American Express vs Apple: Revenue, Profit and Business Model
American Express reported $72.2B of revenue in FY2025 and $10.8B of net income. Apple reported $416.2B of revenue in FY2025 and $112B of net income.
Latest financial snapshot
American Express
- Latest revenue
- $72.2B (FY2025)
- Net income
- $10.8B
- Net margin
- 15.0%
- Revenue growth
- +8.2% a year, FY2016–FY2025
Apple
- Latest revenue
- $416.2B (FY2025)
- Net income
- $112B
- Net margin
- 26.9%
- Revenue growth
- +7.6% a year, FY2016–FY2025
Financial summary
American Express
American Express reported $72.2 billion in total revenues net of interest expense for FY2025, up 10 percent, and $10.8 billion of net income, or $15.38 per diluted share. The mix is less fee-only than its premium image suggests: discount revenue on merchant transactions was $37.4 billion, net interest income on card member loans was $17.4 billion, net card fees were $10.0 billion and service fees and other revenue were $7.5 billion. Growth in 2025 came disproportionately from the two smaller lines, with net card fees up 18 percent and net interest income up 12 percent against 6 percent growth in discount revenue. Return on average equity was 33.9 percent, the net write-off rate on consumer and small business loans and receivables was 2.0 percent, and the company declared $3.28 per share in dividends while average diluted shares fell from 713 million to 696 million.
Apple
Apple's fiscal 2025 results describe a hardware business with software margins. Net sales rose 6 percent to $416.2 billion, net income reached $112.0 billion, and total gross margin was 46.9 percent, split between 36.8 percent on Products and 75.4 percent on Services. Services revenue of $109.2 billion, up 14 percent, is the reason the blended margin keeps rising. Cash generation is the other defining feature: operations produced $111.5 billion in fiscal 2025, and Apple returned $89.3 billion through share repurchases and $15.4 billion in dividends, after announcing a new repurchase authorization of up to $100 billion and raising the quarterly dividend to $0.26 per share in May 2025. Research and development came to $34.6 billion, 8 percent of net sales, and cash plus marketable securities stood at $132.4 billion at year end.
Revenue and profit by year
American Express
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $72.2B | $10.8B | 15.0% | +9.5% | Source |
| FY2024 | $65.9B | $10.1B | 15.4% | +9.0% | Source |
| FY2023 | $60.5B | $8.4B | 13.8% | +14.5% | Source |
| FY2022 | $52.9B | $7.5B | 14.2% | +24.7% | Source |
| FY2021 | $42.4B | $8.1B | 19.0% | +17.4% | Source |
| FY2020 | $36.1B | $3.1B | 8.7% | -17.1% | Source |
| FY2019 | $43.6B | $6.8B | 15.5% | +8.0% | Source |
| FY2018 | $40.3B | $6.9B | 17.2% | +9.4% | Source |
| FY2017 | $36.9B | $2.7B | 7.5% | +4.1% | Source |
| FY2016 | $35.4B | $5.4B | 15.2% | — | Source |
Apple
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $416.2B | $112B | 26.9% | +6.4% | Source |
| FY2024 | $391B | $93.7B | 24.0% | +2.0% | Source |
| FY2023 | $383.3B | $97B | 25.3% | -2.8% | Source |
| FY2022 | $394.3B | $99.8B | 25.3% | +7.8% | Source |
| FY2021 | $365.8B | $94.7B | 25.9% | +33.3% | Source |
| FY2020 | $274.5B | $57.4B | 20.9% | +5.5% | Source |
| FY2019 | $260.2B | $55.3B | 21.2% | -2.0% | Source |
| FY2018 | $265.6B | $59.5B | 22.4% | +15.9% | Source |
| FY2017 | $229.2B | $48.4B | 21.1% | +6.3% | Source |
| FY2016 | $215.6B | $45.7B | 21.2% | — | Source |
Where the revenue comes from
American Express
- Discount Revenue (Merchant Fees)~52%
Discount revenue is the fee American Express charges merchants on card transactions. It was $37,401 million in FY2025, up 6 percent, and equalled 2.24 percent of billed business. It remains the largest revenue line and moves with billed business, merchant mix and geography.
- Net Interest Income~24%
Net interest income is earned on card member loans and receivables after funding costs. It was $17,364 million in FY2025, up 12 percent, on a net interest yield of 8.1 percent, helped by growth in revolving balances and by lending features added to charge card products.
