10-K 0000004962-26-000080 (2026-02-06) vs 10-K 0000004962-25-000016 (2025-02-07)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 16,489 |
20.3% |
| MD&A | Item 7 | 21,736 |
23.5% |
| Legal Proceedings | Item 3, via Note 12 – CONTINGENCIES, COMMITMENTS AND GUARANTEES | 2,437 |
19.3% |
| Accounting Policies | Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3,602 |
9.4% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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
Every change, by type
Sentences and paragraphs of AXP's Risk Factors and MD&A, 10-K 2026-02-06 against 10-K 2025-02-07.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
We are a multinational company that derives a substantial portion of its revenues from activities outside of the United States and many of our U.S. customers have an international presence or are otherwise affected by global developments. Accordingly, events that impact international relations and geopolitical stability may have a significant impact on our business. For example, several countries have implemented and are considering the further implementation of tariffs, trade barriers or restrictions and other retaliatory international or domestic policies, as well as other measures affecting cross-border commerce, migration and the flow of information. These actions have had and may likely continue to have broad consequences for the global economy and regional and country economies, as well as impacts to global supply chains and negative effects on our customers and partners, which may adversely affect our business.
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedRisk Factors
We have acquired a number of businesses and have made a number of strategic investments, and continue to evaluate potential transactions. There is no assurance that we will be able to successfully identify suitable candidates, value potential investment or acquisition opportunities accurately, detect potential risks and liabilities related to those opportunities, negotiate acceptable terms
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedRisk Factors
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 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
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedRisk Factors
We face risks from fraudulent activity associated with Card Members, merchants and others, including through bad actors obtaining access to our customer accounts and information and frauds committed by our customers against us. Large financial services firms such as American Express and our customers are regularly targeted by a range of fraudulent activity, including fraud on our card and banking products, false disputes, account takeovers, identity theft and electronic-transaction related crimes, with sophisticated perpetrators increasingly utilizing a range of advanced techniques and multiple parties acting in concert. New or emerging technologies, such as generative AI capabilities, have increased these fraud risks. For example, we have seen our customers targeted by elaborate and voluminous social engineering attacks, which may utilize advanced methods of deception, such as synthetic voice and conversation generation. Information and cybersecurity breaches and other operational incidents that we or third parties experience also increase our fraud risk. Additionally, our introduction of new products and services, expansion into new jurisdictions or usage of new partners or vendors may create new fraud risks or heighten existing risks. While we have policies and procedures designed to address fraud risks, such as customer authentication controls and fraud detection systems, they may be insufficient to accurately predict, prevent or detect fraud.
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedRisk Factors
Increased fraudulent activity associated with our products and services could materially adversely affect our financial condition and results of operations, including as a result of credit losses and other expenses. Furthermore, fraudulent activity could harm our brand and reputation, negatively impact the use or acceptance of our products and services and lead to regulatory intervention or other actions (such as mandatory card reissuance).
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedRisk Factors
amortization of our existing securitization transactions. For a further discussion of our liquidity and funding needs, see “Consolidated Capital Resources and Liquidity” under “MD&A.”
Read it in 10-K 2026-02-06 at sec.gov ↗
RemovedRisk Factors
Recently introduced products, such as debit cards on the American Express network, could fail to gain market acceptance and American Express cards could become less desirable to consumers and businesses generally due to surcharging, steering or other
Read it in 10-K 2025-02-07 at sec.gov ↗
RemovedRisk Factors
We face significantly heightened regulatory expectations and scrutiny in the U.S. and globally, which significantly affects our business and requires continual enhancement of our compliance efforts. Supervision efforts and the enforcement of existing laws
Read it in 10-K 2025-02-07 at sec.gov ↗
RemovedRisk Factors
which could materially adversely affect us and our ability to fund our business. The use of social media and similar channels has the potential to intensify and accelerate such a decrease in confidence in soundness.
Read it in 10-K 2025-02-07 at sec.gov ↗
RewordedRisk Factors
As such laws are interpreted and applied (in some cases, cases with significant differences or conflicting requirements across jurisdictions), compliance and technology costs will continue to increase, particularly in the context of ensuring that adequate privacy, data protection, data management, incident management, resiliency, third party management, data transfer, security controls, account access mechanisms and controls related to artificial intelligence and machine learning are in place. increase.
