American Express Company
- Growing?
- Yes: revenue up 9% on a year earlier (quarter ended Sep 2026); earnings per share up 19% over the last four quarters.
- Expensive?
- About usual: 17.9× trailing earnings; its five-year median is 19.0×. Priced 51% above the peer median of 11.9x.
- Analysts?
- 48% of 29 say buy; average 12-month target $365, 15% above today's price.
- Risky?
- About average for a large company: its price swung 26% over the past year (the S&P 500's 14%), and it fell as much as 32% since Nov 2021.
American Express is a global integrated payments company that issues charge and credit cards and provides related payment products, rewards, and travel/lifestyle services to consumers and businesses.
More about American Express Company
It primarily earns revenue from discount (merchant) fees on card spending, net interest income on lending products, card fees, and other network/services fees.
Market Position
American Express competes as a premium, closed-loop payments network (issuer + network + merchant relationships) with differentiation in affluent/premium cardmembers, rewards, and merchant value propositions tied to higher-spending customers. Its integrated model supports a distinct economics mix versus open-loop networks and bank-only issuers.
Key Segments
American Express reports four operating segments: U.S. Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS), and Global Merchant and Network Services (GMNS).
How has the stock done?
Over the past month AXP rose 2.1%; the financials ETF (XLF) rose 5.7% and the S&P 500 fell 2.7%.
Over the past six months AXP rose 1.2%; the financials ETF (XLF) rose 12.9% and the S&P 500 rose 2.6%.
Over the past year AXP fell 14.7%; the financials ETF (XLF) rose 8.5% and the S&P 500 rose 10.8%.
Over five years AXP rose 74.9%; the financials ETF (XLF) rose 45.0% and the S&P 500 rose 62.0%.
From Feb 16, 2022 to Sep 30, 2022, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.9% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Oct 23, 2026 | ended Sep 2026 | $20.1B (+9% vs a year earlier) | $5.42 vs $4.50 (beat) | −3.1% | −1.9% |
| Jul 24, 2026 | ended Jun 2026 | $19.6B (+10% vs a year earlier) | $4.53 vs $4.40 (beat) | −1.6% | −1.3% |
| Apr 23, 2026 | ended Mar 2026 | $18.9B (+11% vs a year earlier) | $4.28 vs $3.99 (beat) | −5.7% | −3.0% |
| Jan 30, 2026 | ended Dec 2025 | $19.0B (+10% vs a year earlier) | $3.53 vs $3.53 (in line) | −1.6% | +0.2% |
| Oct 17, 2025 | ended Sep 2025 | $18.4B (+11% vs a year earlier) | — | +8.2% | +10.7% |
| Jul 18, 2025 | ended Jun 2025 | $17.9B (+9% vs a year earlier) | — | −3.9% | −1.2% |
| Apr 17, 2025 | ended Mar 2025 | $17.0B (+7% vs a year earlier) | — | −4.1% | +4.7% |
| Jan 24, 2025 | ended Dec 2024 | $17.2B (+9% vs a year earlier) | — | −2.9% | −2.6% |
| Oct 18, 2024 | ended Sep 2024 | $16.6B (+8% vs a year earlier) | — | −5.3% | −6.4% |
| Jul 19, 2024 | ended Jun 2024 | $16.3B (+8% vs a year earlier) | — | −1.8% | −1.3% |
| Apr 19, 2024 | ended Mar 2024 | $15.8B (+11% vs a year earlier) | — | +7.1% | +8.3% |
