EXHIBIT 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q2'25Q1'25Q4'24Q3'24Q2'24YOY % changeYTD'25YTD'24YOY % change
Non-interest revenues
Discount revenue$9,361 $8,743 $9,177 $8,780 $8,855 6 $18,104 $17,235 5 
Net card fees2,480 2,333 2,245 2,170 2,060 20 4,813 4,034 19 
Service fees and other revenue 1,828 1,722 1,719 1,680 1,688 8 3,550 3,366 5 
Total non-interest revenues13,669 12,798 13,141 12,630 12,603 8 26,467 24,635 7 
Interest income
Interest on loans5,648 5,552 5,503 5,442 5,092 11 11,200 10,150 10 
Interest and dividends on investment securities17 14 18 18 25 (32)31 50 (38)
Deposits with banks and other599 569 556 689 677 (12)1,168 1,369 (15)
Total interest income6,264 6,135 6,077 6,149 5,794 8 12,399 11,569 7 
Interest expense
Deposits1,374 1,337 1,397 1,446 1,425 (4)2,711 2,852 (5)
Long-term debt and other703 629 642 697 639 10 1,332 1,218 9 
Total interest expense2,077 1,966 2,039 2,143 2,064 1 4,043 4,070 (1)
Net interest income4,187 4,169 4,038 4,006 3,730 12 8,356 7,499 11 
Total revenues net of interest expense17,856 16,967 17,179 16,636 16,333 9 34,823 32,134 8 
Provisions for credit losses
Card Member receivables226 146 182 170 226 — 372 422 (12)
Card Member loans1,094 901 1,011 1,114 970 13 1,995 1,984 1 
Other85 103 99 72 72 18 188 131 44 
Total provisions for credit losses1,405 1,150 1,292 1,356 1,268 11 2,555 2,537 1 
Total revenues net of interest expense after provisions for credit losses16,451 15,817 15,887 15,280 15,065 9 32,268 29,597 9 
Expenses
Card Member rewards4,618 4,378 4,430 4,168 4,227 9 8,996 8,001 12 
Business development1,589 1,529 1,637 1,430 1,427 11 3,118 2,819 11 
Card Member services1,301 1,328 1,278 1,179 1,154 13 2,629 2,325 13 
Marketing1,555 1,486 1,614 1,470 1,480 5 3,041 2,956 3 
Salaries and employee benefits2,152 2,120 2,102 2,049 1,949 10 4,272 4,047 6 
Professional services591 541 698 579 542 9 1,132 997 14 
Data processing and equipment720 705 805 725 701 3 1,425 1,358 5 
Other, net375 400 567 476 (205)#775 159 #
Total expenses12,901 12,487 13,131 12,076 11,275 14 25,388 22,662 12 
Pretax income3,550 3,330 2,756 3,204 3,790 (6)6,880 6,935 (1)
Income tax provision665 746 586 697 775 (14)1,411 1,483 (5)
Net income$2,885 $2,584 $2,170 $2,507 $3,015 (4)$5,469 $5,452 — 
Net income attributable to common shareholders (A)$2,852 $2,552 $2,139 $2,474 $2,977 (4)$5,404 $5,382 — 
Effective tax rate18.7 %22.4 %21.3 %21.8 %20.4 %20.5 %21.4 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$4.08 $3.64 $3.04 $3.50 $4.16 (2)$7.73 $7.49 3 
Average common shares outstanding698 701 703 708 716 (3)700 718 (3)
Diluted
Net income attributable to common shareholders $4.08 $3.64 $3.04 $3.49 $4.15 (2)$7.71 $7.48 3 
Average common shares outstanding699 702 704 709 717 (3)701 719 (3)
Cash dividends declared per common share $0.82 $0.82 $0.70 $0.70 $0.70 17 $1.64 $1.40 17 
# - Denotes a variance of 100 percent or more.
See Appendix III for footnote references
1

American Express Company(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Millions, except percentages, per share amounts and where indicated)
 Q2'25Q1'25Q4'24Q3'24Q2'24YOY % change
Assets      
Cash & cash equivalents$57,937 $52,508 $40,640 $47,918 $52,895 10 
Card Member receivables, less reserves59,405 58,355 59,240 58,886 59,485 — 
Card Member loans, less reserves136,508 133,611 133,995 128,960 125,530 9 
Card Member loans held for sale2,405 776 758 — — 
Investment securities1,258 1,110 1,240 1,268 1,210 4 
Other (B)38,043 35,884 35,588 33,947 33,099 15 
Total assets$295,556 $282,244 $271,461 $270,979 $272,219 9 
Liabilities and Shareholders' Equity
Customer deposits$149,386 $146,396 $139,413 $135,438 $133,746 12 
Short-term borrowings1,493 1,559 1,374 1,457 1,639 (9)
Long-term debt58,202 51,236 49,715 53,546 51,521 13 
Other (B)54,164 51,851 50,695 50,831 55,773 (3)
Total liabilities263,245 251,042 241,197 241,272 242,679 8 
Shareholders' Equity32,311 31,202 30,264 29,707 29,540 9 
Total liabilities and shareholders' equity$295,556 $282,244 $271,461 $270,979 $272,219 9 
Return on average equity (C)36.3 %33.6 %34.6 %33.9 %41.4 %
Return on average common equity (C)37.8 %35.0 %36.1 %35.3 %43.2 %
Book value per common share (dollars)$44.16 $42.28 $40.88 $39.92 $39.26 12 

