AMERICAN EXPRESS CO (AXP) · Material Event (8-K) SEC Filing

EX-99.1 2 q226exhibit991.htm EX-99.1 Document EXHIBIT 99.1 New York July 24, 2026 AMERICAN EXPRESS Q2 2026 RESULTS AMERICAN EXPRESS RAISES FY 2026 REVENUE GROWTH GUIDANCE TO 10%Q2 REVENUE INCREASED 10% WITH CARD MEMBER SPENDING GROWTH OF 9%Q2 EARNINGS PER SHARE OF $4.53 ROSE 11%(Millions, except per share amounts, and where indicated) Quarters EndedJune 30, YoY%Inc (Dec) Six Months EndedJune 30, YoY%Inc (Dec) 2026 2025 2026 2025 Billed Business (Billions)FX-adjusted1 $455.8 $416.3$416.8 9%9% $883.8 $803.7$810.4 10%9% Total Revenues Net of Interest ExpenseFX-adjusted1 $19,637 $17,856$17,880 10%10% $38,544 $34,823$35,090 11%10% Pretax Income $4,071 $3,550 15% $7,849 $6,880 14% Net Income $3,110 $2,885 8% $6,082 $5,469 11% Diluted Earnings Per Common Share (EPS)2 $4.53 $4.08 11% $8.81 $7.71 14% Average Diluted Common Shares Outstanding 679 699 (3)% 682 701 (3)% American Express Company (NYSE AXP) today reported second-quarter 2026 net income of $3.1 billion, compared with net income of $2.9 billion a year ago. Earnings per share was $4.53, up 11 percent from $4.08 a year ago. Stephen J. Squeri Chairman and Chief Executive Officer We had another excellent quarter, with 10 percent revenue growth, EPS of $4.53, and Card Member spending growth of 9 percent, the highest rate we've seen in three years on an FX-adjusted basis. Based on our better-than-expected performance in the first half of the year, we are raising our full-year revenue growth guidance to 10 percent and plan to reinvest this outperformance in growth initiatives given the significant opportunities we see ahead. We continue to expect full-year EPS of $17.30 to $17.90. Six months into the year, we re seeing stronger momentum than we expected. The investments we made in our value propositions have driven accelerated spend and revenue growth our Platinum portfolio is now the fastest growing in our U.S. Consumer business our best-in-class credit performance further strengthened and we continued to attract a large number of new customers, particularly Millennials and Gen-Zs who represent greater lifetime value. We are competing from a position of strength and generating momentum that enables us to continue investing in our differentiated Membership Model, which reinforce our confidence in our ability to drive sustainable growth and shareholder returns over the long term. 1AMERICAN EXPRESS Q2 2026 RESULTS Second-Quarter 2026 Results Business Highlights Second-quarter consolidated total revenues net of interest expense were $19.6 billion, up 10 percent year-over-year. The increase was primarily driven by higher Card Member spending and increased net interest income supported by growth in card balances, as well as strong card fee growth.Consolidated provisions for credit losses were $1.1 billion, compared with $1.4 billion a year ago. The decrease reflected a reserve release during the quarter compared to a reserve build in the prior year, partially offset by higher net write-offs. The second-quarter net write-off rate was 2.0 percent, flat year-over-year.3Consolidated expenses were $14.5 billion, up 12 percent year-over-year. The increase was primarily driven by higher variable customer engagement costs due to increased Card Member spending, the U.S. Platinum Card refresh, and usage of Card Member benefits, as well as higher operating expenses.The consolidated effective tax rate was 23.6 percent, up from 18.7 percent a year ago, primarily reflecting discrete tax benefits in the prior year. American Express announced the proposed acquisition of TheFork, a leading European restaurant booking platform with 50,000 restaurants across 11 countries. The company piloted its new expense management platform to an initial group of middle-market customers. American Express enabled Membership Rewards points redemption for U.S. Card Members checking out with Apple Pay. The company introduced new travel benefits for Delta SkyMiles Card Members. American Express became the Official Payments Partner of Fanatics across select Fanatics online and retail locations worldwide. American Express announced a new global partnership with ALL Accor, the booking and loyalty platform for Accor s portfolio of 45 worldwide brands, including Raffles, Fairmont, and Sofitel. The company ranked #1 in the JD Power 2026 U.S. Credit Card Mobile App Online Satisfaction Studies. # # #This earnings release should be read in conjunction with the supplemental financial data