AMERICAN EXPRESS CO
For the period ended Sep 30, 2026. Filed Oct 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.
Sep 30, 2026 · Filed Oct 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 2026-06-30; filed 2026-07-24.
0000004962-26-000322
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)Current report: 10-Q
Period ended 2026-09-30; filed 2026-10-23.
0000004962-26-000409
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 317 previous paragraphs and 321 current paragraphs.
200 unchanged; 100 reworded; 20 added; 17 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 22 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 (20)
Current report
Billed business grew 8 percent year-over-year, in line with the trend of the past several quarters. Goods & Services (G&S) spend, which accounts for over 70 percent of our total billed business, grew 7 percent, and reflected the impact of exiting two small business cobrand held-for-sale portfolios. Travel & Entertainment (T&E) spend grew 10 percent, driven by further acceleration in airline spend and sustained strength in restaurant spend.
Current report
Operating expenses decreased, reflecting the previously-mentioned gain from the sale of our equity interest in GBTG, partially offset by increases in legal reserves and restructuring costs. Excluding the impact of these discrete items, operating expense grew modestly. We have invested significantly in risk and controls over the last several years and will continue to make the investments necessary to strengthen our risk management and compliance programs so that they meet our expectations and those of our regulators.
Current report
Service fees and other revenue was relatively flat for the three month period and increased for the nine month period. The three and nine month periods were primarily driven by increases in network partnership revenue, foreign exchange related revenues associated with Card Member cross-currency spending and merchant service fees, all of which were offset for the three month period by a gain in the prior period related to an equity transaction by GBTG, a then-equity method investee, resulting from its acquisition of CWT Holdings, LLC.
Current report
Interest income increased for both the three and nine month periods, primarily driven by growth in revolving Card balances, partially offset by lower interest rates.
Current report
Provision for other credit losses increased for the three month period, primarily due to a higher reserve build for Other loans and higher net write-offs. Provision for other credit losses decreased in the nine month period, primarily due to a lower reserve build, partially offset by higher net write-offs. The reserve builds in the current and prior periods were primarily driven by sequential increases in Other loans.
Current report
Marketing expense increased for both the three and nine month periods, primarily driven by higher levels of spending on customer acquisition and other growth initiatives.
Current report
Other expenses decreased for both the three and nine month periods, primarily driven by the gain recognized on the sale of our equity method investment in GBTG and gains on Amex Ventures investments, partially offset by increases in legal reserves and technology costs. The decrease for the nine month period was also driven by a release of a reserve associated with international non-income tax.
Current report
Net card fees increased 18 percent and 17 percent for the three and nine month periods, respectively, primarily driven by increases in the average fee per card of our premium card products, reflecting the impact of our product refreshes, and growth in our premium card portfolios.
Current report
Interest income increased for both the three and nine month periods, primarily driven by growth in revolving Card balances.
Current report
Provision for Card balance credit losses decreased for both the three and nine 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 release in the current three month period was primarily driven by the previously-mentioned enhancements to the models that estimate expected credit losses, partially offset by a sequential increase in Card balances. The reserve release in the current nine month period was primarily driven by lower delinquencies and the previously-mentioned enhancements to the models that estimate expected credit losses, partially offset by a sequential increase in Card balances. The reserve builds in the prior periods were primarily driven by sequential increases in Card balances. The reserve build in the prior nine month period also reflected the macroeconomic outlook.
Current report
Marketing expense increased for the three month period and was relatively flat for the nine month period. The increase for the three month period was primarily driven by higher levels of spending on customer acquisition and other growth initiatives.
Current report
Net card fees increased 16 percent and 13 percent for the three and nine month periods, respectively, primarily driven by increases in the average fee per card of our premium card products, reflecting the impact of our product refreshes, and growth in our premium card portfolios.
Current report
Total expenses increased for both the three and nine month periods, primarily driven by higher Card Member rewards, Card Member services, Business development and Marketing expenses.
Current report
Marketing expense increased for both the three and nine month periods, primarily driven by higher levels of spending on customer acquisition and other growth initiatives.
Current report
Interest income increased for both the three and nine month periods, primarily driven by growth in revolving Card balances, partially offset by lower interest rates.
