AMERICAN EXPRESS CO
For the period ended Sep 30, 2025. Filed Oct 17, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 17, 2025
AXP$320.99-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-18.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)Current report: 10-Q
Period ended 2025-09-30; filed 2025-10-17.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)The baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 314 previous paragraphs and 308 current paragraphs.
200 unchanged; 79 reworded; 27 added; 35 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 22 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (27)
Current report
Beginning in the third quarter of 2025, we ceased reporting Net interest yield on average Card Member loans, a non-GAAP measure that was computed by dividing adjusted net interest income by average Card Member loans, and began reporting (together with prior period comparative information) Net interest yield on average Total loans and Card Member receivables, a GAAP measure that represents net interest income, computed on an annualized basis, divided by average Card Member loans, Card Members loans held for sale (HFS), Other loans and Card Member receivables. We believe that this new net interest yield metric reflects the evolution of our products over time, such as the expansion of lending features on our charge card portfolio. See Table 1 for more information.
Current report
(d)Represents net interest income, computed on an annualized basis, divided by average Card Member loans, Card Member loans HFS, Other loans and Card Member receivables.
Current report
We delivered strong results for the third quarter of 2025, with record levels of Card Member spending and excellent credit performance. During the quarter, we launched our refreshed U.S. Consumer and Business Platinum Cards with expanded lifestyle and business benefits and have seen strong early demand and engagement. Net income for the third quarter was $2.9 billion, or $4.14 per share, compared with net income of $2.5 billion, or $3.49 per share, a year ago.
Current report
Service fees and other revenue increased for both the three and nine month periods, primarily driven by a gain related to an equity transaction by Global Business Travel Group, Inc., an equity method investee, resulting from its acquisition of CWT Holdings, LLC, as well as increases in foreign exchange-related revenues associated with Card Member cross-currency spending and network partnership revenues.
Current report
Card Member services expense increased for both the three and nine month periods, primarily due to higher usage of Card Member benefits, the introduction of new U.S. Platinum benefits and growth in premium card accounts.
Current report
Marketing expense increased for both the three and nine month periods, primarily due to higher levels of spending on customer acquisition and brand advertising.
Current report
Other expenses were flat for the three month period and increased for the nine month period. Both periods reflected higher professional services and technology costs, a prior-year release of a reserve associated with a merchant exposure for Card Member purchases and a one-time fee from a partner in the prior year, all offset by a prior-year increase in legal reserves. The nine month period also reflected the gain recognized in the prior year on the sale of Accertify.
Current report
The effective tax rate was 24.1 percent and 21.8 percent for the three months ended September 30, 2025 and 2024, respectively, and 21.8 percent and 21.5 percent for the nine months ended September 30, 2025 and 2024, respectively. The higher effective tax rate for the three and nine month periods primarily reflected implementation of the global minimum tax and a California tax law change that increased the proportion of income taxable in that state, largely offset for the nine month period by increased discrete tax benefits.
Current report
Card Member loans provision for credit losses decreased for both the three and nine month periods, primarily due to lower reserve builds in the current periods, partially offset by higher net write-offs. The reserve builds in the current periods were primarily driven by increases in loans outstanding and, for the current nine month period, deterioration in the macroeconomic outlook used in our reserve models. The reserve builds in the prior periods were primarily driven by increases in loans outstanding.
Current report
Other provision for credit losses increased for both the three and nine month periods, primarily due to higher net write-offs and higher reserve builds in the current periods. The reserve builds in both current periods were primarily driven by increases in other loans outstanding.
Current report
Total expenses increased for both the three and nine month periods, primarily driven by higher Card Member rewards, Card Member services and Salaries and employee benefits and other expenses.
Current report
Business development expense increased for both the three and nine month periods, primarily due to increased partner payments driven by higher billed business.
Current report
Card Member services expense increased for both the three and nine month periods, primarily due to higher usage of Card Member benefits, the introduction of new U.S. Platinum benefits and growth in premium card accounts.
Current report
Marketing expense increased for both the three and nine month periods, primarily due to higher levels of spending on customer acquisition and brand advertising.
Current report
Net card fees increased 10 percent and 11 percent for the three and nine month periods, respectively, primarily driven by growth in our premium card portfolios.
Current report
Service fees and other revenue increased 11 percent and 2 percent for the three and nine month periods, respectively, primarily driven by higher foreign exchange-related revenues associated with Card Member cross-currency spending. The increase in three month period was also driven by higher travel commissions and fees.
Current report
Other provision for credit losses decreased for the three month period, primarily due to lower net write-offs. Other provision for credit losses increased for the nine month period, primarily due to a reserve build in the current period, versus a reserve release in the prior period, and higher net write-offs. The reserve build in the current nine month period was primarily driven by an increase in other loans outstanding.
Current report
Marketing expense increased for both the three and nine month periods, primarily due to higher levels of spending on brand advertising.
Current report
Net card fees increased 19 percent for both the three and nine month periods, primarily driven by growth in our premium card portfolios.
