# EDGAR Filing Document

**Accession Number:** 0000004962
**File Stem:** 0000004962-26-000192
**Filing Date:** 2026-4
**Character Count:** 258800
**Document Hash:** 696e29f7ddb26bf99a105cb9d5d86919
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000004962-26-000192.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0000004962-26-000192

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN EXPRESS CO
- **CENTRAL INDEX KEY:** 0000004962
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 134922250
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07657
- **FILM NUMBER:** 26886668

**BUSINESS ADDRESS:**
- **STREET 1:** 200 VESEY STREET
- **STREET 2:** 50TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10285
- **BUSINESS PHONE:** 2126402000

**MAIL ADDRESS:**
- **STREET 1:** 200 VESEY STREET
- **STREET 2:** 50TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10285

?xml version='1.0' encoding='ASCII'? axp-20260331

<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**UNITED STATES**

 **SECURITIES AND EXCHANGE COMMISSION** 

 **WASHINGTON, D.C. 20549**

**FORM 10-Q** 

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

**For the Quarterly Period Ended March 31, 2026** 

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the Transition Period from ____ to ____

Commission file number 1-7657

**<u>AMERICAN EXPRESS COMPANY</u>**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **New York** | **13-4922250** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **200 Vesey Street, New York, New York** | **10285** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> **<u>(212) 640-2000</u>**<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

<u>None</u>

Former name, former address and former fiscal year, if changed since last report.

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common shares (par value $0.20 per share) | AXP | New York Stock Exchange |
| 3.433% Fixed-to-Floating Rate Notes due May 20, 2032 | AXP32 | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

**Yes** 🗹 **No** □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

**Yes** 🗹 **No** □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☑ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accelerated filer  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller reporting company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

**Yes ☐ No** 🗹

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

---

| | | |
|:---|:---|:---|
| Class | Outstanding at April 17, 2026 | Outstanding at April 17, 2026 |
| Common Shares (par value $0.20 per share) | 682326443 | Shares |

---

------

<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**FORM 10-Q**

**INDEX**

---

| | | | |
|:---|:---|:---|:---|
| **[Part I.](#i8fc94bb62f654e1ca0c94d1bf1ef104c_10)** | **<u>[Financial Information](#i8fc94bb62f654e1ca0c94d1bf1ef104c_10)</u>** | **<u>[Financial Information](#i8fc94bb62f654e1ca0c94d1bf1ef104c_10)</u>** | **Page No.** |
|  | [Item 1.](#i8fc94bb62f654e1ca0c94d1bf1ef104c_127) | <u>[Financial Statements](#i8fc94bb62f654e1ca0c94d1bf1ef104c_127)</u> |  |
|  |  | <u>[Consolidated Statements of Income – Three Months Ended March 31, 2026 and 2025](#i8fc94bb62f654e1ca0c94d1bf1ef104c_130)</u> | [36](#i8fc94bb62f654e1ca0c94d1bf1ef104c_130) |
|  |  | <u>[Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2026 and 2025](#i8fc94bb62f654e1ca0c94d1bf1ef104c_136)</u> | [37](#i8fc94bb62f654e1ca0c94d1bf1ef104c_136) |
|  |  | <u>[Consolidated Balance Sheets – March 31, 2026 and December 31, 2025](#i8fc94bb62f654e1ca0c94d1bf1ef104c_139)</u> | [38](#i8fc94bb62f654e1ca0c94d1bf1ef104c_139) |
|  |  | <u>[Consolidated Statements of Cash Flows – Three Months Ended March 31, 2026 and 2025](#i8fc94bb62f654e1ca0c94d1bf1ef104c_145)</u> | [39](#i8fc94bb62f654e1ca0c94d1bf1ef104c_145) |
|  |  | <u>[Consolidated Statements of Shareholders' Equity – Three Months Ended March 31, 2026 and 2025](#i8fc94bb62f654e1ca0c94d1bf1ef104c_151)</u> | [40](#i8fc94bb62f654e1ca0c94d1bf1ef104c_151) |
|  |  | <u>[Notes to Consolidated Financial Statements](#i8fc94bb62f654e1ca0c94d1bf1ef104c_154)</u> | [41](#i8fc94bb62f654e1ca0c94d1bf1ef104c_154) |
|  | [Item 2.](#i8fc94bb62f654e1ca0c94d1bf1ef104c_13) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](#i8fc94bb62f654e1ca0c94d1bf1ef104c_13)</u> | [1](#i8fc94bb62f654e1ca0c94d1bf1ef104c_13) |
|  | [Item 3.](#i8fc94bb62f654e1ca0c94d1bf1ef104c_211) | <u>[Quantitative and Qualitative Disclosures about Market Risk](#i8fc94bb62f654e1ca0c94d1bf1ef104c_211)</u> | [66](#i8fc94bb62f654e1ca0c94d1bf1ef104c_211) |
|  | [Item 4.](#i8fc94bb62f654e1ca0c94d1bf1ef104c_214) | <u>[Controls and Procedures](#i8fc94bb62f654e1ca0c94d1bf1ef104c_214)</u> | [66](#i8fc94bb62f654e1ca0c94d1bf1ef104c_214) |
| **[Part II.](#i8fc94bb62f654e1ca0c94d1bf1ef104c_217)** | **<u>[Other Information](#i8fc94bb62f654e1ca0c94d1bf1ef104c_217)</u>** | **<u>[Other Information](#i8fc94bb62f654e1ca0c94d1bf1ef104c_217)</u>** |  |
|  | [Item 1.](#i8fc94bb62f654e1ca0c94d1bf1ef104c_220) | <u>[Legal Proceedings](#i8fc94bb62f654e1ca0c94d1bf1ef104c_220)</u> | [67](#i8fc94bb62f654e1ca0c94d1bf1ef104c_220) |
|  | [Item 1A.](#i8fc94bb62f654e1ca0c94d1bf1ef104c_223) | <u>[Risk Factors](#i8fc94bb62f654e1ca0c94d1bf1ef104c_223)</u> | [67](#i8fc94bb62f654e1ca0c94d1bf1ef104c_223) |
|  | [Item 2.](#i8fc94bb62f654e1ca0c94d1bf1ef104c_226) | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i8fc94bb62f654e1ca0c94d1bf1ef104c_226)</u> | [68](#i8fc94bb62f654e1ca0c94d1bf1ef104c_226) |
|  | [Item 5.](#i8fc94bb62f654e1ca0c94d1bf1ef104c_229) | <u>[Other Information](#i8fc94bb62f654e1ca0c94d1bf1ef104c_229)</u> | [69](#i8fc94bb62f654e1ca0c94d1bf1ef104c_229) |
|  | [Item 6.](#i8fc94bb62f654e1ca0c94d1bf1ef104c_232) | <u>[Exhibits](#i8fc94bb62f654e1ca0c94d1bf1ef104c_232)</u> | [70](#i8fc94bb62f654e1ca0c94d1bf1ef104c_232) |
| **<u>[Signatures](#i8fc94bb62f654e1ca0c94d1bf1ef104c_235)</u>** | **<u>[Signatures](#i8fc94bb62f654e1ca0c94d1bf1ef104c_235)</u>** | **<u>[Signatures](#i8fc94bb62f654e1ca0c94d1bf1ef104c_235)</u>** | [71](#i8fc94bb62f654e1ca0c94d1bf1ef104c_235) |

---

Throughout this report the terms "American Express," "we," "our" or "us," refer to American Express Company and its subsidiaries on a consolidated basis, unless stated or the context implies otherwise. The use of the term "partner" or "partnering" in this report does not mean or imply a formal legal partnership, and is not meant in any way to alter the terms of American Express' relationship with any third parties. Amounts presented in this report may not sum and percentages may not recalculate due to rounding. Refer to the "MD&A ― Glossary of Selected Terminology" for the definitions of other key terms used in this report.

------

<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)**

***Business Introduction***

Our range of products and services includes:

• Credit and charge cards and complementary products and services, including travel, dining, lifestyle and expense management products and services

• Banking and other payment and financing products and services, including deposits and non-card lending

• Merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services

• Network services

These products and services are offered through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, in-house sales teams, direct mail, telephone and direct response advertising.

We compete in the global payments industry with networks, issuers, acquirers and other payment service providers and methods of payment, including paper-based transactions (e.g., cash and checks) and electronic transfers (e.g., wire transfers and Automated Clearing House (ACH)), as well as evolving and growing alternative mechanisms, systems and products that leverage new technologies, business models and customer relationships to create payment, financing or banking solutions. The payments industry continues to undergo changes in response to evolving technologies, business dynamics and competition for premium customers.

We have updated our presentation and disclosure of Card Member loans and Card Member receivables to present them on a combined basis as Card balances. Results for the first quarter of 2026 and prior periods have been reclassified to conform to the new presentation. Previously, Card Member loans represented balances on our credit card products and revolve-eligible balances on our charge card products, which included balances that Card Members paid in full as well as balances that Card Members paid over time with interest, and Card Member receivables represented balances on our charge card products that need to be paid in full on or before the Card Member's payment due date. The updated Card balances presentation includes both revolve-eligible balances and balances that need to be paid in full, reflecting the evolution of our card products over time, primarily due to the expansion of lending features on our charge card portfolio, and is more consistent with industry convention. This presentation change has no impact on the recognition or measurement of outstanding Card balances and associated reserves for credit losses.

***Forward-Looking Statements and Non-GAAP Measures***

Certain of the statements in this Form 10-Q are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the "Cautionary Note Regarding Forward-Looking Statements" section. We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included within this Form 10-Q constitutes non-GAAP financial measures. Our calculations of non-GAAP financial measures may differ from the calculations of similarly titled measures by other companies.

***Bank Holding Company***

American Express is a bank holding company under the Bank Holding Company Act of 1956 and the Board of Governors of the Federal Reserve System (the Federal Reserve) is our primary federal regulator. As such, we are subject to the Federal Reserve's regulations, policies and minimum capital standards. See "Certain Legislative, Regulatory and Other Developments" for further information. We are also subject to evolving and extensive government regulation and supervision in jurisdictions around the world.

------

<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**Table 1: Summary of Financial Performance**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | As of or for the Three Months Ended<br>March 31, | As of or for the Three Months Ended<br>March 31, | As of or for the Three Months Ended<br>March 31, | As of or for the Three Months Ended<br>March 31, | Change<br>2026 vs. 2025 | Change<br>2026 vs. 2025 |
| *(Millions, except percentages, per share amounts and where indicated)* | **2026** | **2026** | 2025 | 2025 | Change<br>2026 vs. 2025 | Change<br>2026 vs. 2025 |
| **Selected Income Statement Data** |  |  |  |  |  |  |
| Total revenues net of interest expense | **$** | **18907** | $| 16967 | $1940 | 11% |
| Total revenues net of interest expense (FX-adjusted) <sup>(a)</sup> |  |  | 17210 | 17210 | 1697 | 10 |
| Provisions for credit losses | **1251** | **1251** | 1150 | 1150 | 101 | 9 |
| Total expenses | **13878** | **13878** | 12487 | 12487 | 1391 | 11 |
| Pretax income | **3778** | **3778** | 3330 | 3330 | 448 | 13 |
| Income tax provision | **807** | **807** | 746 | 746 | 61 | 8 |
| Net income | **2971** | **2971** | 2584 | 2584 | 387 | 15 |
| Earnings per common share — diluted <sup>(b)</sup> | **$** | **4.28** | $| 3.64 | $0.64 | 18% |
| **Selected Balance Sheet and Common Share Data** |  |  |  |  |  |  |
| Cash and cash equivalents | **$** | **53757** | $| 52508 | $1249 | 2% |
| Total Card balances and Other loans | **224160** | **224160** | 207384 | 207384 | 16776 | 8 |
| Total Card balances and Other loans (FX-adjusted) <sup>(a)</sup> |  |  | 208827 | 208827 | 15333 | 7 |
| Average Card balances and Other loans | **222813** | **222813** | 204760 | 204760 | 18053 | 9% |
| Customer deposits | **157948** | **157948** | 146396 | 146396 | 11552 | 8 |
| Long-term debt | **$** | **58750** | $| 51236 | $7514 | 15 |
| Average common shares outstanding — diluted | **686** | **686** | 702 | 702 | (16) | (2) |
| Cash dividends declared per common share | **$** | **0.95** | $| 0.82 | $0.13 | 16% |
| **Selected Metrics and Ratios** |  |  |  |  |  |  |
| Network volumes *(billions)* | **$** | **486.3** | $| 439.6 | $47 | 11% |
| Billed business *(billions)* | **$** | **428.0** | 387.4 | 387.4 | 41 | 10 |
| Billed business *(billions)* (FX-adjusted) <sup>(a)</sup> |  |  | $| 393.6 | $34 | 9% |
| Net interest yield <sup>(c)</sup> | **8.4%** | **8.4%** | 8.2% | 8.2% |  |  |
| Card balances |  |  |  |  |  |  |
| &nbsp;&nbsp;Net write-off rate — principal, interest and fees <sup>(d)</sup> | **2.3** | **2.3%** | 2.4 | 2.4% |  |  |
| &nbsp;&nbsp;Net write-off rate — principal only — consumer and small business <sup>(d)(e)</sup> | **2.0** | **2.0%** | 2.1 | 2.1% |  |  |
| &nbsp;&nbsp;30+ days past due as a % of total — consumer and small business | **1.3** | **1.3%** | 1.3 | 1.3% |  |  |
| &nbsp;&nbsp;90+ days past billing as a % of total — corporate <sup>(f)</sup>  | **0.4** | **0.4%** | 0.4 | 0.4% |  |  |
| Effective tax rate | **21.4** | **21.4%** | 22.4 | 22.4% |  |  |
| Return on average equity <sup>(g)</sup> | **35.2** | **35.2%** | 33.6 | 33.6% |  |  |
| Common Equity Tier 1 | **10.5** | **10.5%** | 10.7 | 10.7% |  |  |

---

(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency conversion into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared). FX-adjusted Total revenues net of interest expense and Total Card balances and Other loans are non-GAAP measures. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

(b)Reflects net income, less (i) earnings allocated to participating share awards of $19 million and $18 million for the three months ended March 31, 2026 and 2025, respectively, and (ii) dividends on preferred shares of $14 million for both the three months ended March 31, 2026 and 2025.

(c)Represents net interest income, computed on an annualized basis, divided by average Card balances, Card balances held for sale (HFS) and Other loans.

(d)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

(e)A net write-off rate based on principal losses only is not available for corporate Card balances due to system constraints.

(f)For corporate Card balances, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member's billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card balance is classified as 90 days past billing. Corporate Card balances delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.

(g)Return on average equity (ROE) is calculated by dividing (i) annualized net income for the period by (ii) average shareholders' equity for the period.

------

<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

***Business Performance***

We delivered strong results for the first quarter of 2026, reflecting continued momentum across the business and execution of our proven growth strategy. We had strong engagement on our refreshed U.S. Platinum products, expanded our membership assets with new and renewed partnerships, and furthered the development of our artificial intelligence (AI) capabilities in the quarter. Net income for the first quarter was $3.0 billion, or $4.28 per share, compared with net income of $2.6 billion, or $3.64 per share, a year ago.

Billed business growth accelerated to 10 percent year-over-year (9 percent FX-adjusted).<sup>1</sup> G&S spend grew 10 percent (8 percent FX-adjusted), driven by continued momentum in retail spending. T&E spend grew 12 percent (9 percent FX-adjusted), reflecting sustained strength in restaurant and acceleration in airline spend, although we saw airline spend soften in the last few weeks of the quarter with travel disruptions from the Middle East conflict.<sup>1</sup> Overall transaction growth of 10 percent for the quarter reflects continued strong engagement from our customers.

U.S. Consumer Services billed business grew 10 percent, with continued momentum in spending by Millennial and Gen-Z Card Members, our largest and fastest-growing cohort. Growth also reflected engagement across our premium card portfolios, including an acceleration in U.S. Platinum spend. Commercial Services billed business grew 4 percent, reflecting continued modest growth from U.S. small and mid-sized enterprise (SME) Card Members. Commercial Services included billed business from small business cobrand held-for-sale portfolios, which will be exited over the course of the year. Billed business for International Card Services, our fastest-growing segment, grew 20 percent (13 percent FX-adjusted), driven by continued strong growth in spend across geographies and customer types outside the United States.<sup>1</sup>

Total revenues net of interest expense increased 11 percent (10 percent FX-adjusted).<sup>1</sup> Growth in billed business drove a 9 percent increase in Discount revenue, our largest revenue line. Net card fees grew 18 percent, reflecting high levels of new card acquisitions, strong Card Member retention and our ongoing cycle of product refreshes. Net interest income grew 13 percent, primarily reflecting growth in balances and net yield expansion.

Card balances and Other loans increased 8 percent, in line with recent trends. Provisions for credit losses increased, primarily due to higher net write-offs and a lower reserve release in the current period. The reserve release in the current period was primarily driven by a sequential decrease in Card balances; reserves for credit losses reflect uncertainty in the macroeconomic environment. Net write-off and delinquency rates remained stable and best-in-class, supported by our premium customer base.

Growth in Card Member rewards, Card Member services and Business development expenses were driven by volumes, usage and enhancements we made to the value propositions of our refreshed U.S. Platinum cards. Marketing expense was relatively flat year-over-year. We plan to continue to invest in growth initiatives, including acquiring high spending, high credit-quality customers. Operating expense growth continues to reflect our investments in our colleagues and technology to support business growth. We remain focused on driving marketing and operating expense efficiencies over time.

During the first quarter, we maintained our Common Equity Tier 1 (CET1) capital ratio within our target range of 10 to 11 percent and returned $2.3 billion of capital to our shareholders in the form of share repurchases and common stock dividends. We plan to continue to return to shareholders the excess capital we generate while managing our CET1 capital ratio within our target range and supporting balance sheet growth. Our robust capital, funding and liquidity positions provide us with significant flexibility to maintain a strong balance sheet.

The resiliency of our differentiated business model and the strength and stability of our performance give us confidence to navigate evolving competition and a range of economic environments. While we recognize the uncertainty of the geopolitical and regulatory landscape, we continue to manage the company for the long term, focusing on backing our customers and colleagues, exercising disciplined expense management and strategically investing in our business.

See "Certain Legislative, Regulatory and Other Developments" for information on legislative and regulatory changes that could have a material adverse effect on our results of operations and financial condition and "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" for information on potential impacts of macroeconomic, geopolitical and competitive conditions and certain litigation and regulatory matters on our business.

<sup>1</sup> The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency conversion into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared). FX-adjusted revenues is a non-GAAP measure. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

------

<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**Results of Operations**

The discussions in both "Consolidated Results of Operations" and "Business Segment Results of Operations" provide commentary on the variances for the three months ended March 31, 2026 compared to the same period in the prior year, as presented in the accompanying tables.

**Consolidated Results of Operations**

**Table 2: Total Revenues Net of Interest Expense Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, | Change<br>2026 vs. 2025 | Change<br>2026 vs. 2025 |
| *(Millions, except percentages)* | **2026** | 2025 | Change<br>2026 vs. 2025 | Change<br>2026 vs. 2025 |
| Discount revenue | $**9512** | $8743 | $769 | 9% |
| Net card fees  | **2752** | 2333 | 419 | 18 |
| Service fees and other revenue | **1951** | 1722 | 229 | 13 |
| Total non-interest revenues | **14215** | 12798 | 1417 | 11 |
| Total interest income | **6665** | 6135 | 530 | 9 |
| Total interest expense | **1973** | 1966 | 7 |  |
| Net interest income | **4692** | 4169 | 523 | 13 |
| **Total revenues net of interest expense** | $**18907** | $16967 | $1940 | 11% |

---

***Total Revenues Net of Interest Expense***

Discount revenue increased, driven by an increase in billed business of 10 percent, partially offset by lower average merchant discount rates primarily due to shifts in geographic and merchant spend mix. See Tables 5 and 6 for more details on billed business performance.

Net card fees increased, primarily driven by growth in our premium card portfolios. See Table 5 for more details on proprietary new card acquisitions, proprietary cards-in-force and average fee per card.

Service fees and other revenue increased, primarily driven by increases in foreign-exchange related revenues associated with Card Member cross-currency spending, network partnership revenue and loyalty coalition-related fees.

Interest income increased, primarily driven by growth in revolving loan balances, partially offset by lower interest rates.

Interest expense was relatively flat, reflecting growth in customer deposits and long-term debt, offset by lower interest rates paid on customer deposits.

------

<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**Table 3: Provisions for Credit Losses Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended <br>March 31, | Three Months Ended <br>March 31, | Change<br>2026 vs. 2025 | Change<br>2026 vs. 2025 |
| *(Millions, except percentages)* | **2026** | 2025 | Change<br>2026 vs. 2025 | Change<br>2026 vs. 2025 |
| Card balances |  |  |  |  |
| &nbsp;&nbsp;Net write-offs | $**1213** | $1165 | $48 | 4% |
| &nbsp;&nbsp;Reserve build (release) <sup>(a)</sup> | **(26)** | (118) | 92 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | **1187** | 1047 | 140 | 13 |
| Other |  |  |  |  |
| &nbsp;&nbsp;Net write-offs — Other loans | **57** | 55 | 2 | 4 |
| &nbsp;&nbsp;Net write-offs — Other | **5** | 3 | 2 | 67 |
| &nbsp;&nbsp;Reserve build (release) — Other loans <sup>(a)</sup> | **(9)** | 50 | (59) | # |
| &nbsp;&nbsp;Reserve build (release) — Other <sup>(a)</sup> | **11** | (5) | 16 | # |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | **64** | 103 | (39) | (38) |
| **Total provisions for credit losses** | $**1251** | $1150 | $101 | 9% |
| # Denotes a variance of 100 percent or more | # Denotes a variance of 100 percent or more | # Denotes a variance of 100 percent or more | # Denotes a variance of 100 percent or more | # Denotes a variance of 100 percent or more |

---

(a)Refer to the "Glossary of Selected Terminology" for a definition of reserve build (release).

***Provisions for Credit Losses***

Provision for Card balance credit losses increased, primarily due to a lower reserve release in the current period and higher net write-offs. The reserve release in the current period was primarily driven by a sequential decrease in Card balances. The reserves reflect uncertainty in the macroeconomic environment. The reserve release for the prior period reflected the quality of our premium customer base and the macroeconomic outlook.

Provision for other credit losses decreased, primarily due to a lower reserve build in the current period, partially offset by higher net write-offs. The reserve build in the current period was primarily related to partner obligations. The reserve build in the prior period was primarily driven by a sequential increase in other loans outstanding.

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**Table 4: Expenses Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended <br>March 31, | Three Months Ended <br>March 31, | Change<br>2026 vs. 2025 | Change<br>2026 vs. 2025 |
| *(Millions, except percentages)* | **2026** | 2025 | Change<br>2026 vs. 2025 | Change<br>2026 vs. 2025 |
| Card Member rewards | $**4891** | $4378 | $513 | 12% |
| Business development | **1591** | 1529 | 62 | 4 |
| Card Member services | **1975** | 1328 | 647 | 49 |
| Marketing | **1480** | 1486 | (6) |  |
| Salaries and employee benefits | **2482** | 2120 | 362 | 17 |
| Other, net | **1459** | 1646 | (187) | (11) |
| **Total expenses** | $**13878** | $12487 | $1391 | 11% |

---

***Expenses***

Card Member rewards expense increased, driven by increases in Membership Rewards and cash back rewards expenses, collectively, of $353 million, and cobrand rewards expense of $160 million, all of which were primarily driven by higher billed business. The increase in Membership Rewards expense was also driven by changes to the Membership Rewards program for U.S. Business Platinum cards.

