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Asset Utilization RatioAssets AverageDebt RatioDebt to EquityEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioFCF MarginFCF Payout RatioGross MarginInterest Coverage RatioInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on EquityReturn on Invested CapitalReturn on SalesTimes Interest Earned

American Express (AXP) Gross Margin (2021 - 2025)

American Express' Gross Margin history spans 5 years, with the latest figure at 91.51% for Q4 2025.

  • For Q4 2025, Gross Margin rose 90.0% year-over-year to 91.51%; the TTM value through Dec 2025 reached 91.34%, up 50.0%, while the annual FY2025 figure was 91.34%, 50.0% up from the prior year.
  • Gross Margin for Q4 2025 was 91.51% at American Express, roughly flat from 91.32% in the prior quarter.
  • Across five years, Gross Margin topped out at 92.23% in Q4 2023 and bottomed at 86.95% in Q4 2021.
  • The 5-year median for Gross Margin is 90.65% (2024), against an average of 90.16%.
  • The largest annual shift saw Gross Margin skyrocketed 406bps in 2022 before it plummeted -162bps in 2024.
  • A 5-year view of Gross Margin shows it stood at 86.95% in 2021, then increased by 5bps to 91.01% in 2022, then grew by 1bps to 92.23% in 2023, then fell by -2bps to 90.6% in 2024, then grew by 1bps to 91.51% in 2025.
  • Per Business Quant, the three most recent readings for AXP's Gross Margin are 91.51% (Q4 2025), 91.32% (Q3 2025), and 91.29% (Q2 2025).