Document


.2
American Express Company	(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)

		Q3'25			Q2'25			Q1'25			Q4'24			Q3'24			YOY % change	YTD'25			YTD'24			YOY % change
Non-interest revenues
Discount revenue		$	9,413		$	9,361		$	8,743		$	9,177		$	8,780		7	$	27,517		$	26,015		6
Net card fees		2,551			2,480			2,333			2,245			2,170			18	7,364			6,204			19
Service fees and other revenue		1,976			1,828			1,722			1,719			1,680			18	5,526			5,046			10
Total non-interest revenues		13,940			13,669			12,798			13,141			12,630			10	40,407			37,265			8
Interest income
Interest on loans		5,970			5,648			5,552			5,503			5,442			10	17,170			15,592			10
Interest and dividends on investment securities		15			17			14			18			18			(17)	46			68			(32)
Deposits with banks and other		632			599			569			556			689			(8)	1,800			2,058			(13)
Total interest income		6,617			6,264			6,135			6,077			6,149			8	19,016			17,718			7
Interest expense
Deposits		1,371			1,374			1,337			1,397			1,446			(5)	4,082			4,298			(5)
Long-term debt and other		760			703			629			642			697			9	2,092			1,915			9
Total interest expense		2,131			2,077			1,966			2,039			2,143			(1)	6,174			6,213			(1)
Net interest income		4,486			4,187			4,169			4,038			4,006			12	12,842			11,505			12
Total revenues net of interest expense		18,426			17,856			16,967			17,179			16,636			11	53,249			48,770			9
Provisions for credit losses
Card Member receivables		190			226			146			182			170			12	562			592			(5)
Card Member loans		1,030			1,094			901			1,011			1,114			(8)	3,025			3,098			(2)
Other		67			85			103			99			72			(7)	255			203			26
Total provisions for credit losses		1,287			1,405			1,150			1,292			1,356			(5)	3,842			3,893			(1)
Total revenues net of interest expense after provisions for credit losses		17,139			16,451			15,817			15,887			15,280			12	49,407			44,877			10

Expenses
Card Member rewards		4,608			4,618			4,378			4,430			4,168			11	13,604			12,169			12
Business development		1,611			1,589			1,529			1,637			1,430			13	4,729			4,249			11
Card Member services		1,477			1,301			1,328			1,278			1,179			25	4,106			3,504			17
Marketing		1,599			1,555			1,486			1,614			1,470			9	4,640			4,426			5
Salaries and employee benefits		2,239			2,152			2,120			2,102			2,049			9	6,511			6,096			7
Professional services		623			591			541			698			579			8	1,755			1,576			11
Data processing and equipment		751			720			705			805			725			4	2,176			2,083			4
Other, net		406			375			400			567			476			(15)	1,181			635			86
Total expenses		13,314			12,901			12,487			13,131			12,076			10	38,702			34,738			11
Pretax income		3,825			3,550			3,330			2,756			3,204			19	10,705			10,139			6
Income tax provision		923			665			746			586			697			32	2,334			2,180			7
Net income		$	2,902		$	2,885		$	2,584		$	2,170		$	2,507		16	$	8,371		$	7,959		5
Net income attributable to common shareholders (A)		$	2,868		$	2,852		$	2,552		$	2,139		$	2,474		16	$	8,272		$	7,856		5
Effective tax rate		24.1		%	18.7		%	22.4		%	21.3		%	21.8		%		21.8		%	21.5		%

Earnings Per Common Share
Basic
Net income attributable to common shareholders		$	4.14		$	4.08		$	3.64		$	3.04		$	3.50		18	$	11.87		$	10.99		8
Average common shares outstanding		692			698			701			703			708			(2)	697			715			(3)
Diluted
Net income attributable to common shareholders		$	4.14		$	4.08		$	3.64		$	3.04		$	3.49		19	$	11.85		$	10.97		8
Average common shares outstanding		693			699			702			704			709			(2)	698			716			(3)
Cash dividends declared per common share		$	0.82		$	0.82		$	0.82		$	0.70		$	0.70		17	$	2.46		$	2.10		17


	Q3'25			Q2'25			Q1'25			Q4'24			Q3'24			YOY % change
Consolidated Balance Sheets
Assets
Cash & cash equivalents	$	54,706		$	57,937		$	52,508		$	40,640		$	47,918		14
Card Member receivables, less reserves	60,823			59,405			58,355			59,240			58,886			3
Card Member loans, less reserves	138,946			136,508			133,611			133,995			128,960			8
Card Member loans held for sale	2,424			2,405			776			758
Investment securities	1,374			1,258			1,110			1,240			1,268			8
Other (B)	39,277			38,043			35,884			35,588			33,947			16
Total assets	$	297,550		$	295,556		$	282,244		$	271,461		$	270,979		10