| Jan 26, 2024 | ended Dec 2023 | $15.8B (+11% vs a year earlier) | — | +6.8% | +9.8% |
| Oct 20, 2023 | ended Sep 2023 | $15.4B (+13% vs a year earlier) | — | −3.4% | −5.6% |
| Jul 21, 2023 | ended Jun 2023 | $15.1B (+12% vs a year earlier) | — | −5.3% | −6.6% |
| Apr 20, 2023 | ended Mar 2023 | $14.3B (+22% vs a year earlier) | — | −0.7% | −3.9% |
| Jan 27, 2023 | ended Dec 2022 | $14.2B (+17% vs a year earlier) | — | +10.8% | +14.7% |
| Oct 21, 2022 | ended Sep 2022 | $13.6B (+24% vs a year earlier) | — | −0.6% | +5.6% |
| Jul 22, 2022 | ended Jun 2022 | $13.4B (+31% vs a year earlier) | — | +2.4% | +2.6% |
| Apr 22, 2022 | ended Mar 2022 | $11.7B (+29% vs a year earlier) | — | −0.9% | −5.9% |
| Jan 25, 2022 | ended Dec 2021 | $12.1B (+30% vs a year earlier) | — | +10.3% | +15.5% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $20.1B in the quarter ended Sep 2026, up 9% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $14.2B | +17% |
| Mar 2023 | $14.3B | +22% |
| Jun 2023 | $15.1B | +12% |
| Sep 2023 | $15.4B | +13% |
| Dec 2023 | $15.8B | +11% |
| Mar 2024 | $15.8B | +11% |
| Jun 2024 | $16.3B | +8% |
| Sep 2024 | $16.6B | +8% |
| Dec 2024 | $17.2B | +9% |
| Mar 2025 | $17.0B | +7% |
| Jun 2025 | $17.9B | +9% |
| Sep 2025 | $18.4B | +11% |
| Dec 2025 | $19.0B | +10% |
| Mar 2026 | $18.9B | +11% |
| Jun 2026 | $19.6B | +10% |
| Sep 2026 | $20.1B | +9% |
Revenue went from $52.9B in FY22 to $72.2B in FY25; net income from $7.5B to $10.8B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $52.9B | $7.5B |
| FY23 | $60.5B | $8.4B |
| FY24 | $65.9B | $10.1B |
| FY25 | $72.2B | $10.8B |
In the fiscal year to Dec 2025, USCS was 22% and CS was 16% of revenue; 43% was revenue not from contracts with customers, which this breakdown does not split; CS fell from 19% in the fiscal year to Dec 2023.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | USCS | $13.7B | 23% |
| FY2023 | CS | $11.4B | 19% |
| FY2023 | ICS | $6.2B | 10% |
| FY2023 | GMNS | $6.0B | 10% |
| FY2023 | Other (non-contract revenue) | $23.3B | 38% |
| FY2024 | USCS | $14.5B | 22% |
| FY2024 | CS | $11.6B | 18% |
| FY2024 | ICS | $6.8B | 10% |
| FY2024 | GMNS | $6.1B | 9% |
| FY2024 | Other (non-contract revenue) | $27.1B | 41% |
| FY2025 | USCS | $15.6B | 22% |
| FY2025 | CS | $11.9B | 16% |
| FY2025 | ICS | $7.5B | 10% |
| FY2025 | GMNS | $6.3B | 9% |
| FY2025 | Other (non-contract revenue) | $30.9B | 43% |
A year earlier $4.14
Diluted, from SEC filings
The P/E of 17.9× over the 19% EPS growth of the last four quarters; near 1 or below is cheap for the growth
Quarters: American Express Company's SEC filings, named by the month they end. Fiscal years: American Express Company's annual reports to the SEC.
How it makes money
Margins over the past years, from the annual income statement.
+0.8 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: American Express Company's annual reports to the SEC.
Customers and suppliers
In its latest annual report American Express Company buys from Brookfield’s affiliate; sells to Delta.
