American Express posts Feb 2026 card credit metrics

American Express Company furnished updated credit quality statistics for its U.S. Consumer and U.S. Small Business card loans for the months ended February 28, 2026, January 31, 2026 and December 31, 2025.

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 the months ended February 28, 2026, January 31, 2026 and December 31, 2025.

U.S. Consumer card loans totaled $95.1 billion at February 28, 2026, with 1.4% 30‑day-plus delinquencies and a net write‑off rate on principal of 2.0%. U.S. Small Business card loans totaled $31.3 billion, with 30‑day-plus delinquencies of 1.7% and a net write‑off rate of 2.8%.

Total U.S. Consumer and Small Business card loans held for investment were $126.4 billion at February 28, 2026. For the American Express Credit Account Master Trust, the ending principal balance was $24.4 billion for the period February 1–28, 2026, with an annualized default rate, net of recoveries, of 1.3% and $0.2 billion of loans 30‑plus days delinquent.

Insights

Credit risk analyst

Card credit metrics remain stable with modest delinquencies and low default rates.

American Express reports U.S. Consumer card loans of $95.1 billion and U.S. Small Business loans of $31.3 billion at February 28, 2026. Delinquencies stay low at 1.4% for consumer and 1.7% for small business, while net principal write‑off rates are 2.0% and 2.8%, respectively.

The American Express Credit Account Master Trust shows an ending principal balance of $24.4 billion for February 2026, with an annualized default rate, net of recoveries, of 1.3% and $0.2 billion 30‑plus days delinquent. These trust figures can differ from the broader portfolios because of mix, vintage, aging, and calculation mechanics.

Taken together, the disclosed metrics indicate manageable credit losses and delinquencies across both on‑balance‑sheet and securitized portfolios for the recent three‑month period. Future company filings may provide additional context on portfolio growth, risk appetite and macroeconomic effects on cardmember credit performance.

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 were American Express (AXP) U.S. Consumer card loan balances in February 2026?

American Express reported U.S. Consumer Card Member loans of $95.1 billion as of February 28, 2026. This figure reflects loans held for investment and excludes balances classified as held for sale on the consolidated balance sheet.

How high were American Express (AXP) delinquency rates for consumer and small business cards?

As of February 28, 2026, U.S. Consumer card loans had 1.4% 30‑day‑plus delinquencies, while U.S. Small Business card loans showed 1.7%. These percentages are calculated as delinquent loans divided by total loans for each portfolio.

What net write-off rates did American Express (AXP) report on card loans?

For February 2026, American Express reported a net principal write‑off rate of 2.0% for U.S. Consumer card loans and 2.8% for U.S. Small Business card loans, using average loan balances over the reporting period.

How large was the American Express Credit Account Master Trust in February 2026?

For the period February 1–28, 2026, the American Express Credit Account Master Trust reported an ending total principal balance of $24.4 billion, representing securitized Card Member loans held within the trust structure.

What default and delinquency levels did the American Express Lending Trust show?

In February 2026, the Lending Trust recorded a $0.04 billion defaulted amount and an annualized default rate, net of recoveries, of 1.3%, with $0.2 billion of loans 30‑plus days delinquent over the period.

Do American Express (AXP) trust statistics match total portfolio performance?

No. American Express explains that Lending Trust data can differ from total U.S. Consumer and Small Business portfolios because of loan mix, vintage, aging, and different methods for calculating write‑off and delinquency statistics.

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

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Accepted by SEC EDGAR 03/16/2026 - 12:00 PM Learn about SEC filing dates

0000004962false00000049622026-03-162026-03-160000004962us-gaap:CommonStockMember2026-03-162026-03-160000004962axp:FixedToFloatingRateNoteMember2026-03-162026-03-16

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): March 16, 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 February 28 and January 31, 2026 and 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 February 28 and January 31, 2026 and December 31, 2025

(Billions, except percentages)

			February 28, 2026						January 31, 2026						December 31, 2025
U.S. Consumer Card Member loans:
Total loans			$	95.1					$	97.2					$	100.2
30 days past due loans as a % of total			1.4		%				1.4		%				1.3		%
Average loans			$	96.1					$	98.7					$	99.0
Net write-off rate – principal only (a)			2.0		%				1.9		%				2.1		%
U.S. Small Business Card Member loans:
Total loans			$	31.3					$	31.4					$	30.8
30 days past due loans as a % of total			1.7		%				1.7		%				1.7		%
Average loans			$	31.4					$	31.1					$	31.1
Net write-off rate – principal only (a)			2.8		%				2.8		%				2.7		%
Total Card Member loans held for investment – U.S. Consumer and U.S. Small Business			$	126.4					$	128.6					$	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 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.

-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)

			February 1, 2026 through February 28, 2026						January 1, 2026 through January 31, 2026						December 1, 2025 through December 31, 2025
Ending total principal balance			$	24.4					$	25.2					$	26.4
Defaulted amount			$	0.04					$	0.04					$	0.04
Annualized default rate, net of recoveries			1.3		%				1.1		%				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: March 16, 2026

-4-

Filing Exhibits & Attachments

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Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.7 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 15.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 26.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 15.7 KB