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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently the company runs and where it’s prioritizing investment.American Express is visibly reallocating capital into growth: marketing and card‑member rewards are the fastest‑rising expense buckets, with salaries and card‑services climbing behind them — consistent with the company’s push on new account acquisition, Platinum refreshes, commercial product rollouts and AI investments. Management confirmed these are intentional reinvestments that will lift near‑term expense ratios but support sustained top‑line and fee growth; the key investor watch is whether incremental spend drives durable revenue per account or temporarily compresses margins.
Date | Other Expenses | Business Development and Marketing | Card Member Rewards | Card Member Services | Salaries and Benefits | Expenses |
|---|---|---|---|---|---|---|
Jun 30, 2026 | $3.40B | $5.05B | $1.95B | $2.34B | $1.73B | |
Mar 31, 2026 | $3.07B | $4.89B | $1.98B | $2.48B | $1.46B | |
Dec 31, 2025 | $3.34B | $4.80B | $1.95B | $2.50B | $1.88B | |
Sep 30, 2025 | $3.21B | $4.61B | $1.48B | $2.24B | $1.78B | |
Jun 30, 2025 | $3.14B | $4.62B | $1.30B | $2.15B | $1.69B | |
Mar 31, 2025 | $1.65B | $3.02B | $4.38B | $1.33B | $2.12B | $1.65B |
Dec 31, 2024 | $2.07B | $3.25B | $4.43B | $1.28B | $2.10B | $2.07B |
Sep 30, 2024 | $1.78B | $2.90B | $4.17B | $1.18B | $2.05B | $1.78B |
Jun 30, 2024 | $1.04B | $2.91B | $4.23B | $1.15B | $1.95B | $1.04B |
Mar 31, 2024 | $1.48B | $2.87B | $3.77B | $1.17B | $2.10B | $1.48B |