American Express (AXP)
Market Price (12/28/2025): $381.98 | Market Cap: $264.3 BilSector: Financials | Industry: Consumer Finance
American Express (AXP)
Market Price (12/28/2025): $381.98Market Cap: $264.3 BilSector: FinancialsIndustry: Consumer Finance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 21 Bil, FCF LTM is 19 Bil | Trading close to highsDist 52W High is -1.0%, Dist 3Y High is -1.0% | Key risksAXP key risks include [1] high sensitivity to economic downturns due to its reliance on premium customer discretionary spending and direct lending exposure, Show more. |
| Attractive yieldFCF Yield is 7.2% | ||
| Low stock price volatilityVol 12M is 31% | ||
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Experience Economy & Premiumization, and AI in Financial Services. Themes include Digital Payments, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 21 Bil, FCF LTM is 19 Bil |
| Attractive yieldFCF Yield is 7.2% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Experience Economy & Premiumization, and AI in Financial Services. Themes include Digital Payments, Show more. |
| Trading close to highsDist 52W High is -1.0%, Dist 3Y High is -1.0% |
| Key risksAXP key risks include [1] high sensitivity to economic downturns due to its reliance on premium customer discretionary spending and direct lending exposure, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
American Express (AXP) experienced a significant positive movement in its stock from August 31, 2025, to December 28, 2025, driven by several key factors.
<br><br><b>1. Strong Third-Quarter 2025 Earnings:</b> American Express reported robust financial results for the third quarter of 2025 on October 17, 2025, with net income increasing to $2.9 billion from $2.5 billion a year ago, and earnings per share (EPS) rising 19 percent to $4.14, surpassing analyst forecasts. Total revenues, net of interest expense, also grew 11 percent year-over-year to a record $18.4 billion.
<br><br><b>2. Raised Full-Year 2025 Guidance:</b> Following the impressive third-quarter performance, American Express raised its full-year 2025 guidance. The company now expects revenue growth of 9% to 10% and EPS between $15.20 and $15.50, signaling strong confidence in its continued financial outlook.
<br><br><b>3. Accelerated Card Member Spending and Engagement:</b> The company observed accelerated Card Member spending growth, with an 8% increase on an FX-adjusted basis, bolstered by higher net interest income and continued strong card fee growth. The successful refresh of its U.S. Consumer and Business Platinum Cards also generated strong early demand and engagement.
<br><br><b>4. Optimism for Lower Interest Rates:</b> In August 2025, American Express stock saw an uplift due to broader market optimism regarding anticipated lower interest rates from the Federal Reserve. Lower interest rates are generally expected to stimulate economic activity and consumer spending, which directly benefits credit card and payment companies like American Express.
<br><br><b>5. Increased Quarterly Dividend:</b> American Express announced a 17% increase in its regular quarterly dividend to $0.82 per common share, starting with the first-quarter 2025 dividend. This dividend increase, declared earlier in the year, likely continued to positively influence investor sentiment throughout the period as a sign of financial health and commitment to shareholder returns.
Show moreStock Movement Drivers
Fundamental Drivers
The 11.8% change in AXP stock from 9/27/2025 to 12/27/2025 was primarily driven by a 6.7% change in the company's P/E Multiple.| 9272025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 340.82 | 381.05 | 11.81% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 68638.00 | 70428.00 | 2.61% |
| Net Income Margin (%) | 14.78% | 14.97% | 1.25% |
| P/E Multiple | 23.45 | 25.02 | 6.69% |
| Shares Outstanding (Mil) | 698.00 | 692.00 | 0.86% |
| Cumulative Contribution | 11.80% |
Market Drivers
9/27/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| AXP | 11.8% | |
| Market (SPY) | 4.3% | 49.0% |
| Sector (XLF) | 3.3% | 73.2% |
Fundamental Drivers
The 20.7% change in AXP stock from 6/28/2025 to 12/27/2025 was primarily driven by a 16.2% change in the company's P/E Multiple.| 6282025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 315.59 | 381.05 | 20.74% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 67115.00 | 70428.00 | 4.94% |
| Net Income Margin (%) | 15.31% | 14.97% | -2.25% |
| P/E Multiple | 21.53 | 25.02 | 16.19% |
| Shares Outstanding (Mil) | 701.00 | 692.00 | 1.28% |
| Cumulative Contribution | 20.72% |
Market Drivers
6/28/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| AXP | 20.7% | |
| Market (SPY) | 12.6% | 52.0% |
| Sector (XLF) | 7.4% | 75.2% |
Fundamental Drivers