The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 97 percent (rounded up) and 96 percent (rounded down) as of March 31, 2026 and 2025, respectively.

Business development expense increased, primarily due to increased partner payments and higher client incentives and loyalty coalition-related costs, partially offset by a reserve release related to the allocation of revenue to a joint venture partner as a result of a final arbitration award.

Card Member services expense increased, primarily due to higher usage of Card Member benefits and the new U.S. Platinum benefits.

Marketing expense was relatively flat, reflecting consistent levels of spending on customer acquisition and brand advertising.

Salaries and employee benefits expense increased, primarily driven by higher compensation and incentive costs.

Other expenses decreased, primarily driven by a release of a reserve associated with international non-income tax, a gain recognized in the current period for the remeasurement of our ownership interest in our Switzerland joint venture (Swisscard AECS GmbH) resulting from our purchase of the remaining share of the joint venture and gains on Amex Ventures investments, partially offset by higher technology costs and foreign-exchange related losses.

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

***Income Taxes***

The effective tax rate was 21.4 percent and 22.4 percent for the three months ended March 31, 2026 and 2025, respectively. The decrease in the effective tax rate primarily reflected discrete tax benefits in the current period.

**Table 5: Selected Card-Related Statistical Information**

---

| | | | |
|:---|:---|:---|:---|
| | As of or for the<br>Three Months Ended<br>March 31, | As of or for the<br>Three Months Ended<br>March 31, | Change<br>2026<br>vs.<br>2025 |
| | **2026** | 2025 | Change<br>2026<br>vs.<br>2025 |
| Network volumes *(billions)* | $**486.3** | $439.6 | 11% |
| &nbsp;&nbsp;&nbsp;Billed business | $**428.0** | $387.4 | 10 |
| Cards-in-force *(millions)* | **153.9** | 147.5 | 4 |
| &nbsp;&nbsp;Proprietary cards-in-force | **87.2** | 84.6 | 3 |
| Basic cards-in-force *(millions)* | **130.1** | 124.2 | 5 |
| &nbsp;&nbsp;Proprietary basic cards-in-force | **67.2** | 65.1 | 3 |
| Average proprietary basic Card Member spending *(dollars)* | $**6393** | $5987 | 7 |
| Average fee per card *(dollars)* <sup>(a)</sup> | $**127** | $111 | 14% |
| Proprietary new cards acquired *(millions)* | **3.1** | 3.4 |  |
| Discount revenue as a % of Billed business | **2.22%** | 2.26% |  |

---

(a)Average fee per card is computed on an annualized basis based on proprietary Net card fees divided by average proprietary total cards-in-force.

**Table 6: Network Volumes-Related Statistical Information**

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, 2026 | Three Months Ended<br>March 31, 2026 |
| | Year over Year Percentage<br>Increase (Decrease) | Year over Year Percentage Increase (Decrease) Assuming No Changes in FX Rates <sup>(a)</sup> |
| Network volumes | **11%** | **9%** |
| &nbsp;&nbsp;Total billed business | **10** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Consumer Services | **10** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services | **4** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;International Card Services | **20** | **13** |
| Merchant industry billed business metrics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;G&S spend (71% of billed business) | **10** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;T&E spend (29% of billed business) | **12%** | **9%** |

---

(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of conversion into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**Table 7: Selected Credit-Related Statistical Information**

---

| | | | |
|:---|:---|:---|:---|
| | As of or for the <br>Three Months Ended <br>March 31, | As of or for the <br>Three Months Ended <br>March 31, | Change<br>2026<br>vs.<br>2025 |
| *(Millions, except percentages)* | **2026** | 2025 | Change<br>2026<br>vs.<br>2025 |
| Card balances | $**213311** | $197706 | 8% |
| Credit loss reserves: |  |  |  |
| Beginning reserves | $**6089** | $5850 | 4 |
| &nbsp;&nbsp;&nbsp;Provisions — principal, interest and fees | **1187** | 1047 | 13 |
| &nbsp;&nbsp;&nbsp;Net write-offs — principal, interest and fees, less recoveries | **(1213)** | (1165) | 4 |
| &nbsp;&nbsp;Other <sup>(a)</sup> | **1** | 8 | (88) |
| Ending reserves | $**6065** | $5740 | 6 |
| % of Card balances | **2.8%** | 2.9% |  |
| % of past due — consumer and small business | **234%** | 240% |  |
| Average Card balances | **211897** | 195262 | 9% |
| Net write-off rate — principal, interest and fees <sup>(b)</sup> | **2.3%** | 2.4% |  |
| Net write-off rate — principal only — consumer and small business <sup>(b)(c)</sup> | **2.0%** | 2.1% |  |
| 30+ days past due as a % of total — consumer and small business | **1.3%** | 1.3% |  |
| 90+ days past billing as a % of total — corporate <sup>(d)</sup>  | **0.4%** | 0.4% |  |

---

(a)Other includes foreign currency translation adjustments.

(b)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

(c)A net write-off rate based on principal losses only is not available for corporate Card balances due to system constraints.

(d)For corporate Card balances, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member's billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card balance is classified as 90 days past billing. Corporate Card balances delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**Business Segment Results of Operations**

**U.S. Consumer Services**

**Table 8: USCS Selected Income Statement Data**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, | Change | Change |
| *(Millions, except percentages)* | **2026** | 2025 | 2026 vs. 2025 | 2026 vs. 2025 |
| Revenues |  |  |  |  |
| Non-interest revenues | $**5803** | $5243 | $560 | 11% |
| &nbsp;&nbsp;&nbsp;Interest income | **4072** | 3763 | 309 | 8 |
| &nbsp;&nbsp;&nbsp;Interest expense | **751** | 757 | (6) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | **3321** | 3006 | 315 | 10 |
| Total revenues net of interest expense | **9123** | 8249 | 874 | 11 |
| Provisions for credit losses | **631** | 631 |  |  |
| Total revenues net of interest expense after provisions for credit losses | **8493** | 7618 | 875 | 11 |
| Expenses |  |  |  |  |
| &nbsp;&nbsp;Card Member rewards, business development and Card Member services | **4605** | 3882 | 723 | 19 |
| &nbsp;&nbsp;Marketing | **764** | 765 | (1) |  |
| &nbsp;&nbsp;Salaries and employee benefits and other operating expenses | **1367** | 1239 | 128 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | **6736** | 5886 | 850 | 14 |
| Pretax segment income | $**1757** | $1732 | $25 | 1% |

---

U.S. Consumer Services (USCS) issues a wide range of proprietary consumer cards and provides services to U.S. consumers, including travel and lifestyle services as well as banking and non-card financing products. USCS also manages our reservation and dining platform that provides digital tools for restaurants and venues and reservation bookings for diners and other registered users.

***Total Revenues Net of Interest Expense***

Non-interest revenues increased, primarily driven by higher Discount revenue and Net card fees.

Discount revenue increased 10 percent, primarily driven by an increase in U.S. consumer billed business. See Tables 5, 6, and 9 for more details on billed business performance.

Net card fees increased 18 percent, primarily driven by growth in our premium card portfolios.

Service fees and other revenue decreased 5 percent, primarily driven by a prior year discrete revenue adjustment related to certain cash advance fees, partially offset by higher travel commissions and fees from our consumer travel business.

Interest income increased, primarily driven by growth in revolving loan balances, partially offset by lower interest rates.

Interest expense was relatively flat, reflecting lower interest rates, offset by higher cost of funds due to segment net asset growth.

***Provisions for Credit Losses***

Provision for Card balance credit losses increased, primarily due to a lower reserve release in the current period, partially offset by lower net write-offs. The reserve release in the current period was primarily driven by a sequential decrease in Card balances. Our reserves for the prior period reflected the quality of our customer base and the macroeconomic outlook.

Provision for other credit losses decreased, primarily due to a lower reserve build in the current period, partially offset by higher net write-offs. The reserve build in the current period was primarily related to partner obligations. The reserve build in the prior period was primarily driven by a sequential increase in other loans outstanding.

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

***Expenses***

Total expenses increased, primarily driven by higher Card Member services, Card Member rewards and Salaries and employee benefits and other operating expenses.

Card Member rewards expense increased, primarily driven by increases in Membership Rewards and cobrand rewards expenses, both of which were primarily driven by higher billed business.

Business development expense increased, primarily due to increased partner payments driven by higher billed business.

Card Member services expense increased, primarily due to new U.S. Platinum benefits and higher usage of Card Member benefits.

Marketing expense was relatively flat, reflecting consistent levels of spending on customer acquisition and brand advertising.

Salaries and employee benefits and other operating expenses increased, primarily due to an increase in allocated service costs and compensation costs.

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**Table 9: USCS Selected Statistical Information**

---

| | | | |
|:---|:---|:---|:---|
| | As of or for the <br>Three Months Ended<br>March 31, | As of or for the <br>Three Months Ended<br>March 31, | Change<br>2026<br>vs.<br>2025 |
| *(Millions, except percentages and where indicated)* | **2026** | 2025 | Change<br>2026<br>vs.<br>2025 |
| Billed business *(billions)* | $**180.2** | $164.3 | 10% |
| Proprietary cards-in-force | **48.7** | 46.8 | 4 |
| Proprietary basic cards-in-force | **34.6** | 33.0 | 5 |
| Average proprietary basic Card Member spending *(dollars)* | $**5248** | $5014 | 5 |
| Total segment assets | $**119517** | $110886 | 8 |
| Total Card balances | $**110849** | $102896 | 8 |
| Average Card balances | $**110664** | $103237 | 7% |
| Net write-off rate — principal, interest and fees <sup>(a)</sup> | **2.4%** | 2.7% |  |
| Net write-off rate — principal only <sup>(a)</sup> | **1.9%** | 2.2% |  |
| 30+ days past due as a % of total | **1.3%** | 1.3% |  |

---

(a)Refer to Table 7 footnote (b).

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**Commercial Services**

**Table 10: CS Selected Income Statement Data**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, | Change<br>2026 vs. 2025 | Change<br>2026 vs. 2025 |
| *(Millions, except percentages)* | **2026** | 2025 | Change<br>2026 vs. 2025 | Change<br>2026 vs. 2025 |
| Revenues |  |  |  |  |
| Non-interest revenues | $**3408** | $3265 | $143 | 4% |
| &nbsp;&nbsp;&nbsp;Interest income | **1345** | 1202 | 143 | 12 |
| &nbsp;&nbsp;&nbsp;Interest expense | **432** | 432 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | **913** | 770 | 143 | 19 |
| Total revenues net of interest expense | **4321** | 4035 | 286 | 7 |
| Provisions for credit losses | **380** | 329 | 51 | 16 |
| Total revenues net of interest expense after provisions for credit losses | **3941** | 3706 | 235 | 6 |
| Expenses |  |  |  |  |
| &nbsp;&nbsp;Card Member rewards, business development and Card Member services | **1986** | 1746 | 240 | 14 |
| &nbsp;&nbsp;Marketing | **311** | 337 | (26) | (8) |
| &nbsp;&nbsp;Salaries and employee benefits and other operating expenses | **828** | 787 | 41 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | **3126** | 2870 | 256 | 9 |
| Pretax segment income | $**816** | $836 | $(20) | (2)% |

---

Commercial Services (CS) issues a wide range of proprietary corporate and small business cards and provides services to U.S. businesses, including payment and expense management, banking and non-card financing products. CS also issues proprietary corporate cards and provides services to select global corporate clients.

***Total Revenues Net of Interest Expense***

Non-interest revenues increased, primarily driven by higher Discount revenue and Net card fees.

Discount revenue increased 3 percent, primarily driven by an increase in commercial billed business. See Tables 5, 6, and 11 for more details on billed business performance.

Net card fees increased 10 percent, primarily driven by growth in our premium card portfolios.

Service fees and other revenue increased 9 percent, primarily driven by higher travel commissions and fees, delinquency fees and foreign-exchange related revenues associated with Card Member cross-currency spending.

Interest income increased, primarily driven by higher interest rates and growth in revolving loan balances.

Interest expense was relatively flat, reflecting higher cost of funds due to segment net asset growth, offset by lower interest rates.

***Provisions for Credit Losses***

Provision for Card balance credit losses increased, primarily due to a reserve build in the current period versus a reserve release in the prior period and higher net write-offs. The reserve build in the current period was primarily driven by higher delinquencies. The reserve release in the prior period reflected the quality of our customer base.

Provision for other credit losses decreased, primarily due to a reserve release in the current period versus a reserve build in the prior period and lower net write-offs. The reserve release in the current period was primarily driven by the performance of small business loans. The reserve build in the prior period was primarily driven by a sequential increase in other loans outstanding.

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

***Expenses***

Total expenses increased, primarily driven by higher Card Member rewards, Card Member services, Business development and Salaries and employee benefits and other operating expenses.

Card Member rewards expense increased, primarily driven by higher Membership Rewards expense due to changes to the Membership Rewards program for U.S. Business Platinum cards and higher billed business, as well as higher cobrand rewards expense driven by higher billed business.

Business development expense increased, primarily due to higher client incentives, which were driven by higher billed business.

Card Member services expense increased, primarily due to the new U.S. Business Platinum benefits.

Marketing expense decreased, reflecting lower levels of spending on customer acquisitions and other growth initiatives.

Salaries and employee benefits and other operating expenses increased, primarily due to an increase in allocated service costs.

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**Table 11: CS Selected Statistical Information**

---

| | | | |
|:---|:---|:---|:---|
| | As of or for the<br>Three Months Ended<br>March 31, | As of or for the<br>Three Months Ended<br>March 31, | Change <br>2026 <br>vs. <br>2025 |
| *(Millions, except percentages and where indicated)* | **2026** | 2025 | Change <br>2026 <br>vs. <br>2025 |
| Billed business *(billions)* | $**134.4** | $129.2 | 4% |
| Proprietary cards-in-force | **15.3** | 15.5 | (1) |
| Average Card Member spending *(dollars)* | $**8793** | $8380 | 5 |
| Total segment assets | $**66076** | $62012 | 7 |
| Total Card balances | $**58754** | $57412 | 2 |
| Average Card balances | $**57283** | $55538 | 3% |
| Net write-off rate — principal, interest and fees <sup>(a)</sup> | **2.4%** | 2.2% |  |
| Net write-off rate — principal only — small business <sup>(a)(b)</sup> | **2.5%** | 2.4% |  |
| 30+ days past due as a % of total — small business | **1.6%** | 1.5% |  |
| 90+ days past billing as a % of total — corporate <sup>(b)</sup> | **0.4%** | 0.4% |  |

---

(a)Refer to Table 7 footnote (b).

(b)Refer to Table 7 footnote (d).

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**International Card Services**

**Table 12: ICS Selected Income Statement Data**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, | Change | Change |
| *(Millions, except percentages)* | **2026** | 2025 | 2026 vs. 2025 | 2026 vs. 2025 |
| Revenues |  |  |  |  |
| Non-interest revenues | $**3164** | $2646 | $518 | 20% |
| &nbsp;&nbsp;&nbsp;Interest income | **728** | 596 | 132 | 22 |
| &nbsp;&nbsp;&nbsp;Interest expense | **360** | 306 | 54 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | **367** | 290 | 77 | 27 |
| Total revenues net of interest expense | **3532** | 2936 | 596 | 20 |
| Provisions for credit losses | **238** | 192 | 46 | 24 |
| Total revenues net of interest expense after provisions for credit losses | **3294** | 2744 | 550 | 20 |
| Expenses |  |  |  |  |
| &nbsp;&nbsp;Card Member rewards, business development and Card Member services | **1551** | 1312 | 239 | 18 |
| &nbsp;&nbsp;Marketing | **332** | 300 | 32 | 11 |
| &nbsp;&nbsp;Salaries and employee benefits and other operating expenses | **630** | 751 | (121) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | **2513** | 2363 | 150 | 6 |
| Pretax segment income | $**781** | $381 | $400 | # % |
| # Denotes a variance of 100 percent or more | # Denotes a variance of 100 percent or more | # Denotes a variance of 100 percent or more | # Denotes a variance of 100 percent or more | # Denotes a variance of 100 percent or more |

---

International Card Services (ICS) issues a wide range of proprietary consumer, small business and corporate cards outside the United States. ICS also provides services to our international customers, including travel and lifestyle services, and manages certain international joint ventures and our loyalty coalition business.

On January 12, 2026, we acquired our partner's interest in our Switzerland joint venture, resulting in Swisscard becoming a wholly owned subsidiary with its financial results reflected within the respective report lines across our financial statements. Prior to the acquisition date, we accounted for Swisscard under the equity method, with our share of Swisscard's net income reported within Service fees and other revenue.

***Total Revenues Net of Interest Expense***

Non-interest revenues increased, primarily driven by higher Discount revenue and Net card fees.

Discount revenue increased 18 percent (11 percent FX-adjusted), primarily reflecting an increase in billed business. See Tables 5, 6, and 13 for more details on billed business performance.<sup>2</sup>

Net card fees increased 22 percent (15 percent FX-adjusted), primarily driven by growth in our premium card portfolios.<sup>2</sup>

Service fees and other revenue increased 21 percent (11 percent FX-adjusted). The current year reflected higher foreign-exchange related revenues associated with Card Member cross-currency spending, including such revenues now included from Swisscard, and higher loyalty coalition-related fees. The prior year reflected revenues previously earned from Swisscard as a joint venture.<sup>2</sup>

Interest income increased, primarily driven by growth in revolving loan balances, partially offset by lower interest rates.

Interest expense increased, primarily driven by higher cost of funds due to segment net asset growth, partially offset by lower interest rates.

***Provisions for Credit Losses***

Provision for Card balance credit losses increased, primarily due to higher net write-offs, partially offset by a lower reserve build in the current period. The reserve builds in both periods were primarily driven by higher delinquencies.

<sup>2</sup> Refer to footnote 1 on page 3 for details regarding foreign currency adjusted information.

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

***Expenses***

Total expenses increased, primarily driven by higher Card Member rewards and Card Member services expenses.

Card Member rewards expense increased, primarily driven by increases in Membership Rewards and cobrand rewards expenses, both of which were primarily driven by higher billed business.

Business development expense decreased, primarily due to a reserve release related to the allocation of revenue to a joint venture partner as a result of the final arbitration award, partially offset by higher loyalty coalition-related costs.

Card Member services expense increased, primarily due to growth in premium card accounts, contributing to a higher usage of travel-related benefits.

Marketing expense increased, reflecting higher levels of spending on customer acquisition and other growth initiatives, including such expenses now included from Swisscard.

Salaries and employee benefits and other operating expenses decreased, primarily driven by a release of a reserve associated with international non-income tax and the previously mentioned gain on acquisition of the remaining share of Swisscard, partially offset by higher allocated service costs and increased compensation costs, including such expenses now included from Swisscard.

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**Table 13: ICS Selected Statistical Information**

---

| | | | |
|:---|:---|:---|:---|
| | As of or for the<br>Three Months Ended<br>March 31, | As of or for the<br>Three Months Ended<br>March 31, | Change<br>2026<br>vs.<br>2025 |
| *(Millions, except percentages and where indicated)* | **2026** | 2025 | Change<br>2026<br>vs.<br>2025 |
| Billed business *(billions)* | $**111.7** | $92.9 | 20% |
| Proprietary cards-in-force | **23.2** | 22.3 | 4 |
| Proprietary basic cards-in-force | **17.4** | 16.7 | 4 |
| Average proprietary basic Card Member spending *(dollars)* | $**6452** | $5619 | 15 |
| Total segment assets | $**50180** | $42620 | 18 |
| Total Card balances | $**43708** | $37398 | 17 |
| Average Card balances | $**43950** | $36487 | 20% |
| Net write-off rate — principal, interest and fees <sup>(a)</sup> | **2.0%** | 1.8% |  |
| Net write-off rate — principal only — consumer and small business <sup>(a)(b)</sup> | **1.8%** | 1.7% |  |
| 30+ days past due as a % of total — consumer and small business | **1.2%** | 1.1% |  |
| 90+ days past billing as a % of total — corporate <sup>(b)</sup> | **0.4%** | 0.4% |  |

---

(a)Refer to Table 7 footnote (b).

(b)Refer to Table 7 footnote (d).

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**Global Merchant and Network Services**

**Table 14: GMNS Selected Income Statement and Other Data**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, | Change <br>2026 vs. 2025 | Change <br>2026 vs. 2025 |
| *(Millions, except percentages and where indicated)* | **2026** | 2025 | Change <br>2026 vs. 2025 | Change <br>2026 vs. 2025 |
| Revenues |  |  |  |  |
| Non-interest revenues | $**1825** | $1660 | $165 | 10% |
| &nbsp;&nbsp;&nbsp;Interest income | **10** | 12 | (2) | (17) |
| &nbsp;&nbsp;&nbsp;Interest expense | **(169)** | (143) | (26) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | **180** | 155 | 25 | 16 |
| Total revenues net of interest expense | **2004** | 1815 | 189 | 10 |
| Provisions for credit losses | **4** | (2) | 6 | # |
| Total revenues net of interest expense after provisions for credit losses | **2000** | 1817 | 183 | 10 |
| Expenses |  |  |  |  |
| &nbsp;&nbsp;Business development and Card Member services | **306** | 283 | 23 | 8 |
| &nbsp;&nbsp;Marketing | **65** | 76 | (11) | (14) |
| &nbsp;&nbsp;Salaries and employee benefits and other operating expenses | **514** | 468 | 46 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | **885** | 827 | 58 | 7 |
| Pretax segment income | **1115** | 990 | 125 | 13 |
| Network volumes *(billions)* | **486.3** | 439.6 | $47 | 11 |
| Total segment assets | $**19353** | $18083 |  | 7% |
| # Denotes a variance of 100 percent or more | # Denotes a variance of 100 percent or more | # Denotes a variance of 100 percent or more | # Denotes a variance of 100 percent or more | # Denotes a variance of 100 percent or more |

---

Global Merchant and Network Services (GMNS) operates a global payments network that processes and settles card transactions, acquires merchants and provides multi-channel marketing programs and capabilities, services and data analytics, leveraging our global integrated network. GMNS manages our partnership relationships with third-party card issuers, merchant acquirers and a prepaid reloadable and gift card program manager, licensing the American Express brand and extending the reach of the global network.

***Total Revenues Net of Interest Expense***

Non-interest revenues increased, primarily driven by higher Service fees and other revenue and Discount revenue.

Discount revenue increased 7 percent, driven by an increase in billed business, partially offset by lower average merchant discount rates, primarily due to shifts in geographic and merchant spend mix. See Tables 5 and 6 for more details on billed business performance.

Service fees and other revenue increased 14 percent, primarily driven by increases in network partnership revenues and foreign-exchange related revenues associated with Card Member cross-currency spending.

GMNS receives an interest expense credit relating to internal transfer pricing due to its merchant payables. Net interest income increased, primarily due to higher interest expense credit, which was primarily driven by an increase in average merchant payables, partially offset by lower interest rates in international markets.

***Expenses***

Total expenses increased, primarily driven by higher Salaries and employee benefits and other operating expenses.

Business development expense increased, primarily due to increased partner payments driven by higher network volumes.

Marketing expense decreased, primarily due to lower spend on merchant engagement and other growth initiatives.

Salaries and employee benefits and other operating expenses increased, primarily driven by higher compensation costs.

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**Corporate & Other**

Corporate functions and certain other businesses are included in Corporate & Other.

