News & Deep Analysis
AXP

AXP: Amex Issues $2B Notes Due 2036

Published: October 24, 2025
AMERICAN EXPRESS CO

Direct News

  • Issuer: American Express Company (Ticker: AXP)
  • Size: $2.0 billion fixed-to-floating rate notes
  • Maturity: 2036
  • Transaction adds $2.0 billion to long-term debt outstanding (security type: fixed-to-floating notes)

Historical Context

This issuance follows a series of strategic and shareholder-focused moves in October 2025. On Oct. 17, 2025 American Express announced a significant strategic partnership with Toast in the hospitality sector, a 17% dividend increase for Q3 and the first nine months of 2025, and the launch of updated Platinum Cards alongside new digital platform initiatives. Those actions, together with strong FY2024 financial results (net income $10,129M; total revenues $65,949M; ROE 26.5%), form the backdrop to the company’s continued access to capital markets.

Deal snapshot and impact on debt maturity profile

American Express has issued $2.0 billion of fixed-to-floating notes maturing in 2036. On the company’s reported balance sheet as of Dec. 31, 2024, long-term debt stood at $49.7 billion with a weighted rate of 4.51% and a remaining maturity schedule that includes $9.6 billion in the “thereafter” bucket. The 2036 notes will fall into that longer-dated maturity cohort and increase AmEx’s long-term funding stock by $2.0 billion. Against a reported total debt balance of $51.1 billion (Dec. 31, 2024), the new issuance is modest in scale relative to AmEx’s aggregate debt and asset base ($207.0 billion in total assets). The company’s leverage metrics as of FY2024—Total Debt/Total Assets of 24.7% and Total Debt/Stockholders’ Equity of 1.28x—provide context for how this issuance fits within the existing capital structure.

Balance sheet strength, capital ratios and liquidity context

American Express entered the transaction from a position of measured capital strength. FY2024 CET1 ratio was reported at 10.5% and stockholders’ equity stood at $39.8 billion. The company also reported $13.5 billion in cash and equivalents and $1.0 billion in investment securities as of Dec. 31, 2024. Credit-quality metrics remained strong in FY2024: net write-off rates and 90+ day delinquencies on card member loans were low (90+ days past due of 0.40% for card member loans), and allowances for credit losses were $3.2 billion. These metrics underpin AmEx’s access to the debt markets and its ability to place longer-dated notes.

Capital-allocation backdrop for investors

The $2.0 billion 2036 notes come amid an active capital-allocation program. In FY2024 AmEx repurchased $3.65 billion of stock (22 million shares) and has signaled dividend growth: a 17% dividend increase was recorded on Oct. 17, 2025 for Q3 and the first nine months of 2025. Management continues to target a CET1 range around 10–11% while balancing shareholder returns and debt management. For investors, the issuance is a financing event that modestly increases long-term liabilities while leaving the company’s reported capital ratios and credit-quality metrics intact. How the proceeds will be deployed—refinancing, general corporate purposes or other uses—was not specified in the provided materials.

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