The 27.9% change in AXP stock from 12/27/2024 to 12/27/2025 was primarily driven by a 17.3% change in the company's P/E Multiple.| 12272024 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 297.84 | 381.05 | 27.94% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 64569.00 | 70428.00 | 9.07% |
| Net Income Margin (%) | 15.32% | 14.97% | -2.30% |
| P/E Multiple | 21.32 | 25.02 | 17.35% |
| Shares Outstanding (Mil) | 708.00 | 692.00 | 2.26% |
| Cumulative Contribution | 27.87% |
Market Drivers
12/27/2024 to 12/27/2025| Return | Correlation | |
|---|---|---|
| AXP | 27.9% | |
| Market (SPY) | 17.0% | 81.6% |
| Sector (XLF) | 15.3% | 86.0% |
Fundamental Drivers
The 174.7% change in AXP stock from 12/28/2022 to 12/27/2025 was primarily driven by a 84.7% change in the company's P/E Multiple.| 12282022 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 138.74 | 381.05 | 174.66% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 50757.00 | 70428.00 | 38.76% |
| Net Income Margin (%) | 15.09% | 14.97% | -0.84% |
| P/E Multiple | 13.55 | 25.02 | 84.67% |
| Shares Outstanding (Mil) | 748.00 | 692.00 | 7.49% |
| Cumulative Contribution | 173.12% |
Market Drivers
12/28/2023 to 12/27/2025| Return | Correlation | |
|---|---|---|
| AXP | 107.5% | |
| Market (SPY) | 48.0% | 71.6% |
| Sector (XLF) | 51.3% | 81.7% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AXP Return | -1% | 37% | -9% | 29% | 60% | 30% | 233% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| AXP Win Rate | 58% | 75% | 42% | 33% | 75% | 67% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| AXP Max Drawdown | -44% | -5% | -17% | -3% | -4% | -22% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | AXP | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -32.0% | -25.4% |
| % Gain to Breakeven | 47.0% | 34.1% |
| Time to Breakeven | 483 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -49.6% | -33.9% |
| % Gain to Breakeven | 98.6% | 51.3% |
| Time to Breakeven | 337 days | 148 days |
| 2018 Correction | ||
| % Loss | -20.7% | -19.8% |
| % Gain to Breakeven | 26.1% | 24.7% |
| Time to Breakeven | 81 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -84.3% | -56.8% |
| % Gain to Breakeven | 538.9% | 131.3% |
| Time to Breakeven | 1,470 days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
American Express's stock fell -32.0% during the 2022 Inflation Shock from a high on 2/16/2022. A -32.0% loss requires a 47.0% gain to breakeven.
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AI Analysis | Feedback
Here are 1-2 brief analogies for American Express (AXP):
- Apple of payment cards: American Express issues its own premium credit cards, manages its own payment network, and offers a suite of integrated financial and travel services, similar to how Apple controls its hardware, software, and ecosystem for a premium experience.
- Ritz-Carlton of credit cards: American Express is known for its premium credit card offerings, exclusive perks, and high-touch customer service, akin to the luxury experience and dedicated service provided by Ritz-Carlton hotels.
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- Credit and Charge Cards: American Express issues a variety of consumer and business cards that facilitate purchases and offer rewards, with charge cards requiring full monthly payment and credit cards allowing revolving balances.
- Merchant Acquiring and Payment Processing: This service enables businesses to accept American Express cards for transactions, facilitating customer payments.
- Business Loans and Working Capital Solutions: American Express provides lending products and financial solutions primarily to small and medium-sized businesses for their operational needs.
- Travel and Lifestyle Services: These services enhance cardmember experiences, offering benefits like travel booking, concierge assistance, lounge access, and exclusive event invitations.
AI Analysis | Feedback
American Express (AXP) serves a diverse customer base, encompassing both individual consumers and businesses of all sizes. While it has a significant commercial services arm, its core business model revolves around its proprietary card network and serving cardmembers.
Given the nature of its business, where millions of individuals and businesses hold and use American Express cards, it is most appropriate to describe its major customers by categories of cardmembers rather than listing specific corporate entities. American Express primarily serves the following categories of customers:
- High-Net-Worth and Affluent Individual Consumers: This category includes individuals who typically have higher spending patterns and seek premium rewards, exclusive benefits, travel perks, and concierge services. American Express is well-known for cards like The Platinum Card and The Centurion Card, which cater to this demographic.
