Business Context and Reporting Period
This Form 8-K filing by American Express Company (AXP) is dated September 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 for the months ended June 30, July 31, and August 31, 2026.
Key Financial Metrics
Card Balances and Delinquency
| Metric | Aug 31, 2026 | Jul 31, 2026 | Jun 30, 2026 |
|---|---|---|---|
| U.S. Consumer Total Balances ($B) | $114.2 | $113.1 | $113.8 |
| U.S. Consumer 30+ Days Past Due (%) | 1.1% | 1.1% | 1.1% |
| U.S. Small Business Total Balances ($B) | $46.1 | $46.1 | $45.9 |
| U.S. Small Business 30+ Days Past Due (%) | 1.3% | 1.3% | 1.4% |
| Total Balances Held for Investment ($B) | $160.3 | $159.2 | $159.7 |
Net Write-Off Rates (Principal Only)
| Portfolio | Aug 31, 2026 | Jul 31, 2026 | Jun 30, 2026 |
|---|---|---|---|
| U.S. Consumer | 1.7% | 1.7% | 1.4% |
| U.S. Small Business | 2.2% | 2.6% | 2.3% |
Lending Trust Performance
For the American Express Credit Account Master Trust (Lending Trust), the ending total principal balance was $25.0 billion as of August 31, 2026. The annualized default rate, net of recoveries, was 1.0% for August, 1.1% for July, and 0.7% for June.
Material Changes and Unusual Items
- Write-Off Rate Fluctuation: The U.S. Consumer net write-off rate increased from 1.4% in June to 1.7% in July and remained at 1.7% in August. The U.S. Small Business rate improved from 2.6% in July to 2.2% in August.
- Unusual Item - Sale of Written-Off Balances: During June 2026, the Company sold certain previously written-off card balances to a third party. This transaction reduced the reported net write-off rates for June 2026 by approximately 0.3% for the U.S. Consumer portfolio and 0.1% for the U.S. Small Business portfolio. The Lending Trust default rate for June also reflects proceeds allocable from this sale.
- Balance Growth: Total card balances held for investment increased slightly from $159.7 billion in June to $160.3 billion in August.
Guidance, Outlook, and Risks
This filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors beyond the disclosure of credit performance statistics. The filing notes that monthly statistics may vary due to factors such as the number of days in a month, timing of holidays, seasonality, and third-party data timing.
Investor Verification Checklist
- Verify the impact of the June 2026 sale of written-off balances on the comparability of June write-off rates versus July and August.
- Monitor the trend in U.S. Consumer net write-off rates, which rose from 1.4% to 1.7% over the two-month period.
- Compare these internal statistics with the separate Form 10-D reports filed by the American Express Credit Account Master Trust to understand differences in securitized versus non-securitized portfolio performance.
- Confirm that the reported balances exclude card balances classified as held for sale on the Consolidated Balance Sheets.