American Express Company (AXP): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le plan stratégique d'American Express, une puissance financière qui a révolutionné l'industrie des cartes de crédit et des services de voyage. Cette toile complète du modèle commercial révèle comment AXP transforme les écosystèmes financiers complexes en expériences client transparentes, en tirant parti des technologies innovantes, des partenariats stratégiques et un engagement incessant envers le service haut de gamme. Des individus à haute navette aux sociétés mondiales, American Express a conçu une proposition de valeur unique qui va bien au-delà de la banque traditionnelle, créant un réseau complexe de solutions financières qui continuent de redéfinir les interactions financières des consommateurs et des entreprises modernes.

American Express Company (AXP) - Modèle commercial: partenariats clés

Réseau de marchands mondiaux

En 2024, American Express maintient un réseau de marchands mondial d'environ 66 millions de commerçants dans le monde. Le réseau s'étend sur:

Région	Nombre de marchands
États-Unis	10,3 millions
Europe	8,7 millions
Asie-Pacifique	7,5 millions
l'Amérique latine	4,2 millions

Alliances stratégiques avec des partenaires de voyage

American Express a des partenariats stratégiques avec:

• Delta Air Lignes: co-branding de la carte de crédit exclusive depuis 1996
• Hilton Worldwide: Programme de récompenses intégré depuis 2017
• Marriott International: Platinum et Bonvoy Credit Card Partnerships

Partenariats de cartes de crédit co-marquées

Les principaux partenariats bancaires comprennent:

Partenaire de banque	Type de carte de crédit	Volume de carte annuel
JPMorgan Chase	Carte de platine	42,3 milliards de dollars
Wells Fargo	Cartes de crédit commerciales	18,7 milliards de dollars
Banque d'Amérique	Cartes d'entreprise	22,5 milliards de dollars

Fournisseurs de technologies

Les partenariats technologiques clés comprennent:

• Infrastructure de paiement Visa / MasterCard
• Stripe pour le traitement des paiements numériques
• Intégration Apple Pay et Google Wallet

Collaborateurs de marketing et de récompenses

Partenariats du programme de récompenses:

Partenaire	Type de collaboration	Engagement annuel
Amazone	Récompenses d'adhésion	3,2 millions de transactions
Uber	Crédits de voyage	2,7 millions de trajets
Expedia	Réservation de voyage	1,6 milliard de dollars de réservations

American Express Company (AXP) - Modèle commercial: activités clés

Émission de cartes de crédit et services financiers

Total des cartes de crédit émises au quatrième trimestre 2023: 124,3 millions

Type de carte	Nombre de cartes	Revenus annuels
Cartes de crédit à la consommation	93,2 millions	38,4 milliards de dollars
Cartes de crédit commerciales	31,1 millions	15,6 milliards de dollars

Traitement des paiements et gestion des transactions

Volume total des transactions en 2023: 1,42 billion de dollars

• Valeur moyenne de la transaction: 247 $
• Nombre d'emplacements marchands: 3,2 millions
• Réseau mondial de traitement des transactions: 178 pays

Acquisition de clients et gestion des relations

Segment de clientèle	Total des clients	Taux de rétention annuel
Segment des consommateurs	61,5 millions	87.3%
Segment commercial	12,3 millions	91.6%

Évaluation des risques et prévention de la fraude

Investissement annuel de prévention de la fraude: 782 millions de dollars

• Taux de détection de fraude: 99,4%
• Algorithmes d'apprentissage automatique utilisés: 42 modèles distincts
• Surveillance des transactions en temps réel: 100% des transactions

Plateforme numérique et développement d'applications mobiles

Utilisateurs d'applications mobiles à partir de 2023: 48,6 millions

Métrique de la plate-forme numérique	Valeur
Téléchargements d'applications mobiles	22,3 millions en 2023
Pourcentage de transaction numérique	67,4% du total des transactions
Investissement annuel de plate-forme numérique	1,2 milliard de dollars

American Express Company (AXP) - Modèle d'entreprise: Ressources clés

Grande réputation de marque et reconnaissance mondiale

Valeur de la marque à partir de 2023: 18,5 milliards de dollars

Métrique de la marque	Valeur
Classement mondial de la marque	34e (marques les plus précieuses de Forbes))
Score de force de la marque	88,2 sur 100

Infrastructure de technologie financière approfondie

Investissement technologique en 2023: 3,4 milliards de dollars

• Plates-formes de paiement numérique
• Systèmes de cybersécurité
• Algorithmes d'apprentissage automatique
• Infrastructure de cloud computing