Suppliers
AXPAmerican Express CompanyCustomers
Partners
Delta DALCobrand cards and Card Member benefitsApproximately 13% of worldwide billed business; approximately 21% of worldwide Card Member loans as of December 31, 2025
Marriott MARCobrand cards for consumers and small businesses
Hilton HLTCobrand cards for consumers and small businesses
Amazon AMZNSmall business cobrand cards and rewards redemption
Lowe’s LOWSmall business cobrand cards
Coinbase COINOffers cards on American Express network
SAP SAPExpense management integrationsChanges since the previous annual report (10-K filed Feb 7, 2025)
Coinbase COINNamed for the first time, as a partnerLowe’s LOWNamed for the first time, as a partnerSAP SAPNamed for the first time, as a partnerDelta DALPartner, share12% → 13%Show the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Delta | partner · distribution deal with it | “Delta is our largest strategic partner....We issue cards under cobrand arrangements with Delta and the Delta cobrand portfolio continued to represent approximately 13 percent of worldwide billed business and approximately 21 percent of worldwide Card Member loans as of December 31, 2025.” |
| Delta | customer | “Among other things, Delta is also a key participant in our Membership Rewards program, provides travel-related benefits and services, including airport lounge access for certain American Express Card Members, accepts American Express cards as a merchant and is a corporate payments customer.” |
| Marriott | partner · distribution deal with it | “For example, we work with partners such as Delta, Marriott, British Airways and Hilton to offer cobranded cards for consumers and small businesses, and with partners in many industries, including Delta, to offer benefits and rewards to Card Members.” |
| British Airways | partner · distribution deal with it | “For example, we work with partners such as Delta, Marriott, British Airways and Hilton to offer cobranded cards for consumers and small businesses, and with partners in many industries, including Delta, to offer benefits and rewards to Card Members.” |
| Hilton | partner · distribution deal with it | “For example, we work with partners such as Delta, Marriott, British Airways and Hilton to offer cobranded cards for consumers and small businesses, and with partners in many industries, including Delta, to offer benefits and rewards to Card Members.” |
| Amazon | partner · distribution deal with it | “We also may not renew certain relationships, such as our Amazon and Lowe’s small business cobrand portfolios, which, as previously disclosed, have been reclassified to held for sale on our Consolidated Balance Sheets....For example, our two largest redemption partners are Amazon and Delta.” |
| Lowe’s | partner · distribution deal with it | “We also may not renew certain relationships, such as our Amazon and Lowe’s small business cobrand portfolios, which, as previously disclosed, have been reclassified to held for sale on our Consolidated Balance Sheets.” |
| Coinbase | partner · distribution deal with it | “There are many examples of how we work with partners, including: issuing cards under cobrand arrangements with other corporations and institutions (e.g., Delta Air Lines (Delta), Marriott International, British Airways and Hilton Worldwide Holdings); providing greater value to our Card Members (e.g., Amex Offers and statement credits for purchases with partners); offering innovative ways for our Card Members to earn and use points with our merchants (e.g., Pay with Points at Amazon.com); expanding merchant acceptance with third-party acquirers and processors (e.g., OptBlue program participants); offering access to payment technologies, marketing solutions and brand assets for cards issued by third-party banks, financial technology companies and other institutions on the American Express network (e.g., cards offered by Coinbase and Credit Saison); integrating into expense management processes of our business customers (e.g., Emburse and SAP Concur); enhancing our travel and lifestyle benefits and services (e.g., Fine Hotels and Resorts®); and providing experiences and entertainment for Card Members (e.g., via Formula 1 and AEG Worldwide).” |
| Credit Saison | partner · distribution deal with it | “There are many examples of how we work with partners, including: issuing cards under cobrand arrangements with other corporations and institutions (e.g., Delta Air Lines (Delta), Marriott International, British Airways and Hilton Worldwide Holdings); providing greater value to our Card Members (e.g., Amex Offers and statement credits for purchases with partners); offering innovative ways for our Card Members to earn and use points with our merchants (e.g., Pay with Points at Amazon.com); expanding merchant acceptance with third-party acquirers and processors (e.g., OptBlue program participants); offering access to payment technologies, marketing solutions and brand assets for cards issued by third-party banks, financial technology companies and other institutions on the American Express network (e.g., cards offered by Coinbase and Credit Saison); integrating into expense management processes of our business customers (e.g., Emburse and SAP Concur); enhancing our travel and lifestyle benefits and services (e.g., Fine Hotels and Resorts®); and providing experiences and entertainment for Card Members (e.g., via Formula 1 and AEG Worldwide).” |
| Emburse | partner | “There are many examples of how we work with partners, including: issuing cards under cobrand arrangements with other corporations and institutions (e.g., Delta Air Lines (Delta), Marriott International, British Airways and Hilton Worldwide Holdings); providing greater value to our Card Members (e.g., Amex Offers and statement credits for purchases with partners); offering innovative ways for our Card Members to earn and use points with our merchants (e.g., Pay with Points at Amazon.com); expanding merchant acceptance with third-party acquirers and processors (e.g., OptBlue program participants); offering access to payment technologies, marketing solutions and brand assets for cards issued by third-party banks, financial technology companies and other institutions on the American Express network (e.g., cards offered by Coinbase and Credit Saison); integrating into expense management processes of our business customers (e.g., Emburse and SAP Concur); enhancing our travel and lifestyle benefits and services (e.g., Fine Hotels and Resorts®); and providing experiences and entertainment for Card Members (e.g., via Formula 1 and AEG Worldwide).” |
