AmEx (NYSE: AXP) details July 2025 card delinquency and write-offs

Rhea-AI Filing Summary

American Express Company filed updated credit metrics for its U.S. Consumer and U.S. Small Business card loans held for investment for May, June and July 2025. As of July 31, 2025, U.S. Consumer Card Member loans totaled $93.7 billion, with 30‑days‑past‑due loans at 1.3% of total and a net write‑off rate on principal of 2.0%, slightly below 2.1% in June. U.S. Small Business Card Member loans totaled $30.5 billion, with 30‑days‑past‑due loans at 1.6% and a net write‑off rate of 2.7%, higher than 2.4% in May.

For the American Express Credit Account Master Trust, the ending total principal balance for the July 1–31, 2025 period was $25.4 billion, with a defaulted amount of $0.04 billion, an annualized default rate net of recoveries of 1.1% and total 30+ days delinquent of $0.2 billion. The company notes that trust performance can differ from overall portfolio metrics due to differences in loan mix, vintages, aging, calculation mechanics and normal month‑to‑month variability.

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.

Understanding 8-K Material Events →

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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): August 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 July 31, June 30 and May 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 July 31, June 30 and May 31, 2025

(Billions, except percentages)

			July 31, 2025						June 30, 2025						May 31, 2025
U.S. Consumer Card Member loans:
Total loans			$	93.7					$	92.6					$	92.0
30 days past due loans as a % of total			1.3		%				1.3		%				1.3		%
Average loans			$	93.2					$	92.3					$	91.3
Net write-off rate – principal only (a)			2.0		%				2.1		%				2.1		%
U.S. Small Business Card Member loans:
Total loans			$	30.5					$	30.1					$	32.0
30 days past due loans as a % of total			1.6		%				1.6		%				1.5		%
Average loans			$	30.3					$	31.1					$	31.8
Net write-off rate – principal only (a)			2.7		%				2.6		%				2.4		%
Total Card Member loans held for investment – U.S. Consumer and U.S. Small Business			$	124.2					$	122.7					$	124.0

(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.

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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)

			July 1, 2025 through July 31, 2025						June 1, 2025 through June 30, 2025						May 1, 2025 through May 31, 2025
Ending total principal balance			$	25.4					$	25.3					$	25.4
Defaulted amount			$	0.04					$	0.04					$	0.04
Annualized default rate, net of recoveries			1.1		%				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: August 15, 2025

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FAQ

What credit metrics did American Express (AXP) report for July 2025 U.S. Consumer card loans?

For July 31, 2025, U.S. Consumer Card Member loans totaled $93.7 billion. Loans 30 days past due were 1.3% of total, and the net write‑off rate on principal was 2.0%.

What were the July 2025 U.S. Small Business card loan statistics for American Express (AXP)?

As of July 31, 2025, U.S. Small Business Card Member loans totaled $30.5 billion. Loans 30 days past due were 1.6% of total, and the net principal write‑off rate was 2.7%.

How large were American Express (AXP) total U.S. Consumer and Small Business loans held for investment in July 2025?

Total Card Member loans held for investment combining U.S. Consumer and U.S. Small Business segments were $124.2 billion as of July 31, 2025.

What default and delinquency figures did the American Express Credit Account Master Trust report for July 2025?

For July 1–31, 2025, the Lending Trust reported an ending total principal balance of $25.4 billion, a defaulted amount of $0.04 billion, an annualized default rate net of recoveries of 1.1%, and total 30+ days delinquent of $0.2 billion.

Why can American Express (AXP) Lending Trust performance differ from overall U.S. card portfolio metrics?

The company explains that differences in mix, vintage, aging of loans, calculation methods (such as end‑of‑period vs. average balances), additions to the trust, and factors like month length, holidays, weekends and seasonality can cause Lending Trust performance to be better or worse than overall portfolio statistics.

Do the reported statistics include American Express (AXP) Card Member loans held for sale?

No. The company states that Card Member loans classified as held for sale on the Consolidated Balance Sheets are not reflected in the delinquency and write‑off statistics table.