American Express vs AT&T: Revenue, Profit and Business Model
American Express reported $72.2B of revenue in FY2025 and $10.8B of net income. AT&T reported $125.6B of revenue in FY2025 and $22B 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
AT&T
- Latest revenue
- $125.6B (FY2025)
- Net income
- $22B
- Net margin
- 17.5%
- Revenue growth
- -2.9% 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.
AT&T
AT&T's financial story is large revenue, large debt and a slow correction. The company funded the $48.5 billion DirecTV purchase in 2015 and the $85.4 billion Time Warner purchase in 2018 largely with borrowing, and net debt passed $180 billion after Time Warner closed. It then reversed course: WarnerMedia was separated in 2022, the dividend was cut, and the remaining 70% DIRECTV stake went to TPG in July 2025 for a $5.6 billion gain. FY2025 revenue was $125.6 billion, with $23.4 billion of total net income, $46.4 billion of adjusted EBITDA and $16.6 billion of free cash flow against $117.4 billion of net debt. Roughly $22 billion a year of capital investment goes mostly into fiber and 5G.
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 |
AT&T
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $125.6B | $22B | 17.5% | +2.7% | Source |
| FY2024 | $122.3B | $10.9B | 8.9% | -0.1% | Source |
| FY2023 | $122.4B | $14.4B | 11.8% | +1.4% | Source |
| FY2022 | $120.7B | -$8.5B | -7.1% | -9.9% | Source |
| FY2021 | $134B | $20.1B | 15.0% | -6.3% | Source |
| FY2020 | $143.1B | -$5.2B | -3.6% | -21.1% | Source |
| FY2019 | $181.2B | $13.9B | 7.7% | +6.1% | Source |
| FY2018 | $170.8B | $19.4B | 11.3% | +6.4% | Source |
| FY2017 | $160.5B | $29.4B | 18.3% | -2.0% | Source |
| FY2016 | $163.8B | $13B | 7.9% | — | 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.
AT&T
- Mobility~71%
Wireless service plans and device sales. Segment revenue was $89.5 billion in 2025, of which $67.4 billion was service revenue and $22.1 billion equipment.
- Business Wireline~14%
Connectivity for businesses, from fiber and dedicated internet to legacy voice and data. Revenue fell to $17.2 billion in 2025 from $18.8 billion in 2024.
- Consumer Wireline~11%
Home broadband, led by AT&T Fiber and AT&T Internet Air. Revenue was $14.2 billion in 2025, with fiber revenue up 17.0% to $8.6 billion.
- Latin America~3%
Wireless service in Mexico. Revenue was $4.4 billion in 2025, up from $4.2 billion, with $145 million of operating income.
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.
AT&T
How it makes money
AT&T runs a capital-intensive network business. It buys licensed wireless spectrum, builds and upgrades cell sites, and trenches fiber, then charges consumers and businesses a monthly fee to use that network. Capital investment was $22.0 billion in 2025 against $125.6 billion of revenue.
Growth strategy
With the US smartphone market saturated, AT&T's growth depends on home internet and on keeping the wireless customers it has. It is building fiber, which passed 32.0 million consumer and business locations at the end of 2025 and carried 10.4 million subscribers, and it sells AT&T Internet Air fixed wireless where fiber is not available.
Competitive advantage
AT&T's advantage is the cost of replicating what it already owns. Its fiber network passed 32.0 million consumer and business locations at the end of 2025, and its mid-band 5G service covers more than 310 million people. Keeping that going took $22.0 billion of capital investment in 2025 alone, which is why the national market has three carriers rather than thirty.
Questions about American Express vs AT&T
Which company has higher revenue — American Express Company or AT&T Inc.?
American Express Company reported $72.2B (FY2025), while AT&T Inc. reported $125.6B (FY2025). By last reported revenue, AT&T Inc. is the larger business, with American Express Company reporting a smaller revenue base.
What is the market cap of American Express Company vs AT&T Inc.?
American Express Company's market capitalisation stands at $205.8B, while AT&T Inc.'s is $174.4B. American Express Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to AT&T Inc..
Which is more financially efficient — American Express Company or AT&T Inc.?
American Express Company generates $940k / employee in revenue per employee, while AT&T Inc. generates $945k / employee. AT&T 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 AT&T Inc. make money?
American Express Company and AT&T 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. AT&T Inc.: AT&T runs a capital-intensive network business.
Which company is valued higher relative to revenue — American Express Company or AT&T Inc.?
On a price-to-sales (P/S) basis, American Express Company trades at 2.8x P/S and AT&T Inc. at 1.4x P/S. American Express Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to AT&T Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is American Express Company bigger than AT&T Inc.?
By last reported revenue, AT&T Inc. ($125.6B (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 AT&T overview