- Small and Medium-Sized Business (SMB) Owners: American Express has a strong focus on entrepreneurs and small to medium-sized enterprises. These customers use American Express business cards for their operational expenses, purchasing, working capital, and to manage employee spending, often leveraging integrated business management tools and rewards tailored for business growth.
- Large and Global Corporate Clients: This category encompasses major corporations and multinational companies that utilize American Express's corporate card programs for employee travel and entertainment (T&E) expenses, procurement, and other business expenditures. American Express provides comprehensive expense management solutions, data insights, and global support for these larger organizations.
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- Amazon.com, Inc. (AMZN)
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Stephen J. Squeri, Chairman and Chief Executive Officer
Mr. Squeri joined American Express in 1985 and has served in numerous leadership positions across the company before being appointed Chairman and CEO in February 2018. His previous roles include Vice Chairman, Group President of Global Corporate Services, Group President of Global Services, and Executive Vice President and Chief Information Officer, where he oversaw mergers and acquisitions. He began his professional career as a management consultant at Arthur Andersen & Company. Mr. Squeri holds a bachelor's degree and an MBA from Manhattan College, and currently serves as the Chairman of the Manhattan College Board of Trustees.
Christophe Le Caillec, Chief Financial Officer
Mr. Le Caillec was appointed Chief Financial Officer of American Express in August 2023. Prior to assuming this role, he served as the Deputy CFO.
Raymond Joabar, Group President, Global Commercial Services and Global Servicing
Mr. Joabar joined American Express in 1992 and has accumulated over 33 years of experience in various senior leadership roles across multiple countries and lines of business. His past positions include Group President of Global Merchant & Network Services, Chief Risk Officer of American Express Company and American Express National Bank, and President of International Card Services. He holds a B.S. in Electrical Engineering from the University of Michigan and an MBA from Manchester Business School.
Douglas L. Buckminster, Vice Chairman
Mr. Buckminster became Vice Chairman of American Express in April 2021, and plays a key role in the company's strategic direction and global growth opportunities. He leads Global Advertising and Brand Management, Corporate Development, and China Operations teams. Joining American Express in 1985 through the Graduate Management Summer Intern Program, he previously served as Group President of Global Consumer Services and President, Global Network & International Card Services, among other significant leadership roles. Mr. Buckminster earned his bachelor's degree from Boston University and an MBA from New York University.
Audrey Hendley, President, American Express Travel
Ms. Hendley's career at American Express began in 1992, spanning over three decades of leadership across various business units. She has held influential roles such as Vice President and General Manager, Chief Marketing Officer and Head of Strategic Partnerships, and Senior Vice President & GM for Global Products, Loyalty and Consulting. Ms. Hendley was inducted into American Express's Hall of Fame in 2012. She is an honors graduate of Trinity College in Dublin, where she received her Master's in Marketing Management. She also serves as Chair for the New York Women's Interest Network (WIN) and Chair of the Board for World Education Services (WES).
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The key risks to American Express (AXP) are primarily rooted in its sensitivity to economic conditions, the intense competitive landscape, and ongoing regulatory and compliance challenges.Key Risks to American Express (AXP)
- Economic Sensitivity and Credit Risk: American Express's business model, heavily reliant on discretionary spending by its premium customer base and its role as a lender, makes it highly vulnerable to economic downturns and shifts in credit quality. A weakening economy can lead to reduced consumer and business spending, impacting transaction volumes and revenue. Moreover, an increase in loan defaults and higher credit losses, as evidenced by recent increases in net write-offs for Card Member loans, can significantly affect profitability.
- Competition: American Express faces significant competitive pressure from a diverse range of players, including other major credit card networks like Visa and Mastercard, traditional bank issuers (e.g., JPMorgan Chase, Citigroup), and emerging fintech companies offering alternative payment solutions and Buy Now Pay Later (BNPL) services. This intense competition can lead to pressure on merchant discount rates, increased spending on rewards programs, and the potential loss of cardholders and merchant relationships.
- Regulatory and Compliance Risks: American Express operates in a highly regulated financial services industry and has faced substantial penalties and scrutiny from regulators. Instances include fines for deficiencies in third-party oversight, non-compliance with Customer Identification Program (CIP) regulations, and allegations of deceptive marketing practices. Ongoing regulatory changes, compliance with financial crime regulations, and scrutiny over debt collection practices continue to pose material operational and financial risks, potentially leading to further fines and reputational damage.
