UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended ~~September~~March 3031, ~~2025~~2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the Transition Period from ____ to ____

Commission file number 1-7657

AMERICAN EXPRESS COMPANY

(Exact name of registrant as specified in its charter)

New York

13-4922250

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

200 Vesey Street, New York, New York

10285

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (212) 640-2000


None

Former name, former address and former fiscal year, if changed since last report.

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common shares (par value $0.20 per share)	AXP	New York Stock Exchange
3.433% Fixed-to-Floating Rate Notes due May 20, 2032	AXP32	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class						Outstanding at ~~October~~April 1417, ~~2025~~2026
Common Shares (par value $0.20 per share)						~~688~~682,~~851~~326,~~653~~443			Shares

Table of Contents

AMERICAN EXPRESS COMPANY

FORM 10-Q

INDEX

Part I.

Financial Information

Page No.

Item 1.

Financial Statements

Consolidated Statements of Income – Three Months Ended September 30, 2025 and 2024

Consolidated Statements of Income – Three Months Ended March 31, 2026 and 2025

Consolidated Statements of Income – Nine Months Ended September 30, 2025 and 2024

Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2026 and 2025

Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2025 and 2024

Consolidated Balance Sheets – March 31, 2026 and December 31, 2025

Consolidated Balance Sheets – September 30, 2025 and December 31, 2024

Consolidated Statements of Cash Flows – Three Months Ended March 31, 2026 and 2025

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2025 and 2024

Consolidated Statements of Shareholders’ Equity – Three Months Ended March 31, 2026 and 2025

Consolidated Statements of Shareholders’ Equity – Three and Nine Months Ended September 30, 2025 and 2024

Notes to Consolidated Financial Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

7466

Item 4.

Controls and Procedures

7466

Part II.

Other Information

Item 1.

Legal Proceedings

7567

Item 1A.

Risk Factors

7567

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

7668

Item 5.

Other Information

7769

Item 6.

Exhibits

7870

Signatures

7971

Throughout this report the terms “American Express,” “we,” “our” or “us,” refer to American Express Company and its subsidiaries on a consolidated basis, unless stated or the context implies otherwise. The use of the term “partner” or “partnering” in this report does not mean or imply a formal legal partnership, and is not meant in any way to alter the terms of American Express’ relationship with any third parties. Amounts presented in this report may not sum and percentages may not recalculate due to rounding. Refer to the “MD&A ― Glossary of Selected Terminology” for the definitions of other key terms used in this report.

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

Business Introduction

American Express is a global payments and premium lifestyle brand powered by technology. Founded in 1850 and headquartered in New York, American Express’ card-issuing, merchant-acquiring and card network businesses offer products and services to a broad range of customers, including consumers, small businesses, mid-sized companies and large corporations around the world.

Our range of products and services includes:

•Credit ~~card,~~and charge ~~card,~~cards ~~banking~~and complementary products and ~~other~~services, ~~payment~~including travel, dining, lifestyle and ~~financing~~expense management products and services

•Banking and other payment and financing products and services, including deposits and non-card lending

•Merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services

•Network services

•Travel and lifestyle services

•Expense management products and services

•Other services, such as the design and operation of customer loyalty programs

These products and services are offered through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, in-house sales teams, direct mail, telephone and direct response advertising.

We compete in the global payments industry with networks, issuers, acquirers and other payment service providers and methods of payment, including paper-based transactions (e.g., cash and checks) and electronic transfers (e.g., wire transfers and Automated Clearing House (ACH)), as well as evolving and growing alternative mechanisms, systems and products that leverage new technologies, business models and customer relationships to create payment, financing or banking solutions. The payments industry continues to undergo changes in response to evolving technologies, business dynamics and competition for premium customers.

We have updated our presentation and disclosure of Card Member loans and Card Member receivables to present them on a combined basis as Card balances. Results for the first quarter of 2026 and prior periods have been reclassified to conform to the new presentation. Previously, Card Member loans represented balances on our credit card products and revolve-eligible balances on our charge card products, which included balances that Card Members paid in full as well as balances that Card Members paid over time with interest, and Card Member receivables represented balances on our charge card products that need to be paid in full on or before the Card Member’s payment due date. The updated Card balances presentation includes both revolve-eligible balances and balances that need to be paid in full, reflecting the evolution of our card products over time, primarily due to the expansion of lending features on our charge card portfolio, and is more consistent with industry convention. This presentation change has no impact on the recognition or measurement of outstanding Card balances and associated reserves for credit losses.

Forward-Looking Statements and Non-GAAP Measures

Certain of the statements in this Form 10-Q are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the “Cautionary Note Regarding Forward-Looking Statements” section. We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included within this Form 10-Q constitutes non-GAAP financial measures. Our calculations of non-GAAP financial measures may differ from the calculations of similarly titled measures by other companies.

Beginning in the third quarter of 2025, we ceased reporting Net interest yield on average Card Member loans, a non-GAAP measure that was computed by dividing adjusted net interest income by average Card Member loans, and began reporting (together with prior period comparative information) Net interest yield on average Total loans and Card Member receivables, a GAAP measure that represents net interest income, computed on an annualized basis, divided by average Card Member loans, Card Members loans held for sale (HFS), Other loans and Card Member receivables. We believe that this new net interest yield metric reflects the evolution of our products over time, such as the expansion of lending features on our charge card portfolio. See Table 1 for more information.

Bank Holding Company

American Express is a bank holding company under the Bank Holding Company Act of 1956 and ~~The~~the Board of Governors of the Federal Reserve System (the Federal Reserve) is our primary federal regulator. As such, we are subject to the Federal Reserve’s regulations, policies and minimum capital standards. See “Certain Legislative, Regulatory and Other Developments” for further information. We are also subject to evolving and extensive government regulation and supervision in jurisdictions around the world.

Table of Contents

Table 1: Summary of Financial Performance

	As of or for the Three Months EndedSeptember 30,						Change2025 vs. 2024				As of or for the Nine Months EndedSeptember 30,						Change2025 vs. 2024
	As of or for the Three Months EndedMarch 31,						Change2026 vs. 2025
(Millions, except percentages, per share amounts and where indicated)	~~2025~~2026			~~2024~~2025							~~2025~~			~~2024~~
Selected Income Statement Data
Total revenues net of interest expense	$	18,~~426~~907		$	16,~~636~~967		$	1,~~790~~940	11	%	$	~~53,249~~		$	~~48,770~~		$	~~4,479~~	9	%
Total revenues net of interest expense (FX-adjusted) (a)				1617,~~674~~210			1,~~752~~697		1110					~~48,734~~			~~4,515~~		9
Provisions for credit losses	1,~~287~~251			1,~~356~~150			~~(69)~~101		~~(5)~~9		~~3,842~~			~~3,893~~			~~(51)~~		~~(1)~~
Total expenses	13,~~314~~878			12,~~076~~487			1,~~238~~391		1011		~~38,702~~			~~34,738~~			~~3,964~~		11
Pretax income	3,~~825~~778			3,~~204~~330			~~621~~448		1913		~~10,705~~			~~10,139~~			~~566~~		6
Income tax provision	~~923~~807			~~697~~746			~~226~~61		328		~~2,334~~			~~2,180~~			~~154~~		7
Net income	2,~~902~~971			2,~~507~~584			~~395~~387		1615		~~8,371~~			~~7,959~~			~~412~~		5
Earnings per common share — diluted (b)	$	4.1428		$	3.4964		$	0.6564	1918	%	$	~~11.85~~		$	~~10.97~~		$	~~0.88~~	8	%
Selected Balance Sheet and Common Share Data
Cash and cash equivalents	$	5453,~~706~~757		$	4752,~~918~~508		$	61,~~788~~249	142	%	$	~~54,706~~		$	~~47,918~~		$	~~6,788~~	14	%
Total loans and Card Member receivables (c)	216,355			202,050			14,305		7		216,355			202,050			14,305		7
Total Card balances and Other loans	224,160			207,384			16,776		8
Total loans and Card Member receivables (FX-adjusted) (a)(c)				201,810			14,545		7					201,810			14,545		7
Total Card balances and Other loans (FX-adjusted) (a)				208,827			15,333		7
Customer deposits	149,883			135,438			14,445		11		149,883			135,438			14,445		11
Average Card balances and Other loans	222,813			204,760			18,053		9	%
Long-term debt	$	57,787		$	53,546		$	4,241	8		$	57,787		$	53,546		$	4,241	8
Customer deposits	157,948			146,396			11,552		8
Average common shares outstanding — diluted	693			709			(16)		(2)		698			716			(18)		(3)
Long-term debt	$	58,750		$	51,236		$	7,514	15
Cash dividends declared per common share	$	0.82		$	0.70		$	0.12	17	%	$	2.46		$	2.10		$	0.36	17	%
Average common shares outstanding — diluted	686			702			(16)		(2)
Cash dividends declared per common share	$	0.95		$	0.82		$	0.13	16	%
Selected Metrics and Ratios
Network volumes (billions)	$	~~479~~486.23		$	~~441~~439.06		$	3847	911	%	$	~~1,390.8~~		$	~~1,300.8~~		$	90	7	%
Billed business (billions)	$	~~421~~428.0		387.34			3441		910		$	~~1,224.7~~		~~1,142.5~~			82		7
Billed business (billions) (FX-adjusted) (a)				$	~~388~~393.16		$	3334	89	%				$	~~1,142.7~~		$	82	7	%
Net interest yield (d)	8.2%			8.0%							8.1		%	7.9		%
Net interest yield (c)	8.4%			8.2%
Card Member loans and receivables
Card balances
Net write-off rate — principal, interest and fees (e)	2.2		%	2.2		%					2.3		%	2.3		%
Net write-off rate — principal, interest and fees (d)	2.3		%	2.4		%
Net write-off rate — principal only — consumer and small business (e)(f)	1.9		%	1.9		%					2.0		%	2.1		%
Net write-off rate — principal only — consumer and small business (d)(e)	2.0		%	2.1		%
30+ days past due as a % of total — consumer and small business (g)	1.3		%	1.3		%					1.3		%	1.3		%
30+ days past due as a % of total — consumer and small business	1.3		%	1.3		%
Effective tax rate	24.1		%	21.8		%					21.8		%	21.5		%
90+ days past billing as a % of total — corporate (f)	0.4		%	0.4		%
Return on average equity (h)	35.9		%	33.9		%					35.4		%	36.6		%
Effective tax rate	21.4		%	22.4		%
Common Equity Tier 1	10.5		%	10.7		%					10.5		%	10.7		%
Return on average equity (g)	35.2		%	33.6		%
Common Equity Tier 1	10.5		%	10.7		%

(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency conversion into U.S. dollars (i.e., 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). FX-adjusted Total revenues net of interest expense and Total ~~loans~~Card balances and ~~Card~~Other ~~Member~~loans ~~receivables~~ are non-GAAP measures. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

(b)~~Represents~~Reflects net income, less (i) earnings allocated to participating share awards of $2019 million and $18 million for the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024, respectively, and $56 million and $59 million for the nine months ended September 30,~~ 2025 ~~and 2024~~, respectively, and (ii) dividends on preferred shares of $14 million ~~and $15 million~~ for both the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024, respectively, and $43 million and $44 million for the nine months ended September 30,~~ 2025 ~~and 2024, respectively~~.

(c)~~Total~~Represents ~~loans~~net ~~reflects~~interest income, computed on an annualized basis, divided by average Card ~~Member~~balances, ~~loans~~Card balances held for sale (HFS) and Other loans.

(d)~~Represents~~We present a net ~~interest~~write-off ~~income,~~rate ~~computed~~based on anprincipal ~~annualized~~losses ~~basis~~only (i.e., ~~divided~~excluding byinterest ~~average~~and/or ~~Card~~fees) ~~Member~~to ~~loans~~be consistent with industry convention. In addition, ~~Card~~as ~~Member~~our ~~loans~~practice ~~HFS~~is to include uncollectible interest and/or fees as part of our total provision for credit losses, ~~Other~~a ~~loans~~net write-off rate including principal, interest and/or ~~Card~~fees ~~Member~~is ~~receivables~~also presented.

(e)WeA ~~present a~~ net write-off rate based on principal losses only ~~(i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice~~ is tonot ~~include~~available ~~uncollectible interest and/or fees as part of our total provision~~ for ~~credit~~corporate ~~losses,~~Card abalances ~~net~~due ~~write-off~~to ~~rate~~system ~~including principal, interest and/or fees is also presented~~constraints.

(f)For corporate Card balances, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card balance is classified as 90 days past billing. Corporate Card balances delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only isare not available ~~for corporate receivables~~ due to system constraints.

(g)~~For~~Return ~~corporate~~on ~~receivables,~~average ~~delinquency~~equity ~~data~~(ROE) is ~~tracked~~calculated ~~based~~by ondividing ~~days~~(i) annualized ~~past~~net ~~billing~~income ~~status~~for ~~rather~~the ~~than~~period ~~days~~by ~~past~~(ii) average ~~due.~~shareholders’ ~~Refer~~equity ~~to Table 11~~ for ~~90+~~the ~~days past billing metrics for corporate receivables~~period.

(h)Return on average equity (ROE) is calculated by dividing (i) annualized net income for the period by (ii) average shareholders’ equity for the period.

Table of Contents

Business Performance

We delivered strong results for the ~~third~~first quarter of ~~2025~~2026, ~~with~~reflecting ~~record~~continued ~~levels~~momentum ofacross ~~Card~~the ~~Member~~business ~~spending~~ and ~~excellent~~execution ~~credit~~of ~~performance~~our proven growth strategy. ~~During~~We ~~the~~had ~~quarter,~~strong weengagement ~~launched~~on our refreshed U.S. ~~Consumer~~Platinum ~~and~~products, ~~Business~~expanded ~~Platinum~~our ~~Cards~~membership assets with ~~expanded~~new ~~lifestyle~~ and ~~business~~renewed ~~benefits~~partnerships, and ~~have~~furthered ~~seen~~the ~~strong~~development ~~early~~of ~~demand~~our ~~and~~artificial ~~engagement~~intelligence (AI) capabilities in the quarter. Net income for the ~~third~~first quarter was $23.90 billion, or $4.1428 per share, compared with net income of $2.56 billion, or $3.4964 per share, a year ago.

Billed business growth accelerated to 910 percent year-over-year (89 percent ~~on an~~ FX-adjusted ~~basis~~).1 G&S spend grew 910 percent (8 percent FX-adjusted), driven by ~~strong~~continued momentum in retail spending,. ~~and~~ T&E spend ~~rebounded~~grew to12 8percent (9 percent FX-adjusted), ~~primarily~~ reflecting ~~continuing~~sustained strength in restaurant ~~spend,~~and ~~our~~acceleration ~~largest~~in ~~T&E~~airline spend ~~category~~, asalthough ~~well~~we assaw ~~improved~~ airline spend. ~~U.S.~~soften ~~Consumer Services billed business grew 9 percent, with continued strength~~ in ~~spending~~the bylast ~~Millennial~~few ~~and~~weeks ~~Gen-Z~~of ~~Card~~the ~~Members~~quarter ~~as our products continue to resonate~~ with ~~these~~travel ~~cohorts.~~disruptions ~~Commercial Services billed business grew 4 percent, reflecting continued modest growth~~ from ~~U.S.~~the ~~small~~Middle ~~and~~East ~~mid-sized enterprise (SME) Card Members~~conflict. International Card Services billed business grew 14 percent (13 percent on an FX-adjusted basis), driven by continued strong growth in spend across all regions and customer types outside the United States.1 ~~Total~~Overall ~~spend continues to be driven by~~ transaction growth, upof 10 percent infor the quarter, areflects ~~good~~continued ~~indicator~~strong of engagement from our ~~customer base~~customers.

~~Total~~U.S. ~~revenues~~Consumer ~~net~~Services ofbilled ~~interest~~business ~~expense~~grew ~~increased~~10 11 percent, ~~year-over-year~~with oncontinued ~~both~~momentum ~~a reported and FX-adjusted basis.1 Growth~~ in ~~billed~~spending ~~business~~by ~~drove~~Millennial aand 7Gen-Z ~~percent~~Card ~~increase in Discount revenue~~Members, our largest ~~revenue~~and ~~line~~fastest-growing cohort. ~~Net~~Growth ~~card~~also ~~fee~~reflected ~~revenue~~engagement ~~growth~~across ~~moderated~~our ~~from~~premium ~~the~~card ~~prior~~portfolios, ~~quarter~~including ~~due~~an toacceleration ~~our~~in ~~previous~~U.S. ~~cycle~~Platinum ofspend. ~~product~~Commercial ~~refreshes.~~Services Inbilled ~~connection~~business ~~with~~grew ~~the~~4 ~~launch~~percent, ofreflecting ~~our~~continued ~~updated~~modest growth from U.S. ~~Consumer~~small and ~~Business~~mid-sized ~~Platinum~~enterprise ~~Cards,~~(SME) weCard ~~increased~~Members. ~~the~~Commercial ~~annual~~Services ~~card~~included ~~fee,~~billed ~~which~~business ~~will~~from besmall ~~applied~~business cobrand held-for-sale ~~existing~~portfolios, ~~Card~~which ~~Members~~will atbe ~~renewal~~exited ~~anniversaries~~over ~~after~~ the ~~applicable~~course ~~effective~~of ~~date and recognized over~~ the ~~annual card membership period~~year. ~~Service~~Billed ~~fees~~business ~~and~~for ~~other~~International ~~revenue~~Card ~~grew~~Services, atour anfastest-growing ~~elevated level~~segment, ~~reflecting~~grew ~~discrete~~20 ~~transactions~~percent in(13 ~~the~~percent ~~quarter.~~FX-adjusted), ~~Net~~driven ~~interest~~by ~~income~~continued ~~grew~~strong 12growth ~~percent,~~in ~~primarily~~spend ~~reflecting~~across ~~growth~~geographies inand ~~balances~~customer ~~and~~types ~~net~~outside ~~yield~~the ~~expansion~~United States.1

Total ~~Loans~~revenues ~~and~~net ~~Card~~of ~~Member~~interest ~~receivables~~expense increased 711 percent ~~year~~(10 percent FX-~~over-year,~~adjusted).1 Growth in ~~line~~billed ~~with~~business ~~recent~~drove ~~trends.~~a ~~Provisions~~9 ~~for~~percent ~~credit~~increase ~~losses~~in ~~decreased~~Discount revenue, ~~primarily~~our ~~due~~largest torevenue aline. ~~lower~~Net ~~reserve~~card ~~build~~fees ~~compared~~grew to18 ~~the~~percent, ~~prior~~reflecting ~~year,~~high ~~partially~~levels ~~offset~~of bynew ~~higher~~card ~~net~~acquisitions, ~~write-offs.~~strong ~~Net~~Card ~~write-off~~Member retention and ~~delinquency~~our ~~rates~~ongoing ~~remained~~cycle ~~stable~~of ~~and~~product ~~best-in-class,~~refreshes. ~~supported~~Net byinterest ~~our~~income ~~premium~~grew ~~global~~13 ~~customer base~~percent, ~~our~~primarily ~~strong~~reflecting ~~focus~~growth onin ~~risk~~balances ~~management~~ and ~~disciplined~~net ~~growth~~yield ~~strategy~~expansion.

Card ~~Member~~balances ~~rewards, Card Member services~~ and ~~Business~~Other ~~development~~loans ~~expenses,~~increased ~~which~~8 ~~are generally driven by volumes and usage~~percent, ~~collectively~~in ~~grew~~line ~~faster~~with ~~than~~recent ~~revenues~~trends. asProvisions afor ~~result~~credit oflosses ~~enhancements to our value propositions~~increased, ~~such~~primarily asdue ~~the expanded U.S. Platinum benefits,~~ to ~~drive~~higher ~~Card~~net ~~Member~~write-offs ~~engagement~~ and ~~acquire~~a ~~more~~lower ~~Card~~reserve ~~Members,~~release ~~and~~in the ~~mix~~current ~~shift~~period. ~~towards~~The ~~premium~~reserve ~~products.~~release ~~Marketing~~in ~~expense~~the ~~increased~~current 9period ~~percent~~was ~~year-over-year,~~primarily asdriven weby ~~continued~~a tosequential ~~invest~~decrease toin ~~acquire~~Card ~~high~~balances; ~~spending,~~reserves ~~high~~for credit~~-quality~~ ~~customers.~~losses ~~During~~reflect ~~the~~uncertainty ~~third~~in ~~quarter,~~the wemacroeconomic ~~acquired 3~~environment.2 ~~million~~Net ~~proprietary~~write-off ~~new~~and ~~cards.~~delinquency ~~Operating~~rates ~~expense~~remained ~~growth~~stable ~~continues~~and ~~to reflect our investments~~ best-in-class, ~~enterprise~~supported ~~risk~~by ~~management~~our ~~capabilities~~premium ~~and~~customer ~~technology to support business growth~~base. ~~We remain focused on driving marketing and operating expense efficiencies over time.~~

~~During~~Growth ~~the~~in ~~third~~Card ~~quarter~~Member rewards, weCard ~~maintained~~Member ~~our~~services ~~CET1~~and ~~capital~~Business ~~ratio~~development ~~within~~expenses ~~our~~were ~~target~~driven ~~range~~by ofvolumes, 10usage toand 11enhancements ~~percent~~we ~~and~~made ~~returned~~to ~~$2.9~~the ~~billion~~value propositions of ~~capital to~~ our ~~shareholders~~refreshed inU.S. ~~the~~Platinum ~~form~~cards. ofMarketing ~~share~~expense ~~repurchases~~was ~~and~~relatively ~~common~~flat ~~stock dividends~~year-over-year. We plan to continue to ~~return~~invest toin ~~shareholders~~growth ~~the~~initiatives, ~~excess~~including ~~capital~~acquiring wehigh ~~generate~~spending, ~~while~~high ~~managing~~credit-quality ~~our~~customers. ~~CET1~~Operating ~~capital~~expense ~~ratio~~growth ~~within~~continues ~~our~~to ~~target~~reflect ~~range~~our ~~and~~investments ~~supporting~~in ~~balance~~our ~~sheet~~colleagues ~~growth.~~and ~~Our~~technology ~~robust~~to ~~capital,~~support ~~funding~~business ~~and~~growth. ~~liquidity~~We ~~positions~~remain ~~provide~~focused uson ~~with~~driving ~~significant~~marketing ~~flexibility~~and tooperating ~~maintain~~expense aefficiencies ~~strong~~over ~~balance sheet~~time.

~~Our~~During ~~strong~~the ~~third~~first quarter, ~~performance~~we ~~continues~~maintained toour ~~give~~Common usEquity ~~confidence~~Tier in1 ~~our~~(CET1) ~~Membership-focused~~capital ~~business~~ratio ~~model~~within ~~and~~our ~~proven~~target ~~product~~range ~~refresh~~of ~~strategy~~10 asto we11 ~~navigate~~percent ~~the~~and ~~evolving~~returned ~~competitive landscape~~$2.3 ~~While~~billion ~~we recognize the uncertainty~~ of ~~the~~capital ~~geopolitical~~to ~~and~~our ~~macroeconomic~~shareholders ~~environment,~~in wethe ~~believe~~form ~~our~~of ~~differentiated~~share ~~business~~repurchases ~~model,~~and ~~which~~common ~~includes~~stock ~~our~~dividends. ~~global~~We ~~premium~~plan ~~customer~~to ~~base,~~continue ~~spend-~~to ~~and~~return ~~fee-centric~~to ~~revenue~~shareholders ~~mix~~the ~~and~~excess ~~operating~~capital ~~expense~~we ~~leverage,~~generate iswhile ~~resilient~~managing ~~and~~our ~~positions~~CET1 uscapital ~~well~~ratio towithin ~~navigate~~our atarget range ofand ~~economic~~supporting ~~environments.~~balance Wesheet ~~continue~~growth. toOur ~~manage~~robust ~~the company for the long term~~capital, ~~focusing~~funding onand ~~backing~~liquidity ~~our~~positions ~~customers~~provide ~~and~~us ~~colleagues,~~with ~~exercising~~significant ~~disciplined~~flexibility ~~expense~~to ~~management~~maintain ~~and~~a ~~strategically~~strong ~~investing~~balance ~~in our business~~sheet.

The resiliency of our differentiated business model and the strength and stability of our performance give us confidence to navigate evolving competition and a range of economic environments. While we recognize the uncertainty of the geopolitical and regulatory landscape, we continue to manage the company for the long term, focusing on backing our customers and colleagues, exercising disciplined expense management and strategically investing in our business.

See “Certain Legislative, Regulatory and Other Developments” for information on legislative and regulatory changes that could have a material adverse effect on our results of operations and financial condition and “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” for information on potential impacts of macroeconomic, geopolitical and competitive conditions and certain litigation and regulatory matters on our business.

1 The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency conversion into U.S. dollars (i.e., 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). FX-adjusted revenues is a non-GAAP measure. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

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Results of Operations

The discussions in both “Consolidated Results of Operations” and “Business Segment Results of Operations” provide commentary on the variances for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 compared to the same ~~periods~~period in the prior year, as presented in the accompanying tables. Our results for the nine months ended September 30, 2024 reflect the sale of Accertify Inc. (Accertify), which closed on May 1, 2024, and resulted in a gain of $531 million ($479 million after tax; $0.66 per share), which was reported as a reduction to Other expense in the second quarter of 2024.

Beginning in the first quarter of 2025, we made a presentation change to our Consolidated Statements of Income to consolidate Processed revenue within Service fees and other revenue and renamed Processed revenue to Network partnership revenue. Prior period amounts have been recast to conform to the current period presentation; there was no impact to Total non-interest revenues. Refer to Note 12 to the “Consolidated Financial Statements” for additional information.

