American Express (AXP) Financials

$330.10 -0.38 (-0.11%)

Closing price 03:59 PM Eastern

Extended Trading

$331.56 +1.45 (+0.44%)

As of 06:34 PM Eastern

Annual Income Statements for American Express

This table shows American Express' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	5,885	5,163	5,375	2,748	6,921	6,759	3,135	8,060	7,514	8,374	10,129
Consolidated Net Income / (Loss)	5,885	5,163	5,375	2,748	6,921	6,759	3,135	8,060	7,514	8,374	10,129
Net Income / (Loss) Continuing Operations	5,885	5,163	5,375	2,748	6,921	6,759	3,135	8,060	7,514	8,374	10,129
Total Pre-Tax Income	8,991	7,938	8,042	7,425	8,122	8,429	4,296	10,689	9,585	10,513	12,895
Total Revenue	34,188	32,818	35,438	36,878	40,338	43,556	36,087	42,380	52,862	60,515	65,949
Net Interest Income / (Expense)	5,472	5,922	5,779	6,451	7,663	8,620	7,985	7,750	9,895	13,134	15,543
Total Interest Income	7,179	7,545	7,484	8,563	10,606	12,084	10,083	9,033	12,658	19,983	23,795
Loans and Leases Interest Income	6,929	7,309	7,214	8,148	9,941	11,308	9,779	8,850	11,967	17,697	21,095
Investment Securities Interest Income	179	157	131	89	118	188	127	83	96	128	86
Deposits and Money Market Investments Interest Income	71	79	139	326	547	588	177	100	595	2,158	2,614
Total Interest Expense	1,707	1,623	1,705	2,112	2,943	3,464	2,098	1,283	2,763	6,849	8,252
Deposits Interest Expense	373	475	598	779	1,287	1,559	943	458	1,527	4,865	5,695
Long-Term Debt Interest Expense	1,334	1,148	1,107	1,333	1,656	1,905	1,155	825	1,236	1,984	2,557
Total Non-Interest Income	28,716	26,896	29,659	30,427	32,675	34,936	28,102	34,630	42,967	47,381	50,406
Provision for Credit Losses	2,044	1,988	2,027	2,760	3,352	3,573	4,730	-1,419	2,182	4,923	5,185
Total Non-Interest Expense	23,153	22,892	25,369	26,693	28,864	31,554	27,061	33,110	41,095	45,079	47,869
Salaries and Employee Benefits	6,095	4,976	5,259	5,258	5,250	5,911	5,718	6,240	7,252	8,067	8,198
Marketing Expense	3,216	3,109	6,249	5,722	6,477	7,125	6,747	9,053	10,401	10,870	11,926
Other Operating Expenses	13,842	14,807	13,861	15,713	17,137	18,518	14,596	17,817	23,442	26,142	27,745
Income Tax Expense	3,106	2,775	2,667	4,677	1,201	1,670	1,161	2,629	2,071	2,139	2,766
Weighted Average Basic Shares Outstanding	1.05B	999M	933M	883M	856M	828M	805M	789M	751M	735M	712M
Diluted Earnings per Share	$5.56	$5.05	$5.61	$2.99	$7.91	$7.99	$3.77	$10.02	$9.85	$11.21	$14.01
Weighted Average Diluted Shares Outstanding	1.05B	1.00B	935M	886M	859M	830M	806M	790M	752M	736M	713M
Weighted Average Basic & Diluted Shares Outstanding	1.02B	964.05M	901.27M	860.28M	843.37M	808.04M	805.59M	759.35M	744.19M	723.87M	702.53M
Cash Dividends to Common per Share	$1.01	$1.13	$1.22	$1.34	$1.48	$1.64	$1.72	$1.72	$2.08	$2.40	$2.80

This table shows American Express' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	1,572	1,816	2,174	2,451	1,933	2,437	3,015	2,507	2,170	2,584	2,885
Consolidated Net Income / (Loss)	1,572	1,816	2,174	2,451	1,933	2,437	3,015	2,507	2,170	2,584	2,885
Net Income / (Loss) Continuing Operations	1,572	1,816	2,174	2,451	1,933	2,437	3,015	2,507	2,170	2,584	2,885
Total Pre-Tax Income	1,871	2,167	2,734	3,100	2,512	3,145	3,790	3,204	2,756	3,330	3,550
Total Revenue	14,176	14,281	15,054	15,381	15,799	15,801	16,333	16,636	17,179	16,967	17,856
Net Interest Income / (Expense)	2,758	2,983	3,105	3,442	3,604	3,769	3,730	4,006	4,038	4,169	4,187
Total Interest Income	3,965	4,416	4,775	5,240	5,552	5,775	5,794	6,149	6,077	6,135	6,264
Loans and Leases Interest Income	3,623	3,939	4,213	4,635	4,910	5,058	5,092	5,442	5,503	5,552	5,648
Investment Securities Interest Income	34	30	34	33	31	25	25	18	18	14	17
Deposits and Money Market Investments Interest Income	308	447	528	572	611	692	677	689	556	569	599
Total Interest Expense	1,207	1,433	1,670	1,798	1,948	2,006	2,064	2,143	2,039	1,966	2,077
Deposits Interest Expense	778	994	1,196	1,290	1,385	1,427	1,425	1,446	1,397	1,337	1,374
Long-Term Debt Interest Expense	429	439	474	508	563	579	639	697	642	629	703
Total Non-Interest Income	11,418	11,298	11,949	11,939	12,195	12,032	12,603	12,630	13,141	12,798	13,669
Provision for Credit Losses	1,027	1,055	1,198	1,233	1,437	1,269	1,268	1,356	1,292	1,150	1,405
Total Non-Interest Expense	11,278	11,059	11,122	11,048	11,850	11,387	11,275	12,076	13,131	12,487	12,901
Salaries and Employee Benefits	2,034	2,014	1,875	2,047	2,131	2,098	1,949	2,049	2,102	2,120	2,152
Marketing Expense	2,576	2,734	2,796	2,629	2,711	2,868	2,907	2,900	3,251	3,015	3,144
Other Operating Expenses	6,668	6,311	6,451	6,372	7,008	6,421	6,419	7,127	7,778	7,352	7,605
Income Tax Expense	299	351	560	649	579	708	775	697	586	746	665
Weighted Average Basic Shares Outstanding	751M	743M	740M	732M	735M	721M	716M	708M	712M	701M	698M
Diluted Earnings per Share	$2.08	$2.40	$2.89	$3.30	$2.62	$3.33	$4.15	$3.49	$3.04	$3.64	$4.08
Weighted Average Diluted Shares Outstanding	752M	744M	741M	733M	736M	722M	717M	709M	713M	702M	699M
Weighted Average Basic & Diluted Shares Outstanding	744.19M	743.24M	736.46M	728.75M	723.87M	719.30M	710.91M	704.44M	702.53M	700.59M	695.88M
Cash Dividends to Common per Share	-	$0.60	$0.60	$0.60	-	$0.70	$0.70	$0.70	-	$0.82	$0.82

