Revenue growth remains consistent, scaling to $20.9 billion in 2026Q1 while maintaining structural efficiency with gross margins consistently exceeding 80%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 82.41B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 68.81B | 66.97B | 60.76B | 55.59B | 50.68B | 44.57B | 31.51B | 40.06B | 36.96B | 34.12B | 33.23B | 30.77B | 31.4B | 31.03B | 29.84B | 28.85B | 25.38B | 18.81B | 22.57B | 23.66B | 22.27B | 20.04B | 19B | 24.96B | 22.73B | 21.08B | 22.32B | 20.23B | 18.13B | 16.84B | 15.12B |
| Gross Margin % | 83.5% | 83.23% | 81.89% | 82.52% | 91.11% | 100.31% | 82.19% | 85.06% | 85.45% | 87.5% | 86.62% | 89.5% | 89.33% | 89.12% | 88.34% | 89.37% | 84.57% | 71.44% | 70.7% | 75.01% | 80.41% | 82.11% | 84.19% | 96.5% | 95.46% | 93.35% | 94.28% | 95.06% | 94.78% | 94.8% | 93.13% |
| Gross Profit Growth % | - | 10.22% | 9.3% | 9.69% | 13.72% | 41.44% | -21.35% | 8.38% | 8.34% | 2.68% | 7.99% | -2.01% | 1.18% | 3.99% | 3.44% | 13.69% | 34.89% | -16.64% | -4.61% | 6.24% | 11.13% | 5.45% | -23.87% | 9.84% | 7.8% | -5.56% | 10.35% | 11.55% | 7.7% | 11.34% | 3.58% |
| Operating Expenses | 51.75B | 53.18B | 47.87B | 45.08B | 41.09B | 33.88B | 27.21B | 31.63B | 28.84B | 26.69B | 26.59B | 22.83B | 22.41B | 23.15B | 23.39B | 21.89B | 19.41B | 15.97B | 18.99B | 17.96B | 17.12B | 15.98B | 15.17B | 20.71B | 19B | 19.48B | 18.41B | 16.79B | 15.21B | 14.09B | 12.46B |
| OpEx % of Revenue | - | 66.09% | 64.51% | 66.92% | 73.88% | 76.25% | 70.98% | 67.16% | 66.67% | 68.46% | 69.31% | 66.41% | 63.75% | 66.47% | 69.25% | 67.82% | 64.69% | 60.65% | 59.48% | 56.96% | 61.81% | 65.5% | 67.22% | 80.08% | 79.8% | 86.29% | 77.77% | 78.9% | 79.49% | 79.31% | 76.72% |
| Selling, General & Admin | 21.26B | 15.27B | 14.24B | 13.28B | 12.71B | 11.53B | 9.41B | 13.04B | 11.87B | 10.98B | 11.51B | 8.3B | 9.31B | 9.13B | 16.54B | 16.18B | 14.3B | 11.64B | 13.45B | 13.26B | 11.54B | 10.37B | 9.43B | 14.66B | 11.86B | 12.31B | 12.09B | 11.14B | 10.48B | 9.47B | 8.72B |
| SG&A % of Revenue | - | 18.97% | 19.19% | 19.71% | 22.85% | 25.95% | 24.56% | 27.68% | 27.44% | 28.16% | 30% | 24.16% | 26.49% | 26.22% | 48.97% | 50.13% | 47.67% | 44.22% | 42.14% | 42.03% | 41.69% | 42.51% | 41.77% | 56.69% | 49.81% | 54.52% | 51.08% | 52.36% | 54.77% | 53.34% | 53.72% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 17.06B | 13.79B | 12.89B | 10.51B | 9.59B | 10.69B | 4.3B | 8.43B | 8.12B | 7.42B | 8.04B | 7.94B | 8.99B | 7.89B | 6.45B | 6.96B | 5.96B | 2.84B | 3.58B | 5.69B | 5.07B | 4.39B | 3.83B | 4.25B | 3.73B | 1.6B | 3.91B | 3.44B | 2.92B | 2.75B | 2.66B |
| Operating Margin % | 20.7% | 17.14% | 17.38% | 15.61% | 17.23% | 24.06% | 11.21% | 17.9% | 18.78% | 19.04% | 20.96% | 23.09% | 25.58% | 22.65% | 19.1% | 21.55% | 19.88% | 10.79% | 11.22% | 18.05% | 18.32% | 18% | 16.97% | 16.42% | 15.66% | 7.07% | 16.51% | 16.16% | 15.29% | 15.48% | 16.41% |
| Operating Income Growth % | - | 6.98% | 22.66% | 9.68% | -10.33% | 148.81% | -49.03% | 3.78% | 9.39% | -7.67% | 1.31% | -11.71% | 13.98% | 22.28% | -7.26% | 16.63% | 109.93% | -20.66% | -37.11% | 12.24% | 15.48% | 14.67% | -9.8% | 13.95% | 133.52% | -59.16% | 13.67% | 17.54% | 6.36% | 3.23% | 22.03% |
