[8-K] AMERICAN EXPRESS CO Reports Material Event

Rhea-AI Filing Summary

American Express furnished monthly and quarterly credit metrics for U.S. Consumer and U.S. Small Business Card Member loans. As of September 30, 2025, total loans were $124.8 billion, with U.S. Consumer at $94.1 billion and U.S. Small Business at $30.7 billion. Consumer 30+ days past due were 1.4% and Small Business were 1.6%. For the three months ended September 30, 2025, the Consumer net write-off rate (principal only) was 2.0%, and Small Business was 2.6%.

The filing also summarized the American Express Credit Account Master Trust. For September 2025, the Lending Trust reported an ending total principal balance of $25.0 billion, an annualized default rate net of recoveries of 1.3%, and total 30+ days delinquent of $0.2 billion. These trust figures reflect securitized loans and may differ from portfolio statistics due to mix, vintage, aging, calculation mechanics, and month-to-month factors.

Insights

Credit Risk Analyst

Credit metrics are mixed: slight uptick in consumer delinquencies, modest improvement in write-offs, trust defaults inch higher.

American Express furnished monthly credit stats showing steady loan balances and stable credit quality with minor movements. U.S. Consumer 30+ days delinquent rose to 1.4% in September 2025 from 1.3% in July/August, while net write-offs eased to 1.9% from 2.0%. U.S. Small Business delinquency held at 1.6% for all three months, and write-offs improved to 2.5% in September from 2.7%. Total held-for-investment loans were $124.8 billion at September 30, 2025.

The Lending Trust data show a gradual rise in annualized default rate, net of recoveries, from 1.1% in July 2025 to 1.3% in September 2025, with ending principal down to $25.0 billion. Differences in calculation methods (e.g., end-of-period vs. average balances) and portfolio mix can cause divergences from portfolio metrics, and the company notes these stats are preliminary and can vary with seasonality and calendar effects.

What to watch next: the next monthly update and Q4 trends in 30+ delinquency and net write-offs, especially if the Lending Trust default rate continues rising. Monitoring whether consumer delinquency stays near 1.4% and small business write-offs remain near 2.5% over Q4 2025 will clarify the direction of loss rates.

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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): October 15, 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 September 30, August 31 and July 31, 2025 and the three months ended September 30, 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 September 30, August 31 and July 31, 2025 and the three months ended September 30, 2025

(Billions, except percentages)

			(Preliminary) September 30, 2025						August 31, 2025						July 31, 2025						(Preliminary) Three Months Ended September 30, 2025
U.S. Consumer Card Member loans:
Total loans			$	94.1					$	94.6					$	93.7					$			94.1
30 days past due loans as a % of total			1.4		%				1.3		%				1.3		%							1.4		%
Average loans			$	94.4					$	94.2					$	93.2					$			93.8
Net write-off rate – principal only (a)			1.9		%				2.0		%				2.0		%							2.0		%
U.S. Small Business Card Member loans:
Total loans			$	30.7					$	30.9					$	30.5					$			30.7
30 days past due loans as a % of total			1.6		%				1.6		%				1.6		%							1.6		%
Average loans			$	30.8					$	30.7					$	30.3					$			30.5
Net write-off rate – principal only (a)			2.5		%				2.7		%				2.7		%							2.6		%
Total Card Member loans held for investment– U.S. Consumer and U.S. Small Business			$	124.8					$	125.5					$	124.2					$			124.8

(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

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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)

			September 1, 2025 through September 30, 2025						August 1, 2025 through August 31, 2025						July 1, 2025 through July 31, 2025
Ending total principal balance			$	25.0					$	25.4					$	25.4
Defaulted amount			$	0.04					$	0.04					$	0.04
Annualized default rate, net of recoveries			1.3		%				1.2		%				1.1		%
Total 30+ days delinquent			$	0.2					$	0.2					$	0.2

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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: October 15, 2025

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FAQ

What did AXP disclose in this 8-K?

American Express furnished delinquency and net write-off statistics for U.S. Consumer and U.S. Small Business Card Member loans, plus recent Lending Trust metrics.

What were AXP’s total U.S. Consumer and Small Business loans at September 30, 2025?

Total loans were $124.8 billion, including $94.1 billion U.S. Consumer and $30.7 billion U.S. Small Business.

What were the 30+ days delinquency rates for September 2025?

U.S. Consumer was 1.4% and U.S. Small Business was 1.6%.

What were the three-month net write-off rates (principal only) ended September 30, 2025?

U.S. Consumer was 2.0%; U.S. Small Business was 2.6%.

What Lending Trust metrics did AXP report for September 2025?

Ending principal balance $25.0 billion, annualized default rate net of recoveries 1.3%, and total 30+ days delinquent $0.2 billion.

Do Lending Trust statistics match portfolio metrics?

They can differ due to loan mix, vintage, aging, differing calculation methods, days in month, holidays, and other factors.