for the second quarter 2026 (the statistical tables), which include information regarding our reportable operating segments and certain defined terms used in this release, available on the American Express Investor Relations website at http ir.americanexpress.com and in a Form 8-K furnished today with the Securities and Exchange Commission.An investor conference call will be held at 8 30 a.m. (ET) today to discuss second-quarter 2026 results. Live audio and presentation slides for the investor conference call will be available to the general public on the above-mentioned American Express Investor Relations website. A replay of the conference call will be available at the same website address following the call.2AMERICAN EXPRESS Q2 2026 RESULTS 1 As used in this release, FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translations into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for current period apply to the corresponding prior-year period against which such results are being compared). FX-adjusted revenues is a non-GAAP measure. The company believes the presentation of information on an FX-adjusted basis is helpful to investors by making it easier to compare the company s performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates. 2 Attributable to common shareholders. Represents net income less earnings allocated to participating share awards and dividends on preferred shares. Refer to the statistical tables for more information. 3 Net write-off rates are based on principal losses only (i.e., excluding interest and or fees) and represent consumer and small business card balances (net write-off rates based on principal losses only are unavailable for corporate). Refer to the statistical tables for more information and net write-off rates including interest and fees. # # #Media Contacts Amanda Miller, Amanda.C.Miller aexp.com, +1.408.219.0563Deniz Yigin, Deniz.Yigin aexp.com, +1.332.999.0836Investors Analysts Contacts Kartik Ramachandran, Kartik.Ramachandran aexp.com, +1.212.640.5574 Amanda Blumstein, Amanda.Blumstein aexp.com, +1.212.640.5574ABOUT AMERICAN EXPRESSAmerican Express (NYSE AXP) is a global payments and premium lifestyle brand powered by technology. Our colleagues around the world back our customers with differentiated products, services, and experiences that enrich lives and build business success.Founded in 1850 and headquartered in New York, American Express brand is built on trust, security, service, and a rich history of delivering innovation and Membership value for our customers. We seek to provide the world s best customer experience every day to a broad range of consumers, small and medium-sized businesses, and large corporations, and we build and manage relationships with millions of merchants across our global network.For more information about American Express, visit americanexpress.com, americanexpress.com en-us newsroom , and ir.americanexpress.com.CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSThis release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which address American Express Company s current expectations regarding business and financial performance, including management s guidance for 2026 and long-term growth aspiration, among other matters, contain words such as believe, expect, anticipate, intend, plan, aim, will, may, should, could, would, likely, continue and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, those that are set forth under the caption Cautionary Note Regarding Forward-Looking Statements in the company s current report on Form 8-K filed with the Securities and Exchange Commission (SEC) on July 24, 2026 (the Form 8-K Cautionary Note), which are incorporated by reference into this release. 3AMERICAN EXPRESS Q2 2026 RESULTSThose factors include, but are not limited to, the following the company s ability to achieve its 2026 earnings per common share (EPS) guidance and grow EPS in the future consistent with its growth aspiration, which will depend in part on revenue growth, credit performance, credit reserve and expense levels and the effective tax rate remaining consistent with current expectations and the company s ability to continue investing in growth initiatives (such as its brand, value propositions, coverage, marketing, technology, partnerships and talent), controlling operating expenses, effectively managing risk and executing its share repurchase program, any of which could be impacted by, among other things, the factors identified in the