What is American Express?
The world's leading premium closed-loop payments network and financial services company
- Headquarters
- 200 Vesey Street, New York, NY (moving to 2 WTC in 2031)
- Founded
- March 18, 1850
- Employees
- ~76,800 (Dec 31, 2025)
- Market Cap (June 2026)
- ~$230.74 billion (NYSE: AXP)
- FY 2025 Revenue
- $72.2 billion (+10% YoY)
- FY 2025 Net Income
- $10.8 billion
What is American Express?
American Express (NYSE: AXP) is a global financial services corporation and the world's largest closed-loop payments network, offering premium charge and credit cards, travel services, merchant acquiring, and commercial expense management to consumers and businesses in more than 130 countries. Founded in 1850, it is one of the oldest and most recognized financial brands in the world.
American Express generated $72.2 billion in revenue in full-year 2025 — a 10% year-over-year increase — and earned $10.8 billion in net income. The company's 86.6 million proprietary cardmembers produced $1.67 trillion in billed business during 2025, underscoring the extraordinary spending power of its premium-skewing cardholder base. Net card fees alone approached $10 billion for the year, up 18% year-over-year, reflecting the sustained success of the company's premiumization strategy under Chairman and CEO Stephen J. Squeri.
Unlike open-loop networks such as Visa and Mastercard, American Express acts simultaneously as card issuer, merchant acquirer, and network operator — a so-called closed-loop model that gives it direct relationships with both sides of every transaction. This structural advantage lets Amex capture higher merchant discount rates (typically 2.5–3.5%) and build rich first-party data on spending behavior that open networks cannot match. As of June 2026, the company carries a market capitalization of approximately $230.74 billion, with shares trading around $338.
American Express serves four business segments: US Consumer Services (premium personal cards generating ~$31.4B or 47% of total revenue), US Commercial Services (corporate and SMB cards and expense management contributing ~$15.9B), International Card Services (international consumer and commercial business at ~$11.5B), and Global Merchant & Network Services (merchant onboarding, processing, and network partnerships). For full-year 2026, management has reaffirmed guidance of 9–10% revenue growth and diluted EPS of $17.30 to $17.90.
What does American Express offer?
American Express spans premium consumer cards, commercial payments, travel and lifestyle services, merchant network solutions, and banking products.
- Platinum Card ($895/yr)· Consumer Cards
- Gold Card ($325/yr)· Consumer Cards
- Green Card ($150/yr)· Consumer Cards
- Blue Cash Preferred ($95/yr)· Consumer Cards
- Blue Cash Everyday (no fee)· Consumer Cards
- Centurion (Black) Card ($5,000/yr + $10,000 initiation)· Ultra-Premium Cards
- Business Platinum Card ($895/yr)· Business Cards
- Business Gold Card ($375/yr)· Business Cards
- Corporate Card· Commercial
- Small Business Card· Commercial
- Working Capital Solutions· Commercial Financing
- Membership Rewards· Loyalty
- Centurion Lounge Network· Travel & Lifestyle
- American Express Travel· Travel & Lifestyle
- Traveler's Cheques· Legacy Payments
- OptBlue Merchant Acquiring· Merchant Services
- Fraud Prevention & Data Analytics· Merchant Services
- Pay with Bank Transfer· Open Banking
- American Express National Bank (AENB)· Banking
- High-Yield Savings· Banking
- Delta SkyMiles Co-Brand Cards· Co-Branded Cards
- Marriott Bonvoy Co-Brand Cards· Co-Branded Cards
- Hilton Honors Co-Brand Cards· Co-Branded Cards
How does American Express make money?
American Express earns revenue from three core streams: discount revenue (merchant fees on every transaction), net card fees (annual membership fees charged to cardholders), and net interest income (interest on revolving balances and loans). Its closed-loop model lets it capture a larger share of each transaction than open-loop rivals.
Discount revenue — the percentage of each transaction American Express charges merchants — is the largest revenue line. Amex's effective merchant discount rate typically runs 2.5% to 3.5%, compared to ~1.5–2.5% for Visa/Mastercard networks, justified by the higher average spend and lower fraud rates of its premium cardmember base. Full-year 2025 billed business of $1.67 trillion translated into tens of billions in gross discount revenue before rebates and co-brand partner payments.
Net card fees are the fastest-growing revenue stream, reaching $9.99 billion in 2025 — up 18% year-over-year, representing 30 consecutive quarters of double-digit card fee growth as of Q1 2026. Fee tiers range from $0 (Blue Cash Everyday) to $95 (Blue Cash Preferred) to $150 (Green), $325 (Gold), $375 (Business Gold), $895 (Platinum, refreshed September 2025 to add lifestyle credits exceeding $3,500 in annual value), and $5,000 per year plus a $10,000 initiation fee for the invite-only Centurion (Black) Card. Management expects card fee growth to accelerate further in 2026 as more Platinum cardholders renew at the higher $895 rate.
