Visa vs American Express Business Model (2026)
Visa earns most from Data processing (50.0%), while American Express earns most from Discount revenue (51.8%). Computed from Visa 10-K FY2025 and American Express 10-K FY2025.
Last checked 2026-10-18 on the official pages.
Visa
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Services | $17,539 million ($17.5 billion) | 43.8% | 10-K FY2025 ↗ |
| Data processing | $19,993 million ($20.0 billion) | 50.0% | 10-K FY2025 ↗ |
| International transactions | $14,166 million ($14.2 billion) | 35.4% | 10-K FY2025 ↗ |
| Other revenue | $4,053 million ($4.1 billion) | 10.1% | 10-K FY2025 ↗ |
| Client incentives | $-15,751 million | -39.4% | 10-K FY2025 ↗ |
| Total revenue | $40,000 million ($40.0 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
Visa: Payments network
American Express: Interest and banking · Payments network
Frequently asked questions
How does Visa make money?
Visa makes money mainly from Data processing. Its FY2025 total revenue was $40,000 million ($40.0 billion), with Data processing the biggest disclosed revenue line at $19,993 million ($20.0 billion) and 50.0% of total revenue (computed from the 10-K FY2025). Visa’s service and processing revenues depend on payment volume and processed transactions.
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.