Filing Flows › American Express (AXP) › Q3 2025
American Express (AXP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 17, 2025
American Express (AXP) reported revenue of $18.4B for the third quarter 2025 (Q3 2025), +11% from a year earlier and +3% from the quarter before. Operating margin was 20.8%, net earnings $2.9B (15.7% of revenue).
American Express, Q3 2025: revenue $18.4B (+11% year over year), operating margin 20.8%, net earnings $2.9B, operating cash flow $6.2B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.4B | +3% | +11% |
| Operating profit | $3.8B | +8% | +19% |
| Net earnings | $2.9B | +0.6% | +16% |
| Operating cash flow | $6.2B | +43% | — |
| Free cash flow | $5.6B | +49% | — |
What changed
Revenue was $18.4B in Q3 2025, up 11% year over year and up 3% from the previous quarter.
Operating profit was $3.8B, a 20.8% margin (up 1.5 points year over year). Of the extra revenue versus a year earlier, 35% reached operating profit, above the 19% margin then. Total costs grew 9% against revenue growth of 11%. Net earnings were $2.9B, up 16% year over year. The effective tax rate was 24.1%.
Operating cash flow was $6.2B, 215% of net earnings. Non-cash charges added back $0.46B of depreciation and amortization and $0.12B of share-based compensation. Working capital and other items added $2.8B. Capital expenditures of $0.65B left free cash flow of $5.6B.
Questions
What was American Express' revenue in the third quarter 2025?
American Express (AXP) reported revenue of $18.4B for the third quarter 2025 (Q3 2025), +11% from a year earlier and +3% from the quarter before.
Was American Express profitable in the third quarter 2025?
Operating profit was $3.8B (20.8% of revenue) and net earnings $2.9B.
Source: American Express 10-Q on SEC EDGAR.