# EDGAR Filing Document

**Accession Number:** 0000004962
**File Stem:** 0000004962-23-000004
**Filing Date:** 2023-1
**Character Count:** 95233
**Document Hash:** 70ffe4529cae43221368beb7ad6b3a8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000004962-23-000004.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0000004962-23-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230127

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07657
- **FILM NUMBER:** 23559610

**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" ? axp-20230127

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): January 27, 2023** 

**AMERICAN EXPRESS COMPANY**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| New York | 1-7657 | 13-4922250 |
| **(State or other jurisdiction of incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

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200 Vesey Street,

New York, New York 10285

**(Address of principal executive offices and zip code)**

(212) 640-2000

**(Registrant's telephone number, including area code)**

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| |
|:---|
| Not Applicable |
| **(Former name or former address, if changed since last report)** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Shares (par value $0.20 per Share) | AXP | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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. ☐

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**Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure**

The following information is furnished under Item 2.02 – Results of Operations and Financial Condition and Item 7.01 – Regulation FD Disclosure:

On January 27, 2023, American Express Company (the "Company") issued a press release regarding its financial results for the fourth quarter and full year of 2022. A copy of such press release is attached to this report as Exhibit 99.1. The Company also made available additional information relating to the financial results for the fourth quarter and full year of 2022. Such additional financial information is attached to this report as Exhibit 99.2.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | <u>[Press Release, dated January 27, 2023, of American Express Company regarding its financial results for the fourth quarter and full year of 2022.](q422exhibit991.htm)</u> |
| 99.2 | <u>[Additional information relating to the financial results of American Express Company for the fourth quarter and full year of 2022.](q422exhibit992.htm)</u> |
| 104 | The cover page of this Current Report on Form 8-K, formatted as inline XBRL. |

---

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**SIGNATURE**

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 hereunto duly authorized.

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| | |
|:---|:---|
| AMERICAN EXPRESS COMPANY | AMERICAN EXPRESS COMPANY |
| (REGISTRANT) | (REGISTRANT) |
| By: | /s/ Kristina V. Fink |
|  | Name: Kristina V. Fink |
|  | Title:&nbsp;&nbsp;&nbsp;&nbsp;Corporate Secretary |

---

Date: January 27, 2023

## Exhibit 99.1

**EXHIBIT 99.1**

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| | | | |
|:---|:---|:---|:---|
| **NEWS RELEASE** | **NEWS RELEASE** | **NEWS RELEASE** | **NEWS RELEASE** |

---

![axplogo1a.jpg](axplogo1a.jpg)

***Media Contacts:***

Leah M. Gerstner, Leah.M.Gerstner@aexp.com, +1.212.640.3174

Andrew R. Johnson, Andrew.R.Johnson@aexp.com, +1.212.640.8610

***Investors/Analysts Contacts:***

Kerri S. Bernstein, Kerri.S.Bernstein@aexp.com, +1.212.640.5574

Michelle A. Scianni, Michelle.A.Scianni@aexp.com, +1.212.640.5574

**<u>AMERICAN EXPRESS DELIVERS ON 2022 GROWTH PLAN WITH FULL-YEAR REVENUE GROWTH OF 25% AND EARNINGS PER SHARE OF $9.85</u>**

**<u>FOURTH-QUARTER 2022 REVENUE INCREASED 17% TO A RECORD $14.2 BILLION, DRIVEN BY HIGHEST EVER QUARTERLY CARD MEMBER SPENDING; EPS FOR QUARTER WAS $2.07</u>**

**<u>COMPANY EXPECTS FULL-YEAR 2023 REVENUE GROWTH OF 15% TO 17% AND EPS OF $11.00 TO $11.40 AS IT CONTINUES TO EXECUTE ON ITS GROWTH PLAN</u>**

($ in millions, except per share amounts, and where indicated)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarters Ended<br>December 31,** | **Quarters Ended<br>December 31,** | **Percentage Inc/(Dec)** | **Years Ended <br>December 31,** | **Years Ended <br>December 31,** | **Percentage Inc/(Dec)** |
| | **2022** | **2021** | **Percentage Inc/(Dec)** | **2022** | **2021** | **Percentage Inc/(Dec)** |
| Total Network Volumes (Billions) | $413.3 | $368.1 | 12 | $1552.8 | $1284.2 | 21 |
| Total Revenues Net of Interest Expense | $14176 | $12145 | 17 | $52862 | $42380 | 25 |
| Total Provisions for Credit Losses | $1027 | $53 | # | $2182 | $(1419) | # |
| Net Income | $1572 | $1719 | (9) | $7514 | $8060 | (7) |
| Diluted Earnings Per Common Share <sup>1</sup> | $2.07 | $2.18 | (5) | $9.85 | $10.02 | (2) |
| Average Diluted Common Shares Outstanding | 746 | 769 | (3) | 752 | 790 | (5) |

---

# - Denotes a variance of 100 percent or more.

**New York – January 27, 2023** – American Express Company (NYSE: AXP) today reported full-year net income of $7.5 billion, or $9.85 per share, compared with net income of $8.1 billion, or $10.02 per share, a year ago.

"We ended 2022 with record revenues, which grew 25 percent from a year earlier, and earnings per share of $9.85, both well above the guidance that we provided when we introduced our long-term growth plan at the start of last year, despite a mixed economic environment," said Stephen J. Squeri, Chairman and Chief Executive Officer.

"Our performance demonstrates that our strategy is working, and our business is in an even stronger position today than before the pandemic. We have significantly grown the company's revenue base by investing in our value

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propositions, increasing our generational relevance, growing merchant acceptance, introducing new digital capabilities, and enhancing our Membership Model with new lifestyle offerings and financial services.

"This has led to sustained growth in customer acquisitions – which reached a record 12.5 million new Card accounts in 2022 – along with high levels of engagement and retention, which has enabled us to build scale while driving momentum across our core businesses. Our credit metrics remain strong, supported by our premium customer base, exceptional risk management capabilities and the thoughtful actions we have taken throughout the year.

"Given our momentum, we expect 2023 revenue growth of 15 percent to 17 percent and earnings per share of $11.00 to $11.40. Our performance to date and the opportunities ahead position us well to deliver on our longer-term growth plan aspirations for double-digit annual revenue growth and mid-teens EPS growth."

Consolidated total revenues net of interest expense for the full year were $52.9 billion, up 25 percent from $42.4 billion a year ago. The increase primarily reflected growth in Card Member spending compared to the prior year.

Consolidated provisions for credit losses for the full year were $2.2 billion, compared with a benefit of $1.4 billion a year ago. The change reflected a reserve build of $617 million, compared with a reserve release of $2.5 billion in the prior year. Credit metrics remained strong throughout the year and below pre-pandemic levels.

Consolidated expenses for the full year were $41.1 billion, up 24 percent from $33.1 billion a year ago, primarily reflecting higher customer engagement costs driven by higher network volumes and increased usage of travel-related benefits throughout the year. Operating expenses also increased, primarily reflecting net losses of $302 million related to Amex Ventures investments in the current year compared with net gains of $767 million in the prior year, as well as higher compensation costs in the current year.

The consolidated effective tax rate for the full year was 21.6 percent, down from 24.6 percent a year ago, primarily reflecting discrete tax benefits in the current year related to the resolution of prior-year tax items.

**Fourth-Quarter 2022 Results**

For the fourth quarter of 2022, the company reported net income of $1.6 billion, or $2.07 per share, compared with net income of $1.7 billion, or $2.18 per share, a year ago.

Fourth-quarter consolidated total revenues net of interest expense were $14.2 billion, up 17 percent from $12.1 billion a year ago. The increase was primarily driven by increased Card Member spending, as well as higher net interest income, reflecting higher average loan volumes.

Consolidated provisions for credit losses were $1.0 billion, compared with $53 million a year ago. The increase reflected a reserve build of $492 million, compared with a net reserve release of $168 million a year ago, as well as higher net write-offs in the current quarter. Credit metrics remained strong in the current quarter and below pre-pandemic levels.

Consolidated expenses were $11.3 billion, up 15 percent from $9.8 billion a year ago. The increase primarily reflected higher customer engagement costs, driven by higher network volumes and increased usage of travel-related benefits, and was partially offset by lower marketing expenses in the current quarter. Operating expenses also increased, primarily reflecting higher compensation costs and a net loss on Amex Ventures investments of $234 million in the quarter.

The consolidated effective tax rate was 16.0 percent, down from 25.5 percent a year ago, primarily reflecting discrete tax benefits related to the resolution of prior-year tax items in the current quarter.

**Planned Dividend Increase**

The company plans to increase the regular quarterly dividend on its common shares outstanding by 15 percent, from $0.52 to $0.60 per share, beginning with the first quarter 2023 dividend declaration.

**U.S. Consumer Services** reported fourth-quarter pretax income of $1.3 billion, flat with the prior year.

Total revenues net of interest expense were $6.5 billion, up 23 percent from $5.3 billion a year ago. The increase was primarily driven by higher net interest income, reflecting higher average loan volumes, and increased Card Member spending.

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Provisions for credit losses were $542 million, compared with a benefit of $9 million a year ago. The increase reflected a reserve build of $269 million, compared with a net reserve release of $133 million a year ago, as well as higher net write-offs in the current quarter.

Total expenses were $4.7 billion, up 17 percent from $4.0 billion a year ago, primarily reflecting higher customer engagement costs, which were driven by higher network volumes and increased usage of travel-related benefits, and partially offset by lower marketing expenses in the current quarter.

**Commercial Services** reported fourth-quarter pretax income of $547 million, compared with $717 million a year ago.

Total revenues net of interest expense were $3.6 billion, up 15 percent from $3.1 billion a year ago. The increase was primarily driven by increased Card Member spending.

Provisions for credit losses were $271 million, compared with $9 million a year ago. The increase reflected a reserve build of $135 million, compared with a net reserve release of $29 million a year ago, as well as higher net write-offs in the current quarter.

Total expenses were $2.7 billion, up 16 percent from $2.4 billion a year ago, primarily reflecting higher customer engagement costs, driven by higher network volumes.

