American ExpressWide moat

AXP — overall economic moat

Investment snapshot
Wide moat→ Holding steadyConfidenceHighValuationFair
Strongest advantageA closed loop that keeps the whole merchant fee ($37.4bn in 2025) plus a card fee cardholders choose to pay ($131 average per card in Q2 2026)
Greatest threatThe rewards bill: incentives rose from 68% of discount revenue in 2021 to 82.7% in 2025 and about 86% in Q2 2026, while the merchant rate fell to 2.24%; and Delta, 13% of spending, renews by 2029
Key metricVariable customer engagement costs as a share of discount revenue (about 86% in Q2 2026), alongside ROE of 36.4% against a ~10% cost of equity
Verdict: American Express has a clear moat: it owns both ends of the transaction and its customers pay an annual fee for the privilege of using it, which is why it earns about a third on its equity. But the moat is increasingly bought. Rewards, partner payments and benefits now take more than four-fifths of what merchants pay, and the growth in card fees and interest is what keeps the returns high. At about 18 times trailing earnings after a fall of a fifth this year, the shares price that tension fairly; the incentive ratio will decide which way it breaks.
📈 AXP valuation, revenue & earnings — P/E, P/S, revenue, EPS →

American Express issues premium payment cards, runs the network they travel on and signs the merchants who accept them, and it earns money three ways: from merchants on every purchase, from cardholders who pay an annual fee, and from interest on the balances they carry. Founded in 1850 and headquartered in New York1, it employed about 76,800 people at the end of 20252. Stephen Squeri has been chairman and chief executive since February 20183.

Revenue by type, 2025 ($M)Discount revenue — 52%Net interest income — 24%Net card fees — 14%Service fees and other — 10%American Express Form 10-K FY2025
The merchant fee is half; cardholders pay the rest in fees and interest.

Revenue net of interest expense was $72,229 million in 20254. Discount revenue, the fee merchants pay, was $37,401 million; net card fees $9,993 million; service fees and other revenue $7,471 million; and net interest income $17,364 million5. Net income was $10,833 million and diluted earnings per share $15.386.

The business is built on spending. Cardholders put $1,669.8 billion of purchases on proprietary cards in 20257, about $25,453 per proprietary card8, and network volumes including partner-issued cards were $1,897.0 billion9. There were 152.8 million cards in force10. The company calls itself "the fourth largest general-purpose card network globally based on purchase volume, behind Visa, China UnionPay and Mastercard"11.

Four segments carry the business. U.S. Consumer Services had revenue of $34,814 million, Commercial Services $16,926 million, International Card Services $13,000 million and Global Merchant and Network Services $7,759 million12. The United States produced $13,054 million of pretax income, about four-fifths of what the regions earned before unallocated costs1314.

The moat has two walls. Because Amex owns both ends of the transaction, it keeps the whole merchant fee, and because its cards carry status and benefits, cardholders pay to hold them; the average fee per card reached $131 in the second quarter of 202615. The return on equity was 33.9% in 202516.

The walls are increasingly bought. Card Member rewards, business development and Card Member services, which Amex calls variable customer engagement costs17, came to about 68% of discount revenue in 2021 and about 82.7% in 202518. The merchant rate fell from 2.51% in 2013 to discount revenue of 2.24% of billed business in 20251920, while card fees rose from about 9% of revenue in 2019 to about 14%21.

The largest partner is Delta, whose cards carried about 13% of billed business and 21% of card loans in 2025 under an agreement that runs through the end of 202922. Berkshire Hathaway owned 151.6 million shares, 22.5% of the company, at 30 June 202623.

In the second quarter of 2026 revenue rose 10% to $19,637 million and earnings per share were $4.5324. The shares closed at $305.50 on 28 September 2026, a market value of $206.30 billion25.

The company returns most of what it earns. In 2025 it returned $7.6 billion, $5.3 billion in share repurchases and $2.3 billion in dividends26, and it raised the quarterly dividend from $0.82 to $0.95 a share for 202627. Berkshire Hathaway's 13F filing lists three holdings of American Express totalling 151,610,700 shares, valued at about $51.3 billion at 30 June 20262829, and Berkshire has agreed since 1995 to vote a significant portion of them as the Amex board recommends30.

The verdict is a wide moat that costs more each year to keep. The number to watch is the incentive ratio, about 86% of discount revenue in the second quarter of 202631; above 90% for a full year, the merchant fee would have become a rebate to cardholders, and the company would rest on its card fees and its loan book.

The number that tests this moat
Reported
Revenue, and where it comes from
$72.2bn in 2025: discount revenue $37.4bn, net interest income $17.4bn, card fees $10.0bn, service fees $7.5bn; USCS $34.8bn, CS $16.9bn, ICS $13.0bn, GMNS $7.8bn

Net of interest expense. Watch the merchant fee's share, 51.8% in 2025 from 60.1% in 2019, and what the incentives take out of it.

Source: American Express Form 10-K, FY2025 ↗
Moat scorecardHow ratings work →
Switching costs7/10
Network effects7/10
Pricing power7/10
Hard to replicate8/10
Disruption resistance6/10
Overall durability8/10

Switching costs come from points balances, annual fees already paid and cobrand loyalty. The network effect is real but smaller than Visa's or Mastercard's, which the company acknowledges. Pricing power shows in card fees rising every year; the merchant rate has fallen. Replication is very hard: a closed loop with a premium base took decades to build. Disruption resistance is moderate: rivals match rewards, surcharging spreads and rate caps are discussed. Durability sits in the wide band because the returns have held above 30% in every normal year, even as the cost of keeping them rises.

