# AMERICAN EXPRESS CO (AXP)

Informational only - not investment advice.

CIK: 0000004962
SIC: 6199 Finance Services
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [SIC Major Group 61](/major-group/61/) > [SIC 6199 Finance Services](/industry/6199/)
Latest 10-K filed: 2026-02-06
SEC page: https://www.sec.gov/edgar/browse/?CIK=4962
Filing source: https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-06 · accession 0000004962-26-000080 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000004962.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 72,229,000,000 USD | 2025 | verified |
| Net income | 10,833,000,000 USD | 2025 | verified |
| Assets | 300,052,000,000 USD | 2025 | verified |
| Free cash flow | 16,003,000,000 USD | 2025 | computed |
| Net margin | 15.00% | 2025 | computed |
| Revenue YoY | +9.52% | 2025 | computed |
| ROE | 32.36% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Payment networks and processors](/compare/payments/) · SIC 6199 Finance Services

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including AXP

- Payment networks and processors: [peer review](/compare/payments/) · [market-risk page](/compare/payments/risk/)

### Peer percentile fingerprint

| Ratio | AXP | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 15.0% | 4.4% | 78 | 33 |
| Revenue growth | 9.5% | 15.2% | 39 | 34 |
| FCF margin | 22.2% | -27.0% | 83 | 30 |
| ROE | 32.4% | -2.1% | 94 | 33 |
| ROA | 3.6% | -0.1% | 85 | 35 |
| Liabilities / equity | 7.96 | 2.00 | 81 | 33 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6199 Finance Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 72229000000 | USD | 2025 | 2026-02-06 |
| Net income | 10833000000 | USD | 2025 | 2026-02-06 |
| Assets | 300052000000 | USD | 2025 | 2026-02-06 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000004962.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2011 | 2012 | 2013 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  | 35,438,000,000 | 36,878,000,000 | 40,338,000,000 | 43,556,000,000 | 36,087,000,000 | 42,380,000,000 | 52,862,000,000 | 60,515,000,000 | 65,949,000,000 | 72,229,000,000 |
| Net income |  |  |  |  | 5,375,000,000 | 2,748,000,000 | 6,921,000,000 | 6,759,000,000 | 3,135,000,000 | 8,060,000,000 | 7,514,000,000 | 8,374,000,000 | 10,129,000,000 | 10,833,000,000 |
| Diluted EPS | 4.12 | 3.89 | 4.88 |  |  |  |  | 7.99 | 3.77 | 10.02 | 9.85 | 11.21 | 14.01 | 15.38 |
| Operating cash flow | 10,475,000,000 |  |  |  |  | 13,540,000,000 | 8,930,000,000 | 13,632,000,000 | 5,591,000,000 | 14,645,000,000 | 21,079,000,000 | 18,559,000,000 | 14,050,000,000 | 18,428,000,000 |
| Capital expenditures |  |  |  |  | 1,375,000,000 | 1,062,000,000 | 1,310,000,000 | 1,645,000,000 | 1,478,000,000 | 1,550,000,000 | 1,855,000,000 | 1,563,000,000 | 1,911,000,000 | 2,425,000,000 |
| Dividends paid |  |  |  |  | 1,207,000,000 | 1,251,000,000 | 1,324,000,000 | 1,422,000,000 | 1,474,000,000 | 1,448,000,000 | 1,565,000,000 | 1,780,000,000 | 1,999,000,000 | 2,271,000,000 |
| Share buybacks |  |  |  | 4,500,000,000 | 4,400,000,000 | 4,300,000,000 | 1,600,000,000 |  | 1,029,000,000 | 7,652,000,000 | 3,502,000,000 | 3,650,000,000 | 6,020,000,000 | 5,814,000,000 |
| Assets |  |  |  |  | 159,000,000,000 | 181,000,000,000 | 189,000,000,000 | 198,000,000,000 | 191,000,000,000 | 189,000,000,000 | 228,354,000,000 | 261,108,000,000 | 271,461,000,000 | 300,052,000,000 |
| Liabilities |  |  |  |  | 138,392,000,000 | 162,935,000,000 | 166,312,000,000 | 175,250,000,000 | 168,383,000,000 | 166,371,000,000 | 203,643,000,000 | 233,051,000,000 | 241,197,000,000 | 266,578,000,000 |
| Stockholders' equity |  |  |  |  | 20,523,000,000 | 18,261,000,000 | 22,290,000,000 | 23,071,000,000 | 22,984,000,000 | 22,177,000,000 | 24,711,000,000 | 28,057,000,000 | 30,264,000,000 | 33,474,000,000 |
| Free cash flow |  |  |  |  |  | 12,478,000,000 | 7,620,000,000 | 11,987,000,000 | 4,113,000,000 | 13,095,000,000 | 19,224,000,000 | 16,996,000,000 | 12,139,000,000 | 16,003,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2011 | 2012 | 2013 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  | 15.17% | 7.45% | 17.16% | 15.52% | 8.69% | 19.02% | 14.21% | 13.84% | 15.36% | 15.00% |
| Return on equity |  |  |  |  | 26.19% | 15.05% | 31.05% | 29.30% | 13.64% | 36.34% | 30.41% | 29.85% | 33.47% | 32.36% |
| Return on assets |  |  |  |  | 3.38% | 1.52% | 3.66% | 3.41% | 1.64% | 4.26% | 3.29% | 3.21% | 3.73% | 3.61% |
| Liabilities / equity |  |  |  |  | 6.74 | 8.92 | 7.46 | 7.60 | 7.33 | 7.50 | 8.24 | 8.31 | 7.97 | 7.96 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/AXP/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000004962.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 2.47 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 2.40 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 2.89 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 15,381,000,000 | 2,451,000,000 | 3.30 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 15,799,000,000 | 1,933,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 15,801,000,000 | 2,437,000,000 | 3.33 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 16,333,000,000 | 3,015,000,000 | 4.15 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 16,636,000,000 | 2,507,000,000 | 3.49 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 17,179,000,000 | 2,170,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 16,967,000,000 | 2,584,000,000 | 3.64 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 17,856,000,000 | 2,885,000,000 | 4.08 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 18,426,000,000 | 2,902,000,000 | 4.14 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 18,980,000,000 | 2,462,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 18,907,000,000 | 2,971,000,000 | 4.28 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 19,637,000,000 | 3,110,000,000 | 4.53 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from AXP's latest 10-K: [/company/AXP/business/](/company/AXP/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from AXP's latest 10-K: [/company/AXP/risk-factors/](/company/AXP/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/4962/000000496226000322/axp-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-24
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

