Business Context and Reporting Period
This Form 8-K filing by American Express Company (AXP) was submitted on January 15, 2026. The report provides Regulation FD disclosure regarding preliminary delinquency and write-off statistics for U.S. Consumer and U.S. Small Business Card Member loans held for investment. The data covers the months ended October 31, November 30, and December 31, 2025, as well as the three-month period ended December 31, 2025.
Key Financial Metrics
The filing focuses on credit quality metrics rather than revenue or profit. Key statistics for the three months ended December 31, 2025, include:
- Total Card Member Loans (Held for Investment): $131.0 billion (U.S. Consumer: $100.2 billion; U.S. Small Business: $30.8 billion).
- U.S. Consumer Net Write-off Rate: 2.1% (principal only).
- U.S. Small Business Net Write-off Rate: 2.7% (principal only).
- U.S. Consumer 30+ Days Past Due: 1.3% of total loans.
- U.S. Small Business 30+ Days Past Due: 1.7% of total loans.
- Lending Trust (Securitized) Annualized Default Rate: 1.2% for December 2025.
The filing does not provide data on revenue, net income, operating cash flow, margins, total debt, or liquidity positions.
Material Changes vs. Prior Period
Comparing the three months ended December 31, 2025, to the prior months:
- Loan Balances: Total U.S. Consumer loans increased from $95.2 billion in October to $100.2 billion in December. U.S. Small Business loans decreased slightly from $31.4 billion in November to $30.8 billion in December.
- Delinquency Trends: U.S. Consumer 30+ days past due rates remained stable at 1.3% in December compared to 1.4% in November and October. U.S. Small Business delinquency rose slightly to 1.7% in December from 1.6% in the prior two months.
- Write-off Trends: U.S. Consumer net write-off rates held steady at 2.1% for November and December, down from 2.2% in October. U.S. Small Business write-off rates remained consistent at 2.7% for November and December, up from 2.6% in October.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or specific risk factors beyond standard disclosures regarding credit statistics.
Contingencies and Unusual Items: The report notes that statistics for the U.S. Consumer and Small Business portfolios may vary month-to-month due to factors such as the number of days in a month, holiday timing, seasonality, and third-party data timing. It also clarifies that the reported Lending Trust statistics may differ from the total portfolio due to differences in loan mix, vintage, and calculation mechanics (e.g., end-of-period balances vs. average balances).
Investor Verification Checklist
- Verify the preliminary nature of the December 2025 statistics against the final audited figures in the upcoming 10-K or 10-Q.
- Compare the reported net write-off rates (2.1% Consumer, 2.7% Small Business) against the company's historical averages and peer benchmarks.
- Review the American Express Credit Account Master Trust Form 10-D filings to reconcile the 1.2% annualized default rate with the broader portfolio metrics.
- Monitor the slight increase in U.S. Small Business delinquency (1.7%) to determine if it signals a broader trend in the commercial segment.