Liabilities and Shareholders' Equity
Customer deposits	$	149,883		$	149,386		$	146,396		$	139,413		$	135,438		11
Short-term borrowings	1,446			1,493			1,559			1,374			1,457			(1)
Long-term debt	57,787			58,202			51,236			49,715			53,546			8
Other (B)	56,017			54,164			51,851			50,695			50,831			10
Total liabilities	265,133			263,245			251,042			241,197			241,272			10

Shareholders' Equity	32,417			32,311			31,202			30,264			29,707			9
Total liabilities and shareholders' equity	$	297,550		$	295,556		$	282,244		$	271,461		$	270,979		10

	Q3'25			Q2'25			Q1'25			Q4'24			Q3'24			YOY % change	YTD'25		YTD'24
Related Statistical Information
Net interest yield (C)	8.2		%	7.9		%	8.2		%	7.8		%	8.0		%		8.1	%	7.9	%
Return on average equity (D)	35.9		%	36.3		%	33.6		%	34.6		%	33.9		%		35.4	%	36.6	%
Return on average common equity (D)	37.3		%	37.8		%	35.0		%	36.1		%	35.3		%
Book value per common share (dollars)	$	44.76		$	44.16		$	42.28		$	40.88		$	39.92		12


	Q3'25			Q2'25			Q1'25			Q4'24			Q3'24
Shares Outstanding
Beginning of period	696			701			702			704			712
Repurchase of common shares	(7)			(5)			(2)			(3)			(8)
Net impact of employee benefit plans and others	—			—			1			1			—
End of period	689			696			701			702			704

Risk-Based Capital Ratios - Basel III
Common Equity Tier 1/Risk Weighted Assets (RWA)	10.5		%	10.6		%	10.7		%	10.5		%	10.7		%
Tier 1	11.1		%	11.3		%	11.4		%	11.2		%	11.4		%
Total	13.1		%	13.2		%	13.4		%	13.2		%	13.4		%

Common Equity Tier 1	$	26,222		$	26,121		$	25,624		$	24,860		$	24,648
Tier 1 Capital	$	27,848		$	27,752		$	27,260		$	26,405		$	26,206
Tier 2 Capital	$	4,915		$	4,858		$	4,774		$	4,722		$	4,636
Total Capital	$	32,763		$	32,610		$	32,034		$	31,127		$	30,842
RWA	$	250,642		$	246,140		$	239,562		$	235,775		$	229,855
Tier 1 Leverage	9.5		%	9.7		%	10.0		%	9.8		%	9.8		%
Supplementary Leverage Ratio (SLR) (E)	8.1		%	8.3		%	8.5		%	8.3		%
Average Total Assets to calculate the Tier 1 Leverage Ratio (F)	$	292,875		$	285,174		$	273,090		$	268,785		$	267,563
Total Leverage Exposure to calculate SLR (E)	$	344,532		$	335,706		$	322,414		$	316,995


	Q3'25			Q2'25			Q1'25			Q4'24			Q3'24			YOY % change	YTD'25			YTD'24			YOY % change
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (M)	2.2		%	2.2		%	2.4		%	2.2		%	2.2		%		2.3		%	2.3		%
Net write-off rate (principal only) (M)(N)	1.9		%	2.0		%	2.1		%	1.9		%	1.9		%		2.0		%	2.1		%
30+ days past due as a % of total (N)	1.3		%	1.3		%	1.3		%	1.3		%	1.3		%		1.3		%	1.3		%

