American Express (AXP) 10-K Summaries & Annual Filing History
Review American Express Company (AXP) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
American Express is a global payments and premium lifestyle brand that issues cards, acquires merchants, and operates a card network. The filing reports higher revenue than the prior year, along with net income and operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$41.3B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$10.8B
Net income reported for the year.
Operating cash flow
$18.4B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $34.2B | +23.5% |
| Dec 31, 2023 | $37.2B | +8.8% |
| Dec 31, 2024 | $38.8B | +4.3% |
| Dec 31, 2025 | $41.3B | +6.4% |
Business overview
American Express provides credit and charge cards, travel, dining, lifestyle, and expense management products, as well as banking, deposits, non-card lending, merchant acquisition and processing, fraud prevention, and network services. It serves consumers, small businesses, mid-sized companies, and large corporations worldwide through mobile apps, online platforms, affiliate marketing, and direct sales. The company is a bank holding company supervised by the Federal Reserve.
Financial performance
Revenue increased each year over the reported period. Net income and operating cash flow were both positive for the most recent year.
Material risks
The filing includes a section on risk factors that may affect the company's business, operations, and financial condition. These risks relate to the company's global payments network, regulatory environment, and competitive landscape, among others.
Liquidity and capital
Cash from operations was used for investing activities and supplemented by financing, resulting in a net increase in cash. The company's cash flow was driven by net income and higher operating liabilities.
What to watch
Monitor whether revenue continues its upward trend in the next filing.