American Express cash flow statement

In fiscal 2025, American Express's operations generated $18.43bn of cash; it spent $2.42bn on capital projects, leaving free cash flow of $16.00bn. It returned $2.27bn in dividends and $5.81bn through buybacks.

Cash flow statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

American Express: cash flow statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash from operations	6.3	8.9	10.5	7.1	8.5	11.0	10.7	8.3	13.5	8.9	13.6	5.6	14.6	21.1	18.6	14.1	18.4	17.6
Depreciation and amortisation	1.1	0.9	0.9	1.0	1.0	1.0	1.0	1.1	1.3	1.3	1.2	1.5	1.7	1.6	1.7	1.7	1.8	1.9
Stock-based pay	0.2	0.3	0.3	0.3	0.4	0.3	0.2	0.3	0.3	0.3	0.3	0.2	0.3	0.4	0.5	0.5	0.6	0.6
Capital spending	0.7	0.9	1.2	1.1	1.0	1.2	1.3	1.4	1.1	1.3	1.6	1.5	1.6	1.9	1.6	1.9	2.4	3.7
Free cash flow	5.6	8.1	9.3	6.0	7.5	9.8	9.4	6.9	12.5	7.6	12.0	4.1	13.1	19.2	17.0	12.1	16.0	13.9
Free cash flow after stock pay	5.4	7.8	9.0	5.7	7.2	9.5	9.1	6.7	12.2	7.3	11.7	3.9	12.8	18.8	16.5	11.6	15.5	13.3
Dividends paid	0.9	0.9	0.9	0.9	0.9	1.0	1.2	1.2	1.3	1.3	1.4	1.5	1.4	1.6	1.8	2.0	2.3	2.5
Share buybacks	0.0	0.6	2.3	4.0	3.9	4.4	4.5	4.4	4.3	1.6	—	1.0	7.7	3.5	3.7	6.0	5.8	6.7
Shares issued	0.6	0.7	0.6	0.4	0.7	0.4	0.2	0.2	0.1	0.1	0.1	0.0	0.1	0.1	0.0	0.1	0.1	0.0

US$ millions unless shown otherwise. Fiscal quarters.

American Express: cash flow statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Cash from operations	5,778	4,764	4,364	6,233	3,067	3,804	5,371	5,384
Depreciation and amortisation	428	433	427	455	462	468	488	494
Stock-based pay	111	158	127	125	141	203	155	137
Capital spending	495	430	619	654	722	1,149	898	947
Free cash flow	5,283	4,334	3,745	5,579	2,345	2,655	4,473	4,437
Free cash flow after stock pay	5,172	4,176	3,618	5,454	2,204	2,452	4,318	4,300
Shares issued	51	22	0	26	9	7	0	7

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from American Express's SEC filings (10-K and 10-Q), retrieved October 24, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to American Express.