Current report
Card Member loans provision for credit losses increased for the three month period, primarily due to higher net write-offs and a reserve build in the current period, versus a reserve release in the prior period. Card Member loans provision for credit losses increased for the nine month period, primarily due to higher net write-offs and a higher reserve build in the current period. The reserve builds in the current periods were primarily driven by increases in loans outstanding.
Current report
Card Member receivables provision for credit losses increased for both the three and nine month periods, primarily due to higher net write-offs and reserve builds in the current periods, versus reserve releases in the prior periods. The reserve builds in the current periods were primarily driven by increases in receivables outstanding and, for the current nine month period, higher delinquencies.
Current report
Card Member rewards expense increased for both the three and nine month periods, primarily driven by increases in cobrand rewards and Membership Rewards expenses, which were primarily driven by higher billed business.
Current report
Business development expense increased for both the three and nine month periods, primarily due to higher loyalty coalition-related costs and increased partner payments driven by higher billed business.
Current report
Marketing expense increased for both the three and nine month periods, reflecting higher levels of spending on customer acquisition and other growth initiatives.
Current report
Salaries and employee benefits and other expenses increased for both the three and nine month periods, primarily driven by a one-time fee from a partner in the prior year and higher allocated service costs.
Current report
Business development expense increased for both the three and nine month periods, primarily due to increased partner payments driven by higher volumes.
Current report
Corporate & Other pretax loss was $598 million and $809 million for the three months ended September 30, 2025 and 2024, respectively, and $1.8 billion and $1.9 billion for the nine months ended September 30, 2025 and 2024, respectively. The decreases in the pretax loss for both periods were primarily driven by a prior-year increase in legal reserves and the previously-mentioned gain related to an equity transaction by Global Business Travel Group, Inc., an equity method investee, partially offset by increases in the value of deferred compensation liabilities.
Removed paragraphs (35)
Previous report
(d)Our common stock trades principally on The New York Stock Exchange under the trading symbol AXP.
Previous report
Our strong results for the second quarter reflect the resilience of our premium customer base and the earnings power of our business model. We saw record Card Member spending in the quarter, high customer loyalty and engagement, strong demand for our premium products and excellent credit performance. Net income for the second quarter was $2.9 billion, or $4.08 per share, compared with net income of $3.0 billion, or $4.15 per share, a year ago, which included a $0.66 per share gain from the sale of Accertify Inc. (Accertify).
Previous report
Service fees and other revenue increased for both the three and six month periods, primarily driven by increases in foreign exchange-related revenues associated with Card Member cross-currency spending, network partnership revenues and loyalty coalition-related fees, partially offset by Accertify revenues included in the prior year. The increase in the three month period was also driven by higher income from equity method investments primarily related to the partial sale of a card portfolio by one of our joint ventures. The increase in the six month period was also driven by a discrete revenue adjustment in the current period related to certain cash advance fees from prior years.
Previous report
Card Member receivables provision for credit losses remained flat for the three month period, due to a higher reserve build in the current period offset by lower net write-offs. Card Member receivables provision for credit losses decreased for the six month period, primarily due to lower net write-offs, partially offset by a reserve build in the current period. The reserve builds in the current periods were primarily driven by increases in receivables outstanding and deterioration in the macroeconomic outlook. The reserve build in the prior three month period was primarily driven by an increase in receivables outstanding for U.S. consumer and U.S. small business customers.
Previous report
Marketing expense increased for both the three and six month periods, primarily due to higher levels of spending on customer acquisition and other growth initiatives.
Previous report
Other expenses increased for both the three and six month periods, primarily driven by the gain recognized in the prior year on the sale of Accertify and higher professional services expenses in the current year.
Previous report
The effective tax rate was 18.7 percent and 20.4 percent for the three months ended June 30, 2025 and 2024, respectively, and 20.5 percent and 21.4 percent for the six months ended June 30, 2025 and 2024, respectively. The lower effective tax rates for the three and six month periods primarily reflected discrete tax benefits in the current periods relating to the resolution of certain prior-year tax items.
Previous report
Table 8: Net Interest Yield on Average Card Member Loans
Previous report
(a)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
Previous report
(b)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
Previous report
(c)Adjusted net interest income and net interest yield on average Card Member loans are non-GAAP measures. Refer to “Glossary of Selected Terminology” for the definitions of these terms. We believe adjusted net interest income is useful to investors because it represents the interest expense and interest income attributable to our Card Member loan portfolio and is a component of net interest yield on average Card Member loans, which provides a measure of profitability of our Card Member loan portfolio. Net interest yield on average Card Member loans reflects adjusted net interest income divided by average Card Member loans, computed on an annualized basis. Net interest income divided by average Card Member loans, computed on an annualized basis, a GAAP measure, includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on average Card Member loans.
Previous report
(d)For purposes of the calculation of net interest yield on Card Member loans, average loans includes loans HFS as we continue to recognize interest income on these loans until they are sold.
Previous report
Non-interest revenues increased across all revenue categories for both the three and six month periods, primarily driven by higher Net card fees and Discount revenue.