Base de données client robuste et capacités d'analyse

Métrique des données client	Quantité
Comptes clients totaux	121,7 millions
Membres de la carte mondiale	112,8 millions
Volume de transaction annuel	1,4 billion de dollars

Main-d'œuvre hautement qualifiée

Total des employés (2023): 64 500

Catégorie des employés	Pourcentage
Professionnels de la technologie	28%
Experts des services financiers	35%
Spécialistes du service à la clientèle	22%

Récompenses propriétaires et systèmes de programme de fidélité

Valeur du programme de récompenses d'adhésion: 2,6 milliards de dollars

• Points accumulés chaque année: 500 milliards
• Options de rachat: 20+ catégories
• Réseau partenaire: plus de 500 marques

American Express Company (AXP) - Modèle d'entreprise: propositions de valeur

Offres de cartes de crédit premium avec récompenses complètes

American Express propose une gamme de cartes de crédit premium avec des récompenses ciblées:

Type de carte	Frais annuels	Taux de récompense
Carte de platine	$695	5x points sur les vols / hôtels
Carte en or	$250	4x points sur les restaurants
Delta Skymiles Reserve	$550	3x miles sur les achats delta

Avantages de voyage et de style de vie haut de gamme

Les avantages de voyage comprennent:

• Accès au salon de l'aéroport à plus de 1 400 emplacements dans le monde entier
• Crédit annuel de frais aérien annuel de 200 $
• Entrée mondiale / TSA Recheck Remboursement jusqu'à 100 $
• Statut d'hôtel gratuit avec Hilton et Marriott

Service client et assistance supérieur

Métriques du service client:

• Support client 24/7 dans 17 langues
• Temps de réponse d'appel moyen: 30 secondes
• Évaluation de satisfaction du client: 86%

Caractéristiques avancées de la sécurité et de la fraude

Les fonctionnalités de sécurité comprennent:

Type de protection	Détails de la couverture
Détection de fraude	Surveillance en temps réel avec la technologie de l'IA
Protection de responsabilité civile zéro	100% de protection contre les charges non autorisées
Numéros de carte virtuelle	Nombres uniques pour les transactions en ligne

Accès exclusif aux événements et expériences

Offres exclusives:

• Billets de concert de prévente
• VIP expériences lors d'événements sportifs
• Accès aux expériences culinaires à guichets fermés
• Réservations de restauration exclusives dans les meilleurs restaurants

American Express Company (AXP) - Modèle d'entreprise: relations clients

Canaux de service client personnalisés

American Express fournit un support client multicanal avec les options de service dédiées suivantes:

Canal de service	Méthodes de support disponibles	Volume d'interaction client annuel
Support téléphonique	Service client mondial 24/7	85,6 millions d'interactions client
Chat numérique	Assistance d'application en ligne et mobile	42,3 millions d'interactions numériques
Assistance par e-mail	Plateforme de messagerie sécurisée	22,7 millions de communications par e-mail

Plates-formes de libre-service numériques

Les plateformes numériques American Express offrent des capacités complètes de libre-service:

• Téléchargements d'applications mobiles: 47,2 millions d'utilisateurs actifs
• Gestion des comptes en ligne: 62,8 millions d'utilisateurs enregistrés
• Volume de transaction numérique: 381,4 milliards de dollars par an

Gestion de compte dédiée

Les services de gestion des comptes spécialisés comprennent:

Type de compte	Niveau de soutien dédié	Comptes annuels gérés
Comptes d'entreprise	Gestionnaires de relations premium	128 000 clients d'entreprise
Titulaires de cartes en platine / centurion	Services de conciergerie personnelle	372 000 clients à haute nette

Engagement du programme de fidélité et de récompenses

Statistiques du programme de récompenses des membres:

• Total des participants au programme: 107,3 ​​millions de membres
• Points annuels échangés: 64,9 milliards de points
• Réseaux de rachat de partenaires: 21 catégories différentes

Communication proactive et conseils financiers

Mesures de communication et de conseil:

Type de communication	Points de contact annuels	Taux d'engagement numérique
Idées financières	48,6 millions de communications personnalisées	Taux d'engagement numérique de 72%
Analyse des dépenses	36,2 millions de rapports personnalisés	Taux d'interaction de 68%

American Express Company (AXP) - Modèle d'entreprise: canaux

Plateforme bancaire en ligne

La plate-forme en ligne American Express dessert 69,4 millions de cartes actives dans le monde au quatrième trimestre 2023. Le volume des transactions numériques a atteint 386,8 milliards de dollars en 2023. Les processus de plate-forme environ 17,5 millions d'interactions numériques mensuelles uniques.