subsequent paragraphs and the Form 8-K Cautionary Note, as well as the following macroeconomic and geopolitical conditions, including a slowdown in U.S. or global economic growth, changes to consumer and business confidence, higher rates of unemployment and wide-scale layoffs, impacts from the Middle East conflict and other international hostilities, deteriorations in global trade and the effects of announced or future tariffs, changes in interest rates, inflation, supply chain issues, energy costs, market volatility, and fiscal and monetary policies the effects of technology changes and the adoption of artificial intelligence (AI) the impact of any future contingencies, including, but not limited to, legal costs and settlements, the imposition of fines or monetary penalties, increases in Card Member remediation, investment gains or losses, restructurings, impairments and changes in reserves issues impacting brand perceptions and the company s reputation changes in the competitive environment and an inability to realize benefits from new and extended sponsorships impacts related to acquisitions, divestitures, cobrand relationships and other partners and the impact of regulation and litigation, which could affect the profitability of the company s business activities, limit the company s ability to pursue business opportunities, require changes to business practices or alter the company s relationships with Card Members, partners and merchants the company s ability to achieve its 2026 revenue growth guidance and grow revenues net of interest expense in the future consistent with its growth aspiration, which could be impacted by, among other things, the factors identified above, in the subsequent paragraphs and in the Form 8-K Cautionary Note, as well as the following spending volumes not being consistent with expectations, including spending by U.S. and international consumer Card Members across age cohorts (including Millennial and Gen-Z customers) and business Card Members and dining, airline and other travel entertainment spending volumes, such as due to uncertain macroeconomic and geopolitical conditions an inability to address competitive pressures, attract and retain customers, invest in and enhance the company s Membership Model of premium products, differentiated services and partnerships, successfully refresh card products and introduce new features and capabilities, grow banking relationships with customers and implement strategies and business initiatives, including within the premium consumer space, commercial payments and the global network the impacts of portfolio sales the effects of regulatory initiatives, including pricing regulation, such as pricing for card acceptance and interest rate and fee caps, and network regulation merchant coverage growing less than expected or the reduction of merchant acceptance or perceptions of coverage increased surcharging, steering, suppression or other differential acceptance practices with respect to the company s products merchant discount rates changing from the company s expectations and changes in foreign currency exchange rates the actual amount the company spends on growth initiatives in 2026 and beyond and the effectiveness of the investments, which will be based in part on business performance, contingencies and changes in the macroeconomic and competitive environment, including the levels of demand for the company s products management s ability to balance expense control and investments in the business, develop new capabilities, features and value propositions, effectively utilize artificial intelligence, enhance our digital channels and platforms, and drive customer demand and management s identification and assessment of attractive investment opportunities and its decisions regarding the timing of investments and the company s ability to satisfy the closing conditions related to its proposed acquisition of TheFork, including completion of a labor consultation process and receipt of regulatory approvals, and consummate the transaction the underlying assumptions related to the transaction proving to be inaccurate or unrealized and the company s ability to integrate TheFork and benefit from and expand its platform, tools and capabilities, which will depend in part on management s decisions regarding future operations, strategies and business initiatives.A further description of these uncertainties and other risks can be found in American Express Company s Annual Report on Form 10-K for the year ended December 31, 2025 and the company s other reports filed with the SEC, including in the Form 8-K Cautionary Note.4

