American Express Company (AXP) Cash Flow Statement
Where AXP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $18.43B +31.2% vs 2024
- Capital expenditures
- $2.42B 3.0% of revenue
- Free cash flow
- $16.00B 19.9% margin
- Returned to shareholders
- $8.09B 51% of free cash flow
- Change in cash
- $7.15B cash at year-end $47.79B
Drawn to scale: where the cash came from and how it was used. Hover for values.
AXP operating cash flow, capex and free cash flow
AXP cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $8.22B2016 | $18.43B2025 | +9.4%/yr | |
| Capital expenditures | $1.38B2016 | $2.42B2025 | +6.5%/yr | |
| Free cash flow | $6.85B2016 | $16.00B2025 | +9.9%/yr | |
| Free cash flow margin | 17.9%2016 | 19.9%2025 | +2.0 pts | |
| Operating cash flow / net income | 1.522016 | 1.702025 | +0.18 | |
| Stock-based compensation | $254.0M2016 | $551.0M2025 | +9.0%/yr | |
| Dividends paid | $1.21B2016 | $2.27B2025 | +7.3%/yr | |
| Share buybacks (net) | $4.50B2016 | $5.81B2025 | +2.9%/yr | |
| Capex / revenue | 3.6%2016 | 3.0%2025 | −0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AXP cash flow by activity
AXP net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AXP cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $10.83B | $10.13B | $8.37B | $7.51B | $8.06B | $3.13B | $6.76B | $6.92B | $2.74B | $5.41B |
| Depreciation & amortization | $1.78B | $1.68B | $1.65B | $1.63B | $1.70B | $1.54B | $1.19B | $1.29B | $1.32B | $1.09B |
| Stock-based compensation | $551.0M | $504.0M | $450.0M | $375.0M | $330.0M | $249.0M | $283.0M | $283.0M | $282.0M | $254.0M |
| Change in working capital | $864.0M | −$1.89B | $3.82B | $10.21B | $6.46B | −$3.81B | $1.40B | −$3.37B | $5.66B | $573.0M |
| Other non-cash items | $4.40B | $3.63B | $4.26B | $1.36B | −$1.90B | $4.47B | $4.00B | $3.81B | $3.54B | $894.0M |
| Cash from operating activities | $18.43B | $14.05B | $18.56B | $21.08B | $14.64B | $5.59B | $13.63B | $8.93B | $13.54B | $8.22B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.42B | −$1.91B | −$1.56B | −$1.85B | −$1.55B | −$1.48B | −$1.65B | −$1.31B | −$1.06B | −$1.38B |
| Investments (net) | −$260.0M | −$24.40B | −$24.43B | −$31.82B | −$8.98B | $13.57B | −$14.86B | −$17.79B | −$18.27B | $1.87B |
| Acquisitions & other investing | −$20.21B | $1.91B | $1.56B | −$15.0M | $1.0M | −$462.0M | −$200.0M | −$520.0M | $1.06B | $1.38B |
| Cash from investing activities | −$22.89B | −$24.40B | −$24.43B | −$33.69B | −$10.53B | $11.63B | −$16.71B | −$19.61B | −$18.27B | $1.87B |
| Financing activities | ||||||||||
| Dividends paid | −$2.27B | −$2.00B | −$1.78B | −$1.56B | −$1.45B | −$1.47B | −$1.42B | −$1.32B | −$1.25B | −$1.21B |
| Share repurchases & issuance (net) | −$5.81B | −$6.02B | −$3.65B | −$3.50B | −$9.25B | −$1.03B | −$4.68B | −$1.69B | −$4.40B | −$4.50B |
| Net borrowing (repayment) | $6.19B | $2.05B | $4.87B | $3.62B | −$3.41B | −$20.15B | $2.17B | $2.48B | $6.38B | −$136.0M |
| Shares issued | $57.0M | $100.0M | $28.0M | $56.0M | $1.65B | $44.0M | $86.0M | $87.0M | $0 | $0 |
| Other financing | $13.04B | $10.30B | $18.91B | $25.90B | −$2.47B | $13.54B | $3.33B | $5.54B | $11.51B | −$1.69B |
| Cash from financing activities | $11.21B | $4.44B | $18.38B | $24.51B | −$14.93B | −$9.07B | −$519.0M | $5.10B | $12.24B | −$7.53B |
| Summary | ||||||||||
| Net change in cash | $7.15B | −$5.96B | $12.68B | $11.89B | −$10.94B | $8.52B | −$3.36B | −$5.46B | $7.72B | $2.45B |
| Cash at end of period | $47.79B | $40.64B | $46.60B | $33.91B | $22.03B | $32.97B | $24.45B | $27.81B | $32.93B | $25.21B |
| Free cash flow | $16.00B | $12.14B | $17.00B | $19.22B | $13.10B | $4.11B | $11.99B | $7.62B | $12.48B | $6.85B |
| Free cash flow margin | 19.9% | 16.4% | 25.2% | 34.6% | 29.5% | 10.7% | 25.5% | 17.6% | 32.0% | 17.9% |
| Capex / revenue | 3.0% | 2.6% | 2.3% | 3.3% | 3.5% | 3.9% | 3.5% | 3.0% | 2.7% | 3.6% |
| Operating cash flow / net income | 1.70 | 1.39 | 2.22 | 2.81 | 1.82 | 1.78 | 2.02 | 1.29 | 4.95 | 1.52 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.11B | $2.97B | $2.46B | $2.90B | $2.88B | $2.58B | $2.17B | $2.51B | $3.02B | $2.44B | $1.93B | $2.45B |
| Depreciation & amortization | $488.0M | $468.0M | $462.0M | $455.0M | $427.0M | $433.0M | $428.0M | $437.0M | $421.0M | $390.0M | $422.0M | $429.0M |