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedRisk Factors
Although we have devoted and continue to devote significant resources to develop and strengthen our risk management policies capabilities and procedures and expect to continue to do so in the future, these policies and procedures, as well as our risk management techniques, control environment, we may not be fully effective successful in meeting regulatory expectations and managing the risks to which we are exposed.
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedRisk Factors
While If the settlement agreement was not is approved by the court, or Visa and Mastercard otherwise agree to make similar changes, it may ultimately agree or be subject to changes in policies or practices that result in greater surcharging generally generally, decreased acceptance by merchants of certain types of cards, such as premium cards, or downward pressure on our merchant discount rates from decreases in competitor pricing in connection with reductions and caps on interchange fees.
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedRisk Factors
If such our expenses significantly increase beyond our expectations, we will need to find ways may be unable to offset the financial impact by increasing decreasing investments in other areas of the business or operating expenses or increasing revenues such as fee-based revenues, decreasing operating expenses or other investments both, particularly in our business, or both. the current regulatory and competitive environment.
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedRisk Factors
For example, models Models based on historical data sets might not be accurate predictors of future outcomes, such as when we lack recent precedent or recent precedent deviates from current circumstances because of changes in customer behavior, the credit profile or demographic profiles of our Card Members, and they may not be able to predict future outcomes. the geopolitical or macroeconomic environment or otherwise.
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedRisk Factors
Adverse consequences of artificial intelligence and machine learning AI & ML remain uncertain but could include flaws in the decisions, predictions, outputs or analysis such technologies produce and produce, subjecting us to competitive harm, legal liability, heightened regulatory scrutiny scrutiny, greater prevalence of surcharging or other negative point-of-sale practices and brand or reputational harm. harm, as well as decreased demand for our products and services or increased costs.
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedRisk Factors
In addition, interest rate changes or prolonged periods of elevated or depressed rates may affect customer behavior, such as by impacting the loan balances Card Members carry on their credit cards or their ability to make payments as higher interest rates lead to higher payment requirements, further impacting our results of operations. us, general spending and economic activity, or the demand for deposit accounts.
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedRisk Factors
Additionally, new New laws and regulations related to automated decision making, artificial intelligence and machine learning these technologies, as well as the application of existing laws and regulations to these technologies regulations, may restrict or impose burdensome and costly requirements on our ability to use them or impact other aspects of our business. business, particularly as the legal landscape related to these technologies remains fragmented with potentially inconsistent requirements.
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedRisk Factors
For example, in 2024 November 2025 Visa and Mastercard proposed a lawsuit settlement agreement that would have, would, among other things, required require reductions and caps on interchange fees and streamlined requirements for fees, provide merchants who wish greater options to impose a surcharge on credit transactions. transactions, and allow merchants to choose not to accept certain categories of credit cards.
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedRisk Factors
While we believe we comply with all applicable VAT and other tax laws, rules and regulations in the relevant jurisdictions, the tax authorities may determine that we owe additional taxes or apply existing laws and regulations more broadly, which could result in a significant increase in liabilities for taxes and interest in excess of accrued liabilities.
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedRisk Factors
Moreover, the speed with which information spreads through social media, enhanced technology media and other news sources sources, the increased prevalence of campaigns by activists and others targeting corporate practices (including those advancing certain political or social agendas), and the ease with which customers transact can switch to competing products may amplify the onset and negative effects from such perceptions.
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedRisk Factors
For example, new guidelines issued by the Organization for Economic Cooperation and Development (OECD) will impact how introduced a global minimum tax of 15 percent on the global profits of multinational enterprises (MNEs) are taxed on their global profits. enterprises, such as us.
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedMD&A
•Credit and charge cards and complementary products and services, including travel, dining, lifestyle and expense management products and services
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedMD&A
•Banking and other payment and financing products and services, including deposits and non-card lending
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedMD&A
Beginning in the third quarter of 2025, we ceased reporting Net interest yield on average Card Member loans, a non-GAAP measure that was computed by dividing adjusted net interest income by average Card Member loans, and began reporting (together with prior period comparative information) Net interest yield on average Total loans and Card Member receivables, a GAAP measure that represents net interest income divided by average Card Member loans, Card Members loans held for sale (HFS), Other loans and Card Member receivables. We believe that this new net interest yield metric reflects the evolution of our products over time, such as the expansion of lending features on our charge card portfolio. See Table 1 for more information.