| SAP | partner | “There are many examples of how we work with partners, including: issuing cards under cobrand arrangements with other corporations and institutions (e.g., Delta Air Lines (Delta), Marriott International, British Airways and Hilton Worldwide Holdings); providing greater value to our Card Members (e.g., Amex Offers and statement credits for purchases with partners); offering innovative ways for our Card Members to earn and use points with our merchants (e.g., Pay with Points at Amazon.com); expanding merchant acceptance with third-party acquirers and processors (e.g., OptBlue program participants); offering access to payment technologies, marketing solutions and brand assets for cards issued by third-party banks, financial technology companies and other institutions on the American Express network (e.g., cards offered by Coinbase and Credit Saison); integrating into expense management processes of our business customers (e.g., Emburse and SAP Concur); enhancing our travel and lifestyle benefits and services (e.g., Fine Hotels and Resorts®); and providing experiences and entertainment for Card Members (e.g., via Formula 1 and AEG Worldwide).” |
| Formula 1 | partner | “There are many examples of how we work with partners, including: issuing cards under cobrand arrangements with other corporations and institutions (e.g., Delta Air Lines (Delta), Marriott International, British Airways and Hilton Worldwide Holdings); providing greater value to our Card Members (e.g., Amex Offers and statement credits for purchases with partners); offering innovative ways for our Card Members to earn and use points with our merchants (e.g., Pay with Points at Amazon.com); expanding merchant acceptance with third-party acquirers and processors (e.g., OptBlue program participants); offering access to payment technologies, marketing solutions and brand assets for cards issued by third-party banks, financial technology companies and other institutions on the American Express network (e.g., cards offered by Coinbase and Credit Saison); integrating into expense management processes of our business customers (e.g., Emburse and SAP Concur); enhancing our travel and lifestyle benefits and services (e.g., Fine Hotels and Resorts®); and providing experiences and entertainment for Card Members (e.g., via Formula 1 and AEG Worldwide).” |
| AEG Worldwide | partner | “There are many examples of how we work with partners, including: issuing cards under cobrand arrangements with other corporations and institutions (e.g., Delta Air Lines (Delta), Marriott International, British Airways and Hilton Worldwide Holdings); providing greater value to our Card Members (e.g., Amex Offers and statement credits for purchases with partners); offering innovative ways for our Card Members to earn and use points with our merchants (e.g., Pay with Points at Amazon.com); expanding merchant acceptance with third-party acquirers and processors (e.g., OptBlue program participants); offering access to payment technologies, marketing solutions and brand assets for cards issued by third-party banks, financial technology companies and other institutions on the American Express network (e.g., cards offered by Coinbase and Credit Saison); integrating into expense management processes of our business customers (e.g., Emburse and SAP Concur); enhancing our travel and lifestyle benefits and services (e.g., Fine Hotels and Resorts®); and providing experiences and entertainment for Card Members (e.g., via Formula 1 and AEG Worldwide).” |
| GBTG | partner · American Express Company invested in it | “We also have an equity investment in, and commercial arrangements with, Global Business Travel Group, Inc. (GBTG), which provides business travel-related services.” |
| KLM Royal Dutch Airlines | partner · distribution deal with it | “In 2024, the CJEU held a hearing on questions referred by the Dutch Trade and Industry Appeals Tribunal regarding the interpretation of the application of the interchange fee caps in connection with an administrative proceeding by the Netherlands Authority for Consumers and Markets regarding our cobrand relationship with KLM Royal Dutch Airlines.” |
| Mawarid | partner · joint venture with it | “In 2006, Mawarid Investments Limited filed a request for confidential arbitration under the 1998 London Court of International Arbitration Rules in connection with certain claims arising under a shareholders agreement between Mawarid and American Express Travel Related Services Company, Inc. relating to a joint venture between the parties, Amex (Middle East) BSC(c) (AEME).” |
| AEME | partner · joint venture with it | “In 2006, Mawarid Investments Limited filed a request for confidential arbitration under the 1998 London Court of International Arbitration Rules in connection with certain claims arising under a shareholders agreement between Mawarid and American Express Travel Related Services Company, Inc. relating to a joint venture between the parties, Amex (Middle East) BSC(c) (AEME).” |
| Brookfield’s affiliate | supplier | “We have an approximately 49 percent ownership interest in the building and an affiliate of Brookfield Financial Properties owns the remaining approximately 51 percent interest in the building. We also lease space in the building from Brookfield’s affiliate.” |
| Berkshire Hathaway (10-K filed Mar 2, 2026) | invested in American Express Company | “As of December 31, 2025, we owned 151.6 million shares of American Express Company (“American Express”) common stock representing 22.1% of the outstanding common stock of American Express.” |
Only the companies American Express Company names in its 10-K filed Feb 6, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names American Express Company. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/E of 17.9x, above the peer median of 11.9x, so it needs earnings to keep growing to hold up.