**International Card Services** reported a fourth-quarter pretax loss of $15 million, compared with pretax income of $40 million a year ago. Results for this segment were significantly impacted by the strengthening of the U.S. dollar.

Total revenues net of interest expense were $2.4 billion, up 14 percent (25 percent FX-adjusted) from $2.1 billion a year ago. The increase was primarily driven by increased Card Member spending and foreign exchange-related revenue.

Provisions for credit losses were $210 million, compared with $53 million a year ago. The increase reflected a reserve build of $87 million, compared with a net reserve build of $3 million a year ago, as well as higher net write-offs in the current quarter.

Total expenses were $2.2 billion, up 10 percent from $2.0 billion a year ago, primarily reflecting higher customer engagement costs and increased compensation expenses. The increase in customer engagement costs was driven by higher network volumes and increased usage of travel-related benefits, and partially offset by lower marketing expenses in the current quarter.

**Global Merchant and Network Services** reported fourth-quarter pretax income of $691 million, compared with $475 million a year ago.

Total revenues net of interest expense were $1.8 billion, up 20 percent from $1.5 billion a year ago, primarily reflecting higher network volumes.

Total expenses were $1.1 billion, up 7 percent from $992 million a year ago, primarily reflecting higher compensation expenses.

**Corporate and Other** reported a fourth-quarter pretax loss of $638 million, compared with a pretax loss of $207 million a year ago. The higher loss was primarily driven by a prior-year non-cash gain related to an increase in the total equity book value of Global Business Travel Group, as well as a larger net loss on Amex Ventures investments in the current quarter.

________________________________

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| | |
|:---|:---|
| 1 | Diluted earnings per common share (EPS) was reduced by the impact of (i) earnings allocated to participating share awards and other items of $12 million and $11 million for the three months ended December 31, 2022 and 2021, respectively, and $57 million and $56 million for the years ended December 31, 2022 and 2021, respectively, (ii) dividends on preferred shares of $14 million and $22 million for the three months ended December 31, 2022 and 2021, respectively, and $57 million and $71 million for the years ended December 31, 2022 and 2021, respectively, and (iii) equity-related adjustments of $7 million and $16 million related to the redemption of preferred shares for the three months and year ended December 31, 2021, respectively. |

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As used in this release:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Card Member spending (billed business) represents transaction volumes, including cash advances, on payment products issued by American Express.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Customer engagement costs represent the aggregate of Card Member rewards, business development, Card Member services, and marketing expenses.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translations into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the three months ended December 31, 2022 apply to the period against which such results are being compared). FX-adjusted revenues and expenses constitute non-GAAP measures. The company believes the presentation of information on an FX-adjusted basis is helpful to investors by making it easier to compare the company's performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Network volumes represent the total of billed business and processed volumes.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Operating expenses represent salaries and employee benefits, professional services, data processing and equipment, and other, net.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reserve releases and reserve builds represent 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 releases represent the amount by which net write-offs exceed the provisions for credit losses. Reserve builds represent the amount by which the provisions for credit losses exceed net write-offs.*

###

**<u>About American Express</u>**

American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: personal cards, business cards, travel services, gift cards, prepaid cards, merchant services, Accertify, Kabbage, Resy, corporate card, business travel, diversity and inclusion, corporate responsibility and Environmental, Social, and Governance reports.

Source: American Express Company

Location: Global

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**This earnings release should be read in conjunction with the company's statistical tables for the fourth quarter 2022, available on the American Express Investor Relations website at http://ir.americanexpress.com and in a Form 8-K furnished today with the Securities and Exchange Commission.**

An investor conference call will be held at 8:30 a.m. (ET) today to discuss fourth-quarter results. Live audio and presentation slides for the investor conference call will be available to the general public on the above-mentioned American Express Investor Relations website. A replay of the conference call will be available later today at the same website address.

***CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS***

This release 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 American Express Company's current expectations regarding business and financial performance, including management's outlook for 2023 and aspirations for 2024 and beyond, among other matters, contain words such as "believe," "expect," "anticipate," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," "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. The company undertakes 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;&nbsp;&nbsp;&nbsp;&nbsp;• the company's ability to achieve its 2023 earnings per common share (EPS) outlook, grow earnings in the future and deliver on its growth plan, which will depend in part on revenue growth, credit performance and the effective tax rate remaining consistent with current expectations and the company's ability to continue investing at high levels in areas that can drive sustainable growth (including its brand, value propositions, customers, colleagues, technology and coverage), controlling operating expenses, effectively managing risk and executing its 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: fiscal and monetary policies and macroeconomic conditions, such as recession risks, effects of inflation, higher interest rates, labor shortages or higher rates of unemployment, supply chain issues, energy costs and the continued effects of the pandemic; geopolitical instability, including the ongoing military conflict between Russia and Ukraine; the impact of any future contingencies, including, but not limited to, restructurings, investment gains or losses, impairments, changes in reserves, legal costs and settlements, the imposition of fines or civil money penalties and increases in Card Member remediation; issues impacting brand perceptions and the company's reputation; impacts related to new or renegotiated cobrand and other partner agreements; and the impact of regulation and litigation, which could affect the profitability of the company's business activities, limit the company's ability to pursue business opportunities, require changes to business practices or alter the company's relationships with Card Members, partners and merchants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company's ability to achieve its 2023 revenue growth outlook and its revenue growth aspirations for 2024 and beyond, and the sustainability of the company's future growth, which could be impacted by, among other things, the factors identified above and in the subsequent paragraphs as well as the following: a slowdown or increase in volatility in consumer and business spending volumes; the strengthening of the U.S. dollar beyond expectations; an inability to address competitive pressures, innovate in our products and services, expand into value-adding products and services and implement strategies and business initiatives, including within the premium consumer space, commercial payments and the global merchant network; the continued effects of the COVID-19 pandemic, including the spread and severity of the virus, the availability and effectiveness of treatments and vaccines, the imposition of further containment measures and the lingering impacts on customer behaviors, spending and travel patterns, any of which could further exacerbate the effects on economic activity and travel-related revenues; and merchant discount rates changing by a greater or lesser amount than expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net card fees not performing consistently with expectations, which could be impacted by, among other things, a deterioration in macroeconomic conditions impacting the ability and desire of Card Members to pay card fees;

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higher Card Member attrition rates; the pace of Card Member acquisition activity; and the company's inability to address competitive pressures, develop attractive value propositions and implement its strategy of refreshing card products and enhancing benefits and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net interest income, the effects of interest rates and the growth rate of 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 company's ability to effectively manage risk and enhance Card Member value propositions; changes in benchmark interest rates, including where such changes affect the company's assets or liabilities differently than expected; 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 Card Member loans not remaining consistent with current expectations; and the effectiveness of the company's strategies to capture a greater share of existing Card Members' spending and borrowings, and attract new, and retain existing, customers;

&nbsp;&nbsp;&nbsp;&nbsp;&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 unemployment rates, GDP and the volume of bankruptcies; the ability and willingness of Card Members to pay amounts owed to the company; changes in consumer behavior that affect loan and receivable balances (such as paydown and revolve rates); the enrollment in, and effectiveness of, financial relief programs and the performance of accounts as they exit from such programs; collections capabilities and recoveries of previously written-off loans and receivables; and governmental actions that provide forms of relief with respect to certain loans and fees, such as limiting debt collections efforts and encouraging or requiring extensions, modifications or forbearance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the actual amount the company spends on marketing in 2023 and beyond, which will be based in part on continued changes in the macroeconomic and competitive environment and business performance; the company's ability to realize marketing efficiencies, optimize investment spending and drive increases in revenue; the effectiveness of management's investment optimization process, management's identification and assessment of attractive investment opportunities and the receptivity of Card Members and prospective customers to advertising and customer acquisition initiatives; and the company's ability to balance expense control and investments in the business;

&nbsp;&nbsp;&nbsp;&nbsp;&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 continued changes in macroeconomic conditions and Card Member behavior as it relates to their spending patterns (including the level of spend in bonus categories), the redemption of rewards and offers (including travel redemptions) and usage of travel-related benefits; the costs related to reward point redemptions; higher-than-expected customer remediation expenses; inflation; further enhancements to product benefits to make them attractive to Card Members and prospective customers, potentially in a manner that is not cost effective; new and renegotiated contractual obligations with business partners; and the pace and cost of the expansion of the company's global lounge collection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company's ability to control operating expenses and the actual amount spent on operating expenses in 2023 and beyond, which could be impacted by, among other things, salary and benefit expenses to attract and retain talent, including with respect to an increased colleague headcount; a persistent inflationary environment; the company's ability to realize operational efficiencies, including through automation; management's decision to increase or decrease spending in such areas as technology, business and product development, sales force, premium servicing and digital capabilities depending on overall business performance; the company's 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; supply chain issues; fraud costs; information security or compliance expenses or consulting, legal and other professional services fees, including as a result of litigation or internal and regulatory reviews; the level of M&A activity and related expenses; information or cyber security incidents; the payment of civil money penalties, disgorgement, restitution, non-income tax assessments and litigation-related settlements; the performance of Amex Ventures and other of the company's investments; impairments of goodwill or other assets; and the impact of changes in foreign currency exchange rates on costs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company's tax rate not remaining consistent with expectations, which could be impacted by, among other things, changes in tax laws and regulation, the company's geographic mix of income, unfavorable tax audits and other unanticipated tax items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes affecting the company's plans regarding the return of capital to shareholders, including increasing the level of the dividend, which will depend on factors such as capital levels and regulatory capital ratios; changes in the stress testing and capital planning process and new guidance from the Federal Reserve; results of operations and financial condition; credit ratings and rating agency considerations; required company approvals; and the economic environment and market conditions in any given period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the substantial and increasing worldwide competition in the payments industry, including competitive pressure that may materially impact the prices charged to merchants that accept American Express cards, the desirability of the company's premium card products, competition for new and existing cobrand relationships, competition from new and non-traditional competitors and the success of marketing, promotion and rewards programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company's ability to expand its leadership in the premium consumer space, which will be impacted in part by competition, brand perceptions (including perceptions related to merchant coverage) and reputation, and the company's ability to develop and market new benefits and value propositions that appeal to Card Members and new customers, 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 the benefits from strategic partnerships, and evolving its infrastructure to support new products, services, and benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company's ability to build on its leadership in commercial payments, which will depend in part on competition, the willingness and ability of companies to use credit and charge cards for procurement and other business expenditures as well as use the company's other products and services for financing needs, perceived or actual difficulties and costs related to setting up card-based B2B payment platforms, the company's ability to offer attractive value propositions and new products to potential customers, the company's ability to enhance and expand its payment and lending solutions and build out a multi-product digital ecosystem to integrate its broad product set, which is dependent on the company's continued investment in capabilities, features, functionalities, platforms and technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the company to expand merchant coverage globally and the company's success, as well as the success of OptBlue merchant acquirers and GNS partners, in signing merchants to accept American Express, which will depend on, among other factors, the company's 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 new-to-plastic industries and business as they form, working with commercial buyers and suppliers to establish B2B acceptance, increasing coverage in priority international cities and countries and key industry verticals and executing on the company's plans in China and for continued technological developments, including capabilities that allow greater digital integration and modernization of the company's authorization platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company's ability to stay on the leading edge of technology and digital payment and travel solutions, which will depend in part on the company's success in evolving its products and processes for the digital environment, developing new features in the Amex app and enhancing digital channels, building partnerships and executing programs with other companies, effectively utilizing artificial intelligence and increasing automation to address servicing and other customer needs, and supporting the use of the company's products as a means of payment through online and mobile channels, all of which will be impacted by investment levels, new product innovation and development and infrastructure to support new products, services, benefits and partner integrations;

