Please wait
See Appendix II for footnote references and definitions of certain key terms
1
.2
American Express Company
(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
YOY %
change
FY'25
FY'24
YOY %
change
Non-interest revenues
Discount revenue
$9,884
$9,413
$9,361
$8,743
$9,177
8
$37,401
$35,192
6
Net card fees
2,629
2,551
2,480
2,333
2,245
17
9,993
8,449
18
Service fees and other revenue
1,945
1,976
1,828
1,722
1,719
13
7,471
6,765
10
Total non-interest revenues
14,458
13,940
13,669
12,798
13,141
10
54,865
50,406
9
Interest income
Interest on loans
6,064
5,970
5,648
5,552
5,503
10
23,234
21,095
10
Interest and dividends on investment securities
17
15
17
14
18
(6)
63
86
(27)
Deposits with banks and other
501
632
599
569
556
(10)
2,301
2,614
(12)
Total interest income
6,582
6,617
6,264
6,135
6,077
8
25,598
23,795
8
Interest expense
Deposits
1,343
1,371
1,374
1,337
1,397
(4)
5,425
5,695
(5)
Long-term debt and other
717
760
703
629
642
12
2,809
2,557
10
Total interest expense
2,060
2,131
2,077
1,966
2,039
1
8,234
8,252
—
Net interest income
4,522
4,486
4,187
4,169
4,038
12
17,364
15,543
12
Total revenues net of interest expense
18,980
18,426
17,856
16,967
17,179
10
72,229
65,949
10
Provisions for credit losses
Card Member receivables
189
190
226
146
182
4
751
774
(3)
Card Member loans
1,042
1,030
1,094
901
1,011
3
4,067
4,109
(1)
Other
183
67
85
103
99
85
438
302
45
Total provisions for credit losses
1,414
1,287
1,405
1,150
1,292
9
5,256
5,185
1
Total revenues net of interest expense after
provisions for credit losses
17,566
17,139
16,451
15,817
15,887
11
66,973
60,764
10
Expenses
Card Member rewards
4,805
4,608
4,618
4,378
4,430
8
18,409
16,599
11
Business development
1,728
1,611
1,589
1,529
1,637
6
6,457
5,886
10
Card Member services
1,951
1,477
1,301
1,328
1,278
53
6,057
4,782
27
Marketing
1,612
1,599
1,555
1,486
1,614
—
6,252
6,040
4
Salaries and employee benefits
2,505
2,239
2,152
2,120
2,102
19
9,016
8,198
10
Professional services
669
623
591
541
698
(4)
2,424
2,274
7
Data processing and equipment
810
751
720
705
805
1
2,986
2,888
3
Other, net
396
406
375
400
567
(30)
1,577
1,202
31
Total expenses
14,476
13,314
12,901
12,487
13,131
10
53,178
47,869
11
Pretax income
3,090
3,825
3,550
3,330
2,756
12
13,795
12,895
7
Income tax provision
628
923
665
746
586
7
2,962
2,766
7
Net income
$2,462
$2,902
$2,885
$2,584
$2,170
13
$10,833
$10,129
7
Net income attributable to common shareholders (A)
$2,429
$2,868
$2,852
$2,552
$2,139
14
$10,701
$9,995
7
Effective tax rate
20.3%
24.1%
18.7%
22.4%
21.3%
21.5%
21.5%
Earnings Per Common Share
Basic
Net income attributable to common shareholders
$3.53
$4.14
$4.08
$3.64
$3.04
16
$15.41
$14.04
10
Average common shares outstanding
687
692
698
701
703
(2)
695
712
(2)
Diluted
Net income attributable to common shareholders
$3.53
$4.14
$4.08
$3.64
$3.04
16
$15.38
$14.01
10
Average common shares outstanding
688
693
699
702
704
(2)
696
713
(2)
Cash dividends declared per common share
$0.82
$0.82
$0.82
$0.82
$0.70
17
$3.28
$2.80
17
See Appendix II for footnote references and definitions of certain key terms
2
American Express Company
(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Millions, except percentages, per share amounts and where indicated)
 
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
YOY %
change
Consolidated Balance Sheets
Assets
 
 
 
 
 
