American Express vs Berkshire Hathaway: Revenue, Profit and Business Model
American Express reported $72.2B of revenue in FY2025 and $10.8B of net income. Berkshire Hathaway reported $371.4B of revenue in FY2025 and $67B 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
Berkshire Hathaway
- Latest revenue
- $371.4B (FY2025)
- Net income
- $67B
- Net margin
- 18.0%
- Revenue growth
- +6.3% 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.
Berkshire Hathaway
Berkshire reported 2025 revenue of $371.444 billion, operating earnings of $44.486 billion (down from $47.437 billion in 2024 and above the five-year average of about $37.5 billion), and net earnings attributable to shareholders of $66.968 billion. GAAP net earnings swing with the equity portfolio: 2025 included $30.737 billion of after-tax investment gains and $8.255 billion of after-tax impairments on Kraft Heinz and Occidental. The businesses produced $46 billion of net cash from operating activities. Insurance earned $9.460 billion of pre-tax underwriting profit, with GEICO contributing $6.824 billion, and insurance float grew to $176 billion from $171 billion a year earlier. Shareholders' equity ended 2025 at $717.4 billion, up $68.1 billion, and the insurance and other businesses held $369.0 billion of cash, cash equivalents and US Treasury Bills. Berkshire repurchased no stock in 2025 and has paid no dividend since 1967.
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 |
Berkshire Hathaway
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $371.4B | $67B | 18.0% | +0.0% | Source |
| FY2024 | $371.4B | $89B | 24.0% | +1.9% | Source |
| FY2023 | $364.5B | $96.2B | 26.4% | +20.7% | Source |
| FY2022 | $302B | -$22.8B | -7.5% | +9.4% | Source |
| FY2021 | $276.2B | $89.9B | 32.6% | +12.5% | Source |
| FY2020 | $245.6B | $42.5B | 17.3% | -3.5% | Source |
| FY2019 | $254.6B | $81.4B | 32.0% | +2.7% | Source |
| FY2018 | $247.8B | $4B | 1.6% | +3.3% | Source |
| FY2017 | $239.9B | $44.9B | 18.7% | +11.5% | Source |
| FY2016 | $215.1B | $24.1B | 11.2% | — | 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.
Berkshire Hathaway
- Insurance premiums earned23.9%
GEICO, Berkshire Hathaway Primary Group and Berkshire Hathaway Reinsurance Group earned $88.902B of premiums in 2025 and produced $9.460B of pre-tax underwriting earnings.
- Sales and service revenues53.7%
Manufacturing, service and retailing businesses, plus McLane and Pilot distribution, generated $199.524B of sales and service revenue in 2025, the largest revenue line and a thin-margin one.
- Interest, dividend and other investment income6.3%
Investment income of $23.261B in 2025 came mostly from US Treasury Bills and dividends on the equity portfolio.
- Freight rail transportation6.3%
BNSF produced $23.330B of freight revenue in 2025 hauling consumer products, industrial products, agricultural and energy products and coal.
- Utility and energy operating revenues5.9%
Berkshire Hathaway Energy's regulated utilities and pipelines produced $21.856B in 2025, serving about 5.4 million retail customers.
- Leasing revenues2.7%
Leasing businesses including XTRA trailer leasing and other equipment lessors produced $10.034B in 2025.
- Railroad, utilities and energy service revenues and other income1.2%
Service revenues and other income inside the railroad, utilities and energy group added $4.537B in 2025.
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.
Berkshire Hathaway
How it makes money
Berkshire's business model is capital allocation on top of a decentralized group of operating companies. Subsidiary managers run their own businesses, with no corporate budget submissions and no committee structure at headquarters, and send surplus cash to Omaha.
Growth strategy
Berkshire's size limits what can move its results, so growth comes from large purchases, reinvestment inside existing businesses and buying back its own stock. Buffett described the 2009 BNSF agreement, a $34 billion investment in the railroad, as an all-in wager on the economic future of the United States.
Competitive advantage
Berkshire's advantages are permanent capital, a balance sheet that stays liquid by design, and a reputation that brings sellers to it.
Questions about American Express vs Berkshire Hathaway
Which company has higher revenue — American Express Company or Berkshire Hathaway Inc.?
American Express Company reported $72.2B (FY2025), while Berkshire Hathaway Inc. reported $371.4B (FY2025). By last reported revenue, Berkshire Hathaway Inc. is the larger business, with American Express Company reporting a smaller revenue base.
What is the market cap of American Express Company vs Berkshire Hathaway Inc.?
American Express Company's market capitalisation stands at $205.8B, while Berkshire Hathaway Inc.'s is $1.07T. Berkshire Hathaway 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 Berkshire Hathaway Inc.?
American Express Company generates $940k / employee in revenue per employee, while Berkshire Hathaway Inc. generates $958k / employee. Berkshire Hathaway 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 Berkshire Hathaway Inc. make money?
American Express Company and Berkshire Hathaway 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. Berkshire Hathaway Inc.: Berkshire's business model is capital allocation on top of a decentralized group of operating companies.
Which company is valued higher relative to revenue — American Express Company or Berkshire Hathaway Inc.?
On a price-to-sales (P/S) basis, American Express Company trades at 2.8x P/S and Berkshire Hathaway Inc. at 2.9x P/S. Berkshire Hathaway 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 Berkshire Hathaway Inc.?
By last reported revenue, Berkshire Hathaway Inc. ($371.4B (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 Berkshire Hathaway overview