This table details how cash moves in and out of American Express' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	3,743	474	2,255	7,769	-5,455	-3,362	8,519	-10,937	11,886	12,682	-5,956
Net Cash From Operating Activities	11,931	2,621	8,291	13,540	8,930	13,632	5,591	14,645	21,079	18,559	14,050
Net Cash From Continuing Operating Activities	10,990	2,621	8,291	13,540	8,930	13,783	5,591	14,645	21,079	18,559	14,050
Net Income / (Loss) Continuing Operations	5,885	0.00	5,375	2,748	6,921	6,759	3,135	8,060	7,514	8,374	10,129
Consolidated Net Income / (Loss)	5,885	-	5,375	2,748	6,921	6,759	3,135	8,060	7,514	8,374	10,129
Provision For Loan Losses	2,044	-	2,027	2,760	3,352	3,573	4,730	-1,419	2,182	4,923	5,185
Depreciation Expense	1,012	1,043	1,095	1,321	1,293	1,188	1,543	1,695	1,626	1,651	1,676
Non-Cash Adjustments to Reconcile Net Income	290	234	-812	1,064	738	860	932	-442	740	1,119	-60
Changes in Operating Assets and Liabilities, net	2,700	1,344	606	5,647	-3,374	1,403	-4,749	6,751	9,017	2,492	-2,880
Net Cash From Investing Activities	-7,967	-8,193	1,723	-18,242	-19,615	-16,707	11,632	-10,529	-33,689	-24,433	-24,402
Net Cash From Continuing Investing Activities	-7,967	-8,193	1,723	-18,242	-19,615	-16,707	11,632	-10,529	-33,689	-24,433	-24,402
Purchase of Property, Leasehold Improvements and Equipment	-1,195	-1,341	-1,375	-1,062	-1,310	-1,645	-1,478	-1,550	-1,855	-1,563	-1,911
Purchase of Investment Securities	-9,192	-1,868	571	-19,676	-21,808	-22,565	5,882	-29,073	-33,752	-26,760	-25,306
Divestitures	-	-	-	-	-	-	-	-	0.00	0.00	594
Sale and/or Maturity of Investments	2,348	-4,864	2,527	2,496	3,503	7,503	7,228	20,094	1,918	3,890	2,221
Net Cash From Financing Activities	11	1,417	-7,599	12,245	5,101	-519	-9,068	-14,933	24,509	18,379	4,436
Net Cash From Continuing Financing Activities	11	1,417	-7,599	12,245	5,101	-519	-9,068	-14,933	24,509	18,379	4,436
Net Change in Deposits	2,459	10,878	-1,935	11,385	5,542	3,330	13,542	-2,468	25,902	18,915	10,305
Issuance of Debt	16,020	9,923	8,824	32,764	21,524	12,706	-4,558	7,788	22,524	15,569	12,602
Issuance of Common Equity	362	193	177	129	87	86	44	64	56	28	100
Repayment of Debt	-14,142	-19,246	-8,960	-26,382	-19,043	-10,534	-15,593	-11,201	-18,906	-10,703	-10,552
Repurchase of Common Equity	-4,389	-	-4,498	-4,400	-1,685	-4,685	-1,029	-7,652	-3,502	-3,650	-6,020
Payment of Dividends	-1,041	-1,172	-1,207	-1,251	-1,324	-1,422	-1,474	-1,448	-1,565	-1,780	-1,999
Effect of Exchange Rate Changes	-232	-276	-160	226	129	232	364	-120	-13	177	-40

This table details how cash moves in and out of American Express' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	2,732	6,922	2,122	950	2,688	7,617	-1,318	-4,977	-7,278	11,868	5,429
Net Cash From Operating Activities	8,432	-377	3,923	8,244	6,769	5,552	4,532	-1,812	5,778	4,764	4,364
Net Cash From Continuing Operating Activities	8,432	-377	3,923	8,244	6,769	5,552	4,532	-1,812	5,778	4,764	4,364
Net Income / (Loss) Continuing Operations	1,572	1,816	2,174	2,451	1,933	2,437	3,015	2,507	2,170	2,584	2,885
Consolidated Net Income / (Loss)	1,572	1,816	2,174	2,451	1,933	2,437	3,015	2,507	2,170	2,584	2,885
Provision For Loan Losses	1,027	1,055	1,198	1,233	1,437	1,269	1,268	1,356	1,292	1,150	1,405
Depreciation Expense	418	400	400	429	422	390	421	437	428	433	427
Non-Cash Adjustments to Reconcile Net Income	-72	297	196	246	380	-17	-431	508	-120	371	-410
Changes in Operating Assets and Liabilities, net	5,487	-3,945	-45	3,885	2,597	1,473	259	-6,620	2,008	226	57
Net Cash From Investing Activities	-10,774	-1,404	-7,931	-6,929	-8,169	-3,144	-5,491	-3,522	-12,245	451	-6,797
Net Cash From Continuing Investing Activities	-10,774	-1,404	-7,931	-6,929	-8,169	-3,144	-5,491	-3,522	-12,245	451	-6,797
Purchase of Property, Leasehold Improvements and Equipment	-513	-360	-376	-401	-426	-396	-565	-455	-495	-430	-619
Purchase of Investment Securities	-10,416	-1,944	-7,804	-6,951	-10,061	-407	-6,207	-4,006	-12,061	-239	-5,646
Sale and/or Maturity of Investments	155	900	249	423	2,318	-2,341	1,281	345	311	1,120	-532
Net Cash From Financing Activities	5,576	8,597	6,029	-314	4,067	5,181	-325	350	-770	6,643	7,678
Net Cash From Continuing Financing Activities	5,576	8,597	6,029	-314	4,067	5,181	-325	350	-770	6,643	7,678
Net Change in Deposits	6,754	10,566	1,950	1,701	4,698	5,283	-653	1,675	4,000	6,973	2,970
Issuance of Debt	1,784	1,737	6,423	5,257	2,152	2,863	5,495	4,330	-86	4,899	10,997
Repayment of Debt	-1,919	-3,003	-853	-5,414	-1,433	-1,250	-2,901	-3,207	-3,194	-3,534	-4,340
Repurchase of Common Equity	-640	-316	-1,033	-1,400	-901	-1,292	-1,762	-1,935	-1,031	-1,208	-1,356
Payment of Dividends	-405	-405	-462	-459	-454	-452	-521	-516	-510	-509	-593
Effect of Exchange Rate Changes	-502	106	101	-51	21	28	-34	7.00	-41	10	184

