American Express (NYSE: AXP) shows July card delinquencies and 1.7% write-offs

Q: How did American Express (AXP) U.S. Small Business card credit metrics look in July 2026?

U.S. Small Business total card balances were $46.1 billion at July 31, 2026. Balances 30 days past due were 1.3% of the total, and the net write-off rate on principal for the month was 2.6% .

Q: How do American Express (AXP) Lending Trust balances differ from total card portfolios?

The Lending Trust includes only revolve-eligible balances , while the U.S. Consumer and U.S. Small Business portfolios include both revolve-eligible and pay-in-full balances and combine securitized and non-securitized card balances, so the totals are not directly comparable.

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

American Express Company reported monthly credit performance statistics for its U.S. Consumer and U.S. Small Business Card balances held for investment as of and for the months ended May 31, June 30, and July 31, 2026. U.S. Consumer total card balances were $113.1 billion at July 31, 2026, with 1.1% of balances 30 days past due and a net write-off rate on principal of 1.7%. U.S. Small Business total card balances were $46.1 billion, with 1.3% 30 days past due and a net principal write-off rate of 2.6%.

Total U.S. Consumer and U.S. Small Business card balances held for investment were $159.2 billion at July 31, 2026. American Express also provided recent performance data for the American Express Credit Account Master Trust, which had an ending total principal balance of $24.9 billion for the period July 1–31, 2026, an annualized default rate net of recoveries of 1.1%, and $0.2 billion of balances 30+ days delinquent.

Filing Explained

The reported rates exclude held-for-sale balances, while a June card-balance sale reduced the displayed write-off rates.

The August 17 Form 8-K furnishes American Express monthly card-credit statistics; the reported portfolios exclude card balances classified as held for sale.

The U.S. Consumer and U.S. Small Business portfolio figures include both revolve-eligible and pay-in-full balances, and both securitized and non-securitized balances. The Lending Trust figures cover only revolve-eligible balances, so they describe a narrower pool.

The company also reports that a sale of certain previously written-off card balances to a third party during June 2026 lowered that month's principal-only net write-off rates by approximately 0.3% for U.S. Consumer and 0.1% for U.S. Small Business; the Trust's June annualized default rate also reflects proceeds allocable to it from the sale.

When comparing the Trust's monthly figures with the portfolio statistics, the relevant line items are the differing balance bases and write-off calculations described in this filing, including end-of-period principal balances for the Trust versus average card balances for the portfolios.

8-K Event Classification

Item 7.01 — Regulation FD Disclosure

1 item

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Key Figures

U.S. Consumer total card balances: $113.1 billion U.S. Consumer 30+ days past due: 1.1% U.S. Consumer net write-off rate – principal only: 1.7% +5 more

8 metrics

U.S. Consumer total card balances $113.1 billion As of July 31, 2026

U.S. Consumer 30+ days past due 1.1% As a percentage of total U.S. Consumer balances for May, June, and July 2026

U.S. Consumer net write-off rate – principal only 1.7% For July 2026 monthly period

U.S. Small Business total card balances $46.1 billion As of July 31, 2026

U.S. Small Business net write-off rate – principal only 2.6% For July 2026 monthly period

Total U.S. Consumer and Small Business balances held for investment $159.2 billion As of July 31, 2026

Lending Trust ending total principal balance $24.9 billion For July 1–31, 2026 reporting period

Lending Trust annualized default rate, net of recoveries 1.1% For July 1–31, 2026 reporting period

Key Terms

Net write-off rate – principal only, held for investment, Card balances classified as held for sale, Annualized default rate, net of recoveries, +1 more

5 terms

Net write-off rate – principal only financial

"Net write-off rate – principal only (a)(b) | 1.7 % | 1.4 %"

held for investment financial

"U.S. Consumer and U.S. Small Business Card balances held for investment for the months"

Card balances classified as held for sale financial

"Card balances classified as held for sale on the Consolidated Balance Sheets are not"

Annualized default rate, net of recoveries financial

"Annualized default rate, net of recoveries (a) | 1.1 % | 0.7 %"

revolve-eligible balances financial

"The Card balances that have been securitized through the Lending Trust, presented below, reflect only revolve-eligible balances"

FAQ

What were American Express (AXP) U.S. Consumer card balances in July 2026?

American Express reported U.S. Consumer total card balances of $113.1 billion as of July 31, 2026. For that month, 1.1% of balances were 30 days past due and the net write-off rate on principal was 1.7%.

