AMERICAN EXPRESS CO
For the period ended Mar 31, 2026. Filed Apr 23, 2026.
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.
Mar 31, 2026 · Filed Apr 23, 2026
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 2025-09-30; filed 2025-10-17.
0000004962-25-000222
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)Current report: 10-Q
Period ended 2026-03-31; filed 2026-04-23.
0000004962-26-000192
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 308 previous paragraphs and 313 current paragraphs.
146 unchanged; 115 reworded; 49 added; 44 removed; 3 previous and 3 current paragraphs rearranged.
Tables are not compared: 21 previous and 22 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 (49)
Current report
•Credit and charge cards and complementary products and services, including travel, dining, lifestyle and expense management products and services
Current report
(c)Represents net interest income, computed on an annualized basis, divided by average Card balances, Card balances held for sale (HFS) and Other loans.
Current report
Billed business growth accelerated to 10 percent year-over-year (9 percent FX-adjusted).1 G&S spend grew 10 percent (8 percent FX-adjusted), driven by continued momentum in retail spending. T&E spend grew 12 percent (9 percent FX-adjusted), reflecting sustained strength in restaurant and acceleration in airline spend, although we saw airline spend soften in the last few weeks of the quarter with travel disruptions from the Middle East conflict.1 Overall transaction growth of 10 percent for the quarter reflects continued strong engagement from our customers.
Current report
Service fees and other revenue increased, primarily driven by increases in foreign-exchange related revenues associated with Card Member cross-currency spending, network partnership revenue and loyalty coalition-related fees.
Current report
Provision for Card balance credit losses increased, primarily due to a lower reserve release in the current period and higher net write-offs. The reserve release in the current period was primarily driven by a sequential decrease in Card balances. The reserves reflect uncertainty in the macroeconomic environment. The reserve release for the prior period reflected the quality of our premium customer base and the macroeconomic outlook.
Current report
Provision for other credit losses decreased, primarily due to a lower reserve build in the current period, partially offset by higher net write-offs. The reserve build in the current period was primarily related to partner obligations. The reserve build in the prior period was primarily driven by a sequential increase in other loans outstanding.
Current report
Card Member rewards expense increased, driven by increases in Membership Rewards and cash back rewards expenses, collectively, of $353 million, and cobrand rewards expense of $160 million, all of which were primarily driven by higher billed business. The increase in Membership Rewards expense was also driven by changes to the Membership Rewards program for U.S. Business Platinum cards.
Current report
Business development expense increased, primarily due to increased partner payments and higher client incentives and loyalty coalition-related costs, partially offset by a reserve release related to the allocation of revenue to a joint venture partner as a result of a final arbitration award.
Current report
Marketing expense was relatively flat, reflecting consistent levels of spending on customer acquisition and brand advertising.
Current report
Other expenses decreased, primarily driven by a release of a reserve associated with international non-income tax, a gain recognized in the current period for the remeasurement of our ownership interest in our Switzerland joint venture (Swisscard AECS GmbH) resulting from our purchase of the remaining share of the joint venture and gains on Amex Ventures investments, partially offset by higher technology costs and foreign-exchange related losses.
Current report
The effective tax rate was 21.4 percent and 22.4 percent for the three months ended March 31, 2026 and 2025, respectively. The decrease in the effective tax rate primarily reflected discrete tax benefits in the current period.
Current report
Net card fees increased 18 percent, primarily driven by growth in our premium card portfolios.
Current report
Provision for Card balance credit losses increased, primarily due to a lower reserve release in the current period, partially offset by lower net write-offs. The reserve release in the current period was primarily driven by a sequential decrease in Card balances. Our reserves for the prior period reflected the quality of our customer base and the macroeconomic outlook.
Current report
Provision for other credit losses decreased, primarily due to a lower reserve build in the current period, partially offset by higher net write-offs. The reserve build in the current period was primarily related to partner obligations. The reserve build in the prior period was primarily driven by a sequential increase in other loans outstanding.
Current report
Total expenses increased, primarily driven by higher Card Member services, Card Member rewards and Salaries and employee benefits and other operating expenses.
Current report
Card Member rewards expense increased, primarily driven by increases in Membership Rewards and cobrand rewards expenses, both of which were primarily driven by higher billed business.