This table presents American Express' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	159,103	161,184	158,893	181,196	188,602	198,321	191,367	188,548	228,354	261,108	271,461
Cash and Due from Banks	3,098	3,193	4,429	5,148	3,253	3,613	2,984	1,292	5,510	7,118	3,413
Interest Bearing Deposits at Other Banks	19,190	19,569	20,779	27,709	24,026	20,610	29,824	20,548	28,097	39,312	37,006
Trading Account Securities	4,431	3,759	3,157	3,159	4,647	8,406	21,631	2,591	4,578	2,186	1,240
Loans and Leases, Net of Allowance	0.00	1,254	65,461	74,300	0.00	0.00	114,077	0.00	0.00	0.00	0.00
Loans Held for Sale	0.00	14,992	-	-	-	-	-	-	-	0.00	758
Premises and Equipment, Net	3,938	4,108	4,433	4,329	4,416	4,834	5,015	4,988	5,215	5,138	5,371
Other Assets	81,446	67,614	10,561	9,816	96,940	160,858	17,836	159,129	184,954	207,354	223,673
Total Liabilities & Shareholders' Equity	159,103	161,184	158,893	181,196	188,602	198,321	191,367	188,548	228,354	261,108	271,461
Total Liabilities	138,430	140,511	138,392	162,935	166,312	175,250	168,383	166,371	203,643	233,051	241,197
Non-Interest Bearing Deposits	44,171	54,997	53,042	64,452	69,960	73,287	86,875	84,382	110,239	129,144	139,413
Short-Term Debt	3,480	4,812	5,581	3,278	3,100	6,442	1,878	12,817	13,481	14,402	15,258
Long-Term Debt	57,955	48,061	46,990	55,804	58,423	57,835	42,952	38,675	42,573	47,866	49,715
Other Long-Term Liabilities	17,851	17,572	18,777	22,189	22,574	24,948	27,234	30,497	37,350	41,639	36,811
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	20,673	20,673	20,501	18,261	22,290	23,071	22,984	22,177	24,711	28,057	30,264
Total Preferred & Common Equity	20,673	20,673	20,501	18,261	22,290	23,071	22,984	22,177	24,711	28,057	30,264
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	20,673	20,673	20,501	18,261	22,290	23,071	22,984	22,177	24,711	28,057	30,264
Common Stock	13,079	13,542	12,914	12,382	12,388	11,937	12,042	11,648	11,642	11,517	11,511
Retained Earnings	9,513	9,665	10,371	8,307	12,499	13,871	13,837	13,474	16,279	19,612	22,148
Accumulated Other Comprehensive Income / (Loss)	-1,919	-2,534	-2,784	-2,428	-2,597	-2,737	-2,895	-2,945	-3,210	-3,072	-3,395

This table presents American Express' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	228,354	235,842	244,904	250,587	261,108	269,261	272,219	270,979	271,461	282,244	295,556
Cash and Due from Banks	5,510	3,105	3,379	5,082	7,118	6,264	6,674	3,205	3,413	3,024	3,120
Interest Bearing Deposits at Other Banks	28,097	37,524	38,869	38,742	39,312	47,880	46,033	44,593	37,006	49,223	54,620
Trading Account Securities	4,578	3,964	4,087	3,160	2,186	2,232	1,210	1,268	1,240	1,110	1,258
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Loans Held for Sale	-	-	-	-	0.00	-	-	-	758	776	2,405
Premises and Equipment, Net	5,215	5,204	5,177	5,124	5,138	5,138	5,247	5,308	5,371	5,383	5,662
Other Assets	184,954	186,045	193,392	198,479	207,354	207,747	213,055	216,605	223,673	222,728	228,491
Total Liabilities & Shareholders' Equity	228,354	235,842	244,904	250,587	261,108	269,261	272,219	270,979	271,461	282,244	295,556
Total Liabilities	203,643	209,850	218,201	223,263	233,051	240,497	242,679	241,272	241,197	251,042	263,245
Non-Interest Bearing Deposits	110,239	120,806	122,756	124,439	129,144	134,418	133,746	135,438	139,413	146,396	149,386
Short-Term Debt	13,481	14,250	13,942	14,809	14,402	15,153	14,784	14,619	15,258	1,559	15,614
Long-Term Debt	42,573	41,138	46,725	46,447	47,866	48,826	51,521	53,546	49,715	51,236	58,202
Other Long-Term Liabilities	37,350	33,656	34,778	37,568	41,639	42,100	42,628	37,669	36,811	51,851	40,043
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	24,711	25,992	26,703	27,324	28,057	28,764	29,540	29,707	30,264	31,202	32,311
Total Preferred & Common Equity	24,711	25,992	26,703	27,324	28,057	28,764	29,540	29,707	30,264	31,202	32,311
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	24,711	25,992	26,703	27,324	28,057	28,764	29,540	29,707	30,264	31,202	32,311
Common Stock	11,642	11,671	11,657	11,547	11,517	11,498	11,475	11,436	11,511	11,177	11,192
Retained Earnings	16,279	17,427	18,130	18,953	19,612	20,421	21,265	21,466	22,148	23,391	24,367
Accumulated Other Comprehensive Income / (Loss)	-3,210	-3,106	-3,084	-3,176	-3,072	-3,155	-3,200	-3,195	-3,395	-3,366	-3,248