How did American Express (AXP) U.S. Small Business card credit metrics look in July 2026?

U.S. Small Business total card balances were $46.1 billion at July 31, 2026. Balances 30 days past due were 1.3% of the total, and the net write-off rate on principal for the month was 2.6%.

What were total American Express (AXP) U.S. Consumer and Small Business card balances held for investment in July 2026?

Combined U.S. Consumer and U.S. Small Business card balances held for investment totaled $159.2 billion at July 31, 2026. This compares to $159.7 billion at June 30, 2026 and $160.5 billion at May 31, 2026.

How did a June 2026 sale of written-off card balances affect American Express (AXP) credit metrics?

In June 2026, American Express sold certain previously written-off card balances to a third party. The company states this sale reduced June net principal write-off rates by about 0.3% for U.S. Consumer and 0.1% for U.S. Small Business portfolios.

What were the key July 2026 figures for the American Express Credit Account Master Trust?

For July 1–31, 2026, the American Express Credit Account Master Trust reported an ending total principal balance of $24.9 billion, an annualized default rate net of recoveries of 1.1%, and $0.2 billion of balances 30+ days delinquent.

How do American Express (AXP) Lending Trust balances differ from total card portfolios?

The Lending Trust includes only revolve-eligible balances, while the U.S. Consumer and U.S. Small Business portfolios include both revolve-eligible and pay-in-full balances and combine securitized and non-securitized card balances, so the totals are not directly comparable.

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Understanding 8-K Material Events →

Available on EDGAR 08/17/2026 - 12:00 PM Accepted by SEC EDGAR 08/17/2026 - 12:00 PM

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): August 17, 2026

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
3.835% Fixed-to-Floating Rate Notes due June 16, 2034	AXP34	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 balances held for investment for the months ended July 31, June 30 and May 31, 2026; Card balances 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 July 31, June 30 and May 31, 2026


(Billions, except percentages)	July 31, 2026			June 30, 2026			May 31, 2026
U.S. Consumer Card balances:
Total Card balances	$	113.1		$	113.8		$	113.8
30 days past due as a % of total	1.1		%	1.1		%	1.1		%
Average Card balances	$	113.5		$	113.8		$	112.6
Net write-off rate – principal only (a)(b)	1.7		%	1.4		%	2.0		%

U.S. Small Business Card balances:
Total Card balances	$	46.1		$	45.9		$	46.7
30 days past due as a % of total	1.3		%	1.4		%	1.4		%
Average Card balances	$	46.0		$	46.3		$	46.2
Net write-off rate – principal only (a)(b)	2.6		%	2.3		%	2.6		%

Total Card balances held for investment – U.S. Consumer and U.S. Small Business	$	159.2		$	159.7		$	160.5

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

(b)During June 2026, the Company sold certain previously written-off Card balances to a third party. Accordingly, the Net write-off rate – principal only reported above for June 2026 reflects the proceeds from the sale. For June 2026, the sale reduced the net write-off rates by approximately 0.3% and 0.1% for the U.S. Consumer and U.S. Small Business portfolios, respectively.

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 balances that have been securitized through the Lending Trust, presented below, reflect only revolve-eligible balances and therefore differ from the total U.S. Consumer and U.S. Small Business Card balance portfolios, which reflect both revolve-eligible balances and pay-in-full balances and include both securitized and non-securitized Card balances. In addition, 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 balances, the use of end-of-period principal balances to calculate write-off statistics in the Lending Trust compared to the use of average Card balances over the reporting period used in the statistics of the U.S. Consumer and U.S. Small Business Card balance 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. Statistics for the U.S. Consumer and U.S. Small Business Card balance 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)	July 1, 2026 through July 31, 2026			June 1, 2026 through June 30, 2026			May 1, 2026 through May 31, 2026
Ending total principal balance	$	24.9		$	25.2		$	25.4
Defaulted amount	$	0.04		$	0.04		$	0.04
Annualized default rate, net of recoveries (a)	1.1		%	0.7		%	1.2		%
Total 30+ days delinquent	$	0.2		$	0.2		$	0.2

(a)As noted above, during June 2026, the Company sold certain previously written-off Card balances to a third party. Accordingly, the Annualized default rate, net of recoveries reported above for June 2026 reflects the proceeds allocable to the Lending Trust from the sale.

-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: August 17, 2026

-4-

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents