Business Context and Reporting Period
This Form 8-K filing by American Express Company (AXP) was submitted on April 15, 2026, under Item 7.01 (Regulation FD Disclosure). The report provides preliminary delinquency and write-off statistics for U.S. Consumer and U.S. Small Business Card Member loans held for investment for the months ended January 31, February 28, and March 31, 2026, as well as the three-month period ended March 31, 2026.
Key Financial Metrics
The filing focuses on credit performance metrics rather than consolidated revenue or profit figures. Key data points for the three months ended March 31, 2026, include:
- Total Card Member Loans Held for Investment: $129.7 billion (U.S. Consumer: $97.5 billion; U.S. Small Business: $32.2 billion).
- U.S. Consumer Net Write-off Rate: 2.0% (principal only).
- U.S. Small Business Net Write-off Rate: 2.8% (principal only).
- Delinquency Rates (30+ days past due): 1.4% for U.S. Consumer and 1.7% for U.S. Small Business.
- Lending Trust Performance: The American Express Credit Account Master Trust reported an ending principal balance of $25.1 billion and an annualized default rate of 1.2% for March 2026.
Material Changes Versus Prior Period
Credit metrics remained relatively stable across the reported months in 2026:
- Loan Balances: Total U.S. Consumer loans increased from $95.1 billion in February to $97.5 billion in March. U.S. Small Business loans rose from $31.3 billion to $32.2 billion over the same period.
- Write-off Rates: The U.S. Consumer net write-off rate increased slightly from 1.9% in January to 2.2% in March. The U.S. Small Business rate remained steady at 2.8% in February and March after starting at 2.8% in January.
- Delinquency: The percentage of loans 30 days past due remained constant at 1.4% for consumers and 1.7% for small businesses across all three months.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors beyond standard disclosures. It notes that statistics may vary due to seasonality, the number of days in a month, and timing of holidays. Additionally, the report clarifies that the Lending Trust's credit performance may differ from the total portfolio due to differences in loan mix, vintage, and calculation mechanics (e.g., end-of-period balances vs. average balances).
Investor Verification Checklist
- Verify the trend in net write-off rates for U.S. Consumer loans, which rose from 1.9% in January to 2.2% in March.
- Compare the reported Lending Trust default rate (1.2%) against the broader portfolio write-off rates to assess securitization performance.
- Confirm the stability of delinquency rates (1.4% and 1.7%) against industry benchmarks for the first quarter of 2026.
- Review the upcoming Form 10-Q for full consolidated financial results, as this 8-K only covers credit statistics.