Filing Flows › American Express (AXP) › Q4 2025
American Express (AXP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 6, 2026
American Express (AXP) reported revenue of $19.0B for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and +3% from the quarter before. Operating margin was 16.3%, net earnings $2.5B (13.0% of revenue).
American Express, Q4 2025: revenue $19.0B (+10% year over year), operating margin 16.3%, net earnings $2.5B, operating cash flow $3.1B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $19.0B | +3% | +10% |
| Operating profit | $3.1B | -19% | +12% |
| Net earnings | $2.5B | -15% | +13% |
| Operating cash flow | $3.1B | -51% | -47% |
| Free cash flow | $2.3B | -58% | -56% |
What changed
Revenue was $19.0B in Q4 2025, up 10% year over year and up 3% from the previous quarter.
Operating profit was $3.1B, a 16.3% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 19% reached operating profit, above the 16% margin then. Total costs grew 10% against revenue growth of 10%. Net earnings were $2.5B, up 13% year over year. The effective tax rate was 20.3%.
Operating cash flow was $3.1B (down 47% year over year), 125% of net earnings. Non-cash charges added back $0.46B of depreciation and amortization and $0.14B of share-based compensation. Capital expenditures of $0.72B left free cash flow of $2.3B.
Questions
What was American Express' revenue in the fourth quarter 2025?
American Express (AXP) reported revenue of $19.0B for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and +3% from the quarter before.
Was American Express profitable in the fourth quarter 2025?
Operating profit was $3.1B (16.3% of revenue) and net earnings $2.5B.
Source: American Express 10-K on SEC EDGAR.