Card Member loans
Total Card Member loans	$	144,814		$	142,275		$	139,203		$	139,674		$	134,548		8	$	144,814		$	134,548		8
Credit loss reserves
Beginning balance	$	5,767		$	5,592		$	5,679		$	5,588		$	5,321		8	$	5,679		$	5,118		11
Provisions - principal, interest and fees	1,030			1,094			901			1,011			1,114			(8)	3,025			3,098			(2)
Net write-offs - principal less recoveries	(760)			(771)			(818)			(735)			(701)			8	(2,349)			(2,159)			9
Net write-offs - interest and fees less recoveries	(168)			(167)			(178)			(159)			(152)			11	(512)			(462)			11
Other (O)	(1)			19			8			(26)			6			#	25			(7)			#
Ending balance	$	5,868		$	5,767		$	5,592		$	5,679		$	5,588		5	$	5,868		$	5,588		5
Reserve as a % of Card Member loans	4.1		%	4.1		%	4.0		%	4.1		%	4.2		%		4.1		%	4.2		%
% of past due	286		%	295		%	284		%	288		%	297		%		286		%	297		%
Average loans	$	143,974		$	141,412		$	137,697		$	136,972		$	132,956		8	$	141,085		$	128,652		10
Net write-off rate (principal, interest and fees) (M)	2.6		%	2.7		%	2.9		%	2.6		%	2.6		%		2.7		%	2.7		%
Net write-off rate (principal only) (M)(N)	2.1		%	2.2		%	2.4		%	2.1		%	2.1		%		2.2		%	2.2		%
30+ days past due as a % of total (N)	1.4		%	1.4		%	1.4		%	1.4		%	1.4		%		1.4		%	1.4		%

Card Member receivables
Total Card Member receivables	$	61,023		$	59,598		$	58,503		$	59,411		$	59,042		3	$	61,023		$	59,042		3
Credit loss reserves
Beginning balance	$	193		$	148		$	171		$	156		$	171		13	$	171		$	174		(2)
Provisions - principal and fees	190			226			146			182			170			12	562			592			(5)
Net write-offs - principal and fees less recoveries	(183)			(184)			(169)			(164)			(187)			(2)	(536)			(609)			(12)
Other (O)	—			3			—			(3)			2			#	3			(1)			#
Ending balance	$	200		$	193		$	148		$	171		$	156		28	$	200		$	156		28
Reserve as a % of Card Member receivables	0.3		%	0.3		%	0.3		%	0.3		%	0.3		%		0.3		%	0.3		%
Net write-off rate (principal and fees) (M)	1.2		%	1.2		%	1.2		%	1.1		%	1.3		%		1.2		%	1.4		%
Net write-off rate (principal only) (M)(N)	1.3		%	1.4		%	1.3		%	1.2		%	1.4		%		1.3		%	1.6		%
30+ days past due as a % of total (N)	1.0		%	0.9		%	1.0		%	0.9		%	0.9		%		1.0		%	0.9		%


	Q3'25			Q2'25			Q1'25			Q4'24			Q3'24			YOY % change	YTD'25			YTD'24			YOY % change
Other loans
Total other loans	$	10,518		$	10,103		$	9,678		$	9,232		$	8,460		24	$	10,518		$	8,460		24
Credit loss reserves
Beginning balance	$	272		$	244		$	194		$	154		$	140		94	$	194		$	126		54
Provisions	62			78			105			94			60			3	245			162			51
Net write-offs (principal only)	(45)			(48)			(53)			(51)			(44)			2	(146)			(129)			13
Net write-offs (interest and fees only)	(2)			(3)			(2)			(2)			(2)			—	(7)			(5)			40
Other (O)	—			1			—			(1)			—			—	1			—			—
Ending balance	$	287		$	272		$	244		$	194		$	154		86	$	287		$	154		86
Reserve as a % of other loans	2.7		%	2.7		%	2.5		%	2.1		%	1.8		%		2.7		%	1.8		%

Other receivables
Total other receivables	$	4,019		$	4,056		$	3,752		$	3,587		$	3,800		6	$	4,019		$	3,800		6
Credit loss reserves
Beginning balance	$	19		$	23		$	27		$	49		$	44		(57)	$	27		$	27		—
Provisions	5			7			(2)			5			12			(58)	10			41			(76)
Net write-offs	(3)			(10)			(3)			(28)			(6)			(50)	(16)			(16)			—
Other (O)	(1)			(1)			1			1			(1)			—	(1)			(3)			(67)
Ending balance	$	20		$	19		$	23		$	27		$	49		(59)	$	20		$	49		(59)
Reserve as a % of other receivables	0.5		%	0.5		%	0.6		%	0.8		%	1.3		%		0.5		%	1.3		%


