AMERICAN EXPRESS CO

For the period ended Dec 31, 2025. Filed Feb 6, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 6, 2026

AXP$320.99-1.2%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

– Parent Company

NOTE 24

PARENT COMPANY

TABLE 24.1: PARENT COMPANY – CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Years Ended December 31 (Millions)	2025	2024	2023
Revenues
Non-interest revenues
Other	$375	$390	$407
Total non-interest revenues	375	390	407
Interest income	1,814	1,858	1,558
Interest expense	2,031	1,869	1,436
Total revenues net of interest expense	158	379	529
Expenses
Salaries and employee benefits	512	474	487
Other	427	385	408
Total expenses	939	859	895
Loss before income tax and equity in net income of subsidiaries	(781)	(480)	(366)
Income tax benefit	(203)	(126)	(163)
Equity in net income of subsidiaries and affiliates	11,411	10,483	8,577
Net income	$10,833	$10,129	$8,374
Net unrealized pension and other postretirement benefits, net of tax	(16)	41	5
Other comprehensive income (loss), net	134	(364)	133
Comprehensive income	$10,951	$9,806	$8,512

TABLE 24.2: PARENT COMPANY – CONDENSED BALANCE SHEETS

As of December 31 (Millions)	2025	2024
Assets
Cash and cash equivalents	$11,870	$7,293
Equity in net assets of subsidiaries and affiliates	33,636	30,165
Loans to subsidiaries and affiliates	31,887	28,897
Due from subsidiaries and affiliates	637	1,291
Other assets	1,107	573
Total assets	79,137	68,219
Liabilities and Shareholders’ Equity
Liabilities
Accounts payable and other liabilities	2,141	2,239
Due to subsidiaries and affiliates	735	404
Long-term debt	42,787	35,312
Total liabilities	45,663	37,955
Shareholders’ Equity
Total shareholders’ equity	33,474	30,264
Total liabilities and shareholders’ equity	$79,137	$68,219

TABLE 24.3: PARENT COMPANY – CONDENSED STATEMENTS OF CASH FLOWS

Years Ended December 31 (Millions)	2025	2024	2023
Cash Flows from Operating Activities
Net income	$10,833	$10,129	$8,374
Adjustments to reconcile net income to cash provided by operating activities:
Equity in net income of subsidiaries and affiliates	(11,411)	(10,483)	(8,577)
Dividends received from subsidiaries	7,793	8,027	5,326
Other operating activities, primarily with subsidiaries and affiliates	1,104	14	360
Net cash provided by operating activities	8,319	7,687	5,483
Cash Flows from Investing Activities
Net increase in loans to subsidiaries and affiliates	(3,014)	(3,449)	(2,836)
Investments in subsidiaries, net of returned capital	12	(55)	—
Other investing activities	(1)	5	—
Net cash used in investing activities	(3,003)	(3,499)	(2,836)
Cash Flows from Financing Activities
Proceeds from long-term debt	15,063	8,872	9,969
Payments of long-term debt	(8,000)	(7,500)	(5,750)
Issuance of American Express common shares	57	100	28
Repurchase of American Express common shares and other	(5,588)	(6,020)	(3,650)
Dividends paid	(2,271)	(1,999)	(1,780)
Net cash used in financing activities	(739)	(6,547)	(1,183)
Net increase (decrease) in cash and cash equivalents	4,577	(2,359)	1,464
Cash and cash equivalents at beginning of year	7,293	9,652	8,188
Cash and cash equivalents at end of year	$11,870	$7,293	$9,652

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.