0000004962false00000049622025-10-172025-10-170000004962us-gaap:CommonStockMember2025-10-172025-10-170000004962axp:FixedToFloatingRateNoteMember2025-10-172025-10-17


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): October 17, 2025
 
AMERICAN EXPRESS COMPANY
(Exact name of registrant as specified in its charter)
   
New York 1-7657 13-4922250
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
200 Vesey Street,
New York, New York 10285
(Address of principal executive offices and zip code)
(212) 640-2000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading 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, 2032AXP32New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐





Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure
The following information is furnished under Item 2.02 – Results of Operations and Financial Condition and Item 7.01 – Regulation FD Disclosure:
On October 17, 2025, American Express Company (the “Company”) reported financial results for the third quarter of 2025. A copy of the Company’s earnings release is attached to this report as Exhibit 99.1 and additional information relating to the Company’s financial results for the third quarter of 2025 is attached to this report as Exhibit 99.2.
Item 9.01    Financial Statements and Exhibits

(d) Exhibits
ExhibitDescription
99.1
99.2
104The cover page of this Current Report on Form 8-K, formatted as inline XBRL.



CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Current Report on Form 8-K (including the exhibits attached hereto) 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 the Company’s current expectations regarding business and financial performance, including management’s guidance for 2025, among other matters, contain words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “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. The Company undertakes 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:
•the Company’s ability to achieve its 2025 earnings per common share (EPS) guidance and grow EPS 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 the Company’s ability to continue investing at high levels in areas that can drive sustainable growth (including its brand, value propositions, coverage, marketing, technology and talent), controlling operating expenses, effectively managing risk and executing its 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, global trade relations and the effects of announced or future tariffs, international tensions, hostilities and instability, changes in interest rates, inflation, supply chain issues, market volatility, energy costs, the duration of the U.S. government shutdown and fiscal and monetary policies; 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 the Company’s reputation; changes in the
-2-

competitive environment; impacts related to acquisitions, cobrand and other partner agreements, portfolio sales, joint ventures and other investments; and the impact of regulation and litigation, which could affect the profitability of the Company’s business activities, limit the Company’s ability to pursue business opportunities, require changes to business practices or alter the Company’s relationships with Card Members, partners and merchants;
•the Company’s ability to achieve its 2025 revenue growth guidance and grow revenues net of interest expense in the future, 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, such as due to uncertain business and economic conditions; an inability to address competitive pressures, attract and retain customers, invest in and enhance the Company’s Membership Model of premium products, differentiated services and partnerships, successfully refresh its card products (including U.S. Consumer and Business Platinum Cards), 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 effects of regulatory initiatives, including pricing and network regulation; merchant coverage growing less than expected or the reduction of merchant acceptance or the perception of coverage; increased surcharging, steering, suppression or other differential acceptance practices with respect to the Company’s products; merchant discount rates changing from the Company’s expectations; and changes in foreign currency exchange rates;
•net card fee revenues not growing consistent with the Company’s expectations, which could be impacted by, among other things, the pace of Card Member acquisition activity and demand for the Company’s fee-based products; higher Card Member attrition rates; the success and timing of the Company’s refreshes of its card products (including U.S. Consumer and Business Platinum Cards); 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; and the Company’s inability to deliver and enhance benefits and services, innovate with respect to its 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 and Card Member receivables outstanding and revolving balances, 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 the Company’s 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; the Company’s ability to effectively introduce and enhance lending features on its products and manage underwriting risk; changes in benchmark interest rates, including where such changes affect the Company’s assets or liabilities differently than expected; 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 Card Member loans not remaining consistent with current expectations; the Company’s deposit levels or the interest rates it offers on deposits changing from current expectations; loss or impacts to cobrand relationships; and governmental actions to cap credit card interest rates;
•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, GDP and the volume of bankruptcies; the ability and willingness of Card Members to pay amounts owed to the Company; changes in loans and receivables outstanding, such as from the implementation of the Company’s strategy to capture spending and borrowings, or from changes in consumer behavior that affect loan and receivable balances (e.g.,
-3-

paydown and revolve rates); changes in the levels of customer acquisitions and the credit profiles of new customers acquired; card portfolio sales; 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 loans and receivables; 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 in 2025 and beyond, and the relationship of these variable customer engagement costs to revenues, which could be impacted by continued changes in macroeconomic conditions and Card Member behavior as it relates to their 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; the investments and enhancements that the Company makes with respect to its rewards programs and product benefits, such as in connection with card refreshes (including U.S. Consumer and Business Platinum Cards), including to make them attractive to Card Members and prospective customers, potentially in a manner that is not cost-effective; levels of Card Member acquisitions on premium card products; changes in the Company’s models or assumptions used to estimate these expenses; new and renegotiated contractual obligations with business partners, which may be affected by business partners with greater scale and leverage; the Company’s ability to identify and negotiate partner-funded value for Card Members; and the pace and cost of the expansion of the Company’s global lounge collection;
•the actual amount the Company spends on marketing in 2025 and beyond and the effectiveness and efficiency of its marketing spending, which will be based in part on continued changes in the macroeconomic and competitive environment and business performance, including the levels of demand for the Company’s products; the Company’s ability to realize marketing efficiencies, such as through the personalization of offers, and balance expense control and investments in the business; management’s decisions regarding the timing of spending on marketing and the effectiveness of management’s investment optimization process; management’s identification and assessment of attractive investment opportunities; management’s ability to develop premium value propositions and drive customer demand, including continued customer spend growth and retention; and the receptivity of Card Members and prospective customers to advertising and customer acquisition initiatives;
•the Company’s ability to control operating expenses, including relative to revenue growth, and the actual amount spent on operating expenses in 2025 and beyond, which could be impacted by, among other things, salary and benefit expenses to attract and retain talent; the Company’s ability to realize operational efficiencies, including through increased scale and automation and continued adoption of artificial intelligence 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 digital capabilities; the Company’s 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; supply chain issues and increased technology costs; expenses related to enterprise risk management and compliance and consulting, legal and other professional services fees, including as a result of the Company’s 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 the Company’s investments; and impairments of goodwill or other assets;
•the Company’s 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 and exemptions to the global minimum tax, the Company’s geographic mix of income, unfavorable tax
-4-