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal and regulatory developments, which could affect the profitability of the company's business activities; limit the company's ability to pursue business opportunities or conduct business in certain jurisdictions; require changes to business practices or alter the company's relationships with Card Members, partners, merchants and other third parties, including its ability to continue certain cobrand relationships in the EU; exert further pressure on the average discount rate and the company's GNS business; result in increased costs related to regulatory oversight, litigation-related settlements, judgments or expenses, restitution to Card Members or the imposition of fines or civil money penalties; materially affect capital or liquidity requirements, results of operations or ability to pay dividends; or result in harm to the American Express brand; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• factors beyond the company's control such as a further escalation of the war in Ukraine and other military conflicts, future waves of COVID-19 cases, the severity and contagiousness of new variants, severe weather conditions, natural disasters, power loss, disruptions in telecommunications, terrorism and other catastrophic events, any of which could significantly affect demand for and spending on American Express cards, delinquency rates, loan and receivable balances and other aspects of the company's business and results of operations or disrupt its global network systems and ability to process transactions.

A further description of these uncertainties and other risks can be found in American Express Company's Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2022 and the company's other reports filed with the Securities and Exchange Commission.

## Exhibit 99.2

**Exhibit 99.2**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **American Express Company** | **(Preliminary)** | **(Preliminary)** | **(Preliminary)** | **(Preliminary)** | **(Preliminary)** | **(Preliminary)** | **(Preliminary)** | **(Preliminary)** | **(Preliminary)** |
| **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** |
| *(Millions, except percentages and per share amounts)* | *(Millions, except percentages and per share amounts)* | *(Millions, except percentages and per share amounts)* | *(Millions, except percentages and per share amounts)* | *(Millions, except percentages and per share amounts)* | *(Millions, except percentages and per share amounts)* | *(Millions, except percentages and per share amounts)* | *(Millions, except percentages and per share amounts)* | *(Millions, except percentages and per share amounts)* | *(Millions, except percentages and per share amounts)* |
|  | **Q4'22** | **Q3'22** | **Q2'22** | **Q1'22** | **Q4'21** | **YOY % change** | **FY'22** | **FY'21** | **YOY % change** |
| **Non-interest revenues** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Discount revenue** | $**8183** | $**7848** | $**7873** | $**6835** | $**7149** | **14** | $**30739** | $**24563** | **25** |
| &nbsp;&nbsp;&nbsp;**Net card fees** | **1625** | **1541** | **1481** | **1423** | **1344** | **21** | **6070** | **5195** | **17** |
| &nbsp;&nbsp;&nbsp;**Service fees and other revenue** | **1181** | **1169** | **1265** | **906** | **1134** | **4** | **4521** | **3316** | **36** |
| &nbsp;&nbsp;&nbsp;**Processed revenue** | **429** | **420** | **416** | **372** | **410** | **5** | **1637** | **1556** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total non-interest revenues** | **11418** | **10978** | **11035** | **9536** | **10037** | **14** | **42967** | **34630** | **24** |
| **Interest income** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Interest on loans** | **3623** | **3164** | **2707** | **2473** | **2356** | **54** | **11967** | **8850** | **35** |
| &nbsp;&nbsp;&nbsp;**Interest and dividends on investment securities** | **34** | **27** | **22** | **13** | **17** | **#** | **96** | **83** | **16** |
| &nbsp;&nbsp;&nbsp;**Deposits with banks and other** | **308** | **183** | **70** | **34** | **27** | **#** | **595** | **100** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest income** | **3965** | **3374** | **2799** | **2520** | **2400** | **65** | **12658** | **9033** | **40** |
| **Interest expense** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Deposits** | **778** | **440** | **187** | **122** | **102** | **#** | **1527** | **458** | **#** |
| &nbsp;&nbsp;&nbsp;**Long-term debt and other** | **429** | **356** | **252** | **199** | **190** | **#** | **1236** | **825** | **50** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest expense** | **1207** | **796** | **439** | **321** | **292** | **#** | **2763** | **1283** | **#** |
| **Net interest income** | **2758** | **2578** | **2360** | **2199** | **2108** | **31** | **9895** | **7750** | **28** |
| **Total revenues net of interest expense** | **14176** | **13556** | **13395** | **11735** | **12145** | **17** | **52862** | **42380** | **25** |
| **Provisions for credit losses** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Card Member receivables** | **244** | **165** | **138** | **80** | **74** | **#** | **627** | **(73)** | **#** |
| &nbsp;&nbsp;&nbsp;**Card Member loans** | **757** | **596** | **272** | **(111)** | **(9)** | **#** | **1514** | **(1155)** | **#** |
| &nbsp;&nbsp;&nbsp;**Other** | **26** | **17** | **—** | **(2)** | **(12)** | **#** | **41** | **(191)** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total provisions for credit losses** | **1027** | **778** | **410** | **(33)** | **53** | **#** | **2182** | **(1419)** | **#** |
| **Total revenues net of interest expense after provisions for credit losses** | **13149** | **12778** | **12985** | **11768** | **12092** | **9** | **50680** | **43799** | **16** |
| **Expenses** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Card Member rewards** | **3729** | **3571** | **3591** | **3111** | **3032** | **23** | **14002** | **11007** | **27** |
| &nbsp;&nbsp;&nbsp;**Business development** | **1302** | **1194** | **1404** | **1043** | **1128** | **15** | **4943** | **3762** | **31** |
| &nbsp;&nbsp;&nbsp;**Card Member services** | **881** | **774** | **678** | **626** | **665** | **32** | **2959** | **1993** | **48** |
| &nbsp;&nbsp;&nbsp;**Marketing** | **1274** | **1458** | **1502** | **1224** | **1585** | **(20)** | **5458** | **5291** | **3** |
| &nbsp;&nbsp;&nbsp;**Salaries and employee benefits** | **2034** | **1748** | **1816** | **1654** | **1654** | **23** | **7252** | **6240** | **16** |
| &nbsp;&nbsp;&nbsp;**Professional services** | **601** | **500** | **501** | **472** | **607** | **(1)** | **2074** | **1958** | **6** |
| &nbsp;&nbsp;&nbsp;**Data processing and equipment** | **732** | **651** | **623** | **600** | **659** | **11** | **2606** | **2431** | **7** |
| &nbsp;&nbsp;&nbsp;**Other, net** | **725** | **423** | **327** | **326** | **456** | **59** | **1801** | **428** | **#** |
| **Total expenses** | **11278** | **10319** | **10442** | **9056** | **9786** | **15** | **41095** | **33110** | **24** |
| **Pretax income** | **1871** | **2459** | **2543** | **2712** | **2306** | **(19)** | **9585** | **10689** | **(10)** |
| **Income tax provision** | **299** | **580** | **579** | **613** | **587** | **(49)** | **2071** | **2629** | **(21)** |
| **Net income** | $**1572** | $**1879** | $**1964** | $**2099** | $**1719** | **(9)** | $**7514** | $**8060** | **(7)** |
| **Net income attributable to common shareholders (A)** | $**1546** | $**1851** | $**1934** | $**2069** | $**1679** | **(8)** | $**7400** | $**7917** | **(7)** |
| **Effective tax rate** | **16.0%** | **23.6%** | **22.8%** | **22.6%** | **25.5%** |  | **21.6%** | **24.6%** |  |
| **<u>Earnings Per Common Share</u>** |  |  |  |  |  |  |  |  |  |
| **Basic** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net income attributable to common shareholders** | $**2.08** | $**2.47** | $**2.57** | $**2.73** | $**2.19** | **(5)** | $**9.86** | $**10.04** | **(2)** |
| &nbsp;&nbsp;&nbsp;**Average common shares outstanding** | **745** | **748** | **752** | **757** | **768** | **(3)** | **751** | **789** | **(5)** |
| **Diluted** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net income attributable to common shareholders** | $**2.07** | $**2.47** | $**2.57** | $**2.73** | $**2.18** | **(5)** | $**9.85** | $**10.02** | **(2)** |
| &nbsp;&nbsp;&nbsp;**Average common shares outstanding** | **746** | **749** | **753** | **758** | **769** | **(3)** | **752** | **790** | **(5)** |
| **Cash dividends declared per common share** | $**0.52** | $**0.52** | $**0.52** | $**0.52** | $**0.43** | **21** | $**2.08** | $**1.72** | **21** |
| **# - 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.** | **# - Denotes a variance of 100 percent or more.** | **# - Denotes a variance of 100 percent or more.** |  |  |  |

