American Express annual free cash flow
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2025
American Express Free Cash Flow (FCF) History (AXP)
American Express reported $16.00B in free cash flow for fiscal 2025, an increase of 31.83% from the previous fiscal year, with a free cash flow margin of 38.74%.
View full American Express company overviewAmerican Express free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | $16.00B | $3.86B | +31.83% | +38.74% |
| 2024 | 2024-12-31 | $12.14B | −$4.86B | −28.58% | +31.27% |
| 2023 | 2023-12-31 | $17.00B | −$2.23B | −11.59% | +45.67% |
| 2022 | 2022-12-31 | $19.22B | $6.13B | +46.80% | +56.18% |
| 2021 | 2021-12-31 | $13.10B | $8.98B | +218.38% | +47.25% |
| 2020 | 2020-12-31 | $4.11B | −$7.87B | −65.69% | +18.72% |
| 2019 | 2019-12-31 | $11.99B | $4.37B | +57.31% | +42.57% |
| 2018 | 2018-12-31 | $7.62B | −$4.86B | −38.93% | +28.64% |
| 2017 | 2017-12-31 | $12.48B | $5.56B | +80.42% | +50.36% |
| 2016 | 2016-12-31 | $6.92B | −$2.45B | −26.15% | +28.54% |
| 2015 | 2015-12-31 | $9.37B | −$430.0M | −4.39% | +28.54% |
| 2014 | 2014-12-31 | $9.79B | $2.25B | +29.89% | +28.65% |
| 2013 | 2013-12-31 | $7.54B | $1.51B | +25.08% | +22.94% |
| 2012 | 2012-12-31 | $6.03B | −$3.26B | −35.07% | +19.11% |
| 2011 | 2011-12-31 | $9.29B | $1.23B | +15.25% | +30.99% |
| 2010 | 2010-12-31 | $8.06B | $2.44B | +43.49% | +28.96% |
| 2009 | 2009-12-31 | $5.62B | −$1.18B | −17.38% | +22.90% |
| 2008 | 2008-12-31 | $6.80B | −$277.0M | −3.92% | +23.96% |
| 2007 | 2007-12-31 | $7.07B | — | — | +25.66% |
American Express quarterly free cash flow
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| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $4.47B | $728.0M | +19.44% | +39.89% |
| Q1 2026 | 2026-03-31 | $2.65B | −$1.68B | −38.74% | +25.24% |
| Q4 2025 | 2025-12-31 | $2.35B | −$2.94B | −55.61% | +21.43% |
| Q3 2025 | 2025-09-30 | $5.58B | $7.85B | — | +53.57% |
| Q2 2025 | 2025-06-30 | $3.75B | −$222.0M | −5.60% | +36.29% |
| Q1 2025 | 2025-03-31 | $4.33B | −$822.0M | −15.94% | +45.02% |
| Q4 2024 | 2024-12-31 | $5.28B | −$1.06B | −16.71% | +53.08% |
| Q3 2024 | 2024-09-30 | −$2.27B | −$10.11B | — | −23.33% |
| Q2 2024 | 2024-06-30 | $3.97B | $420.0M | +11.84% | +40.41% |
| Q1 2024 | 2024-03-31 | $5.16B | $5.89B | — | +55.21% |
| Q4 2023 | 2023-12-31 | $6.34B | −$1.58B | −19.90% | +66.34% |
| Q3 2023 | 2023-09-30 | $7.84B | $3.78B | +92.94% | +83.64% |
| Q2 2023 | 2023-06-30 | $3.55B | −$260.0M | −6.83% | +37.60% |
| Q1 2023 | 2023-03-31 | −$737.0M | −$4.17B | — | −8.33% |
| Q4 2022 | 2022-12-31 | $7.92B | $3.38B | +74.54% | +87.26% |
| Q3 2022 | 2022-09-30 | $4.07B | $363.0M | +9.81% | +46.55% |
| Q2 2022 | 2022-06-30 | $3.81B | $912.0M | +31.50% | +43.40% |
| Q1 2022 | 2022-03-31 | $3.43B | $1.47B | +75.06% | +44.93% |
| Q4 2021 | 2021-12-31 | $4.54B | $1.47B | +48.07% | +55.59% |
| Q3 2021 | 2021-09-30 | $3.70B | $1.88B | +102.63% | +51.86% |
| Q2 2021 | 2021-06-30 | $2.90B | $1.12B | +63.01% | +42.81% |
| Q1 2021 | 2021-03-31 | $1.96B | $4.51B | — | +34.68% |
| Q4 2020 | 2020-12-31 | $3.06B | $299.0M | +10.81% | +51.57% |
| Q3 2020 | 2020-09-30 | $1.83B | $3.24B | — | +33.96% |
| Q2 2020 | 2020-06-30 | $1.78B | −$662.0M | −27.15% | +40.76% |
