v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities    
Net income $ 2,971 $ 2,584
Adjustments to reconcile net income to net cash provided by operating activities:    
Provisions for credit losses 1,251 1,150
Depreciation and amortization 468 433
Stock-based compensation 203 158
Deferred taxes 145 (20)
Other items [1] (282) 213
Originations of Card balances held for sale (42) 0
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:    
Other assets (1,386) 18
Accounts payable & other liabilities 476 228
Net cash provided by operating activities 3,804 4,764
Cash Flows from Investing Activities    
Sale of investments 8 0
Maturities and redemptions of investments 233 285
Purchase of investments (1,978) (239)
Net decrease in Card balances and Other loans, including Card balances held for sale 512 835
Purchase of premises and equipment, net of sales [2] (1,149) (430)
Acquisitions, net of cash acquired (498) 0
Net cash (used in) provided by investing activities (2,872) 451
Cash Flows from Financing Activities    
Net increase in customer deposits 5,375 6,973
Net increase in short-term borrowings 110 131
Proceeds from long-term debt [2] 3,502 4,768
Payments of long-term debt (1,524) (3,534)
Issuance of American Express common shares 7 22
Repurchase of American Express common shares and other (1,911) (1,208)
Dividends paid (583) (509)
Net cash provided by financing activities 4,976 6,643
Effect of foreign currency exchange rates on cash and cash equivalents 57 10
Net increase in cash and cash equivalents 5,965 11,868
Cash and cash equivalents at beginning of period 47,792 40,640
Cash and cash equivalents at end of period $ 53,757 $ 52,508
[1] Primarily includes gains/losses on fair value hedges, foreign currency transactions, tax credit and Amex Ventures investments and movements in equity method investments.
[2] Excludes an increase of $370 million related to non-cash activity for a finance lease. Refer to Note 1 for additional information.