Consolidated Results of Operations

Table 2: Total Revenues Net of Interest Expense Summary

Three Months EndedSeptember 30,

Change2025 vs. 2024

Nine Months EndedSeptember 30,

Change2025 vs. 2024

Three Months EndedMarch 31,

Change2026 vs. 2025

(Millions, except percentages)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Discount revenue

9,~~413~~512

8,~~780~~743

~~633~~769

~~27,517~~

~~26,015~~

~~1,502~~

Net card fees

2,~~551~~752

2,~~170~~333

~~381~~419

~~7,364~~

~~6,204~~

~~1,160~~

Service fees and other revenue

1,~~976~~951

1,~~680~~722

~~296~~229

1813

~~5,526~~

~~5,046~~

~~480~~

Total non-interest revenues

1314,~~940~~215

12,~~630~~798

1,~~310~~417

1011

~~40,407~~

~~37,265~~

~~3,142~~

Total interest income

6,~~617~~665

6,~~149~~135

~~468~~530

~~19,016~~

~~17,718~~

~~1,298~~

Total interest expense

21,~~131~~973

21,~~143~~966

~~(12)~~7

~~(1)~~—

~~6,174~~

~~6,213~~

~~(39)~~

~~(1)~~

Net interest income

4,~~486~~692

4,~~006~~169

~~480~~523

1213

~~12,842~~

~~11,505~~

~~1,337~~

Total revenues net of interest expense

18,~~426~~907

16,~~636~~967

1,~~790~~940

~~53,249~~

~~48,770~~

~~4,479~~

Total Revenues Net of Interest Expense

Discount revenue increased, ~~for~~driven ~~both~~by ~~the~~an ~~three~~increase ~~and~~in ~~nine~~billed ~~month~~business ~~periods~~of 10 percent, ~~primarily~~partially ~~driven~~offset by ~~increases~~lower inaverage ~~billed~~merchant ~~business~~discount ofrates 9primarily ~~percent~~due to shifts in geographic and 7merchant ~~percent,~~spend ~~respectively~~mix. See Tables 5 and 6 for more details on billed business performance.

Net card fees increased ~~for both the three and nine month periods~~, primarily driven by growth in our premium card portfolios. See Table 5 for more details on proprietary new card acquisitions, proprietary cards-in-force and average fee per card.

Service fees and other revenue increased ~~for both the three and nine month periods~~, primarily driven by ~~a gain related to an equity transaction by Global Business Travel Group, Inc., an equity method investee, resulting from its acquisition of CWT Holdings, LLC, as well as~~ increases in foreign ~~exchange~~-exchange related revenues associated with Card Member cross-currency spending, ~~and~~ network partnership ~~revenues.~~revenue and loyalty coalition-related fees.

Interest income increased ~~for both the three and nine month periods~~, primarily driven by growth in revolving loan balances, partially offset by lower interest rates.

Interest expense was relatively flat, ~~for~~reflecting ~~both~~growth ~~the~~in ~~three~~customer deposits and ~~nine~~long-term ~~month periods~~debt, ~~primarily~~offset ~~reflecting~~by lower interest rates paid on customer deposits~~, offset by growth in customer deposits and long-term debt~~.

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Table 3: Provisions for Credit Losses Summary

	Three Months Ended September 30,				Change2025 vs. 2024				Nine Months EndedSeptember 30,				Change2025 vs. 2024
	Three Months Ended March 31,				Change2026 vs. 2025
(Millions, except percentages)	~~2025~~2026		~~2024~~2025						~~2025~~		~~2024~~
Card Member loans
Card balances
Net write-offs	$	~~928~~1,213	$	~~853~~1,165	$	7548	94	%	$	~~2,861~~	$	~~2,621~~	$	~~240~~	9	%
Reserve build (release) (a)	~~102~~(26)		~~261~~(118)		~~(159)~~92		~~(61)~~78		~~164~~		~~477~~		~~(313)~~		~~(66)~~
Total	1,~~030~~187		1,~~114~~047		~~(84)~~140		~~(8)~~13		~~3,025~~		~~3,098~~		~~(73)~~		~~(2)~~
Card Member receivables
Net write-offs	183		187		(4)		(2)		536		609		(73)		(12)
Reserve build (release) (a)	7		(17)		24		#		26		(17)		43		#
Total	190		170		20		12		562		592		(30)		(5)
Other
Net write-offs — Other loans	4757		4655		12		24		~~153~~		~~134~~		19		14
Net write-offs — Other receivables	3		6		(3)		(50)		16		16		—		—
Net write-offs — Other	5		3		2		67
Reserve build (release) — Other loans (a)	15(9)		1450		1(59)		7#		92		28		64		#
Reserve (release) build — Other receivables (a)	2		6		(4)		(67)		(6)		25		(31)		#
Reserve build (release) — Other (a)	11		(5)		16		#
Total	6764		72103		(539)		(738)		~~255~~		~~203~~		52		26
Total provisions for credit losses	$	1,~~287~~251	$	1,~~356~~150	$	~~(69)~~101	~~(5)~~9	%	$	~~3,842~~	$	~~3,893~~	$	~~(51)~~	~~(1)~~	%
# Denotes a variance of 100 percent or more

(a)Refer to the “Glossary of Selected Terminology” for a definition of reserve build (release).

Provisions for Credit Losses

~~Card~~Provision ~~Member~~for ~~loans~~Card ~~provision~~balance ~~for~~ credit losses ~~decreased for both the three and nine month periods~~increased, primarily due to a lower reserve ~~builds~~release in the current ~~periods,~~period ~~partially~~and ~~offset by~~ higher net write-offs. The reserve ~~builds~~release in the current ~~periods~~period ~~were~~was primarily driven by ~~increases~~a insequential ~~loans~~decrease ~~outstanding~~in ~~and,~~Card ~~for~~balances. ~~the~~The ~~current~~reserves ~~nine~~reflect ~~month~~uncertainty ~~period, deterioration~~ in the macroeconomic ~~outlook~~environment. ~~used~~The ~~in our~~ reserve ~~models,~~release ~~partially~~for ~~offset by~~ the ~~release~~prior ofperiod areflected ~~reserve upon~~ the ~~reclassification~~quality of aour ~~small~~premium ~~business~~customer ~~cobrand~~base ~~portfolio~~and ~~to Card Member loans HFS from held for investment. The reserve builds in~~ the ~~prior~~macroeconomic ~~periods were primarily driven by increases in loans outstanding~~outlook.

~~Card~~Provision ~~Member receivables provision~~ for other credit losses ~~increased for the three month period~~decreased, primarily due to a lower reserve build in the current period ~~versus a reserve release in the prior period~~, partially offset by ~~lower~~higher net write-offs. ~~Card~~The ~~Member receivables provision for credit losses decreased for the nine month period, primarily due to lower net write-offs, partially offset by a~~ reserve build in the current period ~~versus~~was aprimarily ~~reserve~~related ~~release~~to inpartner ~~the prior period~~obligations. The reserve ~~builds~~build in the ~~current~~prior ~~periods~~period ~~were~~was primarily driven by ~~higher~~a ~~delinquencies~~sequential ~~and, for the current nine month period, deterioration in the macroeconomic outlook used in our reserve models and an~~ increase in ~~receivables~~other ~~outstanding.~~loans ~~The reserve releases in the prior periods were primarily driven by decreases in receivables~~ outstanding.

Other provision for credit losses decreased for the three month period, primarily due to a lower reserve build in the current period and lower net write-offs. Other provision for credit losses increased for the nine month period, primarily due to a higher reserve build in the current period and higher net write-offs. The reserve builds in the current periods were primarily driven by increases in other loans outstanding. The reserve builds in the prior periods were primarily driven by increases in other loans outstanding and, for the prior nine month period, a reserve related to amounts due from a merchant in bankruptcy.

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Table 4: Expenses Summary

Three Months Ended September 30,

Change2025 vs. 2024

Nine Months EndedSeptember 30,

Change2025 vs. 2024

Three Months Ended March 31,

Change2026 vs. 2025

(Millions, except percentages)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Card Member rewards

4,~~608~~891

4,~~168~~378

~~440~~513

1112

~~13,604~~

~~12,169~~

~~1,435~~

Business development

1,~~611~~591

1,~~430~~529

~~181~~62

134

~~4,729~~

~~4,249~~

~~480~~

Card Member services

1,~~477~~975

1,~~179~~328

~~298~~647

2549

~~4,106~~

~~3,504~~

~~602~~

Marketing

1,~~599~~480

1,~~470~~486

~~129~~(6)

9—

~~4,640~~

~~4,426~~

~~214~~

Salaries and employee benefits

2,~~239~~482

2,~~049~~120

~~190~~362

917

~~6,511~~

~~6,096~~

~~415~~

Other, net

1,~~780~~459

1,~~780~~646

—(187)

—(11)

~~5,112~~

~~4,294~~

~~818~~

Total expenses

13,~~314~~878

12,~~076~~487

1,~~238~~391

1011

~~38,702~~

~~34,738~~

~~3,964~~

Expenses

Card Member rewards expense increased ~~for both the three and nine month periods~~, driven by increases in Membership Rewards and cash back rewards expenses, collectively, of $~~270~~353 million ~~and $1~~,~~005~~ ~~million,~~ and cobrand rewards expense of $~~169~~160 million ~~and $429 million for the three and nine month periods~~, ~~respectively,~~ all of which were primarily driven by higher billed business. The increase in Membership Rewards expense was also driven by ~~spend~~changes ~~growth on our premium products in categories that earn incremental rewards, and, in the nine month period, by a benefit in the prior year from enhancements~~ to the ~~models that estimate future redemptions of~~ Membership ~~Reward~~Rewards ~~points~~program byfor U.S. ~~Card~~Business ~~Members.~~Platinum ~~The increase in cash back rewards expense also reflected the impact associated with a card product migration~~cards.

The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 97 percent (rounded up) and 96 percent (rounded down) atas ~~both~~of ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, respectively.

Business development expense increased ~~for both the three and nine month periods~~, primarily due to increased partner payments and higher client incentives and loyalty coalition-related costs, ~~both~~partially offset by a reserve release related to the allocation of ~~which~~revenue ~~were~~to ~~driven~~a byjoint ~~higher~~venture ~~network~~partner ~~volumes~~as a result of a final arbitration award.

Card Member services expense increased ~~for both the three and nine month periods~~, primarily due to higher usage of Card Member benefits, and the ~~introduction of~~ new U.S. Platinum benefits ~~and growth in premium card accounts~~.

Marketing expense ~~increased~~was ~~for~~relatively ~~both the three and nine month periods~~flat, ~~primarily~~reflecting ~~due~~consistent ~~to higher~~ levels of spending on customer acquisition and brand advertising.

Salaries and employee benefits expense increased ~~for both the three and nine month periods~~, primarily driven by higher compensation and incentive costs~~, partially offset by restructuring costs in the prior year~~.

Other expenses ~~were~~decreased, ~~flat~~primarily ~~for~~driven ~~the~~by ~~three~~a ~~month~~release ~~period~~of ~~and~~a ~~increased~~reserve ~~for~~associated ~~the~~with ~~nine~~international ~~month~~non-income ~~period.~~tax, ~~Both~~a ~~periods~~gain ~~reflected~~recognized ~~higher~~in ~~professional~~the ~~services~~current ~~and~~period ~~technology~~for ~~costs,~~the aremeasurement ~~prior-year release~~ of aour ~~reserve~~ownership ~~associated~~interest ~~with~~in aour ~~merchant~~Switzerland ~~exposure~~joint ~~for~~venture ~~Card~~(Swisscard ~~Member~~AECS ~~purchases~~GmbH) ~~and~~resulting ~~a one-time fee~~ from aour ~~partner~~purchase inof the ~~prior~~remaining ~~year,~~share ~~all~~of ~~offset~~the byjoint aventure ~~prior-year~~and ~~increase~~gains inon ~~legal~~Amex ~~reserves.~~Ventures ~~The~~investments, ~~nine~~partially ~~month~~offset ~~period~~by ~~also~~higher ~~reflected~~technology ~~the~~costs ~~gain~~and ~~recognized~~foreign-exchange inrelated ~~the prior year on the sale of Accertify~~losses.

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Income Taxes

The effective tax rate was 2421.14 percent and 2122.84 percent for the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, respectively~~, and 21~~.8 ~~percent~~The ~~and~~decrease ~~21.5~~in ~~percent for~~ the ~~nine months ended September 30, 2025 and 2024, respectively. The higher~~ effective tax rate ~~for the three and nine month periods~~ primarily reflected ~~implementation~~discrete ~~of the global minimum~~ tax ~~and~~benefits ~~a California tax law change that increased the proportion of income taxable~~ in ~~that state, largely offset for~~ the ~~nine~~current ~~month~~ period ~~by increased discrete tax benefits~~.

Table 5: Selected Card-Related Statistical Information

	As of or for theThree Months EndedSeptember 30,						Change2025vs.2024		As of or for theNine Months EndedSeptember 30,						Change2025vs.2024
	As of or for theThree Months EndedMarch 31,						Change2026vs.2025
	2025			2024					2025			2024
	2026			2025
Network volumes (billions)	$	~~479~~486.23		$	~~441~~439.06		911	%	$	~~1,390.8~~		$	~~1,300.8~~		7	%
Billed business	$	~~421~~428.0		$	387.34		910		$	~~1,224.7~~		$	~~1,142.5~~		7
Cards-in-force (millions)	~~151~~153.29			~~145~~147.5			4		~~151.2~~			~~145.5~~			4
Proprietary cards-in-force	8687.02			8284.96			43		~~86.0~~			~~82.9~~			4
Basic cards-in-force (millions)	~~127~~130.61			~~122~~124.42			45		~~127.6~~			~~122.4~~			4
Proprietary basic cards-in-force	6667.2			6365.71			43		~~66.2~~			~~63.7~~			4
Average proprietary basic Card Member spending (dollars)	$	6,~~387~~393		$	65,~~110~~987		57		$	~~18,751~~		$	~~18,224~~		3
Average fee per card (dollars) (a)	$	~~119~~127		$	~~105~~111		1314	%	$	~~116~~		$	~~101~~		15	%
Proprietary new cards acquired (millions)	3.21			3.34					~~9.6~~			~~10.0~~
Discount revenue as a % of Billed business	2.2422		%	2.2726		%			~~2.25~~		%	~~2.28~~		%

(a)Average fee per card is computed on an annualized basis based on proprietary Net card fees divided by average proprietary total cards-in-force.

Table 6: Network Volumes-Related Statistical Information

	Three Months EndedSeptember 30, 2025				Nine Months EndedSeptember 30, 2025
	Three Months EndedMarch 31, 2026
	Year over Year PercentageIncrease (Decrease)		Year over Year Percentage Increase (Decrease) Assuming No Changes in FX Rates (a)		~~Year over Year PercentageIncrease (Decrease)~~		~~Year over Year Percentage Increase (Decrease) Assuming No Changes in FX Rates (a)~~
Network volumes	911	%	89	%	7	%	7	%
Total billed business	910		89		7		7
U.S. Consumer Services	910				8
Commercial Services	4		4		3		3
International Card Services	1420		13		13		13
Merchant industry billed business metrics
G&S spend (73% and 72% of billed business for the three and ninemonths ended September 30, 2025, respectively)	9		9		7		8
G&S spend (71% of billed business)	10		8
T&E spend (27% and 28% of billed business for the three and ninemonths ended September 30, 2025, respectively)	8	%	8	%	6	%	6	%
T&E spend (29% of billed business)	12	%	9	%

(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of conversion into U.S. dollars (i.e., 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).

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Table 7: Selected Credit-Related Statistical Information

	As of or for the Three Months Ended September 30,						Change2025vs.2024		As of or for theNine Months EndedSeptember 30,						Change2025vs.2024
	As of or for the Three Months Ended March 31,						Change2026vs.2025
(Millions, except percentages)	~~2025~~2026			~~2024~~2025					~~2025~~			~~2024~~
Card Member loans and receivables:
Card balances	$	213,311		$	197,706		8	%
Net write-off rate — principal, interest and fees (a)	2.2		%	2.2		%			2.3		%	2.3		%
Net write-off rate — principal only — consumer and small business (a)(b)	1.9		%	1.9		%			2.0		%	2.1		%
30+ days past due as a % of total — consumer and small business (c)	1.3		%	1.3		%			1.3		%	1.3		%
Card Member loans:
Card Member loans	$	144,814		$	134,548		8	%	$	144,814		$	134,548		8	%
Credit loss reserves:
Beginning balance	$	5,767		$	5,321		8		$	5,679		$	5,118		11
Beginning reserves	$	6,089		$	5,850		4
Provisions — principal, interest and fees	1,~~030~~187			1,~~114~~047			~~(8)~~13		~~3,025~~			~~3,098~~			~~(2)~~
Net write-offs — principal less recoveries	(760)			(701)			8		(2,349)			(2,159)			9
Net write-offs — principal, interest and fees, less recoveries	(1,213)			(1,165)			4
Net write-offs — interest and fees less recoveries	(168)			(152)			11		(512)			(462)			11
Other (a)	1			8			(88)
Other (d)	(1)			6			#		25			(7)			#
Ending reserves	$	6,065		$	5,740		6
Ending balance	$	5,868		$	5,588		5		$	5,868		$	5,588		5
% of Card balances	2.8		%	2.9		%
% of loans	4.1		%	4.2		%			4.1		%	4.2		%
% of past due — consumer and small business	234		%	240		%
% of past due	286		%	297		%			286		%	297		%
Average Card balances	211,897			195,262			9	%
Average loans	$	143,974		$	132,956		8		$	141,085		$	128,652		10
Net write-off rate — principal, interest and fees (b)	2.3		%	2.4		%
Net write-off rate — principal, interest and fees (a)	2.6		%	2.6		%			2.7		%	2.7		%
Net write-off rate — principal only — consumer and small business (b)(c)	2.0		%	2.1		%
Net write-off rate — principal only (a)	2.1		%	2.1		%			2.2		%	2.2		%
30+ days past due as a % of total — consumer and small business	1.3		%	1.3		%
30+ days past due as a % of total	1.4		%	1.4		%			1.4		%	1.4		%
90+ days past billing as a % of total — corporate (d)	0.4		%	0.4		%
Card Member receivables:
Card Member receivables	$	61,023		$	59,042		3		$	61,023		$	59,042		3
Credit loss reserves:
Beginning balance	$	193		$	171		13		$	171		$	174		(2)
Provisions — principal and fees	190			170			12		562			592			(5)
Net write-offs — principal and fees less recoveries	(183)			(187)			(2)		(536)			(609)			(12)
Other (d)	—			2			#		3			(1)			#
Ending balance	$	200		$	156		28	%	$	200		$	156		28	%
% of receivables	0.3		%	0.3		%			0.3		%	0.3		%
Net write-off rate — principal and fees (a)	1.2		%	1.3		%			1.2		%	1.4		%
Net write-off rate — principal only — consumer and small business (a)(b)	1.3		%	1.4		%			1.3		%	1.6		%
30+ days past due as a % of total — consumer and small business (c)	1.0		%	0.9		%			1.0		%	0.9		%
# Denotes a variance of 100 percent or more

(a)WeOther ~~present~~includes aforeign ~~net~~currency ~~write-off~~translation ~~rate based on principal losses only (i~~adjustments.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

(b)AWe present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is ~~not~~to ~~available~~include uncollectible interest and/or fees as part of our total provision for ~~corporate~~credit ~~receivables~~losses, ~~due~~a tonet ~~system~~write-off ~~constraints~~rate including principal, interest and/or fees is also presented.

(c)~~For~~A ~~corporate~~net ~~receivables,~~write-off ~~delinquency~~rate ~~data is tracked~~ based on ~~days~~principal ~~past~~losses ~~billing~~only ~~status~~is ~~rather~~not ~~than~~available ~~days past due. Refer to Table 11~~ for ~~90+~~corporate ~~days~~Card ~~past~~balances ~~billing~~due ~~metrics~~to ~~for~~system ~~corporate receivables~~constraints.

(d)~~Other~~For ~~includes~~corporate ~~foreign~~Card ~~currency~~balances, ~~translation~~delinquency ~~adjustments~~data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card balance is classified as 90 days past billing. Corporate Card balances delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.

Table of Contents

Business Segment Results of Operations

U.S. Consumer Services

Table 8: USCS Selected Income Statement Data

Three Months EndedSeptember 30,

Change

Nine Months EndedSeptember 30,

Change

Three Months EndedMarch 31,

Change

(Millions, except percentages)

~~2025~~2026

~~2024~~2025

~~2025~~2026 vs. ~~2024~~2025

~~2025~~

~~2024~~

~~2025 vs. 2024~~

Revenues

Non-interest revenues

5,~~620~~803

5,~~028~~243

~~592~~560

1211

~~16,403~~

~~14,823~~

~~1,580~~

Interest income

4,~~025~~072

3,~~722~~763

~~303~~309

~~11,583~~

~~10,677~~

~~906~~

Interest expense

~~789~~751

~~806~~757

(176)

(21)

~~2,328~~

~~2,325~~

—

Net interest income

3,~~236~~321

23,~~916~~006

~~320~~315

1110

~~9,255~~

~~8,352~~

~~903~~

Total revenues net of interest expense

89,~~856~~123

78,~~944~~249

~~912~~874

~~25,658~~

~~23,175~~

~~2,483~~

Provisions for credit losses

~~734~~631

~~812~~631

~~(78)~~—

~~(10)~~—

~~2,194~~

~~2,245~~

~~(51)~~

~~(2)~~

Total revenues net of interest expense after provisions for credit losses

8,~~122~~493

7,~~132~~618

~~990~~875

1411

~~23,464~~

~~20,930~~

~~2,534~~

Expenses

Card Member rewards, business development and Card Member services

4,~~145~~605

3,~~570~~882

~~575~~723

1619

~~11,994~~

~~10,513~~

~~1,481~~

Marketing

~~825~~764

~~755~~765

70(1)

9—

~~2,390~~

~~2,238~~

~~152~~

Salaries and employee benefits and other operating expenses

1,~~300~~367

1,~~148~~239

~~152~~128

1310

~~3,820~~

~~3,347~~

~~473~~

Total expenses

6,~~270~~736

5,~~473~~886

~~797~~850

1514

~~18,204~~

~~16,098~~

~~2,106~~

Pretax segment income

1,~~852~~757

1,~~659~~732

~~193~~25

121

~~5,260~~

~~4,832~~

~~428~~

U.S. Consumer Services (USCS) issues a wide range of proprietary consumer cards and provides services to U.S. consumers, including travel and lifestyle services as well as banking and non-card financing products. USCS also manages our reservation and dining platform that provides digital tools for restaurants and venues and reservation bookings for diners and other registered users.

Total Revenues Net of Interest Expense

Non-interest revenues increased ~~for both the three and nine month periods~~, primarily driven by higher Discount revenue and Net card fees.

Discount revenue increased 910 percent ~~and 7 percent for the three and nine month periods~~, ~~respectively,~~ primarily driven by ~~increases~~an increase in U.S. consumer billed business. See Tables 5, 6, and 9 for more details on billed business performance.

Net card fees increased 1918 percent ~~and 20 percent for the three and nine month periods~~, ~~respectively,~~ primarily driven by growth in our premium card portfolios.

Service fees and other revenue ~~increased~~decreased 145 percent, ~~and~~primarily 11driven ~~percent~~by ~~for~~a ~~the~~prior ~~three~~year ~~and~~discrete ~~nine~~revenue ~~month~~adjustment ~~periods,~~related ~~respectively,~~to ~~primarily~~certain ~~driven~~cash byadvance ~~higher dining platform revenues~~fees, ~~cash~~partially ~~advance~~offset ~~fees~~by ~~and~~higher travel commissions and fees from our consumer travel business. ~~The increase in the nine month period was also driven by a discrete revenue adjustment in the current period related to certain cash advance fees from prior years.~~

Interest income increased ~~for both the three and nine month periods~~, primarily driven by growth in revolving loan balances, partially offset by lower interest rates.

Interest expense was relatively flat, ~~for~~reflecting ~~both~~lower ~~the~~interest ~~three and nine month periods~~rates, ~~reflecting~~offset aby ~~lower~~higher cost of funds due to ~~lower interest rates, offset by~~ segment net asset growth.

Provisions for Credit Losses

Provision for Card balance credit losses increased, primarily due to a lower reserve release in the current period, partially offset by lower net write-offs. The reserve release in the current period was primarily driven by a sequential decrease in Card balances. Our reserves for the prior period reflected the quality of our customer base and the macroeconomic outlook.

Provision for other credit losses decreased, primarily due to a lower reserve build in the current period, partially offset by higher net write-offs. The reserve build in the current period was primarily related to partner obligations. The reserve build in the prior period was primarily driven by a sequential increase in other loans outstanding.

Table of Contents

Provisions for Credit Losses

Card Member loans provision for credit losses decreased for both the three and nine month periods, primarily due to lower reserve builds in the current periods, partially offset by higher net write-offs. The reserve builds in the current periods were primarily driven by increases in loans outstanding and, for the current nine month period, deterioration in the macroeconomic outlook used in our reserve models. The reserve builds in the prior periods were primarily driven by increases in loans outstanding.

Card Member receivables provision for credit losses increased for the three month period, primarily due to a reserve build in the current period, versus a reserve release in the prior period, partially offset by lower net-write offs. Card Member receivables provision for credit losses decreased for the current nine month period, primarily due to lower net-write offs, partially offset by a reserve build in the current period, versus a reserve release in the prior period. The reserve builds in the current periods were primarily driven by higher delinquencies. The reserve releases in the prior periods were primarily driven by decreases in receivables outstanding and, for the prior nine month period, lower delinquencies.

Other provision for credit losses increased for both the three and nine month periods, primarily due to higher net write-offs and higher reserve builds in the current periods. The reserve builds in both current periods were primarily driven by increases in other loans outstanding.

Expenses

Total expenses increased ~~for both the three and nine month periods~~, primarily driven by higher Card Member ~~rewards~~services, Card Member ~~services~~rewards and Salaries and employee benefits and other operating expenses.

Card Member rewards expense increased ~~for both the three and nine month periods~~, primarily driven by increases in Membership Rewards, ~~cash back~~ and cobrand rewards expenses, ~~all~~both of which were primarily driven by higher billed business. The increase in Membership Rewards expense was also driven by spend growth on our premium products in categories that earn incremental rewards and, in the nine month period, by the above-mentioned benefit from enhancements to the U.S. URR models made in the prior year. The increase in cash back rewards expense also reflected the impact associated with a card product migration.

Business development expense increased ~~for both the three and nine month periods~~, primarily due to increased partner payments driven by higher billed business.

Card Member services expense increased ~~for both the three and nine month periods~~, primarily due to ~~higher usage of Card Member benefits, the introduction of~~ new U.S. Platinum benefits and ~~growth~~higher inusage ~~premium~~of ~~card~~Card ~~accounts~~Member benefits.

Salaries and employee benefits and other operating expenses increased ~~for both the three and nine month periods~~, primarily due to ~~increases~~an increase in allocated service costs and ~~higher~~ compensation costs.

