Business Context and Reporting Period
This Form 8-K filing by American Express Company (AXP) was submitted on March 16, 2026, under Item 7.01 Regulation FD Disclosure. The report provides delinquency and write-off statistics for U.S. Consumer and U.S. Small Business Card Member loans held for investment for the months ended February 28, 2026, January 31, 2026, and December 31, 2025. 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 Card Member Loans (Held for Investment)
- Total Loans (Feb 2026): $95.1 billion
- 30+ Days Past Due: 1.4% of total loans
- Average Loans (Feb 2026): $96.1 billion
- Net Write-off Rate (Principal Only): 2.0%
U.S. Small Business Card Member Loans (Held for Investment)
- Total Loans (Feb 2026): $31.3 billion
- 30+ Days Past Due: 1.7% of total loans
- Average Loans (Feb 2026): $31.4 billion
- Net Write-off Rate (Principal Only): 2.8%
Total Card Member Loans (Consumer + Small Business)
- Total Held for Investment (Feb 2026): $126.4 billion
Lending Trust (Securitized Loans)
- Ending Principal Balance (Feb 2026): $24.4 billion
- Annualized Default Rate (Net of Recoveries): 1.3%
- Total 30+ Days Delinquent: $0.2 billion
Material Changes vs. Prior Period
Comparing February 2026 to January 2026:
- Loan Balances: Total U.S. Consumer loans decreased from $97.2 billion to $95.1 billion. Total U.S. Small Business loans remained relatively stable, moving from $31.4 billion to $31.3 billion.
- Delinquency: The 30+ days past due rate for U.S. Consumer loans increased slightly from 1.4% to 1.4% (stable). Small Business delinquency remained flat at 1.7%.
- Write-offs: The net write-off rate for U.S. Consumer loans increased from 1.9% to 2.0%. Small Business write-off rates remained stable at 2.8%.
- Lending Trust: The annualized default rate increased from 1.1% in January to 1.3% in February.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors beyond standard disclosures. The document notes that credit performance statistics may vary month-to-month due to factors such as the mix and vintage of loans, calculation mechanics (end-of-period vs. average balances), seasonality, and the timing of information received from third parties. It explicitly states that securitized loans in the Lending Trust do not possess identical characteristics to the total loan portfolios.
Investor Verification Checklist
- Verify the trend in net write-off rates for U.S. Consumer loans, which rose to 2.0% in February 2026.
- Confirm the stability of the 30+ days past due rate for Small Business loans at 1.7% despite economic conditions.
- Review the discrepancy between the Lending Trust default rate (1.3%) and the broader portfolio write-off rates to understand securitization impacts.
- Monitor the decline in total loan balances held for investment, which dropped from $131.0 billion in December 2025 to $126.4 billion in February 2026.