American Express‘s largest shareholder is Warren Buffett’s Berkshire Hathaway, with 151.6 million shares, 22.1%, per the 2026 proxy. Vanguard (6.8%) and BlackRock (6.4%) follow. No holder controls the company.
Correction (10 Oct 2026): earlier versions of this page showed undated or unsourced ownership figures. Ownership now comes from American Express’s American Express 2026 proxy statement; the rest of the article is kept as it was.
How we source: figures on this page come from the company’s own filings (SEC 10-K, 10-Q, prospectus and earnings releases, or its annual report), with the period stated next to each number; outside estimates appear only labelled, with their source and date. Last refreshed October 2026. Our methodology.
American Express’s 2026 proxy statement lists Warren Buffett and Berkshire Hathaway and subsidiaries with 151,610,700 shares (22.1%), The Vanguard Group (46.6 million, 6.8%) and BlackRock (44.1 million, 6.4%). Directors and executive officers each hold far less than 1%.
The Business Engineer view
Berkshire is American Express’s anchor owner: big enough to matter, not big enough to control. Its long holding period reflects the card network’s closed-loop model, which earns from both merchants and premium cardholders.
The full story
Warren Buffet primarily owns American Express via his holding company, Berkshire Hathaway, and its subsidiaries. Indeed, Warren Buffet has a 20.4% ownership stake in American Express; followed by The Vanguard Group, with 6.33%, and BlackRock, with 6.1% ownership. American Express generated $72.2 billion in consolidated total revenues net of interest expense in full-year 2025and full-year 2025 net income of $10.8 billion.
Updated 6 October 2026: we refreshed 10 figures on this page, now taken from SEC EDGAR filings. Anything we could not check against a current source keeps its original year, so you can see how old it is.
Latest figures · checked 6 October 2026
American Express reported consolidated total revenues net of interest expense of $72.2 billion for full-year 2025. SEC EDGAR filings
Description. American Express (Amex) is a global financial services company that offers a range of financial products and services. The company provides credit cards, charge cards, and prepaid cards to consumers and businesses. Amex also offers payment processing services for merchants, travel services, rewards programs, and financial management tools.
Analysis. Amex’s core offerings include credit and charge cards, serving consumers and businesses. Payment processing services benefit merchants. Travel services and rewards programs enhance customer loyalty. Financial management tools help clients manage their finances.
Description. American Express generates revenue through various sources. The primary income comes from cardholder fees, interest charges on card balances, and merchant fees. Amex also earns income from investment and asset management, travel-related services, and foreign exchange services.
Analysis. Cardholder fees, interest charges, and merchant fees constitute the primary revenue sources related to card usage. Investment and asset management fees add to income. Revenue from travel-related services and foreign exchange services diversifies income streams.
Examples. Revenue from cardholder fees, interest charges on card balances, merchant fees, investment and asset management fees, revenue from travel services (e.g., booking fees), foreign exchange services.
Customer Segments
Description. American Express serves a diverse customer base that includes individuals, small businesses, and large corporations. The brand appeals to consumers and businesses seeking financial products, travel services, and rewards programs.
Analysis. Amex’s target demographic spans individuals, small business owners, and corporate clients. The brand’s reputation for quality services, rewards, and travel benefits attracts a wide range of customers.
Examples. Individuals seeking credit cards and rewards, small business owners looking for financial solutions, large corporations managing corporate expenses.
Distribution Channels
Description. American Express distributes its financial products primarily through direct channels, including its website, mobile apps, and customer service centers. The company also partners with banks and financial institutions for co-branded credit cards and merchant services.
Analysis. Direct distribution channels offer convenience for card applicants and cardholders. Co-branded partnerships extend Amex’s reach and customer base. Partnering with merchants ensures acceptance of Amex cards.
Examples. Amex website and mobile apps for card applications and account management, co-branded credit cards with partner banks (e.g., Amex Delta SkyMiles Card), merchant partnerships for card acceptance.
Key Partnerships
Description. American Express collaborates with banks and financial institutions for co-branded credit card partnerships. The company also forms partnerships with merchants to ensure card acceptance. Additionally, it may have collaborations with airlines and hotel chains for travel-related benefits.
Analysis. Co-branded credit card partnerships expand Amex’s card offerings and customer base. Merchant partnerships ensure widespread card acceptance. Collaborations with airlines and hotels provide travel benefits and rewards.
Examples. Collaborations with partner banks for co-branded credit cards (e.g., Amex and Marriott Bonvoy), merchant partnerships for card acceptance at businesses, collaborations with airlines (e.g., Delta Air Lines) and hotel chains (e.g., Hilton) for travel benefits.
