8-KRegulation FD

AMERICAN EXPRESS CO 8-K Report, Regulation FD Disclosure (Feb 17, 2026)

Filed February 17, 2026For 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 well as its securitized Lending Trust. For the month ended January 31, 2026, overall delinquency and write-off rates remain relatively stable compared to the prior two months. Total loans held for investment in the U.S. Consumer and Small Business segments showed a slight decrease from December 2025 to January 2026. Investors should note that the provided statistics offer a more granular view than typically reported, distinguishing between held-for-investment loans and those held-for-sale. The filing also clarifies differences in reporting methodologies between the total loan portfolios and the securitized Lending Trust, highlighting that the Lending Trust's performance may not be identical due to variations in loan characteristics and calculation methods. Overall, the credit metrics presented suggest a consistent, albeit monitored, credit environment for American Express's core lending business.

Key Highlights

  • 1Delinquency rates for U.S. Consumer Card Member loans remained stable at 1.4% (30 days past due) as of January 31, 2026, consistent with November 2025.
  • 2Net write-off rate for U.S. Consumer Card Member loans decreased slightly to 1.9% for the month ended January 31, 2026, down from 2.1% in the prior two months.
  • 3Delinquency rates for U.S. Small Business Card Member loans were stable at 1.7% (30 days past due) as of January 31, 2026.
  • 4Net write-off rate for U.S. Small Business Card Member loans saw a slight increase to 2.8% for the month ended January 31, 2026, up from 2.7% in the prior two months.
  • 5Total U.S. Consumer and U.S. Small Business Card Member loans held for investment decreased to $128.6 billion as of January 31, 2026, from $131.0 billion as of December 31, 2025.
  • 6The American Express Credit Account Master Trust (Lending Trust) reported a stable annualized default rate, net of recoveries, of 1.1% for January 2026.
  • 7The filing provides additional detail on credit performance, distinguishing between loans held for investment and those held for sale, and explains methodological differences with the Lending Trust's reported data.

Frequently Asked Questions

This filing reports on delinquency rates (30 days past due as a percentage of total loans) and net write-off rates (principal only) for U.S. Consumer and U.S. Small Business Card Member loans held for investment. It also includes data for the securitized American Express Credit Account Master Trust, such as defaulted amounts and annualized default rates.

For the month ended January 31, 2026, delinquency rates for both U.S. Consumer and U.S. Small Business loans remained stable. The net write-off rate for U.S. Consumer loans slightly improved, while the net write-off rate for U.S. Small Business loans saw a minor increase. Overall loan balances held for investment slightly declined.

The Lending Trust data provides insights into the credit performance of loans that have been securitized. While it's related to American Express's overall portfolio, the filing explicitly states that its characteristics and reported performance may differ from the total loan portfolios due to differences in loan mix, vintage, aging, and calculation methodologies. The annualized default rate for the Lending Trust was stable at 1.1% in January 2026.

Based on the provided statistics for January 31, 2026, the key credit metrics for both the U.S. Consumer and U.S. Small Business portfolios and the Lending Trust appear stable or show only minor fluctuations. There is no immediate indication of significant credit quality deterioration in this specific filing.