At a glance
American Express Company is worth $219.93B, about 21 times its fiscal 2025 earnings. Revenue grew 9.5% to $72.23B in fiscal 2025, with 15.0% kept as profit; over 5 years it has grown 14.9% a year. It pays a 1.12% dividend yield, raised every year for at least 4 years, and returned $35.70B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −8.1% over the past year with dividends reinvested and +15.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 49.6% in the 2020 crash (S&P 500: 33.7%) and 31.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 16 months after the lows.
The business in plain English
American Express issues credit and charge cards to consumers, small businesses, mid-sized companies and large corporations. It also signs up merchants to accept its cards and runs its own payments network, working with partner banks in about 110 countries and territories. Because it sees both the cardholder side and the merchant side of a purchase, it is better able to spot fraud and judge credit risk. It is a bank holding company supervised by the Federal Reserve. It also offers savings accounts, checking accounts and loans.
Amex earns most of its money from spending on its cards, mainly through the discount rate, which is a fee merchants pay to accept them. Interest and annual card fees come second. Of $72.2 billion in fiscal 2025 revenue, $54.9 billion came from fees and other noninterest income. Another $17.4 billion came from net interest income, which is the interest earned on loans minus the interest paid on deposits and debt. Spending on its own cards reached $1,670 billion, and about 13% of it was on Delta Air Lines cobrand cards.
U.S. Consumer Services produced 48% of fiscal 2025 revenue, Commercial Services (business cards and payments) 23%, International Card Services 18% and Global Merchant and Network Services 11%. The United States supplied 78% of revenue; Europe, the Middle East and Africa 10%; Asia-Pacific 7%; and Latin America, Canada and the Caribbean 6%.
Price history
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AXP -8.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| USCS | $34.81B | 48.2% |
| CS | $16.93B | 23.4% |
| ICS | $13.00B | 18% |
| GMNS | $7.76B | 10.7% |
By geography
| United States | $56.02B | 77.6% |
| EMEA | $7.07B | 9.8% |
| APAC | $5.22B | 7.2% |
| LACC | $4.19B | 5.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $20.06B, up 8.9% from a year earlier, and net income was $3.71B (+27.9%).
- For fiscal 2025, revenue was $72.23B (+9.5% year over year; +14.9% a year from FY2020 to FY2025) with a 15% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.9% good |
|---|---|
| Return on equity | 32.4% good |
| Net income / revenue | 15% watch |
| Deposits | $155.02B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $36.09B | $3.13B | — |
| FY2021 | $42.38B | $8.06B | — |
| FY2022 | $52.86B | $7.51B | — |
| FY2023 | $60.52B | $8.37B | — |
| FY2024 | $65.95B | $10.13B | — |
| FY2025 | $72.23B | $10.83B | — |
Valuation snapshot
| Market value | $219.93B |
|---|---|
| P/E ratio | 21.3 |
| Dividend yield | 1.12% |
Rank among 1514 US companies
Market value at each year end
American Express’s market value went from $67.80B at the end of 2016 to $219.93B on Nov 2, 2026, about 3.2 times as much; since the end of 2025 it is down 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $219.93B | -13.7% |
| 2025 | $254.84B | +21.9% |
| 2024 | $209.07B | +53.1% |
| 2023 | $136.52B | +23.7% |
| 2022 | $110.40B | -12.9% |
| 2021 | $126.72B | +30.2% |
| 2020 | $97.36B | -4.4% |
| 2019 | $101.87B | +25.1% |
| 2018 | $81.43B | -5.5% |
| 2017 | $86.20B | +27.1% |
| 2016 | $67.80B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AXP price data to Nov 2, 2026 | -10.4% | -8.1% | +31.0% | +15.0% | +19.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -10.3% |
| 2025 | +26.0% |
| 2024 | +60.3% |
| 2023 | +28.7% |
| 2022 | -8.5% |
| 2021 | +36.9% |
| 2020 | -1.1% |
| 2019 | +32.5% |
| 2018 | -2.6% |
| 2017 | +36.2% |
| 2016 | +8.6% |
| 2015 | -24.2% |
| 2014 | +3.7% |
| 2013 | +59.8% |
| 2012 | +23.6% |
| 2011 | +11.6% |
| 2010 | +7.8% |
| 2009 | +126.1% |
| 2008 | -63.7% |
| 2007 | -13.4% |
| 2006 | +19.1% |
| 2005 | +4.9% |
| 2004 | +17.5% |
| 2003 | +37.5% |
| 2002 | +0.0% |
| 2001 | -34.6% |
| 2000 | -0.3% |
| 1999 | +63.2% |
| 1998 | +15.6% |
| 1997 | +59.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 82.5% over that stretch · deepest drop along the way 83.3%, back to its old high 36.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.6% over that stretch · deepest drop along the way 49.6%, back to its old high 11 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18% over that stretch · deepest drop along the way 31.5%, back to its old high 15.9 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (24 read): 0 open-market purchases and 2 sales ($5.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 18, 2026 | Monique Herena Chief Colleague Exp. Officer | sell | $3.0M |
| Jun 15, 2026 | Glenda G McNeal Chief Partner Officer | sell | $2.4M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.58% | Mar 31, 2026 |
ETFs with the most weight in AXP
| IPAY Amplify Mobile Payments ETF | 5.86% |
| DIVO Amplify CWP Enhanced Dividend Income ETF | 5.31% |
| TGLR LAFFER TENGLER Equity Income ETF | 4.75% |
| DIA SPDR Dow Jones Industrial Average ETF Trust | 3.96% |
| DFNL Davis Select Financial ETF | 3.58% |
| EDOW First Trust Dow 30 Equal Weight ETF | 3.46% |
| LGCF Themes US Cash Flow Champions ETF | 3.34% |
| PWB Invesco Large Cap Growth ETF | 3.18% |
What could go wrong
- Heavy reliance on the Delta partnership. Delta cobrand cards accounted for about 13% of spending on Amex-issued cards and 21% of its card loans as of December 31, 2025. The deal runs through 2029; losing or reworking it could hurt results.
