AMERICAN EXPRESS CO (AXP) financial statements: income statement, balance sheet and cash flow

AMERICAN EXPRESS CO's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), AMERICAN EXPRESS CO reported revenue of $72.2B (+9.5% year on year) and net income of $10.8B (+7.0% year on year).

Income statement

AMERICAN EXPRESS CO income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Total non-interest revenues	$54.9B	$50.4B	$47.4B	$43.0B
Interest on loans	$23.2B	$21.1B	$17.7B	$12.0B
Interest and dividends on investment securities	$63.0M	$86.0M	$128.0M	$96.0M
Deposits with banks and other	$2.3B	$2.6B	$2.2B	$595.0M
Total interest income	$25.6B	$23.8B	$20.0B	$12.7B
Deposits	$5.4B	$5.7B	$4.9B	$1.5B
Long-term debt and other	$2.8B	$2.6B	$2.0B	$1.2B
Total interest expense	$8.2B	$8.3B	$6.8B	$2.8B
Net interest income	$17.4B	$15.5B	$13.1B	$9.9B
Total revenues net of interest expense	$72.2B	$65.9B	$60.5B	$52.9B
Provisions for credit losses	$5.3B	$5.2B	$4.9B	$2.2B
Total revenues net of interest expense after provisions for credit losses	$67.0B	$60.8B	$55.6B	$50.7B
Card Member rewards	$18.4B	$16.6B	$15.4B	$14.0B
Business development	$6.5B	$5.9B	$5.7B	$4.9B
Card Member services	$6.1B	$4.8B	$4.0B	$3.0B
Marketing	$6.3B	$6.0B	$5.2B	$5.5B
Salaries and employee benefits	$9.0B	$8.2B	$8.1B	$7.3B
Other, net	$7.0B	$6.4B	$6.8B	$6.5B
Total expenses	$53.2B	$47.9B	$45.1B	$41.1B
Pretax income	$13.8B	$12.9B	$10.5B	$9.6B
Income tax provision	$3.0B	$2.8B	$2.1B	$2.1B
Net income	$10.8B	$10.1B	$8.4B	$7.5B
Basic (in dollars per share)	$15.41	$14.04	$11.23	$9.86
Diluted (in dollars per share)	$15.38	$14.01	$11.21	$9.85
Basic (in shares)	695.0M	712.0M	735.0M	751.0M
Diluted (in shares)	696.0M	713.0M	736.0M	752.0M

AMERICAN EXPRESS CO income statement, quarters

Line item	Sep 30, 2026 · Q3	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3
Non-interest revenues	$15.1B	$15.0B	$14.2B	$13.9B
Interest on Card balances and Other loans	$6.4B	$6.1B	$6.1B	$6.0B
Interest and dividends on investment securities	$45.0M	$36.0M	$17.0M	$15.0M
Deposits with banks and other	$426.0M	$452.0M	$512.0M	$632.0M
Total interest income	$6.9B	$6.6B	$6.7B	$6.6B
Deposits	$1.2B	$1.3B	$1.3B	$1.4B
Long-term debt and other	$676.0M	$682.0M	$686.0M	$760.0M
Total interest expense	$1.9B	$2.0B	$2.0B	$2.1B
Net interest income	$4.9B	$4.6B	$4.7B	$4.5B
Total revenues net of interest expense	$20.1B	$19.6B	$18.9B	$18.4B
Total provisions for credit losses	$985.0M	$1.1B	$1.3B	$1.3B
Total revenues net of interest expense after provisions for credit losses	$19.1B	$18.6B	$17.7B	$17.1B
Card Member rewards	$5.1B	$5.1B	$4.9B	$4.6B
Business development	$1.8B	$1.8B	$1.6B	$1.6B
Card Member services	$2.0B	$1.9B	$2.0B	$1.5B
Marketing	$1.8B	$1.6B	$1.5B	$1.6B
Salaries and employee benefits	$2.6B	$2.3B	$2.5B	$2.2B
Other, net	$1.3B	$1.7B	$1.5B	$1.8B
Total expenses	$14.5B	$14.5B	$13.9B	$13.3B
Pretax income	$4.5B	$4.1B	$3.8B	$3.8B
Income tax provision	$819.0M	$961.0M	$807.0M	$923.0M
Net income	$3.7B	$3.1B	$3.0B	$2.9B
Basic (in dollars per share)	$5.43	$4.54	$4.29	$4.14
Diluted (in dollars per share)	$5.42	$4.53	$4.28	$4.14
Basic (in shares)	673.0M	678.0M	685.0M	692.0M
Diluted (in shares)	674.0M	679.0M	686.0M	693.0M

