Business Context and Reporting Period
This Form 8-K filing by American Express Company (AXP) was submitted on August 17, 2026, under Item 7.01 Regulation FD Disclosure. The report provides monthly delinquency and write-off statistics for U.S. Consumer and U.S. Small Business Card balances held for investment for the months ended May 31, June 30, and July 31, 2026. It also includes credit performance data for the American Express Credit Account Master Trust (Lending Trust) for the same periods.
Key Financial Metrics
U.S. Consumer and Small Business Portfolios (Held for Investment)
| Metric | July 31, 2026 | June 30, 2026 | May 31, 2026 |
|---|---|---|---|
| Total Card Balances | $159.2 Billion | $159.7 Billion | $160.5 Billion |
| U.S. Consumer Balances | $113.1 Billion | $113.8 Billion | $113.8 Billion |
| U.S. Small Business Balances | $46.1 Billion | $45.9 Billion | $46.7 Billion |
| Consumer 30+ Days Past Due | 1.1% | 1.1% | 1.1% |
| Small Business 30+ Days Past Due | 1.3% | 1.4% | 1.4% |
| Consumer Net Write-off Rate | 1.7% | 1.4% | 2.0% |
| Small Business Net Write-off Rate | 2.6% | 2.3% | 2.6% |
Lending Trust (Securitized Balances)
| Metric | July 2026 | June 2026 | May 2026 |
|---|---|---|---|
| Ending Principal Balance | $24.9 Billion | $25.2 Billion | $25.4 Billion |
| Defaulted Amount | $0.04 Billion | $0.04 Billion | $0.04 Billion |
| Annualized Default Rate (Net) | 1.1% | 0.7% | 1.2% |
| Total 30+ Days Delinquent | $0.2 Billion | $0.2 Billion | $0.2 Billion |
Material Changes and Unusual Items
- Write-off Rate Volatility: The U.S. Consumer net write-off rate increased to 1.7% in July 2026 from 1.4% in June 2026, after peaking at 2.0% in May 2026. The Small Business rate remained stable at 2.6% in July compared to 2.3% in June.
- Balance Decline: Total card balances held for investment decreased slightly from $160.5 billion in May to $159.2 billion in July 2026.
- Unusual Item (June 2026): During June 2026, the Company sold certain previously written-off card balances to a third party. This transaction reduced the reported net write-off rates for June 2026 by approximately 0.3% for the U.S. Consumer portfolio and 0.1% for the U.S. Small Business portfolio. Similarly, the Lending Trust's annualized default rate for June 2026 reflects proceeds allocable from this sale.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors beyond standard disclosures regarding statistical variability. The Company notes that monthly statistics may vary due to factors such as the number of days in a month, holiday timing, seasonality, and third-party data timing. Additionally, differences in calculation mechanics (e.g., end-of-period vs. average balances) may cause reported credit performance to differ between the Company's portfolios and the Lending Trust.
Investor Verification Checklist
- Verify the impact of the June 2026 sale of written-off balances on the reported write-off rates to understand the underlying credit quality trend.
- Compare the "held for investment" portfolio statistics with the Lending Trust (securitized) statistics to assess the full scope of credit exposure.
- Monitor the trend in U.S. Consumer net write-off rates, which rose in July after a temporary reduction in June.
- Confirm that the reported balances exclude card balances classified as "held for sale" on the Consolidated Balance Sheets.