Current report
Total expenses increased for both the three and nine month periods, primarily driven by higher Card Member rewards and Card Member services.
Current report
Salaries and employee benefits and other operating expenses increased for both the three and nine month periods, primarily driven by higher compensation costs.
Current report
Preferred Shares
Current report
On August 12, 2026, we issued $1.6 billion of 6.450% Fixed Rate Reset Noncumulative Preferred Shares, Series E. With the proceeds from that issuance, we redeemed in full the $1.6 billion of 3.550% Fixed Rate Reset Noncumulative Preferred Shares, Series D on September 15, 2026. Refer to Note 14 to the “Consolidated Financial Statements” for additional information on our preferred shares.
Current report
In 2026, the net cash used in financing activities was primarily driven by share repurchases, dividend payments and redemption of preferred shares, partially offset by net proceeds from long-term debt, growth in customer deposits and net proceeds from the issuance of preferred shares.
Removed paragraphs (17)
Previous report
Billed business grew 9 percent year-over-year, reflecting broad-based growth across both Goods & Services (G&S) and Travel & Entertainment (T&E) spend categories. G&S spend grew 9 percent, driven by continued momentum in retail spending. T&E spend grew 10 percent, driven by sustained strength in restaurant spend and further acceleration in airline spend. Overall transaction growth of 10 percent for the quarter reflected continued strong engagement from our customers.
Previous report
During the second quarter, we announced that we will sell our approximately 30 percent equity interest in Global Business Travel Group, Inc. pursuant to its pending acquisition. Upon closing, we expect to recognize a sizable pre-tax gain, which will be reflected in Other expense.
Previous report
Service fees and other revenue increased for both the three and six month periods, primarily driven by increases in network partnership revenues, foreign-exchange related revenues associated with Card Member cross-currency spending, loyalty coalition-related fees and travel commissions and fees from our consumer travel business.
Previous report
Provision for other credit losses decreased for both the three and six month periods, primarily due to reserve builds for Other loans in the prior periods, partially offset by higher net write-offs in the current periods. The reserve builds in the prior periods were primarily driven by sequential increases in Other loans.
Previous report
Card Member services expense increased for both the three and six month periods, primarily due to higher usage of Card Member benefits and the new U.S. Platinum benefits.
Previous report
Marketing expense increased for both the three and six month periods, primarily driven by higher levels of spending on customer acquisition and other growth initiatives.
Previous report
Other expenses increased for the three month period and decreased for the six month period. The increase for the three month period was primarily driven by an increase in legal reserves and higher technology costs, partially offset by gains on Amex Ventures investments and a gain on the sale of a small business cobrand portfolio previously classified as Card balances HFS. The decrease for the six month period was primarily driven by gains on Amex Ventures investments, a release of a reserve associated with international non-income tax, a gain 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 the previously-mentioned gain on the sale of a small business cobrand portfolio, partially offset by an increase in legal reserves and higher technology costs.
Previous report
Net card fees increased 17 percent for both the three and six month periods, primarily driven by growth in our premium card portfolios.
Previous report
Marketing expense was relatively flat for both the three and six month periods.
Previous report
Net card fees increased 12 percent and 11 percent for the three and six month periods, respectively, primarily driven by growth in our premium card portfolios.
Previous report
Total expenses increased for both the three and six month periods, primarily driven by higher Card Member rewards, Card Member services and Business development expenses.
Previous report
Marketing expense increased for both the three and six month periods, primarily driven by higher levels of spending on customer acquisition and other growth initiatives.
Previous report
Provision for Card balance credit losses increased for the current three month period, primarily due to higher net write-offs, partially offset by a reserve release in the current period versus a reserve build in the prior period. Provision for Card balance credit losses increased for the current six month period, primarily due to 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, partially offset by a sequential increase in Card balances. The reserve build in the current six month period was primarily driven by a sequential increase in Card balances. The reserve build in the prior three month period was primarily driven by a sequential increase in Card balances. The reserve build in the prior six month period was primarily driven by higher delinquencies and a sequential increase in Card balances.
