American Express (AXP) Gross Margin (2021 - 2026)
American Express (AXP) posted Gross Margin of 91.6% for Q2 2026, down 0.62% sequentially from 92.17% in Q1 2026, and up 31.0% YoY from 69.92% in Q2 2025.
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American Express (AXP) Gross Margin (2021 - 2026) Analysis & Trends
American Express has reported Gross Margin for 6 years, with the latest figure at 91.6% in Q2 2026.
- Quarterly Gross Margin rose 31.0% year-over-year to 91.6% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 91.65% (up 57.0% YoY) and the FY2025 annual result came in at 91.34%, up 50.0% from the prior year.
- Gross Margin eased to 91.6% in Q2 2026 per AXP's latest filing, from 92.17% in the prior quarter.
- Over five years, Gross Margin peaked at 92.23% in Q4 2023 and troughed at 88.79% in Q2 2022.
- A 5-year average of 90.92% and a median of 91.09% in 2022 frame the typical range for Gross Margin.
- The sharpest annual moves came in 2022 and 2024: Gross Margin surged 406 bps in 2022, then slumped 162 bps in 2024.
- Over 5 years, Gross Margin stood at 91.01% in 2022, then advanced by 1 bps to 92.23% in 2023, then dropped by 2 bps to 90.6% in 2024, then advanced by 1 bps to 91.51% in 2025, then advanced by 0 bps to 91.6% in 2026.
- According to Business Quant data, Gross Margin over the past three periods registered 91.6%, 92.17%, and 91.51% for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Visa | 680.39 Bn | 668.03 Bn | - | - |
| 2 | Mastercard | 518.33 Bn | 504.84 Bn | - | - |
| 3 | American Express | 224.91 Bn | 175.59 Bn | 17.99 Bn | 91.60% |
| 4 | Capital One Financial | 132.31 Bn | 77.60 Bn | - | - |
| 5 | PayPal Holdings | 46.25 Bn | 35.00 Bn | - | - |
| 6 | Affirm Holdings | 26.22 Bn | 24.59 Bn | - | - |
| 7 | Synchrony Financial | 25.37 Bn | 9.17 Bn | - | - |
| 8 | SoFi Technologies | 23.30 Bn | 20.18 Bn | 1.02 Bn | 83.58% |
| 9 | Ally Financial | 12.85 Bn | 5.01 Bn | 2.08 Bn | 90.90% |
| 10 | FirstCash Holdings | 9.51 Bn | 9.34 Bn | 533.67 Mn | 49.66% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 91.60% |
| Mar 31, 2026 | 92.17% |
| Dec 31, 2025 | 91.51% |
| Sep 30, 2025 | 91.32% |
| Jun 30, 2025 | 91.29% |
| Mar 31, 2025 | 91.24% |
| Dec 31, 2024 | 90.60% |
| Sep 30, 2024 | 91.16% |
| Jun 30, 2024 | 90.94% |
| Mar 31, 2024 | 90.66% |
| Dec 31, 2023 | 92.23% |
| Sep 30, 2023 | 91.96% |
| Jun 30, 2023 | 90.65% |
| Mar 31, 2023 | 90.61% |
| Dec 31, 2022 | 91.01% |
| Sep 30, 2022 | 89.24% |
| Jun 30, 2022 | 88.79% |
| Mar 31, 2022 | 89.57% |
| Dec 31, 2021 | 86.95% |
| Sep 30, 2021 | 87.08% |