American Express (NYSE: AXP) updates May 2026 card delinquency data

Q: How did American Express (AXP) U.S. small business card credit performance look in May 2026?

For May 31, 2026, U.S. Small Business card balances were $46.7 billion , with 1.4% of balances 30-plus days delinquent and a 2.6% net write-off rate on principal, calculated using average card balances over the month.

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

American Express Company filed an 8-K under Regulation FD to share updated credit quality statistics for its U.S. Consumer and U.S. Small Business card portfolios for March, April, and May 2026.

As of May 31, 2026, U.S. Consumer total card balances were $113.8 billion, with 30-day-plus delinquencies at 1.1% of balances and a net write-off rate on principal of 2.0%. U.S. Small Business total balances were $46.7 billion, with 30-day-plus delinquencies at 1.4% and a 2.6% net write-off rate on principal. Combined U.S. Consumer and Small Business card balances held for investment totaled $160.5 billion.

The company also provided data for the American Express Credit Account Master Trust, which securitizes revolve-eligible balances. For the period from May 1 through May 31, 2026, the trust reported an ending total principal balance of $25.4 billion, an annualized default rate net of recoveries of 1.2%, and $0.2 billion of balances 30 or more days delinquent.

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: $113.8 billion U.S. Consumer 30+ day delinquency rate: 1.1% U.S. Consumer net write-off rate: 2.0% +5 more

8 metrics

U.S. Consumer total card balances $113.8 billion As of May 31, 2026

U.S. Consumer 30+ day delinquency rate 1.1% Share of U.S. Consumer balances, May 31, 2026

U.S. Consumer net write-off rate 2.0% Principal-only net write-off rate, May 2026

U.S. Small Business total card balances $46.7 billion As of May 31, 2026

U.S. Small Business 30+ day delinquency rate 1.4% Share of U.S. Small Business balances, May 31, 2026

Total U.S. Consumer & Small Business balances $160.5 billion Held for investment, May 31, 2026

Lending Trust ending principal balance $25.4 billion American Express Credit Account Master Trust, May 1–31, 2026

Lending Trust annualized default rate 1.2% Net of recoveries, May 1–31, 2026

Key Terms

Net write-off rate, Card balances held for investment, American Express Credit Account Master Trust, securitized, +2 more

6 terms

Net write-off rate financial

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

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"

securitized financial

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

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.

Form 10-D regulatory

"reported by the American Express Credit Account Master Trust in its monthly Form 10-D report"

revolve-eligible balances financial

"reflect only revolve-eligible balances and therefore differ from the total U.S. Consumer and U.S. Small Business Card balance portfolios"

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Understanding 8-K Material Events →

06/15/2026 - 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): June 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 balances held for investment for the months ended May 31, April 30 and March 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 May 31, April 30 and March 31, 2026


(Billions, except percentages)	May 31, 2026			April 30, 2026			March 31, 2026
U.S. Consumer Card balances:
Total Card balances	$	113.8		$	111.4		$	110.8
30 days past due as a % of total	1.1		%	1.2		%	1.3		%
Average Card balances	$	112.6		$	111.1		$	109.1
Net write-off rate – principal only (a)	2.0		%	2.1		%	2.0		%

U.S. Small Business Card balances:
Total Card balances	$	46.7		$	45.8		$	45.2
30 days past due as a % of total	1.4		%	1.5		%	1.6		%
Average Card balances	$	46.2		$	45.5		$	44.6
Net write-off rate – principal only (a)	2.6		%	2.4		%	2.6		%

Total Card balances held for investment – U.S. Consumer and U.S. Small Business	$	160.5		$	157.2		$	156.0

(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 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)	May 1, 2026 through May 31, 2026			April 1, 2026 through April 30, 2026			March 1, 2026 through March 31, 2026
Ending total principal balance	$	25.4		$	25.0		$	25.1
Defaulted amount	$	0.04		$	0.04		$	0.04
Annualized default rate, net of recoveries	1.2		%	1.3		%	1.2		%
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: June 15, 2026

-4-

Source: View Original Filing on SEC EDGAR

FAQ

What credit metrics did American Express (AXP) report for U.S. consumer cards in May 2026?

American Express reported U.S. Consumer total card balances of $113.8 billion for May 31, 2026, with 1.1% of balances 30-plus days past due and a 2.0% net write-off rate on principal, based on average card balances.

How did American Express (AXP) U.S. small business card credit performance look in May 2026?

For May 31, 2026, U.S. Small Business card balances were $46.7 billion, with 1.4% of balances 30-plus days delinquent and a 2.6% net write-off rate on principal, calculated using average card balances over the month.

What were total U.S. consumer and small business card balances for American Express (AXP) in May 2026?

Total card balances held for investment across U.S. Consumer and U.S. Small Business portfolios reached $160.5 billion as of May 31, 2026. These figures include both revolve-eligible and pay-in-full balances, across securitized and non-securitized accounts.

What did the American Express Credit Account Master Trust report for May 2026?

For May 1–31, 2026, the American Express Credit Account Master Trust reported an ending total principal balance of $25.4 billion, an annualized default rate net of recoveries of 1.2%, and $0.2 billion in balances 30 or more days delinquent.

How do American Express (AXP) portfolio statistics differ from the Master Trust data?

The U.S. Consumer and Small Business portfolios include both revolve-eligible and pay-in-full balances, securitized and non-securitized. The Master Trust only reflects revolve-eligible securitized balances, and its write-off statistics use end-of-period principal balances, not average balances.

Why can American Express (AXP) monthly credit statistics vary between periods?

Monthly credit statistics may vary due to the number of days in a month, holidays, weekends, seasonality, portfolio mix and vintage, timing of information from third parties, and additions to the Lending Trust that affect its net write-off rate calculation.

Filing Exhibits & Attachments

4 documents