Compare · Financials
American Express vs. Capital One: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
American Express
1 · What it sells
American Express issues charge and credit cards and runs its own card network, with revenue net of interest expense of $72.2 billion in FY2025.
Sources and detail on the American Express page2 · Who pays it
Of the $80.5 billion that came in during FY2025, merchants paid 46.5% as discount revenue, Card Members 41.3% as card fees and loan interest, and other fees and interest 12.2%.
Sources and detail on the American Express page3 · What it keeps from $100
Of every $100 that came in during FY2025, American Express spent $22.9 on Card Member rewards and $10.2 on interest and kept $13.5 as net income; profit from operations before credit losses was $19.1 billion.
Sources and detail on the American Express page4 · Where the operating profit comes from
U.S. Consumer Services earned 42.4% of FY2025 pretax income from the four segments, Global Merchant and Network Services 24.7%, Commercial Services 22.9% and International Card Services 10%.
Sources and detail on the American Express page5 · The one thing to watch
The net write-off rate on Card Member loans and receivables was 2.3% in FY2025, up from 0.8% in FY2021, and 2.1% in Q3 FY2026.
Sources and detail on the American Express page
Capital One
1 · What it sells
Capital One issues credit cards, makes car loans, lends to businesses, takes deposits and runs the Discover payment network, with $462.5 billion of loans at Sep 30, 2026.
Sources and detail on the Capital One page2 · Who pays it
Capital One does not split revenue by customer; of the $69,252 million that came in during FY2025, card borrowers paid 59%, car buyers and other consumer borrowers 11%, merchants' card fees 9%, business borrowers 8%, account and card fees 4% and investments and other 9%.
Sources and detail on the Capital One page3 · What it keeps from $100
Of every $100 that came in during FY2025, Capital One paid $22.9 in interest, set aside $29.8 for credit losses, including the $8,767 million initial allowance for Discover loans, and kept $3.0 as profit from continuing operations.
Sources and detail on the Capital One page4 · Where the operating profit comes from
In Q3 FY2026, Credit Card earned $2,859 million of the $3,539 million of net income, Consumer Banking $560 million and Commercial Banking $313 million, with a $193 million loss in Other.
Sources and detail on the Capital One page5 · The one thing to watch
Net charge-offs were 3.30% of average loans in FY2025, up from 0.88% in FY2021, and 2.73% in Q3 FY2026.
Sources and detail on the Capital One page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
American Express
Where $100 went · FY2025
| Interest paid to depositors and lenders | $10.2 |
|---|---|
| Employees | $11.2 |
| Provision for credit losses | $6.5 |
| Card Member rewards | $22.9 |
| Partner payments, marketing, Card Member services and other costs | $32.0 |
| Income tax | $3.7 |
| Kept as net income | $13.5 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in (interest income $25,598 million plus noninterest revenues $54,865 million = $80,463 million): each line = line ÷ $80,463 million × 100. Net income here is before preferred dividends and earnings allocated to share awards.
Capital One
Where $100 went · FY2025
| Interest paid to depositors and lenders | $22.9 |
|---|---|
| Employees | $18.0 |
| Provision for credit losses | $29.8 |
| Marketing, technology, offices and other costs | $26.0 |
| Income tax | $0.3 |
| Kept as profit (continuing operations) | $3.0 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (interest income $58,696 million plus noninterest income $10,556 million): each line = line ÷ $69,252 million × 100. Profit is income from continuing operations ($2,088 million); net income of $2,453 million also includes $365 million from the sold Discover Home Loan business. The provision includes the $8.8 billion initial allowance for acquired Discover loans.
Line items differ because each company groups its costs its own way in its filings. Only on American Express' receipt: Card Member rewards; Partner payments, marketing, Card Member services and other costs; Kept as net income. Only on Capital One's receipt: Marketing, technology, offices and other costs; Kept as profit (continuing operations).
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
American Express
Capital One
See the numbers
Net income
American Express
Capital One
See the numbers
Free cash flow
American Express
Not on the American Express page.
Capital One
Not on the Capital One page.
See the numbers
Who pays each company
American Express
- Merchants · 46.5% of revenueDiscount revenue: the fee American Express keeps from each purchase made with its cards ($37.4 billion)
- Card Members who borrow · 28.9% of revenueInterest on Card Member and other loans ($23.2 billion)
- Card Members paying card fees · 12.4% of revenueAnnual and other card fees, net ($10.0 billion)
- Service fees and other · 9.3% of revenueOther fees, such as travel commissions; the income statement does not split this line by payer ($7.5 billion)
- Banks and securities · 2.9% of revenueInterest on cash held at banks and on investment securities ($2.4 billion)
Capital One
- Card borrowers · 58.9% of revenueInterest on credit card balances: $40,813 million in FY2025, at an average yield of 17.95%.
- Car buyers and other consumer borrowers · 11.0% of revenueInterest on Consumer Banking loans, mostly auto loans: $7,604 million in FY2025.
- Merchants, through card fees · 9.3% of revenueDiscount and interchange fees, net, charged when its cards and networks are used: $6,443 million in FY2025.
- Business borrowers · 8.1% of revenueInterest on Commercial Banking loans: $5,585 million in FY2025.
- Customers paying account and card fees · 4.1% of revenueService charges and other customer-related fees: $2,849 million in FY2025.
