# Who are American Express's customers? Who does American Express earn revenue from?
Canonical: https://valuechain.wiki/american-express · Facet: customers · Updated: 2026-10-11T16:15:40.657863+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: American Express discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 4 dated sources, 2 of them primary filings (as of 2026-10-11).

### 가맹점 (high)
- metric: Amount $37.4B · FY2025 · Merchant discount revenue
- note: Merchants pay discount fees for transactions processed on the American Express network. Discount revenue was its largest revenue source at $37.401 billion in 2025, while Q2 2026 Card Member spending rose 9% year over year.
- [confirms] SEC EDGAR (EN, filing, published 2026-07-24) https://www.sec.gov/Archives/edgar/data/4962/000000496226000322/axp-20260630.htm: "Q2 2026 billed business was $455.8 billion, up 9% year over year."
- [mentions] Associated Press (EN, news, published 2026-07-24) https://apnews.com/article/fa19578e2c0aefbaaae262b23a56f135: "AP reported average spending of $6,759 per Card Member, up from $6,393 a year earlier."
- [confirms] Korean Credit Card Research Institute (KO, research, published 2026-05-08) https://www.creditcard.re.kr/files/board.7/1778221408422337000.pdf: "The Korean Credit Card Research Institute reports $37.401 billion of 2025 merchant-fee revenue."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-06) https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm: "Discount revenue, its largest revenue source, was $37.401 billion in 2025."

### 카드 회원 (high)
- metric: Amount $10B · FY2025 · Net card fees
- note: Card Members pay annual fees and interest on revolving balances. Net card fees reached $9.993 billion in 2025, and the model combines spending, lending and fee revenues from a premium, high-credit-quality customer base.
- [mentions] Associated Press (EN, news, published 2026-07-24) https://apnews.com/article/fa19578e2c0aefbaaae262b23a56f135: "About three quarters of the three million new Q2 customers chose cards with annual fees."
- [confirms] SEC EDGAR (EN, filing, published 2026-07-24) https://www.sec.gov/Archives/edgar/data/4962/000000496226000322/axp-20260630.htm: "Q2 2026 revenue net of interest expense rose 10% to $19.637 billion."
- [confirms] Korean Credit Card Research Institute (KO, research, published 2026-05-08) https://www.creditcard.re.kr/files/board.7/1778221408422337000.pdf: "The Korean research presentation also reports $9.993 billion of 2025 net card fees."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-06) https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm: "Net card fees were $9.993 billion in 2025 and vary by card type and number of cards per account."

### Berkshire Hathaway (high)  → /berkshire-hathaway.md
- metric: Market share 22.5 percent · 2026-06-30 · Berkshire ownership of American Express shares outstanding
- note: Berkshire Hathaway owned 151.6 million American Express shares at June 30, 2026, representing 22.5% of shares outstanding.
- [confirms] SEC EDGAR (EN, filing, published 2026-08-08) https://www.sec.gov/Archives/edgar/data/1067983/000119312526341032/brka-20260630.htm: "At June 30, 2026, Berkshire owned 151.6 million American Express shares, or 22.5% of shares outstanding."

Reverse side: https://valuechain.wiki/american-express/suppliers.md · Ripple: https://valuechain.wiki/american-express/ripple.md

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