Business Context and Reporting Period
This Form 8-K filing by American Express Company (AXP) was submitted on December 15, 2025, 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 Member loans held for investment for the months ended September 30, October 31, and November 30, 2025. The data excludes loans classified as held for sale.
Key Financial Metrics
The filing details credit performance metrics for the Company's loan portfolios and its securitization vehicle, the American Express Credit Account Master Trust (Lending Trust).
U.S. Consumer Card Member Loans (November 2025)
- Total Loans: $97.7 billion
- Average Loans: $96.5 billion
- 30+ Days Past Due: 1.4% of total loans
- Net Write-off Rate (Principal Only): 2.1%
U.S. Small Business Card Member Loans (November 2025)
- Total Loans: $31.4 billion
- Average Loans: $31.3 billion
- 30+ Days Past Due: 1.6% of total loans
- Net Write-off Rate (Principal Only): 2.7%
Total Card Member Loans Held for Investment
- Combined Total (Nov 2025): $129.1 billion
Lending Trust Performance (November 2025)
- Ending Total Principal Balance: $25.7 billion
- Defaulted Amount: $0.04 billion
- Annualized Default Rate (Net of Recoveries): 1.2%
- Total 30+ Days Delinquent: $0.2 billion
Material Changes Versus Prior Periods
U.S. Consumer Portfolio:
- Loan Growth: Total loans increased from $94.1 billion in September to $97.7 billion in November.
- Delinquency: The 30+ days past due rate remained stable at 1.4% across all three months.
- Write-offs: The net write-off rate fluctuated, rising from 1.9% in September to 2.2% in October, before settling at 2.1% in November.
U.S. Small Business Portfolio:
- Loan Growth: Total loans grew steadily from $30.7 billion in September to $31.4 billion in November.
- Delinquency: The 30+ days past due rate remained constant at 1.6% for the three-month period.
- Write-offs: The net write-off rate showed a gradual increase, moving from 2.5% in September to 2.7% in November.
Lending Trust:
- Default Rate: The annualized default rate improved slightly from 1.3% in September and October to 1.2% in November.
- Delinquency: Total 30+ days delinquent amounts remained flat at $0.2 billion across the period.
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 data variability.
Important Disclosures:
- Data Variability: Statistics may vary month-to-month due to the number of days in a month, holiday timing, seasonality, and third-party data timing.
- Portfolio Differences: The Lending Trust portfolio (securitized loans) does not possess identical characteristics to the total U.S. Consumer or Small Business portfolios (which include both securitized and non-securitized loans). Differences in loan mix, vintage, and aging can cause performance discrepancies.
- Calculation Mechanics: The Lending Trust uses end-of-period principal balances for write-off calculations, whereas the Company's portfolio statistics use average loan balances over the reporting period.
Investor Verification Checklist
- Write-off Trends: Verify if the slight uptick in Small Business net write-off rates (2.5% to 2.7%) indicates a broader economic trend or a temporary anomaly.
- Portfolio Composition: Confirm the split between securitized (Lending Trust) and non-securitized loans to understand the full exposure relative to the reported $129.1 billion total.
- Delinquency Stability: Monitor the stability of the 1.4% (Consumer) and 1.6% (Small Business) delinquency rates to ensure they do not spike in subsequent months.
- Recovery Rates: Review the Lending Trust's "net of recoveries" metric to assess the effectiveness of collection efforts, as the gross default rate is not explicitly provided in the summary table.