EX-99.2 3 q226exhibit992.htm EX-99.2 Q2 26 Exhibit 99.2See Appendix II for footnote references and definitions of certain key terms1 EXHIBIT 99.2 American Express Company (Preliminary) Consolidated Statements of Income (Millions, except percentages and per share amounts) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 YOY % change YTD'26 YTD'25 YOY % change Non-interest revenues Discount revenue $10,163 $9,512 $9,884 $9,413 $9,361 9 $19,675 $18,104 9 Net card fees 2,862 2,752 2,629 2,551 2,480 15 5,614 4,813 17 Service fees and other revenue 1,963 1,951 1,945 1,976 1,828 7 3,914 3,550 10 Total non-interest revenues 14,988 14,215 14,458 13,940 13,669 10 29,203 26,467 10 Interest income Interest on Card balances and Other loans 6,119 6,136 6,064 5,970 5,648 8 12,256 11,200 9 Interest and dividends on investment securities 36 17 17 15 17 # 52 31 68 Deposits with banks and other 452 512 501 632 599 (25) 964 1,168 (17) Total interest income 6,607 6,665 6,582 6,617 6,264 5 13,272 12,399 7 Interest expense Deposits 1,276 1,287 1,343 1,371 1,374 (7) 2,563 2,711 (5) Long-term debt and other 682 686 717 760 703 (3) 1,368 1,332 3 Total interest expense 1,958 1,973 2,060 2,131 2,077 (6) 3,931 4,043 (3) Net interest income 4,649 4,692 4,522 4,486 4,187 11 9,341 8,356 12 Total revenues net of interest expense 19,637 18,907 18,980 18,426 17,856 10 38,544 34,823 11 Provisions for credit losses Card balances 1,017 1,187 1,231 1,220 1,320 (23) 2,204 2,367 (7) Other 67 64 183 67 85 (21) 132 188 (30) Total provisions for credit losses 1,084 1,251 1,414 1,287 1,405 (23) 2,336 2,555 (9) Total revenues net of interest expense after provisions for credit losses 18,553 17,656 17,566 17,139 16,451 13 36,208 32,268 12 Expenses Card Member rewards 5,051 4,891 4,805 4,608 4,618 9 9,942 8,996 11 Business development 1,755 1,591 1,728 1,611 1,589 10 3,346 3,118 7 Card Member services 1,949 1,975 1,951 1,477 1,301 50 3,924 2,629 49 Marketing 1,650 1,480 1,612 1,599 1,555 6 3,130 3,041 3 Salaries and employee benefits 2,344 2,482 2,505 2,239 2,152 9 4,826 4,272 13 Professional services 622 545 669 623 591 5 1,167 1,132 3 Data processing and equipment 817 767 810 751 720 13 1,584 1,425 11 Other, net 294 147 396 406 375 (22) 440 775 (43) Total expenses 14,482 13,878 14,476 13,314 12,901 12 28,359 25,388 12 Pretax income 4,071 3,778 3,090 3,825 3,550 15 7,849 6,880 14 Income tax provision 961 807 628 923 665 45 1,767 1,411 25 Net income $3,110 $2,971 $2,462 $2,902 $2,885 8 $6,082 $5,469 11 Net income attributable to common shareholders (A) $3,076 $2,938 $2,429 $2,868 $2,852 8 $6,014 $5,404 11 Effective tax rate 23.6% 21.4% 20.3% 24.1% 18.7% 22.5% 20.5% Earnings Per Common Share Basic Net income attributable to common shareholders $4.54 $4.29 $3.53 $4.14 $4.08 11 $8.83 $7.73 14 Average common shares outstanding 678 685 687 692 698 (3) 681 700 (3) Diluted Net income attributable to common shareholders $4.53 $4.28 $3.53 $4.14 $4.08 11 $8.81 $7.71 14 Average common shares outstanding 679 686 688 693 699 (3) 682 701 (3) Cash dividends declared per common share $0.95 $0.95 $0.82 $0.82 $0.82 16 $1.90 $1.64 16 # - Denotes a variance of 100 percent or more. See Appendix II for footnote references and definitions of certain key terms2 American Express Company (Preliminary) Consolidated Balance Sheets and Related Statistical Information (Millions, except percentages, per share amounts and where indicated) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 YOY % change Consolidated Balance Sheets Assets Cash cash equivalents $45,243 $53,757 $47,792 $54,706 $57,937 (22) Card balances, less reserves 212,188 207,247 207,774 199,769 195,913 8 Card balances held for sale 1,752 2,477 2,457 2,424 2,405 (27) Investment securities 4,073 2,625 1,043 1,374 1,258 # Other (B) 44,947 42,788 40,986 39,277 38,043 18 Total assets $308,203 $308,894 $300,052 $297,550 $295,556 4 Liabilities and Shareholders' Equity Customer deposits $156,973 $157,948 $152,488 $149,883 $149,386 5 Short-term borrowings 2,032 1,692 1,371 1,446 1,493 36 Long-term debt 57,017 58,750 56,387 57,787 58,202 (2) Other (B) 57,901 56,509 56,332 56,017 54,164 7 Total liabilities 273,923 274,899 266,578 265,133 263,245 4 Shareholders' Equity 34,280 33,995 33,474 32,417 32,311 6 Total liabilities and shareholders' equity $308,203 $308,894 $300,052 $297,550 $295,556 4 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 