- Investments and other · 8.6% of revenueInterest on investment securities ($3,218 million) and cash ($2,457 million) plus other noninterest income ($1,264 million), less a negative $981 million 'Other' loan interest line, in FY2025.
Revenue by segment
American Express
FY2025
| Segment | Revenue | Share |
|---|---|---|
| U.S. Consumer Services | $34.8B | 48.0% |
| Commercial Services | $16.9B | 23.3% |
| International Card Services | $13.0B | 17.9% |
| Global Merchant and Network Services | $7.8B | 10.7% |
Capital One
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Credit Card | $39.6B | 74.0% |
| Consumer Banking | $10.4B | 19.5% |
| Commercial Banking | $3.7B | 6.8% |
Debt and cash
American Express
Not on the American Express page.
Capital One
Not on the Capital One page.
Who owns each company
American Express
- One class of shares.
- Berkshire Hathaway (with subsidiaries): 22.1% (as of Dec 31, 2025).
- BlackRock: 6.4% (as of Feb 5, 2024).
- Vanguard Capital Management: 5.6% (as of Apr 29, 2026).
Capital One
- One class of shares.
- Officers and directors as a group: 0.8% of shares (as of Feb 18, 2026).
- The Vanguard Group: 10.2% (as of Mar 25, 2026).
- BlackRock: 7.1% (as of Mar 25, 2026).
Sources: American Express S16, S4, S17, S18 · Capital One S10, S4
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: competition, customer or supplier concentration, regulation, legal cases. Every risk is on each company's page.
American Express
- Card Members who cannot repay (demand)The 10-K says economic conditions are a major driver of results. The net write-off rate on Card Member loans and receivables rose from 0.8% in FY2021 to 2.3% in FY2025, and the provision for credit losses was $5.3 billion in FY2025.
- Funding costs (liquidity)It paid $5.4 billion of interest on deposits and $2.8 billion on debt and other borrowing in FY2025. The 10-K names failing to attract or keep deposits, interest-rate changes and credit-rating downgrades as risks.
Capital One
- Discover integration (execution)The FY2025 10-K lists the integration's cost, timing, benefits and demands on management as a risk. Discover integration expenses were $1.1 billion in FY2025 and $338 million in Q3 FY2026.
- Deposit and funding costs (pricing)Interest expense rose from $1,598 million in FY2021 to $15,818 million in FY2025. Noninterest-bearing deposits were 5.8% of deposits at Sep 30, 2026 (Cityfort calculation from the Q3 FY2026 financial supplement), and interest-bearing deposits cost 2.94% in Q3 FY2026.
Sources: American Express S1, S7 · Capital One S1, S5, S2, S6
Key facts
- How does American Express make money compared with Capital One?
- American Express' revenue by segment in FY2025: U.S. Consumer Services 48.0%, Commercial Services 23.3%, International Card Services 17.9%, Global Merchant and Network Services 10.7%. Capital One's revenue by segment in FY2025: Credit Card 74.0%, Consumer Banking 19.5%, Commercial Banking 6.8%.
- Which is bigger by revenue, American Express or Capital One?
- American Express reported $72.2B of revenue in FY2025, and Capital One reported $53.4B in FY2025.
- How much net income did American Express and Capital One report?
- American Express reported net income of $10.7B in FY2025, and Capital One reported $2.2B in FY2025.
- How much of every $100 did American Express and Capital One keep as net income?
- American Express kept $13.5 of every $100 that came in during FY2025, and Capital One kept $3.0 in FY2025 (Cityfort calculation from each company's annual report).
- When do American Express' and Capital One's fiscal years end?
- American Express: December 31. Capital One: Fiscal year ends December 31.
Sources: American Express S2, S3, S1 · Capital One S2, S1, S6
Built from each company's page. American Express updated Nov 6, 2026; Capital One updated Nov 6, 2026.
Sources
American Express
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), American Express Company (SEC EDGAR), Feb 6, 2026
- S2Form 10-K, fiscal year 2023 (ended Dec 31, 2023), American Express Company (SEC EDGAR), Feb 9, 2024
- S3Form 10-K, fiscal year 2022 (ended Dec 31, 2022), American Express Company (SEC EDGAR), Feb 10, 2023
- S4Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026), American Express Company (SEC EDGAR), Oct 23, 2026
- S7Q3 2026 statistical tables (Form 8-K, Exhibit 99.2), American Express Company (SEC EDGAR), Oct 23, 2026
- S162026 proxy statement (DEF 14A), American Express Company (SEC EDGAR), Mar 25, 2026
- S17Schedule 13G, Vanguard Capital Management (event date Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 29, 2026
- S18Schedule 13G/A, The Vanguard Group (event date Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 26, 2026
Capital One
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Capital One Financial Corporation (SEC EDGAR), Feb 19, 2026
- S2Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Capital One Financial Corporation (SEC EDGAR), Feb 23, 2024
- S4Form 10-Q, Q3 2026 (quarter ended Sep 30, 2026), Capital One Financial Corporation (SEC EDGAR), Nov 3, 2026
- S5Q3 2026 earnings release (Form 8-K, Exhibit 99.1), Capital One Financial Corporation (SEC EDGAR), Oct 20, 2026
- S6Q3 2026 financial supplement (Form 8-K, Exhibit 99.2), Capital One Financial Corporation (SEC EDGAR), Oct 20, 2026
- S102026 proxy statement (DEF 14A), Capital One Financial Corporation (SEC EDGAR), Mar 25, 2026
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