See Appendix III for footnote references
2

American Express Company(Preliminary)
Consolidated Capital
 
 Q2'25Q1'25Q4'24Q3'24Q2'24
Shares Outstanding (in millions) 
Beginning of period701 702 704 712 719 
Repurchase of common shares(5)(2)(3)(8)(7)
Net impact of employee benefit plans and others— 1 1 — — 
End of period696 701 702 704 712 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)10.6 %10.7 %10.5 %10.7 %10.8 %
Tier 111.3 %11.4 %11.2 %11.4 %11.5 %
Total13.2 %13.4 %13.2 %13.4 %13.5 %
Common Equity Tier 1$26.1 $25.6 $24.9 $24.6 $24.6 
Tier 1 Capital$27.8 $27.2 $26.4 $26.2 $26.1 
Tier 2 Capital$4.8 $4.8 $4.7 $4.6 $4.6 
Total Capital$32.6 $32.0 $31.1 $30.8 $30.7 
RWA$246.1 $239.6 $235.8 $229.9 $227.8 
Tier 1 Leverage9.7 %10.0 %9.8 %9.8 %9.9 %
Supplementary Leverage Ratio (SLR) (D)8.3 %8.5 %8.3 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (E)$285.2 $273.1 $268.8 $267.6 $263.3 
Total Leverage Exposure to calculate SLR (D)$335.7 $322.4 $317.0 

See Appendix III for footnote references
3

American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Millions, except percentages and where indicated) 
 Q2'25Q1'25Q4'24Q3'24Q2'24YOY % changeYTD'25YTD'24YOY % change
Network volumes (billions) (F)$472.0 $439.6 $464.0 $441.0 $440.6 7 $911.6 $859.8 6 
Billed business (G)$416.3 $387.4 $408.4 $387.3 $388.2 7 $803.7 $755.2 6 
Card Member loans$142,275 $139,203 $139,674 $134,548 $130,851 9 $142,275 $130,851 9 
Cards-in-force (H)149.4 147.5 146.5 145.5 144.3 4 149.4 144.3 4 
Proprietary cards-in-force85.2 84.6 83.6 82.9 82.1 4 85.2 82.1 4 
Basic cards-in-force (H)126.0 124.2 123.3 122.4 121.4 4 126.0 121.4 4 
Proprietary basic cards-in-force65.6 65.1 64.3 63.7 63.1 4 65.6 63.1 4 
Average proprietary basic Card Member spending (dollars)$6,370 $5,987 $6,378 $6,110 $6,192 3 $12,362 $12,112 2 
Average fee per card (dollars) (I)$117 $111 $108 $105 $101 16 $114 $99 15 
Proprietary new cards acquired (J)3.1 3.4 3.0 3.3 3.3 6.4 6.7 

See Appendix III for footnote references
4

American Express Company(Preliminary)
Network Volumes Related Growth 
 YOY % change
 ReportedFX-Adjusted (K)ReportedFX-Adjusted (K)
 Q2'25Q1'25Q4'24Q3'24Q2'24Q2'25Q1'25Q4'24Q3'24Q2'24YTD'25YTD'25
Network volumes (F)7%5%7%5%3%6%6%8%5%4%6%6%
Billed business (G)768657686667
U.S. Consumer Services77966n/an/an/an/an/a7n/a
Commercial Services224122241222
International Card Services15911131012131513131212
Merchant industry billed business
Goods & Services (G&S) spend (73% of Q2'25 billed business)867657786677
T&E spend (27% of Q2'25 billed business)6596656106756

