01—Abstract
Summary
Summary of the 8-K filed October 15, 2026. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from American Express Company (AXP) provides preliminary delinquency and write-off statistics for its U.S. Consumer and U.S. Small Business Card balances held for investment as of and for the months ending September 30, August 31, and July 31, 2026, along with a three-month summary ending September 30, 2026.
The report focuses on key credit performance metrics, offering insights into the company's risk management and portfolio health. Investors should note that these figures are preliminary and exclude balances held for sale, providing a specific view of the company's ongoing lending portfolio. The data indicates relatively stable credit performance across the U.S. Consumer and Small Business segments.
Delinquency rates remain low, and write-off rates, while showing some minor fluctuations, are within a manageable range. The filing also includes separate data for the American Express Credit Account Master Trust, which reflects securitized balances and offers a comparative perspective on credit performance, noting differences in calculation methodologies that can lead to variations between the two sets of statistics.
02—Key points
Key Highlights
- Preliminary delinquency rates for U.S. Consumer Card balances remained stable at 1.2% (30+ days past due) as of September 30, 2026, consistent with the prior two months.
- Preliminary net write-off rates for U.S. Consumer Card balances were 1.5% for the three months ended September 30, 2026, showing a slight improvement from 1.6% in the prior quarter.
- Preliminary delinquency rates for U.S. Small Business Card balances were 1.4% (30+ days past due) as of September 30, 2026, consistent with prior months.
- Preliminary net write-off rates for U.S. Small Business Card balances were 2.3% for the three months ended September 30, 2026, a slight decrease from 2.6% in the prior quarter.
- Total U.S. Consumer and Small Business Card balances held for investment stood at $160.9 billion as of September 30, 2026, showing a slight increase from the previous months.
- Data for the American Express Credit Account Master Trust (securitized balances) shows annualized default rates, net of recoveries, remained low, at 1.0% for the month ended September 30, 2026.
- The filing clarifies that the provided statistics are preliminary and exclude balances classified as held for sale, offering a specific view of the core lending portfolio.
03—Questions
Frequently Asked Questions
What is the primary purpose of this 8-K filing?
The primary purpose of this 8-K filing is to furnish investors with preliminary delinquency and write-off rate statistics for American Express's U.S. Consumer and U.S. Small Business Card portfolios held for investment. It provides an early look at credit performance metrics for the months ending July, August, and September 2026, and a three-month summary.
Are the credit performance statistics presented in this filing final?
No, the statistics presented in this filing are explicitly stated as preliminary. They are intended to provide timely information but may differ from final figures reported in other SEC filings, such as the Form 10-D for the American Express Credit Account Master Trust.
What is the difference between the 'Card balances held for investment' and the 'Lending Trust' data?
The 'Card balances held for investment' represents the total U.S. Consumer and Small Business Card portfolios, including both revolve-eligible and pay-in-full balances, and both securitized and non-securitized balances. The 'Lending Trust' data reflects only revolve-eligible balances that have been securitized, and the calculation methodologies for credit performance metrics can differ, potentially leading to variations in reported rates.
How should investors interpret the write-off rates presented?
The net write-off rates presented are based on principal only (excluding interest and fees) and provide an indication of the portion of the outstanding loan balances that the company expects to lose. Investors should monitor these rates for trends, comparing them to historical performance and industry benchmarks to assess the company's credit risk management and the overall health of its loan portfolio.
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