- Net Card Fees~14%
Net card fees are the annual fees on consumer, small business and corporate cards. They reached $9,993 million in FY2025, up 18 percent, at an average of $117 per proprietary card in force, driven by new acquisitions on fee-paying products and by the 2025 Platinum refresh.
- Service Fees and Other Revenue~10%
Service fees and other revenue was $7,471 million in FY2025, up 10 percent. It covers network partnership revenue from cards issued by partner banks, foreign currency fees on cross-currency spending, loyalty coalition and merchant service fees, delinquency fees, travel commissions and income from equity method investments.
Apple
- iPhone~50%
iPhone net sales were $209.6B in FY2025, up 4%, and the phone is the entry point into Services, accessories, AppleCare, iCloud and App Store spending.
- Services~26%
Services covers the App Store, advertising, cloud, AppleCare, payments, media subscriptions and licensing. FY2025 net sales were $109.2B, up 14%, at a 75.4% gross margin against 36.8% for Products.
- Mac and iPad~15%
Mac net sales were $33.7B and iPad $28.0B in FY2025, driven by Apple silicon refreshes, education, creative work and enterprise adoption.
- Wearables, Home and Accessories~9%
Apple Watch, AirPods, Vision Pro, home devices and accessories were $35.7B in FY2025, down 4%, and they deepen iPhone attachment.
Business model and strategy
American Express
How it makes money
American Express runs a closed-loop payments business: it issues the card, owns the network, underwrites the credit and contracts with the merchant. Visa and Mastercard only move the transaction between an issuing bank and an acquiring bank, so they never see both sides of a purchase.
Growth strategy
Amex's growth strategy is aggressively focused on capturing the next generation of wealthy spenders: Millennials and Gen Z. They have successfully revamped their well-known Platinum and Gold cards with perks tailored specifically for younger demographics (like Uber credits and dining rewards), resulting in rapid growth among younger cohorts.
Competitive advantage
American Express competes on the spending power of its card members rather than on price or ubiquity. Average spending per proprietary basic card member was $25,453 in 2025, which is the argument it makes to merchants who pay a higher discount rate, an average of 2.24 percent of billed business.
Apple
How it makes money
Apple sells hardware at premium prices and keeps the software, distribution and payment layers on top of it. The iPhone is the entry point, at $209.6 billion of fiscal 2025 net sales, and it pulls customers into iOS, iCloud storage plans, App Store purchases, AppleCare and accessories.
Growth strategy
Growth now comes from monetizing an installed base of more than 2.5 billion devices rather than from unit growth alone. Services rose 14 percent to $109.2 billion in fiscal 2025 on the App Store, advertising, iCloud, AppleCare, payments and subscription media, and Apple packages them through the Apple One bundle.
Competitive advantage
Apple's advantage comes from owning the parts other phone makers buy. It designs its own silicon, the A20 Pro in iPhone 18 Pro and the M5 in Mac and iPad Pro, plus the operating systems, the app store, the payment layer and the retail channel, so hardware, software and services are tuned to each other.
Questions about American Express vs Apple
Which company has higher revenue — American Express Company or Apple Inc.?
American Express Company reported $72.2B (FY2025), while Apple Inc. reported $416.2B (FY2025). By last reported revenue, Apple Inc. is the larger business, with American Express Company reporting a smaller revenue base.
What is the market cap of American Express Company vs Apple Inc.?
American Express Company's market capitalisation stands at $205.8B, while Apple Inc.'s is $4.98T. Apple Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to American Express Company.
Which is more financially efficient — American Express Company or Apple Inc.?
American Express Company generates $940k / employee in revenue per employee, while Apple Inc. generates $2.51M / employee. Apple Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do American Express Company and Apple Inc. make money?
American Express Company and Apple Inc. generate revenue in fundamentally different ways. American Express Company: American Express runs a closed-loop payments business: it issues the card, owns the network, underwrites the credit and contracts with the merchant. Apple Inc.: Apple sells hardware at premium prices and keeps the software, distribution and payment layers on top of it.
Which company is valued higher relative to revenue — American Express Company or Apple Inc.?
On a price-to-sales (P/S) basis, American Express Company trades at 2.8x P/S and Apple Inc. at 12.0x P/S. Apple Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to American Express Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is American Express Company bigger than Apple Inc.?
By last reported revenue, Apple Inc. ($416.2B (FY2025)) is the larger company compared to American Express Company ($72.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the American Express vs Apple overview