Dig deeper
DIG DEEPER 01
The Revenue Lines
Half of American Express's revenue is the U.S. consumer card; a quarter of its profit is the network, earned on a tenth of the revenue.
DIG DEEPER 02
The Moat
American Express earns a third on its equity from a closed loop and a fee people choose to pay, but it now returns more than four-fifths of the…
DIG DEEPER 03
Competitors
Nobody is taking American Express's customers; its rivals make it pay more each year to keep them, and the merchant fee is where they collect.
DIG DEEPER 04
Major Clients
American Express has no large customers and a few very large partners, whose cards carry a quarter of the spending and more than a third of the loans.
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
Every American Express bet is a way to make the premium card harder to give up, and each one adds to the bill before it adds to the moat.
⚠ Threats to the moat
⚠ THREAT 01
The Delta Contract Ends in 2029
The contract behind a seventh of American Express's spending ends in 2029, and Delta has already told its investors it expects to be paid more.
⚠ THREAT 02
Premium Spending in a Recession
The American Express franchise came through 2020 intact, but its earnings halved, and a larger loan book and a younger customer base have not been…
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
The market is pricing American Express as a card company whose rewards bill is out of control; the fee and interest income that pay the bill are a…
◆ THE VARIANT VIEW
Inside the Latest Quarter (Q2 2026)
American Express grew revenue 10% and pretax income 15% in the second quarter, while the cost of its card benefits rose 50%.
References
  1. ReportedFounded in 1850 and headquartered in New York, it employed about 76,800 people at the end of 2025.
    American Express fourth-quarter and full-year 2025 earnings release, Form 8-K exhibit 99.1 - 2026 guidance and the dividend increase. — Q4 2025 · publ. 30 January 2026 · source ↗
  2. ReportedFounded in 1850 and headquartered in New York, it employed about 76,800 people at the end of 2025.
    American Express Form 10-K for fiscal 2025 - income statement, business description and management. — FY2025 · publ. 6 February 2026 · source ↗
  3. ReportedStephen Squeri has been chairman and chief executive since February 2018.
    American Express Form 10-K for fiscal 2025 - income statement, business description and management. — FY2025 · publ. 6 February 2026 · source ↗
  4. ReportedRevenue net of interest expense was $72,229 million in 2025.
    American Express Form 10-K for fiscal 2025 - income statement, business description and management. — FY2025 · publ. 6 February 2026 · source ↗
  5. ReportedDiscount revenue, the fee merchants pay, was $37,401 million; net card fees $9,993 million; service fees and other revenue $7,471 million; and net interest income $17,364 million.
    American Express Form 10-K for fiscal 2025 - card metrics: billed business, spending per card, cards-in-force, fees per card and network volumes. — FY2025 · publ. 6 February 2026 · source ↗
  6. ReportedNet income was $10,833 million and diluted earnings per share $15.38.
    American Express Form 10-K for fiscal 2025 - income statement, business description and management. — FY2025 · publ. 6 February 2026 · source ↗
  7. ReportedCardholders put $1,669.8 billion of purchases on proprietary cards in 2025, about $25,453 per proprietary card, and network volumes including partner-issued cards were $1,897.0 billion.
    American Express Form 10-K for fiscal 2025 - Delta, cobrand partners and partnership concentration. — FY2025 · publ. 6 February 2026 · source ↗
  8. ReportedCardholders put $1,669.8 billion of purchases on proprietary cards in 2025, about $25,453 per proprietary card, and network volumes including partner-issued cards were $1,897.0 billion.
    American Express Form 10-K for fiscal 2025 - Delta, cobrand partners and partnership concentration. — FY2025 · publ. 6 February 2026 · source ↗
  9. ReportedCardholders put $1,669.8 billion of purchases on proprietary cards in 2025, about $25,453 per proprietary card, and network volumes including partner-issued cards were $1,897.0 billion.
    American Express Form 10-K for fiscal 2025 - Delta, cobrand partners and partnership concentration. — FY2025 · publ. 6 February 2026 · source ↗
  10. ReportedThere were 152.8 million cards in force.
    American Express Form 10-K for fiscal 2025 - card metrics: billed business, spending per card, cards-in-force, fees per card and network volumes. — FY2025 · publ. 6 February 2026 · source ↗
  11. ReportedThe company calls itself "the fourth largest general-purpose card network globally based on purchase volume, behind Visa, China UnionPay and Mastercard".
    American Express Form 10-K for fiscal 2025 - card metrics: billed business, spending per card, cards-in-force, fees per card and network volumes. — FY2025 · publ. 6 February 2026 · source ↗
  12. ReportedU.S. Consumer Services had revenue of $34,814 million, Commercial Services $16,926 million, International Card Services $13,000 million and Global Merchant and Network Services $7,759 million.
    American Express Form 10-K for fiscal 2025 - reportable segments (Note 23) and revenue and pretax income by region. — FY2025 · publ. 6 February 2026 · source ↗
  13. ReportedThe United States produced $13,054 million of pretax income, about four-fifths of what the regions earned before unallocated costs.
    American Express Form 10-K for fiscal 2025 - reportable segments (Note 23) and revenue and pretax income by region. — FY2025 · publ. 6 February 2026 · source ↗
  14. Moat Explorer calcThe United States produced $13,054 million of pretax income, about four-fifths of what the regions earned before unallocated costs.