---

See Appendix III for footnote references

------

---

| | |
|:---|:---|
| **American Express Company** | **(Preliminary)** |
| **Consolidated Balance Sheets and Related Statistical Information** | |
| *(Billions, except percentages, per share amounts and where indicated)* | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q4'22** | **Q3'22** | **Q2'22** | **Q1'22** | **Q4'21** | **YOY % change** |
| **Assets** | | | | | | |
| &nbsp;&nbsp;&nbsp;**Cash & cash equivalents** | $**34** | $**31** | $**26** | $**28** | $**22** | **55** |
| &nbsp;&nbsp;&nbsp;**Card Member receivables, less reserves** | **57** | **55** | **56** | **53** | **54** | **6** |
| &nbsp;&nbsp;&nbsp;**Card Member loans, less reserves** | **104** | **96** | **92** | **86** | **85** | **22** |
| &nbsp;&nbsp;&nbsp;**Investment securities** | **5** | **5** | **4** | **4** | **3** | **67** |
| &nbsp;&nbsp;&nbsp;**Other (B)** | **28** | **28** | **27** | **25** | **25** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**228** | $**215** | $**205** | $**196** | $**189** | **21** |
| **Liabilities and Shareholders' Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Customer deposits** | $**110** | $**103** | $**96** | $**91** | $**84** | **31** |
| &nbsp;&nbsp;&nbsp;**Short-term borrowings** | **1** | **2** | **2** | **2** | **2** | **(50)** |
| &nbsp;&nbsp;&nbsp;**Long-term debt** | **43** | **42** | **40** | **38** | **39** | **10** |
| &nbsp;&nbsp;&nbsp;**Other (B)** | **49** | **44** | **44** | **43** | **42** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **203** | **191** | **182** | **174** | **167** | **22** |
| &nbsp;&nbsp;&nbsp;**Shareholders' Equity** | **25** | **24** | **23** | **22** | **22** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $**228** | $**215** | $**205** | $**196** | $**189** | **21** |
| **Return on average equity (C)** | **32.3%** | **31.9%** | **34.4%** | **37.7%** | **33.7%** |  |
| **Return on average common equity (C)** | **34.1%** | **33.6%** | **36.5%** | **40.0%** | **35.8%** |  |
| **Book value per common share (dollars)** | $**31.12** | $**29.92** | $**28.82** | $**27.56** | $**27.05** | **15** |

---

See Appendix III for footnote references

------

---

| | |
|:---|:---|
| **American Express Company** | **(Preliminary)** |
| **Consolidated Capital** | **Consolidated Capital** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q4'22** | **Q3'22** | **Q2'22** | **Q1'22** | **Q4'21** |
| **<u>Shares Outstanding (in millions)</u>** | | | | | |
| &nbsp;&nbsp;&nbsp;**Beginning of period** | **747** | **751** | **755** | **761** | **778** |
| &nbsp;&nbsp;&nbsp;**Repurchase of common shares** | **(4)** | **(4)** | **(4)** | **(8)** | **(17)** |
| &nbsp;&nbsp;&nbsp;**Net impact of employee benefit plans and others** | **—** | **—** | **—** | **2.0** | **—** |
| &nbsp;&nbsp;&nbsp;**End of period** | **743** | **747** | **751** | **755** | **761** |
| **<u>Risk-Based Capital Ratios - Basel III ($ in billions)</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common Equity Tier 1/Risk Weighted Assets (RWA)** | **10.3%** | **10.6%** | **10.3%** | **10.4%** | **10.5%** |
| &nbsp;&nbsp;&nbsp;**Tier 1** | **11.1%** | **11.5%** | **11.2%** | **11.4%** | **11.5%** |
| &nbsp;&nbsp;&nbsp;**Total** | **12.8%** | **13.3%** | **13.0%** | **12.8%** | **12.9%** |
| &nbsp;&nbsp;&nbsp;**Common Equity Tier 1** | $**20.0** | $**19.3** | $**18.5** | $**17.6** | $**17.6** |
| &nbsp;&nbsp;&nbsp;**Tier 1 Capital** | $**21.6** | $**20.9** | $**20.2** | $**19.3** | $**19.2** |
| &nbsp;&nbsp;&nbsp;**Tier 2 Capital** | $**3.3** | $**3.2** | $**3.2** | $**2.4** | $**2.3** |
| &nbsp;&nbsp;&nbsp;**Total Capital** | $**24.9** | $**24.1** | $**23.4** | $**21.6** | $**21.5** |
| &nbsp;&nbsp;&nbsp;**RWA** | $**194.4** | $**181.7** | $**179.2** | $**169.4** | $**166.5** |
| &nbsp;&nbsp;&nbsp;**Tier 1 Leverage** | **9.9%** | **10.1%** | **10.3%** | **10.4%** | **10.5%** |
| &nbsp;&nbsp;&nbsp;**Average Total Assets to calculate the Tier 1 Leverage Ratio (D)** | $**218.6** | $**207.6** | $**195.8** | $**185.3** | $**183.5** |

---

See Appendix III for footnote references

------

---

| | |
|:---|:---|
| **American Express Company** | **(Preliminary)** |
| **Selected Card Related Statistical Information** | |
| *(Billions, except percentages and where indicated)* | |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4'22** | **Q3'22** | **Q2'22** | **Q1'22** | **Q4'21** | **YOY % change** | **FY'22** | **FY'21** | **YOY % change** |
| **Network volumes (E)** | $**413.3** | $**394.4** | $**394.8** | $**350.3** | $**368.1** | **12** | $**1552.8** | $**1284.2** | **21** |
| &nbsp;&nbsp;&nbsp;**Billed business (E)** | $**357.4** | $**339.0** | $**340.9** | $**301.0** | $**316.2** | **13** | $**1338.3** | $**1089.8** | **23** |
| &nbsp;&nbsp;&nbsp;**Processed volumes (E)** | $**55.9** | $**55.4** | $**53.9** | $**49.3** | $**51.9** | **8** | $**214.5** | $**194.4** | **10** |
| **Card Member loans** | $**108.0** | $**99.0** | $**95.4** | $**88.8** | $**88.6** | **22** | $**108.0** | $**88.6** | **22** |
| **Cards-in-force (millions) (F)** | **133.3** | **131.4** | **127.5** | **124.6** | **121.7** | **10** | **133.3** | **121.7** | **10** |
| &nbsp;&nbsp;**Proprietary cards-in-force** | **76.7** | **75.6** | **74.2** | **72.8** | **71.4** | **7** | **76.7** | **71.4** | **7** |
| **Basic cards-in-force (millions) (F)** | **111.5** | **109.9** | **106.1** | **103.3** | **100.7** | **11** | **111.5** | **100.7** | **11** |
| &nbsp;&nbsp;**Proprietary basic cards-in-force** | **59.1** | **58.2** | **56.9** | **55.8** | **54.7** | **8** | **59.1** | **54.7** | **8** |
| **Average proprietary basic Card Member spending (dollars)** | $**6087** | $**5886** | $**6052** | $**5452** | $**5822** | **5** | $**23496** | $**20392** | **15** |
| **Average discount rate (G)** | **2.34%** | **2.36%** | **2.35%** | **2.32%** | **2.30%** |  | **2.34%** | **2.30%** |  |
| **Average fee per card (dollars) (H)** | $**85** | $**82** | $**81** | $**79** | $**76** | **12** | $**82** | $**74** | **11** |

---

See Appendix III for footnote references

------

---

| | |
|:---|:---|
| **American Express Company** | **(Preliminary)** |
| **Network Volumes Related Growth** | |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **YOY % change** | **YOY % change** | **YOY % change** | **YOY % change** | **YOY % change** | **YOY % change** | **YOY % change** | **YOY % change** | **YOY % change** | **YOY % change** | **YOY % change** | **YOY % change** |
| | **Reported** | **Reported** | **Reported** | **Reported** | **Reported** | **FX-Adjusted (I)** | **FX-Adjusted (I)** | **FX-Adjusted (I)** | **FX-Adjusted (I)** | **FX-Adjusted (I)** | **Reported** | **FX-Adjusted (I)** |
| | **Q4'22** | **Q3'22** | **Q2'22** | **Q1'22** | **Q4'21** | **Q4'22** | **Q3'22** | **Q2'22** | **Q1'22** | **Q4'21** | **FY'22** | **FY'22** |
| &nbsp;&nbsp;&nbsp;**Network volumes (E)** | **12%** | **19%** | **25%** | **30%** | **29%** | **16%** | **23%** | **28%** | **32%** | **30%** | **21%** | **24%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Billed business (E)** | **13** | **21** | **27** | **34** | **32** | **15** | **24** | **30** | **35** | **33** | **23** | **25** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Consumer Services** | **15** | **22** | **27** | **38** | **37** | **n/a** | **n/a** | **n/a** | **n/a** | **n/a** | **24** | **n/a** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services** | **11** | **20** | **27** | **31** | **30** | **11** | **20** | **27** | **31** | **30** | **21** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**International Card Services** | **14** | **21** | **29** | **33** | **28** | **26** | **37** | **43** | **40** | **32** | **23** | **36** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Processed volumes (E)** | **8** | **10** | **12** | **12** | **13** | **17** | **19** | **19** | **15** | **15** | **10** | **18** |
| **<u>Merchant Industry Metrics</u>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Goods & Services (G&S)-related (75% of Q4'22 worldwide billed business)** | **7** | **13** | **15** | **19** | **19** | **10** | **16** | **18** | **21** | **19** | **13** | **16** |
| &nbsp;&nbsp;&nbsp;**T&E-related (25% of Q4'22 worldwide billed business)** | **34** | **52** | **80** | **119** | **130** | **38** | **57** | **84** | **121** | **132** | **64** | **67** |
| &nbsp;&nbsp;&nbsp;**Airline-related (6% of Q4'22 worldwide billed business)** | **62** | **110** | **142** | **241** | **271** | **67** | **118** | **148** | **246** | **274** | **119** | **125** |

