Business Context and Reporting Period
This Form 8-K filing by American Express Company (AXP) is dated June 15, 2026. The report serves as a Regulation FD disclosure providing delinquency and write-off statistics for U.S. Consumer and U.S. Small Business Card balances held for investment. The data covers the months ended May 31, April 30, and March 31, 2026.
Key Financial Metrics
U.S. Consumer Card Balances (Held for Investment)
- Total Card Balances (May 2026): $113.8 billion
- 30+ Days Past Due (May 2026): 1.1% of total
- Average Card Balances (May 2026): $112.6 billion
- Net Write-off Rate (May 2026): 2.0% (principal only)
U.S. Small Business Card Balances (Held for Investment)
- Total Card Balances (May 2026): $46.7 billion
- 30+ Days Past Due (May 2026): 1.4% of total
- Average Card Balances (May 2026): $46.2 billion
- Net Write-off Rate (May 2026): 2.6% (principal only)
Combined U.S. Consumer and Small Business
- Total Card Balances Held for Investment (May 2026): $160.5 billion
American Express Credit Account Master Trust (Lending Trust)
- Ending Total Principal Balance (May 2026): $25.4 billion
- Defaulted Amount (May 2026): $0.04 billion
- Annualized Default Rate (May 2026): 1.2% (net of recoveries)
- Total 30+ Days Delinquent (May 2026): $0.2 billion
Material Changes Versus Prior Period
From March 31, 2026, to May 31, 2026, the following trends are observed:
- Portfolio Growth: Total U.S. Consumer and Small Business card balances held for investment increased from $156.0 billion to $160.5 billion.
- Delinquency Improvement: The 30+ days past due ratio for U.S. Consumer cards improved from 1.3% in March to 1.1% in May. Similarly, U.S. Small Business delinquency improved from 1.6% to 1.4%.
- Write-off Volatility: The U.S. Consumer net write-off rate remained stable at 2.0% in May after rising to 2.1% in April. The U.S. Small Business net write-off rate increased to 2.6% in May from 2.4% in April, returning to the March level.
- Lending Trust Stability: The Lending Trust's annualized default rate remained relatively stable, fluctuating between 1.2% and 1.3% over the three-month 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. The text notes that credit performance statistics may vary month-to-month due to factors including:
- Differences in the mix, vintage, and aging of balances.
- Calculation mechanics (e.g., end-of-period principal balances vs. average balances).
- Seasonality, timing of holidays, and weekends.
- Timing of information received from third parties.
The filing clarifies that Lending Trust statistics reflect only revolve-eligible balances and differ from the total portfolio which includes pay-in-full balances.
Investor Verification Checklist
- Verify the trend in net write-off rates for U.S. Small Business cards, which rose in May after a dip in April.
- Confirm the distinction between "held for investment" balances reported here and securitized balances reported in the Lending Trust Form 10-D.
- Monitor the stability of the 30+ days past due ratios, which have shown consistent improvement over the three-month period.
- Review the Lending Trust's annualized default rate to ensure it remains within historical norms relative to the broader portfolio.