Corporate & Other pretax loss was $691 million and $609 million for the three months ended March 31, 2026 and 2025, respectively. The increase in the pretax loss was primarily driven by higher compensation and foreign-exchange losses, partially offset by gains on Amex Ventures investments.

**CONSOLIDATED CAPITAL RESOURCES AND LIQUIDITY**

Our balance sheet management objectives are to maintain:

• A solid and flexible equity capital profile;

• A broad, deep and diverse set of funding sources to finance our assets and meet operating requirements; and

• Liquidity programs that enable us to continuously meet expected future financing obligations and business requirements for at least a twelve month period under a variety of adverse circumstances.

We continue to see volatility in the capital markets due to a variety of factors and manage our balance sheet to reflect evolving circumstances.

***Capital***

We believe capital allocated to growing businesses with a return on risk-adjusted equity in excess of our costs will generate shareholder value. Our objective is to retain sufficient levels of capital generated through net income and other sources, such as the issuance of subordinated debt and preferred shares, as well as the exercise of stock options by colleagues, to maintain a strong balance sheet, provide flexibility to support future business growth, and distribute excess capital to shareholders through dividends and share repurchases. See "Dividends and Share Repurchases" below.

We seek to maintain capital levels and ratios in excess of our minimum regulatory requirements, specifically within a 10 to 11 percent target range for American Express Company's CET1 risk-based capital ratio.

We maintain certain flexibility to shift capital across our businesses as appropriate. For example, we may infuse additional capital into subsidiaries to maintain capital at targeted levels in consideration of debt ratings and regulatory requirements. These infused amounts can affect the capital and liquidity positions at American Express Company or at our subsidiaries.

We report our capital ratios using the Basel III capital definitions and the Basel III standardized approach for calculating risk-weighted assets.

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The following table presents our regulatory risk-based capital and leverage ratios and those of American Express National Bank (AENB), as of March 31, 2026:

**Table 15: Regulatory Risk-Based Capital and Leverage Ratios**

---

| | | |
|:---|:---|:---|
| | **Effective Minimum** <sup>(a)</sup> | **Ratios as of March 31, 2026** |
| **Risk-Based Capital** | | |
| &nbsp;&nbsp;&nbsp;Common Equity Tier 1 | **7.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*American Express Company* |  | **10.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*American Express National Bank* |  | **11.0** |
| &nbsp;&nbsp;&nbsp;Tier 1 | **8.5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*American Express Company* |  | **11.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*American Express National Bank* |  | **11.0** |
| &nbsp;&nbsp;&nbsp;Total | **10.5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*American Express Company* |  | **13.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*American Express National Bank* |  | **13.1** |
| **Tier 1 Leverage** | **4.0** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*American Express Company* |  | **9.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*American Express National Bank* |  | **8.7** |
| **Supplementary Leverage Ratio** | **3.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*American Express Company* |  | **8.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*American Express National Bank* |  | **7.3%** |

---

(a)Represents Basel III minimum requirements and applicable regulatory buffers as defined by the federal banking regulators, which includes the stress capital buffer (SCB) for American Express Company and the capital conservation buffer for AENB.

The following table presents American Express Company's regulatory risk-based capital and risk-weighted assets as of March 31, 2026:

**Table 16: Regulatory Risk-Based Capital Components and Risk-Weighted Assets**

---

| | |
|:---|:---|
| **American Express Company**<br>***($ in Millions)*** | **March 31, 2026** |
| **Risk-Based Capital** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Equity Tier 1 | $**27523** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 1 Capital | **29141** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tier 2 Capital | **5570** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Capital | **34711** |
| **Risk-Weighted Assets** | **262924** |
| **Average Total Assets to calculate the Tier 1 Leverage Ratio** | **301879** |
| **Total Leverage Exposure to calculate the Supplementary Leverage Ratio** | $**356176** |

---

The following are definitions for our regulatory risk-based capital and leverage ratios, which are calculated as per standard regulatory guidance:

*Risk-Weighted Assets* — Assets are weighted for risk according to a formula used by the Federal Reserve to conform to capital adequacy guidelines. On- and off-balance sheet items are risk weighted, with off-balance sheet items converted to balance sheet equivalents, using risk conversion factors, before being assigned a risk weight. Off-balance sheet exposures comprise a minimal part of the total risk-weighted assets.

*Common Equity Tier 1 Risk-Based Capital Ratio* — Calculated as CET1 capital, divided by risk-weighted assets. CET1 capital is common shareholders' equity, adjusted for ineligible goodwill and intangible assets and certain deferred tax assets.

*Tier 1 Risk-Based Capital Ratio* — Calculated as Tier 1 capital divided by risk-weighted assets. Tier 1 capital is the sum of CET1 capital, preferred shares and third-party non-controlling interests in consolidated subsidiaries, adjusted for capital held by insurance subsidiaries. We have $1.6 billion of preferred shares outstanding to help address a portion of the Tier 1 capital requirements in excess of common equity requirements.

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*Total Risk-Based Capital Ratio* — Calculated as the sum of Tier 1 capital and Tier 2 capital, divided by risk-weighted assets. Tier 2 capital is the sum of the allowable allowance for credit losses and $2,250 million of eligible subordinated notes, adjusted for capital held by insurance subsidiaries. The $2,250 million of eligible subordinated notes includes the $500 million subordinated debt issued in February 2026, the $500 million subordinated debt issued in April 2024, the $500 million subordinated debt issued in July 2023 and the $750 million subordinated debt issued in May 2022.

*Tier 1 Leverage Ratio* — Calculated as Tier 1 capital divided by average total consolidated assets for the most recent quarter. Average total consolidated assets reflect quarterly average assets adjusted for applicable regulatory deductions from Tier 1 capital.

*Supplementary Leverage Ratio* — Calculated as Tier 1 capital divided by total leverage exposure. Total leverage exposure includes average on-balance sheet assets and certain off-balance sheet exposures, adjusted for applicable regulatory deductions from Tier 1 capital.

We continue to include accumulated other comprehensive income (loss) in regulatory capital.

We are subject to annual supervisory stress testing conducted by the Federal Reserve. We submitted our annual capital plan to the Federal Reserve in April 2026. On February 4, 2026, the Federal Reserve announced that it is maintaining SCB requirements for firms at their current levels until 2027. As a result, absent further action from the Federal Reserve, we will continue to be subject to our current SCB requirement of 2.5 percent through September 30, 2027.

***Dividends and Share Repurchases***

We return capital to common shareholders through dividends and share repurchases. The share repurchases reduce common shares outstanding and generally more than offset the issuance of new shares as part of employee compensation plans.

During the three months ended March 31, 2026, we returned $2,316 million to our shareholders in the form of share repurchases of $1,664 million and common stock dividends of $652 million. We repurchased 5.3 million common shares at an average price of $311.04 in the first quarter of 2026. These share repurchase and common stock dividend amounts collectively represent approximately 78 percent of net income available to common shareholders during the three months ended March 31, 2026.

In addition, during the three months ended March 31, 2026, we paid $14 million in dividends on non-cumulative perpetual preferred shares outstanding.

***Funding Strategy***

Our principal funding objective is to maintain broad and well-diversified funding sources to allow us to finance our global businesses and to maintain a strong liquidity profile. Our funding strategy and activities are integrated into our asset-liability management activities. We have in place a funding policy covering American Express Company and all of our subsidiaries.

We aim to satisfy our financing needs with a diverse set of funding sources. The diversity of funding sources by type of instrument, by tenor and by investor base, among other factors, mitigates the impact of disruptions in any one type of instrument, tenor or investor. We seek to achieve diversity and cost efficiency in our funding sources by maintaining scale and market relevance in deposits, unsecured debt and asset securitizations and access to secured borrowing facilities and a committed bank credit facility. In particular, we are focused on continuing to grow our direct deposit program as a funding source.

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*Summary of Consolidated Debt*

We had the following customer deposits and consolidated debt outstanding as of March 31, 2026 and December 31, 2025:

**Table 17: Summary of Customer Deposits and Consolidated Debt**

---

| | | |
|:---|:---|:---|
| *(Billions)* | **March 31, 2026** | December 31, 2025 |
| Customer deposits | $**157.9** | $152.5 |
| Short-term borrowings | **1.7** | 1.4 |
| Long-term debt | **58.8** | 56.4 |
| Total customer deposits and debt | $**218.4** | $210.3 |

---

We may redeem from time to time certain debt securities prior to the original contractual maturity dates in accordance with the optional redemption provisions of those debt securities.

Our funding needs are driven by, among other factors, maturing obligations, our liquidity position and the pace of growth in our Card balances and Other loans. Actual funding activities can vary due to various factors, such as future business growth, liquidity requirements, the impact of global economic, political and other events on market capacity, demand for securities offered by us, regulatory changes, ability to securitize and sell Card balances, and the performance of Card balances previously sold in securitization transactions. Many of these factors are beyond our control.

The following table presents our debt issuances for the three months ended March 31, 2026:

**Table 18: Debt Issuances**

---

| | |
|:---|:---|
| *($ in Billions)* | **Three Months Ended<br>March 31, 2026** |
| American Express Company: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating Rate Senior Notes (compounded SOFR<sup>(a)</sup> plus 59 basis points) | $**0.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-to-Floating Rate Senior Notes (weighted-average coupon of 4.20% during the fixed rate period and compounded SOFR<sup>(a)</sup> plus weighted-average spread of 70 basis points during the floating rate period) | **2.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-to-Fixed Rate Subordinated Notes (coupon of 5.41% during the initial fixed rate period and five-year Treasury rate plus 115 basis points during the reset period) | **0.5** |
| Total | $**3.5** |

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(a)Secured overnight financing rate (SOFR).

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Our equity capital and funding strategies are designed, among other things, to maintain appropriate and stable unsecured debt ratings from the major credit rating agencies: Moody's Investor Services (Moody's), Standard & Poor's (S&P) and Fitch Ratings (Fitch). Such ratings help support our access to cost-effective unsecured funding as part of our overall funding strategy. Our asset securitization activities are rated separately.

**Table 19: Unsecured Debt Ratings**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **American Express Entity** | **American Express Entity** | **Moody's** | **S&P** | **Fitch** |
| American Express Company | Long Term | A2 | A- | A |
| American Express Company | Short Term | N/R | A-2 | F1 |
| American Express Company | Outlook | Stable | Stable | Stable |
| American Express Travel Related Services Company, Inc. | Long Term | A2 | A | A |
| American Express Travel Related Services Company, Inc. | Short Term | P-1 | A-1 | F1 |
| American Express Travel Related Services Company, Inc. | Outlook | Stable | Stable | Stable |
| American Express National Bank | Long Term | A3 | A | A+ |
| American Express National Bank | Short Term | P-1 | A-1 | F1 |
| American Express National Bank | Outlook | Stable | Stable | Stable |
| American Express Credit Corporation | Long Term | A2 | A | A |
| American Express Credit Corporation | Short Term | N/R | N/R | N/R |
| American Express Credit Corporation | Outlook | Stable | Stable | Stable |

---

These ratings are not a recommendation to buy or hold any of our securities and they may be revised or revoked at any time at the sole discretion of the rating organization.

Downgrades in the ratings of our unsecured debt or asset securitization program securities could result in higher funding costs, as well as higher fees related to borrowings under our unused credit facilities. Declines in credit ratings could also reduce our borrowing capacity in the unsecured debt and asset securitization capital markets. We believe our funding mix, including the proportion of U.S. direct deposits insured by the Federal Deposit Insurance Corporation (FDIC) to total funding, should reduce the impact that credit rating downgrades would have on our funding capacity and costs.

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***Deposit Programs***

We offer deposits within our U.S. bank subsidiary, AENB. These funds are currently insured up to an amount that is at least $250,000 per depositor, per ownership category through the FDIC; as of March 31, 2026, approximately 92 percent of these deposits were insured. Our ability to obtain deposit funding and offer competitive interest rates is dependent on, among other factors, the capital level of AENB. The direct deposit program offered by AENB is our primary deposit product channel, which makes FDIC-insured high-yield savings account, certificates of deposit (CDs), business checking and consumer checking account products available directly to customers. As of March 31, 2026, our direct deposit program had approximately 4.3 million accounts. AENB also sources deposits through third-party distribution channels as needed to meet our overall funding objectives. CDs carry stated maturities while high-yield savings account, checking account and third-party sweep deposit products do not. We manage the duration of our maturing obligations, including CDs, to reduce concentration and refinancing risk.

As of March 31, 2026 and December 31, 2025, we had $157.9 billion and $152.5 billion, respectively, in deposits. Refer to Note 6 to the "Consolidated Financial Statements" for a further description of these deposits and scheduled maturities of certificates of deposits.

The following table sets forth the average interest rates we paid on different types of deposits during the three months ended March 31, 2026 and 2025. The change in the average interest rate we paid on our interest-bearing deposits compared to the prior year was primarily due to the impact of lower market interest rates offered for savings deposits.

**Table 20: Average Interest Rates Paid on Deposits**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, |
| | **2026** | **2026** | **2026** | 2025 | 2025 | 2025 |
| <br>*(Millions, except percentages)* | Average Balance | Interest Expense | Average Interest Rate <sup>(a)</sup> | Average Balance | Interest Expense | Average Interest Rate <sup>(a)</sup> |
| Savings accounts | $**118881** | $**955** | **3.3%** | $110749 | $1012 | 3.7% |
| Checking accounts | **3128** | **13** | **1.6** | 2188 | 7 | 1.4 |
| Certificates of deposit: |  |  |  |  |  |  |
| &nbsp;&nbsp;Direct | **6653** | **62** | **3.8** | 4261 | 43 | 4.1 |
| &nbsp;&nbsp;Third-party (brokered) | **9788** | **104** | **4.3** | 9236 | 98 | 4.3 |
| Sweep accounts — Third-party (brokered) | **15534** | **152** | **4.0** | 15443 | 177 | 4.6 |
| Total U.S. interest-bearing deposits | $**153985** | $**1286** | **3.4%** | $141877 | $1337 | 3.8% |

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(a)Average interest rate reflects interest expense divided by average deposits, computed on an annualized basis.

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***Liquidity Management***

Our liquidity objective is to maintain access to a diverse set of on- and off-balance sheet liquidity sources. We seek to maintain liquidity sources in amounts sufficient to meet our expected future financial obligations and business requirements for liquidity for a period of at least twelve months under a variety of adverse circumstances. These include, but are not limited to, an event where we are unable to raise new funds under our regular funding programs during a substantial weakening in economic conditions.

Our liquidity management strategy includes a number of elements, including, but not limited to:

• Maintaining diversified funding sources (refer to "Funding Strategy" above for more details);

• Maintaining unencumbered liquid assets and off-balance sheet liquidity sources;

• Projecting cash inflows and outflows under a variety of economic and market scenarios; and

• Establishing clear objectives for liquidity risk management, including compliance with regulatory requirements.

We seek to maintain access to a diverse set of on-balance sheet and off-balance sheet liquidity sources, including cash and other liquid assets, secured borrowing facilities and a committed bank credit facility. Through our U.S. bank subsidiary, AENB, we have also pledged collateral eligible for use at the Federal Reserve's discount window.

The amount and type of liquidity resources we maintain can vary over time, based upon the results of stress scenarios required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as additional stress scenarios required under our liquidity risk policy.

We are subject to standards for liquidity risk supervision as implemented by the U.S. federal bank regulatory agencies, including the liquidity coverage ratio (LCR) and net stable funding ratio (NSFR), and are required to calculate the LCR and the NSFR on a daily basis and make separate public disclosures related to the LCR on a quarterly basis and the NSFR on a semi-annual basis. For the three months ended March 31, 2026, the average LCR and NSFR for American Express Company each exceeded the minimum requirement of 100 percent. The following table presents American Express Company's average LCR for the three months ended March 31, 2026:

**Table 21: Liquidity Coverage Ratio**

---

| | |
|:---|:---|
| *(Millions, except percentages)* | **Three Months Ended** <sup>(a)</sup><br>**March 31, 2026** |
| **American Express Company:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average high-quality liquid assets (HQLA) amount <sup>(b)</sup> | $22128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average total adjusted net cash outflow <sup>(c)</sup> | $10596 |
| Average Liquidity Coverage Ratio | 209% |

---

(a)Represents the average weighted amount after applying regulatory-prescribed HQLA haircuts or cash outflow and inflow rates.

(b)Excludes average excess eligible HQLA not freely transferable by AENB.

(c)Represents total net cash outflow multiplied by an adjustment of 85 percent because American Express Company is a Category III firm with less than $75 billion in average weighted short-term wholesale funding.

See the "Supervision and Regulation — Capital and Liquidity Regulation" and "Enhanced Prudential Standards" sections of our Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Form 10-K) for more information. We believe that we currently maintain sufficient liquidity to meet all internal and regulatory liquidity requirements.

As of March 31, 2026 and December 31, 2025, we had $53.8 billion and $47.8 billion in Cash and cash equivalents, respectively. Refer to the "Cash Flows" section below for a discussion of the major drivers impacting cash flows for the three months ended March 31, 2026. Depending on the interest rate environment, our funding composition and the amount of liquidity resources we maintain, the level of future net interest income or expense associated with our liquidity resources will vary. For the three months ended March 31, 2026, interest expense exceeded the interest income associated with the liquidity portfolio.

*Securitized Borrowing Capacity*

As of March 31, 2026, we maintained our committed, revolving, secured borrowing facility, with a maturity date of July 17, 2028, which gives us the right to sell up to $3.0 billion face amount of eligible AAA notes from the American Express Issuance Trust II (the Charge Trust). We also maintained our committed, revolving, secured borrowing facility, with a maturity date of September 15, 2028, which gives us the right to sell up to $2.0 billion face amount of eligible AAA certificates from American Express Credit Account Master Trust (the Lending Trust). These facilities enhance our contingent funding resources and are also used in the ordinary course of business to fund working capital needs. As of March 31, 2026, no amounts were drawn on the Charge Trust facility or Lending Trust facility.

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*Committed Bank Credit Facility*

As of March 31, 2026, we maintained a committed syndicated bank credit facility of $6.0 billion, with a maturity date of September 24, 2028. This facility enhances our contingent funding resources and is also used in the ordinary course of business to fund working capital needs. As of March 31, 2026, no amount was drawn on this facility.

*Other Sources of Liquidity*

In addition to cash and other liquid assets and the secured borrowing facilities and committed bank credit facility described above, as an insured depository institution, AENB may borrow from the Federal Reserve Bank of San Francisco through the discount window against pledged U.S. Card balances.

As of March 31, 2026, AENB had available borrowing capacity of $79.5 billion based on the amount and collateral valuation of Card balances that were pledged to the Federal Reserve Bank of San Francisco. Whether specific assets will be considered qualifying collateral and the amount that may be borrowed against the collateral remain at the discretion of the Federal Reserve and can change from time to time. Due to regulatory restrictions, liquidity generated by AENB can generally be used only to fund obligations within AENB, and transfers to the parent company or non-bank affiliates may be subject to prior regulatory approval.

***Unused Credit Outstanding***

As of March 31, 2026, we had approximately $529 billion of unused credit available to customers. Total unused credit does not represent potential future cash requirements, as a significant portion of this unused credit will likely not be drawn. Charge card products with no pre-set spending limits are not reflected in unused credit.

***Cash Flows***

The following table summarizes our cash flow activity, followed by a discussion of the major drivers impacting operating, investing and financing cash flows for the three months ended March 31, 2026 and 2025:

**Table 22: Cash Flows**

---

| | | |
|:---|:---|:---|
| *(Billions)* | **2026** | 2025 |
| Total cash provided by (used in): |  |  |
| Operating activities | $**3.8** | $4.8 |
| Investing activities | **(2.9)** | 0.5 |
| Financing activities | **5.0** | 6.6 |
| Effect of foreign currency exchange rates on cash and cash equivalents | **0.1** |  |
| Net increase in cash and cash equivalents | $**6.0** | $11.9 |

---

*Cash Flows from Operating Activities*

Our cash flows from operating activities primarily include net income adjusted for (i) non-cash items included in net income, such as provisions for credit losses, depreciation and amortization, stock-based compensation, deferred taxes and other non-cash items and (ii) changes in the balances of operating assets and liabilities, which can vary significantly in the normal course of business due to the amount and timing of payments.

In both 2026 and 2025, the net cash provided by operating activities was driven by cash generated from net income for the period and higher operating liabilities, primarily driven by higher book overdrafts due to timing differences arising in the ordinary course of business, partially offset by payments related to annual incentive compensation.

*Cash Flows from Investing Activities*

Our cash flows from investing activities primarily include changes in Card balances and Other loans, as well as changes in our available-for-sale investment securities portfolio.

In 2026, net cash used in investing activities was primarily driven by net purchases of investment securities, costs associated with building our new headquarters and the acquisition of our partner's interest in Swisscard, partly offset by lower Card balances outstanding.

In 2025, the net cash provided by investing activities was primarily driven by lower Card balances outstanding.

*Cash Flows from Financing Activities*

Our cash flows from financing activities primarily include changes in customer deposits, long-term debt and short-term borrowings, as well as dividend payments and share repurchases.

In both 2026 and 2025, the net cash provided by financing activities was primarily driven by growth in customer deposits and net proceeds from long-term debt, partially offset by share repurchases and dividend payments.

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**OTHER MATTERS**

***Certain Legislative, Regulatory and Other Developments***

*Supervision & Regulation*

We are subject to evolving and extensive government regulation and supervision in jurisdictions around the world, and the costs of ongoing compliance are substantial. The financial services industry is subject to rigorous scrutiny, high regulatory expectations, a range of regulations and a stringent and unpredictable enforcement environment.

Governmental authorities have focused, and we believe will continue to focus, considerable attention on reviewing compliance by financial services firms and payment systems with laws and regulations, and as a result, we continually work to evolve and improve our risk management framework, governance structures, practices and procedures. Reviews by us and governmental authorities to assess compliance with laws and regulations, as well as our own internal reviews to assess compliance with internal policies, including errors or misconduct by colleagues or third parties or control failures, have resulted in, and are likely to continue to result in, changes to our products, practices and procedures, restitution to our customers and increased costs related to regulatory oversight, supervision and examination. We have also been subject to regulatory actions and may continue to be the subject of such actions, including governmental inquiries, investigations, enforcement proceedings and the imposition of fines or civil money penalties, in the event of noncompliance or alleged noncompliance with laws or regulations.

Please see the "Supervision and Regulation" and "Risk Factors" sections of the 2025 Form 10-K for further information.

*Enhanced Prudential Standards*

We are subject to the U.S. federal bank regulatory agencies' rules that tailor the application of enhanced prudential standards to bank holding companies and depository institutions with $100 billion or more in total consolidated assets. Under these rules, American Express Company has been a Category III firm since 2024 and we anticipate becoming a Category II firm in the second quarter of 2026 as a result of our cross-jurisdictional activity exceeding $75 billion (based on a four-quarter trailing average). Category II firms are subject to heightened capital, liquidity and prudential requirements, with relevant transition periods and extensions.

Please see the "Supervision and Regulation" and "Risk Factors" sections of the 2025 Form 10-K for further information.

*Regulatory Capital Proposals*

On March 19, 2026, the Federal Reserve, the Office of the Comptroller of the Currency and the FDIC issued notices of proposed rulemaking to modernize the regulatory capital framework for banking organizations, including (i) a proposal to apply an expanded risk-based approach to Category I and II firms rather than the current requirements to calculate capital ratios under both the advanced and standardized approaches and (ii) a proposal to modify certain aspects of the current standardized approach to risk-based capital. Under the proposals, Category I and II firms would be required to apply the expanded risk-based approach, while firms outside of those categories could choose to opt into the expanded risk-based approach or apply the revised standardized approach.

