As of Q4'25, American Express (AXP) reported a Gross Margin of 5.54%, an Operating Margin of 18.09%, and a Net Profit Margin of 11.62%. These latest figures represent a notable decline from previous quarters, especially for Gross Margin, which dropped sharply from a consistent 100% in prior periods. Over the period from Q1'23 to Q4'25, the chart shows that Gross Margin remained stable at 100% until Q4'25, when it experienced a significant decrease. Operating Margin and Net Profit Margin both exhibited moderate fluctuations, generally trending upwards through mid-2024, peaking at 25.16% and 20% respectively in Q2'24, before declining in the latter half of 2024 and into 2025. The abrupt drop in Gross Margin at the end of the period is a key inflection point, suggesting a substantial shift in cost structure or revenue recognition.