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedMD&A
(d)Represents net interest income divided by average Card Member loans, Card Member loans HFS, Other loans and Card Member receivables.
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedMD&A
Our strong results for the year reflect the earnings power of our business model, driven by our premium, high credit-quality customer base and the greater scale and operating leverage we have achieved over the last several years, as well as the impact of strategic investments that strengthen our Membership Model and drive growth. We continued to see momentum across the business, with stable growth across Card Member spending and loans and strong growth in card fees, along with excellent credit performance. We launched our refreshed U.S. Consumer and Business Platinum Cards at the end of the third quarter and have seen strong customer demand and engagement. The continued global expansion of our merchant network contributed to our growth, as we added millions of new merchant locations globally in 2025 and continued to increase coverage across our top international countries. Net income for the year was $10.8 billion, or $15.38 per share, compared with net income of $10.1 billion, or $14.01 per share, a year ago, which included a $0.66 per share gain from the sale of Accertify Inc. (Accertify).
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedMD&A
Beginning in the first quarter of 2025, we made a presentation change to our Consolidated Statements of Income to consolidate Processed revenue within Service fees and other revenue and renamed Processed revenue to network partnership revenue. Prior period amounts have been recast to conform to the current period presentation; there was no impact to Total non-interest revenues. Refer to Note 17 to the “Consolidated Financial Statements” for additional information.
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedMD&A
On January 12, 2026, we acquired our partner’s interest in our Switzerland joint venture (Swisscard AECS GmbH), resulting in Swisscard becoming a wholly owned subsidiary. Through December 31, 2025, we accounted for Swisscard under the equity method, with our share of Swisscard’s net income reported within Service fees and other revenue. For reporting periods beginning January 1, 2026, we will consolidate Swisscard and reflect its financial results within the respective report lines across our financial statements; Swisscard will continue to be reported within the ICS segment.
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedMD&A
Corporate & Other pretax loss was $2.3 billion and $2.4 billion in 2025 and 2024, respectively. The decrease in the pretax loss was primarily driven by a prior-year increase in legal reserves and the previously-mentioned gain related to an equity transaction by GBTG, an equity method investee, partially offset by higher compensation.
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedMD&A
See “Supervision and Regulation — Capital and Liquidity Regulation” under “Business” for more information.
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedMD&A
We maintain a risk governance framework that describes key components of risk management, including risk governance, oversight, roles and responsibilities across the lines of defense, our risk taxonomy, risk appetite and the risk management lifecycle. Our risk governance framework also provides expectations for risk culture, compensation and performance management.
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedMD&A
The responsibilities of each of the committees of the Board in overseeing risk management include:
Read it in 10-K 2026-02-06 at sec.gov ↗
AddedMD&A
The Risk Committee is responsible for overseeing and approving our risk governance framework, processes and methodologies, and evaluating the independence and authority of our risk management function. On an annual basis, the Risk Committee reviews and approves the Company’s risk appetite framework, which defines the nature and level of risk we are willing to take and provides limits, thresholds and escalation processes that align risk taking with strategic objectives. The Risk Committee regularly reviews our risk profile against the tolerances in the risk appetite framework, including significant risk exposures, risk trends in our portfolios and major risk concentrations, and the steps taken by management to monitor, control and report such exposures, trends and concentrations. The Risk Committee also reviews and concurs with the appointment, replacement, performance and compensation of the Chief Risk Officer and receives regular reports from the Chief Risk Officer on key risks and exposures. The Risk Committee provides oversight of our compliance with regulatory capital and liquidity standards, and our Internal Capital Adequacy Assessment Process, including the CCAR submissions.
Read it in 10-K 2026-02-06 at sec.gov ↗
RemovedMD&A
(c)Our common stock trades principally on The New York Stock Exchange under the trading symbol AXP.
Read it in 10-K 2025-02-07 at sec.gov ↗
RemovedMD&A
Our strong results for the year reflect the momentum and earnings power of our business model and our continued investments for growth. We saw record levels of annual Card Member spending, strong new card acquisitions, excellent credit performance and disciplined expense management. Net income for the year was $10.1 billion, or $14.01 per share, compared with net income of $8.4 billion, or $11.21 per share, a year ago. Our full year results reflect the sale of Accertify Inc. (Accertify), which resulted in a gain of $531 million ($479 million after tax or $0.66 per share).