Previous report
Net card fees increased 21 percent for both the three and six month periods, primarily driven by growth in our premium card portfolios.
Previous report
Card Member loans provision for credit losses increased for the three month period, primarily due to a higher reserve build in the current period, partially offset by lower net write-offs. Card Member loans provision for credit losses increased for the six month period, primarily due to higher net write-offs, partially offset by a lower reserve build in the current period. The reserve builds in the current periods were primarily driven by deterioration in the macroeconomic outlook, partially offset by lower delinquencies. An increase in loans outstanding also drove the reserve build in the current three month period. The reserve builds in the prior periods were primarily driven by increases in loans outstanding, partially offset by lower delinquencies.
Previous report
Other provision for credit losses increased for both the three and six month periods, primarily due to higher reserve builds in the current periods and higher net write-offs. The reserve builds in the current periods were primarily driven by increases in other loans outstanding.
Previous report
Business development expense increased for both the three and six month periods, primarily due to increased partner payments driven by higher billed business.
Previous report
Marketing expense increased for both the three and six month periods, primarily due to higher levels of spending on customer acquisitions and other growth initiatives.
Previous report
Non-interest revenues increased for both the three and six month periods, primarily driven by higher Discount revenue and Net card fees.
Previous report
Net card fees increased 12 percent for both the three and six month periods, primarily driven by growth in our premium card portfolios.
Previous report
Service fees and other revenue was relatively flat for the three month period and decreased 3 percent for the six month period, primarily driven by lower travel commissions and fees from our Amex Travel business.
Previous report
Other provision for credit losses increased for both the three and six month periods, primarily due to higher reserve builds in the current periods and higher net write-offs. The reserve builds in the current periods were primarily driven by increases in other loans outstanding.
Previous report
Total expenses increased for both the three and six month periods, primarily driven by higher Card Member rewards, Salaries and employee benefits and other, and Business development expenses.
Previous report
Marketing expense increased for both the three and six month periods, primarily due to higher levels of spending on customer acquisitions and other growth initiatives.
Previous report
(e)Refer to Table 8 footnote (d).
Previous report
Non-interest revenues increased across all revenue categories for both the three and six month periods, primarily driven by higher Discount revenue and Net card fees.
Previous report
Card Member loans provision for credit losses decreased for the three month period, primarily driven by a reserve release in the current period, versus a reserve build in the prior period, partially offset by higher net write-offs. Card Member loans provision for credit losses increased for the six month period, primarily driven by higher net write-offs, partially offset by a lower reserve build in the current period. The reserve release in the current three month period was primarily driven by lower delinquencies. The reserve build in the current six month period was primarily driven by an increase in loans outstanding. The reserve builds in the prior periods were primarily driven by increases in loans outstanding, partially offset by lower delinquencies.
Previous report
Card Member rewards expense increased for both the three and six month periods, primarily driven by higher billed business.
Previous report
Business development expense increased for both the three and six month periods, primarily due to increased partner payments driven by higher billed business.
Previous report
Marketing expense increased for the three month period and decreased for the six month period, primarily due to management decisions regarding the timing of spend on customer acquisitions and engagement campaigns for the full year.
Previous report
Salaries and employee benefits and other expenses increased for both the three and six month periods, primarily due to increases in allocated service costs and compensation expenses.
Previous report
Business development expense increased for both the three and six month periods, primarily due to increased partner payments driven by higher volumes.
Previous report
Corporate & Other pretax loss was $550 million and $502 million for the three months ended June 30, 2025 and 2024, respectively, and $1.2 billion and $1.1 billion for the six months ended June 30, 2025 and 2024, respectively. The increase in the pretax loss for the three month period was primarily driven by an increase in the value of deferred compensation liabilities and a decrease in foreign exchange gains, partially offset by net gains on Amex Ventures investments. The increase in the pretax loss for the six month period was primarily driven by a decrease in foreign exchange gains and lower net gains on Amex Ventures investments, partially offset by a decrease in the value of deferred compensation liabilities.
Previous report
(b)Euro Interbank Offered Rate (EURIBOR).
Previous report
Adjusted net interest income — A non-GAAP measure that represents net interest income attributable to our Card Member loans (which includes, on a GAAP basis, interest that is deemed uncollectible), excluding the impact of interest expense and interest income not attributable to our Card Member loans.
Reworded paragraphs (79)
Previous wording
(b)Represents net income, less (i) earnings allocated to participating share awards of $18 million and $23 million for the three months ended June 30, 2025 and 2024, respectively, and $36 million and $41 million for the six months ended June 30, 2025 and 2024, respectively, and (ii) dividends on preferred shares of $15 million for both the three months ended June 30, 2025 and 2024, and $29 million for both the six months ended June 30, 2025 and 2024.
