American Express (AXP) FY2020 results: revenue $36.1 billion, down 17.1% on the year
American Express Co. (AXP) reported revenue of $36.1 billion for fiscal 2020, the year ended 31 December 2020, down 17.1% on the year before. Net income was $3.1 billion, down 53.6%, and diluted earnings per share $3.77. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2021.
Revenue
$36.1 billion
-17.1% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$3.1 billion
-53.6% on the year
FY2013FY2020
Diluted EPS
$3.77
-52.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
36,087
43,556
40,338
-17.1%
Interest expense
2,098
3,464
2,943
-39.4%
Pre-tax income
4,296
8,429
8,122
-49.0%
Income tax
1,161
1,670
1,201
-30.5%
Effective tax rate
27.0%
19.8%
14.8%
Net income
3,135
6,759
6,921
-53.6%
Net margin
8.7%
15.5%
17.2%
Diluted EPS
$3.77
$7.99
$7.91
-52.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
5,591
13,632
8,930
-59.0%
Capital expenditure
1,478
1,645
1,310
-10.2%
Free cash flow
4,113
11,987
7,620
-65.7%
Free cash flow margin
11.4%
27.5%
18.9%
Cash from investing
11,632
-16,707
-19,615
Cash from financing
-9,068
-519
5,101
Depreciation and amortisation
1,543
1,188
1,293
+29.9%
Share-based compensation
249
283
283
-12.0%
Buybacks
1,029
n/a
1,600
Dividends paid
1,474
1,422
1,324
+3.7%
Dividend per share
$1.72
$1.64
$1.48
+4.9%
Diluted shares, weighted
806m
830m
859m
-2.9%
Shares outstanding at period end
805m
810m
847m
-0.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
22,984
23,071
22,290
-0.4%
Deposits
86,875
73,287
69,960
+18.5%
Short-term borrowings
1,878
6,442
3,100
-70.8%
Debt
42,952
57,835
58,423
-25.7%
Other liabilities
36,678
37,686
35,227
-2.7%
Total liabilities and equity
191,367
198,321
189,000
-3.5%
Fixed assets
5,015
4,834
4,416
+3.7%
Goodwill
3,852
3,315
3,072
+16.2%
Intangible assets
265
267
275
-0.7%
Investments
157
223
166
-29.6%
Loans
n/a
84,998
79,720
Cash and equivalents
32,965
24,446
27,808
+34.8%
Other assets
149,113
80,238
73,543
+85.8%
Total assets
191,367
198,321
189,000
-3.5%
10-K for the year ended 31 December 2020, filed 12 February 2021: the filing.