AMERICAN EXPRESS CO 8-K

What Happened

• American Express Company (AXP) filed a Form 8‑K on May 15, 2026 (Item 7.01) providing updated U.S. Consumer and U.S. Small Business card balance, delinquency and net write‑off statistics for the months ended April 30, March 31 and February 28, 2026. The company also updated its presentation to combine Card Member loans and Card Member receivables into a single "Card balances" measure; historical statistics are included as Exhibit 99.1 and referenced in the company’s Form 10‑Q for the quarter ended March 31, 2026.
• Key reported figures (period end or monthly rates): U.S. Consumer total card balances of $111.4B (Apr), $110.8B (Mar), $107.4B (Feb) with 30‑day past due at 1.2% (Apr); U.S. Small Business total card balances of $45.8B (Apr), $45.2B (Mar), $43.9B (Feb) with 30‑day past due at 1.5% (Apr). Combined Card balances held for investment were $157.2B (Apr). Net write‑off rates (principal only) were 2.1% (U.S. Consumer, Apr) and 2.4% (U.S. Small Business, Apr).
• The filing also reported credit performance for the American Express Credit Account Master Trust (the Lending Trust) for Feb–Apr 2026: ending principal balances of $24.4B (Feb), $25.1B (Mar), $25.0B (Apr); annualized default rate net of recoveries ~1.2–1.3%; and roughly $0.2B of 30+ day delinquencies each month.

Key Details

• U.S. Consumer card balances (total): $111.4B (Apr 30, 2026); 30+ days past due = 1.2% (Apr).
• U.S. Small Business card balances (total): $45.8B (Apr 30, 2026); 30+ days past due = 1.5% (Apr).
• Net write‑off rates (principal only), April 2026: 2.1% (U.S. Consumer), 2.4% (U.S. Small Business).
• Lending Trust ending principal balance: $25.0B (Apr 2026); annualized default rate net of recoveries ~1.3% (Apr).

Why It Matters

• These data give investors a timely view of American Express’s U.S. card portfolio size and credit performance trends through April 2026—useful for monitoring asset quality and potential impacts on provisions and earnings.
• The presentation change (combining loans and receivables into "Card balances") affects comparability with prior disclosures and with the Lending Trust figures, which cover only revolve‑eligible balances; investors should consult the company’s 10‑Q for full context.
• This 8‑K is an informational disclosure under Regulation FD, not an earnings release or guidance change; it provides transparency on delinquency and write‑off metrics that investors commonly track.