    Moat Explorer calculation from American Express's reported figures ($ millions unless stated). Incentives (variable customer engagement costs = Card Member rewards + business development + Card Member services): 2021 11,007 + 3,762 + 1,993 = 16,762; 2022 14,002 + 4,943 + 2,959 = 21,904; 2023 15,367 + 5,657 + 3,968 = 24,992; 2024 16,599 + 5,886 + 4,782 = 27,267; 2025 18,409 + 6,457 + 6,057 = 30,923; Q2 2026 5,051 + 1,755 + 1,949 = 8,755; Q2 2025 7,508. As a share of discount revenue: 16,762 / 24,563 = 68.2%; 21,904 / 30,739 = 71.3%; 24,992 / 33,416 = 74.8%; 27,267 / 35,192 = 77.5%; 30,923 / 37,401 = 82.7%; Q2 2026 8,755 / 10,163 = 86.1%; Q2 2025 7,508 / 9,361 = 80.2%. Discount revenue left after incentives: 24,563 - 16,762 = 7,801; 30,739 - 21,904 = 8,835; 33,416 - 24,992 = 8,424; 35,192 - 27,267 = 7,925; 37,401 - 30,923 = 6,478; Q2 2026 10,163 - 8,755 = 1,408; Q2 2025 9,361 - 7,508 = 1,853. Incentives / total revenue 16,762 / 42,380 = 39.6%; 30,923 / 72,229 = 42.8%. Incentive growth 30,923 / 16,762 - 1 = 84%; 30,923 / 27,267 - 1 = 13.4%. Discount revenue growth 37,401 / 24,563 - 1 = 52%; 37,401 / 35,192 - 1 = 6.3%. Rewards 18,409 / 11,007 - 1 = 67%; rewards / discount revenue 11,007 / 24,563 = 44.8%; 14,002 / 30,739 = 45.6%; 15,367 / 33,416 = 46.0%; 16,599 / 35,192 = 47.2%; 18,409 / 37,401 = 49.2%. Business development 6,457 / 3,762 - 1 = 72%; / discount revenue 3,762 / 24,563 = 15.3%, 6,457 / 37,401 = 17.3%. Card Member services 6,057 / 1,993 = 3.04 times (+204%); 6,057 / 1,392 = 4.35; growth 3,968 / 2,959 - 1 = 34.1%; 4,782 / 3,968 - 1 = 20.5%; 6,057 / 4,782 - 1 = 26.7%; 6,057 / 2,959 = 2.05. Card Member services / net card fees 1,993 / 5,195 = 38%; 3,968 / 7,255 = 55%; 6,057 / 9,993 = 61%; Q2 2026 1,949 / 2,862 = 68%. Membership Rewards liability 16.5 billion / equity 33,474 = 49%; URR +1 point = 4 x 229 = 916. Card fees: 9,993 / 4,042 = 2.47 (+147%); 9,993 / 5,195 - 1 = 92%; growth 6,070 / 5,195 - 1 = 16.8%, 7,255 / 6,070 - 1 = 19.5%, 8,449 / 7,255 - 1 = 16.5%, 9,993 / 8,449 - 1 = 18.3%; added 9,993 - 8,449 = 1,544. Share of revenue 4,042 / 43,556 = 9.3%; 5,195 / 42,380 = 12.3%; 7,255 / 60,515 = 12.0%; 9,993 / 72,229 = 13.8%. Average fee per card 131 / 58 = 2.26; 117 / 103 - 1 = 14%. Proprietary cards 86.6 / 70.3 - 1 = 23%. Marketing 6,252 / 12.5 million new cards = about $500; 6,252 / 1,544 = 4.0. Card fees plus net interest income (9,993 + 17,364) / 72,229 = 38%. Spending per card 23,496 / 20,392 - 1 = 15.2%; 24,059 / 23,496 - 1 = 2.4%; 24,608 / 24,059 - 1 = 2.3%; 25,453 / 24,608 - 1 = 3.4%. Billed business 1,669.8 / 1,070.5 - 1 = 56%; 1,669.8 / 1,550.9 - 1 = 7.7%; 870.7 / 1,070.5 - 1 = -18.7%. Network volumes 1,897.0 / 1,265.7 - 1 = 50%; 1,897.0 - 1,669.8 = 227.2. Merchant rate 2.51% - 2.24% = 0.27 points x 1,669.8 billion = about 4.5 billion; 4.5 / 37.4 = 12%. Pretax income 13,795 - 10,689 = 3,106. Revenue mix 2019: discount 26,167 / 43,556 = 60.1%; net interest income 8,620 / 43,556 = 19.8%; 2025: 37,401 / 72,229 = 51.8%; 17,364 / 72,229 = 24.0%. Net interest income 17,364 / 7,750 = 2.24; 17,364 / 8,620 - 1 = 101%; +100bp +19 / 17,364 = 0.1%. Card Member loans 151,832 / 87,400 - 1 = 74%. Held for sale 2,457 / 151,832 = 1.6%. Revenue 2020 36,087 / 43,556 - 1 = -17%. Deposits 152,488 / 210,300 = 72.5%; 156,973 / 152,488 - 1 = 2.9%. Delta: 13% x 1,669.8 = 217 billion; 8.2 billion / net income 10,833 = 76%; 8.2 / net card fees 9,993 = 82%; 8.2 / 7.4 - 1 = 11%. Other cobrands 26% - 13% = 13% x 1,669.8 = 217; proprietary 74% x 1,669.8 = 1,236. Valuation: market value 206.30 / 254.84 - 1 = -19%; P/E 206.30 / trailing net income 11.446 = 18.0; P/S 206.30 / 75.95 = 2.72; end-2025 254.84 / 10.833 = 23.5; end-2015 68.45 / 5.163 = 13.3; earnings yield 1 / 23.5 = 4.3%. Trailing twelve months to June 2026: revenue 72,229 + 38,544 - 34,823 = 75,950; net income 10,833 + 6,082 - 5,469 = 11,446; EPS 15.38 + 8.81 - 7.71 = 16.48. Diluted shares 696 / 1,003 - 1 = -30.6%. Net income 10,833 / 5,163 = 2.10; EPS 15.38 / 5.05 = 3.05. Berkshire 151.61 million / 675 million = 22.5%; 13F shares 1,149,942 + 149,061,045 + 1,399,713 = 151,610,700, value 388,967,882 + 50,419,898,471 + 473,452,922 = $51.28 billion (30 June 2026). Card balances consumer 144,974 / 218,054 = 66%. Card fees / discount revenue 9,993 / 37,401 = 27% (2025), 4,042 / 26,167 = 15% (2019). Marketing plus incentives 6,252 + 30,923 = 37,175. Provisions / net interest income 5,256 / 17,364 = 30%. Card Member loans growth 139,674 / 125,995 - 1 = 11%; 151,832 / 139,674 - 1 = 9%; billed business 1,550.9 / 1,459.6 - 1 = 6%. Price to book 305.50 / 48.42 = 6.3. Receivables 62,031 / (151,832 + 62,031) = 29%. GMNS Q2 2026 pretax 1,128 / 1,054 - 1 = 7%. Dividend yield 3.80 / 305.50 = 1.2%. Discount revenue at the 2013 rate 2.51% x 1,669.8 = 41.9 billion; each basis point of rate 0.0001 x 1,669.8 billion = 167 million (5bp 835, 10bp 1,670). Merchant locations at the start of 2026 about 190 - 20 = 170 million. Card Member services growth 2021-2025 +204% against net card fees +92%. A 2020-sized fall today: 18.7% x 1,669.8 = about 312 billion. Revenue outside the United States (7,073 + 5,218 + 4,194) / 72,229 = 23%. 2026 revenue guidance 72,229 x 1.10 = 79,452. Segments (2025, $ millions): revenue 34,814 + 16,926 + 13,000 + 7,759 = 72,499; less Corporate and Other 270 = 72,229. Shares of segment revenue: USCS 34,814 / 72,499 = 48.0%; CS 23.3%; ICS 17.9%; GMNS 10.7%. Pretax income 6,810 + 3,668 + 1,603 + 3,968 = 16,049; shares USCS 42.4%, CS 22.9%, ICS 10.0%, GMNS 24.7%. Pretax margins: USCS 6,810 / 34,814 = 19.6% (2020 3,103 / 16,347 = 19.0%; 2021 5,958 / 18,922 = 31.5%; 2022 5,400 / 23,914 = 22.6%; 2023 5,433 / 28,116 = 19.3%; 2024 6,377 / 31,427 = 20.3%); CS 3,668 / 16,926 = 21.7% (2020 1,013 / 9,234 = 11.0%); ICS 1,603 / 13,000 = 12.3% (2020 521 / 6,742 = 7.7%; 2021 929 / 7,435 = 12.5%; 2022 578 / 9,061 = 6.4%; 2023 973 / 10,430 = 9.3%; 2024 1,031 / 11,461 = 9.0%); GMNS 3,968 / 7,759 = 51.1% (2020 1,294 / 4,309 = 30.0%; 2021 1,874 / 5,129 = 36.5%; 2022 2,954 / 6,475 = 45.6%; 2023 3,656 / 7,396 = 49.4%). ICS pretax 1,603 / 1,031 - 1 = 55%. GMNS 2024 excluding the Accertify gain 4,398 - 531 = 3,867; 3,968 / 3,867 - 1 = 2.6%. Revenue 2020 to 2025: USCS 34,814 / 16,347 = 2.13; CS 16,926 / 9,234 = 1.83; ICS 13,000 / 6,742 = 1.93; GMNS 7,759 / 4,309 = 1.80. 2020 segment total 16,347 + 9,234 + 6,742 + 4,309 = 36,632; USCS share 16,347 / 36,632 = 44.6%. USCS Q2 2026 pretax 2,065 / 1,676 - 1 = 23%. Regions 2025: pretax 13,054 + 1,255 + 831 + 907 = 16,047; United States 13,054 / 16,047 = 81%; 13,054 / consolidated 13,795 = 95%; outside the United States (1,255 + 831 + 907) / 16,047 = 19%; revenue 56,015 / 72,229 = 78% - segment and regional shares, margins and growth. — 2013-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in American Express's Forms 10-K, 10-Q, earnings releases and statistical supplements, Delta Air Lines' Form 10-K and market data; operands shown in the source line.
  15. ReportedBecause Amex owns both ends of the transaction, it keeps the whole merchant fee, and because its cards carry status and benefits, cardholders pay to hold them; the average fee per card reached $131 in the second quarter of 2026.
    American Express second-quarter 2026 statistical supplement, Form 8-K exhibit 99.2 - segment results, card metrics, capital and credit - consolidated results, card metrics, capital and credit. — Q2 2026 · publ. 24 July 2026 · source ↗
  16. ReportedThe return on equity was 33.9% in 2025.
