American Express Company
- Open
- 342.00
- Day high
- 344.14
- Day low
- 336.57
- Prev close
- 340.88
- Volume
- 3.3M
- Mkt cap
- $230.8B
- P/E (TTM)
- 21.1
- EPS (TTM)
- $16.03
- P/B
- 6.8
- P/S
- 2.8
- Yield
- 1.01%
- Per share
- $3.41
- ▼Insiders net selling -$2.4M over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
American Express Company (AXP) is a Financial Services company listed on NYSE. The stock is up 7% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
American Express Company (AXP) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AXP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $4.00 | $4.28 | +7.0% | $18.9B | +1.6% |
| Jan 30, 2026 | $3.54 | $3.53 | -0.3% | $19.0B | +0.3% |
| Oct 17, 2025 | $4.00 | $4.14 | +3.5% | $18.4B | +2.1% |
| Jul 18, 2025 | $3.89 | $4.08 | +4.9% | $17.9B | +0.8% |
| Apr 17, 2025 | $3.47 | $3.64 | +4.9% | $17.0B | +0.1% |
| Jan 24, 2025 | $3.00 | $3.04 | +1.3% | $17.2B | +0.1% |
| Oct 18, 2024 | $3.28 | $3.49 | +6.4% | $16.6B | -0.3% |
| Jul 19, 2024 | $3.24 | $3.49 | +7.7% | $16.3B | -1.6% |
| Apr 19, 2024 | $2.96 | $3.33 | +12.5% | $15.8B | +0.1% |
| Jan 26, 2024 | $2.64 | $2.62 | -0.8% | $15.8B | -1.3% |
| Oct 20, 2023 | $2.94 | $3.30 | +12.2% | $15.4B | +1.9% |
| Jul 21, 2023 | $2.81 | $2.89 | +2.8% | $15.1B | -2.7% |
AXP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | McNeal Glenda Gofficer: Chief Partner Officer | Sell | 7,033 | $339.36 |
| May 7, 2026 | Leonsis Theodoredirector | Grant | 742 | — |
| May 7, 2026 | WARDELL LISA Wdirector | Grant | 742 | — |
| May 7, 2026 | Baltimore Thomas J Jrdirector | Grant | 742 | — |
| May 7, 2026 | Brennan John Josephdirector | Grant | 742 | — |
| May 7, 2026 | Quarles Randal K.director | Grant | 742 | — |
| May 7, 2026 | PHILLIPS JR CHARLES Edirector | Grant | 742 | — |
| May 7, 2026 | Pike Lynn Anndirector | Grant | 742 | — |
| May 7, 2026 | PARKHILL KAREN Ldirector | Grant | 742 | — |
| May 7, 2026 | Wallace Noel R.director | Grant | 742 | — |
| May 7, 2026 | Majoras Deborah Pdirector | Grant | 742 | — |
| May 7, 2026 | Young Christopher Daviddirector | Grant | 742 | — |
| May 7, 2026 | Angelakis Michael Jdirector | Grant | 742 | — |
| Apr 6, 2026 | Wallace Noel R.director | Grant | 121 | — |
| Apr 2, 2026 | WARDELL LISA Wdirector | Grant | 125 | — |
Source: AXP SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full AXP insider & 13F page →American Express Company company profile
Overview
American Express Company (NYSE:AXP) is a multinational financial services corporation founded in 1850 and headquartered in New York. Originally established as an express mail business, the company has evolved into one of the world's largest credit card issuers and payment processors. American Express operates as both a card issuer and payment network, distinguishing it from competitors like Visa and Mastercard that primarily function as networks. The company serves consumers, small businesses, and large corporations globally through its charge and credit card products, merchant services, and travel-related offerings.
Business
American Express operates in the financial services industry, specifically in the credit services and payment processing sectors. The company functions as both a credit card issuer and a payment network, creating what's known as a "closed-loop" system where it controls both sides of the transaction. The company's core business revolves around three main segments that generated $74.2 billion in revenue for 2024: Global Consumer Services Group represents the largest segment, focusing on individual consumers through various charge and credit card products. This includes premium cards like the Platinum Card, Gold Card, and Green Card, as well as co-branded cards with airlines and hotels. The segment generates revenue through annual fees, interest charges on revolving balances, and merchant discount fees when cardholders make purchases. Global Commercial Services targets businesses of all sizes, from small enterprises to large corporations. This segment offers corporate cards, expense management solutions, and working capital financing. Products include traditional corporate cards, purchasing cards for procurement, and accounts payable solutions that help businesses streamline their payment processes. Global Merchant and Network Services operates the payment processing infrastructure, earning revenue when merchants accept American Express cards. This segment also includes fraud prevention services, point-of-sale marketing, customer loyalty program management, and various merchant acquisition services. The payment card industry operates on a multi-party system where cardholders use cards to make purchases at merchants, who pay fees to accept the cards. American Express's unique position as both issuer and network allows it to capture revenue from multiple points in this ecosystem, including annual fees from cardholders, interest on outstanding balances, and discount fees from merchants.
