8-KRegulation FD

AMERICAN EXPRESS CO 8-K Report, Regulation FD Disclosure (Apr 15, 2026)

Filed April 15, 2026For Securities:AXP

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.

Frequently Asked Questions

This filing reports on delinquency rates (specifically, 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 provides total and average loan balances.

The 30-day past due rates for both U.S. Consumer and U.S. Small Business loans have been stable, remaining at 1.4% and 1.7% respectively for the observed periods. The net write-off rate for U.S. Consumer loans saw a slight increase from 1.9% in January 2026 to 2.0% for the quarter ending March 31, 2026, while the U.S. Small Business net write-off rate remained steady at 2.8%.

No, this filing specifically focuses on Card Member loans held for investment within the U.S. Consumer and U.S. Small Business segments. It explicitly excludes loans classified as 'held for sale' on the Consolidated Balance Sheets. The data also differs in calculation methodology from the American Express Credit Account Master Trust, which represents securitized loan pools.

The data from the Lending Trust provides insight into the credit performance of American Express's securitized loan assets. While it may differ from the broader portfolio due to factors like loan mix and reporting mechanics, it shows consistently low annualized default rates (around 1.1%-1.3%) and total 30+ days delinquent balances ($0.2 billion), suggesting stability in these securitized pools.