AXP

AMERICAN EXPRESS COFinancials

10-K for period ending 2025-12-31filed 2026-02-06accession 0000004962-26-000080filing on sec.gov ↗

answer key

field	SEC value	XBRL concept	printed on
Total revenue	$72.2B	RevenuesNetOfInterestExpense	Total revenues net of interest expense
Operating income	-	not reported	not in this filing's XBRL
Net income attributable to the company	$10.8B	NetIncomeLoss	Net income
Diluted EPS	$15.38	EarningsPerShareDiluted	Diluted
Cash and cash equivalents	$47.8B	CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	Total cash and cash equivalents (includes restricted cash: 2025, $169; 2024, $427)
Total assets	$300.1B	Assets	Total assets · Total liabilities and shareholders’ equity
Total liabilities	$266.6B	Liabilities	Total liabilities
Total shareholders' equity attributable to the company	$33.5B	StockholdersEquity	Total shareholders’ equity
Net cash from operating activities	$18.4B	NetCashProvidedByUsedInOperatingActivities	Net cash provided by operating activities
Net cash from investing activities	-$22.9B	NetCashProvidedByUsedInInvestingActivities	Net cash used in investing activities
Net cash from financing activities	$11.2B	NetCashProvidedByUsedInFinancingActivities	Net cash provided by financing activities

Income statement

table #34 · score 53.3 vs 25.5 runner-up · in millions

Year Ended December 31 (Millions, except per share amounts)	2025	2024	2023
Revenues
Non-interest revenues
Discount revenue	37,401	35,192	33,416
Net card fees	9,993	8,449	7,255
Service fees and other revenue	7,471	6,765	6,710
Total non-interest revenues	54,865	50,406	47,381
Interest income
Interest on loans	23,234	21,095	17,697
Interest and dividends on investment securities	63	86	128
Deposits with banks and other	2,301	2,614	2,158
Total interest income	25,598	23,795	19,983
Interest expense
Deposits	5,425	5,695	4,865
Long-term debt and other	2,809	2,557	1,984
Total interest expense	8,234	8,252	6,849
Net interest income	17,364	15,543	13,134
Total revenues net of interest expense	72,229	65,949	60,515
Provisions for credit losses
Card Member receivables	751	774	880
Card Member loans	4,067	4,109	3,839
Other	438	302	204
Total provisions for credit losses	5,256	5,185	4,923
Total revenues net of interest expense after provisions for credit losses	66,973	60,764	55,592
Expenses
Card Member rewards	18,409	16,599	15,367
Business development	6,457	5,886	5,657
Card Member services	6,057	4,782	3,968
Marketing	6,252	6,040	5,213
Salaries and employee benefits	9,016	8,198	8,067
Other, net	6,987	6,364	6,807
Total expenses	53,178	47,869	45,079
Pretax income	13,795	12,895	10,513
Income tax provision	2,962	2,766	2,139
Net income	10,833	10,129	8,374
Earnings per Common Share - (Note 20)(a)
Basic	15.41	14.04	11.23
Diluted	15.38	14.01	11.21
Average common shares outstanding for earnings per common share:
Basic	695	712	735
Diluted	696	713	736

Balance sheet

table #36 · score 51.3 vs 27.5 runner-up · in millions

December 31 (Millions, except share data)	2025	2024
Assets
Cash and cash equivalents
Cash and due from banks (includes restricted cash of consolidated variable interest entities: 2025, nil; 2024, $6)	3,559	3,413
Interest-bearing deposits in other banks	43,491	37,006
Short-term investment securities (includes restricted investments of consolidated variable interest entities: 2025, $84; 2024, $82)	742	221
Total cash and cash equivalents (includes restricted cash: 2025, $169; 2024, $427)	47,792	40,640
Card Member receivables (includes gross receivables available to settle obligations of a consolidated variable interest entity: 2025, $5,659; 2024, $3,927), less reserves for credit losses: 2025, $180; 2024, $171	61,851	59,240
Card Member loans (includes gross loans available to settle obligations of a consolidated variable interest entity: 2025, $27,719; 2024, $28,278), less reserves for credit losses: 2025, $5,909; 2024, $5,679	145,923	133,995
Card Member loans held for sale	2,457	758
Other loans, less reserves for credit losses: 2025, $323; 2024, $194	10,605	9,038
Investment securities	1,043	1,240
Premises and equipment, less accumulated depreciation and amortization: 2025, $12,039; 2024, $10,739	6,118	5,371
Other assets, less reserves for credit losses: 2025, $86; 2024, $27	24,263	21,179
Total assets	300,052	271,461
Liabilities and Shareholders’ Equity
Liabilities
Customer deposits	152,488	139,413
Accounts payable	14,700	13,884
Short-term borrowings	1,371	1,374
Long-term debt (includes debt issued by consolidated variable interest entities: 2025, $13,022; 2024, $13,880)	56,387	49,715
Other liabilities	41,632	36,811
Total liabilities	266,578	241,197
Contingencies, Commitments and Guarantees (Note 12)
Shareholders’ Equity
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)	-	-
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
Additional paid-in capital	11,126	11,370
Retained earnings	25,487	22,148
Accumulated other comprehensive income (loss)	(3,277)	(3,395)
Total shareholders’ equity	33,474	30,264
Total liabilities and shareholders’ equity	300,052	271,461

Cash flow statement

table #37 · score 53 vs 8.5 runner-up · in millions

Years Ended December 31 (Millions)	2025	2024	2023
Cash Flows from Operating Activities
Net income	10,833	10,129	8,374
Adjustments to reconcile net income to net cash provided by operating activities:
Provisions for credit losses	5,256	5,185	4,923
Depreciation and amortization	1,777	1,676	1,651
Stock-based compensation	551	504	450
Deferred taxes	(542)	(990)	(1,329)
Other items (a)	(237)	(564)	664
Originations of loans held for sale	(74)	-	(54)
Proceeds from sales of loans held for sale	-	-	59
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Other assets	(2,781)	1,007	(1,244)
Accounts payable & other liabilities	3,645	(2,897)	5,065
Net cash provided by operating activities	18,428	14,050	18,559
Cash Flows from Investing Activities
Sale of investments	47	42	2
Maturities and redemptions of investments	1,453	2,179	3,888
Purchase of investments	(1,760)	(1,593)	(1,572)
Net increase in loans and Card Member receivables, including Card Member loans held for sale (b)(c)	(19,573)	(23,259)	(25,124)
Purchase of premises and equipment, net of sales: 2025, $1; 2024, $6; 2023, $2	(2,425)	(1,911)	(1,563)
Acquisitions, net of cash acquired	(633)	(454)	(64)
Dispositions, net of cash disposed	-	594	-
Net cash used in investing activities	(22,891)	(24,402)	(24,433)
Cash Flows from Financing Activities
Net increase in customer deposits	13,045	10,305	18,915
Net (decrease) increase in short-term borrowings (c)	(27)	207	(105)
Proceeds from long-term debt	24,377	12,602	15,674
Payments of long-term debt	(18,157)	(10,759)	(10,703)
Issuance of American Express common shares	57	100	28
Repurchase of American Express common shares and other	(5,814)	(6,020)	(3,650)
Dividends paid	(2,271)	(1,999)	(1,780)
Net cash provided by financing activities	11,210	4,436	18,379
Effect of foreign currency exchange rates on cash and cash equivalents	405	(40)	177
Net increase (decrease) in cash and cash equivalents	7,152	(5,956)	12,682
Cash and cash equivalents at beginning of year	40,640	46,596	33,914
Cash and cash equivalents at end of year	47,792	40,640	46,596