The U.S. federal bank regulatory agencies are soliciting comments on the proposals and the rules may not be adopted as proposed, however, based on a preliminary analysis, we estimate that these two proposals could result in a range of outcomes, from modest reduction in risk-weighted assets to broadly neutral. This estimated impact reflects our current understanding of the proposals, the application to our businesses as currently conducted and the current composition of our balance sheet, and therefore does not reflect the impact of any changes we may make in the future. The ultimate impact could materially differ from our current estimate, and will depend on final rulemakings, as well as management decisions regarding our capital strategy and product constructs.

*Consumer Financial Products Regulation*

Our consumer-oriented activities are subject to regulation and supervision in the United States and internationally. In the United States, our marketing, sale and servicing of consumer financial products and our compliance with certain federal consumer financial laws are supervised and examined by the Consumer Financial Protection Bureau (CFPB), which has broad rulemaking and enforcement authority over providers of credit, savings and payment services and products and authority to prevent "unfair, deceptive or abusive" acts or practices. U.S. federal law also regulates abusive debt collection practices, which, along with bankruptcy and debtor relief laws, can affect our ability to collect amounts owed to us or subject us to regulatory scrutiny. In addition, a number of U.S. states and international jurisdictions have significant consumer protection, suitability and other laws (in certain cases more stringent than U.S. federal laws). State regulators and state attorneys general may increase regulatory, investigative and enforcement activity with respect to consumer protection, including in response to changes in regulation, supervision and enforcement of consumer protection laws by federal regulators.

For more information on consumer financial products regulation, as well as the potential impacts on our results of operations and business, please see the "Supervision and Regulation" and "Risk Factors" sections of the 2025 Form 10-K.

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*Payments Regulation*

Legislators and regulators in various countries in which we operate have focused on the operation of card networks, including through enforcement actions, legislation and regulations to change certain practices or pricing of card issuers, merchant acquirers and payment networks, and, in some cases, to establish broad regulatory regimes for payment systems.

Pricing for card acceptance, including interchange fees (that is, the fee paid by the bankcard merchant acquirer to the card issuer in payment networks like Visa and Mastercard), has been a focus of legislators and regulators in Australia, Canada, the EU, the United States and other jurisdictions. Recently, certain states in the United States have passed or are considering laws prohibiting interchange from being charged on all or certain components of transactions, such as sales tax and gratuities. Jurisdictions have also sought to regulate various other aspects of network operations and contract terms and practices governing merchant card acceptance, including information associated with electronic transactions, such as state legislation regarding the use of specific merchant categories codes or limiting the use of transaction data.

Regulation and other governmental actions relating to operations, pricing or practices could affect all networks and/or acquirers directly or indirectly, as well as adversely impact consumers and merchants. Among other things, regulation of bankcard fees has negatively impacted, and may continue to negatively impact, the discount revenue we earn, including as a result of downward pressure on our merchant discount rates from decreases in competitor pricing in connection with caps on interchange fees. In some cases, regulations also extend to certain aspects of our business, such as network and cobrand arrangements or the terms of card acceptance for merchants. For example, we exited our network business in the EU and Australia as a result of regulation in those jurisdictions. In addition, there has been uncertainty as to when or how interchange fee caps and other provisions of the EU payments legislation might apply when we work with cobrand partners and agents in the EU. In 2018, the EU Court of Justice (CJEU) confirmed the validity of fee capping and other provisions in circumstances where three-party networks issue cards with a cobrand partner or through an agent, although its ruling provided only limited guidance as to when or how the provisions might apply in such circumstances. On April 16, 2026, the CJEU issued a ruling on questions referred by the Dutch Trade and Industry Appeals Tribunal regarding the interpretation of the application of the interchange fee caps in connection with an administrative proceeding by the Netherlands Authority for Consumers and Markets regarding our cobrand relationship with KLM Royal Dutch Airlines. The CJEU held that under EU rules payments to a cobrand partner by a card scheme are only subject to caps if they have an equivalent object or effect to an interchange fee, which is a matter for case-by-case assessment. The CJEU also clarified that if, following individual assessment, caps apply, the value of payments and services provided by the cobrand partner should be netted against any such payments for purposes of determining the capped amount. The Dutch Trade and Industry Appeals Tribunal will now apply the CJEU's ruling to the specific facts in our case in the Netherlands.

For more information on payments regulation, as well as the potential impacts on our results of operations and business, please see the "Supervision and Regulation" and "Risk Factors" sections of the 2025 Form 10-K.

*Surcharging*

In various countries, such as certain Member States in the EU, Australia and Canada (other than in the Province of Quebec), merchants are permitted by law to surcharge card purchases. Certain jurisdictions are also reconsidering or may in the future reconsider their laws relating to surcharging, such as in Australia. In March 2026, the central bank in Australia released its final decisions from a review of merchant card payment costs and surcharging, including that it will no longer require surcharging to be permitted with respect to designated card networks (Visa, Mastercard and EFTPOS) and will reduce certain interchange fee caps for such networks. The central bank also indicated that it intends to consider the regulatory settings for retail payment systems that were not covered in this review, including three-party card networks such as American Express, as part of its next review planned for mid-2026. The outcome of such review and the impacts of the regulations that were adopted by the central bank remain uncertain. In the United States, a number of state laws that prohibit surcharging have been overturned and certain states have passed or are considering laws to permit surcharging by merchants. In jurisdictions allowing surcharging, we have seen an increase in merchant surcharging on American Express cards, particularly in certain merchant categories. Surcharging is an adverse customer experience and could have a material adverse effect on us, particularly where it only or disproportionately impacts credit card usage or card usage generally, our Card Members or our business. In addition, we also encounter steering or differential acceptance practices by merchants, which could also have a material adverse effect on us.

For more information on the potential impacts of surcharging and other actions that could impair the Card Member experience, please see the "Risk Factors" section of the 2025 Form 10-K.

*Antitrust Litigation*

We continue to vigorously defend antitrust and other claims initiated by merchants and others. See Note 7 to the "Consolidated Financial Statements" for descriptions of the cases. It is possible that actions impairing the Card Member experience, or the resolution of one or any combination of these cases, could have a material adverse effect on our business. For more information on the potential impacts of an adverse decision in these cases on our business, please see the "Risk Factors" section of the 2025 Form 10-K.

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*Privacy, Data Protection, Data Management, Artificial Intelligence, Resiliency, Information Security and Cybersecurity*

Regulatory and legislative activity in the areas of privacy, data protection, data management, artificial intelligence (AI), resiliency, information security and cybersecurity continues to increase worldwide. We have established, and continue to maintain, policies and a governance framework to comply with applicable laws and requirements in these areas, meet evolving customer and industry expectations and support and enable business innovation and growth; however, our policies and governance framework may be insufficient given the size and complexity of our business and heightened regulatory scrutiny. Regulators and legislators have heightened their focus on the use of AI and machine learning through the application of existing laws and regulations as well as by adopting new laws and regulations, which are reshaping how we develop, deploy and manage AI systems, including by imposing new obligations related to data use, recordkeeping, transparency and human oversight.

Global financial institutions like us, as well as our customers, colleagues, regulators, service providers and other third parties, have experienced a significant increase in information security and cybersecurity risk in recent years and will likely continue to be the target of increasingly sophisticated cyberattacks, including computer viruses, malicious or destructive code, ransomware, social engineering attacks (including phishing, impersonation and identity takeover attempts), AI-assisted deepfake attacks and disinformation campaigns, corporate espionage, hacking, website defacement, denial-of-service attacks, exploitation of vulnerabilities (including by AI models) and other attacks and similar disruptions from the misconfiguration or unauthorized use of or access to computer systems and company accounts.

For more information on privacy, data protection, data management, artificial intelligence, resiliency and information security and cybersecurity regulation and the potential impacts of a major information security or cybersecurity incident on our results of operations and business, please see the "Supervision and Regulation" and "Risk Factors" sections of the 2025 Form 10-K.

*Anti-Money Laundering, Countering the Financing of Terrorism and Economic Sanctions Compliance*

We are subject to significant supervision and regulation, and an increasingly stringent enforcement environment, with respect to compliance with anti-money laundering (AML) and countering the financing of terrorism (CFT) laws and regulations.

Among other things, these laws and regulations generally require us to establish AML/CFT programs that meet certain standards, including, policies and procedures to collect information from and verify the identities of our customers, and to monitor for and report suspicious transactions, in addition to other information gathering and recordkeeping requirements. Our AML/CFT programs have become the subject of heightened scrutiny and we are working to make enhancements to our existing programs, policies and procedures and to identify and remediate deficiencies. Errors, failures or delays in complying with AML/CFT laws, deficiencies in our AML/CFT programs or association of our business with money laundering, terrorist financing, tax fraud or other illicit activity could give rise to significant supervisory, criminal and civil proceedings and lawsuits, which could result in significant penalties and forfeiture of assets, loss of licenses or restrictions on business activities or other enforcement actions.

National governments and international bodies, such as the United Nations and the EU, have imposed economic sanctions against individuals, entities, vessels, governments, regions and countries that endanger their interests or violate international norms of behavior. Sanctions have been used to advance a range of foreign policy goals, including conflict resolution, counterterrorism, counternarcotics and promotion of democracy and human rights, among other national and international interests. We maintain a global sanctions compliance program designed to meet the requirements of applicable sanctions regimes. Failure to comply with such requirements could subject us to serious legal and reputational consequences, including criminal penalties.

For more information on AML/CFT laws and regulations and economic sanctions, as well as the potential impacts on our results of operations and business, please see the "Supervision and Regulation" and "Risk Factors" sections of the 2025 Form 10-K.

***Recently Issued Accounting Standards***

Refer to the Recently Issued Accounting Standards section of Note 1 to the "Consolidated Financial Statements."

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***Glossary of Selected Terminology***

*Allocated service costs* — Represents salaries and benefits associated with our technology and customer servicing groups, allocated based on activities directly attributable to our reportable operating segments, as well as overhead expenses, which are allocated to our reportable operating segments based on their relative levels of revenue and Card balances.

*Asset securitizations* — Asset securitization involves the transfer and sale of Card balances to a special-purpose entity created for the securitization activity, typically a trust. The trust, in turn, issues securities, commonly referred to as asset-backed securities that are secured by the transferred Card balances. The trust uses the proceeds from the sale of such securities to pay the purchase price for the transferred Card balances. The securitized Card balances of our Lending Trust and Charge Trust (collectively, the Trusts) are reported as assets and the securities issued by the Trusts are reported as liabilities on our Consolidated Balance Sheets.

*Billed business* (Card Member spending) — Represents transaction volumes (including cash advances) on payment products issued by American Express.

*Card balances* — Represents balances on our card products, including both revolve-eligible balances and balances that need to be paid in full on or before the Card Member's payment due date. Card balances consist of principal (resulting from authorized transactions), associated interest and fees.

*Card Member* — The individual holder of an issued American Express-branded card.

*Cards-in-force* — Represents the number of cards that are issued and outstanding by American Express (proprietary cards-in-force) and cards issued and outstanding under network partnership agreements with banks and other institutions, except for retail cobrand cards issued by network partners that had no out-of-store spending activity during the prior twelve months. *Basic cards-in-force* excludes supplemental cards issued on consumer accounts. Cards-in-force is useful in understanding the size of our Card Member base.

*Charge cards* — Represents cards that generally carry no pre-set spending limits and are primarily designed as a method of payment and not as a means of financing purchases. Each transaction on a charge card with no pre-set spending limit is authorized based on its likely economics reflecting a Card Member's most recent credit information and spend patterns. Charge Card Members must pay the full amount of balances billed each month, with the exception of balances that can be revolved under lending features offered on certain charge cards, such as Pay Over Time and Plan It<sup>®</sup>, that allow Card Members to pay for eligible purchases with interest over time.

*Cobrand cards* — Represents cards issued under cobrand agreements with selected commercial partners. Pursuant to the cobrand agreements, we make payments to our cobrand partners, which can be significant, based primarily on the amount of Card Member spending and corresponding rewards earned on such spending and, under certain arrangements, on the number of accounts acquired and retained. The partner is then liable for providing rewards to the Card Member under the cobrand partner's own loyalty program.

*Credit cards* — Represents cards that have a range of revolving payment terms, structured payment features (e.g., Plan It, Expanded Buying Power), grace periods, and rate and fee structures.

*Discount revenue* — Primarily represents the amount we earn and retain from the merchant payable for facilitating transactions between Card Members and merchants on payment products issued by American Express.

*Goods & Services (G&S) spend* — Includes spend in merchant categories other than T&E-related merchant categories, which includes B2B spending by small and mid-sized enterprise customers in our CS and ICS segments.

*Interest expense* — Includes interest incurred primarily to fund Card balances, general corporate purposes and liquidity needs. Interest expense is divided principally into two categories: (i) deposits, which primarily relates to interest expense on deposits taken from customers and institutions, and (ii) debt, which primarily relates to interest expense on our long-term financing and short-term borrowings, (e.g., commercial paper, federal funds purchased, bank overdrafts and other short-term borrowings), as well as the realized impact of derivatives hedging interest rate risk on our long-term debt.

*Interest income* — Includes (i) interest on Card balances and Other loans, (ii) interest and dividends on investment securities and (iii) interest income on deposits with banks and other.

*Interest on Card balances and Other loans* — Assessed using the average daily balance method for Card balances and Other loans. Unless the balance is classified as non-accrual, interest is recognized based upon the principal amount outstanding in accordance with the terms of the applicable account agreement until the outstanding balance is paid or written off.

*Interest and dividends on investment securities* — Primarily relates to our performing fixed-income securities. Interest income is recognized using the effective interest method, which adjusts the yield for security premiums and discounts, fees and other payments, so a constant rate of return is recognized on the outstanding balance of the related investment security throughout its term. Amounts are recognized until securities are in default or when it is likely that future interest payments will not be made as scheduled.

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*Interest income on deposits with banks and other* — Primarily relates to the placement of cash in excess of near-term funding requirements in interest-bearing time deposits, overnight sweep accounts, and other interest-bearing demand and call accounts.

*Locations in force (LIF)* — Represents proprietary and partner acquired merchant locations where the merchant is enabled to accept American Express. LIF estimates incorporate data provided to us by certain third parties and include merchants that accept American Express through payment facilitators and merchants that accept American Express through digital wallets.

*Loyalty coalitions* — Programs that enable consumers to earn rewards points and use them to save on purchases from a variety of participating merchants through multi-category rewards platforms. Merchants in these programs generally fund the consumer offers and are responsible to us for the cost of rewards points; we earn revenue from operating the loyalty platform and by providing marketing support.

*Net card fees* — Represents the Card Membership fees earned during the period recognized as revenue over the covered Card Membership period (typically one year), net of the provision for projected refunds for Card Membership cancellation and deferred acquisition costs.

*Net interest yield —* Represents net interest income, computed on an annualized basis, divided by average Card balances, Card balances HFS and Other loans. Reserves and net write-offs related to uncollectible interest are recorded through provision for credit losses and are thus not included in the net interest yield calculation.

*Net write-off rate* — *principal only* — Represents the amount of proprietary consumer or small business Card balances written off, consisting of principal (resulting from authorized transactions), less recoveries, as a percentage of the average Card balance during the period.

*Net write-off rate* — *principal, interest and fees* — Includes, in the calculation of the net write-off rate, amounts for interest and fees in addition to principal for revolve-eligible Card balances, and fees in addition to principal for Card balances that need to be paid in full on or before the Card Member's payment due date.

*Network partnership revenue* — Represents revenues related to network partnership agreements, comprising royalties, fees and amounts earned for facilitating transactions on cards issued by network partners. Network partnership revenue also includes fees earned on alternative payment solutions facilitated by American Express.

*Network volumes* — Represents total transaction volumes (including cash advances) on payment products issued by American Express and under network partnership agreements with banks and other institutions, including joint ventures, as well as alternative payment solutions facilitated by American Express.

*Operating expenses* — Represents salaries and employee benefits, professional services, data processing and equipment, and other expenses.

*Other loan*s — Represents balances on non-card payment and financing products that are not associated with a Card Member agreement, and instead are governed by a separate borrowing relationship. Other loans consist primarily of consumer installment loans and lines of credit offered to small business customers.

*Proprietary new cards acquired* — Represents the number of new cards issued by American Express during the referenced period, net of replacement cards. Proprietary new cards acquired is useful as a measure of the effectiveness of our customer acquisition strategy.

*Reserve build (release)* — Represents the portion of the provisions for credit losses for the period related to increasing or decreasing reserves for credit losses as a result of, among other things, changes in volumes, macroeconomic outlook, portfolio composition and credit quality of portfolios. Reserve build represents the amount by which the provision for credit losses exceeds net write-offs, while reserve release represents the amount by which net write-offs exceed the provision for credit losses.

*T&E spend* — Represents spend on travel and entertainment, which primarily includes airline, cruise, lodging and dining merchant categories.

See "Consolidated Capital Resources and Liquidity — Capital" for definitions of our regulatory risk-based capital and leverage ratios.

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which address our current expectations regarding business and financial performance, among other matters, contain words such as "believe," "expect," "anticipate," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," "estimate," "potential," "continue" and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to grow earnings per share in the future, which will depend in part on revenue growth, credit performance, credit reserve and expense levels and the effective tax rate remaining consistent with current expectations and our ability to continue investing in growth initiatives (such as our brand, value propositions, coverage, marketing, technology, partnerships and talent), controlling operating expenses, effectively managing risk and executing our share repurchase program, any of which could be impacted by, among other things, the factors identified in the subsequent paragraphs as well as the following: macroeconomic and geopolitical conditions, including a slowdown in U.S. or global economic growth, changes to consumer and business confidence, higher rates of unemployment and wide-scale layoffs, impacts of the Middle East conflict and other international hostilities and deteriorations in global trade, the effects of announced or future tariffs, changes in interest rates, inflation, supply chain issues, energy costs, market volatility, government shutdowns and fiscal and monetary policies; the effects of technology changes and the adoption of AI; the impact of any future contingencies, including, but not limited to, legal costs and settlements, the imposition of fines or monetary penalties, increases in Card Member remediation, investment gains or losses, restructurings, impairments and changes in reserves; issues impacting brand perceptions and our reputation; changes in the competitive environment and an inability to realize benefits from new and extended sponsorships; impacts related to acquisitions, cobrand relationships and other partners; and the impact of regulation and litigation, which could affect the profitability of our business activities, limit our ability to pursue business opportunities, require changes to business practices or alter our relationships with Card Members, partners and merchants;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to grow revenues net of interest expense and the sustainability of our future growth, which could be impacted by, among other things, the factors identified above and in the subsequent paragraphs, as well as the following: spending volumes not being consistent with expectations, including spending by U.S. consumer and small & mid-sized business Card Members and airline and other T&E spending volumes, such as due to uncertain business and economic conditions, as well as geopolitical conditions; an inability to address competitive pressures, attract and retain customers, invest in and enhance our Membership Model of premium products, differentiated services and partnerships, successfully refresh and introduce card products, grow spending and lending with customers across age cohorts (including Millennial and Gen-Z customers) and commercial segments and implement strategies and business initiatives, including within the premium consumer space, commercial payments and the global network; the impacts of portfolio sales; the effects of regulatory initiatives, including pricing regulation, such as pricing for card acceptance and potential credit card interest rate caps, and network regulation; merchant coverage growing less than expected or the reduction of merchant acceptance or perceptions of coverage; increased surcharging, steering, suppression or other differential acceptance practices with respect to our products; merchant discount rates changing from our expectations; and changes in foreign currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;• net card fee revenues not performing consistently with expectations, which could be impacted by, among other things, the pace of Card Member acquisition activity and demand for our fee-based products; higher Card Member attrition rates; the success and timing of our refreshes of our card products (including acquisition and retention levels of the U.S. Consumer and Business Platinum Card portfolios); a decrease in the ability and desire of Card Members to pay card fees, such as due to a deterioration in macroeconomic conditions or as a result of changes in card fees; the competitive environment and the perception of the value provided by premium cards; regulatory initiatives impacting card fees; and our inability to deliver and enhance benefits and services, innovate with respect to our products and develop attractive premium value propositions for new and existing customers;

&nbsp;&nbsp;&nbsp;&nbsp;• net interest income, the effects of changes in interest rates and the growth of net interest income relative to the growth of Card balances and Other loans outstanding, being higher or lower than expectations, which could be impacted by, among other things, the behavior and financial strength of Card Members and their actual spending, borrowing and paydown patterns; the effectiveness of our strategies to enhance Card Member value propositions, grow lending with premium customers and capture a greater share of Card Members' spending and borrowings, and attract new, and retain existing, customers; our ability to effectively introduce and enhance lending features on our products and manage underwriting risk; governmental actions to cap credit card interest rates; changes in benchmark interest rates, including where such changes affect our assets or liabilities differently than expected; our ability to grow deposits, including from Card Members; continued volatility and other changes in capital and credit market conditions and the availability and cost of capital; credit actions, including line size and other adjustments to credit availability; the yield on revolve-eligible Card balances and Other loans differing from current expectations; and loss or impacts to cobrand relationships;

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&nbsp;&nbsp;&nbsp;&nbsp;• future credit performance, the level of future delinquency, reserve and write-off rates and the amount and timing of future reserve builds and releases, which will depend in part on macroeconomic factors such as actual and projected unemployment rates and GDP, as well as the occurrence of events that increase macroeconomic uncertainty or volatility; the ability and willingness of Card Members to pay amounts owed to us; changes in Card balances and Other loans outstanding, such as from the implementation of our strategy to capture spending and borrowings, or from changes in consumer behavior that affect customer balances (e.g., paydown and revolve rates); changes in the levels of customer acquisitions and the credit profiles of new customers acquired; financial stress and volume of bankruptcies of Card Members and business partners; credit-related fraud levels; the magnitude of seasonal fluctuations in credit metrics; the enrollment in, and effectiveness of, financial relief programs and the performance of accounts as they exit from such programs; the effects of the resumption of student loan repayments; collections capabilities and recoveries of previously written-off customer balances; and the impact of the usage of debt settlement companies;

&nbsp;&nbsp;&nbsp;&nbsp;• the actual amount to be spent on Card Member rewards and services and business development, and the relationship of these variable customer engagement costs to revenues, which could be impacted by the investments and enhancements that we make with respect to our value propositions, including our reward programs and product benefits, such as in connection with card refreshes (e.g., benefits on the refreshed U.S. Consumer and Business Platinum Cards), to make them attractive to Card Members and prospective customers, potentially in a manner that is not cost-effective; changes in the level of Card Member spending and spending patterns (including the level of spend in bonus categories), the redemption of rewards and offers (including travel redemptions) and usage of travel-, lifestyle- and business-related benefits; the costs related to reward point redemptions; levels of Card Member acquisitions on premium card products; changes in our models or assumptions used to estimate these expenses; new and renegotiated contractual obligations with business partners; our ability to identify and negotiate partner-funded value for Card Members; and the pace and cost of the expansion of our global lounge collection;