Key Resources
Description. American Express’ key resources include its brand reputation, a portfolio of credit card products, payment processing infrastructure, financial expertise, customer service centers, travel services, and a commitment to providing cardholders with exceptional benefits and experiences.
Analysis. Amex’s brand signifies reliability, quality, and financial services expertise. A diverse portfolio of credit card products meets various customer needs. Payment processing infrastructure ensures secure transactions. Customer service centers provide support. Travel services enhance customer loyalty.
Examples. American Express brand recognition, credit card product portfolio, payment processing infrastructure, financial expertise, customer service centers, travel services (e.g., travel booking and rewards programs).
Cost Structure
Description. American Express incurs costs in cardholder rewards and benefits, customer service, marketing and advertising, payment processing operations, employee salaries, and technology infrastructure maintenance.
Analysis. Cardholder rewards and benefits, such as cashback and travel rewards, represent significant expenses. Customer service and marketing campaigns are essential for customer retention and acquisition. Payment processing operations require resources. Employee salaries are substantial due to expertise. Technology infrastructure maintenance ensures secure transactions.
Examples. Costs related to cardholder rewards and benefits, customer service operations, marketing and advertising campaigns, payment processing operations, employee salaries, technology infrastructure maintenance.
Description. American Express’ competitive advantage lies in its premium brand reputation, a portfolio of premium credit card products, a strong focus on customer service, extensive merchant network, and rewards programs. The company targets customers seeking quality, reliability, and exceptional cardholder benefits.
Analysis. Amex’s premium brand sets it apart in the financial services industry. Premium credit card products attract affluent customers. A strong commitment to customer service and a wide merchant network enhance convenience. Rewards programs drive customer loyalty.
Examples. Premium credit card products like Amex Platinum, a network of high-quality merchants, a reputation for exceptional customer service, Membership Rewards program, access to airport lounges through partnerships.
Value Proposition
Description. American Express provides customers with premium credit card products, exceptional rewards and benefits, a wide network of merchants, travel services, and a reputation for reliability and financial expertise. It offers a unique blend of financial solutions and experiences for individuals and businesses.
Analysis. Amex’s value proposition centers on delivering premium financial products and services. Premium credit cards provide exclusive benefits. A wide merchant network ensures card acceptance. Travel services and rewards programs enhance the customer experience.
Examples. Access to premium credit card benefits like travel perks, earning rewards with Membership Rewards, using Amex cards at a wide network of merchants, enjoying travel booking services.
History of American Express
American Express is an American financial services corporation with a primary focus on credit cards, payment processing, and traveler’s cheques. The company was founded in 1850 and was the result of a merger between entities owned by Henry Wells, William G. Fargo, and John Warren Butterfield.
Key numbersChecked 6 October 2026
$72.2 billionAmerican Express reported consolidated total revenues net of interest expense of $72.2 billion forโฆSEC EDGAR filings
$10.8 billionAmerican Express reported full-year 2025 net income of $10.8 billion.SEC EDGAR filings
$15.38American Express's full-year 2025 earnings per share was $15.38.SEC EDGAR filings
$19.6 billionAmerican Express's second-quarter 2026 consolidated total revenues net of interest expense were $19.6โฆSEC EDGAR filings
In one lineWarren Buffet primarily owns American Express via his holding company, Berkshire Hathaway, and its subsidiaries.
FourWeekMBABusiness EngineerAt a glance
Indeed, Warren Buffet has a 20.4% ownership stake in American Express; followed by The Vanguard Group, with 6.33%, and BlackRock, with 6.1% ownership.
American Express generated $72.2 billion in consolidated total revenues net of interest expense in full-year 2025and full-year 2025 net income of $10.8 billion.
Government nationalized the express industry in 1918, American Express pivoted almost exclusively to banking and travel-related services.
American Express generated $72.2 billion in full-year 2025 consolidated total revenues net of interest expense and $10.8 billion in full-year 2025 net income.
Layout and figures refreshed 6 October 2026. Sources are listed at the end of the article.
Why it mattersFrom the article
American Express' competitive advantage lies in its premium brand reputation, a portfolio of premium credit card products, a strong focus on customer service, extensive merchant network, and rewards programs.
Here is a look at the companyโs history and how it has evolved since its inception.
The origins of American Express
American Express was founded on March 18, 1850, and was the result of a merger between three companies involved in the transportation industry:
Livingston, Fargo & Company (formerly Western Express) โ founded by Henry Wells and William G. Fargo in 1845.
