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Sankey diagram of American Express Company. A complete text table follows the diagram.
Merchant discount revenue and annual card fees monetize a high-spend member base before lending income, while rewards and services recycle nearly half of revenue back into customer value
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All flow values are directly reported. Spending and fees refers to discount revenue, net card fees, and service fees and other revenue, which together equal 75.2% of net revenue.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Merchant discount revenue | 1 | $9.5B | 50% of net revenue |
| Net card fees | 1 | $2.8B | Premium membership economics |
| Service fees & other | 1 | $2.0B | Travel, processing and other services |
| Net interest income | 1 | $4.7B | 25% of net revenue |
| Revenue net of interest expense | 2 | $18.9B | Up 11% year over year |
| Revenue after credit provisions | 3 | $17.7B | 93% retained after credit cost |
| Credit-loss provisions | 3 | $1.3B | Card balances and other loans |
| Pretax income | 4 | $3.8B | 20.0% pretax margin |
| Card Member rewards | 4 | $4.9B | 26% of revenue reinvested in loyalty |
| Card Member services | 4 | $2.0B | Travel and lifestyle benefits |
| Business development | 4 | $1.6B | Partner payments and acquisition |
| Marketing | 4 | $1.5B | Brand and member acquisition |
| Salaries & employee benefits | 4 | $2.5B | Global workforce |
| Other expense, net | 4 | $1.5B | Operations, technology and other |
| Net income | 5 | $3.0B | Up 15% year over year |
| Income tax | 5 | $807M | 21.4% effective rate |
| From | To | Value |
|---|---|---|
| Merchant discount revenue | Revenue net of interest expense | $9.5B |
| Net card fees | Revenue net of interest expense | $2.8B |
| Service fees & other | Revenue net of interest expense | $2.0B |
| Net interest income | Revenue net of interest expense | $4.7B |
| Revenue net of interest expense | Revenue after credit provisions | $17.7B |
| Revenue net of interest expense | Credit-loss provisions | $1.3B |
| Revenue after credit provisions | Pretax income | $3.8B |
| Revenue after credit provisions | Card Member rewards | $4.9B |
| Revenue after credit provisions | Card Member services | $2.0B |
| Revenue after credit provisions | Business development | $1.6B |
| Revenue after credit provisions | Marketing | $1.5B |
| Revenue after credit provisions | Salaries & employee benefits | $2.5B |
| Revenue after credit provisions | Other expense, net | $1.5B |
| Pretax income | Net income | $3.0B |
| Pretax income | Income tax | $807M |