AXPNYSEFinance ServicesFiscal year ends December 31
AMERICAN EXPRESS CO
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 24, 2026
$316.41+2.82 (+0.90%)
Close on Oct 19, 2026
- Market cap
- $214.84B
- P/E (TTM)
- 19.2
- Dividend yield
- 1.04%
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
26.2%+12.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +6.4% | +6.5% | +13.5% | +2.3% | |
| Net income | +7.0% | +13.0% | +28.1% | +7.7% | |
| EPS, diluted | +9.8% | +16.0% | +32.5% | – | |
| Free cash flow | +31.8% | -5.9% | +31.2% | +5.5% | |
| Dividend per share | +17.1% | +16.4% | +13.8% | +11.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 26.1% | 13.6% | 34.0% | |
| Return on assets | 3.4% | 1.6% | 3.8% | |
| Capex to revenue | 5.7% | 6.7% | 5.9% | |
| Diluted shares | 935M | 806M | 696M |
Where the cash went
Fiscal 2021 to 2025, five years combined
American Express generated $86.76B from operations and spent $45.01B on capital expenditure, dividends and share buybacks. 21% of that went back into the business.
Generated
$86.76B
Used
$45.01B
Capital expenditure$9.30B21%Dividends$9.06B20%Share buybacks$26.64B59%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin26.2%
×Asset turnover0.14×
×Equity multiplier8.97×
=Return on equity, FY202534.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 26.2% | 0.14× | 8.97× | 34.0% |
| FY2024 | 26.1% | 0.15× | 9.13× | 34.7% |
| FY2023 | 22.5% | 0.15× | 9.28× | 31.7% |
| FY2022 | 22.0% | 0.16× | 8.90× | 32.1% |
| FY2021 | 29.1% | 0.15× | 8.41× | 35.7% |
| FY2020 | 14.3% | 0.11× | 8.45× | 13.6% |
| FY2019 | 24.0% | 0.15× | 8.53× | 29.8% |
| FY2018 | 26.0% | 0.14× | 9.12× | 34.1% |
| FY2017 | 11.1% | 0.15× | 8.77× | 14.2% |
| FY2016 | 22.2% | 0.15× | 7.77× | 26.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$10.83B
- Cash generatingOperating cash flow above zero$18.43B
- Return on assets improvedROA up on the prior year3.9% → 4.0%
- Earnings backed by cashOperating cash flow above net income$18.43B vs $10.83B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise713M → 696M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.15 → 0.15