American Express (NYSE: AXP) posts Nov. 2025 card loan delinquency data

Rhea-AI Filing Summary

American Express Company furnished updated credit performance statistics for its U.S. Consumer and U.S. Small Business card member loans for September through November 2025. Total U.S. card loans held for investment reached $129.1 billion in November, compared with $126.4 billion in October and $124.8 billion in September.

For November 2025, U.S. consumer card loans were $97.7 billion with 30‑day delinquent loans at 1.4% of total and a net write‑off rate on principal of 2.1%. U.S. small business card loans were $31.4 billion, with 30‑day delinquencies at 1.6% and a net write‑off rate of 2.7%. The American Express Credit Account Master Trust, which securitizes a portion of these loans, reported an ending principal balance of $25.7 billion, an annualized default rate net of recoveries of 1.2%, and $0.2 billion of 30‑plus‑day delinquencies for November.

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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): December 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 November 30, October 31 and 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 November 30, October 31 and September 30, 2025

(Billions, except percentages)

			November 30, 2025						October 31, 2025						September 30, 2025
U.S. Consumer Card Member loans:
Total loans			$	97.7					$	95.2					$	94.1
30 days past due loans as a % of total			1.4		%				1.4		%				1.4		%
Average loans			$	96.5					$	94.7					$	94.4
Net write-off rate – principal only (a)			2.1		%				2.2		%				1.9		%
U.S. Small Business Card Member loans:
Total loans			$	31.4					$	31.2					$	30.7
30 days past due loans as a % of total			1.6		%				1.6		%				1.6		%
Average loans			$	31.3					$	31.0					$	30.8
Net write-off rate – principal only (a)			2.7		%				2.6		%				2.5		%
Total Card Member loans held for investment – U.S. Consumer and U.S. Small Business			$	129.1					$	126.4					$	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 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.

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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)

			November 1, 2025 through November 30, 2025						October 1, 2025 through October 31, 2025						September 1, 2025 through September 30, 2025
Ending total principal balance			$	25.7					$	25.2					$	25.0
Defaulted amount			$	0.04					$	0.04					$	0.04
Annualized default rate, net of recoveries			1.2		%				1.3		%				1.3		%
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: December 15, 2025

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FAQ

What credit metrics did American Express (AXP) report for November 2025?

For November 2025, American Express reported U.S. consumer card loans of $97.7 billion and U.S. small business card loans of $31.4 billion, for total U.S. card loans held for investment of $129.1 billion. Consumer 30‑day delinquent loans were 1.4% of total with a net write‑off rate on principal of 2.1%, while small business 30‑day delinquencies were 1.6% with a net write‑off rate of 2.7%.

How did U.S. consumer card loan delinquencies for AXP trend in late 2025?

U.S. consumer card member loans 30 days past due as a percentage of total loans were 1.4% in each of September, October, and November 2025. This indicates a stable delinquency ratio over the three‑month period, even as average and total loan balances increased modestly month to month.

What were American Express (AXP) U.S. small business card delinquency and write-off rates?

For U.S. small business card member loans, 30‑day delinquencies were 1.6% of total loans in September, October, and November 2025. The net write‑off rate on principal was 2.5% in September, 2.6% in October, and 2.7% in November, showing a gradual month‑to‑month increase in write‑offs while delinquency levels remained unchanged.

What credit performance did the American Express Credit Account Master Trust report?

The American Express Credit Account Master Trust reported an ending total principal balance of $25.7 billion for November 1–30, 2025, with a defaulted amount of $0.04 billion. The annualized default rate net of recoveries was 1.2%, and total 30‑plus‑day delinquent balances were $0.2 billion for that period.

How do American Express (AXP) portfolio statistics differ from those of the Lending Trust?

The company notes that the U.S. Consumer and U.S. Small Business card member loan portfolios include both securitized and non‑securitized loans, while the American Express Credit Account Master Trust covers only securitized loans. As a result, the Lending Trust’s reported credit performance can be better or worse than the total portfolios due to differences in loan mix, vintage, aging, calculation methods, and the impact of additions to the trust.

Why does American Express (AXP) furnish these delinquency and write-off statistics?

American Express furnishes monthly delinquency and net write‑off statistics for its U.S. consumer and small business card loans to provide additional information beyond what is reported in the Lending Trust’s Form 10‑D filings. The company also highlights that both portfolio and trust statistics may vary month to month due to factors such as the number of days in the month, timing of holidays and weekends, seasonality, and timing of data from third parties.