v3.26.1
Fair Values (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair value assets and liabilities measured on recurring basis
The following table summarizes our financial assets and financial liabilities measured at fair value on a recurring basis, categorized by GAAP’s fair value hierarchy, as of June 30, 2026 and December 31, 2025:
Table 9.1: Financial Assets and Financial Liabilities measured at Fair Value
20262025
(Millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Investment securities: (a)
Equity securities$45 $45 $— $— $46 $46 $— $— 
Debt securities
4,029 — 3,948 81 997 — 916 81 
Derivatives, gross (a)(b)
832 — 832 — 174 — 164 10 
Total Assets4,905 45 4,780 81 1,216 46 1,080 91 
Liabilities:
Derivatives, gross (a)
172 — 172 — 1,120 — 1,120 — 
Total Liabilities$172 $— $172 $— $1,120 $— $1,120 $— 
(a)Refer to Note 4 for the fair values of investment securities and to Note 8 for the fair values of derivative assets and liabilities on a further disaggregated basis.
(b)Level 3 fair value reflects an embedded derivative. Management reviews and applies judgment to the valuation of the embedded derivative that is performed by an independent third party using a Monte Carlo simulation that models a range of probable future stock prices based on implied volatility in a risk neutral framework. Refer to Note 8 for additional information about this embedded derivative.
Estimated fair value of financial assets and financial liabilities
The following tables summarize the estimated fair values of our financial assets and financial liabilities that are measured at amortized cost, and not required to be carried at fair value on a recurring basis, as of June 30, 2026 and December 31, 2025. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of June 30, 2026 and December 31, 2025, and require management’s judgment. These figures may not be indicative of future fair values, nor can the fair value of American Express be estimated by aggregating the amounts presented.
Table 9.2: Fair Value of Financial Assets and Financial Liabilities measured at Amortized Cost
Carrying
Value		Corresponding Fair Value Amount
2026 (Billions)TotalLevel 1Level 2Level 3
Financial Assets:
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents (a)
$45 $45 $44 $1 $— 
Other financial assets (b)
4 4 — 4 — 
Financial assets carried at other than fair value
Card balances and Other loans, less reserves (c)
223 228 — — 228 
Card balances HFS2 2 — — 2 
Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value170 170 — 170 — 
Financial liabilities carried at other than fair value
Certificates of deposit (d)
18 18 — 18 — 
Long-term debt (c)
$57 $58 $— $58 $— 
Carrying
Value		Corresponding Fair Value Amount
2025 (Billions)TotalLevel 1Level 2Level 3
Financial Assets:
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents (a)
$48 $48 $46 $2 $— 
Other financial assets (b)
4 4 — 4 — 
Financial assets carried at other than fair value
Card balances and Other loans, less reserves (c)
218 224 — — 224 
Card balances HFS2 2 — — 2 
Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value166 166 — 166 — 
Financial liabilities carried at other than fair value
Certificates of deposit (d)
16 16 — 16 — 
Long-term debt (c)
$56 $57 $— $57 $— 
(a)Level 2 fair value amounts reflect time deposits and short-term investments.
(b)Includes other receivables and other miscellaneous assets.
(c)Includes amounts held by consolidated VIEs for which the fair values of Card balances were $32.0 billion and $33.2 billion as of June 30, 2026 and December 31, 2025, respectively, and the fair values of Long-term debt were $11.9 billion and $13.3 billion as of June 30, 2026 and December 31, 2025, respectively.
(d)Presented as a component of Customer deposits on the Consolidated Balance Sheets.