EX-99.23q226exhibit992.htmEX-99.2 Q2'26 Exhibit 99.2
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)
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 terms
2
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 terms
3
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 terms
4
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 terms
5
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 terms
6
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 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
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 terms
8
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 terms
9
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 terms
10
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 terms
11
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 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)
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.
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | 0 | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | 0 | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Revenue growth
“Total revenues net of interest expense increased 10% to $19.6 billion”
Theme · Credit performance
“Total provisions for credit losses decreased 23% to $1.1 billion”
Theme · Expense management
“Total expenses increased 12% to $14.5 billion”
Theme · Card balances growth
“Total Card balances increased 8% to $218.1 billion”
Theme · Network volume expansion
“Total network volumes increased 9% to $516.8 billion”
Source: SEC EDGAR · public domain · Highlights by Palanor