Current report
Business development expense increased, primarily due to increased partner payments driven by higher billed business.
Current report
Marketing expense was relatively flat, reflecting consistent levels of spending on customer acquisition and brand advertising.
Current report
Interest expense was relatively flat, reflecting higher cost of funds due to segment net asset growth, offset by lower interest rates.
Current report
Provision for Card balance credit losses increased, 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 period was primarily driven by higher delinquencies. The reserve release in the prior period reflected the quality of our customer base.
Current report
Card Member rewards expense increased, primarily driven by higher Membership Rewards expense due to changes to the Membership Rewards program for U.S. Business Platinum cards and higher billed business, as well as higher cobrand rewards expense driven by higher billed business.
Current report
Card Member services expense increased, primarily due to the new U.S. Business Platinum benefits.
Current report
Marketing expense decreased, reflecting lower levels of spending on customer acquisitions and other growth initiatives.
Current report
Salaries and employee benefits and other operating expenses increased, primarily due to an increase in allocated service costs.
Current report
(b)Refer to Table 7 footnote (d).
Current report
On January 12, 2026, we acquired our partner’s interest in our Switzerland joint venture, resulting in Swisscard becoming a wholly owned subsidiary with its financial results reflected within the respective report lines across our financial statements. Prior to the acquisition date, we accounted for Swisscard under the equity method, with our share of Swisscard’s net income reported within Service fees and other revenue.
Current report
Net card fees increased 22 percent (15 percent FX-adjusted), primarily driven by growth in our premium card portfolios.2
Current report
Service fees and other revenue increased 21 percent (11 percent FX-adjusted). The current year reflected higher foreign-exchange related revenues associated with Card Member cross-currency spending, including such revenues now included from Swisscard, and higher loyalty coalition-related fees. The prior year reflected revenues previously earned from Swisscard as a joint venture.2
Current report
Provision for Card balance credit losses increased, primarily due to higher net write-offs, partially offset by a lower reserve build in the current period. The reserve builds in both periods were primarily driven by higher delinquencies.
Current report
Total expenses increased, primarily driven by higher Card Member rewards and Card Member services expenses.
Current report
Card Member rewards expense increased, primarily driven by increases in Membership Rewards and cobrand rewards expenses, both of which were primarily driven by higher billed business.
Current report
Business development expense decreased, primarily due to a reserve release related to the allocation of revenue to a joint venture partner as a result of the final arbitration award, partially offset by higher loyalty coalition-related costs.
Current report
Salaries and employee benefits and other operating expenses decreased, primarily driven by a release of a reserve associated with international non-income tax and the previously mentioned gain on acquisition of the remaining share of Swisscard, partially offset by higher allocated service costs and increased compensation costs, including such expenses now included from Swisscard.
Current report
(b)Refer to Table 7 footnote (d).
Current report
Salaries and employee benefits and other operating expenses increased, primarily driven by higher compensation costs.
Current report
Corporate & Other pretax loss was $691 million and $609 million for the three months ended March 31, 2026 and 2025, respectively. The increase in the pretax loss was primarily driven by higher compensation and foreign-exchange losses, partially offset by gains on Amex Ventures investments.
Current report
We are subject to standards for liquidity risk supervision as implemented by the U.S. federal bank regulatory agencies, including the liquidity coverage ratio (LCR) and net stable funding ratio (NSFR), and are required to calculate the LCR and the NSFR on a daily basis and make separate public disclosures related to the LCR on a quarterly basis and the NSFR on a semi-annual basis. For the three months ended March 31, 2026, the average LCR and NSFR for American Express Company each exceeded the minimum requirement of 100 percent. The following table presents American Express Company’s average LCR for the three months ended March 31, 2026:
Current report
Table 21: Liquidity Coverage Ratio
Current report
(a)Represents the average weighted amount after applying regulatory-prescribed HQLA haircuts or cash outflow and inflow rates.
Current report
(b)Excludes average excess eligible HQLA not freely transferable by AENB.
Showing the first 40 of 49 passages. Open the source sections for the rest.
Removed paragraphs (44)
Previous report
•Travel and lifestyle services
Previous report
•Expense management products and services
Previous report
•Other services, such as the design and operation of customer loyalty programs
Previous 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.
