated for Q3 FY2026 · checked
- Revenue net of interest expense, FY2025
- $72.2B
- Net income to common stockholders, FY2025
- $10.7B
- Billed business on its cards, FY2025
- $1.67 trillion
- Cards in force, Sep 30, 2026
- 155.4 million
- Employees, Dec 31, 2025
- About 76,800
The short version
American Express in 5 points
1 · What it sells
American Express issues charge and credit cards and runs its own card network, with revenue net of interest expense of $72.2 billion in FY2025.
2 · Who pays it
Of the $80.5 billion that came in during FY2025, merchants paid 46.5% as discount revenue, Card Members 41.3% as card fees and loan interest, and other fees and interest 12.2%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, American Express spent $22.9 on Card Member rewards and $10.2 on interest and kept $13.5 as net income; profit from operations before credit losses was $19.1 billion.
4 · Where the operating profit comes from
U.S. Consumer Services earned 42.4% of FY2025 pretax income from the four segments, Global Merchant and Network Services 24.7%, Commercial Services 22.9% and International Card Services 10%.
5 · The one thing to watch
The net write-off rate on Card Member loans and receivables was 2.3% in FY2025, up from 0.8% in FY2021, and 2.1% in Q3 FY2026.
Sources: From American Express's FY2023 and FY2025 10-Ks and Q3 FY2026 statistical tables · checked
See the full receipt and the management scorecard below
01Where $100 of a bank's money goes · FY2025
Where does $100 of American Express' money go?
American Express · FY2025
Receipt for every $100
| Interest paid to depositors and lenders | $10.2 |
|---|---|
| Card Member rewards | $22.9 |
| Employees | $11.2 |
| Partner payments, marketing, Card Member services and other costs | $32.0 |
| Provision for credit losses | $6.5 |
| Income tax | $3.7 |
| Kept as net income | $13.5 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K. Of every $100 that came in (interest income $25,598 million plus noninterest revenues $54,865 million = $80,463 million): each line = line ÷ $80,463 million × 100. Net income here is before preferred dividends and earnings allocated to share awards.
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02The business in one line
What does American Express do?
Merchants pay American Express a fee on purchases made with its cards, and Card Members pay card fees and loan interest; most of the money goes on rewards, partner payments, staff and interest, and what's left is profit.
- Of the $80.5 billion that came in during FY2025, merchants paid 46.5% as discount revenue and Card Members paid 41.3% as card fees and loan interest.
- Card Member rewards took $22.9 of every $100 that came in, interest paid to depositors and lenders took $10.2, and $13.5 was kept as net income.
03Who pays it
Who pays American Express?
Merchants
47%
of revenue
Discount revenue: the fee American Express keeps from each purchase made with its cards ($37.4 billion)
Card Members who borrow
29%
of revenue
Interest on Card Member and other loans ($23.2 billion)
Card Members paying card fees
12%
of revenue
Annual and other card fees, net ($10.0 billion)
Service fees and other
9%
of revenue
Other fees, such as travel commissions; the income statement does not split this line by payer ($7.5 billion)
Banks and securities
3%
of revenue
Interest on cash held at banks and on investment securities ($2.4 billion)
- Merchants47%
- Card Members who borrow29%
- Card Members paying card fees12%
- Service fees and other9%
- Banks and securities3%
How spread out the customers are
Shares are of the $80.5 billion that came in during FY2025 (interest income plus noninterest revenues), a Cityfort calculation from the FY2025 10-K. The 10-K gives no customer's share of revenue. Cards issued with Delta Air Lines were about 13% of worldwide billed business and about 21% of worldwide Card Member loans at Dec 31, 2025; the Delta agreement runs through the end of 2029.
04Why it makes money
Why does American Express make money?
Spending on its cards earns merchant fees, and card fees pay for the rewards that bring more spending
The FY2025 10-K says its spend, lend and fee revenues pay for rewards and benefits, which attract new Card Members and encourage them to spend more. More spending brings more discount revenue from merchants, and rewards cost $18.4 billion in FY2025.