---

See Appendix III for footnote references

------

---

| | |
|:---|:---|
| **American Express Company** | **(Preliminary)** |
| **Selected Credit Related Statistical Information** | |
| *(Billions, except percentages and where indicated)* | |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4'22** | **Q3'22** | **Q2'22** | **Q1'22** | **Q4'21** | **YOY % change** | **FY'22** | **FY'21** | **YOY % change** |
| **Worldwide Card Member loans** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**Card Member loans** | $**108.0** | $**99.0** | $**95.4** | $**88.8** | $**88.6** | **22** | $**108.0** | $**88.6** | **22** |
| &nbsp;&nbsp;&nbsp;**Credit loss reserves (millions)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beginning balance** | $**3319** | $**2997** | $**2981** | $**3305** | $**3489** | **(5)** | $**3305** | $**5344** | **(38)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Provisions - principal, interest and fees** | **757** | **596** | **272** | **(111)** | **(9)** | **#** | **1514** | **(1155)** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net write-offs - principal less recoveries** | **(277)** | **(203)** | **(192)** | **(165)** | **(128)** | **#** | **(837)** | **(672)** | **25** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net write-offs - interest and fees less recoveries** | **(68)** | **(56)** | **(55)** | **(50)** | **(43)** | **58** | **(229)** | **(207)** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other (J)** | **16** | **(15)** | **(9)** | **2** | **(4)** | **#** | **(6)** | **(5)** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ending balance** | $**3747** | $**3319** | $**2997** | $**2981** | $**3305** | **13** | $**3747** | $**3305** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% of loans** | **3.5%** | **3.4%** | **3.1%** | **3.4%** | **3.7%** |  | **3.5%** | **3.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% of past due** | **348%** | **393%** | **441%** | **455%** | **555%** |  | **348%** | **555%** |  |
| &nbsp;&nbsp;&nbsp;**Average loans** | $**103.9** | $**97.7** | $**92.4** | $**86.8** | $**82.9** | **25** | $**95.4** | $**76.1** | **25** |
| &nbsp;&nbsp;&nbsp;**Net write-off rate (principal, interest and fees) (K)** | **1.3%** | **1.1%** | **1.1%** | **1.0%** | **0.8%** |  | **1.1%** | **1.2%** |  |
| &nbsp;&nbsp;&nbsp;**Net write-off rate (principal only) (K)** | **1.1%** | **0.8%** | **0.8%** | **0.8%** | **0.6%** |  | **0.9%** | **0.9%** |  |
| &nbsp;&nbsp;&nbsp;**30+ days past due as a % of total** | **1.0%** | **0.9%** | **0.7%** | **0.7%** | **0.7%** |  | **1.0%** | **0.7%** |  |
| &nbsp;&nbsp;&nbsp;**Net interest income divided by average Card Member loans (L)** | **10.5%** | **10.5%** | **10.2%** | **10.1%** | **10.2%** |  | **10.4%** | **10.2%** |  |
| &nbsp;&nbsp;&nbsp;**Net interest yield on average Card Member loans (L)** | **10.8%** | **10.8%** | **10.4%** | **10.5%** | **10.3%** |  | **10.6%** | **10.7%** |  |
| **Worldwide Card Member receivables** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Card Member receivables** | $**57.6** | $**55.3** | $**56.0** | $**53.2** | $**53.6** | **7** | $**57.6** | $**53.6** | **7** |
| &nbsp;&nbsp;&nbsp;**Credit loss reserves (millions)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beginning balance** | $**159** | $**119** | $**76** | $**64** | $**30** | **#** | $**64** | $**267** | **(76)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Provisions - principal and fees** | **244** | **165** | **138** | **80** | **74** | **#** | **627** | **(73)** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net write-offs - principal and fees less recoveries** | **(178)** | **(122)** | **(95)** | **(67)** | **(40)** | **#** | **(462)** | **(129)** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other (J)** | **4** | **(3)** | **—** | **(1)** | **—** | **—** | **—** | **(1)** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ending balance** | $**229** | $**159** | $**119** | $**76** | $**64** | **#** | $**229** | $**64** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**% of receivables** | **0.4%** | **0.3%** | **0.2%** | **0.1%** | **0.1%** |  | **0.4%** | **0.1%** |  |
| &nbsp;&nbsp;&nbsp;**Net write-off rate (principal and fees) (K)** | **1.3%** | **0.9%** | **0.7%** | **0.5%** | **0.3%** |  | **0.8%** | **0.3%** |  |
| &nbsp;&nbsp;&nbsp;**Net write-off rate, excluding Corporate receivables (principal only) (K)(M)** | **1.4%** | **1.0%** | **0.8%** | **0.6%** | **0.3%** |  | **0.9%** | **0.3%** |  |
| &nbsp;&nbsp;&nbsp;**30+ days past due as a % of total, excluding Corporate receivables (M)** | **1.3%** | **1.1%** | **0.8%** | **0.8%** | **0.6%** |  | **1.3%** | **0.6%** |  |
| **Other loans (B)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total other loans** | $**5.4** | $**4.8** | $**4.0** | $**3.3** | $**2.9** | **86** | $**5.4** | $**2.9** | **86** |
| &nbsp;&nbsp;&nbsp;**Credit loss reserves (millions)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beginning balance** | $**46** | $**38** | $**48** | $**52** | $**66** | **(30)** | $**52** | $**238** | **(78)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Provisions** | **23** | **14** | **(6)** | **(2)** | **(12)** | **#** | **29** | **(164)** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net write-offs** | **(10)** | **(6)** | **(4)** | **(2)** | **(2)** | **#** | **(22)** | **(21)** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other (J)** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(1)** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ending balance** | $**59** | $**46** | $**38** | $**48** | $**52** | **13** | $**59** | $**52** | $**13** |
| &nbsp;&nbsp;&nbsp;&nbsp;**% of other loans** | **1.1%** | **1.0%** | **1.0%** | **1.5%** | **1.8%** |  | **1.1%** | **1.8%** |  |
| **Other receivables (B)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Total other receivables** | $**3.1** | $**3.0** | $**3.0** | $**2.7** | $**2.7** | **15** | $**3.1** | $**2.7** | **15** |
| &nbsp;&nbsp;&nbsp;**Credit loss reserves (millions)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beginning balance** | $**22** | $**23** | $**22** | $**25** | $**33** | **(33)** | $**25** | $**85** | **(71)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Provisions** | **3** | **3** | **6** | **—** | **—** | **—** | **12** | **(27)** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net write-offs** | **(2)** | **(4)** | **(6)** | **(3)** | **(8)** | **(75)** | **(15)** | **(33)** | **(55)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other (J)** | **(1)** | **—** | **1** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ending balance** | $**22** | $**22** | $**23** | $**22** | $**25** | **(12)** | $**22** | $**25** | **(12)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**% of other receivables** | **0.7%** | **0.7%** | **0.8%** | **0.8%** | **0.9%** |  | **0.7%** | **0.9%** |  |

---

**# - Denotes a variance of 100 percent or more.**

See Appendix III for footnote references

------

---

| | |
|:---|:---|
| **American Express Company** | **(Preliminary)** |
| **Selected Income Statement Information by Segment** | |
| *(Millions)* | |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **U.S. Consumer Services<br>(USCS)** | **Commercial Services<br>(CS)** | **International Card Services<br>(ICS)** | **Global Merchant and Network Services<br>(GMNS)** | **Corporate and Other (N)** | **Consolidated** |
| **Q4'22** | | | | | | |
| &nbsp;&nbsp;&nbsp;**Non-interest revenues** | $**4416** | $**3210** | $**2197** | $**1621** | $**(26)** | $**11418** |
| &nbsp;&nbsp;&nbsp;**Interest income** | **2577** | **635** | **418** | **10** | **325** | **3965** |
| &nbsp;&nbsp;&nbsp;**Interest expense** | **470** | **288** | **209** | **(127)** | **367** | **1207** |
| **Total revenues net of interest expense** | **6523** | **3557** | **2406** | **1758** | **(68)** | **14176** |
| &nbsp;&nbsp;&nbsp;**Total provisions for credit losses** | **542** | **271** | **210** | **1** | **3** | **1027** |
| **Total revenues net of interest expense after provisions for credit losses** | **5981** | **3286** | **2196** | **1757** | **(71)** | **13149** |
| **Total expenses** | **4695** | **2739** | **2211** | **1066** | **567** | **11278** |
| **Pretax income (loss)** | **1286** | **547** | **(15)** | **691** | **(638)** | **1871** |
| **Q4'21** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Non-interest revenues** | $**3698** | $**2780** | $**1947** | $**1432** | $**180** | $**10037** |
| &nbsp;&nbsp;&nbsp;**Interest income** | **1681** | **388** | **289** | **4** | **38** | **2400** |
| &nbsp;&nbsp;&nbsp;**Interest expense** | **85** | **77** | **133** | **(31)** | **28** | **292** |
| **Total revenues net of interest expense** | **5294** | **3091** | **2103** | **1467** | **190** | **12145** |
| &nbsp;&nbsp;&nbsp;**Total provisions for credit losses** | **(9)** | **9** | **53** | **—** | **—** | **53** |
| **Total revenues net of interest expense after provisions for credit losses** | **5303** | **3082** | **2050** | **1467** | **190** | **12092** |
| **Total expenses** | **4022** | **2365** | **2010** | **992** | **397** | **9786** |
| **Pretax income (loss)** | **1281** | **717** | **40** | **475** | **(207)** | **2306** |
| **YOY % change** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Non-interest revenues** | **19** | **15** | **13** | **13** | **#** | **14** |
| &nbsp;&nbsp;&nbsp;**Interest income** | **53** | **64** | **45** | **#** | **#** | **65** |
| &nbsp;&nbsp;&nbsp;**Interest expense** | **#** | **#** | **57** | **#** | **#** | **#** |
| **Total revenues net of interest expense** | **23** | **15** | **14** | **20** | **#** | **17** |
| &nbsp;&nbsp;&nbsp;**Total provisions for credit losses** | **#** | **#** | **#** | **—** | **—** | **#** |
| **Total revenues net of interest expense after provisions for credit losses** | **13** | **7** | **7** | **20** | **#** | **9** |
| **Total expenses** | **17** | **16** | **10** | **7** | **43** | **15** |
| **Pretax income (loss)** | **—** | **(24)** | **#** | **45** | **#** | **(19)** |