Business Introduction

American Express is a global payments and premium lifestyle brand powered by technology. Founded in 1850 and headquartered in New York, American Express’ card-issuing, merchant-acquiring and card network businesses offer products and services to a broad range of customers, including consumers, small businesses, mid-sized companies and large corporations around the world.

Our range of products and services includes:

•Credit and charge cards and complementary products and services, including travel, dining, lifestyle and expense management products and services

•Banking and other payment and financing products and services, including deposits and non-card lending

•Merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services

•Network services

These products and services are offered through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, in-house sales teams, direct mail, telephone and direct response advertising.

We compete in the global payments industry with networks, issuers, acquirers and other payment service providers and methods of payment, including paper-based transactions (e.g., cash and checks) and electronic transfers (e.g., wire transfers and Automated Clearing House (ACH)), as well as evolving and growing alternative mechanisms, systems and products that leverage new technologies, business models and customer relationships to create payment, financing or banking solutions. The payments industry continues to undergo changes in response to evolving technologies, business dynamics and competition for premium customers.

Beginning in the first quarter of 2026, we have updated our presentation and disclosure of Card Member loans and Card Member receivables to present them on a combined basis as Card balances. Prior period amounts have been reclassified to conform to the new presentation. Previously, Card Member loans represented balances on our credit card products and revolve-eligible balances on our charge card products, which included balances that Card Members paid in full as well as balances that Card Members paid over time with interest, and Card Member receivables represented balances on our charge card products that need to be paid in full on or before the Card Member’s payment due date. The updated Card balances presentation includes both revolve-eligible balances and balances that need to be paid in full, reflecting the evolution of our card products over time, primarily due to the expansion of lending features on our charge card portfolio, and is more consistent with industry convention. This presentation change has no impact on the recognition or measurement of outstanding Card balances and associated reserves for credit losses.

Forward-Looking Statements and Non-GAAP Measures

Certain of the statements in this Form 10-Q are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the “Cautionary Note Regarding Forward-Looking Statements” section. We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included within this Form 10-Q constitutes non-GAAP financial measures. Our calculations of non-GAAP financial measures may differ from the calculations of similarly titled measures by other companies.

