See Appendix II for footnote references and definitions of certain key terms
1
EXHIBIT 99.2
American Express Company
(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q3'26
Q2'26
Q1'26
Q4'25
Q3'25
YOY %
change
YTD'26
YTD'25
YOY %
change
Non-interest revenues
Discount revenue
$10,169
$10,163
$9,512
$9,884
$9,413
8
$29,845
$27,517
8
Net card fees
2,969
2,862
2,752
2,629
2,551
16
8,583
7,364
17
Service fees and other revenue
1,984
1,963
1,951
1,945
1,976
—
5,896
5,526
7
Total non-interest revenues
15,122
14,988
14,215
14,458
13,940
8
44,324
40,407
10
Interest income
Interest on Card balances and Other loans
6,387
6,119
6,136
6,064
5,970
7
18,643
17,170
9
Interest and dividends on investment securities
45
36
17
17
15
#
97
46
#
Deposits with banks and other
426
452
512
501
632
(33)
1,389
1,800
(23)
Total interest income
6,858
6,607
6,665
6,582
6,617
4
20,129
19,016
6
Interest expense
Deposits
1,242
1,276
1,287
1,343
1,371
(9)
3,804
4,082
(7)
Long-term debt and other
676
682
686
717
760
(11)
2,043
2,092
(2)
Total interest expense
1,918
1,958
1,973
2,060
2,131
(10)
5,847
6,174
(5)
Net interest income
4,940
4,649
4,692
4,522
4,486
10
14,282
12,842
11
Total revenues net of interest expense
20,062
19,637
18,907
18,980
18,426
9
58,606
53,249
10
Provisions for credit losses
Card balances
895
1,017
1,187
1,231
1,220
(27)
3,099
3,587
(14)
Other
90
67
64
183
67
34
221
255
(13)
Total provisions for credit losses
985
1,084
1,251
1,414
1,287
(23)
3,320
3,842
(14)
Total revenues net of interest expense after provisions
for credit losses
19,077
18,553
17,656
17,566
17,139
11
55,286
49,407
12
Expenses
Card Member rewards
5,090
5,051
4,891
4,805
4,608
10
15,031
13,604
10
Business development
1,795
1,755
1,591
1,728
1,611
11
5,141
4,729
9
Card Member services
2,006
1,949
1,975
1,951
1,477
36
5,930
4,106
44
Marketing
1,770
1,650
1,480
1,612
1,599
11
4,900
4,640
6
Salaries and employee benefits
2,570
2,344
2,482
2,505
2,239
15
7,396
6,511
14
Professional services
675
622
545
669
623
8
1,842
1,755
5
Data processing and equipment
858
817
767
810
751
14
2,442
2,176
12
Other, net
(218)
294
147
396
406
#
224
1,181
(81)
Total expenses
14,546
14,482
13,878
14,476
13,314
9
42,906
38,702
11
Pretax income
4,531
4,071
3,778
3,090
3,825
18
12,380
10,705
16
Income tax provision
819
961
807
628
923
(11)
2,586
2,334
11
Net income
$3,712
$3,110
$2,971
$2,462
$2,902
28
$9,794
$8,371
17
Net income attributable to common shareholders (A)
$3,649
$3,076
$2,938
$2,429
$2,868
27
$9,663
$8,272
17
Effective tax rate
18.1%
23.6%
21.4%
20.3%
24.1%
20.9%
21.8%
Earnings Per Common Share
Basic
Net income attributable to common shareholders
$5.43
$4.54
$4.29
$3.53
$4.14
31
$14.24
$11.87
20
Average common shares outstanding
673
678
685
687
692
(3)
678
697
(3)
Diluted
Net income attributable to common shareholders
$5.42
$4.53
$4.28
$3.53
$4.14
31
$14.22
$11.85
20
Average common shares outstanding
674
679
686
688
693
(3)
680
698
(3)
Cash dividends declared per common share
$0.95
$0.95
$0.95
$0.82
$0.82
16
$2.85
$2.46
16
# - Denotes a variance of 100 percent or more.
See Appendix II for footnote references and definitions of certain key terms
2
American Express Company
(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Millions, except percentages, per share amounts and where indicated)
 