 
Cash & cash equivalents
$47,792
$54,706
$57,937
$52,508
$40,640
18
Card Member receivables, less reserves
61,851
60,823
59,405
58,355
59,240
4
Card Member loans, less reserves
145,923
138,946
136,508
133,611
133,995
9
Card Member loans held for sale
2,457
2,424
2,405
776
758
#
Investment securities
1,043
1,374
1,258
1,110
1,240
(16)
Other (B)
40,986
39,277
38,043
35,884
35,588
15
Total assets
$300,052
$297,550
$295,556
$282,244
$271,461
11
Liabilities and Shareholders' Equity
Customer deposits
$152,488
$149,883
$149,386
$146,396
$139,413
9
Short-term borrowings
1,371
1,446
1,493
1,559
1,374
—
Long-term debt
56,387
57,787
58,202
51,236
49,715
13
Other (B)
56,332
56,017
54,164
51,851
50,695
11
Total liabilities
266,578
265,133
263,245
251,042
241,197
11
Shareholders' Equity
33,474
32,417
32,311
31,202
30,264
11
Total liabilities and shareholders' equity
$300,052
$297,550
$295,556
$282,244
$271,461
11
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
YOY %
change
FY'25
FY'24
YOY %
change
Related Statistical Information
Total loans and Card Member receivables
(C)
$224,791
$216,355
$211,976
$207,384
$208,317
8
$224,791
$208,317
8
Average Total loans and Card Member
receivables (C)
$221,187
$214,470
$211,102
$204,760
$205,135
8
$213,105
$197,080
8
Net interest yield (D)
8.0%
8.2%
7.9%
8.2%
7.8%
8.1%
7.9%
Return on average equity (E)
33.9%
35.9%
36.3%
33.6%
34.6%
33.9%
34.6%
Return on average common equity (E)
35.3%
37.3%
37.8%
35.0%
36.1%
Book value per common share (dollars)
$46.45
$44.76
$44.16
$42.28
$40.88
14
# - Denotes a variance of 100 percent or more.
See Appendix II for footnote references and definitions of certain key terms
3
American Express Company
(Preliminary)
Consolidated Capital
(Millions, except percentages)
 
 
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Shares Outstanding
 
Beginning of period
689
696
701
702
704
Repurchase of common shares
(2)
(7)
(5)
(2)
(3)
Net impact of employee benefit plans and others
—
—
—
1
1
End of period
686
689
696
701
702
Risk-Based Capital Ratios - Basel III
 
Common Equity Tier 1/Risk Weighted Assets (RWA)
10.5%
10.5%
10.6%
10.7%
10.5%
Tier 1
11.1%
11.1%
11.3%
11.4%
11.2%
Total
13.1%
13.1%
13.2%
13.4%
13.2%
Common Equity Tier 1
$27,268
$26,222
$26,121
$25,624
$24,860
Tier 1 Capital
$28,888
$27,848
$27,752
$27,260
$26,405
Tier 2 Capital
$5,025
$4,915
$4,858
$4,774
$4,722
Total Capital
$33,913
$32,763
$32,610
$32,034
$31,127
RWA
$259,448
$250,642
$246,140
$239,562
$235,775
Tier 1 Leverage
9.8%
9.5%
9.7%
10.0%
9.8%
Supplementary Leverage Ratio (SLR)
8.3%
8.1%
8.3%
8.5%
8.3%
Average Total Assets to calculate the Tier 1 Leverage Ratio
$294,275
$292,875
$285,174
$273,090
$268,785
Total Leverage Exposure to calculate SLR
$346,685
$344,532
$335,706
$322,414
$316,995
See Appendix II for footnote references and definitions of certain key terms
4
American Express Company
(Preliminary)
Selected Card Related Statistical Information
 
(Millions, except percentages and where indicated)
 
 
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
YOY %
change
FY'25
FY'24
YOY %
change
Network volumes (billions)
$506.2
$479.2
$472.0
$439.6
$464.0
9
$1,897.0
$1,764.8
7
Billed business
$445.1
$421.0
$416.3
$387.4
$408.4
9
$1,669.8
$1,550.9
8
Cards-in-force
152.8
151.2
149.4
147.5
146.5
4
152.8
146.5
4
Proprietary cards-in-force
86.6
86.0
85.2
84.6
83.6
4
86.6
83.6
4
Basic cards-in-force
128.9
127.6
126.0
124.2
123.3
5
128.9
123.3
5
Proprietary basic cards-in-force
66.7
66.2
65.6
65.1
64.3
4
66.7
64.3
4
Average proprietary basic Card
Member spending (dollars)
$6,696
$6,387
$6,370
$5,987
$6,378
5
$25,453
$24,608
3
Average fee per card (dollars) (F)
$122
$119
$117
$111
$108
13
$117
$103
14
Proprietary new cards acquired
2.9
3.2
3.1
3.4
3.0
12.5
13.0
See Appendix II for footnote references and definitions of certain key terms
5
American Express Company
(Preliminary)
Network Volumes Related Growth
 