Bank Holding Company

American Express is a bank holding company under the Bank Holding Company Act of 1956 and the Board of Governors of the Federal Reserve System (the Federal Reserve) is our primary federal regulator. As such, we are subject to the Federal Reserve’s regulations, policies and minimum capital standards. See “Certain Legislative, Regulatory and Other Developments” for further information. We are also subject to evolving and extensive government regulation and supervision in jurisdictions around the world.

1

Table of Contents

Table 1: Summary of Financial Performance

[[GREPCENT_TABLE]]
[["","","As of or for the Three Months EndedJune 30,","","Change2026 vs. 2025","","As of or for the Six Months EndedJune 30,","","Change2026 vs. 2025"],["(Millions, except percentages, per share amounts and where indicated)","","2026","","2025","","","2026","","2025"],["Selected Income Statement Data"],["Total revenues net of interest expense","","$","19,637","","$","17,856","","$","1,781","","","10","%","","$","38,544","","$","34,823","","$","3,721","","","11","%"],["Total revenues net of interest expense (FX-adjusted) (a)","","","","17,880","","1,757","","","10","","","","","35,090","","3,454","","","10"],["Provisions for credit losses","","1,084","","1,405","","(321)","","","(23)","","","2,336","","2,555","","(219)","","","(9)"],["Total expenses","","14,482","","12,901","","1,581","","","12","","","28,359","","25,388","","2,971","","","12"],["Pretax income","","4,071","","3,550","","521","","","15","","","7,849","","6,880","","969","","","14"],["Income tax provision","","961","","665","","296","","","45","","","1,767","","1,411","","356","","","25"],["Net income","","3,110","","2,885","","225","","","8","","","6,082","","5,469","","613","","","11"],["Earnings per common share \u2014 diluted (b)","","$","4.53","","$","4.08","","$","0.45","","","11","%","","$","8.81","","$","7.71","","$","1.10","","","14","%"],["Selected Balance Sheet and Common Share Data"],["Cash and cash equivalents","","$","45,243","","$","57,937","","$","(12,694)","","","(22)","%","","$","45,243","","$","57,937","","$","(12,694)","","","(22)","%"],["Total Card balances and Other loans","","229,481","","211,976","","17,505","","","8","","","229,481","","211,976","","17,505","","","8"],["Total Card balances and Other loans (FX-adjusted) (a)","","","","211,155","","18,326","","","9","","","","","211,155","","18,326","","","9"],["Average Card balances and Other loans","","227,814","","211,102","","16,712","","","8","%","","225,478","","208,009","","17,469","","","8"],["Customer deposits","","156,973","","149,386","","7,587","","","5","","","156,973","","149,386","","7,587","","","5"],["Long-term debt","","$","57,017","","$","58,202","","$","(1,185)","","","(2)","","","$","57,017","","$","58,202","","$","(1,185)","","","(2)"],["Average common shares outstanding \u2014 diluted","","679","","699","","(20)","","","(3)","","","682","","701","","(19)","","","(3)"],["Cash dividends declared per common share","","$","0.95","","$","0.82","","$","0.13","","","16","%","","$","1.90","","$","1.64","","$","0.26","","","16","%"],["Selected Metrics and Ratios"],["Network volumes (billions)","","$","516.8","","$","472.0","","$","45","","","9","%","","$","1,003.1","","$","911.6","","$","92","","","10","%"],["Billed business (billions)","","$","455.8","","416.3","","40","","","9","","","$","883.8","","803.7","","80","","","10"],["Billed business (billions) (FX-adjusted) (a)","","","","$","416.8","","$","39","","","9","%","","","","$","810.4","","$","73","","","9","%"],["Net interest yield (c)","","8.1","%","","7.9","%","","","","","","8.3","%","","8.1","%"],["Card balances"],["Net write-off rate \u2014 principal, interest and fees (d)","","2.2","%","","2.2","%","","","","","","2.3","%","","2.3","%"],["Net write-off rate \u2014 principal only \u2014 consumer and small business (d)(e)","","2.0","%","","2.0","%","","","","","","2.0","%","","2.1","%"],["30+ days past due as a % of total \u2014 consumer and small business","","1.2","%","","1.3","%","","","","","","1.2","%","","1.3","%"],["90+ days past billing as a % of total \u2014 corporate (f)","","0.4","%","","0.4","%","","","","","","0.4","%","","0.4","%"],["Effective tax rate","","23.6","%","","18.7","%","","","","","","22.5","%","","20.5","%"],["Return on average equity (g)","","36.4","%","","36.3","%","","","","","","35.9","%","","35.0","%"],["Common Equity Tier 1","","10.4","%","","10.6","%","","","","","","10.4","%","","10.6","%"]]
[[/GREPCENT_TABLE]]