Table of Contents

Table 9: USCS Selected Statistical Information

	As of or for the Three Months EndedSeptember 30,						Change2025vs.2024		As of or for the Nine Months EndedSeptember 30,						Change2025vs.2024
	As of or for the Three Months EndedMarch 31,						Change2026vs.2025
(Millions, except percentages and where indicated)	~~2025~~2026			~~2024~~2025					~~2025~~			~~2024~~
Billed business (billions)	$	~~177~~180.52		$	~~162~~164.3		910	%	$	~~518.3~~		$	~~480.8~~		8	%
Proprietary cards-in-force	4748.87			4546.78			54		~~47.8~~			~~45.7~~			5
Proprietary basic cards-in-force	3334.76			3233.10			5		~~33.7~~			~~32.1~~			5
Average proprietary basic Card Member spending (dollars)	$	5,~~291~~248		$	5,~~091~~014		45		$	~~15,634~~		$	~~15,313~~		2
Total segment assets	$	~~115~~119,~~330~~517		$	~~106~~110,~~201~~886		98		$	~~115,330~~		$	~~106,201~~		9
Card Member loans and receivables:
Total Card balances	$	110,849		$	102,896		8
Net write-off rate — principal, interest and fees (a)	2.3		%	2.4		%			2.4		%	2.6		%
Average Card balances	$	110,664		$	103,237		7	%
Net write-off rate — principal only (a)	1.8		%	1.9		%			2.0		%	2.1		%
Net write-off rate — principal, interest and fees (a)	2.4		%	2.7		%
30+ days past due as a % of total	1.3		%	1.3		%			1.3		%	1.3		%
Net write-off rate — principal only (a)	1.9		%	2.2		%
Card Member loans:
30+ days past due as a % of total	1.3		%	1.3		%
Total loans	$	94,142		$	86,752		9		$	94,142		$	86,752		9
Average loans	$	93,781		$	86,223		9		$	91,772		$	83,847		9
Net write-off rate — principal, interest and fees (a)	2.4		%	2.6		%			2.7		%	2.8		%
Net write-off rate — principal only (a)	2.0		%	2.1		%			2.1		%	2.2		%
30+ days past due as a % of total	1.4		%	1.4		%			1.4		%	1.4		%
Card Member receivables:
Total receivables	$	12,827		$	13,168		(3)	%	$	12,827		$	13,168		(3)	%
Net write-off rate — principal and fees (a)	0.9		%	1.2		%			0.8		%	1.3		%
Net write-off rate — principal only (a)	0.8		%	1.1		%			0.7		%	1.2		%
30+ days past due as a % of total	1.0		%	0.7		%			1.0		%	0.7		%

(a)Refer to Table 7 footnote (ab).

Table of Contents

Commercial Services

Table 10: CS Selected Income Statement Data

Three Months EndedSeptember 30,

Change2025 vs. 2024

Nine Months EndedSeptember 30,

Change2025 vs. 2024

Three Months EndedMarch 31,

Change2026 vs. 2025

(Millions, except percentages)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Revenues

Non-interest revenues

3,~~441~~408

3,~~304~~265

~~137~~143

~~10,128~~

~~9,831~~

~~297~~

Interest income

1,~~302~~345

1,~~142~~202

~~160~~143

1412

~~3,744~~

~~3,198~~

~~546~~

Interest expense

~~462~~432

~~448~~432

14—

3—

~~1,344~~

~~1,292~~

Net interest income

~~840~~913

~~694~~770

~~146~~143

2119

~~2,400~~

~~1,906~~

~~494~~

Total revenues net of interest expense

4,~~281~~321

34,~~998~~035

~~283~~286

~~12,528~~

~~11,737~~

~~791~~

Provisions for credit losses

~~332~~380

~~374~~329

~~(42)~~51

~~(11)~~16

~~1,021~~

~~1,078~~

~~(57)~~

~~(5)~~

Total revenues net of interest expense after provisions for credit losses

3,~~949~~941

3,~~624~~706

~~325~~235

~~11,507~~

~~10,659~~

~~848~~

Expenses

Card Member rewards, business development and Card Member services

1,~~730~~986

1,~~627~~746

~~103~~240

614

~~5,266~~

~~4,753~~

~~513~~

Marketing

~~313~~311

~~308~~337

5(26)

2(8)

~~981~~

~~959~~

Salaries and employee benefits and other operating expenses

~~816~~828

~~781~~787

3541

~~2,429~~

~~2,256~~

~~173~~

Total expenses

23,~~859~~126

2,~~716~~870

~~143~~256

~~8,676~~

~~7,968~~

~~708~~

Pretax segment income

~~1,090~~816

~~908~~836

~~182~~(20)

20(2)

~~2,831~~

~~2,691~~

~~140~~

Commercial Services (CS) issues a wide range of proprietary corporate and small business cards and provides services to U.S. businesses, including payment and expense management, banking and non-card financing products. CS also issues proprietary corporate cards and provides services to select global corporate clients.

Total Revenues Net of Interest Expense

Non-interest revenues increased ~~for both the three and nine month periods~~, primarily driven by higher Discount revenue and Net card fees.

Discount revenue increased 3 percent ~~and 2 percent for the three and nine month periods~~, ~~respectively,~~ primarily driven by ~~increases~~an increase in commercial billed business. See Tables 5, 6, and 11 for more details on billed business performance.

Net card fees increased 10 percent ~~and 11 percent for the three and nine month periods~~, ~~respectively,~~ primarily driven by growth in our premium card portfolios.

Service fees and other revenue increased 119 percent, ~~and~~primarily 2driven ~~percent~~by ~~for~~higher ~~the~~travel ~~three~~commissions and ~~nine month periods~~fees, ~~respectively,~~delinquency ~~primarily~~fees ~~driven~~and ~~by higher~~ foreign ~~exchange~~-exchange related revenues associated with Card Member cross-currency spending. ~~The increase in three month period was also driven by higher travel commissions and fees.~~

Interest income increased ~~for both the three and nine month periods~~, primarily driven by higher interest rates and growth in revolving loan balances.

Interest expense ~~increased~~was ~~for~~relatively ~~both~~flat, ~~the~~reflecting ~~three~~higher ~~and~~cost ~~nine~~of ~~month~~funds ~~periods,~~due ~~primarily~~to ~~driven by~~ segment net asset growth, ~~partially~~ offset by a lower ~~cost of funds due to lower~~ interest rates.

Provisions for Credit Losses

Provision for Card balance credit losses increased, primarily due to a reserve build in the current period versus a reserve release in the prior period and higher net write-offs. The reserve build in the current period was primarily driven by higher delinquencies. The reserve release in the prior period reflected the quality of our customer base.

Provision for other credit losses decreased, primarily due to a reserve release in the current period versus a reserve build in the prior period and lower net write-offs. The reserve release in the current period was primarily driven by the performance of small business loans. The reserve build in the prior period was primarily driven by a sequential increase in other loans outstanding.

Table of Contents

Provisions for Credit Losses

Card Member loans provision for credit losses decreased for both the three and nine month periods, primarily due to lower reserve builds in the current periods, partially offset by higher net write-offs. The reserve builds in the current periods were primarily driven by increases in loans outstanding and, for the current nine month period, deterioration in the macroeconomic outlook used in our reserve models, partially offset by the release of a reserve upon the reclassification of a small business cobrand portfolio to Card Member loans HFS. The reserve builds in the prior periods were primarily driven by increases in loans outstanding.

Card Member receivables provision for credit losses decreased for both the three and nine month periods, primarily due to lower net write-offs and reserve releases in the current periods, versus reserve builds in the prior periods. The reserve releases in the current periods were primarily driven by lower delinquencies.

Other provision for credit losses decreased for the three month period, primarily due to lower net write-offs. Other provision for credit losses increased for the nine month period, primarily due to a reserve build in the current period, versus a reserve release in the prior period, and higher net write-offs. The reserve build in the current nine month period was primarily driven by an increase in other loans outstanding.

Expenses

Total expenses increased, ~~for both the three and nine month periods. The increase in the three month period was~~ primarily driven by higher ~~Business development and~~ Card Member rewards, ~~expenses. The increase in the nine month period was primarily driven by higher~~ Card Member ~~rewards~~services, Business development and Salaries and employee benefits and other operating expenses.

Card Member rewards expense increased ~~for both the three and nine month periods~~, primarily driven by ~~increases~~higher in Membership Rewards ~~and~~expense ~~cobrand~~due ~~rewards~~to ~~expenses,~~changes ~~which~~to ~~were~~the ~~primarily driven by higher billed business. The increase in~~ Membership Rewards ~~expense~~program ~~was~~for ~~also~~U.S. ~~driven~~Business byPlatinum ~~spend~~cards ~~growth~~and onhigher ~~our~~billed ~~premium~~business, ~~products~~as inwell ~~categories~~as ~~that~~higher ~~earn~~cobrand ~~incremental~~ rewards ~~and,~~expense indriven ~~the nine month period,~~ by ~~the~~higher ~~above-mentioned~~billed ~~benefit from enhancements to the U~~business.S. ~~URR models made in the prior year.~~

Business development expense increased ~~for both the three and nine month periods~~, primarily due to higher client incentives ~~and increased partner payments~~, ~~both of~~ which were driven by higher billed business.

Card Member services expense increased ~~for both the three and nine month periods~~, primarily due to ~~growth~~the innew ~~premium~~U.S. ~~card~~Business ~~accounts,~~Platinum ~~contributing to a higher usage of business services~~ benefits.

Marketing expense ~~increased for both the three and nine month periods~~decreased, ~~primarily~~reflecting ~~due~~lower ~~to higher~~ levels of spending on ~~brand~~customer ~~advertising~~acquisitions and other growth initiatives.

Salaries and employee benefits and other operating expenses increased ~~for both the three and nine month periods~~, primarily due to ~~increases~~an increase in ~~compensation costs and~~ allocated service costs. ~~The increase in the three month period was partially offset by lower technology costs. The increase in the nine month period was also driven by higher litigation-related expenses.~~

Table of Contents

Table 11: CS Selected Statistical Information

	As of or for theThree Months EndedSeptember 30,						Change 2025 vs 2024		As of or for theNine Months EndedSeptember 30,						Change 2025 vs 2024
	As of or for theThree Months EndedMarch 31,						Change 2026 vs. 2025
(Millions, except percentages and where indicated)	~~2025~~2026			~~2024~~2025					~~2025~~			~~2024~~
Billed business (billions)	$	~~136~~134.34		$	~~131~~129.02		4	%	$	~~401.0~~		$	~~390.4~~		3	%
Proprietary cards-in-force	15.43			15.5			(1)		~~15.4~~			~~15.5~~			~~(1)~~
Average Card Member spending (dollars)	$	8,~~833~~793		$	8,~~474~~380		45		$	~~25,996~~		$	~~25,319~~		3
Total segment assets	$	6466,~~305~~076		$	5962,~~716~~012		87		$	~~64,305~~		$	~~59,716~~		8
Card Member loans and receivables:
Total Card balances	$	58,754		$	57,412		2
Net write-off rate — principal, interest and fees (a)	2.2		%	2.0		%			2.2		%	2.1		%
Average Card balances	$	57,283		$	55,538		3	%
Net write-off rate — principal only — small business (a)(b)	2.3		%	2.1		%			2.3		%	2.2		%
Net write-off rate — principal, interest and fees (a)	2.4		%	2.2		%
30+ days past due as a % of total — small business	1.5		%	1.4		%			1.5		%	1.4		%
Net write-off rate — principal only — small business (a)(b)	2.5		%	2.4		%
Card Member loans:
30+ days past due as a % of total — small business	1.6		%	1.5		%
Total loans	$	30,691		$	29,869		3		$	30,691		$	29,869		3
90+ days past billing as a % of total — corporate (b)	0.4		%	0.4		%
Average loans	$	30,548		$	29,428		4		$	30,705		$	27,979		10
Net write-off rate — principal, interest and fees (a)	3.1		%	2.6		%			3.0		%	2.7		%
Net write-off rate — principal only (a)	2.6		%	2.2		%			2.6		%	2.3		%
30+ days past due as a % of total	1.6		%	1.5		%			1.6		%	1.5		%
Card Member receivables:
Total receivables	$	26,688		$	26,341		1	%	$	26,688		$	26,341		1	%
Net write-off rate — principal and fees (a)	1.1		%	1.3		%			1.2		%	1.4		%
Net write-off rate — principal only — small business (a)(b)	1.5		%	1.8		%			1.8		%	2.0		%
30+ days past due as a % of total — small business	1.1		%	1.2		%			1.1		%	1.2		%
90+ days past billing as a % of total — corporate (b)	0.4		%	0.4		%			0.4		%	0.4		%

(a)Refer to Table 7 footnote (ab).

(b)~~For~~Refer corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to ~~the~~Table ~~account~~7 ~~becoming~~footnote ~~90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing~~(d). ~~Corporate receivables delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.~~

Table of Contents

International Card Services

Table 12: ICS Selected Income Statement Data

Three Months EndedSeptember 30,

Change

Nine Months EndedSeptember 30,

Change

Three Months EndedMarch 31,

Change

(Millions, except percentages)

~~2025~~2026

~~2024~~2025

~~2025~~2026 vs. ~~2024~~2025

~~2025~~

~~2024~~

~~2025 vs. 2024~~

Revenues

Non-interest revenues

3,~~034~~164

2,~~659~~646

~~375~~518

1420

~~8,627~~

~~7,644~~

~~983~~

Interest income

~~652~~728

~~588~~596

64132

1122

~~1,868~~

~~1,748~~

~~120~~

Interest expense

~~350~~360

~~311~~306

3954

1318

~~991~~

~~921~~

Net interest income

~~302~~367

~~277~~290

2577

927

~~877~~

~~827~~

Total revenues net of interest expense

3,~~336~~532

2,936

~~400~~596

1420

~~9,504~~

~~8,471~~

~~1,033~~

Provisions for credit losses

~~218~~238

~~158~~192

6046

3824

~~620~~

~~532~~

Total revenues net of interest expense after provisions for credit losses

3,~~118~~294

2,~~778~~744

~~340~~550

1220

~~8,884~~

~~7,939~~

~~945~~

Expenses

Card Member rewards, business development and Card Member services

1,~~512~~551

1,~~296~~312

~~216~~239

1718

~~4,276~~

~~3,801~~

~~475~~

Marketing

~~350~~332

~~287~~300

6332

2211

~~972~~

~~929~~

Salaries and employee benefits and other operating expenses

~~815~~630

~~740~~751

75(121)

10(16)

~~2,349~~

~~2,212~~

~~137~~

Total expenses

2,~~677~~513

2,~~323~~363

~~354~~150

156

~~7,597~~

~~6,942~~

~~655~~

Pretax segment income

~~441~~781

~~455~~381

~~(14)~~400

~~(3)~~# %

~~1,287~~

~~997~~

~~290~~

# Denotes a variance of 100 percent or more

International Card Services (ICS) issues a wide range of proprietary consumer, small business and corporate cards outside the United States. ICS also provides services to our international customers, including travel and lifestyle services, and manages certain international joint ventures and our loyalty coalition business.

On January 12, 2026, we acquired our partner’s interest in our Switzerland joint venture, resulting in Swisscard becoming a wholly owned subsidiary with its financial results reflected within the respective report lines across our financial statements. Prior to the acquisition date, we accounted for Swisscard under the equity method, with our share of Swisscard’s net income reported within Service fees and other revenue.

Total Revenues Net of Interest Expense

Non-interest revenues increased ~~for both the three and nine month periods~~, primarily driven by higher Discount revenue and Net card fees.

Discount revenue increased 1218 percent ~~and~~ (11 percent ~~for the three and nine month periods~~FX-adjusted), ~~respectively,~~ primarily reflecting ~~increases~~an increase in billed business. See Tables 5, 6, and 13 for more details on billed business performance.2

Net card fees increased 1922 percent ~~for~~(15 ~~both~~percent ~~the three and nine month periods~~FX-adjusted), primarily driven by growth in our premium card portfolios.2

Service fees and other revenue increased 1421 percent ~~and 12 percent for the three and nine month periods, respectively~~ (11 percent ~~for both the three and nine month periods on an~~ FX-adjusted ~~basis~~),. ~~primarily~~The ~~driven~~current byyear ~~increases~~reflected inhigher foreign -exchange related revenues associated with Card Member cross-currency spending, ~~higher~~including ~~loyalty~~such ~~coalition-related~~revenues ~~fees~~now ~~and~~included ~~higher income~~ from ~~equity~~Swisscard, ~~method~~and ~~investments~~higher ~~primarily~~loyalty coalition-related tofees. ~~the~~The ~~partial~~prior ~~sale~~year ofreflected arevenues ~~card~~previously ~~portfolio~~earned byfrom ~~one~~Swisscard ofas ~~our~~a joint ~~ventures~~venture.2

Interest income increased ~~for both the three and nine month periods~~, primarily driven by growth in revolving loan balances, partially offset by lower interest rates.

Interest expense increased ~~for both the three and nine month periods~~, primarily driven by a higher cost of funds due to segment net asset growth, partially offset by lower interest rates.

Provisions for Credit Losses

Provision for Card balance credit losses increased, primarily due to higher net write-offs, partially offset by a lower reserve build in the current period. The reserve builds in both periods were primarily driven by higher delinquencies.

2 Refer to footnote 1 on page 3 for details regarding foreign currency adjusted information.

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Provisions for Credit Losses

Card Member loans provision for credit losses increased for the three month period, primarily due to higher net write-offs and a reserve build in the current period, versus a reserve release in the prior period. Card Member loans provision for credit losses increased for the nine month period, primarily due to higher net write-offs and a higher reserve build in the current period. The reserve builds in the current periods were primarily driven by increases in loans outstanding.

Card Member receivables provision for credit losses increased for both the three and nine month periods, primarily due to higher net write-offs and reserve builds in the current periods, versus reserve releases in the prior periods. The reserve builds in the current periods were primarily driven by increases in receivables outstanding and, for the current nine month period, higher delinquencies.

Expenses

Total expenses increased ~~for both the three and nine month periods~~, primarily driven by higher Card Member rewards, ~~Salaries~~ and ~~employee benefits and other expenses and Marketing expenses. The increase in the nine month period was also driven by higher~~ Card Member services expenses.

Card Member rewards expense increased ~~for both the three and nine month periods~~, primarily driven by increases in ~~cobrand~~Membership ~~rewards~~Rewards and ~~Membership~~cobrand ~~Rewards~~rewards expenses, both of which were primarily driven by higher billed business.

Business development expense ~~increased~~decreased, ~~for~~primarily ~~both~~due ~~the~~to ~~three~~a ~~and~~reserve ~~nine~~release ~~month~~related ~~periods,~~to ~~primarily~~the ~~due~~allocation of revenue to ~~higher~~a ~~loyalty~~joint ~~coalition-related~~venture ~~costs~~partner ~~and~~as ~~increased~~a ~~partner~~result ~~payments~~of ~~driven~~the final arbitration award, partially offset by higher ~~billed~~loyalty ~~business~~coalition-related costs.

Card Member services expense increased ~~for both the three and nine month periods~~, primarily due to growth in premium card accounts, contributing to a higher usage of travel-related benefits.

Marketing expense increased ~~for both the three and nine month periods~~, reflecting higher levels of spending on customer acquisition and other growth initiatives, including such expenses now included from Swisscard.

Salaries and employee benefits and other operating expenses ~~increased~~decreased, ~~for~~primarily ~~both~~driven ~~the~~by ~~three~~a ~~and~~release ~~nine~~of ~~month~~a ~~periods,~~reserve ~~primarily~~associated ~~driven~~with byinternational ~~a one~~non-~~time~~income ~~fee~~tax ~~from~~and athe ~~partner~~previously inmentioned gain on acquisition of the ~~prior~~remaining ~~year~~share ~~and~~of Swisscard, partially offset by higher allocated service costs and increased compensation costs, including such expenses now included from Swisscard.

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Table 13: ICS Selected Statistical Information

	As of or for theThree Months EndedSeptember 30,						Change2025vs.2024		As of or for theNine Months EndedSeptember 30,						Change2025vs.2024
	As of or for theThree Months EndedMarch 31,						Change2026vs.2025
(Millions, except percentages and where indicated)	~~2025~~2026			~~2024~~2025					~~2025~~			~~2024~~
Billed business (billions)	$	~~106~~111.97		$	9392.69		1420	%	$	~~303.6~~		$	~~269.2~~		13	%
Proprietary cards-in-force	2223.82			2122.73			54		~~22.8~~			~~21.7~~			5
Proprietary basic cards-in-force	17.04			16.27			54		~~17.0~~			~~16.2~~			5
Average proprietary basic Card Member spending (dollars)	$	6,~~307~~452		$	5,~~829~~619		815		$	~~18,136~~		$	~~16,956~~		7
Total segment assets	$	4750,~~253~~180		$	4342,~~073~~620		1018		$	~~47,253~~		$	~~43,073~~		10
Card Member loans and receivables:
Total Card balances	$	43,708		$	37,398		17
Net write-off rate — principal, interest and fees (a)	2.0		%	1.8		%			1.9		%	2.0		%
Average Card balances	$	43,950		$	36,487		20	%
Net write-off rate — principal only — consumer and small business (a)(b)	1.8		%	1.7		%			1.8		%	1.9		%
Net write-off rate — principal, interest and fees (a)	2.0		%	1.8		%
30+ days past due as a % of total — consumer and small business	1.1		%	1.0		%			1.1		%	1.0		%
Net write-off rate — principal only — consumer and small business (a)(b)	1.8		%	1.7		%
Card Member loans — consumer and small business:
30+ days past due as a % of total — consumer and small business	1.2		%	1.1		%
Total loans	$	19,981		$	17,927		11		$	19,981		$	17,927		11
90+ days past billing as a % of total — corporate (b)	0.4		%	0.4		%
Average loans	$	19,645		$	17,305		14		$	18,608		$	16,826		11
Net write-off rate — principal, interest and fees (a)	2.5		%	2.4		%			2.4		%	2.5		%
Net write-off rate — principal only (a)	2.1		%	2.0		%			2.0		%	2.1		%
30+ days past due as a % of total	1.2		%	1.2		%			1.2		%	1.2		%
Card Member receivables:
Total receivables	$	21,508		$	19,533		10	%	$	21,508		$	19,533		10	%
Net write-off rate — principal and fees (a)	1.5		%	1.3		%			1.4		%	1.5		%
Net write-off rate — principal only — consumer and small business (a)(b)	1.6		%	1.4		%			1.5		%	1.6		%
30+ days past due as a % of total — consumer and small business	1.0		%	0.9		%			1.0		%	0.9		%
90+ days past billing as a % of total — corporate (b)	0.3		%	0.4		%			0.3		%	0.4		%

(a)Refer to Table 7 footnote (ab).

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Global Merchant and Network Services

Table 14: GMNS Selected Income Statement and Other Data

Three Months EndedSeptember 30,

Change 2025 vs. 2024

Nine Months EndedSeptember 30,

Change 2025 vs. 2024

Three Months EndedMarch 31,

Change 2026 vs. 2025

(Millions, except percentages and where indicated)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Revenues

Non-interest revenues

1,~~782~~825

1,~~667~~660

~~115~~165

710

~~5,200~~

~~5,006~~

~~194~~

Interest income

910

1112

(2)

(1817)

~~(10)~~

~~(24)~~

Interest expense

(~~181~~169)

(~~169~~143)

(1226)

(718)

~~(489)~~

~~(543)~~

Net interest income

~~190~~180

~~180~~155

1025

616

~~520~~

~~584~~

~~(64)~~

~~(11)~~

Total revenues net of interest expense

12,~~972~~004

1,~~847~~815

~~125~~189

710

~~5,720~~

~~5,590~~

~~130~~

Provisions for credit losses

10(2)

~~(5)~~6

~~(50)~~#

~~(28)~~

~~(78)~~

Total revenues net of interest expense after provisions for credit losses

12,~~967~~000

1,~~837~~817

~~130~~183

710

~~5,712~~

~~5,554~~

~~158~~

Expenses

Business development and Card Member services

~~298~~306

~~269~~283

2923

118

~~869~~

~~826~~

Marketing

~~105~~65

~~112~~76

(711)

(614)

~~277~~

~~281~~

~~(4)~~

~~(1)~~

Salaries and employee benefits and other operating expenses

~~524~~514

~~465~~468

5946

1310

~~1,482~~

~~902~~

~~580~~

Total expenses

~~927~~885

~~846~~827

8158

107

~~2,628~~

~~2,009~~

~~619~~

Pretax segment income

1,~~040~~115

~~991~~990

49125

513

~~3,084~~

~~3,545~~

~~(461)~~

~~(13)~~

Network volumes (billions)

~~479~~486.23

~~441~~439.06

3847

911

~~1,390.8~~

~~1,300.8~~

Total segment assets

1819,~~879~~353

1718,~~739~~083

~~18,879~~

~~17,739~~

# Denotes a variance of 100 percent or more

Global Merchant and Network Services (GMNS) operates a global payments network that processes and settles card transactions, acquires merchants and provides multi-channel marketing programs and capabilities, services and data analytics, leveraging our global integrated network. GMNS manages our partnership relationships with third-party card issuers, merchant acquirers and a prepaid reloadable and gift card program manager, licensing the American Express brand and extending the reach of the global network.

Total Revenues Net of Interest Expense

Non-interest revenues increased ~~for both the three and nine month periods~~, primarily driven by higher ~~Discount~~Service ~~revenue~~fees and ~~Service~~other ~~fees~~revenue and ~~other~~Discount revenue.

Discount revenue increased 57 percent ~~and 4 percent for the three and nine month periods~~, ~~respectively, primarily~~ driven by ~~increases~~an increase in billed business, partially offset by lower average merchant discount rates, primarily due to shifts in geographic and merchant spend mix. See Tables 5 and 6 for more details on billed business performance.

Service fees and other revenue increased 1014 percent ~~and 4 percent for the three and nine month periods~~, ~~respectively,~~ primarily driven by increases in network partnership revenues and foreign -exchange related revenues associated with Card Member cross-currency spending~~, partially offset in the nine month period by Accertify revenues included in the prior year~~.

GMNS receives an interest expense credit relating to internal transfer pricing due to its merchant payables. Net interest income increased, ~~for the three month period and decreased for the nine month period. The increase in the three month period was~~ primarily due to a higher interest expense credit, which was primarily driven by an increase in average merchant payables, partially offset by lower interest rates in international markets. ~~The decrease in the nine month period was primarily due to a lower interest expense credit, primarily driven by lower interest rates in international markets.~~

Expenses

Total expenses increased, primarily driven by higher Salaries and employee benefits and other operating expenses.

Business development expense increased, primarily due to increased partner payments driven by higher network volumes.