Q3'26
Q2'26
Q1'26
Q4'25
Q3'25
YOY %
change
Consolidated Balance Sheets
Assets
 
 
 
 
 
 
Cash & cash equivalents
$43,203
$45,243
$53,757
$47,792
$54,706
(21)
Card balances, less reserves
215,440
212,188
207,247
207,774
199,769
8
Card balances held for sale
—
1,752
2,477
2,457
2,424
#
Investment securities
5,117
4,073
2,625
1,043
1,374
#
Other (B)
46,515
44,947
42,788
40,986
39,277
18
Total assets
$310,275
$308,203
$308,894
$300,052
$297,550
4
Liabilities and Shareholders' Equity
Customer deposits
$155,019
$156,973
$157,948
$152,488
$149,883
3
Short-term borrowings
1,415
2,032
1,692
1,371
1,446
(2)
Long-term debt
58,538
57,017
58,750
56,387
57,787
1
Other (B)
59,506
57,901
56,509
56,332
56,017
6
Total liabilities
274,478
273,923
274,899
266,578
265,133
4
Shareholders' Equity
35,797
34,280
33,995
33,474
32,417
10
Total liabilities and shareholders' equity
$310,275
$308,203
$308,894
$300,052
$297,550
4
Q3'26
Q2'26
Q1'26
Q4'25
Q3'25
YOY %
change
YTD'26
YTD'25
YOY %
change
Related Statistical Information
Total Card balances and Other loans
$233,153
$229,481
$224,160
$224,791
$216,355
8
$233,153
$216,355
8
Average Card balances and Other loans
$230,587
$227,814
$222,813
$221,187
$214,470
8
$227,121
$210,197
8
Net interest yield (C)
8.5%
8.1%
8.4%
8.0%
8.2%
8.3%
8.1%
Return on average equity (D)
42.4%
36.4%
35.2%
33.9%
35.9%
38.0%
35.4%
Return on average common equity (D)
43.6%
37.8%
36.6%
35.3%
37.3%
Book value per common share (dollars)
$51.02
$48.42
$47.50
$46.45
$44.76
14
# - Denotes a variance of 100 percent or more.
See Appendix II for footnote references and definitions of certain key terms
3
American Express Company
(Preliminary)
Consolidated Capital
(Millions, except percentages)
 
 
Q3'26
Q2'26
Q1'26
Q4'25
Q3'25
Shares Outstanding
 
Beginning of period
675
682
686
689
696
Repurchase of common shares
(5)
(7)
(5)
(2)
(7)
Net impact of employee benefit plans and others
—
—
1
—
—
End of period
671
675
682
686
689
Risk-Based Capital Ratios - Basel III
 
Common Equity Tier 1/Risk Weighted Assets (RWA)
10.9%
10.4%
10.5%
10.5%
10.5%
Tier 1
11.5%
11.0%
11.1%
11.1%
11.1%
Total
13.6%
13.1%
13.2%
13.1%
13.1%
Common Equity Tier 1
$29,338
$27,779
$27,523
$27,268
$26,222
Tier 1 Capital
$30,948
$29,394
$29,141
$28,888
$27,848
Tier 2 Capital
$5,654
$5,635
$5,570
$5,025
$4,915
Total Capital
$36,602
$35,029
$34,711
$33,913
$32,763
RWA
$270,071
$268,321
$262,924
$259,448
$250,642
Tier 1 Leverage
10.3%
9.6%
9.7%
9.8%
9.5%
Supplementary Leverage Ratio (SLR)
8.7%
8.2%
8.2%
8.3%
8.1%
Average Total Assets to calculate the Tier 1 Leverage Ratio
$301,753
$304,688
$301,879
$294,275
$292,875
Total Leverage Exposure to calculate SLR
$356,722
$359,052
$356,176
$346,685
$344,532
See Appendix II for footnote references and definitions of certain key terms
4
American Express Company
(Preliminary)
Selected Card Related Statistical Information
 