Current wording
(b)Represents net income, less (i) earnings allocated to participating share awards of $20 million and $18 million for the three months ended September 30, 2025 and 2024, respectively, and $56 million and $59 million for the nine months ended September 30, 2025 and 2024, respectively, and (ii) dividends on preferred shares of $14 million and $15 million for the three months ended September 30, 2025 and 2024, respectively, and $43 million and $44 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Billed business grew 7 percent year-over-year, consistent with the prior quarter. G&S spend, which accounts for over 70 percent of our total billed business, grew 8 percent (7 percent on an FX-adjusted basis), at a similar pace to the prior quarter.1 T&E spend grew 6 percent (5 percent on an FX-adjusted basis), a modest deceleration from the prior quarter on an FX-adjusted basis, primarily reflecting softness in airline and lodging spend, while restaurant spend, our largest T&E spend category, continued to show strong growth.1 U.S. Consumer Services billed business grew 7 percent, with continued strength in spending by Millennial and Gen-Z Card Members as our products continue to resonate with these cohorts. Commercial Services billed business grew 2 percent, reflecting continued modest growth from U.S. small and mid-sized enterprise (SME) Card Members. International Card Services billed business grew 15 percent (12 percent on an FX-adjusted basis), driven by continued strong growth in spend across all regions and customer types outside the United States.1
Current wording
Billed business growth accelerated to 9 percent year-over-year (8 percent on an FX-adjusted basis).1 G&S spend grew 9 percent, driven by strong retail spending, and T&E spend rebounded to 8 percent, primarily reflecting continuing strength in restaurant spend, our largest T&E spend category, as well as improved airline spend. U.S. Consumer Services billed business grew 9 percent, with continued strength in spending by Millennial and Gen-Z Card Members as our products continue to resonate with these cohorts. Commercial Services billed business grew 4 percent, reflecting continued modest growth from U.S. small and mid-sized enterprise (SME) Card Members. International Card Services billed business grew 14 percent (13 percent on an FX-adjusted basis), driven by continued strong growth in spend across all regions and customer types outside the United States.1 Total spend continues to be driven by transaction growth, up 10 percent in the quarter, a good indicator of engagement from our customer base.
Previous wording
Total revenues net of interest expense increased 9 percent year-over-year on both a reported and FX-adjusted basis.1 Growth in billed business drove a 6 percent increase in Discount revenue, our largest revenue line. Net card fees increased 20 percent, reflecting high levels of new card acquisitions and Card Member retention, as well as our cycle of product refreshes. Growth in Net interest income increased 12 percent, primarily reflecting growth in balances and greater usage of lending features such as Pay Over Time.
Current wording
Total revenues net of interest expense increased 11 percent year-over-year on both a reported and FX-adjusted basis.1 Growth in billed business drove a 7 percent increase in Discount revenue, our largest revenue line. Net card fee revenue growth moderated from the prior quarter due to our previous cycle of product refreshes. In connection with the launch of our updated U.S. Consumer and Business Platinum Cards, we increased the annual card fee, which will be applied for existing Card Members at renewal anniversaries after the applicable effective date and recognized over the annual card membership period. Service fees and other revenue grew at an elevated level, reflecting discrete transactions in the quarter. Net interest income grew 12 percent, primarily reflecting growth in balances and net yield expansion.
Previous wording
Total Loans and Card Member receivables increased 7 percent year-over-year, in line with growth in billed business. Provisions for credit losses increased, primarily due to a higher reserve build compared to the prior year. Net write-off and delinquency rates remained stable and best-in-class, supported by our premium global customer base, our strong focus on risk management and disciplined growth strategy. During the quarter we reclassified $1.6 billion of Card Member loans related to the Amazon small business cobrand portfolio from held for investment to held for sale (HFS).
Current wording
Total Loans and Card Member receivables increased 7 percent year-over-year, in line with recent trends. Provisions for credit losses decreased, primarily due to a lower reserve build compared to the prior year, partially offset by higher net write-offs. Net write-off and delinquency rates remained stable and best-in-class, supported by our premium global customer base, our strong focus on risk management and disciplined growth strategy.
Previous wording
Card Member rewards, Card Member services and Business development expenses, which are generally driven by volumes and usage, collectively grew slightly faster than revenues as a result of the mix shift towards premium products and enhancements to our value propositions to drive Card Member engagement and acquire more Card Members. Marketing expense increased 5 percent year-over-year as we continued to invest to acquire high spending, high credit-quality customers. During the second quarter we acquired 3.1 million proprietary new cards. Operating expenses grew in line with revenue growth, after adjusting for the prior-year gain on the sale of Accertify, reflecting higher investments in enterprise risk management capabilities and technology to support business growth. We remain focused on driving marketing and operating expense efficiencies over time.
Current wording
Card Member rewards, Card Member services and Business development expenses, which are generally driven by volumes and usage, collectively grew faster than revenues as a result of enhancements to our value propositions, such as the expanded U.S. Platinum benefits, to drive Card Member engagement and acquire more Card Members, and the mix shift towards premium products. Marketing expense increased 9 percent year-over-year, as we continued to invest to acquire high spending, high credit-quality customers. During the third quarter, we acquired 3.2 million proprietary new cards. Operating expense growth continues to reflect our investments in enterprise risk management capabilities and technology to support business growth. We remain focused on driving marketing and operating expense efficiencies over time.