audits, assessments and tax litigation outcomes, and the occurrence or nonoccurrence of other discrete tax items;
•changes affecting the Company’s plans regarding the return of capital to shareholders, which will depend on factors such as the Company’s capital levels and regulatory capital ratios; results of the 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 Basel III rulemaking; results of operations and financial condition; credit ratings and rating agency considerations; and the economic environment and market conditions in any given period;
•changes in the substantial and increasing worldwide competition in the payments industry, including competitive pressure and competitor settlements and transactions that may materially impact the prices charged to merchants that accept American Express cards; merchant acceptance and surcharging, steering and suppression by merchants; the desirability of competitor premium card products and competition for partnerships and premium experiences, services and benefits; competition for new and existing cobrand relationships; competition from new and non-traditional competitors, such as financial technology companies, and with respect to new products, services and technologies, such as the emergence or increase in popularity of agentic commerce, digital payment platforms and currencies and other alternative payment mechanisms; and the success of marketing, promotion, rewards programs, offers and travel-, lifestyle- and business-related benefits (e.g., lounges, dining, entertainment and business tools);
•the Company’s ability to sustain its momentum and leadership in the premium consumer space, including with Millennial and Gen-Z consumers, and the success of the refresh of its U.S. Consumer Platinum Card®, which will be impacted in part by competition, levels of consumer demand for premium card products, brand perceptions (including perceptions related to merchant coverage) and reputation, and the Company’s ability to develop and market new benefits, services, experiences and other value propositions, as well as new digital capabilities, that appeal to Card Members and new customers, grow spending with new and younger age cohort Card Members, offer attractive services and rewards programs and build greater customer loyalty, which will depend in part on identifying and funding investment opportunities, addressing changing customer behaviors, new product innovation and development, Card Member acquisition efforts and enrollment processes, including through digital channels, continuing to realize the benefits from strategic partnerships, successfully implementing the Company’s dining strategy and evolving the Company’s infrastructure to support new products, services and benefits;
•the Company’s ability to build on its leadership in commercial payments and the success of the refresh of its U.S. Business Platinum Card®, which will depend in part on competition, including from financial technology companies; the willingness and ability of companies to use credit and charge cards for procurement and other business expenditures as well as use the Company’s other products and services for financing needs; the acceptance of, and economics related to, B2B payment platforms; the Company’s ability to offer attractive value propositions and new products to current and potential customers; the Company’s ability to enhance and expand its payment, lending, cash flow and expense management solutions, increase customer engagement, and build out a multi-product digital ecosystem to integrate its broad product set, which is dependent on the Company’s continued investment in capabilities, features, functionalities, platforms and technologies and the successful integration of, and introduction of capabilities related to, the Company’s Center acquisition; and the success of the Company’s initiatives to support businesses, such as Small Business Saturday and other Shop Small campaigns;
•the Company’s ability to expand merchant coverage globally and its success, as well as the success of third-party merchant acquirers, aggregators and processors, in signing merchants to accept American Express, which will depend on, among other factors, the value propositions offered to merchants and merchant acquirers for card acceptance, the awareness and willingness of Card Members to use
-5-

American Express cards at merchants, scaling marketing and expanding programs to increase card usage, identifying and growing acceptance in low- and new-to-plastic industries and businesses as they form, working with commercial buyers and suppliers to establish B2B acceptance, executing on the Company’s plans to increase coverage 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 its authorization platform;
•the Company’s ability to grow internationally, which could be impacted by regulation and business practices, such as those capping interchange or other fees, mandating network access or data localization, favoring local competitors or prohibiting or limiting foreign ownership of certain businesses; perceptions of the Company’s brand in international jurisdictions; the Company’s inability to successfully replicate aspects of its business model internationally and tailor products and services to make them attractive to local customers; competitors with more scale, local experience and established relationships with relevant customers, regulators and industry participants; the success of the Company and its network partners in acquiring Card Members and/or merchants; and geopolitical and economic instability, hostilities and tensions (such as involving China and the U.S.), and impacts to cross-border trade and travel;
•a failure in or breach of the Company’s 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 the Company’s operations, reduce the use and acceptance of American Express cards or the Company’s digital platforms and lead to regulatory scrutiny, litigation, remediation and response costs and reputational harm;
•legal and regulatory developments, which could affect the profitability of the Company’s business activities; limit the Company’s ability to pursue business opportunities or conduct business in certain jurisdictions; require changes to business practices or governance, or alter the Company’s relationships with Card Members, partners, merchants and other third parties, including affecting its network operations and practices governing merchant acceptance, as well as its ability to continue certain cobrand relationships in the EU; impact card fees and rewards programs; exert further pressure on merchant discount rates and the Company’s GNS business, as well as result in an increase in surcharging, steering or other differential acceptance practices; alter the competitive landscape; subject the Company 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; and
•factors beyond the Company’s 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 the Company’s business and results of operations or disrupt its global network systems and ability to process transactions.
A further description of these uncertainties and other risks can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2025 and the Company’s other reports filed with the Securities and Exchange Commission.
-6-



SIGNATURE
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 AMERICAN EXPRESS COMPANY
 (REGISTRANT)
   
 By:/s/ James J. Killerlane III
  Name:  James J. Killerlane III
  Title:    Corporate Secretary
 
Date: October 17, 2025
-7-

EXHIBIT 99.1
axpheader.jpg
AMERICAN EXPRESS THIRD-QUARTER REVENUE INCREASED 11% TO RECORD $18.4 BILLION, AND EARNINGS PER SHARE ROSE 19% TO $4.14
CARD MEMBER SPEND GROWTH ACCELERATED TO 9%, OR 8% FX-ADJUSTED
COMPANY RAISES FY 2025 GUIDANCE TO REVENUE GROWTH OF 9% TO 10% AND EPS OF $15.20 TO $15.50
U.S. PLATINUM CARD REFRESH SEES STRONG EARLY DEMAND AND ENGAGEMENT
(Millions, except per share amounts, and where indicated)

Quarters Ended
September 30,
Percentage Inc/(Dec)
Nine Months Ended
September 30,
Percentage Inc/(Dec)

20252024

20252024

Billed Business (Billions)
FX-adjusted1
$421.0
$387.3
$388.1
9%
8%
$1,224.7
$1,142.5
$1,142.7
7%
7%
Total Revenues Net of Interest Expense
FX-adjusted1
$18,426
$16,636
$16,674
11%
11%
$53,249
$48,770
$48,734
9%
9%
Net Income
$2,902
$2,507
16%
$8,371
$7,959
5%
Diluted Earnings Per Common Share (EPS)2
$4.14
$3.49
19%
$11.85
$10.97
8%
Adjusted EPS Excluding Transaction Gain3
$11.85
$10.31
15%
Average Diluted Common Shares Outstanding
 693
    709
(2)%
    698
    716
(3)%
American Express Company (NYSE: AXP) today reported third-quarter net income of $2.9 billion, compared with net income of $2.5 billion a year ago. Earnings per share was $4.14, up 19 percent from $3.49 a year ago.

Stephen J. Squeri | Chairman and Chief Executive Officer
“We delivered a very strong quarter, with revenues growing 11 percent year-over-year to a record $18.4 billion, and EPS rising 19 percent to $4.14. Card Member spend growth accelerated to 8 percent on an FX-adjusted basis, and our credit metrics remained best-in-class.
“The successful launch of our updated U.S. Consumer and Business Platinum Cards reinforces our leadership in the premium space. The initial customer demand and engagement exceeded our expectations, with new U.S. Platinum account acquisitions doubling compared to pre-refresh levels.
“Given our strong performance year to date, we are raising our full-year guidance to revenue growth of 9 to 10 percent and EPS of $15.20 to $15.50. Looking ahead, we are confident in our growth prospects as we continue to execute our proven product refresh strategy and enhance our powerful Membership Model to deliver value for our Card Members, merchant partners, and shareholders.”