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Buy Now, Pay Later (BNPL) Services
The rapid proliferation and adoption of Buy Now, Pay Later (BNPL) services like Affirm, Afterpay, and Klarna pose a clear emerging threat to American Express. These services offer consumers interest-free installment payment options at the point of sale, particularly online. This directly competes with American Express's core credit card product for consumer spending, especially among younger demographics and for specific retail purchases. As BNPL becomes a standard checkout option for a growing number of merchants, it can divert transaction volume and potential interest revenue away from traditional credit cards, impacting Amex's fee income and market share in consumer lending.
Rise of Account-to-Account (A2A) Payments and Real-time Payment Networks
The development and increasing adoption of Account-to-Account (A2A) payment systems and real-time payment networks represent a fundamental threat to the traditional card network model. Initiatives like FedNow in the United States, SEPA Instant Credit Transfer in Europe, and India's Unified Payments Interface (UPI) enable direct bank-to-bank transfers, bypassing intermediaries like American Express. While currently more prevalent for peer-to-peer (P2P) and business-to-business (B2B) transactions, the long-term vision includes widespread merchant payments (P2M). If A2A payments gain significant traction for retail purchases, they could offer merchants a lower-cost alternative to traditional card processing fees (interchange fees), thereby challenging American Express's revenue streams derived from its role as a payment network and issuer.
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American Express (AXP) operates in several large addressable markets, primarily centered around its payment card products, network services, and travel-related offerings. Below are the estimated market sizes for their main products and services:
- Credit Cards (Global): The global credit card market, based on total annual purchase value, is projected to reach USD 17.73 trillion by 2030, growing from USD 14.83 trillion in 2025. Another estimate for the global credit card payments market size indicates a value of USD 677.63 billion in 2025, expanding to approximately USD 1,433.49 billion by 2034. A separate report projects the global credit card market to grow from USD 160.93 billion in 2023 to USD 324.90 billion in 2031. The credit card payment market size is also projected to grow from USD 343.20 billion in 2025 to USD 657.87 billion by 2033.
- Business Credit Cards (Global): The global business credit cards market was valued at USD 33.5 billion in 2023 and is projected to reach USD 59.9 billion by 2032. The corporate credit card market, a related segment, grew from USD 23.78 billion in 2024 to USD 25.51 billion in 2025, with an expectation to reach USD 36.74 billion by 2030.
- Payment Processing Solutions (Global): The global payment processing solutions market was estimated at USD 144.12 billion in 2024, is projected to be worth USD 173.38 billion by 2025, and is anticipated to reach approximately USD 914.91 billion by 2034. Other estimates for the global payment processing solutions market include USD 103.2 billion in 2023, projected to reach USD 160.0 billion by 2028, and USD 54.92 billion in 2024, expected to reach USD 121.47 billion by 2032.
- Merchant Acquiring (Global): The global merchant acquiring market size is expected to grow from USD 25.43 billion in 2024 to USD 42.16 billion in 2029. Another report indicates the market size was USD 23.00 billion in 2023, grew to USD 25.43 billion in 2024, and is projected to reach USD 38.16 billion by 2028. The global merchant acquiring market size was also reported as USD 22,145.2 million in 2024.
- Travel Agency Services (Global): The global travel agency services market is expected to grow from USD 430.97 billion in 2024 to USD 623.39 billion by 2029. Other projections estimate the market to be valued at USD 458.7 billion in 2024 and reach USD 1,056.4 billion by 2034, or USD 522.96 billion in 2024, expanding to USD 1,606.28 billion by 2034. Another source estimates the market size in 2024 as USD 471.2 billion, growing to USD 1.4 trillion by 2035.
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American Express (AXP) Expected Drivers of Future Revenue Growth
American Express (AXP) anticipates several key drivers to fuel its revenue growth over the next two to three years, building on its premium customer strategy and ongoing investments.
1. Growth in Card Member Spending
A primary driver for American Express is the continued increase in Card Member spending. The company has observed robust spending trends, particularly in retail, and a significant rebound in travel and entertainment (T&E) expenditures. This growth is consistent across its customer base, with strong performance in premium products and notable engagement from younger demographics such as Millennials and Gen Z, who now account for a substantial portion of total spend.
2. Expansion of Net Card Fees through Premium Product Strategy
American Express expects sustained growth in net card fees, driven by its focus on premium card products and a successful refresh strategy. The recent refresh of its U.S. Consumer and Business Platinum Cards, for instance, has exceeded initial demand and engagement expectations, doubling new account acquisitions compared to pre-refresh levels. The company's annual card fees are approaching $10 billion and have consistently shown double-digit growth for 29 consecutive quarters. This strategy involves regularly enhancing value propositions with compelling benefits and services.
