[8-K] AMERICAN EXPRESS CO Reports Material Event

Rhea-AI Filing Summary

American Express Company furnished updated credit-quality statistics for its U.S. Consumer and U.S. Small Business Card Member loans and for the American Express Credit Account Master Trust for the three months ended October 31, 2025.

Total U.S. Consumer and Small Business Card Member loans held for investment were $126.4 billion as of October 31, 2025. For U.S. Consumer loans, 30-day-plus delinquencies were 1.4% of total loans and the net write-off rate (principal only) was 2.2%. For U.S. Small Business loans, 30-day-plus delinquencies were 1.6% and the net write-off rate was 2.6%.

The Lending Trust reported an ending principal balance of $25.2 billion for October 2025, an annualized default rate net of recoveries of 1.3%, and $0.2 billion of loans 30 or more days delinquent, illustrating the performance of securitized receivables alongside the broader portfolios.

Insights

Credit Risk Analyst

Credit metrics for U.S. card portfolios and the master trust remain stable with slight fluctuations in write-off and default rates over three months.

The disclosure provides monthly credit performance for **U.S. Consumer** and **U.S. Small Business** card loans and the **American Express Credit Account Master Trust**. Total U.S. Consumer loans are steady around $95 billion, with 30+ day delinquencies at 1.3–1.4%. U.S. Small Business loans are about $31 billion, with 30+ day delinquencies stable at 1.6%. Combined loans held for investment across both segments are about $126–127 billion.

Net write-off rates for U.S. Consumer loans tick from 2.0% in August to 2.2% in October, while Small Business write-offs move within a narrow band of 2.5–2.7%. These are modest changes over a short period and reflect some variability but no sharp shift. The filing explains that loan-level statistics can differ from the securitized pool because of mix, vintage, calculation mechanics, and timing factors such as month length and holidays, which can drive normal month-to-month noise.

For the **Lending Trust**, ending principal stays near $25 billion, with an annualized default rate net of recoveries of 1.2–1.3% and about $0.2 billion of 30+ day delinquencies each month. These trust metrics are also very stable across the three reporting periods. The next useful data point will be the subsequent monthly posting following October 31, 2025, which will show whether these small movements in write-off and default rates remain contained or continue to drift.

0000004962false00000049622025-11-172025-11-170000004962us-gaap:CommonStockMember2025-11-172025-11-170000004962axp:FixedToFloatingRateNoteMember2025-11-172025-11-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 17, 2025

AMERICAN EXPRESS COMPANY

(Exact name of registrant as specified in its charter)

   

New York

1-7657

13-4922250

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

200 Vesey Street,

New York, New York 10285

(Address of principal executive offices and zip code)

(212) 640-2000

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares (par value $0.20 per Share)

AXP

New York Stock Exchange

3.433% Fixed-to-Floating Rate Notes due May 20, 2032

AXP32

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure

American Express Company (the “Company”) is hereby furnishing below delinquency and write-off statistics for its U.S. Consumer and U.S. Small Business Card Member loans held for investment for the months ended October 31, September 30 and August 31, 2025; Card Member loans classified as held for sale on the Consolidated Balance Sheets are not reflected in the table below.

American Express Company

U.S. Consumer and U.S. Small Business

Delinquency and Write-off Rate Statistics

As of and for the months ended October 31, September 30 and August 31, 2025

(Billions, except percentages)

			October 31, 2025						September 30, 2025						August 31, 2025
U.S. Consumer Card Member loans:
Total loans			$	95.2					$	94.1					$	94.6
30 days past due loans as a % of total			1.4		%				1.4		%				1.3		%
Average loans			$	94.7					$	94.4					$	94.2
Net write-off rate – principal only (a)			2.2		%				1.9		%				2.0		%
U.S. Small Business Card Member loans:
Total loans			$	31.2					$	30.7					$	30.9
30 days past due loans as a % of total			1.6		%				1.6		%				1.6		%
Average loans			$	31.0					$	30.8					$	30.7
Net write-off rate – principal only (a)			2.6		%				2.5		%				2.7		%
Total Card Member loans held for investment – U.S. Consumer and U.S. Small Business			$	126.4					$	124.8					$	125.5

(a) Net write-off rate based on principal only (i.e., excluding interest and/or fees).

