Card loss and delinquency trends at American Express (NYSE: AXP) in Q1 2026

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 for the months ended January, February and March 31, 2026, and for the three months ended March 31, 2026.

For U.S. Consumer Card Member loans, total loans were $97.5 billion at March 31, 2026, with 30‑day‑plus delinquencies at 1.4% of total loans and a preliminary net write‑off rate of 2.2% based on principal only. U.S. Small Business Card Member loans totaled $32.2 billion, with 30‑day‑plus delinquencies at 1.7% and a net write‑off rate of 2.9%.

The company also provided data for the American Express Credit Account Master Trust, which securitizes a portion of these loans. For March 2026, the trust reported an ending total principal balance of $25.1 billion, an annualized default rate net of recoveries of 1.2%, and total 30‑plus‑days‑delinquent balances of $0.2 billion. The company noted that trust performance can differ from the broader portfolios due to differences in loan mix, aging, calculation methods and normal monthly variability.

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 loans: $97.5 billion U.S. consumer 30+ day delinquency rate: 1.4% U.S. consumer net write-off rate: 2.2% +5 more

8 metrics

U.S. consumer total loans $97.5 billion Total U.S. Consumer Card Member loans at March 31, 2026

U.S. consumer 30+ day delinquency rate 1.4% Loans 30 days past due as a percentage of total consumer loans in March 2026

U.S. consumer net write-off rate 2.2% Preliminary principal-only net write-off rate for March 2026

U.S. small business total loans $32.2 billion Total U.S. Small Business Card Member loans at March 31, 2026

U.S. small business 30+ day delinquency rate 1.7% Loans 30 days past due as a percentage of total small business loans in March 2026

U.S. small business net write-off rate 2.9% Principal-only net write-off rate for U.S. Small Business loans in March 2026

Lending Trust ending principal balance $25.1 billion American Express Credit Account Master Trust ending total principal balance, March 1–31, 2026 period

Lending Trust annualized default rate 1.2% Annualized default rate net of recoveries for the trust, March 2026

Key Terms

Net write-off rate, Card Member loans held for investment, Card Member loans classified as held for sale, American Express Credit Account Master Trust, +2 more

6 terms

Net write-off rate financial

"Net write-off rate – principal only (a) | 2.2 | %"

Card Member loans held for investment financial

"Card Member loans held for investment for the months ended March 31"

Card Member loans classified as held for sale financial

"Card Member loans classified as held for sale on the Consolidated Balance Sheets"

American Express Credit Account Master Trust financial

"Set forth below is certain information regarding the credit performance of the Lending Trust"

Annualized default rate, net of recoveries financial

"Annualized default rate, net of recoveries | 1.2 | %"

securitized financial

"The Card Member loans that have been securitized through the Lending Trust"

Securitized describes the process where loans or other assets are bundled and turned into tradable financial instruments that investors can buy and sell. Think of it like slicing a loaf of bread into individual pieces you can hand out: securitization can make illiquid assets easier to trade and spread risk among many buyers, but investors must watch the quality of the underlying assets and the structure, since those determine potential returns and losses.

Understanding 8-K Material Events →

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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): April 15, 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

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 March 31, February 28 and January 31, 2026 and the three months ended March 31, 2026; 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 March 31, February 28 and January 31, 2026 and the three months ended March 31, 2026

(Billions, except percentages)

			(Preliminary) March 31, 2026						February 28, 2026						January 31, 2026						(Preliminary) Three Months Ended March 31, 2026
U.S. Consumer Card Member loans:
Total loans			$	97.5					$	95.1					$	97.2					$			97.5
30 days past due loans as a % of total			1.4		%				1.4		%				1.4		%							1.4		%
Average loans			$	96.3					$	96.1					$	98.7					$			97.5
Net write-off rate – principal only (a)			2.2		%				2.0		%				1.9		%							2.0		%
U.S. Small Business Card Member loans:
Total loans			$	32.2					$	31.3					$	31.4					$			32.2
30 days past due loans as a % of total			1.7		%				1.7		%				1.7		%							1.7		%
Average loans			$	31.7					$	31.4					$	31.1					$			31.4
Net write-off rate – principal only (a)			2.9		%				2.8		%				2.8		%							2.8		%
Total Card Member loans held for investment– U.S. Consumer and U.S. Small Business			$	129.7					$	126.4					$	128.6					$			129.7

(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

-2-

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.

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)

			March 1, 2026 through March 31, 2026						February 1, 2026 through February 28, 2026						January 1, 2026 through January 31, 2026
Ending total principal balance			$	25.1					$	24.4					$	25.2
Defaulted amount			$	0.04					$	0.04					$	0.04
Annualized default rate, net of recoveries			1.2		%				1.3		%				1.1		%
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: April 15, 2026

-4-

FAQ

What credit metrics did American Express (AXP) report for U.S. consumer card loans?

American Express reported U.S. Consumer Card Member loans of $97.5 billion at March 31, 2026, with 30‑day‑plus delinquencies at 1.4% of total loans and a preliminary net write‑off rate of 2.2% based on principal only for March.

How are U.S. small business card loans performing at American Express (AXP)?

U.S. Small Business Card Member loans totaled $32.2 billion at March 31, 2026. 30‑day‑plus delinquencies were 1.7% of total loans, and the net write‑off rate was 2.9% on a principal‑only basis for March, indicating modestly higher losses than consumer loans.

What did American Express (AXP) disclose about the American Express Credit Account Master Trust?

For March 2026, the American Express Credit Account Master Trust reported an ending total principal balance of $25.1 billion, an annualized default rate net of recoveries of 1.2%, and total 30‑plus‑days‑delinquent balances of $0.2 billion, reflecting securitized portfolio performance.

How do Lending Trust metrics differ from American Express’s total card portfolios?

American Express noted the Lending Trust’s credit performance can be better or worse than total U.S. Consumer and Small Business portfolios because of differences in loan mix, vintage, aging, and the use of end‑of‑period balances versus average balances when calculating write‑off statistics.

What factors can cause monthly variability in American Express (AXP) credit statistics?

The company explained that monthly statistics for U.S. Consumer and Small Business portfolios and the Lending Trust may vary due to the number of days in a month, timing of holidays and weekends, seasonality, and timing of information received from third parties.

Filing Exhibits & Attachments

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