1
AMERICAN EXPRESS Q3 2025 RESULTS


 Consolidated Financial Results
Business Highlights
Third-quarter consolidated total revenues net of interest expense were $18.4 billion, up 11 percent year-over-year. The increase was primarily driven by increased Card Member spending, higher net interest income supported by growth in revolving loan balances, and continued strong card fee growth.

Consolidated provisions for credit losses were $1.3 billion, compared with $1.4 billion a year ago. The decrease reflected a lower reserve build compared to prior year, partially offset by higher net write-offs. The third-quarter net write-off rate was 1.9 percent, flat year-over-year.4

Consolidated expenses were $13.3 billion, up 10 percent year-over-year. The increase was primarily driven by higher variable customer engagement costs due to increased Card Member spending and usage of travel- and lifestyle-related benefits, and higher operating expenses.

The consolidated effective tax rate was 24.1 percent, up from 21.8 percent a year ago, primarily reflecting the impact of tax law changes across jurisdictions.


•American Express unveiled its updated U.S. Consumer and Business Platinum Cards, with strong early demand and engagement.
•The company launched an all-in-one Amex Travel App and digital tools for U.S. Card Members to simplify and enhance the premium travel experience.
•American Express Cards are now accepted at an estimated 160 million merchant locations worldwide; Amex-accepting locations have increased by nearly 5x since 2017.5
•American Express and Toast announced a multi-year partnership to power more personalized hospitality experiences across the Resy, Tock, and Toast restaurant networks.
•The company introduced Amex Ads, a new digital advertising platform designed to help brands connect with American Express Card Members.
•American Express was ranked the #1 issuer and #1 in the Rewards - Annual Fee category in the J.D. Power 2025 U.S. Credit Card Satisfaction Study.6
# # #

This earnings release should be read in conjunction with the supplemental financial data for the third quarter 2025, which include information regarding our reportable operating segments, available on the American Express Investor Relations website at http://ir.americanexpress.com and in a Form 8-K furnished today with the Securities and Exchange Commission.

An investor conference call will be held at 8:30 a.m. (ET) today to discuss third-quarter 2025 results. Live audio and presentation slides for the investor conference call will be available to the general public on the above-mentioned American Express Investor Relations website. A replay of the conference call will be available at the same website address following the call.
2
AMERICAN EXPRESS Q3 2025 RESULTS


1

As used in this release, FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translations into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for current period apply to the corresponding prior-year period against which such results are being compared). FX-adjusted revenues is a non-GAAP measure. The company believes the presentation of information on an FX-adjusted basis is helpful to investors by making it easier to compare the company’s performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.
 
2

Diluted earnings per common share (EPS) was reduced by the impact of (i) earnings allocated to participating share awards of $20 million and $18 million for the three months ended September 30, 2025 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 the three months ended September 30, 2025 and 2024, respectively, and $43 million and $44 million for the nine months ended September 30, 2025 and 2024, respectively.
 
3

Adjusted diluted earnings per common share, a non-GAAP measure, excludes the $0.66 per share impact of the gain from the sale of Accertify, Inc. recognized in the second quarter of 2024. See Appendix I for a reconciliation to EPS on a GAAP basis. Management believes adjusted EPS is useful in evaluating the ongoing operating performance of the company.
 
4

Net write-off rates are based on principal losses only (i.e., excluding interest and/or fees) and represent consumer and small business Card Member loans and receivables (net write-off rates based on principal losses only are unavailable for corporate). We present a net write-off rate based on principal losses only to be consistent with industry convention. Net write-off rates including interest and fees are presented in the Statistical Tables for the third quarter of 2025 available on the above-mentioned American Express Investor Relations website, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses.
 
5

As of June 2025, including an estimated 43 million merchants that accept American Express through payment facilitators and 34 million merchants that accept American Express through digital wallets in China. 2017-2025 growth does not include merchant locations through certain payment facilitators.
 
6

American Express received the highest score among credit card issuers in the J.D. Power 2025 U.S. Credit Card Satisfaction Study, which measures customer satisfaction with consumer’s primary credit card, excluding co-branded cards. The Platinum Card® by American Express received the highest score in the Bank Rewards Credit Card with an Annual Fee segment of the J.D. Power 2025 U.S. Credit Card Satisfaction Study, which profiles the experiences of customers from the largest credit card issuers. Visit jdpower.com/awards for more details.
 

As used in this release:
•Card Member spending (billed business) represents transaction volumes, including cash advances, on payment products issued by American Express.
•Operating expenses represent salaries and employee benefits, professional services, data processing and equipment, and other, net.
•Reserve releases and reserve builds represent 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 releases represent the amount by which net write-offs exceed the provisions for credit losses. Reserve builds represent the amount by which the provisions for credit losses exceed net write-offs.
•Variable customer engagement costs represent the aggregate of Card Member rewards, business development, and Card Member services expenses.

# # #

Media Contacts:
Amanda Miller, Amanda.C.Miller@aexp.com, +1.408.219.0563
Deniz Yigin, Deniz.Yigin@aexp.com, +1.332.999.0836

Investors/Analysts Contacts:
Kartik Ramachandran, Kartik.Ramachandran@aexp.com, +1.212.640.5574
Amanda Blumstein, Amanda.Blumstein@aexp.com, +1.212.640.5574

3
AMERICAN EXPRESS Q3 2025 RESULTS


ABOUT AMERICAN EXPRESS
American Express (NYSE: AXP) is a global payments and premium lifestyle brand powered by technology. Our colleagues around the world back our customers with differentiated products, services and experiences that enrich lives and build business success.

Founded in 1850 and headquartered in New York, American Express’ brand is built on trust, security, and service, and a rich history of delivering innovation and Membership value for our customers. With over a hundred million merchant locations across our global network, we seek to provide the world’s best customer experience every day to a broad range of consumers, small and medium-sized businesses, and large corporations.

