Business Context and Reporting Period
This Form 8-K filing by American Express Company (AXP) was submitted on February 17, 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 month ended January 31, 2026, alongside comparative data for December 31, 2025, and November 30, 2025.
Key Financial Metrics
The filing details credit performance metrics for loan portfolios held for investment and the American Express Credit Account Master Trust (Lending Trust).
U.S. Consumer Card Member Loans (Held for Investment)
- Total Loans (Jan 2026): $97.2 billion
- 30+ Days Past Due: 1.4% of total loans
- Average Loans: $98.7 billion
- Net Write-off Rate (Principal Only): 1.9%
U.S. Small Business Card Member Loans (Held for Investment)
- Total Loans (Jan 2026): $31.4 billion
- 30+ Days Past Due: 1.7% of total loans
- Average Loans: $31.1 billion
- Net Write-off Rate (Principal Only): 2.8%
Combined U.S. Card Member Loans (Held for Investment)
- Total Loans (Jan 2026): $128.6 billion
American Express Credit Account Master Trust (Securitized)
- Ending Total Principal Balance (Jan 2026): $25.2 billion
- Annualized Default Rate (Net of Recoveries): 1.1%
- Total 30+ Days Delinquent: $0.2 billion
Material Changes Versus Prior Period
Comparing January 2026 to December 2025:
- Consumer Portfolio: Total loans decreased from $100.2 billion to $97.2 billion. The net write-off rate improved (decreased) from 2.1% to 1.9%, while the 30+ days past due ratio increased slightly from 1.3% to 1.4%.
- Small Business Portfolio: Total loans increased from $30.8 billion to $31.4 billion. The net write-off rate increased slightly from 2.7% to 2.8%, and the 30+ days past due ratio remained stable at 1.7%.
- Lending Trust: The annualized default rate improved from 1.2% in December 2025 to 1.1% in January 2026. The ending principal balance decreased from $26.4 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. The text notes that credit performance statistics may vary month-to-month due to factors such as the number of days in a month, timing of holidays, seasonality, and the mix, vintage, and aging of loans. It also clarifies that the Lending Trust statistics may differ from the total portfolio statistics due to calculation mechanics and loan characteristics.
Investor Verification Checklist
- Verify the trend in net write-off rates for the Consumer portfolio, which improved to 1.9% in January 2026.
- Monitor the slight increase in the 30+ days past due ratio for Consumer loans (1.4%) versus the prior month.
- Confirm the divergence between the total loan portfolio held for investment ($128.6 billion) and the securitized Lending Trust balance ($25.2 billion).
- Review the Lending Trust's annualized default rate of 1.1% as a benchmark for securitized asset performance.