    American Express Form 10-K for fiscal 2025 - capital, returns, funding, interest rate sensitivity, credit and share repurchases. — FY2025 · publ. 6 February 2026 · source ↗
  17. ReportedCard Member rewards, business development and Card Member services, which Amex calls variable customer engagement costs, came to about 68% of discount revenue in 2021 and about 82.7% in 2025.
    American Express fourth-quarter 2025 statistical supplement, Form 8-K exhibit 99.2 - card metrics, billed business by segment, balance sheet and the definition of variable customer engagement costs. — Q4 2025 · publ. 30 January 2026 · source ↗
  18. Moat Explorer calcCard Member rewards, business development and Card Member services, which Amex calls variable customer engagement costs, came to about 68% of discount revenue in 2021 and about 82.7% in 2025.
    Moat Explorer calculation from American Express's reported figures ($ millions unless stated). Incentives (variable customer engagement costs = Card Member rewards + business development + Card Member services): 2021 11,007 + 3,762 + 1,993 = 16,762; 2022 14,002 + 4,943 + 2,959 = 21,904; 2023 15,367 + 5,657 + 3,968 = 24,992; 2024 16,599 + 5,886 + 4,782 = 27,267; 2025 18,409 + 6,457 + 6,057 = 30,923; Q2 2026 5,051 + 1,755 + 1,949 = 8,755; Q2 2025 7,508. As a share of discount revenue: 16,762 / 24,563 = 68.2%; 21,904 / 30,739 = 71.3%; 24,992 / 33,416 = 74.8%; 27,267 / 35,192 = 77.5%; 30,923 / 37,401 = 82.7%; Q2 2026 8,755 / 10,163 = 86.1%; Q2 2025 7,508 / 9,361 = 80.2%. Discount revenue left after incentives: 24,563 - 16,762 = 7,801; 30,739 - 21,904 = 8,835; 33,416 - 24,992 = 8,424; 35,192 - 27,267 = 7,925; 37,401 - 30,923 = 6,478; Q2 2026 10,163 - 8,755 = 1,408; Q2 2025 9,361 - 7,508 = 1,853. Incentives / total revenue 16,762 / 42,380 = 39.6%; 30,923 / 72,229 = 42.8%. Incentive growth 30,923 / 16,762 - 1 = 84%; 30,923 / 27,267 - 1 = 13.4%. Discount revenue growth 37,401 / 24,563 - 1 = 52%; 37,401 / 35,192 - 1 = 6.3%. Rewards 18,409 / 11,007 - 1 = 67%; rewards / discount revenue 11,007 / 24,563 = 44.8%; 14,002 / 30,739 = 45.6%; 15,367 / 33,416 = 46.0%; 16,599 / 35,192 = 47.2%; 18,409 / 37,401 = 49.2%. Business development 6,457 / 3,762 - 1 = 72%; / discount revenue 3,762 / 24,563 = 15.3%, 6,457 / 37,401 = 17.3%. Card Member services 6,057 / 1,993 = 3.04 times (+204%); 6,057 / 1,392 = 4.35; growth 3,968 / 2,959 - 1 = 34.1%; 4,782 / 3,968 - 1 = 20.5%; 6,057 / 4,782 - 1 = 26.7%; 6,057 / 2,959 = 2.05. Card Member services / net card fees 1,993 / 5,195 = 38%; 3,968 / 7,255 = 55%; 6,057 / 9,993 = 61%; Q2 2026 1,949 / 2,862 = 68%. Membership Rewards liability 16.5 billion / equity 33,474 = 49%; URR +1 point = 4 x 229 = 916. Card fees: 9,993 / 4,042 = 2.47 (+147%); 9,993 / 5,195 - 1 = 92%; growth 6,070 / 5,195 - 1 = 16.8%, 7,255 / 6,070 - 1 = 19.5%, 8,449 / 7,255 - 1 = 16.5%, 9,993 / 8,449 - 1 = 18.3%; added 9,993 - 8,449 = 1,544. Share of revenue 4,042 / 43,556 = 9.3%; 5,195 / 42,380 = 12.3%; 7,255 / 60,515 = 12.0%; 9,993 / 72,229 = 13.8%. Average fee per card 131 / 58 = 2.26; 117 / 103 - 1 = 14%. Proprietary cards 86.6 / 70.3 - 1 = 23%. Marketing 6,252 / 12.5 million new cards = about $500; 6,252 / 1,544 = 4.0. Card fees plus net interest income (9,993 + 17,364) / 72,229 = 38%. Spending per card 23,496 / 20,392 - 1 = 15.2%; 24,059 / 23,496 - 1 = 2.4%; 24,608 / 24,059 - 1 = 2.3%; 25,453 / 24,608 - 1 = 3.4%. Billed business 1,669.8 / 1,070.5 - 1 = 56%; 1,669.8 / 1,550.9 - 1 = 7.7%; 870.7 / 1,070.5 - 1 = -18.7%. Network volumes 1,897.0 / 1,265.7 - 1 = 50%; 1,897.0 - 1,669.8 = 227.2. Merchant rate 2.51% - 2.24% = 0.27 points x 1,669.8 billion = about 4.5 billion; 4.5 / 37.4 = 12%. Pretax income 13,795 - 10,689 = 3,106. Revenue mix 2019: discount 26,167 / 43,556 = 60.1%; net interest income 8,620 / 43,556 = 19.8%; 2025: 37,401 / 72,229 = 51.8%; 17,364 / 72,229 = 24.0%. Net interest income 17,364 / 7,750 = 2.24; 17,364 / 8,620 - 1 = 101%; +100bp +19 / 17,364 = 0.1%. Card Member loans 151,832 / 87,400 - 1 = 74%. Held for sale 2,457 / 151,832 = 1.6%. Revenue 2020 36,087 / 43,556 - 1 = -17%. Deposits 152,488 / 210,300 = 72.5%; 156,973 / 152,488 - 1 = 2.9%. Delta: 13% x 1,669.8 = 217 billion; 8.2 billion / net income 10,833 = 76%; 8.2 / net card fees 9,993 = 82%; 8.2 / 7.4 - 1 = 11%. Other cobrands 26% - 13% = 13% x 1,669.8 = 217; proprietary 74% x 1,669.8 = 1,236. Valuation: market value 206.30 / 254.84 - 1 = -19%; P/E 206.30 / trailing net income 11.446 = 18.0; P/S 206.30 / 75.95 = 2.72; end-2025 254.84 / 10.833 = 23.5; end-2015 68.45 / 5.163 = 13.3; earnings yield 1 / 23.5 = 4.3%. Trailing twelve months to June 2026: revenue 72,229 + 38,544 - 34,823 = 75,950; net income 10,833 + 6,082 - 5,469 = 11,446; EPS 15.38 + 8.81 - 7.71 = 16.48. Diluted shares 696 / 1,003 - 1 = -30.6%. Net income 10,833 / 5,163 = 2.10; EPS 15.38 / 5.05 = 3.05. Berkshire 151.61 million / 675 million = 22.5%; 13F shares 1,149,942 + 149,061,045 + 1,399,713 = 151,610,700, value 388,967,882 + 50,419,898,471 + 473,452,922 = $51.28 billion (30 June 2026). Card balances consumer 144,974 / 218,054 = 66%. Card fees / discount revenue 9,993 / 37,401 = 27% (2025), 4,042 / 26,167 = 15% (2019). Marketing plus incentives 6,252 + 30,923 = 37,175. Provisions / net interest income 5,256 / 17,364 = 30%. Card Member loans growth 139,674 / 125,995 - 1 = 11%; 151,832 / 139,674 - 1 = 9%; billed business 1,550.9 / 1,459.6 - 1 = 6%. Price to book 305.50 / 48.42 = 6.3. Receivables 62,031 / (151,832 + 62,031) = 29%. GMNS Q2 2026 pretax 1,128 / 1,054 - 1 = 7%. Dividend yield 3.80 / 305.50 = 1.2%. Discount revenue at the 2013 rate 2.51% x 1,669.8 = 41.9 billion; each basis point of rate 0.0001 x 1,669.8 billion = 167 million (5bp 835, 10bp 1,670). Merchant locations at the start of 2026 about 190 - 20 = 170 million. Card Member services growth 2021-2025 +204% against net card fees +92%. A 2020-sized fall today: 18.7% x 1,669.8 = about 312 billion. Revenue outside the United States (7,073 + 5,218 + 4,194) / 72,229 = 23%. 2026 revenue guidance 72,229 x 1.10 = 79,452. Segments (2025, $ millions): revenue 34,814 + 16,926 + 13,000 + 7,759 = 72,499; less Corporate and Other 270 = 72,229. Shares of segment revenue: USCS 34,814 / 72,499 = 48.0%; CS 23.3%; ICS 17.9%; GMNS 10.7%. Pretax income 6,810 + 3,668 + 1,603 + 3,968 = 16,049; shares USCS 42.4%, CS 22.9%, ICS 10.0%, GMNS 24.7%. Pretax margins: USCS 6,810 / 34,814 = 19.6% (2020 3,103 / 16,347 = 19.0%; 2021 5,958 / 18,922 = 31.5%; 2022 5,400 / 23,914 = 22.6%; 2023 5,433 / 28,116 = 19.3%; 2024 6,377 / 31,427 = 20.3%); CS 3,668 / 16,926 = 21.7% (2020 1,013 / 9,234 = 11.0%); ICS 1,603 / 13,000 = 12.3% (2020 521 / 6,742 = 7.7%; 2021 929 / 7,435 = 12.5%; 2022 578 / 9,061 = 6.4%; 2023 973 / 10,430 = 9.3%; 2024 1,031 / 11,461 = 9.0%); GMNS 3,968 / 7,759 = 51.1% (2020 1,294 / 4,309 = 30.0%; 2021 1,874 / 5,129 = 36.5%; 2022 2,954 / 6,475 = 45.6%; 2023 3,656 / 7,396 = 49.4%). ICS pretax 1,603 / 1,031 - 1 = 55%. GMNS 2024 excluding the Accertify gain 4,398 - 531 = 3,867; 3,968 / 3,867 - 1 = 2.6%. Revenue 2020 to 2025: USCS 34,814 / 16,347 = 2.13; CS 16,926 / 9,234 = 1.83; ICS 13,000 / 6,742 = 1.93; GMNS 7,759 / 4,309 = 1.80. 