| EBITDA | 18.41B | 15.57B | 14.57B | 12.16B | 11.21B | 12.38B | 5.84B | 9.62B | 9.41B | 8.75B | 9.14B | 8.98B | 10B | 8.91B | 7.44B | 7.87B | 6.88B | 3.91B | 4.29B | 6.34B | 5.68B | 4.96B | 4.43B | 4.92B | 4.68B | 2.79B | 4.3B | 3.45B | 2.71B | 2.94B | 2.93B |
| EBITDA Margin % | 22.34% | 19.35% | 19.64% | 18.06% | 20.15% | 27.87% | 15.23% | 20.42% | 21.76% | 22.43% | 23.82% | 26.12% | 28.46% | 25.58% | 22.03% | 24.39% | 22.93% | 14.85% | 13.45% | 20.11% | 20.52% | 20.32% | 19.63% | 19.03% | 19.65% | 12.36% | 18.17% | 16.22% | 14.18% | 16.54% | 18.05% |
| EBITDA Growth % | 24.38% | 6.87% | 19.79% | 8.5% | -9.47% | 112.09% | -39.28% | 2.15% | 7.65% | -4.28% | 1.74% | -10.22% | 12.29% | 19.7% | -5.49% | 14.43% | 75.94% | -8.9% | -32.31% | 11.64% | 14.54% | 11.94% | -9.99% | 5.24% | 67.55% | -35.08% | 24.63% | 27.2% | -7.63% | 0.24% | 14.9% |
| D&A (Non-Cash Add-back) | 1.34B | 1.78B | 1.68B | 1.65B | 1.63B | 1.7B | 1.54B | 1.19B | 1.29B | 1.32B | 1.09B | 1.04B | 1.01B | 1.02B | 991M | 918M | 917M | 1.07B | 712M | 648M | 608M | 567M | 600M | 676M | 951M | 1.2B | 393M | 13M | -212M | 187M | 266M |
| EBIT | 17.06B | 13.79B | 12.89B | 10.51B | 9.59B | 10.69B | 4.3B | 8.43B | 8.12B | 7.42B | 8.04B | 7.94B | 8.99B | 7.89B | 6.45B | 6.96B | 5.96B | 2.84B | 3.58B | 5.69B | 5.15B | 4.05B | 3.83B | 4.25B | 3.73B | 1.6B | 3.91B | 3.44B | 2.92B | 2.75B | 2.66B |
| Net Interest Income | 17.89B | 17.36B | 15.54B | 13.13B | 9.89B | 7.75B | 7.99B | 8.62B | 7.66B | 6.45B | 5.78B | 5.92B | 5.47B | 5.05B | 4.63B | 4.38B | 4.65B | 3.12B | 4.19B | 3.44B | 3.89B | 3.25B | 1.19B | 2.16B | 1.91B | 636M | 1.94B | 2.29B | 2.28B | 2.25B | 2.17B |
| Interest Income | 26.13B | 25.6B | 23.8B | 19.98B | 12.66B | 9.03B | 10.08B | 12.08B | 10.61B | 8.56B | 7.48B | 7.54B | 7.18B | 7B | 6.85B | 6.7B | 7.07B | 5.33B | 7.75B | 7.42B | 6.76B | 5.23B | 2.79B | 3.06B | 2.99B | 2.14B | 3.29B | 3.35B | 3.28B | 3.17B | 3.29B |
| Interest Expense | 8.24B | 8.23B | 8.25B | 6.85B | 2.76B | 1.28B | 2.1B | 3.46B | 2.94B | 2.11B | 1.71B | 1.62B | 1.71B | 1.96B | 2.23B | 2.32B | 2.42B | 2.21B | 3.56B | 3.98B | 2.87B | 1.98B | 1.6B | 905M | 1.08B | 1.5B | 1.35B | 1.05B | 999M | 924M | 1.12B |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 14.24B | 13.79B | 12.89B | 10.51B | 9.59B | 10.69B | 4.3B | 8.43B | 8.12B | 7.42B | 8.04B | 7.94B | 8.99B | 7.89B | 6.45B | 6.96B | 5.96B | 2.84B | 3.58B | 5.69B | 5.15B | 4.25B | 3.83B | 4.25B | 3.73B | 1.6B | 3.91B | 3.44B | 2.92B | 2.75B | 2.66B |
| Pretax Margin % | 17.28% | 17.14% | 17.38% | 15.61% | 17.23% | 24.06% | 11.21% | 17.9% | 18.78% | 19.04% | 20.96% | 23.09% | 25.58% | 22.65% | 19.1% | 21.55% | 19.88% | 10.79% | 11.22% | 18.05% | 18.6% | 17.41% | 16.97% | 16.42% | 15.66% | 7.07% | 16.51% | 16.16% | 15.29% | 15.48% | 16.41% |
| Income Tax | 3.02B | 2.96B | 2.77B | 2.14B | 2.07B | 2.63B | 1.16B | 1.67B | 1.2B | 4.68B | 2.67B | 2.77B | 3.11B | 2.53B | 1.97B | 2.06B | 1.91B | 704M | 710M | 1.57B | 1.53B | 991M | 1.15B | 1.25B | 1.06B | 285M | 1.1B | 963M | 784M | 759M | 763M |
| Effective Tax Rate % | 21.22% | 21.47% | 21.45% | 20.35% | 21.61% | 24.6% | 27.03% | 19.81% | 14.79% | 62.99% | 33.16% | 34.96% | 34.55% | 32.06% | 30.52% | 29.57% | 31.98% | 24.78% | 19.83% | 27.54% | 29.64% | 23.33% | 29.89% | 29.36% | 28.33% | 17.86% | 28.1% | 28.01% | 26.8% | 27.6% | 28.64% |
| Net Income | 11.22B | 10.83B | 10.13B | 8.37B | 7.51B | 8.06B | 3.13B | 6.76B | 6.92B | 2.75B | 5.38B | 5.16B | 5.88B | 5.36B | 4.48B | 4.93B | 4.06B | 2.13B | 2.7B | 4.01B | 3.71B | 3.67B | 3.44B | 2.99B | 2.67B | 1.31B | 2.81B | 2.48B | 2.14B | 1.99B | 1.9B |
