American Express Company (AXP) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 3.8B | 3.07B | 6.23B | 4.36B | 4.76B | 5.78B | -1.81B | 4.53B | 5.55B | 6.77B | 8.24B | 3.92B | -377M | 8.43B | 4.51B | 4.26B | 3.88B | 5.01B | 4.17B | 3.19B |
| Operating CF Margin % | 18.22% | 14.58% | 30.32% | 21.89% | 25.16% | 30.07% | -9.65% | 24.63% | 31.18% | 38.16% | 47.99% | 23.46% | -2.4% | 55.66% | 31.51% | 30.81% | 32.21% | 40.29% | 36.67% | 29.46% |
| Operating CF Growth % | -20.15% | -46.92% | 443.98% | -3.71% | -14.19% | -14.64% | -121.98% | 15.52% | 1572.68% | -19.72% | 82.87% | -7.89% | -109.72% | 68.37% | 8.05% | 33.72% | 70.18% | 43.09% | 91.38% | 49.53% |
| Net Income | 2.97B | 2.46B | 2.9B | 2.88B | 2.58B | 2.17B | 2.51B | 3.02B | 2.44B | 1.93B | 2.45B | 2.17B | 1.82B | 1.57B | 1.88B | 1.96B | 2.1B | 1.72B | 1.83B | 2.28B |
| Depreciation & Amortization | 468M | 462M | 455M | 427M | 433M | 428M | 437M | 421M | 390M | 422M | 429M | 400M | 400M | 418M | 413M | 397M | 398M | 419M | 442M | 412M |
| Stock-Based Compensation | 203M | 141M | 125M | 127M | 158M | 111M | 113M | 104M | 176M | 109M | 93M | 108M | 140M | 93M | 84M | 76M | 122M | 74M | 73M | 85M |
| Deferred Taxes | 145M | 100M | -257M | -365M | -20M | -73M | -473M | -310M | -134M | -102M | -375M | -518M | -334M | -440M | -347M | -333M | -69M | 740M | -85M | 44M |
| Other Non-Cash Items | 926M | 1.03B | 1.3B | 1.25B | 1.36B | 1.06B | 1.75B | 733M | 1.08B | 1.71B | 1.39B | 1.29B | 1.21B | 862M | 1.18B | 583M | -80M | -719M | -258M | -863M |
| Working Capital Changes | -909M | -1.13B | 1.71B | 37M | 246M | 2.08B | -6.15B | 569M | 1.61B | 2.7B | 4.26B | 473M | -3.61B | 5.93B | 1.3B | 1.57B | 1.41B | 2.77B | 2.17B | 1.23B |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 476M | 321M | 1.89B | 1.21B | 228M | 852M | -5.86B | 701M | 1.41B | 3.23B | 4.41B | 984M | -3.56B | 4.95B | 1.13B | 1.65B | 1.09B | 2.57B | 1.59B | 1.42B |
| Cash from Investing | -2.87B | -9.95B | -6.6B | -6.8B | 451M | -12.24B | -3.52B | -5.49B | -3.14B | -8.17B | -6.93B | -7.93B | -1.4B | -10.77B | -7.52B | -12.62B | -2.78B | -11.32B | -1.22B | -2.77B |
| Capital Expenditures | -1.15B | -721M | -655M | -619M | -430M | -495M | -457M | -565M | -396M | -426M | -401M | -375M | -361M | -513M | -443M | -452M | -447M | -471M | -430M | -330M |
| CapEx % of Revenue | 5.5% | 3.43% | 3.19% | 3.11% | 2.27% | 2.58% | 2.43% | 3.07% | 2.22% | 2.4% | 2.33% | 2.24% | 2.3% | 3.39% | 3.1% | 3.27% | 3.71% | 3.79% | 3.78% | 3.05% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 218.07B | 221.88B | 213.8B | 209.41B | 203.29B | 210.31B | 203.32B | 199.87B | 196.23B | 195.68B | 186.56B | 183.56B | 176.72B | 175.89B | 163.99B | 160.43B | 150.08B | 148.17B | 138.17B | 137.93B |