 
YOY % change
 
Reported
FX-Adjusted (G)
Reported
FX-
Adjusted
(G)
 
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
FY'25
FY'25
Network volumes
9%
9%
7%
5%
7%
8%
8%
6%
6%
8%
7%
7%
Billed business
9
9
7
6
8
8
8
7
6
8
8
7
U.S. Consumer Services
9
9
7
7
9
n/a
n/a
n/a
n/a
n/a
8
n/a
Commercial Services
4
4
2
2
4
3
4
2
2
4
3
3
International Card Services
17
14
15
9
11
12
13
12
13
15
14
13
Merchant industry billed business
Goods & Services (G&S) spend
(74% of Q4'25 billed business)
9
9
8
6
7
8
9
7
7
8
8
8
T&E spend (26% of Q4'25 billed
business)
9
8
6
5
9
8
8
5
6
10
8
7
See Appendix II for footnote references and definitions of certain key terms
6
American Express Company
(Preliminary)
Selected Credit Related Statistical Information
Card Member Loans and Card Member Receivables
(Millions, except percentages)
 
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
YOY %
change
FY'25
FY'24
YOY %
change
Card Member loans and receivables
Card Member loans and receivables
$213,863
$205,837
$201,873
$197,706
$199,085
7
$213,863
$199,085
7
Average Card Member loans and receivables
$210,440
$204,145
$201,175
$195,262
$196,254
7
$202,975
$188,971
7
Net write-off rate (principal, interest and fees) (H)
2.3%
2.2%
2.2%
2.4%
2.2%
2.3%
2.3%
Net write-off rate (principal only) (H)(I)
2.1%
1.9%
2.0%
2.1%
1.9%
2.0%
2.0%
30+ days past due as a % of total (I)
1.3%
1.3%
1.3%
1.3%
1.3%
1.3%
1.3%
Card Member loans
 
 
 
 
 
 
 
 
 
Total Card Member loans
$151,832
$144,814
$142,275
$139,203
$139,674
9
$151,832
$139,674
9
Credit loss reserves
Beginning balance
$5,868
$5,767
$5,592
$5,679
$5,588
5
$5,679
$5,118
11
Provisions - principal, interest and fees
1,042
1,030
1,094
901
1,011
3
4,067
4,109
(1)
Net write-offs - principal less recoveries
(828)
(760)
(771)
(818)
(735)
13
(3,176)
(2,894)
10
Net write-offs - interest and fees
(180)
(168)
(167)
(178)
(159)
13
(692)
(621)
11
Other (J)
7
(1)
19
8
(26)
#
31
(33)
#
Ending balance
$5,909
$5,868
$5,767
$5,592
$5,679
4
$5,909
$5,679
4
Reserve as a % of Card Member loans
3.9%
4.1%
4.1%
4.0%
4.1%
3.9%
4.1%
% of past due
279%
286%
295%
284%
288%
279%
288%
Net write-off rate (principal, interest and fees) (H)
2.7%
2.6%
2.7%
2.9%
2.6%
2.7%
2.7%
Net write-off rate (principal only) (H)(I)
2.2%
2.1%
2.2%
2.4%
2.1%
2.2%
2.2%
30+ days past due as a % of total (I)
1.4%
1.4%
1.4%
1.4%
1.4%
1.4%
1.4%
Card Member receivables
 
 
 
 
 
 
 
 
 
Total Card Member receivables
$62,031
$61,023
$59,598
$58,503
$59,411
4
$62,031
$59,411
4
Credit loss reserves
Beginning balance
$200
$193
$148
$171
$156
28
$171
$174
(2)
Provisions - principal and fees
189
190
226
146
182
4
751
774
(3)
Net write-offs - principal and fees less
recoveries
(208)
(183)
(184)
(169)
(164)
27
(745)
(773)
(4)
Other (J)
(1)
—
3
—
(3)
(67)
3
(4)
#
Ending balance
$180
$200
$193
$148
$171
5
$180
$171
5
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) (H)
1.3%
1.2%
1.2%
1.2%
1.1%
1.2%
1.3%
Net write-off rate (principal only) (H)(I)
1.5%
1.3%
1.4%
1.3%
1.2%
1.4%
1.5%
 