Previous report
Total expenses increased for both the three and six month periods, primarily driven by higher Card Member rewards, Card Member services and Salaries and employee benefits and other operating expenses.
Previous report
Salaries and employee benefits and other operating expenses increased for both the three and six month periods, primarily driven by higher compensation costs.
Previous report
(a)Secured overnight financing rate (SOFR).
Previous report
(b)Euro Interbank Offered Rate (EURIBOR).
Reworded paragraphs (100)
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. 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.
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. We are also subject to evolving and extensive government regulation and supervision in jurisdictions around the world. See “Certain Legislative, Regulatory and Other Developments” for further information.
Previous wording
(b)Reflects net income, less (i) earnings allocated to participating share awards of $20 million and $18 million for the three months ended June 30, 2026 and 2025, respectively, and $39 million and $36 million for the six months ended June 30, 2026 and 2025, respectively, and (ii) dividends on preferred shares of $15 million for both the three months ended June 30, 2026 and 2025, and $29 million for both the six months ended June 30, 2026 and 2025.
Current wording
(b)Reflects net income, less (i) earnings allocated to participating share awards of $23 million and $20 million for the three months ended September 30, 2026 and 2025, respectively, and $62 million and $56 million for the nine months ended September 30, 2026 and 2025, respectively, (ii) dividends on preferred shares of $24 million and $14 million for the three months ended September 30, 2026 and 2025, respectively, and $53 million and $43 million for the nine months ended September 30, 2026 and 2025, respectively, and (iii) an equity-related adjustment of $16 million related to the redemption of preferred shares for both the three and nine months ended September 30, 2026. Refer to Note 13 and Note 14 to the “Consolidated Financial Statements” for further details on earnings per common share (EPS) and preferred shares, respectively.
Previous wording
We delivered strong results for the second quarter of 2026, reflecting the strength of our premium customer base, success of our product refresh strategy and power of our differentiated Membership Model. The combination of Card Member spend and revenue momentum, excellent credit performance and disciplined expense management together drove net income for the second quarter, which was $3.1 billion, or $4.53 per share, compared with net income of $2.9 billion, or $4.08 per share, a year ago.
Current wording
We delivered strong results for the third quarter of 2026, reflecting the strength of our premium customer base, success of our product refresh strategy and power of our differentiated Membership Model. We continued to see strong Card Member spend, new card acquisitions and customer retention, and excellent credit performance. Our results for the third quarter also reflect the sale of our equity interest in Global Business Travel Group, Inc. (GBTG), which resulted in a gain of $982 million ($751 million after tax; $1.11 per share). We used a portion of the gain to invest in efficiency initiatives, resulting in a restructuring charge of $336 million ($253 million after tax; $0.37 per share) in the third quarter of 2026. Net income for the quarter was $3.7 billion, or $5.42 per share, compared with net income of $2.9 billion, or $4.14 per share, a year ago.
Previous wording
U.S. Consumer Services billed business grew 11 percent, driven by our premium card portfolios, including the acceleration in the U.S. Platinum portfolio following the refresh last year. We continue to see strong engagement from our younger customers, with continued momentum in spending by Millennial and Gen-Z Card Members, our largest and fastest-growing cohort. Commercial Services billed business grew 5 percent, reflecting an acceleration in growth from U.S. small and mid-sized enterprise (SME) Card Members. We expect a moderation in spend growth as we exit small business cobrand held-for-sale portfolios. Billed business for International Card Services, our fastest-growing segment, grew 13 percent (12 percent FX-adjusted), driven by continued strong growth in spend across geographies and customer types.1
Current wording
U.S. Consumer Services billed business grew 9 percent, driven by continued momentum in spending by Millennial and Gen-Z Card Members, our largest and fastest-growing cohort. Commercial Services billed business grew 3 percent, and reflected the previously-mentioned exits from small business cobrand held-for-sale portfolios. Billed business for International Card Services, our fastest-growing segment, grew 11 percent on both a reported and FX-adjusted basis.1
Previous wording
Total revenues net of interest expense increased 10 percent. Growth in billed business drove a 9 percent increase in Discount revenue, our largest revenue line. Net card fees grew 15 percent, reflecting high levels of new card acquisitions, strong Card Member retention and our ongoing cycle of product refreshes. Net interest income grew 11 percent, primarily reflecting growth in balances and net yield expansion, partially offset by the impact from the exit of one of the small business cobrand held-for-sale portfolios, as mentioned above.