2020 segment total 16,347 + 9,234 + 6,742 + 4,309 = 36,632; USCS share 16,347 / 36,632 = 44.6%. USCS Q2 2026 pretax 2,065 / 1,676 - 1 = 23%. Regions 2025: pretax 13,054 + 1,255 + 831 + 907 = 16,047; United States 13,054 / 16,047 = 81%; 13,054 / consolidated 13,795 = 95%; outside the United States (1,255 + 831 + 907) / 16,047 = 19%; revenue 56,015 / 72,229 = 78% - the incentive lines (rewards, business development, Card Member services) against discount revenue and card fees. — 2013-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in American Express's Forms 10-K, 10-Q, earnings releases and statistical supplements, Delta Air Lines' Form 10-K and market data; operands shown in the source line.
  19. ReportedThe merchant rate fell from 2.51% in 2013 to discount revenue of 2.24% of billed business in 2025, while card fees rose from about 9% of revenue in 2019 to about 14%.
    American Express Form 10-K for fiscal 2015 - the end of the Costco relationship and its share of billed business, loans and cards; the three-party network; average discount rates 2013-2015. — FY2015 · publ. February 2016 · source ↗
  20. ReportedThe merchant rate fell from 2.51% in 2013 to discount revenue of 2.24% of billed business in 2025, while card fees rose from about 9% of revenue in 2019 to about 14%.
    American Express Form 10-K for fiscal 2025 - card metrics: billed business, spending per card, cards-in-force, fees per card and network volumes. — FY2025 · publ. 6 February 2026 · source ↗
  21. Moat Explorer calcThe merchant rate fell from 2.51% in 2013 to discount revenue of 2.24% of billed business in 2025, while card fees rose from about 9% of revenue in 2019 to about 14%.
    Moat Explorer calculation from American Express's reported figures ($ millions unless stated). Incentives (variable customer engagement costs = Card Member rewards + business development + Card Member services): 2021 11,007 + 3,762 + 1,993 = 16,762; 2022 14,002 + 4,943 + 2,959 = 21,904; 2023 15,367 + 5,657 + 3,968 = 24,992; 2024 16,599 + 5,886 + 4,782 = 27,267; 2025 18,409 + 6,457 + 6,057 = 30,923; Q2 2026 5,051 + 1,755 + 1,949 = 8,755; Q2 2025 7,508. As a share of discount revenue: 16,762 / 24,563 = 68.2%; 21,904 / 30,739 = 71.3%; 24,992 / 33,416 = 74.8%; 27,267 / 35,192 = 77.5%; 30,923 / 37,401 = 82.7%; Q2 2026 8,755 / 10,163 = 86.1%; Q2 2025 7,508 / 9,361 = 80.2%. Discount revenue left after incentives: 24,563 - 16,762 = 7,801; 30,739 - 21,904 = 8,835; 33,416 - 24,992 = 8,424; 35,192 - 27,267 = 7,925; 37,401 - 30,923 = 6,478; Q2 2026 10,163 - 8,755 = 1,408; Q2 2025 9,361 - 7,508 = 1,853. Incentives / total revenue 16,762 / 42,380 = 39.6%; 30,923 / 72,229 = 42.8%. Incentive growth 30,923 / 16,762 - 1 = 84%; 30,923 / 27,267 - 1 = 13.4%. Discount revenue growth 37,401 / 24,563 - 1 = 52%; 37,401 / 35,192 - 1 = 6.3%. Rewards 18,409 / 11,007 - 1 = 67%; rewards / discount revenue 11,007 / 24,563 = 44.8%; 14,002 / 30,739 = 45.6%; 15,367 / 33,416 = 46.0%; 16,599 / 35,192 = 47.2%; 18,409 / 37,401 = 49.2%. Business development 6,457 / 3,762 - 1 = 72%; / discount revenue 3,762 / 24,563 = 15.3%, 6,457 / 37,401 = 17.3%. Card Member services 6,057 / 1,993 = 3.04 times (+204%); 6,057 / 1,392 = 4.35; growth 3,968 / 2,959 - 1 = 34.1%; 4,782 / 3,968 - 1 = 20.5%; 6,057 / 4,782 - 1 = 26.7%; 6,057 / 2,959 = 2.05. Card Member services / net card fees 1,993 / 5,195 = 38%; 3,968 / 7,255 = 55%; 6,057 / 9,993 = 61%; Q2 2026 1,949 / 2,862 = 68%. Membership Rewards liability 16.5 billion / equity 33,474 = 49%; URR +1 point = 4 x 229 = 916. Card fees: 9,993 / 4,042 = 2.47 (+147%); 9,993 / 5,195 - 1 = 92%; growth 6,070 / 5,195 - 1 = 16.8%, 7,255 / 6,070 - 1 = 19.5%, 8,449 / 7,255 - 1 = 16.5%, 9,993 / 8,449 - 1 = 18.3%; added 9,993 - 8,449 = 1,544. Share of revenue 4,042 / 43,556 = 9.3%; 5,195 / 42,380 = 12.3%; 7,255 / 60,515 = 12.0%; 9,993 / 72,229 = 13.8%. Average fee per card 131 / 58 = 2.26; 117 / 103 - 1 = 14%. Proprietary cards 86.6 / 70.3 - 1 = 23%. Marketing 6,252 / 12.5 million new cards = about $500; 6,252 / 1,544 = 4.0. Card fees plus net interest income (9,993 + 17,364) / 72,229 = 38%. Spending per card 23,496 / 20,392 - 1 = 15.2%; 24,059 / 23,496 - 1 = 2.4%; 24,608 / 24,059 - 1 = 2.3%; 25,453 / 24,608 - 1 = 3.4%. Billed business 1,669.8 / 1,070.5 - 1 = 56%; 1,669.8 / 1,550.9 - 1 = 7.7%; 870.7 / 1,070.5 - 1 = -18.7%. Network volumes 1,897.0 / 1,265.7 - 1 = 50%; 1,897.0 - 1,669.8 = 227.2. Merchant rate 2.51% - 2.24% = 0.27 points x 1,669.8 billion = about 4.5 billion; 4.5 / 37.4 = 12%. Pretax income 13,795 - 10,689 = 3,106. Revenue mix 2019: discount 26,167 / 43,556 = 60.1%; net interest income 8,620 / 43,556 = 19.8%; 2025: 37,401 / 72,229 = 51.8%; 17,364 / 72,229 = 24.0%. Net interest income 17,364 / 7,750 = 2.24; 17,364 / 8,620 - 1 = 101%; +100bp +19 / 17,364 = 0.1%. Card Member loans 151,832 / 87,400 - 1 = 74%. Held for sale 2,457 / 151,832 = 1.6%. Revenue 2020 36,087 / 43,556 - 1 = -17%. Deposits 152,488 / 210,300 = 72.5%; 156,973 / 152,488 - 1 = 2.9%. Delta: 13% x 1,669.8 = 217 billion; 8.2 billion / net income 10,833 = 76%; 8.2 / net card fees 9,993 = 82%; 8.2 / 7.4 - 1 = 11%. Other cobrands 26% - 13% = 13% x 1,669.8 = 217; proprietary 74% x 1,669.8 = 1,236. Valuation: market value 206.30 / 254.84 - 1 = -19%; P/E 206.30 / trailing net income 11.446 = 18.0; P/S 206.30 / 75.95 = 2.72; end-2025 254.84 / 10.833 = 23.5; end-2015 68.45 / 5.163 = 13.3; earnings yield 1 / 23.5 = 4.3%. Trailing twelve months to June 2026: revenue 72,229 + 38,544 - 34,823 = 75,950; net income 10,833 + 6,082 - 5,469 = 11,446; EPS 15.38 + 8.81 - 7.71 = 16.48. Diluted shares 696 / 1,003 - 1 = -30.6%. Net income 10,833 / 5,163 = 2.10; EPS 15.38 / 5.05 = 3.05. Berkshire 151.61 million / 675 million = 22.5%; 13F shares 1,149,942 + 149,061,045 + 1,399,713 = 151,610,700, value 388,967,882 + 50,419,898,471 + 473,452,922 = $51.28 billion (30 June 2026). Card balances consumer 144,974 / 218,054 = 66%. Card fees / discount revenue 9,993 / 37,401 = 27% (2025), 4,042 / 26,167 = 15% (2019). Marketing plus incentives 6,252 + 30,923 = 37,175. Provisions / net interest income 5,256 / 17,364 = 30%. Card Member loans growth 139,674 / 125,995 - 1 = 11%; 151,832 / 139,674 - 1 = 9%; billed business 1,550.9 / 1,459.6 - 1 = 6%. Price to book 305.50 / 48.42 = 6.3. Receivables 62,031 / (151,832 + 62,031) = 29%. GMNS Q2 2026 pretax 1,128 / 1,054 - 1 = 7%. Dividend yield 3.80 / 305.50 = 1.2%. Discount revenue at the 2013 rate 2.51% x 1,669.8 = 41.9 billion; each basis point of rate 0.0001 x 1,669.8 billion = 167 million (5bp 835, 10bp 1,670). Merchant locations at the start of 2026 about 190 - 20 = 170 million. Card Member services growth 2021-2025 +204% against net card fees +92%. A 2020-sized fall today: 18.7% x 1,669.8 = about 312 billion. Revenue outside the United States (7,073 + 5,218 + 4,194) / 72,229 = 23%. 