This table displays calculated financial ratios and metrics derived from American Express' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.01%	-4.01%	7.98%	4.06%	9.38%	7.98%	-17.15%	17.44%	24.73%	14.48%	8.98%
EBITDA Growth	12.29%	-10.22%	1.74%	-4.28%	7.65%	2.15%	-39.28%	112.09%	-9.47%	8.50%	19.79%
EBIT Growth	13.98%	-11.71%	1.31%	-7.67%	9.39%	3.78%	-49.03%	148.81%	-10.33%	9.68%	22.66%
NOPAT Growth	9.82%	-12.27%	4.11%	-48.87%	151.86%	-2.34%	-53.62%	157.10%	-6.77%	11.45%	20.96%
Net Income Growth	9.82%	-12.27%	4.11%	-48.87%	151.86%	-2.34%	-53.62%	157.10%	-6.77%	11.45%	20.96%
EPS Growth	13.93%	-9.17%	11.09%	-46.70%	164.55%	1.01%	-52.82%	165.78%	-1.70%	13.81%	24.98%
Operating Cash Flow Growth	39.59%	-78.03%	216.33%	63.31%	-34.05%	52.65%	-58.99%	161.94%	43.93%	-11.96%	-24.30%
Free Cash Flow Firm Growth	462.32%	-3.61%	-57.38%	-126.04%	129.61%	614.86%	603.13%	-90.27%	-81.04%	-383.73%	539.88%
Invested Capital Growth	-9.23%	-10.43%	-0.64%	5.84%	8.37%	4.22%	-22.36%	8.63%	9.63%	11.84%	5.44%
Revenue Q/Q Growth	1.90%	-2.06%	9.08%	-4.24%	1.94%	2.09%	-5.29%	7.06%	4.00%	2.76%	2.14%
EBITDA Q/Q Growth	2.42%	-7.76%	-3.43%	9.71%	-0.52%	1.84%	-0.09%	3.68%	-3.74%	5.60%	1.75%
EBIT Q/Q Growth	2.80%	-8.85%	-4.14%	10.26%	0.41%	1.87%	-2.89%	4.37%	-4.34%	6.49%	1.93%
NOPAT Q/Q Growth	2.42%	-9.60%	-1.95%	-42.10%	86.80%	-4.48%	-7.52%	3.61%	-1.92%	4.51%	2.40%
Net Income Q/Q Growth	2.42%	-9.60%	-1.95%	-42.10%	29.63%	24.20%	-7.52%	3.61%	-1.92%	4.51%	2.40%
EPS Q/Q Growth	3.54%	-8.84%	-0.88%	-42.39%	86.56%	-3.50%	-6.68%	4.59%	-1.30%	5.06%	3.09%
Operating Cash Flow Q/Q Growth	33.61%	-76.53%	3,390.08%	13.58%	-41.02%	48.43%	5.75%	11.48%	19.39%	-8.22%	-6.59%
Free Cash Flow Firm Q/Q Growth	241.23%	13.97%	-72.41%	-215.47%	-99.76%	101.72%	17.18%	-85.28%	104.16%	30.15%	769.50%
Invested Capital Q/Q Growth	-9.59%	-12.95%	6.25%	7.12%	176.17%	3.59%	-0.80%	20.45%	2.40%	1.97%	-2.69%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	29.26%	27.37%	25.78%	23.72%	23.34%	22.08%	16.18%	29.22%	21.21%	20.10%	22.09%
EBIT Margin	26.30%	24.19%	22.69%	20.13%	20.13%	19.35%	11.90%	25.22%	18.13%	17.37%	19.55%
Profit (Net Income) Margin	17.21%	15.73%	15.17%	7.45%	17.16%	15.52%	8.69%	19.02%	14.21%	13.84%	15.36%
Tax Burden Percent	65.45%	65.04%	66.84%	37.01%	85.21%	80.19%	72.97%	75.40%	78.39%	79.65%	78.55%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	34.55%	34.96%	33.16%	62.99%	14.79%	19.81%	27.03%	24.60%	21.61%	20.35%	21.45%
Return on Invested Capital (ROIC)	6.82%	6.63%	7.33%	3.65%	8.59%	7.90%	4.04%	11.39%	9.73%	9.79%	10.92%
ROIC Less NNEP Spread (ROIC-NNEP)	6.82%	6.63%	7.33%	3.65%	8.59%	7.90%	4.04%	11.39%	9.73%	9.79%	10.92%
Return on Net Nonoperating Assets (RNNOA)	22.48%	18.34%	18.78%	10.52%	25.55%	21.90%	9.57%	24.30%	22.32%	21.95%	23.82%
Return on Equity (ROE)	29.30%	24.97%	26.11%	14.18%	34.13%	29.80%	13.61%	35.69%	32.05%	31.74%	34.74%
Cash Return on Invested Capital (CROIC)	16.50%	17.64%	7.98%	-2.03%	0.56%	3.77%	29.22%	3.12%	0.54%	-1.39%	5.62%
Operating Return on Assets (OROA)	5.75%	4.96%	5.03%	4.37%	4.39%	4.36%	2.20%	5.63%	4.60%	4.30%	4.84%
Return on Assets (ROA)	3.77%	3.22%	3.36%	1.62%	3.74%	3.49%	1.61%	4.24%	3.60%	3.42%	3.80%
Return on Common Equity (ROCE)	29.30%	24.97%	26.11%	14.18%	34.13%	29.80%	13.61%	35.69%	32.05%	31.74%	34.74%
Return on Equity Simple (ROE_SIMPLE)	28.47%	24.97%	26.22%	15.05%	31.05%	29.30%	13.64%	36.34%	30.41%	29.85%	33.47%
Net Operating Profit after Tax (NOPAT)	5,885	5,163	5,375	2,748	6,921	6,759	3,135	8,060	7,514	8,374	10,129
NOPAT Margin	17.21%	15.73%	15.17%	7.45%	17.16%	15.52%	8.69%	19.02%	14.21%	13.84%	15.36%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	27.23%	24.64%	32.47%	29.77%	29.07%	29.93%	34.54%	36.09%	33.39%	31.29%	30.51%
Operating Expenses to Revenue	67.72%	69.75%	71.59%	72.38%	71.56%	72.44%	74.99%	78.13%	77.74%	74.49%	72.58%
Earnings before Interest and Taxes (EBIT)	8,991	7,938	8,042	7,425	8,122	8,429	4,296	10,689	9,585	10,513	12,895
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	10,003	8,981	9,137	8,746	9,415	9,617	5,839	12,384	11,211	12,164	14,571
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.03	2.91	2.96	4.29	3.37	4.13	4.04	5.51	4.34	4.80	6.89
Price to Tangible Book Value (P/TBV)	4.03	2.91	2.96	4.29	3.37	4.13	4.04	5.51	4.34	4.80	6.89
Price to Revenue (P/Rev)	2.44	1.83	1.71	2.13	1.86	2.19	2.57	2.88	2.03	2.22	3.16
Price to Earnings (P/E)	14.16	11.64	11.29	28.52	10.85	14.11	29.59	15.15	14.27	16.07	20.59
Dividend Yield	1.22%	1.80%	1.80%	1.45%	1.64%	1.37%	1.49%	1.09%	1.39%	1.54%	0.91%
Earnings Yield	7.06%	8.59%	8.86%	3.51%	9.21%	7.09%	3.38%	6.60%	7.01%	6.22%	4.86%
Enterprise Value to Invested Capital (EV/IC)	1.49	1.23	1.20	1.35	1.30	1.55	1.55	2.06	1.61	1.67	2.45
Enterprise Value to Revenue (EV/Rev)	3.58	2.75	2.48	2.84	2.71	3.11	2.90	3.58	2.45	2.49	3.54
Enterprise Value to EBITDA (EV/EBITDA)	12.25	10.04	9.63	11.96	11.62	14.08	17.94	12.26	11.57	12.37	16.00
Enterprise Value to EBIT (EV/EBIT)	13.62	11.36	10.95	14.09	13.46	16.06	24.39	14.20	13.53	14.31	18.08
Enterprise Value to NOPAT (EV/NOPAT)	20.81	17.47	16.38	38.06	15.80	20.03	33.42	18.83	17.26	17.96	23.02
