American Express Achieves +491.5% Decade Return, Berkshire Earns $479M Dividends
American Express returned +491.5% over a decade at 19x earnings, propelled by Gen Z and millennial cardholders representing 60% of acquisitions and 30 quarters of double-digit card fee growth. Berkshire Hathaway received $479 million in American Express dividends in 2025, reflecting a 44% yield-on-cost that far exceeds current market yields.
1. Decade-Long Stock Performance
American Express delivered a +491.5% total return over the past ten years at a 19x trailing P/E ratio, outpacing the S&P 500’s 234.5% return. The premium card business model and strong brand pricing power drove sustained shareholder gains.
2. Cardholder Demographics and Fee Growth
Gen Z and millennial cardholders now represent 60% of new American Express card acquisitions, supporting 30 consecutive quarters of double-digit card fee revenue growth. This demographic shift underpins the company’s resilient net fee trajectory.
3. Dividend Yield and Capital Returns
Berkshire Hathaway collected $479 million in American Express dividends in 2025, translating to a 44% yield-on-cost that well exceeds current dividend yields in the financial sector. Consistent dividend increases have enhanced long-term shareholder value.
4. Valuation and Risk Outlook
Trading around 19x trailing earnings, American Express’s valuation offers limited margin for error. Management projects 9%–10% revenue growth and $17.30–$17.90 EPS for 2026, while a consumer spending slowdown remains the primary downside risk.