Business Context and Reporting Period
This Form 8-K filing by American Express Company (AXP) was submitted on May 15, 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 balances held for investment for the months ended February 28, March 31, and April 30, 2026. The filing notes a presentation update combining Card Member loans and receivables into a single "Card balances" category, encompassing both revolve-eligible and pay-in-full balances.
Key Financial Metrics
The filing focuses on credit performance metrics rather than revenue, profit, or cash flow. Key data points for the month ended April 30, 2026, include:
- Total Card Balances (U.S. Consumer & Small Business): $157.2 billion.
- U.S. Consumer Card Balances: $111.4 billion total; 1.2% delinquency rate (30+ days past due); 2.1% net write-off rate (principal only).
- U.S. Small Business Card Balances: $45.8 billion total; 1.5% delinquency rate (30+ days past due); 2.4% net write-off rate (principal only).
- Lending Trust Performance: Ending principal balance of $25.0 billion with an annualized default rate of 1.3%.
The filing does not provide data on revenue, net income, operating cash flow, margins, total debt, or liquidity positions.
Material Changes Versus Prior Period
Comparing April 2026 to March 2026:
- Portfolio Growth: Total U.S. Consumer and Small Business card balances increased from $156.0 billion to $157.2 billion.
- Consumer Delinquency: Improved slightly from 1.3% to 1.2%.
- Consumer Write-offs: Increased from 2.0% to 2.1%.
- Small Business Delinquency: Improved slightly from 1.6% to 1.5%.
- Small Business Write-offs: Improved from 2.6% to 2.4%.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, earnings outlook, or management commentary regarding future financial performance. It does disclose that credit statistics 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. Additionally, the report clarifies that Lending Trust statistics differ from total portfolio statistics due to differences in balance mix, vintage, and calculation mechanics (end-of-period vs. average balances).
Investor Verification Checklist
- Verify the impact of the new "Card balances" presentation on historical comparability by reviewing the Q1 2026 Form 10-Q.
- Monitor the trend in net write-off rates, which rose for U.S. Consumers in April despite lower delinquency.
- Compare the Lending Trust default rate (1.3%) against the broader portfolio write-off rates to assess securitization performance.
- Confirm that the reported balances exclude Card balances classified as "held for sale."