Summary
This 8-K filing from American Express (AXP) provides preliminary delinquency and write-off statistics for its U.S. Consumer and U.S. Small Business Card Member loans held for investment as of and for the periods ending March 31, 2026, and the preceding two months. The data indicates a stable credit performance across both segments, with 30-day past due rates remaining consistent. The net write-off rates show a slight upward trend for U.S. Consumer loans and a more consistent rate for U.S. Small Business loans quarter-over-quarter. Investors should note that these figures represent loans held for investment and exclude those classified as held for sale. The filing also includes comparative data from the American Express Credit Account Master Trust, highlighting potential differences in how these securitized loan pools are reported versus the broader held-for-investment portfolio. Overall, the preliminary credit metrics suggest a resilient operating environment for AXP's core lending portfolios at the start of 2026, with manageable delinquency and write-off levels.
Key Highlights
- 1U.S. Consumer 30-day past due rate remained stable at 1.4% for the three months ended March 31, 2026.
- 2U.S. Small Business 30-day past due rate remained stable at 1.7% for the three months ended March 31, 2026.
- 3Net write-off rate for U.S. Consumer loans increased slightly to 2.0% for the three months ended March 31, 2026, from 1.9% in January 2026.
- 4Net write-off rate for U.S. Small Business loans remained consistent at 2.8% for the three months ended March 31, 2026.
- 5Total Card Member loans held for investment in the U.S. Consumer and U.S. Small Business segments reached $129.7 billion as of March 31, 2026.
- 6The filing provides preliminary data, distinguishing it from finalized reports.
- 7Data on the American Express Credit Account Master Trust shows stable, low default rates and delinquency for securitized assets.