(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency conversion into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared). FX-adjusted Total revenues net of interest expense and Total Card balances and Other loans are non-GAAP measures. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

(b)Reflects net income, less (i) earnings allocated to participating share awards of $20 million and $18 million for the three months ended June 30, 2026 and 2025, respectively, and $39 million and $36 million for the six months ended June 30, 2026 and 2025, respectively, and (ii) dividends on preferred shares of $15 million for both the three months ended June 30, 2026 and 2025, and $29 million for both the six months ended June 30, 2026 and 2025.

(c)Represents net interest income, computed on an annualized basis, divided by average Card balances, Card balances held for sale (HFS) and Other loans.

(d)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

(e)A net write-off rate based on principal losses only is not available for corporate Card balances due to system constraints.

(f)For corporate Card balances, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card balance is classified as 90 days past billing. Corporate Card balances delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.

(g)Return on average equity (ROE) is calculated by dividing (i) annualized net income for the period by (ii) average shareholders’ equity for the period.

2

Table of Contents

Business Performance

We delivered strong results for the second quarter of 2026, reflecting the strength of our premium customer base, success of our product refresh strategy and power of our differentiated Membership Model. The combination of Card Member spend and revenue momentum, excellent credit performance and disciplined expense management together drove net income for the second quarter, which was $3.1 billion, or $4.53 per share, compared with net income of $2.9 billion, or $4.08 per share, a year ago.

Billed business grew 9 percent year-over-year, reflecting broad-based growth across both Goods & Services (G&S) and Travel & Entertainment (T&E) spend categories. G&S spend grew 9 percent, driven by continued momentum in retail spending. T&E spend grew 10 percent, driven by sustained strength in restaurant spend and further acceleration in airline spend. Overall transaction growth of 10 percent for the quarter reflected continued strong engagement from our customers.

U.S. Consumer Services billed business grew 11 percent, driven by our premium card portfolios, including the acceleration in the U.

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm
Complete FY 2025 MD&A: /company/AXP/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-06
Report date: 2025-12-31

ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

EXECUTIVE OVERVIEW

BUSINESS INTRODUCTION

We are a global payments and premium lifestyle brand powered by technology with four reportable operating segments: U.S. Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS) and Global Merchant and Network Services (GMNS). Corporate functions and certain other businesses and operations are included in Corporate & Other.

Our range of products and services includes:

•Credit and charge cards and complementary products and services, including travel, dining, lifestyle and expense management products and services

•Banking and other payment and financing products and services, including deposits and non-card lending

•Merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services

•Network services

The following types of revenue are generated from our various products and services:

•Discount revenue, our largest revenue source, primarily represents the amount we earn and retain from the merchant payable for facilitating transactions between Card Members and merchants on payment products issued by American Express. The amount of fees charged for accepting our cards as payment, or merchant discount, varies with, among other factors, the industry in which the merchant conducts business, the merchant’s overall American Express-related transaction volume, the method of payment, the settlement terms with the merchant, the method of submission of transactions and, in certain instances, the geographic scope for the card acceptance agreement between the merchant and us (e.g., local or global) and the transaction amount. In some instances, an additional flat transaction fee is assessed as part of the merchant discount, and additional fees may be charged such as a variable fee for card-not-present transactions or for transactions using cards issued outside the United States at merchants located in the United States;

•Interest income, principally represents interest earned on outstanding loan balances;

•Net card fees, represent revenue earned from annual card membership fees, which vary based on the type of card and the number of cards for each account; and

•Service fees and other revenue, primarily represent revenues related to network partnership agreements (comprising royalties, fees and amounts earned for facilitating transactions on cards issued by network partners), fees earned on alternative payment solutions facilitated by American Express, foreign currency-related fees charged to Card Members, loyalty coalition, merchant and other service fees, Card Member delinquency fees, travel commissions and fees, and income (losses) from our investments in which we have significant influence.