| Q1 2020 | 2020-03-31 | −$2.55B | −$10.75B | — | −40.57% |
| Q4 2019 | 2019-12-31 | $2.77B | $4.46B | — | +37.72% |
| Q3 2019 | 2019-09-30 | −$1.42B | −$6.17B | — | −20.07% |
| Q2 2019 | 2019-06-30 | $2.44B | −$296.0M | −10.83% | +34.44% |
| Q1 2019 | 2019-03-31 | $8.20B | $6.37B | +349.01% | +122.43% |
| Q4 2018 | 2018-12-31 | −$1.69B | −$6.40B | — | −24.54% |
| Q3 2018 | 2018-09-30 | $4.75B | $728.0M | +18.10% | +71.40% |
| Q2 2018 | 2018-06-30 | $2.73B | −$129.0M | −4.51% | +40.96% |
| Q1 2018 | 2018-03-31 | $1.83B | $943.0M | +106.80% | +28.59% |
| Q4 2017 | 2017-12-31 | $4.71B | $1.77B | +60.17% | +74.31% |
| Q3 2017 | 2017-09-30 | $4.02B | $2.60B | +182.32% | +65.18% |
| Q2 2017 | 2017-06-30 | $2.86B | $2.54B | +783.64% | +46.00% |
| Q1 2017 | 2017-03-31 | $883.0M | −$1.34B | −60.35% | +14.60% |
| Q4 2016 | 2016-12-31 | $2.94B | $520.0M | +21.49% | +2130.43% |
| Q3 2016 | 2016-09-30 | $1.43B | −$1.82B | −56.11% | +18.33% |
| Q2 2016 | 2016-06-30 | $324.0M | −$1.50B | −82.28% | +3.93% |
| Q1 2016 | 2016-03-31 | $2.23B | $357.0M | +19.09% | +27.53% |
| Q4 2015 | 2015-12-31 | $2.42B | $357.0M | +17.30% | +28.84% |
| Q3 2015 | 2015-09-30 | $3.25B | −$146.0M | −4.30% | +39.63% |
| Q2 2015 | 2015-06-30 | $1.83B | $548.0M | +42.81% | +22.07% |
| Q1 2015 | 2015-03-31 | $1.87B | −$1.19B | −38.87% | +23.52% |
| Q4 2014 | 2014-12-31 | $2.06B | $2.09B | — | +22.72% |
| Q3 2014 | 2014-09-30 | $3.39B | $5.58B | — | +40.86% |
| Q2 2014 | 2014-06-30 | $1.28B | −$1.13B | −46.91% | +14.83% |
| Q1 2014 | 2014-03-31 | $3.06B | −$4.28B | −58.34% | +37.43% |
| Q4 2013 | 2013-12-31 | −$27.0M | $3.79B | — | −0.32% |
| Q3 2013 | 2013-09-30 | −$2.19B | −$5.79B | — | −26.33% |
| Q2 2013 | 2013-06-30 | $2.41B | −$669.0M | −21.72% | +29.24% |
| Q1 2013 | 2013-03-31 | $7.34B | $4.18B | +131.93% | +93.17% |
| Q4 2012 | 2012-12-31 | −$3.82B | −$7.62B | — | −46.92% |
| Q3 2012 | 2012-09-30 | $3.60B | $1.53B | +73.97% | +45.83% |
| Q2 2012 | 2012-06-30 | $3.08B | −$56.0M | −1.79% | +38.67% |
| Q1 2012 | 2012-03-31 | $3.17B | $2.88B | +1022.70% | +41.73% |
| Q4 2011 | 2011-12-31 | $3.80B | $2.38B | +168.15% | +49.04% |
| Q3 2011 | 2011-09-30 | $2.07B | −$442.0M | −17.59% | +27.35% |
| Q2 2011 | 2011-06-30 | $3.14B | $1.12B | +55.79% | +41.17% |
| Q1 2011 | 2011-03-31 | $282.0M | −$1.83B | −86.67% | +4.01% |
| Q4 2010 | 2010-12-31 | $1.42B | $222.0M | +18.59% | +18.93% |
| Q3 2010 | 2010-09-30 | $2.51B | $359.0M | +16.67% | +36.04% |
| Q2 2010 | 2010-06-30 | $2.01B | $258.0M | +14.70% | +29.58% |
| Q1 2010 | 2010-03-31 | $2.12B | $1.60B | +313.09% | +32.24% |
| Q4 2009 | 2009-12-31 | $1.19B | $646.0M | +117.88% | +18.40% |
| Q3 2009 | 2009-09-30 | $2.15B | — | — | +35.80% |
| Q2 2009 | 2009-06-30 | $1.75B | — | — | +28.81% |
| Q1 2009 | 2009-03-31 | $512.0M | — | — | +8.64% |
| Q3 2008 | 2008-09-30 | $548.0M | — | — | +7.65% |
American Express free cash flow growth trends
Over the last five reported fiscal years, free cash flow grew from $4.11B to $16.00B, a compound annual growth rate of 31.22%. American Express's latest reported quarter, Q2 2026, generated $4.47B in free cash flow, an increase of 19.44% year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review American Express filings at SEC.gov ↗