30+ days past due as a % of total (I)
0.9%
1.0%
0.9%
1.0%
0.9%
0.9%
0.9%
 
# - Denotes a variance of 100 percent or more.
See Appendix II for footnote references and definitions of certain key terms
7
American Express Company
(Preliminary)
Selected Credit Related Statistical Information
Other Loans and Other Receivables
(Millions, except percentages)
 
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
YOY %
change
FY'25
FY'24
YOY %
change
Other loans
Total other loans
$10,928
$10,518
$10,103
$9,678
$9,232
18
$10,928
$9,232
18
Credit loss reserves
Beginning balance
$287
$272
$244
$194
$154
86
$194
$126
54
Provisions
90
62
78
105
94
(4)
335
256
31
Net write-offs (principal only)
(52)
(45)
(48)
(53)
(51)
2
(198)
(180)
10
Net write-offs (interest and fees only)
(2)
(2)
(3)
(2)
(2)
—
(9)
(7)
29
Other (J)
—
—
1
—
(1)
#
1
(1)
#
Ending balance
$323
$287
$272
$244
$194
66
$323
$194
66
Reserve as a % of other loans
3.0%
2.7%
2.7%
2.5%
2.1%
3.0%
2.1%
Other receivables
Total other receivables
$4,596
$4,019
$4,056
$3,752
$3,587
28
$4,596
$3,587
28
Credit loss reserves
Beginning balance
$20
$19
$23
$27
$49
(59)
$27
$27
—
Provisions
69
5
7
(2)
5
#
79
46
72
Net write-offs
(3)
(3)
(10)
(3)
(28)
(89)
(20)
(44)
(55)
Other (J)
—
(1)
(1)
1
1
#
—
(2)
#
Ending balance
$86
$20
$19
$23
$27
#
$86
$27
#
Reserve as a % of other receivables
1.9%
0.5%
0.5%
0.6%
0.8%
1.9%
0.8%
# - Denotes a variance of 100 percent or more.
See Appendix II for footnote references and definitions of certain key terms
8
American Express Company
(Preliminary)
Selected Income Statement Information by Segment
 
(Millions, except percentages)
 
 
 
U.S. Consumer
Services
(USCS)
Commercial
Services
(CS)
International
Card
Services
(ICS)
Global
Merchant and
Network
Services
(GMNS)
Corporate
and Other
Consolidated
Q4'25
 
 
 
 
 
Non-interest revenues
$5,904
$3,526
$3,192
$1,858
$(22)
$14,458
Interest income
4,072
1,333
666
9
502
6,582
Interest expense
820
461
362
(172)
589
2,060
Total revenues net of interest expense
9,156
4,398
3,496
2,039
(109)
18,980
Total provisions for credit losses
773
359
211
70
1
1,414
Total revenues net of interest expense after
provisions for credit losses
8,383
4,039
3,285
1,969
(110)
17,566
Card Member rewards, business
development and Card Member services
4,563
1,900
1,674
341
6
8,484
Marketing
797
350
347
116
2
1,612
Salaries and employee benefits and other
operating expenses
1,473
952
948
628
379
4,380
Total expenses
6,833
3,202
2,969
1,085
387
14,476
Pretax income (loss)
$1,550
$837
$316
$884
$(497)
$3,090
Q4'24
Non-interest revenues
$5,314
$3,388
$2,725
$1,723
$(9)
$13,141
Interest income
3,753
1,176
583
11
554
6,077
Interest expense
815
442
318
(160)
624
2,039
Total revenues net of interest expense
8,252
4,122
2,990
1,894
(79)
17,179
Total provisions for credit losses
784
311
194
6
(3)
1,292
Total revenues net of interest expense after
provisions for credit losses
7,468
3,811
2,796
1,888
(76)
15,887
Card Member rewards, business
development and Card Member services
3,816
1,751
1,442
322
14
7,345
Marketing
813
360
306
130
5
1,614
Salaries and employee benefits and other
operating expenses
1,294
886
1,014
583
395
4,172
Total expenses
5,923
2,997
2,762
1,035
414
13,131
Pretax income (loss)
$1,545
$814
$34
$853
$(490)
$2,756
YOY % change
Non-interest revenues
11
4
17
8
#
10
Interest income
8
13
14
(18)
(9)
8
Interest expense
1
4
14
(8)
(6)
1
Total revenues net of interest expense
11
7
17
8
(38)
10
Total provisions for credit losses
(1)
15
9
#
#
9
Total revenues net of interest expense after
provisions for credit losses
12
6
17
4
(45)
11
Card Member rewards, business
development and Card Member services
20
9
16
6
(57)
16
Marketing
(2)
(3)
13
(11)
(60)
—
Salaries and employee benefits and other
operating expenses
14
7
(7)
8
(4)
5
Total expenses
15
7
7
5
(7)
10
Pretax income (loss)
—
3
#
4
(1)
12
# - Denotes a variance of 100 percent or more.
See Appendix II for footnote references and definitions of certain key terms
9
U.S. Consumer Services
(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
 