For more information about American Express, visit americanexpress.com, americanexpress.com/en-us/newsroom/, and ir.americanexpress.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release 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 American Express Company’s current expectations regarding business and financial performance, including management’s guidance for 2025, among other matters, contain words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “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. The company undertakes 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, those that are set forth under the caption “Cautionary Note Regarding Forward-Looking Statements” in the company’s current report on Form 8-K filed with the Securities and Exchange Commission (SEC) on October 17, 2025 (the Form 8-K Cautionary Note), which are incorporated by reference into this release. Those factors include, but are not limited to, the following:

•the company’s ability to achieve its 2025 earnings per common share (EPS) guidance and grow EPS 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 the company’s ability to continue investing at high levels in areas that can drive sustainable growth (including its brand, value propositions, coverage, marketing, technology and talent), controlling operating expenses, effectively managing risk and executing its share repurchase program, any of which could be impacted by, among other things, the factors identified in the subsequent paragraph and the Form 8-K Cautionary Note, 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, global trade relations and the effects of announced or future tariffs, international tensions, hostilities and instability, changes in interest rates, inflation, supply chain issues, market volatility, energy costs, the duration of the U.S. government shutdown and fiscal and monetary policies; 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 the company’s reputation; changes in the competitive environment; impacts related to acquisitions, cobrand and other partner agreements, portfolio sales, joint ventures and other investments; and the impact of regulation and litigation, which could affect the profitability of the company’s business activities, limit the company’s ability to pursue business opportunities, require changes to business practices or alter the company’s relationships with Card Members, partners and merchants; and

4
AMERICAN EXPRESS Q3 2025 RESULTS

•the company’s ability to achieve its 2025 revenue growth guidance and grow revenues net of interest expense in the future, which could be impacted by, among other things, the factors identified above and in the Form 8-K Cautionary Note, 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, such as due to uncertain business and economic conditions; an inability to address competitive pressures, attract and retain customers, invest in and enhance the company’s Membership Model of premium products, differentiated services and partnerships, successfully refresh its card products (including U.S. Consumer and Business Platinum Cards), 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 effects of regulatory initiatives, including pricing and network regulation; merchant coverage growing less than expected or the reduction of merchant acceptance or the perception of coverage; increased surcharging, steering, suppression or other differential acceptance practices with respect to the company’s products; merchant discount rates changing from the company’s expectations; and changes in foreign currency exchange rates.

A further description of these uncertainties and other risks can be found in American Express Company’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2025 and the company’s other reports filed with the SEC, including in the Form 8-K Cautionary Note.



American Express Company
Appendix I
Reconciliation of Adjusted EPS Excluding Transaction Gain

Nine Months Ended
September 30,
Percentage Inc/(Dec)
20252024
GAAP Diluted EPS
$11.85

$10.978%
Accertify Gain on Sale (pretax)
—

0.73

Tax Impact of Accertify Gain on Sale
—(0.07)

Accertify Gain on Sale (after tax)
—$0.66

Adjusted Diluted EPS Excluding the Impact of Accertify Gain
$11.85

$10.3115%
5

EXHIBIT 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q3'25Q2'25Q1'25Q4'24Q3'24YOY % changeYTD'25YTD'24YOY % change
Non-interest revenues
Discount revenue$9,413 $9,361 $8,743 $9,177 $8,780 7 $27,517 $26,015 6 
Net card fees2,551 2,480 2,333 2,245 2,170 18 7,364 6,204 19 
Service fees and other revenue 1,976 1,828 1,722 1,719 1,680 18 5,526 5,046 10 
Total non-interest revenues13,940 13,669 12,798 13,141 12,630 10 40,407 37,265 8 
Interest income
Interest on loans5,970 5,648 5,552 5,503 5,442 10 17,170 15,592 10 
Interest and dividends on investment securities15 17 14 18 18 (17)46 68 (32)
Deposits with banks and other632 599 569 556 689 (8)1,800 2,058 (13)
Total interest income6,617 6,264 6,135 6,077 6,149 8 19,016 17,718 7 
Interest expense
Deposits1,371 1,374 1,337 1,397 1,446 (5)4,082 4,298 (5)
Long-term debt and other760 703 629 642 697 9 2,092 1,915 9 
Total interest expense2,131 2,077 1,966 2,039 2,143 (1)6,174 6,213 (1)
Net interest income4,486 4,187 4,169 4,038 4,006 12 12,842 11,505 12 
Total revenues net of interest expense18,426 17,856 16,967 17,179 16,636 11 53,249 48,770 9 
Provisions for credit losses
Card Member receivables190 226 146 182 170 12 562 592 (5)
Card Member loans1,030 1,094 901 1,011 1,114 (8)3,025 3,098 (2)
Other67 85 103 99 72 (7)255 203 26 
Total provisions for credit losses1,287 1,405 1,150 1,292 1,356 (5)3,842 3,893 (1)
Total revenues net of interest expense after provisions for credit losses17,139 16,451 15,817 15,887 15,280 12 49,407 44,877 10 
Expenses
Card Member rewards4,608 4,618 4,378 4,430 4,168 11 13,604 12,169 12 
Business development1,611 1,589 1,529 1,637 1,430 13 4,729 4,249 11 
Card Member services1,477 1,301 1,328 1,278 1,179 25 4,106 3,504 17 
Marketing1,599 1,555 1,486 1,614 1,470 9 4,640 4,426 5 
Salaries and employee benefits2,239 2,152 2,120 2,102 2,049 9 6,511 6,096 7 
Professional services623 591 541 698 579 8 1,755 1,576 11 
Data processing and equipment751 720 705 805 725 4 2,176 2,083 4 
Other, net406 375 400 567 476 (15)1,181 635 86 
Total expenses13,314 12,901 12,487 13,131 12,076 10 38,702 34,738 11 
Pretax income3,825 3,550 3,330 2,756 3,204 19 10,705 10,139 6 
Income tax provision923 665 746 586 697 32 2,334 2,180 7 
Net income$2,902 $2,885 $2,584 $2,170 $2,507 16 $8,371 $7,959 5 
Net income attributable to common shareholders (A)$2,868 $2,852 $2,552 $2,139 $2,474 16 $8,272 $7,856 5 
Effective tax rate24.1 %18.7 %22.4 %21.3 %21.8 %21.8 %21.5 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$4.14 $4.08 $3.64 $3.04 $3.50 18 $11.87 $10.99 8 
Average common shares outstanding692 698 701 703 708 (2)697 715 (3)
Diluted
Net income attributable to common shareholders $4.14 $4.08 $3.64 $3.04 $3.49 19 $11.85 $10.97 8 
Average common shares outstanding693 699 702 704 709 (2)698 716 (3)
Cash dividends declared per common share $0.82 $0.82 $0.82 $0.70 $0.70 17 $2.46 $2.10 17 
See Appendix II for footnote references
1

American Express Company(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Millions, except percentages, per share amounts and where indicated)
 Q3'25Q2'25Q1'25Q4'24Q3'24YOY % change
Consolidated Balance Sheets
Assets      
Cash & cash equivalents$54,706 $57,937 $52,508 $40,640 $47,918 14 
Card Member receivables, less reserves60,823 59,405 58,355 59,240 58,886 3 
Card Member loans, less reserves138,946 136,508 133,611 133,995 128,960 8 
Card Member loans held for sale2,424 2,405 776 758 
Investment securities1,374 1,258 1,110 1,240 1,268 8 
Other (B)39,277 38,043 35,884 35,588 33,947 16 
Total assets$297,550 $295,556 $282,244 $271,461 $270,979 10 
Liabilities and Shareholders' Equity
Customer deposits$149,883 $149,386 $146,396 $139,413 $135,438 11 
Short-term borrowings1,446 1,493 1,559 1,374 1,457 (1)
Long-term debt57,787 58,202 51,236 49,715 53,546 8 
Other (B)56,017 54,164 51,851 50,695 50,831 10 
Total liabilities265,133 263,245 251,042 241,197 241,272 10 
Shareholders' Equity32,417 32,311 31,202 30,264 29,707 9 
Total liabilities and shareholders' equity$297,550 $295,556 $282,244 $271,461 $270,979 10 
Q3'25Q2'25Q1'25Q4'24Q3'24YOY % changeYTD'25YTD'24
Related Statistical Information
Net interest yield (C)8.2 %7.9 %8.2 %7.8 %8.0 %8.1 %7.9 %
Return on average equity (D)35.9 %36.3 %33.6 %34.6 %33.9 %35.4 %36.6 %
Return on average common equity (D)37.3 %37.8 %35.0 %36.1 %35.3 %
Book value per common share (dollars)$44.76 $44.16 $42.28 $40.88 $39.92 12 