YOY % change YTD'26 YTD'25 YOY % change Related Statistical Information Total Card balances and Other loans $229,481 $224,160 $224,791 $216,355 $211,976 8 $229,481 $211,976 8 Average Card balances and Other loans $227,814 $222,813 $221,187 $214,470 $211,102 8 $225,478 $208,009 8 Net interest yield (C) 8.1% 8.4% 8.0% 8.2% 7.9% 8.3% 8.1% Return on average equity (D) 36.4% 35.2% 33.9% 35.9% 36.3% 35.9% 35.0% Return on average common equity (D) 37.8% 36.6% 35.3% 37.3% 37.8% Book value per common share (dollars) $48.42 $47.50 $46.45 $44.76 $44.16 10 # - Denotes a variance of 100 percent or more. See Appendix II for footnote references and definitions of certain key terms3 American Express Company (Preliminary) Consolidated Capital (Millions, except percentages) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Shares Outstanding Beginning of period 682 686 689 696 701 Repurchase of common shares (7) (5) (2) (7) (5) Net impact of employee benefit plans and others 1 End of period 675 682 686 689 696 Risk-Based Capital Ratios - Basel III Common Equity Tier 1 Risk Weighted Assets (RWA) 10.4% 10.5% 10.5% 10.5% 10.6% Tier 1 11.0% 11.1% 11.1% 11.1% 11.3% Total 13.1% 13.2% 13.1% 13.1% 13.2% Common Equity Tier 1 $27,779 $27,523 $27,268 $26,222 $26,121 Tier 1 Capital $29,394 $29,141 $28,888 $27,848 $27,752 Tier 2 Capital $5,635 $5,570 $5,025 $4,915 $4,858 Total Capital $35,029 $34,711 $33,913 $32,763 $32,610 RWA $268,321 $262,924 $259,448 $250,642 $246,140 Tier 1 Leverage 9.6% 9.7% 9.8% 9.5% 9.7% Supplementary Leverage Ratio (SLR) 8.2% 8.2% 8.3% 8.1% 8.3% Average Total Assets to calculate the Tier 1 Leverage Ratio $304,688 $301,879 $294,275 $292,875 $285,174 Total Leverage Exposure to calculate SLR $359,052 $356,176 $346,685 $344,532 $335,706 See Appendix II for footnote references and definitions of certain key terms4 American Express Company (Preliminary) Selected Card Related Statistical Information (Millions, except percentages and where indicated) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 YOY % change YTD'26 YTD'25 YOY % change Network volumes (billions) $516.8 $486.3 $506.2 $479.2 $472.0 9 $1,003.1 $911.6 10 Billed business $455.8 $428.0 $445.1 $421.0 $416.3 9 $883.8 $803.7 10 Cards-in-force 155.1 153.9 152.8 151.2 149.4 4 155.1 149.4 4 Proprietary cards-in-force 87.6 87.2 86.6 86.0 85.2 3 87.6 85.2 3 Basic cards-in-force 130.6 130.1 128.9 127.6 126.0 4 130.6 126.0 4 Proprietary basic cards-in-force 67.5 67.2 66.7 66.2 65.6 3 67.5 65.6 3 Average proprietary basic Card Member spending (dollars) $6,759 $6,393 $6,696 $6,387 $6,370 6 $13,168 $12,362 7 Average fee per card (dollars) (E) $131 $127 $122 $119 $117 12 $129 $114 13 Proprietary new cards acquired 3.0 3.1 2.9 3.2 3.1 6.1 6.4 See Appendix II for footnote references and definitions of certain key terms5 American Express Company (Preliminary) Network Volumes Related Growth YOY % change Reported FX-Adjusted (F) Reported FX-Adjusted (F) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 YTD'26 YTD'26 Network volumes 9% 11% 9% 9% 7% 9% 9% 8% 8% 6% 10% 9% Billed business 9 10 9 9 7 9 9 8 8 7 10 9 U.S. Consumer Services 11 10 9 9 7 n a n a n a n a n a 11 n a Commercial Services 5 4 4 4 2 5 4 3 4 2 4 4 International Card Services 13 20 17 14 15 12 13 12 13 12 16 13 Merchant industry billed business Goods Services spend (71% of Q2'26 billed business) 9 10 9 9 8 9 8 8 9 7 9 9 Travel Entertainment spend (28% of Q2'26 billed business) 10 12 9 8 6 10 9 8 8 5 11 10 See Appendix II for footnote references and definitions of certain key terms6 American Express Company (Preliminary) Selected Credit Related Statistical Information (Millions, except percentages) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 YOY % change YTD'26 YTD'25 YOY % change Card balances Total Card balances $218,054 $213,311 $213,863 $205,837 $201,873 8 $218,054 $201,873 8 Consumer $144,974 $140,908 $144,324 $135,403 $133,758 8 $144,974 $133,758 8 Small business $56,172 $55,098 $53,632 $53,007 $52,054 8 $56,172 $52,054 8 Corporate $16,908 $17,306 $15,907 $17,426 $16,061 5 $16,908 $16,061 5 Pay-in-full Card balances $62,026 $61,096 $62,031 $61,023 $59,598 4 $62,026 $59,598 4 Credit loss reserves Beginning reserve $6,065 $6,089 $6,068 $5,960 $5,740 6 $6,089 $5,850 4 Provisions - principal, interest and fees 1,017 1,187 1,231 1,220 1,320 (23) 2,204 2,367 (7) Net write-offs - principal, interest and fees, less recoveries (1,207) (1,213) (1,216) (1,111) (1,122) 8 (2,420) (2,287) 6 Other (I) (9) 1 6 (1) 22 # (8) 30 # Ending reserve $5,866 $6,065 $6,089 $6,068 $5,960 (2) $5,866 $5,960 (2) Reserve as a % of Card balances 2.7% 2.8% 2.8% 2.9% 3.0% 2.7% 3.0% % of past due - consumer and small business 248% 234% 240% 243% 252% 248% 252% Average Card balances $216,710 $211,897 $210,440 $204,145 $201,175 8 $214,446 $198,292 8 Net write-off rate (principal, interest and fees) (G) 2.2% 2.3% 2.3% 2.2% 2.2% 2.3% 2.3% Net write-off rate (principal only) - consumer and small business (G)(H) 2.0% 2.0% 2.1% 1.9% 2.0% 2.0% 2.1% 30+ days past due as a % of total - consumer and small business (H) 1.2% 1.3% 1.3% 1.3% 1.3% 1.2% 1.3% 90+ days past billing as a % of total - corporate (H) 0.4% 0.4% 0.5% 0.4% 0.4% 0.4% 0.4% Other loans Total other loans $11,428 $10,849 $10,928 $10,518 $10,103 13 $11,428 $10,103 13 Credit loss reserves Beginning reserve $314 $323 $287 $272 $244 29 $323 $194 66 Provisions 62 48 90 62 78 (21) 111 183 (39) Net write-offs (principal only) (61) (54) (52) (45) (48) 27 (115) (101) 14 Net write-offs (interest and fees only) (3) (3) (2) (2) (3) (6) (5) 20 Other (I) 1 # 1 # Ending reserve $312 $314 $323 $287 $272 15 $312 $272 15 Reserve as a % of other loans 2.7% 2.9% 3.0% 2.7% 2.7% 2.7% 2.7% Other receivables Total other receivables $5,451 $5,075 $4,596 $4,019 $4,056 34 $5,451 $4,056 34 Credit loss reserves Beginning reserve $121 $86 $20 $19 $23 # $86 $27 # Provisions 4 40 69 5 7 (43) 45 5 # Net write-offs (4) (5) (3) (3) (10) (60) (9) (13) (31) Other (I) (1) (1) # Ending reserve $121 $121 $86 $20 $19 # $121 $19 # Reserve as a % of other receivables 2.2% 2.4% 1.9% 0.5% 0.5% 2.2% 0.5% # - Denotes a variance of 100 percent or more. See Appendix II for footnote references and definitions of certain key terms7 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 Q2'26 Non-interest revenues $6,229 $3,591 $3,261 $1,919 $(11) $14,988 Interest income 4,052 1,343 733 8 471 6,607 Interest expense 757 432 375 (169) 564 1,958 Total revenues net of interest expense 9,524 4,503 3,619 2,096 (104) 19,637 Total provisions for credit losses 498 353 223 10 1,084 Total revenues net of interest expense after provisions for credit losses 9,025 4,149 3,396 2,086 (104) 18,553 Card Member rewards, business development and Card Member services 4,745 1,994 1,683 328 5 8,755 Marketing 813 379 352 100 7 1,650 Salaries and employee benefits and other operating expenses 1,403 806 884 530 453 4,077 Total expenses 6,961 3,179 2,919 958 465 14,482 Pretax income (loss) $2,065 $970 $477 $1,128 $(569) $4,071 Q2'25 Non-interest revenues $5,540 $3,422 $2,947 $1,758 $2 $13,669 Interest income 3,795 1,240 620 10 599 6,264 Interest expense 782 450 335 (165) 675 2,077 Total revenues net of interest expense 8,553 4,212 3,232 1,933 (74) 17,856 Total provisions for credit losses 829 360 210 5 1 1,405 Total revenues net of interest expense after provisions for credit losses 7,724 3,852 3,022 1,928 (75) 16,451 Card Member rewards, business development and Card Member services 3,967 1,790 1,452 288 11 7,508 Marketing 800 331 322 96 6 1,555 Salaries and employee benefits and other operating expenses 1,281 826 783 490 458 3,838 Total expenses 6,048 2,947 2,557 874 475 12,901 Pretax income (loss) $1,676 $905 $465 $1,054 $(550) $3,550 YOY % change Non-interest revenues 12 5 11 9 # 10 Interest income 7 8 18 (20) (21) 5 Interest expense (3) (4) 12 (2) (16) (6) Total revenues net of interest expense 11 7 12 8 (41) 10 Total provisions for credit losses (40) (2) 6 # # (23) Total revenues net of interest expense after provisions for credit losses 17 8 12 8 (39) 13 Card Member rewards, business development and Card Member services 20 11 16 14 (55) 17 Marketing 2 15 9 4 17 6 Salaries and employee benefits and other operating expenses 10 (2) 13 8 (1) 6 Total expenses 15 8 14 10 (2) 12 Pretax income (loss) 23 7 3 7 (3) 15 # - Denotes a variance of 100 percent or more. See Appendix II for footnote references and definitions of certain key terms8 U.S. Consumer Services (Preliminary) Selected Income Statement and Statistical Information (Millions, except percentages and where indicated) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 YOY % change YTD'26 YTD'25 YOY % change Non-interest revenues $6,229 $5,803 $5,904 $5,620 $5,540 12 $12,031 $10,783 12 Interest income 4,052 4,072 4,072 4,025 3,795 7 8,124 7,558 7 Interest expense 757 751 820 789 782 (3) 1,508 1,539 (2) Net interest income 3,295 3,321 3,252 3,236 3,013 9 6,616 6,019 10 Total revenues net of interest expense 9,524 9,123 9,156 8,856 