As of Q3'25, American Express (AXP) reported SG&A Expenses of USD 10.06B, while R&D Expenses remained at USD 0. This latest data point highlights a continued absence of R&D spending and a notable increase in SG&A costs compared to previous quarters. From Q1'23 to Q3'25, SG&A Expenses have shown a steady upward trend, rising from USD 8.51B to over USD 10B, with a brief dip in Q3'23 before resuming growth. R&D Expenses have consistently registered at zero throughout the period, indicating that operating expenses are entirely driven by SG&A activities, with no allocation to research and development.