---

**# - Denotes a variance of 100 percent or more.**

See Appendix III for footnote references

------

---

| | |
|:---|:---|
| **U.S. Consumer Services** | **(Preliminary)** |
| **Selected Income Statement and Statistical Information** | **Selected Income Statement and Statistical Information** |
| *(Millions, except percentages)* | *(Millions, except percentages)* |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4'22** | **Q3'22** | **Q2'22** | **Q1'22** | **Q4'21** | **YOY % change** | **FY'22** | **FY'21** | **YOY % change** |
| **Non-interest revenues** | $**4416** | $**4233** | $**4154** | $**3637** | $**3698** | **19** | $**16440** | $**12989** | **27** |
| **Interest income** | **2577** | **2251** | **1893** | **1736** | **1681** | **53** | **8457** | **6328** | **34** |
| **Interest expense** | **470** | **274** | **136** | **103** | **85** | **#** | **983** | **395** | **#** |
| &nbsp;&nbsp;&nbsp;**Net interest income** | **2107** | **1977** | **1757** | **1633** | **1596** | **32** | **7474** | **5933** | **26** |
| **Total revenues net of interest expense** | **6523** | **6210** | **5911** | **5270** | **5294** | **23** | **23914** | **18922** | **26** |
| **Total provisions for credit losses** | **542** | **403** | **192** | **(116)** | **(9)** | **#** | **1021** | **(919)** | **#** |
| **Total revenues net of interest expense after provisions for credit losses** | **5981** | **5807** | **5719** | **5386** | **5303** | **13** | **22893** | **19841** | **15** |
| **Total expenses** | **4695** | **4498** | **4446** | **3854** | **4022** | **17** | **17493** | **13883** | **26** |
| **Pretax segment income** | $**1286** | $**1309** | $**1273** | $**1532** | $**1281** | **—** | $**5400** | $**5958** | **(9)** |
| *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* |
| **Billed business (E)** | $**148.9** | $**140.3** | $**141.1** | $**122.7** | $**129.5** | **15** | $**553.0** | $**444.2** | **24** |
| **Proprietary cards-in-force (millions) (F)** | **41.7** | **41.2** | **40.3** | **39.8** | **39.0** | **7** | **41.7** | **39.0** | **7** |
| **Proprietary basic cards-in-force (millions) (F)** | **29.2** | **28.9** | **28.3** | **27.9** | **27.3** | **7** | **29.2** | **27.3** | **7** |
| **Average proprietary basic Card Member spending (dollars)** | $**5116** | $**4908** | $**5028** | $**4444** | $**4755** | **8** | $**19514** | $**16498** | **18** |
| **Segment assets** | $**94.4** | $**84.8** | $**82.4** | $**76.7** | $**76.5** | **23** | $**94.4** | $**76.5** | **23** |
| **<u>Card Member loans</u>** | **<u>Card Member loans</u>** | **<u>Card Member loans</u>** | **<u>Card Member loans</u>** | **<u>Card Member loans</u>** | **<u>Card Member loans</u>** | **<u>Card Member loans</u>** | **<u>Card Member loans</u>** | **<u>Card Member loans</u>** | **<u>Card Member loans</u>** |
| &nbsp;&nbsp;**Total loans** | $**72.7** | $**66.3** | $**63.7** | $**59.1** | $**59.8** | **22** | $**72.7** | $**59.8** | **22** |
| &nbsp;&nbsp;**Average loans** | $**69.4** | $**65.3** | $**61.6** | $**58.1** | $**56.1** | **24** | $**63.7** | $**52.0** | **23** |
| &nbsp;&nbsp;**Net write-off rate (principal, interest and fees) (K)** | **1.3%** | **1.1%** | **1.1%** | **1.0%** | **0.8%** |  | **1.1%** | **1.1%** |  |
| &nbsp;&nbsp;**Net write-off rate (principal only) (K)** | **1.1%** | **0.8%** | **0.8%** | **0.8%** | **0.6%** |  | **0.9%** | **0.8%** |  |
| &nbsp;&nbsp;**30+ days past due as a % of total** | **1.0%** | **0.9%** | **0.7%** | **0.8%** | **0.7%** |  | **1.0%** | **0.7%** |  |
| **Net interest income divided by average Card Member loans (L)** | **12.0%** | **12.0%** | **11.4%** | **11.2%** | **11.4%** |  | **11.7%** | **11.4%** |  |
| **Net interest yield on average Card Member loans (L)** | **11.9%** | **11.9%** | **11.3%** | **11.3%** | **11.2%** |  | **11.6%** | **11.5%** |  |
| **<u>Card Member receivables</u>** | **<u>Card Member receivables</u>** | **<u>Card Member receivables</u>** | **<u>Card Member receivables</u>** | **<u>Card Member receivables</u>** | **<u>Card Member receivables</u>** | **<u>Card Member receivables</u>** | **<u>Card Member receivables</u>** | **<u>Card Member receivables</u>** | **<u>Card Member receivables</u>** |
| &nbsp;&nbsp;**Total receivables** | $**14.3** | $**13.2** | $**13.8** | $**13.4** | $**14.7** | **(3)** | $**14.3** | $**14.7** | **(3)** |
| &nbsp;&nbsp;**Net write-off rate (principal and fees) (K)** | **1.0%** | **0.6%** | **0.5%** | **0.3%** | **0.2%** |  | **0.6%** | **0.1%** |  |
| &nbsp;&nbsp;**Net write-off rate (principal only) (K)** | **0.9%** | **0.6%** | **0.5%** | **0.2%** | **0.2%** |  | **0.6%** | **— %** |  |
| &nbsp;&nbsp;**30+ days past due as a % of total** | **0.9%** | **0.9%** | **0.6%** | **0.6%** | **0.4%** |  | **0.9%** | **0.4%** |  |

---

&nbsp;&nbsp;**# - Denotes a variance of 100 percent or more.**

See Appendix III for footnote references

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Commercial Services** | | | | **(Preliminary)** | **(Preliminary)** | **(Preliminary)** | **(Preliminary)** | **(Preliminary)** | **(Preliminary)** |
| **Selected Income Statement and Statistical Information** | **Selected Income Statement and Statistical Information** | **Selected Income Statement and Statistical Information** | | | | | | | |
| *(Millions, except percentages)* |  |  |  |  |  |  |  |  |  |
|  | **Q4'22** | **Q3'22** | **Q2'22** | **Q1'22** | **Q4'21** | **YOY % change** | **FY'22** | **FY'21** | **YOY % change** |
| **Non-interest revenues** | $**3210** | $**3145** | $**3122** | $**2719** | $**2780** | **15** | $**12196** | $**9833** | **24** |
| **Interest income** | **635** | **552** | **468** | **415** | **388** | **64** | **2070** | **1408** | **47** |
| **Interest expense** | **288** | **201** | **121** | **87** | **77** | **#** | **697** | **330** | **#** |
| &nbsp;&nbsp;&nbsp;**Net interest income** | **347** | **351** | **347** | **328** | **311** | **12** | **1373** | **1078** | **27** |
| **Total revenues net of interest expense** | **3557** | **3496** | **3469** | **3047** | **3091** | **15** | **13569** | **10911** | **24** |
| **Total provisions for credit losses** | **271** | **196** | **97** | **1** | **9** | **#** | **565** | **(420)** | **#** |
| **Total revenues net of interest expense after provisions for credit losses** | **3286** | **3300** | **3372** | **3046** | **3082** | **7** | **13004** | **11331** | **15** |
| **Total expenses** | **2739** | **2526** | **2594** | **2265** | **2365** | **16** | **10124** | **8395** | **21** |
| **Pretax segment income (loss)** | $**547** | $**774** | $**778** | $**781** | $**717** | **(24)** | $**2880** | $**2936** | **(2)** |
| *(Billions, except percentages and where indicated)* |  |  |  |  |  |  |  |  |  |
| **Billed business (E)** | $**130.5** | $**127.6** | $**127.9** | $**113.5** | $**117.9** | **11** | $**499.5** | $**411.6** | **21** |
| **Proprietary cards-in-force (millions) (F)** | **14.9** | **14.6** | **14.2** | **13.8** | **13.4** | **11** | **14.9** | **13.4** | **11** |
| **Average proprietary basic Card Member spending (dollars)** | $**8816** | $**8848** | $**9146** | $**8371** | $**8911** | **(1)** | $**35202** | $**32042** | **10** |
| **Segment assets** | $**51.4** | $**51.3** | $**49.4** | $**46.6** | $**44.5** | **16** | $**51.4** | $**44.5** | **16** |
| **<u>Card Member loans</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total loans** | $**21.4** | $**20.7** | $**19.4** | $**18.1** | $**17.0** | **26** | $**21.4** | $**17.0** | **26** |
| &nbsp;&nbsp;**Average loans** | $**21.2** | $**20.1** | $**18.8** | $**17.2** | $**15.9** | **33** | $**19.3** | $**14.4** | **34** |
| &nbsp;&nbsp;**Net write-off rate (principal, interest and fees) (K)** | **1.1%** | **0.8%** | **0.8%** | **0.7%** | **0.6%** |  | **0.8%** | **0.8%** |  |
| &nbsp;&nbsp;**Net write-off rate (principal only) (K)** | **0.9%** | **0.7%** | **0.6%** | **0.6%** | **0.5%** |  | **0.7%** | **0.6%** |  |
| &nbsp;&nbsp;**30+ days past due as a % of total** | **0.9%** | **0.7%** | **0.6%** | **0.6%** | **0.5%** |  | **0.9%** | **0.5%** |  |
| **Net interest income divided by average Card Member loans (L)** | **6.5%** | **6.9%** | **7.4%** | **7.8%** | **7.8%** |  | **7.1%** | **7.5%** |  |
| **Net interest yield on average Card Member loans (L)** | **8.9%** | **8.9%** | **8.8%** | **8.9%** | **8.8%** |  | **8.9%** | **8.7%** |  |
| **<u>Card Member receivables</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total receivables** | $**26.9** | $**27.6** | $**27.1** | $**25.7** | $**24.6** | **9** | $**26.9** | $**24.6** | **9** |
| &nbsp;&nbsp;**Net write-off rate (principal and fees) (K)** | **1.1%** | **0.7%** | **0.6%** | **0.5%** | **0.2%** |  | **0.7%** | **0.2%** |  |
| &nbsp;&nbsp;**Net write-off rate (principal only) - small business (K) (M)** | **1.5%** | **0.9%** | **0.7%** | **0.6%** | **0.2%** |  | **0.9%** | **0.2%** |  |
| &nbsp;&nbsp;**30+ days past due as a % of total - small business** | **1.6%** | **1.4%** | **0.9%** | **0.9%** | **0.8%** |  | **1.6%** | **0.8%** |  |
| &nbsp;&nbsp;**90+ days past billing as a % of total - corporate (M)** | **0.6%** | **0.6%** | **0.4%** | **0.3%** | **0.3%** |  | **0.6%** | **0.3%** |  |
| &nbsp;&nbsp;**# - Denotes a variance of 100 percent or more.** |  |  |  |  |  |  |  |  |  |