8,553 11 18,647 16,802 11 Total provisions for credit losses 498 631 773 734 829 (40) 1,129 1,460 (23) Total revenues net of interest expense after provisions for credit losses 9,025 8,493 8,383 8,122 7,724 17 17,518 15,342 14 Card Member rewards, business development and Card Member services 4,745 4,605 4,563 4,145 3,967 20 9,350 7,849 19 Marketing 813 764 797 825 800 2 1,577 1,565 1 Salaries and employee benefits and other operating expenses 1,403 1,367 1,473 1,300 1,281 10 2,770 2,520 10 Total expenses 6,961 6,736 6,833 6,270 6,048 15 13,697 11,934 15 Pretax segment income $2,065 $1,757 $1,550 $1,852 $1,676 23 $3,821 $3,408 12 Billed business (billions) $196.4 $180.2 $189.2 $177.5 $176.5 11 $376.7 $340.8 11 Proprietary cards-in-force 49.2 48.7 48.3 47.8 47.3 4 49.2 47.3 4 Proprietary basic cards-in-force 35.0 34.6 34.1 33.7 33.4 5 35.0 33.4 5 Average proprietary basic Card Member spending (dollars) $5,654 $5,248 $5,574 $5,291 $5,322 6 $10,905 $10,341 5 Segment assets $123,404 $119,517 $122,968 $115,330 $113,876 8 $123,404 $113,876 8 Card balances Total Card balances $113,796 $110,849 $114,368 $106,969 $105,784 8 $113,796 $105,784 8 Average Card balances $112,449 $110,664 $110,161 $106,753 $104,488 8 $111,658 $104,000 7 Net write-off rate (principal, interest and fees) (G) 2.3% 2.4% 2.6% 2.3% 2.4% 2.3% 2.5% Net write-off rate (principal only) (G) 1.8% 1.9% 2.1% 1.8% 1.9% 1.9% 2.0% 30+ days past due as a % of total 1.1% 1.3% 1.3% 1.3% 1.2% 1.1% 1.2% See Appendix II for footnote references and definitions of certain key terms9 Commercial Services (Preliminary) Selected Income Statement and Statistical Information (Millions, except percentages and where indicated) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 YOY % change YTD'26 YTD'25 YOY % change Non-interest revenues $3,591 $3,408 $3,526 $3,441 $3,422 5 $6,999 $6,687 5 Interest income 1,343 1,345 1,333 1,302 1,240 8 2,688 2,442 10 Interest expense 432 432 461 462 450 (4) 864 882 (2) Net interest income 912 913 872 840 790 15 1,824 1,560 17 Total revenues net of interest expense 4,503 4,321 4,398 4,281 4,212 7 8,823 8,247 7 Total provisions for credit losses 353 380 359 332 360 (2) 733 689 6 Total revenues net of interest expense after provisions for credit losses 4,149 3,941 4,039 3,949 3,852 8 8,091 7,558 7 Card Member rewards, business development and Card Member services 1,994 1,986 1,900 1,730 1,790 11 3,980 3,536 13 Marketing 379 311 350 313 331 15 690 668 3 Salaries and employee benefits and other operating expenses 806 828 952 816 826 (2) 1,635 1,613 1 Total expenses 3,179 3,126 3,202 2,859 2,947 8 6,305 5,817 8 Pretax segment income $970 $816 $837 $1,090 $905 7 $1,786 $1,741 3 Billed business (billions) $141.8 $134.4 $140.9 $136.3 $135.5 5 $276.1 $264.7 4 Proprietary cards-in-force (J) 14.6 15.3 15.3 15.4 15.4 (5) 14.6 15.4 (5) Average proprietary basic Card Member spending (dollars) $9,607 $8,793 $9,151 $8,833 $8,782 9 $18,426 $17,165 7 Segment assets $65,567 $66,076 $63,168 $64,305 $62,152 5 $65,567 $62,152 5 Card balances Total Card balances $58,952 $58,754 $56,086 $57,379 $55,098 7 $58,952 $55,098 7 Average Card balances $59,287 $57,283 $57,689 $56,444 $57,113 4 $58,218 $56,170 4 Net write-off rate (principal, interest and fees) (G) 2.3% 2.4% 2.2% 2.2% 2.2% 2.3% 2.2% Net write-off rate (principal only) - small business (G)(H) 2.4% 2.5% 2.3% 2.3% 2.3% 2.5% 2.3% 30+ days past due as a % of total - small business (H) 1.4% 1.6% 1.5% 1.5% 1.5% 1.4% 1.5% 90+ days past billing as a % of total - corporate (H) 0.4% 0.4% 0.5% 0.4% 0.4% 0.4% 0.4% See Appendix II for footnote references and definitions of certain key terms10 International Card Services (Preliminary) Selected Income Statement and Statistical Information (Millions, except percentages and where indicated) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 YOY % change YTD'26 YTD'25 YOY % change Non-interest revenues $3,261 $3,164 $3,192 $3,034 $2,947 11 $6,425 $5,593 15 Interest income 733 728 666 652 620 18 1,461 1,216 20 Interest expense 375 360 362 350 335 12 735 641 15 Net interest income 358 367 304 302 285 26 725 575 26 Total revenues net of interest expense 3,619 3,532 3,496 3,336 3,232 12 7,150 6,168 16 Total provisions for credit losses 223 238 211 218 210 6 460 402 14 Total revenues net of interest expense after provisions for credit losses 3,396 3,294 3,285 3,118 3,022 12 6,690 5,766 16 Card Member rewards, business development and Card Member services 1,683 1,551 1,674 1,512 1,452 16 3,234 2,764 17 