Priced 51% above the peer median of 11.9x.
Show the data
| Company | P/E (trailing) |
|---|---|
| MA · Mastercard Incorporated | 34.1× |
| V · Visa Inc. | 34.1× |
| AXP · American Express Company | 17.9× |
| COF · Capital One Financial Corporation | 11.9× |
| PYPL · PayPal Holdings, Inc. | 11.1× |
| SYF · Synchrony Financial | 7.5× |
At 17.9× trailing earnings AXP is inside the middle of its five-year range; the five-year median is 19.0×.
Show the data
| Date | Trailing P/E |
|---|---|
| Nov 8, 2021 | 18.8× |
| Feb 8, 2022 | 19.4× |
| May 10, 2022 | 16.2× |
| Aug 10, 2022 | 16.6× |
| Nov 8, 2022 | 15.1× |
| Feb 9, 2023 | 18.2× |
| May 11, 2023 | 15.5× |
| Aug 11, 2023 | 16.8× |
| Nov 9, 2023 | 14.3× |
| Feb 12, 2024 | 18.9× |
| May 13, 2024 | 19.7× |
| Aug 13, 2024 | 17.8× |
| Nov 11, 2024 | 21.6× |
| Feb 13, 2025 | 22.0× |
| May 15, 2025 | 20.9× |
| Aug 15, 2025 | 21.5× |
| Nov 13, 2025 | 24.5× |
| Feb 17, 2026 | 22.4× |
| May 18, 2026 | 19.5× |
| Aug 18, 2026 | 20.5× |
| Nov 12, 2026 | 17.9× |
Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.
What analysts expect
The average analyst price target is $365, 15% above the current price; 48% of 29 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.
Buy or Strong Buy: 14 analysts (48%). Sell or Strong Sell: 0.
Over the past year the average of the analysts' latest price targets went from $358.33 to $360.00 (0%), while AXP went from $364.73 to $318.06 (−13%). In the past three months targets were raised twice and cut 11 times. 1 upgrade and no downgrades over the year; the latest: JP Morgan moved it to Overweight from Neutral on Jul 13, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 2, 2026 | UBS | Target raised | Neutral | $346.00, was $345.00 |
| Oct 27, 2026 | Citigroup | Target cut | Neutral | $335.00, was $340.00 |
| Oct 26, 2026 | JP Morgan | Target raised | Overweight | $365.00, was $360.00 |
| Oct 26, 2026 | Barclays | Target cut | Equal-Weight | $340.00, was $342.00 |
| Oct 12, 2026 | Morgan Stanley | Target cut | Equal-Weight | $380.00, was $382.00 |
| Oct 12, 2026 | JP Morgan | Target cut | Overweight | $360.00, was $400.00 |
| Oct 9, 2026 | RBC Capital | Target cut | Outperform | $400.00, was $415.00 |
| Oct 9, 2026 | BMO Capital | Began coverage | Outperform | $380.00 |
| Oct 6, 2026 | TD Cowen | Target cut | Hold | $335.00, was $338.00 |
| Oct 5, 2026 | UBS | Target cut | Neutral | $345.00, was $384.00 |
| Oct 5, 2026 | Barclays | Target cut | Equal-Weight | $342.00, was $364.00 |
| Oct 1, 2026 | Evercore ISI Group | Target cut | In-Line | $320.00, was $370.00 |
| Sep 30, 2026 | Citigroup | Target cut | Neutral | $340.00, was $355.00 |
| Sep 23, 2026 | Truist Securities | Target cut | Buy | $370.00, was $375.00 |
| Aug 12, 2026 | Piper Sandler | Target raised | Overweight | $405.00, was $396.00 |
| Aug 3, 2026 | UBS | Target cut | Neutral | $384.00, was $386.00 |
| Jul 27, 2026 | Morgan Stanley | Target cut | Equal-Weight | $382.00, was $385.00 |