Previous report
(c)Total loans reflects Card Member loans and Other loans.
Previous 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.
Previous report
(g)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. Refer to Table 11 for 90+ days past billing metrics for corporate receivables.
Previous report
Beginning in the first quarter of 2025, we made a presentation change to our Consolidated Statements of Income to consolidate Processed revenue within Service fees and other revenue and renamed Processed revenue to Network partnership revenue. Prior period amounts have been recast to conform to the current period presentation; there was no impact to Total non-interest revenues. Refer to Note 12 to the “Consolidated Financial Statements” for additional information.
Previous 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.
Previous 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, 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 report
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 report
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 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.
Previous 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.
Previous 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.
Previous report
(c)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. Refer to Table 11 for 90+ days past billing metrics for corporate receivables.
Previous report
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 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.
Previous report
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 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.
Previous report
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 report
Business development expense increased for both the three and nine month periods, primarily due to increased partner payments driven by higher billed business.
Previous 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.
Previous report
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 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, 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 report
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 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.
Previous report
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 report
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 report
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 report
Marketing expense increased for both the three and nine month periods, primarily due to higher levels of spending on brand advertising.
Previous report
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 report
Net card fees increased 19 percent for both the three and nine month periods, primarily driven by growth in our premium card portfolios.
Previous report
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 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.
Previous 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.
Previous report
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.
Previous 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.
Previous 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.
Previous 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.
Showing the first 40 of 44 passages. Open the source sections for the rest.
Reworded paragraphs (115)
Previous wording
•Credit card, charge card, banking and other payment and financing products
Current wording
•Banking and other payment and financing products and services, including deposits and non-card lending
Previous wording
Card Member loans — Represents balances on our credit card products and revolve-eligible balances on our charge card products.
Current wording
We have updated our presentation and disclosure of Card Member loans and Card Member receivables to present them on a combined basis as Card balances. Results for the first quarter of 2026 and prior periods have been reclassified to conform to the new presentation. Previously, Card Member loans represented balances on our credit card products and revolve-eligible balances on our charge card products, which included balances that Card Members paid in full as well as balances that Card Members paid over time with interest, and Card Member receivables represented balances on our charge card products that need to be paid in full on or before the Card Member’s payment due date. The updated Card balances presentation includes both revolve-eligible balances and balances that need to be paid in full, reflecting the evolution of our card products over time, primarily due to the expansion of lending features on our charge card portfolio, and is more consistent with industry convention. This presentation change has no impact on the recognition or measurement of outstanding Card balances and associated reserves for credit losses.
Previous wording
American Express is a bank holding company under the Bank Holding Company Act of 1956 and The Board of Governors of the Federal Reserve System (the Federal Reserve) is our primary federal regulator. As such, we are subject to the Federal Reserve’s regulations, policies and minimum capital standards. We are also subject to evolving and extensive government regulation and supervision in jurisdictions around the world.
Current wording
American Express is a bank holding company under the Bank Holding Company Act of 1956 and the Board of Governors of the Federal Reserve System (the Federal Reserve) is our primary federal regulator. As such, we are subject to the Federal Reserve’s regulations, policies and minimum capital standards. See “Certain Legislative, Regulatory and Other Developments” for further information. We are also subject to evolving and extensive government regulation and supervision in jurisdictions around the world.
Previous wording
(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency conversion into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared). FX-adjusted Total revenues net of interest expense and Total loans and Card Member receivables are non-GAAP measures. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.
Current wording
(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency conversion into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared). FX-adjusted Total revenues net of interest expense and Total Card balances and Other loans are non-GAAP measures. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.
Previous 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.
Current wording
(b)Reflects net income, less (i) earnings allocated to participating share awards of $19 million and $18 million for the three months ended March 31, 2026 and 2025, respectively, and (ii) dividends on preferred shares of $14 million for both the three months ended March 31, 2026 and 2025.
Previous wording
(e)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.
Current wording
(d)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.
Previous wording
(f)A net write-off rate based on principal losses only is not available for corporate receivables due to system constraints.
Current wording
(e)A net write-off rate based on principal losses only is not available for corporate Card balances due to system constraints.
Previous 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.
