American Express Company (AXP)
American Express is a payments and card company that both issues cards and runs its own network, targeting premium and business customers. Its spending-based model gives it a read on affluent consumer behavior.
AXP vs GS: how the two businesses compare
- Bigger business: GS, with $58.3B of yearly revenue, about 1.4× AXP's $41.3B.
- More profitable: GS keeps 29 cents of each sales dollar as profit, against 26 cents at AXP.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Goldman Sachs (GS) is the larger business by reported revenue: $58.3B in its fiscal year ended Dec 2025, about 1.4× AXP's $41.3B (fiscal year ended Dec 2025). AXP's net margin was 26.2% and GS's 29.5%. The SEC classifies them differently (Finance Services; Security Brokers, Dealers & Flotation Companies); what connects them is shared exposure to the Economic trends research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Financials
- Different
- Separate classifications
- December 31
- Same calendar
- Feb 25, 2026
AXP vs GS: quick comparison
| Company fact | AXP | GS |
|---|---|---|
| Company | American Express Company | The Goldman Sachs Group, Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | New York, New York | New York, New York |
| Founded | 1850 | 1869 |
| SEC industry | Finance Services | Security Brokers, Dealers & Flotation Companies |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-06 | 10-K · 2026-02-25 |
AXP vs GS: audited financials
- Scale: GS's $58.3B of revenue is about 1.4× AXP's $41.3B.
- Net margin: GS kept 29.5% of revenue as net income versus 26.2% at AXP.
- Cash flow: operating cash flow is left out of this reading because lending, deposit, and trading balances run through it at banks, brokers, and insurers, so it does not measure earnings quality the way it does for an operating company.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | AXP | GS |
|---|---|---|
| Revenue | $41.3B2025-01-01 to 2025-12-31 · SEC filing | $58.3B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $10.8B2025-01-01 to 2025-12-31 · SEC filing | $17.2B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $18.4B2025-01-01 to 2025-12-31 · SEC filing | −$45.2B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $15.382025-01-01 to 2025-12-31 · SEC filing | $51.322025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 26.2%2025-01-01 to 2025-12-31 · SEC filing | 29.5%2025-01-01 to 2025-12-31 · SEC filing |
AXP: FY ending 2025-12-31 · GS: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where AXP and GS overlap, and where they don't
Overlap
- Shared research theme: Economic trends.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different SEC industries: AXP files as Finance Services; GS as Security Brokers, Dealers & Flotation Companies.
- Only GS maps to Rates & central banks.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
The Goldman Sachs Group, Inc. (GS)
Goldman Sachs is a leading global investment bank strong in advisory, trading, and asset and wealth management. Its results are closely tied to capital-markets activity and dealmaking cycles.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves AXP
We have not yet published a company-specific driver list for AXP. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-06.
What moves GS
We have not yet published a company-specific driver list for GS. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-25.
The investment question
You now know GS reports about 1.4× AXP's revenue, and GS keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 26 matched transaction rows for AXP and 55 matched transaction rows for GS. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
AXP primary filings
GS primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving AXP or GS
AXP vs GS FAQs
Are AXP and GS direct competitors?
Not necessarily. American Express files as Finance Services and Goldman Sachs as Security Brokers, Dealers & Flotation Companies. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is AXP or GS the bigger company by revenue?
Goldman Sachs (GS) is the larger business by reported revenue: $58.3B in its fiscal year ended Dec 2025, about 1.4× AXP's $41.3B (fiscal year ended Dec 2025). AXP's net margin was 26.2% and GS's 29.5%. The SEC classifies them differently (Finance Services; Security Brokers, Dealers & Flotation Companies); what connects them is shared exposure to the Economic trends research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, AXP or GS?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this AXP vs GS comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers American Express Company and The Goldman Sachs Group, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
AXP vs GS compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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