American Express
Issues cards and operates an integrated merchant-acquiring and payments network.
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Profile
Issues consumer and commercial credit and charge cards, runs a global merchant-acquiring and payment network, and offers rewards, travel, dining, expense-management, deposit and lending services. Its integrated model earns mainly from merchant discount revenue, card fees and net interest income while retaining direct relationships with many card members and merchants.
Issues credit and charge cards to consumers, small businesses, midsize companies and large corporations through U.S. Consumer Services, Commercial Services and International Card Services. Products combine Membership Rewards, travel and dining benefits, expense management, deposits and lending.
Operates both sides of many transactions by issuing cards, acquiring merchants and running the payment network. Global Merchant and Network Services signs and services merchants, while third-party issuers and acquirers extend the network internationally. Discount revenue from card spending is the largest revenue stream, supplemented by card fees, services and net interest income.
Direct relationships with card members and merchants provide transaction data used for underwriting, fraud prevention, offers and service. The model depends on customer spending, merchant acceptance and discount pricing, credit performance, funding access and costs, partner relationships, and extensive banking and payments regulation.
Company facts
Key statistics
Year to date −10.6% · Average volume (30d) 2.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 3, 2026 | UBS | Reiterate | Neutral | $386 | $384 | |
| Jul 27, 2026 | Morgan Stanley | Reiterate | Equal Weight | $385 | $382 | |
| Jul 27, 2026 | Evercore ISI | Target | $380 | $370 | ||
| Jul 27, 2026 | BTIG | Reiterate | Sell | $324 | $315 | |
| Jul 13, 2026 | Morgan Stanley | Upgrade | Positive | Overweight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 24, 2026Q2 FY26 | $4.41 | $4.53 | +2.7% | $19.70B | $19.64B | −0.3% | +2.83% |
| Apr 23, 2026Q1 FY26 | $4.00 | $4.28 | +7.0% | $18.61B | $18.91B | +1.6% | −1.40% |
| Jan 30, 2026Q4 FY25 | $3.54 | $3.53 | −0.3% | $18.92B | $18.98B | +0.3% | +0.19% |
| Oct 17, 2025Q3 FY25 | $4.00 | $4.14 | +3.5% | $18.05B | $18.43B | +2.1% | +0.83% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $18.93B | $19.93B | $20.56B | $21.04B | $20.88B | $21.60B | |
| Gross profit | $15.82B | $16.45B | $17.14B | $17.57B | $17.66B | $18.55B | |
| Operating income | $3.33B | $3.55B | $3.83B | $3.09B | $6.60B | $9.34B | |
| Net income | $2.58B | $2.89B | $2.90B | $2.46B | $2.97B | $3.11B | |
| Diluted EPS | $3.64 | $4.08 | $4.14 | $3.53 | $4.28 | $4.58 | |
| Gross margin | 83.5% | 82.5% | 83.4% | 83.5% | 84.6% | 85.9% | |
| Operating margin | 17.6% | 17.8% | 18.6% | 14.7% | 31.6% | 43.2% |
Fiscal years (4-quarter sums)FY21 $44.43B · FY22 $55.32B · FY23 $67.36B · FY24 $74.20B · FY25 $80.46B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $45.56B · Total debt $59.05B · Total assets $308.20B · Shareholders' equity $34.28B
Dividends
Raised for 48 straight years — most recently to $0.95 from $0.82 in Apr 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 2, 2026 | Jul 2 | Aug 10 | $0.95 | |
| Apr 2, 2026 | Apr 3 | May 8 | $0.95 | raised from $0.82 |
| Jan 2, 2026 | Jan 2 | Feb 10 | $0.82 | |
| Oct 10, 2025 | Oct 10 | Nov 10 | $0.82 | |
| Jul 3, 2025 | Jul 3 | Aug 8 | $0.82 | |
| Apr 4, 2025 | Apr 4 | May 9 | $0.82 | raised from $0.70 |
| Jan 3, 2025 | Jan 3 | Feb 10 | $0.70 | |
| Oct 4, 2024 | Oct 4 | Nov 8 | $0.70 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 675.31M · Float 674.44M · 99.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Berkshire Hathaway Inc | 151.61M | 22.45% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 42.01M | 6.22% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 35.22M | 5.21% | 13F | Aug 13, 2026 |
| State Street Corp | 29.10M | 4.31% | 13F | Aug 7, 2026 |
| JPMorgan Chase & Co | 20.46M | 3.03% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Monique Herena | officer: Chief Colleague Exp. Officer | −8,811 | $337.41 |
| Jun 15, 2026 | Glenda G. McNeal | officer: Chief Partner Officer | −7,033 | $339.36 |
| Mar 13, 2026 | Raymond Joabar | officer: Grp. Pres., Global Comm. Serv. | −16 | $301.27 |
| Mar 2, 2026 | Raymond Joabar | officer: Grp. Pres., Global Comm. Serv. | −24 | $309.85 |
| Sep 15, 2023 | Raymond Joabar | officer: Grp. Pres., Global Comm. Serv. | +9 | $162.94 |
Peers
- Visa
Dominant open-loop network; processes 7x AXP's card volume globally.
- JPMorgan Chase
Chase Sapphire Reserve — most direct premium-card rival to Amex Platinum.
- Mastercard
Second-largest network; fastest-growing global co-brand and B2B rival.
- Capital One
Post-Discover: issuer rival with its own network, a new AXP closed-loop analog.
- Citi
Strata Elite and AA co-brand re-enter premium space as direct AXP challenger.
- PayPal
Named in AXP 10-K; contests digital checkout and SMB merchant acceptance.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| American Express | $333.50 | +0.10% | $225.01B | 20.2 | 17.9 | 2.7 | +10.0% |
| Visa | $381.03 | −0.14% | $712.47B | 32.4 | 26.4 | 16.0 | +14.4% |
| JPMorgan Chase | $357.66 | +0.05% | $958.25B | 15.4 | 14.8 | 3.2 | +27.8% |
| Mastercard | $595.33 | −0.00% | $522.10B | 32.7 | 28.0 | 14.9 | +14.1% |
| Capital One | $223.60 | +3.64% | $132.31B | 13.3 | 9.9 | 1.7 | +26.0% |
| Citi | $132.62 | −0.19% | $227.81B | 14.3 | 11.4 | 1.3 | +14.3% |
| PayPal | $53.74 | +0.15% | $45.90B | 10.1 | 9.7 | 1.3 | +4.8% |
| Median | 14.9 | 13.1 | 2.5 | +14.3% |