American Express Company (NYSE: AXP) has had a powerful run into late 2025, lifted by record earnings, booming spending from affluent Millennials and Gen Z, and a flood of positive data on travel and lifestyle spending. At the same time, Wall Street is getting a bit uneasy about valuation, and consensus price targets now sit below the current share price.
This article pulls together the latest news, numbers and forecasts on American Express stock as of December 6, 2025, to give a clear, news-ready snapshot for investors and readers.
American Express Stock Price Today and Recent Performance
As of the latest trade on December 6, 2025, American Express shares are trading around $370 per share (about $370.35 intraday).
According to recent data:
- Market capitalization is roughly $252 billion. [1]
- Trailing P/E ratio is about 23.2, while the forward P/E is roughly 18.8 based on 2025 earnings estimates. [2]
- 1‑year share price return is around 33%, with 2025 year‑to‑date performance near 23%. [3]
A recent Zacks/Nasdaq analysis argues that American Express has moved into a richer valuation zone, trading at a forward P/E of 21.17x, versus a five‑year median of 17.27x, though still below the Financial – Miscellaneous Services industry average of about 24x. [4]
In other words, AXP is no longer the relative bargain it was in 2023–2024: investors are clearly paying up for its growth and profitability.
Q3 2025 Earnings: Record Revenue and Raised Guidance
The current narrative around American Express stock is anchored in its strong third‑quarter 2025 results.
From the company’s Q3 2025 numbers and subsequent commentary:
- Total revenue rose 11% year over year to a record $18.4 billion. [5]
- Earnings per share (EPS) climbed 19% to about $4.14. [6]
- Card Member spending and network volumes accelerated, with network volume up 9% in the quarter. [7]
A separate industry breakdown highlighted just how broad‑based that strength was:
- U.S. consumer network volume increased 9% year over year.
- International consumer volume surged 14%.
- Total loans and card member receivables grew 10%.
- Net card fees increased 18% year over year in Q3. [8]
Delinquency and write‑off metrics remain unusually benign for a card issuer:
- 30‑plus‑day delinquency rates held at about 1.3%.
- Net write‑off rates were around 1.9%, flat or slightly better than recent quarters. [9]
That profile fits American Express’s long‑running strategy: focus on more affluent cardholders who can ride out economic bumps better than lower‑income borrowers.
2025 Guidance: Management Still Aiming for High Single‑Digit to Double‑Digit Growth
On the back of Q3, American Express raised its full‑year 2025 guidance:
- Revenue growth now expected at 9%–10% vs. prior 8%–10%.
- Full‑year EPS guided to a range of $15.20 to $15.50. [10]
The company also reiterated a long‑term aspiration for mid‑teens EPS growth, supported by a combination of spending growth, fee income, net interest income, and continued share repurchases. [11]
Zacks’ latest analysis mirrors this view, with consensus estimates calling for roughly 15–16% EPS growth in 2025 and about 13–14% in 2026, alongside revenue growth around 9% in 2025 and 8% in 2026. [12]
Where the Growth Is Coming From: Premium Customers, Younger Demographics and Global Expansion
Recent coverage of American Express emphasizes several core growth drivers:
- Premium, Affluent Customer Base American Express continues to lean into its identity as a premium lifestyle and payments brand, particularly through products like Platinum and Centurion. Travel, dining, and lifestyle experiences are central to its value proposition, and the company is using long‑standing relationships with airlines, hotels and experience providers to deliver differentiated perks. [13]
- Millennial and Gen Z Momentum Q3 commentary and industry analysis show that Millennial and Gen Z cardholders are now among the fastest‑growing contributors to U.S. Consumer Services billed business, which was up about 9% year over year in Q3 2025. [14] A refreshed U.S. Platinum Card offering and experiential pop‑ups—such as the limited‑time “1850 by American Express” lounge concept at ARIA in Las Vegas—are part of a strategy to keep the brand culturally relevant and aspirational for younger, affluent customers. [15]