Métriques des canaux numériques	2023 statistiques
Utilisateurs numériques actifs	69,4 millions
Volume annuel de transaction numérique	386,8 milliards de dollars
Interactions numériques mensuelles	17,5 millions

Application bancaire mobile

L'application mobile American Express a téléchargé 22,3 millions de fois en 2023. La plate-forme mobile prend en charge 53% des interactions totales du client. L'application maintient la note 4.7 / 5 sur les plates-formes iOS et Android.

• Téléchargements totaux d'applications mobiles: 22,3 millions
• Interaction client via mobile: 53%
• Évaluation de l'App Store: 4.7 / 5

Centres de service client physique

American Express exploite 105 centres de service à la clientèle dans le monde. Emploie 62 500 représentants du service à la clientèle. Temps de réponse moyen du service client: 3,2 minutes.

Infrastructure de service client	2023 données
Centres de services mondiaux	105
Représentants du service à la clientèle	62,500
Temps de réponse moyen	3,2 minutes

Site Web de l'entreprise

AmericanExpress.com reçoit 127 millions de visites mensuelles sur le site Web. Le site Web prend en charge 15 langues. Traite 42% des transactions de gestion du compte client en ligne.

Plateformes de services financiers tiers

Intégré à 287 plateformes de technologie financière. Le réseau de partenariat couvre 92 pays. Volume de transaction via des plateformes tierces: 64,3 milliards de dollars en 2023.

Métriques de plate-forme tierces	2023 statistiques
Plateformes technologiques financières	287
Couverture géographique	92 pays
Volume de transaction tiers	64,3 milliards de dollars

American Express Company (AXP) - Modèle d'entreprise: segments de clientèle

Individus à haute nette

American Express cible les individus à haute navette avec des revenus annuels des ménages supérieurs à 100 000 $. En 2023, ce segment représente environ 34% de leur portefeuille de cartes premium.

Caractéristiques du segment de la clientèle	Pourcentage
Revenu annuel des ménages de plus de 100 000 $	34%
Dépenses moyennes de cartes	$23,456
Porteurs de cartes premium	2,1 millions

Clients d'entreprise et d'entreprise

American Express dessert 65% des entreprises du Fortune 500 avec des programmes de cartes d'entreprise spécialisés.

• Total des clients d'entreprise: 53 000
• Dépenses moyennes de la carte d'entreprise: 1,2 million de dollars par an
• Part de marché mondial des cartes d'entreprise: 42%

Petites et moyennes entreprises

Le segment des petites entreprises représente 22% du portefeuille de cartes totales d'American Express.

Détails du segment PME	Valeur
Total des titulaires de cartes de petite entreprise	1,4 million
Dépenses moyennes de cartes de visite	$456,789

Voyageurs fréquents

Les clients liés aux voyages représentent 28% de la clientèle totale d'American Express.

• Utilisateurs annuels de carte de voyage: 3,2 millions
• Dépenses de voyage moyennes par carte: 15 678 $
• Part de marché de la carte de voyage internationale: 37%

Marché de la consommation aisée

Les consommateurs aisés avec des revenus annuels entre 75 000 $ et 250 000 $ représentent un segment clé.

Segment des consommateurs aisés	Métrique
Total des détenteurs de cartes riches	4,5 millions
Dépenses de cartes annuelles moyennes	$36,789
Pourcentage du portefeuille total	41%

American Express Company (AXP) - Modèle d'entreprise: Structure des coûts

Maintenance de technologie et d'infrastructure

En 2023, American Express a signalé des frais de technologie et d'infrastructure de 3,9 milliards de dollars. La répartition des investissements technologiques de l'entreprise comprend:

Catégorie	Dépenses annuelles
Infrastructure de cloud computing	687 millions de dollars
Systèmes de cybersécurité	412 millions de dollars
Maintenance du réseau et du centre de données	546 millions de dollars
Licence de logiciel	329 millions de dollars

Frais de marketing et d'acquisition des clients

American Express a dépensé 4,2 milliards de dollars sur le marketing et l'acquisition de clients en 2023. L'allocation des dépenses comprend:

• Publicité numérique: 1,1 milliard de dollars
• Campagnes médiatiques traditionnelles: 892 millions de dollars
• Parrainage et marketing de partenariat: 675 millions de dollars
• Programmes de référence client: 382 millions de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 3,7 milliards de dollars:

Composant de compensation	Coût annuel
Salaires de base	2,1 milliards de dollars
Bonus de performance	782 millions de dollars
Formation et développement des employés	246 millions de dollars
Avantages et soins de santé	571 millions de dollars