Billed business on American Express cards, $ billion
1,089.81,669.8
FY2021 to FY2025
- Card Members pay fees for cards with rewards and benefits
- Rewards encourage them to spend on the card
- Merchants pay a discount fee on each purchase
- Some Card Members borrow and pay interest
- Fees and interest fund more rewards and partner deals
↺ Step 5 feeds back into step 1.
05Business segments · FY2025
Which businesses make up American Express?
U.S. Consumer Services
48%Cards and services for U.S. consumers; pretax income of $6.8 billion, 42.4% of the four segments' total.
Revenue $34.8B · Operating profit $6.8B
Commercial Services
23%Cards and expense tools for U.S. businesses; pretax income of $3.7 billion, 22.9% of the total.
Revenue $16.9B · Operating profit $3.7B
International Card Services
18%Cards outside the U.S.; pretax income of $1.6 billion, 10% of the total.
Revenue $13.0B · Operating profit $1.6B
Global Merchant and Network Services
11%The merchant network and partner issuers; pretax income of $4.0 billion, 24.7% of the total.
Revenue $7.8B · Operating profit $4.0B
How the mix changed
- U.S. Consumer Services
- Commercial Services
- International Card Services
- Global Merchant and Network Services
Revenue by segment, FY2023 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has American Express done?
Net interest income
$17.4BFY2025
Net interest income rose from $7.8 billion in FY2021 to $17.4 billion in FY2025, and was $4.9 billion in Q3 FY2026.
US$ · interest earned minus interest paid
See the yearly numbers
See the quarterly numbers
Net income
$10.7BFY2025
Net income to common stockholders rose from $7.9 billion in FY2021 to $10.7 billion in FY2025; profit before credit losses was $19.1 billion in FY2025.
US$ · after the provision for credit losses and tax
See the yearly numbers
See the quarterly numbers
Net interest margin
8.4%FY2025
The net average yield on interest-earning assets rose from 6.4% in FY2021 to 8.4% in FY2025.
% · net interest income as a share of the assets that earn interest, as reported by the company
See the numbers
Loans written off (net charge-offs)
2.3%FY2025
The net write-off rate on Card Member loans and receivables rose from 0.8% in FY2021 to 2.3% in FY2025, and the allowance was 2.85% of loans and receivables at the end of FY2025.
% of average loans · loans written off as unlikely to be repaid, minus amounts later recovered, as reported
See the yearly numbers
See the quarterly numbers
See all yearly numbers
Diluted EPS for common stockholders. Q3 FY2026 EPS of $5.42 includes a $982 million pretax gain on the sale of the Global Business Travel Group stake.
Net interest income = interest earned on loans and securities minus interest paid to depositors and lenders. Revenue (net of interest expense) = net interest income + noninterest income (fees and other income). Provision for credit losses = money set aside for loans that may not be repaid. Net income is the amount for common stockholders. Fiscal years are the company's own (December 31).
- Loans are Card Member loans, Card Member receivables (charge card balances, paid in full each month) and other loans, before reserves, as in the 10-K's "Total loans and Card Member receivables". Loans held for sale are left out. The allowance is the reserve for credit losses on the same balances.
- Net interest margin is the company's "net average yield on interest-earning assets" from the 10-K statistical disclosure. Its headline "net interest yield" on average loans and receivables, a different measure, was 8.1% in FY2025, 8.2% in Q3 FY2025 and 8.5% in Q3 FY2026.
- Net charge-offs are net write-offs of Card Member loans and receivables (principal, interest and fees) and the company's rate on average balances; write-offs of other loans and other receivables, $227 million in FY2025, are not included. From 2026 the company calls Card Member loans and receivables "Card balances".
- Noninterest expense is total expenses, including Card Member rewards. The efficiency ratio (total expenses ÷ revenue net of interest expense) and ROA (net income ÷ average total assets) are Cityfort calculations from the FY2023 and FY2025 10-Ks; the company reports ROE but not ROA, ROTCE or an efficiency ratio.
- CET1 uses the Basel III standardized approach. The effective minimum, including the stress capital buffer, was 7.0% at Dec 31, 2025, as the FY2025 10-K states.