	U.S. Consumer Services (USCS)		Commercial Services (CS)		International Card Services (ICS)		Global Merchant and Network Services (GMNS)		Corporate and Other		Consolidated
Q3'25
Non-interest revenues	$	5,620	$	3,441	$	3,034	$	1,782	$	63	$	13,940
Interest income	4,025		1,302		652		9		629		6,617
Interest expense	789		462		350		(181)		711		2,131
Total revenues net of interest expense	8,856		4,281		3,336		1,972		(19)		18,426
Total provisions for credit losses	734		332		218		5		(2)		1,287
Total revenues net of interest expense after provisions for credit losses	8,122		3,949		3,118		1,967		(17)		17,139
Card Member rewards, business development and Card Member services	4,145		1,730		1,512		298		11		7,696
Marketing	825		313		350		105		6		1,599
Salaries and employee benefits and other operating expenses	1,300		816		815		524		564		4,019
Total expenses	6,270		2,859		2,677		927		581		13,314
Pretax income (loss)	$	1,852	$	1,090	$	441	$	1,040	$	(598)	$	3,825
Q3'24
Non-interest revenues	$	5,028	$	3,304	$	2,659	$	1,667	$	(28)	$	12,630
Interest income	3,722		1,142		588		11		686		6,149
Interest expense	806		448		311		(169)		747		2,143
Total revenues net of interest expense	7,944		3,998		2,936		1,847		(89)		16,636
Total provisions for credit losses	812		374		158		10		2		1,356
Total revenues net of interest expense after provisions for credit losses	7,132		3,624		2,778		1,837		(91)		15,280
Card Member rewards, business development and Card Member services	3,570		1,627		1,296		269		15		6,777
Marketing	755		308		287		112		8		1,470
Salaries and employee benefits and other operating expenses	1,148		781		740		465		695		3,829
Total expenses	5,473		2,716		2,323		846		718		12,076
Pretax income (loss)	$	1,659	$	908	$	455	$	991	$	(809)	$	3,204
YOY % change
Non-interest revenues	12		4		14		7		#		10
Interest income	8		14		11		(18)		(8)		8
Interest expense	(2)		3		13		(7)		(5)		(1)
Total revenues net of interest expense	11		7		14		7		79		11
Total provisions for credit losses	(10)		(11)		38		(50)		#		(5)
Total revenues net of interest expense after provisions for credit losses	14		9		12		7		81		12
Card Member rewards, business development and Card Member services	16		6		17		11		(27)		14
Marketing	9		2		22		(6)		(25)		9
Salaries and employee benefits and other operating expenses	13		4		10		13		(19)		5
Total expenses	15		5		15		10		(19)		10
Pretax income (loss)	12		20		(3)		5		26		19


	Q3'25			Q2'25			Q1'25			Q4'24			Q3'24			YOY % change	YTD'25			YTD'24			YOY % change
Non-interest revenues	$	5,620		$	5,540		$	5,243		$	5,314		$	5,028		12	$	16,403		$	14,823		11
Interest income	4,025			3,795			3,763			3,753			3,722			8	11,583			10,677			8
Interest expense	789			782			757			815			806			(2)	2,328			2,325			—
Net interest income	3,236			3,013			3,006			2,938			2,916			11	9,255			8,352			11
Total revenues net of interest expense	8,856			8,553			8,249			8,252			7,944			11	25,658			23,175			11
Total provisions for credit losses	734			829			631			784			812			(10)	2,194			2,245			(2)
Total revenues net of interest expense after provisions for credit losses	8,122			7,724			7,618			7,468			7,132			14	23,464			20,930			12
Card Member rewards, business development and Card Member services	4,145			3,967			3,882			3,816			3,570			16	11,994			10,513			14
Marketing	825			800			765			813			755			9	2,390			2,238			7
Salaries and employee benefits and other operating expenses	1,300			1,281			1,239			1,294			1,148			13	3,820			3,347			14
Total expenses	6,270			6,048			5,886			5,923			5,473			15	18,204			16,098			13
Pretax segment income	$	1,852		$	1,676		$	1,732		$	1,545		$	1,659		12	$	5,260		$	4,832		9


Billed business (billions) (H)	$	177.5		$	176.5		$	164.3		$	174.0		$	162.3		9	$	518.3		$	480.8		8
Proprietary cards-in-force (I)	47.8			47.3			46.8			46.3			45.7			5	47.8			45.7			5
Proprietary basic cards-in-force (I)	33.7			33.4			33.0			32.5			32.1			5	33.7			32.1			5
Average proprietary basic Card Member spending (dollars)	$	5,291		$	5,322		$	5,014		$	5,387		$	5,091		4	$	15,634		$	15,313		2

Segment assets	$	115,330		$	113,876		$	110,886		$	114,228		$	106,201		9	$	115,330		$	106,201		9