Marketing expense decreased, primarily due to lower spend on merchant engagement and other growth initiatives.

Salaries and employee benefits and other operating expenses increased, primarily driven by higher compensation costs.

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Expenses

Total expenses increased for both the three and nine month periods, primarily driven by higher Salaries and employee benefits and other expenses.

Business development expense increased for both the three and nine month periods, primarily due to increased partner payments driven by higher volumes.

Marketing expense decreased for the three month period and was relatively flat for the nine month period, primarily due to management decisions regarding the timing of spend on merchant engagement and other growth initiatives.

Salaries and employee benefits and other expenses increased for both the three and nine month periods. The increase in the three month period was primarily driven by a prior-year release of a reserve associated with a merchant exposure for Card Member purchases, as well as an increase in legal reserves, partially offset by a decrease in allocated service costs. The increase in the nine month period was primarily driven by the gain in the prior year recognized on the sale of Accertify included in the Other, net component of operating expenses.

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Corporate & Other

Corporate functions and certain other businesses are included in Corporate & Other.

Corporate & Other pretax loss was $~~598~~691 million and $~~809~~609 million for the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024, respectively, and $1.8 billion and $1.9 billion for the nine months ended September 30,~~ 2025 ~~and 2024~~, respectively. The ~~decreases~~increase in the pretax loss ~~for~~was ~~both periods were~~ primarily driven by ahigher ~~prior-year~~compensation ~~increase in legal reserves~~ and ~~the previously~~foreign-~~mentioned~~exchange ~~gain related to an equity transaction by Global Business Travel Group~~losses, ~~Inc., an equity method investee,~~ partially offset by ~~increases~~gains inon ~~the~~Amex ~~value~~Ventures ~~of deferred compensation liabilities~~investments.

CONSOLIDATED CAPITAL RESOURCES AND LIQUIDITY

Our balance sheet management objectives are to maintain:

•A solid and flexible equity capital profile;

•A broad, deep and diverse set of funding sources to finance our assets and meet operating requirements; and

•Liquidity programs that enable us to continuously meet expected future financing obligations and business requirements for at least a twelve month period under a variety of adverse circumstances.

We continue to see volatility in the capital markets due to a variety of factors and manage our balance sheet to reflect evolving circumstances.

Capital

We believe capital allocated to growing businesses with a return on risk-adjusted equity in excess of our costs will generate shareholder value. Our objective is to retain sufficient levels of capital generated through net income and other sources, such as the issuance of subordinated debt and preferred shares, as well as the exercise of stock options by colleagues, to maintain a strong balance sheet, provide flexibility to support future business growth, and distribute excess capital to shareholders through dividends and share repurchases. See “Dividends and Share Repurchases” below.

We seek to maintain capital levels and ratios in excess of our minimum regulatory requirements, specifically within a 10 to 11 percent target range for American Express Company’s ~~Common Equity Tier 1 (~~CET1) risk-based capital ratio.

We maintain certain flexibility to shift capital across our businesses as appropriate. For example, we may infuse additional capital into subsidiaries to maintain capital at targeted levels in consideration of debt ratings and regulatory requirements. These infused amounts can affect the capital and liquidity positions at American Express Company or at our subsidiaries.

We report our capital ratios using the Basel III capital definitions and the Basel III standardized approach for calculating risk-weighted assets.

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The following table presents our regulatory risk-based capital and leverage ratios and those of American Express National Bank (AENB), as of ~~September~~March 3031, ~~2025~~2026:

Table 15: Regulatory Risk-Based Capital and Leverage Ratios

	Effective Minimum (a)		Ratios as of ~~September~~March 3031, ~~2025~~2026
Risk-Based Capital
Common Equity Tier 1	7.0	%
American Express Company			10.5	%
American Express National Bank			11.0
Tier 1	8.5
American Express Company			11.1
American Express National Bank			11.0
Total	10.5
American Express Company			13.12
American Express National Bank			13.1
Tier 1 Leverage	4.0
American Express Company			9.57
American Express National Bank			8.57
Supplementary Leverage Ratio	3.0	%
American Express Company			8.12
American Express National Bank			7.23	%

(a)Represents Basel III minimum requirements and applicable regulatory buffers as defined by the federal banking regulators, which includes the stress capital buffer (SCB) for American Express Company and the capital conservation buffer for AENB.

The following table presents American Express Company’s regulatory risk-based capital and risk-weighted assets as of ~~September~~March 3031, ~~2025~~2026:

Table 16: Regulatory Risk-Based Capital Components and Risk-Weighted Assets

American Express Company($ in Millions)	~~September~~March 3031, ~~2025~~2026
Risk-Based Capital
Common Equity Tier 1	$	2627,~~222~~523
Tier 1 Capital	2729,~~848~~141
Tier 2 Capital	45,~~915~~570
Total Capital	3234,~~763~~711
Risk-Weighted Assets	~~250~~262,~~642~~924
Average Total Assets to calculate the Tier 1 Leverage Ratio	~~292~~301,~~875~~879
Total Leverage Exposure to calculate the Supplementary Leverage Ratio	$	~~344~~356,~~532~~176

The following are definitions for our regulatory risk-based capital and leverage ratios, which are calculated as per standard regulatory guidance:

Risk-Weighted Assets — Assets are weighted for risk according to a formula used by the Federal Reserve to conform to capital adequacy guidelines. On- and off-balance sheet items are risk weighted, with off-balance sheet items converted to balance sheet equivalents, using risk conversion factors, before being assigned a risk weight. Off-balance sheet exposures comprise a minimal part of the total risk-weighted assets.

Common Equity Tier 1 Risk-Based Capital Ratio — Calculated as CET1 capital, divided by risk-weighted assets. CET1 capital is common shareholders’ equity, adjusted for ineligible goodwill and intangible assets and certain deferred tax assets.

Tier 1 Risk-Based Capital Ratio — Calculated as Tier 1 capital divided by risk-weighted assets. Tier 1 capital is the sum of CET1 capital, preferred shares and third-party non-controlling interests in consolidated subsidiaries, adjusted for capital held by insurance subsidiaries. We have $1.6 billion of preferred shares outstanding to help address a portion of the Tier 1 capital requirements in excess of common equity requirements.

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Total Risk-Based Capital Ratio — Calculated as the sum of Tier 1 capital and Tier 2 capital, divided by risk-weighted assets. Tier 2 capital is the sum of the allowable allowance for credit losses and $12,~~750~~250 million of eligible subordinated notes, adjusted for capital held by insurance subsidiaries. The $12,~~750~~250 million of eligible subordinated notes includes the $500 million subordinated debt issued in February 2026, the $500 million subordinated debt issued in April 2024, the $500 million subordinated debt issued in July 2023 and the $750 million subordinated debt issued in May 2022.

Tier 1 Leverage Ratio — Calculated as Tier 1 capital divided by average total consolidated assets for the most recent quarter. Average total consolidated assets ~~are~~reflect ~~net~~quarterly ofaverage ~~amounts~~assets ~~that~~adjusted ~~are~~for ~~deducted~~applicable regulatory deductions from Tier 1 capital.

Supplementary Leverage Ratio — 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~~adjusted offor ~~amounts~~applicable ~~that~~regulatory ~~are~~deductions ~~deducted~~ from Tier 1 capital.

We continue to include accumulated other comprehensive income (loss) in regulatory capital.

We are subject to an annual supervisory stress ~~test~~testing conducted by the Federal Reserve. We submitted our annual capital plan to the Federal Reserve in April ~~2025~~2026. On ~~August~~February 294, ~~2025~~2026, the Federal Reserve ~~confirmed~~announced ~~our~~that it is maintaining SCB ~~requirement~~requirements for firms at ~~2.5~~their ~~percent,~~current ~~resulting~~levels inuntil 2027. As a ~~minimum~~result, ~~CET1~~absent ~~ratio~~further ofaction 7from ~~percent~~the Federal Reserve, ~~effective~~we ~~from~~will ~~October~~continue 1,to ~~2025~~be subject to our current SCB requirement of 2.5 percent through September 30, ~~2026~~2027.

Dividends and Share Repurchases

We return capital to common shareholders through dividends and share repurchases. The share repurchases reduce common shares outstanding and generally more than offset the issuance of new shares as part of employee compensation plans.

During the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, we returned $2,~~906~~316 million ~~and $6,131 million, respectively,~~ to our shareholders in the form of share repurchases of $21,~~338~~664 million and ~~$4,412 million, respectively, and~~ common stock dividends of $~~567~~652 million ~~and $1,719 million, respectively~~. We repurchased 75.3 million common shares at an average price of $~~315~~311.2604 in the ~~third~~first quarter of ~~2025~~2026. These share repurchase and common stock dividend amounts collectively represent approximately ~~101~~78 percent ~~and 74 percent~~ of net income available to common shareholders during the three ~~and~~months ~~nine~~ended ~~month~~March ~~periods~~31, ~~respectively~~2026.

In addition, during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, we paid $14 million ~~and $43 million, respectively,~~ in dividends on non-cumulative perpetual preferred shares outstanding.

Funding Strategy

Our principal funding objective is to maintain broad and well-diversified funding sources to allow us to finance our global businesses and to maintain a strong liquidity profile. Our funding strategy and activities are integrated into our asset-liability management activities. We have in place a funding policy covering American Express Company and all of our subsidiaries.

We aim to satisfy our financing needs with a diverse set of funding sources. The diversity of funding sources by type of instrument, by tenor and by investor base, among other factors, mitigates the impact of disruptions in any one type of instrument, tenor or investor. We seek to achieve diversity and cost efficiency in our funding sources by maintaining scale and market relevance in deposits, unsecured debt and asset securitizations and access to secured borrowing facilities and a committed bank credit facility. In particular, we are focused on continuing to grow our direct deposit program as a funding source.

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Summary of Consolidated Debt

We had the following customer deposits and consolidated debt outstanding as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025:

Table 17: Summary of Customer Deposits and Consolidated Debt

(Billions)	~~September~~March 3031, ~~2025~~2026		December 31, ~~2024~~2025
Customer deposits	$	~~149~~157.9	$	~~139~~152.45
Short-term borrowings	1.47		1.4
Long-term debt	5758.8		4956.74
Total customer deposits and debt	$	~~209~~218.14	$	~~190~~210.53

We may redeem from time to time certain debt securities prior to the original contractual maturity dates in accordance with the optional redemption provisions of those debt securities.

Our funding needs are driven by, among other factors, maturing obligations, our liquidity position and the pace of growth in our ~~loans~~Card balances and ~~receivables~~Other ~~balances~~loans. Actual funding activities can vary due to various factors, such as future business growth, liquidity ~~needs~~requirements, the impact of global economic, political and other events on market capacity, demand for securities offered by us, regulatory changes, ability to securitize and sell ~~loans~~Card ~~and receivables~~balances, and the performance of ~~loans~~Card ~~and~~balances ~~receivables~~ previously sold in securitization transactions. Many of these factors are beyond our control.

~~We issued $19.5 billion of debt during the nine months ended September 30, 2025, consisting of $13.1 billion of unsecured debt and $6.4 billion of asset-backed securities.~~ The following table presents our debt issuances for the three months ended ~~September~~March 3031, ~~2025~~2026:

Table 18: Debt Issuances

($ in Billions)	Three Months ~~EndedSeptember~~EndedMarch 3031, ~~2025~~2026
American Express Company:
Floating Rate Senior Notes (compounded SOFR(a) plus 81 basis points)	$	0.8
Floating Rate Senior Notes (compounded SOFR(a) plus 59 basis points)	$	0.7
Fixed-to-Floating Rate Senior Notes (weighted-average coupon of 4.66% during the fixed rate period and compounded SOFR(a) plus weighted-average spread of 103 basis points during the floating rate period)	3.3
Fixed-to-Floating Rate Senior Notes (weighted-average coupon of 4.20% during the fixed rate period and compounded SOFR(a) plus weighted-average spread of 70 basis points during the floating rate period)	2.4
American Express Credit Account Master Trust:
Fixed-to-Fixed Rate Subordinated Notes (coupon of 5.41% during the initial fixed rate period and five-year Treasury rate plus 115 basis points during the reset period)	0.5
Fixed Rate Class A Certificates (weighted-average coupon of 4.38%)	2.5
Total	$	3.5
Total	$	6.5

(a)Secured overnight financing rate (SOFR).

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Our equity capital and funding strategies are designed, among other things, to maintain appropriate and stable unsecured debt ratings from the major credit rating agencies: Moody’s Investor Services (Moody’s), Standard & Poor’s (S&P) and Fitch Ratings (Fitch). Such ratings help support our access to cost-effective unsecured funding as part of our overall funding strategy. Our asset securitization activities are rated separately.

Table 19: Unsecured Debt Ratings

American Express Entity

Moody’s

S&P

Fitch

American Express Company

Long Term

A-

Short Term

N/R

A-2

Outlook

Stable

American Express Travel Related Services Company, Inc.

Long Term

Short Term

P-1

A-1

Outlook

Stable

American Express National Bank

Long Term

A+

Short Term

P-1

A-1

Outlook

Stable

American Express Credit Corporation

Long Term

Short Term

N/R

Outlook

Stable

These ratings are not a recommendation to buy or hold any of our securities and they may be revised or revoked at any time at the sole discretion of the rating organization.

Downgrades in the ratings of our unsecured debt or asset securitization program securities could result in higher funding costs, as well as higher fees related to borrowings under our unused credit facilities. Declines in credit ratings could also reduce our borrowing capacity in the unsecured debt and asset securitization capital markets. We believe our funding mix, including the proportion of U.S. direct deposits insured by the Federal Deposit Insurance Corporation (FDIC) to total funding, should reduce the impact that credit rating downgrades would have on our funding capacity and costs.

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Deposit Programs

We offer deposits within our U.S. bank subsidiary, AENB. These funds are currently insured up to an amount that is at least $250,000 per depositor, per ownership category through the FDIC; as of ~~September~~March 3031, ~~2025~~2026, approximately 92 percent of these deposits were insured. Our ability to obtain deposit funding and offer competitive interest rates is dependent on, among other factors, the capital level of AENB. The direct deposit program offered by AENB is our primary deposit product channel, which makes FDIC-insured high-yield savings account, certificates of deposit (CDs), business checking and consumer ~~rewards~~ checking account products available directly to customers. As of ~~September~~March 3031, ~~2025~~2026, our direct deposit program had approximately 34.83 million accounts. AENB also sources deposits through third-party distribution channels as needed to meet our overall funding objectives. CDs carry stated maturities while high-yield savings account, checking account and third-party sweep deposit products do not. We manage the duration of our maturing obligations, including CDs, to reduce concentration and refinancing risk.

As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, we had $~~149~~157.9 billion and $~~139~~152.45 billion, respectively, in deposits. Refer to Note 6 to the “Consolidated Financial Statements” for a further description of these deposits and scheduled maturities of certificates of deposits.

The following ~~tables~~table ~~set~~sets forth the average interest rates we paid on different types of deposits during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025. The change in the average interest rate we paid on our interest-bearing deposits compared to the prior year was primarily due to the impact of lower market interest rates offered for savings deposits.

Table 20: Average Interest Rates Paid on Deposits

	Three Months Ended September 30,
	Three Months Ended March 31,
	2025						2024
	2026						2025
(Millions, except percentages)	Average Balance		Interest Expense		Average Interest Rate (a)		Average Balance		Interest Expense		Average Interest Rate (a)
Savings accounts	$	~~113~~118,~~934~~881	$	~~1,003~~955	3.53	%	$	~~103~~110,~~602~~749	$	1,~~089~~012	43.27	%
Checking accounts	23,~~649~~128		813		1.26		12,~~731~~188		67		1.4
Certificates of deposit:
Direct	46,~~914~~653		4862		3.98		4,~~831~~261		5243		4.31
Third-party (brokered)	119,~~875~~788		~~132~~104		4.43		79,~~899~~236		8398		4.23
Sweep accounts — Third-party (brokered)	15,~~431~~534		~~180~~152		4.60		15,~~194~~443		~~215~~177		54.6
Total U.S. interest-bearing deposits	$	~~148~~153,~~803~~985	$	1,~~370~~286	3.74	%	$	~~133~~141,~~257~~877	$	1,~~445~~337	4.3.8	%
	Nine Months Ended September 30,
	2025						2024
(Millions, except percentages)	Average Balance		Interest Expense		Average Interest Rate (a)		Average Balance		Interest Expense		Average Interest Rate (a)
Savings accounts	$	112,430	$	3,026	3.6	%	$	99,855	$	3,154	4.2	%
Checking accounts	2,417		29		1.6		1,577		16		1.4
Certificates of deposit:
Direct	4,577		136		4.0		5,114		162		4.2
Third-party (brokered)	10,727		353		4.4		10,212		312		4.1
Sweep accounts — Third-party (brokered)	15,414		536		4.6		15,395		651		5.6
Total U.S. interest-bearing deposits	$	145,565	$	4,080	3.7	%	$	132,153	$	4,295	4.3	%

(a)Average interest rate reflects interest expense divided by average deposits, computed on an annualized basis.

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Liquidity Management

Our liquidity objective is to maintain access to a diverse set of on- and off-balance sheet liquidity sources. We seek to maintain liquidity sources in amounts sufficient to meet our expected future financial obligations and business requirements for liquidity for a period of at least twelve months under a variety of adverse circumstances. These include, but are not limited to, an event where we are unable to raise new funds under our regular funding programs during a substantial weakening in economic conditions.

Our liquidity management strategy includes a number of elements, including, but not limited to:

•Maintaining diversified funding sources (refer to “Funding Strategy” above for more details);

•Maintaining unencumbered liquid assets and off-balance sheet liquidity sources;

•Projecting cash inflows and outflows under a variety of economic and market scenarios; and

•Establishing clear objectives for liquidity risk management, including compliance with regulatory requirements.

We seek to maintain access to a diverse set of on-balance sheet and off-balance sheet liquidity sources, including cash and other liquid assets, secured borrowing facilities and a committed bank credit facility. Through our U.S. bank subsidiary, AENB, we have also pledged collateral eligible for use at the Federal Reserve’s discount window.

The amount and type of liquidity resources we maintain can vary over time, based upon the results of stress scenarios required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as additional stress scenarios required under our liquidity risk policy. Additionally, we are subject to the regulatory requirements under the liquidity coverage ratio and net stable funding ratio rules, subject to applicable transition periods. See the “Supervision and Regulation — Capital and Liquidity Regulation” section of our Annual Report on Form 10-K for the year ended December 31, 2024 (the 2024 Form 10-K) for more information. We believe that we currently maintain sufficient liquidity to meet all internal and regulatory liquidity requirements.

AsWe ofare ~~September 30,~~subject ~~2025~~to ~~and~~standards ~~December 31,~~for ~~2024,~~liquidity werisk ~~had~~supervision ~~$54.7~~as ~~billion~~implemented ~~and~~by ~~$40~~the U.6S. ~~billion~~federal inbank ~~Cash~~regulatory agencies, including the liquidity coverage ratio (LCR) and ~~cash~~net ~~equivalents~~stable funding ratio (NSFR), ~~respectively.~~and ~~Refer~~are required to calculate the ~~“Cash~~LCR ~~Flows”~~and ~~section~~the ~~below~~NSFR ~~for~~on a ~~discussion~~daily ofbasis ~~the~~and ~~major~~make ~~drivers~~separate ~~impacting~~public ~~cash~~disclosures ~~flows~~related ~~for~~to the ~~nine~~LCR ~~months~~on ~~ended~~a ~~September 30,~~quarterly ~~2025.~~basis ~~Depending~~and on the ~~interest~~NSFR ~~rate~~on ~~environment,~~a ~~our~~semi-annual ~~funding~~basis. ~~composition~~For ~~and~~ the ~~amount~~three ofmonths ~~liquidity~~ended ~~resources~~March we31, ~~maintain~~2026, the ~~level~~average ofLCR ~~future~~and ~~net~~NSFR ~~interest~~for ~~income~~American orExpress ~~expense~~Company ~~associated~~each ~~with~~exceeded ~~our~~the ~~liquidity~~minimum ~~resources~~requirement ~~will~~of ~~vary~~100 percent. ~~During~~The ~~the~~following ~~three~~table ~~months~~presents ~~ended~~American ~~September 30,~~Express ~~2025,~~Company’s ~~interest~~average ~~income~~LCR ~~exceeded~~for the ~~interest~~three ~~expense~~months ~~associated~~ended ~~with~~March ~~the~~31, ~~liquidity portfolio.~~2026:

Table 21: Liquidity Coverage Ratio


(Millions, except percentages)	Three Months Ended (a) March 31, 2026

American Express Company:

Average high-quality liquid assets (HQLA) amount (b)	$	22,128
Average total adjusted net cash outflow (c)	$	10,596





Average Liquidity Coverage Ratio	209		%

(a)Represents the average weighted amount after applying regulatory-prescribed HQLA haircuts or cash outflow and inflow rates.

(b)Excludes average excess eligible HQLA not freely transferable by AENB.

(c)Represents total net cash outflow multiplied by an adjustment of 85 percent because American Express Company is a Category III firm with less than $75 billion in average weighted short-term wholesale funding.

See the “Supervision and Regulation — Capital and Liquidity Regulation” and “Enhanced Prudential Standards” sections of our Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Form 10-K) for more information. We believe that we currently maintain sufficient liquidity to meet all internal and regulatory liquidity requirements.

As of March 31, 2026 and December 31, 2025, we had $53.8 billion and $47.8 billion in Cash and cash equivalents, respectively. Refer to the “Cash Flows” section below for a discussion of the major drivers impacting cash flows for the three months ended March 31, 2026. Depending on the interest rate environment, our funding composition and the amount of liquidity resources we maintain, the level of future net interest income or expense associated with our liquidity resources will vary. For the three months ended March 31, 2026, interest expense exceeded the interest income associated with the liquidity portfolio.

Securitized Borrowing Capacity

As of ~~September~~March 3031, ~~2025~~2026, we maintained our committed, revolving, secured borrowing ~~facilities~~facility, ~~that~~with ~~give~~a maturity date of July 17, 2028, which gives us the right to sell up to $3.0 billion face amount of eligible AAA notes from the American Express Issuance Trust II (the Charge Trust) ~~and up to $2~~.0 ~~billion~~We ~~face~~also ~~amount~~maintained ofour ~~eligible~~committed, ~~AAA~~revolving, ~~certificates~~secured ~~from~~borrowing ~~American Express Credit Account Master Trust (the Lending Trust). The Charge Trust~~ facility, ~~has~~with a maturity date of ~~July~~September 1715, 2028~~. On September 26~~, ~~2025,~~which wegives ~~extended~~us the ~~Lending~~right ~~Trust~~to ~~facility~~sell byup ~~two years~~ to ~~mature~~$2.0 onbillion ~~September 15, 2028, and decreased the maximum~~ face amount of eligible AAA certificates ~~that~~from ~~can~~American beExpress ~~sold~~Credit ~~using~~Account ~~this~~Master ~~facility~~Trust ~~from~~(the ~~$3.0~~Lending ~~billion to $2~~Trust).0 ~~billion.~~ These facilities enhance our contingent funding resources and are also used in the ordinary course of business to fund working capital needs. As of ~~September~~March 3031, ~~2025~~2026, no amounts were drawn on the Charge Trust facility or Lending Trust facility.

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Committed Bank Credit Facility

As of ~~September~~March 3031, ~~2025~~2026, we maintained a committed syndicated bank credit facility of $6.0 billion~~. On September 24~~, ~~2025,~~with wea ~~extended~~maturity ~~this~~date ~~facility~~of ~~by two years to mature on~~ September 24, 2028~~, and increased the maximum borrowing capacity from $4~~.0 ~~billion to $6.0 billion.~~ This facility enhances our contingent funding resources and is also used in the ordinary course of business to fund working capital needs. As of ~~September~~March 3031, ~~2025~~2026, no amount was drawn on this facility.

Other Sources of Liquidity

In addition to cash and other liquid assets and the secured borrowing facilities and committed bank credit facility described above, as an insured depository institution, AENB may borrow from the Federal Reserve Bank of San Francisco through the discount window against ~~the~~pledged U.S. ~~credit~~Card ~~card loans and charge card receivables that it pledged~~balances.

As of ~~September~~March 3031, ~~2025~~2026, AENB had available borrowing capacity of $79.05 billion based on the amount and collateral valuation of ~~receivables~~Card balances that were pledged to the Federal Reserve Bank of San Francisco. Whether specific assets will be considered qualifying collateral and the amount that may be borrowed against the collateral remain at the discretion of the Federal Reserve and can change from time to time. Due to regulatory restrictions, liquidity generated by AENB can generally be used only to fund obligations within AENB, and transfers to the parent company or non-bank affiliates may be subject to prior regulatory approval.

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Unused Credit Outstanding

As of ~~September~~March 3031, ~~2025~~2026, we had approximately $~~505~~529 billion of unused credit available to customers. Total unused credit does not represent potential future cash requirements, as a significant portion of this unused credit will likely not be drawn. Charge card products with no pre-set spending limits are not reflected in unused credit.

Cash Flows

The following table summarizes our cash flow activity, followed by a discussion of the major drivers impacting operating, investing and financing cash flows for the ~~nine~~three months ended ~~September~~March 31, 302026 and 2025:

Table 22: Cash Flows

(Billions)	~~2025~~2026		~~2024~~2025
Total cash provided by (used in):
Operating activities	$	153.48	$	84.38
Investing activities	(122.9)		~~(12~~0.2)5
Financing activities	115.40		56.26
Effect of foreign currency exchange rates on cash and cash equivalents	0.31		—
Net increase in cash and cash equivalents	$	146.10	$	111.39

Cash Flows from Operating Activities

Our cash flows from operating activities primarily include net income adjusted for (i) non-cash items included in net income, such as provisions for credit losses, depreciation and amortization, stock-based compensation, deferred taxes and other non-cash items and (ii) changes in the balances of operating assets and liabilities, which can vary significantly in the normal course of business due to the amount and timing of payments.

In both 2026 and 2025, the net cash provided by operating activities was driven by cash generated from net income for the period and higher ~~net~~ operating liabilities, primarily driven by higher book overdrafts due to timing differences arising in the ordinary course of business, partially offset by payments related to annual incentive compensation.

In 2024, the net cash provided by operating activities was driven by cash generated from net income for the period, partially offset by lower net operating liabilities, primarily driven by lower book overdrafts due to timing differences arising in the ordinary course of business.

Cash Flows from Investing Activities

Our cash flows from investing activities primarily include changes in ~~loans~~Card balances and ~~Card~~Other ~~Member receivables~~loans, as well as changes in our available-for-sale investment securities portfolio.

In ~~2025~~2026, ~~the~~ net cash used in investing activities was primarily driven by ~~higher~~net ~~loans~~purchases ~~outstanding~~of investment securities, costs associated with building our new headquarters and the acquisition of aour ~~business~~partner’s interest in Swisscard, partly offset by lower Card balances outstanding.

In ~~2024~~2025, the net cash ~~used~~provided inby investing activities was primarily driven by ~~higher~~lower ~~loans~~Card ~~outstanding,~~balances ~~partially offset by net maturities of investment securities and net proceeds received from the sale of Accertify~~outstanding.

Cash Flows from Financing Activities

Our cash flows from financing activities primarily include changes in customer deposits, long-term debt and short-term borrowings, as well as dividend payments and share repurchases.

In both ~~periods~~2026 and 2025, the net cash provided by financing activities was primarily driven by growth in customer deposits and net proceeds from long-term debt, partially offset by share repurchases and dividend payments.

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OTHER MATTERS

Certain Legislative, Regulatory and Other Developments

Supervision & Regulation

We are subject to evolving and extensive government regulation and supervision in jurisdictions around the world, and the costs of ongoing compliance are substantial. The financial services industry is subject to rigorous scrutiny, high regulatory expectations, a range of regulations and a stringent and unpredictable enforcement environment.

Governmental authorities have focused, and we believe will continue to focus, considerable attention on reviewing compliance by financial services firms and payment systems with laws and regulations, and as a result, we continually work to evolve and improve our risk management framework, governance structures, practices and procedures. Reviews by us and governmental authorities to assess compliance with laws and regulations, as well as our own internal reviews to assess compliance with internal policies, including errors or misconduct by colleagues or third parties or control failures, have resulted in, and are likely to continue to result in, changes to our products, practices and procedures, restitution to our customers and increased costs related to regulatory oversight, supervision and examination. We have also been subject to regulatory actions and may continue to be the subject of such actions, including governmental inquiries, investigations, enforcement proceedings and the imposition of fines or civil money penalties, in the event of noncompliance or alleged noncompliance with laws or regulations. For example, as previously disclosed, we have identified certain issues related to our rewards and benefits programs and have taken actions to remediate the issues and enhance our related procedures and controls.

Please see the “Supervision and Regulation” and “Risk Factors” sections of the ~~2024~~2025 Form 10-K for further information.

Enhanced Prudential Standards

We are subject to the U.S. federal bank regulatory agencies’ rules that tailor the application of enhanced prudential standards to bank holding companies and depository institutions with $100 billion or more in total consolidated assets. Under these rules, American Express Company ~~became~~has been a Category III firm insince ~~the third quarter of~~ 2024. ~~Category~~and ~~III~~we ~~firms~~anticipate ~~are~~becoming ~~subject~~a toCategory ~~heightened~~II ~~capital,~~firm ~~liquidity~~in ~~and~~the ~~prudential~~second ~~requirements,~~quarter ~~single-counterparty~~of ~~credit~~2026 ~~limits~~as ~~and~~a ~~additional~~result ~~stress~~of ~~tests,~~our ~~which~~cross-jurisdictional inactivity ~~some~~exceeding ~~cases~~$75 ~~are~~billion ~~subject~~(based toon a ~~transition~~four-quarter ~~period~~trailing average). ~~Please~~Category ~~see~~II ~~the~~firms ~~“Supervision~~are ~~and~~subject ~~Regulation”~~to ~~and~~heightened ~~“Risk~~capital, ~~Factors”~~liquidity ~~sections~~and ofprudential ~~the~~requirements, ~~2024~~with ~~Form~~relevant ~~10-K~~transition ~~for~~periods ~~further~~and ~~information~~extensions.

Please see the “Supervision and Regulation” and “Risk Factors” sections of the 2025 Form 10-K for further information.

Regulatory Capital Proposals

On March 19, 2026, the Federal Reserve, the Office of the Comptroller of the Currency and the FDIC issued notices of proposed rulemaking to modernize the regulatory capital framework for banking organizations, including (i) a proposal to apply an expanded risk-based approach to Category I and II firms rather than the current requirements to calculate capital ratios under both the advanced and standardized approaches and (ii) a proposal to modify certain aspects of the current standardized approach to risk-based capital. Under the proposals, Category I and II firms would be required to apply the expanded risk-based approach, while firms outside of those categories could choose to opt into the expanded risk-based approach or apply the revised standardized approach.

The U.S. federal bank regulatory agencies are soliciting comments on the proposals and the rules may not be adopted as proposed, however, based on a preliminary analysis, we estimate that these two proposals could result in a range of outcomes, from modest reduction in risk-weighted assets to broadly neutral. This estimated impact reflects our current understanding of the proposals, the application to our businesses as currently conducted and the current composition of our balance sheet, and therefore does not reflect the impact of any changes we may make in the future. The ultimate impact could materially differ from our current estimate, and will depend on final rulemakings, as well as management decisions regarding our capital strategy and product constructs.

Consumer Financial Products Regulation

Our consumer-oriented activities are subject to regulation and supervision in the United States and internationally. In the United States, our marketing, sale and servicing of consumer financial products and our compliance with certain federal consumer financial laws are supervised and examined by the Consumer Financial Protection Bureau (CFPB), which has broad rulemaking and enforcement authority over providers of credit, savings and payment services and products and authority to prevent “unfair, deceptive or abusive” acts or practices. U.S. federal law also regulates abusive debt collection practices, which, along with bankruptcy and debtor relief laws, can affect our ability to collect amounts owed to us or subject us to regulatory scrutiny. In addition, a number of U.S. states and international jurisdictions have significant consumer protection, suitability and other laws (in certain cases more stringent than U.S. federal laws). ~~U.S.~~State ~~federal~~regulators ~~law~~and ~~also~~state ~~regulates~~attorneys ~~abusive~~general ~~debt~~may ~~collection~~increase ~~practices~~regulatory, ~~which,~~investigative ~~along~~and ~~with~~enforcement ~~bankruptcy~~activity ~~and~~with ~~debtor~~respect ~~relief~~to ~~laws~~consumer protection, ~~can~~including ~~affect~~in ~~our~~response ~~ability~~ to ~~collect~~changes ~~amounts~~in ~~owed~~regulation, tosupervision usand orenforcement ~~subject~~of usconsumer toprotection ~~regulatory~~laws ~~scrutiny~~by federal regulators.

For more information on consumer financial products regulation, as well as the potential impacts on our results of operations and business, please see the “Supervision and Regulation” and “Risk Factors” sections of the ~~2024~~2025 Form 10-K.

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Payments Regulation

Legislators and regulators in various countries in which we operate have focused on the operation of card networks, including through enforcement actions, legislation and regulations to change certain practices or pricing of card issuers, merchant acquirers and payment networks, and, in some cases, to establish broad regulatory regimes for payment systems.

Pricing for card acceptance, including interchange fees (that is, the fee paid by the bankcard merchant acquirer to the card issuer in payment networks like Visa and Mastercard), has been a focus of legislators and regulators in Australia, Canada, the ~~European Union (~~EU), the United States and other jurisdictions. Recently, certain states in the United States have passed or are considering laws prohibiting interchange from being charged on all or certain components of transactions, such as sales tax and gratuities. Jurisdictions have also sought to regulate various other aspects of network operations and contract terms and practices governing merchant card acceptance, including information associated with electronic transactions, such as state legislation regarding the use of specific merchant categories codes or limiting the use of transaction data.

28Regulation and other governmental actions relating to operations, pricing or practices could affect all networks and/or acquirers directly or indirectly, as well as adversely impact consumers and merchants. Among other things, regulation of bankcard fees has negatively impacted, and may continue to negatively impact, the discount revenue we earn, including as a result of downward pressure on our merchant discount rates from decreases in competitor pricing in connection with caps on interchange fees. In some cases, regulations also extend to certain aspects of our business, such as network and cobrand arrangements or the terms of card acceptance for merchants. For example, we exited our network business in the EU and Australia as a result of regulation in those jurisdictions. In addition, there has been uncertainty as to when or how interchange fee caps and other provisions of the EU payments legislation might apply when we work with cobrand partners and agents in the EU. In 2018, the EU Court of Justice (CJEU) confirmed the validity of fee capping and other provisions in circumstances where three-party networks issue cards with a cobrand partner or through an agent, although its ruling provided only limited guidance as to when or how the provisions might apply in such circumstances. On April 16, 2026, the CJEU issued a ruling on questions referred by the Dutch Trade and Industry Appeals Tribunal regarding the interpretation of the application of the interchange fee caps in connection with an administrative proceeding by the Netherlands Authority for Consumers and Markets regarding our cobrand relationship with KLM Royal Dutch Airlines. The CJEU held that under EU rules payments to a cobrand partner by a card scheme are only subject to caps if they have an equivalent object or effect to an interchange fee, which is a matter for case-by-case assessment. The CJEU also clarified that if, following individual assessment, caps apply, the value of payments and services provided by the cobrand partner should be netted against any such payments for purposes of determining the capped amount. The Dutch Trade and Industry Appeals Tribunal will now apply the CJEU’s ruling to the specific facts in our case in the Netherlands.

~~Table~~For more information on payments regulation, as well as the potential impacts on our results of ~~Contents~~operations and business, please see the “Supervision and Regulation” and “Risk Factors” sections of the 2025 Form 10-K.

Regulation and other governmental actions relating to operations, pricing or practices could affect all networks and/or acquirers directly or indirectly, as well as adversely impact consumers and merchants. Among other things, regulation of bankcard fees has negatively impacted, and may continue to negatively impact, the discount revenue we earn, including as a result of downward pressure on our merchant discount rates from decreases in competitor pricing in connection with caps on interchange fees. In some cases, regulations also extend to certain aspects of our business, such as network and cobrand arrangements or the terms of card acceptance for merchants. For example, we exited our network business in the EU and Australia as a result of regulation in those jurisdictions. In addition, there is uncertainty as to when or how interchange fee caps and other provisions of the EU payments legislation might apply when we work with cobrand partners and agents in the EU. In 2018, the EU Court of Justice (CJEU) confirmed the validity of fee capping and other provisions in circumstances where three-party networks issue cards with a cobrand partner or through an agent, although its ruling provided only limited guidance as to when or how the provisions might apply in such circumstances and remains subject to differing interpretations by regulators and participants in cobrand arrangements. In December 2024, the CJEU held a hearing on questions referred by the Dutch Trade and Industry Appeals Tribunal regarding the interpretation of the application of the interchange fee caps in connection with an administrative proceeding by the Netherlands Authority for Consumers and Markets regarding our cobrand relationship with KLM Royal Dutch Airlines. As a precursor to the CJEU’s final ruling, an advisory opinion was issued by the Advocate General on March 6, 2025, advising the CJEU that our payments to the cobrand partner can be subject to the interchange fee caps but certain payments and services provided by the cobrand partner could potentially be netted against such payments for purposes of determining the capped amount. The advisory opinion is not binding on the CJEU and there can be no assurance as to the outcome of the proceeding. Given differing interpretations by regulators and participants in cobrand arrangements, we are subject to regulatory action, penalties and the possibility we will not be able to maintain our existing cobrand and agent relationships in the EU.

For more information on payments regulation, as well as the potential impacts on our results of operations and business, please see the “Supervision and Regulation” and “Risk Factors” sections of the 2024 Form 10-K.

Surcharging

In various countries, such as certain Member States in the EU, Australia and Canada (other than in the Province of Quebec), merchants are permitted by law to surcharge card purchases. Certain jurisdictions are also reconsidering or may in the future reconsider their laws relating to surcharging, such as in Australia. In ~~addition~~March 2026, the ~~laws~~central ofbank in Australia released its final decisions from a ~~number~~review of ~~states~~merchant card payment costs and surcharging, including that it will no longer require surcharging to be permitted with respect to designated card networks (Visa, Mastercard and EFTPOS) and will reduce certain interchange fee caps for such networks. The central bank also indicated that it intends to consider the regulatory settings for retail payment systems that were not covered in this review, including three-party card networks such as American Express, as part of its next review planned for mid-2026. The outcome of such review and the impacts of the regulations that were adopted by the central bank remain uncertain. In the United States, a number of state laws that prohibit surcharging have been overturned and certain states have passed or are considering laws to permit surcharging by merchants. In jurisdictions allowing surcharging, we have seen an increase in merchant surcharging on American Express cards, particularly in certain merchant categories. Surcharging is an adverse customer experience and could have a material adverse effect on us, particularly where it only or disproportionately impacts credit card usage or card usage generally, our Card Members or our business. In addition, we also encounter steering or differential acceptance practices by merchants, which could also have a material adverse effect on us.

For more information on the potential impacts of surcharging and other actions that could impair the Card Member experience, please see the “Risk Factors” section of the ~~2024~~2025 Form 10-K.

Antitrust Litigation

We continue to vigorously defend antitrust and other claims initiated by merchants and others. See Note 7 to the “Consolidated Financial Statements” for descriptions of the cases. It is possible that actions impairing the Card Member experience, or the resolution of one or any combination of these cases, could have a material adverse effect on our business. For more information on the potential impacts of an adverse decision in these cases on our business, please see the “Risk Factors” section of the ~~2024~~2025 Form 10-K.

~~Privacy, Data Protection, Data Management, Artificial Intelligence, Resiliency, Information Security and Cybersecurity~~28

Regulatory and legislative activity in the areas of privacy, data protection, data management, artificial intelligence, resiliency, information security and cybersecurity continues to increase worldwide. We have established, and continue to maintain, policies and a governance framework to comply with applicable laws and requirements, meet evolving customer and industry expectations and support and enable business innovation and growth; however, our policies and governance framework may be insufficient given the size and complexity of our business and heightened regulatory scrutiny. Regulators and legislators have heightened their focus on the use of artificial intelligence and machine learning through the application of existing laws and regulations as well as by adopting new laws and regulations, which are reshaping how we develop, deploy and manage artificial intelligence systems, including by imposing new obligations related to data use, recordkeeping, transparency and human oversight.

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~~Global financial institutions like us~~Privacy, asData ~~well as our customers~~Protection, ~~colleagues,~~Data ~~regulators~~Management, ~~service~~Artificial ~~providers and other third parties~~Intelligence, ~~have experienced a significant increase in information security and cybersecurity risk in recent years and will likely continue to be the target of increasingly sophisticated cyberattacks~~Resiliency, ~~including~~Information ~~computer~~Security ~~viruses, malicious or destructive code, ransomware, social engineering attacks (including phishing, impersonation~~ and identity takeover attempts), artificial intelligence-assisted deepfake attacks and disinformation campaigns, corporate espionage, hacking, website defacement, denial-of-service attacks, exploitation of vulnerabilities and other attacks and similar disruptions from the misconfiguration or unauthorized use of or access to computer systems and company accounts. For more information on privacy, data protection and information security and cybersecurity regulation and the potential impacts of a major information security or cybersecurity incident on our results of operations and business, please see the “Supervision and Regulation” and “Risk Factors” sections of the 2024 Form 10-K.Cybersecurity

Regulatory and legislative activity in the areas of privacy, data protection, data management, artificial intelligence (AI), resiliency, information security and cybersecurity continues to increase worldwide. We have established, and continue to maintain, policies and a governance framework to comply with applicable laws and requirements in these areas, meet evolving customer and industry expectations and support and enable business innovation and growth; however, our policies and governance framework may be insufficient given the size and complexity of our business and heightened regulatory scrutiny. Regulators and legislators have heightened their focus on the use of AI and machine learning through the application of existing laws and regulations as well as by adopting new laws and regulations, which are reshaping how we develop, deploy and manage AI systems, including by imposing new obligations related to data use, recordkeeping, transparency and human oversight.

Global financial institutions like us, as well as our customers, colleagues, regulators, service providers and other third parties, have experienced a significant increase in information security and cybersecurity risk in recent years and will likely continue to be the target of increasingly sophisticated cyberattacks, including computer viruses, malicious or destructive code, ransomware, social engineering attacks (including phishing, impersonation and identity takeover attempts), AI-assisted deepfake attacks and disinformation campaigns, corporate espionage, hacking, website defacement, denial-of-service attacks, exploitation of vulnerabilities (including by AI models) and other attacks and similar disruptions from the misconfiguration or unauthorized use of or access to computer systems and company accounts.

For more information on privacy, data protection, data management, artificial intelligence, resiliency and information security and cybersecurity regulation and the potential impacts of a major information security or cybersecurity incident on our results of operations and business, please see the “Supervision and Regulation” and “Risk Factors” sections of the 2025 Form 10-K.

Anti-Money Laundering, Countering the Financing of Terrorism and Economic Sanctions Compliance

We are subject to significant supervision and regulation, and an increasingly stringent enforcement environment, with respect to compliance with anti-money laundering (AML) and countering the financing of terrorism (CFT) laws and regulations.

Among other things, these laws and regulations generally require us to establish AML/CFT programs that meet certain standards, including, policies and procedures to collect information from and verify the identities of our customers, and to monitor for and report suspicious transactions, in addition to other information gathering and recordkeeping requirements. Our AML/CFT programs have become the subject of heightened scrutiny and ~~any~~we ~~errors~~are working to make enhancements to our existing programs, policies and procedures and to identify and remediate deficiencies. Errors, failures or delays in complying with AML/CFT laws, deficiencies in our AML/CFT programs or association of our business with money laundering, terrorist financing, tax fraud or other illicit activity could give rise to significant supervisory, criminal and civil proceedings and lawsuits, which could result in significant penalties and forfeiture of assets, loss of licenses or restrictions on business activities or other enforcement actions.

National governments and international bodies, such as the United Nations and the EU, have imposed economic sanctions against individuals, entities, vessels, governments, regions and countries that endanger their interests or violate international norms of behavior. Sanctions have been used to advance a range of foreign policy goals, including conflict resolution, counterterrorism, counternarcotics and promotion of democracy and human rights, among other national and international interests. We maintain a global sanctions compliance program designed to meet the requirements of applicable sanctions regimes. Failure to comply with such requirements could subject us to serious legal and reputational consequences, including criminal penalties.

For more information on AML/CFT laws and regulations and economic sanctions, as well as the potential impacts on our results of operations and business, please see the “Supervision and Regulation” and “Risk Factors” sections of the ~~2024~~2025 Form 10-K.

Recently Issued Accounting Standards

Refer to the Recently Issued Accounting Standards section of Note 1 to the “Consolidated Financial Statements.”

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Glossary of Selected Terminology

Allocated service costs — Represents salaries and benefits associated with our technology and customer servicing groups, allocated based on activities directly attributable to our reportable operating segments, as well as overhead expenses, which are allocated to our reportable operating segments based on their relative levels of revenue and Card ~~Member loans and receivables~~balances.

Asset securitizations — Asset securitization involves the transfer and sale of ~~loans~~Card orbalances ~~receivables~~ to a special-purpose entity created for the securitization activity, typically a trust. The trust, in turn, issues securities, commonly referred to as asset-backed securities that are secured by the transferred ~~loans~~Card ~~and receivables~~balances. The trust uses the proceeds from the sale of such securities to pay the purchase price for the transferred ~~loans~~Card ~~or receivables~~balances. The securitized ~~loans~~Card ~~and~~balances ~~receivables~~ of our Lending Trust and Charge Trust (collectively, the Trusts) are reported as assets and the securities issued by the Trusts are reported as liabilities on our Consolidated Balance Sheets.

Billed business (Card Member spending) — Represents transaction volumes (including cash advances) on payment products issued by American Express.

~~Capital~~Card ~~ratios~~balances — Represents ~~the~~balances ~~minimum~~on ~~standards~~our ~~established~~card byproducts, ~~regulatory~~including ~~agencies~~both asrevolve-eligible abalances ~~measure~~and tobalances ~~determine~~that ~~whether~~need ~~the~~to ~~regulated~~be ~~entity~~paid ~~has~~in ~~sufficient~~full ~~capital to absorb~~ on- ~~and~~or ~~off-balance~~before ~~sheet~~the ~~losses~~Card ~~beyond~~Member’s ~~current~~payment ~~loss~~due ~~accrual estimates~~date. ~~Refer~~Card tobalances ~~the~~consist ~~Capital~~of ~~Strategy~~principal ~~section~~(resulting ~~under~~from ~~“Consolidated~~authorized ~~Capital~~transactions), ~~Resources~~associated interest and ~~Liquidity” for further related definitions under Basel III~~fees.

Card Member — The individual holder of an issued American Express-branded card.

Card Member loans — Represents balances on our credit card products and revolve-eligible balances on our charge card products.

Card Member receivables — Represents balances on our charge card products that need to be paid in full on or before the Card Member’s payment due date.

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.

Charge cards — Represents cards that generally carry no pre-set spending limits and are primarily designed as a method of payment and not as a means of financing purchases. Each transaction on a charge card with no pre-set spending limit is authorized based on its likely economics reflecting a Card Member’s most recent credit information and spend patterns. Charge Card Members must pay the full amount of balances billed each month, with the exception of balances that can be revolved under lending features offered on certain charge cards, such as Pay Over Time and Plan It®, that allow Card Members to pay for eligible purchases with interest over time.

Cobrand cards — Represents cards issued under cobrand agreements with selected commercial partners. Pursuant to the cobrand agreements, we make payments to our cobrand partners, which can be significant, based primarily on the amount of Card Member spending and corresponding rewards earned on such spending and, under certain arrangements, on the number of accounts acquired and retained. The partner is then liable for providing rewards to the Card Member under the cobrand partner’s own loyalty program.

Credit cards — Represents cards that have a range of revolving payment terms, structured payment features (e.g., Plan It, Expanded Buying Power), grace periods, and rate and fee structures.

Discount revenue — Primarily represents the amount we earn and retain from the merchant payable for facilitating transactions between Card Members and merchants on payment products issued by American Express.

Goods & Services (G&S) spend — Includes spend in merchant categories other than T&E-related merchant categories, which includes B2B spending by small and mid-sized enterprise customers in our CS and ICS segments.

Interest expense — Includes interest incurred primarily to fund Card ~~Member loans and receivables~~balances, general corporate purposes and liquidity needs. Interest expense is divided principally into two categories: (i) deposits, which primarily relates to interest expense on deposits taken from customers and institutions, and (ii) debt, which primarily relates to interest expense on our long-term financing and short-term borrowings, (e.g., commercial paper, federal funds purchased, bank overdrafts and other short-term borrowings), as well as the realized impact of derivatives hedging interest rate risk on our long-term debt.

Interest income — Includes (i) interest on Card balances and Other loans, (ii) interest and dividends on investment securities and (iii) interest income on deposits with banks and other.

31Interest on Card balances and Other loans — Assessed using the average daily balance method for Card balances and Other loans. Unless the balance is classified as non-accrual, interest is recognized based upon the principal amount outstanding in accordance with the terms of the applicable account agreement until the outstanding balance is paid or written off.

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Interest on loans — Assessed using the average daily balance method for Card Member loans. Unless the loan is classified as non-accrual, interest is recognized based upon the principal amount outstanding in accordance with the terms of the applicable account agreement until the outstanding balance is paid or written off.

Interest and dividends on investment securities — Primarily relates to our performing fixed-income securities. Interest income is recognized using the effective interest method, which adjusts the yield for security premiums and discounts, fees and other payments, so a constant rate of return is recognized on the outstanding balance of the related investment security throughout its term. Amounts are recognized until securities are in default or when it is likely that future interest payments will not be made as scheduled.

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Interest income on deposits with banks and other — Primarily relates to the placement of cash in excess of near-term funding requirements in interest-bearing time deposits, overnight sweep accounts, and other interest-bearing demand and call accounts.

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.

Loyalty coalitions — Programs that enable consumers to earn rewards points and use them to save on purchases from a variety of participating merchants through multi-category rewards platforms. Merchants in these programs generally fund the consumer offers and are responsible to us for the cost of rewards points; we earn revenue from operating the loyalty platform and by providing marketing support.

Net card fees — Represents the ~~card~~Card ~~membership~~Membership fees earned during the period recognized as revenue over the covered ~~card~~Card ~~membership~~Membership period (typically one year), net of the provision for projected refunds for Card Membership cancellation and deferred acquisition costs.

Net interest yield — Represents net interest income, computed on an annualized basis, divided by average Card ~~Member loans~~balances, Card ~~Member~~balances ~~loans~~ HFS, ~~Other loans~~ and ~~Card~~Other ~~Member receivables~~loans. 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.

Net write-off rate — principal only — Represents the amount of proprietary consumer or small business Card ~~Member~~balances ~~loans or receivables~~ written off, consisting of principal (resulting from authorized transactions), less recoveries, as a percentage of the average ~~loan~~Card ~~or receivable~~ balance during the period.

Net write-off rate — principal, interest and fees — Includes, in the calculation of the net write-off rate, amounts for interest and fees in addition to principal for revolve-eligible Card ~~Member loans~~balances, and fees in addition to principal for Card balances that need to be paid in full on or before the Card Member’s ~~receivables~~payment due date.

Network partnership revenue — Represents revenues related to network partnership agreements, comprising royalties, fees and amounts earned for facilitating transactions on cards issued by network partners. Network partnership revenue also includes fees earned on alternative payment solutions facilitated by American Express.

Network volumes — Represents 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.

Operating expenses — Represents salaries and employee benefits, professional services, data processing and equipment, and other expenses.

Other loans — Represents balances on non-card payment and financing products that are not associated with a Card Member agreement, and instead are governed by a separate borrowing relationship. Other loans consist primarily of consumer installment loans and lines of credit offered to small business customers.

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.

T&E spend — Represents spend on travel and entertainment, which primarily includes airline, cruise, lodging and dining merchant categories.