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
YOY %
change
FY'25
FY'24
YOY %
change
Non-interest revenues
$5,904
$5,620
$5,540
$5,243
$5,314
11
$22,307
$20,137
11
Interest income
4,072
4,025
3,795
3,763
3,753
8
15,655
14,430
8
Interest expense
820
789
782
757
815
1
3,148
3,140
—
Net interest income
3,252
3,236
3,013
3,006
2,938
11
12,507
11,290
11
Total revenues net of interest expense
9,156
8,856
8,553
8,249
8,252
11
34,814
31,427
11
Total provisions for credit losses
773
734
829
631
784
(1)
2,967
3,029
(2)
Total revenues net of interest expense after
provisions for credit losses
8,383
8,122
7,724
7,618
7,468
12
31,847
28,398
12
Card Member rewards, business
development and Card Member services
4,563
4,145
3,967
3,882
3,816
20
16,557
14,329
16
Marketing
797
825
800
765
813
(2)
3,187
3,051
4
Salaries and employee benefits and other
operating expenses
1,473
1,300
1,281
1,239
1,294
14
5,293
4,641
14
Total expenses
6,833
6,270
6,048
5,886
5,923
15
25,037
22,021
14
Pretax segment income
$1,550
$1,852
$1,676
$1,732
$1,545
—
$6,810
$6,377
7
Billed business (billions)
$189.2
$177.5
$176.5
$164.3
$174.0
9
$707.5
$654.8
8
Proprietary cards-in-force
48.3
47.8
47.3
46.8
46.3
4
48.3
46.3
4
Proprietary basic cards-in-force
34.1
33.7
33.4
33.0
32.5
5
34.1
32.5
5
Average proprietary basic Card Member
spending (dollars)
$5,574
$5,291
$5,322
$5,014
$5,387
3
$21,215
$20,707
2
Segment assets
$122,968
$115,330
$113,876
$110,886
$114,228
8
$122,968
$114,228
8
Card Member loans and receivables
Card Member loans and receivables
$114,368
$106,969
$105,784
$102,896
$107,051
7
$114,368
$107,051
7
Average Card Member loans and
receivables
$110,161
$106,753
$104,488
$103,237
$102,752
7
$106,377
$98,928
8
Net write-off rate (principal, interest and
fees) (H)
2.6%
2.3%
2.4%
2.7%
2.4%
2.5%
2.5%
Net write-off rate (principal only) (H)
2.1%
1.8%
1.9%
2.2%
2.0%
2.0%
2.1%
30+ days past due as a % of total
1.3%
1.3%
1.2%
1.3%
1.3%
1.3%
1.3%
Card Member loans
Total loans
$100,171
$94,142
$92,620
$90,072
$92,632
8
$100,171
$92,632
8
Net write-off rate (principal, interest and
fees) (H)
2.7%
2.4%
2.6%
3.0%
2.6%
2.7%
2.7%
 
Net write-off rate (principal only) (H)
2.1%
2.0%
2.1%
2.4%
2.1%
2.1%
2.2%
 
30+ days past due as a % of total
1.3%
1.4%
1.3%
1.4%
1.4%
1.3%
1.4%
 
Card Member receivables
Total receivables
$14,197
$12,827
$13,164
$12,824
$14,419
(2)
$14,197
$14,419
(2)
Net write-off rate (principal and fees) (H)
1.8%
0.9%
0.8%
0.8%
0.9%
1.1%
1.2%
 
