American Express vs Twilio: Revenue, Profit and Business Model
American Express reported $72.2B of revenue in FY2025 and $10.8B of net income. Twilio reported $5.1B of revenue in FY2025 and $33.8M 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
Twilio
- Latest revenue
- $5.1B (FY2025)
- Net income
- $33.8M
- Net margin
- 0.7%
- Revenue growth
- +38.1% 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.
Twilio
Twilio moved from heavy losses to profit in three years. Net loss attributable to common stockholders was $1.256 billion in 2022 and $1.015 billion in 2023, narrowed to $109.4 million in 2024, and turned into net income of $33.8 million in 2025 on revenue of $5.067 billion. In Q2 2026 Twilio reported revenue of $1.499 billion, GAAP income from operations of $84.5 million, non-GAAP income from operations of $284.6 million, and record free cash flow of $352.6 million. Q2 2026 GAAP net income of $1.067 billion was inflated by a one-time, non-cash release of a valuation allowance on U.S. deferred tax assets worth $5.91 per diluted share. Dollar-based net expansion improved to 116% from 108% a year earlier. A $2.0 billion buyback authorized in January 2025 continues the capital-return program that followed a $3.0 billion repurchase plan.
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 |
Twilio
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $5.1B | $33.8M | 0.7% | +13.7% | Source |
| FY2024 | $4.5B | -$109.4M | -2.5% | +7.3% | Source |
| FY2023 | $4.2B | -$1B | -24.4% | +8.6% | Source |
| FY2022 | $3.8B | -$1.3B | -32.8% | +34.6% | Source |
| FY2021 | $2.8B | -$949.9M | -33.4% | +61.3% | Source |
| FY2020 | $1.8B | -$491M | -27.9% | +55.3% | Source |
| FY2019 | $1.1B | -$307.1M | -27.1% | +74.5% | Source |
| FY2018 | $650.1M | -$121.9M | -18.8% | +62.9% | Source |
| FY2017 | $399M | -$63.7M | -16.0% | +43.9% | Source |
| FY2016 | $277.3M | -$41.3M | -14.9% | — | 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.
Twilio
- Core Communications (Messaging, Voice, Video)
Majority of revenue
High-volume, usage-based revenue from programmable messaging, voice, email, verification, and contact-center APIs. Messaging generated $2.878 billion in FY2025, while voice, email, Verify, Flex, and related products diversify Twilio beyond raw SMS routing.
- Customer Data and Engagement (Segment, CustomerAI)
Not separately disclosed
Subscription and consumption-hybrid revenue from Segment, CustomerAI, data activation, and engagement workflows. Twilio does not break this stream out as a standalone FY2025 revenue total in the headline financial profile.
- Email and Other (SendGrid, Verify, Flex)
Not separately disclosed
Revenue from SendGrid email, Verify, Flex, and adjacent engagement products that complement the core communications API platform.
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.
Twilio
How it makes money
Twilio makes most of its money from usage-based fees: customers pay per message, per voice minute, per email, or per verification sent through its APIs, so revenue rises with their traffic. Messaging alone generated $2.878 billion of FY2025 revenue.
Growth strategy
Twilio is positioning itself as communications and identity infrastructure for AI agents. Its plan combines usage growth in messaging and voice, cross-selling Segment customer data, Flex, and Verify to existing accounts, adding agent identity through the November 2025 Stytch acquisition, and keeping operating costs in check while returning cash through buybacks.
Competitive advantage
Twilio's advantage comes from developer mindshare, API breadth, carrier relationships, global routing, customer integrations, data products, and mission-critical communications workflows.
Questions about American Express vs Twilio
Which company has higher revenue — American Express Company or Twilio Inc.?
American Express Company reported $72.2B (FY2025), while Twilio Inc. reported $5.1B (FY2025). By last reported revenue, American Express Company is the larger business, with Twilio Inc. reporting a smaller revenue base.
What is the market cap of American Express Company vs Twilio Inc.?
American Express Company's market capitalisation stands at $205.8B, while Twilio Inc.'s is $37.8B. American Express Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Twilio Inc..
Which is more financially efficient — American Express Company or Twilio Inc.?
American Express Company generates $940k / employee in revenue per employee, while Twilio Inc. generates $923k / 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 Twilio Inc. make money?
American Express Company and Twilio 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. Twilio Inc.: Twilio makes most of its money from usage-based fees: customers pay per message, per voice minute, per email, or per verification sent through its APIs, so revenue rises with their traffic.
Which company is valued higher relative to revenue — American Express Company or Twilio Inc.?
On a price-to-sales (P/S) basis, American Express Company trades at 2.8x P/S and Twilio Inc. at 7.5x P/S. Twilio 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 Twilio Inc.?
By last reported revenue, American Express Company ($72.2B (FY2025)) is the larger company compared to Twilio Inc. ($5.1B (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 Twilio overview