8-KRegulation FD

AMERICAN EXPRESS CO 8-K Report, Regulation FD Disclosure (Jul 15, 2025)

Filed July 15, 2025For Securities:AXP

Summary

This 8-K filing from American Express (AXP) provides an update on key credit performance metrics for its U.S. Consumer and U.S. Small Business Card Member loan portfolios as of and for the periods ending April 30, May 31, and June 30, 2025. Investors should note the reclassification of $1.6 billion of the Amazon small business cobrand portfolio to loans held for sale, which is now excluded from the presented delinquency and write-off statistics for June 2025. The filing also includes comparative data for the American Express Credit Account Master Trust (Lending Trust). The presented data indicates relatively stable delinquency and net write-off rates for both the U.S. Consumer and U.S. Small Business segments through the second quarter of 2025, though slight month-over-month fluctuations are present. While the U.S. Consumer segment shows a 30-day delinquency rate of 1.3% as of June 30, 2025, and a net write-off rate of 2.1% for the three months ended June 30, 2025, the U.S. Small Business segment exhibits slightly higher rates at 1.6% and 2.5%, respectively. The Lending Trust data shows consistent low annualized default rates. Overall, the credit metrics appear to be holding steady, which is a positive sign in the current economic environment.

Key Highlights

  • 1American Express provided updated U.S. Consumer and Small Business loan delinquency and write-off statistics for April, May, and June 2025.
  • 2A significant reclassification of $1.6 billion in Amazon small business cobrand loans to 'held for sale' impacts the June 2025 figures, removing them from the reported portfolio.
  • 3U.S. Consumer loan portfolio: Total loans stood at $92.6 billion as of June 30, 2025, with a 30-day delinquency rate of 1.3% and a net write-off rate of 2.1% for Q2 2025.
  • 4U.S. Small Business loan portfolio: Total loans were $30.1 billion as of June 30, 2025, with a 30-day delinquency rate of 1.6% and a net write-off rate of 2.5% for Q2 2025.
  • 5Delinquency and write-off rates remained largely stable month-over-month, with minor fluctuations observed.
  • 6The American Express Credit Account Master Trust (Lending Trust) reported consistent, low annualized default rates of 1.3% for the three months ended June 30, 2025.
  • 7The provided data offers a preliminary view of credit performance ahead of more comprehensive reporting.

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