Net write-off rate (principal only) (H)
1.6%
0.8%
0.7%
0.7%
0.8%
0.9%
1.1%
 
30+ days past due as a % of total
0.7%
1.0%
0.7%
0.7%
0.6%
0.7%
0.6%
 
See Appendix II for footnote references and definitions of certain key terms
10
Commercial Services
(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
YOY %
change
FY'25
FY'24
YOY %
change
Non-interest revenues
$3,526
$3,441
$3,422
$3,265
$3,388
4
$13,654
$13,219
3
Interest income
1,333
1,302
1,240
1,202
1,176
13
5,077
4,374
16
Interest expense
461
462
450
432
442
4
1,805
1,734
4
Net interest income
872
840
790
770
734
19
3,272
2,640
24
Total revenues net of interest expense
4,398
4,281
4,212
4,035
4,122
7
16,926
15,859
7
Total provisions for credit losses
359
332
360
329
311
15
1,380
1,389
(1)
Total revenues net of interest expense after
provisions for credit losses
4,039
3,949
3,852
3,706
3,811
6
15,546
14,470
7
Card Member rewards, business
development and Card Member services
1,900
1,730
1,790
1,746
1,751
9
7,166
6,504
10
Marketing
350
313
331
337
360
(3)
1,331
1,319
1
Salaries and employee benefits and other
operating expenses
952
816
826
787
886
7
3,381
3,142
8
Total expenses
3,202
2,859
2,947
2,870
2,997
7
11,878
10,965
8
Pretax segment income
$837
$1,090
$905
$836
$814
3
$3,668
$3,505
5
Billed business (billions)
$140.9
$136.3
$135.5
$129.2
$136.0
4
$541.9
$526.5
3
Proprietary cards-in-force
15.3
15.4
15.4
15.5
15.4
-
15.3
15.4
-
Average proprietary basic Card Member
spending (dollars)
$9,151
$8,833
$8,782
$8,380
$8,804
4
$35,153
$34,130
3
Segment assets
$63,168
$64,305
$62,152
$62,012
$58,969
7
$63,168
$58,969
7
Card Member loans and receivables
Card Member loans and receivables
$56,086
$57,379
$55,098
$57,412
$54,592
3
$56,086
$54,592
3
Average Card Member loans and
receivables
$57,689
$56,444
$57,113
$55,538
$56,269
3
$56,711
$54,362
4
Net write-off rate (principal, interest and
fees) (H)
2.2%
2.2%
2.2%
2.2%
2.0%
2.2%
2.0%
Net write-off rate (principal only) (H)(I)
2.3%
2.3%
2.3%
2.4%
2.1%
2.3%
2.2%
30+ days past due as a % of total (I)
1.5%
1.5%
1.5%
1.5%
1.5%
1.5%
1.5%
Card Member loans
Total loans
$30,833
$30,691
$30,143
$31,240
$29,647
4
$30,833
$29,647
4
Net write-off rate (principal, interest and
fees) (H)
3.1%
3.1%
2.9%
3.0%
2.7%
3.0%
2.7%
Net write-off rate (principal only) (H)
2.7%
2.6%
2.5%
2.6%
2.3%
2.6%
2.3%
30+ days past due as a % of total
1.7%
1.6%
1.6%
1.6%
1.5%
1.7%
1.5%
Card Member receivables
Total receivables
$25,253
$26,688
$24,955
$26,172
$24,945
1
$25,253
$24,945
1
Net write-off rate (principal and fees) (H)
1.1%
1.1%
1.2%
1.3%
1.1%
1.2%
1.3%
Net write-off rate (principal only) - small
business (H)
1.6%
1.5%
1.9%
1.9%
1.6%
1.7%
1.9%
30+ days past due as a % of total - small
business
1.2%
1.1%
1.2%
1.3%
1.3%
1.2%
1.3%
90+ days past billing as a % of total -
corporate
0.5%
0.4%
0.4%
0.4%
0.4%
0.5%
0.4%
See Appendix II for footnote references and definitions of certain key terms
11
International Card Services
(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
 
