American Express CompanyAXP
NYSE•Financial Services•Credit Services
American Express Company, together with its subsidiaries, operates as an integrated payments company in the United States, Europe, the Middle East and Africa, the Asia Pacific, Australia, New Zealand, Latin America, Canada, the Caribbean, and internationally. It operates through four segments: U.S. Consumer Services, Commercial Services, International Card Services, and Global Merchant and Network Services. The company offers credit and charge cards and complementary products and services, including travel, dining, and lifestyle and expense management products and services; and banking and other payment and financing products and services, including deposits and non-card lending. It also provides merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services, as well as network services. The company offers its products and services to consumers, small businesses, mid-sized companies, and large corporations through mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, in-house sales teams, direct mail, telephone, and direct response advertising. American Express Company was founded in 1850 and is headquartered in New York, New York.
American Express Company (AXP) reported trailing twelve months revenue of $82.41B as of March 2026, a 9.4% increase year-over-year. Quarterly revenue reached $20.88B, reflecting continued top-line momentum.
American Express Company generated $11.22B in TTM net income, with quarterly EBITDA of $6.60B. The operating margin expanded from 17.6% to 31.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (31.6%) and net margin (14.2%) indicates significant non-operating expenses or interest burden. Net margin has improved from 13.6% a year ago, signaling stronger bottom-line efficiency.
AXP trades at a P/E of 18.2x (in line with broad market averages) and a P/S of 2.5x. The price-to-book ratio of 6.0x indicates a significant premium over book value.
The company generated $2.65B in free cash flow over the trailing twelve months, a 38.7% decrease year-over-year, indicating cash generation ability. The balance sheet shows $308.89B in total assets with $58.75B in long-term debt against $33.99B in stockholders equity for a debt-to-equity ratio of 1.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~19.0%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 32.8% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~15.9% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~20.7% — no sign of cost or pricing stress.
FCF covers net income by 1.2x on average — earnings are well-supported by cash generation.
D/E ratio is 1.7 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 4.3% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation