American Express (AXP) financial statements
American Express reported revenue of $72.2B in fiscal 2025, up 8.2% a year over 9 years.
Net income was $10.8B.
Free cash flow was $16.0B, and the company returned $2.3B in dividends and $5.8B in net buybacks.
The diluted share count fell 26% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from American Express's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $35.4B | $36.9B | $40.3B | $43.6B | $36.1B | $42.4B | $52.9B | $60.5B | $65.9B | $72.2B |
| Interest expense | $1.7B | $2.1B | $2.9B | $3.5B | $2.1B | $1.3B | $2.8B | $6.8B | — | — |
| Pre-tax income | $8.0B | $7.4B | $8.1B | $8.4B | $4.3B | $10.7B | $9.6B | $10.5B | $12.9B | $13.8B |
| Income tax | $2.7B | $4.7B | $1.2B | $1.7B | $1.2B | $2.6B | $2.1B | $2.1B | $2.8B | $3.0B |
| Net income | $5.4B | $2.7B | $6.9B | $6.8B | $3.1B | $8.1B | $7.5B | $8.4B | $10.1B | $10.8B |
| EPS (diluted) | — | — | — | $7.99 | $3.77 | $10.02 | $9.85 | $11.21 | $14.01 | $15.38 |
| Diluted shares | 935M | 886M | 859M | 830M | 806M | 790M | 752M | 736M | 713M | 696M |
| Net margin | 15.2% | 7.5% | 17.2% | 15.5% | 8.7% | 19.0% | 14.2% | 13.8% | 15.4% | 15.0% |
Balance sheet
Fiscal years, from American Express's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $25.5B | $33.3B | $28.0B | $24.7B | $33.1B | $21.7B | $33.7B | $46.8B | $40.9B | $48.5B |
| Property, plant and equipment | $4.4B | $4.3B | $4.4B | $4.8B | $5.0B | $5.0B | $5.2B | $5.1B | $5.4B | $6.1B |
| Goodwill | $2.9B | $3.0B | $3.1B | $3.3B | $3.9B | $3.8B | $3.8B | $3.9B | $4.2B | $4.9B |
| Total assets | $159.0B | $181.0B | $189.0B | $198.0B | $191.0B | $189.0B | $228.4B | $261.1B | $271.5B | $300.1B |
| Total liabilities | $138.4B | $162.9B | $166.3B | $175.2B | $168.4B | $166.4B | $203.6B | $233.1B | $241.2B | $266.6B |
| Shareholders' equity | $20.5B | $18.3B | $22.3B | $23.1B | $23.0B | $22.2B | $24.7B | $28.1B | $30.3B | $33.5B |
| Net debt | -$25.5B | -$33.3B | -$27.8B | -$24.4B | -$33.0B | -$21.5B | -$33.4B | -$46.6B | -$40.6B | -$47.8B |
Cash flow
Fiscal years, from American Express's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.3B | $13.5B | $8.9B | $13.6B | $5.6B | $14.6B | $21.1B | $18.6B | $14.1B | $18.4B |
| Capital spending | $1.4B | $1.1B | $1.3B | $1.6B | $1.5B | $1.6B | $1.9B | $1.6B | $1.9B | $2.4B |
| Free cash flow | $6.9B | $12.5B | $7.6B | $12.0B | $4.1B | $13.1B | $19.2B | $17.0B | $12.1B | $16.0B |
| Stock-based compensation | $254M | $282M | $283M | $283M | $249M | $330M | $375M | $450M | $504M | $551M |
| Dividends paid | $1.2B | $1.3B | $1.3B | $1.4B | $1.5B | $1.4B | $1.6B | $1.8B | $2.0B | $2.3B |
| Share buybacks (net) | -$4.4B | -$4.3B | -$1.6B | — | -$1.0B | -$7.7B | -$3.5B | -$3.6B | -$6.0B | -$5.8B |
| Net borrowing | -$136M | $6.4B | $2.5B | $2.2B | -$20.2B | -$3.4B | $3.6B | $4.9B | $2.0B | $6.2B |
| Free cash flow margin | 19.5% | 33.8% | 18.9% | 27.5% | 11.4% | 30.9% | 36.4% | 28.1% | 18.4% | 22.2% |
| Dividends per share | $1.29 | $1.41 | $1.54 | $1.71 | $1.83 | $1.83 | $2.08 | $2.42 | $2.80 | $3.26 |
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Open AXP in InvestinglyQuestions
What was American Express's revenue in 2025?
$72.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does American Express generate?
$16.0B in fiscal 2025 (operating cash flow minus capital spending).
From American Express's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.