Our view
Constructive if spending and credit hold together. American Express can earn from card spending and card membership, while lending adds a different cycle. Premium customers are valuable when retention covers rewards and losses are controlled.
What the financial disclosures show
Reported revenue was 20.062 billion USD, compared with 18.426 billion USD on the comparison basis in the table. The reporting basis is 2026-07-01/2026-09-30 vs 2025-07-01/2025-09-30.
What to monitor over several reporting periods
Track billed business, net card fees, rewards expense and delinquency together.
What would change the long-term view
Higher charge-offs paired with richer acquisition incentives would weaken the return on cardholder growth.
Data and assumptions
| Ticker | Metric | Reported or derived value | Comparator | Period or basis | Source |
|---|---|---|---|---|---|
| AXP | Reported revenue | 20.062 billion USD | 18.426 billion USD | 2026-07-01/2026-09-30 vs 2025-07-01/2025-09-30 | Filing |
| AXP | Reported GAAP net income / loss | 3.712 billion USD | 2.902 billion USD | 2026-07-01/2026-09-30 vs 2025-07-01/2025-09-30 | Filing |
| AXP | Net interest income | 4.94 billion USD | 4.486 billion USD | 2026-07-01/2026-09-30 vs 2025-07-01/2025-09-30 | Filing |
| AXP | Reported equity | 35.797 billion USD | — | 2026-09-30 | Filing |
| AXP | Total assets | 310.275 billion USD | — | 2026-09-30 | Filing |
Reporting dates, units and definitions appear with each observation.
Frequently asked questions
What evidence should AXP investors follow over time?
Track billed business, net card fees, rewards expense and delinquency together.
Does the report period establish a fair entry price for AXP?
The disclosure provides the operating baseline. For an entry price, build a normalized per-share earnings or cash-flow case and compare the price with a downside scenario for the driver identified above.
Related research
Is American Express Stock Worth Buying Now?
Discuss the research
Use the existing WhatsApp group button to discuss the evidence and compare your assumptions.
Sources
Educational research. Investment values and income can decline. Scenario inputs are illustrative.