01—Abstract
Summary
Summary of the 8-K filed March 16, 2026. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from American Express (AXP) provides updated delinquency and write-off statistics for its U.S. Consumer and U.S. Small Business Card Member loan portfolios held for investment, as of and for the months ending February 28, 2026, January 31, 2026, and December 31, 2025.
The report also includes data for the American Express Credit Account Master Trust for its three most recent monthly reporting periods. These disclosures offer insights into the credit quality of AmEx's loan book, which is a key indicator of potential future losses and overall financial health for investors.
02—Key points
Key Highlights
- Total U.S. Consumer and Small Business Card Member loans held for investment decreased slightly from $131.0 billion in December 2025 to $126.4 billion by February 2026, indicating a managed reduction in the loan portfolio.
- U.S. Consumer Card Member loans saw a slight increase in 30-day delinquencies from 1.3% to 1.4% between December 2025 and February 2026.
- U.S. Small Business Card Member loans maintained a consistent 1.7% 30-day delinquency rate throughout the reported periods.
- Net write-off rates for U.S. Consumer loans were generally stable, hovering around 2.0% to 2.1%, while U.S. Small Business loans showed a slightly higher and stable write-off rate of 2.7% to 2.8%.
- The American Express Credit Account Master Trust reported stable annualized default rates, net of recoveries, ranging from 1.1% to 1.3% for the respective monthly periods.
- The total principal balance within the Lending Trust also decreased from $26.4 billion in December 2025 to $24.4 billion by February 2026.
03—Questions
Frequently Asked Questions
What is the overall trend in delinquencies for American Express's U.S. Card Member loans?
For U.S. Consumer Card Member loans, 30-day delinquencies saw a marginal increase from 1.3% in December 2025 to 1.4% in January and February 2026. U.S. Small Business Card Member loans remained stable at 1.7% for 30-day delinquencies across all reported months.
How are the net write-off rates performing?
Net write-off rates for U.S. Consumer loans were relatively stable, around 2.0%-2.1%. U.S. Small Business loans exhibited a slightly higher and consistent net write-off rate of 2.7%-2.8%. These rates exclude interest and fees.
What is the significance of the data from the American Express Credit Account Master Trust?
The data from the Lending Trust provides a view of credit performance for securitized loans. While not identical to the total portfolio, its stable annualized default rates (1.1%-1.3% net of recoveries) and declining principal balance suggest that the securitized portion of the portfolio is also performing creditably.
Is American Express reducing its loan portfolio size?
Yes, the total Card Member loans held for investment for U.S. Consumer and U.S. Small Business decreased from $131.0 billion in December 2025 to $126.4 billion by February 2026, indicating a managed reduction in the overall loan book.
04—Continue