Revenue model
American Express generates revenue through multiple interconnected streams within its closed-loop payment ecosystem. The primary revenue sources include discount revenue from merchants who pay fees (typically 2-3% of transaction value) when customers use American Express cards, card fees from annual membership fees ranging from $95 for basic cards to $695+ for premium products, and net interest income from cardholders who carry revolving balances on credit products. The company's customers span three distinct categories: individual consumers who pay annual fees and potentially interest charges, businesses that use corporate cards and payment solutions, and merchants who pay processing fees to accept American Express cards. In 2024, card fee revenue grew 19% while net interest income increased 13%, demonstrating the strength of both fee-based and lending revenue streams. Several factors influence American Express's profitability margins. Positive margin drivers include the company's focus on affluent customers who tend to spend more and default less frequently, the premium positioning that allows higher fee structures, strong customer loyalty reducing acquisition costs, and the closed-loop model that captures both issuing and network economics. The company's credit losses remain significantly below industry averages due to its premium customer base. Margin pressures come from intense competition in the premium card space, particularly from Chase and other major issuers offering lucrative sign-up bonuses and rewards. Rising interest rates can impact net interest margins, while economic downturns could affect both spending volumes and credit quality. Regulatory changes, particularly around interchange fees and capital requirements, pose ongoing risks. Additionally, the company's heavy marketing investments (approximately $6 billion annually) and technology infrastructure costs represent significant ongoing expenses necessary to maintain competitive positioning.
Competitive moat
American Express possesses a moderate to strong economic moat built primarily around its premium brand positioning and closed-loop network model. The company's most significant competitive advantage lies in its ability to attract and retain affluent customers who value prestige, exclusive benefits, and superior customer service over pure cost considerations. This customer base generates higher spending volumes, pays substantial annual fees, and exhibits lower default rates compared to mass-market cardholders. The closed-loop network structure creates switching costs and network effects, as both merchants and cardholders benefit from widespread acceptance and usage. American Express's control over both issuing and processing allows for better customer experience management and higher revenue capture per transaction compared to open-loop competitors. However, the moat faces meaningful challenges. Competition from major banks like JPMorgan Chase has intensified significantly, with competitors offering comparable rewards and benefits while leveraging existing banking relationships. Chase Sapphire Reserve and other premium products directly target American Express's core demographic with aggressive sign-up bonuses and competitive reward structures. Merchant acceptance limitations remain a persistent weakness, as American Express's higher merchant fees result in some retailers either not accepting the cards or steering customers toward lower-cost alternatives. While acceptance has improved significantly over the past decade, this gap versus Visa and Mastercard continues to limit the network's utility. The rise of fintech competitors and digital payment solutions presents additional threats, particularly among younger consumers who may prioritize convenience and technology over traditional prestige benefits. Despite these challenges, American Express's strong brand equity, customer loyalty, and ability to innovate in premium experiences provide meaningful defensive characteristics, though the moat is not impregnable.
Risks & safety
American Express demonstrates solid financial stability with manageable risk levels, though the financial services business model inherently carries higher leverage than typical corporations. Liquidity and Solvency: • Cash and short-term investments of $40.6 billion provide substantial liquidity buffer • Strong operating cash flow generation of $14.1 billion in 2024 • Debt-to-equity ratio of 1.69x is typical for financial services companies • Current ratio of 0.26x appears low but is normal for financial institutions due to business model structure Valuation Metrics: • Trading at 20.9x trailing earnings, reasonable for a quality financial services company • Price-to-book ratio of 7.0x reflects premium valuation but justified by strong ROE of 33.5% • EV/EBITDA of 15.2x indicates moderate valuation relative to earnings power Credit Quality and Risk Management: • Write-off rates remain well below industry averages due to premium customer base • Strong underwriting standards with focus on high FICO score customers • Diversified revenue streams reduce dependence on any single income source • Regulatory capital ratios exceed minimum requirements with comfortable buffers
Recent development
Over the past several years, American Express has executed a comprehensive product refresh strategy, updating approximately 40+ card products globally to enhance value propositions and attract younger customers. This initiative has focused particularly on Millennial and Gen-Z consumers, who now represent over 60% of new card acquisitions and demonstrate strong spending growth rates of 13-15% annually. The company has made significant strategic acquisitions to build its small and medium enterprise (SME) technology ecosystem, including Kabbage (lending platform), One AP (accounts payable), Nipendo (procurement), and most recently Center (SME technology capabilities). These acquisitions position American Express to offer comprehensive B2B payment and financial management solutions beyond traditional corporate cards. Digital and lifestyle investments have expanded through acquisitions of dining platforms Resy and Tock, along with Rooam, creating an integrated restaurant and experience ecosystem. The company has also launched high-profile partnerships including Formula 1 sponsorship to enhance brand visibility among target demographics. American Express has maintained elevated marketing investments of approximately $6 billion annually, representing a 15% increase from previous years, focusing on customer acquisition across consumer, small business, and international segments. The international expansion has shown particular strength, with markets like the UK, Australia, Japan, and Mexico delivering mid-to-high teens growth rates. The company has also enhanced its merchant network globally while continuing to invest in fraud prevention, digital banking capabilities, and customer loyalty programs to maintain competitive differentiation in an increasingly crowded premium card market.
AXP company profile · for informational purposes only — not investment advice.
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