(Millions, except percentages and where indicated)
 
 
Q3'26
Q2'26
Q1'26
Q4'25
Q3'25
YOY %
change
YTD'26
YTD'25
YOY %
change
Network volumes (billions)
$517.9
$516.8
$486.3
$506.2
$479.2
8
$1,521.0
$1,390.8
9
Billed business
$454.0
$455.8
$428.0
$445.1
$421.0
8
$1,337.7
$1,224.7
9
Cards-in-force
155.4
155.1
153.9
152.8
151.2
3
155.4
151.2
3
Proprietary cards-in-force
87.5
87.6
87.2
86.6
86.0
2
87.5
86.0
2
Basic cards-in-force
130.7
130.6
130.1
128.9
127.6
2
130.7
127.6
2
Proprietary basic cards-in-force
67.3
67.5
67.2
66.7
66.2
2
67.3
66.2
2
Average proprietary basic Card Member
spending (dollars)
$6,735
$6,759
$6,393
$6,696
$6,387
5
$19,910
$18,751
6
Average fee per card (dollars) (E)
$136
$131
$127
$122
$119
14
$131
$116
13
Proprietary new cards acquired
3.1
3.0
3.1
2.9
3.2
9.2
9.6
See Appendix II for footnote references and definitions of certain key terms
5
American Express Company
(Preliminary)
Network Volumes Related Growth
 
 
YOY % change
 
Reported
FX-Adjusted (F)
Reported
FX-
Adjusted
(F)
 
Q3'26
Q2'26
Q1'26
Q4'25
Q3'25
Q3'26
Q2'26
Q1'26
Q4'25
Q3'25
YTD'26
YTD'26
Network volumes
8%
9%
11%
9%
9%
8%
9%
9%
8%
8%
9%
9%
Billed business
8
9
10
9
9
8
9
9
8
8
9
9
U.S. Consumer Services
9
11
10
9
9
n/a
n/a
n/a
n/a
n/a
10
n/a
Commercial Services
3
5
4
4
4
3
5
4
3
4
4
4
International Card Services
11
13
20
17
14
11
12
13
12
13
15
12
Merchant industry billed business
Goods & Services spend
(71% of Q3'26 billed business)
7
9
10
9
9
7
9
8
8
9
9
8
Travel & Entertainment spend
(29% of Q3'26 billed business)
10
10
12
9
8
10
10
9
8
8
11
10
See Appendix II for footnote references and definitions of certain key terms
6
American Express Company
(Preliminary)
Selected Credit Related Statistical Information
(Millions, except percentages)
 