See Appendix III for footnote references
5

American Express Company(Preliminary)
Selected Credit Related Statistical Information
Card Member Loans and Card Member Receivables
(Millions, except percentages and where indicated)
 Q2'25Q1'25Q4'24Q3'24Q2'24YOY % changeYTD'25YTD'24YOY % change
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (L)2.2 %2.4 %2.2 %2.2 %2.4 %2.3 %2.4 %
Net write-off rate (principal only) (L)(M)2.0 %2.1 %1.9 %1.9 %2.1 %2.1 %2.1 %
30+ days past due as a % of total (M)1.3 %1.3 %1.3 %1.3 %1.2 %1.3 %1.2 %
Card Member loans         
Total Card Member loans$142,275 $139,203 $139,674 $134,548 $130,851 9 $142,275 $130,851 9 
Credit loss reserves
Beginning balance$5,592 $5,679 $5,588 $5,321 $5,271 6 $5,679 $5,118 11 
Provisions - principal, interest and fees1,094 901 1,011 1,114 970 13 1,995 1,984 1 
Net write-offs - principal less recoveries(771)(818)(735)(701)(753)2 (1,589)(1,458)9 
Net write-offs - interest and fees less recoveries(167)(178)(159)(152)(160)4 (345)(310)11 
Other (N)19 8 (26)6 (7)#27 (13)#
Ending balance $5,767 $5,592 $5,679 $5,588 $5,321 8 $5,767 $5,321 8 
Reserve as a % of Card Member loans4.1 %4.0 %4.1 %4.2 %4.1 %4.1 %4.1 %
% of past due 295 %284 %288 %297 %312 %295 %312 %
Average loans$141,412 $137,697 $136,972 $132,956 $128,321 10 $139,604 $126,507 10 
Net write-off rate (principal, interest and fees) (L)2.7 %2.9 %2.6 %2.6 %2.8 %2.8 %2.8 %
Net write-off rate (principal only) (L)(M)2.2 %2.4 %2.1 %2.1 %2.3 %2.3 %2.3 %
30+ days past due as a % of total (M)1.4 %1.4 %1.4 %1.4 %1.3 %1.4 %1.3 %
Net interest income divided by average Card Member loans including loans held for sale (O)11.8 %12.2 %11.7 %12.0 %11.7 %12.0 %11.9 % 
Net interest yield on average Card Member loans including loans held for sale (O)11.8 %12.2 %11.8 %12.0 %11.7 %12.0 %11.9 % 
Card Member receivables         
Total Card Member receivables$59,598 $58,503 $59,411 $59,042 $59,656 — $59,598 $59,656 — 
Credit loss reserves
Beginning balance$148 $171 $156 $171 $151 (2)$171 $174 (2)
Provisions - principal and fees226 146 182 170 226 — 372 422 (12)
Net write-offs - principal and fees less recoveries(184)(169)(164)(187)(205)(10)(353)(422)(16)
Other (N)3 — (3)2 (1)#3 (3)#
Ending balance$193 $148 $171 $156 $171 13 $193 $171 13 
Reserve as a % of Card Member receivables0.3 %0.3 %0.3 %0.3 %0.3 %0.3 %0.3 %
Net write-off rate (principal and fees) (L)1.2 %1.2 %1.1 %1.3 %1.4 %1.2 %1.5 %
Net write-off rate (principal only) (L)(M)1.4 %1.3 %1.2 %1.4 %1.5 %1.3 %1.6 % 
30+ days past due as a % of total (M)0.9 %1.0 %0.9 %0.9 %0.9 %0.9 %0.9 % 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
6

American Express Company(Preliminary)
Selected Credit Related Statistical Information
Other Loans and Other Receivables
(Millions, except percentages and where indicated)
 Q2'25Q1'25Q4'24Q3'24Q2'24YOY % changeYTD'25YTD'24YOY % change
Other loans (B)
Total other loans$10,103 $9,678 $9,232 $8,460 $8,157 24 $10,103 $8,157 24 
Credit loss reserves
Beginning balance$244 $194 $154 $140 $136 79 $194 $126 54 
Provisions78 105 94 60 49 59 183 102 79 
Net write-offs (principal only)(48)(53)(51)(44)(43)12 (101)(85)19 
Net write-offs (interest and fees only)(3)(2)(2)(2)(2)50 (5)(3)67 
Other (N)1 — (1)— — — 1 — — 
Ending balance$272 $244 $194 $154 $140 94 $272 $140 94 
Reserve as a % of other loans2.7 %2.5 %2.1 %1.8 %1.7 %2.7 %1.7 %
Other receivables (B)
Total other receivables$4,056 $3,752 $3,587 $3,800 $3,889 4 $4,056 $3,889 4 
Credit loss reserves
Beginning balance$23 $27 $49 $44 $27 (15)$27 $27 — 
Provisions7 (2)5 12 23 (70)5 29 (83)
Net write-offs(10)(3)(28)(6)(4)#(13)(10)30 
Other (N)(1)1 1 (1)(2)(50)— (2)#
Ending balance$19 $23 $27 $49 $44 (57)$19 $44 (57)
Reserve as a % of other receivables0.5 %0.6 %0.8 %1.3 %1.1 %0.5 %1.1 %
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
7