- Digital, Data and AI American Express is increasingly flagged as a data‑rich, AI‑enabled payments company. Recent analyses describe the firm’s use of AI and machine learning in fraud detection, personalized offers, and customer engagement as a key engine for both risk management and revenue optimization. [16]
- Global Merchant Acceptance One long‑running knock on AmEx—merchant acceptance—has quietly receded. The company now cites around 160 million merchant locations globally, nearly five times the footprint in 2017, significantly narrowing the gap vs. Visa and Mastercard. [17]
- Cash Generation and Capital Returns Zacks’ recent write‑up notes that as of September 30, 2025, American Express held about $54.7 billion in cash and cash equivalents and generated roughly $15.4 billion in operating cash flow over the first nine months of 2025, up sharply year over year. In the latest quarter, it returned about $2.9 billion to shareholders through buybacks and dividends, after returning $7.9 billion in 2024. [18] The company also raised its quarterly dividend by 17% earlier in 2025, underscoring its confidence in forward earnings power. [19]
Analyst Ratings: Strong Business, Cautious Valuations
Despite the strong operational performance, Wall Street is not unanimously bullish on AXP at current prices. Several major aggregators show a consensus “Hold” rating and average price targets below the current share price.
Key snapshots:
- MarketBeat
- Consensus rating: Hold, based on 24 analysts (9 Buy, 14 Hold, 1 Sell).
- Average 12‑month price target:$332.65.
- Target range: $255 to $400.
- The average target implies roughly 10% downside from a recent price around $370.39. [20]
- Benzinga
- Consensus: Hold from 25 analysts.
- Average target price:$314.88, with a range from $175 to $400.
- The three most recent analyst reports cluster around $373.33, essentially in line with the current price. [21]
- Public.com
- Consensus labelled as Buy based on 19 analysts, though the underlying distribution is mixed (a majority effectively in the “Hold” bucket).
- Average 2025 price prediction: about $332.58, again below today’s trading level. [22]
- StockAnalysis / MLQ.ai and other services
- One dataset summarizing 21 analysts shows a “Buy” consensus but an average target near $327–$352, implying mid‑single‑ to low‑double‑digit percentage downside from recent prices, with most targets clustered between $280 and $400. [23]
Across sources, the pattern is consistent: analysts broadly respect the business, but many think the stock is priced ahead of its fundamentals.
Fresh Sentiment: Downgrades and a Gentle Pullback
In the days leading up to December 6, 2025, several developments have nudged sentiment into a more cautious stance:
- Analyst downgrades and estimate cuts
A Simply Wall St note on December 5 says American Express “slipped more than the broader market after analysts trimmed earnings estimates” ahead of its next results, even though Wall Street still expects roughly 18% EPS growth and about 10% revenue growth. [24] - Recent price action
A Zacks report on December 1 highlighted that AXP closed at about $360.31, down 1.36% on the day, underperforming the broader market as investors reassessed the stock’s valuation after its strong run. [25] - Consensus target drift
Yahoo Finance coverage notes that the consensus analyst price target has inched up only modestly in recent months, from the mid‑$340s to the low‑$350s (for example, from about $349–$351), suggesting only incremental optimism despite big gains in the share price. [26] - Rating changes and institutional flows
MarketBeat and related filings show Wall Street Zen downgrading American Express from “Buy” to “Hold” in November, and some large asset managers such as Baird Financial Group and Fisher Asset Management trimming positions, even as others like Provident Trust Co. added over 640,000 shares earlier in the year. [27]
The overall picture: sentiment is not bearish, but it has shifted from enthusiastic to measured, with analysts increasingly focused on whether 2026–2027 earnings can grow fast enough to justify today’s multiples.
Risk Check: What Could Go Wrong for AXP?
