How American Express Makes Money (2026)
American Express makes money mainly from Discount revenue. Its FY2025 total revenue was $72,229 million ($72.2 billion), with Discount revenue the biggest disclosed revenue line at $37,401 million ($37.4 billion) and 51.8% of total revenue (computed from the 10-K FY2025). American Express earns discount revenue by facilitating spending between card members and merchants.
Last checked 2026-10-18 on the official pages.
Revenue breakdown
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Discount revenue | $37,401 million ($37.4 billion) | 51.8% | 10-K FY2025 ↗ |
| Net card fees | $9,993 million ($10.0 billion) | 13.8% | 10-K FY2025 ↗ |
| Service fees and other revenue | $7,471 million ($7.5 billion) | 10.3% | 10-K FY2025 ↗ |
| Net interest income | $17,364 million ($17.4 billion) | 24.0% | 10-K FY2025 ↗ |
| Total revenue | $72,229 million ($72.2 billion) | — | 10-K FY2025 ↗ |
The hidden model
American Express earns discount revenue by facilitating spending between card members and merchants.
American Express earns discount revenue by facilitating spending between card members and merchants. verified
Discount revenue — Primarily represents the amount we earn and retain from the merchant payable for facilitating transactions between Card Members and merchants on payment products issued by American Express.
Delta reports remuneration from its American Express partnership. verified
In 2024, remuneration from American Express totaled $7.4 billion
Business models
Interest and banking · Payments network
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Frequently asked questions
How does American Express make money?
American Express makes money mainly from Discount revenue. Its FY2025 total revenue was $72,229 million ($72.2 billion), with Discount revenue the biggest disclosed revenue line at $37,401 million ($37.4 billion) and 51.8% of total revenue (computed from the 10-K FY2025). American Express earns discount revenue by facilitating spending between card members and merchants.
What is American Express’ business model?
American Express’ business model is Payments Network and Interest and Banking. Connect or serve merchants, consumers, and financial institutions. Charge for payment acceptance, processing, settlement, or related services; the fee basis varies by product. American Express earns discount revenue by facilitating spending between card members and merchants.
What is American Express’ hidden model?
American Express earns discount revenue by facilitating spending between card members and merchants.