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American Express

AXP Clue Score56
United States Fiscal year ends December CIK 0000004962
$311.53 +1.09% Close, 12 Oct 2026
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Price $311.53 +78.11% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue24.24Net income5.38EPS, diluted5.61Fiscal year 2017Revenue24.78 +2.2%Net income2.75 −48.9%EPS, diluted2.99 −46.7%Fiscal year 2018Revenue26.61 +7.4%Net income6.92 +151.9%EPS, diluted7.91 +164.5%Fiscal year 2019Revenue28.16 +5.8%Net income6.76 −2.3%EPS, diluted7.99 +1.0%Fiscal year 2020Revenue21.97 −22.0%Net income3.14 −53.6%EPS, diluted3.77 −52.8%Fiscal year 2021Revenue27.72 +26.1%Net income8.06 +157.1%EPS, diluted10.02 +165.8%Fiscal year 2022Revenue34.22 +23.5%Net income7.51 −6.8%EPS, diluted9.85 −1.7%Fiscal year 2023Revenue37.22 +8.8%Net income8.37 +11.4%EPS, diluted11.21 +13.8%Fiscal year 2024Revenue38.83 +4.3%Net income10.13 +21.0%EPS, diluted14.01 +25.0%Fiscal year 2025Revenue41.30 +6.4%Net income10.83 +7.0%EPS, diluted15.38 +9.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 24.24 24.78 26.61 28.16 21.97 27.72 34.22 37.22 38.83 41.30
Growth +2.2% +7.4% +5.8% −22.0% +26.1% +23.5% +8.8% +4.3% +6.4%
Net income 5.38 2.75 6.92 6.76 3.14 8.06 7.51 8.37 10.13 10.83
Growth −48.9% +151.9% −2.3% −53.6% +157.1% −6.8% +11.4% +21.0% +7.0%
EPS, diluted 5.61 2.99 7.91 7.99 3.77 10.02 9.85 11.21 14.01 15.38
Growth −46.7% +164.5% +1.0% −52.8% +165.8% −1.7% +13.8% +25.0% +9.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin22.2%Free cash flow margin28.5%Fiscal year 2017Net margin11.1%Free cash flow margin50.4%Fiscal year 2018Net margin26.0%Free cash flow margin28.6%Fiscal year 2019Net margin24.0%Free cash flow margin42.6%Fiscal year 2020Net margin14.3%Free cash flow margin18.7%Fiscal year 2021Net margin29.1%Free cash flow margin47.2%Fiscal year 2022Net margin22.0%Free cash flow margin56.2%Fiscal year 2023Net margin22.5%Free cash flow margin45.7%Fiscal year 2024Net margin26.1%Free cash flow margin31.3%Fiscal year 2025Net margin26.2%Free cash flow margin38.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 22.2% 11.1% 26.0% 24.0% 14.3% 29.1% 22.0% 22.5% 26.1% 26.2%
Free cash flow margin 28.5% 50.4% 28.6% 42.6% 18.7% 47.2% 56.2% 45.7% 31.3% 38.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow8.29Capital expenditure−1.38Free cash flow6.92Buybacks−4.40Dividends paid−1.21Fiscal year 2017Operating cash flow13.54Capital expenditure−1.06Free cash flow12.48 +80.4%Buybacks−4.30Dividends paid−1.25Fiscal year 2018Operating cash flow8.93Capital expenditure−1.31Free cash flow7.62 −38.9%Buybacks−1.60Dividends paid−1.32Fiscal year 2019Operating cash flow13.63Capital expenditure−1.65Free cash flow11.99 +57.3%Dividends paid−1.42Fiscal year 2020Operating cash flow5.59Capital expenditure−1.48Free cash flow4.11 −65.7%Buybacks−1.03Dividends paid−1.47Fiscal year 2021Operating cash flow14.65Capital expenditure−1.55Free cash flow13.10 +218.4%Buybacks−7.65Dividends paid−1.45Fiscal year 2022Operating cash flow21.08Capital expenditure−1.86Free cash flow19.22 +46.8%Buybacks−3.50Dividends paid−1.57Fiscal year 2023Operating cash flow18.56Capital expenditure−1.56Free cash flow17.00 −11.6%Buybacks−3.65Dividends paid−1.78Fiscal year 2024Operating cash flow14.05Capital expenditure−1.91Free cash flow12.14 −28.6%Buybacks−6.02Dividends paid−2.00Fiscal year 2025Operating cash flow18.43Capital expenditure−2.43Free cash flow16.00 +31.8%Buybacks−5.81Dividends paid−2.27
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 8.29 13.54 8.93 13.63 5.59 14.65 21.08 18.56 14.05 18.43
Capital expenditure −1.38 −1.06 −1.31 −1.65 −1.48 −1.55 −1.86 −1.56 −1.91 −2.43
Free cash flow 6.92 12.48 7.62 11.99 4.11 13.10 19.22 17.00 12.14 16.00
Growth +80.4% −38.9% +57.3% −65.7% +218.4% +46.8% −11.6% −28.6% +31.8%
Buybacks −4.40 −4.30 −1.60 n/a −1.03 −7.65 −3.50 −3.65 −6.02 −5.81
Dividends paid −1.21 −1.25 −1.32 −1.42 −1.47 −1.45 −1.57 −1.78 −2.00 −2.27

