Free cash flow
American Express Free cash flow increased by 13.2% to $2.66B in Q1 2026 compared to the prior quarter. Year-over-year, this metric declined by 38.7%, from $4.33B to $2.66B. Over 4 years (FY 2021 to FY 2025), Free cash flow shows an upward trend with a 5.1% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.
Analysis
How to read this metric
An increase suggests strong operational efficiency and the ability to self-fund future innovation or return capital to shareholders, while a decrease may indicate heavy capital expenditure cycles or declining operational profitability.
Detailed definition
Free cash flow represents the cash generated by a company after accounting for cash outflows to support operations and m...
Peer comparison
High-growth semiconductor and AI infrastructure peers typically prioritize reinvestment, so free cash flow margins are often compared against R&D intensity and capital expenditure requirements of industry rivals.
cf_free_cash_flowHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $2.90B | $3.70B | $4.54B | $3.43B | $3.81B | $4.07B | $7.92B | -$737.00M | $3.55B | $7.84B | $6.34B | $5.16B | $3.97B | -$2.27B | $5.28B | $4.33B | $3.75B | $5.58B | $2.35B | $2.66B |
| QoQ Change | — | +27.9% | +22.6% | -24.3% | +10.9% | +6.8% | +94.8% | -109.3% | +581.3% | +121.1% | -19.1% | -18.7% | -23.1% | -157.1% | +333.0% | -18.0% | -13.6% | +49.0% | -58.0% | +13.2% |
| YoY Change | — | — | — | — | +31.5% | +9.8% | +74.5% | -121.5% | -6.8% | +92.9% | -19.9% | +799.6% | +11.8% | -128.9% | -16.7% | -15.9% | -5.6% | +346.1% | -55.6% | -38.7% |
Free cash flow at Other Companies
Frequently Asked Questions
- What is American Express's free cash flow?
- American Express (AXP) reported free cash flow of $2.66B in Q1 2026.
- How has American Express's free cash flow changed year-over-year?
- American Express's free cash flow decreased by 38.7% year-over-year, from $4.33B to $2.66B.
- What is the long-term trend for American Express's free cash flow?
- Over 4 years (2021 to 2025), American Express's free cash flow has grown at a 5.1% compound annual growth rate (CAGR), from $13.10B to $16.00B.
- What does free cash flow mean?
- The cash a company has left over after paying for its operating expenses and capital investments.