American Express Company(Preliminary)
Selected Income Statement Information by Segment 
(Millions, except percentages)   
U.S. Consumer Services
(USCS)		Commercial Services
(CS)		International Card Services
(ICS)		Global Merchant and Network Services
(GMNS)		Corporate and OtherConsolidated
Q2'25     
Non-interest revenues$5,540 $3,422 $2,947 $1,758 $2 $13,669 
Interest income3,795 1,240 620 10 599 6,264 
Interest expense782 450 335 (165)675 2,077 
Total revenues net of interest expense8,553 4,212 3,232 1,933 (74)17,856 
Total provisions for credit losses829 360 210 5 1 1,405 
Total revenues net of interest expense after provisions for credit losses7,724 3,852 3,022 1,928 (75)16,451 
Card Member rewards, business development and Card Member services3,967 1,790 1,452 288 11 7,508 
Marketing800 331 322 96 6 1,555 
Salaries and employee benefits and other operating expenses1,281 826 783 490 458 3,838 
Total expenses6,048 2,947 2,557 874 475 12,901 
Pretax income (loss)$1,676 $905 $465 $1,054 $(550)$3,550 
Q2'24
Non-interest revenues$5,029 $3,333 $2,548 $1,684 $9 $12,603 
Interest income3,474 1,051 577 13 679 5,794 
Interest expense771 430 303 (176)736 2,064 
Total revenues net of interest expense7,732 3,954 2,822 1,873 (48)16,333 
Total provisions for credit losses706 349 192 20 1 1,268 
Total revenues net of interest expense after provisions for credit losses7,026 3,605 2,630 1,853 (49)15,065 
Card Member rewards, business development and Card Member services3,587 1,633 1,302 278 8 6,808 
Marketing764 325 290 96 5 1,480 
Salaries and employee benefits and other operating expenses1,115 742 748 (58)440 2,987 
Total expenses5,466 2,700 2,340 316 453 11,275 
Pretax income (loss)$1,560 $905 $290 $1,537 $(502)$3,790 
YOY % change
Non-interest revenues10 3 16 4 (78)8 
Interest income9 18 7 (23)(12)8 
Interest expense1 5 11 6 (8)1 
Total revenues net of interest expense11 7 15 3 (54)9 
Total provisions for credit losses17 3 9 (75)— 11 
Total revenues net of interest expense after provisions for credit losses10 7 15 4 (53)9 
Card Member rewards, business development and Card Member services11 10 12 4 38 10 
Marketing5 2 11 — 20 5 
Salaries and employee benefits and other operating expenses15 11 5 #4 28 
Total expenses11 9 9 #5 14 
Pretax income (loss)7 — 60 (31)(10)(6)
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
8

U.S. Consumer Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
 Q2'25Q1'25Q4'24Q3'24Q2'24YOY % changeYTD'25YTD'24YOY % change
Non-interest revenues$5,540 $5,243 $5,314 $5,028 $5,029 10 $10,783 $9,795 10 
Interest income3,795 3,763 3,753 3,722 3,474 9 7,558 6,955 9 
Interest expense782 757 815 806 771 1 1,539 1,519 1 
Net interest income3,013 3,006 2,938 2,916 2,703 11 6,019 5,436 11 
Total revenues net of interest expense8,553 8,249 8,252 7,944 7,732 11 16,802 15,231 10 
Total provisions for credit losses829 631 784 812 706 17 1,460 1,433 2 
Total revenues net of interest expense after provisions for credit losses7,724 7,618 7,468 7,132 7,026 10 15,342 13,798 11 
Card Member rewards, business development and Card Member services3,967 3,882 3,816 3,570 3,587 11 7,849 6,943 13 
Marketing800 765 813 755 764 5 1,565 1,483 6 
Salaries and employee benefits and other operating expenses1,281 1,239 1,294 1,148 1,115 15 2,520 2,199 15 
Total expenses6,048 5,886 5,923 5,473 5,466 11 11,934 10,625 12 
Pretax segment income$1,676 $1,732 $1,545 $1,659 $1,560 7 $3,408 $3,173 7 
Billed business (billions) (G)$176.5 $164.3 $174.0 $162.3 $165.1 7 $340.8 $318.5 7 
Proprietary cards-in-force (H)47.3 46.8 46.3 45.7 45.2 5 47.3 45.2 5 
Proprietary basic cards-in-force (H)33.4 33.0 32.5 32.1 31.7 5 33.4 31.7 5 
Average proprietary basic Card Member spending (dollars)$5,322 $5,014 $5,387 $5,091 $5,258 1 $10,341 $10,220 1 
Segment assets$113,876 $110,886 $114,228 $106,201 $108,224 5 $113,876 $108,224 5 
Card Member loans
Total loans$92,620 $90,072 $92,632 $86,752 $84,958 9 $92,620 $84,958 9 
Average loans$91,339 $89,983 $89,178 $86,223 $83,452 9 $90,745 $82,648 10 
Net write-off rate (principal, interest and fees) (L)2.6 %3.0 %2.6 %2.6 %2.9 %2.8 %2.9 % 
Net write-off rate (principal only) (L)2.1 %2.4 %2.1 %2.1 %2.4 %2.2 %2.3 % 
30+ days past due as a % of total1.3 %1.4 %1.4 %1.4 %1.3 %1.3 %1.3 % 
Net interest income divided by average Card Member loans (O)13.2 %13.5 %13.1 %13.5 %13.0 %13.4 %13.2 % 
Net interest yield on average Card Member loans (O)12.7 %13.0 %12.7 %13.0 %12.6 %12.9 %12.8 % 
Card Member receivables
Total receivables$13,164 $12,824 $14,419 $13,168 $13,796 (5)$13,164 $13,796 (5)
Net write-off rate (principal and fees) (L)0.8 %0.8 %0.9 %1.2 %1.2 %0.8 %1.3 % 
Net write-off rate (principal only) (L)0.7 %0.7 %0.8 %1.1 %1.1 %0.7 %1.2 % 
30+ days past due as a % of total0.7 %0.7 %0.6 %0.7 %0.7 %0.7 %0.7 % 

