American Express

American Express (Amex) (NYSE: AXP) is a multinational financial services company that provides credit cards, charge cards, and other payment and financing solutions. Amex reported revenue (net of interest expense) of USD 52.9 billion in 2022, with 76.7 million cards in circulation worldwide, as of December 2022. Amex was the third largest credit card company in the US in 2021, with a market share of ~19% based on payment volumes. 

Amex's US and global card issuing businesses are conducted through the US Customer Services (USCS) and Commercial Services (CS) segments and the International Card Services (ICS) segment, respectively. The Global Merchant and Network Services (GMNS) segment includes a global payments network that processes and settles card transactions as well as merchant acquisition operations.      

The US accounted for ~78% of Amex’s total revenue in 2022, followed by the EMEA (9%), Asia-Pacific (7%), and LACC (6%) regions. The company has set out four main strategies through which it expects to see sustainable business growth: 1) expanding leadership in the premier consumer segment, 2) continuing growth in commercial payments, 3) strengthening the global network, and 4) continuing to build on its global position. Amex expects revenue growth to be between 15% and 17% in 2023 (25.x% YoY in 2022) and in excess of 10% beyond 2024. It has also committed to reaching net-zero emissions by 2035.