2026 revenue guidance 72,229 x 1.10 = 79,452. Segments (2025, $ millions): revenue 34,814 + 16,926 + 13,000 + 7,759 = 72,499; less Corporate and Other 270 = 72,229. Shares of segment revenue: USCS 34,814 / 72,499 = 48.0%; CS 23.3%; ICS 17.9%; GMNS 10.7%. Pretax income 6,810 + 3,668 + 1,603 + 3,968 = 16,049; shares USCS 42.4%, CS 22.9%, ICS 10.0%, GMNS 24.7%. Pretax margins: USCS 6,810 / 34,814 = 19.6% (2020 3,103 / 16,347 = 19.0%; 2021 5,958 / 18,922 = 31.5%; 2022 5,400 / 23,914 = 22.6%; 2023 5,433 / 28,116 = 19.3%; 2024 6,377 / 31,427 = 20.3%); CS 3,668 / 16,926 = 21.7% (2020 1,013 / 9,234 = 11.0%); ICS 1,603 / 13,000 = 12.3% (2020 521 / 6,742 = 7.7%; 2021 929 / 7,435 = 12.5%; 2022 578 / 9,061 = 6.4%; 2023 973 / 10,430 = 9.3%; 2024 1,031 / 11,461 = 9.0%); GMNS 3,968 / 7,759 = 51.1% (2020 1,294 / 4,309 = 30.0%; 2021 1,874 / 5,129 = 36.5%; 2022 2,954 / 6,475 = 45.6%; 2023 3,656 / 7,396 = 49.4%). ICS pretax 1,603 / 1,031 - 1 = 55%. GMNS 2024 excluding the Accertify gain 4,398 - 531 = 3,867; 3,968 / 3,867 - 1 = 2.6%. Revenue 2020 to 2025: USCS 34,814 / 16,347 = 2.13; CS 16,926 / 9,234 = 1.83; ICS 13,000 / 6,742 = 1.93; GMNS 7,759 / 4,309 = 1.80. 2020 segment total 16,347 + 9,234 + 6,742 + 4,309 = 36,632; USCS share 16,347 / 36,632 = 44.6%. USCS Q2 2026 pretax 2,065 / 1,676 - 1 = 23%. Regions 2025: pretax 13,054 + 1,255 + 831 + 907 = 16,047; United States 13,054 / 16,047 = 81%; 13,054 / consolidated 13,795 = 95%; outside the United States (1,255 + 831 + 907) / 16,047 = 19%; revenue 56,015 / 72,229 = 78% - the incentive lines (rewards, business development, Card Member services) against discount revenue and card fees. — 2013-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in American Express's Forms 10-K, 10-Q, earnings releases and statistical supplements, Delta Air Lines' Form 10-K and market data; operands shown in the source line.
  22. ReportedThe largest partner is Delta, whose cards carried about 13% of billed business and 21% of card loans in 2025 under an agreement that runs through the end of 2029.
    American Express Form 10-K for fiscal 2025 - Delta, cobrand partners and partnership concentration. — FY2025 · publ. 6 February 2026 · source ↗
  23. ReportedBerkshire Hathaway owned 151.6 million shares, 22.5% of the company, at 30 June 2026.
    Berkshire Hathaway Form 10-Q for the quarter ended 30 June 2026 - its American Express holding, the voting agreement since 1995 and passivity commitments. — Q2 2026 · publ. August 2026 · source ↗
  24. ReportedIn the second quarter of 2026 revenue rose 10% to $19,637 million and earnings per share were $4.53.
    American Express second-quarter 2026 earnings release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 24 July 2026 · source ↗
  25. ReportedThe shares closed at $305.50 on 28 September 2026, a market value of $206.30 billion.
    American Express (AXP) market data - $305.50 on 28 September 2026, market value $206.30B, P/E 18.75, forward P/E 16.56, dividend $3.80, 52-week range $290.97-$387.49. — September 2026 · publ. 28 September 2026 · source ↗
  26. ReportedIn 2025 it returned $7.6 billion, $5.3 billion in share repurchases and $2.3 billion in dividends, and it raised the quarterly dividend from $0.82 to $0.95 a share for 2026.
    American Express Form 10-K for fiscal 2025 - capital, returns, funding, interest rate sensitivity, credit and share repurchases. — FY2025 · publ. 6 February 2026 · source ↗
  27. ReportedIn 2025 it returned $7.6 billion, $5.3 billion in share repurchases and $2.3 billion in dividends, and it raised the quarterly dividend from $0.82 to $0.95 a share for 2026.
    American Express fourth-quarter and full-year 2025 earnings release, Form 8-K exhibit 99.1 - 2026 guidance and the dividend increase. — Q4 2025 · publ. 30 January 2026 · source ↗
  28. ReportedBerkshire Hathaway's 13F filing lists three holdings of American Express totalling 151,610,700 shares, valued at about $51.3 billion at 30 June 2026, and Berkshire has agreed since 1995 to vote a significant portion of them as the Amex board recommends.
    Berkshire Hathaway Form 13F-HR information table for 30 June 2026 - American Express shares held and their value. — Q2 2026 · publ. August 2026 · source ↗
  29. Moat Explorer calcBerkshire Hathaway's 13F filing lists three holdings of American Express totalling 151,610,700 shares, valued at about $51.3 billion at 30 June 2026, and Berkshire has agreed since 1995 to vote a significant portion of them as the Amex board recommends.
    Moat Explorer calculation from American Express's reported figures ($ millions unless stated). Incentives (variable customer engagement costs = Card Member rewards + business development + Card Member services): 2021 11,007 + 3,762 + 1,993 = 16,762; 2022 14,002 + 4,943 + 2,959 = 21,904; 2023 15,367 + 5,657 + 3,968 = 24,992; 2024 16,599 + 5,886 + 4,782 = 27,267; 2025 18,409 + 6,457 + 6,057 = 30,923; Q2 2026 5,051 + 1,755 + 1,949 = 8,755; Q2 2025 7,508. As a share of discount revenue: 16,762 / 24,563 = 68.2%; 21,904 / 30,739 = 71.3%; 24,992 / 33,416 = 74.8%; 27,267 / 35,192 = 77.5%; 30,923 / 37,401 = 82.7%; Q2 2026 8,755 / 10,163 = 86.1%; Q2 2025 7,508 / 9,361 = 80.2%. Discount revenue left after incentives: 24,563 - 16,762 = 7,801; 30,739 - 21,904 = 8,835; 33,416 - 24,992 = 8,424; 35,192 - 27,267 = 7,925; 37,401 - 30,923 = 6,478; Q2 2026 10,163 - 8,755 = 1,408; Q2 2025 9,361 - 7,508 = 1,853. Incentives / total revenue 16,762 / 42,380 = 39.6%; 30,923 / 72,229 = 42.8%. Incentive growth 30,923 / 16,762 - 1 = 84%; 30,923 / 27,267 - 1 = 13.4%. Discount revenue growth 37,401 / 24,563 - 1 = 52%; 37,401 / 35,192 - 1 = 6.3%. Rewards 18,409 / 11,007 - 1 = 67%; rewards / discount revenue 11,007 / 24,563 = 44.8%; 14,002 / 30,739 = 45.6%; 15,367 / 33,416 = 46.0%; 16,599 / 35,192 = 47.2%; 18,409 / 37,401 = 49.2%. Business development 6,457 / 3,762 - 1 = 72%; / discount revenue 3,762 / 24,563 = 15.3%, 6,457 / 37,401 = 17.3%. Card Member services 6,057 / 1,993 = 3.04 times (+204%); 6,057 / 1,392 = 4.35; growth 3,968 / 2,959 - 1 = 34.1%; 4,782 / 3,968 - 1 = 20.5%; 6,057 / 4,782 - 1 = 26.7%; 6,057 / 2,959 = 2.05. Card Member services / net card fees 1,993 / 5,195 = 38%; 3,968 / 7,255 = 55%; 6,057 / 9,993 = 61%; Q2 2026 1,949 / 2,862 = 68%. Membership Rewards liability 16.5 billion / equity 33,474 = 49%; URR +1 point = 4 x 229 = 916. Card fees: 9,993 / 4,042 = 2.47 (+147%); 9,993 / 5,195 - 1 = 92%; growth 6,070 / 5,195 - 1 = 16.8%, 7,255 / 6,070 - 1 = 19.5%, 8,449 / 7,255 - 1 = 16.5%, 9,993 / 8,449 - 1 = 18.3%; added 9,993 - 8,449 = 1,544. Share of revenue 4,042 / 43,556 = 9.3%; 5,195 / 42,380 = 12.3%; 7,255 / 60,515 = 12.0%; 9,993 / 72,229 = 13.8%. Average fee per card 131 / 58 = 2.26; 117 / 103 - 1 = 14%. Proprietary cards 86.6 / 70.3 - 1 = 23%. Marketing 6,252 / 12.5 million new cards = about $500; 6,252 / 1,544 = 4.0. Card fees plus net interest income (9,993 + 17,364) / 72,229 = 38%. Spending per card 23,496 / 20,392 - 1 = 15.2%; 24,059 / 23,496 - 1 = 2.4%; 24,608 / 24,059 - 1 = 2.3%; 25,453 / 24,608 - 1 = 3.4%. Billed business 1,669.8 / 1,070.5 - 1 = 56%; 1,669.8 / 1,550.9 - 1 = 7.7%; 870.7 / 1,070.5 - 1 = -18.7%. Network volumes 1,897.0 / 1,265.7 - 1 = 50%; 1,897.0 - 1,669.8 = 227.2. Merchant rate 2.51% - 2.24% = 0.27 points x 1,669.8 billion = about 4.5 billion; 4.5 / 37.4 = 12%. Pretax income 13,795 - 10,689 = 3,106. Revenue mix 2019: discount 26,167 / 43,556 = 60.1%; net interest income 8,620 / 43,556 = 19.8%; 2025: 37,401 / 72,229 = 51.8%; 17,364 / 72,229 = 24.0%. Net interest income 17,364 / 7,750 = 2.24; 17,364 / 8,620 - 1 = 101%; +100bp +19 / 17,364 = 0.1%. Card Member loans 151,832 / 87,400 - 1 = 74%. Held for sale 2,457 / 151,832 = 1.6%. Revenue 2020 36,087 / 43,556 - 1 = -17%. Deposits 152,488 / 210,300 = 72.5%; 156,973 / 152,488 - 1 = 2.9%. Delta: 13% x 1,669.8 = 217 billion; 8.2 billion / net income 10,833 = 76%; 8.2 / net card fees 9,993 = 82%; 8.2 / 7.4 - 1 = 11%. Other cobrands 26% - 13% = 13% x 1,669.8 = 217; proprietary 74% x 1,669.8 = 1,236. Valuation: market value 206.30 / 254.84 - 1 = -19%; P/E 206.30 / trailing net income 11.446 = 18.0; P/S 206.30 / 75.95 = 2.72; end-2025 254.84 / 10.833 = 23.5; end-2015 68.45 / 5.163 = 13.3; earnings yield 1 / 23.5 = 4.3%. Trailing twelve months to June 2026: revenue 72,229 + 38,544 - 34,823 = 75,950; net income 10,833 + 6,082 - 5,469 = 11,446; EPS 15.38 + 8.81 - 7.71 = 16.48. Diluted shares 696 / 1,003 - 1 = -30.6%. Net income 10,833 / 5,163 = 2.10; EPS 15.38 / 5.05 = 3.05. Berkshire 151.61 million / 675 million = 22.5%; 13F shares 1,149,942 + 149,061,045 + 1,399,713 = 151,610,700, value 388,967,882 + 50,419,898,471 + 473,452,922 = $51.28 billion (30 June 2026). Card balances consumer 144,974 / 218,054 = 66%. Card fees / discount revenue 9,993 / 37,401 = 27% (2025), 4,042 / 26,167 = 15% (2019). Marketing plus incentives 6,252 + 30,923 = 37,175. Provisions / net interest income 5,256 / 17,364 = 30%. Card Member loans growth 139,674 / 125,995 - 1 = 11%; 151,832 / 139,674 - 1 = 9%; billed business 1,550.9 / 1,459.6 - 1 = 6%. Price to book 305.50 / 48.42 = 6.3. Receivables 62,031 / (151,832 + 62,031) = 29%. GMNS Q2 2026 pretax 1,128 / 1,054 - 1 = 7%. Dividend yield 3.80 / 305.50 = 1.2%. Discount revenue at the 2013 rate 2.51% x 1,669.8 = 41.9 billion; each basis point of rate 0.0001 x 1,669.8 billion = 167 million (5bp 835, 10bp 1,670). Merchant locations at the start of 2026 about 190 - 20 = 170 million. Card Member services growth 2021-2025 +204% against net card fees +92%. A 2020-sized fall today: 18.7% x 1,669.8 = about 312 billion. Revenue outside the United States (7,073 + 5,218 + 4,194) / 72,229 = 23%. 2026 revenue guidance 72,229 x 1.10 = 79,452. Segments (2025, $ millions): revenue 34,814 + 16,926 + 13,000 + 7,759 = 72,499; less Corporate and Other 270 = 72,229. Shares of segment revenue: USCS 34,814 / 72,499 = 48.0%; CS 23.3%; ICS 17.9%; GMNS 10.7%. Pretax income 6,810 + 3,668 + 1,603 + 3,968 = 16,049; shares USCS 42.4%, CS 22.9%, ICS 10.0%, GMNS 24.7%. Pretax margins: USCS 6,810 / 34,814 = 19.6% (2020 3,103 / 16,347 = 19.0%; 2021 5,958 / 18,922 = 31.5%; 2022 5,400 / 23,914 = 22.6%; 2023 5,433 / 28,116 = 19.3%; 2024 6,377 / 31,427 = 20.3%); CS 3,668 / 16,926 = 21.7% (2020 1,013 / 9,234 = 11.0%); ICS 1,603 / 13,000 = 12.3% (2020 521 / 6,742 = 7.7%; 2021 929 / 7,435 = 12.5%; 2022 578 / 9,061 = 6.4%; 2023 973 / 10,430 = 9.3%; 2024 1,031 / 11,461 = 9.0%); GMNS 3,968 / 7,759 = 51.1% (2020 1,294 / 4,309 = 30.0%; 2021 1,874 / 5,129 = 36.5%; 2022 2,954 / 6,475 = 45.6%; 2023 3,656 / 7,396 = 49.4%). ICS pretax 1,603 / 1,031 - 1 = 55%. GMNS 2024 excluding the Accertify gain 4,398 - 531 = 3,867; 3,968 / 3,867 - 1 = 2.6%. Revenue 2020 to 2025: USCS 34,814 / 16,347 = 2.13; CS 16,926 / 9,234 = 1.83; ICS 13,000 / 6,742 = 1.93; GMNS 7,759 / 4,309 = 1.80. 2020 segment total 16,347 + 9,234 + 6,742 + 4,309 = 36,632; USCS share 16,347 / 36,632 = 44.6%. USCS Q2 2026 pretax 2,065 / 1,676 - 1 = 23%. Regions 2025: pretax 13,054 + 1,255 + 831 + 907 = 16,047; United States 13,054 / 16,047 = 81%; 13,054 / consolidated 13,795 = 95%; outside the United States (1,255 + 831 + 907) / 16,047 = 19%; revenue 56,015 / 72,229 = 78% - the incentive lines (rewards, business development, Card Member services) against discount revenue and card fees. — 2013-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in American Express's Forms 10-K, 10-Q, earnings releases and statistical supplements, Delta Air Lines' Form 10-K and market data; operands shown in the source line.
  30. ReportedBerkshire Hathaway's 13F filing lists three holdings of American Express totalling 151,610,700 shares, valued at about $51.3 billion at 30 June 2026, and Berkshire has agreed since 1995 to vote a significant portion of them as the Amex board recommends.
    Berkshire Hathaway Form 10-Q for the quarter ended 30 June 2026 - its American Express holding, the voting agreement since 1995 and passivity commitments. — Q2 2026 · publ. August 2026 · source ↗
  31. Moat Explorer calcThe number to watch is the incentive ratio, about 86% of discount revenue in the second quarter of 2026; above 90% for a full year, the merchant fee would have become a rebate to cardholders, and the company would rest on its card fees and its loan book.
