Card credit metrics from American Express (NYSE: AXP) 8-K filing

Rhea-AI Filing Summary

American Express Company furnished updated credit quality statistics for its U.S. Consumer and U.S. Small Business card loans for October through December 2025. U.S. Consumer Card Member loans totaled $100.2 billion at December 31, 2025, with 30‑day‑plus delinquencies at 1.3% of loans and a net write‑off rate of 2.1%. U.S. Small Business Card Member loans totaled $30.8 billion with 30‑day‑plus delinquencies of 1.7% 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 $26.4 billion, an annualized default rate net of recoveries of 1.2%, and $0.2 billion of loans 30‑plus days delinquent for the period from December 1 to December 31, 2025.

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.

FAQ

What did American Express (AXP) disclose in this 8-K filing?

American Express disclosed updated delinquency and net write-off statistics for its U.S. Consumer and U.S. Small Business Card Member loans for the months ended October, November and December 2025, plus related data for the American Express Credit Account Master Trust.

What were American Express (AXP) U.S. Consumer card loan balances at December 31, 2025?

U.S. Consumer Card Member loans totaled $100.2 billion at December 31, 2025, with average loans over the three months ended December 31, 2025 of $96.8 billion.

How high were delinquency and write-off rates on American Express (AXP) U.S. Consumer card loans?

At December 31, 2025, 30‑day‑plus delinquent U.S. Consumer Card Member loans were 1.3% of total loans, and the net write‑off rate on principal for the three months ended December 31, 2025 was 2.1%.

What were the key credit metrics for American Express (AXP) U.S. Small Business card loans?

U.S. Small Business Card Member loans totaled $30.8 billion at December 31, 2025. Loans 30 days past due were 1.7% of total loans, and the net write‑off rate on principal for the three months ended December 31, 2025 was 2.7%.

What did the American Express Credit Account Master Trust report for December 2025?

For December 1–31, 2025, the American Express Credit Account Master Trust reported an ending total principal balance of $26.4 billion, a net annualized default rate of 1.2%, and $0.2 billion of loans 30‑plus days delinquent.

How do the Lending Trust metrics relate to American Express (AXP) overall card portfolios?

The Lending Trust includes securitized Card Member loans and does not have identical characteristics to the total U.S. Consumer or U.S. Small Business portfolios. As a result, its reported credit performance may be better or worse than the overall portfolios due to differences in loan mix, vintage, aging, calculation methods and monthly factors such as number of days and seasonality.

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Understanding 8-K Material Events →

Accepted by SEC EDGAR 01/15/2026 - 12:01 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): January 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 December 31, November 30 and October 31, 2025 and the three months ended December 31, 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 December 31, November 30 and October 31, 2025 and the three months ended December 31, 2025

(Billions, except percentages)

			(Preliminary) December 31, 2025						November 30, 2025						October 31, 2025						(Preliminary) Three Months Ended December 31, 2025
U.S. Consumer Card Member loans:
Total loans			$	100.2					$	97.7					$	95.2					$			100.2
30 days past due loans as a % of total			1.3 %		%				1.4 %		%				1.4 %		%							1.3 %		%
Average loans			$	99.0					$	96.5					$	94.7					$			96.8
Net write-off rate – principal only (a)			2.1 %		%				2.1 %		%				2.2 %		%							2.1 %		%
U.S. Small Business Card Member loans:
Total loans			$	30.8					$	31.4					$	31.2					$			30.8
30 days past due loans as a % of total			1.7 %		%				1.6 %		%				1.6 %		%							1.7 %		%
Average loans			$	31.1					$	31.3					$	31.0					$			31.0
Net write-off rate – principal only (a)			2.7 %		%				2.7 %		%				2.6 %		%							2.7 %		%
Total Card Member loans held for investment– U.S. Consumer and U.S. Small Business			$	131.0					$	129.1					$	126.4					$			131.0

(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 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

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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.

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)

			December 1, 2025 through December 31, 2025						November 1, 2025 through November 30, 2025						October 1, 2025 through October 31, 2025
Ending total principal balance			$	26.4					$	25.7					$	25.2
Defaulted amount			$	0.04					$	0.04					$	0.04
Annualized default rate, net of recoveries			1.2 %		%				1.2 %		%				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: January 15, 2026

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