Enterprise Value to Operating Cash Flow (EV/OCF)	10.27	34.41	10.62	7.73	12.25	9.93	18.74	10.36	6.15	8.11	16.59
Enterprise Value to Free Cash Flow (EV/FCFF)	8.60	6.57	15.05	0.00	242.48	42.00	4.62	68.84	310.29	0.00	44.69
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.97	2.56	2.56	3.24	2.76	2.79	1.95	2.32	2.27	2.22	2.15
Long-Term Debt to Equity	2.80	2.32	2.29	3.06	2.62	2.51	1.87	1.74	1.72	1.71	1.64
Financial Leverage	3.30	2.76	2.56	2.88	2.97	2.77	2.37	2.13	2.29	2.24	2.18
Leverage Ratio	7.78	7.75	7.77	8.77	9.12	8.53	8.46	8.41	8.89	9.28	9.13
Compound Leverage Factor	7.78	7.75	7.77	8.77	9.12	8.53	8.46	8.41	8.89	9.28	9.13
Debt to Total Capital	74.82%	71.89%	71.94%	76.39%	73.41%	73.59%	66.11%	69.90%	69.40%	68.94%	68.22%
Short-Term Debt to Total Capital	4.24%	6.54%	7.64%	4.24%	3.70%	7.38%	2.77%	17.40%	16.69%	15.94%	16.02%
Long-Term Debt to Total Capital	70.58%	65.35%	64.31%	72.15%	69.71%	66.21%	63.34%	52.50%	52.71%	52.99%	52.20%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	25.18%	28.11%	28.06%	23.61%	26.59%	26.41%	33.89%	30.10%	30.60%	31.06%	31.78%
Debt to EBITDA	6.14	5.89	5.75	6.76	6.53	6.68	7.68	4.16	5.00	5.12	4.46
Net Debt to EBITDA	3.91	3.35	2.99	3.00	3.64	4.16	2.06	2.39	2.00	1.30	1.69
Long-Term Debt to EBITDA	5.79	5.35	5.14	6.38	6.21	6.01	7.36	3.12	3.80	3.94	3.41
Debt to NOPAT	10.44	10.24	9.78	21.50	8.89	9.51	14.30	6.39	7.46	7.44	6.41
Net Debt to NOPAT	6.65	5.83	5.09	9.54	4.95	5.93	3.83	3.68	2.99	1.89	2.42
Long-Term Debt to NOPAT	9.85	9.31	8.74	20.31	8.44	8.56	13.70	4.80	5.67	5.72	4.91
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	14,239	13,725	5,849	-1,523	451	3,224	22,669	2,205	418	-1,186	5,217
Operating Cash Flow to CapEx	998.41%	195.45%	602.98%	1,274.95%	681.68%	828.69%	378.28%	944.84%	1,136.33%	1,187.40%	735.22%
Free Cash Flow to Firm to Interest Expense	8.34	8.46	3.43	-0.72	0.15	0.93	10.81	1.72	0.15	-0.17	0.63
Operating Cash Flow to Interest Expense	6.99	1.61	4.86	6.41	3.03	3.94	2.66	11.41	7.63	2.71	1.70
Operating Cash Flow Less CapEx to Interest Expense	6.29	0.79	4.06	5.91	2.59	3.46	1.96	10.21	6.96	2.48	1.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.22	0.20	0.22	0.22	0.22	0.23	0.19	0.22	0.25	0.25	0.25
Fixed Asset Turnover	8.75	8.16	8.30	8.42	9.23	9.42	7.33	8.47	10.36	11.69	12.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	82,108	73,546	73,072	77,343	83,813	87,348	67,814	73,669	80,765	90,325	95,237
Invested Capital Turnover	0.40	0.42	0.48	0.49	0.50	0.51	0.47	0.60	0.68	0.71	0.71
Increase / (Decrease) in Invested Capital	-8,354	-8,562	-474	4,271	6,470	3,535	-19,534	5,855	7,096	9,560	4,912
Enterprise Value (EV)	122,490	90,198	88,034	104,601	109,359	135,400	104,774	151,783	129,702	150,429	233,136
Market Capitalization	83,343	60,087	60,671	78,376	75,115	95,346	92,752	122,131	107,255	134,591	208,582
Book Value per Share	$19.98	$21.00	$22.40	$21.04	$26.09	$28.19	$28.54	$28.63	$33.07	$38.50	$42.96
Tangible Book Value per Share	$19.98	$21.00	$22.40	$21.04	$26.09	$28.19	$28.54	$28.63	$33.07	$38.50	$42.96
Total Capital	82,108	73,546	73,072	77,343	83,813	87,348	67,814	73,669	80,765	90,325	95,237
Total Debt	61,435	52,873	52,571	59,082	61,523	64,277	44,830	51,492	56,054	62,268	64,973
Total Long-Term Debt	57,955	48,061	46,990	55,804	58,423	57,835	42,952	38,675	42,573	47,866	49,715
Net Debt	39,147	30,111	27,363	26,225	34,244	40,054	12,022	29,652	22,447	15,838	24,554
Capital Expenditures (CapEx)	1,195	1,341	1,375	1,062	1,310	1,645	1,478	1,550	1,855	1,563	1,911
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	61,435	52,873	52,571	59,082	61,523	64,277	44,830	51,492	56,054	62,268	64,973
Total Depreciation and Amortization (D&A)	1,012	1,043	1,095	1,321	1,293	1,188	1,543	1,695	1,626	1,651	1,676
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.58	$5.07	$5.67	$2.98	$7.93	$8.00	$3.77	$10.04	$9.86	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	1.05B	999M	933M	883M	856M	828M	805M	789M	751M	735M	712M
Adjusted Diluted Earnings per Share	$5.56	$5.05	$5.65	$2.97	$7.91	$7.99	$3.77	$10.02	$9.85	$11.21	$14.01
Adjusted Weighted Average Diluted Shares Outstanding	1.05B	1.00B	935M	886M	859M	830M	806M	790M	752M	736M	713M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.02B	964.05M	901.27M	860.28M	843.37M	808.04M	805.59M	759.35M	744.19M	723.87M	702.53M
Normalized Net Operating Profit after Tax (NOPAT)	5,885	5,163	5,375	5,198	6,921	6,759	3,135	8,060	7,514	8,374	10,129
Normalized NOPAT Margin	17.21%	15.73%	15.17%	14.09%	17.16%	15.52%	8.69%	19.02%	14.21%	13.84%	15.36%
Pre Tax Income Margin	26.30%	24.19%	22.69%	20.13%	20.13%	19.35%	11.90%	25.22%	18.13%	17.37%	19.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.27	4.89	4.72	3.52	2.76	2.43	2.05	8.33	3.47	1.54	1.56
NOPAT to Interest Expense	3.45	3.18	3.15	1.30	2.35	1.95	1.49	6.28	2.72	1.22	1.23
EBIT Less CapEx to Interest Expense	4.57	4.06	3.91	3.01	2.31	1.96	1.34	7.12	2.80	1.31	1.33
NOPAT Less CapEx to Interest Expense	2.75	2.35	2.35	0.80	1.91	1.48	0.79	5.07	2.05	0.99	1.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	17.69%	22.70%	22.46%	45.52%	19.13%	21.04%	47.02%	17.97%	20.83%	21.26%	19.74%
Augmented Payout Ratio	92.27%	22.70%	106.14%	205.64%	43.48%	90.35%	79.84%	112.90%	67.43%	64.84%	79.17%