Read it in 10-K 2025-02-07 at sec.gov ↗
RemovedMD&A
TABLE 8: NET INTEREST YIELD ON AVERAGE CARD MEMBER LOANSYears Ended December 31, (Millions, except percentages) 2024 2023 2022 Net interest income $ 15,543 $ 13,134 $ 9,895 Exclude: Interest expense not attributable to our Card Member loan portfolio (a) 3,599 2,943 1,268 Interest income not attributable to our Card Member loan portfolio (b) (3,599) (2,896) (1,023) Adjusted net interest income (c) $ 15,543 $ 13,181 $ 10,140 Average Card Member loans including loans held for sale (d) $ 130,817 $ 114,816 $ 95,369 Net interest income divided by average Card Member loans (c) 11.9 % 11.4 % 10.4 % Net interest yield on average Card Member loans (c) 11.9 % 11.5 % 10.6 %
Read it in 10-K 2025-02-07 at sec.gov ↗
RemovedMD&A
(a)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
Read it in 10-K 2025-02-07 at sec.gov ↗
RemovedMD&A
(b)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
Read it in 10-K 2025-02-07 at sec.gov ↗
RemovedMD&A
(c)Adjusted net interest income and net interest yield on average Card Member loans are non-GAAP measures. Refer to the “Glossary of Selected Terminology” below for the definitions of these terms. We believe adjusted net interest income is useful to investors because it represents the interest expense and interest income attributable to our Card Member loan portfolio and is a component of net interest yield on average Card Member loans, which provides a measure of profitability of our Card Member loan portfolio. Net interest yield on average Card Member loans reflects adjusted net interest income divided by average Card Member loans, computed on an annualized basis. Net interest income divided by average Card Member loans, computed on an annualized basis, a GAAP measure, includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on average Card Member loans.
Read it in 10-K 2025-02-07 at sec.gov ↗
RemovedMD&A
(d)For purposes of the calculation of net interest yield on Card Member loans, average loans includes loans held for sale (HFS) as we continue to recognize interest income on these loans until they are sold. Refer to Note 1 to the Consolidated Financial Statements for further information on loans HFS.
Read it in 10-K 2025-02-07 at sec.gov ↗
RemovedMD&A
Processed revenue decreased 2 percent and increased 4 percent on an FX-adjusted basis.4
Read it in 10-K 2025-02-07 at sec.gov ↗
RemovedMD&A
Corporate & Other pretax loss was $2.4 billion in both 2024 and 2023. Increases in foreign exchange gains and net gains on Amex Ventures investments year-over-year were offset largely by an increase in legal reserves.
Read it in 10-K 2025-02-07 at sec.gov ↗
RemovedMD&A
We elected to delay the recognition of $0.7 billion of reduction in regulatory capital from the adoption of the CECL methodology for two years, followed by a three-year phase-in period at 25 percent once per year beginning January 1, 2022, pursuant to rules issued by federal banking regulators (the CECL final rules). As of January 1, 2025, we have phased in 100 percent of such amount.
Read it in 10-K 2025-02-07 at sec.gov ↗
RemovedMD&A
In August, 2023, the U.S. federal bank regulatory agencies issued a notice of proposed rulemaking that would require covered bank holding companies such as American Express Company to issue and maintain minimum amounts of eligible external long-term debt and certain insured depository institutions such as AENB to issue and maintain minimum amounts of eligible internal long-term debt. See “Supervision and Regulation — Capital and Liquidity Regulation” under “Business” for more information.
Read it in 10-K 2025-02-07 at sec.gov ↗
RemovedMD&A
We use our comprehensive Enterprise Risk Management (ERM) program to identify, aggregate, monitor, measure, report and manage risks. The program also defines our risk appetite, governance, culture and capabilities. The implementation and execution of the ERM program is headed by our Chief Risk Officer. The Risk Committee reviews and concurs with the appointment, replacement, performance and compensation of our Chief Risk Officer and receives regular updates from the Chief Risk Officer on key risks and exposures.