- Pressure on the fees merchants pay. Amex earns most of its revenue from card spending, including the fee merchants pay to accept its cards. Intense competition, and merchants that add surcharges or steer shoppers to other cards, could cut that income.
- Rewards and perks may cost too much. Amex pays for points, statement credits, lounge access and card refreshes to attract and keep cardholders. If those costs grow faster than the spending and fees they bring in, profits could shrink.
- Downturns hit premium and business spending. Spending by premium cardholders tends to fall in recessions. Small business and corporate clients made up about 41% of spending on Amex-issued cards in 2025, and their spending depends on business investment.
- Card Members may fall behind on payments. Amex lends through its cards and other loans. Higher unemployment or lower household income could push up late payments and write-offs. It set aside $5.3 billion for expected credit losses in fiscal 2025.
- Bank rules can limit dividends and buybacks. As a bank holding company supervised by the Federal Reserve, Amex must meet capital and liquidity rules. Falling short could restrict dividends and buybacks and hurt the business.
Recent events
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- Change to shareholder rights; Bylaws or fiscal year changed; Other company announcement
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- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
American Express pays a modest dividend: the yield was 1.17% as of October 27, 2026. Dividends per share held at $1.72 in 2020 and 2021, then rose four years in a row to $3.28 in fiscal 2025, about 13.8% a year on average. The payout used about 21% of 2025 earnings. Amex returns more cash through buybacks (repurchases of its own shares): $26.6 billion in fiscal 2021–2025, versus $9.1 billion in dividends. Its share count fell 13.4% between October 2021 and October 2026. Bank capital rules can limit both payouts.
The stock has fallen hard in downturns. It lost 83.3% from its October 2007 peak to its March 2009 low and needed nearly 37 months from that low to recover. It dropped 49.6% in the 2020 COVID crash and 31.5% in the 2022 bear market. It regained its prior peak about 11 and 16 months after those lows, respectively. Single stocks carry more risk than diversified funds.
Questions investors ask
How does American Express make money?
Mostly from spending on its cards. Merchants pay Amex a fee, called the discount rate, to accept its cards. Card Members also pay interest on balances and annual fees on many cards. In fiscal 2025, revenue was $72.2 billion: $54.9 billion from fees and other noninterest income and $17.4 billion from net interest income. Spending on Amex-issued cards totaled $1,670 billion that year, and 86.6 million of its own cards were in use at year-end.
Does American Express raise its dividend every year?
Not every year, but it has raised it four years in a row. The dividend per share held at $1.72 in fiscal 2020 and 2021, then rose to $2.08, $2.40, $2.80 and $3.28 in fiscal 2022 through 2025. That is growth of about 13.8% a year since 2020. The dividend used about 21% of 2025 earnings, and the yield was 1.17% as of October 27, 2026.
How important is Delta to American Express?
Very important. Delta Air Lines is Amex's largest strategic partner. Delta cobrand cards made up about 13% of worldwide spending on Amex-issued cards and about 21% of Card Member loans as of December 31, 2025. The cobrand agreement runs through the end of 2029. Delta also takes part in Membership Rewards, offers lounge access to some Card Members and accepts Amex cards. Amex warns that losing or renegotiating major partner deals could materially hurt its results.
Is American Express a bank?
Yes, for regulatory purposes. American Express and its main operating subsidiary are bank holding companies supervised by the Federal Reserve. Amex takes deposits, which totaled about $155 billion as of September 30, 2026. It also offers high-yield savings, checking accounts and loans. Still, most of its revenue comes from fees rather than interest: in fiscal 2025, $54.9 billion of its $72.2 billion in revenue was fees and other noninterest income.
How has American Express stock performed over time?
It has climbed a lot over the long run, with deep drops along the way. As of October 27, 2026, the share price had risen about 18.3% a year over 10 years and 13.3% a year over five years, before dividends. It was down 14.5% year to date and 12.5% over one year. The stock fell 83.3% in the 2008 financial crisis and 49.6% in the 2020 COVID crash.