This table displays calculated financial ratios and metrics derived from American Express' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.72%	21.70%	12.39%	13.46%	11.45%	10.64%	8.50%	8.16%	8.73%	7.38%	9.32%
EBITDA Growth	-16.00%	-17.46%	6.60%	22.88%	28.18%	37.71%	34.37%	3.17%	8.52%	6.45%	-5.56%
EBIT Growth	-18.86%	-20.10%	7.51%	26.07%	34.26%	45.13%	38.62%	3.35%	9.71%	5.88%	-6.33%
NOPAT Growth	-8.55%	-13.48%	10.69%	30.44%	22.96%	34.20%	38.68%	2.28%	12.26%	6.03%	-4.31%
Net Income Growth	-8.55%	-13.48%	10.69%	30.44%	22.96%	34.20%	38.68%	2.28%	12.26%	6.03%	-4.31%
EPS Growth	-5.88%	-12.09%	12.45%	33.60%	25.96%	38.75%	43.60%	5.76%	16.03%	9.31%	-1.69%
Operating Cash Flow Growth	68.37%	-109.72%	-7.89%	82.87%	-19.72%	1,572.68%	15.52%	-121.98%	-14.64%	-14.19%	-3.71%
Free Cash Flow Firm Growth	-33.56%	-41.95%	21.67%	54.13%	-38.07%	-61.53%	32.68%	6.54%	64.05%	226.93%	-35.48%
Invested Capital Growth	9.63%	9.92%	13.34%	12.31%	11.84%	13.96%	9.70%	10.49%	5.44%	-9.43%	10.73%
Revenue Q/Q Growth	4.57%	0.74%	5.41%	2.17%	2.72%	0.01%	3.37%	1.86%	3.26%	-1.23%	5.24%
EBITDA Q/Q Growth	-20.30%	12.15%	22.09%	12.60%	-16.86%	20.48%	19.12%	-13.54%	-12.55%	18.18%	5.69%
EBIT Q/Q Growth	-23.91%	15.82%	26.17%	13.39%	-18.97%	25.20%	20.51%	-15.46%	-13.98%	20.83%	6.61%
NOPAT Q/Q Growth	-16.34%	15.52%	19.71%	12.74%	-21.13%	26.07%	23.72%	-16.85%	-13.44%	19.08%	11.65%
Net Income Q/Q Growth	-16.34%	15.52%	19.71%	12.74%	-21.13%	26.07%	23.72%	-16.85%	-13.44%	19.08%	11.65%
EPS Q/Q Growth	-15.79%	15.38%	20.42%	14.19%	-20.61%	27.10%	24.62%	-15.90%	-12.89%	19.74%	12.09%
Operating Cash Flow Q/Q Growth	87.05%	-104.47%	1,140.58%	110.15%	-17.89%	-17.98%	-18.37%	-139.98%	418.87%	-17.55%	-8.40%
Free Cash Flow Firm Q/Q Growth	65.10%	-0.04%	-46.78%	10.49%	-5.06%	-17.03%	38.83%	-24.27%	59.59%	513.20%	-165.29%
Invested Capital Q/Q Growth	2.40%	0.76%	7.36%	1.38%	1.97%	2.68%	3.34%	2.11%	-2.69%	-11.80%	26.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	16.15%	17.97%	20.82%	22.94%	18.57%	22.37%	25.78%	21.89%	18.53%	22.18%	22.27%
EBIT Margin	13.20%	15.17%	18.16%	20.15%	15.90%	19.90%	23.20%	19.26%	16.04%	19.63%	19.88%
Profit (Net Income) Margin	11.09%	12.72%	14.44%	15.94%	12.24%	15.42%	18.46%	15.07%	12.63%	15.23%	16.16%
Tax Burden Percent	84.02%	83.80%	79.52%	79.06%	76.95%	77.49%	79.55%	78.25%	78.74%	77.60%	81.27%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	15.98%	16.20%	20.48%	20.94%	23.05%	22.51%	20.45%	21.75%	21.26%	22.40%	18.73%
Return on Invested Capital (ROIC)	7.59%	9.07%	10.02%	11.21%	8.66%	10.99%	12.76%	10.44%	8.98%	11.57%	10.98%
ROIC Less NNEP Spread (ROIC-NNEP)	7.59%	9.07%	10.02%	11.21%	8.66%	10.99%	12.76%	10.44%	8.98%	11.57%	10.98%
Return on Net Nonoperating Assets (RNNOA)	17.41%	20.06%	22.98%	25.40%	19.41%	23.96%	28.80%	23.69%	19.59%	22.52%	24.88%
Return on Equity (ROE)	25.00%	29.13%	33.01%	36.61%	28.06%	34.95%	41.56%	34.12%	28.57%	34.09%	35.86%
Cash Return on Invested Capital (CROIC)	0.54%	-0.14%	-3.46%	-2.03%	-1.39%	-2.72%	1.49%	0.64%	5.62%	21.53%	-0.13%
Operating Return on Assets (OROA)	3.35%	3.90%	4.60%	5.10%	3.93%	4.89%	5.68%	4.77%	3.97%	4.78%	4.81%
Return on Assets (ROA)	2.81%	3.26%	3.66%	4.03%	3.03%	3.79%	4.52%	3.73%	3.13%	3.71%	3.91%
Return on Common Equity (ROCE)	25.00%	29.13%	33.01%	36.61%	28.06%	34.95%	41.56%	34.12%	28.57%	34.09%	35.86%
Return on Equity Simple (ROE_SIMPLE)	0.00%	27.82%	27.87%	29.33%	0.00%	31.27%	33.30%	33.30%	0.00%	32.93%	31.40%
Net Operating Profit after Tax (NOPAT)	1,572	1,816	2,174	2,451	1,933	2,437	3,015	2,507	2,170	2,584	2,885
NOPAT Margin	11.09%	12.72%	14.44%	15.94%	12.24%	15.42%	18.46%	15.07%	12.63%	15.23%	16.16%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	32.52%	33.25%	31.03%	30.40%	30.65%	31.43%	29.73%	29.75%	31.16%	30.26%	29.66%
Operating Expenses to Revenue	79.56%	77.44%	73.88%	71.83%	75.00%	72.07%	69.03%	72.59%	76.44%	73.60%	72.25%
Earnings before Interest and Taxes (EBIT)	1,871	2,167	2,734	3,100	2,512	3,145	3,790	3,204	2,756	3,330	3,550
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,289	2,567	3,134	3,529	2,934	3,535	4,211	3,641	3,184	3,763	3,977
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.34	4.63	4.77	3.96	4.80	5.73	5.62	6.47	6.89	6.04	6.90
Price to Tangible Book Value (P/TBV)	4.34	4.63	4.77	3.96	4.80	5.73	5.62	6.47	6.89	6.04	6.90
Price to Revenue (P/Rev)	2.03	2.17	2.23	1.84	2.22	2.66	2.62	2.98	3.16	2.81	3.25
Price to Earnings (P/E)	14.27	16.63	17.11	13.49	16.07	18.34	16.88	19.44	20.59	18.33	21.97
Dividend Yield	1.39%	1.29%	1.26%	1.53%	1.54%	1.06%	1.08%	0.96%	0.91%	1.04%	0.92%
Earnings Yield	7.01%	6.01%	5.84%	7.41%	6.22%	5.45%	5.92%	5.14%	4.86%	5.45%	4.55%
Enterprise Value to Invested Capital (EV/IC)	1.61	1.66	1.67	1.42	1.67	1.88	1.87	2.17	2.45	2.25	2.25
Enterprise Value to Revenue (EV/Rev)	2.45	2.44	2.55	2.13	2.49	2.82	2.84	3.29	3.54	2.82	3.48
Enterprise Value to EBITDA (EV/EBITDA)	11.57	12.66	13.42	10.90	12.37	13.31	12.64	14.85	16.00	12.77	16.41
Enterprise Value to EBIT (EV/EBIT)	13.53	14.94	15.79	12.72	14.31	15.21	14.32	16.81	18.08	14.44	18.61
Enterprise Value to NOPAT (EV/NOPAT)	17.26	18.67	19.59	15.67	17.96	19.43	18.27	21.50	23.02	18.39	23.55
