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Side-by-side financial comparison of American Express (AXP) and PLAINS ALL AMERICAN PIPELINE LP (PAA). Click either name above to swap in a different company.
American Express is the larger business by last-quarter revenue ($10.9B vs $10.0B, roughly 1.1× PLAINS ALL AMERICAN PIPELINE LP). American Express runs the higher net margin — 22.5% vs 3.4%, a 19.1% gap on every dollar of revenue. On growth, American Express posted the faster year-over-year revenue change (9.9% vs -19.1%). American Express produced more free cash flow last quarter ($2.3B vs $638.0M). Over the past eight quarters, American Express's revenue compounded faster (8.2% CAGR vs -8.6%).
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; accounts payable expense management products and services; and travel and lifestyle services. The company's products an...
Plains is a master limited partnership engaged in pipeline transport, marketing, and storage of liquefied petroleum gas and petroleum in the United States and Canada. Plains owns interests in 18,370 miles (29,560 km) of pipelines, storage capacity for about 75 million barrels of crude oil, 28 million barrels of NGLs, 68 billion cubic feet of natural gas, and 5 natural gas processing plants. The company is headquartered in the Allen Center in Downtown Houston, Texas. Plains is a publicly trade...
AXP vs PAA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $10.9B | $10.0B |
| Net Profit | $2.5B | $341.0M |
| Gross Margin | — | 7.0% |
| Operating Margin | 28.2% | 1.8% |
| Net Margin | 22.5% | 3.4% |
| Revenue YoY | 9.9% | -19.1% |
| Net Profit YoY | 13.5% | 847.2% |
| EPS (diluted) | $3.52 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $10.9B | $10.0B | ||
| Q3 25 | $10.4B | $11.6B | ||
| Q2 25 | $10.3B | $10.6B | ||
| Q1 25 | $9.6B | $12.0B | ||
| Q4 24 | $10.0B | $12.4B | ||
| Q3 24 | $9.7B | $12.7B | ||
| Q2 24 | $9.8B | $12.9B | ||
| Q1 24 | $9.3B | $12.0B |
| Q4 25 | $2.5B | $341.0M | ||
| Q3 25 | $2.9B | $441.0M | ||
| Q2 25 | $2.9B | $210.0M | ||
| Q1 25 | $2.6B | $443.0M | ||
| Q4 24 | $2.2B | $36.0M | ||
| Q3 24 | $2.5B | $220.0M | ||
| Q2 24 | $3.0B | $250.0M | ||
| Q1 24 | $2.4B | $266.0M |
| Q4 25 | — | 7.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | — | 9.0% |
| Q4 25 | 28.2% | 1.8% | ||
| Q3 25 | 36.7% | 4.2% | ||
| Q2 25 | 34.4% | 2.2% | ||
| Q1 25 | 34.6% | 4.4% | ||
| Q4 24 | 27.7% | 0.7% | ||
| Q3 24 | 33.0% | 2.7% | ||
| Q2 24 | 38.6% | 2.9% | ||
| Q1 24 | 33.7% | 3.1% |
| Q4 25 | 22.5% | 3.4% | ||
| Q3 25 | 27.9% | 3.8% | ||
| Q2 25 | 28.0% | 2.0% | ||
| Q1 25 | 26.8% | 3.7% | ||
| Q4 24 | 21.8% | 0.3% | ||
| Q3 24 | 25.8% | 1.7% | ||
| Q2 24 | 30.7% | 1.9% | ||
| Q1 24 | 26.1% | 2.2% |
| Q4 25 | $3.52 | — | ||
| Q3 25 | $4.14 | — | ||
| Q2 25 | $4.08 | — | ||
| Q1 25 | $3.64 | — | ||
| Q4 24 | $3.04 | — | ||
| Q3 24 | $3.49 | — | ||
| Q2 24 | $4.15 | — | ||
| Q1 24 | $3.33 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $742.0M | $328.0M |
| Total DebtLower is stronger | $56.4B | $10.7B |
| Stockholders' EquityBook value | $33.5B | — |
| Total Assets | $300.1B | $30.2B |