Balance sheet

AMERICAN EXPRESS CO balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and due from banks (includes restricted cash of consolidated variable interest entities: 2025, nil; 2024, $6)	$3.6B	$3.4B	$7.1B	$5.5B
Interest-bearing deposits in other banks	$43.5B	$37.0B	$39.3B	$28.1B
Short-term investment securities (includes restricted investments of consolidated variable interest entities: 2025, $84; 2024, $82)	$742.0M	$221.0M	$166.0M	$307.0M
Total cash and cash equivalents (includes restricted cash: 2025, $169; 2024, $427)	$47.8B	$40.6B	$46.6B	$33.9B
Financing receivables, net	$218.4B	$202.3B	$188.1B	$167.0B
Financing receivables held for sale	$2.5B	$758.0M	—	—
Investment securities	$1.0B	$1.2B	$2.2B	$4.6B
Premises and equipment, less accumulated depreciation and amortization: 2025, $12,039; 2024, $10,739	$6.1B	$5.4B	$5.1B	$5.2B
Other assets, less reserves for credit losses: 2025, $86; 2024, $27	$24.3B	$21.2B	$19.1B	$17.7B
Total assets	$300.1B	$271.5B	$261.1B	$228.4B
Customer deposits	$152.5B	$139.4B	$129.1B	$110.2B
Accounts payable	$14.7B	$13.9B	$13.1B	$12.1B
Short-term borrowings	$1.4B	$1.4B	$1.3B	$1.3B
Long-term debt (includes debt issued by consolidated variable interest entities: 2025, $13,022; 2024, $13,880)	$56.4B	$49.7B	$47.9B	$42.6B
Other liabilities	$41.6B	$36.8B	$41.6B	$37.4B
Total liabilities	$266.6B	$241.2B	$233.1B	$203.6B
Preferred shares, $1.662/3 par value, authorized 20 million shares; issued and outstanding 1,600 shares as of December 31, 2025 and 2024 (Note 15)	0	0	0	0
Common shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 686 million shares as of December 31, 2025 and 702 million shares as of December 31, 2024	138.0M	141.0M	145.0M	149.0M
Additional paid-in capital	$11.1B	$11.4B	$11.4B	$11.5B
Retained earnings	$25.5B	$22.1B	$19.6B	$16.3B
Accumulated other comprehensive income (loss)	($3.3B)	($3.4B)	($3.1B)	($3.2B)
Total shareholders’ equity	$33.5B	$30.3B	$28.1B	$24.7B
Total liabilities and shareholders’ equity	$300.1B	$271.5B	$261.1B	$228.4B