See Appendix II for footnote references
2

American Express Company(Preliminary)
Consolidated Capital
(Millions, except percentages)
 
 Q3'25Q2'25Q1'25Q4'24Q3'24
Shares Outstanding 
Beginning of period696 701 702 704 712 
Repurchase of common shares(7)(5)(2)(3)(8)
Net impact of employee benefit plans and others— — 1 1 — 
End of period689 696 701 702 704 
Risk-Based Capital Ratios - Basel III 
Common Equity Tier 1/Risk Weighted Assets (RWA)10.5 %10.6 %10.7 %10.5 %10.7 %
Tier 111.1 %11.3 %11.4 %11.2 %11.4 %
Total13.1 %13.2 %13.4 %13.2 %13.4 %
Common Equity Tier 1$26,222 $26,121 $25,624 $24,860 $24,648 
Tier 1 Capital$27,848 $27,752 $27,260 $26,405 $26,206 
Tier 2 Capital$4,915 $4,858 $4,774 $4,722 $4,636 
Total Capital$32,763 $32,610 $32,034 $31,127 $30,842 
RWA$250,642 $246,140 $239,562 $235,775 $229,855 
Tier 1 Leverage9.5 %9.7 %10.0 %9.8 %9.8 %
Supplementary Leverage Ratio (SLR) (E)8.1 %8.3 %8.5 %8.3 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (F)$292,875 $285,174 $273,090 $268,785 $267,563 
Total Leverage Exposure to calculate SLR (E)$344,532 $335,706 $322,414 $316,995 

See Appendix II for footnote references
3

American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Millions, except percentages and where indicated) 
 Q3'25Q2'25Q1'25Q4'24Q3'24YOY % changeYTD'25YTD'24YOY % change
Network volumes (billions) (G)$479.2 $472.0 $439.6 $464.0 $441.0 9 $1,390.8 $1,300.8 7 
Billed business (H)$421.0 $416.3 $387.4 $408.4 $387.3 9 $1,224.7 $1,142.5 7 
Cards-in-force (I)151.2 149.4 147.5 146.5 145.5 4 151.2 145.5 4 
Proprietary cards-in-force86.0 85.2 84.6 83.6 82.9 4 86.0 82.9 4 
Basic cards-in-force (I)127.6 126.0 124.2 123.3 122.4 4 127.6 122.4 4 
Proprietary basic cards-in-force66.2 65.6 65.1 64.3 63.7 4 66.2 63.7 4 
Average proprietary basic Card Member spending (dollars)$6,387 $6,370 $5,987 $6,378 $6,110 5 $18,751 $18,224 3 
Average fee per card (dollars) (J)$119 $117 $111 $108 $105 13 $116 $101 15 
Proprietary new cards acquired (K)3.2 3.1 3.4 3.0 3.3 9.6 10.0 

See Appendix II for footnote references
4

American Express Company(Preliminary)
Network Volumes Related Growth 
 YOY % change
 ReportedFX-Adjusted (L)ReportedFX-Adjusted (L)
 Q3'25Q2'25Q1'25Q4'24Q3'24Q3'25Q2'25Q1'25Q4'24Q3'24YTD'25YTD'25
Network volumes (G)9%7%5%7%5%8%6%6%8%5%7%7%
Billed business (H)976868768677
U.S. Consumer Services97796n/an/an/an/an/a8n/a
Commercial Services422414224133
International Card Services14159111313121315131313
Merchant industry billed business
Goods & Services (G&S) spend (73% of Q3'25 billed business)
986769778678
T&E spend (27% of Q3'25 billed business)
8659685610666

See Appendix II for footnote references
5

American Express Company(Preliminary)
Selected Credit Related Statistical Information
Card Member Loans and Card Member Receivables
(Millions, except percentages and where indicated)
 Q3'25Q2'25Q1'25Q4'24Q3'24YOY % changeYTD'25YTD'24YOY % change
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (M)2.2 %2.2 %2.4 %2.2 %2.2 %2.3 %2.3 %
Net write-off rate (principal only) (M)(N)1.9 %2.0 %2.1 %1.9 %1.9 %2.0 %2.1 %
30+ days past due as a % of total (N)1.3 %1.3 %1.3 %1.3 %1.3 %1.3 %1.3 %
Card Member loans         
Total Card Member loans$144,814 $142,275 $139,203 $139,674 $134,548 8 $144,814 $134,548 8 
Credit loss reserves
Beginning balance$5,767 $5,592 $5,679 $5,588 $5,321 8 $5,679 $5,118 11 
Provisions - principal, interest and fees1,030 1,094 901 1,011 1,114 (8)3,025 3,098 (2)
Net write-offs - principal less recoveries(760)(771)(818)(735)(701)8 (2,349)(2,159)9 
Net write-offs - interest and fees less recoveries(168)(167)(178)(159)(152)11 (512)(462)11 
Other (O)(1)19 8 (26)6 #25 (7)#
Ending balance $5,868 $5,767 $5,592 $5,679 $5,588 5 $5,868 $5,588 5 
Reserve as a % of Card Member loans4.1 %4.1 %4.0 %4.1 %4.2 %4.1 %4.2 %
% of past due 286 %295 %284 %288 %297 %286 %297 %
Average loans$143,974 $141,412 $137,697 $136,972 $132,956 8 $141,085 $128,652 10 
Net write-off rate (principal, interest and fees) (M)2.6 %2.7 %2.9 %2.6 %2.6 %2.7 %2.7 %
Net write-off rate (principal only) (M)(N)2.1 %2.2 %2.4 %2.1 %2.1 %2.2 %2.2 %
30+ days past due as a % of total (N)1.4 %1.4 %1.4 %1.4 %1.4 %1.4 %1.4 %
Card Member receivables         
Total Card Member receivables$61,023 $59,598 $58,503 $59,411 $59,042 3 $61,023 $59,042 3 
Credit loss reserves
Beginning balance$193 $148 $171 $156 $171 13 $171 $174 (2)
Provisions - principal and fees190 226 146 182 170 12 562 592 (5)
Net write-offs - principal and fees less recoveries(183)(184)(169)(164)(187)(2)(536)(609)(12)
Other (O)— 3 — (3)2 #3 (1)#
Ending balance$200 $193 $148 $171 $156 28 $200 $156 28 
Reserve as a % of Card Member receivables0.3 %0.3 %0.3 %0.3 %0.3 %0.3 %0.3 %
Net write-off rate (principal and fees) (M)1.2 %1.2 %1.2 %1.1 %1.3 %1.2 %1.4 %
Net write-off rate (principal only) (M)(N)1.3 %1.4 %1.3 %1.2 %1.4 %1.3 %1.6 % 
30+ days past due as a % of total (N)1.0 %0.9 %1.0 %0.9 %0.9 %1.0 %0.9 % 
# - Denotes a variance of 100 percent or more.

