MEDIUMBuilt-inCustomer
41%
small business and corporate clients
“10-K Item 1A: 'spending by small business and corporate clients, which comprised approximately 41 percent of our worldwide billed business during 2025'”
AXP · Concentration risk · 10-K extracted
American Express (AXP) concentration risks
Updated
The most significant concentration American Express discloses is small business and corporate clients at 41%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: American Express’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH0
MEDIUM3
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
26%
all cobrand portfolios
“10-K Item 1A: 'All of our cobrand portfolios in the aggregate accounted for approximately 26 percent of our worldwide billed business for the year ended December 31, 2025'”
MEDIUMBuilt-inGeographic
California, Florida, New York, Texas, Georgia and New Jersey
“10-K Item 1A: 'Card Members in California, Florida, New York, Texas, Georgia and New Jersey account for a significant portion of U.S. consumer and small business billed business'”
LOWOutside partyCustomer
13%
Delta cobrand portfolio
“10-K Item 1: 'The Delta cobrand portfolio continued to represent approximately 13 percent of worldwide billed business and approximately 21 percent of worldwide Card Member loans as of December 31, 2025'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is dominated by customer-segment and cobrand dependencies alongside a geographic tilt within the U.S. market. Spending by small business and corporate clients comprised approximately 41% of worldwide billed business during 2025, a medium-share structural exposure reflecting the company's deliberate positioning around the commercial card and expense management market. Because this segment tends to be more sensitive to business investment cycles, a slowdown in small business or corporate travel and entertainment spending would disproportionately affect volumes. The cobrand portfolio adds another layer of medium-share concentration: all cobrand portfolios in aggregate accounted for approximately 26% of worldwide billed business for the year ended December 31, 2025, a dependency exposure since cobrand economics depend on negotiated partner contracts that can be competed away or restructured at renewal. Within that aggregate, the Delta cobrand portfolio specifically represented approximately 13% of worldwide billed business and approximately 21% of worldwide Card Member loans as of December 31, 2025 — a small-share concentration by disclosed size but the most visible single-partner dependency in the book given its combined billing and lending presence. The geographic tilt toward card members in California, Florida, New York, Texas, Georgia, and New Jersey adds a medium-share regional exposure. Outsized consumer and small business activity in those states ties a meaningful portion of billed business to local economic conditions, though the breadth of the list limits single-state concentration.
For the engine’s reasoning on AXP’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Credit Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AGM | Federal Agricultural Mortgage C | 3 | 0 | 0 | 3 |
| AGM-A | Federal Agricultural Mortgage C | 3 | 0 | 0 | 3 |
| AFRM | Affirm Holdings, Inc. | 2 | 1 | 0 | 3 |
| AXP● | American Express Company | 0 | 3 | 1 | 4 |
| BFH | Bread Financial Holdings, Inc. | 0 | 2 | 3 | 5 |
| ALLY | Ally Financial Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.