Read it in 10-K 2025-02-07 at sec.gov ↗
RewordedMD&A
Beginning balance $ 5,118 $ 3,747 $ 3,305 37 13 Provisions — principal, interest and fees 4,109 3,839 1,514 7 # Net write-offs — principal less recoveries (2,894) (2,043) (837) 42 # Net write-offs — interest and fees less recoveries (621) (443) (229) 40 93 Other (d) (33) 18 (6) # # Ending balance $ 5,679 $ 5,118 $ 3,747 11 37 Provisions — principal, interest and fees 4,067 4,109 3,839 (1) 7 Net write-offs — principal less recoveries (3,176) (2,894) (2,043) 10 42 Net write-offs — interest and fees (692) (621) (443) 11 40 Other (d) 31 (33) 18 # # Ending balance $ 5,909 $ 5,679 $ 5,118 4 11 % of loans 3.9 % 4.1 % 4.1 % 3.5 % % of past due 279 % 288 % 297 % 348 % Average loans $ 130,758 $ 114,816 $ 95,369 14 20 Net write-off rate — principal, interest and fees (a) 2.7 % 2.7 % 2.2 % 1.1 % Net write-off rate — principal only (a) 2.2 % 2.2 % 1.8 % 0.9 % 30+ days past due as a % of total 1.4 % 1.4 % 1.0 1.4 % Card Member receivables:
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedMD&A
Total Card Member loans and receivables $ 17,395 43,409 $ 16,950 37,442 $ 13,844 36,350 16 3 22 Average Card Member loans and receivables $ 16,976 39,886 $ 14,964 35,681 $ 12,314 13 22 32,202 12 11 Net write-off rate — principal, interest and fees(a) 2.5 fees (a) 1.9 % 2.5 1.9 % 1.4 2.3 % Net write-off rate — principal only(a) 2.1 only — consumer and small business (a)(b) 1.8 % 2.1 1.8 % 1.2 2.2 % 30+ days past due as a % of total 1.2 — consumer and small business 1.1 % 1.3 1.0 % 1.2 1.1 % Calculation of Net Interest Yield on Average Card Member Loans: loans - consumer and small business:
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedMD&A
Total Card Member loans and receivables $ 29,647 56,086 $ 25,838 54,592 $ 21,406 15 21 52,060 3 5 Average Card Member loans and receivables $ 28,518 56,711 $ 23,877 54,362 $ 19,271 19 24 50,621 4 7 Net write-off rate — principal, interest and fees (a) 2.7 2.2 % 2.0 % 0.8 1.7 % Net write-off rate — principal only (a) — small business (a)(b) 2.3 % 1.7 2.2 % 0.7 1.9 % 30+ days past due as a % of total — small business 1.5 % 1.4 1.5 % 0.9 1.5 % Calculation of Net Interest Yield on Average Card Member Loans: loans:
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedMD&A
Total Card Member loans and receivables $ 92,632 114,368 $ 83,207 107,051 $ 72,660 11 15 97,996 7 9 Average Card Member loans and receivables $ 85,264 106,377 $ 75,975 98,928 $ 63,720 12 19 89,651 8 10 Net write-off rate — principal, interest and fees (a) 2.7 2.5 % 2.2 2.5 % 1.1 2.0 % Net write-off rate — principal only (a) 2.2 2.0 % 2.1 % 1.7 % 0.9 % 30+ days past due as a % of total 1.4 1.3 % 1.4 1.3 % 1.0 1.3 % Calculation of Net Interest Yield on Average Card Member Loans: loans:
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedMD&A
More broadly, this committee The Audit and Compliance Committee (ACC) is responsible for assisting the Board in its oversight responsibilities relating to the integrity of our financial statements and financial and regulatory reporting process, processes, internal and external auditing, including the qualifications and independence of the independent registered public accounting firm and the performance of our internal audit services function, and the integrity of our systems of internal controls. controls and legal and regulatory compliance.