Card Member loans and receivables
Net write-off rate (principal, interest and fees) (M)	2.3		%	2.4		%	2.7		%	2.4		%	2.4		%		2.4		%	2.6		%
Net write-off rate (principal only) (M)	1.8		%	1.9		%	2.2		%	2.0		%	1.9		%		2.0		%	2.1		%
30+ days past due as a % of total	1.3		%	1.2		%	1.3		%	1.3		%	1.3		%		1.3		%	1.3		%

Card Member loans
Total loans	$	94,142		$	92,620		$	90,072		$	92,632		$	86,752		9	$	94,142		$	86,752		9
Average loans	$	93,781		$	91,339		$	89,983		$	89,178		$	86,223		9	$	91,772		$	83,847		9
Net write-off rate (principal, interest and fees) (M)	2.4		%	2.6		%	3.0		%	2.6		%	2.6		%		2.7		%	2.8		%
Net write-off rate (principal only) (M)	2.0		%	2.1		%	2.4		%	2.1		%	2.1		%		2.1		%	2.2		%
30+ days past due as a % of total	1.4		%	1.3		%	1.4		%	1.4		%	1.4		%		1.4		%	1.4		%

Card Member receivables
Total receivables	$	12,827		$	13,164		$	12,824		$	14,419		$	13,168		(3)	$	12,827		$	13,168		(3)
Net write-off rate (principal and fees) (M)	0.9		%	0.8		%	0.8		%	0.9		%	1.2		%		0.8		%	1.3		%
Net write-off rate (principal only) (M)	0.8		%	0.7		%	0.7		%	0.8		%	1.1		%		0.7		%	1.2		%
30+ days past due as a % of total	1.0		%	0.7		%	0.7		%	0.6		%	0.7		%		1.0		%	0.7		%


Commercial Services										(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
	Q3'25			Q2'25			Q1'25				Q4'24			Q3'24			YOY % change	YTD'25			YTD'24			YOY % change
Non-interest revenues	$	3,441		$	3,422		$	3,265			$	3,388		$	3,304		4	$	10,128		$	9,831		3
Interest income	1,302			1,240			1,202				1,176			1,142			14	3,744			3,198			17
Interest expense	462			450			432				442			448			3	1,344			1,292			4
Net interest income	840			790			770				734			694			21	2,400			1,906			26
Total revenues net of interest expense	4,281			4,212			4,035				4,122			3,998			7	12,528			11,737			7
Total provisions for credit losses	332			360			329				311			374			(11)	1,021			1,078			(5)
Total revenues net of interest expense after provisions for credit losses	3,949			3,852			3,706				3,811			3,624			9	11,507			10,659			8
Card Member rewards, business development and Card Member services	1,730			1,790			1,746				1,751			1,627			6	5,266			4,753			11
Marketing	313			331			337				360			308			2	981			959			2
Salaries and employee benefits and other operating expenses	816			826			787				886			781			4	2,429			2,256			8
Total expenses	2,859			2,947			2,870				2,997			2,716			5	8,676			7,968			9
Pretax segment income	$	1,090		$	905		$	836			$	814		$	908		20	$	2,831		$	2,691		5


Billed business (billions) (H)	$	136.3		$	135.5		$	129.2			$	136.0		$	131.0		4	$	401.0		$	390.4		3
Proprietary cards-in-force (I)	15.4			15.4			15.5				15.4			15.5			(1)	15.4			15.5			(1)
Average proprietary basic Card Member spending (dollars)	$	8,833		$	8,782		$	8,380			$	8,804		$	8,474		4	$	25,996		$	25,319		3

Segment assets	$	64,305		$	62,152		$	62,012			$	58,969		$	59,716		8	$	64,305		$	59,716		8

Card Member loans and receivables
Net write-off rate (principal, interest and fees) (M)	2.2		%	2.2		%	2.2		%		2.0		%	2.0		%		2.2		%	2.1		%
Net write-off rate (principal only) (M)(N)	2.3		%	2.3		%	2.4		%		2.1		%	2.1		%		2.3		%	2.2		%
30+ days past due as a % of total (N)	1.5		%	1.5		%	1.5		%		1.5		%	1.4		%		1.5		%	1.4		%

