American Express Co
americanexpress.comWhat Do They Do?
Issues credit and charge cards and provides banking, financing, travel and lifestyle services to consumers and businesses, while operating a payments network and merchant services for merchants and partners.
10-K for FY2025, filed Feb 6, 2026American Express is a global payments and premium lifestyle brand powered by technology. Founded in 1850 and headquartered in New York…View ↗
Credit and charge cards and complementary products and services, including travel, dining, lifestyle and expense management products and…View ↗
We are a leader in providing general purpose credit and charge cards to consumers, small businesses, mid-sized companies and large…View ↗
Our GMNS reportable operating segment builds and manages relationships with millions of merchants around the world that choose to accept…View ↗
We operate a payments network that processes and settles transactions across the globe. To enhance and extend the reach of our global…View ↗
How Do They Make Money?
Merchants pay fees when card transactions occur, and cardholders pay interest on outstanding loan balances and annual card membership fees over the membership year. The company also earns network, service and travel fees when transactions occur or services are performed.
10-K for FY2025, filed Feb 6, 2026Discount revenue, our largest revenue source, primarily represents the amount we earn and retain from the merchant payable for facilitating…View ↗
Discount revenue primarily represents the amount we earn and retain from the merchant payable for facilitating transactions between Card…View ↗
Net card fees represent revenue earned from annual card membership fees, which vary based on the type of card and the number of cards for…View ↗
Network partnership revenue primarily represents revenues related to network partnership agreements, comprising royalties, fees and amounts…View ↗
Foreign currency-related fees and delinquency fees are primarily recognized in the period when they are applied to a Card Member account.…View ↗
Interest on Card Member loans is assessed using the average daily balance method. Unless the loan is classified as non-accrual, interest is…View ↗
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10-K for FY2025, filed Feb 6, 2026
FY2025 revenue by reportable segment ↗
$41.3B
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10-K for FY2025, filed Feb 6, 2026
$41.3B ↗
| Segment | Share | Revenue |
|---|---|---|
|
USCS
|
38%
FY2022: 36%
|
USCS, FY2025
$15.6B Sources
|
|
CS
|
29%
FY2022: 32%
|
CS, FY2025
$11.9B Sources
|
|
ICS
|
18%
FY2022: 15%
|
ICS, FY2025
$7.5B Sources
|
|
GMNS
|
15%
FY2022: 16%
|
GMNS, FY2025
$6.3B Sources
|
Who Are Their Customers?
Consumers, small businesses, mid-sized companies and large corporations use American Express cards and related services. Merchants work directly with American Express, while small merchants can contract through third-party acquirers; network partners include banks and other institutions that issue cards or acquire merchants.
10-K for FY2025, filed Feb 6, 2026American Express is a global payments and premium lifestyle brand powered by technology. Founded in 1850 and headquartered in New York…View ↗
Through our card-issuing, merchant-acquiring and card network businesses, we are able to connect participants and provide differentiated…View ↗
Our GMNS reportable operating segment builds and manages relationships with millions of merchants around the world that choose to accept…View ↗
We operate a payments network that processes and settles transactions across the globe. To enhance and extend the reach of our global…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 26 cents of every revenue dollar as net income in FY2025 and turned 39 cents into free cash flow.
How Are They Changing?
10-Q for Q3 FY2026, filed Oct 23, 2026
Open tableView ↗
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Aug 12, 2026
American Express issued new preferred shares and plans to redeem Series D shares.
The company closed the Series E offering and plans a full Series D redemption on September 15, 2026.
Sources
8-K, filed Aug 12, 2026
The Company plans to send a redemption notice to the holders of the depositary shares each representing a 1/1,000th interest in a Series D…View ↗
Growing. Revenue grew 49% in 4 years, from $27.7B in FY2021 to $41.3B in FY2025, about 10% a year.
Expanded products and services
The latest report adds banking and financing products, including high-yield savings, checking accounts and installment loans, as well as non-card business payments and expense management software.
10-K for FY2022, filed Feb 10, 2023 10-K for FY2025, filed Feb 6, 2026Over the last several years, we have focused on broadening the appeal of our products to attract new customers, particularly Millennial and…View ↗
We regularly refresh many of our card products, such as the 2025 refresh of our U.S. Consumer and Business Platinum cards, to enhance their…View ↗
Expanded merchant and network services
The latest report describes fraud prevention, marketing, data analytics and information services for merchants, and broader alternative payment solutions alongside its merchant and network operations.
10-K for FY2022, filed Feb 10, 2023 10-K for FY2025, filed Feb 6, 2026Our GMNS reportable operating segment builds and manages relationships with millions of merchants around the world that choose to accept…View ↗
GMNS also provides fraud-prevention tools, marketing solutions, data analytics and other programs and services to merchants and other…View ↗
We operate a payments network that processes and settles transactions across the globe. To enhance and extend the reach of our global…View ↗
Network partnership revenue primarily represents revenues related to network partnership agreements, comprising royalties, fees and amounts…View ↗
Greater focus on premium membership
The latest report describes a Membership Model centered on premium products, lifestyle services and benefits, while the older report described broad card products and rewards for diverse customers.
10-K for FY2022, filed Feb 10, 2023 10-K for FY2025, filed Feb 6, 2026
Who Do They Compete With?
Competes with Visa, China UnionPay, Mastercard, JCB, Discover, Diners Club International, Alipay, PayPal, Shop Pay, and National Payments Corporation of India
10-K for FY2025, filed Feb 6, 2026Our global card network competes in the global payments industry with other card networks, including, among others, Visa, China UnionPay…View ↗
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