Net interest income reached $17.36 billion in 2025, growing 12% as Amex expanded its revolving credit balances alongside its charge card base. The company also earns service fees, foreign exchange revenue, and income from its national bank subsidiary (American Express National Bank, or AENB), which offers high-yield savings and deposit products — giving Amex access to stable deposit funding for its lending book. Growth is primarily driven by attracting and retaining Millennial and Gen-Z cardmembers, a strategy Squeri has highlighted as central to the company's future compounding.
Who leads American Express?
American Express is led by Chairman and CEO Stephen J. Squeri, a 40-year Amex veteran who has driven the company's premium customer strategy since taking the helm in 2018. The executive committee includes leaders overseeing finance, technology, commercial, consumer, and international business.
- Stephen J. SqueriChairman and Chief Executive OfficerCEO since February 2018; at Amex since 198540-year Amex veteran who architected the premiumization era, driving net card fees from ~$3B to nearly $10B annually and record $72.2B revenue in 2025. Prior roles include Group President of Enterprise Services and CIO. Previously a management consultant at Arthur Andersen.
- Christophe Le CaillecChief Financial OfficerCFO since August 2023; at Amex since 1997French-born finance executive who has held CFO roles across 10 countries within Amex's Global Consumer Business. Joined the Executive Committee in August 2023 succeeding Jeff Campbell; oversees financial strategy and investor relations.
- Ravi RadhakrishnanExecutive Vice President, Chief Information Officer & Chief Data OfficerCIO since 2022; role expanded to include Chief Data Officer responsibilitiesJoined from Wells Fargo where he was Enterprise CIO. Leads AI governance, BigQuery cloud migration of core data warehouse, and continuous modernization. Describes Amex's tech approach as 'painting the Golden Gate Bridge — always ongoing.' His remit expanded to include product management of enterprise data platforms and the Chief Data Office.
- Raymond (Rizwan) JoabarGroup President, Global Commercial ServicesAt Amex since 1992Controls the US SMB, Global Corporate Card, B2B payments, and working capital businesses — the primary budget owner for commercial payments and expense management vendors. Electrical engineering and MBA background.
- Howard GrosfieldGroup President, U.S. Consumer ServicesLong-tenured Amex executiveLeads US consumer card issuing, premium product development, and co-brand partnerships including Delta SkyMiles, Marriott Bonvoy, and Hilton Honors. Oversees the largest Amex revenue segment at ~$31.4B.
- Anna MarrsGroup President, Global Merchant & Network ServicesExecutive Committee memberOversees global merchant acquisition, processing, network partnerships, and the OptBlue merchant acquiring program. Manages relationships with the 130+ countries where Amex cards are accepted.
- Elizabeth RutledgeChief Marketing OfficerLong-tenured Amex executiveLeads global brand strategy, Membership Rewards marketing, sponsorships, and the company's lifestyle positioning targeting younger affluent consumers. Oversees global media, strategic brand planning, and customer insights.
How do you contact American Express's leadership?
American Express's verified corporate email format is firstname.lastname@americanexpress.com (used by the vast majority of employees). Investor relations uses IR@aexp.com; the corporate secretary's office uses corporatesecretarysoffice@aexp.com. Personal leadership emails below follow the verified company format and have not been individually confirmed — treat as format-following, not verified.
firstname.lastname@americanexpress.com- Ravi RadhakrishnanChief Information Officer & Chief Data Officerravi.radhakrishnan@americanexpress.com
How much funding has American Express raised?
American Express is a publicly traded company (NYSE: AXP) with a market capitalization of approximately $230.74 billion as of June 19, 2026. It has never raised traditional venture or private equity rounds — it went public on the New York Stock Exchange on May 18, 1977, and has funded growth through retained earnings, debt capital markets, and its banking subsidiary ever since. Berkshire Hathaway, with approximately 22.2% of outstanding shares (151.6 million shares), is its largest institutional shareholder.
American Express went public on the New York Stock Exchange on May 18, 1977, and has funded its growth through retained earnings, debt issuance, and its banking subsidiary (American Express National Bank) rather than equity raises. There are no venture capital or private equity rounds in American Express's history. The company carries investment-grade debt ratings (Moody's A3, S&P A-, Fitch A) and regularly accesses the debt capital markets to fund its card receivables portfolio.