- Provisions for credit losses were negative in FY2021 (a $1,419 million benefit) because reserves built earlier were released.
Learn: What is net interest income and margin? NII and NIM at real US banks · How to read a US earnings release: Nvidia's Q2 fiscal 2027 · What a margin means: dollars kept per $100
07Who runs it
Who runs American Express, and did they deliver?
Stephen J. Squeri
Chairman and Chief Executive Officer · since 2018
Chairman and CEO since 2018. His 2025 total pay in the Summary Compensation Table was $46,239,805; the median employee's was $56,827, a ratio of 814 to 1.
Christophe Y. Le Caillec
Chief Financial Officer · since 2023
CFO since 2023.
John J. Brennan
Lead Independent Director
Lead Independent Director, as the 2026 proxy names him. The board grew to 14 members with the election of Randal K. Quarles and Noel Wallace in July 2025.
What they said, and what happened
3 delivered · 1 too early to tell
Said on Jan 24, 2025
American Express said it expected FY2025 revenue growth of 8% to 10% and diluted EPS of $15.00 to $15.50.
DeliveredWhat happened
It kept this guidance in April and July 2025 and raised it to 9% to 10% and $15.20 to $15.50 in October 2025. FY2025 revenue net of interest expense grew 9.5% (Cityfort calculation from the FY2025 10-K), and diluted EPS was $15.38.
Said on Jan 24, 2025
American Express said it planned to raise its quarterly dividend by 17%.
DeliveredWhat happened
The quarterly dividend rose from $0.70 to $0.82 from Q1 2025.
Said on Jan 30, 2026
American Express said it expected FY2026 revenue growth of 9% to 10% and diluted EPS of $17.30 to $17.90.
Too early to tellWhat happened
It raised the revenue growth guidance to 10% on Jul 24, 2026 and the GAAP EPS range to $18.30 to $18.60 on Oct 23, 2026. Revenue net of interest expense grew 10.1% in the first nine months of FY2026 (Cityfort calculation from the Q3 FY2025 and Q3 FY2026 statistical tables).
Said on Jan 30, 2026
American Express said it planned to raise its quarterly dividend by about 16%.
DeliveredWhat happened
The quarterly dividend rose from $0.82 to $0.95 from Q1 2026.
Sources (13)
- 2026 proxy statement (DEF 14A)
- Form 8-K, Item 5.02: Randal K. Quarles and Noel Wallace elected directors (Exhibit 99.1)
- Q4 2024 earnings release (Form 8-K, Exhibit 99.1)
- Q1 2025 earnings release (Form 8-K, Exhibit 99.1)
- Q2 2025 earnings release (Form 8-K, Exhibit 99.1)
- Q3 2025 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 8-K, Items 5.02 and 8.01: Michael J. Angelakis elected director; quarterly dividend raised to $0.82
- Q4 2025 earnings release (Form 8-K, Exhibit 99.1)
- Q2 2026 earnings release (Form 8-K, Exhibit 99.1)
- Q3 2026 earnings release (Form 8-K, Exhibit 99.1)
- Q3 2026 statistical tables (Form 8-K, Exhibit 99.2)
- Q3 2025 statistical tables (Form 8-K, Exhibit 99.2)
08What could go wrong
What could go wrong for American Express?
- Demand
Card Members who cannot repay
The 10-K says economic conditions are a major driver of results. The net write-off rate on Card Member loans and receivables rose from 0.8% in FY2021 to 2.3% in FY2025, and the provision for credit losses was $5.3 billion in FY2025.
Watch The net write-off rate and the 30-day delinquency rate in each quarterly release.
- Competition
Rising rewards and service costs
Card Member rewards rose from $15.4 billion in FY2023 to $18.4 billion in FY2025, and Card Member services from $4.0 billion to $6.1 billion. The 10-K says these costs could keep rising as it changes its card benefits, including in response to more competition.
Watch Rewards and Card Member services costs against revenue growth each quarter.
- Concentration
Reliance on Delta Air Lines
Cards issued with Delta were about 13% of worldwide billed business and about 21% of Card Member loans at Dec 31, 2025. The agreement runs through the end of 2029.
