---
title: "American Express: Business Model"
description: "American Express revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/american-express/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# American Express: Business Model & Revenue Engine



## Direct Answer

American Express reports revenue across 4 business segments in its fiscal 2025 Form 10-K. US Consumer Services is the largest, with $34.8 billion of revenue (48% of the total), followed by Commercial Services at $16.9 billion (23%). 78% of revenue came from the United States.

## How Does American Express Make Money?

No single line supplies a majority of revenue: the largest, US Consumer Services, is 48%, which spreads American Express's exposure across several demand drivers. Between fiscal 2024 and 2025, International Card Services grew fastest (+13.4%) and Global Merchant and Network Services slowest (+3.7%), so the revenue mix tilts toward International Card Services while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| US Consumer Services | $34.8 billion | $31.4 billion | 48.2% | 10.8% |
| Commercial Services | $16.9 billion | $15.9 billion | 23.4% | 6.7% |
| International Card Services | $13.0 billion | $11.5 billion | 18.0% | 13.4% |
| Global Merchant and Network Services | $7.8 billion | $7.5 billion | 10.7% | 3.7% |

![Bar chart of American Express revenue by segment for fiscal 2025: US Consumer Services 48.2%, Commercial Services 23.4%, International Card Services 18.0%, Global Merchant and Network Services 10.7%.](https://www.getswoopr.com/images/charts/american-express-business-model-segment-mix.webp)
*American Express revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Where Does American Express's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $56.0 billion | $51.5 billion | 77.6% | 8.8% |
| EMEA | $7.1 billion | $6.2 billion | 9.8% | 13.8% |
| APAC Geographic Region | $5.2 billion | $4.7 billion | 7.2% | 11.1% |
| Lacc Geographic Region | $4.2 billion | $3.8 billion | 5.8% | 9.1% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of American Express's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value American Express reported in the segment note and revenue disclosures of its Form 10-K filed February 6, 2026 (accession 0000004962-26-000080), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are American Express's business segments?

In its fiscal 2025 Form 10-K, American Express reports revenue for US Consumer Services, Commercial Services, International Card Services and Global Merchant and Network Services.

### Which part of American Express brings in the most revenue?

US Consumer Services, with $34.8 billion of revenue in fiscal 2025, or 48% of the total.

### How much of American Express's revenue comes from outside the United States?

22% in fiscal 2025, by the geographic breakdown American Express reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: AMERICAN EXPRESS CO Form 10-K filed February 6, 2026](https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm)
- [SEC EDGAR: AMERICAN EXPRESS CO annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=4962&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [American Express company dossier](https://www.getswoopr.com/stocks/companies/american-express/)
- [American Express financial metrics](https://www.getswoopr.com/stocks/companies/american-express/metrics/)
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- [American Express peer comparison](https://www.getswoopr.com/stocks/companies/american-express/competitors/)
- [American Express business model and revenue mix](https://www.getswoopr.com/stocks/companies/american-express/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)





**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**



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