Card Member loans
Total loans	$	30,691		$	30,143		$	31,240			$	29,647		$	29,869		3	$	30,691		$	29,869		3
Average loans	$	30,548		$	31,253		$	30,307			$	30,203		$	29,428		4	$	30,705		$	27,979		10
Net write-off rate (principal, interest and fees) (M)	3.1		%	2.9		%	3.0		%		2.7		%	2.6		%		3.0		%	2.7		%
Net write-off rate (principal only) (M)	2.6		%	2.5		%	2.6		%		2.3		%	2.2		%		2.6		%	2.3		%
30+ days past due as a % of total	1.6		%	1.6		%	1.6		%		1.5		%	1.5		%		1.6		%	1.5		%

Card Member receivables
Total receivables	$	26,688		$	24,955		$	26,172			$	24,945		$	26,341		1	$	26,688		$	26,341		1
Net write-off rate (principal and fees) (M)	1.1		%	1.2		%	1.3		%		1.1		%	1.3		%		1.2		%	1.4		%
Net write-off rate (principal only) - small business (M)	1.5		%	1.9		%	1.9		%		1.6		%	1.8		%		1.8		%	2.0		%
30+ days past due as a % of total - small business	1.1		%	1.2		%	1.3		%		1.3		%	1.2		%		1.1		%	1.2		%
90+ days past billing as a % of total - corporate	0.4		%	0.4		%	0.4		%		0.4		%	0.4		%		0.4		%	0.4		%


	Q3'25			Q2'25			Q1'25			Q4'24			Q3'24			YOY % change	YTD'25			YTD'24			YOY % change
Non-interest revenues	$	3,034		$	2,947		$	2,646		$	2,725		$	2,659		14	$	8,627		$	7,644		13
Interest income	652			620			596			583			588			11	1,868			1,748			7
Interest expense	350			335			306			318			311			13	991			921			8
Net interest income	302			285			290			265			277			9	877			827			6
Total revenues net of interest expense	3,336			3,232			2,936			2,990			2,936			14	9,504			8,471			12
Total provisions for credit losses	218			210			192			194			158			38	620			532			17
Total revenues net of interest expense after provisions for credit losses	3,118			3,022			2,744			2,796			2,778			12	8,884			7,939			12
Card Member rewards, business development and Card Member services	1,512			1,452			1,312			1,442			1,296			17	4,276			3,801			12
Marketing	350			322			300			306			287			22	972			929			5
Salaries and employee benefits and other operating expenses	815			783			751			1,014			740			10	2,349			2,212			6
Total expenses	2,677			2,557			2,363			2,762			2,323			15	7,597			6,942			9
Pretax segment income	$	441		$	465		$	381		$	34		$	455		(3)	$	1,287		$	997		29


Billed business (billions) (H)	$	106.9		$	103.9		$	92.9		$	97.7		$	93.6		14	$	303.6		$	269.2		13
Proprietary cards-in-force (I)	22.8			22.5			22.3			21.9			21.7			5	22.8			21.7			5
Proprietary basic cards-in-force (I)	17.0			16.9			16.7			16.4			16.2			5	17.0			16.2			5
Average proprietary basic Card Member spending (dollars)	$	6,307		$	6,197		$	5,619		$	6,003		$	5,829		8	$	18,136		$	16,956		7

Segment assets	$	47,253		$	46,500		$	42,620		$	42,879		$	43,073		10	$	47,253		$	43,073		10

Card Member loans and receivables
Net write-off rate (principal, interest and fees) (M)	2.0		%	2.0		%	1.8		%	1.7		%	1.8		%		1.9		%	2.0		%
Net write-off rate (principal only) (M)(N)	1.8		%	1.8		%	1.7		%	1.6		%	1.7		%		1.8		%	1.9		%
30+ days past due as a % of total (N)	1.1		%	1.1		%	1.1		%	1.0		%	1.0		%		1.1		%	1.0		%

Card Member loans - consumer and small business
Total loans	$	19,981		$	19,512		$	17,891		$	17,395		$	17,927		11	$	19,981		$	17,927		11
Average loans	$	19,645		$	18,820		$	17,407		$	17,591		$	17,305		14	$	18,608		$	16,826		11
Net write-off rate (principal, interest and fees) (M)	2.5		%	2.5		%	2.3		%	2.3		%	2.4		%		2.4		%	2.5		%
Net write-off rate (principal only) (M)	2.1		%	2.1		%	2.0		%	1.9		%	2.0		%		2.0		%	2.1		%
30+ days past due as a % of total	1.2		%	1.2		%	1.2		%	1.2		%	1.2		%		1.2		%	1.2		%