Watch Any change to the Delta, Marriott or Hilton cobrand agreements.
- Regulation
Bank regulation and the consent orders
As a bank holding company it is supervised by the Federal Reserve, and its bank by the OCC. On Oct 8, 2026 it consented to orders on its financial crimes compliance program, with a $350 million penalty. Capital rules can limit dividends and buybacks.
Watch Progress on the consent orders in the 10-K and 10-Qs, and the CET1 ratio (10.9% at Sep 30, 2026).
- Legal
Merchant lawsuits and fees
Merchant class actions allege that its anti-steering rules break antitrust law, and the 10-K names merchant surcharging and pressure on discount rates as risks. Discount revenue was $37.4 billion in FY2025.
Watch Rulings in the merchant cases and the legal reserve in each 10-Q.
- Cash and liquidity
Funding costs
It paid $5.4 billion of interest on deposits and $2.8 billion on debt and other borrowing in FY2025. The 10-K names failing to attract or keep deposits, interest-rate changes and credit-rating downgrades as risks.
Watch Interest expense and customer deposits ($155.0 billion at Sep 30, 2026) each quarter.
09Both sides
What do supporters and critics point to?
What supporters point to
- Revenue net of interest expense rose every year, from $42.4 billion in FY2021 to $72.2 billion in FY2025.
- Net card fees rose from $7.3 billion in FY2023 to $10.0 billion in FY2025.
- The company reported a return on equity of 33.9% in FY2025.
- The CET1 capital ratio was 10.9% at Sep 30, 2026, against a 7.0% minimum including the stress capital buffer stated in the FY2025 10-K.
What critics point to
- The net write-off rate rose from 0.8% in FY2021 to 2.3% in FY2025.
- Card Member rewards cost $18.4 billion in FY2025, 34.6% of total expenses (Cityfort calculation from the FY2025 10-K).
- Delta cobrand cards were about 21% of Card Member loans at Dec 31, 2025.
- Q3 FY2026 diluted EPS of $5.42 included a $982 million pretax gain on the GBTG stake sale.
- The bank agreed to a $350 million OCC penalty in October 2026 over its financial crimes compliance program.
10What to watch next
What should you watch next at American Express?
Next event
Q4 FY2026 results
Date not announced yet.
FY2026 results against guidance
The company guided on Oct 23, 2026 to FY2026 GAAP diluted EPS of $18.30 to $18.60; it was $14.22 in the first nine months.
Net write-offs
The net write-off rate on card balances was 2.1% in Q3 FY2026, against 2.2% in Q3 FY2025.
Consent order costs
The company said in an Oct 8, 2026 Form 8-K that costs of addressing the orders are not anticipated to affect its 2027 guidance.
11Key facts
Key facts about American Express
- What does American Express do?
- American Express issues charge and credit cards to consumers and businesses, runs its own card network that processes and settles the payments, and takes deposits through American Express National Bank. Its cards carried $1.67 trillion of billed business in FY2025.
- How does American Express make money?
- American Express took in $80.5 billion in FY2025 before interest expense. Merchants paid 46.5% as discount revenue, Card Members paid 41.3% as card fees ($10.0 billion) and loan interest ($23.2 billion), and other fees and interest made up 12.2% (Cityfort calculation from the FY2025 10-K).
- What is the American Express business model?
- American Express calls its approach a Membership Model: card fees, merchant fees and loan interest pay for rewards and benefits, which the FY2025 10-K says attract Card Members and encourage them to spend more. Card Member rewards cost $18.4 billion in FY2025.
- Is American Express profitable?
- American Express reported net income to common stockholders of $10.7 billion in FY2025, up from $10.0 billion in FY2024, on revenue net of interest expense of $72.2 billion. Diluted earnings per share were $15.38.
- What is American Express's revenue by segment?
- In FY2025 American Express earned revenue net of interest expense of $34.8 billion in U.S. Consumer Services, $16.9 billion in Commercial Services, $13.0 billion in International Card Services and $7.8 billion in Global Merchant and Network Services.
- How much do merchants pay American Express?
- Merchants paid American Express $37.4 billion of discount revenue in FY2025, its largest revenue source: a fee kept from each purchase made with its cards.