| Net Margin % | 13.61% | 13.46% | 13.65% | 12.43% | 13.51% | 18.14% | 8.18% | 14.35% | 16% | 7.05% | 14.01% | 15.02% | 16.74% | 15.39% | 13.27% | 15.29% | 13.52% | 8.09% | 8.46% | 12.72% | 13.39% | 15.04% | 15.26% | 11.55% | 11.22% | 5.81% | 11.87% | 11.63% | 11.19% | 11.21% | 11.71% |
| Net Income Growth % | 9.19% | 6.95% | 20.96% | 11.45% | -6.77% | 157.1% | -53.62% | -2.34% | 151.86% | -48.87% | 4.11% | -12.27% | 9.82% | 19.57% | -9.18% | 21.64% | 90.47% | -21.08% | -32.73% | 8.23% | 0.98% | 6.56% | 15.33% | 11.83% | 103.74% | -53.35% | 13.54% | 15.6% | 7.53% | 4.73% | 21.55% |
| Net Income (Continuing) | 11.22B | 10.83B | 10.13B | 8.37B | 7.51B | 8.06B | 3.13B | 6.76B | 6.92B | 2.75B | 5.38B | 5.16B | 5.88B | 5.36B | 4.48B | 4.9B | 4.06B | 2.14B | 2.87B | 4.05B | 3.63B | 3.06B | 2.69B | 3B | 2.67B | 1.31B | 2.81B | 2.48B | 2.14B | 1.99B | 1.9B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36M | 0 | -7M | -172M | -114M | 82M | 672M | 759M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 16.36 | 15.38 | 14.02 | 11.21 | 9.84 | 10.02 | 3.77 | 7.99 | 8.06 | 2.97 | 5.65 | 5.05 | 5.56 | 4.88 | 3.89 | 4.12 | 3.35 | 1.54 | 2.33 | 3.35 | 2.99 | 2.97 | 2.68 | 2.30 | 2.01 | 0.98 | 2.07 | 1.81 | 1.54 | 1.38 | 1.30 |
| EPS Growth % | 11.94% | 9.7% | 25.07% | 13.92% | -1.8% | 165.78% | -52.82% | -0.87% | 171.38% | -47.43% | 11.88% | -9.17% | 13.93% | 25.45% | -5.58% | 22.99% | 117.53% | -33.91% | -30.45% | 12.04% | 0.67% | 10.82% | 16.52% | 14.43% | 105.1% | -52.66% | 14.36% | 17.53% | 11.59% | 6.15% | 25% |
| EPS (Basic) | - | 15.41 | 14.04 | 11.23 | 9.85 | 10.03 | 3.77 | 8.01 | 8.09 | 2.98 | 5.67 | 5.07 | 5.58 | 4.91 | 3.91 | 4.14 | 3.37 | 1.54 | 2.34 | 3.42 | 3.06 | 3.03 | 2.74 | 2.33 | 2.02 | 0.99 | 2.12 | 1.85 | 1.57 | 1.43 | 1.30 |
| Diluted Shares Outstanding | 686M | 696M | 713M | 736M | 752M | 790M | 806M | 830M | 859M | 886M | 935M | 1B | 1.05B | 1.09B | 1.14B | 1.18B | 1.2B | 1.17B | 1.16B | 1.2B | 1.24B | 1.26B | 1.28B | 1.3B | 1.33B | 1.34B | 1.36B | 1.37B | 1.39B | 1.44B | 1.46B |
| Basic Shares Outstanding | 686M | 695M | 713M | 735M | 751M | 789M | 805M | 828M | 856M | 883M | 933M | 999M | 1.04B | 1.08B | 1.14B | 1.18B | 1.19B | 1.17B | 1.15B | 1.17B | 1.21B | 1.23B | 1.26B | 1.28B | 1.32B | 1.32B | 1.33B | 1.34B | 1.36B | 1.39B | 1.46B |
| Dividend Payout Ratio | - | 20.96% | 19.74% | 21.26% | 20.83% | 17.97% | 47.02% | 21.04% | 19.13% | 45.52% | 22.46% | 22.7% | 17.69% | 17.52% | 20.12% | 17.45% | 21.37% | 43.38% | 30.97% | 17.75% | 17.83% | 16.26% | 15.53% | 15.77% | 16.1% | 32.34% | 14.98% | 16.32% | 19.34% | 21.25% | 22.94% |
Regulatory and T&E sensitivity
As evidenced by the quarterly progression from $17.7 billion in 2023Q4 to $20.9 billion in 2026Q1, American Express has demonstrated a steady upward revenue trajectory, reflecting the successful capture of premium consumer spending and a robust recovery in corporate travel volumes across its global network.
The consistent revenue growth suggests that the company's strategic pivot toward younger, high-spending demographics is successfully offsetting potential cyclical headwinds in traditional travel segments. Investors should monitor whether this growth remains durable as the company scales its marketing efforts to maintain its premium brand positioning.