AMERICAN EXPRESS CO balance sheet, quarters

Line item	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025
Cash and due from banks	$3.7B	$3.5B	$3.2B	$3.2B
Interest-bearing deposits in other banks	$39.3B	$41.5B	$50.3B	$50.2B
Short-term investment securities (includes restricted investments of consolidated variable interest entities: 2026, $72; 2025, $84)	$240.0M	$321.0M	$290.0M	$1.3B
Total cash and cash equivalents (includes restricted cash: 2026, $166; 2025, $169)	$43.2B	$45.2B	$53.8B	$54.7B
Financing receivables, net	$227.2B	$223.3B	$217.8B	$210.0B
Financing receivables held for sale	$0	$1.8B	$2.5B	$2.4B
Investment securities	$5.1B	$4.1B	$2.6B	$1.4B
Premises and equipment, less accumulated depreciation and amortization: 2026, $13,266; 2025, $12,039	$8.1B	$7.7B	$7.2B	$5.9B
Other assets, less reserves for credit losses: 2026, $123; 2025, $86	$26.6B	$26.1B	$25.0B	$23.2B
Total assets	$310.3B	$308.2B	$308.9B	$297.6B
Customer deposits	$155.0B	$157.0B	$157.9B	$149.9B
Accounts payable	$15.2B	$15.4B	$14.6B	$14.7B
Short-term borrowings	$1.4B	$2.0B	$1.7B	$1.4B
Long-term debt (includes debt issued by consolidated variable interest entities: 2026, $12,177; 2025, $13,022)	$58.5B	$57.0B	$58.8B	$57.8B
Other liabilities	$44.3B	$42.5B	$41.9B	$41.3B
Total liabilities	$274.5B	$273.9B	$274.9B	$265.1B
Preferred shares, $1.662/3 par value, authorized 20 million shares; issued and outstanding 1,600 shares as of September 30, 2026 and December 31, 2025	0	0	0	0
Common shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 671 million shares as of September 30, 2026 and 686 million shares as of December 31, 2025	134.0M	135.0M	137.0M	138.0M
Additional paid-in capital	$11.2B	$11.1B	$11.1B	$11.1B
Retained earnings	$27.9B	$26.4B	$26.1B	$24.5B
Accumulated other comprehensive income (loss)	($3.4B)	($3.4B)	($3.3B)	($3.2B)
Total shareholders’ equity	$35.8B	$34.3B	$34.0B	$32.4B
Total liabilities and shareholders’ equity	$310.3B	$308.2B	$308.9B	$297.6B

Cash flow statement

AMERICAN EXPRESS CO cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$10.8B	$10.1B	$8.4B	$7.5B
Provisions for credit losses	$5.3B	$5.2B	$4.9B	$2.2B
Depreciation and amortization	$1.8B	$1.7B	$1.7B	$1.6B
Stock-based compensation	$551.0M	$504.0M	$450.0M	$375.0M
Deferred taxes	($542.0M)	($990.0M)	($1.3B)	($1.2B)
Other items	($237.0M)	($564.0M)	$664.0M	$365.0M
Originations of loans held for sale	($74.0M)	$0	($54.0M)	($277.0M)
Proceeds from sales of loans held for sale	$0	$0	$59.0M	$277.0M
Other assets	($2.8B)	$1.0B	($1.2B)	$1.4B
Accounts payable & other liabilities	$3.6B	($2.9B)	$5.1B	$8.8B
Net cash provided by operating activities	$18.4B	$14.1B	$18.6B	$21.1B
Sale of investments	$47.0M	$42.0M	$2.0M	$26.0M
Maturities and redemptions of investments	$1.5B	$2.2B	$3.9B	$1.9B
Purchase of investments	($1.8B)	($1.6B)	($1.6B)	($4.2B)
Net increase in loans and Card Member receivables, including Card Member loans held for sale	($19.6B)	($23.3B)	($25.1B)	—
Purchase of premises and equipment, net of sales: 2025, $1; 2024, $6; 2023, $2	($2.4B)	($1.9B)	($1.6B)	($1.9B)
Acquisitions, net of cash acquired	($633.0M)	($454.0M)	—	—
Dispositions, net of cash disposed	$0	$594.0M	—	—
Net cash used in investing activities	($22.9B)	($24.4B)	($24.4B)	($33.7B)
Net increase in customer deposits	$13.0B	$10.3B	$18.9B	$25.9B
Net (decrease) increase in short-term borrowings	($27.0M)	$207.0M	($105.0M)	($706.0M)
Proceeds from long-term debt	$24.4B	$12.6B	$15.7B	$23.2B
Payments of long-term debt	($18.2B)	($10.8B)	($10.7B)	($18.9B)
Issuance of American Express common shares	57.0M	100.0M	28.0M	56.0M
Repurchase of American Express common shares and other	-5.8B	-6.0B	-3.6B	-3.5B
Dividends paid	($2.3B)	($2.0B)	($1.8B)	($1.6B)
Net cash provided by financing activities	$11.2B	$4.4B	$18.4B	$24.5B
Effect of foreign currency exchange rates on cash and cash equivalents	$405.0M	($40.0M)	$177.0M	($13.0M)
Net increase (decrease) in cash and cash equivalents	$7.2B	($6.0B)	$12.7B	$11.9B
Cash and cash equivalents at beginning of year	$40.6B	$46.6B	$33.9B	$22.0B
Cash and cash equivalents at end of year	$47.8B	$40.6B	$46.6B	$33.9B

