AMERICAN EXPRESS CO 8-K

What Happened
American Express Company (AXP) filed a Regulation FD disclosure on Jan 15, 2026 reporting preliminary credit-performance statistics for its U.S. Consumer and U.S. Small Business Card Member loans for October–December 2025 and the three months ended Dec. 31, 2025. The filing shows portfolio balances, 30‑day delinquency rates, and net write-off rates, and also provides recent credit metrics for the American Express Credit Account Master Trust (the “Lending Trust”).

Key Details

• U.S. Consumer card loans: total $100.2 billion (Dec 31, 2025); 30‑day past‑due = 1.3%; net write‑off rate (principal only) = 2.1% (three months ended Dec. 31, 2025).
• U.S. Small Business card loans: total $30.8 billion (Dec 31, 2025); 30‑day past‑due = 1.7%; net write‑off rate = 2.7%.
• Total U.S. Card Member loans held for investment (Consumer + Small Business) = $131.0 billion (Dec 31, 2025). Card loans classified as held for sale are excluded.
• Lending Trust (securitized pool) ending principal balances: $26.4B (Dec), $25.7B (Nov), $25.2B (Oct) 2025; annualized default rate net of recoveries ~1.2%–1.3%; total 30+ days delinquent ≈ $0.2B each month.

Why It Matters
These figures give investors a snapshot of American Express’s consumer credit performance and loan portfolio size heading into 2026. Delinquency and write‑off rates are key indicators of credit quality and potential losses; here they remain moderate (low single digits) while total card loan balances show scale ($131B). The filing also notes that securitized loans in the Lending Trust can perform differently from the overall portfolios, so investors should consider both on‑balance-sheet metrics and securitization disclosures when assessing credit risk.