    Moat Explorer calculation from American Express's reported figures ($ millions unless stated). Incentives (variable customer engagement costs = Card Member rewards + business development + Card Member services): 2021 11,007 + 3,762 + 1,993 = 16,762; 2022 14,002 + 4,943 + 2,959 = 21,904; 2023 15,367 + 5,657 + 3,968 = 24,992; 2024 16,599 + 5,886 + 4,782 = 27,267; 2025 18,409 + 6,457 + 6,057 = 30,923; Q2 2026 5,051 + 1,755 + 1,949 = 8,755; Q2 2025 7,508. As a share of discount revenue: 16,762 / 24,563 = 68.2%; 21,904 / 30,739 = 71.3%; 24,992 / 33,416 = 74.8%; 27,267 / 35,192 = 77.5%; 30,923 / 37,401 = 82.7%; Q2 2026 8,755 / 10,163 = 86.1%; Q2 2025 7,508 / 9,361 = 80.2%. Discount revenue left after incentives: 24,563 - 16,762 = 7,801; 30,739 - 21,904 = 8,835; 33,416 - 24,992 = 8,424; 35,192 - 27,267 = 7,925; 37,401 - 30,923 = 6,478; Q2 2026 10,163 - 8,755 = 1,408; Q2 2025 9,361 - 7,508 = 1,853. Incentives / total revenue 16,762 / 42,380 = 39.6%; 30,923 / 72,229 = 42.8%. Incentive growth 30,923 / 16,762 - 1 = 84%; 30,923 / 27,267 - 1 = 13.4%. Discount revenue growth 37,401 / 24,563 - 1 = 52%; 37,401 / 35,192 - 1 = 6.3%. Rewards 18,409 / 11,007 - 1 = 67%; rewards / discount revenue 11,007 / 24,563 = 44.8%; 14,002 / 30,739 = 45.6%; 15,367 / 33,416 = 46.0%; 16,599 / 35,192 = 47.2%; 18,409 / 37,401 = 49.2%. Business development 6,457 / 3,762 - 1 = 72%; / discount revenue 3,762 / 24,563 = 15.3%, 6,457 / 37,401 = 17.3%. Card Member services 6,057 / 1,993 = 3.04 times (+204%); 6,057 / 1,392 = 4.35; growth 3,968 / 2,959 - 1 = 34.1%; 4,782 / 3,968 - 1 = 20.5%; 6,057 / 4,782 - 1 = 26.7%; 6,057 / 2,959 = 2.05. Card Member services / net card fees 1,993 / 5,195 = 38%; 3,968 / 7,255 = 55%; 6,057 / 9,993 = 61%; Q2 2026 1,949 / 2,862 = 68%. Membership Rewards liability 16.5 billion / equity 33,474 = 49%; URR +1 point = 4 x 229 = 916. Card fees: 9,993 / 4,042 = 2.47 (+147%); 9,993 / 5,195 - 1 = 92%; growth 6,070 / 5,195 - 1 = 16.8%, 7,255 / 6,070 - 1 = 19.5%, 8,449 / 7,255 - 1 = 16.5%, 9,993 / 8,449 - 1 = 18.3%; added 9,993 - 8,449 = 1,544. Share of revenue 4,042 / 43,556 = 9.3%; 5,195 / 42,380 = 12.3%; 7,255 / 60,515 = 12.0%; 9,993 / 72,229 = 13.8%. Average fee per card 131 / 58 = 2.26; 117 / 103 - 1 = 14%. Proprietary cards 86.6 / 70.3 - 1 = 23%. Marketing 6,252 / 12.5 million new cards = about $500; 6,252 / 1,544 = 4.0. Card fees plus net interest income (9,993 + 17,364) / 72,229 = 38%. Spending per card 23,496 / 20,392 - 1 = 15.2%; 24,059 / 23,496 - 1 = 2.4%; 24,608 / 24,059 - 1 = 2.3%; 25,453 / 24,608 - 1 = 3.4%. Billed business 1,669.8 / 1,070.5 - 1 = 56%; 1,669.8 / 1,550.9 - 1 = 7.7%; 870.7 / 1,070.5 - 1 = -18.7%. Network volumes 1,897.0 / 1,265.7 - 1 = 50%; 1,897.0 - 1,669.8 = 227.2. Merchant rate 2.51% - 2.24% = 0.27 points x 1,669.8 billion = about 4.5 billion; 4.5 / 37.4 = 12%. Pretax income 13,795 - 10,689 = 3,106. Revenue mix 2019: discount 26,167 / 43,556 = 60.1%; net interest income 8,620 / 43,556 = 19.8%; 2025: 37,401 / 72,229 = 51.8%; 17,364 / 72,229 = 24.0%. Net interest income 17,364 / 7,750 = 2.24; 17,364 / 8,620 - 1 = 101%; +100bp +19 / 17,364 = 0.1%. Card Member loans 151,832 / 87,400 - 1 = 74%. Held for sale 2,457 / 151,832 = 1.6%. Revenue 2020 36,087 / 43,556 - 1 = -17%. Deposits 152,488 / 210,300 = 72.5%; 156,973 / 152,488 - 1 = 2.9%. Delta: 13% x 1,669.8 = 217 billion; 8.2 billion / net income 10,833 = 76%; 8.2 / net card fees 9,993 = 82%; 8.2 / 7.4 - 1 = 11%. Other cobrands 26% - 13% = 13% x 1,669.8 = 217; proprietary 74% x 1,669.8 = 1,236. Valuation: market value 206.30 / 254.84 - 1 = -19%; P/E 206.30 / trailing net income 11.446 = 18.0; P/S 206.30 / 75.95 = 2.72; end-2025 254.84 / 10.833 = 23.5; end-2015 68.45 / 5.163 = 13.3; earnings yield 1 / 23.5 = 4.3%. Trailing twelve months to June 2026: revenue 72,229 + 38,544 - 34,823 = 75,950; net income 10,833 + 6,082 - 5,469 = 11,446; EPS 15.38 + 8.81 - 7.71 = 16.48. Diluted shares 696 / 1,003 - 1 = -30.6%. Net income 10,833 / 5,163 = 2.10; EPS 15.38 / 5.05 = 3.05. Berkshire 151.61 million / 675 million = 22.5%; 13F shares 1,149,942 + 149,061,045 + 1,399,713 = 151,610,700, value 388,967,882 + 50,419,898,471 + 473,452,922 = $51.28 billion (30 June 2026). Card balances consumer 144,974 / 218,054 = 66%. Card fees / discount revenue 9,993 / 37,401 = 27% (2025), 4,042 / 26,167 = 15% (2019). Marketing plus incentives 6,252 + 30,923 = 37,175. Provisions / net interest income 5,256 / 17,364 = 30%. Card Member loans growth 139,674 / 125,995 - 1 = 11%; 151,832 / 139,674 - 1 = 9%; billed business 1,550.9 / 1,459.6 - 1 = 6%. Price to book 305.50 / 48.42 = 6.3. Receivables 62,031 / (151,832 + 62,031) = 29%. GMNS Q2 2026 pretax 1,128 / 1,054 - 1 = 7%. Dividend yield 3.80 / 305.50 = 1.2%. Discount revenue at the 2013 rate 2.51% x 1,669.8 = 41.9 billion; each basis point of rate 0.0001 x 1,669.8 billion = 167 million (5bp 835, 10bp 1,670). Merchant locations at the start of 2026 about 190 - 20 = 170 million. Card Member services growth 2021-2025 +204% against net card fees +92%. A 2020-sized fall today: 18.7% x 1,669.8 = about 312 billion. Revenue outside the United States (7,073 + 5,218 + 4,194) / 72,229 = 23%. 2026 revenue guidance 72,229 x 1.10 = 79,452. Segments (2025, $ millions): revenue 34,814 + 16,926 + 13,000 + 7,759 = 72,499; less Corporate and Other 270 = 72,229. Shares of segment revenue: USCS 34,814 / 72,499 = 48.0%; CS 23.3%; ICS 17.9%; GMNS 10.7%. Pretax income 6,810 + 3,668 + 1,603 + 3,968 = 16,049; shares USCS 42.4%, CS 22.9%, ICS 10.0%, GMNS 24.7%. Pretax margins: USCS 6,810 / 34,814 = 19.6% (2020 3,103 / 16,347 = 19.0%; 2021 5,958 / 18,922 = 31.5%; 2022 5,400 / 23,914 = 22.6%; 2023 5,433 / 28,116 = 19.3%; 2024 6,377 / 31,427 = 20.3%); CS 3,668 / 16,926 = 21.7% (2020 1,013 / 9,234 = 11.0%); ICS 1,603 / 13,000 = 12.3% (2020 521 / 6,742 = 7.7%; 2021 929 / 7,435 = 12.5%; 2022 578 / 9,061 = 6.4%; 2023 973 / 10,430 = 9.3%; 2024 1,031 / 11,461 = 9.0%); GMNS 3,968 / 7,759 = 51.1% (2020 1,294 / 4,309 = 30.0%; 2021 1,874 / 5,129 = 36.5%; 2022 2,954 / 6,475 = 45.6%; 2023 3,656 / 7,396 = 49.4%). ICS pretax 1,603 / 1,031 - 1 = 55%. GMNS 2024 excluding the Accertify gain 4,398 - 531 = 3,867; 3,968 / 3,867 - 1 = 2.6%. Revenue 2020 to 2025: USCS 34,814 / 16,347 = 2.13; CS 16,926 / 9,234 = 1.83; ICS 13,000 / 6,742 = 1.93; GMNS 7,759 / 4,309 = 1.80. 2020 segment total 16,347 + 9,234 + 6,742 + 4,309 = 36,632; USCS share 16,347 / 36,632 = 44.6%. USCS Q2 2026 pretax 2,065 / 1,676 - 1 = 23%. Regions 2025: pretax 13,054 + 1,255 + 831 + 907 = 16,047; United States 13,054 / 16,047 = 81%; 13,054 / consolidated 13,795 = 95%; outside the United States (1,255 + 831 + 907) / 16,047 = 19%; revenue 56,015 / 72,229 = 78% - the incentive lines (rewards, business development, Card Member services) against discount revenue and card fees. — 2013-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in American Express's Forms 10-K, 10-Q, earnings releases and statistical supplements, Delta Air Lines' Form 10-K and market data; operands shown in the source line.
Sources
Generated September 28, 2026