Q3'26
Q2'26
Q1'26
Q4'25
Q3'25
YOY %
change
YTD'26
YTD'25
YOY %
change
Card balances
Total Card balances
$221,074
$218,054
$213,311
$213,863
$205,837
7
$221,074
$205,837
7
Consumer
$145,733
$144,974
$140,908
$144,324
$135,403
8
$145,733
$135,403
8
Small business
$57,315
$56,172
$55,098
$53,632
$53,007
8
$57,315
$53,007
8
Corporate
$18,026
$16,908
$17,306
$15,907
$17,426
3
$18,026
$17,426
3
Pay-in-full Card balances
$63,054
$62,026
$61,096
$62,031
$61,023
3
$63,054
$61,023
3
Credit loss reserves
Beginning reserve
$5,866
$6,065
$6,089
$6,068
$5,960
(2)
$6,089
$5,850
4
Provisions - principal, interest and fees
895
1,017
1,187
1,231
1,220
(27)
3,099
3,587
(14)
Net write-offs - principal, interest and fees, less
recoveries
(1,130)
(1,207)
(1,213)
(1,216)
(1,111)
2
(3,550)
(3,397)
5
Other (I)
3
(9)
1
6
(1)
#
(5)
28
#
Ending reserve
$5,634
$5,866
$6,065
$6,089
$6,068
(7)
$5,634
$6,068
(7)
Reserve as a % of Card balances
2.5%
2.7%
2.8%
2.8%
2.9%
2.5%
2.9%
% of past due - consumer and small business
231%
248%
234%
240%
243%
231%
243%
Average Card balances
$218,826
$216,710
$211,897
$210,440
$204,145
7
$215,837
$200,275
8
Net write-off rate (principal, interest and fees) (G)
2.1%
2.2%
2.3%
2.3%
2.2%
2.2%
2.3%
Net write-off rate (principal only) - consumer and small
business (G)(H)
1.8%
2.0%
2.0%
2.1%
1.9%
1.9%
2.0%
30+ days past due as a % of total  - consumer and small
business (H)
1.2%
1.2%
1.3%
1.3%
1.3%
1.2%
1.3%
90+ days past billing as a % of total - corporate (H)
0.3%
0.4%
0.4%
0.5%
0.4%
0.3%
0.4%
Other loans
Total other loans
$12,079
$11,428
$10,849
$10,928
$10,518
15
$12,079
$10,518
15
Credit loss reserves
Beginning reserve
$312
$314
$323
$287
$272
15
$323
$194
66
Provisions
84
62
48
90
62
35
194
245
(21)
Net write-offs (principal only)
(59)
(61)
(54)
(52)
(45)
31
(174)
(146)
19
Net write-offs (interest and fees only)
(3)
(3)
(3)
(2)
(2)
50
(8)
(7)
14
Other (I)
—
—
—
—
—
—
—
1
#
Ending reserve
$335
$312
$314
$323
$287
17
$335
$287
17
Reserve as a % of other loans
2.8%
2.7%
2.9%
3.0%
2.7%
2.8%
2.7%
Other receivables
Total other receivables
$6,452
$5,451
$5,075
$4,596
$4,019
61
$6,452
$4,019
61
Credit loss reserves
Beginning reserve
$121
$121
$86
$20
$19
#
$86
$27
#
Provisions
6
4
40
69
5
20
27
10
#
Net write-offs
(5)
(4)
(5)
(3)
(3)
67
(14)
(16)
(13)
Other (I)
—
—
—
—
(1)
#
24
(1)
#
Ending reserve
$123
$121
$121
$86
$20
#
$123
$20
#
Reserve as a % of other receivables
1.9%
2.2%
2.4%
1.9%
0.5%
1.9%
0.5%
# - Denotes a variance of 100 percent or more.
See Appendix II for footnote references and definitions of certain key terms
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 Other
Consolidated
Q3'26
 
 
 
 
 