See Appendix III for footnote references
9

Commercial Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
Q2'25Q1'25Q4'24Q3'24Q2'24YOY % changeYTD'25YTD'24YOY % change
Non-interest revenues$3,422 $3,265 $3,388 $3,304 $3,333 3 $6,687 $6,527 2 
Interest income1,240 1,202 1,176 1,142 1,051 18 2,442 2,056 19 
Interest expense450 432 442 448 430 5 882 844 5 
Net interest income790 770 734 694 621 27 1,560 1,212 29 
Total revenues net of interest expense4,212 4,035 4,122 3,998 3,954 7 8,247 7,739 7 
Total provisions for credit losses360 329 311 374 349 3 689 704 (2)
Total revenues net of interest expense after provisions for credit losses3,852 3,706 3,811 3,624 3,605 7 7,558 7,035 7 
Card Member rewards, business development and Card Member services1,790 1,746 1,751 1,627 1,633 10 3,536 3,126 13 
Marketing331 337 360 308 325 2 668 651 3 
Salaries and employee benefits and other operating expenses826 787 886 781 742 11 1,613 1,475 9 
Total expenses2,947 2,870 2,997 2,716 2,700 9 5,817 5,252 11 
Pretax segment income$905 $836 $814 $908 $905 — $1,741 $1,783 (2)
Billed business (billions) (G)$135.5 $129.2 $136.0 $131.0 $132.3 2 $264.7 $259.5 2 
Proprietary cards-in-force (H)15.4 15.5 15.4 15.5 15.4 — 15.4 15.4 — 
Average proprietary basic Card Member spending (dollars)$8,782 $8,380 $8,804 $8,474 $8,588 2 $17,165 $16,845 2 
Segment assets$62,152 $62,012 $58,969 $59,716 $58,993 5 $62,152 $58,993 5 
Card Member loans
Total loans$30,143 $31,240 $29,647 $29,869 $28,621 5 $30,143 $28,621 5 
Average loans$31,253 $30,307 $30,203 $29,428 $28,031 11 $30,714 $27,243 13 
Net write-off rate (principal, interest and fees) (L)2.9 %3.0 %2.7 %2.6 %2.7 %3.0 %2.7 %
Net write-off rate (principal only) (L)2.5 %2.6 %2.3 %2.2 %2.3 %2.5 %2.3 %
30+ days past due as a % of total1.6 %1.6 %1.5 %1.5 %1.4 %1.6 %1.4 %
Net interest income divided by average Card Member loans including loans held for sale (O)9.8 %10.1 %9.6 %9.4 %8.9 %9.9 %8.9 %
Net interest yield on average Card Member loans including loans held for sale (O)11.1 %11.4 %11.1 %10.9 %10.5 %11.3 %10.6 %
Card Member receivables
Total receivables$24,955 $26,172 $24,945 $26,341 $26,737 (7)$24,955 $26,737 (7)
Net write-off rate (principal and fees) (L)1.2 %1.3 %1.1 %1.3 %1.4 %1.3 %1.4 %
Net write-off rate (principal only) - small business (L)1.9 %1.9 %1.6 %1.8 %2.0 %1.9 %2.0 %
30+ days past due as a % of total - small business1.2 %1.3 %1.3 %1.2 %1.2 %1.2 %1.2 %
90+ days past billing as a % of total - corporate0.4 %0.4 %0.4 %0.4 %0.4 %0.4 %0.4 %

