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Issues premium charge and credit cards and runs its own closed-loop payments network for affluent consumers and businesses.
Issues premium charge and credit cards and runs its own closed-loop payments network for affluent consumers and businesses.
Earns from fees merchants pay on each card purchase, annual fees cardholders pay for premium cards, and interest on balances, and because it both issues the cards and runs the network, it keeps all three. Its cardholders spend more than average, which is why merchants accept higher fees.
Moat: wide (brand, network effects, switching costs). Closed-loop network captures interchange and lending economics; strong premium-card loyalty.
Headquarters: New York, New York, US · Founded: 1850 · Employees: 76,800
Size American Express (AXP) is a United States Financials company (Finance/Rental/Leasing) with a market value of $215B, the 52nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $320.99 on 6 Nov 2026.
Performance Over six months the shares gained 1.9%, against +4.3% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 10.0% over the last twelve months (peer median +16.2%); the operating margin is 21.1% (peer median 32.8%).
Valuation It trades at 6.02× book value against a peer median of 1.94× (4th most expensive of 21).
Price implies The share price implies a return on equity of about 47.1%; American Express delivers 35.7%, so the price asks more than the business earns today.
Credit American Express has 42 bonds outstanding ($46.9B), rated A- by the agencies and trading like A at a weighted spread of 66 bp.
Short interest Short interest is 1.6% of the free float (15 Oct 2026).
Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $86.5B | $80.5B | $74.2B | $67.4B | $55.6B |
| Revenue growth | — | +8% | +10% | +21% | — |
| Gross profit | $51.7B | $48.8B | $45.4B | $41.5B | $35.5B |
| EBITDA | $24.9B | $23.7B | $21.9B | $19.3B | $14.8B |
| Net income | $12.2B | $10.8B | $10.1B | $8.31B | $7.46B |
| Free cash flow | $14.0B | $16.1B | $12.1B | $17.0B | $19.2B |
| Capital expenditure | $3.72B | $2.43B | $1.92B | $1.56B | $1.86B |
| Total debt | $60.0B | $57.8B | $51.1B | $49.2B | $43.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| American Express AXP | $215B | +2% | +10% | 36% | 6.02× | 47.1% |
| Visa V | $810B | +33% | +15% | 63% | 22.74× | 136.1% |
| Mastercard MA | $569B | +32% | +15% | 231% | 84.38× | 489.1% |
| JPMorgan Chase JPM | $889B | +11% | +9% | 18% | 2.53× | 20.7% |
| Capital One COF | $121B | +7% | +26% | 9% | 1.11× | 11.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AXP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.2% | +4.7% | 11th highest of 21 |
| 6-month return | +1.9% | +4.3% | 9th lowest of 21 |
| Return on equity | 35.7% | 15.9% | 5th highest of 21 |
| Price / book | 6.02× | 1.94× | 4th most expensive of 21 |
| Trailing P/E | 18.1× | 15.1× | 10th most expensive of 21 |
| ROE the price implies | 47.1% | 27.6% | 6th most demanding of 21 |
| ROE delivered | 35.7% | 14.7% | 5th highest of 20 |
| Bond spread | 66 bp | 108 bp | 3rd tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| American Express AXP | United States | $215B | +2% | +10% | 36% | 6.02× | 47.1% | 35.7% |
| Mastercard MA | United States | $569B | +32% | +15% | 231% | 84.38× | 489.1% | 231.4% |
| Bajaj Finance BAJFINANCE.NS | India | $71.6B | +12% | +19% | 19% | 5.50× | 77.1% | 19.2% |
| Visa V | United States | $810B | +33% | +15% | 63% | 22.74× | 136.1% | 63.1% |
| Rocket Companies RKT | United States | $42.7B | -4% | +88% | 8% | 1.76× | 26.3% | 7.9% |
| Orix 8591.T | Japan | $35.7B | +2% | +17% | 14% | 1.26× | 12.4% | 13.9% |
| AerCap AER | United States | $26.2B | +13% | 0% | 17% | 1.38× | 12.4% | 17.0% |
| Global Payments GPN | United States | $25.8B | +41% | +7% | 2% | 1.12× | 9.8% | 2.2% |
| Shriram Finance SHRIRAMFIN.NS | India | $23.9B | -5% | +10% | 15% | 2.03× | 27.6% | 14.7% |
| Affirm AFRM | United States | $23.1B | +6% | +32% | 45% | 4.19× | 73.6% | 45.1% |
| Synchrony Financial SYF | United States | $23.0B | +1% | -2% | 20% | 1.55× | 16.7% | 19.8% |
| SOFI SOFI | United States | $21.0B | +3% | +38% | 7% | 1.86× | 27.5% | 7.4% |
| Kaspi.kz Joint Stock Company Sponsored ADR RegS KSPI | United States | $17.7B | +7% | +39% | 45% | 3.15× | 13.6% | 45.4% |
| Cholamandalam Investment and Finance CHOLAFIN.NS | India | $16.2B | +6% | +21% | 21% | 4.43× | 67.7% | 20.6% |
| Tata Capital TATACAP.NS | India | $16.0B | +10% | +18% | 14% | 3.08× | 41.2% | 14.0% |
| One 97 Communications PAYTM.NS | India | $12.2B | +50% | +24% | 5% | 6.92× | 47.0% | 5.4% |
| Muthoot Finance MUTHOOTFIN.NS | India | $12.2B | -20% | +47% | 32% | 2.62× | 32.0% | 31.8% |
| Mitsubishi HC Capital 8593.T | Japan | $11.9B | -9% | +1% | 7% | 0.93× | 5.9% | 7.2% |
| Power Finance PFC.NS | India | $11.5B | -28% | +4% | 21% | 0.76× | 14.4% | n/a |
| Ally Financial ALLY | United States | $11.5B | -14% | +5% | 10% | 0.88× | 9.8% | 9.9% |
| Indian Railway Finance IRFC.NS | India | $11.1B | -25% | +13% | 13% | 1.74× | 28.2% | 12.6% |
American Express has 42 bonds outstanding with $46.9B face value. The agencies rate it A-; its bonds trade like A. Weighted yield 5.48%, a spread of 66 bp over government bonds.