Berkshire Hathaway owns a 22.5% stake in American Express, holding nearly 152 million shares as of March 31. The position, held since the 1990s, has benefited from a 119% total return over the past five years. American Express reported second-quarter net revenue of $19.6 billion, up 10% year over year, with payment volume growing at the fastest pace in three years. Diluted earnings per share rose 11% compared to the second quarter of 2025, and management expects mid-teens annualized profit growth over the long term. The stock trades at a forward price-to-earnings ratio of 19.9.