See Appendix II for footnote references
6

American Express Company(Preliminary)
Selected Credit Related Statistical Information
Other Loans and Other Receivables
(Millions, except percentages and where indicated)
 Q3'25Q2'25Q1'25Q4'24Q3'24YOY % changeYTD'25YTD'24YOY % change
Other loans
Total other loans$10,518 $10,103 $9,678 $9,232 $8,460 24 $10,518 $8,460 24 
Credit loss reserves
Beginning balance$272 $244 $194 $154 $140 94 $194 $126 54 
Provisions62 78 105 94 60 3 245 162 51 
Net write-offs (principal only)(45)(48)(53)(51)(44)2 (146)(129)13 
Net write-offs (interest and fees only)(2)(3)(2)(2)(2)— (7)(5)40 
Other (O)— 1 — (1)— — 1 — — 
Ending balance$287 $272 $244 $194 $154 86 $287 $154 86 
Reserve as a % of other loans2.7 %2.7 %2.5 %2.1 %1.8 %2.7 %1.8 %
Other receivables
Total other receivables$4,019 $4,056 $3,752 $3,587 $3,800 6 $4,019 $3,800 6 
Credit loss reserves
Beginning balance$19 $23 $27 $49 $44 (57)$27 $27 — 
Provisions5 7 (2)5 12 (58)10 41 (76)
Net write-offs(3)(10)(3)(28)(6)(50)(16)(16)— 
Other (O)(1)(1)1 1 (1)— (1)(3)(67)
Ending balance$20 $19 $23 $27 $49 (59)$20 $49 (59)
Reserve as a % of other receivables0.5 %0.5 %0.6 %0.8 %1.3 %0.5 %1.3 %


See Appendix II for footnote references
7

American Express Company(Preliminary)
Selected Income Statement Information by Segment 
(Millions, except percentages)   
U.S. Consumer Services
(USCS)		Commercial Services
(CS)		International Card Services
(ICS)		Global Merchant and Network Services
(GMNS)		Corporate and OtherConsolidated
Q3'25     
Non-interest revenues$5,620 $3,441 $3,034 $1,782 $63 $13,940 
Interest income4,025 1,302 652 9 629 6,617 
Interest expense789 462 350 (181)711 2,131 
Total revenues net of interest expense8,856 4,281 3,336 1,972 (19)18,426 
Total provisions for credit losses734 332 218 5 (2)1,287 
Total revenues net of interest expense after provisions for credit losses8,122 3,949 3,118 1,967 (17)17,139 
Card Member rewards, business development and Card Member services4,145 1,730 1,512 298 11 7,696 
Marketing825 313 350 105 6 1,599 
Salaries and employee benefits and other operating expenses1,300 816 815 524 564 4,019 
Total expenses6,270 2,859 2,677 927 581 13,314 
Pretax income (loss)$1,852 $1,090 $441 $1,040 $(598)$3,825 
Q3'24
Non-interest revenues$5,028 $3,304 $2,659 $1,667 $(28)$12,630 
Interest income3,722 1,142 588 11 686 6,149 
Interest expense806 448 311 (169)747 2,143 
Total revenues net of interest expense7,944 3,998 2,936 1,847 (89)16,636 
Total provisions for credit losses812 374 158 10 2 1,356 
Total revenues net of interest expense after provisions for credit losses7,132 3,624 2,778 1,837 (91)15,280 
Card Member rewards, business development and Card Member services3,570 1,627 1,296 269 15 6,777 
Marketing755 308 287 112 8 1,470 
Salaries and employee benefits and other operating expenses1,148 781 740 465 695 3,829 
Total expenses5,473 2,716 2,323 846 718 12,076 
Pretax income (loss)$1,659 $908 $455 $991 $(809)$3,204 
YOY % change
Non-interest revenues12 4 14 7 #10 
Interest income8 14 11 (18)(8)8 
Interest expense(2)3 13 (7)(5)(1)
Total revenues net of interest expense11 7 14 7 79 11 
Total provisions for credit losses(10)(11)38 (50)#(5)
Total revenues net of interest expense after provisions for credit losses14 9 12 7 81 12 
Card Member rewards, business development and Card Member services16 6 17 11 (27)14 
Marketing9 2 22 (6)(25)9 
Salaries and employee benefits and other operating expenses13 4 10 13 (19)5 
Total expenses15 5 15 10 (19)10 
Pretax income (loss)12 20 (3)5 26 19 
# - Denotes a variance of 100 percent or more.