Enterprise Value to Operating Cash Flow (EV/OCF)	6.15	8.03	8.84	6.21	8.11	7.14	7.16	14.14	16.59	14.25	18.25
Enterprise Value to Free Cash Flow (EV/FCFF)	310.29	0.00	0.00	0.00	0.00	0.00	132.00	354.44	44.69	9.93	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.27	2.13	2.27	2.24	2.22	2.22	2.24	2.29	2.15	1.69	2.28
Long-Term Debt to Equity	1.72	1.58	1.75	1.70	1.71	1.70	1.74	1.80	1.64	1.64	1.80
Financial Leverage	2.29	2.21	2.29	2.27	2.24	2.18	2.26	2.27	2.18	1.95	2.27
Leverage Ratio	8.89	8.92	9.02	9.08	9.28	9.22	9.19	9.15	9.13	9.20	9.18
Compound Leverage Factor	8.89	8.92	9.02	9.08	9.28	9.22	9.19	9.15	9.13	9.20	9.18
Debt to Total Capital	69.40%	68.06%	69.44%	69.15%	68.94%	68.99%	69.18%	69.65%	68.22%	62.85%	69.55%
Short-Term Debt to Total Capital	16.69%	17.51%	15.96%	16.72%	15.94%	16.34%	15.42%	14.94%	16.02%	1.86%	14.71%
Long-Term Debt to Total Capital	52.71%	50.55%	53.48%	52.44%	52.99%	52.65%	53.75%	54.71%	52.20%	61.00%	54.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	30.60%	31.94%	30.56%	30.85%	31.06%	31.01%	30.82%	30.35%	31.78%	37.15%	30.45%
Debt to EBITDA	5.00	5.19	5.59	5.32	5.12	4.87	4.67	4.76	4.46	3.57	5.07
Net Debt to EBITDA	2.00	1.38	1.70	1.51	1.30	0.75	0.96	1.42	1.69	0.04	1.10
Long-Term Debt to EBITDA	3.80	3.86	4.30	4.03	3.94	3.72	3.63	3.74	3.41	3.46	4.00
Debt to NOPAT	7.46	7.66	8.15	7.64	7.44	7.11	6.74	6.89	6.41	5.14	7.28
Net Debt to NOPAT	2.99	2.04	2.48	2.18	1.89	1.09	1.38	2.06	2.42	0.05	1.58
Long-Term Debt to NOPAT	5.67	5.69	6.28	5.80	5.72	5.43	5.24	5.41	4.91	4.99	5.74
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-5,524	-5,526	-8,111	-7,260	-7,627	-8,926	-5,460	-6,785	-2,742	11,330	-7,397
Operating Cash Flow to CapEx	1,643.66%	-104.72%	1,043.35%	2,055.86%	1,588.97%	1,402.02%	802.12%	-398.24%	1,167.27%	1,107.91%	705.01%
Free Cash Flow to Firm to Interest Expense	-4.58	-3.86	-4.86	-4.04	-3.92	-4.45	-2.65	-3.17	-1.34	5.76	-3.56
Operating Cash Flow to Interest Expense	6.99	-0.26	2.35	4.59	3.47	2.77	2.20	-0.85	2.83	2.42	2.10
Operating Cash Flow Less CapEx to Interest Expense	6.56	-0.51	2.12	4.36	3.26	2.57	1.92	-1.06	2.59	2.20	1.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.25	0.26	0.25	0.25	0.25	0.25	0.24	0.25	0.25	0.24	0.24
Fixed Asset Turnover	10.36	10.81	11.11	11.53	11.69	12.00	12.15	12.38	12.55	12.76	12.58
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	80,765	81,380	87,370	88,580	90,325	92,743	95,845	97,872	95,237	83,997	106,127
Invested Capital Turnover	0.68	0.71	0.69	0.70	0.71	0.71	0.69	0.69	0.71	0.76	0.68
Increase / (Decrease) in Invested Capital	7,096	7,342	10,285	9,711	9,560	11,363	8,475	9,292	4,912	-8,746	10,282
Enterprise Value (EV)	129,702	135,021	145,732	125,560	150,429	174,759	179,658	212,664	233,136	188,939	238,987
Market Capitalization	107,255	120,262	127,313	108,128	134,591	164,924	166,060	192,297	208,582	188,391	222,911
Book Value per Share	$33.07	$34.93	$35.93	$37.10	$38.50	$39.89	$41.07	$41.79	$42.96	$44.41	$46.12
Tangible Book Value per Share	$33.07	$34.93	$35.93	$37.10	$38.50	$39.89	$41.07	$41.79	$42.96	$44.41	$46.12
Total Capital	80,765	81,380	87,370	88,580	90,325	92,743	95,845	97,872	95,237	83,997	106,127
Total Debt	56,054	55,388	60,667	61,256	62,268	63,979	66,305	68,165	64,973	52,795	73,816
Total Long-Term Debt	42,573	41,138	46,725	46,447	47,866	48,826	51,521	53,546	49,715	51,236	58,202
Net Debt	22,447	14,759	18,419	17,432	15,838	9,835	13,598	20,367	24,554	548	16,076
Capital Expenditures (CapEx)	513	360	376	401	426	396	565	455	495	430	619
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	56,054	55,388	60,667	61,256	62,268	63,979	66,305	68,165	64,973	52,795	73,816
Total Depreciation and Amortization (D&A)	418	400	400	429	422	390	421	437	428	433	427
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$2.41	$2.89	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	751M	743M	740M	732M	735M	721M	716M	708M	712M	701M	698M
Adjusted Diluted Earnings per Share	$2.08	$2.40	$2.89	$3.30	$2.62	$3.33	$4.15	$3.49	$3.04	$3.64	$4.08
Adjusted Weighted Average Diluted Shares Outstanding	752M	744M	741M	733M	736M	722M	717M	709M	713M	702M	699M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	744.19M	743.24M	736.46M	728.75M	723.87M	719.30M	710.91M	704.44M	702.53M	700.59M	695.88M
Normalized Net Operating Profit after Tax (NOPAT)	1,572	1,816	2,174	2,451	1,933	2,437	3,015	2,507	2,170	2,584	2,885
Normalized NOPAT Margin	11.09%	12.72%	14.44%	15.94%	12.24%	15.42%	18.46%	15.07%	12.63%	15.23%	16.16%
Pre Tax Income Margin	13.20%	15.17%	18.16%	20.15%	15.90%	19.90%	23.20%	19.26%	16.04%	19.63%	19.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.55	1.51	1.64	1.72	1.29	1.57	1.84	1.50	1.35	1.69	1.71
NOPAT to Interest Expense	1.30	1.27	1.30	1.36	0.99	1.21	1.46	1.17	1.06	1.31	1.39
EBIT Less CapEx to Interest Expense	1.13	1.26	1.41	1.50	1.07	1.37	1.56	1.28	1.11	1.48	1.41
NOPAT Less CapEx to Interest Expense	0.88	1.02	1.08	1.14	0.77	1.02	1.19	0.96	0.82	1.10	1.09
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	20.83%	22.47%	22.56%	21.60%	21.26%	20.31%	19.17%	19.64%	19.74%	20.01%	20.97%
Augmented Payout Ratio	67.43%	53.56%	57.37%	63.90%	64.84%	71.74%	73.62%	79.19%	79.17%	77.77%	75.48%