Previous wording
During the second quarter, we maintained our CET1 capital ratio within our target range of 10 to 11 percent and returned $2.0 billion of capital to our shareholders in the form of share repurchases and common stock dividends. We plan to continue to return to shareholders the excess capital we generate while managing our CET1 capital ratio within our target range and supporting balance sheet growth. Our robust capital, funding and liquidity positions provide us with significant flexibility to maintain a strong balance sheet.
Current wording
During the third quarter, we maintained our CET1 capital ratio within our target range of 10 to 11 percent and returned $2.9 billion of capital to our shareholders in the form of share repurchases and common stock dividends. We plan to continue to return to shareholders the excess capital we generate while managing our CET1 capital ratio within our target range and supporting balance sheet growth. Our robust capital, funding and liquidity positions provide us with significant flexibility to maintain a strong balance sheet.
Previous wording
Also during the quarter, we announced major updates coming to our U.S. Consumer and Business Platinum Cards later this year. Our Membership-focused model and proven product refresh strategy give us confidence as we navigate the evolving competitive landscape. While we recognize the uncertainty of the geopolitical and macroeconomic environment, we believe our differentiated business model, which includes our global premium customer base, spend- and fee-centric revenue mix and operating expense leverage, is resilient and positions us well to navigate a range of economic environments. We continue to manage the company for the long term, focusing on backing our customers and colleagues, exercising disciplined expense management and strategically investing in our business.
Current wording
Our strong third quarter performance continues to give us confidence in our Membership-focused business model and proven product refresh strategy as we navigate the evolving competitive landscape. While we recognize the uncertainty of the geopolitical and macroeconomic environment, we believe our differentiated business model, which includes our global premium customer base, spend- and fee-centric revenue mix and operating expense leverage, is resilient and positions us well to navigate a range of economic environments. We continue to manage the company for the long term, focusing on backing our customers and colleagues, exercising disciplined expense management and strategically investing in our business.
Previous wording
The discussions in both “Consolidated Results of Operations” and “Business Segment Results of Operations” provide commentary on the variances for the three and six months ended June 30, 2025 compared to the same periods in the prior year, as presented in the accompanying tables. Our results for the three and six months ended June 30, 2024 reflect the sale of Accertify, which closed on May 1, 2024, and resulted in a gain of $531 million ($479 million after tax; $0.66 per share), which was reported as a reduction to Other expense in the second quarter of 2024.
Current wording
The discussions in both “Consolidated Results of Operations” and “Business Segment Results of Operations” provide commentary on the variances for the three and nine months ended September 30, 2025 compared to the same periods in the prior year, as presented in the accompanying tables. Our results for the nine months ended September 30, 2024 reflect the sale of Accertify Inc. (Accertify), which closed on May 1, 2024, and resulted in a gain of $531 million ($479 million after tax; $0.66 per share), which was reported as a reduction to Other expense in the second quarter of 2024.
Previous wording
Discount revenue increased for both the three and six month periods, primarily driven by increases in billed business of 7 percent and 6 percent, respectively. See Tables 5 and 6 for more details on billed business performance.
Current wording
Discount revenue increased for both the three and nine month periods, primarily driven by increases in billed business of 9 percent and 7 percent, respectively. See Tables 5 and 6 for more details on billed business performance.
Previous wording
Net card fees increased for both the three and six month periods, primarily driven by growth in our premium card portfolios. See Table 5 for more details on proprietary new card acquisitions, proprietary cards-in-force and average fee per card.
Current wording
Net card fees increased for both the three and nine month periods, primarily driven by growth in our premium card portfolios. See Table 5 for more details on proprietary new card acquisitions, proprietary cards-in-force and average fee per card.
Previous wording
Interest expense was relatively flat for both the three and six month periods, primarily reflecting growth in customer deposits and long-term debt, offset by lower interest rates paid on customer deposits.
Current wording
Interest expense was relatively flat for both the three and nine month periods, primarily reflecting lower interest rates paid on customer deposits, offset by growth in customer deposits and long-term debt.
Previous wording
Card Member loans provision for credit losses increased for the three month period, primarily due to a higher reserve build in the current period and higher net write-offs. Card Member loans provision for credit losses increased for the six month period, primarily due to higher net write-offs, partially offset by a lower reserve build in the current period. The reserve builds in the current periods were primarily driven by increases in loans outstanding and deterioration in the macroeconomic outlook used in our reserve models, partially offset by the release of a reserve upon the previously-mentioned reclassification of a small business cobrand portfolio to Card Member loans HFS. The reserve builds in the prior periods were primarily driven by increases in loans outstanding, partially offset, for the three month period, by lower delinquencies.
