Company file · AXP
American Express
American Express's revenue and net income rose in 2025 as US consumer card revenue grew
Total revenues net of interest expense rose 9.5% to $72.2B, and net income rose 7.0% to $10.8B. US Consumer Services was 48% of segment revenue.
Key facts
American Express (NYSE: AXP) closed fiscal 2025 on Dec 31, 2025 with total revenues net of interest expense of $72.2B, up 9.5% from a year before; net income came to $10.8B, up 7.0%. Its newest quarterly report covers the three months to Sep 30, 2026: net revenue of $20.1B, up 8.9% on the same stretch of the prior year, and net income of $3.7B. Broken down by segment (before Corporate and other), US Consumer Services led with 48% of fiscal 2025 total revenues net of interest expense. Sources: 10-K for fiscal 2025 (filed Feb 6, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 23, 2026).
Source: 10-K FY2025, filed Feb 6, 2026
Source: 10-Q filed Apr 23, 2026 · 10-Q filed Jul 24, 2026 · 10-Q filed Oct 23, 2026
How it makes money
By segment (before Corporate and other), FY2025
- LineAmountSharevs FY2024
- US Consumer Services$34.8B48%+10.8%
- Commercial Services$16.9B23%+6.7%
- International Card Services$13.0B18%+13.4%
- Global Merchant and Network Services$7.8B11%+3.7%
Source: 10-K FY2025, XBRL breakdown
US Consumer Services brought in $34.8B in 2025, 48% of segment revenue. Net interest income, mostly from card balances, was $17.4B, 24% of total revenues.
Source: 10-K FY2025
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: American Express 10-Q for the quarter ended Sep 30, 2026, filed Oct 23, 2026
By segment
Source: American Express 10-Q for the quarter ended Sep 30, 2026, filed Oct 23, 2026
The bull case and the bear case
The bull case
- Total revenues net of interest expense rose 9.5% in 2025 to $72.2B, and net income rose 7.0% to $10.8B. 10-K, FY2025
- International Card Services revenue grew 13.4% in 2025. 10-K, FY2025
- Revenues in the quarter ended Sep 30, 2026 were $20.1B, up 8.9% on a year earlier, and net income rose 27.9% to $3.7B. 10-Q, quarter ended Sep 30, 2026
- Diluted shares fell 2.4% in 2025. 10-K, FY2025
The bear case
- Global Merchant and Network Services revenue grew just 3.7% in 2025. 10-K, FY2025
- Net income grew 7.0% in 2025, slower than revenue. 10-K, FY2025
- The 10-K lists consumer and business spending, credit losses on card loans, competition and regulation of card fees among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
American Express issues credit and charge cards to consumers and businesses and runs its own card payment network, earning fees from merchants, card fees and interest on card balances.
It reports four segments. US Consumer Services issues cards to US consumers. Commercial Services issues cards to US small businesses and large companies. International Card Services issues cards outside the US. Global Merchant and Network Services signs up merchants to accept American Express and runs the network.
Unlike Visa or Mastercard, it usually lends to cardholders itself and also runs the network. It is a bank holding company and funds card loans partly with deposits. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in American Express's latest 10-K. Read the original for the full list.
- SpendingRevenue depends on how much card members spend, which falls in a weaker economy.
- CreditCard members may not repay balances.
- CompetitionIt competes with banks, networks and new payment methods for card members and merchants.
- RegulationRules on card fees, lending and banking can limit what it earns.
- FundingIt depends on deposits and debt markets to fund card loans.
- Cyber and partnersCyberattacks, outages and changes with co-brand partners could hurt the business.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total revenues net of interest expense | $60.5B | $65.9B | $72.2B |
| Net income | $8.4B | $10.1B | $10.8B |
| Net interest income | $13.1B | $15.5B | $17.4B |
| Noninterest revenue | $47.4B | $50.4B | $54.9B |
| Deposits (year end) | $129.1B | $139.4B | $152.5B |
| Total assets (year end) | $261.1B | $271.5B | $300.1B |
| Shareholders' equity (year end) | $28.1B | $30.3B | $33.5B |
| Diluted shares | 736M | 713M | 696M |
- Total revenues net of interest expense: Card fees, discount revenue merchants pay on card spending, and net interest income on card loans, after interest expense.
