American Express updates card credit performance data

American Express Company provides updated credit metrics for its U.S. Consumer and U.S. Small Business card portfolios for the months ended April 30, May 31 and June 30, 2026 and the three months ended June 30, 2026.

Rhea-AI Filing Summary

American Express Company provides updated credit metrics for its U.S. Consumer and U.S. Small Business card portfolios for the months ended April 30, May 31 and June 30, 2026 and the three months ended June 30, 2026. Card balances classified as held for sale are excluded. U.S. Consumer total card balances held for investment were $113.8 billion at June 30, 2026, with 30‑days‑past‑due loans at 1.1% of balances and a principal‑only net write‑off rate of 1.4% for June and 1.8% for the three‑month period.

U.S. Small Business card balances totaled $45.9 billion at June 30, 2026, with 30‑days‑past‑due loans at 1.4% and a June net write‑off rate of 2.3%. Combined U.S. Consumer and U.S. Small Business card balances held for investment were $159.7 billion at June 30, 2026. The American Express Credit Account Master Trust reported an ending principal balance of $25.2 billion, an annualized default rate, net of recoveries, of 0.7%, and $0.2 billion of 30+‑days‑delinquent balances for the period June 1–30, 2026. A June 2026 sale of certain previously written‑off card balances to a third party reduced reported June net write‑off rates by approximately 0.3% for U.S. Consumer and 0.1% for U.S. Small Business, and the Trust’s June default rate reflects proceeds from that sale.

Filing Explained

The July 15 filing adds preliminary credit statistics; Trust and portfolio rates use different scopes and calculation mechanics.

The July 15 Form 8-K furnishes preliminary credit-performance statistics for American Express’s U.S. Consumer and U.S. Small Business card balances held for investment. For existing common holders, the disclosed consequence is updated credit-performance information; the filing discloses no share-issuance or ownership mechanics.

Form 8-K is used to report specified material events, and this filing presents the data under Item 7.01, Regulation FD Disclosure. The Lending Trust figures cover only revolve-eligible balances, while the broader portfolio figures include both revolve-eligible and pay-in-full balances and both securitized and non-securitized balances.

The filing also uses different measurement mechanics: Trust write-off statistics use end-of-period principal balances, while the portfolio statistics use average card balances; Trust additions and differences in balance mix, vintage, and aging can also affect monthly comparisons.

Those scope and calculation differences mean the Trust’s June 0.7% annualized default rate is not a like-for-like comparison with the portfolio June write-off rates of 1.4% for U.S. Consumer and 2.3% for U.S. Small Business.

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 card balances: $113.8 billion U.S. Consumer 30+ days past due: 1.1% U.S. Consumer net write-off rate: 1.4% +5 more

8 metrics

U.S. Consumer card balances $113.8 billion Total card balances held for investment at June 30, 2026

U.S. Consumer 30+ days past due 1.1% Percentage of total U.S. Consumer card balances at June 30, 2026

U.S. Consumer net write-off rate 1.4% Principal-only net write-off rate for June 2026

U.S. Small Business card balances $45.9 billion Total card balances held for investment at June 30, 2026

U.S. Small Business net write-off rate 2.3% Principal-only net write-off rate for June 2026

Total U.S. card balances held for investment $159.7 billion Combined U.S. Consumer and U.S. Small Business at June 30, 2026

Lending Trust ending principal balance $25.2 billion American Express Credit Account Master Trust for June 1–30, 2026

Lending Trust annualized default rate 0.7% Net of recoveries for June 1–30, 2026

Key Terms

Net write-off rate – principal only, Card balances held for investment, American Express Credit Account Master Trust, 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) | 1.4 %"

Card balances held for investment financial

"Total Card balances held for investment – U.S. Consumer and U.S. Small Business"

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 (a) | 0.7 %"

revolve-eligible balances financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were American Express (AXP) U.S. Consumer card balances and delinquency rates at June 30, 2026?

At June 30, 2026, U.S. Consumer card balances held for investment were $113.8 billion with 30‑days‑past‑due loans at 1.1% of balances. The principal‑only net write‑off rate was 1.4% for June and 1.8% for the three months ended June 30, 2026.

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

For June 2026, U.S. Small Business card balances totaled $45.9 billion, with 30‑days‑past‑due loans at 1.4%. The principal‑only net write‑off rate for this portfolio was 2.3% for June and 2.4% for the three months ended June 30, 2026.

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

Combined U.S. Consumer and U.S. Small Business card balances held for investment were $159.7 billion at June 30, 2026. This total reflects only balances classified as held for investment and excludes card balances classified as held for sale on the Consolidated Balance Sheets.

What credit performance did the American Express Credit Account Master Trust report for June 2026?

For June 1–30, 2026, the American Express Credit Account Master Trust reported an ending principal balance of $25.2 billion, an annualized default rate, net of recoveries, of 0.7%, defaulted amounts of $0.04 billion, and $0.2 billion of total 30+‑days‑delinquent balances.

How did the June 2026 sale of written‑off card balances affect American Express (AXP) reported credit metrics?

In June 2026, American Express sold certain previously written‑off card balances to a third party. This reduced June principal‑only net write‑off rates by about 0.3% for U.S. Consumer and 0.1% for U.S. Small Business, and the Lending Trust’s June default rate reflects proceeds from the sale.

How do American Express (AXP) portfolio statistics differ from Lending Trust metrics?

U.S. Consumer and Small Business portfolio data include both revolve‑eligible and pay‑in‑full balances, securitized and non‑securitized. The Lending Trust statistics cover only revolve‑eligible securitized balances, use end‑of‑period principal balances, and may differ due to mix, vintage, aging, and calculation mechanics.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/15/2026 - 12:00 PM Learn about SEC filing dates

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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): July 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
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 June 30, May 31 and April 30, 2026 and the three months ended June 30, 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 June 30, May 31 and April 30, 2026 and the three months ended June 30, 2026

(Billions, except percentages)						(Preliminary) June 30, 2026						May 31, 2026						April 30, 2026						(Preliminary) Three Months Ended June 30, 2026
U.S. Consumer Card balances:
Total Card balances						$	113.8					$	113.8					$	111.4					$	113.8
30 days past due as a % of total						1.1		%				1.1		%				1.2		%				1.1		%
Average Card balances						$	113.8					$	112.6					$	111.1					$	112.4
Net write-off rate – principal only (a)(b)						1.4		%				2.0		%				2.1		%				1.8		%
U.S. Small Business Card balances:
Total Card balances						$	45.9					$	46.7					$	45.8					$	45.9
30 days past due as a % of total						1.4		%				1.4		%				1.5		%				1.4		%
Average Card balances						$	46.3					$	46.2					$	45.5					$	45.9
Net write-off rate – principal only (a)(b)						2.3		%				2.6		%				2.4		%				2.4		%
Total Card balances held for investment – U.S. Consumer and U.S. Small Business						$	159.7					$	160.5					$	157.2					$	159.7

(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 and the three months ended June 30, 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)						June 1, 2026 through June 30, 2026						May 1, 2026 through May 31, 2026						April 1, 2026 through April 30, 2026
Ending total principal balance						$	25.2					$	25.4					$	25.0
Defaulted amount						$	0.04					$	0.04					$	0.04
Annualized default rate, net of recoveries (a)						0.7		%				1.2		%				1.3		%
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: July 15, 2026

-4-

Filing Exhibits & Attachments

4 documents

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