Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the 2021–2024 period American Express’s balance sheet expanded materially: total assets rose from $188,548m to $271,461m (≈+44.0%). Growth was strongest in 2021→22 (+21.1%) and 2022→23 (+14.3%) and slowed to about +4.0% in 2023→24. Total liabilities moved in step with assets, increasing from $166,371m to $241,197m (≈+45.0%) with similar year-to-year dynamics, which left the company’s funding mix largely unchanged. Stockholders’ equity climbed from $22,177m to $30,264m (≈+36.5%)—solid absolute growth but somewhat below the pace of liabilities and assets, with annual equity gains of roughly +11.4%, +13.5% and +7.9% across the three years. The result is a fairly stable leverage profile that is typical for a card-issuer/financial-services firm: equity/assets fell slightly from ~11.8% in 2021 to ~10.8% in 2022–23 before edging up to ~11.1% in 2024, while liabilities consistently comprised roughly 89% of the balance sheet. That pattern is consistent with growth in receivables and funding (deposits/wholesale borrowings) during the post-pandemic recovery years, followed by a normalization of growth in 2024. Equity has increased reliably (supporting capital adequacy), but because equity remains a relatively small share of the balance sheet compared with liabilities, AMEX’s financial position remains sensitive to credit and funding conditions—again a common industry characteristic. (Note: the 2025 row contains zeros and appears to be missing data, so it was excluded from the trend analysis.)
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.