3. Growth in Revolving Loan Balances and Net Interest Income (NII)
Higher net interest income, supported by growth in revolving loan balances, is another significant revenue driver. American Express anticipates NII growth to outpace the growth in total loans and receivables, particularly as revolving balances increase. The company's growing deposits program, including high-yield savings accounts, also contributes to an improved funding mix.
4. New Card Acquisitions and Customer Base Expansion
The ongoing acquisition of new card members, especially on fee-paying products, is crucial for revenue growth. American Express achieved a record 13 million new card acquisitions in 2024, with approximately 70% of these on fee-paying products. The company is particularly focused on attracting and retaining younger customers, such as Millennials and Gen Z, who show exceptional engagement and spending growth.
5. International Expansion and Merchant Coverage
Expanding its global merchant network, particularly outside the U.S., is a strategic initiative to provide Card Members with more places to use their American Express cards. These coverage gains are expected to drive scale, relevance, and contribute significantly to future revenue growth.
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Share Repurchases
- American Express actively engaged in share repurchases, buying back common shares worth $5.9 billion in 2024, $3.5 billion in 2023, and $3.3 billion in 2022.
- In March 2023, the Board of Directors authorized the repurchase of up to 120 million common shares, which superseded a prior authorization.
- As of December 31, 2024, approximately 75 million common shares remained under the Board's repurchase authorization.
Share Issuance
- The company's shares outstanding have shown a general declining trend, reflecting the impact of its share repurchase programs.
- Shares outstanding were approximately 0.713 billion in 2024, down from 0.736 billion in 2023 and 0.752 billion in 2022.
- In 2024, approximately 27 million shares were reserved for issuance under employee stock and employee benefit plans.
Outbound Investments
- In 2024, American Express acquired Tock, a restaurant reservation platform, aiming to further expand its portfolio in dining reservations.
- The company acquired Kabbage in 2020, subsequently launching Kabbage Checking for small businesses in June 2021, and rebranding the Kabbage entity to American Express Business Blueprint in January 2023.
Capital Expenditures
- American Express's capital expenditures were approximately $1.917 billion in 2024, $1.565 billion in 2023, and $1.856 billion in 2022.
- The latest twelve months (LTM) capital expenditures reached $2.201 billion as of September 2025.
- The company's capital expenditures often focus on digital platform improvements and strengthening the rewards ecosystem to drive revenue growth.
Latest Trefis Analyses
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Trade Ideas
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| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 7.6% | 7.6% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -11.1% | -11.1% | -12.1% |
| 03312020 | AXP | American Express | Dip Buy | DB | Growth | FCF YieldDip Buy with Growth and High Free Cash Flow YieldBuying dips for companies with growth, and significant free cash flow yield (FCF / Market Cap) | 15.3% | 68.7% | -13.6% |
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Peer Comparisons for American Express
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 175.78 |
| Mkt Cap | 274.3 |
| Rev LTM | 61,549 |
| Op Inc LTM | 11,544 |
| FCF LTM | 12,294 |
| FCF 3Y Avg | 12,816 |
| CFO LTM | 13,614 |
| CFO 3Y Avg | 14,117 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.4% |
| Rev Chg 3Y Avg | 3.2% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 17.7% |
| Op Mgn 3Y Avg | 16.4% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 23.8% |
| FCF/Rev LTM | 20.1% |
| FCF/Rev 3Y Avg | 21.6% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| United States Consumer Services (USCS) | 28,116 | 23,914 | 18,922 | ||
| Commercial Services (CS) | 14,776 | 13,569 | 10,911 | ||
| International Card Services (ICS) | 10,430 | 9,061 | 7,435 | ||
| Global Merchant and Network Services (GMNS) | 7,396 | 6,475 | 5,129 | 4,243 | 6,234 |
