What American Express's FY2025 10-K says: 11 signals
American Express filed its latest 10-K with the SEC on Feb 6, 2026. It discusses platform strategy, acquisition completed and customer concentration.
Public (AXP)Financial Services10,000+ employeesamericanexpress.comLinkedIn
- Filed
- Feb 6, 2026
- Period
- FY2025
- Fiscal year end
- 12/31
- Filings
- 1
10-K · latest 8
What American Express's 10-K filings say
- SEC EDGAR
10-K · FY2025
Filed · Fiscal year ends 12/31 · 11 signals
AXP acquired expense management software company 'Center' in 2025 to enhance B2B offerings.
American Express is integrating the 'Center' software to bolster its non-card B2B payment and expense management solutions for commercial clients.
B2B paymentCenterDelta Air LinesMarriott International
Delta partnership represents 13% of billed business and 21% of card member loans.
Significant revenue and loan book concentration with a single partner, Delta Air Lines, creates risk and a need for robust partnership management and risk mitigation solutions.
13%
of worldwide billed business from Delta cobrand portfolio
Delta Air LinesMarriott InternationalBritish AirwaysHilton Worldwide Holdings
AXP refreshed its flagship U.S. Consumer and Business Platinum cards in 2025.
AXP is increasing investment in enterprise risk management capabilities and technology.
Despite focusing on overall expense efficiencies, American Express is explicitly increasing investment in enterprise risk management and technology to support growth.
enterprise risk management
Average merchant discount rates are declining, offsetting revenue growth from higher spending.
The company is experiencing lower average merchant discount rates, its largest revenue source, due to shifts in geographic and merchant spend mix.
AXP increased credit loss reserves due to a deteriorating macroeconomic outlook.
The company's reserve build for credit losses is directly influenced by a worsening macroeconomic outlook, creating a pain point around risk modeling.
$198M
Card Member loans reserve build
CenterDelta Air LinesMarriott InternationalBritish Airways
AXP highlights key technology and service partners including SAP Concur, Amazon, and Coinbase.
American Express's strategy relies on a broad ecosystem of partners for expense management (SAP Concur, Emburse), e-commerce rewards (Amazon.com), and fintech services (Coinbase).
payment technologiesDelta Air LinesMarriott InternationalBritish Airways
AXP increased marketing spend by 4% to $6.25B to acquire high-value customers.
The company spent $6.25 billion on marketing in 2025, a 4% increase, with the explicit goal of acquiring high-spending, high credit-quality customers.
$6.3B
Marketing expense
4%
Year-over-year increase in marketing expense
Showing 8 of 11 filing signals. The Signal API returns all of them.
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Track American Express with the Signal API
One POST /v1/companies/enrich call with americanexpress.com returns American Express 10-K signals (sec-10k), each with its source. Or ask Claude through MCP.
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curl -X POST https://signals.autobound.ai/v1/companies/enrich \
-H "X-API-KEY: $AUTOBOUND_API_KEY" \
-H "Content-Type: application/json" \
-d '{"domain":"americanexpress.com","signal_types":["sec-10k"],"limit":20}'Same industry
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Questions about American Express 10-K
When did American Express file its latest 10-K?
What does American Express's latest 10-K say about software implementation?
Where can I find American Express's annual report?
Source. Annual reports (Form 10-K) filed with the SEC. Every card links to the filing on EDGAR.
Method. Insights are extracted from the filing text and grouped by category. Numbers are quoted from the filing.
Data as of .