American Express (AXP) Gross Margin (2021 - 2026)

American Express has disclosed Gross Margin across 6 years of filings, most recently posting 92.17% for Q1 2026.

• Gross Margin for Q1 2026 came in at 92.17%, up 93.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 91.58% (up 59.0% YoY), and the FY2025 annual result was 91.34%, up 50.0% from the prior year.
• Gross Margin came in at 92.17% for Q1 2026 at American Express, up from 91.51% in the prior quarter.
• In the past five years, Gross Margin ranged from a high of 92.23% in Q4 2023 to a low of 88.79% in Q2 2022.
• The 5-year median for Gross Margin is 91.01% (2022), against an average of 90.88%.
• Across the five-year window, Gross Margin soared 406 bps in 2022 and slumped 162 bps in 2024, its largest moves.
• American Express' Gross Margin stood at 91.01% in 2022, then rose by 1 bps to 92.23% in 2023, then decreased by 2 bps to 90.6% in 2024, then rose by 1 bps to 91.51% in 2025, then increased by 1 bps to 92.17% in 2026.
• The last three Gross Margin figures came in at 92.17% (Q1 2026), 91.51% (Q4 2025), and 91.32% (Q3 2025), per Business Quant data.