- Net income: Profit after all costs and taxes.
- Net interest income: Interest earned on loans and securities minus interest paid on deposits and borrowings.
- Noninterest revenue: Fees, commissions, trading and other revenue that isn't interest.
- Deposits: Money customers keep at the bank, a liability on its balance sheet.
- Total assets: Everything on the balance sheet: loans, securities, cash, trading assets and more.
- Shareholders' equity: Book value, including preferred stock.
- Diluted shares: Weighted average diluted common shares for the year.
About these numbers
- Total revenues net of interest expense are what American Express headlines: discount revenue, card fees and other fees plus net interest income.
- Segment revenue is before Corporate and Other, so the four segments don't add up exactly to the total.
- The provision for credit losses isn't shown: it isn't tagged in a form that could be matched to a consistent three-year series.
What we left out
- Operating cash flow: for a card lender it mostly reflects lending and funding flows, so we leave it out.
- Total debt: borrowing is a normal part of how American Express funds card loans, alongside deposits, so a debt total isn't comparable with other companies' and isn't shown.
- Cash: its cash is mostly held for liquidity and isn't tagged in recent filings in a comparable way, so it isn't shown.
Recent filings
Latest filings
- Oct 237:00 AM ET
8-K
American Express files an 8-K on quarterly results and investor materials (Reg FD)
American Express filed a Form 8-K on Oct 23, 2026 at 7:00 AM ET under Item 2.02 (Results of Operations and Financial Condition), Item 7.01 (Regulation FD Disclosure).
- Oct 1512:00 PM ET
8-K
American Express files an 8-K on investor materials (Reg FD)
American Express filed a Form 8-K on Oct 15, 2026 at 12:00 PM ET under Item 7.01 (Regulation FD Disclosure).
- Oct 84:38 PM ET
8-K
American Express files an 8-K on investor materials (Reg FD)
American Express filed a Form 8-K on Oct 8, 2026 at 4:38 PM ET under Item 7.01 (Regulation FD Disclosure).
- Oct 24:16 PM ET
Form 4
American Express director Christopher David Young reports an award of about 128 share Equivalent units
The filing reports about 128 share Equivalent units in a grant or award (code A).
- Oct 24:15 PM ET
Form 4
American Express director Lisa W. Wardell reports an award of about 120 share Equivalent units
The filing reports about 120 share Equivalent units in a grant or award (code A).
Common questions about American Express
How does American Express make money?
Fiscal 2025 total revenues net of interest expense: $72.2B. US Consumer Services brought in $34.8B in 2025, 48% of segment revenue. Net interest income, mostly from card balances, was $17.4B, 24% of total revenues. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
What was American Express's revenue in fiscal 2025?
$72.2B, up 9.5% from fiscal 2024 ($65.9B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $60.5B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
Is American Express profitable?
Net income was $10.8B in fiscal 2025 (up 7.0%; fiscal 2024 was $10.1B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $3.7B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
What did American Express report in its latest quarterly filing?
For the three months to Sep 30, 2026: net revenue $20.1B (up 8.9% from $18.4B) and net income $3.7B (up 27.9% from $2.9B). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 23, 2026.
What are the main risks American Express lists?
The risk factors are in Item 1A of the 10-K filed Feb 6, 2026. This page sorts them into 6 groups (Spending; credit; competition; regulation; funding; cyber and partners). The first group in plain English: Revenue depends on how much card members spend, which falls in a weaker economy. Source: 10-K, Item 1A Risk Factors.
Where do these American Express numbers come from?
The 10-K filed Feb 6, 2026 (fiscal 2025) and the 10-Q filed Oct 23, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in AXP
- The editor holds no position in American Express (AXP). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell AXP from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold AXP, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| American ExpressAXP | FY2025 | $72.2B | +9.5% | $10.8B |
| VisaV | FY2025 | $40.0B | +11.3% | $20.1B |
| MastercardMA | FY2025 | $32.8B | +16.4% | $15.0B |
| Capital OneCOF | FY2025 | $53.4B | +36.6% | $2.5B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.