Wells & Co. (formerly Livingston, Wells & Co.) โ founded by Henry Wells in 1846 and subsequently owned by Wells at the time of the merger, and
Butterfield & Wasson โ founded by John Butterfield and James D. Wasson.
With Wells as President and Fargo as Secretary, American Express (then an unincorporated association) specialized in the express delivery of valuables, goods, and other packages.
FourWeekMBABusiness EngineerTimeline, as stated in the article
1958
Years later, in 1958, the company debuted its now-iconic green charge card in the United States and Canada.
1972
In 1972, the first card-issuance partnerships were established in South America and Europe to grow the business and brand around the world.
1991
This growth accelerated in the 1990s and was no doubt helped by the introduction of the Membership Miles rewards program in 1991.
2010
American Express released its best-in-class mobile app in 2010, which was soon followed by its Small Business Saturday initiative to encourage Americans to support small businesses.
2014
In 2014, the company launched the machine learning-based Amplify Fraud Protection to protect users from malicious actors anywhere in the world.
American Express is founded
By 1862, American Express operated over 890 offices and almost 10,000 miles of railway and express routes across the United States. Its success attracted the attention of competitors โ notably the Merchants Union Express Company who remained a bitter rival for two years.
On November 25, 1868, the two entities merged to form the American Merchants Union Express Company. This was later renamed the American Express Company in 1873.
When Fargo died in 1881, younger brother James Congdell Fargo started what would become a 33-year stint at the helm of the company. Over the years, he introduced innovations such as money orders (1882) and traveler’s cheques (1891) and later oversaw the company’s first offices in France, England, and Germany, among others.
Change of direction and expansion
When the U.S. Government nationalized the express industry in 1918, American Express pivoted almost exclusively to banking and travel-related services.
Years later, in 1958, the company debuted its now-iconic green charge card in the United States and Canada. Over the 60s, 70s, and 80s, American Express acquired various investment, insurance, and publishing companies to diversify its interests.
In 1972, the first card-issuance partnerships were established in South America and Europe to grow the business and brand around the world. This growth accelerated in the 1990s and was no doubt helped by the introduction of the Membership Miles rewards program in 1991.
Four years later, American Express released its first cobranded card in collaboration with hotel chain Hilton. According to its website, the deal marked โa seismic shift in the companyโs thinking, demonstrating the power of partnership to help serve our mutual customers.โ
Recent initiatives
American Express released its best-in-class mobile app in 2010, which was soon followed by its Small Business Saturday initiative to encourage Americans to support small businesses.
In 2014, the company launched the machine learning-based Amplify Fraud Protection to protect users from malicious actors anywhere in the world. American Express’s Corporate Card program was refreshed in 2019 with new flexible tools and solutions for business travelers.
American Express is an American financial services corporation with a primary focus on credit cards, payment processing, and traveler’s cheques. The company was founded in 1850 and was the result of a merger between entities owned by Henry Wells, William G. Fargo, and John Warren Butterfield.
The companyโs early success attracted the attention of competitors โ notably the Merchants Union Express Company who remained a bitter rival for two years. On November 25, 1868, the two entities merged to form the American Merchants Union Express Company. This was later renamed the American Express Company in 1873.
When the U.S. Government nationalized the express industry in 1918, American Express pivoted almost exclusively to banking and travel-related services. In 1958, the company debuted its now-iconic green charge card in the United States and Canada and later acquired various investment, insurance, and publishing companies to diversify.
Key Highlights
Ownership and Financials:
Warren Buffet’s Berkshire Hathaway owns a 20.4% stake in American Express.
American Express generated $72.2 billion in full-year 2025 consolidated total revenues net of interest expense and $10.8 billion in full-year 2025 net income.
The Vanguard Group and BlackRock are other significant shareholders.
Founding and Merger:
American Express was founded in 1850 as a result of a merger between three transportation companies.
Henry Wells, William G. Fargo, and John Warren Butterfield were key figures in its inception.
Early Success and Rivalry:
By 1862, American Express had over 890 offices and extensive railway and express routes.
The company had a notable rivalry with Merchants Union Express Company.
Merger and Name Change:
American Express merged with Merchants Union Express Company in 1868.
The resulting entity was renamed American Express Company in 1873.
Shift to Banking and Travel Services:
In 1918, due to government nationalization, American Express shifted focus to banking and travel-related services.
Iconic Charge Card and Diversification:
American Express introduced its green charge card in 1958 in the US and Canada.
Over the years, the company diversified by acquiring various investment, insurance, and publishing companies.