- How much do American Express Card Members borrow?
- American Express had $151.8 billion of Card Member loans at Dec 31, 2025, before reserves, and earned $23.2 billion of interest on loans in FY2025.
- Where does American Express get the money it lends?
- American Express had $152.5 billion of customer deposits and $56.4 billion of long-term debt at Dec 31, 2025, and it paid $8.2 billion of interest expense in FY2025.
- Where does American Express earn its revenue?
- The United States produced $56.0 billion, or 77.6%, of American Express's $72.2 billion of FY2025 revenue net of interest expense (Cityfort calculation from the FY2025 10-K).
- Who owns American Express?
- Berkshire Hathaway held 151,610,700 American Express shares, 22.1%, at Dec 31, 2025, according to the 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more. Vanguard Capital Management reported 5.58% at Mar 31, 2026, and directors and executive officers as a group held less than 1%.
Terms on this page
- Allowance for credit losses
- CET1 ratio
- Earnings per share (EPS)
- Efficiency ratio
- Market cap
- Net charge-offs
- Net interest income and margin
- P/E ratio
- Stock buyback
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does American Express sell?
Consumer cards in the U.S.
Charge and credit cards for U.S. consumers, with travel and lifestyle services, banking and non-card loans (U.S. Consumer Services).
Business and corporate cards
Corporate and small business cards for U.S. businesses, with expense management, banking and non-card loans, and corporate cards for some global clients (Commercial Services).
Cards outside the U.S.
Consumer, small business and corporate cards outside the United States, plus a loyalty coalition business (International Card Services).
Merchant network
A global network that processes and settles card payments, signs up merchants and licenses the brand to other card issuers (Global Merchant and Network Services).
Deposits
Deposit accounts at American Express National Bank, which held $152.5 billion of customer deposits at Dec 31, 2025.
Think of it like this
Like a members' club: members pay to join, shops pay to serve them, and the club spends much of that money on members' perks.
What it does
- Does: Issues its own charge and credit cards
- Does: Signs up merchants and processes card payments on its own network
- Does: Lends to Card Members who carry a balance
- Does: Takes deposits through American Express National Bank
What it does not do
- Does not: Earn most of its revenue from interest: noninterest revenues were $54.9 billion of $72.2 billion in FY2025
- Does not: Issue every American Express-branded card itself: other banks issue some on its network
- Does not: Still own part of Global Business Travel Group: it sold its stake on Sep 29, 2026
13How the money flows
13How the money flows · FY2025
How does money flow through American Express?
Money in
- Discount revenue from merchants$37.4B
- Interest on loans$23.2B
- Net card fees$10.0B
- Service fees and other revenue$7.5B
- Interest on bank deposits and securities$2.4B
The company
American Express
$80.5B came in
Money out
- Interest paid to depositors and lenders$8.2B
- Card Member rewards$18.4B
- Employees (salaries and benefits)$9.0B
- Partner payments, marketing, Card Member services and other costs$25.8B
- Provision for credit losses$5.3B
- Income tax$3.0B
- Net income$10.8B
- A Card Member pays for something with an American Express card.
- The merchant is paid, minus a discount fee that American Express keeps.
- Card Members pay annual card fees, and those who borrow pay interest.
- The money pays for rewards, partners, staff, marketing, interest on deposits and expected loan losses.
- What is left after income tax is net income: $10.8 billion in FY2025.
14Where it sells
14Where it sells · FY2025
Where does American Express sell?
- United States78%
- Europe, Middle East and Africa10%
- Asia Pacific7%
- Latin America, Canada and the Caribbean6%
15Competitors and what protects it
15Competitors and what protects it
Who does American Express compete with?
Visa
NYSE: V
A card network the 10-K names as a competitor and ranks ahead of American Express by purchase volume.
Mastercard
NYSE: MA
A card network the 10-K names as a competitor and ranks ahead of American Express by purchase volume.
China UnionPay
A card network the 10-K names as a competitor and ranks ahead of American Express by purchase volume.
