American Express Co (NYSE: AXP) is a financial services company that operates a closed-loop payments network issuing charge and credit cards directly to consumers and businesses while also processing transactions across that same network. It makes money through discount revenue (a fee charged to merchants on each transaction), net card fees collected from cardholders, and net interest income on card member loans and deposits. With 152.8 million cards-in-force and $1.669 trillion in billed business as of FY2025, American Express occupies a distinct position in the payments industry by controlling both sides of the transaction, competing directly with Visa, Mastercard, and their issuing bank partners. Card fees averaged $117 per proprietary card in FY2025, up from $103 in FY2024. Small business and corporate clients comprised approximately 41 percent of worldwide billed business in FY2025. The company is headquartered in New York and lists on the New York Stock Exchange under the ticker AXP.
- Revenue model
- Discount revenue: a percentage fee charged to merchants on each transaction (2.24% of billed business in FY2025, down from 2.27% in FY2024). Net card fees: annual fees charged to card members, averaging $117 per proprietary card in FY2025. Net interest income: earned on card member loans. Service fees and other revenue: including foreign exchange-related revenues and loyalty coalition fees.
- Products and services
- Proprietary charge and credit cards issued to consumers, small businesses, and corporate clients. Closed-loop payment network processing transactions between card members and merchants. Airport lounge access as a card member benefit, operated across major U.S. and global hub airports. Card member lending products. Trademark licensing to third parties including Global Business Travel Group (GBTG).
- Customers and end markets
- Premium consumer card members. Small business clients. Corporate clients (small business and corporate combined: approximately 41% of worldwide billed business in FY2025). Merchants who accept American Express cards. International card members through wholly owned subsidiaries and joint ventures including Swisscard AECS GmbH (acquired fully on January 12, 2026).
- Value-chain role
- Closed-loop network operator and direct card issuer. American Express sits on both sides of the transaction: it issues cards directly to consumers and businesses, sets merchant acceptance terms, and processes payments through its own network, removing the need for a separate issuing bank on proprietary card transactions. It also operates as a merchant acquirer and network partner in select international markets through joint ventures.
- Geographic exposure
- United States (primary market). International offices and operations in India (Gurgaon, Bangalore), Philippines (Manila), United Kingdom (Brighton, London), Japan (Tokyo), Malaysia (Kuala Lumpur), Italy (Rome), Australia (Sydney), Spain (Madrid), Canada (Toronto), Mexico (Mexico City), and Switzerland (Swisscard, consolidated from January 1, 2026). Data centers in Phoenix, Arizona and Greensboro, North Carolina.
- Competitors
- Visa, Mastercard
