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American Express cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$4.4B in Q3 2026 · $13.9B over twelve months

Operating cash flow$5.4B
Capital spending−$947M
Free cash flow+$4.4B
Cash / net income1.5×

Analysis

In Q3 2026, American Express generated $5.4B of operating cash flow and spent $947M on capital projects, leaving free cash flow of $4.4B. That is $1.1B less than in Q3 2025 ($5.6B).

Over the twelve months to Sep 30, 2026, operating cash flow was $17.6B; the largest uses were other investing ($22.6B), buybacks ($6.7B), capital spending ($3.7B); besides operations, cash came from other financing ($5.0B), net borrowing (+) / repaid (−) ($1.6B); the cash balance fell by $11.5B.

Operating cash flow was $5.4B against net income of $3.7B — 1.5× profit, cash ran ahead of reported earnings. The largest differences: other non-cash −$1.9B, payables +$1.4B, prepaid and other assets +$538M.

Free cash flow

American Express: free cash flow by quarterAmerican Express: free cash flow by quarter$5.3BQ4 2024$4.3BQ1 2025$3.7BQ2 2025$5.6BQ3 2025$2.3BQ4 2025$2.7BQ1 2026$4.5BQ2 2026$4.4BQ3 2026
Operating cash flow less capital spending.
American Express: operating cash flow against capital spendingAmerican Express: operating cash flow against capital spendingOperating cash flowCapital spending$5.8B$495MQ4 2024$4.8B$430MQ1 2025$4.4B$619MQ2 2025$6.2B$654MQ3 2025$3.1B$722MQ4 2025$3.8B$1.1BQ1 2026$5.4B$898MQ2 2026$5.4B$947MQ3 2026
Latest (Q3 2026): Operating cash flow $5.4B, Capital spending $947M.

Capital allocation, year by year

American Express: where the cash came from (up) and went (down), by fiscal yearAmerican Express: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $14.6BFY2021: Net borrowing −$3.4BFY2021: Shares issued $1.6BFY2021: Asset sales $88.0MFY2021: Capital spending −$1.6BFY2021: Buybacks −$7.7BFY2021: Dividends −$1.4B$16.4BFY2021FY2022: Operating cash flow $21.1BFY2022: Net borrowing $3.6BFY2022: Shares issued $56.0MFY2022: Asset sales $1.0MFY2022: Capital spending −$1.9BFY2022: Acquisitions −$15.0MFY2022: Buybacks −$3.5BFY2022: Dividends −$1.6B$24.8BFY2022FY2023: Operating cash flow $18.6BFY2023: Net borrowing $4.9BFY2023: Shares issued $28.0MFY2023: Asset sales $2.0MFY2023: Capital spending −$1.6BFY2023: Acquisitions −$64.0MFY2023: Buybacks −$3.6BFY2023: Dividends −$1.8B$23.5BFY2023FY2024: Operating cash flow $14.1BFY2024: Net borrowing $2.0BFY2024: Shares issued $100MFY2024: Asset sales $600MFY2024: Capital spending −$1.9BFY2024: Acquisitions −$454MFY2024: Buybacks −$6.0BFY2024: Dividends −$2.0B$16.8BFY2024FY2025: Operating cash flow $18.4BFY2025: Net borrowing $6.2BFY2025: Shares issued $57.0MFY2025: Asset sales $1.0MFY2025: Capital spending −$2.4BFY2025: Acquisitions −$633MFY2025: Buybacks −$5.8BFY2025: Dividends −$2.3B$24.7BFY2025
Over these 5 years operating cash flow totalled $86.8B; the largest uses were buybacks ($26.6B) and capital spending ($9.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$43.4B
Debt$60.0B
Net debt$16.5B
Due within a year$6.1B

American Express funds itself: free cash flow was $13.9B over the last twelve months, and $43.4B of cash and investments stands against $60.0B of debt ($6.1B due within a year, 7.1× covered by cash).

American Express: debt maturities by year (FY2025)American Express: debt maturities by year (FY2025)$6.1BYear 1$12.1BYear 2$8.1BYear 3$7.8BYear 4$3.4BYear 5$19.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $43.4B of cash and investments now.

Where the cash came from and went

American Express: sources (+) and uses (−) of cash, Q3 2026American Express: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$5.4BOther investing−$4.1BCash drawn (+) / kept (−)$2.0BOther financing−$2.0BNet borrowing (+) / repaid (−)$1.8BBuybacks−$1.6BCapital spending−$947MDividends−$668MExchange rates$30.0MShares issued$7.0M
American Express: sources (+) and uses (−) of cash, TTM to Q3 2026American Express: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$22.6BOperating cash flow$17.6BCash drawn (+) / kept (−)$11.5BBuybacks−$6.7BOther financing$5.0BCapital spending−$3.7BDividends−$2.5BNet borrowing (+) / repaid (−)$1.6BAcquisitions−$524MExchange rates$201MShares issued$23.0MAsset & business sales$1.0M

From profit to cash

American Express: net income to operating cash flow, Q3 2026American Express: net income to operating cash flow, Q3 2026Net income$3.7BDepreciation & amortization$494MStock-based pay$137MDeferred taxes−$148MOther non-cash−$1.9BPayables$1.4BPrepaid and other assets$538MOperating cash flow$5.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$5.4B−$947M—−$1.6B−$668M$1.8B$7.0M$2.0B$4.4B
Q2 2026$5.4B−$898M−$26.0M−$2.3B−$665M−$962M—$8.5B$4.5B
Q1 2026$3.8B−$1.1B−$498M−$1.9B−$583M$2.1B$7.0M−$6.0B$2.7B
Q4 2025$3.1B−$722M—−$899M−$583M−$1.3B$9.0M$6.9B$2.3B
Q3 2025$6.2B−$654M—−$2.4B−$586M−$542M$26.0M$3.2B$5.6B
Q2 2025$4.4B−$619M−$633M−$1.4B−$593M$6.7B—−$5.4B$3.7B
Q1 2025$4.8B−$430M—−$1.2B−$509M$1.4B$22.0M−$11.9B$4.3B
Q4 2024$5.8B−$495M−$364M−$1.0B−$510M−$3.3B$51.0M$7.3B$5.3B

American Express: income statement and cash flow

American Express, Q3 2026: revenue $20.1B (+9% year over year), operating margin 22.6%. The chart follows the revenue to costs, profit and cash.

American Express: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.