# Who does American Express pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/american-express · Facet: suppliers · Updated: 2026-10-18T17:23:58.291+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: American Express's confirmed suppliers/cost counterparties include Delta Air Lines, Hilton Worldwide Holdings Inc., Marriott International, Inc.. Per the valuechain.wiki graph: 3 cost edges, backed by 6 dated sources, 5 of them primary filings (as of 2026-10-18).

### 델타항공 (high)  → /delta-air-lines.md
- metric: Amount $6.9B · 9M 2026 · Remuneration under the Delta SkyMiles partnership
- note: Delta is American Express's largest strategic partner. Remuneration under the SkyMiles cobrand and Membership Rewards relationship reached $2.3 billion in Q3 2026 and $6.9 billion for nine months, up 14% year over year.
- [confirms] SEC EDGAR (EN, filing, published 2026-10-09) https://www.sec.gov/Archives/edgar/data/27904/000002790426000038/dal-20260930.htm: "Remuneration from American Express was $6.9 billion for nine months, up 14% from the prior-year period."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-11) https://www.sec.gov/Archives/edgar/data/27904/000002790426000013/dal-20251231.htm: "Delta disclosed $8.2 billion of remuneration from American Express in 2025."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-06) https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm: "American Express calls Delta its largest strategic partner; the portfolio represented about 13% of billed business and 21% of Card Member loans."
- [mentions] Delta Air Lines (KO, ir, published 2023-09-14) https://pro.delta.com/content/agency/kr/ko/news/news-archive/2023/september-2023/skymiles-program-changes-announced.html: "Delta's Korean-language notice confirms that eligible SkyMiles American Express card purchases earn status credit."

### Global Business Travel Group (high)
- metric: Amount $1.5B · 2026-09-29 merger closing · Cash consideration for Amex's GBTG shares at merger closing
- note: American Express formerly owned about 30% of GBTG. At the September 29, 2026 merger closing, its 157,786,199 shares converted into $9.50 per share, about $1.499 billion in cash, leaving it with 0% ownership. Brand licensing and commercial agreements continue.
- [confirms] SEC EDGAR (EN, filing, published 2026-10-01) https://www.sec.gov/Archives/edgar/data/4962/000000496226000356/xslSCHEDULE_13D_X01/primary_doc.xml: "157,786,199 shares converted into $9.50 per share, and American Express no longer beneficially owns any shares."
- [confirms] Fintel Korea (KO, research, published 2026-10-01) https://fintel.co.kr/i/american-express-co: "The Korean holdings page shows the GBTG position falling from 157,786,199 shares to zero and ownership to 0%."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-06) https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm: "American Express discloses an equity investment in, and commercial arrangements with, Global Business Travel Group."

### 힐튼 월드와이드 (high)  → /hilton-worldwide.md
- note: American Express pays Hilton for intellectual-property licensing and Hilton Honors points issued through its co-branded cards. The counterparty-specific amount is not disclosed.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-11) https://www.sec.gov/Archives/edgar/data/1585689/000158568926000007/hlt-20251231.htm: "Hilton discloses consideration for licensing and points issued under its American Express cobrand arrangement."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-06) https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm: "American Express identifies Hilton Worldwide as a cobrand partner."

### 메리어트 인터내셔널 (high)  → /marriott-international.md
- note: American Express pays Marriott fixed and monthly variable consideration tied primarily to card usage under the U.S. Bonvoy cobrand agreement. The counterparty-specific amount is not disclosed.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-10) https://www.sec.gov/Archives/edgar/data/1048286/000104828626000007/mar-20251231.htm: "Marriott discloses a multi-year U.S. cobrand agreement with fixed and card-usage-linked variable consideration."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-06) https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm: "American Express identifies Marriott International as a cobrand partner."

Reverse side: https://valuechain.wiki/american-express/customers.md · Ripple: https://valuechain.wiki/american-express/ripple.md

---
Full node: https://valuechain.wiki/american-express.md · JSON: https://valuechain.wiki/american-express.json