Financials Breakdown Chart

Key Financial Trends

American Express (NYSE: AXP) has demonstrated consistent financial growth and operational strength over the last four years across its income, balance sheet, and cash flow statements. Here is a detailed summary and analysis of the key trends for retail investors:

Net Income Growth: The company’s net income has steadily increased from about $1.6 billion in Q4 2022 to $2.9 billion in Q2 2025, indicating strong profitability growth.
Increasing Earnings Per Share (EPS): Diluted EPS rose from $2.08 in Q4 2022 to $4.08 in Q2 2025, reflecting improved earnings attributable to shareholders on a per-share basis.
Revenue Expansion: Total revenue increased from approximately $14.2 billion in Q1 2023 to $17.9 billion in Q2 2025, driven by both interest and non-interest income growth.
Strong Operating Cash Flow: Net cash from continuing operating activities consistently exceeded $4 billion quarterly in recent periods, reaching $4.36 billion in Q2 2025, showing robust internal cash generation.
Loan Loss Provision Management: Provisions for loan losses have increased somewhat but remain well-managed relative to revenue and income growth, indicating controlled credit risk management.
High Debt Levels: Total long-term debt increased to about $58.2 billion by Q2 2025, which is notable given the company’s large asset base and cash flow, but warrants attention from investors.
Substantial Deposits Base: Non-interest bearing and interest bearing deposits have grown significantly, providing a solid funding base with non-interest bearing deposits around $149 billion in Q2 2025.
Capital Expenditures: Consistent investment in property, leasehold improvements, and equipment ($400-$600 million quarterly) reflects ongoing commitment to infrastructure but impacts free cash flow.
Negative Investing Cash Flow: The company has experienced outflows in investing activities due to significant purchases of investment securities, leading to a net negative cash flow from investing ($6.8 billion in Q2 2025).
Share Repurchases and Dividend Payments: While dividends per share have risen modestly to $0.82 in Q2 2025, cash outflows for share repurchases remain substantial, which could pressure liquidity though enhance shareholder value.

Summary: American Express has shown strong growth in profitability, revenue, and operating cash flows over the past four years. The company is effectively managing credit losses and investing in its business while also returning capital to shareholders through dividends and buybacks. The increasing level of debt alongside aggressive investing activities are points for investors to watch, but overall, the financial health and growth trajectory appear positive.

10/03/25 06:18 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About American Express' Financials

When does American Express' financial year end?

According to the most recent income statement we have on file, American Express' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has American Express' net income changed over the last 10 years?

American Express' net income appears to be on an upward trend, with a most recent value of $10.13 billion in 2024, rising from $5.89 billion in 2014. The previous period was $8.37 billion in 2023. See where experts think American Express is headed by visiting American Express' forecast page.

How has American Express' revenue changed over the last 10 years?

Over the last 10 years, American Express' total revenue changed from $34.19 billion in 2014 to $65.95 billion in 2024, a change of 92.9%.

How much debt does American Express have?

American Express' total liabilities were at $241.20 billion at the end of 2024, a 3.5% increase from 2023, and a 74.2% increase since 2014.

How much cash does American Express have?

In the past 10 years, American Express' cash and equivalents has ranged from $1.29 billion in 2021 to $7.12 billion in 2023, and is currently $3.41 billion as of their latest financial filing in 2024.

How has American Express' book value per share changed over the last 10 years?

Over the last 10 years, American Express' book value per share changed from 19.98 in 2014 to 42.96 in 2024, a change of 115.0%.

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This page (NYSE:AXP) was last updated on 10/3/2025 by MarketBeat.com Staff

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American Express (AXP) Financials

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American Express (AXP) Financials

Annual Income Statements for American Express

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