| Stock-based compensation | $155.0M | $203.0M | $141.0M | $125.0M | $127.0M | $158.0M | $111.0M | $113.0M | $104.0M | $176.0M | $109.0M | $93.0M |
| Change in working capital | $1.28B | −$909.0M | −$1.13B | $1.71B | $37.0M | $246.0M | $2.08B | −$6.15B | $569.0M | $1.61B | $2.70B | $4.26B |
| Other non-cash items | $332.0M | $1.07B | $1.13B | $1.04B | $888.0M | $1.34B | $988.0M | $1.28B | $423.0M | $942.0M | $1.61B | $1.01B |
| Cash from operating activities | $5.37B | $3.80B | $3.07B | $6.23B | $4.36B | $4.76B | $5.78B | −$1.81B | $4.53B | $5.55B | $6.77B | $8.24B |
| Investing activities | ||||||||||||
| Capital expenditures | −$898.0M | −$1.15B | −$721.0M | −$655.0M | −$619.0M | −$430.0M | −$495.0M | −$457.0M | −$565.0M | −$396.0M | −$426.0M | −$401.0M |
| Investments (net) | −$1.56B | −$1.74B | $136.0M | −$6.60B | −$6.80B | $451.0M | −$12.24B | −$3.52B | −$5.49B | −$3.14B | −$8.17B | −$6.93B |
| Acquisitions & other investing | −$6.52B | $14.0M | −$9.36B | $655.0M | $619.0M | $430.0M | $495.0M | $457.0M | $565.0M | $396.0M | $426.0M | −$8.93B |
| Cash from investing activities | −$8.98B | −$2.87B | −$9.95B | −$6.60B | −$6.80B | $451.0M | −$12.24B | −$3.52B | −$5.49B | −$3.14B | −$8.17B | −$16.26B |
| Financing activities | ||||||||||||
| Dividends paid | −$665.0M | −$583.0M | −$583.0M | −$586.0M | −$593.0M | −$509.0M | −$510.0M | −$516.0M | −$521.0M | −$452.0M | −$454.0M | −$459.0M |
| Share repurchases & issuance (net) | −$2.30B | −$1.91B | −$899.0M | −$2.35B | −$1.36B | −$1.21B | −$1.03B | −$1.94B | −$1.76B | −$1.29B | −$901.0M | −$1.40B |
| Net borrowing (repayment) | −$962.0M | $2.09B | −$1.29B | −$542.0M | $6.66B | $1.36B | −$3.28B | $1.12B | — | — | — | −$157.0M |
| Shares issued | $0 | $7.0M | $9.0M | $26.0M | $0 | $22.0M | $51.0M | $3.0M | $17.0M | $29.0M | $5.0M | $1.0M |
| Other financing | −$971.0M | $5.38B | $2.61B | $496.0M | $2.97B | $6.97B | $4.00B | $1.68B | $1.94B | $6.90B | $5.42B | $1.70B |
| Cash from financing activities | −$4.90B | $4.98B | −$154.0M | −$2.96B | $7.68B | $6.64B | −$770.0M | $350.0M | −$325.0M | $5.18B | $4.07B | −$314.0M |
| Summary | ||||||||||||
| Net change in cash | −$8.51B | $5.96B | −$6.91B | −$3.23B | $5.43B | $11.87B | −$7.28B | −$4.98B | −$1.32B | $7.62B | $2.69B | $950.0M |
| Cash at end of period | $45.24B | $53.76B | $47.79B | $54.71B | $57.94B | $52.51B | $40.64B | $47.92B | $52.90B | $54.21B | $46.60B | $43.91B |
| Free cash flow | $4.47B | $2.65B | $2.35B | $5.58B | $3.75B | $4.33B | $5.28B | −$2.27B | $3.97B | $5.16B | $6.34B | $7.84B |
| Free cash flow margin | 20.7% | 12.7% | 11.1% | 27.1% | 18.8% | 22.9% | 27.5% | −12.1% | 21.6% | 29.0% | 35.8% | 45.7% |
| Capex / revenue | 4.2% | 5.5% | 3.4% | 3.2% | 3.1% | 2.3% | 2.6% | 2.4% | 3.1% | 2.2% | 2.4% | 2.3% |
| Operating cash flow / net income | 1.73 | 1.28 | 1.25 | 2.15 | 1.51 | 1.84 | 2.66 | −0.72 | 1.50 | 2.28 | 3.50 | 3.36 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AXP cash generation
In fiscal 2025 (ended December 31, 2025), American Express generated $18.4 billion of cash from operations (up 31.2%) and spent $2.4 billion on capital expenditures, leaving free cash flow of $16.0 billion, 19.9% of revenue. It returned $8.1 billion to shareholders through dividends ($2.3 billion) and net share buybacks ($5.8 billion). Cash and equivalents rose by $7.2 billion over the year.
Related: AXP income statement, AXP balance sheet, AXP dividend history. See the AXP stock overview for the latest quote and news.
AXP cash flow FAQ
What is American Express's free cash flow?
American Express's free cash flow was $16.0 billion in fiscal 2025: $18.4 billion of operating cash flow minus $2.4 billion of capital expenditures It was $12.1 billion a year earlier..
How much cash does American Express generate from operations?
American Express generated $18.4 billion of cash from operating activities in fiscal 2025, 1.70 times its net income of $10.8 billion.
How much does American Express spend on capital expenditures?
American Express spent $2.4 billion on capital expenditures in fiscal 2025, 3.0% of revenue, compared with $1.9 billion the year before.
How much stock does American Express buy back?
American Express spent $5.8 billion on net share repurchases in fiscal 2025.
How much does American Express pay in dividends?
American Express paid $2.3 billion in dividends in fiscal 2025, 14.2% of free cash flow.