Non-interest revenues
$6,292
$3,612
$3,321
$1,927
$(30)
$15,122
Interest income
4,294
1,358
745
7
454
6,858
Interest expense
745
416
383
(147)
520
1,918
Total revenues net of interest expense
9,840
4,553
3,682
2,082
(96)
20,062
Total provisions for credit losses
494
279
208
4
—
985
Total revenues net of interest expense after provisions
for credit losses
9,346
4,274
3,474
2,078
(96)
19,077
Card Member rewards, business development and
Card Member services
4,801
1,979
1,766
337
8
8,891
Marketing
848
405
394
113
10
1,770
Salaries and employee benefits and other operating
expenses
1,402
860
883
546
193
3,885
Total expenses
7,052
3,245
3,042
996
211
14,546
Pretax income (loss)
$2,295
$1,029
$432
$1,082
$(307)
$4,531
Q3'25
Non-interest revenues
$5,620
$3,441
$3,034
$1,782
$63
$13,940
Interest income
4,025
1,302
652
9
629
6,617
Interest expense
789
462
350
(181)
711
2,131
Total revenues net of interest expense
8,856
4,281
3,336
1,972
(19)
18,426
Total provisions for credit losses
734
332
218
5
(2)
1,287
Total revenues net of interest expense after provisions
for credit losses
8,122
3,949
3,118
1,967
(17)
17,139
Card Member rewards, business development and
Card Member services
4,145
1,730
1,512
298
11
7,696
Marketing
825
313
350
105
6
1,599
Salaries and employee benefits and other operating
expenses
1,300
816
815
524
564
4,019
Total expenses
6,270
2,859
2,677
927
581
13,314
Pretax income (loss)
$1,852
$1,090
$441
$1,040
$(598)
$3,825
YOY % change
Non-interest revenues
12
5
9
8
#
8
Interest income
7
4
14
(22)
(28)
4
Interest expense
(6)
(10)
9
19
(27)
(10)
Total revenues net of interest expense
11
6
10
6
#
9
Total provisions for credit losses
(33)
(16)
(5)
(20)
#
(23)
Total revenues net of interest expense after provisions
for credit losses
15
8
11
6
#
11
Card Member rewards, business development and
Card Member services
16
14
17
13
(27)
16
Marketing
3
29
13
8
67
11
Salaries and employee benefits and other operating
expenses
8
5
8
4
(66)
(3)
Total expenses
12
14
14
7
(64)
9
Pretax income (loss)
24
(6)
(2)
4
49
18
# - Denotes a variance of 100 percent or more.
See Appendix II for footnote references and definitions of certain key terms
8
U.S. Consumer Services
(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
Q3'26
Q2'26
Q1'26
Q4'25
Q3'25
YOY %
change
YTD'26
YTD'25
YOY %
change
Non-interest revenues
$6,292
$6,229
$5,803
$5,904
$5,620
12
$18,323
$16,403
12
Interest income
4,294
4,052
4,072
4,072
4,025
7
12,417
11,583
7
Interest expense
745
757
751
820
789
(6)
2,253
2,328
(3)
Net interest income
3,549
3,295
3,321
3,252
3,236
10
10,164
9,255
10
Total revenues net of interest expense
9,840
9,524
9,123
9,156
8,856
11
28,487
25,658
11
Total provisions for credit losses
494
498
631
773
734
(33)
1,623
2,194
(26)
Total revenues net of interest expense after
provisions for credit losses
9,346
9,025
8,493
8,383
8,122
15
26,864
23,464
14
Card Member rewards, business development
and Card Member services
4,801
4,745
4,605
4,563
4,145
16
14,151
11,994
18
Marketing
848
813
764
797
825
3
2,425
2,390
1
Salaries and employee benefits and other
operating expenses
1,402
1,403
1,367
1,473
1,300
8
4,172
3,820
9
Total expenses
7,052
6,961
6,736
6,833
6,270
12
20,748
18,204
14
Pretax segment income
$2,295
$2,065
$1,757
$1,550
$1,852
24
$6,116
$5,260
16
Billed business (billions)
$194.2
$196.4
$180.2
$189.2
$177.5
9
$570.9
$518.3
10
Proprietary cards-in-force
49.7
49.2
48.7
48.3
47.8
4
49.7
47.8
4
Proprietary basic cards-in-force
35.4
35.0
34.6
34.1
33.7
5
35.4
33.7
5
Average proprietary basic Card Member
spending (dollars)
$5,522
$5,654
$5,248
$5,574
$5,291
4
$16,428
$15,634
5
Segment assets
$124,624
$123,404
$119,517
$122,968
$115,330
8
$124,624
$115,330
8
Card balances
Total Card balances
$114,267
$113,796
$110,849
$114,368
$106,969
7
$114,267
$106,969
7
Average Card balances
$113,857
$112,449
$110,664
$110,161
$106,753
7
$112,324
$104,923
7
Net write-off rate (principal, interest and fees)
(G)
2.0%
2.3%
2.4%
2.6%
2.3%
2.2%
2.4%
Net write-off rate (principal only) (G)
1.6%
1.8%
1.9%
2.1%
1.8%
1.8%
2.0%
30+ days past due as a % of total
1.2%
1.1%
1.3%
1.3%
1.3%
1.2%
1.3%
See Appendix II for footnote references and definitions of certain key terms
9
Commercial Services
(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
Q3'26
Q2'26
Q1'26
Q4'25
Q3'25
YOY %
change
YTD'26
YTD'25
YOY %
change
Non-interest revenues
$3,612
$3,591
$3,408
$3,526
$3,441
5
$10,611
$10,128
5
Interest income
1,358
1,343
1,345
1,333
1,302
4
4,046
3,744
8
Interest expense
416
432
432
461
462
(10)
1,280
1,344
(5)
Net interest income
942
912
913
872
840
12
2,766
2,400
15
Total revenues net of interest expense
4,553
4,503
4,321
4,398
4,281
6
13,377
12,528
7
Total provisions for credit losses
279
353
380
359
332
(16)
1,012
1,021
(1)
Total revenues net of interest expense after provisions
for credit losses
4,274
4,149
3,941
4,039
3,949
8
12,365
11,507
7
Card Member rewards, business development and
Card Member services
1,979
1,994
1,986
1,900
1,730
14
5,959
5,266
13
Marketing
405
379
311
350
313
29
1,095
981
12
Salaries and employee benefits and other operating
expenses
860
806
828
952
816
5
2,495
2,429
3
Total expenses
3,245
3,179
3,126
3,202
2,859
14
9,549
8,676
10
Pretax segment income
$1,029
$970
$816
$837
$1,090
(6)
$2,815
$2,831
(1)
Billed business (billions)
$140.7
$141.8
$134.4
$140.9
$136.3
3
$416.9
$401.0
4
Proprietary cards-in-force (J)
13.7
14.6
15.3
15.3
15.4
(11)
13.7
15.4
(11)
Average proprietary basic Card Member spending
(dollars)
$9,953
$9,607
$8,793
$9,151
$8,833
13
$28,382
$25,996
9
Segment assets
$66,006
$65,567
$66,076
$63,168
$64,305
3
$66,006
$64,305
3
Card balances
Total Card balances
$60,985
$58,952
$58,754
$56,086
$57,379
6
$60,985
$57,379
6
Average Card balances
$59,526
$59,287
$57,283
$57,689
$56,444
5
$58,668
$56,387
4
Net write-off rate (principal, interest and fees) (G)
2.1%
2.3%
2.4%
2.2%
2.2%
2.3%
2.2%
Net write-off rate (principal only) - small business
(G)(H)
2.3%
2.4%
2.5%
2.3%
2.3%
2.4%
2.3%
30+ days past due as a % of total - small business (H)
1.4%
1.4%
1.6%
1.5%
1.5%
1.4%
1.5%
90+ days past billing as a % of total - corporate (H)
0.3%
0.4%
0.4%
0.5%
0.4%
0.3%
0.4%
See Appendix II for footnote references and definitions of certain key terms
10
International Card Services
(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
 
