Earned & PaidAmerican Express
American Express spent $6.25B on advertising and marketing in fiscal 2025, up 3.5% on the year before. That's 15.1% of revenue.
Marketing spend by year
Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue.
What they told investors
“Given the strong performance we saw in Q1 and our confidence in the balance of the year, we plan to increase our marketing investments to support long‑term growth.”Christophe Le Caillec · 2026 Q1 · transcript
“In 2025, for example, we invested $6.3 billion in marketing, an increase from around 75% since 2019.”Stephen Squeri · 2025 Q4 · transcript
“A great example of this is our recent decision to quickly redirect marketing investments to our US platinum products given the strength we saw towards the end of the year.”Stephen Squeri · 2025 Q4 · transcript
“We reallocated marketing dollars away from lower-cost cash back products to platinum, and platinum new acquisitions were up significantly.”Christophe Le Caillec · 2025 Q4 · transcript
“This is not exactly visible to you in the numbers that we are sharing with you, but this shows, you know, that the efficiency of our marketing dollars is improving.”Christophe Le Caillec · 2025 Q4 · transcript
“They support revenue growth by driving customer acquisition and engagement, they improve credit outcomes by attracting highly creditworthy customers and they drive marketing efficiency by increasing demand for our products.”Christophe Le Caillec · 2025 Q4 · transcript
Say vs do
American Express has made 1 statement about its marketing budget for a year that isn't filed yet; the verdict comes with that 10-K.
What they said
“Given the strong performance we saw in Q1 and our confidence in the balance of the year, we plan to increase our marketing investments to support long‑term growth.”
Christophe Le Caillec on the 2026 Q1 earnings call, Apr 23, 2026 · transcript
Too early to check FY2026 isn't filed yet.
“In 2025, for example, we invested $6.3 billion in marketing, an increase from around 75% since 2019.”
Stephen Squeri on the 2025 Q4 earnings call, Jan 30, 2026 · transcript
Can't tell from annual filings It's about several years, not one we can check.
“A great example of this is our recent decision to quickly redirect marketing investments to our US platinum products given the strength we saw towards the end of the year.”
Stephen Squeri on the 2025 Q4 earnings call, Jan 30, 2026 · transcript
Can't tell from annual filings Filings don't split brand from performance or report spend by channel.
“We reallocated marketing dollars away from lower-cost cash back products to platinum, and platinum new acquisitions were up significantly.”
Christophe Le Caillec on the 2025 Q4 earnings call, Jan 30, 2026 · transcript
Can't tell from annual filings Filings don't split brand from performance or report spend by channel.
What they did
| Year | Marketing spend | Change | Share of revenue |
|---|---|---|---|
| FY2025 | $6.25B | +3.5% | 15.1% |
| FY2024 | $6.04B | +15.9% | 15.6% |
| FY2023 | $5.21B | -4.5% | 14.0% |
| FY2022 | $5.46B | +3.2% | 15.9% |
| FY2021 | $5.29B | +43.2% | 19.1% |
Against its peers. Compared with the 3 other Finance advertisers we track (JPMorgan Chase, Bank of America, Capital One): last year +3.5% (median +12.7%).
In interviews, its leaders made 28 statements about marketing: 3 argued for investing in brand and 0 for cutting.
How we check: a statement gets a verdict only when it's clearly about the size of the whole company's marketing budget over a full fiscal year; we compare it with the advertising and marketing expense in that year's 10-K. Statements about one quarter, one brand or channel, or the mix between brand and performance can't be checked against annual filings.
What they say about media
The marketing channels it talks about using for itself on earnings calls and in its 10-Ks and 10-Qs, since 2019; counts are statements, not spending.
- Sponsorships & athletes “We also announced new multiyear sports and entertainment agreements with MetLife Stadium, Mercedes‑Benz Stadium, and teams that play there, and we renewed our sponsorship with the NBA along with several agreements with NBA teams across the country.” Stephen Squeri on the earnings call · Apr 23, 2026 · source
- Experiential & events “This broad‑based sponsorship includes exclusive Card Member experiences, ticket access, on‑site activations, and other perks at high‑profile league events including the NFL Draft and the Super Bowl.” Stephen Squeri on the earnings call · Apr 23, 2026 · source
- Measurement “In evaluating our marketing investments, we measure the spend and revenue efficiency of our marketing dollars across thousands of campaigns.” Stephen Squeri on the earnings call · Jan 30, 2026 · source
- Affiliate & lead gen “Just to, you know, remind everybody that, you know, the marketing spend for us is predominantly customer acquisition, right, and affiliate fees and incentives and things like that.” Steve Squeri on the earnings call · Jul 21, 2023 · source
- Creative campaigns “Soon after, we turned our attention to small businesses who needed help by launching the largest global small business campaign in the company's history, creating the Stand for Small coalition and supporting minority-owned small businesses in the United States.” Steve Squeri on the earnings call · Oct 22, 2021 · source
What they see in the market
What its leaders and filings say about the ad market: its own ad business, or the channels advertisers use, since 2019; counts are statements, not spending.
- Affiliate & lead gen “Our various products and services are sold globally to diverse customer groups through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party vendors and business partners, direct mail, telephone, in-house sales…” 10-K · Feb 13, 2020 · source
In the news
- Chase, Amex And Citi Pay You To Shop—But A Discount Doesn’t Mean The Merchant Made More Money View from the Wing · Sep 27, 2026 · measurement