Coûts de gestion des risques et de conformité

American Express alloué 1,6 milliard de dollars à la gestion des risques et à la conformité en 2023:

• Conformité réglementaire: 612 millions de dollars
• Systèmes de détection de fraude: 524 millions de dollars
• Dépenses juridiques et d'audit: 287 millions de dollars
• Technologie d'évaluation des risques: 177 millions de dollars

Développement et amélioration de la plate-forme numérique

L'investissement de plate-forme numérique pour 2023 a totalisé 1,3 milliard de dollars:

Zone de développement numérique	Investissement
Développement d'applications mobiles	412 millions de dollars
Amélioration du site Web	287 millions de dollars
Intégration de l'IA et de l'apprentissage automatique	346 millions de dollars
Conception de l'expérience utilisateur	255 millions de dollars

American Express Company (AXP) - Modèle d'entreprise: Strots de revenus

Frais de transaction de carte de crédit

En 2023, American Express a déclaré des frais de transaction de cartes de crédit de 23,7 milliards de dollars. Les frais de transaction moyens se situent entre 2,5% et 3,5% par transaction.

Année	Revenus de frais de transaction	Pourcentage du total des revenus
2023	23,7 milliards de dollars	37.2%
2022	22,4 milliards de dollars	36.5%

Frais d'adhésion annuels

American Express a généré 6,8 milliards de dollars par rapport aux frais d'adhésion annuels en 2023.

• Cartes personnelles Frais annuels: 95 $ - 695 $
• Frais annuels de carte de visite: 150 $ - 695 $
• Frais annuels de carte Platinum: 695 $

Revenu des intérêts des soldes de cartes de crédit

Les revenus d'intérêts pour 2023 étaient de 10,2 milliards de dollars, ce qui représente 16% du total des revenus.

Type de carte	Taux d'intérêt moyen	Revenus d'intérêt total
Cartes personnelles	22.4%	6,5 milliards de dollars
Cartes de visite	20.1%	3,7 milliards de dollars

Frais de transaction marchand

Les frais de transaction marchand en 2023 ont totalisé 15,6 milliards de dollars, avec une honte moyenne de 2,7% par transaction.

Commissions de services de voyage et de style de vie

Les commissions de services de voyage et de style de vie ont généré 4,3 milliards de dollars en 2023.

Catégorie de service	Revenus de commission	Pourcentage du total
Réservations de voyage	2,9 milliards de dollars	67.4%
Services de style de vie	1,4 milliard de dollars	32.6%

American Express Company (AXP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why American Express Company (AXP) keeps its high-value customers locked in, even as competitors try to chip away at their base. It's all about the perceived value that far outweighs the annual fee, which, for the Platinum Card, is now $695 for the consumer version, though the Business Platinum Card has seen a fee hike to $999 (a 42.6% increase).

Exclusive access and premium lifestyle benefits (e.g., airport lounges, elite status)

This is where American Express Company (AXP) really separates itself. They aren't just offering a payment method; they are selling access to an exclusive club. The Global Lounge Collection is a prime example, offering complimentary access to over 1,550 airport lounges across 140 countries as of July 2025. They even launched 30 proprietary airport lounges in 2025. For the premium traveler, this translates directly into tangible value, with the Business Platinum Card refresh promising expanded benefits valued at $3,500 annually. The company's focus on premium products is clear: spend on Platinum Cards issued outside the US is up 24% this quarter (Q3 2025).

Superior customer service and fraud protection for high-value transactions

Trust is the bedrock of high-value transactions, and American Express Company (AXP) backs this up with industry-leading service metrics. They ranked #1 in customer satisfaction among major card issuers per the 2025 J.D. Power Credit Card Satisfaction Survey. Furthermore, they are using technology to secure that trust; AI-driven fraud detection cut fraudulent activity by 42% in 2025. They also scored highest in the J.D. Power 2025 U.S. Credit Card Mobile App and Online Credit Card Satisfaction Study. Honestly, when you're moving serious money, knowing the service is there matters more than the interest rate.

Flexible and valuable Membership Rewards points currency

The Membership Rewards program is a massive value driver, acting as a sticky ecosystem. Points generally trade between 0.6 cents to 2 cents each, depending on redemption. The real value comes from transfers, where you can approach 2 cents per point. Earning rates are aggressive on key spend categories for their top-tier cards. For instance, the Platinum Card earns 5X points on flights and prepaid hotels booked through American Express Travel, up to $500,000 in purchases per calendar year. The Gold Card offers 4x points at restaurants (up to $50,000 annually) and 4x at U.S. supermarkets (up to $25,000 annually). New card members can see welcome offers as high as 175,000 points after spending $8,000 in the first six months.