| Other Investing | 512M | -9.36B | -5.73B | -5.95B | 835M | -11.31B | -2.88B | -6.44B | -2.63B | -9.66B | -6.45B | -7.41B | -1.6B | -10.13B | -6.51B | -12.13B | -785M | -17.77B | -3.55B | -11.11B |
| Cash from Financing | 4.98B | -154M | -2.96B | 7.68B | 6.64B | -770M | 350M | -325M | 5.18B | 4.07B | -314M | 6.03B | 8.6B | 5.58B | 7.71B | 6.68B | 4.53B | 365M | -5.88B | -9.88B |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -1.9B | -890M | -2.33B | -1.36B | -1.19B | -980M | -1.93B | -1.75B | -1.26B | -896M | -1.4B | -1.03B | -298M | -638M | -601M | -686M | -1.52B | -3.71B | -3.27B | -870M |
| Dividends Paid | -583M | -583M | -586M | -593M | -509M | -510M | -516M | -521M | -452M | -454M | -459M | -462M | -405M | -405M | -407M | -408M | -345M | -358M | -366M | -361M |
| Share Repurchases | -1.91B | -899M | -2.35B | -1.36B | -1.21B | -1.03B | -1.94B | -1.76B | -1.29B | -901M | -1.4B | -1.03B | -316M | -640M | -601M | -691M | -1.57B | -2.97B | -3.28B | -884M |
| Other Financing | 3.88B | 2.61B | 496M | 2.97B | 6.97B | 4B | 1.68B | -653M | 5.28B | 4.7B | 1.7B | 1.95B | 10.57B | 6.75B | 7.09B | 5.52B | 6.54B | 66M | 166M | -4.29B |
| Net Change in Cash | 5.96B | -6.91B | -3.23B | 5.43B | 11.87B | -7.28B | -4.98B | -1.32B | 7.62B | 2.69B | 950M | 2.12B | 6.92B | 2.73B | 4.91B | -1.4B | 5.65B | -5.89B | -2.88B | -9.48B |
| Free Cash Flow | 2.65B | 2.35B | 5.58B | 3.75B | 4.33B | 5.28B | -2.27B | 3.97B | 5.16B | 6.34B | 7.84B | 3.55B | -738M | 7.92B | 4.07B | 3.81B | 3.43B | 4.54B | 3.74B | 2.85B |
| FCF Margin % | 12.72% | 11.15% | 27.13% | 18.79% | 22.89% | 27.49% | -12.08% | 21.56% | 28.95% | 35.76% | 45.65% | 21.21% | -4.7% | 52.27% | 28.42% | 27.54% | 28.5% | 36.5% | 32.89% | 26.4% |
| FCF Growth % | -38.74% | -55.59% | 345.84% | -5.6% | -15.94% | -16.71% | -128.93% | 11.81% | 798.64% | -19.9% | 92.94% | -6.8% | -121.5% | 74.54% | 8.63% | 33.34% | 75.06% | 48.07% | 104.82% | 60.75% |
| FCF per Share | 3.87 | 3.41 | 8.05 | 5.36 | 6.17 | 7.50 | -3.20 | 5.53 | 7.14 | 8.74 | 10.70 | 4.79 | -0.99 | 10.62 | 5.43 | 5.06 | 4.53 | 5.90 | 4.75 | 3.56 |
| FCF Conversion (FCF/Net Income) | 1.28x | 1.25x | 2.15x | 1.51x | 1.84x | 2.66x | -0.72x | 1.50x | 2.28x | 3.50x | 3.36x | 1.80x | -0.21x | 5.36x | 2.40x | 2.17x | 1.85x | 2.91x | 2.28x | 1.40x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |