AMERICAN EXPRESS CO 8-K

What Happened

• American Express Company filed an 8-K on March 16, 2026 (Regulation FD disclosure) providing monthly credit performance statistics for U.S. Consumer and U.S. Small Business Card Member loans for the periods ending February 28, 2026; January 31, 2026; and December 31, 2025. The filing also included credit metrics for the American Express Credit Account Master Trust (the Lending Trust) from December 1, 2025 through February 28, 2026.

Key Details

• Total U.S. Consumer Card Member loans held for investment: $95.1B (Feb 28, 2026), $97.2B (Jan 31, 2026), $100.2B (Dec 31, 2025). 30-day past due: 1.4% (Feb & Jan), 1.3% (Dec). Net principal write-off rate: 2.0% (Feb), 1.9% (Jan), 2.1% (Dec).
• Total U.S. Small Business Card Member loans held for investment: $31.3B (Feb 28, 2026). 30-day past due: 1.7% (Feb/Jan/Dec). Net principal write-off rate: 2.8% (Feb & Jan), 2.7% (Dec).
• Combined U.S. Consumer + Small Business card loans held for investment: $126.4B (Feb 28, 2026) vs. $131.0B (Dec 31, 2025).
• Lending Trust (securitized portfolio): ending principal $24.4B (Feb), $25.2B (Jan), $26.4B (Dec). Annualized default rate, net of recoveries: 1.3% (Feb), 1.1% (Jan), 1.2% (Dec). Defaulted amount each month: $0.04B (~$40M); 30+ days delinquent: $0.2B.

Why It Matters

• These figures give investors a near-term view of American Express’s U.S. card loan credit performance—delinquency and write-off trends affect credit loss provisioning and can influence future earnings and capital planning.
• The filing distinguishes between loans held for investment and those securitized in the Lending Trust; metrics can differ between the company’s total portfolios and the securitized pool, so investors should consider both sets of data when assessing credit risk and securitization health.