Current wording
Total revenues net of interest expense increased 9 percent on both a reported and FX-adjusted basis.1 Growth in billed business drove an 8 percent increase in Discount revenue, our largest revenue line. Net card fees grew 16 percent, reflecting our ongoing cycle of product refreshes, including the U.S. Platinum refresh last year. Net interest income grew 10 percent, primarily reflecting growth in balances and net yield expansion, partially offset by the impact from the exits of the small business cobrand held-for-sale portfolios, as mentioned above.
Previous wording
Card balances and Other loans increased 8 percent, in line with billed business. Provisions for credit losses decreased, primarily driven by a reserve release in the current period compared to a reserve build in the prior period, reflecting further strengthening of portfolio credit performance. The net write-off rate — principal only of 2.0 percent remained stable while the delinquency rate declined to 1.2 percent, reflecting our strategy to invest in the value propositions of our premium products that attract customers with high credit quality.
Current wording
Card balances and Other loans increased 8 percent, in line with billed business. Provisions for credit losses decreased, primarily driven by a reserve release in the current period compared to a reserve build in the prior period, partially offset by higher net write-offs. Net write-off rates declined and delinquency rates remained stable, supported by our premium customer base and reflecting our strategy to invest in the value propositions of our premium products that attract customers with high credit quality.
Previous wording
Growth in Card Member rewards, Card Member services and Business development expenses (collectively, variable customer engagement expenses) were driven by Card Member spending, including in categories like airlines where customers earn and use rewards, enhancements we made to the value propositions of our refreshed U.S. Platinum cards last year and usage of Card Member benefits. Marketing expense increased 6 percent year-over-year as we continued to invest to acquire, engage and retain high-spending, high credit-quality customers. We continue to invest in and enhance our Membership Model of premium payment products, differentiated membership services and partnerships, including our proposed acquisition of TheFork, an online restaurant reservation and management platform in Europe. 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.
Current wording
Growth in Card Member rewards, Card Member services and Business development expenses (collectively, variable customer engagement expenses) were driven by Card Member spending, usage of Card Member benefits and enhancements we made to the value propositions of our refreshed U.S. Platinum cards last year. We expect growth in variable customer engagement expenses to moderate next quarter as the impact of the refresh of our U.S. Platinum cards will be reflected in both current and prior period results. Marketing expense increased 11 percent year-over-year as we continued to invest to acquire, engage and retain high-spending, high credit-quality customers.
Previous wording
During the second quarter, we maintained our Common Equity Tier 1 (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 third quarter, we maintained our Common Equity Tier 1 (CET1) capital ratio within our target range of 10 to 11 percent and returned $2.2 billion of capital to our shareholders in the form of share repurchases and common share 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 results for the quarter demonstrate the strength of our differentiated business model and give us confidence in our ability to drive sustainable growth. 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, continuing to strengthen our risk management capabilities and strategically investing in our business.
Current wording
Our results for the quarter demonstrate the strength of our differentiated business model and give us confidence in our ability to drive sustainable growth and create value for shareholders over the long term. 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, continuing to strengthen our risk management and compliance programs 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, 2026 compared to the same periods in the prior year, as presented in the accompanying tables.
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, 2026 compared to the same periods in the prior year, as presented in the accompanying tables.
Previous wording
Discount revenue increased for both the three and six month periods, driven by increases in billed business of 9 percent and 10 percent, respectively, partially offset by lower average merchant discount rates primarily due to shifts in spend mix by geography and merchant categories. 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 8 percent and 9 percent, respectively. The increase for the nine month period was partially offset by lower average merchant discount rates primarily due to shifts in spend mix by geography and merchant categories. 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 increases in the average fee per card of our premium card products, reflecting the impact of our product refreshes, and 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 decreased for both the three and six month periods, primarily driven by lower interest rates paid on customer deposits, partially offset by growth in customer deposits.
