American Express Company
AXPNYSE
$318.94
Last price · USD
- Market cap
- $222.0B
- P/E
- 20.7x
- EV / EBITDA
- 14.9x
- P/S
- 2.8x
- FCF yield
- 7.2%
- Div. yield
- 1.02%
Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.
American Express Company cash flow statement
Annual · USD millions except per-share data · 34 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 10,833 | 10,129 | 8,374 | 7,514 | 8,060 | +7.7% | |
| Depreciation & amortization | 1,777 | 1,676 | 1,651 | 1,626 | 1,695 | +1.2% | |
| Deferred income tax | (542) | (990) | (1,329) | (1,189) | 294 | — | |
| Stock-based compensation | 551 | 504 | 450 | 375 | 330 | +13.7% | |
| Change in working capital | 864 | (1,890) | 3,821 | 10,206 | 6,457 | -39.5% | |
| Accounts payables | 3,645 | (2,897) | 5,065 | 8,815 | 5,389 | -9.3% | |
| Other working capital | (2,781) | 1,007 | (1,244) | 1,391 | 1,068 | — | |
| Other non-cash items | 4,945 | 4,621 | 5,592 | 2,547 | (2,191) | — | |
| Net cash from operating activities | 18,428 | 14,050 | 18,559 | 21,079 | 14,645 | +5.9% | |
| Operating cash flow | 18,428 | 14,050 | 18,559 | 21,079 | 14,645 | +5.9% | |
| Investing activities | |||||||
| Investments in PP&E | (2,425) | (1,911) | (1,563) | (1,855) | (1,550) | — | |
| Capital expenditure | (2,425) | (1,911) | (1,563) | (1,855) | (1,550) | — | |
| Acquisitions, net | (633) | 140 | (64) | (15) | 1 | — | |
| Purchases of investments | (1,760) | (1,593) | (1,572) | (4,175) | (1,517) | — | |
| Sales / maturities of investments | 1,500 | 2,221 | 3,890 | 1,918 | 20,094 | -47.7% | |
| Other investing activities | (19,573) | (23,259) | (25,124) | (29,562) | (27,557) | — | |
| Net cash from investing activities | (22,891) | (24,402) | (24,433) | (33,689) | (10,529) | — | |
| Financing activities | |||||||
| Net debt issuance | 6,193 | 2,050 | 4,866 | 3,618 | (3,413) | — | |
| Short-term net debt issuance | (27) | 207 | (105) | (706) | 461 | — | |
| Long-term net debt issuance | 6,220 | 1,843 | 4,971 | 4,324 | (3,874) | — | |
| Net stock issuance | (5,757) | (5,920) | (3,622) | (3,446) | (7,604) | — | |
| Common stock issuance | 57 | 100 | 28 | 56 | 64 | -2.9% | |
| Common stock repurchased | (5,814) | (6,020) | (3,650) | (3,502) | (7,652) | — | |
| Net common stock issuance | (5,757) | (5,920) | (3,622) | (3,446) | (7,588) | — | |
| Common dividends paid | (2,271) | (1,999) | (1,780) | (1,565) | (1,448) | — | |
| Net dividends paid | (2,271) | (1,999) | (1,780) | (1,565) | (1,448) | — | |
| Net preferred stock issuance | 0 | 0 | 0 | 0 | (16) | — | |
| Other financing activities | 13,045 | 10,305 | 18,915 | 25,902 | (2,468) | — | |
| Net cash from financing activities | 11,210 | 4,436 | 18,379 | 24,509 | (14,933) | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | 405 | (40) | 177 | (13) | (120) | — | |
| Net change in cash | 7,152 | (5,956) | 12,682 | 11,886 | (10,937) | — | |
| Cash at beginning of period | 40,640 | 46,596 | 33,914 | 22,028 | 32,965 | +5.4% | |
| Cash at end of period | 47,792 | 40,640 | 46,596 | 33,914 | 22,028 | +21.4% | |
| Free cash flow | 16,003 | 12,139 | 16,996 | 19,224 | 13,095 | +5.1% | |