Recent analyses and the company’s own filings flag several key risks that stock watchers are tracking closely:
- Valuation Risk With AXP trading at a forward P/E above 21x versus a five‑year median around 17x, the stock is clearly priced for continued high growth. [28]
If revenue growth or EPS surprises slow, the market could compress that multiple, even if absolute earnings remain strong. - Expense Growth and Investment Needs Zacks notes that total expenses rose about 10% year over year in Q3 2025, driven by elevated spending on rewards, services, marketing and technology. [29]
Those outlays are essential for long‑term competitiveness, but they pressure margins if top‑line growth slows. - Leverage and Funding As of late Q3 2025, American Express carried around $59.2 billion of debt, with a long‑term debt‑to‑capital ratio above 64%, notably higher than the sector average of roughly 44%. [30]
While that level is not unusual for a large card issuer, it does make AXP sensitive to funding conditions and credit markets. - Credit Cycle Normalization Current delinquency and write‑off metrics are low by historical standards—30‑day delinquencies at 1.3% and write‑offs at 1.9%—but both are likely to normalize upward if unemployment or consumer stress rises. [31]
- Competitive and Regulatory Pressures American Express faces intense competition from Visa, Mastercard, big banks and fintechs, along with ongoing regulatory scrutiny globally. The company’s own forward‑looking statement section highlights macro, regulatory and competitive factors—interest rates, economic growth, consumer confidence, and regulatory changes—as potential sources of volatility for both revenues and earnings. [32]
American Express Stock Forecast: 2025–2026 Expectations
Putting guidance and analyst models together gives a loose, market‑implied roadmap for the next 12–24 months:
- Revenue
- Earnings per Share (EPS)
- Price Targets and Implied Returns Looking across major aggregators—MarketBeat, Benzinga, Zacks, TipRanks, Public.com and others—average 12‑month price targets mostly sit between about $330 and $350, versus a current price around $370. [38] That implies modest downside or very limited upside over the next year, assuming estimates are roughly correct and valuations don’t expand further.
Importantly, these are not guarantees but rather a snapshot of how analysts are translating today’s fundamentals and macro assumptions into expected returns.
Bottom Line: A High‑Quality Franchise at a Full Price
As of December 6, 2025, American Express stock reflects a classic tension:
- On one side, you have record revenues, double‑digit EPS growth, best‑in‑class ROE, disciplined capital returns, and powerful secular trends—affluent younger consumers, premium travel and experiences, and data‑driven payments. [39]
- On the other, you have a stock that has run far ahead of the market, trades at richer multiples than its own history, and faces a consensus of analysts who, collectively, see the shares as fairly to slightly over‑valued in the near term. [40]
For investors and readers tracking American Express:
- The business story—premium card base, Millennial/Gen Z adoption, digital and AI capabilities, global expansion—remains structurally attractive.
- The stock story is more nuanced: future returns from here are likely to depend on whether American Express can keep compounding EPS at mid‑teens rates long enough for today’s valuation to look reasonable in hindsight.
References
1. www.benzinga.com, 2. www.benzinga.com, 3. www.benzinga.com, 4. www.nasdaq.com, 5. s26.q4cdn.com, 6. s26.q4cdn.com, 7. www.nasdaq.com, 8. www.emarketer.com, 9. www.emarketer.com, 10. seekingalpha.com, 11. www.alpha-sense.com, 12. www.nasdaq.com, 13. www.nasdaq.com, 14. www.nasdaq.com, 15. www.stocktitan.net, 16. www.nasdaq.com, 17. www.nasdaq.com, 18. www.nasdaq.com, 19. www.nasdaq.com, 20. www.marketbeat.com, 21. www.benzinga.com, 22. public.com, 23. stockanalysis.com, 24. simplywall.st, 25. www.zacks.com, 26. finance.yahoo.com, 27. www.marketbeat.com, 28. www.nasdaq.com, 29. www.nasdaq.com, 30. www.nasdaq.com, 31. www.emarketer.com, 32. s26.q4cdn.com, 33. www.nasdaq.com, 34. mlq.ai, 35. seekingalpha.com, 36. mlq.ai, 37. www.nasdaq.com, 38. www.marketbeat.com, 39. www.nasdaq.com, 40. www.marketbeat.com