&nbsp;&nbsp;&nbsp;&nbsp;• the actual amount we spend on marketing in the future and the effectiveness and efficiency of our marketing spend, which will be based in part on continued changes in the macroeconomic and competitive environment and business performance, including the levels of demand for our products; our ability to realize marketing efficiencies, including as a result of investments in our product value propositions and the use of technology, such as the personalization of offers, and balance expense control and investments in the business; management's investment optimization process and its ability to develop premium value propositions and drive customer demand; management's identification and assessment of attractive investment opportunities and decisions regarding the timing of investments; and the receptivity of Card Members and prospective customers to advertising and customer acquisition initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to control operating expenses, including relative to revenue growth, and the actual amount we spend on operating expenses in the future, which could be impacted by, among other things, salary and benefit expenses to attract and retain talent; our ability to realize operational efficiencies, including through increased scale and automation and continued adoption of AI technologies; management's ability to balance expense control and investments in the business and its decisions regarding spending in such areas as technology, business and product development, sales force, premium servicing and AI initiatives; our ability to innovate efficient channels of customer interactions and the willingness of Card Members to self-service and address issues through digital channels; restructuring activity; fraud costs; inflation and supply chain issues; increased technology costs, including investments in technology innovations and system upgrades; expenses related to enterprise risk management and compliance and consulting, legal and other professional services fees, including as a result of our growth, litigation and internal and regulatory reviews; the impact of changes in foreign currency exchange rates on costs; regulatory assessments; the level of M&A activity and related expenses; information security or cybersecurity incidents; the payment of fines, penalties, disgorgement, restitution, non-income tax assessments and litigation-related settlements; the performance of Amex Ventures and other of our investments; and impairments of goodwill or other assets;

&nbsp;&nbsp;&nbsp;&nbsp;• our tax rate not remaining consistent with expectations, which could be impacted by, among other things, further changes in tax laws and regulation, the implementation by jurisdictions of the Organization for Economic Cooperation and Development's global minimum tax guidelines (including safe harbors for U.S. multinational enterprises), our geographic mix of income, unfavorable tax audits, assessments and tax litigation outcomes, and the occurrence or nonoccurrence of other discrete tax items;

&nbsp;&nbsp;&nbsp;&nbsp;• changes affecting our plans regarding the return of capital to shareholders, which will depend on factors such as our capital levels and regulatory capital ratios; new rulemakings and guidance from the Federal Reserve and other banking regulators, including changes to regulatory capital requirements, such as from recent regulatory capital rule proposals, and changes to the tailoring of enhanced prudential standards applicable to banking organizations; our results of operations and financial condition; our credit ratings and rating agency considerations; the results of our stress testing and capital planning process; and the economic environment and market conditions in any given period;

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&nbsp;&nbsp;&nbsp;&nbsp;• changes in the substantial and increasing worldwide competition in the payments industry, including competitive pressure and competitor settlements that may materially impact the prices charged to merchants that accept American Express cards; merchant acceptance, surcharging, steering and other differential acceptance practices; the desirability of competitor premium card products and competition for partnerships and premium experiences, services and benefits; competition for new and existing cobrand relationships; the effects of the emergence of agentic commerce on the payments landscape and customer payment experiences; competition from new and non-traditional competitors, such as financial technology companies, and with respect to new products, services and technologies, such as the emergence or increase in popularity of digital payment platforms and currencies and other alternative payment mechanisms; competitor acquisitions and transactions; and the success of marketing, promotion, rewards programs, offers and travel-, lifestyle- and business-related benefits (e.g., lounges, dining, entertainment and business tools);

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to sustain our momentum and leadership in the premium consumer space, including with Millennial and Gen-Z consumers, which will be impacted in part by competition, levels of consumer demand for premium card products, brand perceptions (including perceptions related to merchant coverage) and reputation, and our ability to successfully refresh our products and develop and market new benefits, services, experiences and other value propositions, as well as new AI and digital capabilities, that appeal to Card Members and new customers, grow spending with new and younger age cohort Card Members, offer attractive services and rewards programs and build greater customer loyalty, which will depend in part on identifying and funding investment opportunities, addressing changing customer behaviors, new product innovation and development, Card Member acquisition efforts and enrollment processes, including through digital channels, continuing to realize benefits from strategic partnerships, successfully implementing our dining strategy and evolving our infrastructure to support new products, services and benefits;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to build on our leadership in commercial payments, which will depend in part on competition, including from financial technology companies and as a result of competitor acquisitions and transactions; the willingness and ability of companies to use credit and charge cards for procurement and other business expenditures as well as use our other products and services for financing needs; the acceptance of, and economics related to, B2B payment platforms; our ability to successfully refresh our products and offer attractive value propositions and new products to current and potential customers, including through our new Graphite Business Cash Unlimited Card and upcoming Corporate Cash Back Card, as well as new AI benefits and capabilities; our ability to enhance and expand our payment, lending, cash flow and expense management solutions, including the release of new expense management software in 2026, increase customer engagement, enhance the corporate card onboarding experience and build out a multi-product digital ecosystem to integrate our broad product set, which is dependent on our continued investment in capabilities, features, functionalities, platforms and technologies and the successful introduction of capabilities related to, our Center acquisition; and the success of our initiatives to support businesses, such as Small Business Saturday and other Shop Small campaigns;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to expand merchant coverage globally and our success, as well as the success of third-party merchant acquirers, processors and payment facilitators, in signing merchants to accept American Express, which will depend on, among other factors, the value propositions offered to merchants and merchant acquirers for card acceptance, the awareness and willingness of Card Members to use American Express cards at merchants, scaling marketing and expanding programs to increase card usage, identifying and growing acceptance in low- and new-to-plastic industries and businesses as they form, working with commercial buyers and suppliers to establish B2B acceptance, executing on our plans to increase coverage in priority international cities, destinations, countries and industry verticals, merchant point-of-sale practices, and continued network investments, including in capabilities that allow for greater digital integration and modernization of our authorization platform;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully invest in, benefit from and expand the use of technological developments, generative AI, digital payments, servicing, travel, dining & expense management solutions and other technological capabilities, which will depend in part on our success in advancing our agentic commerce initiatives, including embedding our payment capabilities in emerging AI ecosystems, such as through the Amex Agentic Commerce Experiences™ developer kit and Amex Agent Purchase Protection™, making Membership assets discoverable and actionable on AI platforms and building proprietary AI-powered experiences across our platforms; embedding AI into our business and increasing automation, including to streamline and improve internal processes and decision making, enhance our products, develop new capabilities and address servicing and other business and customer needs; developing new features in our applications and platforms and enhancing our digital channels; supporting the use of our products as a means of payment through online, mobile, agentic and other digital channels; building partnerships and executing programs with other companies; and effectively utilizing data and data & analytics platforms, including successfully migrating to new platforms, all of which will be impacted by investment levels, customer and colleague receptiveness and ability to adopt new technologies, partner engagement, new product innovation and development and the platforms and infrastructure to support new products, services, benefits and partner integrations;

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to grow internationally, which could be impacted by regulation and business practices, such as those capping interchange or other fees, mandating network access or data localization, imposing greater requirements on payment networks, favoring local competitors or prohibiting or limiting foreign ownership of certain businesses; perceptions of our brand in international jurisdictions; our inability to successfully replicate aspects of our business model internationally and tailor products and services to make them attractive to local customers; competitors with more scale, local experience and established relationships with relevant customers, regulators and industry participants; the success of us and our network partners in acquiring Card Members and/or merchants; and geopolitical and economic instability, hostilities and tensions (such as the effects of the Middle East conflict), and impacts to cross-border trade and travel;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully implement our dining strategy and grow our dining platform, which will depend in part on our ability to deliver value to diners, restaurants and other bookable venues; expand and innovate the tools and capabilities offered through the platform, including successfully integrating Tock into the Resy dining platform and developing AI-powered experiences in the Resy app; enable the search and booking of Resy venues through AI platforms; and successfully implement partnerships and compete with other dining platforms and means of booking reservations;

&nbsp;&nbsp;&nbsp;&nbsp;• a failure in or breach of our operational or security systems, processes or infrastructure, or those of third parties, including as a result of cyberattacks or outages, which could compromise the confidentiality, integrity, privacy and/or security of data, disrupt our or our partners' operations, reduce the use and acceptance of American Express cards or our digital platforms and lead to regulatory scrutiny, litigation, remediation and response costs and reputational harm;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in capital and credit market conditions, including those resulting from recent volatility, which may significantly affect our ability to meet our liquidity needs and expectations regarding capital ratios; our access to capital and funding costs; the valuation of our assets; and our credit ratings or those of our subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;• our funding plan being implemented in a manner inconsistent with current expectations, which will depend on various factors such as future business growth, liquidity needs, the impact of global economic, political and other events on market capacity, demand for securities we offer, regulatory changes, our ability to securitize and sell Card balances and the performance of Card balances previously sold in securitization transactions;

&nbsp;&nbsp;&nbsp;&nbsp;• legal and regulatory developments, which could affect the profitability of our business activities; limit our ability to pursue business opportunities or conduct business in certain jurisdictions; require changes to business practices or governance, or alter our relationships with Card Members, partners, merchants and other third parties, including affecting our network operations and practices governing merchant acceptance; impact interest income, card fees and rewards programs; exert further pressure on merchant discount rates and our network business, as well as result in an increase in surcharging, steering or other differential acceptance practices; alter the competitive landscape; subject us to heightened regulatory scrutiny and result in increased costs related to regulatory oversight and compliance, litigation-related settlements, judgments or expenses, restitution to Card Members or the imposition of fines or monetary penalties; materially affect capital or liquidity requirements, results of operations or ability to pay dividends; or result in harm to the American Express brand;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in the financial condition and creditworthiness of our business partners, such as bankruptcies, restructurings, financial distress or consolidations, including of cobrand partners, merchants that represent a significant portion of our business, network partners or financial institutions that we rely on for routine funding and liquidity, which could materially affect our financial condition or results of operations; and

&nbsp;&nbsp;&nbsp;&nbsp;• factors beyond our control such as business, economic and geopolitical conditions, consumer and business confidence and spending generally, unemployment rates & wide-scale layoffs, market volatility, energy costs, impacts to travel, government shutdowns and other political developments, a continuation or further escalation or widening of the Middle East conflict or other military conflicts, regional hostilities and international tensions, adverse developments affecting third parties, including other financial institutions, merchants, partners or vendors, as well as severe weather conditions and natural disasters (e.g., hurricanes and wildfires), power loss, disruptions in telecommunications, pandemics, terrorism and other catastrophic events, any of which could significantly affect demand for and spending on American Express cards, credit metrics and reserves, customer balances, deposit levels and other aspects of our business and results of operations or disrupt our global network systems and ability to process transactions.

A further description of these uncertainties and other risks can be found in the 2025 Form 10-K and other reports filed with the Securities and Exchange Commission.

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**ITEM 1. FINANCIAL STATEMENTS**

**AMERICAN EXPRESS COMPANY**

**CONSOLIDATED STATEMENTS OF INCOME**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| *Three Months Ended March 31 (Millions, except per share amounts)* | **2026** | 2025 |
| **Revenues** |  |  |
| Non-interest revenues |  |  |
| &nbsp;&nbsp;&nbsp;Discount revenue | $**9512** | $8743 |
| &nbsp;&nbsp;&nbsp;Net card fees | **2752** | 2333 |
| &nbsp;&nbsp;&nbsp;Service fees and other revenue | **1951** | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest revenues | **14215** | 12798 |
| Interest income |  |  |
| &nbsp;&nbsp;&nbsp;Interest on Card balances and Other loans | **6136** | 5552 |
| &nbsp;&nbsp;&nbsp;Interest and dividends on investment securities | **17** | 14 |
| &nbsp;&nbsp;&nbsp;Deposits with banks and other | **512** | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | **6665** | 6135 |
| Interest expense |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | **1287** | 1337 |
| &nbsp;&nbsp;&nbsp;Long-term debt and other | **686** | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | **1973** | 1966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | **4692** | 4169 |
| Total revenues net of interest expense | **18907** | 16967 |
| Provisions for credit losses |  |  |
| &nbsp;&nbsp;&nbsp;Card balances | **1187** | 1047 |
| &nbsp;&nbsp;&nbsp;Other | **64** | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total provisions for credit losses | **1251** | 1150 |
| Total revenues net of interest expense after provisions for credit losses | **17656** | 15817 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Card Member rewards | **4891** | 4378 |
| &nbsp;&nbsp;&nbsp;Business development | **1591** | 1529 |
| &nbsp;&nbsp;&nbsp;Card Member services | **1975** | 1328 |
| &nbsp;&nbsp;&nbsp;Marketing | **1480** | 1486 |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | **2482** | 2120 |
| &nbsp;&nbsp;&nbsp;Other, net | **1459** | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | **13878** | 12487 |
| Pretax income | **3778** | 3330 |
| Income tax provision | **807** | 746 |
| Net income | $**2971** | $2584 |
| **Earnings per Common Share (Note 13)**<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $**4.29** | $3.64 |
| &nbsp;&nbsp;&nbsp;Diluted | $**4.28** | $3.64 |
| Average common shares outstanding for earnings per common share: |  |  |
| &nbsp;&nbsp;&nbsp;Basic | **685** | 701 |
| &nbsp;&nbsp;&nbsp;Diluted | **686** | 702 |

---

(a)Reflects net income less (i) earnings allocated to participating share awards of $19 million and $18 million for the three months ended March 31, 2026 and 2025, respectively, and (ii) dividends on preferred shares of $14 million for both the three months ended March 31, 2026 and 2025.

See Notes to Consolidated Financial Statements.

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| *(Millions)* | **2026** | 2025 |
| Net income | $**2971** | $2584 |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized debt securities gains (losses), net of tax | **(7)** | 3 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments, net of hedges and tax | **(22)** | 17 |
| &nbsp;&nbsp;&nbsp;Net unrealized pension and other postretirement benefits, net of tax | **(5)** | 9 |
| Other comprehensive income (loss) | **(34)** | 29 |
| Comprehensive income | $**2937** | $2613 |

---

See Notes to Consolidated Financial Statements.

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| *(Millions, except share data)* | **March 31,<br>2026** | December 31,<br>2025 |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks (includes restricted cash of consolidated variable interest entities: 2026, $6; 2025, nil) | $**3186** | $3559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits in other banks (includes restricted interest-bearing deposits of consolidated variable interest entities: 2026, $19; 2025, nil) | **50281** | 43491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investment securities (includes restricted investments of consolidated variable interest entities: 2026, $85; 2025, $84) | **290** | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents (includes restricted cash: 2026, $199; 2025, $169) | **53757** | 47792 |
| &nbsp;&nbsp;Card balances (includes gross amounts available to settle obligations of consolidated variable interest entities: 2026, $33,386; 2025, $33,378), less reserves for credit losses: 2026, $6,065; 2025, $6,089 | **207247** | 207774 |
| &nbsp;&nbsp;Card balances held for sale | **2477** | 2457 |
| &nbsp;&nbsp;Other loans, less reserves for credit losses: 2026, $314; 2025, $323 | **10535** | 10605 |
| &nbsp;&nbsp;&nbsp;Investment securities | **2625** | 1043 |
| &nbsp;&nbsp;Premises and equipment, less accumulated depreciation and amortization: 2026, $12,441; 2025, $12,039 | **7240** | 6118 |
| &nbsp;&nbsp;Other assets, less reserves for credit losses: 2026, $121; 2025, $86 | **25013** | 24263 |
| Total assets | $**308894** | $300052 |
| **Liabilities and Shareholders' Equity** |  |  |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Customer deposits | $**157948** | $152488 |
| &nbsp;&nbsp;&nbsp;Accounts payable | **14635** | 14700 |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | **1692** | 1371 |
| &nbsp;&nbsp;Long-term debt (includes debt issued by consolidated variable interest entities: 2026, $13,278; 2025, $13,022) | **58750** | 56387 |
| &nbsp;&nbsp;&nbsp;Other liabilities | **41874** | 41632 |
| Total liabilities | $**274899** | $266578 |
| **Contingencies (Note 7)** |  |  |
| **Shareholders' Equity** |  |  |
| &nbsp;&nbsp;Preferred shares, $1.66<sup>2/3</sup> par value, authorized 20 million shares; issued and outstanding 1,600 shares as of March 31, 2026 and December 31, 2025 |  |  |
| &nbsp;&nbsp;Common shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 682 million shares as of March 31, 2026 and 686 million shares as of December 31, 2025 | **137** | 138 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | **11081** | 11126 |
| &nbsp;&nbsp;Retained earnings | **26088** | 25487 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | **(3311)** | (3277) |
| Total shareholders' equity | **33995** | 33474 |
| Total liabilities and shareholders' equity | $**308894** | $300052 |

---

See Notes to Consolidated Financial Statements.

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| Three Months Ended March 31 *(Millions)* | **2026** | 2025 |
| **Cash Flows from Operating Activities** |  |  |
| Net income | $**2971** | $2584 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Provisions for credit losses | **1251** | 1150 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **468** | 433 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | **203** | 158 |
| &nbsp;&nbsp;&nbsp;Deferred taxes | **145** | (20) |
| &nbsp;&nbsp;Other items <sup>(a)</sup> | **(282)** | 213 |
| Originations of Card balances held for sale | **(42)** |  |
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: |  |  |
| &nbsp;&nbsp;Other assets | **(1386)** | 18 |
| &nbsp;&nbsp;Accounts payable & other liabilities | **476** | 228 |
| Net cash provided by operating activities | **3804** | 4764 |
| **Cash Flows from Investing Activities** |  |  |
| Sale of investments | **8** |  |
| Maturities and redemptions of investments | **233** | 285 |
| Purchase of investments | **(1978)** | (239) |
| Net decrease in Card balances and Other loans, including Card balances held for sale | **512** | 835 |
| Purchase of premises and equipment, net of sales <sup>(b)</sup> | **(1149)** | (430) |
| Acquisitions, net of cash acquired | **(498)** |  |
| Net cash (used in) provided by investing activities | **(2872)** | 451 |
| **Cash Flows from Financing Activities** |  |  |
| Net increase in customer deposits | **5375** | 6973 |
| Net increase in short-term borrowings | **110** | 131 |
| Proceeds from long-term debt <sup>(b)</sup> | **3502** | 4768 |
| Payments of long-term debt | **(1524)** | (3534) |
| Issuance of American Express common shares | **7** | 22 |
| Repurchase of American Express common shares and other | **(1911)** | (1208) |
| Dividends paid | **(583)** | (509) |
| Net cash provided by financing activities | **4976** | 6643 |
| Effect of foreign currency exchange rates on cash and cash equivalents | **57** | 10 |
| Net increase in cash and cash equivalents | **5965** | 11868 |
| Cash and cash equivalents at beginning of period | **47792** | 40640 |
| Cash and cash equivalents at end of period | $**53757** | $52508 |

---

(a)Primarily includes gains/losses on fair value hedges, foreign currency transactions, tax credit and Amex Ventures investments and movements in equity method investments.

(b)Excludes an increase of $370 million related to non-cash activity for a finance lease. Refer to Note 1 for additional information.

See Notes to Consolidated Financial Statements.

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<u>[Table of](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)[Contents](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Three months ended March 31, 2026*<br>*(Millions, except per share amounts)* | Total | Preferred<br>Shares | Common<br>Shares | Additional<br>Paid-in<br>Capital | Accumulated<br>Other<br>Comprehensive<br>Income (Loss) | Retained<br>Earnings |
| **Balances as of December 31, 2025** | $**33474** | $**—** | $**138** | $**11126** | $**(3277)** | $**25487** |
| &nbsp;&nbsp;&nbsp;Net income | **2971** | **—** | **—** | **—** | **—** | **2971** |
| &nbsp;&nbsp;Other comprehensive income (loss) | **(34)** | **—** | **—** | **—** | **(34)** | **—** |
| &nbsp;&nbsp;&nbsp;Repurchase of common shares | **(1664)** | **—** | **(1)** | **(86)** | **—** | **(1577)** |
| &nbsp;&nbsp;Other changes | **(86)** | **—** | **—** | **41** | **—** | **(127)** |
| &nbsp;&nbsp;Cash dividends declared preferred Series D, $8,875.00 per share | **(14)** | **—** | **—** | **—** | **—** | **(14)** |
| &nbsp;&nbsp;Cash dividends declared common, $0.95 per share | **(652)** | **—** | **—** | **—** | **—** | **(652)** |
| **Balances as of March 31, 2026** | $**33995** | $**—** | $**137** | $**11081** | $**(3311)** | $**26088** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Three months ended March 31, 2025*<br>*(Millions, except per share amounts)* | Total | Preferred Shares | Common Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
| **Balances as of December 31, 2024** | $30264 | $— | $141 | $11370 | $(3395) | $22148 |
| &nbsp;&nbsp;&nbsp;Net income | 2584 |  |  |  |  | 2584 |
| &nbsp;&nbsp;Other comprehensive income (loss) | 29 |  |  |  | 29 |  |
| &nbsp;&nbsp;&nbsp;Repurchase of common shares | (678) |  | (1) | (36) |  | (641) |
| &nbsp;&nbsp;Other changes | (407) |  |  | (297) |  | (110) |
| &nbsp;&nbsp;Cash dividends declared preferred Series D, $8,875.00 per share | (14) |  |  |  |  | (14) |
| &nbsp;&nbsp;Cash dividends declared common, $0.82 per share | (576) |  |  |  |  | (576) |
| **Balances as of March 31, 2025** | $31202 | $— | $140 | $11037 | $(3366) | $23391 |

---

See Notes to Consolidated Financial Statements.

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<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**1. Basis of Presentation**

**<u>The Company</u>**

The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Form 10-K). If not materially different, certain note disclosures included therein have been omitted from these Consolidated Financial Statements.

The interim Consolidated Financial Statements included in this report have not been audited. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim Consolidated Financial Statements, have been made. Results of operations reported for interim periods are not necessarily indicative of results for the entire year.

The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. These accounting estimates reflect the best judgment of management, but actual results could differ.

Certain reclassifications of prior period amounts have been made to conform to the current period presentation.

We have updated our presentation and disclosure of Card Member loans and Card Member receivables to present them on a combined basis as Card balances. Results for the first quarter of 2026 and prior periods have been reclassified to conform to the new presentation. Previously, Card Member loans represented balances on our credit card products and revolve-eligible balances on our charge card products, which included balances that Card Members paid in full as well as balances that Card Members paid over time with interest, and Card Member receivables represented balances on our charge card products that need to be paid in full on or before the Card Member's payment due date. The updated Card balances presentation includes both revolve-eligible balances and balances that need to be paid in full, reflecting the evolution of our card products over time, primarily due to the expansion of lending features on our charge card portfolio. This presentation change has no impact on the recognition or measurement of outstanding Card balances and associated reserves for credit losses.

**<u>Business Events</u>**

On February 25, 2026, we announced plans to build a new approximately 1.95 million square foot headquarters at 200 Greenwich Street (2 World Trade Center site) in New York City. In connection with the project, we have a commitment of up to $2.8 billion for the cost of construction. When the building goes into service, capitalized construction costs will be depreciated over the estimated useful life of the premises. We also recognized a finance lease liability of $370 million, which represents the present value of contractual fixed lease payments over the term of a land lease, and a corresponding increase to the right-of-use finance lease asset.

On January 12, 2026, we completed the acquisition of our partner's interest in our Switzerland joint venture (Swisscard AECS GmbH). Upon acquisition, we recognized within our International Card Services (ICS) segment $272 million of intangible assets, which will be amortized over an estimated weighted average useful life of approximately eight years, $136 million of Goodwill and a gain for the remeasurement of our existing ownership interest. The allocation of the purchase consideration for the acquisition is preliminary as certain estimates related to the valuation of assets and liabilities are subject to finalization. Additionally, we now consolidate a variable interest entity (VIE), Swiss Payments Assets AG, which securitizes Card balances arising from Swisscard's business to provide for the issuance of collateralized debt securities to third party investors; such consolidation is not material to our Consolidated Financial Statements.

