01—Abstract
Summary
Summary of the 8-K filed October 15, 2025. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from American Express (AXP) provides investors with updated preliminary credit performance statistics for its U.S. Consumer and U.S. Small Business Card Member loans held for investment, as of and for the months ended September 30, August 31, and July 31, 2025, along with data for the three months ended September 30, 2025.
The report highlights key metrics such as loan balances, 30-day past due rates, and net write-off rates. While the data is preliminary, it offers insight into the company's credit quality trends in a dynamic economic environment. Overall, the disclosed figures indicate stable credit performance across both consumer and small business segments.
Delinquency rates remained consistent, and net write-off rates showed a slight improvement or remained stable, particularly for the consumer segment. This suggests that American Express's underwriting and risk management strategies are effectively managing potential credit headwinds. Investors should monitor these metrics for any significant deviations in future filings as they are a key indicator of asset quality and future profitability.
02—Key points
Key Highlights
- Preliminary credit performance data for U.S. Consumer and U.S. Small Business Card Member loans held for investment as of and for the periods ending July, August, and September 2025.
- Total U.S. Consumer Card Member loans held for investment stood at $94.1 billion as of September 30, 2025.
- U.S. Consumer 30-day past due loans remained stable at 1.4% as of September 30, 2025.
- Net write-off rate for U.S. Consumer loans was 1.9% for the three months ended September 30, 2025, showing a slight improvement from prior periods.
- Total U.S. Small Business Card Member loans held for investment were $30.7 billion as of September 30, 2025.
- U.S. Small Business 30-day past due loans remained stable at 1.6% as of September 30, 2025.
- Net write-off rate for U.S. Small Business loans was 2.6% for the three months ended September 30, 2025, showing a slight decrease from prior periods.
03—Questions
Frequently Asked Questions
What is the primary purpose of this 8-K filing?
The primary purpose of this 8-K filing is to provide investors with preliminary, up-to-date information on American Express's credit quality metrics for its U.S. Consumer and U.S. Small Business Card Member loans held for investment. This includes data on loan balances, delinquency rates, and net write-off rates for recent monthly periods and the latest fiscal quarter.
How are the reported delinquency and write-off rates trending?
The reported delinquency rates for both U.S. Consumer and U.S. Small Business loans have remained stable. Net write-off rates have shown a slight improvement or remained stable across both segments for the three months ended September 30, 2025, compared to prior periods, suggesting consistent credit performance.
What is the difference between the data in this filing and the data reported by the American Express Credit Account Master Trust?
The data in this filing represents the Company's total U.S. Consumer and U.S. Small Business Card Member loan portfolios held for investment, which include both securitized and non-securitized loans. The American Express Credit Account Master Trust (Lending Trust) data reported in its Form 10-D only reflects securitized loans and may have different characteristics (e.g., mix, vintage, aging) and calculation methodologies, leading to potential month-to-month variations in reported credit performance compared to the overall portfolio.
Are these final credit statistics?
No, the statistics presented in this filing are preliminary. Investors should note that these figures may be subject to adjustments and should be viewed in conjunction with the company's more comprehensive financial reporting.
04—Continue