See Appendix II for footnote references
8

U.S. Consumer Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
 Q3'25Q2'25Q1'25Q4'24Q3'24YOY % changeYTD'25YTD'24YOY % change
Non-interest revenues$5,620 $5,540 $5,243 $5,314 $5,028 12 $16,403 $14,823 11 
Interest income4,025 3,795 3,763 3,753 3,722 8 11,583 10,677 8 
Interest expense789 782 757 815 806 (2)2,328 2,325 — 
Net interest income3,236 3,013 3,006 2,938 2,916 11 9,255 8,352 11 
Total revenues net of interest expense8,856 8,553 8,249 8,252 7,944 11 25,658 23,175 11 
Total provisions for credit losses734 829 631 784 812 (10)2,194 2,245 (2)
Total revenues net of interest expense after provisions for credit losses8,122 7,724 7,618 7,468 7,132 14 23,464 20,930 12 
Card Member rewards, business development and Card Member services4,145 3,967 3,882 3,816 3,570 16 11,994 10,513 14 
Marketing825 800 765 813 755 9 2,390 2,238 7 
Salaries and employee benefits and other operating expenses1,300 1,281 1,239 1,294 1,148 13 3,820 3,347 14 
Total expenses6,270 6,048 5,886 5,923 5,473 15 18,204 16,098 13 
Pretax segment income$1,852 $1,676 $1,732 $1,545 $1,659 12 $5,260 $4,832 9 
Billed business (billions) (H)$177.5 $176.5 $164.3 $174.0 $162.3 9 $518.3 $480.8 8 
Proprietary cards-in-force (I)47.8 47.3 46.8 46.3 45.7 5 47.8 45.7 5 
Proprietary basic cards-in-force (I)33.7 33.4 33.0 32.5 32.1 5 33.7 32.1 5 
Average proprietary basic Card Member spending (dollars)$5,291 $5,322 $5,014 $5,387 $5,091 4 $15,634 $15,313 2 
Segment assets$115,330 $113,876 $110,886 $114,228 $106,201 9 $115,330 $106,201 9 
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (M)2.3 %2.4 %2.7 %2.4 %2.4 %2.4 %2.6 %
Net write-off rate (principal only) (M)1.8 %1.9 %2.2 %2.0 %1.9 %2.0 %2.1 %
30+ days past due as a % of total1.3 %1.2 %1.3 %1.3 %1.3 %1.3 %1.3 %
Card Member loans
Total loans$94,142 $92,620 $90,072 $92,632 $86,752 9 $94,142 $86,752 9 
Average loans$93,781 $91,339 $89,983 $89,178 $86,223 9 $91,772 $83,847 9 
Net write-off rate (principal, interest and fees) (M)2.4 %2.6 %3.0 %2.6 %2.6 %2.7 %2.8 % 
Net write-off rate (principal only) (M)2.0 %2.1 %2.4 %2.1 %2.1 %2.1 %2.2 % 
30+ days past due as a % of total1.4 %1.3 %1.4 %1.4 %1.4 %1.4 %1.4 % 
Card Member receivables
Total receivables$12,827 $13,164 $12,824 $14,419 $13,168 (3)$12,827 $13,168 (3)
Net write-off rate (principal and fees) (M)0.9 %0.8 %0.8 %0.9 %1.2 %0.8 %1.3 % 
Net write-off rate (principal only) (M)0.8 %0.7 %0.7 %0.8 %1.1 %0.7 %1.2 % 
30+ days past due as a % of total1.0 %0.7 %0.7 %0.6 %0.7 %1.0 %0.7 % 
See Appendix II for footnote references
9

Commercial Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
Q3'25Q2'25Q1'25Q4'24Q3'24YOY % changeYTD'25YTD'24YOY % change
Non-interest revenues$3,441 $3,422 $3,265 $3,388 $3,304 4 $10,128 $9,831 3 
Interest income1,302 1,240 1,202 1,176 1,142 14 3,744 3,198 17 
Interest expense462 450 432 442 448 3 1,344 1,292 4 
Net interest income840 790 770 734 694 21 2,400 1,906 26 
Total revenues net of interest expense4,281 4,212 4,035 4,122 3,998 7 12,528 11,737 7 
Total provisions for credit losses332 360 329 311 374 (11)1,021 1,078 (5)
Total revenues net of interest expense after provisions for credit losses3,949 3,852 3,706 3,811 3,624 9 11,507 10,659 8 
Card Member rewards, business development and Card Member services1,730 1,790 1,746 1,751 1,627 6 5,266 4,753 11 
Marketing313 331 337 360 308 2 981 959 2 
Salaries and employee benefits and other operating expenses816 826 787 886 781 4 2,429 2,256 8 
Total expenses2,859 2,947 2,870 2,997 2,716 5 8,676 7,968 9 
Pretax segment income$1,090 $905 $836 $814 $908 20 $2,831 $2,691 5 
Billed business (billions) (H)$136.3 $135.5 $129.2 $136.0 $131.0 4 $401.0 $390.4 3 
Proprietary cards-in-force (I)15.4 15.4 15.5 15.4 15.5 (1)15.4 15.5 (1)
Average proprietary basic Card Member spending (dollars)$8,833 $8,782 $8,380 $8,804 $8,474 4 $25,996 $25,319 3 
Segment assets$64,305 $62,152 $62,012 $58,969 $59,716 8 $64,305 $59,716 8 
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (M)2.2 %2.2 %2.2 %2.0 %2.0 %2.2 %2.1 %
Net write-off rate (principal only) (M)(N)2.3 %2.3 %2.4 %2.1 %2.1 %2.3 %2.2 %
30+ days past due as a % of total (N)1.5 %1.5 %1.5 %1.5 %1.4 %1.5 %1.4 %
Card Member loans
Total loans$30,691 $30,143 $31,240 $29,647 $29,869 3 $30,691 $29,869 3 
Average loans$30,548 $31,253 $30,307 $30,203 $29,428 4 $30,705 $27,979 10 
Net write-off rate (principal, interest and fees) (M)3.1 %2.9 %3.0 %2.7 %2.6 %3.0 %2.7 %
Net write-off rate (principal only) (M)2.6 %2.5 %2.6 %2.3 %2.2 %2.6 %2.3 %
30+ days past due as a % of total1.6 %1.6 %1.6 %1.5 %1.5 %1.6 %1.5 %
Card Member receivables
Total receivables$26,688 $24,955 $26,172 $24,945 $26,341 1 $26,688 $26,341 1 
Net write-off rate (principal and fees) (M)1.1 %1.2 %1.3 %1.1 %1.3 %1.2 %1.4 %
Net write-off rate (principal only) - small business (M)1.5 %1.9 %1.9 %1.6 %1.8 %1.8 %2.0 %
30+ days past due as a % of total - small business1.1 %1.2 %1.3 %1.3 %1.2 %1.1 %1.2 %
90+ days past billing as a % of total - corporate0.4 %0.4 %0.4 %0.4 %0.4 %0.4 %0.4 %

