JPMorgan Chase vs American Express Business Model (2026)
JPMorgan Chase earns most from Net interest income (52.3%), while American Express earns most from Discount revenue (51.8%). Computed from JPMorgan Chase 10-K FY2025 and American Express 10-K FY2025.
Last checked 2026-10-18 on the official pages.
JPMorgan Chase
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Investment banking fees | $9,615 million ($9.6 billion) | 5.3% | 10-K FY2025 ↗ |
| Principal transactions | $27,212 million ($27.2 billion) | 14.9% | 10-K FY2025 ↗ |
| Lending and deposit-related fees | $9,093 million ($9.1 billion) | 5.0% | 10-K FY2025 ↗ |
| Asset management fees | $20,327 million ($20.3 billion) | 11.1% | 10-K FY2025 ↗ |
| Commissions and other fees | $8,539 million ($8.5 billion) | 4.7% | 10-K FY2025 ↗ |
| Investment securities gains / losses | $-57 million | -0.0% | 10-K FY2025 ↗ |
| Mortgage fees and related income | $1,381 million ($1.4 billion) | 0.8% | 10-K FY2025 ↗ |
| Card income | $4,720 million ($4.7 billion) | 2.6% | 10-K FY2025 ↗ |
| Other income | $6,174 million ($6.2 billion) | 3.4% | 10-K FY2025 ↗ |
| Net interest income | $95,443 million ($95.4 billion) | 52.3% | 10-K FY2025 ↗ |
| Total revenue | $182,447 million ($182.4 billion) | — | 10-K FY2025 ↗ |
American Express
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 ↗ |
Shared business models
Company and model pages
JPMorgan Chase · American Express
JPMorgan Chase: Interest and banking
American Express: Interest and banking · Payments network
Frequently asked questions
How does JPMorgan Chase make money?
JPMorgan Chase makes money mainly from Net interest income. Its FY2025 total revenue was $182,447 million ($182.4 billion), with Net interest income the biggest disclosed revenue line at $95,443 million ($95.4 billion) and 52.3% of total revenue (computed from the 10-K FY2025). JPMorgan's Markets business combines transaction-related revenue with net interest income.
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.