Current wording
Interest expense decreased for both the three and nine month periods, primarily driven by lower interest rates paid on customer deposits, partially offset by growth in customer deposits.
Previous wording
Provision for Card balance 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, partially offset by higher net write-offs. The reserve releases in the current periods were primarily driven by lower delinquencies, partially offset by sequential increases in Card balances. The reserve builds in the prior periods were primarily driven by sequential increases in Card balances and reflected the macroeconomic outlook, partially offset by the release of a reserve upon the reclassification of a small business cobrand portfolio to Card balances HFS.
Current wording
Provision for Card balance credit losses decreased for both the three and nine month periods, primarily due to reserve releases in the current periods versus reserve builds in the prior periods, partially offset by higher net write-offs. The reserve release in the current three month period was primarily driven by enhancements to the models that estimate expected credit losses resulting from our periodic review process, partially offset by a sequential increase in Card balances. The reserve release in the current nine month period was primarily driven by lower delinquencies and the previously-mentioned enhancements to the models that estimate expected credit losses, partially offset by a sequential increase in Card balances. The reserve builds in the prior periods were primarily driven by sequential increases in Card balances, partially offset by the release of a reserve upon the reclassification of a small business cobrand portfolio to Card balances HFS. The reserve build in the prior nine month period also reflected the macroeconomic outlook.
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 $277 million and $630 million, and cobrand rewards expense of $155 million and $315 million, respectively, all of which were primarily driven by higher billed business. The increases in Membership Rewards expense for the three and six month periods were also driven by changes to the Membership Rewards program for U.S. Business Platinum cards, partially offset by a benefit from enhancements to the models that estimate future redemptions of Membership Rewards points by U.S. Card Members.
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 $421 million and $1,051 million, and cobrand rewards expense of $61 million and $377 million, respectively, all of which were primarily driven by higher billed business. The increases in Membership Rewards expense for the three and nine month periods were also driven by changes to the Membership Rewards program for U.S. Business Platinum cards.
Previous wording
The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 96 percent (rounded down) as of both June 30, 2026 and 2025.
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 September 30, 2026 and 2025, respectively.
Previous wording
Business development expense increased for both the three and six month periods, primarily due to increased partner payments and higher client incentives, driven by higher network volumes. The increase for the six month period was 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 wording
Business development expense increased for both the three and nine month periods, primarily due to increased partner payments and higher client incentives, driven by higher network volumes. The increase for the nine month period was 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.
Previous wording
Card Member services expense increased for both the three and six month periods, primarily due to new U.S. Platinum benefits and higher usage of Card Member benefits.
Current wording
Card Member services expense increased for both the three and nine month periods, primarily due to the new U.S. Platinum benefits and higher usage of Card Member benefits.
Previous wording
Salaries and employee benefits expense increased for both the three and six month periods, primarily driven by higher compensation and incentive costs.
Current wording
Salaries and employee benefits expense increased for both the three and nine month periods, primarily driven by restructuring costs. The increase for the nine month period was also driven by higher compensation costs.
Previous wording
The effective tax rate was 23.6 percent and 18.7 percent for the three months ended June 30, 2026 and 2025, respectively, and 22.5 percent and 20.5 percent for the six months ended June 30, 2026 and 2025, respectively. The higher effective tax rates for the three and six month periods primarily reflected discrete tax benefits in the prior periods related to the resolution of certain prior-year tax items.
Current wording
The effective tax rate was 18.1 percent and 24.1 percent for the three months ended September 30, 2026 and 2025, respectively, and 20.9 percent and 21.8 percent for the nine months ended September 30, 2026 and 2025, respectively. The lower effective tax rates for the three and nine month periods primarily reflected discrete tax benefits in the current periods related to the resolution of certain prior-period tax items.
Previous wording
Discount revenue increased 11 percent and 10 percent for the three and six 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 for both the three and nine month periods, 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
Service fees and other revenue increased 9 percent for the three month period and was relatively flat for the six month period, primarily driven by higher travel commissions and fees from our consumer travel business. The six month period was offset by a prior-year discrete revenue adjustment related to certain cash advance fees.