Refer to the “Glossary of Selected Terminology” below for the definitions of certain key terms and related information appearing within this Form 10-K and “Critical Accounting Estimates” below for a discussion of certain of our accounting policies requiring significant management assumptions and judgments.

NON-GAAP MEASURES

We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included within this report constitutes non-GAAP financial measures. Our calculations of non-GAAP financial measures may differ from the calculations of similarly titled measures by other companies.

Beginning in the third quarter of 2025, we ceased reporting Net interest yield on average Card Member loans, a non-GAAP measure that was computed by dividing adjusted net interest income by average Card Member loans, and began reporting (together with prior period comparative information) Net interest yield on average Total loans and Card Member receivables, a GAAP measure that represents net interest income divided by average Card Member loans, Card Members loans held for sale (HFS), Other loans and Card Member receivables. We believe that this new net interest yield metric reflects the evolution of our products over time, such as the expansion of lending features on our charge card portfolio. See Table 1 for more information.

42

Table of Contents

TABLE 1: SUMMARY OF FINANCIAL PERFORMANCE

[[GREPCENT_TABLE]]
[["Years Ended December 31,","","","","","","","","Change","","Change"],["(Millions, except percentages, per share amounts and where indicated)","","2025","","2024","","2023","","2025 vs. 2024","","2024 vs. 2023"],["Selected Income Statement Data"],["Total revenues net of interest expense","","$","72,229","","$","65,949","","$","60,515","","$","6,280","","","10","%","","$","5,434","","","9","%"],["Total revenues net of interest expense (FX-adjusted) (a)","","","","66,083","","60,179","","6,146","","","9","","","5,770","","","10"],["Provisions for credit losses","","5,256","","5,185","","4,923","","71","","","1","","","262","","","5"],["Total expenses","","53,178","","47,869","","45,079","","5,309","","","11","","","2,790","","","6"],["Pretax income","","13,795","","12,895","","10,513","","900","","","7","","","2,382","","","23"],["Income tax provision","","2,962","","2,766","","2,139","","196","","","7","","","627","","","29"],["Net income","","10,833","","10,129","","8,374","","704","","","7","","","1,755","","","21"],["Earnings per common share \u2014 diluted (b)","","$","15.38","","$","14.01","","$","11.21","","$","1.37","","","10","%","","$","2.80","","","25","%"],["Selected Balance Sheet and Common Share Data"],["Cash and cash equivalents","","$","47,792","","$","40,640","","$","46,596","","$","7,152","","","18","%","","$","(5,956)","","","(13)","%"],["Total loans and Card Member receivables (c)","","224,791","","208,317","","193,492","","16,474","","","8","","","14,825","","","8"],["Total loans and Card Member receivables (FX-adjusted) (a)(c)","","","","211,043","","190,826","","13,748","","","7","","","17,491","","","9"],["Average Total loans and Card Member receivables","","213,105","","197,080","","178,735","","16,025","","","8","","","18,345","","","10"],["Customer deposits","","152,488","","139,413","","129,144","","13,075","","","9","","","10,269","","","8"],["Long-term debt","","$","56,387","","$","49,715","","$","47,866","","$","6,672","","","13","%","","$","1,849","","","4","%"],["Average common shares outstanding \u2014 diluted","","696","","713","","736","","(17)","","","(2)","%","","(23)","","","(3)","%"],["Cash dividends declared per common share","","$","3.28","","$","2.80","","$","2.40","","$","0.48","","","17","%","","$","0.40","","","17","%"],["Selected Metrics and Ratios"],["Network volumes (billions)","","$","1,897.0","","$","1,764.8","","$","1,680.1","","$","132","","","7","%","","$","85","","","5","%"],["Billed business (billions)","","1,669.8","","1,550.9","","1,459.6","","$","119","","","8","%","","$","91","","","6","%"],["Billed business (billions) (FX-adjusted) (a)","","","","$","1,555.5","","$","1,453.1","","$","114","","","7","%","","$","98","","","7","%"],["Net interest yield (d)","","8.1%","","7.9","%","","7.3","%"],["Card Member loans and receivables"],["Net write-off rate \u2014 principal, interest and fees (e)","","2.3","%","","2.3","%","","2.0","%"],["Net write-off rate \u2014 principal only \u2014 consumer and small business (e)(f)","","2.0","%","","2.0","%","","1.8","%"],["30+ days past due as a % of total \u2014 consumer and small business (g)","","1.3","%","","1.3","%","","1.3","%"],["Effective tax rate","","21.5","%","","21.5","%","","20.3","%"],["Return on average equity (h)","","33.9","%","","34.6","%","","31.5","%"],["Common Equity Tier 1","","10.5","%","","10.5","%","","10.5","%"]]
[[/GREPCENT_TABLE]]