32See “Consolidated Capital Resources and Liquidity — Capital” for definitions of our regulatory risk-based capital and leverage ratios.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which address our current expectations regarding business and financial performance, among other matters, contain words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “estimate,” “potential,” “continue” and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, the following:

•our ability to grow earnings per share in the future, which will depend in part on revenue growth, credit performance, credit reserve and expense levels and the effective tax rate remaining consistent with current expectations and our ability to continue investing ~~at high levels~~ in ~~areas that can drive sustainable~~ growth initiatives (~~including~~such as our brand, value propositions, coverage, marketing, technology, partnerships and talent), controlling operating expenses, effectively managing risk and executing our share repurchase program, any of which could be impacted by, among other things, the factors identified in the subsequent paragraphs as well as the following: macroeconomic and geopolitical conditions, including a slowdown in U.S. or global economic growth, changes to consumer and business confidence, higher rates of unemployment and wide-scale layoffs, ~~global~~impacts ~~trade~~of ~~relations~~the Middle East conflict and other international hostilities and deteriorations in global trade, the effects of announced or future tariffs, ~~international tensions, hostilities and instability,~~ changes in interest rates, inflation, supply chain issues, energy costs, market volatility, ~~energy~~government ~~costs,~~shutdowns ~~the~~and ~~duration~~fiscal ofand monetary policies; the ~~U.S.~~effects ~~government~~of ~~shutdown~~technology changes and ~~fiscal~~the ~~and~~adoption ~~monetary~~of ~~policies~~AI; the impact of any future contingencies, including, but not limited to, legal costs and settlements, the imposition of fines or monetary penalties, increases in Card Member remediation, investment gains or losses, restructurings, impairments and changes in reserves; issues impacting brand perceptions and our reputation; changes in the competitive environment; ~~impacts~~and ~~related~~an inability to ~~acquisitions,~~realize ~~cobrand~~benefits from new and ~~other~~extended ~~partner~~sponsorships; ~~agreements,~~impacts ~~portfolio~~related ~~sales~~to acquisitions, ~~joint~~cobrand ~~ventures~~relationships and other ~~investments~~partners; and the impact of regulation and litigation, which could affect the profitability of our business activities, limit our ability to pursue business opportunities, require changes to business practices or alter our relationships with Card Members, partners and merchants;

•our ability to grow revenues net of interest expense and the sustainability of our future growth, which could be impacted by, among other things, the factors identified above and in the subsequent paragraphs, as well as the following: spending volumes ~~and the spending environment~~ not being consistent with expectations, including spending by U.S. consumer and small & mid-sized business Card Members and airline and other T&E spending volumes, such as due to uncertain business and economic conditions, as well as geopolitical conditions; an inability to address competitive pressures, attract and retain customers, invest in and enhance our Membership Model of premium products, differentiated services and partnerships, successfully refresh ~~our card products (including U.S. Consumer~~ and ~~Business~~introduce ~~Platinum~~card ~~Cards)~~products, grow spending and lending with customers across age cohorts (including Millennial and Gen-Z customers) and commercial segments and implement strategies and business initiatives, including within the premium consumer space, commercial payments and the global network; the impacts of portfolio sales; the effects of regulatory initiatives, including pricing regulation, such as pricing for card acceptance and potential credit card interest rate caps, and network regulation; merchant coverage growing less than expected or the reduction of merchant acceptance or ~~the~~perceptions ~~perception~~ of coverage; increased surcharging, steering, suppression or other differential acceptance practices with respect to our products; merchant discount rates changing from our expectations; and changes in foreign currency exchange rates;

•net card fee revenues not performing consistently with expectations, which could be impacted by, among other things, the pace of Card Member acquisition activity and demand for our fee-based products; higher Card Member attrition rates; the success and timing of our refreshes of our card products (including acquisition and retention levels of the U.S. Consumer and Business Platinum ~~Cards~~Card portfolios); a decrease in the ability and desire of Card Members to pay card fees, such as due to a deterioration in macroeconomic conditions or as a result of changes in card fees; the competitive environment and the perception of the value provided by premium cards; regulatory initiatives impacting card fees; and our inability to deliver and enhance benefits and services, innovate with respect to our products and develop attractive premium value propositions for new and existing customers;

•net interest income, the effects of changes in interest rates and the growth of ~~loans~~net ~~and~~interest ~~Card~~income ~~Member~~relative ~~receivables~~to ~~outstanding~~the ~~and~~growth ~~revolving~~of Card balances and Other loans outstanding, being higher or lower than expectations, which could be impacted by, among other things, the behavior and financial strength of Card Members and their actual spending, borrowing and paydown patterns; the effectiveness of our strategies to enhance Card Member value propositions, grow lending with premium customers and capture a greater share of Card Members’ spending and borrowings, and attract new, and retain existing, customers; our ability to effectively introduce and enhance lending features on our products and manage underwriting risk; governmental actions to cap credit card interest rates; changes in benchmark interest rates, including where such changes affect our assets or liabilities differently than expected; our ability to grow deposits, including from Card Members; continued volatility and other changes in capital and credit market conditions and the availability and cost of capital; credit actions, including line size and other adjustments to credit availability; the yield on revolve-eligible Card ~~Member~~balances ~~loans not remaining consistent with current expectations;~~ and ~~our~~Other ~~deposit~~loans ~~levels~~differing ~~or the interest rates we offer on deposits changing~~ from current expectations; and loss or impacts to cobrand relationships; ~~and governmental actions to cap credit card interest rates;~~

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•future credit performance, the level of future delinquency, reserve and write-off rates and the amount and timing of future reserve builds and releases, which will depend in part on macroeconomic factors such as actual and projected unemployment rates and GDP, as well as the occurrence of events that increase macroeconomic uncertainty or volatility; the ability and willingness of Card Members to pay amounts owed to us; changes in Card balances and Other loans outstanding, such as from the implementation of our strategy to capture spending and borrowings, or from changes in consumer behavior that affect customer balances (e.g., paydown and revolve rates); changes in the levels of customer acquisitions and the credit profiles of new customers acquired; financial stress and volume of bankruptcies of Card Members and business partners; credit-related fraud levels; the magnitude of seasonal fluctuations in credit metrics; the enrollment in, and effectiveness of, financial relief programs and the performance of accounts as they exit from such programs; the effects of the resumption of student loan repayments; collections capabilities and recoveries of previously written-off customer balances; and the impact of the usage of debt settlement companies;

•the actual amount to be spent on Card Member rewards and services and business development, and the relationship of these variable customer engagement costs to revenues, which could be impacted by the investments and enhancements that we make with respect to our value propositions, including our reward programs and product benefits, such as in connection with card refreshes (e.g., benefits on the refreshed U.S. Consumer and Business Platinum Cards), to make them attractive to Card Members and prospective customers, potentially in a manner that is not cost-effective; changes in the level of Card Member spending and spending patterns (including the level of spend in bonus categories), the redemption of rewards and offers (including travel redemptions) and usage of travel-, lifestyle- and business-related benefits; the costs related to reward point redemptions; levels of Card Member acquisitions on premium card products; changes in our models or assumptions used to estimate these expenses; new and renegotiated contractual obligations with business partners; our ability to identify and negotiate partner-funded value for Card Members; and the pace and cost of the expansion of our global lounge collection;

•the actual amount we spend on marketing in the future and the effectiveness and efficiency of our marketing spend, which will be based in part on continued changes in the macroeconomic and competitive environment and business performance, including the levels of demand for our products; our ability to realize marketing efficiencies, including as a result of investments in our product value propositions and the use of technology, such as the personalization of offers, and balance expense control and investments in the business; management’s investment optimization process and its ability to develop premium value propositions and drive customer demand; management’s identification and assessment of attractive investment opportunities and decisions regarding the timing of investments; and the receptivity of Card Members and prospective customers to advertising and customer acquisition initiatives;

•our ability to control operating expenses, including relative to revenue growth, and the actual amount we spend on operating expenses in the future, which could be impacted by, among other things, salary and benefit expenses to attract and retain talent; our ability to realize operational efficiencies, including through increased scale and automation and continued adoption of AI technologies; management’s ability to balance expense control and investments in the business and its decisions regarding spending in such areas as technology, business and product development, sales force, premium servicing and AI initiatives; our ability to innovate efficient channels of customer interactions and the willingness of Card Members to self-service and address issues through digital channels; restructuring activity; fraud costs; inflation and supply chain issues; increased technology costs, including investments in technology innovations and system upgrades; expenses related to enterprise risk management and compliance and consulting, legal and other professional services fees, including as a result of our growth, litigation and internal and regulatory reviews; the impact of changes in foreign currency exchange rates on costs; regulatory assessments; the level of M&A activity and related expenses; information security or cybersecurity incidents; the payment of fines, penalties, disgorgement, restitution, non-income tax assessments and litigation-related settlements; the performance of Amex Ventures and other of our investments; and impairments of goodwill or other assets;

•our tax rate not remaining consistent with expectations, which could be impacted by, among other things, further changes in tax laws and regulation, the implementation by jurisdictions of the Organization for Economic Cooperation and Development’s global minimum tax guidelines (including safe harbors for U.S. multinational enterprises), our geographic mix of income, unfavorable tax audits, assessments and tax litigation outcomes, and the occurrence or nonoccurrence of other discrete tax items;

•changes affecting our plans regarding the return of capital to shareholders, which will depend on factors such as our capital levels and regulatory capital ratios; new rulemakings and guidance from the Federal Reserve and other banking regulators, including changes to regulatory capital requirements, such as from recent regulatory capital rule proposals, and changes to the tailoring of enhanced prudential standards applicable to banking organizations; our results of operations and financial condition; our credit ratings and rating agency considerations; the results of our stress testing and capital planning process; and the economic environment and market conditions in any given period;

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•~~future~~changes ~~credit~~in ~~performance,~~ the ~~level~~substantial ~~of future delinquency, reserve~~ and ~~write-off~~increasing ~~rates~~worldwide ~~and~~competition in the ~~amount~~payments ~~and~~industry, ~~timing~~including ofcompetitive ~~future~~pressure ~~reserve~~and ~~builds~~competitor ~~and~~settlements ~~releases,~~that ~~which~~may ~~will~~materially ~~depend~~impact inthe ~~part~~prices oncharged ~~macroeconomic~~to ~~factors~~merchants ~~such~~that asaccept ~~actual~~American ~~and~~Express ~~projected~~cards; ~~unemployment~~merchant ~~rates~~acceptance, ~~GDP~~surcharging, steering and ~~the~~other ~~volume~~differential ofacceptance ~~bankruptcies~~practices; the ~~ability~~desirability ~~and willingness~~ of ~~Card~~competitor ~~Members~~premium tocard ~~pay~~products ~~amounts~~and ~~owed~~competition tofor ~~us;~~partnerships ~~changes in loans~~ and ~~receivables~~premium ~~outstanding~~experiences, ~~such~~services asand ~~from~~benefits; ~~the~~competition ~~implementation~~for ofnew ~~our~~and ~~strategy~~existing tocobrand ~~capture~~relationships; ~~spending~~the ~~and~~effects ~~borrowings,~~of orthe ~~from~~emergence ~~changes~~of inagentic ~~consumer~~commerce ~~behavior~~on ~~that~~the ~~affect~~payments ~~loan~~landscape and ~~receivable~~customer ~~balances~~payment ~~(e.g.,~~experiences; ~~paydown~~competition ~~and~~from ~~revolve~~new ~~rates);~~and ~~changes~~non-traditional incompetitors, ~~the~~such ~~levels~~as offinancial ~~customer~~technology ~~acquisitions~~companies, and ~~the~~with ~~credit~~respect ~~profiles~~to of new ~~customers~~products, ~~acquired;~~services ~~card~~and ~~portfolio~~technologies, ~~sales;~~such as the ~~enrollment~~emergence ~~in,~~or ~~and~~increase ~~effectiveness~~in popularity of, ~~financial~~digital ~~relief~~payment ~~programs~~platforms and ~~the~~currencies ~~performance~~and ofother ~~accounts~~alternative aspayment ~~they~~mechanisms; ~~exit~~competitor ~~from~~acquisitions ~~such~~and ~~programs~~transactions; ~~the~~and ~~effects of~~ the ~~resumption~~success of ~~student~~marketing, ~~loan~~promotion, ~~repayments;~~rewards ~~collections~~programs, ~~capabilities~~offers and ~~recoveries~~travel-, ~~of previously written~~lifestyle-~~off~~ ~~loans~~ and ~~receivables;~~business-related ~~and~~benefits ~~the~~(e.g., ~~impact~~lounges, ofdining, ~~the~~entertainment ~~usage~~and ofbusiness ~~debt settlement companies~~tools);

•~~the~~our ~~actual~~ability ~~amount~~ to besustain ~~spent~~our onmomentum ~~Card Member rewards~~ and ~~services~~leadership ~~and~~in ~~business development, and~~ the ~~relationship~~premium ofconsumer ~~these~~space, ~~variable~~including ~~customer~~with ~~engagement~~Millennial ~~costs~~and toGen-Z ~~revenues~~consumers, which ~~could~~will be impacted ~~by continued changes~~ in ~~macroeconomic~~part ~~conditions~~by ~~and~~competition, ~~Card~~levels ~~Member~~of ~~behavior~~consumer asdemand itfor ~~relates~~premium tocard ~~their~~products, ~~spending~~brand ~~patterns~~perceptions (including ~~the~~perceptions ~~level~~related ofto ~~spend~~merchant ~~in bonus categories~~coverage), ~~the redemption of rewards~~ and ~~offers (including travel redemptions) and usage of travel-~~reputation, ~~lifestyle-~~ and ~~business-related~~our ~~benefits;~~ability ~~the costs related~~ to ~~reward~~successfully ~~point~~refresh ~~redemptions;~~our ~~investments~~products and ~~enhancements~~develop ~~that~~and wemarket ~~make~~new ~~with~~benefits, ~~respect~~services, toexperiences ~~our rewards programs~~ and ~~product~~other ~~benefits~~value propositions, ~~such~~ as inwell ~~connection~~as ~~with~~new ~~card~~AI ~~refreshes (including U.S. Consumer~~ and ~~Business~~digital ~~Platinum Cards)~~capabilities, ~~including~~that toappeal ~~make them attractive~~ to Card Members and ~~prospective~~new customers, ~~potentially~~grow inspending awith ~~manner~~new ~~that~~and isyounger ~~not~~age ~~cost-effective;~~cohort ~~levels of~~ Card ~~Member~~Members, ~~acquisitions~~offer onattractive ~~premium~~services ~~card~~and ~~products;~~rewards ~~changes~~programs inand ~~our~~build ~~models~~greater orcustomer ~~assumptions~~loyalty, ~~used~~which towill ~~estimate~~depend ~~these~~in ~~expenses;~~part ~~new~~on identifying and ~~renegotiated~~funding ~~contractual~~investment ~~obligations~~opportunities, ~~with~~addressing ~~business~~changing ~~partners~~customer behaviors, ~~which~~new ~~may~~product beinnovation ~~affected~~and bydevelopment, ~~business~~Card ~~partners~~Member ~~with~~acquisition ~~greater~~efforts ~~scale~~ and ~~leverage;~~enrollment ~~our~~processes, ~~ability~~including tothrough ~~identify~~digital ~~and~~channels, ~~negotiate~~continuing ~~partner-funded~~to ~~value~~realize ~~for~~benefits ~~Card~~from ~~Members;~~strategic ~~and~~partnerships, ~~the~~successfully ~~pace~~implementing our dining strategy and ~~cost~~evolving ofour ~~the~~infrastructure ~~expansion~~to ofsupport ~~our~~new ~~global~~products, ~~lounge~~services ~~collection~~and benefits;

•~~the~~our ~~actual~~ability ~~amount~~to webuild ~~spend~~ on ~~marketing~~our leadership in ~~the~~commercial ~~future~~payments, which will depend in part on competition, including from financial technology companies and as a result of competitor acquisitions and transactions; the ~~effectiveness~~willingness and ~~efficiency~~ability of ~~our~~companies ~~marketing~~to ~~spend,~~use ~~which~~credit ~~will~~and becharge ~~based~~cards infor ~~part~~procurement onand ~~continued~~other ~~changes~~business inexpenditures ~~the~~as ~~macroeconomic~~well ~~and~~as ~~competitive~~use ~~environment~~our other products and ~~business~~services ~~performance,~~for ~~including~~financing needs; the ~~levels~~acceptance of, ~~demand~~and ~~for~~economics ~~our~~related ~~products~~to, B2B payment platforms; our ability to ~~realize~~successfully ~~marketing~~refresh ~~efficiencies,~~our ~~such~~products asand ~~through~~offer ~~the~~attractive ~~personalization~~value ofpropositions ~~offers,~~and new products to current and ~~balance~~potential ~~expense~~customers, ~~control~~including through our new Graphite Business Cash Unlimited Card and ~~investments~~upcoming inCorporate ~~the~~Cash ~~business~~Back Card, as well as new AI benefits and capabilities; ~~management’s~~our ~~decisions~~ability ~~regarding~~to ~~the~~enhance ~~timing~~and ofexpand ~~spending~~our onpayment, ~~marketing~~lending, cash flow and expense management solutions, including the ~~effectiveness~~release of new expense management’s ~~investment~~software ~~optimization~~in ~~process;~~2026, ~~management’s~~increase ~~identification~~customer ~~and~~engagement, ~~assessment~~enhance ofthe ~~attractive~~corporate ~~investment~~card ~~opportunities;~~onboarding ~~management’s~~experience ~~ability~~and tobuild ~~develop~~out ~~premium~~a ~~value~~multi-product ~~propositions~~digital ~~and~~ecosystem ~~drive~~to ~~customer~~integrate ~~demand~~our broad product set, ~~including~~which is dependent on our continued ~~customer~~investment ~~spend~~in ~~growth~~capabilities, features, functionalities, platforms and ~~retention;~~technologies and the ~~receptivity~~successful introduction of ~~Card~~capabilities ~~Members~~related to, our Center acquisition; and ~~prospective~~the ~~customers~~success of our initiatives to ~~advertising~~support businesses, such as Small Business Saturday and ~~customer~~other ~~acquisition~~Shop ~~initiatives~~Small campaigns;

•our ability to ~~control~~expand ~~operating~~merchant ~~expenses,~~coverage ~~including~~globally ~~relative~~and toour ~~revenue growth~~success, ~~and~~as ~~the~~well ~~actual~~as ~~amount we spend on operating expenses in~~ the ~~future,~~success ~~which~~of ~~could~~third-party bemerchant ~~impacted by~~acquirers, ~~among~~processors ~~other things, salary~~ and ~~benefit~~payment ~~expenses~~facilitators, toin ~~attract~~signing ~~and~~merchants ~~retain talent; our ability~~ to ~~realize~~accept ~~operational~~American ~~efficiencies~~Express, ~~including~~which ~~through~~will ~~increased~~depend ~~scale~~on, ~~and~~among ~~automation~~other ~~and~~factors, ~~continued~~the ~~adoption~~value ofpropositions ~~artificial~~offered ~~intelligence technologies; management’s ability~~ to ~~balance~~merchants ~~expense control~~ and ~~investments~~merchant inacquirers ~~the~~for ~~business~~card ~~and its decisions regarding spending in such areas as technology~~acceptance, ~~business~~the ~~and~~awareness ~~product development, sales force, premium servicing~~ and ~~digital capabilities; our ability to innovate efficient channels of customer interactions and the~~ willingness of Card Members to ~~self-service~~use ~~and~~American ~~address~~Express ~~issues~~cards ~~through~~at ~~digital~~merchants, ~~channels;~~scaling ~~restructuring~~marketing ~~activity; fraud costs; inflation; supply chain issues~~ and ~~increased~~expanding ~~technology~~programs ~~costs; expenses related~~ to ~~enterprise~~increase ~~risk~~card ~~management~~usage, identifying and ~~compliance~~growing ~~and~~acceptance ~~consulting,~~in ~~legal~~low- and ~~other~~new-to-plastic ~~professional~~industries ~~services~~and ~~fees,~~businesses ~~including~~ as athey ~~result~~form, ofworking ~~our~~with ~~growth,~~commercial ~~litigation~~buyers and ~~internal~~suppliers ~~and~~to ~~regulatory~~establish ~~reviews;~~B2B ~~the~~acceptance, ~~impact~~executing ofon ~~changes~~our inplans ~~foreign~~to ~~currency~~increase ~~exchange~~coverage ~~rates~~in onpriority ~~costs;~~international ~~regulatory~~cities, ~~assessments;~~destinations, ~~the~~countries ~~level of M&A activity~~ and ~~related~~industry ~~expenses;~~verticals, ~~information~~merchant ~~security or cybersecurity incidents; the payment~~ point-of-sale ~~fines~~practices, ~~penalties,~~and ~~disgorgement,~~continued ~~restitution~~network investments, ~~non-income~~including ~~tax~~in ~~assessments~~capabilities ~~and~~that ~~litigation-related~~allow ~~settlements;~~for ~~the~~greater ~~performance~~digital ofintegration ~~Amex Ventures~~ and ~~other~~modernization of our ~~investments;~~authorization ~~and impairments of goodwill or other assets~~platform;

•our ~~tax~~ability ~~rate~~to ~~not~~successfully ~~remaining~~invest ~~consistent~~in, ~~with~~benefit ~~expectations~~from and expand the use of technological developments, ~~which~~generative ~~could~~AI, bedigital ~~impacted~~payments, byservicing, ~~among~~travel, dining & expense management solutions and other ~~things~~technological capabilities, ~~further~~which ~~changes~~will depend in ~~tax~~part ~~laws~~on ~~and~~our ~~regulation~~success in advancing our agentic commerce initiatives, ~~the~~including ~~implementation~~embedding byour ~~jurisdictions~~payment ofcapabilities in emerging AI ecosystems, such as through the ~~Organization~~Amex ~~for~~Agentic ~~Economic~~Commerce ~~Cooperation~~Experiences™ developer kit and ~~Development’s~~Amex ~~global~~Agent ~~minimum~~Purchase ~~tax~~Protection™, ~~guidelines~~making Membership assets discoverable and ~~exemptions~~actionable on AI platforms and building proprietary AI-powered experiences across our platforms; embedding AI into our business and increasing automation, including to ~~the~~streamline ~~global~~and ~~minimum~~improve ~~tax~~internal processes and decision making, enhance our ~~geographic~~products, ~~mix~~develop new capabilities and address servicing and other business and customer needs; developing new features in our applications and platforms and enhancing our digital channels; supporting the use of ~~income~~our products as a means of payment through online, ~~unfavorable~~mobile, ~~tax~~agentic ~~audits~~and other digital channels; building partnerships and executing programs with other companies; and effectively utilizing data and data & analytics platforms, ~~assessments~~including successfully migrating to new platforms, all of which will be impacted by investment levels, customer and ~~tax~~colleague ~~litigation~~receptiveness ~~outcomes~~and ability to adopt new technologies, partner engagement, new product innovation and development and the ~~occurrence~~platforms orand ~~nonoccurrence~~infrastructure ofto ~~other~~support ~~discrete~~new ~~tax~~products, ~~items~~services, benefits and partner integrations;

•changes affecting our plans regarding the return of capital to shareholders, which will depend on factors such as our capital levels and regulatory capital ratios; the results of our stress testing and capital planning process and new rulemakings and guidance from the Federal Reserve and other banking regulators, including changes to regulatory capital requirements, such as from the U.S. federal bank regulatory agencies’ Basel III rulemaking; our results of operations and financial condition; our credit ratings and rating agency considerations; and the economic environment and market conditions in any given period;

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•~~changes~~our inability ~~the~~to ~~substantial~~grow ~~and~~internationally, ~~increasing~~which ~~worldwide~~could ~~competition~~be inimpacted ~~the~~by ~~payments~~regulation ~~industry~~and business practices, ~~including~~such ~~competitive~~as ~~pressure~~those ~~and~~capping ~~competitor~~interchange ~~settlements~~or ~~and~~other ~~transactions~~fees, ~~that~~mandating ~~may~~network ~~materially~~access ~~impact~~or ~~the~~data ~~prices~~localization, ~~charged~~imposing togreater ~~merchants~~requirements ~~that~~on ~~accept~~payment ~~American~~networks, ~~Express~~favoring ~~cards;~~local ~~merchant~~competitors ~~acceptance~~or ~~and~~prohibiting ~~surcharging,~~or ~~steering~~limiting ~~and~~foreign ~~suppression~~ownership byof ~~merchants~~certain businesses; ~~the~~perceptions ~~desirability~~ of ~~competitor~~our ~~premium~~brand ~~card~~in ~~products~~international ~~and~~jurisdictions; ~~competition~~our ~~for~~inability ~~partnerships~~to ~~and~~successfully ~~premium~~replicate ~~experiences,~~aspects ~~services~~of ~~and~~our ~~benefits;~~business ~~competition~~model ~~for~~internationally ~~new~~and tailor products and ~~existing~~services ~~cobrand~~to ~~relationships;~~make ~~competition~~them ~~from~~attractive ~~new~~to ~~and~~local ~~non-traditional~~customers; competitors, ~~such~~with asmore ~~financial~~scale, ~~technology~~local ~~companies,~~experience and ~~with~~established ~~respect~~relationships towith ~~new~~relevant ~~products~~customers, ~~services~~regulators and ~~technologies,~~industry ~~such~~participants; as the ~~emergence~~success orof ~~increase~~us inand ~~popularity~~our ofnetwork ~~agentic~~partners ~~commerce,~~in ~~digital~~acquiring ~~payment~~Card ~~platforms~~Members and/or ~~currencies~~merchants; and ~~other~~geopolitical ~~alternative~~and ~~payment~~economic ~~mechanisms;~~instability, hostilities and tensions (such as the ~~success~~effects of ~~marketing,~~the ~~promotion,~~Middle ~~rewards~~East ~~programs~~conflict), ~~offers~~ and ~~travel-,~~impacts ~~lifestyle-~~to ~~and business~~cross-~~related~~border ~~benefits~~trade ~~(e.g., lounges, dining, entertainment~~ and ~~business tools)~~travel;

•our ability to ~~sustain~~successfully implement our ~~momentum~~dining ~~and~~strategy ~~leadership in the premium consumer space, including with Millennial~~ and ~~Gen-Z~~grow ~~consumers, and the success of the refresh of~~ our ~~U.S.~~dining ~~Consumer Platinum Card®~~platform, which will bedepend ~~impacted~~ in part byon ~~competition, levels of consumer demand for premium card products, brand perceptions (including perceptions related to merchant coverage) and reputation, and~~ our ability to ~~develop~~deliver ~~and~~value ~~market~~to ~~new benefits~~diners, ~~services,~~restaurants ~~experiences~~ and other ~~value~~bookable ~~propositions,~~venues; asexpand ~~well as new digital capabilities, that appeal to Card Members~~ and ~~new~~innovate ~~customers,~~the ~~grow~~tools ~~spending with new~~ and ~~younger~~capabilities ~~age~~offered ~~cohort~~through ~~Card~~the ~~Members~~platform, ~~offer~~including ~~attractive~~successfully ~~services~~integrating ~~and~~Tock ~~rewards~~into ~~programs~~the ~~and~~Resy ~~build~~dining ~~greater~~platform ~~customer~~and ~~loyalty,~~developing ~~which~~AI-powered ~~will~~experiences ~~depend~~ in ~~part~~the onResy ~~identifying~~app; ~~and~~enable ~~funding~~the ~~investment~~search ~~opportunities, addressing changing customer behaviors, new product innovation~~ and ~~development,~~booking ~~Card~~of ~~Member~~Resy ~~acquisition~~venues ~~efforts and enrollment processes, including~~ through ~~digital~~AI ~~channels,~~platforms; ~~continuing~~and tosuccessfully ~~realize~~implement ~~the benefits from strategic~~ partnerships, ~~successfully~~and ~~implementing~~compete ~~our~~with other dining ~~strategy~~platforms and ~~evolving~~means ~~our~~of ~~infrastructure~~booking ~~to support new products, services and benefits~~reservations;