| Jul 27, 2026 | Evercore ISI Group | Target cut | In-Line | $370.00, was $380.00 |
| Jul 27, 2026 | BTIG | Target cut | Sell | $315.00, was $324.00 |
| Jul 13, 2026 | HSBC | Target raised | Hold | $329.00, was $312.00 |
| Jul 13, 2026 | JP Morgan | Upgrade | Overweight, was Neutral | $400.00, was $328.00 |
| Jul 9, 2026 | B of A Securities | Target raised | Buy | $391.00, was $387.00 |
| Jul 7, 2026 | TD Cowen | Target raised | Hold | $338.00, was $330.00 |
| Jul 7, 2026 | UBS | Target raised | Neutral | $386.00, was $340.00 |
| Jul 7, 2026 | Barclays | Target raised | Equal-Weight | $364.00, was $322.00 |
| Jul 6, 2026 | Evercore ISI Group | Target raised | In-Line | $380.00, was $345.00 |
| Jun 30, 2026 | Piper Sandler | Began coverage | Overweight, was Neutral | $396.00 |
| Jun 30, 2026 | BTIG | Target raised | Sell | $324.00, was $285.00 |
| Jun 24, 2026 | Truist Securities | Target raised | Buy | $375.00, was $360.00 |
| Jun 16, 2026 | BTIG | Target kept | Sell | $285.00 |
| May 22, 2026 | Loop Capital | Began coverage | Buy | $389.00 |
| Apr 29, 2026 | Evercore ISI Group | Target raised | In-Line | $345.00, was $330.00 |
| Apr 28, 2026 | Goldman Sachs | Target raised | Buy | $400.00, was $360.00 |
| Apr 24, 2026 | Barclays | Target cut | Equal-Weight | $322.00, was $323.00 |
| Apr 24, 2026 | B of A Securities | Target raised | Buy | $387.00, was $381.00 |
| Apr 24, 2026 | BTIG | Target kept | Sell | $285.00 |
| Apr 16, 2026 | Morgan Stanley | Target cut | Equal-Weight | $385.00, was $395.00 |
| Apr 9, 2026 | JP Morgan | Target cut | Neutral | $325.00, was $375.00 |
| Apr 9, 2026 | Wells Fargo | Target cut | Overweight | $415.00, was $425.00 |
| Apr 6, 2026 | Evercore ISI Group | Target cut | In-Line | $330.00, was $393.00 |
| Apr 6, 2026 | Barclays | Target cut | Equal-Weight | $323.00, was $367.00 |
| Mar 23, 2026 | Truist Securities | Target cut | Buy | $360.00, was $400.00 |
| Mar 16, 2026 | BTIG | Target cut | Sell | $285.00, was $328.00 |
| Feb 10, 2026 | Evercore ISI Group | Target cut | In-Line | $393.00, was $400.00 |
| Feb 2, 2026 | Truist Securities | Target cut | Buy | $400.00, was $420.00 |
| Feb 2, 2026 | JP Morgan | Target cut | Neutral | $375.00, was $385.00 |
| Feb 2, 2026 | BTIG | Target kept | Sell | $328.00 |
| Jan 12, 2026 | JP Morgan | Target raised | Neutral | $385.00, was $360.00 |
| Jan 8, 2026 | TD Cowen | Target raised | Hold | $375.00, was $350.00 |
| Jan 6, 2026 | Barclays | Target raised | Equal-Weight | $367.00, was $355.00 |
| Dec 22, 2025 | Truist Securities | Target raised | Buy | $420.00, was $395.00 |
| Dec 17, 2025 | Wells Fargo | Target raised | Overweight | $425.00, was $400.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $3.53 | $3.53 | 0.0% |
| Mar ’26 | $3.99 | $4.28 | +7.3% |
| Jun ’26 | $4.40 | $4.53 | +3.0% |
| Sep ’26 | $4.50 | $5.42 | +20.4% |
The day after each of these reports the stock moved −1.6% (Dec 2025, in line); −5.7% (Mar 2026, beat); −1.6% (Jun 2026, beat); −3.1% (Sep 2026, beat).
