A card company that earns 52% of its revenue from merchants, 14% from card fees and 24% from interest.
Each counter = 2025 total from the 10-K ÷ 31,536,000 seconds. These are averages, not real-time. Revenue here is "total revenues net of interest expense", the 10-K's headline revenue line. 1
American Express earns 52% of its revenue from fees merchants pay when cards are used (discount revenue), 24% from interest on balances (net of its own interest cost) and 14% from annual card fees (derived). 1
Total revenues net of interest expense 2025 by reported segment.
Total revenue (net): $72.23B
Pretax income 2025 by segment, the measure Amex reports for each segment. Shares are of the four operating segments (16,049).
Pretax income: $13.79B
Global Merchant & Network Services: 10.7% of segment revenue but 24.7% of segment pretax income (derived, shares of the four operating segments). International Card Services: 18.0% of revenue, 10.0% of pretax income.
American Express reports segment pretax income, not operating income. Corporate & other (−2,254 pretax, −270 revenue) is not drawn; it brings the four segments' 16,049 down to the consolidated 13,795. US$ millions. 1
A card company earns from merchants, cardholder fees and interest, and pays for funding, credit losses, rewards and marketing. Values in US$ billions.
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US$ millions from the 10-K: 37,401 + 9,993 + 7,471 + 25,598 = 80,463 (derived) before interest expense of 8,234, leaving 72,229. Expenses: rewards 18,409 + business development 6,457 + Card Member services 6,057 + marketing 6,252 + salaries 9,016 + other 6,987 = 53,178. 72,229 − 5,256 provisions − 53,178 = 13,795 pre-tax. 1 Net income 10,833 → buybacks 5,311 (statement of shareholders' equity) + common dividends 2,271 (cash flow statement) + kept 3,251 (10,833 − 5,311 − 2,271, derived; ignores $58M of preferred dividends and other equity changes). The 10-K says buybacks plus dividends were $7.6B, about 71% of net income available to common shareholders. A bank's cash flow is mostly loans and deposits, so cash flow is not shown. 1
Per-second basis: Fiscal-year total ÷ seconds in the year. American Express's fiscal year is the calendar year 2025 = 365 days = 31,536,000 seconds. Each counter shows that per-second rate × seconds since Jan 1 in your time zone. The counters are projections from that average, not live sales. † = derived (calculated from filed figures, math in the note).
| Node | Fiscal year | Per second |
|---|---|---|
| Discount revenue (merchant fees) | $37.40B | $1.2K/s |
| Net card fees | $9.99B | $317/s |
| Service fees & other revenue | $7.47B | $237/s |
| Interest income | $25.60B | $812/s |
| Gross revenue † † | $80.46B | $2.6K/s |
| Interest expense | $8.23B | $261/s |
| Net revenue | $72.23B | $2.3K/s |
| Credit loss provisions | $5.26B | $167/s |
| Card Member rewards | $18.41B | $584/s |
| Business development | $6.46B | $205/s |
| Card Member services | $6.06B | $192/s |
| Marketing | $6.25B | $198/s |
| Salaries & benefits | $9.02B | $286/s |
| Other expenses | $6.99B | $222/s |
| Pre-tax income | $13.79B | $437/s |
| Income tax | $2.96B | $94/s |
| Net income | $10.83B | $344/s |
| Share buybacks | $5.31B | $168/s |
| Common dividends paid | $2.27B | $72/s |
| Kept in the business † † | $3.25B | $103/s |
| Flow | Fiscal year | Per second |
|---|---|---|
| Discount revenue (merchant fees) → Gross revenue † | $37.40B | $1.2K/s |
| Net card fees → Gross revenue † | $9.99B | $317/s |
| Service fees & other revenue → Gross revenue † | $7.47B | $237/s |
| Interest income → Gross revenue † | $25.60B | $812/s |
| Gross revenue † → Interest expense | $8.23B | $261/s |
| Gross revenue † → Net revenue | $72.23B | $2.3K/s |
| Net revenue → Credit loss provisions | $5.26B | $167/s |
| Net revenue → Card Member rewards | $18.41B | $584/s |
| Net revenue → Business development | $6.46B | $205/s |
| Net revenue → Card Member services | $6.06B | $192/s |
| Net revenue → Marketing | $6.25B | $198/s |
| Net revenue → Salaries & benefits | $9.02B | $286/s |
| Net revenue → Other expenses | $6.99B | $222/s |
| Net revenue → Pre-tax income | $13.79B | $437/s |
| Pre-tax income → Income tax | $2.96B | $94/s |
| Pre-tax income → Net income | $10.83B | $344/s |
| Net income → Share buybacks | $5.31B | $168/s |
| Net income → Common dividends paid | $2.27B | $72/s |
| Net income → Kept in the business † | $3.25B | $103/s |
American Express's own description of its model: card spend earns merchant fees, part of which goes back to Card Members as rewards and services to drive more spending. Each step cites the 10-K. These are stated aims and filed results, not measured cause and effect.
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Net interest income (17,364) and service fees (7,471) also add to revenue but are outside this spend loop. 1
About 76,800 employees at year-end: about 25,900 in the US and 50,900 elsewhere. 1
American Express reports four business segments and revenue by region. Regional figures include management allocations. It does not disclose revenue by US state.
Net interest income = interest income 25.6B − interest expense 8.2B. The four lines add to 72,229, the 10-K's total revenues net of interest expense. 1
Excludes −$271M unallocated. Regions are based in part on internal allocations that involve management's judgment. 1
| Segment | Revenue (net) | Pre-tax income |
|---|---|---|
| U.S. Consumer Services | $34.8B | $6.8B |
| Commercial Services | $16.9B | $3.7B |
| International Card Services | $13.0B | $1.6B |
| Global Merchant & Network Services | $7.8B | $4.0B |
| Corporate & other | −$0.3B | −$2.3B |
| Total | $72.2B | $13.8B |
Net card fees were $7.3B in 2023, $8.4B in 2024 and $10.0B in 2025. The average fee per card rose from $92 to $117 over two years, as more members move to fee-paying premium cards. The 10-K credits new Card Member acquisition and product refreshes.1
Card Member rewards 18.4B + business development 6.5B + Card Member services 6.1B = $30.9B, or 43% of net revenue (derived). That is the biggest cost, ahead of salaries ($9.0B) and marketing ($6.3B). Card Member services rose 27% on the new US Platinum benefits.1
Discount revenue was 2.24% of billed business in 2025, 2.27% in 2024 and 2.29% in 2023. Billed business grew 8% to $1,669.8B. The 10-K cites shifts in geographic and merchant spend mix.1
Interest income $25.6B less interest expense $8.2B. Growth came from revolving loan balances, partly offset by lower rates. Customer deposits rose $13.0B in the year.1
$5.3B of buybacks (16.8 million shares at an average $312.87) and $2.3B of dividends, about 71% of net income to common, per the 10-K. The quarterly dividend goes from $0.82 to $0.95 starting with the Q1 2026 declaration.1
Revenue net of interest expense and net income by year, from the 10-Ks. Buybacks here are cash paid for repurchases and other (cash flow statement), which includes shares withheld for taxes, so they differ slightly from the $5.3B of repurchases above.
Figures are as published by each source on the dates shown. Derived numbers say so and show their math.