AMERICAN EXPRESS (AXP) Q4 2025 Financial Results Summary
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American Express (AXP) Q4 2025 Financial Results Summary
American Express Company (NYSE: AXP) reported its fourth-quarter and full-year 2025 financial results on January 30, 2026. Below is a summary of the key financial metrics and highlights from the report.
Key Financial Metrics
- Billed Business
- Q4 2025: $445.1 billion (Up 9% from Q4 2024: $408.4 billion)
- FY 2025: $1,669.8 billion (Up 8% from FY 2024: $1,550.9 billion)
- FX-adjusted for Q4 2025: $412.7 billion (Up 8%)
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FX-adjusted for FY 2025: $1,555.5 billion (Up 7%)
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Total Revenues Net of Interest Expense
- Q4 2025: $18.98 billion (Up 10% from Q4 2024: $17.18 billion)
- FY 2025: $72.23 billion (Up 10% from FY 2024: $65.95 billion)
- FX-adjusted for Q4 2025: $17.35 billion (Up 9%)
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FX-adjusted for FY 2025: $66.08 billion (Up 9%)
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Net Income
- Q4 2025: $2.462 billion (Up 13% from Q4 2024: $2.170 billion)
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FY 2025: $10.833 billion (Up 7% from FY 2024: $10.129 billion)
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Diluted Earnings Per Common Share (EPS)
- Q4 2025: $3.53 (Up 16% from Q4 2024: $3.04)
- FY 2025: $15.38 (Up 10% from FY 2024: $14.01)
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Adjusted EPS for FY 2025 (Excluding Transaction Gain): $15.38 (Up 15% from $13.35)
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Outstanding Shares
- Average Diluted Common Shares for Q4 2025: 688 million (Decrease of 2% from 704 million in Q4 2024)
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Average Diluted Common Shares for FY 2025: 696 million (Decrease of 2% from 713 million in FY 2024)
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Provisions for Credit Losses
- Q4 2025: $1.4 billion (Increase from $1.3 billion in Q4 2024)
- FY 2025: $5.3 billion (Slight increase from $5.2 billion in FY 2024)
- Full-year net write-off rate: 2.0% (Flat vs. prior year)
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Q4 write-off rate: 2.1% (Up from 1.9% in Q4 2024)
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Expenses
- Q4 2025: $14.5 billion (Up 10% from Q4 2024)
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FY 2025: $53.2 billion (Up 11% from FY 2024)
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Effective Tax Rate
- Q4 2025: 20.3% (Down from 21.3% in Q4 2024)
- FY 2025: 21.5% (Unchanged from FY 2024)
Company Highlights
- Growth in Card Member Spending:
- Q4 Card Member spending grew 9%, or 8% FX-adjusted.
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Continued double-digit growth in net card fee revenues for the 30th consecutive quarter.
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Strategic Investments:
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Continued investment in technology enhancements and the U.S. Platinum Card refresh contributed to increased customer engagement.
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Future Guidance:
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For FY 2026, expected revenue growth of 9% to 10% with EPS projected between $17.30 and $17.90.
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Dividend Announcement:
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The company plans to increase its quarterly common stock dividend by approximately 16%, from $0.82 to $0.95 per share, starting from the first-quarter 2026 dividend declaration.
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Upcoming Initiatives:
- Multi-year extension of the British Airways Co-brand Card partnership.
- Advancements in Gen AI and agent commerce initiatives, including the launch of Dining Companion.
- Opening of the 31st Centurion Lounge at Salt Lake City International Airport.
Conclusion
American Express reported a robust financial performance for Q4 and FY 2025, driven by strong revenue growth and improved profitability metrics. The planned increase in the quarterly dividend reflects the company’s confidence in its continued growth trajectory and commitment to delivering shareholder value.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Millions, except per share amounts)
| Quarters Ended | December 31, 2025 | December 31, 2024 | YoY% Inc/(Dec) | Years Ended | December 31, 2025 | December 31, 2024 | YoY% Inc/(Dec) |
|---|---|---|---|---|---|---|---|
| Billed Business (Billions) | $445.1 | $408.4 | 9% | $1,669.8 | $1,550.9 | 8% | |
| FX-adjusted1 | $412.7 | 8% | $1,555.5 | 7% | |||
| Total Revenues Net of Interest Expense | $18,980 | $17,179 | 10% | $72,229 | $65,949 | 10% | |
| FX-adjusted1 | $17,349 | 9% | $66,083 | 9% | |||
| Net Income | $2,462 | $2,170 | 13% | $10,833 | $10,129 | 7% | |
| Diluted Earnings Per Common Share (EPS)2 | $3.53 | $3.04 | 16% | $15.38 | $14.01 | 10% | |
| Adjusted EPS Excluding Transaction Gain3 | $15.38 | $13.35 | 15% | ||||
| Average Diluted Common Shares | 688 | 704 | (2)% | 696 | 713 | (2)% | |
| Outstanding |
CONDENSED CONSOLIDATED BALANCE SHEETS (Millions)
| December 31, 2025 | December 31, 2024 | |
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| Loans | ||
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| LIABILITIES AND SHAREHOLDER’S EQUITY | ||
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| Common Stock and Additional Paid-in Capital | ||
| Retained Earnings | ||
| Total Liabilities and Shareholder’s Equity |
(Note: The Balance Sheet does not contain specific numerical values and remains as a template based on the requested format. Please fill in the details if needed.)