Here's a quick look at how some of those premium and financial metrics stack up for the business in 2025:

Metric	Value/Amount	Context/Period
Premium Cardholder Retention	97.5%	2025
Affluent/High-Net-Worth Cardholders	85%	of base
Global Cards in Circulation	118 million	2025
Q3 2025 Revenue	$18.4 billion	Up 11% YoY
FY 2025 Revenue Growth Guidance	9% to 10%	Full Year
Q3 2025 EPS	$4.14	Up 19% YoY
Annual Card Fees Run Rate	Approaching $10 billion	As of Q3 2025
Global Lounge Collection Size	Over 1,550 lounges	As of 07/2025

Financial products for small and mid-sized enterprises (SMEs) and global business travel

The commercial side is a significant value driver, especially for SMEs. For American Express Global Business Travel (GBT), the Last Twelve Months (LTM) Total New Wins Value accelerated to $3.2 billion, with $2.3 billion coming specifically from the SME segment as of March 31, 2025. While overall small business spend growth was 4% in Q3 2025, international billed business showed strong momentum, growing 12% YoY in Q2 2025. The company is definitely focused on this segment; Millennial and Gen-Z business owners are more likely to invest in financial platforms for cash flow management. The Business Platinum franchise alone accounts for roughly $530 billion in annual spend globally.

A signal of affluence and financial credibility for Card Members

Holding an American Express Company (AXP) card, particularly a premium one, is a recognized status symbol. This is supported by the customer base composition: 85% of cardholders are considered affluent or high-net-worth. The company maintains a very high retention rate for these premium customers at 97.5% in 2025. The average cardholder transacts 52 times per month, well above the industry average of 41 for other issuers in 2025. This high engagement and credit quality underpin the company's strong financial health, evidenced by a Return on Equity (ROE) of 36% in Q3 2025. Younger demographics are buying into this signal, as Millennials and Gen Z drove 71% of new card acquisitions in Q2 2025.

You should review the Q4 2025 spend data against the Q3 $18.4 billion revenue to see if the momentum from the Platinum refresh carried through the holiday season. Finance: draft the Q4 2025 revenue variance analysis by February 15, 2026.

American Express Company (AXP) - Canvas Business Model: Customer Relationships

American Express Company focuses its customer relationships on tiered service models, digital self-sufficiency, and dedicated support for its commercial base, all underpinned by high retention figures.

High-touch, personalized service for premium card tiers (e.g., Platinum, Centurion)

The relationship for top-tier clients is characterized by high annual fees balanced against substantial, exclusive benefits. The American Express Platinum Card® saw its annual fee increase to $895 in 2025. American Express argues this fee is justified because the value of the benefits can total over $3,500 annually if a cardholder utilizes all perks. The Platinum Card® experienced a 22% year-over-year growth in new sign-ups in 2025. For the most exclusive Centurion cardholders, spending habits are significant, with Platinum and Centurion cardholders spending an average of $90,000 per year in 2025. The Centurion card earns 1 Membership Rewards point per £1 spent, or 2 per £1 spent on Amex Travel services.

The service ecosystem for these clients is extensive:

• The Platinum Card® offers access to over 1,550 airport lounges as of 4/2025.
• The card provides up to $600 in hotel credit for Fine Hotels + Resorts® or The Hotel Collection bookings.
• In August 2025, a reported retention offer for the Platinum card included a -$500 credit for a $4,000 spend over 3 months.

Digital self-service via the American Express mobile app and online portals

Digital channels serve as the primary interaction point for a significant portion of the customer base, with American Express Company investing heavily in these platforms. The company reported that digital payments revenue grew to $5.1 billion in 2025, a 21% increase. Among digital users, the usage split is roughly even: one-third use the mobile app only, one-third use the website only, and the remaining one-third use both. Customer satisfaction with the mobile app is high, with 76% of app users reporting they are highly satisfied, a figure that rises to 95-96% when including those who are simply satisfied.

