AMERICAN EXPRESS CO 8-K

What Happened

• American Express Company filed a Form 8-K on June 15, 2026 (Regulation FD disclosure) providing monthly credit-performance metrics for its U.S. Consumer and U.S. Small Business card portfolios for the periods ending March 31, April 30 and May 31, 2026. The filing also reported performance for the American Express Credit Account Master Trust (the Lending Trust) for March–May 2026.

Key Details

• U.S. Consumer (May 31, 2026): total card balances $113.8B; average balances $112.6B; 30‑day past due 1.1%; net write-off rate (principal only) 2.0%.
• U.S. Small Business (May 31, 2026): total card balances $46.7B; average balances $46.2B; 30‑day past due 1.4%; net write-off rate 2.6%.
• Combined U.S. Consumer + Small Business card balances held for investment: $160.5B (May 31, 2026).
• Lending Trust (May 2026): ending principal balance $25.4B; defaulted amount $0.04B ($40M); annualized default rate net of recoveries 1.2%; total 30+ days delinquent $0.2B ($200M).
• The filing notes differences between the Lending Trust reporting and the company portfolio data (e.g., revolve‑eligible vs pay‑in‑full balances, calculation methods, seasonality), and excludes card balances classified as held for sale.

Why It Matters

• These monthly metrics give investors a view into American Express’s credit quality and loss trends across its core U.S. card businesses. May 2026 shows modest improvement in 30‑day delinquencies versus March for both consumer and small business portfolios and generally stable net write‑off rates.
• The Lending Trust numbers show the securitized portion of balances ($25.4B) and relatively low absolute defaults/delinquencies in May, but the filing warns that month‑to‑month comparisons can vary due to mix, vintages and calculation differences. Investors can use these figures to monitor credit risk, seasonality effects, and trends in charge-offs versus peers.