See Appendix III for footnote references
10

International Card Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
 Q2'25Q1'25Q4'24Q3'24Q2'24YOY % changeYTD'25YTD'24YOY % change
Non-interest revenues$2,947 $2,646 $2,725 $2,659 $2,548 16 $5,593 $4,985 12 
Interest income620 596 583 588 577 7 1,216 1,160 5 
Interest expense335 306 318 311 303 11 641 610 5 
Net interest income285 290 265 277 274 4 575 550 5 
Total revenues net of interest expense3,232 2,936 2,990 2,936 2,822 15 6,168 5,535 11 
Total provisions for credit losses210 192 194 158 192 9 402 374 7 
Total revenues net of interest expense after provisions for credit losses3,022 2,744 2,796 2,778 2,630 15 5,766 5,161 12 
Card Member rewards, business development and Card Member services1,452 1,312 1,442 1,296 1,302 12 2,764 2,505 10 
Marketing322 300 306 287 290 11 622 642 (3)
Salaries and employee benefits and other operating expenses783 751 1,014 740 748 5 1,534 1,472 4 
Total expenses2,557 2,363 2,762 2,323 2,340 9 4,920 4,619 7 
Pretax segment income$465 $381 $34 $455 $290 60 $846 $542 56 
Billed business (billions) (G)$103.9 $92.9 $97.7 $93.6 $90.2 15 $196.7 $175.6 12 
Proprietary cards-in-force (H)22.5 22.3 21.9 21.7 21.5 5 22.5 21.5 5 
Proprietary basic cards-in-force (H)16.9 16.7 16.4 16.2 16.0 6 16.9 16.0 6 
Average proprietary basic Card Member spending (dollars)$6,197 $5,619 $6,003 $5,829 $5,681 9 $11,823 $11,122 6 
Segment assets$46,500 $42,620 $42,879 $43,073 $41,982 11 $46,500 $41,982 11 
Card Member loans - consumer and small business
Total loans$19,512 $17,891 $17,395 $17,927 $17,272 13 $19,512 $17,272 13 
Average loans $18,820 $17,407 $17,591 $17,305 $16,838 12 $18,145 $16,616 9 
Net write-off rate (principal, interest and fees) (L)2.5 %2.3 %2.3 %2.4 %2.5 %2.4 %2.6 %
Net write-off rate (principal only) (L)2.1 %2.0 %1.9 %2.0 %2.1 %2.0 %2.1 %
30+ days past due as a % of total1.2 %1.2 %1.2 %1.2 %1.2 %1.2 %1.2 %
Net interest income divided by average Card Member loans (O)6.1 %6.8 %6.0 %6.4 %6.5 %6.4 %6.7 %
Net interest yield on average Card Member loans (O)8.8 %9.4 %8.7 %8.8 %9.0 %9.1 %9.3 %
Card Member receivables
Total receivables$21,479 $19,507 $20,047 $19,533 $19,123 12 $21,479 $19,123 12 
Net write-off rate (principal and fees) (L)1.5 %1.3 %1.3 %1.3 %1.5 %1.4 %1.6 %
Net write-off rate (principal only) - consumer and small business (L)1.5 %1.3 %1.3 %1.4 %1.6 %1.4 %1.6 %
30+ days past due as a % of total - consumer and small business1.0 %1.0 %0.8 %0.9 %0.9 %1.0 %0.9 %
90+ days past billing as a % of total - corporate0.4 %0.4 %0.4 %0.4 %0.4 %0.4 %0.4 %

See Appendix III for footnote references
11

Global Merchant and Network Services(Preliminary)
Selected Income Statement and Statistical Information             
(Millions, except percentages and where indicated)        
 Q2'25Q1'25Q4'24Q3'24Q2'24YOY % changeYTD'25YTD'24YOY % change
Non-interest revenues$1,758 $1,660 $1,723 $1,667 $1,684 4 $3,418 $3,339 2 
Interest income10 12 11 11 13 (23)22 30 (27)
Interest expense(165)(143)(160)(169)(176)6 (308)(374)18 
Net interest income175 155 171 180 189 (7)330 404 (18)
Total revenues net of interest expense1,933 1,815 1,894 1,847 1,873 3 3,748 3,743 — 
Total provisions for credit losses5 (2)6 10 20 (75)3 26 (88)
Total revenues net of interest expense after provisions for credit losses1,928 1,817 1,888 1,837 1,853 4 3,745 3,717 1 
Business development and Card Member services288 283 322 269 278 4 571 557 3 
Marketing96 76 130 112 96 — 172 169 2 
Salaries and employee benefits and other operating expenses490 468 583 465 (58)#958 437 #
Total expenses874 827 1,035 846 316 #1,701 1,163 46 
Pretax segment income$1,054 $990 $853 $991 $1,537 (31)$2,044 $2,554 (20)
         