According to the provided income statement data, the company has maintained a robust gross margin profile, consistently hovering above 80% and reaching 84.6% in 2026Q1, which highlights the inherent efficiency of its closed-loop network architecture compared to traditional bank-issued credit card models.
This high margin level suggests significant pricing power and a successful ability to manage the cost of rewards relative to transaction volume. However, the potential for rising costs associated with premium travel perks warrants further investigation into whether these margins can be sustained without further increasing cardholder fees.
Based on the reported figures, the company's operating income reached $6.6 billion in 2026Q1, indicating that management has successfully managed SG&A expenses relative to gross profit, allowing for improved operating leverage as the business scales its transaction volume and expands its high-margin service offerings.
The significant jump in operating income in the most recent quarter suggests that the company is beginning to realize greater efficiencies from its digital transformation and marketing investments. Analysts should observe if this operating leverage persists or if future competitive pressures necessitate higher SG&A spending to retain market share.
As reported in financial statements, the company's net income has shown meaningful volatility, with stock-based compensation reaching $203 million in 2026Q1, which suggests that investors should carefully adjust for non-cash compensation expenses when evaluating the true underlying profitability of the firm's core credit and payment operations.
The fluctuations in net income appear to be influenced by both operational performance and the accounting treatment of credit loss provisions. The impact of stock-based compensation remains a secondary but relevant factor that may slightly dilute earnings quality if it continues to trend upward alongside revenue growth.
While the company exhibits strong profitability, a critical counter-analysis suggests that the reliance on premium travel rewards creates a structural vulnerability, as evidenced by the potential for margin compression if competitive pressures force an increase in the cost of points or if regulatory scrutiny intensifies.
Short-term observers might focus on the sensitivity of the company's earnings to potential changes in interchange fee regulations or a downturn in corporate T&E spending. The current valuation appears to assume a level of stability that may be challenged if the company's premium value proposition faces significant disruption.
Quick answers to the most common questions about buying AXP stock.
American Express Company (AXP) is profitable, generating $10.83B in net income for the fiscal year ending 2025 with a net profit margin of 13.5%.
American Express Company (AXP) reported an operating income of $13.79B, resulting in an operating profit margin of 17.1%. This margin reflects the operational efficiency of the business before interest and taxes.
American Express Company (AXP) generated $66.97B in gross profit for the year, representing a gross profit margin of 83.2%. This demonstrates the company's core pricing power and production efficiency.