AMERICAN EXPRESS CO

Listed Company

AXPCIK 0000004962NYSELarge AcceleratedFinance ServicesNew YorkFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$10.83B

Total Assets

$300.05B

Equity

$33.47B

Shares Out

682.33M

Op. Cash Flow

$18.43B

+ 13F Filer

Business

AMERICAN EXPRESS CO is a globally integrated payments company that issues cards, acquires merchants and operates a payments network serving consumers, small businesses, mid-sized companies and large corporations worldwide. It offers credit and charge cards, banking and other payment and financing products; merchant acquisition, processing and fraud-prevention services; network services; travel and lifestyle services; expense management; and customer loyalty program design and operation. Its principal operating segments are U.S. Consumer Services, Commercial Services, International Card Services and Global Merchant and Network Services, with Corporate & Other supporting the enterprise and an integrated payments platform underpinning its offerings. Products and services are distributed globally through mobile and online applications, partners and affiliates, third‑party processors, in‑house sales teams and direct marketing channels.

Summary from filing dated 2025-02-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total non-interest revenues	54,865	50,406	47,381	42,967	34,630
Interest on loans	23,234	21,095	17,697	11,967	8,850
Interest and dividends on investment securities	63	86	128	96	83
Deposits with banks and other	2,301	2,614	2,158	595	100
Total interest income	25,598	23,795	19,983	12,658	9,033
Deposits	5,425	5,695	4,865	1,527	458
Long-term debt and other	2,809	2,557	1,984	1,236	825
Total interest expense	8,234	8,252	6,849	2,763	—
Net interest income	17,364	15,543	13,134	9,895	7,750
Total revenues net of interest expense	72,229	65,949	60,515	52,862	42,380
Provisions for credit losses	5,256	5,185	4,923	2,182	−1,419
Total revenues net of interest expense after provisions for credit losses	66,973	60,764	55,592	50,680	43,799
Card Member rewards	18,409	16,599	15,367	14,002	11,007
Business development	6,457	5,886	5,657	4,943	3,762
Card Member services	6,057	4,782	3,968	2,959	1,993
Marketing	6,252	6,040	5,213	5,458	5,291
Salaries and employee benefits	9,016	8,198	8,067	7,252	6,240
Other, net	6,987	6,364	6,807	6,481	4,817
Total expenses	53,178	47,869	45,079	41,095	33,110
Pretax income	13,795	12,895	10,513	9,585	10,689
Income tax provision	2,962	2,766	2,139	2,071	2,629
Net income	10,833	10,129	8,374	7,514	8,060
Basic (in dollars per share)	15.41	14.04	11.23	9.86	10.04
Diluted (in dollars per share)	15.38	14.01	11.21	9.85	10.02
Basic (in shares)	695	712	735	751	789
Diluted (in shares)	696	713	736	752	790

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks (includes restricted cash of consolidated variable interest entities: 2025, nil; 2024, $6)	3,559	3,413	7,118	5,510	1,292
Interest-bearing deposits in other banks	43,491	37,006	39,312	28,097	20,548
Short-term investment securities (includes restricted investments of consolidated variable interest entities: 2025, $84; 2024, $82)	742	221	166	307	188
Total cash and cash equivalents (includes restricted cash: 2025, $169; 2024, $427)	47,792	40,640	46,596	33,914	22,028
Investment securities	1,043	1,240	2,186	4,578	2,591
Premises and equipment, less accumulated depreciation and amortization: 2025, $12,039; 2024, $10,739	6,118	5,371	5,138	5,215	4,988
Other assets, less reserves for credit losses: 2025, $86; 2024, $27	24,263	21,179	19,114	17,689	17,244
Total assets	300,052	271,461	261,108	228,354	189,000
Customer deposits	152,488	139,413	129,144	110,239	84,382
Accounts payable	14,700	13,884	13,109	12,133	10,574
Short-term borrowings	1,371	1,374	1,293	1,348	2,243
Long-term debt (includes debt issued by consolidated variable interest entities: 2025, $13,022; 2024, $13,880)	56,387	49,715	47,866	42,573	38,675
Other liabilities	41,632	36,811	41,639	37,350	30,497
Total liabilities	266,578	241,197	233,051	203,643	166,371
Contingencies, Commitments and Guarantees (Note 12)	—	—	—	—	—
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	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	141	145	149	153
Additional paid-in capital	11,126	11,370	11,372	11,493	11,495
Retained earnings	25,487	22,148	19,612	16,279	13,474
Accumulated other comprehensive income (loss)	−3,277	−3,395	−3,072	−3,210	−2,945
Total shareholders equity	33,474	30,264	28,057	24,711	22,177
Total liabilities and shareholders equity	300,052	271,461	261,108	228,354	188,548

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	1,777	1,676	1,651	1,626	1,695
Stock-based compensation	551	504	450	375	330
Deferred taxes	−542	−990	−1,329	—	—
Other items	−237	−564	664	365	−772
Originations of loans held for sale	−74	0	−54	—	—
Proceeds from sales of loans held for sale	0	0	59	277	0
Other assets	−2,781	1,007	−1,244	1,391	1,068
Accounts payable & other liabilities	3,645	−2,897	5,065	8,815	5,389
Net cash provided by operating activities	18,428	14,050	18,559	21,079	14,645
Sale of investments	47	42	2	26	62
Maturities and redemptions of investments	1,453	2,179	3,888	1,892	20,032
Purchase of investments	−1,760	−1,593	−1,572	−4,175	−1,517
Net increase in loans and Card Member receivables, including Card Member loans held for sale	−19,573	−23,259	−25,124	−29,562	−27,557
Purchase of premises and equipment, net of sales: 2025, $1; 2024, $6; 2023, $2	−2,425	−1,911	−1,563	−1,855	−1,550
Acquisitions, net of cash acquired	−633	−454	−64	−15	—
Dispositions, net of cash disposed	0	594	0	0	—
Net cash used in investing activities	−22,891	−24,402	−24,433	−33,689	−10,529
Net increase in customer deposits	13,045	10,305	18,915	25,902	−2,468
Net (decrease) increase in short-term borrowings	−27	207	−105	−706	461
Proceeds from long-term debt	24,377	12,602	15,674	23,230	7,788
Payments of long-term debt	−18,157	−10,759	−10,703	−18,906	−11,662
Issuance of American Express common shares	57	100	28	56	64
Repurchase of American Express common shares and other	−5,814	−6,020	−3,650	−3,502	−7,652
Dividends paid	−2,271	−1,999	−1,780	−1,565	−1,448
Net cash provided by financing activities	11,210	4,436	18,379	24,509	−14,933
Effect of foreign currency exchange rates on cash and cash equivalents	405	−40	177	−13	−120
Net increase (decrease) in cash and cash equivalents	7,152	−5,956	12,682	11,886	−10,937

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 1 positions

Reported AUM

$1.21B

Holdings

Top sector

$1.21B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$1.21B	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
Global Business Travel Group, Inc.	—	157.79M	$1.21B	100.0%