The statistics presented above provide information that is additional to the data reported by the American Express Credit Account Master Trust (the “Lending Trust”) in its monthly Form 10-D report filed with the Securities and Exchange Commission. The Card Member loans that have been securitized through the Lending Trust do not possess identical characteristics with those of the total U.S. Consumer or U.S. Small Business Card Member loan portfolios, which include securitized and non-securitized Card Member loans. The reported credit performance of the Lending Trust may, on a month-to-month basis, be better or worse as a result of, among other things, differences in the mix, vintage and aging of loans, the use of end-of-period principal loan balances to calculate write-off statistics in the Lending Trust compared to the use of average loan balances over the reporting period used in the statistics of the U.S. Consumer and U.S. Small Business Card Member loan portfolios, as well as other mechanics of the calculation for the Lending Trust net write-off rate, which is impacted by any additions to the Lending Trust within a particular period. In addition, statistics for the U.S. Consumer and U.S. Small Business Card Member loan portfolios and the Lending Trust for any particular monthly period may be subject to variability due to a number of factors, including the number of days in a month, timing of holidays and weekends, seasonality and the timing of information received from third parties.

-2-

Set forth below is certain information regarding the credit performance of the Lending Trust for its three most recent monthly reporting periods, as reported in its Form 10-D report filed with respect to each such period.

American Express Credit Account Master Trust

(Billions, except percentages)

			October 1, 2025 through October 31, 2025						September 1, 2025 through September 30, 2025						August 1, 2025 through August 31, 2025
Ending total principal balance			$	25.2					$	25.0					$	25.4
Defaulted amount			$	0.04					$	0.04					$	0.04
Annualized default rate, net of recoveries			1.3		%				1.3		%				1.2		%
Total 30+ days delinquent			$	0.2					$	0.2					$	0.2

-3-

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			AMERICAN EXPRESS COMPANY
			(REGISTRANT)
			By:			/s/ James J. Killerlane III
						Name:  James J. Killerlane III
						Title:    Corporate Secretary

Date: November 17, 2025

-4-

FAQ

What did American Express (AXP) report in this 8-K filing?

American Express (AXP) reported monthly delinquency, net write-off, and loan balance statistics for its U.S. Consumer and U.S. Small Business Card Member loans and for the American Express Credit Account Master Trust for August, September, and October 2025.

What were American Expresss total U.S. Consumer and Small Business card loans as of October 31, 2025?

As of October 31, 2025, total Card Member loans held for investment for U.S. Consumer and U.S. Small Business together were $126.4 billion.

What were the October 2025 delinquency rates for American Express U.S. Consumer and Small Business card loans?

For October 31, 2025, U.S. Consumer Card Member loans 30 days past due were 1.4% of total loans, and U.S. Small Business Card Member loans 30 days past due were 1.6% of total loans.

What net write-off rates did American Express report for October 2025?

For October 2025, the net write-off rate (principal only) on U.S. Consumer Card Member loans was 2.2%, and on U.S. Small Business Card Member loans it was 2.6%.

How did the American Express Credit Account Master Trust perform in October 2025?

From October 1, 2025 through October 31, 2025, the American Express Credit Account Master Trust reported an ending total principal balance of $25.2 billion, a net annualized default rate of 1.3%, and $0.2 billion of loans 30 or more days delinquent.

How do American Express card portfolio statistics differ from the Lending Trust data?

American Express explains that the Lending Trust includes only securitized Card Member loans, which differ in mix, vintage, and aging from the total U.S. Consumer and U.S. Small Business portfolios that include both securitized and non-securitized loans, so credit performance can differ between the two data sets.