8-KRegulation FD

AMERICAN EXPRESS CO 8-K Report, Regulation FD Disclosure (Nov 17, 2025)

Filed November 17, 2025For Securities:AXP

Summary

American Express Company (AXP) has filed an 8-K report providing an update on its credit performance statistics for its U.S. Consumer and U.S. Small Business Card Member loan portfolios held for investment as of October 31, 2025. The report details delinquency and net write-off rates for the three months ending October 31, 2025, offering investors insight into the credit quality of AXP's loan book. While overall loan balances remain substantial, key metrics indicate a stable, albeit closely watched, credit environment for the company's lending operations.

Key Highlights

  • 1Total U.S. Consumer and U.S. Small Business Card Member loans held for investment stood at $126.4 billion as of October 31, 2025.
  • 2The 30-day delinquency rate for U.S. Consumer Card Member loans was stable at 1.4% for October 2025.
  • 3The 30-day delinquency rate for U.S. Small Business Card Member loans remained consistent at 1.6% for October 2025.
  • 4The net write-off rate for U.S. Consumer Card Member loans was 2.2% for October 2025, an increase from 1.9% in September.
  • 5The net write-off rate for U.S. Small Business Card Member loans was 2.6% for October 2025, an increase from 2.5% in September.
  • 6The report clarifies that these statistics exclude loans classified as held for sale and provide additional information beyond the American Express Credit Account Master Trust's Form 10-D filings.
  • 7Credit performance for the securitized American Express Credit Account Master Trust shows a consistent annualized default rate, net of recoveries, around 1.2%-1.3%.

Frequently Asked Questions

As of October 31, 2025, the 30-day delinquency rate for U.S. Consumer Card Member loans was 1.4%, and for U.S. Small Business Card Member loans it was 1.6%. The net write-off rate for U.S. Consumer loans was 2.2%, and for U.S. Small Business loans it was 2.6%.

The net write-off rate for U.S. Consumer Card Member loans increased to 2.2% in October 2025 from 1.9% in September 2025. The net write-off rate for U.S. Small Business Card Member loans also saw a slight increase to 2.6% in October 2025 from 2.5% in September 2025.

The total Card Member loans held for investment for U.S. Consumer and U.S. Small Business segments was $126.4 billion as of October 31, 2025.

This filing provides statistics for Card Member loans held for investment, which includes both securitized and non-securitized loans. It also includes separate data for the American Express Credit Account Master Trust (a securitized pool), which may have different characteristics and reporting methodologies compared to the broader loan portfolios.