Capital One
NYSE: COF
Owns the Discover and Diners Club International networks, both named in the 10-K as competing card networks.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Spending on its cards4 of 5
Its cards carried $1.67 trillion of billed business in FY2025, and 155.4 million cards were in force at Sep 30, 2026.
- Card fees4 of 5
Net card fees were $10.0 billion in FY2025, and the average fee per card was $136 in Q3 FY2026.
- Cobrand partners3 of 5
It issues cards with Delta Air Lines, Marriott, British Airways and Hilton; the Delta agreement runs through 2029.
Weak spot
Merchant fees under pressure
The FY2025 10-K names pressure on merchant discount rates and merchant surcharging and steering as risks, and says lower average merchant discount rates partly offset discount revenue growth in Global Merchant and Network Services.
16Where growth could come from
16Where growth could come from
Where could American Express' growth come from?
American Express said in its Q3 2026 earnings release (Oct 23, 2026) that it expects FY2026 GAAP diluted earnings per share of $18.30 to $18.60, and that it is "on track to deliver another year of 10 percent revenue growth."
Card fees
Working$7.3B → $10.0B, FY2023 to FY2025
Net card fees rose from $7,255 million in FY2023 to $9,993 million in FY2025. The average fee per card rose from $119 in Q3 FY2025 to $136 in Q3 FY2026.
Status: Working, on track against what the company said.
Spending on cards
Working$454.0B billed in Q3 FY2026
Billed business rose from $1,089.8 billion in FY2021 to $1,669.8 billion in FY2025, and was $454.0 billion in Q3 FY2026, against $421.0 billion in Q3 FY2025.
Status: Working, on track against what the company said.
Card lending
Working$88.6B → $151.8B, 2021 to 2025
Card Member loans rose from $88,562 million at the end of 2021 to $151,832 million at the end of 2025, and interest on loans reached $23.2 billion in FY2025.
Status: Working, on track against what the company said.
Swisscard
NewWholly owned since Jan 12, 2026
American Express bought its partner's interest in Swisscard AECS, its Swiss card joint venture, on Jan 12, 2026, and now consolidates it in International Card Services.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (6)
17The company's own measures (non-GAAP)
17The company's own measures · Q3 FY2026 and FY2025
What do American Express' own measures show?
Official (GAAP): Diluted EPS, Q3 FY2026
$5.42
Company's own measure: Adjusted diluted EPS, Q3 FY2026
$4.68
Leaves out the $982 million pretax gain on the sale of the Global Business Travel Group stake and the $336 million pretax restructuring charge.
Official (GAAP): Net income, Q3 FY2026
$3.7B
Company's own measure: Adjusted net income, Q3 FY2026
$3.2B
The same exclusions, after tax: the $751 million gain and the $253 million restructuring charge.
Official (GAAP): Diluted EPS, first nine months of FY2026
$14.22
Company's own measure: Adjusted diluted EPS, first nine months of FY2026
$13.49
The same exclusions as the Q3 FY2026 figure.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Billed business, FY2025
1,669.8 billion dollars
Spending on cards American Express issues. Discount revenue from merchants, which depends largely on this spending, was $37.4 billion.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Network volumes, FY2025
1,897 billion dollars
Spending on all cards on the American Express network, including cards issued by partner banks; $1,669.8 billion of it was billed business.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Proprietary cards in force, Sep 30, 2026
87.5 million
Cards American Express issues itself; 155.4 million cards in total, including those issued by partners.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
18Financial strength: capital, loan losses, deposits
18Financial strength · FY2025
How strong is American Express' balance sheet?
- Loans made$224.8B
- Deposits taken$152.5B
- of which pay no interest$1.0B
Loans were 147.4% of deposits at the end of FY2025 (Cityfort calculation from the reported totals: loans ÷ deposits).
Noninterest-bearing deposits, such as many checking accounts, were 0.7% of deposits (Cityfort calculation: noninterest-bearing deposits ÷ total deposits).
