Filing Flows › American Express (AXP) › Q2 2025
American Express (AXP) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 18, 2025
American Express (AXP) reported revenue of $17.9B for the second quarter 2025 (Q2 2025), +9% from a year earlier and +5% from the quarter before. Operating margin was 19.9%, net earnings $2.9B (16.2% of revenue).
American Express, Q2 2025: revenue $17.9B (+9% year over year), operating margin 19.9%, net earnings $2.9B, operating cash flow $4.4B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.9B | +5% | +9% |
| Operating profit | $3.5B | +7% | -6% |
| Net earnings | $2.9B | +12% | -4% |
| Operating cash flow | $4.4B | -8% | -4% |
| Free cash flow | $3.7B | -14% | -6% |
What changed
Revenue was $17.9B in Q2 2025, up 9% year over year and up 5% from the previous quarter.
Operating profit was $3.5B, a 19.9% margin (down 3.3 points year over year). Operating profit fell $0.24B even though revenue rose $1.5B versus a year earlier, so costs grew faster than sales. Total costs grew 14% against revenue growth of 9%. Net earnings were $2.9B, down 4% year over year. The effective tax rate was 18.7%.
Operating cash flow was $4.4B (down 4% year over year), 151% of net earnings. Non-cash charges added back $0.43B of depreciation and amortization and $0.13B of share-based compensation. Working capital and other items added $0.93B. Capital expenditures of $0.62B left free cash flow of $3.7B.
Questions
What was American Express' revenue in the second quarter 2025?
American Express (AXP) reported revenue of $17.9B for the second quarter 2025 (Q2 2025), +9% from a year earlier and +5% from the quarter before.
Was American Express profitable in the second quarter 2025?
Operating profit was $3.5B (19.9% of revenue) and net earnings $2.9B.
Source: American Express 10-Q on SEC EDGAR.