As of Q4'25, American Express (AXP) reported Cash & Short-term Investments of USD 47.8B and Debt of USD 57.8B. This marks a decrease in cash from the previous quarter’s USD 54.7B and a slight decline in debt from USD 59.2B in Q3'25. Over the period from Q1'23 to Q4'25, both cash and debt levels have shown significant fluctuations. Cash & Short-term Investments peaked at USD 58.8B in Q2'25 before declining, while debt reached its highest point at USD 59.7B during the same quarter. The overall trend indicates that while both cash and debt have generally increased since early 2023, they remain closely aligned, with debt consistently exceeding cash throughout the observed period.