- CET1 capital ratio
- 10.5%
- common equity capital as a share of risk-weighted assets (standardized approach); regulators set a minimum
- Allowance for credit losses
- $6.4B
- money set aside for expected loan losses: 2.85% of loans
- Net charge-offs
- $4.6B
- loans written off, minus recoveries: 2.3% of average loans
- Efficiency ratio
- 73.6%
- $ of noninterest expense per $100 of revenue (net interest income + noninterest income)
- Return on assets
- 3.71%
- net income as % of average total assets
- Return on equity
- 33.9%
- net income as % of average common equity
Figures at the end of FY2025, consolidated, as reported by the company in its 10-K and earnings release; see the dates on each source.
Learn: What are net charge-offs? Loans written off, with real US companies · What is the allowance for credit losses? Loss reserves at US banks · What is the CET1 ratio? A bank's core capital, with real US companies · What is a bank efficiency ratio? Costs vs revenue, with real US banks · How to read a 10-K in 10 minutes
19Who owns it
19Who owns it · ownership as of Mar 6, 2026
Who owns American Express?
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did American Express' insiders report trading?
American Express' insiders made 81 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported 7 purchases (23 shares) and 24 sales (535,168 shares) in the open market or privately (codes P and S).
None of the sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 47 other share transactions (A: 20, F: 20, M: 5, G: 2).
They also report 67 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
- G
- a bona fide gift
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 78 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of American Express' Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
20What it does with profit
20What it does with profit
What does American Express do with its profit?
Dividend per share
$3.28FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2025
FY2025 share repurchases, from the cash flow statement.
$5.8B
Buyback · Dec 31, 2024
FY2024 share repurchases.
$6.0B
Buyback · Dec 31, 2023
FY2023 share repurchases.
$3.7B
Money raised · Aug 12, 2026
Issued $1.6 billion of 6.450% Series E preferred shares, then redeemed the $1.6 billion of 3.550% Series D preferred shares on Sep 15, 2026.
$1.6B
21Governance signals
21Governance signals
What do American Express' governance filings show?
- Auditor
- PricewaterhouseCoopers LLP, since 2005
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy says directors and executive officers may borrow on its cards and use its products on the terms offered to the public, and that no related person had a material interest in its business since Jan 1, 2025 except as it describes.
- Credit rating
- Moody's, S&P and Fitch (as stated in American Express's Q3 FY2026 10-Q) A2 (Moody's) / A- (S&P) / A (Fitch), long-term, American Express Company; American Express National Bank: A3 / A / A+ (Stable (all three)), Oct 23, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
regulatory · Oct 8, 2026
Federal Reserve and OCC consent orders
On Oct 8, 2026, American Express and its Travel Related Services unit consented to a Federal Reserve order, and American Express National Bank consented to an order of the Office of the Comptroller of the Currency (OCC), to resolve the regulators' reviews of parts of its financial crimes compliance program. The bank agreed to pay a $350 million civil money penalty to the OCC. The company says the orders impose no asset cap.
other · Oct 23, 2026
Merchant and other lawsuits
Merchants have filed proposed class actions alleging that its anti-steering rules break antitrust law (filed Mar 21, 2024 and Sep 30, 2024). The Kabbage wind-down estate seeks up to about $746 million (filed Oct 16, 2025), and an ERISA class action was filed on May 15, 2026. Legal reserves rose by $400 million in Q3 FY2026.
other
Berkshire Hathaway voting agreement
Berkshire Hathaway, which held 22.1% at Dec 31, 2025 according to the proxy, has agreed since 1995 to keep its investment passive while it owns 10% or more and to vote with the Board's recommendations on shares up to 17% of those outstanding while Mr. Squeri is CEO.
22What the market paid
22What the market paid · price as of Nov 5, 2026
What did the market pay for American Express on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: American Express shares closed at $324.97, from Nasdaq's historical price table for AXP; the shares are listed on the NYSE. Market value of about $217.9 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q) = $324.97 × 670.55 million shares on Oct 15, 2026. P/E is price ÷ earnings per share: 18.3 on diluted EPS of $17.76 for the four quarters to Sep 30, 2026 (Cityfort calculation from the Q3 FY2026 statistical tables), which include the $982 million GBTG gain in Q3 FY2026. P/B is price ÷ book value per share: 6.37 on $51.02 at Sep 30, 2026, as the company states it. Dividend yield is 1.17%: $0.95 × 4 = $3.80 a year ÷ the price.
