How does American Express (AXP) make money?

American Express (AXP) generates revenue primarily from Global Consumer Services Group, which accounted for 47.9% of total revenue in TTM through Q1 2026. The company reported $82.41B in revenue and converted 13.6% of it into net profit, equivalent to roughly $11.22B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of American Express (AXP)?

American Express (AXP) reported a gross profit margin of 83.5% in TTM through Q1 2026, equivalent to $68.81B in gross profit on $82.41B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of American Express (AXP)?

American Express (AXP) reported an operating profit margin of 20.7% in TTM through Q1 2026, equivalent to $17.06B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of American Express (AXP)?

American Express (AXP) reported a net profit margin of 13.6% in TTM through Q1 2026, equivalent to $11.22B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is American Express (AXP) profitable?

Yes. American Express (AXP) reported $11.22B in net income for TTM through Q1 2026, with a net profit margin of 13.6%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does American Express (AXP) spend on capital expenditures?

American Express (AXP) spent $3.14B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 3.8% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does American Express (AXP) generate?

American Express (AXP) generated $14.32B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 17.4%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of American Express (AXP)?

American Express (AXP) had an effective tax rate of 21.2% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of American Express (AXP)?

American Express (AXP) reports revenue across 4 reportable product segments, led by Consumer Services at 47.9% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How American Express Makes Money: 2026 Visual Revenue Map

American Express (AXP) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 23, 2026).

American Express discloses geographic revenue only in annual filings. to view the full breakdown.

American Express (AXP) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for American Express (AXP) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Consumer Services	$39.51B	47.9%
Commercial Services	$19.05B	23.1%
Card Services	$15.05B	18.3%
Merchant & Network	$8.80B	10.7%
Total	$82.41B	100%

Consumer Services$39.51B
Commercial Services$19.05B
Card Services$15.05B
Merchant & Network$8.80B
Total$82.41B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, American Express (AXP) reports revenue across 4 operating segments; the largest segment was Consumer Services at 47.9%, followed by Commercial Services (23.1%) and Card Services (18.3%).

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