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<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**<u>Recently Issued Accounting Standards</u>**

In November 2024 and as amended in January 2025, the Financial Accounting Standards Board issued updated accounting guidance on the Disaggregation of Income Statement Expenses for annual reporting periods beginning after December 15, 2026 and for interim reporting periods beginning December 15, 2027, with early adoption permitted. The updated guidance includes the requirement for a new tabular disclosure within a Note to the Consolidated Financial Statements, to disaggregate defined expense categories from the expense report lines presented on the Consolidated Statements of Income. We are currently assessing the updated guidance; however, it is not expected to have a material impact to our Consolidated Financial Statements.

In September 2025, the Financial Accounting Standards Board issued updated guidance on accounting for internal-use software, effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments modernize guidance to consider different methods of software development, updating the requirements for capitalization of software costs. We are currently assessing the updated guidance; however, it is not expected to have a material impact to our Consolidated Financial Statements.

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<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**2. Card Balances and Other Loans**

Our card products that we offer to consumer, small business and corporate customers result in the generation of Card balances. We also extend credit to customers through financing products that are not associated with a Card Member agreement, and instead are governed by a separate borrowing relationship, resulting in Other loans.

Card balances and Other loans as of March 31, 2026 and December 31, 2025 consisted of:

**Table 2.1: Card Balances and Other Loans**

---

| | | |
|:---|:---|:---|
| *(Millions)* | **2026** | 2025 |
| Consumer <sup>(a)</sup> | $**140908** | $144324 |
| Small Business | **55098** | 53632 |
| Corporate <sup>(a)</sup> | **17306** | 15907 |
| Card balances | **213311** | 213863 |
| Less: Reserves for credit losses | **6065** | 6089 |
| Card balances, net | $**207247** | $207774 |
| Other loans, net <sup>(b)</sup> | $**10535** | $10605 |

---

(a)Includes approximately $33.4 billion of gross Card balances available to settle obligations of a consolidated variable interest entity (VIE) as of both March 31, 2026 and December 31, 2025.

(b)Other loans are presented net of reserves for credit losses of $314 million and $323 million as of March 31, 2026 and December 31, 2025, respectively.

**<u>Card Balances Aging</u>**

Generally, a Card Member account is considered past due if payment due is not received within 30 days after the billing statement date. The following table presents the aging of Card balances as of March 31, 2026 and December 31, 2025:

**Table 2.2: Card Balances Aging**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (*Millions*) | Current | 30-59 <br>Days<br>Past Due | 60-89<br>Days <br>Past Due | 90+ <br>Days <br>Past Due | Total | 90+ Days Past Due and Still Accruing Interest <sup>(a)</sup> | Non-Accruals<sup>(b)</sup> |
| **2026** |  |  |  |  |  |  |  |
| Consumer | $**139125** | $**522** | $**388** | $**873** | $**140908** | $**452** | $**480** |
| Small Business | **54295** | **256** | **194** | **353** | **55098** | **136** | **186** |
| Corporate <sup>(c)</sup> | **(d)** | **(d)** | **(d)** | **71** | **17306** | **—** | **—** |
| **2025** |  |  |  |  |  |  |  |
| Consumer | 142552 | 529 | 392 | 851 | 144324 | 434 | 471 |
| Small Business | $52870 | $255 | $168 | 340 | 53632 | 130 | 177 |
| Corporate <sup>(c)</sup> | (d) | (d) | (d) | $75 | $15907 | $— | $— |

---

(a)Our policy is generally to accrue interest through the date of write-off (typically 180 days past due). We establish reserves for interest that we believe will not be collected.

(b)Non-accrual Card balances primarily include certain Card balances placed with outside collection agencies for which we have ceased accruing interest.

(c)For corporate accounts, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member's billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card balances are classified as 90 days past billing. These amounts are shown above as 90+ Days Past Due for presentation purposes. See also (d).

(d)Delinquency data for periods other than 90+ days past billing has not historically been available due to system constraints. Therefore, such data has not been a material input for risk management purposes. The balances that are current to 89 days past billing can be derived as the difference between the Total and the 90+ Days Past Due balances.

------

<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**<u>Other Loans Aging and Gross Write-Offs by Origination Year</u>**

Generally, a customer loan is considered past due if payment due is not received within 30 days after the payment due date. The following tables present the aging and gross write-offs for Other loans by year of origination as of or for the three months ended March 31, 2026, and as of or for the twelve months ended December 31, 2025:

**Table 2.3: Other Loans Aging and Gross Write-Offs by Origination Year**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2026 (*Millions*)** | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Revolving Loans <sup>(a)</sup> | Total |
| Current | $**1465** | $**4505** | $**1716** | $**338** | $**34** | $**57** | $**2670** | $**10785** |
| 30-59 Days Past Due | **—** | **7** | **6** | **2** | **—** | **—** | **7** | **23** |
| 60-89 Days Past Due | **—** | **6** | **5** | **2** | **—** | **—** | **7** | **21** |
| 90+ Days Past Due <sup>(b)</sup> | **—** | **6** | **5** | **2** | **—** | **1** | **7** | **20** |
| Total <sup>(c)</sup> | $**1465** | $**4524** | $**1731** | $**344** | $**35** | $**59** | $**2691** | $**10849** |
| Gross Write-Offs | $**—** | $**16** | $**18** | $**7** | $**1** | $**—** | $**24** | $**66** |
| 2025 (*Millions*) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans <sup>(a)</sup> | Total |
| Current | $5532 | $2172 | $494 | $45 | $6 | $54 | $2564 | $10867 |
| 30-59 Days Past Due | 6 | 7 | 2 |  |  | 1 | 8 | 25 |
| 60-89 Days Past Due | 4 | 5 | 2 |  |  |  | 8 | 19 |
| 90+ Days Past Due <sup>(b)</sup> | 3 | 5 | 2 |  |  | 1 | 6 | 17 |
| Total <sup>(c)</sup> | $5545 | $2188 | $500 | $46 | $6 | $56 | $2587 | $10928 |
| Gross Write-Offs | $15 | $77 | $47 | $13 | $1 | $— | $88 | $242 |

---

(a)Revolving loans consist primarily of lines of credit offered to small business customers. Revolving loans include $5 million of term loans that were converted from revolving loans.

(b)Over 90 days past due includes $8 million and $7 million as of March 31, 2026 and December 31, 2025, respectively, of loans on which interest is still accruing. Our policy is generally to accrue interest through the date of write-off (typically 120 days past due) except for lines of credit offered to small business customers, where interest ceases to accrue at 90 days past due. We establish reserves for interest that we believe will not be collected.

(c)This total includes non-accrual loans of $19 million and $16 million as of March 31, 2026 and December 31, 2025, respectively. Non-accruals for consumer installment loans primarily include certain loans placed with outside collection agencies for which we have ceased accruing interest.

**<u>Credit Quality Indicators for Card Balances and Other Loans</u>**

The following table presents the key credit quality indicators as of or for the three months ended March 31, 2026 and 2025:

**Table 2.4: Credit Quality Indicators for Card Balances and Other Loans**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2026** | **2026** | 2025 | 2025 | 2025 |
| | Net Write-Off Rate | Net Write-Off Rate | | Net Write-Off Rate | Net Write-Off Rate | |
| | Principal <br>Only <sup>(a)</sup> | Principal, <br>Interest & <br>Fees <sup>(a)</sup> |<br>30+ Days Past Due as a % of Total | Principal <br>Only <sup>(a)</sup> | Principal, <br>Interest & <br>Fees <sup>(a)</sup> |<br>30+ Days Past Due as a % of Total |
| **Card balances:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | **1.9%** | **2.3%** | **1.3%** | 2.1% | 2.5% | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Small Business | **2.4%** | **2.7%** | **1.5%** | 2.3% | 2.6% | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | **(b)** | **0.7%** | **(c)** | (b) | 0.5% | (c) |
| **Other loans** | **2.0%** | **2.1%** | **0.6%** | 2.2% | 2.3% | 0.6% |

---

(a)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

(b)Net write-off rate based on principal losses only is not available due to system constraints.

(c)For corporate Card balances, delinquency data is tracked based on days past billing status rather than days past due. Delinquency data for periods other than 90+ days past billing is not available due to system constraints. 90+ days past billing as a percent of total was 0.4% as of both March 31, 2026 and 2025.

Refer to Note 3 for additional indicators, including external qualitative factors, management considers in its evaluation process for reserves for credit losses.

------

<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**<u>Card Balances and Other Loans Restructurings for Borrowers Experiencing Financial Difficulty</u>**

We evaluate all Card balances and Other loans restructurings according to the accounting guidance for loan refinancing and restructuring to determine whether such loan modification should be accounted for as a new loan or a continuation of the existing loan. Our restructurings for borrowers experiencing financial difficulty are generally accounted for as a continuation of the existing loan, which reflects the ongoing effort to support our customers and recover our existing investments.

We offer several types of modification programs to customers experiencing financial difficulty, with the intention to minimize losses and improve collectability, while providing customers with temporary or permanent financial relief.

Such modifications primarily include (i) temporary interest rate reductions (reducing interest rates to as low as zero percent, in which case the balance is characterized as non-accrual), and/or (ii) placing the customer on a fixed payment plan not to exceed 60 months. Upon entering the modification program, the customer's ability to make future purchases is limited, canceled or, in certain cases, suspended until the customer successfully exits from the modification program. As of March 31, 2026 and 2025, we had $21 million and $19 million, respectively, of unused credit available to customers with Card balances modified during each of the respective three month periods. In accordance with the modification agreement with the customer, Card balances and Other loans may revert to the original contractual terms (including the contractual interest rate where applicable) when the customer exits the modification program, which is either (i) when all payments have been made in accordance with the modification agreement or (ii) when the customer defaults out of the modification program.

The following table provides information relating to Card balances and Other loans modifications for borrowers experiencing financial difficulty during the three months ended March 31, 2026 and 2025:

**Table 2.5: Card Balances and Other Loans Modifications for Borrowers Experiencing Financial Difficulty**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2026** | **2026** | 2025 | 2025 | 2025 | 2025 |
|  | Account Balances<br>(*Millions*) <sup>(a)</sup> | % of Total Class of <br>Financing Receivables | Weighted Average Interest Rate Reduction<br>(% points) | Weighted Average Payment<br>Term Extensions<br>(# of months) | Account Balances<br>(*Millions*) <sup>(a)</sup> | % of Total Class of <br>Financing Receivables | Weighted Average Interest Rate Reduction<br>(% points) | Weighted Average Payment<br>Term Extensions<br>(# of months) |
| **Interest Rate Reduction** |  |  |  |  |  |  |  |  |
| Card balances |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer | $**609** | **0.5%** | **18.2%** | **(b)** | $545 | 0.5% | 18.4% | (b) |
| &nbsp;&nbsp;&nbsp;Small Business | **273** | **0.8%** | **18.1%** | **(b)** | 229 | 0.7% | 17.7% | (b) |
| &nbsp;&nbsp;&nbsp;Corporate |  |  |  | **(b)** |  |  |  | (b) |
| **Term Extension** |  |  |  |  |  |  |  |  |
| Card balances |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer | **70** | **0.3%** | **(b)** | **32** | 76 | 0.3% | (b) | 31 |
| &nbsp;&nbsp;&nbsp;Small Business | **141** | **0.7%** | **(b)** | **31** | 137 | 0.7% | (b) | 29 |
| &nbsp;&nbsp;&nbsp;Corporate | **12** | **0.1%** | **(b)** | **10** | 5 | 0.03% | (b) | 11 |
| Other loans | **12** | **0.1%** | **—** | **18** | 12 | 0.1% |  | 17 |
| **Interest Rate Reduction <br>and Term Extension** |  |  |  |  |  |  |  |  |
| Other loans | **23** | **0.2%** | **3.8%** | **21** | 17 | 0.2% | 3.1% | 21 |
| Total | $**1139** |  |  |  | $1021 |  |  |  |

---

(a)Represents the outstanding balances as of March 31, 2026 and 2025, respectively, of all modifications undertaken in the current and preceding three months for balances that remain in modification programs as of, or that defaulted on or before, March 31, 2026 and 2025, respectively. The outstanding balances include principal, fees, and, where applicable, accrued interest. Modifications did not reduce the principal balance.

(b)For qualifying Card Member accounts, we offer either interest rate reductions or payment term extensions.

------

<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

The following table provides information with respect to modified Card balances and Other loans that defaulted during the three months ended March 31, 2026 and 2025, and were modified in the twelve months prior to the payment default. A customer can miss up to three payments before being considered in default, depending on the terms of the modification program.

**Table 2.6: Modified Card Balances and Other Loans that Defaulted within Twelve Months of Modification**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2026** | **2026** | 2025 | 2025 | 2025 | 2025 |
| Account Balance (*Millions*) <sup>(a)</sup> | Interest Rate Reduction | Term Extension | Interest Rate Reduction and Term Extension | Total | Interest Rate Reduction | Term Extension | Interest Rate Reduction and Term Extension | Total |
| **Card balances** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer | $**46** | $**5** | **—** | **50** | 45 | $5 |  | 50 |
| &nbsp;&nbsp;&nbsp;Small Business | $**25** | **11** | **—** | **36** | 22 | 11 |  | 33 |
| &nbsp;&nbsp;&nbsp;Corporate | $**—** | **1** | **—** | **1** |  |  |  |  |
| **Other loans** | **—** | **—** | **2** | **2** |  |  | 1 | 1 |
| Total | $**71** | $**16** | $**2** | $**89** | $67 | $16 | $1 | $84 |

---

(a)Represents the outstanding balances as of March 31, 2026 and 2025, respectively, of all modifications that defaulted in the periods presented and were modified in the twelve months prior to payment default. The outstanding balances include principal, fees and, where applicable, accrued interest.

The following tables provide information relating to the performance of Card balances and Other loans that were modified during the prior twelve months and that remain in modification programs as of, or that defaulted on or before, March 31, 2026 and 2025:

**Table 2.7: Performance of Modified Card Balances and Other Loans**

---

| | | | |
|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| Account Balances (*Millions*) <sup>(a)</sup> | Current | 30-89 Days Past Due | 90+ Days Past Due |
| **Card balances** |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer | **1948** | **130** | **49** |
| &nbsp;&nbsp;&nbsp;Small Business | **1005** | **106** | **31** |
| &nbsp;&nbsp;&nbsp;Corporate | **13** | **3** | **3** |
| **Other loans** | **89** | **5** | **2** |
| Total | $**3056** | $**244** | $**86** |

---

---

| | | | |
|:---|:---|:---|:---|
| | As of March 31, 2025 | As of March 31, 2025 | As of March 31, 2025 |
| Account Balances (*Millions*) <sup>(a)</sup> | Current | 30-89 Days Past Due | 90+ Days Past Due |
| **Card balances** |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer | 1812 | 119 | 47 |
| &nbsp;&nbsp;&nbsp;Small Business | 941 | 94 | 28 |
| &nbsp;&nbsp;&nbsp;Corporate | 8 | 3 | 1 |
| **Other loans** | 81 | 5 | 1 |
| Total | $2842 | $221 | $77 |

---

(a)The outstanding balances include principal, fees and where applicable, accrued interest.

------

<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**3. Reserves for Credit Losses**

Reserves for credit losses represent our best estimate of the expected credit losses in our outstanding portfolios of Card balances as of the balance sheet date. The Current Expected Credit Loss (CECL) methodology requires us to estimate lifetime expected credit losses by incorporating historical loss experience, as well as current and future economic conditions over a reasonable and supportable period (R&S Period), which is approximately three years, beyond the balance sheet date. We make various judgments combined with historical loss experience to determine a reserve rate that is applied to the outstanding balance to produce a reserve for expected credit losses.

We use a combination of statistically-based models that incorporate current and future economic conditions throughout the R&S Period. The process of estimating expected credit losses is based on several key models: Probability of Default (PD), Exposure at Default (EAD) and future recoveries for each month of the R&S Period. Beyond the R&S Period, we estimate expected credit losses by immediately reverting to long-term average loss rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PD models are used to estimate the likelihood an account will be written-off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EAD models are used to estimate the balance of an account at the time of write-off. This includes balances less expected repayments based on historical payment and revolve behavior, which vary by customer. Due to the nature of revolving loan portfolios, the EAD models are complex and involve assumptions regarding the relationship between future spend and payment behaviors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recovery models are used to estimate amounts that are expected to be received from Card Members after default occurs, typically as a result of collection efforts. Future recoveries are estimated taking into consideration the time of default, time elapsed since default and macroeconomic conditions.

We also estimate the likelihood and magnitude of recovery of previously written off accounts considering how long ago the account was written off and future economic conditions, even if such expected recoveries exceed expected losses. Our models are developed using historical loss experience covering the economic cycle and consider the impact of account characteristics on expected losses. This history includes the performance of modifications for borrowers experiencing financial difficulty, including their subsequent defaults.

Future economic conditions that are incorporated over the R&S Period include multiple macroeconomic scenarios provided to us by an independent third party. Management reviews these economic scenarios each period and assigns probability weights to each scenario, generally with a consistent initial distribution. At times, due to macroeconomic uncertainty and volatility, management may apply judgment and assign different probability weights to scenarios. These macroeconomic scenarios contain certain variables, including unemployment rates and real gross domestic product (GDP), that are significant to our models.

We also evaluate whether to include qualitative reserves to cover losses that are expected but, in our assessment, may not be adequately represented in the quantitative methods or the economic assumptions. We consider whether to adjust the quantitative reserves (higher or lower) to address possible limitations within the models or factors not included within the models, such as external conditions, emerging portfolio trends, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due accounts, or management risk actions.

Lifetime losses for most of our balances are evaluated at an appropriate level of granularity, including assessment on a pooled basis where financial assets share similar risk characteristics, such as past spend and remittance behaviors, credit bureau scores where available, delinquency status, tenure of balance outstanding, amongst others. Credit losses on accrued interest are measured and presented as part of Reserves for credit losses on the Consolidated Balance Sheets and within the Provisions for credit losses in the Consolidated Statements of Income, rather than reversing interest income.

For Other loans, we use vintage-based historical performance to estimate expected credit losses over the life of the loan, net of recovery estimates. We also assess the need to establish a reserve for expected credit losses as it relates to our card network business, taking into account our historical loss experience and any collateral or other forms of credit enhancements from network participants. If our expected credit losses exceed our outstanding receivables from network participants, a portion of the reserve for credit losses is recorded within Other liabilities on our Consolidated Balance Sheets.

Card balances and Other loans are written off when we consider amounts to be uncollectible, which is generally determined by the number of days past due and is typically no later than 180 days past due for Card balances and 120 days past due for Other loans. Balances in bankruptcy or owed by deceased individuals are generally written off upon notification.

------

<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

The following table reflects the range of macroeconomic scenario key variables available to us as of March 31, 2026 and December 31, 2025, respectively, which were used, in conjunction with other inputs, to calculate reserves for credit losses:

**Table 3.1: Key Macroeconomic Variables**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Unemployment Rate** | **U.S. Unemployment Rate** | **U.S. GDP Growth (Contraction)** <sup>(a)</sup> | **U.S. GDP Growth (Contraction)** <sup>(a)</sup> |
| | **March 31, 2026** | **December 31, 2025** | **March 31, 2026** | **December 31, 2025** |
| First quarter of 2026 | 5% | 4% - 6% | 3% | 5% - (3)% |
| Fourth quarter of 2026 | 4% - 8% | 4% - 8% | 3% - (4)% | 3% - 0.5% |
| Fourth quarter of 2027 | 4% - 8% | 4% - 8% | 2% | 2% |
| Fourth quarter of 2028 | 4% - 7% | 4% - 6% | 3% - 2% | 4% - 2% |

---

(a)Real GDP quarter over quarter percentage change seasonally adjusted to annualized rates.

**<u>Changes in Card Balances Reserve for Credit Losses</u>**

Card balances reserve for credit losses decreased for the three months ended March 31, 2026, primarily driven by a sequential decrease in Card balances.

Card balances reserve for credit losses decreased for the three months ended March 31, 2025. Our reserves for the period ended March 31, 2025 reflected the quality of our premium customer base and the macroeconomic outlook.

The following table presents changes in the Card balances reserve for credit losses for the three months ended March 31, 2026 and 2025:

**Table 3.2: Changes in Card Balances Reserve for Credit Losses**

---

| | | |
|:---|:---|:---|
| | Three Months Ended March 31, | Three Months Ended March 31, |
| *(Millions)* | **2026** | 2025 |
| Beginning reserves | $**6089** | $5850 |
| &nbsp;&nbsp;Provisions <sup>(a)</sup> | **1187** | 1047 |
| &nbsp;&nbsp;Net write-offs <sup>(b)</sup> | **(1213)** | (1165) |
| &nbsp;&nbsp;Other <sup>(c)</sup> | **1** | 8 |
| Ending reserves | $**6065** | $5740 |

---

(a)Provisions for principal, interest and fee reserve components. Provisions for credit losses includes reserve build (release) and replenishment for net write-offs.

(b)Net write-offs are presented less recoveries of $352 million and $294 million for the three months ended March 31, 2026 and 2025, respectively.

(c)Primarily includes foreign currency translation adjustments.

------

<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**<u>Changes in Other Loans Reserve for Credit Losses</u>**

Other loans reserve for credit losses decreased for the three months ended March 31, 2026, primarily driven by the performance of our Other loans portfolio.

Other loans reserve for credit losses increased for the three months ended March 31, 2025, primarily driven by a sequential increase in Other loans outstanding.

The following table presents changes in the Other loans reserve for credit losses for the three months ended March 31, 2026 and 2025:

**Table 3.3: Changes in Other Loans Reserve for Credit Losses**

---

| | | |
|:---|:---|:---|
| | Three Months Ended March 31, | Three Months Ended March 31, |
| *(Millions)* | **2026** | 2025 |
| Beginning reserves | $**323** | $194 |
| &nbsp;&nbsp;Provisions <sup>(a)</sup> | **48** | 105 |
| &nbsp;&nbsp;Net write-offs <sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal | **(54)** | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and fees | **(3)** | (2) |
| &nbsp;&nbsp;Other | **—** |  |
| Ending reserves | $**314** | $244 |

---

(a)Provisions for principal, interest and fee reserve components. Provisions for credit losses includes reserve build (release) and replenishment for net write-offs.

(b)Principal write-offs are presented less recoveries of $9 million and $7 million for the three months ended March 31, 2026 and 2025, respectively. Recoveries of interest and fees were not significant.

------

<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**4. Investment Securities**

Investment securities principally include available-for-sale (AFS) debt securities carried at fair value on the Consolidated Balance Sheets. Unrealized losses attributable to credit deterioration are recorded in the Consolidated Statements of Income in Other loans Provision for credit losses. Unrealized gains and any portion of a security's unrealized loss attributable to non-credit losses are recorded in the Consolidated Statements of Comprehensive Income, net of tax. We had accrued interest on our AFS debt securities totaling $9 million and $3 million as of March 31, 2026 and December 31, 2025, respectively, presented as Other assets on the Consolidated Balance Sheets.

Investment securities also include equity securities carried at fair value on the Consolidated Balance Sheets with unrealized gains and losses recorded in the Consolidated Statements of Income as Other, net expense.

Realized gains and losses are recognized upon disposition of the securities using the specific identification method and recorded in the Consolidated Statements of Income as Other, net expense.