•~~our~~a ~~ability~~failure ~~to build on our leadership~~ in ~~commercial~~or ~~payments~~breach ~~and the success~~ of ~~the refresh of~~ our ~~U.S.~~operational ~~Business~~or ~~Platinum~~security ~~Card®~~systems, ~~which~~processes ~~will~~or ~~depend in part on competition~~infrastructure, ~~including~~or ~~from~~those ~~financial technology companies; the willingness and ability~~ of ~~companies~~third toparties, ~~use~~including ~~credit and charge cards for procurement and other business expenditures~~ as ~~well~~a asresult ~~use our other products and services for financing needs; the acceptance~~ of, ~~and~~cyberattacks ~~economics~~or ~~related to~~outages, ~~B2B~~which ~~payment~~could ~~platforms;~~compromise ~~our~~the ~~ability to offer attractive value propositions and new products to current and potential customers; our ability to enhance and expand our payment~~confidentiality, ~~lending~~integrity, ~~cash~~privacy ~~flow~~ and/or ~~expense~~security ~~management~~of ~~solutions~~data, ~~increase~~disrupt ~~customer engagement, and build out a multi-product digital ecosystem to integrate~~ our ~~broad~~or ~~product set, which is dependent on~~ our ~~continued~~partners’ ~~investment in capabilities~~operations, ~~features,~~reduce ~~functionalities, platforms and technologies and~~ the ~~successful~~use ~~integration of,~~ and ~~introduction~~acceptance of ~~capabilities~~American ~~related~~Express ~~to,~~cards or our ~~Center~~digital ~~acquisition;~~platforms and ~~the~~lead ~~success of our initiatives~~ to ~~support~~regulatory ~~businesses~~scrutiny, ~~such~~litigation, asremediation ~~Small~~and ~~Business~~response ~~Saturday~~costs and ~~other~~reputational ~~Shop Small campaigns~~harm;

•~~our~~changes ~~ability~~in tocapital ~~expand merchant coverage globally~~ and ~~our~~credit ~~success,~~market ~~as well as the success of third-party merchant acquirers~~conditions, ~~aggregators~~including ~~and~~those ~~processors,~~resulting infrom ~~signing~~recent ~~merchants to accept American Express~~volatility, which ~~will~~may ~~depend~~significantly ~~on,~~affect ~~among~~our ~~other~~ability ~~factors, the value propositions offered~~ to ~~merchants~~meet ~~and~~our ~~merchant~~liquidity ~~acquirers~~needs ~~for card acceptance, the awareness~~ and ~~willingness~~expectations ofregarding ~~Card~~capital ~~Members~~ratios; toour ~~use~~access ~~American Express cards at merchants, scaling marketing and expanding programs~~ to ~~increase~~capital ~~card usage, identifying~~ and ~~growing~~funding ~~acceptance~~costs; inthe ~~low-~~valuation ~~and~~of ~~new-to-plastic~~our ~~industries~~assets; and ~~businesses as they form, working with commercial buyers and suppliers to establish B2B acceptance, executing on~~ our ~~plans~~credit toratings ~~increase~~or ~~coverage~~those ~~in priority international cities, destinations, countries and industry verticals, merchant point-~~of~~-sale~~ ~~practices, and continued network investments, including in capabilities that allow for greater digital integration and modernization of~~ our ~~authorization platform~~subsidiaries;

•our ~~ability~~funding toplan ~~successfully~~being ~~invest~~implemented in, ~~benefit~~a ~~from~~manner ~~and~~inconsistent ~~expand~~with ~~the~~current ~~use of technological developments~~expectations, ~~digital payments, servicing and travel solutions and other technological capabilities,~~ which will depend ~~in part~~ on ~~our~~various ~~success~~factors insuch ~~evolving~~as ~~our~~future ~~products~~business ~~and processes for the digital environment~~growth, ~~developing~~liquidity new features in our applications and platforms and enhancing our digital channels, effectively utilizing data and data platforms, building partnerships and executing programs with other companies, effectively utilizing artificial intelligence and machine learning and increasing automation, including to enhance our products and address servicing and other business and customer needs, ~~and supporting~~ the ~~use~~impact of ~~our~~global ~~products as a means of payment through online~~economic, ~~mobile~~political and other ~~digital~~events ~~channels,~~on ~~all~~market ofcapacity, ~~which~~demand ~~will~~for besecurities ~~impacted~~we byoffer, ~~investment~~regulatory ~~levels~~changes, ~~customer~~our ~~and colleague receptiveness and~~ ability to ~~adopt~~securitize ~~new~~and ~~technologies,~~sell ~~new~~Card ~~product~~balances ~~innovation~~ and ~~development and~~ the ~~platforms~~performance ~~and~~of ~~infrastructure~~Card tobalances ~~support~~previously ~~new~~sold ~~products,~~in ~~services,~~securitization ~~benefits and partner integrations~~transactions;

•~~our~~legal ~~ability~~and toregulatory ~~grow internationally~~developments, which could beaffect ~~impacted~~the byprofitability ~~regulation~~of ~~and~~our business ~~practices,~~activities; ~~such~~limit asour ~~those~~ability ~~capping~~to ~~interchange~~pursue orbusiness ~~other~~opportunities ~~fees,~~or ~~mandating~~conduct ~~network~~business ~~access~~in orcertain ~~data~~jurisdictions; ~~localization,~~require ~~favoring~~changes ~~local~~to ~~competitors~~business practices or ~~prohibiting~~governance, or ~~limiting~~alter ~~foreign~~our ~~ownership~~relationships ofwith ~~certain~~Card ~~businesses;~~Members, ~~perceptions~~partners, ofmerchants ~~our~~and ~~brand~~other inthird ~~international~~parties, ~~jurisdictions;~~including affecting our ~~inability~~network tooperations ~~successfully~~and ~~replicate~~practices ~~aspects~~governing ofmerchant ~~our~~acceptance; ~~business~~impact ~~model~~interest ~~internationally~~income, ~~and~~card ~~tailor~~fees ~~products~~ and ~~services~~rewards toprograms; ~~make~~exert ~~them~~further ~~attractive~~pressure toon ~~local~~merchant ~~customers;~~discount ~~competitors~~rates ~~with~~and ~~more~~our ~~scale~~network business, ~~local~~as ~~experience~~well ~~and~~as ~~established~~result ~~relationships~~in ~~with~~an ~~relevant~~increase ~~customers~~in surcharging, ~~regulators~~steering ~~and~~or ~~industry~~other ~~participants~~differential acceptance practices; alter the ~~success~~competitive oflandscape; subject us ~~and~~to ~~our~~heightened ~~network~~regulatory ~~partners~~scrutiny and result in ~~acquiring~~increased costs related to regulatory oversight and compliance, litigation-related settlements, judgments or expenses, restitution to Card Members ~~and/~~or ~~merchants~~the imposition of fines or monetary penalties; ~~and~~materially ~~geopolitical~~affect ~~and~~capital ~~economic~~or ~~instability~~liquidity requirements, ~~hostilities~~results ~~and~~of ~~tensions~~operations ~~(such~~or asability ~~involving~~to ~~China~~pay ~~and~~dividends; ~~the~~or ~~U.S.),~~result ~~and~~in ~~impacts~~harm to ~~cross-border~~the ~~trade~~American ~~and~~Express ~~travel~~brand;

•changes in the financial condition and creditworthiness of our business partners, such as bankruptcies, restructurings, financial distress or consolidations, including of cobrand partners, merchants that represent a significant portion of our business, network partners or financial institutions that we rely on for routine funding and liquidity, which could materially affect our financial condition or results of operations; and

•factors beyond our control such as business, economic and geopolitical conditions, consumer and business confidence and spending generally, unemployment rates & wide-scale layoffs, market volatility, energy costs, impacts to travel, government shutdowns and other political developments, a continuation or further escalation or widening of the Middle East conflict or other military conflicts, regional hostilities and international tensions, adverse developments affecting third parties, including other financial institutions, merchants, partners or vendors, as well as severe weather conditions and natural disasters (e.g., hurricanes and wildfires), power loss, disruptions in telecommunications, pandemics, terrorism and other catastrophic events, any of which could significantly affect demand for and spending on American Express cards, credit metrics and reserves, customer balances, deposit levels and other aspects of our business and results of operations or disrupt our global network systems and ability to process transactions.

A further description of these uncertainties and other risks can be found in the 2025 Form 10-K and other reports filed with the Securities and Exchange Commission.

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•our ability to successfully implement our dining strategy and grow our dining platform, which will depend in part on our ability to grow the number of diners, restaurants and other bookable venues using the platform and transactions on the platform; expand and innovate in the tools and capabilities offered through the platform, including integrating the Tock and Rooam acquisitions and benefiting from their added capabilities, users and/or bookable venues; successfully implement partnerships and compete with other dining platforms and means of booking venues; and effectively utilize our dining platform to provide value to Card Members and merchants and sell our products and services;

•a failure in or breach of our operational or security systems, processes or infrastructure, or those of third parties, including as a result of cyberattacks or outages, which could compromise the confidentiality, integrity, privacy and/or security of data, disrupt our operations, reduce the use and acceptance of American Express cards or our digital platforms and lead to regulatory scrutiny, litigation, remediation and response costs and reputational harm;

•changes in capital and credit market conditions, including those resulting from recent volatility, which may significantly affect our ability to meet our liquidity needs and expectations regarding capital ratios; our access to capital and funding costs; the valuation of our assets; and our credit ratings or those of our subsidiaries;

•our funding plan being implemented in a manner inconsistent with current expectations, which will depend on various factors such as future business growth, liquidity needs, the impact of global economic, political and other events on market capacity, demand for securities we offer, regulatory changes, our ability to securitize and sell loans and receivables and the performance of loans and receivables previously sold in securitization transactions;

•legal and regulatory developments, which could affect the profitability of our business activities; limit our ability to pursue business opportunities or conduct business in certain jurisdictions; require changes to business practices or governance, or alter our relationships with Card Members, partners, merchants and other third parties, including affecting our network operations and practices governing merchant acceptance, as well as our ability to continue certain cobrand relationships in the EU; impact card fees and rewards programs; exert further pressure on merchant discount rates and our network business, as well as result in an increase in surcharging, steering or other differential acceptance practices; alter the competitive landscape; subject us to heightened regulatory scrutiny and result in increased costs related to regulatory oversight and compliance, litigation-related settlements, judgments or expenses, restitution to Card Members or the imposition of fines or monetary penalties; materially affect capital or liquidity requirements, results of operations or ability to pay dividends; or result in harm to the American Express brand;

•changes in the financial condition and creditworthiness of our business partners, such as bankruptcies, restructurings or consolidations, including of cobrand partners, merchants that represent a significant portion of our business, network partners or financial institutions that we rely on for routine funding and liquidity, which could materially affect our financial condition or results of operations; and

•factors beyond our control such as business, economic and geopolitical conditions, consumer and business confidence and spending generally, unemployment rates, market volatility, government shutdowns and other political developments, further escalations or widening of international tensions, regional hostilities and military conflicts (such as in the Middle East and Ukraine), adverse developments affecting third parties, including other financial institutions, merchants or vendors, as well as severe weather conditions and natural disasters (e.g., hurricanes and wildfires), power loss, disruptions in telecommunications, pandemics, terrorism and other catastrophic events, any of which could significantly affect demand for and spending on American Express cards, credit metrics and reserves, loan and receivable balances, deposit levels and other aspects of our business and results of operations or disrupt our global network systems and ability to process transactions.

A further description of these uncertainties and other risks can be found in the 2024 Form 10-K, the Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2025 and other reports filed with the Securities and Exchange Commission.

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ITEM 1. FINANCIAL STATEMENTS

AMERICAN EXPRESS COMPANY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended September 30 (Millions, except per share amounts)

2025

2024

Three Months Ended March 31 (Millions, except per share amounts)

2026

2025

Revenues

Non-interest revenues

Discount revenue

9,~~413~~512

8,~~780~~743

Net card fees

2,~~551~~752

2,~~170~~333

Service fees and other revenue

1,~~976~~951

1,~~680~~722

Total non-interest revenues

1314,~~940~~215

12,~~630~~798

Interest income

Interest on loans

5,970

5,442

Interest on Card balances and Other loans

6,136

5,552

Interest and dividends on investment securities

1517

1814

Deposits with banks and other

~~632~~512

~~689~~569

Total interest income

6,~~617~~665

6,~~149~~135

Interest expense

Deposits

1,~~371~~287

1,~~446~~337

Long-term debt and other

~~760~~686

~~697~~629

Total interest expense

21,~~131~~973

21,~~143~~966

Net interest income

4,~~486~~692

4,~~006~~169

Total revenues net of interest expense

18,~~426~~907

16,~~636~~967

Provisions for credit losses

Card Member receivables

190

170

Card balances

1,187

1,047

Card Member loans

1,030

1,114

Other

103

Other

Total provisions for credit losses

1,251

1,150

Total provisions for credit losses

1,287

1,356

Total revenues net of interest expense after provisions for credit losses

17,656

15,817

Total revenues net of interest expense after provisions for credit losses

17,139

15,280

Expenses

Card Member rewards

4,~~608~~891

4,~~168~~378

Business development

1,~~611~~591

1,~~430~~529

Card Member services

1,~~477~~975

1,~~179~~328

Marketing

1,~~599~~480

1,~~470~~486

Salaries and employee benefits

2,~~239~~482

2,~~049~~120

Other, net

1,~~780~~459

1,~~780~~646

Total expenses

13,~~314~~878

12,~~076~~487

Pretax income

3,~~825~~778

3,~~204~~330

Income tax provision

~~923~~807

~~697~~746

Net income

2,~~902~~971

2,~~507~~584

Earnings per Common Share (Note 14)(a)

Earnings per Common Share (Note 13)(a)

Basic

4.1429

3.5064

Diluted

4.1428

3.4964

Average common shares outstanding for earnings per common share:

Basic

~~692~~685

~~708~~701

Diluted

~~693~~686

~~709~~702

(a)~~Represents~~Reflects net income less (i) earnings allocated to participating share awards of $2019 million and $18 million for the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, respectively, and (ii) dividends on preferred shares of $14 million ~~and $15 million~~ for both the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024, respectively~~2025.

See Notes to Consolidated Financial Statements.

3736

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AMERICAN EXPRESS COMPANY

CONSOLIDATED STATEMENTS OF INCOME

Nine Months Ended September 30 (Millions, except per share amounts)	2025		2024
Revenues
Non-interest revenues
Discount revenue	$	27,517	$	26,015
Net card fees	7,364		6,204
Service fees and other revenue	5,526		5,046
Total non-interest revenues	40,407		37,265
Interest income
Interest on loans	17,170		15,592
Interest and dividends on investment securities	46		68
Deposits with banks and other	1,800		2,058
Total interest income	19,016		17,718
Interest expense
Deposits	4,082		4,298
Long-term debt and other	2,092		1,915
Total interest expense	6,174		6,213
Net interest income	12,842		11,505
Total revenues net of interest expense	53,249		48,770
Provisions for credit losses
Card Member receivables	562		592
Card Member loans	3,025		3,098
Other	255		203
Total provisions for credit losses	3,842		3,893
Total revenues net of interest expense after provisions for credit losses	49,407		44,877
Expenses
Card Member rewards	13,604		12,169
Business development	4,729		4,249
Card Member services	4,106		3,504
Marketing	4,640		4,426
Salaries and employee benefits	6,511		6,096
Other, net	5,112		4,294
Total expenses	38,702		34,738
Pretax income	10,705		10,139
Income tax provision	2,334		2,180
Net income	$	8,371	$	7,959
Earnings per Common Share (Note 14)(a)
Basic	$	11.87	$	10.99
Diluted	$	11.85	$	10.97
Average common shares outstanding for earnings per common share:
Basic	697		715
Diluted	698		716

(a)Represents net income less (i) earnings allocated to participating share awards of $56 million and $59 million for the nine months ended September 30, 2025 and 2024, respectively, and (ii) dividends on preferred shares of $43 million and $44 million for the nine months ended September 30, 2025 and 2024, respectively.

See Notes to Consolidated Financial Statements.

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AMERICAN EXPRESS COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
(Millions)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Net income	$	2,~~902~~971	$	2,~~507~~584	$	~~8,371~~	$	~~7,959~~
Other comprehensive income (loss):
Net unrealized debt securities gains (losses), net of tax	1(7)		43		4		8
Foreign currency translation adjustments, net of hedges and tax	(622)		117		~~126~~		~~(135)~~
Net unrealized pension and other postretirement benefits, net of tax	4(5)		—9		16		4
Other comprehensive income (loss)	(134)		529		~~146~~		~~(123)~~
Comprehensive income	$	2,~~901~~937	$	2,~~512~~613	$	~~8,517~~	$	~~7,836~~

See Notes to Consolidated Financial Statements.

3937

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AMERICAN EXPRESS COMPANY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Millions, except share data)	~~September~~March 3031,~~2025~~2026		December 31,~~2024~~2025
Assets
Cash and cash equivalents
Cash and due from banks (includes restricted cash of consolidated variable interest entities: 2025, $5; 2024, $6)	$	3,234	$	3,413
Cash and due from banks (includes restricted cash of consolidated variable interest entities: 2026, $6; 2025, nil)	$	3,186	$	3,559
Interest-bearing deposits in other banks	50,201		37,006
Interest-bearing deposits in other banks (includes restricted interest-bearing deposits of consolidated variable interest entities: 2026, $19; 2025, nil)	50,281		43,491
Short-term investment securities (includes restricted investments of consolidated variable interest entities: 2025, $1,233; 2024, $82)	1,271		221
Short-term investment securities (includes restricted investments of consolidated variable interest entities: 2026, $85; 2025, $84)	290		742
Total cash and cash equivalents (includes restricted cash: 2025, $1,330; 2024, $427)	54,706		40,640
Total cash and cash equivalents (includes restricted cash: 2026, $199; 2025, $169)	53,757		47,792
Card Member receivables (includes gross receivables available to settle obligations of a consolidated variable interest entity: 2025, $6,710; 2024, $3,927), less reserves for credit losses: 2025, $200; 2024, $171	60,823		59,240
Card balances (includes gross amounts available to settle obligations of consolidated variable interest entities: 2026, $33,386; 2025, $33,378), less reserves for credit losses: 2026, $6,065; 2025, $6,089	207,247		207,774
Card Member loans (includes gross loans available to settle obligations of a consolidated variable interest entity: 2025, $26,354; 2024, $28,278), less reserves for credit losses: 2025, $5,868; 2024, $5,679	138,946		133,995
Card balances held for sale	2,477		2,457
Card Member loans held for sale	2,424		758
Other loans, less reserves for credit losses: 2026, $314; 2025, $323	10,535		10,605
Other loans, less reserves for credit losses: 2025, $287; 2024, $194	10,231		9,038
Investment securities	2,625		1,043
Investment securities	1,374		1,240
Premises and equipment, less accumulated depreciation and amortization: 2026, $12,441; 2025, $12,039	7,240		6,118
Premises and equipment, less accumulated depreciation and amortization: 2025, $11,754; 2024, $10,739	5,861		5,371
Other assets, less reserves for credit losses: 2026, $121; 2025, $86	25,013		24,263
Other assets, less reserves for credit losses: 2025, $20; 2024, $27	23,185		21,179
Total assets	$	308,894	$	300,052
Total assets	$	297,550	$	271,461
Liabilities and Shareholders’ Equity
Liabilities
Customer deposits	$	~~149~~157,~~883~~948	$	~~139~~152,~~413~~488
Accounts payable	14,~~708~~635		1314,~~884~~700
Short-term borrowings	1,~~446~~692		1,~~374~~371
Long-term debt (includes debt issued by consolidated variable interest entities: 2025, $14,019; 2024, $13,880)	57,787		49,715
Long-term debt (includes debt issued by consolidated variable interest entities: 2026, $13,278; 2025, $13,022)	58,750		56,387
Other liabilities	41,~~309~~874		3641,~~811~~632
Total liabilities	$	~~265~~274,~~133~~899	$	~~241~~266,~~197~~578
Contingencies (Note 7)
Shareholders’ Equity
Preferred shares, $1.662/3 par value, authorized 20 million shares; issued and outstanding 1,600 shares as of September 30, 2025 and December 31, 2024	—		—
Preferred shares, $1.662/3 par value, authorized 20 million shares; issued and outstanding 1,600 shares as of March 31, 2026 and December 31, 2025	—		—
Common shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 689 million shares as of September 30, 2025 and 702 million shares as of December 31, 2024	138		141
Common shares, $0.20 par value, authorized 3.6 billion shares; issued and outstanding 682 million shares as of March 31, 2026 and 686 million shares as of December 31, 2025	137		138
Additional paid-in capital	11,~~059~~081		11,~~370~~126
Retained earnings	2426,~~469~~088		2225,~~148~~487
Accumulated other comprehensive income (loss)	(3,~~249~~311)		(3,~~395~~277)
Total shareholders’ equity	3233,~~417~~995		3033,~~264~~474
Total liabilities and shareholders’ equity	$	~~297~~308,~~550~~894	$	~~271~~300,~~461~~052

See Notes to Consolidated Financial Statements.

4038

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AMERICAN EXPRESS COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Nine Months Ended September 30 (Millions)

2025

2024

Three Months Ended March 31 (Millions)

2026

2025

Cash Flows from Operating Activities

Net income

82,~~371~~971

72,~~959~~584

Adjustments to reconcile net income to net cash provided by operating activities:

Provisions for credit losses

31,~~842~~251

31,~~893~~150

Depreciation and amortization

~~1,315~~468

~~1,248~~433

Stock-based compensation

~~410~~203

~~393~~158

Deferred taxes

~~(642)~~145

(~~917~~20)

Other items (a)

74(282)

~~(333)~~213

Originations of Card balances held for sale

(42)

—

Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:

Other assets

(1,~~333~~386)

~~(222)~~18

Accounts payable & other liabilities

~~3,324~~476

~~(3,749)~~228

Net cash provided by operating activities

153,~~361~~804

84,~~272~~764

Cash Flows from Investing Activities

Sale of investments

428

35—

Maturities and redemptions of investments

~~876~~233

~~1,875~~285

Purchase of investments

(1,~~314~~978)

(~~1,210~~239)

Net increase in loans and Card Member receivables, including Card Member loans held for sale (b)

(10,212)

(11,945)

Net decrease in Card balances and Other loans, including Card balances held for sale

512

835

Purchase of premises and equipment, net of sales: 2025, $1; 2024, $4

(1,703)

(1,416)

Purchase of premises and equipment, net of sales (b)

(1,149)

(430)

Acquisitions, net of cash acquired

(~~633~~498)

~~(90)~~—

Dispositions, net of cash disposed

—

594

Net cash (used in) provided by investing activities

(2,872)

451

Net cash used in investing activities

(12,944)

(12,157)

Cash Flows from Financing Activities

Net increase in customer deposits

105,~~439~~375

6,~~305~~973

Net increase in short-term borrowings

1110

~~169~~131

Proceeds from long-term debt

22,375

12,519

Proceeds from long-term debt (b)

3,502

4,768

Payments of long-term debt

(141,~~896~~524)

(73,~~358~~534)

Issuance of American Express common shares

487

4922

Repurchase of American Express common shares and other

(41,~~915~~911)

(41,~~989~~208)

Dividends paid

(~~1,688~~583)

(~~1,489~~509)

Net cash provided by financing activities

114,~~364~~976

56,~~206~~643

Effect of foreign currency exchange rates on cash and cash equivalents

~~285~~57

110

Net increase in cash and cash equivalents

145,~~066~~965

111,~~322~~868

Cash and cash equivalents at beginning of period

4047,~~640~~792

4640,~~596~~640

Cash and cash equivalents at end of period

5453,~~706~~757

4752,~~918~~508

(a)Primarily includes gains/losses on fair value hedges, ~~losses~~foreign oncurrency transactions, tax credit ~~investments, movements in equity method investments~~ and ~~net gains and losses on~~ Amex Ventures investments. ~~For~~and ~~the~~movements ~~period~~in ~~ended~~equity onmethod ~~September 30, 2024, also includes the gain recognized on the sale of Accertify (refer to Note 1 for additional information)~~investments.

(b)~~Includes~~Excludes ~~Card~~an ~~Member~~increase ~~loans~~of ~~held~~$370 ~~for~~million ~~sale~~related ~~(HFS)~~to ~~which~~non-cash ~~were~~activity ~~previously held~~ for ~~investment~~a ~~within~~finance ~~Card Member loans and were reclassified on the Consolidated Balance Sheets effective June 1, 2025 and December 1, 2024~~lease. Refer to Note 1 for additional information ~~on Card Member loans HFS recognized effective June 1, 2025~~.

See Notes to Consolidated Financial Statements.

