AXP Q4 2025 Earnings Report — American Express Company Revenue & Financial Results | Market Cap Arena

American Express CompanyAXP

Q4 2025 Earnings

Reported February 6, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2025	Q3 2025	Q4 2024	QoQ Change	YoY Change
Revenue	$21.0B	$20.6B	$19.2B	2.4%	9.5%
Op. Income	$3.1B	$3.8B	$2.8B	-19.2%	12.1%
Gross Margin	83.5%	83.4%	82.7%	0.1pp	0.8pp
Net Margin	11.7%	14.1%	11.3%	-2.4pp	0.4pp
EPS (Diluted)	$3.53	$4.14	$3.04	-14.7%	16.1%
Free Cash Flow	$2.3B	$5.6B	$5.3B	-57.9%	-55.6%

Revenue Flow

Item	Amount
REVENUE	$21.0B
Cost of Revenue	$3.5B
GROSS PROFIT	$17.6B
R&D Expenses	$0
Selling & Marketing	$1.6B
General & Administrative	$2.5B
SG&A Expenses	$4.1B
Other Expenses	$10.4B
Operating Expenses	$14.5B
Cost & Expenses	$18.0B
OPERATING INCOME	$3.1B
Interest Income	$6.6B
Interest Expense	$2.1B
Other Income/Expenses	$0
INCOME BEFORE TAX	$3.1B
Income Tax Expense	$628M
Net Income from Continuing Ops	$2.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.4B
D&A	$462M
EBIT	$3.1B
EBITDA	$3.6B
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$21.0B
Cost of Revenue	$3.5B
GROSS PROFIT	$17.6B
R&D Expenses	$0
Selling & Marketing	$1.6B
General & Administrative	$2.5B
SG&A Expenses	$4.1B
Other Expenses	$10.4B
Operating Expenses	$14.5B
Cost & Expenses	$18.0B
OPERATING INCOME	$3.1B
Interest Income	$6.6B
Interest Expense	$2.1B
Other Income/Expenses	$0
INCOME BEFORE TAX	$3.1B
Income Tax Expense	$628M
Net Income from Continuing Ops	$2.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.4B
D&A	$462M
EBIT	$3.1B
EBITDA	$3.6B
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$2.5B
Depreciation & Amortization	$462M
Stock-Based Compensation	$141M
Deferred Income Tax	$100M
Other Non-Cash Items	$1.0B
Change in Working Capital	-$1.1B
OPERATING CASH FLOW	$3.1B
Capital Expenditure	-$721M
Acquisitions (Net)	$0
Purchases of Investments	-$446M
Sales/Maturities of Investments	$582M
Other Investing Activities	-$9.4B
NET CASH FROM INVESTING	-$9.9B
Net Debt Issuance	-$1.3B
Common Stock Repurchased	-$899M
Common Dividends Paid	-$583M
Other Financing Activities	$2.6B
NET CASH FROM FINANCING	-$154M
FREE CASH FLOW	$2.3B
Net Change in Cash	-$6.9B

Balance Sheet

Item	Amount
Cash & Equivalents	$47.7B
Short-Term Investments	$826M
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$48.5B
PP&E (Net)	$7.1B
Goodwill	$4.9B
Intangible Assets	$90M
Long-Term Investments	$221.1B
Tax Assets	$0
Other Non-Current Assets	$18.4B
TOTAL NON-CURRENT ASSETS	$251.5B
TOTAL ASSETS	$300.1B
Account Payables	$14.7B
Short-Term Debt	$1.4B
Deferred Revenue	$0
Other Current Liabilities	$152.5B
TOTAL CURRENT LIABILITIES	$170.8B
Long-Term Debt	$56.4B
Deferred Revenue NC	$4.7B
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$34.7B
TOTAL NON-CURRENT LIABILITIES	$95.8B
TOTAL LIABILITIES	$266.6B
Common Stock	$138M
Additional Paid-In Capital	$11.1B
Retained Earnings	$25.5B
Treasury Stock	$0
Accum. Other Comp. Income	-$3.3B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$33.5B
Minority Interest	$0
TOTAL EQUITY	$33.5B
TOTAL LIABILITIES & EQUITY	$300.1B
Total Debt	$57.8B
Net Debt	$10.1B