Global Expansion and Partnerships:
The company expanded internationally, establishing offices in countries like France, England, and Germany.
It initiated card-issuance partnerships in South America and Europe in the 1970s.
The Membership Miles rewards program was launched in 1991.
Co-branded Cards and Innovations:
American Express introduced cobranded cards, starting with Hilton in 1995.
The company released its mobile app in 2010 and launched Small Business Saturday to support local businesses.
Amplify Fraud Protection, a machine learning-based security measure, was introduced in 2014.
Equity and Social Initiatives:
In 2019, the Corporate Card program was updated for business travelers.
American Express announced a $1 billion action plan in 2019 to promote equity across colleagues, customers, and communities.
Recent Recognition and Financial Performance:
In April 2023, American Express was ranked third on the Fortune Best Companies to Work For List.
The company reported second-quarter 2026 consolidated total revenues net of interest expense of $19.6 billion.
In 2020, American Express reported a revenue of $36.08 billion.
The company saw an increase in revenue in 2021, reporting $42.38 billion, indicating a growth from the previous year.
In 2022, American Express’s revenue significantly increased to $52.86 billion, showing a strong upward trend over the three-year period.
In 2020, American Express reported a net income of $3.13 billion.
The company’s net income significantly increased in 2021, rising to $8.06 billion.
In 2022, the net income slightly decreased to $7.51 billion, but it was still considerably higher than the 2020 figure.
Mastercard is primarily owned by the Mastercard Foundation, which owns 10.7% of the company’s stocks, followed by The Vanguard Group, 8.2%, and BlackRock, 6.8%. Mastercard generated over $22 billion in revenue in 2022 and over $9.9 billion in profits (net income).
Mastercard’s revenue in 2020 was $15.3 billion.
The revenue increased to $18.88 billion in 2021.
By 2022, Mastercard’s revenue had grown further to $22.24 billion.
The growth in revenue from 2020 to 2021 was approximately 23.4%.
The growth in revenue from 2021 to 2022 was approximately 17.8%.
Over the three-year period from 2020 to 2022, Mastercard’s revenue increased by approximately 45.3%.
In 2020, Mastercard’s net income was $6.41 billion.
The net income increased to $8.68 billion in 2021.
By 2022, Mastercard’s net income had grown further to $9.93 billion.
The growth in net income from 2020 to 2021 was approximately 35.4%.
The growth in net income from 2021 to 2022 was approximately 14.4%.
Over the three-year period from 2020 to 2022, Mastercard’s net income increased by approximately 54.9%.
Visa is primarily owned by institutional investors like The Vanguard Group, with an 8.62% ownership stake, and BlackRock, with a 7.75 ownership stake. Some top individual shareholders comprise Chairman of the Board of Directors Alfred Kelly, President of Technology Rajat Taneja, and CEO Ryan Mclnerney.
Visa’s revenue in 2020 was $21.84 billion.
In 2021, Visa’s revenue increased to $24.1 billion.
By 2022, Visa’s revenue had grown further to $29.31 billion.
The revenue growth from 2020 to 2021 was approximately 10.4%.
The revenue growth from 2021 to 2022 was approximately 21.6%.
Over the three-year period from 2020 to 2022, Visa’s revenue increased by approximately 34.2%.
In 2020, Visa’s payment volume was $8.8 trillion.
The payment volume increased to $10.4 trillion in 2021.
By 2022, Visa’s payment volume had grown further to $11.6 trillion.
The growth in payment volume from 2020 to 2021 was approximately 18.2%.
The growth in payment volume from 2021 to 2022 was approximately 11.5%.
Over the three-year period from 2020 to 2022, Visa’s payment volume increased by approximately 31.8%.
In 2020, Visa processed 140.8 billion transactions.
The number of transactions processed increased to 164.7 billion in 2021.
By 2022, Visa had processed 192.5 billion transactions.
The growth in transactions processed from 2020 to 2021 was approximately 16.9%.
The growth in transactions processed from 2021 to 2022 was approximately 16.8%.
Over the three-year period from 2020 to 2022, the number of transactions processed by Visa increased by approximately 36.7%.
In 2020, Visa’s net income was $10.86 billion.
The net income increased to $12.31 billion in 2021.
By 2022, Visa’s net income had grown further to $14.96 billion.
The growth in net income from 2020 to 2021 was approximately 13.3%.
The growth in net income from 2021 to 2022 was approximately 21.5%.
Over the three-year period from 2020 to 2022, Visa’s net income increased by approximately 37.8%.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
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