The following is a summary of investment securities as of March 31, 2026 and December 31, 2025:

**Table 4.1: Investment Securities**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2026** | **2026** | **2026** | 2025 | 2025 | 2025 | 2025 |
| Description of Securities<br>*(Millions)* | Cost | Gross<br>Unrealized<br>Gains | Gross<br>Unrealized<br>Losses | Estimated<br>Fair<br>Value | Cost | Gross<br>Unrealized<br>Gains | Gross<br>Unrealized<br>Losses | Estimated<br>Fair<br>Value |
| Available-for-sale debt securities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;State and municipal obligations | $**53** | $**1** | $**(7)** | $**47** | $54 | $1 | $(7) | $48 |
| &nbsp;&nbsp;&nbsp;U.S. Government agency obligations | **3** | **—** | **—** | **3** | 3 |  |  | 3 |
| &nbsp;&nbsp;U.S. Government treasury obligations | **1635** | **—** | **(7)** | **1628** | 138 | 1 |  | 138 |
| &nbsp;&nbsp;Mortgage-backed securities <sup>(a)</sup> | **9** | **—** | **—** | **9** | 10 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;Foreign government bonds and obligations | **813** | **—** | **—** | **813** | 717 |  |  | 717 |
| &nbsp;&nbsp;Other <sup>(b)</sup> | **81** | **—** | **—** | **81** | 81 |  |  | 81 |
| Equity securities <sup>(c)</sup> | **54** | **—** | **(9)** | **44** | 54 |  | (8) | 46 |
| Total | $**2648** | $**2** | $**(24)** | $**2625** | $1056 | $2 | $(16) | $1043 |

---

(a)Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.

(b)Represents investments in debt securities issued by Community Development Financial Institutions.

(c)Equity securities comprise investments in common stock and mutual funds.

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**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

The following table provides information about our AFS debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2026 and December 31, 2025:

**Table 4.2: AFS Debt Securities with Gross Unrealized Losses by Duration**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2026** | **2026** | **2026** | 2025 | 2025 | 2025 | 2025 |
| | Less than 12 months | Less than 12 months | 12 months or more | 12 months or more | Less than 12 months | Less than 12 months | 12 months or more | 12 months or more |
| Description of Securities (*Millions*) | Estimated Fair Value | Gross<br>Unrealized<br>Losses | Estimated Fair Value | Gross<br>Unrealized<br>Losses | Estimated Fair Value | Gross<br>Unrealized<br>Losses | Estimated Fair Value | Gross<br>Unrealized<br>Losses |
| State and municipal obligations | $**—** | $**—** | $**25** | $**(7)** | $— | $— | $26 | $(7) |
| U.S. Government treasury obligations | **1515** | **(7)** | **—** | **—** |  |  |  |  |
| Total | $**1515** | $**(7)** | $**25** | $**(7)** | $— | $— | $26 | $(7) |

---

The gross unrealized losses on our AFS debt securities are primarily attributable to an increase in the current benchmark interest rate. Overall, for the AFS debt securities in gross unrealized loss positions, (i) we do not intend to sell the securities, (ii) it is more likely than not that we will not be required to sell the securities before recovery of the unrealized losses, and (iii) we expect that the contractual principal and interest will be received on the securities. We concluded that there was no credit loss attributable to the securities in an unrealized loss position for the periods presented.

Contractual maturities for AFS debt securities with stated maturities as of March 31, 2026 were as follows:&nbsp;&nbsp;&nbsp;&nbsp;

**Table 4.3: Contractual Maturities of AFS Debt Securities**

---

| | | |
|:---|:---|:---|
| *(Millions)* | Cost | Estimated Fair Value |
| Due in 1 year or less | $**902** | $**902** |
| Due after 1 year through 5 years | **1643** | **1637** |
| Due after 5 years through 10 years | **7** | **7** |
| Due after 10 years | **43** | **36** |
| Total | $**2595** | $**2581** |

---

The expected payments on state and municipal obligations, U.S. Government agency obligations and mortgage-backed securities may not coincide with their contractual maturities because the issuers have the right to call or prepay certain obligations.

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**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**5. Asset Securitizations**

We periodically securitize Card balances arising from our card businesses through the transfer of those assets to securitization trusts, American Express Credit Account Master Trust (the Lending Trust) and American Express Issuance Trust II (the Charge Trust and together with the Lending Trust, the Trusts). The Trusts then issue debt securities collateralized by the transferred assets to third-party investors.

The Trusts are considered VIEs as they have insufficient equity at risk to finance their activities, which are to issue debt securities that are collateralized by the underlying Card balances. We perform the servicing and key decision making for the Trusts, and therefore have the power to direct the activities that most significantly impact the Trusts' economic performance, which are the collection of the underlying Card balances. In addition, we hold all of the variable interests in both Trusts, with the exception of the debt securities issued to third-party investors. Our ownership of variable interests in the Lending Trust was $13.6 billion and $14.9 billion as of March 31, 2026 and December 31, 2025, respectively, and in the Charge Trust was $6.2 billion and $5.7 billion as of March 31, 2026 and December 31, 2025, respectively. These variable interests held by us provide us with the right to receive benefits and the obligation to absorb losses, which could be significant to both the Lending Trust and the Charge Trust. Based on these considerations, we are the primary beneficiary of the Trusts and therefore consolidate the Trusts.

Restricted cash and cash equivalents held by the Lending Trust was $92 million and $84 million as of March 31, 2026 and December 31, 2025, respectively, and by the Charge Trust was nil as of both March 31, 2026 and December 31, 2025. These amounts relate to collections of Card balances to be used by the Trusts to fund future expenses and obligations, including interest on debt securities, credit losses and upcoming debt maturities.

Under the respective terms of the Lending Trust and the Charge Trust agreements, the occurrence of certain triggering events associated with the performance of the assets of each Trust could result in payment of trust expenses, establishment of reserve funds, or, in a worst-case scenario, early amortization of debt securities. During the three months ended March 31, 2026 and the year ended December 31, 2025, no such triggering events occurred.

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<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**6. Customer Deposits**

As of March 31, 2026 and December 31, 2025, customer deposits were categorized as interest-bearing or non-interest-bearing as follows:

**Table 6.1: Interest-bearing and Non-Interest-bearing Customer Deposits**

---

| | | |
|:---|:---|:---|
| *(Millions)* | **2026** | 2025 |
| U.S.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | $**156726** | $151425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest-bearing (includes Card Member credit balances of: 2026, $567; 2025, $556) | **610** | 606 |
| Non-U.S.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | **18** | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest-bearing (includes Card Member credit balances of: 2026, $591; 2025, $436) | **594** | 439 |
| Total customer deposits | $**157948** | $152488 |

---

Customer deposits by deposit type as of March 31, 2026 and December 31, 2025 were as follows:

**Table 6.2: Customer Deposits by Type**

---

| | | |
|:---|:---|:---|
| *(Millions)* | **2026** | 2025 |
| U.S. interest-bearing deposits: |  |  |
| &nbsp;&nbsp;Savings accounts | $**121257** | $116867 |
| &nbsp;&nbsp;Checking accounts | **3283** | 2965 |
| &nbsp;&nbsp;Certificates of deposit: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct | **7280** | 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party (brokered) | **9395** | 9919 |
| &nbsp;&nbsp;Sweep accounts – Third-party (brokered) | **15511** | 15696 |
| Total U.S. interest-bearing deposits | $**156726** | $151425 |
| Other deposits | **65** | 71 |
| Card Member credit balances | **1157** | 992 |
| Total customer deposits | $**157948** | $152488 |

---

The scheduled maturities of certificates of deposit as of March 31, 2026 were as follows:

**Table 6.3: Scheduled Maturities of Certificates of Deposit**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(Millions)* | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total |
| Certificates of deposit <sup>(a)</sup> | $**4113** | $**7256** | $**2762** | $**671** | $**1879** | $**5** | $**16686** |

---

(a)Includes $11 million of non-U.S. direct certificates of deposit as of March 31, 2026.

As of March 31, 2026 and December 31, 2025, certificates of deposit in denominations that met or exceeded the insured limit were $2.4 billion and $2.0 billion, respectively.

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<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**7. Contingencies**

In the ordinary course of business, we and our subsidiaries are subject to various pending and potential legal actions, arbitration proceedings, claims, investigations, examinations, regulatory proceedings, information gathering requests, subpoenas, inquiries and matters relating to compliance with laws and regulations (collectively, legal proceedings).

Based on our current knowledge, and taking into consideration our litigation-related liabilities, we do not believe we are a party to, nor are any of our properties the subject of, any legal proceeding that would have a material adverse effect on our consolidated financial condition or liquidity. However, in light of the uncertainties involved in such matters, including the fact that some pending legal proceedings are at preliminary stages or seek an indeterminate amount of damages, penalties or fines, it is possible that the outcome of legal proceedings could have a material impact on our results of operations. Certain legal proceedings involving us or our subsidiaries are described below.

On September 30, 2024, we were named as a defendant in a case filed in the United States District Court for the District of Massachusetts, captioned <u>Pizza Hazel, Inc., et al. v. American Express Co., et al.,</u> in which plaintiffs allege that the anti-steering and non-discrimination provisions in our merchant agreements violate federal antitrust law and that the arbitration provision in our merchant agreements violates federal antitrust law to the extent it prevents antitrust challenges to our anti-steering and non-discrimination provisions. Plaintiffs seek, on behalf of themselves and a class of merchants that accept through the OptBlue Program, unspecified damages and an injunction prohibiting us from enforcing our anti-steering and non-discrimination provisions and prohibiting us from enforcing our arbitration provision to the extent the arbitration provision prevents antitrust challenges to our anti-steering and non-discrimination provisions. The court rejected our motion to compel the case to arbitration; we have appealed the decision to the Court of Appeals for the First Circuit.

On March 21, 2024, we were named as a defendant in a case filed in the United States District Court for the District of Rhode Island, captioned <u>5-Star General Store aka Bento LLC, et al. v. American Express Co., et al.</u>, in which plaintiffs allege that the anti-steering and non-discrimination provisions in our merchant agreements violate federal antitrust law and seek, on behalf of themselves and a class of merchants, an injunction prohibiting us from enforcing our anti-steering and non-discrimination provisions and a declaration that we have violated antitrust laws. The court rejected our motion to compel the case to arbitration; we have appealed the decision to the Court of Appeals for the First Circuit.

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 <u>David Moskowitz, et al. (formerly Oliver) v. American Express Company and American Express Travel Related Services Company Inc.</u>, 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.

On March 8, 2016, plaintiffs B&R Supermarket, Inc. d/b/a Milam's Market and Grove Liquors LLC, on behalf of themselves and others, filed a suit, captioned <u>B&R Supermarket, Inc. d/b/a Milam's Market, et al. v. Visa Inc., et al.</u>, for violations of the Sherman Antitrust Act, the Clayton Antitrust Act, California's Cartwright Act and unjust enrichment in the United States District Court for the Northern District of California, against American Express Company, other credit and charge card networks, other issuing banks and EMVCo, LLC. Plaintiffs allege that the defendants, through EMVCo, conspired to shift liability for fraudulent, faulty and otherwise rejected consumer credit card transactions from themselves to merchants after the implementation of EMV chip payment terminals. Plaintiffs seek damages and injunctive relief. On May 4, 2017, the California court transferred the case to the United States District Court for the Eastern District of New York. On August 28, 2020, the court granted plaintiffs' motion for class certification. On August 14, 2024, the court granted our motion to compel arbitration as to class members who are subject to our merchant agreements, but did not stay the claims pending arbitration. On November 15, 2024, we appealed to the Court of Appeals for the Second Circuit requesting a stay of all claims against us that are subject to arbitration. On March 31, 2025, we reached an agreement with the class representatives to settle this action, which is subject to court approval.

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<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

On October 16, 2025, KServicing Wind Down Corp., the post-bankruptcy wind-down estate of Kabbage, Inc. (Kabbage), filed an action against American Express Kabbage Inc. and American Express Travel Related Services Company, Inc., captioned KServicing Wind Down Corp, et al. v. American Express Kabbage Inc. (f/k/a Alpha Kabbage, Inc.) and American Express Travel Related Services Company, Inc., in the United States Bankruptcy Court for the District of Delaware, seeking to recover up to approximately $746 million. The complaint alleges that our acquisition of Kabbage's lending platform and other specified assets and liabilities included a fraudulent transfer that left Kabbage insolvent due to Kabbage's liabilities, including those owed to the Department of Justice and Small Business Administration arising from Kabbage's participation in the Paycheck Protection Program. The complaint seeks to avoid the alleged fraudulent transfer and recover the value of that transfer from us. A separate complaint seeking to recover some or all of the same amount was also filed on October 16, 2025 against certain of Kabbage's former directors, officers and shareholders, who have taken the position that we must indemnify them for any resulting liability (which we dispute).

We are being challenged in a number of countries regarding our application of value-added taxes (VAT) to certain of our international transactions, which are in various stages of audit, or are being contested in legal actions. While we believe we have complied with all applicable tax laws, rules and regulations in the relevant jurisdictions, the tax authorities may determine that we owe additional VAT. In certain jurisdictions where we are contesting the assessments, we were required to pay the VAT assessments prior to contesting.

Our legal proceedings range from cases brought by a single plaintiff to class actions with millions of putative class members to governmental proceedings. These legal proceedings involve various lines of business and a variety of claims (including, but not limited to, common law tort, contract, application of tax laws, antitrust and consumer protection claims), some of which present novel factual allegations and/or unique legal theories. While some matters pending against us specify the damages sought, many seek an unspecified amount of damages or are at very early stages of the legal process. Even when the amount of damages claimed against us are stated, the claimed amount may be exaggerated and/or unsupported. As a result, some matters have not yet progressed sufficiently through discovery and/or development of important factual information and legal issues to enable us to estimate an amount of loss or a range of possible loss, while other matters have progressed sufficiently such that we are able to estimate an amount of loss or a range of possible loss.

We have accrued for certain of our outstanding legal proceedings. An accrual is recorded when it is both (a) probable that a loss has occurred and (b) the amount of loss can be reasonably estimated. There may be instances in which an exposure to loss exceeds the accrual. We evaluate, on a quarterly basis, developments in legal proceedings that could cause an increase or decrease in the amount of the accrual that has been previously recorded, or a revision to the disclosed estimated range of possible losses, as applicable.

For those disclosed legal proceedings where a loss is reasonably possible in future periods, whether in excess of a recorded accrual for legal or tax contingencies, or where there is no such accrual, and for which we are able to estimate a range of possible loss, the current estimated range is zero to $220 million in excess of any accruals related to those matters. This range represents management's estimate based on currently available information and does not represent our maximum loss exposure; actual results may vary significantly. As such legal proceedings evolve, we may need to increase our range of possible loss or recorded accruals. In addition, it is possible that significantly increased merchant steering or other actions impairing the Card Member experience as a result of an adverse resolution in one or any combination of the disclosed merchant cases could have a material adverse effect on our business and results of operations.

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<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**8. Derivatives and Hedging Activities**

We use derivative financial instruments to manage exposures to various market risks. These instruments derive their value from an underlying variable or multiple variables, including interest rates and foreign exchange rates, and are carried at fair value on the Consolidated Balance Sheets. These instruments enable end users to increase, reduce or alter exposure to various market risks and, for that reason, are an integral component of our market risk management. We do not transact in derivatives for trading purposes.

A majority of our derivative assets and liabilities as of March 31, 2026 and December 31, 2025 are subject to master netting agreements with our derivative counterparties. Accordingly, where appropriate, we have elected to present derivative assets and liabilities with the same counterparty on a net basis in the Consolidated Balance Sheets.

In relation to our credit risk, certain of our bilateral derivative agreements include provisions that allow our counterparties to terminate the relevant agreement in the event of a downgrade of our debt credit rating below investment grade and settle the outstanding net liability position. As of March 31, 2026, these derivatives were not in a material net liability position. Based on our assessment of the credit risk of our derivative counterparties and our own credit risk as of March 31, 2026 and December 31, 2025, no credit risk adjustment to the derivative portfolio was required.

The following table summarizes the total fair value, excluding interest accruals, of derivative assets and liabilities as of March 31, 2026 and December 31, 2025:

**Table 8.1: Fair Value of Derivative Assets and Liabilities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Other Assets Fair Value | Other Assets Fair Value | Other Liabilities Fair Value | Other Liabilities Fair Value |
| *(Millions)* | **2026** | 2025 | **2026** | 2025 |
| Derivatives designated as hedging instruments: |  |  |  |  |
| &nbsp;&nbsp;Fair value hedges - Interest rate contracts <sup>(a)</sup> | $**—** | $— | $**—** | $4 |
| &nbsp;&nbsp;&nbsp;Net investment hedges - Foreign exchange contracts | **223** | 26 | **56** | 699 |
| Total derivatives designated as hedging instruments | **223** | 26 | **56** | 702 |
| Derivatives not designated as hedging instruments: |  |  |  |  |
| &nbsp;&nbsp;Foreign exchange contracts and other | **265** | 148 | **105** | 418 |
| Total derivatives, gross | **488** | 174 | **161** | 1120 |
| Derivative asset and derivative liability netting <sup>(b)</sup> | **(143)** | (151) | **(143)** | (151) |
| Cash collateral netting <sup>(c)</sup> | **(37)** | (1) | **—** | (9) |
| Total derivatives, net | $**309** | $22 | $**17** | $961 |

---

(a)For our centrally cleared derivatives, variation margin payments are legally characterized as settlement payments as opposed to collateral.

(b)Represents the amount of netting of derivative assets and derivative liabilities executed with the same counterparty under an enforceable master netting arrangement.

(c)Represents the offsetting of the fair value of bilateral interest rate contracts and certain foreign exchange contracts with the right to cash collateral held from the counterparty or cash collateral posted with the counterparty.

We posted $772 million and $756 million as of March 31, 2026 and December 31, 2025, respectively, as initial margin on our centrally cleared interest rate swaps; such amounts are recorded within Other assets on the Consolidated Balance Sheets and are not netted against the derivative balances.

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<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**<u>Fair Value Hedges</u>**

We are exposed to interest rate risk associated with our fixed-rate debt obligations. At the time of issuance, certain fixed-rate long-term debt obligations are designated in fair value hedging relationships, using interest rate swaps, to economically convert the fixed interest rate to a floating interest rate. We had $39.6 billion and $36.7 billion of fixed-rate debt obligations designated in fair value hedging relationships as of March 31, 2026 and December 31, 2025, respectively.

The following table presents the gains and losses recognized in Interest expense on the Consolidated Statements of Income associated with the fair value hedges of our fixed-rate long-term debt for the three months ended March 31, 2026 and 2025:

**Table 8.2: Gains and Losses associated with Fair Value Hedges on Fixed-rate Long Term Debt**

---

| | | |
|:---|:---|:---|
| | Gains (losses) | Gains (losses) |
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| *(Millions)* | **2026** | 2025 |
| Fixed-rate long-term debt | $**222** | $(263) |
| Derivatives designated as hedging instruments | **(222)** | 263 |
| Total | $**—** | $— |

---

The carrying values of the hedged liabilities, recorded within Long-term debt on the Consolidated Balance Sheets, were $39.6 billion and $37.0 billion as of March 31, 2026 and December 31, 2025, respectively, including the cumulative amount of fair value hedging adjustments of $144 million and $366 million for the respective periods.

We recognized in Interest expense on Long-term debt a net decrease of $16 million and an increase of $12 million for the three months ended March 31, 2026 and 2025, respectively, primarily related to the net settlements including interest accruals on our interest rate derivatives designated as fair value hedges.

**<u>Net Investment Hedges</u>**

A net investment hedge is used to hedge future changes in currency exposure of a net investment in a foreign operation. We primarily designate foreign currency derivatives (typically foreign exchange forwards) and, in certain cases, foreign currency-denominated debt, as hedging instruments to reduce our exposure to changes in currency exchange rates on net investments in foreign subsidiaries with non-U.S. dollar functional currency.

We had notional amounts of approximately $17.1 billion and $16.3 billion designated as net investment hedges as of March 31, 2026 and December 31, 2025, respectively. The gain or loss on these net investment hedges, net of taxes, recorded in Accumulated other comprehensive income (loss) (AOCI) as part of the cumulative translation adjustment, was a gain of $6 million and a loss of $198 million for the three months ended March 31, 2026 and 2025, respectively. Net investment hedge reclassifications out of AOCI into the Consolidated Statements of Income were not significant for both the three months ended March 31, 2026 and 2025.

**<u>Derivatives Not Designated as Hedges</u>**

The changes in the fair value of derivatives that are not designated as hedges are primarily intended to offset the related foreign exchange gains or losses of the underlying foreign currency exposures. We had notional amounts of approximately $33.1 billion and $39.0 billion as of March 31, 2026 and December 31, 2025, respectively. The changes in the fair value of the derivatives and the related underlying foreign currency exposures resulted in net gains of $15 million for both the three months ended March 31, 2026 and 2025, that are recognized in Other, net expenses in the Consolidated Statements of Income.

Our embedded derivative related to seller earnout shares granted to us upon the completion of a business combination in the second quarter of 2022 between our equity method investee, American Express Global Business Travel, and Apollo Strategic Growth Capital (C Ordinary Shares of GBT JerseyCo Limited) had a notional amount of $78 million as of both March 31, 2026 and December 31, 2025. The changes in the fair value of the embedded derivative resulted in losses of $9 million and $17 million for the three months ended March 31, 2026 and 2025, respectively, which were recognized in Service fees and other revenue in the Consolidated Statements of Income.

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<u>[**Table of Contents**](#i8fc94bb62f654e1ca0c94d1bf1ef104c_7)</u>

**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**9. Fair Values**

**<u>Financial Assets and Financial Liabilities Carried at Fair Value</u>**

The following table summarizes our financial assets and financial liabilities measured at fair value on a recurring basis, categorized by GAAP's fair value hierarchy, as of March 31, 2026 and December 31, 2025:

**Table 9.1: Financial Assets and Financial Liabilities measured at Fair Value**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2026** | **2026** | **2026** | 2025 | 2025 | 2025 | 2025 |
| *(Millions)* | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 |
| **Assets:** |  |  |  |  |  |  |  |  |
| Investment securities: <sup>(a)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity securities | $**44** | $**44** | $**—** | $**—** | $46 | $46 | $— | $— |
| &nbsp;&nbsp;Debt securities | **2581** | **496** | **2004** | **81** | 997 |  | 916 | 81 |
| Derivatives, gross <sup>(a)(b)</sup> | **488** | **—** | **487** | **1** | 174 |  | 164 | 10 |
| Total Assets | **3113** | **540** | **2491** | **82** | 1216 | 46 | 1080 | 91 |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| Derivatives, gross <sup>(a)</sup> | **161** | **—** | **161** | **—** | 1120 |  | 1120 |  |
| Total Liabilities | $**161** | $**—** | $**161** | $**—** | $1120 | $— | $1120 | $— |

---

(a)Refer to Note 4 for the fair values of investment securities and to Note 8 for the fair values of derivative assets and liabilities on a further disaggregated basis.

(b)Level 3 fair value reflects an embedded derivative. Management reviews and applies judgment to the valuation of the embedded derivative that is performed by an independent third party using a Monte Carlo simulation that models a range of probable future stock prices based on implied volatility in a risk neutral framework. Refer to Note 8 for additional information about this embedded derivative.

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**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**<u>Financial Assets and Financial Liabilities Carried at Other Than Fair Value</u>**

The following tables summarize the estimated fair values of our financial assets and financial liabilities that are measured at amortized cost, and not required to be carried at fair value on a recurring basis, as of March 31, 2026 and December 31, 2025. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of March 31, 2026 and December 31, 2025, and require management's judgment. These figures may not be indicative of future fair values, nor can the fair value of American Express be estimated by aggregating the amounts presented.

