Filing Flows › American Express (AXP) › How it makes money
How American Express (AXP) makes money
American Express (AXP) made $20.1B of revenue in the third quarter 2026 (Q3 2026), +9% from a year earlier. Of every dollar of revenue, 23¢ was left as operating profit, 19¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $20.1B | 100.0% |
| Operating profit | $4.5B | 22.6% |
| Income tax | $819M | 4.1% |
| Net earnings | $3.7B | 18.5% |
| Operating cash flow | $5.4B | 26.8% |
| Free cash flow | $4.4B | 22.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $20.1B | +9% |
| Q2 2026 | $19.6B | +10% |
| Q1 2026 | $18.9B | +11% |
| Q4 2025 | $19.0B | +10% |
| Q3 2025 | $18.4B | +11% |
| Q2 2025 | $17.9B | +9% |
| Q1 2025 | $17.0B | +7% |
From American Express' 10-Q filed Oct 23, 2026 (on EDGAR).
Questions
How does American Express make money?
American Express (AXP) made $20.1B of revenue in the third quarter 2026 (Q3 2026), +9% from a year earlier. Of every dollar of revenue, 23¢ was left as operating profit, 19¢ was left as net earnings.
What is American Express' profit margin?
Net earnings were $3.7B, 18.5% of revenue, in the third quarter 2026; the operating margin was 22.6%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.