Business Context and Reporting Period
This Form 8-K filing by American Express Company (AXP) was submitted on November 17, 2025. The report serves as a Regulation FD disclosure providing monthly 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 August 31, September 30, and October 31, 2025.
Key Financial Metrics
The filing details credit performance metrics for loan portfolios held for investment and the securitized Lending Trust.
U.S. Consumer Card Member Loans (October 2025)
- Total Loans: $95.2 billion
- 30+ Days Past Due: 1.4% of total loans
- Average Loans: $94.7 billion
- Net Write-off Rate (Principal Only): 2.2%
U.S. Small Business Card Member Loans (October 2025)
- Total Loans: $31.2 billion
- 30+ Days Past Due: 1.6% of total loans
- Average Loans: $31.0 billion
- Net Write-off Rate (Principal Only): 2.6%
American Express Credit Account Master Trust (Lending Trust)
- Ending Total Principal Balance (Oct 2025): $25.2 billion
- Annualized Default Rate (Net of Recoveries): 1.3%
- Total 30+ Days Delinquent: $0.2 billion
Material Changes Versus Prior Periods
Comparing October 2025 to September 2025:
- Consumer Portfolio: Total loans increased from $94.1 billion to $95.2 billion. The net write-off rate rose from 1.9% to 2.2%, and the 30+ days past due ratio increased slightly from 1.4% to 1.4% (stable).
- Small Business Portfolio: Total loans increased from $30.7 billion to $31.2 billion. The net write-off rate increased from 2.5% to 2.6%. The 30+ days past due ratio remained stable at 1.6%.
- Lending Trust: The annualized default rate increased from 1.3% in September to 1.3% in October (stable), while the ending principal balance grew from $25.0 billion to $25.2 billion.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors beyond standard disclosures. However, it notes that credit performance statistics may vary month-to-month due to:
- Differences in loan mix, vintage, and aging.
- Calculation mechanics (end-of-period balances vs. average balances).
- Seasonality, timing of holidays/weekends, and the number of days in a month.
- Timing of information received from third parties.
The filing explicitly states that loans securitized through the Lending Trust do not possess identical characteristics to the total U.S. Consumer or Small Business loan portfolios.
Investor Verification Checklist
- Verify the trend in net write-off rates for both Consumer (2.2%) and Small Business (2.6%) segments compared to historical averages.
- Confirm the distinction between loans held for investment and those securitized in the Lending Trust when assessing total portfolio risk.
- Monitor the stability of the 30+ days past due ratios, which remained flat for both segments in October.
- Review the Lending Trust's Form 10-D filings for granular data on defaulted amounts ($0.04 billion) and delinquency ($0.2 billion).