---

See Appendix III for footnote references

------

---

| | |
|:---|:---|
| **International Card Services** | **(Preliminary)** |
| **Selected Income Statement and Statistical Information** | **Selected Income Statement and Statistical Information** |
| *(Millions, except percentages)* | *(Millions, except percentages)* |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4'22** | **Q3'22** | **Q2'22** | **Q1'22** | **Q4'21** | **YOY % change** | **FY'22** | **FY'21** | **YOY % change** |
| **Non-interest revenues** | $**2197** | $**2066** | $**2140** | $**1859** | $**1947** | **13** | $**8262** | $**6761** | **22** |
| **Interest income** | **418** | **364** | **347** | **324** | **289** | **45** | **1453** | **1116** | **30** |
| **Interest expense** | **209** | **178** | **144** | **123** | **133** | **57** | **654** | **442** | **48** |
| &nbsp;&nbsp;**Net interest income** | **209** | **186** | **203** | **201** | **156** | **34** | **799** | **674** | **19** |
| **Total revenues net of interest expense** | **2406** | **2252** | **2343** | **2060** | **2103** | **14** | **9061** | **7435** | **22** |
| **Total provisions for credit losses** | **210** | **176** | **116** | **82** | **53** | **#** | **584** | **(43)** | **#** |
| **Total revenues net of interest expense after provisions for credit losses** | **2196** | **2076** | **2227** | **1978** | **2050** | **7** | **8477** | **7478** | **13** |
| **Total expenses** | **2211** | **1910** | **2044** | **1734** | **2010** | **10** | **7899** | **6549** | **21** |
| **Pretax segment income** | $**(15)** | $**166** | $**183** | $**244** | $**40** | **#** | $**578** | $**929** | **(38)** |
| *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* | *(Billions, except percentages and where indicated)* |
| **Billed business (E)** | $**77.1** | $**70.2** | $**71.0** | $**63.3** | $**67.6** | **14** | $**281.6** | $**228.2** | **23** |
| **Proprietary cards-in-force (millions) (F)** | **20.1** | **19.8** | **19.6** | **19.3** | **19.0** | **6** | **20.1** | **19.0** | **6** |
| **Proprietary basic cards-in-force (millions) (F)** | **14.9** | **14.7** | **14.4** | **14.2** | **13.9** | **7** | **14.9** | **13.9** | **7** |
| **Average proprietary basic Card Member spending (dollars)** | $**5207** | $**4824** | $**4967** | $**4505** | $**4880** | **7** | $**19519** | $**16689** | **17** |
| **Segment assets** | $**36.9** | $**32.9** | $**33.7** | $**31.7** | $**32.6** | **13** | $**36.9** | $**32.6** | **13** |
| **<u>Card Member loans - consumer and small business</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total loans** | $**13.8** | $**12.0** | $**12.3** | $**11.5** | $**11.6** | **19** | $**13.8** | $**11.6** | **19** |
| &nbsp;&nbsp;**Average loans** | $**13.2** | $**12.3** | $**12.0** | $**11.4** | $**10.8** | **22** | $**12.3** | $**9.6** | **28** |
| &nbsp;&nbsp;**Net write-off rate (principal, interest and fees) (K)** | **1.7%** | **1.4%** | **1.3%** | **1.2%** | **1.1%** |  | **1.4%** | **2.1%** |  |
| &nbsp;&nbsp;**Net write-off rate (principal only) (K)** | **1.4%** | **1.2%** | **1.1%** | **1.0%** | **0.8%** |  | **1.2%** | **1.6%** |  |
| &nbsp;&nbsp;**30+ days past due as a % of total** | **1.2%** | **1.0%** | **0.9%** | **0.9%** | **0.8%** |  | **1.2%** | **0.8%** |  |
| **Net interest income divided by average Card Member loans (L)** | **6.3%** | **6.0%** | **6.7%** | **7.1%** | **5.7%** |  | **6.5%** | **7.0%** |  |
| **Net interest yield on average Card Member loans (L)** | **8.4%** | **8.0%** | **8.6%** | **8.9%** | **7.7%** |  | **8.4%** | **9.1%** |  |
| **<u>Card Member receivables</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total receivables** | $**16.4** | $**14.5** | $**15.1** | $**14.0** | $**14.3** | **15** | $**16.4** | $**14.3** | **15** |
| &nbsp;&nbsp;**Net write-off rate (principal and fees) (K)** | **1.7%** | **1.4%** | **1.1%** | **0.9%** | **0.5%** |  | **1.3%** | **0.6%** |  |
| &nbsp;&nbsp;**Net write-off rate (principal only) - consumer and small business (K) (M)** | **1.9%** | **1.6%** | **1.2%** | **0.9%** | **0.6%** |  | **1.4%** | **0.8%** |  |
| &nbsp;&nbsp;**30+ days past due as a % of total - consumer and small business** | **1.3%** | **1.2%** | **1.0%** | **0.9%** | **0.7%** |  | **1.3%** | **0.7%** |  |
| &nbsp;&nbsp;**90+ days past billing as a % of total - corporate (M)** | **0.5%** | **0.5%** | **0.5%** | **0.4%** | **0.3%** |  | **0.5%** | **0.3%** |  |
| &nbsp;&nbsp;**# - Denotes a variance of 100 percent or more.** |  |  |  |  |  |  |  |  |  |

---

See Appendix III for footnote references

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| | |
|:---|:---|
| **Global Merchant and Network Services** | **(Preliminary)** |
| **Selected Income Statement and Statistical Information** | **Selected Income Statement and Statistical Information** |
| *(Millions, except percentages)* | |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4'22** | **Q3'22** | **Q2'22** | **Q1'22** | **Q4'21** | **YOY % change** | **FY'22** | **FY'21** | **YOY % change** |
| **Non-interest revenues** | $**1621** | $**1562** | $**1568** | $**1372** | $**1432** | **13** | $**6123** | $**5021** | **22** |
| **Interest income** | **10** | **6** | **5** | **2** | **4** | **#** | **23** | **16** | **44** |
| **Interest expense** | **(127)** | **(97)** | **(61)** | **(44)** | **(31)** | **#** | **(329)** | **(92)** | **#** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net interest income** | **137** | **103** | **66** | **46** | **35** | **#** | **352** | **108** | **#** |
| **Total revenues net of interest expense** | **1758** | **1665** | **1634** | **1418** | **1467** | **20** | **6475** | **5129** | **26** |
| **Total provisions for credit losses** | **1** | **3** | **2** | **1** | **—** | **—** | **7** | **(37)** | **#** |
| **Total revenues net of interest expense after provisions for credit losses** | **1757** | **1662** | **1632** | **1417** | **1467** | **20** | **6468** | **5166** | **25** |
| **Total expenses** | **1066** | **870** | **830** | **748** | **992** | **7** | **3514** | **3292** | **7** |
| **Pretax segment income** | $**691** | $**792** | $**802** | $**669** | $**475** | **45** | $**2954** | $**1874** | **58** |
| *(Billions)* |  |  |  |  |  |  |  |  |  |
| **Total network volumes (E)** | $**413.3** | $**394.4** | $**394.8** | $**350.3** | $**368.1** | **12** | $**1552.8** | $**1284.2** | **21** |
| **Segment assets** | $**20.0** | $**15.4** | $**16.0** | $**16.3** | $**15.4** | **30** | $**20.0** | $**15.4** | **30** |

---

**# - Denotes a variance of 100 percent or more.**

See Appendix III for footnote references

------

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| | |
|:---|:---|
| **American Express Company** | **(Preliminary)** |
| **Appendix I** | |
| **Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)** | **Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)** |
| *(Millions, except percentages)* | |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q4'22** | **Q3'22** | **Q2'22** | **Q1'22** | **Q4'21** |
| **<u>ROE</u>** | | | | | |
| &nbsp;&nbsp;&nbsp;**Annualized Net income** | $**7514** | $**7516** | $**7856** | $**8396** | $**8060** |
| &nbsp;&nbsp;&nbsp;**Average shareholders' equity** | $**23289** | $**23587** | $**22809** | $**22280** | $**23910** |
| &nbsp;&nbsp;&nbsp;**Return on average equity (C)** | **32.3%** | **31.9%** | **34.4%** | **37.7%** | **33.7%** |
| **<u>Reconciliation of ROCE</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Annualized Net income** | $**7514** | $**7516** | $**7856** | $**8396** | $**8060** |
| &nbsp;&nbsp;&nbsp;**Preferred share dividends and equity related adjustments (O)** | **57** | **58** | **58** | **57** | **87** |
| &nbsp;&nbsp;&nbsp;**Earnings allocated to participating share awards and other** | **57** | **57** | **60** | **64** | **56** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income attributable to common shareholders (O)** | $**7400** | $**7401** | $**7738** | $**8275** | $**7917** |
| &nbsp;&nbsp;&nbsp;**Average shareholders' equity** | $**23289** | $**23587** | $**22809** | $**22280** | $**23910** |
| &nbsp;&nbsp;&nbsp;**Average preferred shares (O)** | **1584** | **1584** | **1584** | **1584** | **1820** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Average common shareholders' equity** | $**21705** | $**22003** | $**21225** | $**20696** | $**22090** |
| &nbsp;&nbsp;&nbsp;**Return on average common equity (C)** | **34.1%** | **33.6%** | **36.5%** | **40.0%** | **35.8%** |