| Corporate & Other | -203 | -157 | -17 | -552 | -171 |
| Global Commercial Services (GCS) | 10,619 | 13,108 | |||
| Global Consumer Services Group (GCSG) | 21,777 | 24,385 | |||
| Total | 60,515 | 52,862 | 42,380 | 36,087 | 43,556 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| United States Consumer Services (USCS) | 107,158 | 94,000 | 77,000 | ||
| Commercial Services (CS) | 55,361 | 51,000 | 45,000 | ||
| International Card Services (ICS) | 42,234 | 37,000 | 33,000 | ||
| Corporate & Other | 32,641 | 26,000 | 19,000 | 48,000 | 21,000 |
| Global Merchant and Network Services (GMNS) | 23,714 | 20,000 | 15,000 | 14,000 | 18,000 |
| Global Commercial Services (GCS) | 42,000 | 53,000 | |||
| Global Consumer Services Group (GCSG) | 87,000 | 106,000 | |||
| Total | 261,108 | 228,000 | 189,000 | 191,000 | 198,000 |
Price Behavior
| Market Price | $381.05 | |
| Market Cap ($ Bil) | 263.7 | |
| First Trading Date | 06/01/1972 | |
| Distance from 52W High | -1.0% | |
| 50 Days | 200 Days | |
| DMA Price | $363.67 | $314.58 |
| DMA Trend | up | up |
| Distance from DMA | 4.8% | 21.1% |
| 3M | 1YR | |
| Volatility | 27.0% | 31.5% |
| Downside Capture | 105.66 | 127.80 |
| Upside Capture | 138.06 | 132.56 |
| Correlation (SPY) | 49.1% | 81.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.95 | 1.01 | 0.95 | 1.19 | 1.32 | 1.21 |
| Up Beta | 0.12 | 0.71 | 1.11 | 1.36 | 1.35 | 1.24 |
| Down Beta | -0.61 | 1.02 | 1.04 | 0.96 | 1.37 | 1.28 |
| Up Capture | 154% | 142% | 102% | 137% | 149% | 186% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 11 | 24 | 32 | 68 | 131 | 404 |
| Down Capture | 130% | 88% | 75% | 115% | 113% | 102% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 8 | 17 | 30 | 57 | 117 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of AXP With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| AXP | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 29.0% | 16.3% | 17.8% | 72.1% | 8.6% | 4.4% | -8.2% |
| Annualized Volatility | 31.3% | 19.0% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | 0.83 | 0.67 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 86.1% | 81.7% | -6.7% | 25.0% | 60.1% | 28.8% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of AXP With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| AXP | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 27.8% | 16.1% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 29.3% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | 0.87 | 0.71 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 79.3% | 68.6% | 1.9% | 19.0% | 51.8% | 26.9% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of AXP With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| AXP | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 20.3% | 13.2% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 31.7% | 22.3% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.65 | 0.55 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 81.8% | 71.5% | -3.0% | 25.7% | 58.7% | 20.2% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/17/2025 | 7.3% | 9.8% | 10.5% |
| 7/18/2025 | -2.3% | -2.3% | -3.1% |
| 4/17/2025 | -0.6% | 5.7% | 18.5% |
| 1/24/2025 | -1.4% | -2.1% | -9.3% |
| 10/18/2024 | -3.1% | -5.5% | 0.4% |
| 7/19/2024 | -2.7% | -3.6% | 1.0% |
| 4/19/2024 | 6.2% | 9.0% | 11.6% |
| 1/26/2024 | 7.1% | 8.1% | 15.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 15 |
| # Negative | 14 | 12 | 9 |
| Median Positive | 5.8% | 6.9% | 8.6% |
| Median Negative | -2.5% | -3.5% | -6.5% |
| Max Positive | 10.5% | 13.1% | 18.9% |
| Max Negative | -5.4% | -13.1% | -17.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10172025 | 10-Q 9/30/2025 |
| 6302025 | 7182025 | 10-Q 6/30/2025 |
| 3312025 | 4182025 | 10-Q 3/31/2025 |
| 12312024 | 2072025 | 10-K 12/31/2024 |
| 9302024 | 10182024 | 10-Q 9/30/2024 |
| 6302024 | 7192024 | 10-Q 6/30/2024 |
| 3312024 | 4192024 | 10-Q 3/31/2024 |
| 12312023 | 2092024 | 10-K 12/31/2023 |
| 9302023 | 10202023 | 10-Q 9/30/2023 |
| 6302023 | 7252023 | 10-Q 6/30/2023 |
| 3312023 | 4212023 | 10-Q 3/31/2023 |
| 12312022 | 2102023 | 10-K 12/31/2022 |
| 9302022 | 10212022 | 10-Q 9/30/2022 |
| 6302022 | 7222022 | 10-Q 6/30/2022 |
| 3312022 | 4222022 | 10-Q 3/31/2022 |
| 12312021 | 2112022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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