- Share price
- $324.97
- Market value (market cap)
- $217.9B
- P/E
- 18.3×
- P/B
- 6.4×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
2.8×
$217.9B market value ÷ $77.6B revenue (four quarters to Sep 30, 2026) = 2.8×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 earnings releases. Source: AXP historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; AXP is listed on the NYSE); Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026); Q3 2026 statistical tables (Form 8-K, Exhibit 99.2)
How price ratios work
Shares used for the market value: 670.55 million ($324.97 × 670.55 million shares ≈ $217.9B). Source: Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026)
Source: AXP historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; AXP is listed on the NYSE); Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026); Q3 2026 statistical tables (Form 8-K, Exhibit 99.2)
23How it got here
23How it got here
How did American Express get here?
1850
Milestone
Founded
American Express was founded in 1850 as a joint stock association.
1965
Milestone
Incorporated in New York
It was incorporated as a New York corporation in 1965.
1995
Milestone
Berkshire agreement
Berkshire Hathaway agreed to keep its holding passive and vote with the Board; it held 22.1% at Dec 31, 2025.
2021
Milestone
Reserve release after 2020
Provisions for credit losses were a $1.4 billion benefit, as reserves built earlier were released.
2026
Milestone
Swisscard bought out
It bought its partner's interest in Swisscard, its Swiss card joint venture, on Jan 12, 2026.
2026
Milestone
GBTG stake sold
It sold its stake of about 30% in Global Business Travel Group on Sep 29, 2026, for a $982 million pretax gain.
2026
Crisis
Consent orders
Its bank agreed to a $350 million OCC penalty over its financial crimes compliance program on Oct 8, 2026.
Sources (7)
- Q3 2026 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-Q, Q1 2026 (quarter ended Mar 31, 2026)
- Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026)
- Form 8-K, Item 7.01: Federal Reserve and OCC consent orders, $350 million OCC civil money penalty
24Sources and changes
Where every number on this page comes from
Sources (22 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 6, 2026
- S2Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 9, 2024
- S3Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2023
- S4Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 23, 2026
- S5Form 10-Q, Q1 2026 (quarter ended Mar 31, 2026) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 23, 2026
- S6Q3 2026 earnings release (Form 8-K, Exhibit 99.1) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 23, 2026
- S7Q3 2026 statistical tables (Form 8-K, Exhibit 99.2) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 23, 2026
- S8Q2 2026 earnings release (Form 8-K, Exhibit 99.1) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 24, 2026
- S10Q4 2025 earnings release (Form 8-K, Exhibit 99.1) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2026
- S11Q3 2025 earnings release (Form 8-K, Exhibit 99.1) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 17, 2025
- S12Q3 2025 statistical tables (Form 8-K, Exhibit 99.2) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 17, 2025
- S13Q2 2025 earnings release (Form 8-K, Exhibit 99.1) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 18, 2025
- S14Q1 2025 earnings release (Form 8-K, Exhibit 99.1) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 17, 2025
- S15Q4 2024 earnings release (Form 8-K, Exhibit 99.1) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 24, 2025
- S162026 proxy statement (DEF 14A) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Mar 25, 2026
- S17Schedule 13G, Vanguard Capital Management (event date Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S18Schedule 13G/A, The Vanguard Group (event date Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S19Form 8-K, Item 7.01: Federal Reserve and OCC consent orders, $350 million OCC civil money penalty · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 8, 2026
- S20Form 8-K, Items 3.03 and 5.03: issue of 6.450% Series E preferred shares · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
- S23Form 8-K, Item 5.02: Randal K. Quarles and Noel Wallace elected directors (Exhibit 99.1) · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 23, 2025
- S24Form 8-K, Items 5.02 and 8.01: Michael J. Angelakis elected director; quarterly dividend raised to $0.82 · American Express Company (SEC EDGAR) · Tier 1: company or exchange filing · Mar 3, 2025
- S26AXP historical prices, Oct 6 to Nov 5, 2026 (Nasdaq.com historical table; AXP is listed on the NYSE) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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