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash25.49Total debt46.99Net cash (debt)−21.50Shareholders’ equity20.52Debt to equity2.29Fiscal year 2017Cash33.26Total debt55.80Net cash (debt)−22.54Shareholders’ equity18.26Debt to equity3.06Fiscal year 2018Cash27.81Total debt58.42Net cash (debt)−30.62Shareholders’ equity22.29Debt to equity2.62Fiscal year 2019Cash24.45Total debt57.84Net cash (debt)−33.39Shareholders’ equity23.07Debt to equity2.51Fiscal year 2020Cash32.97Total debt42.95Net cash (debt)−9.99Shareholders’ equity22.98Debt to equity1.87Fiscal year 2021Cash21.50Total debt38.68Net cash (debt)−17.17Shareholders’ equity22.18Debt to equity1.74Fiscal year 2022Cash33.37Total debt42.57Net cash (debt)−9.20Shareholders’ equity24.71Debt to equity1.72Fiscal year 2023Cash46.60Total debt47.87Net cash (debt)−1.27Shareholders’ equity28.06Debt to equity1.71Fiscal year 2024Cash40.64Total debt49.72Net cash (debt)−9.08Shareholders’ equity30.26Debt to equity1.64Fiscal year 2025Cash47.79Total debt56.39Net cash (debt)−8.60Shareholders’ equity33.47Debt to equity1.68
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 25.49 33.26 27.81 24.45 32.97 21.50 33.37 46.60 40.64 47.79
Total debt 46.99 55.80 58.42 57.84 42.95 38.68 42.57 47.87 49.72 56.39
Net cash (debt) −21.50 −22.54 −30.62 −33.39 −9.99 −17.17 −9.20 −1.27 −9.08 −8.60
Shareholders’ equity 20.52 18.26 22.29 23.07 22.98 22.18 24.71 28.06 30.26 33.47
Debt to equity 2.29 3.06 2.62 2.51 1.87 1.74 1.72 1.71 1.64 1.68

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
33.2% 30.0% 30.5% 29.9% 19.6% 38.6% 28.0% 28.2% 33.2% 33.4%
22.2% 11.1% 26.0% 24.0% 14.3% 29.1% 22.0% 22.5% 26.1% 26.2%
28.5% 50.4% 28.6% 42.6% 18.7% 47.2% 56.2% 45.7% 31.3% 38.7%
Spending
5.7% 4.3% 4.9% 5.8% 6.7% 5.6% 5.4% 4.2% 4.9% 5.9%
33.2% 63.0% 14.8% 19.8% 27.0% 24.6% 21.6% 20.3% 21.5% 21.5%
Returns
26.2% 15.0% 31.0% 29.3% 13.6% 36.3% 30.4% 29.8% 33.5% 32.4%
3.4% 1.5% 3.7% 3.4% 1.6% 4.3% 3.3% 3.2% 3.7% 3.6%
Balance and payout
2.29 3.06 2.62 2.51 1.87 1.74 1.72 1.71 1.64 1.68
87.0% 90.0% 88.0% 88.5% 88.2% 88.0% 89.2% 89.3% 88.9% 88.8%
22.5% 45.5% 19.1% 21.0% 47.0% 18.0% 20.8% 21.3% 19.7% 21.0%
81.1% 44.5% 38.4% 11.9% 60.9% 69.5% 26.4% 31.9% 66.1% 50.5%