American Express Company

The quality measures available here point in different directions and are best read together. The Beneish M-Score is -2.551, which is below the -1.78 threshold and therefore not in the elevated manipulation-risk zone. This is a statistical screen built from balance sheet and income relationships, not a finding that anything improper occurred, and it cannot evaluate management's judgments directly. The operating cash flow to net income ratio is 1.70, meaning 2025 operating cash flow of $18.43 billion was about 1.7 times reported net income of $10.83 billion, which generally suggests reported earnings are supported by cash, though the year-to-year swings show operating cash flow is not smooth. Revenue growth of 6.4 percent in the XBRL revenue line, from $38.83 billion to $41.3 billion, is slower than the 10 percent growth the MD&A reports for total revenues net of interest expense, so readers may want to match the measure to the figure they are reading. Other standard scores, including the Altman Z-Score, Piotroski F-Score and Fog Index, are not on file for this company and are not assessed here. The MD&A describes a premium card business with four segments: U.S. Consumer Services, Commercial Services, International Card Services and Global Merchant and Network Services. Its dependence on premium consumers and travel spending, its 2022 exit from Russia and Belarus, the competitive pressure from Visa and Mastercard, and the growing lending book are items readers may want to trace through the risk factors and the MD&A risk management section. Equity of $33.47 billion against assets of $300.05 billion means liabilities were about 89 percent of assets at year-end 2025, and Common Equity Tier 1 was 10.5 percent in both 2025 and 2024.

Catalyst.According to the MD&A, billed business growth drove 2025 results. Billed business rose 8 percent to $1,669.8 billion, with International Card Services up 14 percent, U.S. Consumer Services up 8 percent and Commercial Services up 3 percent. Total revenues net of interest expense rose 10 percent to $72.2 billion, net card fees rose 18 percent and net income reached $10.83 billion, or $15.38 per diluted share, compared with $10.13 billion in 2024. The 2024 figure included a $0.66 per share gain from the sale of Accertify.

Hidden risk.The filings show lending and funding growing alongside a slightly higher loss rate. Total loans and Card Member receivables rose 8 percent to $224.8 billion, long-term debt rose 13 percent to $56.4 billion, and the net write-off rate including principal, interest and fees was 2.3 percent in 2025 versus 2.0 percent in 2023, even though management calls credit performance strong. The risk factors say small business and corporate clients made up about 41 percent of worldwide billed business in 2025, and that premium cardholder spending tends to fall in downturns. Operating cash flow also moved unevenly, from $18.56 billion in 2023 to $14.05 billion in 2024 and $18.43 billion in 2025.