AMERICAN EXPRESS CO 8-K

What Happened

• American Express Company (AXP) filed an 8-K (Regulation FD) on Feb 17, 2026, reporting credit-performance data for U.S. Consumer and U.S. Small Business Card Member loans for the months ended January 31, 2026, December 31, 2025 and November 30, 2025, and monthly results for the American Express Credit Account Master Trust (the “Lending Trust”) for Nov–Jan periods.
• Key portfolio trends: total U.S. Consumer loans were $97.2B in January (down from $100.2B in December); U.S. Small Business loans were $31.4B in January; combined U.S. Card Member loans held for investment were $128.6B in January (vs. $131.0B in December).

Key Details

• U.S. Consumer 30-day past due: 1.4% (Jan), 1.3% (Dec), 1.4% (Nov). Net write-off rate (principal only): 1.9% (Jan) vs. 2.1% (Dec & Nov).
• U.S. Small Business 30-day past due: 1.7% (Jan & Dec), 1.6% (Nov). Net write-off rate: 2.8% (Jan) vs. 2.7% (Dec & Nov).
• Lending Trust (ending balances): $25.2B (Jan 2026), $26.4B (Dec 2025), $25.7B (Nov 2025). Annualized default rate, net of recoveries: 1.1% (Jan) vs. 1.2% (Dec & Nov). 30+ days delinquent ~ $0.2B each month.
• Filing notes the Lending Trust’s performance may differ from total portfolios due to mix, vintage, timing and calculation-method differences.

Why It Matters

• These disclosures give investors a transparent, month-by-month view of card loan delinquencies and write-offs across American Express’s U.S. consumer and small business portfolios and the securitized Lending Trust. Trends—such as a modest decline in consumer net write-offs in January and a slight uptick in small business write-offs—help assess credit quality and potential impacts on loss provisioning and earnings. The Lending Trust metrics provide additional context but may not match portfolio-level results due to structural and calculation differences.