Marketing 352 332 347 350 322 9 684 622 10 Salaries and employee benefits and other operating expenses 884 630 948 815 783 13 1,514 1,534 (1) Total expenses 2,919 2,513 2,969 2,677 2,557 14 5,432 4,920 10 Pretax segment income $477 $781 $316 $441 $465 3 $1,258 $846 49 Billed business (billions) $117.2 $111.7 $114.3 $106.9 $103.9 13 $228.9 $196.7 16 Proprietary cards-in-force 23.9 23.2 23.0 22.8 22.5 6 23.9 22.5 6 Proprietary basic cards-in-force 18.0 17.4 17.2 17.0 16.9 7 18.0 16.9 7 Average proprietary basic Card Member spending (dollars) $6,535 $6,452 $6,675 $6,307 $6,197 5 $13,018 $11,823 10 Segment assets $52,291 $50,180 $50,089 $47,253 $46,500 12 $52,291 $46,500 12 Card balances Total Card balances $45,305 $43,708 $43,409 $41,488 $40,991 11 $45,305 $40,991 11 Average Card balances $44,975 $43,950 $42,590 $40,948 $39,573 14 $44,570 $38,121 17 Net write-off rate (principal, interest and fees) (G) 2.0% 2.0% 1.9% 2.0% 2.0% 2.0% 1.9% Net write-off rate (principal only) - consumer and small business (G)(H) 1.8% 1.8% 1.7% 1.8% 1.8% 1.8% 1.7% 30+ days past due as a % of total - consumer and small business (H) 1.1% 1.2% 1.1% 1.1% 1.1% 1.1% 1.1% 90+ days past billing as a % of total - corporate (H) 0.5% 0.4% 0.5% 0.3% 0.4% 0.5% 0.4% See Appendix II for footnote references and definitions of certain key terms11 Global Merchant and Network Services (Preliminary) Selected Income Statement and Statistical Information (Millions, except percentages and where indicated) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 YOY % change YTD'26 YTD'25 YOY % change Non-interest revenues $1,919 $1,825 $1,858 $1,782 $1,758 9 $3,743 $3,418 10 Interest income 8 10 9 9 10 (20) 18 22 (18) Interest expense (169) (169) (172) (181) (165) (2) (339) (308) (10) Net interest income 178 180 181 190 175 2 357 330 8 Total revenues net of interest expense 2,096 2,004 2,039 1,972 1,933 8 4,100 3,748 9 Total provisions for credit losses 10 4 70 5 5 # 14 3 # Total revenues net of interest expense after provisions for credit losses 2,086 2,000 1,969 1,967 1,928 8 4,086 3,745 9 Business development and Card Member services 328 306 341 298 288 14 634 571 11 Marketing 100 65 116 105 96 4 165 172 (4) Salaries and employee benefits and other operating expenses 530 514 628 524 490 8 1,044 958 9 Total expenses 958 885 1,085 927 874 10 1,843 1,701 8 Pretax segment income $1,128 $1,115 $884 $1,040 $1,054 7 $2,243 $2,044 10 Total network volumes (billions) $516.8 $486.3 $506.2 $479.2 $472.0 9 $1,003.1 $911.6 10 Segment assets $19,401 $19,353 $18,686 $18,879 $18,324 6 $19,401 $18,324 6 # - Denotes a variance of 100 percent or more. See Appendix II for footnote references and definitions of certain key terms12 American Express Company (Preliminary) Appendix I Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE) (Millions, except percentages) Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 YTD'26 YTD'25 ROE Annualized Net income $12,440 $11,884 $10,833 $11,608 $11,540 $12,163 $10,938 Average shareholders' equity $34,138 $33,735 $31,934 $32,364 $31,756 $33,917 $31,259 Return on average equity (D) 36.4% 35.2% 33.9% 35.9% 36.3% 35.9% 35.0% Reconciliation of ROCE Annualized Net income $12,440 $11,884 $10,833 $11,608 $11,540 Preferred share dividends and equity related adjustments 58 57 58 58 58 Earnings allocated to participating share awards and other 79 76 74 82 75 Net income attributable to common shareholders $12,302 $11,751 $10,701 $11,468 $11,407 Average shareholders' equity $34,138 $33,735 $31,934 $32,364 $31,756 Average preferred shares 1,584 1,584 1,584 1,584 1,584 Average common shareholders' equity $32,554 $32,151 $30,350 $30,780 $30,172 Return on average common equity (D) 37.8% 36.6% 35.3% 37.3% 37.8% 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 $20 million, $19 million, $18 million, $20 million and $18 million in Q2'26, Q1'26, Q4'25, Q3'25 and Q2'25, respectively and (ii) dividends on preferred shares of $15 million, $14 million, $15 million, $14 million and $15 million in Q2'26, Q1'26, Q4'25, Q3'25 and Q2'25, 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) 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) Q2'26 Commercial Services Proprietary cards-in-force reflects the sale of a small business cobrand portfolio previously classified as held for sale. As used in the preceding tables and or in our second 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 merchants that accept American Express through 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.