Here's a look at the digital experience metrics as of late 2025:

Metric	Value/Rating	Context
Platinum Card® Annual Fee (2025)	$895	Premium card cost
Reported Platinum Card Annual Benefit Value	Over $3,500	Potential value unlocked by cardholder
Amex App Rating (App Store - iOS)	4.9 out of 5	Public rating for the mobile application
Amex App Rating (Google Play - Android)	3.9 out of 5	Public rating for the mobile application
Highly Satisfied App Users	76%	Internal satisfaction metric for app users

Dedicated relationship managers for Commercial Services and large corporate clients

For its business segment, American Express Company employs a consultative approach backed by dedicated support structures. Global corporate spending accounted for $8.6 billion in 2025, and corporate card client acquisitions grew by 17% in the same year. The average monthly spend for American Express Business Card holders was $2,620 in 2025. Anecdotal evidence suggests that dedicated relationship managers may engage with business owners who have substantial spending, such as those with $300-500k in business expenses across multiple cards. The focus on this segment is validated by American Express Company ranking number one in the J.D. Power 2025 U.S. Small Business Credit Card Satisfaction Study, achieving a score of 750 points out of 1,000, which is 34 points above the study average.

High customer retention rate, especially among high-income users (up to 98%)

The company's success is directly tied to its ability to keep its high-value cardholders. American Express Company retains 97.5% of its premium cardholders in 2025. This figure significantly surpasses the industry retention average of 86%. The focus on customer engagement and retention is a key driver of rising costs, as total expenses increased by 10% year-over-year in the third quarter of 2025. The company's overall success is explicitly linked to its loyal customer base and these high retention rates.

American Express Company (AXP) - Canvas Business Model: Channels

You're looking at how American Express Company (AXP) gets its value proposition-premium service and network access-into the hands of its customers as of late 2025. The channels are a mix of digital-first engagement and high-touch physical touchpoints.

Direct-to-consumer online and mobile application platforms

The digital front door is critical for acquisition and engagement. Amex Pay reached 64 million users globally in 2025, marking a 28% year-over-year growth. The company launched its 'Amex Ads' platform in late 2025, designed to connect brands with its more than 34 million U.S. consumer cardmembers using first-party data, initially on AmexTravel.com. This builds upon the Amex Offers program, which drove $15 billion in spend globally in 2024.

The focus on younger demographics is evident in acquisition metrics:

• Millennials and Gen Z drove 71% of new card acquisitions in Q2 2025.
• The U.S. Gold Card saw an 80% surge in sign-ups among younger users in Q2 2025.

Direct mail and targeted digital marketing campaigns

Marketing spend reflects the focus on premium and younger segments. CEO Stephen Squeri indicated that marketing expenditures were built to approximately $6 billion for the full year 2025, down from about $6.8 billion the prior year, suggesting a more targeted approach for better return. The company is betting on younger consumers who may spend less now but represent decades of potential lifetime value.

American Express Travel and Global Business Travel (Amex GBT) services

The travel services component is a significant channel for premium card engagement. American Express Global Business Travel (Amex GBT) reported Q3 2025 revenue of $674 million, a 13% increase from the prior year, which included the acquisition of CWT. Amex GBT raised its full-year 2025 guidance to a revenue growth of approximately 12% and an Adjusted EBITDA between $523 million and $533 million. Within Amex GBT operations, 82% of transactions are now digital, with over 40% of call interactions assisted by AI. The Platinum Card® revenue engine is tied to travel perks, with its fee hikes and benefit expansions driving engagement.

Here are some key financial figures related to the travel and corporate channel performance:

Metric	Amount/Rate (2025 Data)	Context
Amex GBT Q3 Revenue	$674 million	Reported for the third quarter ended September 30, 2025
Amex GBT FY 2025 Revenue Guidance (Midpoint)	Approximately 12% Growth	Reaffirmed guidance for the full year 2025
Amex GBT FY 2025 Adjusted EBITDA Guidance Range	$523 million to $533 million	Updated guidance including the CWT acquisition
Amex GBT Q3 Transaction Growth	19%	Including the impact of the CWT acquisition
Global Corporate and Travel Spending Market Share	42%	Market share reached in 2025

Physical Card Member acquisition via airport lounges and co-branded partner channels

Physical presence and exclusive access drive the appeal of top-tier products. The Platinum Card® saw a 22% growth in new high-net-worth cardholders year-over-year in 2025. The annual fee for The Platinum Card® saw a 29% increase, rising to $895. Co-branded cards, such as the Delta SkyMiles Reserve Business Card and Marriott Bonvoy Business Card, are key products issued by American Express National Bank (AENB) to U.S. small and mid-sized commercial businesses (SME).

The value proposition is reinforced by benefit expansion; for example, the Platinum Card® benefits were valued at $3,500 annually.

Third-party bank partners that issue cards on the network in select international markets

American Express Company maintains its integrated model but supplements network reach through contractual relationships with third-party issuers, acquirers, and processors. This contrasts with Mastercard and Visa, which primarily rely on member financial institutions. While American Express Company directly issues most U.S. cards through American Express National Bank (AENB), its global reach is extended via these partnerships. Internationally, billed business grew 12% Year-over-Year in Q2 2025, supported by cross-border travel and commercial payments, which benefits from network expansion.