Card Member receivables
Total receivables	$	21,508		$	21,479		$	19,507		$	20,047		$	19,533		10	$	21,508		$	19,533		10
Net write-off rate (principal and fees) (M)	1.5		%	1.5		%	1.3		%	1.3		%	1.3		%		1.4		%	1.5		%
Net write-off rate (principal only) - consumer and small business (M)	1.6		%	1.5		%	1.3		%	1.3		%	1.4		%		1.5		%	1.6		%
30+ days past due as a % of total - consumer and small business	1.0		%	1.0		%	1.0		%	0.8		%	0.9		%		1.0		%	0.9		%
90+ days past billing as a % of total - corporate	0.3		%	0.4		%	0.4		%	0.4		%	0.4		%		0.3		%	0.4		%


	Q3'25		Q2'25		Q1'25		Q4'24		Q3'24		YOY % change	YTD'25		YTD'24		YOY % change
Non-interest revenues	$	1,782	$	1,758	$	1,660	$	1,723	$	1,667	7	$	5,200	$	5,006	4
Interest income	9		10		12		11		11		(18)	31		41		(24)
Interest expense	(181)		(165)		(143)		(160)		(169)		(7)	(489)		(543)		10
Net interest income	190		175		155		171		180		6	520		584		(11)
Total revenues net of interest expense	1,972		1,933		1,815		1,894		1,847		7	5,720		5,590		2
Total provisions for credit losses	5		5		(2)		6		10		(50)	8		36		(78)
Total revenues net of interest expense after provisions for credit losses	1,967		1,928		1,817		1,888		1,837		7	5,712		5,554		3
Business development and Card Member services	298		288		283		322		269		11	869		826		5
Marketing	105		96		76		130		112		(6)	277		281		(1)
Salaries and employee benefits and other operating expenses	524		490		468		583		465		13	1,482		902		64
Total expenses	927		874		827		1,035		846		10	2,628		2,009		31
Pretax segment income	$	1,040	$	1,054	$	990	$	853	$	991	5	$	3,084	$	3,545	(13)


Total network volumes (billions) (G)	$	479.2	$	472.0	$	439.6	$	464.0	$	441.0	9	$	1,390.8	$	1,300.8	7

Segment assets	$	18,879	$	18,324	$	18,083	$	17,712	$	17,739	6	$	18,879	$	17,739	6

Appendix II

(Preliminary)


The financial measures in the preceding tables are 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. Amounts presented in the preceding tables may not sum and percentages may not recalculate due to rounding.
(A)						Represents net income, less (i) earnings allocated to participating share awards of $20 million, $18 million, $18 million, $17 million and $18 million in Q3'25, Q2'25, Q1'25, Q4'24 and Q3'24, respectively; and (ii) dividends on preferred shares of $14 million, $15 million, $14 million, $14 million and $15 million in Q3'25, Q2'25, Q1'25, Q4'24 and Q3'24, respectively.
(B)						Within assets, "other" includes the following items as presented in our Consolidated Balance Sheets: Other loans, less reserves for credit losses, Premises and equipment and Other assets (including Other receivables); and within liabilities, "other" includes the following items: Accounts payable and Other liabilities.
(C)						Net interest yield on average Total loans and Card Member receivables represents net interest income, computed on an annualized basis, divided by average Card Member loans, Card Member loans Held for Sale, Other loans and Card Member receivables. Reserves and net write-offs related to uncollectible interest are recorded through provision for credit losses and are thus not included in the net interest yield calculation.
(D)						Return on Average Equity (ROE) is calculated by dividing annualized net income for the period by average shareholders' equity for the period. Return on Average Common Equity (ROCE) is calculated by dividing annualized net income attributable to common shareholders for the period by average common shareholders' equity for the period.
(E)						Supplementary Leverage Ratio is calculated as Tier 1 capital divided by total leverage exposure. Total leverage exposure includes total average on-balance sheet assets and certain off-balance sheet exposures, net of amounts that are deducted from Tier 1 capital. We became a Category III firm in the third quarter of 2024 and thus are subject to a minimum supplementary leverage ratio from the fourth quarter onwards.
(F)						Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(G)						Network volumes represent total transaction volumes (including cash advances) on payment products issued by American Express and under network partnership agreements with banks and other institutions, including joint ventures, as well as alternative payment solutions facilitated by American Express.
(H)						Billed business represents transaction volumes (including cash advances) on payment products issued by American Express.
(I)						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, except for retail cobrand cards issued by network partners that had no out-of-store spending activity during the prior twelve months. Basic cards-in-force excludes supplemental cards issued on consumer accounts. Cards-in-force is useful in understanding the size of our Card Member base.
(J)						Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(K)						Proprietary new cards acquired represents the number of new cards issued by American Express during the referenced period, net of replacement cards. Proprietary new cards acquired is useful as a measure of the effectiveness of our customer acquisition strategy.
(L)						FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of conversion into U.S. dollars (e.g., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).
(M)						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.
(N)						Net write-off rate for principal losses only and 30+ days past due metrics represent consumer and small business, and are not available for corporate due to system constraints.
(O)						Other includes foreign currency impact on balance sheet re-measurement and translation.