Q3'26
Q2'26
Q1'26
Q4'25
Q3'25
YOY %
change
YTD'26
YTD'25
YOY %
change
Non-interest revenues
$3,321
$3,261
$3,164
$3,192
$3,034
9
$9,746
$8,627
13
Interest income
745
733
728
666
652
14
2,205
1,868
18
Interest expense
383
375
360
362
350
9
1,118
991
13
Net interest income
362
358
367
304
302
20
1,087
877
24
Total revenues net of interest expense
3,682
3,619
3,532
3,496
3,336
10
10,833
9,504
14
Total provisions for credit losses
208
223
238
211
218
(5)
668
620
8
Total revenues net of interest expense after provisions
for credit losses
3,474
3,396
3,294
3,285
3,118
11
10,165
8,884
14
Card Member rewards, business development and
Card Member services
1,766
1,683
1,551
1,674
1,512
17
5,000
4,276
17
Marketing
394
352
332
347
350
13
1,078
972
11
Salaries and employee benefits and other operating
expenses
883
884
630
948
815
8
2,397
2,349
2
Total expenses
3,042
2,919
2,513
2,969
2,677
14
8,474
7,597
12
Pretax segment income
$432
$477
$781
$316
$441
(2)
$1,690
$1,287
31
Billed business (billions)
$118.8
$117.2
$111.7
$114.3
$106.9
11
$347.7
$303.6
15
Proprietary cards-in-force
24.1
23.9
23.2
23.0
22.8
6
24.1
22.8
6
Proprietary basic cards-in-force
18.2
18.0
17.4
17.2
17.0
7
18.2
17.0
7
Average proprietary basic Card Member spending
(dollars)
$6,567
$6,535
$6,452
$6,675
$6,307
4
$19,594
$18,136
8
Segment assets
$52,809
$52,291
$50,180
$50,089
$47,253
12
$52,809
$47,253
12
Card balances
Total Card balances
$45,822
$45,305
$43,708
$43,409
$41,488
10
$45,822
$41,488
10
Average Card balances
$45,443
$44,975
$43,950
$42,590
$40,948
11
$44,846
$38,965
15
Net write-off rate (principal, interest and fees) (G)
2.0%
2.0%
2.0%
1.9%
2.0%
2.0%
1.9%
Net write-off rate (principal only) - consumer and
small business (G)(H)
1.8%
1.8%
1.8%
1.7%
1.8%
1.8%
1.8%
30+ days past due as a % of total - consumer and
small business (H)
1.1%
1.1%
1.2%
1.1%
1.1%
1.1%
1.1%
90+ days past billing as a % of total - corporate (H)
0.3%
0.5%
0.4%
0.5%
0.3%
0.3%
0.3%
See Appendix II for footnote references and definitions of certain key terms
11
Global Merchant and Network Services
(Preliminary)
Selected Income Statement and Statistical Information
 
 
 
 
 
 
 
 
 
 
 
 
 
(Millions, except percentages and where indicated)
 
 
 
 
 
 
 
 
 
Q3'26
Q2'26
Q1'26
Q4'25
Q3'25
YOY %
change
YTD'26
YTD'25
YOY %
change
Non-interest revenues
$1,927
$1,919
$1,825
$1,858
$1,782
8
$5,670
$5,200
9
Interest income
7
8
10
9
9
(22)
26
31
(16)
Interest expense
(147)
(169)
(169)
(172)
(181)
19
(486)
(489)
1
Net interest income
155
178
180
181
190
(18)
512
520
(2)
Total revenues net of interest expense
2,082
2,096
2,004
2,039
1,972
6
6,182
5,720
8
Total provisions for credit losses
4
10
4
70
5
(20)
18
8
#
Total revenues net of interest expense after provisions
for credit losses
2,078
2,086
2,000
1,969
1,967
6
6,164
5,712
8
Business development and Card Member services
337
328
306
341
298
13
971
869
12
Marketing
113
100
65
116
105
8
278
277
—
Salaries and employee benefits and other operating
expenses
546
530
514
628
524
4
1,590
1,482
7
Total expenses
996
958
885
1,085
927
7
2,839
2,628
8
Pretax segment income
$1,082
$1,128
$1,115
$884
$1,040
4
$3,325
$3,084
8
 
 
 
 
 
 
 
 
 
Total network volumes (billions)
$517.9
$516.8
$486.3
$506.2
$479.2
8
$1,521.0
$1,390.8
9
Segment assets
$19,409
$19,401
$19,353
$18,686
$18,879
3
$19,409
$18,879
3
# - Denotes a variance of 100 percent or more.
See Appendix II for footnote references and definitions of certain key terms
12
American Express Company
(Preliminary)
Appendix I
 
Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)
(Millions, except percentages)
 
Q3'26
Q2'26
Q1'26
Q4'25
Q3'25
YTD'26
YTD'25
ROE
 
 
 
 
 
Annualized Net income
$14,848
$12,440
$11,884
$10,833
$11,608
$13,059
$11,162
Average shareholders' equity
$35,039
$34,138
$33,735
$31,934
$32,364
$34,387
$31,549
Return on average equity (D)
42.4%
36.4%
35.2%
33.9%
35.9%
38.0%
35.4%
Reconciliation of ROCE
 