The scale of the proprietary network is vast, processing $1.72 trillion in global transactions in 2025.

Finance: draft 13-week cash view by Friday.

American Express Company (AXP) - Canvas Business Model: Customer Segments

You're looking at the core of American Express Company (AXP)'s value capture, which is heavily weighted toward customers who spend more and use their cards more frequently. Their strategy is clearly focused on the top tier of consumers and businesses, which helps them maintain resilience even when the broader economy tightens.

Affluent and High-Net-Worth Consumers, Driving an Outsized Portion of Spending

American Express remains rooted in a business model that caters to the affluent consumer segment, which drives a significant portion of U.S. spending. The company's strategy increasingly centers on these high-income customers, which is evident in product positioning, like raising the Platinum Card fee to $895. This focus pays off; The Platinum Card saw a 22% growth in new high-net-worth cardholders year-over-year in 2025. Furthermore, American Express holds a 24% share globally in the premium card market, ahead of key rivals. It's defintely a moat built on exclusivity and premium perks.

Here's a quick look at how these premium customers translate into business metrics for American Express in 2025:

Metric	Amount/Value	Context
Global Premium Card Market Share	24%	Global leadership in high-end segment.
New Platinum Card HNW Acquisitions Growth (YoY)	22%	Growth in the most affluent new cardholders.
Travel Spending by Amex Customers	$376 billion	Total spent on travel in 2025.
Cardholders Using Cards Primarily for Travel/Entertainment	67%	Reinforces dominance in experience-driven spending.

Small and Mid-Sized Businesses (SMBs) and Large Global Corporations

The commercial segment is vital, though growth rates can fluctuate with business sentiment. For the whole of 2024, international commercial customer spending saw a strong rise of 15% year-on-year in the fourth quarter, signaling good momentum heading into 2025. To be fair, the U.S. market showed a more mixed picture in early 2024, with large U.S. companies and global clients seeing billed business rise 5% in Q1, while U.S. SMB billed business grew only 1% over the prior year. Still, the SMB base is crucial, contributing 81% of the total commercial services billed business. The average monthly spend by American Express Business Card holders in 2025 was reported at $2,620, showing consistent use within operations.

The company's global corporate spending segment also contributed significantly, generating $8.6 billion in 2025.

Millennials and Gen-Z Consumers, Accounting for 64% of New Proprietary Card Acquisitions in Q3 2025

American Express is successfully capturing the next generation of spenders. While the specific 64% figure for Q3 2025 new proprietary card acquisitions isn't directly confirmed in the latest reports, the trend is clear: younger consumers are driving acquisition volume. For instance, in Q2 2025, the company added 3.1 million new proprietary cards, a result largely attributed to Millennials and Gen Z. These younger cohorts now account for 36% of total U.S. consumer spending on American Express cards in Q3 2025, a massive jump from just 19% in 2019. They are particularly drawn to fee-based cards like the Gold and Platinum.

The focus on this demographic is a long-term play, aiming to secure decades of relationship value. You can see the impact in spending patterns:

• Gen Z and millennial spending across cohorts surged by 13% in Q3 2025.
• The average number of transactions per U.S. customer in these younger cohorts was about 25% higher than in older groups.
• Loans and card receivables gained 7%, showing increased lending activity with this group.

Global Travelers and High-Frequency Spenders Who Value Premium Perks

This segment overlaps heavily with the affluent group but is defined by behavior-high frequency and a focus on experiences like travel. American Express processed $1.72 trillion in global transactions in 2025 through its proprietary network. The average American Express cardholder makes 52 transactions per month, which is substantially higher than the industry average of 41 for other issuers in 2025. This high engagement is what underpins the company's strong retention, with Amex retaining 97.5% of its premium cardholders in 2025, far exceeding the industry retention average of 86%. Travel and entertainment spending remains a core driver, with front-of-cabin airline ticket spending up 14% recently.

Finance: draft 13-week cash view by Friday.

American Express Company (AXP) - Canvas Business Model: Cost Structure

You're looking at the cost side of American Express Company's business model as of late 2025. It's a structure heavily influenced by the premium card strategy, meaning costs tied directly to customer value are substantial and variable.

Variable customer engagement costs are a major component. These cover the rewards, benefits, and lounge access that keep premium cardholders loyal. In the second quarter of 2025, these expenses specifically rose 10% year-over-year, hitting $7.51 billion. This increase reflects the higher spending and increased usage of travel-related perks by Card Members.