Current wording
(f)For corporate Card balances, 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 balance is classified as 90 days past billing. Corporate Card balances 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
(h)Return on average equity (ROE) is calculated by dividing (i) annualized net income for the period by (ii) average shareholders’ equity for the period.
Current wording
(g)Return on average equity (ROE) is calculated by dividing (i) annualized net income for the period by (ii) average shareholders’ equity for the period.
Previous wording
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 wording
We delivered strong results for the first quarter of 2026, reflecting continued momentum across the business and execution of our proven growth strategy. We had strong engagement on our refreshed U.S. Platinum products, expanded our membership assets with new and renewed partnerships, and furthered the development of our artificial intelligence (AI) capabilities in the quarter. Net income for the first quarter was $3.0 billion, or $4.28 per share, compared with net income of $2.6 billion, or $3.64 per share, a year ago.
Previous 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.
Current wording
U.S. Consumer Services billed business grew 10 percent, with continued momentum in spending by Millennial and Gen-Z Card Members, our largest and fastest-growing cohort. Growth also reflected engagement across our premium card portfolios, including an acceleration in U.S. Platinum spend. Commercial Services billed business grew 4 percent, reflecting continued modest growth from U.S. small and mid-sized enterprise (SME) Card Members. Commercial Services included billed business from small business cobrand held-for-sale portfolios, which will be exited over the course of the year. Billed business for International Card Services, our fastest-growing segment, grew 20 percent (13 percent FX-adjusted), driven by continued strong growth in spend across geographies and customer types outside the United States.1
Previous 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.
Current wording
Total revenues net of interest expense increased 11 percent (10 percent FX-adjusted).1 Growth in billed business drove a 9 percent increase in Discount revenue, our largest revenue line. Net card fees grew 18 percent, reflecting high levels of new card acquisitions, strong Card Member retention and our ongoing cycle of product refreshes. Net interest income grew 13 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 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.
Current wording
Card balances and Other loans increased 8 percent, in line with recent trends. Provisions for credit losses increased, primarily due to higher net write-offs and a lower reserve release in the current period. The reserve release in the current period was primarily driven by a sequential decrease in Card balances; reserves for credit losses reflect uncertainty in the macroeconomic environment. Net write-off and delinquency rates remained stable and best-in-class, supported by our premium customer base.
Previous 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.
Current wording
Growth in Card Member rewards, Card Member services and Business development expenses were driven by volumes, usage and enhancements we made to the value propositions of our refreshed U.S. Platinum cards. Marketing expense was relatively flat year-over-year. We plan to continue to invest in growth initiatives, including acquiring high spending, high credit-quality customers. Operating expense growth continues to reflect our investments in our colleagues and technology to support business growth. We remain focused on driving marketing and operating expense efficiencies over time.
Previous 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.
Current wording
During the first quarter, we maintained our Common Equity Tier 1 (CET1) capital ratio within our target range of 10 to 11 percent and returned $2.3 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
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.
Current wording
The resiliency of our differentiated business model and the strength and stability of our performance give us confidence to navigate evolving competition and a range of economic environments. While we recognize the uncertainty of the geopolitical and regulatory landscape, 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 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.
Current wording
The discussions in both “Consolidated Results of Operations” and “Business Segment Results of Operations” provide commentary on the variances for the three months ended March 31, 2026 compared to the same period in the prior year, as presented in the accompanying tables.
Previous 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.
Current wording
Discount revenue increased, driven by an increase in billed business of 10 percent, partially offset by lower average merchant discount rates primarily due to shifts in geographic and merchant spend mix. See Tables 5 and 6 for more details on billed business performance.
Previous 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.
Current wording
Net card fees increased, 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 nine month periods, primarily reflecting lower interest rates paid on customer deposits, offset by growth in customer deposits and long-term debt.
Current wording
Interest expense was relatively flat, reflecting growth in customer deposits and long-term debt, offset by lower interest rates paid on customer deposits.
Previous wording
The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 96 percent (rounded down) at both September 30, 2025 and 2024.
Current wording
The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 97 percent (rounded up) and 96 percent (rounded down) as of March 31, 2026 and 2025, respectively.
Previous wording
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 wording
Card Member services expense increased, primarily due to higher usage of Card Member benefits and the new U.S. Platinum benefits.
Previous 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.
Current wording
Salaries and employee benefits expense increased, primarily driven by higher compensation and incentive costs.