---

See Appendix III for footnote references

------

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| | |
|:---|:---|
| **American Express Company** | **(Preliminary)** |
| **Appendix II** | |
| **Net Interest Yield on Average Card Member Loans** | |
| *(Millions, except percentages and where indicated)* | |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4'22** | **Q3'22** | **Q2'22** | **Q1'22** | **Q4'21** | **FY'22** | **FY'21** |
| **<u>Consolidated</u>** | | | | | | | |
| **Net interest income** | $**2758** | $**2578** | $**2360** | $**2199** | $**2108** | $**9895** | $**7750** |
| &nbsp;&nbsp;***Exclude:*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Interest expense not attributable to our Card Member loan portfolio (P)** | **525** | **374** | **211** | **158** | **135** | **1268** | **738** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Interest income not attributable to our Card Member loan portfolio (Q)** | **(451)** | **(300)** | **(167)** | **(105)** | **(98)** | **(1023)** | **(379)** |
| &nbsp;&nbsp;**Adjusted net interest income (L)** | $**2832** | $**2652** | $**2404** | $**2252** | $**2145** | $**10140** | $**8109** |
| &nbsp;&nbsp;**Average Card Member loans (billions)** | $**103.9** | $**97.7** | $**92.4** | $**86.8** | $**82.9** | $**95.4** | $**76.0** |
| &nbsp;&nbsp;**Net interest income divided by average Card Member loans (L)** | **10.5%** | **10.5%** | **10.2%** | **10.1%** | **10.2%** | **10.4%** | **10.2%** |
| &nbsp;&nbsp;**Net interest yield on average Card Member loans (L)** | **10.8%** | **10.8%** | **10.4%** | **10.5%** | **10.3%** | **10.6%** | **10.7%** |
| **<u>U.S. Consumer Services</u>** |  |  |  |  |  |  |  |
| **Net interest income** | $**2107** | $**1977** | $**1756** | $**1633** | $**1596** | $**7474** | $**5933** |
| &nbsp;&nbsp;***Exclude:*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Interest expense not attributable to our Card Member loan portfolio (P)** | **45** | **34** | **27** | **34** | **23** | **139** | **158** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Interest income not attributable to our Card Member loan portfolio (Q)** | **(73)** | **(61)** | **(52)** | **(42)** | **(36)** | **(228)** | **(110)** |
| &nbsp;&nbsp;**Adjusted net interest income (L)** | $**2079** | $**1950** | $**1731** | $**1625** | $**1583** | $**7385** | $**5981** |
| &nbsp;&nbsp;**Average Card Member loans (billions)** | $**69.4** | $**65.3** | $**61.6** | $**58.1** | $**56.1** | $**63.7** | $**52.0** |
| &nbsp;&nbsp;**Net interest income divided by average Card Member loans (L)** | **12.0%** | **12.0%** | **11.4%** | **11.2%** | **11.4%** | **11.7%** | **11.4%** |
| &nbsp;&nbsp;**Net interest yield on average Card Member loans (L)** | **11.9%** | **11.9%** | **11.3%** | **11.3%** | **11.2%** | **11.6%** | **11.5%** |
| **<u>Commercial Services</u>** |  |  |  |  |  |  |  |
| **Net interest income** | $**347** | $**351** | $**347** | $**328** | $**311** | $**1373** | $**1078** |
| &nbsp;&nbsp;***Exclude:*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Interest expense not attributable to our Card Member loan portfolio (P)** | **158** | **124** | **85** | **63** | **56** | **430** | **251** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Interest income not attributable to our Card Member loan portfolio (Q)** | **(32)** | **(24)** | **(18)** | **(15)** | **(15)** | **(89)** | **(76)** |
| &nbsp;&nbsp;**Adjusted net interest income (L)** | $**473** | $**451** | $**414** | $**376** | $**352** | $**1714** | $**1253** |
| &nbsp;&nbsp;**Average Card Member loans (billions)** | $**21.2** | $**20.1** | $**18.8** | $**17.2** | $**15.9** | $**19.3** | $**14.4** |
| &nbsp;&nbsp;**Net interest income divided by average Card Member loans (L)** | **6.5%** | **6.9%** | **7.4%** | **7.8%** | **7.8%** | **7.1%** | **7.5%** |
| &nbsp;&nbsp;**Net interest yield on average Card Member loans (L)** | **8.9%** | **8.9%** | **8.8%** | **8.9%** | **8.8%** | **8.9%** | **8.7%** |
| **<u>International Card Services</u>** |  |  |  |  |  |  |  |
| **Net interest income** | $**209** | $**186** | $**203** | $**201** | $**156** | $**799** | $**674** |
| &nbsp;&nbsp;***Exclude:*** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Interest expense not attributable to our Card Member loan portfolio (P)** | **82** | **72** | **61** | **54** | **57** | **270** | **211** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Interest income not attributable to our Card Member loan portfolio (Q)** | **(11)** | **(7)** | **(5)** | **(4)** | **(3)** | **(28)** | **(11)** |
| &nbsp;&nbsp;**Adjusted net interest income (L)** | $**280** | $**251** | $**259** | $**251** | $**210** | $**1041** | $**874** |
| &nbsp;&nbsp;**Average Card Member loans (billions)** | $**13.3** | $**12.4** | $**12.1** | $**11.5** | $**10.9** | $**12.4** | $**9.6** |
| &nbsp;&nbsp;**Net interest income divided by average Card Member loans (L)** | **6.3%** | **6.0%** | **6.7%** | **7.1%** | **5.7%** | **6.5%** | **7.0%** |
| &nbsp;&nbsp;**Net interest yield on average Card Member loans (L)** | **8.4%** | **8.0%** | **8.6%** | **8.9%** | **7.7%** | **8.4%** | **9.1%** |

---

See Appendix III for footnote references

------

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| | |
|:---|:---|
| **Appendix III** | **(Preliminary)** |

---

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| | |
|:---|:---|
| All Information in the preceding tables is presented on a basis prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), unless otherwise indicated. Certain reclassifications of prior period amounts have been made to conform to the current period presentation. | All Information in the preceding tables is presented on a basis prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), unless otherwise indicated. Certain reclassifications of prior period amounts have been made to conform to the current period presentation. |
| (A) | Represents net income, less (i) earnings allocated to participating share awards of $12 million, $14 million, $15 million, $16 million and $11 million in Q4'22, Q3'22, Q2'22, Q1'22 and Q4'21, respectively; (ii) dividends on preferred shares of $14 million, $14 million, $15 million, $14 million and $22 million in Q4'22, Q3'22, Q2'22, Q1'22 and Q4'21, respectively; and (iii) equity-related adjustments of $7 million and $9 million in Q4'21 and Q3'21, respectively, related to the redemption of preferred shares. (refer to Footnote "O"). |
| (B) | Within assets, "other" includes the following items as presented in our Consolidated Balance Sheets: Other loans, less reserves for credit losses (including merchant financing loans), Premises and equipment and Other assets (including Other receivables); and within liabilities, "other" includes the following items: Accounts payable and Other liabilities. |
| (C) | Effective Q1'22, we have changed the way we calculate Return on Average Equity (ROE) and Return on Average Common Equity (ROCE). ROE is calculated by dividing annualized net income for the period by average shareholders' equity for the period. ROCE is calculated by dividing annualized net income attributable to common shareholders for the period by average common shareholders' equity for the period. |
| (D) | Presented for the purpose of calculating the Tier 1 Leverage Ratio. |
| (E) | Network volumes represent our total volumes. Billed business represents transaction volumes from payment products issued by American Express. Processed volumes represent transaction volumes from cards issued by network partners and those associated with alternative payment solutions. |
| (F) | Cards-in-force represent 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. 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. |
| (G) | Average discount rate calculation is generally designed to reflect the average pricing at all merchants accepting American Express cards and represents the percentage of network volumes retained by us from spend at merchants we acquire, or from merchants acquired by third parties on our behalf, net of amounts retained by such third parties. The average discount rate, together with billed business, drive our discount revenue. |
| (H) | Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force. |
| (I) | FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (e.g., assumes the foreign exchange rates used to determine results for Q4'22 apply to the period(s) against which such results are being compared). |
| (J) | Other includes foreign currency impact on balance sheet re-measurement and translation. |
| (K) | Our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses and we therefore present a net write-off rate including principal, interest and/or fees. We also present a net write-off rate based on principal losses only to be consistent with industry convention. |
| (L) | Net interest income divided by average Card Member loans, computed on an annualized basis, includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on average Card Member loans. Net interest yield on average Card Member loans, a non-GAAP measure, is computed by dividing adjusted net interest income (also a non-GAAP measure) by average Card Member loans, computed on an annualized basis. Adjusted net interest income represents net interest income attributable to our Card Member loans (which includes, on a GAAP basis, interest that is deemed uncollectible), excluding the impact of interest expense and interest income not attributable to our Card Member loans. Reserves and net write-offs related to uncollectible interest are recorded through provisions for credit losses, and thus not included in the net interest yield calculation. We believe that net interest yield on average Card Member loans is useful to investors because it provides a measure of profitability of our Card Member loan portfolio. See Appendix II for calculations of net interest income divided by average Card Member loans and net interest yield on average Card Member loans. |
| (M) | A net write-off rate for principal losses only and delinquency data for periods other than 90+ days past billing are not available for corporate receivables due to system constraints. We believe that it is useful to show the write-off rate based on principal losses only for the Card Member receivables portfolios for which data is available (i.e., consumer and small business). |
| (N) | Prior period amounts have been recast in Q1'22 due to the changes to revenue allocation methodology used to allocate certain revenues across reportable operating segments. |
| (O) | On August 3, 2021, we issued $1.6 billion of 3.550% Fixed Rate Reset Noncumulative Preferred Shares, Series D. With the proceeds from that issuance, we redeemed in full the $850 million of 4.900% Fixed Rate/Floating Rate Noncumulative Preferred Shares, Series C on September 15, 2021 and the $750 million of 5.200% Fixed Rate/Floating Rate Noncumulative Preferred Shares, Series B on November 15, 2021. The difference between the redemption value and carrying value of the redeemed Series B and C Preferred Shares resulted in reductions of $7 million and $9 million to net income available to common shareholders, in Q4'21 and Q3'21, respectively. |
| (P) | Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables. |
| (Q) | Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios. |

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