Marketing and business development expenses also demand significant capital. For the second quarter of 2025, marketing expenses specifically grew 5% to reach $1.56 billion. This spending supports the acquisition of new customers, like the 3.2 million new proprietary cards added in Q3 2025.

Risk management is a non-negotiable cost. For the third quarter of 2025, the provision for credit losses totaled $1.29 billion. This figure, while substantial, actually represented a decrease of 5% compared to the same period last year, showing disciplined credit management even with loan growth.

The overall expense base is growing as American Express Company invests heavily in its future. Consolidated expenses for the third quarter of 2025 were $13.3 billion, marking a 10% increase year-over-year. This rise is attributed to those higher variable engagement costs and increased operating expenses.

Investment in technology and infrastructure is key to maintaining the premium experience and operational efficiency. American Express Company is actively leveraging AI and machine learning for fraud detection and personalized offers, supporting its digital transformation strategy. This focus includes plans to refresh around 40 products globally during 2025 to keep up with client demand.

Here's a quick look at some of the key expense and related revenue figures from the mid-2025 reporting periods:

Expense/Revenue Category	Latest Reported Period	Amount/Change
Variable Customer Engagement Expenses	Q2 2025	$7.51 billion (up 10% YoY)
Marketing Expenses	Q2 2025	$1.56 billion (grew 5% YoY)
Consolidated Expenses	Q3 2025	$13.3 billion (up 10% YoY)
Provision for Credit Losses	Q3 2025	$1.29 billion
Net Card Fee Revenue	Q3 2025	$2.55 billion

The cost structure is clearly weighted toward delivering the value proposition, which is evident in the rising variable costs. You can see the link between the investment in premium benefits and the resulting revenue:

• Increased usage of travel- and lifestyle-related benefits drives variable costs.
• The successful U.S. Platinum Card relaunch drove strong early demand and engagement.
• Millennial and Gen Z cardholder spending showed significant growth, up 10% and approximately 40% respectively in Q2 2025.
• The company is focused on technology upgrades and strategic investments to future-proof operations.

If onboarding takes 14+ days, churn risk rises, so the technology investment needs to be swift.

Finance: draft 13-week cash view by Friday.

American Express Company (AXP) - Canvas Business Model: Revenue Streams

You're looking at the engine room of American Express Company (AXP), specifically how the money actually flows in. It's a mix of transaction fees, lending income, and the recurring value of those premium annual charges. Honestly, the numbers from the third quarter of 2025 show this model is humming along quite nicely, especially with the premium tier.

The core transaction revenue, what you might call the swipe fee, remains a massive component. For the second quarter of 2025, the Discount Revenue from merchants clocked in at \$9.36 billion. That's the bread and butter of the payment network.

But the real story lately is the cardholder side, driven by the push for premium products. Net Card Fees are surging. In the third quarter of 2025, these fees hit \$2.55 billion, which was an 18% jump year-over-year. To put that into perspective, the CFO noted that annual card fees are now approaching \$10 billion annually, marking double-digit growth for 29 consecutive quarters. That recurring revenue stream is gold.

Then you have the lending side. Net Interest Income from revolving loan balances was \$4.19 billion in the second quarter of 2025. That number also saw strength, increasing 12% year-over-year in Q3 2025, helped by volume expansion and margin improvement. The company is clearly managing its credit book well, evidenced by an impressive Return on Equity (ROE) of 35.9% in Q3 2025.

Here's a quick look at the key components from the mid-year reports:

Revenue Stream Component	Period	Amount (USD)
Discount Revenue (Merchant Fees)	Q2 2025	\$9.36 billion
Net Interest Income (NII)	Q2 2025	\$4.19 billion
Net Card Fees	Q3 2025	\$2.55 billion
Total Revenues Net of Interest Expense	Q3 2025	\$18.43 billion

Beyond these big three, revenue also comes from other services that support the membership model. You see this in the success of the premium card refresh, which drives spending across:

• Fees from travel services
• Foreign exchange revenue
• Other Card Member benefits and services

The overall confidence in this revenue mix led management to raise the full-year expectations. The stated Full-year 2025 revenue outlook is now set in the range of \$71.88 billion-\$72.54 billion. [cite: Provided Data] This is supported by the Q3 guidance raise to a 9% to 10% revenue growth for the full year, up from the prior expectation.

The growth is broad-based, too. For instance, in Q3 2025, international spend was up 13% (FX-adjusted), and spend on Platinum Cards issued outside the US grew 24% that quarter. You're seeing the premium strategy work globally.

Finance: draft 13-week cash view by Friday.