(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency conversion into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared). FX-adjusted Total revenues net of interest expense and Total loans and Card Member receivables are non-GAAP measures. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

(b)Represents net income, less (i) earnings allocated to participating share awards of $74 million, $76 million and $64 million for the years ended December 31, 2025, 2024 and 2023, respectively, and (ii) dividends on preferred shares of $58 million for each of the years ended December 31, 2025, 2024 and 2023. Refer to Note 15 and Note 20 to the “Consolidated Financial Statements” for further details on preferred shares and earnings per common share (EPS), respectively.

(c)Total loans reflects Card Member loans and Other loans.

(d)Represents net interest income divided by average Card Member loans, Card Member loans HFS, Other loans and Card Member receivables.

(e)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

(f)A net write-off rate based on principal losses only is not available for corporate receivables due to system constraints.

(g)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. Refer to Table 11 for 90+ days past billing metrics for corporate receivables.

(h)Return on average equity (ROE) is calculated by dividing (i) net income by (ii) average shareholders’ equity.

43

Table of Contents

BUSINESS PERFORMANCE

Our strong results for the year reflect the earnings power of our business model, driven by our premium, high credit-quality customer base and the greater scale and operating leverage we have achieved over the last several years, as well as the impact of strategic investments that strengthen our Membership Model and drive growth. We continued to see momentum across the business, with stable growth across Card Member spending and loans and strong growth in card fees, along with excellent credit performance. We launched our refreshed U.S. Consumer and Business Platinum Cards at the end of the third quarter and have seen strong customer demand and engagement. The continued global expansion of our merchant network contributed to our growth, as we added millions of new merchant locations globally in 2025 and continued to increase coverage across our top international countries. Net income for the year was $10.8 billion, or $15.38 per share, compared with net income of $10.1 billion, or $14.01 per share, a year ago, which included a $0.66 per share gain from the sale of Accertify Inc. (Accertify).

Billed business grew 8 percent year-over-year (7 percent on an FX-adjusted basis), reflecting broad-based growth across geographies and across both Goods & Services (G&S) and Travel & Entertainment (T&E) categories.1 G&S spend, which accounts for over 70 percent of our total billed business, continued to be driven by robust retail spending, and T&E spend benefited from sustained strength in restaurants, our largest T&E category. U.S. Consumer Services billed business grew 8 percent, with continued momentum in spending by Millennial and Gen-Z Card Members, our fastest-growing cohorts, as our products continue to resonate with these younger customers. Commercial Services billed business grew 3 percent, reflecting continued modest growth from U.S. small and mid-sized enterprise (SME) Card Membe

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/AXP/mda/fy2025/
All MD&A years: /company/AXP/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/AXP/mda/fy2024/): filed 2025-02-07; accession 0000004962-25-000016 (https://www.sec.gov/Archives/edgar/data/4962/000000496225000016/axp-20241231.htm)
- [FY 2023 MD&A](/company/AXP/mda/fy2023/): filed 2024-02-09; accession 0000004962-24-000013 (https://www.sec.gov/Archives/edgar/data/4962/000000496224000013/axp-20231231.htm)
- [FY 2022 MD&A](/company/AXP/mda/fy2022/): filed 2023-02-10; accession 0000004962-23-000006 (https://www.sec.gov/Archives/edgar/data/4962/000000496223000006/axp-20221231.htm)
- [FY 2021 MD&A](/company/AXP/mda/fy2021/): filed 2022-02-11; accession 0000004962-22-000008 (https://www.sec.gov/Archives/edgar/data/4962/000000496222000008/axp-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6199 Finance Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [M2SL](/indicator/M2SL/): M2
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/AXP.md · JSON record: /company/AXP.json · verified financials: /company/AXP/financials.json / /company/AXP/financials.csv · machine TOC for the whole site: /llms.txt