 
 
 
 
Annualized Net income
$14,848
$12,440
$11,884
$10,833
$11,608
Preferred share dividends and equity related adjustments
(K)
161
58
57
58
58
Earnings allocated to participating share awards and
other
93
79
76
74
82
Net income attributable to common shareholders (K)
$14,594
$12,302
$11,751
$10,701
$11,468
Average shareholders' equity
$35,039
$34,138
$33,735
$31,934
$32,364
Average preferred shares (K)
1,584
1,584
1,584
1,584
1,584
Average common shareholders' equity
$33,455
$32,554
$32,151
$30,350
$30,780
Return on average common equity (D)
43.6%
37.8%
36.6%
35.3%
37.3%
13
Appendix II
(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. 
Amounts presented in the preceding tables may not sum and percentages may not recalculate due to rounding.
Beginning in the first quarter of 2026, 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. Prior period amounts 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.
(A)
Represents net income, less (i) earnings allocated to participating share awards of $23 million, $20 million, $19 million, $18 million and $20 million in Q3'26,
Q2'26, Q1'26, Q4'25 and Q3'25, respectively; and (ii) dividends on preferred shares of $24 million, $15 million, $14 million, $15 million and $14 million in
Q3'26, Q2'26, Q1'26, Q4'25 and Q3'25, respectively; and (iii) an equity-related adjustment of $16 million related to the redemption of preferred shares in
Q3'26 (refer to Footnote "K").
(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)
Net interest yield on average Card balances and Other loans represents net interest income, computed on an annualized basis, divided by average Card
balances, Card balances held for sale and Other loans. Reserves and net write-offs related to uncollectible interest are recorded through provision for credit
losses and are thus not included in the net interest yield calculation.
(D)
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.
(E)
Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(F)
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).
(G)
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.
(H)
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.
(I)
Other primarily includes foreign currency translation adjustments.
(J)
Q3'26 and Q2'26 Commercial Services Proprietary cards-in-force reflect the sales of small business cobrand portfolios previously classified as held for sale.
(K)
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. The difference between the
redemption value and carrying value of the redeemed Series D preferred shares resulted in a reduction of $16 million in net income available to common
shareholders.
As used in the preceding tables and/or in our third quarter of 2026 earnings release, investor presentation slides or investor conference call:
Billed business (Card Member spending) — Represents transaction volumes (including cash advances) on payment products issued by American Express.
Card balances — Represents balances on our card products, including both revolve-eligible balances and balances that need to be paid in full on or before the Card
Member’s payment due date (pay-in-full Card balances). Card balances consist of principal (resulting from authorized transactions), associated interest and fees.
Cards-in-force — Represents 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.
Locations in force (LIF) — Represents proprietary and partner acquired merchant locations where the merchant is enabled to accept American Express. LIF estimates
incorporate data provided to us by certain third parties and include merchants that accept American Express through payment facilitators and digital wallets.
Network volumes — Represents the total of billed business and processed volumes.
Operating expenses — Represents salaries and employee benefits, professional services, data processing and equipment, and other expenses.
Processed volumes — Represents transaction volumes (including cash advances) on cards issued under network partnership agreements with banks and other
institutions, including joint ventures, as well as alternative payment solutions facilitated by American Express.
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.
Reserve build (release) — Represents the portion of the provisions for credit losses for the period related to increasing or decreasing reserves for credit losses as a
result of, among other things, changes in volumes, macroeconomic outlook, portfolio composition and credit quality of portfolios. Reserve build represents the amount
by which the provision for credit losses exceeds net write-offs, while reserve release represents the amount by which net write-offs exceed the provision for credit
losses.
Variable customer engagement costs (VCE) — Represents the aggregate of Card Member rewards, business development, and Card Member services expenses.
Refer to the “Glossary of Selected Terminology” in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q filed with the Securities and Exchange
Commission for definitions of certain other terms used.