Total network volumes (billions) (F)$472.0 $439.6 $464.0 $441.0 $440.6 7 $911.6 $859.8 6 
Segment assets$18,324 $18,083 $17,712 $17,739 $24,446 (25)$18,324 $24,446 (25)
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
12

American Express Company(Preliminary)
Appendix I 
Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)
(Millions, except percentages) 
Q2'25Q1'25Q4'24Q3'24Q2'24
ROE     
Annualized Net income$11,540 $10,336 $10,129 $10,028 $12,060 
Average shareholders' equity$31,756 $30,733 $29,266 $29,623 $29,152 
Return on average equity (C)36.3 %33.6 %34.6 %33.9 %41.4 %
Reconciliation of ROCE     
Annualized Net income$11,540 $10,336 $10,129 $10,028 $12,060 
Preferred share dividends and equity related adjustments58 57 58 58 59 
Earnings allocated to participating share awards and other75 69 76 75 92 
Net income attributable to common shareholders$11,407 $10,210 $9,995 $9,895 $11,909 
Average shareholders' equity$31,756 $30,733 $29,266 $29,623 $29,152 
Average preferred shares1,584 1,584 1,584 1,584 1,584 
Average common shareholders' equity$30,172 $29,149 $27,682 $28,039 $27,568 
Return on average common equity (C)37.8 %35.0 %36.1 %35.3 %43.2 %

See Appendix III for footnote references
13

American Express Company(Preliminary)
Appendix II 
Net Interest Yield on Average Card Member Loans 
(Millions, except percentages and where indicated) 
 Q2'25Q1'25Q4'24Q3'24Q2'24YTD'25YTD'24
Consolidated       
Net interest income$4,187 $4,169 $4,038 $4,006 $3,730 $8,356$7,499
Exclude:
Interest expense not attributable to our Card Member loan portfolio (P)918 851 865 940 912 1,769 1,794 
Interest income not attributable to our Card Member loan portfolio (Q)(895)(851)(823)(940)(920)(1,746)(1,836)
Adjusted net interest income (O)$4,210 $4,169 $4,080 $4,006 $3,722 $8,379 $7,457 
Average Card Member loans including loans held for sale$142,603 $138,457 $137,161 $132,956 $128,321 $140,608 $126,507 
Net interest income divided by average Card Member loans including loans held for sale (O)11.8 %12.2 %11.7 %12.0 %11.7 %12.0 %11.9 %
Net interest yield on average Card Member loans including loans held for sale (O)11.8 %12.2 %11.8 %12.0 %11.7 %12.0 %11.9 %
U.S. Consumer Services
Net interest income$3,013 $3,006 $2,938 $2,916 $2,703 $6,019 $5,436 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (P)70 64 73 45 44 134 80 
Interest income not attributable to our Card Member loan portfolio (Q)(186)(177)(160)(143)(132)(363)(254)
Adjusted net interest income (O)$2,897 $2,893 $2,851 $2,818 $2,615 $5,790 $5,262 
Average Card Member loans$91,339 $89,983 $89,178 $86,223 $83,452 $90,745 $82,648 
Net interest income divided by average Card Member loans (O)13.2 %13.5 %13.1 %13.5 %13.0 %13.4 %13.2 %
Net interest yield on average Card Member loans (O)12.7 %13.0 %12.7 %13.0 %12.6 %12.9 %12.8 %
Commercial Services
Net interest income$790 $770 $734 $694 $621 $1,560 $1,212 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (P)200 192 198 193 190 392 374 
Interest income not attributable to our Card Member loan portfolio (Q)(91)(88)(86)(84)(81)(179)(155)
Adjusted net interest income (O)$899 $874 $846 $803 $730 $1,773 $1,431 
Average Card Member loans including loans held for sale$32,443 $31,067 $30,392 $29,428 $28,031 $31,718 $27,243 
Net interest income divided by average Card Member loans including loans held for sale (O)9.8 %10.1 %9.6 %9.4 %8.9 %9.9 %8.9 %
Net interest yield on average Card Member loans including loans held for sale (O)11.1 %11.4 %11.1 %10.9 %10.5 %11.3 %10.6 %
International Card Services
Net interest income$285 $290 $265 $277 $274 $575 $550 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (P)140 123 130 122 118 263 244 
Interest income not attributable to our Card Member loan portfolio (Q)(11)(11)(12)(14)(15)(22)(30)
Adjusted net interest income (O)$414 $402 $383 $385 $377 $816 $764 
Average Card Member loans$18,820 $17,407 $17,591 $17,305 $16,838 $18,145 $16,616 
Net interest income divided by average Card Member loans (O)6.1 %6.8 %6.0 %6.4 %6.5 %6.4 %6.7 %
Net interest yield on average Card Member loans (O)8.8 %9.4 %8.7 %8.8 %9.0 %9.1 %9.3 %
See Appendix III for footnote references
14