**Table 9.2: Fair Value of Financial Assets and Financial Liabilities measured at Amortized Cost**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Carrying<br>Value | Corresponding Fair Value Amount | Corresponding Fair Value Amount | Corresponding Fair Value Amount | Corresponding Fair Value Amount |
| ***2026 (Billions)*** | Carrying<br>Value | Total | Level 1 | Level 2 | Level 3 |
| **Financial Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial assets for which carrying values equal or approximate fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents <sup>(a)</sup> | $**54** | $**54** | $**52** | $**2** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets <sup>(b)</sup> | **5** | **5** | **—** | **5** | **—** |
| &nbsp;&nbsp;&nbsp;Financial assets carried at other than fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card balances and Other loans, less reserves <sup>(c)</sup> | **218** | **223** | **—** | **—** | **223** |
| &nbsp;&nbsp;&nbsp;&nbsp;Card balances HFS | **2** | **2** | **—** | **—** | **2** |
| **Financial Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial liabilities for which carrying values equal or approximate fair value | **172** | **172** | **—** | **172** | **—** |
| &nbsp;&nbsp;&nbsp;Financial liabilities carried at other than fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit <sup>(d)</sup> | **17** | **17** | **—** | **17** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt <sup>(c)</sup> | $**58** | $**59** | $**—** | $**59** | $**—** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Carrying<br>Value | Corresponding Fair Value Amount | Corresponding Fair Value Amount | Corresponding Fair Value Amount | Corresponding Fair Value Amount |
| *2025 (Billions)* | Carrying<br>Value | Total | Level 1 | Level 2 | Level 3 |
| **Financial Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial assets for which carrying values equal or approximate fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents <sup>(a)</sup> | $48 | $48 | $46 | $2 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets <sup>(b)</sup> | 4 | 4 |  | 4 |  |
| &nbsp;&nbsp;&nbsp;Financial assets carried at other than fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Card balances and Other loans, less reserves <sup>(c)</sup> | 218 | 224 |  |  | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Card balances HFS | 2 | 2 |  |  | 2 |
| **Financial Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial liabilities for which carrying values equal or approximate fair value | 166 | 166 |  | 166 |  |
| &nbsp;&nbsp;&nbsp;Financial liabilities carried at other than fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit <sup>(d)</sup> | 16 | 16 |  | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt <sup>(c)</sup> | $56 | $57 | $— | $57 | $— |

---

(a)Level 2 fair value amounts reflect time deposits and short-term investments.

(b)Includes other receivables and other miscellaneous assets.

(c)Includes amounts held by consolidated VIEs for which the fair values of Card balances were $33.3 billion and $33.2 billion as of March 31, 2026 and December 31, 2025, respectively, and the fair values of Long-term debt were $13.4 billion and $13.3 billion as of March 31, 2026 and December 31, 2025, respectively.

(d)Presented as a component of Customer deposits on the Consolidated Balance Sheets.

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**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**<u>Nonrecurring Fair Value Measurements</u>**

We have certain assets that are subject to measurement at fair value on a nonrecurring basis. Equity investments without readily determinable fair values, which include investments in our Amex Ventures portfolio, are measured at fair value in periods subsequent to their initial recognition if they are determined to be impaired or where there is an observable price change for an identical or similar investment of the same issuer.

We generally estimate the fair value of these investments based on the observed transaction price. In addition, impairments on such investments are recorded to account for the difference between the estimated fair value and carrying value of an investment based on a qualitative assessment of impairment indicators such as business performance, general market conditions and the economic and regulatory environment. When an impairment triggering event occurs, the fair value measurement is generally derived by taking into account all available information, such as share prices of publicly traded peer companies, internal valuations performed by our investees, and other third-party fair value data. The fair value of these investments represents a Level 3 fair value measurement.

The carrying value of equity investments without readily determinable fair values totaled $1.2 billion and $1.1 billion as of March 31, 2026 and December 31, 2025, respectively, of which investments subject to nonrecurring Level 3 fair value measurement during the three months ended March 31, 2026 and the year ended December 31, 2025 totaled $62 million and $0.5 billion, respectively. These amounts are included within Other assets on the Consolidated Balance Sheets.

We recorded unrealized gains of $22 million and nil for the three months ended March 31, 2026 and 2025, respectively. Unrealized losses were $10 million and $39 million for the three months ended March 31, 2026 and 2025, respectively. Unrealized gains and losses are recorded in Other, net on the Consolidated Statements of Income. Since the adoption of new accounting guidance on the recognition and measurement of financial assets and financial liabilities on January 1, 2018, cumulative unrealized gains and losses for equity investments without readily determinable fair values totaled $1.2 billion and $0.5 billion as of March 31, 2026, respectively.

In addition, we also have certain equity investments measured at fair value using the net asset value practical expedient. Such investments were immaterial as of both March 31, 2026 and December 31, 2025.

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**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**10. Changes In Accumulated Other Comprehensive Income (Loss)**

AOCI is comprised of items that have not been recognized in earnings but may be recognized in earnings in the future when certain events occur. Changes in each component for the three months ended March 31, 2026 and 2025 were as follows:

**Table 10.1: Changes in Accumulated Other Comprehensive Income (Loss)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(Millions)*, net of tax | Three Months Ended, | Three Months Ended, | Three Months Ended, | Three Months Ended, | Three Months Ended, | Three Months Ended, |
| *(Millions)*, net of tax | **March 31, 2026** | **Net Change** | December 31, 2025 | March 31, 2025 | Net Change | December 31, 2024 |
| Net Unrealized Gains (Losses) on Debt Securities | $**(11)** | $**(7)** | $(4) | $(6) | $3 | $(9) |
| Foreign Currency Translation Adjustment Gains (Losses), net of hedges <sup>(a)</sup> | **(2805)** | **(22)** | (2783) | (2907) | 17 | (2924) |
| Net Unrealized Pension and Other Postretirement Benefit Gains (Losses) | **(495)** | **(5)** | (490) | (453) | 9 | (462) |
| Accumulated Other Comprehensive Income (Loss) | $**(3311)** | $**(34)** | $(3277) | $(3366) | $29 | $(3395) |

---

(a)Refer to Note 8 for additional information on hedging activity.

The following table shows the tax impact for the three months ended March 31, 2026 and 2025 for the changes in each component of AOCI presented above:

**Table 10.2: Tax Impact for Changes in Accumulated Other Comprehensive Income (Loss)**

---

| | | |
|:---|:---|:---|
| | Tax expense (benefit) | Tax expense (benefit) |
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| *(Millions)* | **2026** | 2025 |
| Net unrealized gains (losses) on debt securities | $**(1)** | $— |
| Foreign currency translation adjustment, net of hedges | **(9)** | (60) |
| Pension and other postretirement benefits | **12** | (1) |
| Total tax impact | $**2** | $(61) |

---

Reclassifications out of AOCI into the Consolidated Statements of Income, net of taxes, for the three months ended March 31, 2026 and 2025 were not significant.

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**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**11. Service Fees and Other Revenue and Other Expenses**

The following is a detail of Service fees and other revenue for the three months ended March 31, 2026 and 2025:

**Table 11.1: Components of Service Fees and Other Revenue**

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| *(Millions)* | **2026** | 2025 |
| Foreign currency-related revenue | $**480** | $382 |
| Loyalty coalition, merchant and other service fees | **464** | 436 |
| Network partnership revenue | **449** | 408 |
| Delinquency fees | **255** | 237 |
| Travel commissions and fees | **150** | 136 |
| Other fees and revenues | **154** | 123 |
| **Total Service fees and other revenue** | $**1951** | $1722 |

---

The following is a detail of Other expenses for the three months ended March 31, 2026 and 2025:

**Table 11.2: Components of Other Expense**

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| *(Millions)* | **2026** | 2025 |
| Data processing and equipment | $**767** | $705 |
| Professional services | **545** | 541 |
| Other | **147** | 400 |
| &nbsp;&nbsp;&nbsp;Total Other expenses | $**1459** | $1646 |

---

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**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**12. Income Taxes**

The effective tax rate was 21.4 percent and 22.4 percent for the three months ended March 31, 2026 and 2025, respectively. The decrease in the effective tax rate primarily reflected discrete tax benefits in the current period.

We are under continuous examination by the Internal Revenue Service (IRS) and tax authorities in other countries and states in which we have significant business operations. The tax years under examination and open for examination vary by jurisdiction. We are currently under examination by the IRS for the 2017 and 2018 tax years.

In December 2024, we received a Notice of Proposed Adjustment (Notice) from the IRS regarding transfer pricing between our U.S. and foreign subsidiaries for the 2017 and 2018 tax years currently under examination. The Notice proposes an increase to our U.S. taxable income that would result in an additional estimated U.S. federal income tax payment of approximately $185 million for 2017 and 2018, excluding interest and state income taxes, and asserts penalties of approximately $50 million for the same period. Although the Notice only applies to the 2017 and 2018 tax years currently under examination, the IRS may seek similar adjustments for subsequent tax years.

We strongly disagree with the IRS's positions and plan to pursue all available remedies to vigorously contest the adjustments made by the IRS. We believe our income tax reserves are appropriate for all open tax years and that final resolution of this matter will not have a material impact on our results of operations. However, the ultimate outcome of this matter is uncertain, and if we are required to pay the IRS additional U.S. taxes, interest and/or potential penalties, our results of operations could be materially affected for the period in which the matter is resolved.

**<u>Tax Credit Investments</u>**

As of March 31, 2026 and 2025, we had $1,832 million and $1,699 million in tax credit investments, respectively, included in Other assets on the Consolidated Balance Sheets, comprised of Low Income Housing Tax Credit investments and other qualifying investments. We account for such tax credit investments using the Proportional Amortization Method.

The following table presents tax credit investment expenses and associated income tax credits and other income tax benefits for the three months ended March 31, 2026 and 2025:

**Table 12.1: Tax Credit Investments Expenses and Credits**

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| *(Millions)* | **2026** | 2025 |
| Proportional amortization recognized in tax provision | $**(66)** | $(57) |
| Income tax credits and Other income tax benefits <sup>(a)</sup> recognized in tax provision | **76** | 66 |

---

(a)Other income tax benefits are a result of tax deductible expenses generated by our tax credit investments

Income tax credits and other income tax benefits associated with our tax credit investments are also recognized in the Consolidated Statements of Cash Flows in the Operating activities section primarily under Accounts payable and other liabilities. Refer to Note 6 to our "Consolidated Financial Statements" in the 2025 Form 10-K for additional information on our tax credit investments for the year ended December 31, 2025.

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**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**13. Earnings Per Common Share (EPS)**

The computations of basic and diluted EPS for the three months ended March 31, 2026 and 2025 were as follows:

**Table 13.1: Computation of Basic and Diluted Earnings per Share**

---

| | | |
|:---|:---|:---|
| | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| *(Millions, except per share amounts)* | **2026** | 2025 |
| **Numerator:** |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $**2971** | $2584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends | **(14)** | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available to common shareholders | $**2957** | $2570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings allocated to participating share awards <sup>(a)</sup> | **(19)** | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to common shareholders | $**2938** | $2552 |
| **Denominator:**<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Basic: Weighted-average common stock | **685** | 701 |
| &nbsp;&nbsp;Add: Weighted-average stock options <sup>(b)</sup> | **1** | 1 |
| &nbsp;&nbsp;&nbsp;Diluted | **686** | 702 |
| Basic EPS | $**4.29** | $3.64 |
| Diluted EPS | $**4.28** | $3.64 |

---

(a)Our unvested restricted stock awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered participating securities. Calculations of EPS under the two-class method exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator.

(b)The dilutive effect of unexercised stock options excludes from the computation of EPS nil and 0.1 million of options for the three months ended March 31, 2026 and 2025, respectively, because inclusion of the options would have been anti-dilutive.

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**AMERICAN EXPRESS COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**14. Reportable Operating Segments**

The following tables present certain selected financial information for our reportable operating segments and Corporate & Other as of or for the three months ended March 31:

**Table 14.1: Selected Financial Information by Segment**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Three Months Ended March 31, 2026*<br>*(Millions)* | USCS | CS | ICS | GMNS | Total Reportable Operating Segments | Corporate & Other <sup>(a)</sup> | Consolidated |
| Total non-interest revenues | $**5803** | $**3408** | $**3164** | $**1825** | $**14200** | $**15** | $**14215** |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from contracts with customers <sup>(b)</sup> | **3989** | **2931** | **1977** | **1631** | **10528** | **(11)** | **10517** |
| Interest income | **4072** | **1345** | **728** | **10** | **6155** | **510** | **6665** |
| Interest expense | **751** | **432** | **360** | **(169)** | **1374** | **599** | **1973** |
| &nbsp;&nbsp;Net interest income | **3321** | **913** | **367** | **180** | **4781** | **(88)** | **4692** |
| Total revenues net of interest expense | **9123** | **4321** | **3532** | **2004** | **18980** | **(73)** | **18907** |
| Provisions for credit losses | **631** | **380** | **238** | **4** | **1253** | **—** | **1251** |
| Total revenues net of interest expense after provisions for credit losses | **8493** | **3941** | **3294** | **2000** | **17728** | **(73)** | **17656** |
| Expenses |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Card Member rewards, business development and Card Member services <sup>(c)</sup> | **4605** | **1986** | **1551** | **306** | **8448** | **8** | **8457** |
| &nbsp;&nbsp;Marketing | **764** | **311** | **332** | **65** | **1472** | **7** | **1480** |
| &nbsp;&nbsp;Salaries and employee benefits and other operating expenses | **1367** | **828** | **630** | **514** | **3339** | **602** | **3941** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | **6736** | **3126** | **2513** | **885** | **13260** | **618** | **13878** |
| Pretax income (loss) | $**1757** | $**816** | $**781** | $**1115** | $**4469** | $**(691)** | $**3778** |
| Total assets | $**119517** | $**66076** | $**50180** | $**19353** | $**255126** | $**53769** | $**308894** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Three Months Ended March 31, 2025*<br>*(Millions)* | USCS | CS | ICS | GMNS | Total Reportable Operating Segments | Corporate & Other <sup>(a)</sup> | Consolidated |
| Total non-interest revenues | $5243 | $3265 | $2646 | $1660 | $12814 | $(16) | $12798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from contracts with customers <sup>(b)</sup> | 3634 | 2828 | 1688 | 1485 | 9635 | (9) | 9626 |
| Interest income | 3763 | 1202 | 596 | 12 | 5573 | 562 | 6135 |
| Interest expense | 757 | 432 | 306 | (143) | 1352 | 614 | 1966 |
| &nbsp;&nbsp;Net interest income | 3006 | 770 | 290 | 155 | 4221 | (52) | 4169 |
| Total revenues net of interest expense | 8249 | 4035 | 2936 | 1815 | 17035 | (68) | 16967 |
| Provisions for credit losses | 631 | 329 | 192 | (2) | 1150 |  | 1150 |
| Total revenues net of interest expense after provisions for credit losses | 7618 | 3706 | 2744 | 1817 | 15885 | (68) | 15817 |
| Expenses |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Card Member rewards, business development and Card Member services <sup>(c)</sup> | 3882 | 1746 | 1312 | 283 | 7223 | 12 | 7235 |
| &nbsp;&nbsp;Marketing | 765 | 337 | 300 | 76 | 1478 | 8 | 1486 |
| &nbsp;&nbsp;Salaries and employee benefits and other operating expenses | 1239 | 787 | 751 | 468 | 3245 | 521 | 3766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 5886 | 2870 | 2363 | 827 | 11946 | 541 | 12487 |
| Pretax income (loss) | $1732 | $836 | $381 | $990 | $3939 | $(609) | $3330 |
| Total assets | $110886 | $62012 | $42620 | $18083 | $233601 | $48643 | $282244 |

---

(a)Corporate & Other includes adjustments and eliminations for intersegment activity.

(b)Includes discount revenue and certain service fees and other revenue from customers.

(c)Card Member rewards, business development and Card Member services expenses are generally correlated to volumes or are variable based on usage.

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**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Market risk is the risk to earnings or asset and liability values resulting from movements in market prices. Our market risk exposures include (i) interest rate risk due to changes in the relationship between the interest rates on our assets (such as Card balances, Other loans and investment securities) and the interest rates on our liabilities (such as debt and deposits); and (ii) foreign exchange risk related to transactions, funding, investments and earnings in currencies other than the U.S. dollar. Since December 31, 2025, there have been no material changes in our market risk exposures associated with interest rates or foreign currencies.

The actual impact of interest rate and foreign exchange rate changes will depend on, among other factors, the timing of rate changes, the extent to which different rates do not move in the same direction or in the same direction to the same degree, changes in the cost, volume and mix of our hedging activities and changes in the volume and mix of our businesses.

**ITEM 4. CONTROLS AND PROCEDURES**

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this report. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, our disclosure controls and procedures are effective and designed to ensure that the information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the requisite time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

For information that updates the disclosures set forth under Part I, Item 3. "Legal Proceedings" in the 2025 Form 10-K, refer to Note 7 to the "Consolidated Financial Statements" in this Form 10-Q.

**ITEM 1A. RISK FACTORS**

For a discussion of our risk factors, including risks and uncertainties related to business, economic and geopolitical conditions, see Part I, Item 1A. "Risk Factors" of the 2025 Form 10-K. The risks and uncertainties that we face are not limited to those set forth in the 2025 Form 10-K. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect our business and the trading price of our securities.

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**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

**(c) ISSUER PURCHASES OF SECURITIES**

The table below sets forth the information with respect to purchases of our common stock made by or on behalf of us during the three months ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Total Number of Shares Purchased | Average Price Paid Per Share <sup>(a)</sup> | Total Number of Shares Purchased<br>as Part of Publicly Announced<br>Plans or Programs <sup>(b)</sup> | Maximum Number of Shares that<br>May Yet Be Purchased Under the<br>Plans or Programs |
| January 1-31, 2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase programs<sup>(c)</sup> |  | $— |  | 58349399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee transactions<sup>(d)</sup> | 175804 | $354.22 | N/A | N/A |
| February 1-28, 2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase programs<sup>(c)</sup> | 1381820 | $339.93 | 1381820 | 56967579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee transactions<sup>(d)</sup> | 655340 | $352.17 | N/A | N/A |
| March 1-31, 2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase programs<sup>(c)</sup> | 3927378 | $300.88 | 3927378 | 53040201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee transactions<sup>(d)</sup> |  | $— | N/A | N/A |
| Total |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase programs<sup>(c)</sup> | 5309198 | $311.04 | 5309198 | 53040201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee transactions<sup>(d)</sup> | 831144 | $352.60 | N/A | N/A |

---

(a)The average price paid per share does not reflect costs and taxes associated with the purchase of shares.

(b)Share purchases under publicly announced programs are made pursuant to open market purchases, plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, privately negotiated transactions or other purchases, including block trades, accelerated share repurchase programs or any combination of such methods as market conditions warrant and at prices we deem appropriate.

(c)On March 8, 2023, the Board of Directors authorized the repurchase of up to 120 million common shares from time to time, subject to market conditions and in accordance with our capital plans. This authorization replaced the prior repurchase authorization. See "Consolidated Capital Resources and Liquidity" under MD&A for additional information regarding share repurchases.

(d)Includes: (i) shares surrendered by holders of employee stock options who exercised options (granted under our incentive compensation plans) in satisfaction of the exercise price and/or tax withholding obligation of such holders and (ii) shares underlying restricted stock awards or restricted stock units withheld (under the terms of grants under our incentive compensation plans) to offset tax withholding obligations that occur upon vesting and release of such awards. Our incentive compensation plans provide that the value of the shares delivered or attested to, or withheld, be based on the price of our common stock on the date the relevant transaction occurs.

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**ITEM 5. OTHER INFORMATION**

***Rule 10b5-1 Trading Plans***

During the three months ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any "non-Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K.

***Disclosure Pursuant to Section 13(r) of the Exchange Act***

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) to the Exchange Act, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders, which may include designations that are unrelated to Iran. Disclosure is generally required even where the activities, transactions or dealings were conducted outside the United States by non-U.S. affiliates in compliance with applicable law and whether or not the activities are sanctionable under U.S. law.

In the quarter ended March 31, 2026, the Office of Foreign Assets Control designated an individual with a card issued by an affiliate in Latin America as a Specially Designated National pursuant to Executive Order 13224, as amended, and we subsequently cancelled the account. We had negligible gross revenues and net profits attributable to transactions with the individual following designation that were reportable pursuant to Section 219. We do not intend to continue to engage in this activity.

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**ITEM 6. EXHIBITS**

The following exhibits are filed as part of this Quarterly Report:

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| | |
|:---|:---|
| Exhibit | Description |
| 31.1 | <u>[Certification of Stephen J. Squeri pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.](axpq126ex311.htm)</u> |
| 31.2 | <u>[Certification of Christophe Y. Le Caillec pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.](axpq126ex312.htm)</u> |
| 32.1 | <u>[Certification of Stephen J. Squeri pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](axpq126ex321.htm)</u> |
| 32.2 | <u>[Certification of Christophe Y. Le Caillec pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](axpq126ex322.htm)</u> |
| 101.INS | XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | AMERICAN EXPRESS COMPANY | AMERICAN EXPRESS COMPANY |
| | (Registrant) | (Registrant) |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: April 23, 2026 | By | /s/ Christophe Y. Le Caillec |
|  |  | Christophe Y. Le Caillec<br>Chief Financial Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: April 23, 2026 | By | /s/ Jessica Lieberman Quinn |
|  |  | Jessica Lieberman Quinn<br>Executive Vice President and<br>Corporate Controller<br>(Principal Accounting Officer) |

---

## Exhibit 31.1

**EXHIBIT 31.1**

<u>CERTIFICATION</u>

I, Stephen J. Squeri, certify that:

1. I have reviewed this quarterly report on Form 10-Q of American Express Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 23, 2026 | |
| | <u>/s/ Stephen J. Squeri</u>  |
| | Stephen J. Squeri<br>Chief Executive Officer |

---

## Exhibit 31.2

**EXHIBIT 31.2**

<u>CERTIFICATION</u>

I, Christophe Y. Le Caillec, certify that:

1. I have reviewed this quarterly report on Form 10-Q of American Express Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 23, 2026 | |
| | <u>/s/ Christophe Y. Le Caillec</u>  |
| | Christophe Y. Le Caillec<br>Chief Financial Officer |

---

## Exhibit 32.1

**EXHIBIT 32.1**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of American Express Company (the "Company") for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Stephen J. Squeri, as Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| <u>/s/ Stephen J. Squeri</u>  |
| Name: Stephen J. Squeri<br>Title: Chief Executive Officer |
| Date: April 23, 2026 |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and is not being "filed" as part of the Form 10-Q or as a separate disclosure document for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liability under that section. This certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act except to the extent that this Exhibit 32.1 is expressly and specifically incorporated by reference in any such filing.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**EXHIBIT 32.2**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of American Express Company (the "Company") for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Christophe Y. Le Caillec, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| <u>/s/ Christophe Y. Le Caillec</u>  |
| Name: Christophe Y. Le Caillec<br>Title: Chief Financial Officer |
| Date: April 23, 2026 |

---

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and is not being "filed" as part of the Form 10-Q or as a separate disclosure document for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liability under that section. This certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act except to the extent that this Exhibit 32.2 is expressly and specifically incorporated by reference in any such filing.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

<br>