For the quarter ending Dec 2026 (American Express Company reports on Jan 29, 2027), analysts expect adjusted earnings of $4.29 a share, 21% more than the $3.53 of a year earlier, and revenue of $20.8B, up 10% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $20.17 a share, 10% more than the year before's estimate of $18.39, and revenue of $86.6B, up 9% on the year before's estimate.
Adjusted. Dec 2025: $3.53; range $4.18 to $4.44; 19 analysts
Dec 2025: $19.0B; range $20.5B to $21.1B; 18 analysts
Adjusted. The year to Dec 2026: $18.39 expected; range $19.30 to $20.72; 25 analysts
The year to Dec 2026: $79.4B expected; range $85.3B to $87.5B; 23 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026, results Jan 29, 2027 | EPS (adjusted) | $4.29 | $4.18 to $4.44 | 19 | $3.53 (Dec 2025) | +21% |
| Quarter ending Dec 2026, results Jan 29, 2027 | Revenue | $20.8B | $20.5B to $21.1B | 18 | $19.0B (Dec 2025) | +10% |
| Quarter ending Mar 2027 | EPS (adjusted) | $4.76 | $4.52 to $4.94 | 13 | $4.28 (Mar 2026) | +11% |
| Quarter ending Mar 2027 | Revenue | $20.6B | $20.3B to $20.7B | 9 | $18.9B (Mar 2026) | +9% |
| Year ending Dec 2026 | EPS (adjusted) | $18.39 | $17.73 to $18.66 | 23 | — | — |
| Year ending Dec 2026 | Revenue | $79.4B | $78.5B to $79.7B | 23 | $72.2B (year to Dec 2025) | +10% |
| Year ending Dec 2027 | EPS (adjusted) | $20.17 | $19.30 to $20.72 | 25 | $18.39 (expected, year to Dec 2026) | +10% |
| Year ending Dec 2027 | Revenue | $86.6B | $85.3B to $87.5B | 23 | $79.4B (expected, year to Dec 2026) | +9% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $13.9B in free cash flow over the year, of which $9.2B went back to shareholders (dividends plus buybacks), leaving $4.7B in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $17.6B |
| Capex | −$3.7B |
| Free cash flow | $13.9B |
| Dividends | −$2.5B |
| Buybacks | −$6.7B |
| Cash retained | $4.7B |
For every $100 of market cap, the company generates about $6.5 in free cash flow a year.
For every $100 of market cap, you receive about $1.2 in dividends a year.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $4.3 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Dec 2023 | $6.3B | $454M | $901M |
| Mar 2024 | $5.2B | $452M | $1.3B |
| Jun 2024 | $4.0B | $521M | $1.8B |
| Sep 2024 | −$2.3B | $516M | $1.9B |
| Dec 2024 | $5.3B | $510M | $1.0B |
| Mar 2025 | $4.3B | $509M | $1.2B |
| Jun 2025 | $3.7B | $593M | $1.4B |
| Sep 2025 | $5.6B | $586M | $2.4B |
| Dec 2025 | $2.3B | $583M | $899M |
| Mar 2026 | $2.7B | $583M | $1.9B |
| Jun 2026 | $4.5B | $665M | $2.3B |
| Sep 2026 | $4.4B | $668M | $1.6B |
American Express Company had 674M diluted shares in the quarter ended Sep 2026, 2.7% fewer than a year earlier, and 2.8% fewer each year on average since Jun 2020. It spent $6.7B on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 19.3% and its net income rose 16.3%: fewer shares added about 3 points.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Jun 2020 | 805M |
| Sep 2020 | 805M |
| Mar 2021 | 805M |
| Jun 2021 | 802M |
| Sep 2021 | 787M |
| Mar 2022 | 758M |
| Jun 2022 | 753M |
| Sep 2022 | 749M |
| Mar 2023 | 744M |
| Jun 2023 | 741M |
| Sep 2023 | 733M |
| Mar 2024 | 722M |
| Jun 2024 | 717M |
| Sep 2024 | 709M |
| Mar 2025 | 702M |
| Jun 2025 | 699M |
| Sep 2025 | 693M |
| Mar 2026 | 686M |
| Jun 2026 | 679M |
| Sep 2026 | 674M |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Shareholder equity is only 11% of assets, so debt-to-equity (1.7) says little; net debt is 0.5 years of operating cash flow, which is light.