	Q3'25		Q2'25		Q1'25		Q4'24		Q3'24		YOY % change	YTD'25		YTD'24		YOY % change
Network volumes (billions) (G)	$	479.2	$	472.0	$	439.6	$	464.0	$	441.0	9	$	1,390.8	$	1,300.8	7
Billed business (H)	$	421.0	$	416.3	$	387.4	$	408.4	$	387.3	9	$	1,224.7	$	1,142.5	7

Cards-in-force (I)	151.2		149.4		147.5		146.5		145.5		4	151.2		145.5		4
Proprietary cards-in-force	86.0		85.2		84.6		83.6		82.9		4	86.0		82.9		4

Basic cards-in-force (I)	127.6		126.0		124.2		123.3		122.4		4	127.6		122.4		4
Proprietary basic cards-in-force	66.2		65.6		65.1		64.3		63.7		4	66.2		63.7		4

Average proprietary basic Card Member spending (dollars)	$	6,387	$	6,370	$	5,987	$	6,378	$	6,110	5	$	18,751	$	18,224	3

Average fee per card (dollars) (J)	$	119	$	117	$	111	$	108	$	105	13	$	116	$	101	15

Proprietary new cards acquired (K)	3.2		3.1		3.4		3.0		3.3			9.6		10.0


	Q3'25			Q2'25			Q1'25			Q4'24			Q3'24			YTD'25			YTD'24
ROE
Annualized Net income	$	11,608		$	11,540		$	10,336		$	10,129		$	10,028		$	11,162		$	10,612
Average shareholders' equity	$	32,364		$	31,756		$	30,733		$	29,266		$	29,623		$	31,549		$	29,017
Return on average equity (D)	35.9		%	36.3		%	33.6		%	34.6		%	33.9		%	35.4		%	36.6		%

Reconciliation of ROCE
Annualized Net income	$	11,608		$	11,540		$	10,336		$	10,129		$	10,028
Preferred share dividends and equity related adjustments	58			58			57			58			58
Earnings allocated to participating share awards and other	82			75			69			76			75
Net income attributable to common shareholders	$	11,468		$	11,407		$	10,210		$	9,995		$	9,895

Average shareholders' equity	$	32,364		$	31,756		$	30,733		$	29,266		$	29,623
Average preferred shares	1,584			1,584			1,584			1,584			1,584
Average common shareholders' equity	$	30,780		$	30,172		$	29,149		$	27,682		$	28,039
Return on average common equity (D)	37.3		%	37.8		%	35.0		%	36.1		%	35.3		%


American Express Company			(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Millions, except percentages, per share amounts and where indicated)


American Express Company			(Preliminary)
Consolidated Capital
(Millions, except percentages)


American Express Company						(Preliminary)
Selected Card Related Statistical Information
(Millions, except percentages and where indicated)


American Express Company			(Preliminary)
Network Volumes Related Growth


	YOY % change
	Reported					FX-Adjusted (L)					Reported	FX-Adjusted (L)
	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	YTD'25	YTD'25

Network volumes (G)	9%	7%	5%	7%	5%	8%	6%	6%	8%	5%	7%	7%
Billed business (H)	9	7	6	8	6	8	7	6	8	6	7	7
U.S. Consumer Services	9	7	7	9	6	n/a	n/a	n/a	n/a	n/a	8	n/a
Commercial Services	4	2	2	4	1	4	2	2	4	1	3	3
International Card Services	14	15	9	11	13	13	12	13	15	13	13	13

Merchant industry billed business
Goods & Services (G&S) spend (73% of Q3'25 billed business)	9	8	6	7	6	9	7	7	8	6	7	8
T&E spend (27% of Q3'25 billed business)	8	6	5	9	6	8	5	6	10	6	6	6


American Express Company						(Preliminary)
Selected Credit Related Statistical Information
Card Member Loans and Card Member Receivables
(Millions, except percentages and where indicated)


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


# - Denotes a variance of 100 percent or more.