01—Abstract
Summary
Summary of the 8-K filed August 17, 2026. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from American Express provides updated delinquency and write-off statistics for its U.S. Consumer and U.S. Small Business card portfolios for the months ending May 31, June 30, and July 31, 2026.
The data pertains to card balances held for investment and excludes those held for sale. For investors, the key takeaways revolve around the stability of delinquency rates and the fluctuations in net write-off rates, which were impacted by a specific sale of written-off balances in June 2026. Overall, the reported figures suggest a relatively stable credit performance across the consumer and small business segments.
While the net write-off rate saw a dip in June due to the sale of charged-off balances, the underlying trend in both delinquency and write-offs appears manageable. Investors should monitor these metrics for any sustained deviations, as they are critical indicators of the company's credit risk and the health of its lending portfolio.
02—Key points
Key Highlights
- U.S. Consumer 30-day delinquency rate remained stable at 1.1% for all three months (May, June, July 2026).
- U.S. Small Business 30-day delinquency rate saw a slight decrease from 1.4% in May and June to 1.3% in July 2026.
- Net write-off rate for U.S. Consumer (principal only) was 1.7% in July, down from 2.0% in May and 1.4% in June.
- Net write-off rate for U.S. Small Business (principal only) was 2.6% in July, up from 2.3% in June but consistent with 2.6% in May.
- The June 2026 net write-off rates for both segments were positively impacted (reduced) by the sale of previously written-off card balances to a third party.
- Total card balances held for investment in the U.S. Consumer and U.S. Small Business segments slightly decreased from $160.5 billion in May to $159.2 billion in July 2026.
- Data for the American Express Credit Account Master Trust (Lending Trust) shows a stable annualized default rate, net of recoveries, in July at 1.1%, following 0.7% in June and 1.2% in May.
03—Questions
Frequently Asked Questions
What specific period do these delinquency and write-off statistics cover?
These statistics cover the months ending May 31, June 30, and July 31, 2026, for American Express's U.S. Consumer and U.S. Small Business card balances held for investment.
How did the sale of written-off balances in June 2026 affect the reported numbers?
The sale of certain previously written-off card balances to a third party in June 2026 reduced the reported net write-off rates for that month. Specifically, it lowered the U.S. Consumer net write-off rate by approximately 0.3% and the U.S. Small Business rate by approximately 0.1% for June 2026.
Are these figures the same as those reported by the Lending Trust?
No, the statistics presented for the U.S. Consumer and U.S. Small Business card portfolios are distinct from the data reported by the American Express Credit Account Master Trust (Lending Trust) in its Form 10-D. The Company's reported figures include both revolve-eligible and pay-in-full balances, and both securitized and non-securitized balances. The Lending Trust data reflects only revolve-eligible balances and may differ due to various factors including the mix, vintage, aging of balances, and calculation methodologies.
What is the general trend in the credit performance of American Express's card portfolios based on this filing?
Based on this filing, credit performance appears relatively stable. Delinquency rates have been consistent or slightly improving. The net write-off rates show some month-to-month variability, particularly influenced by the June 2026 sale of charged-off assets, but do not indicate a significant deterioration in the underlying credit quality of the portfolios.
04—Continue