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AMERICAN EXPRESS COMPANY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

Three months ended September 30, 2025(Millions, except per share amounts)	Total		PreferredShares		CommonShares		AdditionalPaid-inCapital		AccumulatedOtherComprehensiveIncome (Loss)		RetainedEarnings
Three months ended March 31, 2026(Millions, except per share amounts)	Total		PreferredShares		CommonShares		AdditionalPaid-inCapital		AccumulatedOtherComprehensiveIncome (Loss)		RetainedEarnings
Balances as of June 30, 2025	$	32,311	$	—	$	140	$	11,052	$	(3,248)	$	24,367
Balances as of December 31, 2025	$	33,474	$	—	$	138	$	11,126	$	(3,277)	$	25,487
Net income	2,~~902~~971		—		—		—		—		2,~~902~~971
Other comprehensive income (loss)	(134)		—		—		—		(134)		—
Repurchase of common shares	(21,~~338~~664)		—		(21)		(~~119~~86)		—		(21,~~217~~577)
Other changes	~~124~~(86)		—		—		~~126~~41		—		(2127)
Cash dividends declared preferred Series D, $9,072.22 per share	(14)		—		—		—		—		(14)
Cash dividends declared preferred Series D, $8,875.00 per share	(14)		—		—		—		—		(14)
Cash dividends declared common, $0.82 per share	(567)		—		—		—		—		(567)
Cash dividends declared common, $0.95 per share	(652)		—		—		—		—		(652)
Balances as of September 30, 2025	$	32,417	$	—	$	138	$	11,059	$	(3,249)	$	24,469
Balances as of March 31, 2026	$	33,995	$	—	$	137	$	11,081	$	(3,311)	$	26,088
Nine months ended September 30, 2025(Millions, except per share amounts)	Total		Preferred Shares		Common Shares		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings
Balances as of December 31, 2024	$	30,264	$	—	$	141	$	11,370	$	(3,395)	$	22,148
Net income	8,371		—		—		—		—		8,371
Other comprehensive income (loss)	146		—		—		—		146		—
Repurchase of common shares	(4,412)		—		(3)		(233)		—		(4,176)
Other changes	(190)		—		—		(78)		—		(112)
Cash dividends declared preferred Series D, $27,019.44 per share	(43)		—		—		—		—		(43)
Cash dividends declared common, $2.46 per share	(1,719)		—		—		—		—		(1,719)
Balances as of September 30, 2025	$	32,417	$	—	$	138	$	11,059	$	(3,249)	$	24,469


Three months ended March 31, 2025 (Millions, except per share amounts)	Total		Preferred Shares		Common Shares		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings
Balances as of December 31, 2024	$	30,264	$	—	$	141	$	11,370	$	(3,395)	$	22,148
Net income	2,584		—		—		—		—		2,584
Other comprehensive income (loss)	29		—		—		—		29		—


Repurchase of common shares	(678)		—		(1)		(36)		—		(641)
Other changes	(407)		—		—		(297)		—		(110)
Cash dividends declared preferred Series D, $8,875.00 per share	(14)		—		—		—		—		(14)
Cash dividends declared common, $0.82 per share	(576)		—		—		—		—		(576)
Balances as of March 31, 2025	$	31,202	$	—	$	140	$	11,037	$	(3,366)	$	23,391

See Notes to Consolidated Financial Statements.

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AMERICAN EXPRESS COMPANY

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

Three months ended September 30, 2024(Millions, except per share amounts)	Total		Preferred Shares		Common Shares		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings
Balances as of June 30, 2024	$	29,540	$	—	$	143	$	11,332	$	(3,200)	$	21,265
Net income	2,507		—		—		—		—		2,507
Other comprehensive income (loss)	5		—		—		—		5		—
Repurchase of common shares	(1,919)		—		(2)		(121)		—		(1,796)
Other changes	83		—		—		84		—		(1)
Cash dividends declared preferred Series D, $9,072.22 per share	(15)		—		—		—		—		(15)
Cash dividends declared common, $0.70 per share	(494)		—		—		—		—		(494)
Balances as of September 30, 2024	$	29,707	$	—	$	141	$	11,295	$	(3,195)	$	21,466
Nine months ended September 30, 2024(Millions, except per share amounts)	Total		Preferred Shares		Common Shares		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings
Balances as of December 31, 2023	$	28,057	$	—	$	145	$	11,372	$	(3,072)	$	19,612
Net income	7,959		—		—		—		—		7,959
Other comprehensive income (loss)	(123)		—		—		—		(123)		—
Repurchase of common shares	(4,822)		—		(4)		(321)		—		(4,497)
Other changes	184		—		—		244		—		(60)
Cash dividends declared preferred Series D, $27,315.27 per share	(44)		—		—		—		—		(44)
Cash dividends declared common, $2.10 per share	(1,504)		—		—		—		—		(1,504)
Balances as of September 30, 2024	$	29,707	$	—	$	141	$	11,295	$	(3,195)	$	21,466

See Notes to Consolidated Financial Statements.

Table of Contents

AMERICAN EXPRESS COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation

The Company

We are a global payments and premium lifestyle brand powered by technology. Founded in 1850 and headquartered in New York, American Express’ card-issuing, merchant-acquiring and card network businesses offer products and services to a broad range of customers, including consumers, small businesses, mid-sized companies and large corporations around the world. These products and services are offered through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, in-house sales teams, direct mail, telephone and direct response advertising.

The accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, ~~2024~~2025 (the ~~2024~~2025 Form 10-K). If not materially different, certain note disclosures included therein have been omitted from these Consolidated Financial Statements.

The interim Consolidated Financial Statements included in this report have not been audited. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim Consolidated Financial Statements, have been made. Results of operations reported for interim periods are not necessarily indicative of results for the entire year.

The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. These accounting estimates reflect the best judgment of management, but actual results could differ.

Certain reclassifications of prior period amounts have been made to conform to the current period presentation.

We have updated our presentation and disclosure of Card Member loans and Card Member receivables to present them on a combined basis as Card balances. Results for the first quarter of 2026 and prior periods have been reclassified to conform to the new presentation. Previously, Card Member loans represented balances on our credit card products and revolve-eligible balances on our charge card products, which included balances that Card Members paid in full as well as balances that Card Members paid over time with interest, and Card Member receivables represented balances on our charge card products that need to be paid in full on or before the Card Member’s payment due date. The updated Card balances presentation includes both revolve-eligible balances and balances that need to be paid in full, reflecting the evolution of our card products over time, primarily due to the expansion of lending features on our charge card portfolio. This presentation change has no impact on the recognition or measurement of outstanding Card balances and associated reserves for credit losses.

Business Events

~~Effective~~On ~~June~~February 125, ~~2025~~2026, we ~~reclassified~~announced $plans to build a new approximately 1.695 ~~billion~~million ofsquare ~~Card~~foot ~~Member~~headquarters ~~loans~~at ~~related~~200 toGreenwich Street (2 World Trade Center site) in New York City. In connection with the ~~Amazon~~project, ~~small~~we ~~business~~have ~~cobrand~~a ~~portfolio~~commitment of up to ~~Card~~$2.8 billion ~~Member~~for ~~loans~~the ~~HFS~~cost onof construction. When the ~~Consolidated~~building ~~Balance~~goes ~~Sheets~~into ~~and~~service, ~~released~~capitalized ~~$144~~construction ~~million~~costs will be depreciated over the estimated useful life of ~~associated~~the ~~reserve~~premises. ~~for~~We ~~credit~~also ~~losses~~recognized a finance lease liability of $370 million, which ~~was~~represents ~~recognized~~the ~~within~~present ~~Provisions~~value ~~for~~of ~~credit~~contractual ~~losses~~fixed inlease payments over the ~~Consolidated~~term ~~Statements~~of a land lease, and a corresponding increase to the right-of-use ~~Income~~finance lease asset.

On ~~April~~January 1612, ~~2025~~2026, we completed the acquisition of ~~Center~~our IDpartner’s ~~Corp~~interest in our Switzerland joint venture (Swisscard AECS GmbH). Upon acquisition, we recognized within our International Card Services (~~Center~~ICS) segment $272 million of intangible assets, which will be amortized over an ~~expense~~estimated ~~management~~weighted ~~software~~average ~~company.~~useful Aslife of approximately eight years, $136 million of Goodwill and a ~~result~~gain for the remeasurement of our existing ownership interest. The allocation of the purchase consideration for the acquisition is preliminary as certain estimates related to the valuation of assets and liabilities are subject to finalization. Additionally, we ~~recognized~~now ~~$590~~consolidate ~~million~~a variable interest entity (VIE), Swiss Payments Assets AG, which securitizes Card balances arising from Swisscard’s business to provide for the issuance of ~~Goodwill~~collateralized ~~that~~debt securities to third party investors; such consolidation is ~~reported~~not ~~within~~material to our ~~Commercial~~Consolidated ~~Services~~Financial ~~(CS) segment~~Statements.

On May 1, 2024, we completed the sale of fraud prevention solutions provider Accertify, Inc. (Accertify), a wholly owned subsidiary we acquired in 2010, the operations of which were reported within our Global Merchant and Network Services (GMNS) segment. The transaction resulted in a gain of $531 million ($479 million after tax), which was reported as a reduction to Other expense in the second quarter of 2024. Prior to the completion of the transaction, the carrying amount of Accertify’s net assets were not material to our financial position.41

Recently Issued Accounting Standards

In December 2023, the Financial Accounting Standards Board issued updated accounting guidance on Disclosures for Income Taxes, effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The updated guidance requires additional disclosure and disaggregated information in the Income Tax Rate reconciliation using both percentages and reporting currency amounts, with additional qualitative explanations of individually significant reconciling items. The updated guidance also requires disclosure of the amount of income taxes paid (net of refunds received) disaggregated by jurisdictional categories (federal (national), state and foreign). The updated guidance is not expected to have a material impact to our Consolidated Financial Statements.

In November 2024 and as amended in January 2025, the Financial Accounting Standards Board issued updated accounting guidance on the Disaggregation of Income Statement Expenses for annual reporting periods beginning after December 15, 2026 and for interim reporting periods beginning December 15, 2027, with early adoption permitted. The updated guidance includes the requirement for a new tabular disclosure within a Note to the Consolidated Financial Statements, to disaggregate defined expense categories from the expense report lines presented on the Consolidated Statements of Income. We are currently assessing the updated guidance and its impact to our Consolidated Financial Statements.

In September 2025, the Financial Accounting Standards Board issued updated guidance on accounting for internal-use software, effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments modernize guidance to consider different methods of software development, updating the requirements for capitalization of software costs. We are currently assessing the updated guidance; however, it is not expected to have a material impact to our Consolidated Financial Statements.

Table of Contents

AMERICAN EXPRESS COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

~~2. Loans~~Recently ~~and~~Issued ~~Card~~Accounting ~~Member Receivables~~Standards

~~Our~~In ~~lending~~November 2024 and ~~charge~~as ~~payment~~amended ~~card~~in ~~products~~January ~~that~~2025, wethe ~~offer~~Financial toAccounting ~~consumer,~~Standards ~~small~~Board ~~business~~issued ~~and~~updated ~~corporate~~accounting ~~customers~~guidance ~~result~~on in the ~~generation~~Disaggregation of ~~Card~~Income ~~Member~~Statement ~~loans~~Expenses ~~and~~for ~~Card~~annual ~~Member~~reporting ~~receivables.~~periods Webeginning ~~also~~after ~~extend~~December ~~credit~~15, to2026 ~~customers~~and ~~through~~for ~~financing~~interim ~~products~~reporting ~~that~~periods ~~are~~beginning ~~not~~December ~~associated~~15, 2027, with early adoption permitted. The updated guidance includes the requirement for a ~~Card~~new ~~Member~~tabular ~~agreement~~disclosure within a Note to the Consolidated Financial Statements, ~~and~~to ~~instead~~disaggregate defined expense categories from the expense report lines presented on the Consolidated Statements of Income. We are ~~governed~~currently byassessing athe ~~separate~~updated ~~borrowing~~guidance; ~~relationship~~however, ~~resulting~~it inis ~~Other~~not ~~loans~~expected to have a material impact to our Consolidated Financial Statements.

~~Card~~In ~~Member~~September ~~and~~2025, ~~Other~~the ~~loans~~Financial asAccounting ofStandards ~~September 30~~Board issued updated guidance on accounting for internal-use software, ~~2025~~effective ~~and~~for annual reporting periods beginning after December 31 15, ~~2024~~2027, ~~consisted~~with early adoption permitted. The amendments modernize guidance to consider different methods of: software development, updating the requirements for capitalization of software costs. We are currently assessing the updated guidance; however, it is not expected to have a material impact to our Consolidated Financial Statements.

(Millions)	2025		2024
Consumer (a)	$	110,957	$	107,646
Small Business	33,818		31,991
Corporate	38		37
Card Member loans	144,814		139,674
Less: Reserves for credit losses	5,868		5,679
Card Member loans, net	$	138,946	$	133,995
Other loans, net (b)	$	10,231	$	9,038

(a)Includes approximately $26.4 billion and $28.3 billion of gross Card Member loans available to settle obligations of a consolidated variable interest entity (VIE) as of September 30, 2025 and December 31, 2024, respectively.

(b)Other loans are presented net of reserves for credit losses of $287 million and $194 million as of September 30, 2025 and December 31, 2024, respectively.

Card Member receivables as of September 30, 2025 and December 31, 2024 consisted of:

(Millions)	2025		2024
Consumer	$	24,446	$	25,431
Small Business	19,189		18,619
Corporate (a)	17,388		15,361
Card Member receivables	61,023		59,411
Less: Reserves for credit losses	200		171
Card Member receivables, net	$	60,823	$	59,240

(a)Includes $6.7 billion and $3.9 billion of gross Card Member receivables available to settle obligations of a consolidated VIE as of September 30, 2025 and December 31, 2024, respectively.

Table of Contents

AMERICAN EXPRESS COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

2. Card ~~Member~~Balances ~~Loans~~ and ~~Receivables~~Other ~~Aging~~Loans

~~Generally,~~Our acard ~~Card~~products ~~Member~~that ~~account~~we isoffer ~~considered~~to ~~past~~consumer, ~~due~~small ifbusiness ~~payment~~and ~~due~~corporate iscustomers ~~not~~result ~~received~~in ~~within~~the 30generation ~~days~~of ~~after~~Card ~~the~~balances. ~~billing~~We ~~statement~~also ~~date.~~extend ~~The~~credit ~~following~~to ~~tables~~customers ~~present~~through ~~the~~financing ~~aging~~products ofthat are not associated with a Card Member ~~loans~~agreement, and ~~receivables~~instead asare ofgoverned ~~September 30,~~by ~~2025~~a ~~and~~separate ~~December 31~~borrowing relationship, ~~2024:~~resulting in Other loans.

~~Table~~Card ~~2.3:~~balances ~~Card~~and ~~Member~~Other ~~Loans~~loans as of March 31, 2026 and ~~Receivables~~December 31, ~~Aging~~2025 consisted of:

Table 2.1: Card Balances and Other Loans

2025 (Millions)	Current		30-59 DaysPast Due		60-89Days Past Due		90+ Days Past Due		Total		90+ Days Past Due and Still Accruing Interest (a)		Non-Accruals(b)
(Millions)	2026		2025
Card Member Loans:
Consumer (a)	$	140,908	$	144,324
Consumer	$	109,430	$	460	$	335	$	732	$	110,957	$	470	$	430
Small Business	55,098		53,632
Small Business	33,295		168		119		236		33,818		141		143
Corporate (a)	17,306		15,907
Corporate (c)	(d)		(d)		(d)		—		38		—		—
Card balances	213,311		213,863
Card Member Receivables:
Less: Reserves for credit losses	6,065		6,089
Consumer	24,214		63		49		120		24,446		—		—
Card balances, net	$	207,247	$	207,774
Small Business	$	18,981	$	75	$	45	88		19,189		—		—
Other loans, net (b)	$	10,535	$	10,605
Corporate (c)	(d)		(d)		(d)		$	65	$	17,388	$	—	$	—

2024 (Millions)	Current		30-59 DaysPast Due		60-89Days Past Due		90+ Days Past Due		Total		90+ Days Past Due and Still Accruing Interest (a)		Non-Accruals(b)
Card Member Loans:
Consumer	$	106,155	$	437	$	329	$	725	$	107,646	$	435	$	464
Small Business	31,510		151		107		223		31,991		132		135
Corporate (c)	(d)		(d)		(d)		—		37		—		—
Card Member Receivables:
Consumer	25,255		58		39		79		25,431		—		—
Small Business	$	18,400	$	77	$	54	88		18,619		—		—
Corporate (c)	(d)		(d)		(d)		$	65	$	15,361	$	—	$	—

(a)Includes approximately $33.4 billion of gross Card balances available to settle obligations of a consolidated variable interest entity (VIE) as of both March 31, 2026 and December 31, 2025.

(b)Other loans are presented net of reserves for credit losses of $314 million and $323 million as of March 31, 2026 and December 31, 2025, respectively.

Card Balances Aging

Generally, a Card Member account is considered past due if payment due is not received within 30 days after the billing statement date. The following table presents the aging of Card balances as of March 31, 2026 and December 31, 2025:

Table 2.2: Card Balances Aging


(Millions)	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Total		90+ Days Past Due and Still Accruing Interest (a)		Non-Accruals(b)
2026
Consumer	$	139,125	$	522	$	388	$	873	$	140,908	$	452	$	480
Small Business	54,295		256		194		353		55,098		136		186
Corporate (c)	(d)		(d)		(d)		71		17,306		—		—
2025
Consumer	142,552		529		392		851		144,324		434		471
Small Business	$	52,870	$	255	$	168	340		53,632		130		177
Corporate (c)	(d)		(d)		(d)		$	75	$	15,907	$	—	$	—

(a)Our policy is generally to accrue interest through the date of write-off (typically 180 days past due). We establish reserves for interest that we believe will not be collected.

(b)Non-accrual ~~loans~~Card balances primarily include certain ~~loans~~Card balances placed with outside collection agencies for which we have ceased accruing interest.

(c)For corporate accounts, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card ~~Member~~balances ~~loan~~are ~~or receivable balance is~~ classified as 90 days past billing. These amounts are shown above as 90+ Days Past Due for presentation purposes. See also (d).

(d)Delinquency data for periods other than 90+ days past billing has not historically been available due to system constraints. Therefore, such data has not been a material input for risk management purposes. The balances that are current to 89 days past billing can be derived as the difference between the Total and the 90+ Days Past Due balances.

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AMERICAN EXPRESS COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Other Loans Aging and Gross Write-Offs by Origination Year

Generally, a customer loan is considered past due if payment due is not received within 30 days after the payment due date. The following tables present the aging and gross write-offs for ~~other~~Other loans by year of origination as of or for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, and as of or for the twelve months ended December 31, ~~2024~~2025:

Table 2.3: Other Loans Aging and Gross Write-Offs by Origination Year

2026 (Millions)	2026		2025		2024		2023		2022		Prior		Revolving Loans (a)		Total
Current	$	1,465	$	4,505	$	1,716	$	338	$	34	$	57	$	2,670	$	10,785
30-59 Days Past Due	—		7		6		2		—		—		7		23
60-89 Days Past Due	—		6		5		2		—		—		7		21
90+ Days Past Due (b)	—		6		5		2		—		1		7		20
Total (c)	$	1,465	$	4,524	$	1,731	$	344	$	35	$	59	$	2,691	$	10,849
Gross Write-Offs	$	—	$	16	$	18	$	7	$	1	$	—	$	24	$	66
2025 (Millions)	2025		2024		2023		2022		2021		Prior		Revolving Loans (a)		Total
Current	$	45,~~513~~532	$	2,~~690~~172	$	~~686~~494	$	6545	$	76	$	5854	$	2,~~440~~564	$	10,~~459~~867
30-59 Days Past Due	36		7		32		1—		—		1		8		2325
60-89 Days Past Due	24		65		32		—		—		—		78		1819
90+ Days Past Due (b)	13		5		32		1—		—		1		76		1817
Total (c)	$	45,~~519~~545	$	2,~~708~~188	$	~~695~~500	$	6746	$	76	$	6056	$	2,~~462~~587	$	10,~~518~~928
Gross Write-Offs	$	615	$	5677	$	3947	$	1113	$	1	$	—	$	6588	$	~~178~~242
2024 (Millions)	2024		2023		2022		2021		2020		Prior		Revolving Loans (a)		Total
Current	$	4,950	$	1,578	$	356	$	10	$	14	$	57	$	2,209	$	9,174
30-59 Days Past Due	5		5		2		—		—		—		10		22
60-89 Days Past Due	5		4		2		—		—		—		7		18
90+ Days Past Due (b)	4		4		2		—		—		1		7		18
Total (c)	$	4,964	$	1,591	$	362	$	10	$	14	$	58	$	2,233	$	9,232
Gross Write-Offs	$	13	$	59	$	42	$	6	$	—	$	—	$	87	$	207

(a)Revolving loans consist primarily of lines of credit offered to small business customers. Revolving loans include $5 million of term loans that were converted from revolving loans.

(b)Over 90 days past due includes $78 million and $67 million as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively, of loans on which interest is still accruing. Our policy is generally to accrue interest through the date of write-off (typically 120 days past due) except for lines of credit offered to small business customers, where interest ceases to accrue at 90 days past due. We establish reserves for interest that we believe will not be collected.

(c)This total includes non-accrual loans of $19 million and $16 million as of ~~both September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively. Non-accruals for consumer installment loans primarily include certain loans placed with outside collection agencies for which we have ceased accruing interest.

47Credit Quality Indicators for Card Balances and Other Loans

~~Table~~The following table presents the key credit quality indicators as of ~~Contents~~or for the three months ended March 31, 2026 and 2025:

Table 2.4: Credit Quality Indicators for Card Balances and Other Loans

AMERICAN EXPRESS COMPANY


	2026						2025
	Net Write-Off Rate						Net Write-Off Rate
	Principal Only (a)		Principal, Interest & Fees (a)		30+ Days Past Due as a % of Total		Principal Only (a)		Principal, Interest & Fees (a)		30+ Days Past Due as a % of Total
Card balances:
Consumer	1.9	%	2.3	%	1.3	%	2.1	%	2.5	%	1.3	%
Small Business	2.4	%	2.7	%	1.5	%	2.3	%	2.6	%	1.4	%
Corporate	(b)		0.7	%	(c)		(b)		0.5	%	(c)
Other loans	2.0	%	2.1	%	0.6	%	2.2	%	2.3	%	0.6	%

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Credit Quality Indicators for Loans and Card Member Receivables

The following table presents the key credit quality indicators as of or for the nine months ended September 30:

	2025						2024
	Net Write-Off Rate						Net Write-Off Rate
	Principal Only (a)		Principal, Interest & Fees (a)		30+ Days Past Due as a % of Total		Principal Only (a)		Principal, Interest & Fees (a)		30+ Days Past Due as a % of Total
Card Member Loans:
Consumer	2.1	%	2.6	%	1.4	%	2.2	%	2.8	%	1.4	%
Small Business	2.5	%	2.9	%	1.5	%	2.2	%	2.6	%	1.4	%
Card Member Receivables:
Consumer	1.0	%	1.1	%	1.0	%	1.3	%	1.4	%	0.8	%
Small Business	1.8	%	2.0	%	1.1	%	2.0	%	2.1	%	1.2	%
Corporate	(b)		0.5	%	(c)		(b)		0.6	%	(c)
Other Loans	2.0	%	2.1	%	0.6	%	2.2	%	2.3	%	0.7	%

(a)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

(b)Net write-off rate based on principal losses only is not available due to system constraints.

(c)For corporate ~~receivables~~Card balances, delinquency data is tracked based on days past billing status rather than days past due. Delinquency data for periods other than 90+ days past billing is not available due to system constraints. 90+ days past billing as a %percent of total was 0.4% as of both ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.

Refer to Note 3 for additional indicators, including external qualitative factors, management considers in its evaluation process for reserves for credit losses.

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AMERICAN EXPRESS COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

~~Loans~~Card Balances and ~~Receivables~~Other Loans Restructurings for Borrowers Experiencing Financial Difficulty

We evaluate all ~~loans~~Card balances and ~~receivables~~Other loans restructurings according to the accounting guidance for loan refinancing and restructuring to determine whether such loan modification should be accounted for as a new loan or a continuation of the existing loan. Our ~~loans and receivables~~ restructurings for borrowers experiencing financial difficulty are generally accounted for as a continuation of the existing loan, which reflects the ongoing effort to support our ~~customer~~customers and recover our ~~investment in the~~ existing ~~loan~~investments.

We offer several types of ~~loans and receivables~~ modification programs to customers experiencing financial difficulty~~. In such instances~~, ~~we may modify loans and receivables~~ with the intention to minimize losses and improve collectability, while providing customers with temporary or permanent financial relief.

Such modifications ~~to the loans and receivables~~ primarily include (i) temporary interest rate reductions (reducing interest rates to as low as zero percent, in which case the ~~loan~~balance is characterized as non-accrual), and/or (ii) placing the customer on a fixed payment plan not to exceed 60 months. Upon entering the modification program, the customer’s ability to make future purchases is limited, canceled or, in certain cases, suspended until the customer successfully exits from the modification program. As of ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, we had $5921 million and $7019 million, respectively, of unused credit available to customers with ~~loans~~Card ~~and~~balances ~~receivables~~ modified during each of the respective ~~nine~~three month periods. In accordance with the modification agreement with the customer, ~~loans~~Card balances and~~/or~~ ~~receivables~~Other loans may revert to the original contractual terms (including the contractual interest rate where applicable) when the customer exits the modification program, which is either (i) when all payments have been made in accordance with the modification agreement or (ii) when the customer defaults out of the modification program.

49The following table provides information relating to Card balances and Other loans modifications for borrowers experiencing financial difficulty during the three months ended March 31, 2026 and 2025:

Table 2.5: Card Balances and Other Loans Modifications for Borrowers Experiencing Financial Difficulty


	Three Months Ended March 31,
	2026							2025
	Account Balances (Millions) (a)		% of Total Class of Financing Receivables		Weighted Average Interest Rate Reduction (% points)		Weighted Average Payment Term Extensions (# of months)	Account Balances (Millions) (a)		% of Total Class of Financing Receivables		Weighted Average Interest Rate Reduction (% points)		Weighted Average Payment Term Extensions (# of months)
Interest Rate Reduction
Card balances
Consumer	$	609	0.5	%	18.2	%	(b)	$	545	0.5	%	18.4	%	(b)
Small Business	273		0.8	%	18.1	%	(b)	229		0.7	%	17.7	%	(b)
Corporate	—		—		—		(b)	—		—		—		(b)
Term Extension
Card balances
Consumer	70		0.3	%	(b)		32	76		0.3	%	(b)		31
Small Business	141		0.7	%	(b)		31	137		0.7	%	(b)		29
Corporate	12		0.1	%	(b)		10	5		0.03	%	(b)		11
Other loans	12		0.1	%	—		18	12		0.1	%	—		17
Interest Rate Reduction and Term Extension
Other loans	23		0.2	%	3.8	%	21	17		0.2	%	3.1	%	21
Total	$	1,139						$	1,021

(a)Represents the outstanding balances as of March 31, 2026 and 2025, respectively, of all modifications undertaken in the current and preceding three months for balances that remain in modification programs as of, or that defaulted on or before, March 31, 2026 and 2025, respectively. The outstanding balances include principal, fees, and, where applicable, accrued interest. Modifications did not reduce the principal balance.

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