Previous wording
(d)Other includes foreign currency translation adjustments.
Current wording
(a)Other includes foreign currency translation adjustments.
Previous wording
(a)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.
Current wording
(b)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.
Previous wording
(b)A net write-off rate based on principal losses only is not available for corporate receivables due to system constraints.
Current wording
(c)A net write-off rate based on principal losses only is not available for corporate Card balances due to system constraints.
Previous 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.
Current wording
(d)For corporate Card balances, 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 balance is classified as 90 days past billing. Corporate Card balances 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
U.S. Consumer Services (USCS) issues a wide range of proprietary consumer cards and provides services to U.S. consumers, including travel and lifestyle services as well as banking and non-card financing products. USCS also manages our dining platform that provides digital tools for restaurants and reservation bookings for diners.
Current wording
U.S. Consumer Services (USCS) issues a wide range of proprietary consumer cards and provides services to U.S. consumers, including travel and lifestyle services as well as banking and non-card financing products. USCS also manages our reservation and dining platform that provides digital tools for restaurants and venues and reservation bookings for diners and other registered users.
Previous 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.
Current wording
Discount revenue increased 10 percent, primarily driven by an increase in U.S. consumer billed business. See Tables 5, 6, and 9 for more details on billed business performance.
Previous 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.
Current wording
Service fees and other revenue decreased 5 percent, primarily driven by a prior year discrete revenue adjustment related to certain cash advance fees, partially offset by higher travel commissions and fees from our consumer travel business.
Previous 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.
Current wording
Interest expense was relatively flat, reflecting lower interest rates, offset by higher cost of funds due to segment net asset growth.
Previous wording
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 wording
Card Member services expense increased, primarily due to new U.S. Platinum benefits and higher usage of Card Member benefits.
Previous 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.
Current wording
Salaries and employee benefits and other operating expenses increased, primarily due to an increase in allocated service costs and compensation costs.
Previous 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.
Current wording
Discount revenue increased 3 percent, primarily driven by an increase in commercial billed business. See Tables 5, 6, and 11 for more details on billed business performance.
Previous wording
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 wording
Net card fees increased 10 percent, primarily driven by growth in our premium card portfolios.
Previous wording
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 wording
Service fees and other revenue increased 9 percent, primarily driven by higher travel commissions and fees, delinquency fees and foreign-exchange related revenues associated with Card Member cross-currency spending.
Previous wording
Interest income increased for both the three and nine month periods, primarily driven by growth in revolving loan balances.
Current wording
Interest income increased, primarily driven by higher interest rates and growth in revolving loan balances.
Previous 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.
Current wording
Provision for other credit losses decreased, primarily due to a reserve release in the current period versus a reserve build in the prior period and lower net write-offs. The reserve release in the current period was primarily driven by the performance of small business loans. The reserve build in the prior period was primarily driven by a sequential increase in other loans outstanding.
Previous wording
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 wording
Total expenses increased, primarily driven by higher Card Member rewards, Card Member services, Business development and Salaries and employee benefits and other operating expenses.
Previous 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.
Current wording
Business development expense increased, primarily due to higher client incentives, which were driven by higher billed business.
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Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
See the “Supervision and Regulation — Capital and Liquidity Regulation” and “Enhanced Prudential Standards” sections of our Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Form 10-K) for more information. We believe that we currently maintain sufficient liquidity to meet all internal and regulatory liquidity requirements.
Current report — wording carried from elsewhere
Please see the “Supervision and Regulation” and “Risk Factors” sections of the 2025 Form 10-K for further information.
Current report — wording carried from elsewhere
For more information on privacy, data protection, data management, artificial intelligence, resiliency and information security and cybersecurity regulation and the potential impacts of a major information security or cybersecurity incident on our results of operations and business, please see the “Supervision and Regulation” and “Risk Factors” sections of the 2025 Form 10-K.
Rearranged previous paragraphs (3)
Previous report — wording carried 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.
Previous report — wording carried elsewhere
In 2025, the net cash used in investing activities was primarily driven by higher loans outstanding and the acquisition of a business.
Previous report — wording carried elsewhere
Card Member receivables — Represents balances on our charge card products that need to be paid in full on or before the Card Member’s payment due date.