Berkshire Hathaway is American Express's largest institutional shareholder, holding approximately 22.2% of outstanding shares — 151.6 million shares worth roughly $44.8 billion as of early 2026. Warren Buffett first built this position in 1964 after the so-called 'Salad Oil Scandal' depressed Amex's stock price. Notably, Buffett has never sold a share, and Berkshire's ownership percentage has drifted higher over time purely through American Express's own share buyback program reducing total shares outstanding. Buffett has called it one of his greatest investments, paying Berkshire an estimated $576 million in annual dividends based on current rates.
As of Q1 2026, American Express reported quarterly revenue of $18.91 billion (up 11% year-over-year), diluted EPS of $4.28 (beating consensus estimates of ~$4.00 by 7%), and reaffirmed full-year 2026 guidance of 9–10% revenue growth and EPS of $17.30 to $17.90. The company has increased its marketing and technology investments for 2026 to capitalize on long-term growth opportunities, signaling that the premium-cardholder acquisition flywheel continues to justify heavy reinvestment.
How did American Express get here?
American Express has evolved over 175 years from an express freight company to a global payments and financial services institution.
- March 18, 1850Founded in Buffalo, NYHenry Wells, William G. Fargo, and John Butterfield merge three competing express freight businesses into the American Express Company, initially capitalized at $150,000 to transport goods, money, and documents across the expanding US. Wells and Fargo later co-found Wells Fargo & Co. in 1852 after Amex's board declines to expand into California.
- 1882Money Orders LaunchAmerican Express introduces money orders, entering financial services for the first time and competing directly with the US Post Office — marking the company's first pivot away from physical freight.
- July 7, 1891Traveler's Cheque InventedAmerican Express officially receives copyrights for the traveler's cheque, which becomes one of the most recognized financial products worldwide and a major revenue source through most of the 20th century.
- October 1, 1958First Charge Card LaunchedAmerican Express issues its first charge card in the US and Canada; 250,000 cards issued and 17,500 merchants signed on at launch. The card requires full monthly repayment — unlike revolving credit cards — establishing the 'charge-and-repay' model that defines Amex's premium positioning.
- May 18, 1977Listed on the New York Stock ExchangeAmerican Express shares begin trading on NYSE under ticker AXP, giving the company public access to capital markets and providing liquidity for existing shareholders.
- February 2018Stephen Squeri Becomes CEOStephen J. Squeri succeeds Kenneth Chenault as Chairman and CEO, pivoting the company toward premiumization, Millennial/Gen-Z acquisition, and record card fee growth — net card fees reach nearly $10 billion annually by 2025, compounding at ~17% per year from 2019 to 2025.
- FY 2025Record $72.2 Billion RevenueAmerican Express reports record annual revenue of $72.2 billion (+10%), net income of $10.8 billion, adjusted EPS of $15.38 (+15%), and net card fees of $9.99 billion (+18%), with $1.67 trillion billed business across 86.6 million proprietary cards. Market cap reaches ~$230 billion.
- February 2026New HQ Announced at 2 World Trade CenterAmerican Express announces it will build a new state-of-the-art 55-floor, ~2 million sq ft global headquarters at 2 World Trade Center in Lower Manhattan — the final commercial office building on the WTC campus — designed by Foster + Partners. Construction begins spring 2026; expected completion 2031. The company retains its current 200 Vesey Street HQ in the interim.
Who are American Express's competitors?
American Express competes across three overlapping dimensions: payment networks (Visa, Mastercard), card issuers (Chase, Citi, Capital One/Discover), and premium travel/lifestyle programs. The Capital One acquisition of Discover (completed May 2025) created a new closed-loop network rival at scale.
- VisaOpen-loop network with the widest global merchant acceptance; higher transaction volume than Amex but no direct cardholder relationship, no card-issuing revenue, and lower per-transaction economics.
- MastercardOpen-loop network with $32.8B FY2025 revenue; competes in cross-border payments, B2B rails, and data analytics but does not issue cards or capture merchant discount directly — a structurally lower-margin model than Amex's closed loop.
- JPMorgan ChaseLargest US card issuer by volume; Sapphire Reserve ($550/yr) and Sapphire Preferred ($95/yr) directly target Amex's premium and travel-rewards segments. Chase processed $1.34 trillion in card volume in 2024.
- Capital OneAcquired Discover Financial in May 2025 for $35.3 billion, creating the first new US closed-loop payments network since Amex — now commands ~19% of US card loans. Venture X ($395/yr) attacks Amex's travel-rewards positioning with competitive perks at a lower price point.
- CitiMajor issuer with 88.4M active cards and the Citi Strata Premier card competing in travel rewards; also a dominant player in commercial cards and global transaction banking that overlaps with Amex's commercial segment.
- Apple CardTech-forward premium card targeting affluent consumers with no annual fee, Daily Cash rewards, and deep iOS integration — a different-form-factor attack on Amex's premium consumer positioning among younger demographics.
American Express — frequently asked questions