Current wording
Service fees and other revenue increased 5 percent and 3 percent for the three and nine month periods, respectively, primarily driven by higher travel commissions and fees from our consumer travel business. The increase for the nine month period was partially offset by a prior-year discrete revenue adjustment related to certain cash advance fees.
Previous wording
Interest expense decreased for both the three and six month periods, primarily driven by lower interest rates, partially offset by higher cost of funds due to segment net asset growth.
Current wording
Interest expense decreased for both the three and nine month periods, primarily driven by lower interest rates, partially offset by a higher cost of funds due to segment net asset growth.
Previous wording
Provision for other credit losses decreased for the current three month period, primarily due to a reserve release in the current period versus a reserve build in the prior period, partially offset by higher net write-offs. Provision for other credit losses decreased for the current six month period, primarily due to a lower reserve build in the current period, partially offset by higher net write-offs. The reserve build in the current six month period was primarily related to partner obligations, a portion of which was released during the current three month period. The net reserve builds in the prior periods were primarily driven by sequential increases in Other loans.
Current wording
Provision for other credit losses increased for the three month period, primarily due to a higher reserve build and higher net write-offs. Provision for other credit losses decreased for the nine month period, primarily due to a lower reserve build, partially offset by higher net write-offs. The reserve builds in the current and prior periods were primarily driven by sequential increases in Other loans.
Previous wording
Total expenses increased for both the three and six month periods, primarily driven by higher Card Member services, Card Member rewards and Salaries and employee benefits and other operating expenses.
Current wording
Total expenses increased for both the three and nine month periods, primarily driven by higher Card Member services, Card Member rewards and Salaries and employee benefits and other operating expenses.
Previous wording
Card Member rewards expense increased for both the three and six month periods, primarily driven by increases in Membership Rewards and cobrand rewards expenses, both of which were driven by higher billed business. The increases in Membership Rewards expense were partially offset by the previously-mentioned benefit from enhancements to the U.S. URR models.
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, both of which were primarily driven by higher billed business. The increase for the three month period was partially offset by a decrease in cash back rewards expense, primarily driven by the prior year impact associated with a card product migration. The increase for the nine month period was partially offset by a benefit from enhancements to the models that estimate future redemptions of Membership Rewards points by U.S. Card Members.
Previous wording
Business development expense increased for both the three and six month periods, primarily due to 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 increased partner payments driven by higher billed business.
Previous wording
Salaries and employee benefits and other operating expenses increased for both the three and six month periods, primarily due to increases in allocated service costs.
Current wording
Salaries and employee benefits and other operating expenses increased for both the three and nine month periods, primarily due to increases in allocated service costs.
Previous wording
Discount revenue increased 4 percent for both the three and six month periods, 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 4 percent for both the three and nine month periods, primarily driven by increases in commercial billed business. See Tables 5, 6 and 11 for more details on billed business performance.
Previous wording
Service fees and other revenue increased 7 percent and 8 percent for the three and six month periods, respectively, primarily driven by higher travel commissions and fees.
Current wording
Service fees and other revenue was relatively flat for the three month period and increased 4 percent for the nine month period. The increase for the nine month period was primarily driven by higher travel commissions and fees.
Previous wording
Interest income increased for both the three and six month periods, primarily driven by growth in revolving Card balances and higher interest rates.
Current wording
Interest income increased for both the three and nine month periods, primarily driven by growth in revolving Card balances and higher interest rates.
Previous wording
Interest expense decreased for both the three and six month periods, primarily driven by lower interest rates, partially offset by a higher cost of funds driven by segment net asset growth.
Current wording
Interest expense decreased for both the three and nine month periods, primarily driven by lower interest rates, partially offset by a higher cost of funds due to segment net asset growth.
Previous wording
Provision for Card balance credit losses increased for the current three month period, primarily due to higher net write-offs, partially offset by a reserve release in the current period versus a reserve build in the prior period. Provision for Card balance credit losses increased for the current six month period, primarily driven by higher net write-offs and a higher reserve build in the current period. The reserve release in the current three month period was primarily driven by lower delinquencies, partially offset by a sequential increase in Card balances. The reserve build in the current six month period was primarily driven by a sequential increase in Card balances, partially offset by lower delinquencies. The reserve builds in the prior periods were primarily driven by the macroeconomic outlook, partially offset by the release of a reserve upon the reclassification of a small business cobrand portfolio to Card balances HFS. A sequential increase in Card balances also drove the reserve build in the prior six month period.