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedMD&A
Total loans $ 20,828 $ 17,395 $ 16,950 $ 13,844 20 3 22 Average loans $ 16,976 $ 14,964 $ 12,314 13 22 Net write-off rate — principal, interest and fees(a) fees (a) 2.4 % 2.5 % 2.5 % 1.4 % Net write-off rate — principal only(a) only (a) 2.0 % 2.1 % 2.1 % 1.2 % 30+ days past due as a % of total 1.2 % 1.2 % 1.3 % 1.2 % Calculation of Net Interest Yield on Average Card Member Loans: receivables:
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedMD&A
Consumer Services 8 7 10 Commercial Services 3 3 2 2 3 3 International Card Services 14 13 11 14 17 18 Processed volumes (3) — 3 6 Merchant industry billed business metrics G&S spend (73% (74% and 72% 73% of billed business for 2024 2025 and 2023, 2024, respectively) 8 8 7 6 6 6 T&E spend (27% (26% and 28% 27% of billed business for 2024 2025 and 2023, 2024, respectively) 8% 7% 5% 8% 19% 19%
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedMD&A
Beginning balance $ 171 $ 174 $ 229 $ 64 (2) (24) # Provisions — principal and fees 751 774 880 627 (3) (12) 40 Net write-offs — principal and fees less recoveries (745) (773) (937) (462) (4) (18) # Other (d) 3 (4) 2 — # — # Ending balance $ 180 $ 171 $ 174 $ 229 5% (2)% (24)% % of receivables 0.3 % 0.3 % 0.4 0.3 % Net write-off rate — principal and fees (a) 1.2 % 1.3 % 1.6 % 0.8 % Net write-off rate — principal only — consumer and small business (a)(b) 1.4 % 1.5 % 1.8 % 0.9 % 30+ days past due as a % of total — consumer and small business (c) 0.9 % 0.9 % 1.1 % 1.3 % # Denotes a variance of 100 percent or more
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedMD&A
USCS 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) $ 707.5 $ 654.8 $ 610.8 $ 553.0 8% 7% 10% Proprietary cards-in-force 48.3 46.3 43.8 41.7 4 6 5 Proprietary basic cards-in-force 34.1 32.5 30.7 29.2 5 6 5 Average proprietary basic Card Member spending (dollars) $ 21,215 $ 20,707 $ 20,303 $ 19,514 2 4 2 Total segment assets $ 122,968 $ 114,228 $ 107,158 $ 94,444 8 7 13 Card Member loans: loans and receivables:
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedMD&A
Card Member loans and receivables $ 213,863 $ 199,085 $ 186,406 7% 7% Average Card Member loans and receivables $ 202,975 $ 188,971 $ 172,473 7% 10% Net write-off rate — principal, interest and fees (a) 2.3 % 2.3 % 2.0 % 1.0 % Net write-off rate — principal only — consumer and small business (a)(b) 2.0 % 2.0 % 1.8 % 0.9 % 30+ days past due as a % of total — consumer and small business (c) 1.3 % 1.3 % 1.1 1.3 % Card Member loans:
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedMD&A
Total loans $ 100,171 $ 92,632 $ 83,207 $ 72,660 8 11 15 Average loans $ 85,264 $ 75,975 $ 63,720 12 19 Net write-off rate — principal, interest and fees (a) 2.7 % 2.7 % 2.2 % 1.1 % Net write-off rate — principal only (a) 2.1 % 2.2 % 1.7 % 0.9 % 30+ days past due as a % of total 1.3 % 1.4 % 1.4 % 1.0 % Calculation of Net Interest Yield on Average Card Member Loans: receivables:
Read it in 10-K 2026-02-06 at sec.gov ↗
RewordedMD&A
Total loans $ 30,833 $ 29,647 $ 25,838 $ 21,406 4 15 21 Average loans $ 28,518 $ 23,877 $ 19,271 19 24 Net write-off rate — principal, interest and fees (a) 3.0 % 2.7 % 2.0 % 0.8 % Net write-off rate — principal only (a) 2.6 % 2.3 % 1.7 % 0.7 % 30+ days past due as a % of total 1.7 % 1.5 % 1.4 % 0.9 % Calculation of Net Interest Yield on Average Card Member Loans: receivables:
Read it in 10-K 2026-02-06 at sec.gov ↗
Quiet changesMD&A
We have certain off-balance sheet obligations that include certain lease arrangements, guarantees, indemnifications and certain Card Member and partner arrangements that may have a material current or future effect on our financial condition, changes in financial condition, results of operations, or liquidity and capital resources.
Read it in 10-K 2026-02-06 at sec.gov ↗