See Appendix II for footnote references
10

International Card Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
 Q3'25Q2'25Q1'25Q4'24Q3'24YOY % changeYTD'25YTD'24YOY % change
Non-interest revenues$3,034 $2,947 $2,646 $2,725 $2,659 14 $8,627 $7,644 13 
Interest income652 620 596 583 588 11 1,868 1,748 7 
Interest expense350 335 306 318 311 13 991 921 8 
Net interest income302 285 290 265 277 9 877 827 6 
Total revenues net of interest expense3,336 3,232 2,936 2,990 2,936 14 9,504 8,471 12 
Total provisions for credit losses218 210 192 194 158 38 620 532 17 
Total revenues net of interest expense after provisions for credit losses3,118 3,022 2,744 2,796 2,778 12 8,884 7,939 12 
Card Member rewards, business development and Card Member services1,512 1,452 1,312 1,442 1,296 17 4,276 3,801 12 
Marketing350 322 300 306 287 22 972 929 5 
Salaries and employee benefits and other operating expenses815 783 751 1,014 740 10 2,349 2,212 6 
Total expenses2,677 2,557 2,363 2,762 2,323 15 7,597 6,942 9 
Pretax segment income$441 $465 $381 $34 $455 (3)$1,287 $997 29 
Billed business (billions) (H)$106.9 $103.9 $92.9 $97.7 $93.6 14 $303.6 $269.2 13 
Proprietary cards-in-force (I)22.8 22.5 22.3 21.9 21.7 5 22.8 21.7 5 
Proprietary basic cards-in-force (I)17.0 16.9 16.7 16.4 16.2 5 17.0 16.2 5 
Average proprietary basic Card Member spending (dollars)$6,307 $6,197 $5,619 $6,003 $5,829 8 $18,136 $16,956 7 
Segment assets$47,253 $46,500 $42,620 $42,879 $43,073 10 $47,253 $43,073 10 
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (M)2.0 %2.0 %1.8 %1.7 %1.8 %1.9 %2.0 %
Net write-off rate (principal only) (M)(N)1.8 %1.8 %1.7 %1.6 %1.7 %1.8 %1.9 %
30+ days past due as a % of total (N)1.1 %1.1 %1.1 %1.0 %1.0 %1.1 %1.0 %
Card Member loans - consumer and small business
Total loans$19,981 $19,512 $17,891 $17,395 $17,927 11 $19,981 $17,927 11 
Average loans $19,645 $18,820 $17,407 $17,591 $17,305 14 $18,608 $16,826 11 
Net write-off rate (principal, interest and fees) (M)2.5 %2.5 %2.3 %2.3 %2.4 %2.4 %2.5 %
Net write-off rate (principal only) (M)2.1 %2.1 %2.0 %1.9 %2.0 %2.0 %2.1 %
30+ days past due as a % of total1.2 %1.2 %1.2 %1.2 %1.2 %1.2 %1.2 %
Card Member receivables
Total receivables$21,508 $21,479 $19,507 $20,047 $19,533 10 $21,508 $19,533 10 
Net write-off rate (principal and fees) (M)1.5 %1.5 %1.3 %1.3 %1.3 %1.4 %1.5 %
Net write-off rate (principal only) - consumer and small business (M)1.6 %1.5 %1.3 %1.3 %1.4 %1.5 %1.6 %
30+ days past due as a % of total - consumer and small business1.0 %1.0 %1.0 %0.8 %0.9 %1.0 %0.9 %
90+ days past billing as a % of total - corporate0.3 %0.4 %0.4 %0.4 %0.4 %0.3 %0.4 %

See Appendix II for footnote references
11

Global Merchant and Network Services(Preliminary)
Selected Income Statement and Statistical Information             
(Millions, except percentages and where indicated)        
 Q3'25Q2'25Q1'25Q4'24Q3'24YOY % changeYTD'25YTD'24YOY % change
Non-interest revenues$1,782 $1,758 $1,660 $1,723 $1,667 7 $5,200 $5,006 4 
Interest income9 10 12 11 11 (18)31 41 (24)
Interest expense(181)(165)(143)(160)(169)(7)(489)(543)10 
Net interest income190 175 155 171 180 6 520 584 (11)
Total revenues net of interest expense1,972 1,933 1,815 1,894 1,847 7 5,720 5,590 2 
Total provisions for credit losses5 5 (2)6 10 (50)8 36 (78)
Total revenues net of interest expense after provisions for credit losses1,967 1,928 1,817 1,888 1,837 7 5,712 5,554 3 
Business development and Card Member services298 288 283 322 269 11 869 826 5 
Marketing105 96 76 130 112 (6)277 281 (1)
Salaries and employee benefits and other operating expenses524 490 468 583 465 13 1,482 902 64 
Total expenses927 874 827 1,035 846 10 2,628 2,009 31 
Pretax segment income$1,040 $1,054 $990 $853 $991 5 $3,084 $3,545 (13)
         
Total network volumes (billions) (G)$479.2 $472.0 $439.6 $464.0 $441.0 9 $1,390.8 $1,300.8 7 
Segment assets$18,879 $18,324 $18,083 $17,712 $17,739 6 $18,879 $17,739 6 


See Appendix II for footnote references
12

American Express Company(Preliminary)
Appendix I 
Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)
(Millions, except percentages) 
Q3'25Q2'25Q1'25Q4'24Q3'24YTD'25YTD'24
ROE     
Annualized Net income$11,608 $11,540 $10,336 $10,129 $10,028 $11,162 $10,612 
Average shareholders' equity$32,364 $31,756 $30,733 $29,266 $29,623 $31,549 $29,017 
Return on average equity (D)35.9 %36.3 %33.6 %34.6 %33.9 %35.4 %36.6 %
Reconciliation of ROCE     
Annualized Net income$11,608 $11,540 $10,336 $10,129 $10,028 
Preferred share dividends and equity related adjustments58 58 57 58 58 
Earnings allocated to participating share awards and other82 75 69 76 75 
Net income attributable to common shareholders$11,468 $11,407 $10,210 $9,995 $9,895 
Average shareholders' equity$32,364 $31,756 $30,733 $29,266 $29,623 
Average preferred shares1,584 1,584 1,584 1,584 1,584 
Average common shareholders' equity$30,780 $30,172 $29,149 $27,682 $28,039 
Return on average common equity (D)37.3 %37.8 %35.0 %36.1 %35.3 %

See Appendix II for footnote references
13

Appendix II(Preliminary)
The financial measures in the preceding tables are presented on a basis prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), unless otherwise indicated. Certain reclassifications of prior period amounts have been made to conform to the current period presentation. Amounts presented in the preceding tables may not sum and percentages may not recalculate due to rounding.
(A)Represents net income, less (i) earnings allocated to participating share awards of $20 million, $18 million, $18 million, $17 million and $18 million in Q3'25, Q2'25, Q1'25, Q4'24 and Q3'24, respectively; and (ii) dividends on preferred shares of $14 million, $15 million, $14 million, $14 million and $15 million in Q3'25, Q2'25, Q1'25, Q4'24 and Q3'24, respectively.
(B)Within assets, "other" includes the following items as presented in our Consolidated Balance Sheets: Other loans, less reserves for credit losses, Premises and equipment and Other assets (including Other receivables); and within liabilities, "other" includes the following items: Accounts payable and Other liabilities.
(C)Net interest yield on average Total loans and Card Member receivables represents net interest income, computed on an annualized basis, divided by average Card Member loans, Card Member loans Held for Sale, Other loans and Card Member receivables. 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.
(D)Return on Average Equity (ROE) is calculated by dividing annualized net income for the period by average shareholders' equity for the period. Return on Average Common Equity (ROCE) is calculated by dividing annualized net income attributable to common shareholders for the period by average common shareholders' equity for the period.
(E)
Supplementary Leverage Ratio is 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 of amounts that are deducted from Tier 1 capital. We became a Category III firm in the third quarter of 2024 and thus are subject to a minimum supplementary leverage ratio from the fourth quarter onwards.
(F)Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(G)
Network volumes represent 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.
(H)Billed business represents transaction volumes (including cash advances) on payment products issued by American Express.
(I)Cards-in-force represent 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.
(J)Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(K)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.
(L)FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of conversion into U.S. dollars (e.g., 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).
(M)Our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses and we therefore present a net write-off rate including principal, interest and/or fees. We also present a net write-off rate based on principal losses only to be consistent with industry convention.
(N)Net write-off rate for principal losses only and 30+ days past due metrics represent consumer and small business, and are not available for corporate due to system constraints.
(O)Other includes foreign currency impact on balance sheet re-measurement and translation.
14