Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 218 words changed in this paragraph; it is 65% similar to last year's version.
TABLE 10: USCS 13: ICS SELECTED STATISTICAL INFORMATIONAs of or for the Years Ended December 31, Change Change (Millions, except percentages and where indicated) 2025 2024 2023 2022 2025 vs. 2024 2024 vs. 2023 2023 vs. 2022 Billed business (billions) $ 654.8 418.0 $ 610.8 366.9 $ 553.0 7% 10% 329.5 14% 11% Proprietary cards-in-force 46.3 43.8 41.7 6 23.0 21.9 21.0 5 4 Proprietary basic cards-in-force 32.5 30.7 29.2 6 17.2 16.4 15.6 5 5 Average proprietary basic Card Member spending (dollars) $ 20,707 24,822 $ 20,303 22,965 $ 19,514 2 4 21,550 8 7 Total segment assets $ 114,228 50,089 $ 107,158 42,879 $ 94,444 7 13 42,234 17 2 Card Member loans: Total loans and receivables: Card Member loans and receivables $ 92,632 43,409 $ 83,207 37,442 $ 72,660 36,350 16 3 Average Card Member loans and receivables $ 39,886 $ 35,681 $ 32,202 12 11 15 Average loans $ 85,264 $ 75,975 $ 63,720 12 19 Net write-off rate — principal, interest and fees (a) 2.7 1.9 % 2.2 1.9 % 1.1 2.3 % Net write-off rate — principal only (a) — consumer and small business (a)(b) 1.8 % 1.8 % 2.2 % 1.7 % 0.9 % 30+ days past due as a % of total 1.4 % 1.4 — consumer and small business 1.1 % 1.0 % Calculation of Net Interest Yield on Average Card Member Loans: Net interest income $ 11,290 $ 9,652 $ 7,474 Exclude: Interest expense not attributable to our Card Member loan portfolio (b) 198 192 139 Interest income not attributable to our Card Member loan portfolio (c) (557) (386) (228) Adjusted net interest income (d) $ 10,931 $ 9,458 $ 7,385 Average 1.1 % Card Member loans - consumer and small business: Total loans $ 85,264 20,828 $ 75,975 17,395 $ 63,720 Net interest income divided by average Card Member loans (d) 13.2 % 12.7 % 11.7 % Net interest yield on average Card Member loans (d) 12.8 % 12.4 % 11.6 % Card Member receivables: Total receivables $ 14,419 $ 14,789 $ 14,263 (3)% 4% 16,950 20 3 Net write-off rate — principal principal, interest and fees (a) 1.2 2.4 % 1.3 2.5 % 0.6 2.5 % Net write-off rate — principal only (a) 1.1 2.0 % 1.2 2.1 % 0.6 2.1 % 30+ days past due as a % of total 0.6 1.2 % 1.2 % 1.3 % Card Member receivables: Total receivables $ 22,581 $ 20,047 $ 19,400 13% 3% Net write-off rate — principal and fees (a) 1.4 % 1.4 % 2.1 % Net write-off rate — principal only — consumer and small business (a)(b) 1.5 % 1.5 % 2.2 % 30+ days past due as a % of total — consumer and small business 0.9 % 0.8 % 0.9 1.0 % 90+ days past billing as a % of total — corporate (b) 0.5 % 0.4 % 0.5 %
Source: Item 7, 10-K 0000004962-26-000080 vs Item 7, 10-K 0000004962-25-000016
Risk Factors 208 words changed in this paragraph; it is 30% similar to last year's version.
We rely extensively on our information technology systems and those of our third parties, including our transaction authorization, clearing and settlement systems, data centers and cloud data centers, storage and processing services, which have experienced and may continue to experience service disruptions or degradation that may result from technology malfunction, sudden increases in processing or other volumes, natural disasters and weather events, fires, accidents, technology change management issues, power outages, internet outages, telecommunications failures, fraud, denial-of-service, ransomware and other cyberattacks, inadequate infrastructure in lesser-developed markets, technology capacity management issues, terrorism, computer viruses, vulnerabilities or failures in hardware or software, physical or electronic break-ins, or similar events. Due to the interconnectivity and complexity of information systems and their reliance on common systems, software and vendors, disruptions or degradations have had, and will likely continue to have, wide-reaching consequences, including the potential to disrupt the overall financial system and other key systems in the global economy. Service disruptions or degradations impacting us or our partners can prevent access to online services and account information, compromise or limit access to company or customer data, impede or prevent transaction processing, communications to customers and financial reporting, disrupt ordinary business operations, result in contractual penalties or obligations, trigger regulatory reporting obligations, and lead to regulatory investigations and fines, increased regulatory oversight, and litigation (including class action litigation). Any such service disruption or degradation could adversely affect the perception of the reliability of our products and services and materially adversely affect our overall business, reputation and results of operations.
Source: Item 1A, 10-K 0000004962-26-000080 vs Item 1A, 10-K 0000004962-25-000016
Accounting Policies 78 words changed in this paragraph; it is 49% similar to last year's version.
Service Foreign currency-related fees and delinquency fees are primarily recognized in the period when they are applied to a Card Member account. Loyalty coalition, merchant and other revenue includes service fees earned from merchants and other customers and travel commissions and fees, which fees are generally recognized in the period when the service is performed, and delinquency and foreign currency-related fees, which are primarily recognized in the period when they are charged to the Card Member. In addition, Service performed. Other fees and other revenue revenues includes income (losses) from our investments in which we have significant influence and therefore account for under the equity method. Refer to Note 18 for additional information.
Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000004962-26-000080 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000004962-25-000016
Legal Proceedings 71 words changed in this paragraph; it is 83% similar to last year's version.
On January 29, 2019, we were named in a putative class action brought in the United States District Court for the Eastern District of New York, captioned Anthony Oliver, David Moskowitz, et al. (formerly Oliver) v. American Express Company and American Express Travel Related Services Company Inc., in which the plaintiffs are holders of MasterCard, Visa and/or Discover credit and/or debit cards (but not American Express cards) and allege they paid higher prices as a result of the anti-steering and non-discrimination provisions in our merchant agreements in violation of federal antitrust law and the antitrust and consumer laws of various states. Plaintiffs seek unspecified damages and other forms of relief. The court dismissed plaintiffs’ federal antitrust claim, numerous state antitrust and consumer protection claims and their unjust enrichment claim. For the remaining state antitrust or consumer protection claims, the court certified classes for (i) holders of Visa and MasterCard debit cards in eight states and Washington, D.C.; and (ii) holders of Visa, MasterCard and Discover credit cards that do not offer rewards or charge an annual fee in two states and Washington, D.C. After trial in August 2025, the jury returned a verdict finding in favor of us on all claims except an Illinois consumer law claim for the class of non-rewards credit card holders in Illinois for which the jury awarded $12.5 million in damages. We have reached an agreement with the class representatives to settle all claims in this action, which is subject to court approval.
Source: Item 3, via Note 12 – CONTINGENCIES, COMMITMENTS AND GUARANTEES, 10-K 0000004962-26-000080 vs Item 3, via Note 12 – CONTINGENCIES AND COMMITMENTS, 10-K 0000004962-25-000016