Shareholder funds are only 11% of assets, so $1.7 of debt per $1 of them says little about whether the debt can be carried. The years of operating cash flow it would take to repay it say more.
Cash and short-term investments of $48.5B against debt of $57.8B. It also holds $1.0B of long-term investments, $217M of them securities it could sell.
Net debt of $9.2B is 0.5 years of the $17.6B its operations brought in over the last four quarters. Under 1 year is light; over 3 is heavy.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 4 members of Congress and 7 funds whose copy leaves AXP out (not traded on the exchange): Berkshire Hathaway, Nancy Pelosi, Jared Moskowitz, Fisher Asset Management, Norges Bank, Swiss National Bank and 5 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 19 held AXP at the end of their latest quarter (for most, Q2 2026). Over that quarter 10 added shares, 6 cut, 2 sold all and 3 held the same. The largest of them is Berkshire Hathaway, 151.61M shares worth $51.3B at Jun 30, 2026.
Over their latest quarter
2 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Berkshire Hathaway | Q2 2026 | 151.61M | $51.3B | 0 | 0.0% | Aug 14, 2026 |
| Fisher Asset Management | Q3 2026 | 9.60M | $2.9B | +172,571 | +1.8% | Nov 6, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 7.99M | $2.7B | +1.32M | +20% | Aug 12, 2026 |
| First Eagle Investment Management | Q3 2026 | 1.68M | $511M | −1.68M | −50% | Nov 10, 2026 |
| Swiss National Bank | Q3 2026 | 1.45M | $440M | −52,640 | −3.5% | Nov 12, 2026 |
| National Pension Service | Q3 2026 | 1.20M | $364M | +5,478 | +0.5% | Nov 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 1.02M | $343M | +139,225 | +16% | Aug 14, 2026 |
| Korea Investment | Q2 2026 | 647,397 | $219M | +25,591 | +4.1% | Aug 12, 2026 |
| Renaissance Technologies | Q3 2026 | 690,720 | $210M | +656,140 | +1897% | Nov 12, 2026 |
| Markel Group | Q3 2026 | 490,450 | $149M | 0 | 0.0% | Oct 30, 2026 |
| Dodge & Cox | Q2 2026 | 271,279 | $91.8M | −6,211 | −2.2% | Aug 13, 2026 |
| Harris Associates L P | Q2 2026 | 203,453 | $68.8M | −253 | −0.1% | Aug 14, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 162,503 | $49.4M | +11,299 | +7.5% | Nov 3, 2026 |
| Skye Global Management | Q2 2026 | 0 | — | −65,500 | Sold all | Aug 14, 2026 |
| Tweedy, Browne | Q3 2026 | 60,004 | $18.2M | −2,715 | −4.3% | Nov 4, 2026 |
| Giverny Capital | Q3 2026 | 56,293 | $17.1M | +9,591 | +21% | Nov 12, 2026 |
| Nomura Holdings | Q2 2026 | 48,346 | $16.4M | +10,938 | +29% | Aug 14, 2026 |
| Bridgewater Associates | Q2 2026 | 29,582 | $10.0M | +7,805 | +36% | Aug 14, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 0 | — | −10,726 | Sold all | Aug 14, 2026 |
| Gardner Russo & Quinn | Q3 2026 | 4,861 | $1.5M | −264 | −5.2% | Nov 12, 2026 |
| Ruane, Cunniff & Goldfarb | Q2 2026 | 932 | $315K | 0 | 0.0% | Aug 14, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of AXP at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.