AMERICAN EXPRESS CO cash flow statement, quarters

Line item	Sep 30, 2026 · YTD	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD
Net income	$9.8B	$6.1B	$3.0B	$8.4B
Provisions for credit losses	$3.3B	$2.3B	$1.3B	$3.8B
Depreciation and amortization	$1.4B	$956.0M	$468.0M	$1.3B
Stock-based compensation	$495.0M	$358.0M	$203.0M	$410.0M
Deferred taxes	($77.0M)	$71.0M	$145.0M	($642.0M)
Other items	($2.8B)	($937.0M)	($282.0M)	$74.0M
Net decrease in Card balances held for sale	$69.0M	—	—	—
Other assets	($1.3B)	($1.8B)	($1.4B)	($1.3B)
Accounts payable & other liabilities	$3.6B	$2.2B	$476.0M	$3.3B
Net cash provided by operating activities	$14.6B	$9.2B	$3.8B	$15.4B
Sale of investments	$28.0M	$24.0M	$8.0M	$42.0M
Maturities and redemptions of investments	$808.0M	$536.0M	$233.0M	$876.0M
Purchase of investments	($5.3B)	($3.9B)	($2.0B)	($1.3B)
Net increase in Card balances and Other loans, including Card balances held for sale	($8.9B)	($6.0B)	$512.0M	($10.2B)
Purchase of premises and equipment, net of sales	($3.0B)	($2.0B)	($1.1B)	($1.7B)
Acquisitions, net of cash acquired	($524.0M)	($524.0M)	($498.0M)	($633.0M)
Net cash used in investing activities	($16.9B)	($11.8B)	($2.9B)	($12.9B)
Net increase in customer deposits	$2.4B	$4.4B	$5.4B	$10.4B
Net (decrease) increase in short-term borrowings	($140.0M)	$481.0M	$110.0M	$1.0M
Proceeds from long-term debt	$10.9B	$6.1B	$3.5B	$22.4B
Payments of long-term debt	($7.8B)	($5.5B)	($1.5B)	($14.9B)
Issuance of American Express preferred shares	1.6B	—	—	—
Redemption of American Express preferred shares	-1.6B	—	—	—
Issuance of American Express common shares	14.0M	7.0M	7.0M	48.0M
Repurchase of American Express common shares and other	-5.8B	-4.2B	-1.9B	-4.9B
Dividends paid	($1.9B)	($1.2B)	($583.0M)	($1.7B)
Net cash (used in) provided by financing activities	($2.3B)	$74.0M	$5.0B	$11.4B
Effect of foreign currency exchange rates on cash and cash equivalents	$81.0M	$51.0M	$57.0M	$285.0M
Net (decrease) increase in cash and cash equivalents	($4.6B)	($2.5B)	$6.0B	$14.1B
Cash and cash equivalents at beginning of period	$47.8B	$47.8B	$47.8B	$40.6B
Cash and cash equivalents at end of period	$43.2B	$45.2B	$53.8B	$54.7B

AMERICAN EXPRESS CO score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.