Current wording
Card Member loans provision for credit losses decreased for both the three and nine month periods, primarily due to lower reserve builds in the current periods, partially offset by higher net write-offs. The reserve builds in the current periods were primarily driven by increases in loans outstanding and, for the current nine month period, deterioration in the macroeconomic outlook used in our reserve models, partially offset by the release of a reserve upon the reclassification of a small business cobrand portfolio to Card Member loans HFS from held for investment. The reserve builds in the prior periods were primarily driven by increases in loans outstanding.
Previous wording
Card Member receivables provision for credit losses increased for the three month period, primarily driven by a reserve build in the current period, versus a reserve release in the prior period, and higher net write-offs. Card Member receivables provision for credit losses increased for the six month period, primarily driven by a reserve build in the current period, versus a reserve release in the prior period, partially offset by lower net write-offs. The reserve build in the current three month period was primarily driven by an increase in receivables outstanding. The reserve build in the current six month period was primarily driven by higher delinquencies and an increase in receivables outstanding. The reserve releases in the prior periods were primarily driven by lower delinquencies.
Current wording
Card Member receivables provision for credit losses increased for the three month period, primarily due to a reserve build in the current period versus a reserve release in the prior period, partially offset by lower net write-offs. Card Member receivables provision for credit losses decreased for the nine month period, primarily due to lower net write-offs, partially offset by a reserve build in the current period versus a reserve release in the prior period. The reserve builds in the current periods were primarily driven by higher delinquencies and, for the current nine month period, deterioration in the macroeconomic outlook used in our reserve models and an increase in receivables outstanding. The reserve releases in the prior periods were primarily driven by decreases in receivables outstanding.
Previous wording
Other provision for credit losses increased for both the three and six month periods, primarily due to higher net write-offs and higher net reserve builds in the current periods. The net reserve builds in the current periods were primarily driven by increases in other loans outstanding. The reserve builds in the prior periods were primarily driven by a reserve related to amounts due from a merchant in bankruptcy, as well as increases in other loans outstanding.
Current wording
Other provision for credit losses decreased for the three month period, primarily due to a lower reserve build in the current period and lower net write-offs. Other provision for credit losses increased for the nine month period, primarily due to a higher reserve build in the current period and higher net write-offs. The reserve builds in the current periods were primarily driven by increases in other loans outstanding. The reserve builds in the prior periods were primarily driven by increases in other loans outstanding and, for the prior nine month period, a reserve related to amounts due from a merchant in bankruptcy.
Previous wording
Card Member rewards expense increased for both the three and six month periods, driven by increases in Membership Rewards and cash back rewards expenses, collectively, of $248 million and $735 million, and cobrand rewards expense of $143 million and $260 million for the three and six month periods, respectively, all of which were primarily driven by higher billed business and increases in redemption costs reflecting a shift in the mix of Card Member redemptions. The increase in Membership Rewards expense in the six month period was also driven by a benefit in the prior year from enhancements to the models that estimate future redemptions of Membership Reward points by U.S. Card Members, as well as an increase in the Ultimate Redemption Rate (URR) in the current period.
Current wording
Card Member rewards expense increased for both the three and nine month periods, driven by increases in Membership Rewards and cash back rewards expenses, collectively, of $270 million and $1,005 million, and cobrand rewards expense of $169 million and $429 million for the three and nine month periods, respectively, all of which were primarily driven by higher billed business. The increase in Membership Rewards expense was also driven by spend growth on our premium products in categories that earn incremental rewards, and, in the nine month period, by a benefit in the prior year from enhancements to the models that estimate future redemptions of Membership Reward points by U.S. Card Members. The increase in cash back rewards expense also reflected the impact associated with a card product migration.
Previous wording
The Membership Rewards URR for current program participants was 96 percent (rounded down) at both June 30, 2025 and 2024.
Current wording
The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 96 percent (rounded down) at both September 30, 2025 and 2024.
Previous wording
Business development expense increased for both the three and six month periods, primarily due to increased partner payments driven by higher network volumes and higher client incentives.
Current wording
Business development expense increased for both the three and nine month periods, primarily due to increased partner payments and higher client incentives, both of which were driven by higher network volumes.
Previous wording
Salaries and employee benefits expense increased for both the three and six month periods, primarily driven by higher compensation costs.
Current wording
Salaries and employee benefits expense increased for both the three and nine month periods, primarily driven by higher compensation and incentive costs, partially offset by restructuring costs in the prior year.
Previous wording
Discount revenue increased 7 percent and 6 percent for the three and six month periods, respectively, primarily driven by increases in U.S. consumer billed business. See Tables 5, 6 and 10 for more details on billed business performance.
Current wording
Discount revenue increased 9 percent and 7 percent for the three and nine month periods, respectively, primarily driven by increases in U.S. consumer billed business. See Tables 5, 6 and 9 for more details on billed business performance.
Previous wording
Net card fees increased 23 percent and 19 percent for the three and six month periods, respectively (19 percent and 20 percent, respectively, on an FX-adjusted basis), primarily driven by growth in our premium card portfolios.2
Current wording
Net card fees increased 19 percent and 20 percent for the three and nine month periods, respectively, primarily driven by growth in our premium card portfolios.