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
YOY %
change
FY'25
FY'24
YOY %
change
Non-interest revenues
$3,192
$3,034
$2,947
$2,646
$2,725
17
$11,819
$10,369
14
Interest income
666
652
620
596
583
14
2,534
2,331
9
Interest expense
362
350
335
306
318
14
1,353
1,239
9
Net interest income
304
302
285
290
265
15
1,181
1,092
8
Total revenues net of interest expense
3,496
3,336
3,232
2,936
2,990
17
13,000
11,461
13
Total provisions for credit losses
211
218
210
192
194
9
831
726
14
Total revenues net of interest expense after
provisions for credit losses
3,285
3,118
3,022
2,744
2,796
17
12,169
10,735
13
Card Member rewards, business
development and Card Member services
1,674
1,512
1,452
1,312
1,442
16
5,950
5,243
13
Marketing
347
350
322
300
306
13
1,319
1,235
7
Salaries and employee benefits and other
operating expenses
948
815
783
751
1,014
(7)
3,297
3,226
2
Total expenses
2,969
2,677
2,557
2,363
2,762
7
10,566
9,704
9
Pretax segment income
$316
$441
$465
$381
$34
#
$1,603
$1,031
55
Billed business (billions)
$114.3
$106.9
$103.9
$92.9
$97.7
17
$418.0
$366.9
14
Proprietary cards-in-force
23.0
22.8
22.5
22.3
21.9
5
23.0
21.9
5
Proprietary basic cards-in-force
17.2
17.0
16.9
16.7
16.4
5
17.2
16.4
5
Average proprietary basic Card Member
spending (dollars)
$6,675
$6,307
$6,197
$5,619
$6,003
11
$24,822
$22,965
8
Segment assets
$50,089
$47,253
$46,500
$42,620
$42,879
17
$50,089
$42,879
17
Card Member loans and receivables
Card Member loans and receivables
$43,409
$41,488
$40,991
$37,398
$37,442
16
$43,409
$37,442
16
Average Card Member loans and receivables
$42,590
$40,948
$39,573
$36,487
$37,233
14
$39,886
$35,681
12
Net write-off rate (principal, interest and
fees) (H)
1.9%
2.0%
2.0%
1.8%
1.7%
1.9%
1.9%
Net write-off rate (principal only) (H)(I)
1.7%
1.8%
1.8%
1.7%
1.6%
1.8%
1.8%
30+ days past due as a % of total (I)
1.1%
1.1%
1.1%
1.1%
1.0%
1.1%
1.0%
Card Member loans - consumer and small
business
Total loans
$20,828
$19,981
$19,512
$17,891
$17,395
20
$20,828
$17,395
20
Net write-off rate (principal, interest and
fees) (H)
2.4%
2.5%
2.5%
2.3%
2.3%
2.4%
2.5%
Net write-off rate (principal only) (H)
2.0%
2.1%
2.1%
2.0%
1.9%
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
$22,581
$21,508
$21,479
$19,507
$20,047
13
$22,581
$20,047
13
Net write-off rate (principal and fees) (H)
1.4%
1.5%
1.5%
1.3%
1.3%
1.4%
1.4%
Net write-off rate (principal only) - consumer
and small business (H)
1.4%
1.6%
1.5%
1.3%
1.3%
1.5%
1.5%
30+ days past due as a % of total - consumer
and small business
0.9%
1.0%
1.0%
1.0%
0.8%
0.9%
0.8%
90+ days past billing as a % of total -
corporate
0.5%
0.3%
0.4%
0.4%
0.4%
0.5%
0.4%
# - Denotes a variance of 100 percent or more.
See Appendix II for footnote references and definitions of certain key terms
12
Global Merchant and Network Services
(Preliminary)
Selected Income Statement and Statistical Information
 
 
 
 
 
 
 
 
 
 
 
 
 
(Millions, except percentages and where indicated)
 
 
 
 
 
 
 
 
 
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
YOY %
change
FY'25
FY'24
YOY %
change
Non-interest revenues
$1,858
$1,782
$1,758
$1,660
$1,723
8
$7,058
$6,729
5
Interest income
9
9
10
12
11
(18)
40
52
(23)
Interest expense
(172)
(181)
(165)
(143)
(160)
(8)
(661)
(703)
6
Net interest income
181
190
175
155
171
6
701
755
(7)
Total revenues net of interest expense
2,039
1,972
1,933
1,815
1,894
8
7,759
7,484
4
Total provisions for credit losses
70
5
5
(2)
6
#
78
42
86
Total revenues net of interest expense after
provisions for credit losses
1,969
1,967
1,928
1,817
1,888
4
7,681
7,442
3
Business development and Card Member
services
341
298
288
283
322
6
1,210
1,148
5
Marketing
116
105
96
76
130
(11)
393
411
(4)
Salaries and employee benefits and other
operating expenses
628
524
490
468
583
8
2,110
1,485
42
Total expenses
1,085
927
874
827
1,035
5
3,713
3,044
22
Pretax segment income
$884
$1,040
$1,054
$990
$853
4
$3,968
$4,398
(10)
 