Appendix III(Preliminary)
The financial measures in the preceding tables are presented on a basis prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), unless otherwise indicated. Certain reclassifications of prior period amounts have been made to conform to the current period presentation. The sum of the components reported across periods in the tables included in this report may not equal the total amount reported year-to-date due to rounding.
(A)Represents net income, less (i) earnings allocated to participating share awards of $18 million, $18 million, $17 million, $18 million and $23 million in Q2'25, Q1'25, Q4'24, Q3'24 and Q2'24, respectively; and (ii) dividends on preferred shares of $15 million, $14 million, $14 million, $15 million and $15 million in Q2'25, Q1'25, Q4'24, Q3'24 and Q2'24, respectively.
(B)Within assets, "other" includes the following items as presented in our Consolidated Balance Sheets: Other loans, less reserves for credit losses, Premises and equipment and Other assets (including Other receivables); and within liabilities, "other" includes the following items: Accounts payable and Other liabilities.
(C)Return on Average Equity (ROE) is calculated by dividing annualized net income for the period by average shareholders' equity for the period. Return on Average Common Equity (ROCE) is calculated by dividing annualized net income attributable to common shareholders for the period by average common shareholders' equity for the period.
(D)Supplementary Leverage Ratio is calculated as Tier 1 capital divided by total leverage exposure. Total leverage exposure includes total average on-balance sheet assets and certain off-balance sheet exposures, net of amounts that are deducted from Tier 1 capital. We became a Category III firm in the third quarter of 2024 and thus are subject to a minimum supplementary leverage ratio from the fourth quarter onwards.
(E)Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(F)Network volumes represent total transaction volumes (including cash advances) on payment products issued by American Express and under network partnership agreements with banks and other institutions, including joint ventures, as well as alternative payment solutions facilitated by American Express.
(G)Billed business represents transaction volumes (including cash advances) on payment products issued by American Express.
(H)Cards-in-force represent the number of cards that are issued and outstanding by American Express (proprietary cards-in-force) and cards issued and outstanding under network partnership agreements with banks and other institutions, except for retail cobrand cards issued by network partners that had no out-of-store spending activity during the prior twelve months. Basic cards-in-force excludes supplemental cards issued on consumer accounts. Cards-in-force is useful in understanding the size of our Card Member base.
(I)Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(J)Proprietary new cards acquired represents the number of new cards issued by American Express during the referenced period, net of replacement cards. Proprietary new cards acquired is useful as a measure of the effectiveness of our customer acquisition strategy.
(K)FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of conversion into U.S. dollars (e.g., 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).
(L)Our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses and we therefore present a net write-off rate including principal, interest and/or fees. We also present a net write-off rate based on principal losses only to be consistent with industry convention.
(M)Net write-off rate for principal losses only and 30+ days past due metrics represent consumer and small business, and are not available for corporate due to system constraints.
(N)Other includes foreign currency impact on balance sheet re-measurement and translation.
(O)For purposes of the calculation of net interest yield on Card Member loans and net interest income divided by average Card Member loans, average loans include loans held for sale (HFS) as we continue to recognize interest income on these loans until they are sold. Net interest income divided by average Card Member loans, computed on an annualized basis, includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on average Card Member loans. Net interest yield on average Card Member loans, a non-GAAP measure, is computed by dividing adjusted net interest income (also a non-GAAP measure) by average Card Member loans, computed on an annualized basis. Adjusted net interest income represents net interest income attributable to our Card Member loans (which includes, on a GAAP basis, interest that is deemed uncollectible), excluding the impact of interest expense and interest income not attributable to our Card Member loans. Reserves and net write-offs related to uncollectible interest are recorded through provisions for credit losses, and thus not included in the net interest yield calculation. We believe that net interest yield on average Card Member loans is useful to investors because it provides a measure of profitability of our Card Member loan portfolio. See Appendix II for calculations of net interest income divided by average Card Member loans and net interest yield on average Card Member loans.
(P)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(Q)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
15