Current wording
Provision for Card balance credit losses decreased for the three month period, primarily due to a reserve release in the current period versus a reserve build in the prior period, partially offset by higher net write-offs. Provision for Card balance credit losses increased for the nine month period, primarily driven by higher net write-offs, partially offset by a reserve release in the current period versus a reserve build in the prior period. The reserve releases in the current periods were primarily driven by lower delinquencies, partially offset by sequential increases in Card balances. The reserve builds in the prior periods were primarily driven by sequential increases in Card balances, partially offset by the release of a reserve upon the reclassification of a small business cobrand portfolio to Card balances HFS. The reserve build in the prior nine month period also reflected the macroeconomic outlook.
Previous wording
Provision for other credit losses decreased for both the three and six month periods, primarily due to a reserve release in the current period versus a reserve build in the prior period and lower net write-offs in the current six month period. The reserve release in the current three month period was primarily related to partner obligations. The reserve release in the current six month period was primarily driven by the performance of small business loans. The reserve builds in the prior periods were primarily driven by sequential increases in Other loans.
Current wording
Provision for other credit losses increased for the three month period, primarily due to higher net write-offs and a reserve release in the prior period. Provision for other credit losses decreased for the nine month period, primarily due to a reserve release in the current period versus a reserve build in the prior period. The reserve release in the current nine month period was primarily driven by the performance of small business loans. The reserve builds in the prior periods were primarily driven by sequential increases in Other loans.
Previous wording
Card Member rewards expense increased for both the three and six month periods, primarily driven by increases in Membership Rewards expense due to changes to the Membership Rewards program for U.S. Business Platinum cards and higher billed business, partially offset by the previously-mentioned benefit from enhancements to the U.S. URR models.
Current wording
Card Member rewards expense increased for both the three and nine month periods, primarily driven by increases in Membership Rewards expense due to changes to the Membership Rewards program for U.S. Business Platinum cards and higher billed business.
Previous wording
Business development expense increased for both the three and six month periods, primarily due to increased client incentives, driven by higher billed business and contractual rates.
Current wording
Business development expense increased for both the three and nine month periods, primarily due to increased client incentives, driven by variable contractual rates and higher billed business.
Previous wording
Card Member services expense increased for both the three and six month periods, primarily driven by the new U.S. Business Platinum benefits.
Current wording
Card Member services expense increased for both the three and nine month periods, primarily driven by the new U.S. Business Platinum benefits.
Previous wording
Salaries and employee benefits and other operating expenses decreased for the three month period and was relatively flat for the six month period. The decrease for the three month period was primarily driven by the previously-mentioned gain on the sale of a small business cobrand portfolio, a prior-year increase in legal reserves and higher technology costs, partially offset by increases in allocated service costs and higher professional service fees. The six month period also reflected additional allocated service costs compared to the prior year.
Current wording
Salaries and employee benefits and other operating expenses increased for both the three and nine month periods, primarily driven by increases in allocated service costs. The increase for the nine month period was also driven by higher compensation costs, partially offset by a gain on the sale of a small business cobrand portfolio previously classified as Card balances HFS.
Previous wording
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 wording
On January 12, 2026, we acquired our partner’s interest in our Switzerland joint venture (Swisscard AECS GmbH), 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.
Previous wording
Discount revenue increased 12 percent and 15 percent for the three and six month periods, respectively (11 percent for both the three and six month periods, on an FX-adjusted basis), primarily driven by increases in billed business.2 See Tables 5, 6, and 13 for more details on billed business performance.
Current wording
Discount revenue increased 10 percent and 13 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 billed business.2 See Tables 5, 6 and 13 for more details on billed business performance.
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Current report — wording carried from elsewhere
Card Member services expense increased for both the three and nine month periods, primarily due to the new U.S. Platinum benefits and higher usage of Card Member benefits.