 
 
 
 
 
 
 
 
Total network volumes (billions)
$506.2
$479.2
$472.0
$439.6
$464.0
9
$1,897.0
$1,764.8
7
Segment assets
$18,686
$18,879
$18,324
$18,083
$17,712
5
$18,686
$17,712
5
# - Denotes a variance of 100 percent or more.
See Appendix II for footnote references and definitions of certain key terms
13
American Express Company
(Preliminary)
Appendix I
 
Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)
(Millions, except percentages)
 
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
FY'25
FY'24
ROE
 
 
 
 
 
Annualized Net income
$10,833
$11,608
$11,540
$10,336
$10,129
$10,833
$10,129
Average shareholders' equity
$31,934
$32,364
$31,756
$30,733
$29,266
$31,934
$29,266
Return on average equity (E)
33.9%
35.9%
36.3%
33.6%
34.6%
33.9%
34.6%
Reconciliation of ROCE
 
 
 
 
 
Annualized Net income
$10,833
$11,608
$11,540
$10,336
$10,129
Preferred share dividends and equity related
adjustments
58
58
58
57
58
Earnings allocated to participating share awards and
other
74
82
75
69
76
Net income attributable to common shareholders
$10,701
$11,468
$11,407
$10,210
$9,995
Average shareholders' equity
$31,934
$32,364
$31,756
$30,733
$29,266
Average preferred shares
1,584
1,584
1,584
1,584
1,584
Average common shareholders' equity
$30,350
$30,780
$30,172
$29,149
$27,682
Return on average common equity (E)
35.3%
37.3%
37.8%
35.0%
36.1%
14
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 $18 million, $20 million, $18 million, $18 million and $17 million in Q4'25,
Q3'25, Q2'25, Q1'25 and Q4'24, respectively; and (ii) dividends on preferred shares of $15 million, $14 million, $15 million, $14 million and $14 million in
Q4'25, Q3'25, Q2'25, Q1'25 and Q4'24, 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)
Total loans reflects Card Member loans and Other loans.
(D)
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.
(E)
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.
(F)
Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(G)
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).
(H)
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.
(I)
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.
(J)
Other includes foreign currency impact on balance sheet re-measurement and translation.
As used in the preceding tables and/or in our full year and fourth quarter of 2025 earnings release, investor presentation slides or investor conference call:
Billed business (Card Member spending) — Represents transaction volumes (including cash advances) on payment products issued by American Express.
Cards-in-force — Represents the number of cards that are issued and outstanding by American Express (proprietary cards-in-force) and cards issued and outstanding
under network partnership agreements with banks and other institutions, except for retail cobrand cards issued by network partners that had no out-of-store spending
activity during the prior twelve months. Basic cards-in-force excludes supplemental cards issued on consumer accounts. Cards-in-force is useful in understanding the
size of our Card Member base.
Locations in force (LIF) — Represents proprietary and partner acquired merchant locations where the merchant is enabled to accept American Express. LIF estimates
incorporate data provided to us by certain third parties and include merchants that accept American Express through payment facilitators and merchants that accept
American Express through digital wallets in China.
Network volumes — Represents the total of billed business and processed volumes.
Operating expenses — Represents salaries and employee benefits, professional services, data processing and equipment, and other expenses.
Processed volumes — Represents transaction volumes (including cash advances) on cards issued under network partnership agreements with banks and other
institutions, including joint ventures, as well as alternative payment solutions facilitated by American Express.
Proprietary new cards acquired — Represents the number of new cards issued by American Express during the referenced period, net of replacement cards. Proprietary
new cards acquired is useful as a measure of the effectiveness of our customer acquisition strategy.
Reserve build (release) — Represents the portion of the provisions for credit losses for the period related to increasing or decreasing reserves for credit losses as a
result of, among other things, changes in volumes, macroeconomic outlook, portfolio composition and credit quality of portfolios. Reserve build represents the amount
by which the provision for credit losses exceeds net write-offs, while reserve release represents the amount by which net write-offs exceed the provision for credit
losses.
Variable customer engagement costs (VCE) — Represents the aggregate of Card Member rewards, business development, and Card Member services expenses.
Refer to the “Glossary of Selected Terminology” in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q filed with the Securities and Exchange
Commission for definitions of certain other terms used.