American Express vs Coca-Cola: Revenue, Profit and Business Model
American Express reported $72.2B of revenue in FY2025 and $10.8B of net income. Coca-Cola reported $47.9B of revenue in FY2025 and $13.1B 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
Coca-Cola
- Latest revenue
- $47.9B (FY2025)
- Net income
- $13.1B
- Net margin
- 27.3%
- Revenue growth
- +4.3% a year, FY2019–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.
Coca-Cola
Coca-Cola's financial profile comes from its asset-light franchise model. It sells concentrates and syrups to independent bottlers, which own the capital-intensive plants, trucks and coolers, so the parent company keeps high margins on a relatively small asset base. FY2025 revenue was $47.941 billion with $13.107 billion in net income, up from $47.061 billion in revenue in 2024. In Q2 2026, net revenue grew 7% to $13.4 billion and comparable EPS rose 11% to $0.97. That cash supports the dividend: in February 2026 the board approved a 64th consecutive annual increase, to $0.53 per quarter. Berkshire Hathaway has held 400 million shares since the early 1990s, making it the largest single shareholder.
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 |
Coca-Cola
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $47.9B | $13.1B | 27.3% | +1.9% | Source |
| FY2024 | $47.1B | — | 0.0% | +2.9% | Source |
| FY2023 | $45.8B | $10.7B | 23.4% | +6.4% | Source |
| FY2022 | $43B | $9.5B | 22.2% | +11.3% | Source |
| FY2021 | $38.7B | — | 0.0% | +17.1% | Source |
| FY2020 | $33B | — | 0.0% | -11.4% | Source |
| FY2019 | $37.3B | $8.9B | 23.9% | — | 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.
Coca-Cola
- Concentrate operations
Roughly 55-60% of net operating revenue
Sales of concentrates, syrups and beverage bases to authorized bottlers and fountain customers; the high-margin core of the model.
- Finished product operations
Roughly 40-45% of net operating revenue
Company-owned bottling operations, Costa Coffee, fairlife and other businesses that sell finished beverages directly to retailers and distributors.
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.
Coca-Cola
How it makes money
Coca-Cola runs a franchise model. The company develops or acquires beverage recipes and runs global marketing, including sponsorships such as the Olympics. It earns revenue by selling concentrate to independent bottling companies around the world, such as Coca-Cola Europacific Partners. The bottlers add water, package the drinks and handle distribution, and pay Coca-Cola for the right to sell its brands.
Growth strategy
Coca-Cola calls itself a 'total beverage company': it keeps trademark Coca-Cola and Coca-Cola Zero Sugar at the center while building scale in coffee (Costa), sports hydration (BodyArmor, Powerade), premium water (Smartwater, Topo Chico) and value-added dairy (fairlife).
Competitive advantage
Coca-Cola's advantage is its brand and its distribution network. Its products reach even very remote places through a system of bottlers, trucks and independent shopkeepers that took more than a century to build. A new drinks company can develop a product people like, but it cannot quickly match Coca-Cola's reach into shops and refrigerators worldwide.
Questions about American Express vs Coca-Cola
Which company has higher revenue — American Express Company or The Coca-Cola Company?
American Express Company reported $72.2B (FY2025), while The Coca-Cola Company reported $47.9B (FY2025). By last reported revenue, American Express Company is the larger business, with The Coca-Cola Company reporting a smaller revenue base.
What is the market cap of American Express Company vs The Coca-Cola Company?
American Express Company's market capitalisation stands at $205.8B, while The Coca-Cola Company's is $379.0B. The Coca-Cola Company 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 The Coca-Cola Company?
American Express Company generates $940k / employee in revenue per employee, while The Coca-Cola Company generates $727k / employee. American Express Company 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 The Coca-Cola Company make money?
American Express Company and The Coca-Cola Company 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. The Coca-Cola Company: Coca-Cola runs a franchise model.
Which company is valued higher relative to revenue — American Express Company or The Coca-Cola Company?
On a price-to-sales (P/S) basis, American Express Company trades at 2.8x P/S and The Coca-Cola Company at 7.9x P/S. The Coca-Cola Company 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 The Coca-Cola Company?
By last reported revenue, American Express Company ($72.2B (FY2025)) is the larger company compared to The Coca-Cola Company ($47.9B (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 Coca-Cola overview