Previous wording
Service fees and other revenue increased 8 percent and 10 percent for the three and six month periods, respectively. The increase in the three month period was primarily driven by higher dining platform revenues and cash advance fees. The increase in the six month period was primarily driven by a discrete revenue adjustment in the current period related to certain cash advance fees from prior years and higher dining platform revenues, partially offset by lower revenue from the sale of reward points.
Current wording
Service fees and other revenue increased 14 percent and 11 percent for the three and nine month periods, respectively, primarily driven by higher dining platform revenues, cash advance fees and travel commissions and fees from our consumer travel business. The increase in the nine month period was also driven by a discrete revenue adjustment in the current period related to certain cash advance fees from prior years.
Previous wording
Interest expense was relatively flat for both the three and six month periods, reflecting a higher cost of funds due to segment net asset growth, offset by lower interest rates.
Current wording
Interest expense was relatively flat for both the three and nine month periods, reflecting a lower cost of funds due to lower interest rates, offset by segment net asset growth.
Previous wording
Card Member receivables provision for credit losses decreased for both the three and six month periods, primarily due to lower net write-offs, partially offset by higher reserve builds in the current periods. The reserve build in the current three month period was primarily driven by an increase in receivables outstanding. The reserve build in the current six month period was primarily driven by higher delinquencies. The reserve build in the prior three month period was primarily driven by an increase in receivables outstanding.
Current wording
Card Member receivables provision for credit losses increased for the three month period, primarily due to a reserve build in the current period, versus a reserve release in the prior period, partially offset by lower net-write offs. Card Member receivables provision for credit losses decreased for the current nine month period, primarily due to lower net-write offs, partially offset by a reserve build in the current period, versus a reserve release in the prior period. The reserve builds in the current periods were primarily driven by higher delinquencies. The reserve releases in the prior periods were primarily driven by decreases in receivables outstanding and, for the prior nine month period, lower delinquencies.
Previous wording
Card Member rewards expense increased for both the three and six month periods, primarily driven by higher billed business and increases in redemption costs reflecting a shift in the mix of Card Member redemptions. For the six month period, the increase in Membership Rewards expense was also driven by the above-mentioned benefit from enhancements to the U.S. URR models made in the prior year, as well as an increase in the URR in the current period.
Current wording
Card Member rewards expense increased for both the three and nine month periods, primarily driven by increases in Membership Rewards, cash back and cobrand rewards expenses, all of which were primarily driven by higher billed business. The increase in Membership Rewards expense was also driven by spend growth on our premium products in categories that earn incremental rewards and, in the nine month period, by the above-mentioned benefit from enhancements to the U.S. URR models made in the prior year. The increase in cash back rewards expense also reflected the impact associated with a card product migration.
Previous wording
Salaries and employee benefits and other expenses increased for both the three and six month periods, primarily due to increases in allocated service costs and higher compensation costs.
Current wording
Salaries and employee benefits and other expenses increased for both the three and nine month periods, primarily due to increases in allocated service costs and higher compensation costs.
Previous wording
Discount revenue increased 2 percent for both the three and six month periods, primarily driven by increases in commercial billed business. See Tables 5, 6 and 12 for more details on billed business performance.
Current wording
Discount revenue increased 3 percent and 2 percent for the three and nine month periods, respectively, primarily driven by increases in commercial billed business. See Tables 5, 6 and 11 for more details on billed business performance.
Previous wording
Interest income increased for both the three and six month periods, primarily driven by growth in revolving loan balances.
Current wording
Interest income increased for both the three and nine month periods, primarily driven by growth in revolving loan balances.
Previous wording
Interest expense increased for both the three and six month periods, primarily driven by segment net asset growth, partially offset by a lower cost of funds due to lower interest rates.
Current wording
Interest expense increased for both the three and nine month periods, primarily driven by segment net asset growth, partially offset by a lower cost of funds due to lower interest rates.
Previous wording
Card Member loans provision for credit losses increased for both the three and six month periods, primarily due to higher net write-offs, partially offset by lower reserve builds in the current periods. The reserve builds in the current periods were primarily driven by increases in loans outstanding and deterioration in the macroeconomic outlook, partially offset by the release of a reserve upon the previously-mentioned reclassification of a small business cobrand portfolio to Card Member loans HFS. The reserve builds in the prior periods were primarily driven by increases in loans outstanding, partially offset for the prior three month period by lower delinquencies.
Current wording
Card Member loans provision for credit losses decreased for both the three and nine month periods, primarily due to lower reserve builds in the current periods, partially offset by higher net write-offs. The reserve builds in the current periods were primarily driven by increases in loans outstanding and, for the current nine month period, deterioration in the macroeconomic outlook used in our reserve models, partially offset by the release of a reserve upon the reclassification of a small business cobrand portfolio to Card Member loans HFS. The reserve builds in the prior periods were primarily driven by increases in loans outstanding.
