01—Abstract
Summary
Summary of the 8-K filed September 15, 2025. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from American Express provides updated delinquency and write-off statistics for its U.S. Consumer and U.S. Small Business Card Member loans held for investment as of August 31, 2025, and for the months ended August 31, July 31, and June 30, 2025.
The data indicates stable credit performance across both segments, with consistent 30-day past due percentages and only a slight fluctuation in net write-off rates. Investors can interpret these figures as a sign of continued credit resilience within Amex's core loan portfolios.
The total outstanding loan balances for these segments have seen a modest increase, suggesting underlying business growth. While the company also provides data on its securitized Lending Trust, it's important for investors to note that these may not perfectly mirror the consolidated loan portfolio performance due to differing calculation methodologies and loan pool characteristics.
02—Key points
Key Highlights
- U.S. Consumer loans held for investment saw a slight increase in total balance to $94.6 billion by August 31, 2025.
- The 30-day past due rate for U.S. Consumer loans remained stable at 1.3% for all three reported months (June, July, August 2025).
- U.S. Small Business loans held for investment also increased to $30.9 billion by August 31, 2025.
- The 30-day past due rate for U.S. Small Business loans was consistently 1.6% across the reported periods.
- Net write-off rates for U.S. Consumer loans were 2.0% in August and July, and 2.1% in June.
- Net write-off rates for U.S. Small Business loans were 2.7% in August and July, and 2.6% in June.
- Total U.S. Consumer and Small Business Card Member loans held for investment reached $125.5 billion as of August 31, 2025.
03—Questions
Frequently Asked Questions
What is the overall credit performance trend indicated by these statistics?
The statistics suggest a stable credit performance for American Express's U.S. Consumer and U.S. Small Business Card Member loan portfolios. Delinquency rates remain consistent, and net write-off rates are only showing minor fluctuations, indicating a resilient credit environment for the company's held-for-investment loans.
Are these statistics representative of all American Express loans?
No, these statistics specifically cover U.S. Consumer and U.S. Small Business Card Member loans classified as 'held for investment.' Loans classified as 'held for sale' are not included. Furthermore, the data from the American Express Credit Account Master Trust (Lending Trust) is presented separately and may differ due to variations in loan characteristics and calculation methods.
Have the loan portfolios grown or shrunk in the reported period?
Yes, the total outstanding loan balances for both U.S. Consumer and U.S. Small Business Card Member loans held for investment have shown a modest increase over the reported months, indicating growth in these portfolios.
What does the term 'net write-off rate – principal only' mean?
This metric refers to the rate at which the principal amount of loans is written off as uncollectible, excluding any interest or fees that may have been due. It provides a clear view of the loss on the actual loan principal.
04—Continue