Mastercard vs American Express Business Model (2026)
Mastercard earns most from Payment network (59.4%), while American Express earns most from Discount revenue (51.8%). Computed from Mastercard 10-K FY2025 and American Express 10-K FY2025.
Last checked 2026-10-18 on the official pages.
Mastercard
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Payment network | $19,476 million ($19.5 billion) | 59.4% | 10-K FY2025 ↗ |
| Value-added services and solutions | $13,315 million ($13.3 billion) | 40.6% | 10-K FY2025 ↗ |
| Total revenue | $32,791 million ($32.8 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
Mastercard: Payments network
American Express: Interest and banking · Payments network
Frequently asked questions
How does Mastercard make money?
Mastercard makes money mainly from Payment network. Its FY2025 total revenue was $32,791 million ($32.8 billion), with Payment network the biggest disclosed revenue line at $19,476 million ($19.5 billion) and 59.4% of total revenue (computed from the 10-K FY2025). Mastercard complements its payment network with services sold for fixed or transaction-based fees.
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.