Previous wording
Card Member receivables provision for credit losses decreased for both the three and six month periods, primarily due to reserve releases in the current periods, versus reserve builds in the prior periods, and lower net write-offs. The reserve releases in the current periods were primarily driven by lower delinquencies. The reserve build in the prior three month period was primarily driven by an increase in receivables outstanding for U.S. small business customers.
Current wording
Card Member receivables provision for credit losses decreased for both the three and nine month periods, primarily due to lower net write-offs and reserve releases in the current periods, versus reserve builds in the prior periods. The reserve releases in the current periods were primarily driven by lower delinquencies.
Previous wording
Total expenses increased for both the three and six month periods across all expense categories, primarily driven by higher Card Member rewards and Salaries and employee benefits and other expenses.
Current wording
Total expenses increased for both the three and nine month periods. The increase in the three month period was primarily driven by higher Business development and Card Member rewards expenses. The increase in the nine month period was primarily driven by higher Card Member rewards and Salaries and employee benefits and other expenses.
Previous wording
Card Member rewards expense increased for both the three and six month periods, primarily driven by higher billed business and increases in redemption costs reflecting a shift in the mix of Card Member redemptions. For the six month period, the increase Membership Rewards expense was also driven by the above-mentioned benefit from enhancements to the U.S. URR models made in the prior year, as well as an increase in the URR in the current period.
Current wording
Card Member rewards expense increased for both the three and nine month periods, primarily driven by increases in Membership Rewards and cobrand rewards expenses, which were primarily driven by higher billed business. The increase in Membership Rewards expense was also driven by spend growth on our premium products in categories that earn incremental rewards and, in the nine month period, by the above-mentioned benefit from enhancements to the U.S. URR models made in the prior year.
Previous wording
Business development expense increased for both the three and six month periods, primarily due to higher client incentives and increased partner payments driven by higher billed business.
Current wording
Business development expense increased for both the three and nine month periods, primarily due to higher client incentives and increased partner payments, both of which were driven by higher billed business.
Previous wording
Card Member services expense increased for both the three and six month periods, primarily due to growth in premium card accounts, contributing to a higher usage of business services benefits.
Current wording
Card Member services expense increased for both the three and nine month periods, primarily due to growth in premium card accounts, contributing to a higher usage of business services benefits.
Previous wording
Salaries and employee benefits and other expenses increased for both the three and six month periods, primarily due to increases in compensation costs, litigation-related expenses and allocated service costs.
Current wording
Salaries and employee benefits and other expenses increased for both the three and nine month periods, primarily due to increases in compensation costs and allocated service costs. The increase in the three month period was partially offset by lower technology costs. The increase in the nine month period was also driven by higher litigation-related expenses.
Previous wording
(f)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing. Corporate receivables delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.
Current wording
(b)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing. Corporate receivables delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.
Previous wording
Discount revenue increased 13 percent and 10 percent for the three and six month periods, respectively (10 percent and 11 percent, respectively, on an FX-adjusted basis), primarily reflecting increases in billed business.2 See Tables 5, 6 and 14 for more details on billed business performance.
Current wording
Discount revenue increased 12 percent and 11 percent for the three and nine month periods, respectively, primarily reflecting increases in billed business. See Tables 5, 6 and 13 for more details on billed business performance.
Previous wording
Service fees and other revenue increased 16 percent and 10 percent for the three and six month periods, respectively (12 percent and 11 percent, respectively, on an FX-adjusted basis), primarily driven by increases in foreign exchange related revenues associated with Card Member cross-currency spending, higher loyalty coalition-related fees and higher income from equity method investments primarily related to the partial sale of a card portfolio by one of our joint ventures.2
Current wording
Service fees and other revenue increased 14 percent and 12 percent for the three and nine month periods, respectively (11 percent for both the three and nine month periods on an FX-adjusted basis), primarily driven by increases in foreign exchange related revenues associated with Card Member cross-currency spending, higher loyalty coalition-related fees and higher income from equity method investments primarily related to the partial sale of a card portfolio by one of our joint ventures.2
Previous wording
Interest expense increased for both the three and six month periods, primarily driven by a higher cost of funds due to segment net asset growth, partially offset by lower interest rates.
Current wording
Interest expense increased for both the three and nine month periods, primarily driven by a higher cost of funds due to segment net asset growth, partially offset by lower interest rates.
Previous wording
Total expenses increased for both the three and six month periods, primarily driven by higher Card Member rewards, Salaries and employee benefits and other, and Card Member services expenses.
Current wording
Total expenses increased for both the three and nine month periods, primarily driven by higher Card Member rewards, Salaries and employee benefits and other expenses and Marketing expenses. The increase in the nine month period was also driven by higher Card Member services expenses.
Showing the first 40 of 79 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Card Member services expense increased for both the three and nine month periods, primarily due to growth in premium card accounts, contributing to a higher usage of travel-related benefits.
Current report — wording carried from elsewhere
In 2024, the net cash provided by operating activities was driven by cash generated from net income for the period, partially offset by lower net operating liabilities, primarily driven by lower book overdrafts due to timing differences arising in the ordinary course of business.