| Debt / EquityLower = less leverage | 1.68× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $742.0M | $328.0M | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $197.0M | $459.0M | ||
| Q1 25 | $261.0M | $427.0M | ||
| Q4 24 | $221.0M | $348.0M | ||
| Q3 24 | $120.0M | $640.0M | ||
| Q2 24 | $188.0M | $553.0M | ||
| Q1 24 | $69.0M | $331.0M |
| Q4 25 | $56.4B | $10.7B | ||
| Q3 25 | $57.8B | $8.4B | ||
| Q2 25 | $58.2B | $8.2B | ||
| Q1 25 | $51.2B | $8.2B | ||
| Q4 24 | $49.7B | $7.2B | ||
| Q3 24 | $53.5B | $7.2B | ||
| Q2 24 | $51.5B | $7.2B | ||
| Q1 24 | $48.8B | $7.3B |
| Q4 25 | $33.5B | — | ||
| Q3 25 | $32.4B | — | ||
| Q2 25 | $32.3B | — | ||
| Q1 25 | $31.2B | — | ||
| Q4 24 | $30.3B | — | ||
| Q3 24 | $29.7B | — | ||
| Q2 24 | $29.5B | — | ||
| Q1 24 | $28.8B | — |
| Q4 25 | $300.1B | $30.2B | ||
| Q3 25 | $297.6B | $28.1B | ||
| Q2 25 | $295.6B | $27.2B | ||
| Q1 25 | $282.2B | $27.1B | ||
| Q4 24 | $271.5B | $26.6B | ||
| Q3 24 | $271.0B | $27.2B | ||
| Q2 24 | $272.2B | $27.5B | ||
| Q1 24 | $269.3B | $27.4B |
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.78× | — | ||
| Q2 25 | 1.80× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 1.64× | — | ||
| Q3 24 | 1.80× | — | ||
| Q2 24 | 1.74× | — | ||
| Q1 24 | 1.70× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.1B | $786.0M |
| Free Cash FlowOCF − Capex | $2.3B | $638.0M |
| FCF MarginFCF / Revenue | 21.4% | 6.4% |
| Capex IntensityCapex / Revenue | 6.6% | 1.5% |
| Cash ConversionOCF / Net Profit | 1.25× | 2.30× |
| TTM Free Cash FlowTrailing 4 quarters | $16.0B | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.1B | $786.0M | ||
| Q3 25 | $6.2B | $817.0M | ||
| Q2 25 | $4.4B | $694.0M | ||
| Q1 25 | $4.8B | $639.0M | ||
| Q4 24 | $5.8B | $727.0M | ||
| Q3 24 | $-1.8B | $691.0M | ||
| Q2 24 | $4.5B | $653.0M | ||
| Q1 24 | $5.6B | $419.0M |
| Q4 25 | $2.3B | $638.0M | ||
| Q3 25 | $5.6B | $632.0M | ||
| Q2 25 | $3.7B | $575.0M | ||
| Q1 25 | $4.3B | $448.0M | ||
| Q4 24 | $5.3B | $561.0M | ||
| Q3 24 | $-2.3B | $534.0M | ||
| Q2 24 | $4.0B | $514.0M | ||
| Q1 24 | $5.2B | $262.0M |
| Q4 25 | 21.4% | 6.4% | ||
| Q3 25 | 53.6% | 5.5% | ||
| Q2 25 | 36.3% | 5.4% | ||
| Q1 25 | 45.0% | 3.7% | ||
| Q4 24 | 53.1% | 4.5% | ||
| Q3 24 | -23.3% | 4.2% | ||
| Q2 24 | 40.4% | 4.0% | ||
| Q1 24 | 55.2% | 2.2% |
| Q4 25 | 6.6% | 1.5% | ||
| Q3 25 | 6.3% | 1.6% | ||
| Q2 25 | 6.0% | 1.1% | ||
| Q1 25 | 4.5% | 1.6% | ||
| Q4 24 | 5.0% | 1.3% | ||
| Q3 24 | 4.7% | 1.2% | ||
| Q2 24 | 5.8% | 1.1% | ||
| Q1 24 | 4.2% | 1.3% |
| Q4 25 | 1.25× | 2.30× | ||
| Q3 25 | 2.15× | 1.85× | ||
| Q2 25 | 1.51× | 3.30× | ||
| Q1 25 | 1.84× | 1.44× | ||
| Q4 24 | 2.66× | 20.19× | ||
| Q3 24 | -0.72× | 3.14× | ||
| Q2 24 | 1.50× | 2.61× | ||
| Q1 24 | 2.28× | 1.58× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXP
| US Consumer Services Segment | $4.2B | 38% |
| Commercial Services Segment | $3.1B | 28% |
| International Card Services Segment | $2.1B | 19% |
| Global Merchant And Network Services Segment | $1.7B | 15% |
| Financial Service Other | $471.0M | 4% |
PAA
| Products | $9.6B | 96% |
| Transportation | $341.0M | 3% |
| Terminalling Storage And Other | $90.0M | 1% |
| Affiliated Entity | $14.0M | 0% |
