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.