American Express : First Quarter 2026 Financial Tables

Published: 2026-04-23 07:06:16 ET AXP

Published on 04/23/2026 at 07:06 am EDT

‌EXHIBIT 99.2

American Express Company

(Preliminary)

Consolidated Statements of Income

(Millions, except percentages and per share amounts)

Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

YOY %

change

Non-interest revenues

Discount revenue

$ 9,512

$ 9,884

$ 9,413

$ 9,361

$ 8,743

Net card fees

2,752

2,629

2,551

2,480

2,333

Service fees and other revenue

1,951

1,945

1,976

1,828

1,722

Total non-interest revenues

14,215

14,458

13,940

13,669

12,798

Interest income

Interest on Card balances and Other loans

6,136

6,064

5,970

5,648

5,552

Interest and dividends on investment securities

Deposits with banks and other

512

501

632

599

569

(10)

Total interest income

6,665

6,582

6,617

6,264

6,135

Interest expense

Deposits

1,287

1,343

1,371

1,374

1,337

(4)

Long-term debt and other

686

717

760

703

629

Total interest expense

1,973

2,060

2,131

2,077

1,966

Net interest income

4,692

4,522

4,486

4,187

4,169

Total revenues net of interest expense

18,907

18,980

18,426

17,856

16,967

Provisions for credit losses

Card balances

1,187

1,231

1,220

1,320

1,047

Other

183

103

(38)

Total provisions for credit losses

1,251

1,414

1,287

1,405

1,150

Total revenues net of interest expense after provisions for credit losses

17,656

17,566

17,139

16,451

15,817

Expenses

Card Member rewards

4,891

4,805

4,608

4,618

4,378

Business development

1,591

1,728

1,611

1,589

1,529

Card Member services

1,975

1,951

1,477

1,301

1,328

Marketing

1,480

1,612

1,599

1,555

1,486

Salaries and employee benefits

2,482

2,505

2,239

2,152

2,120

Professional services

545

669

623

591

541

Data processing and equipment

767

810

751

720

705

Other, net

147

396

406

375

400

(63)

Total expenses

13,878

14,476

13,314

12,901

12,487

Pretax income

3,778

3,090

3,825

3,550

3,330

Income tax provision

807

628

923

665

746

Net income

$ 2,971

$ 2,462

$ 2,902

$ 2,885

$ 2,584

Net income attributable to common shareholders (A)

$ 2,938

$ 2,429

$ 2,868

$ 2,852

$ 2,552

Effective tax rate

21.4 %

20.3 %

24.1 %

18.7 %

22.4 %

Earnings Per Common Share

Basic

Net income attributable to common shareholders

$ 4.29

$ 3.53

$ 4.14

$ 4.08

$ 3.64

Average common shares outstanding

685

687

692

698

701

(2)

Diluted

Net income attributable to common shareholders

$ 4.28

$ 3.53

$ 4.14

$ 4.08

$ 3.64

Average common shares outstanding

686

688

693

699

702

(2)

Cash dividends declared per common share

$ 0.95

$ 0.82

‌Consolidated Balance Sheets and Related Statistical Information

(Millions, except percentages, per share amounts and where indicated)

Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

YOY %

change

Consolidated Balance Sheets

Assets

Cash & cash equivalents

$ 53,757

$ 47,792

$ 54,706

$ 57,937

$ 52,508

Card balances, less reserves

207,247

207,774

199,769

195,913

191,966

Card balances held for sale

2,477

2,457

2,424

2,405

776

Investment securities

2,625

1,043

1,374

1,258

1,110

Other (B)

42,788

40,986

39,277

38,043

35,884

Total assets

$ 308,894

$ 300,052

$ 297,550

$ 295,556

$ 282,244

Liabilities and Shareholders' Equity

Customer deposits

$ 157,948

$ 152,488

$ 149,883

$ 149,386

$ 146,396

Short-term borrowings

1,692

1,371

1,446

1,493

1,559

Long-term debt

58,750

56,387

57,787

58,202

51,236

Other (B)

56,509

56,332

56,017

54,164

51,851

Total liabilities

274,899

266,578

265,133

263,245

251,042

Shareholders' Equity

33,995

33,474

32,417

32,311

31,202

Total liabilities and shareholders' equity

$ 308,894

$ 300,052

$ 297,550

$ 295,556

$ 282,244

Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

YOY %

change

Related Statistical Information

Total Card balances and Other loans

$ 224,160

$ 224,791

$ 216,355

$ 211,976

$ 207,384

Average Card balances and Other loans

$ 222,813

$ 221,187

$ 214,470

$ 211,102

$ 204,760

Net interest yield (C)

8.4 %

8.0 %

8.2 %

7.9 %

8.2 %

Return on average equity (D)

35.2 %

33.9 %

35.9 %

36.3 %

33.6 %

Return on average common equity (D)

36.6 %

35.3 %

37.3 %

37.8 %

35.0 %

Book value per common share (dollars)

$ 47.50

$ 46.45

$ 44.76

$ 44.16

$ 42.28

# - Denotes a variance of 100 percent or more.

(Millions, except percentages)

Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

Shares Outstanding

Beginning of period

686

689

696

701

702

Repurchase of common shares

(5)

(2)

(7)

(5)

(2)

Net impact of employee benefit plans and others

End of period

682

686

689

696

701

Risk-Based Capital Ratios - Basel III

Common Equity Tier 1/Risk Weighted Assets (RWA)

10.5 %

10.6 %

10.7 %

Tier 1

11.1 %

11.3 %

11.4 %

Total

13.2 %

13.1 %

13.2 %

13.4 %

Common Equity Tier 1

$ 27,523

$ 27,268

$ 26,222

$ 26,121

$ 25,624

Tier 1 Capital

$ 29,141

$ 28,888

$ 27,848

$ 27,752

$ 27,260

Tier 2 Capital

$ 5,570

$ 5,025

$ 4,915

$ 4,858

$ 4,774

Total Capital

$ 34,711

$ 33,913

$ 32,763

$ 32,610

$ 32,034

RWA

$ 262,924

$ 259,448

$ 250,642

$ 246,140

$ 239,562

Tier 1 Leverage

9.7 %

9.8 %

9.5 %

9.7 %

10.0 %

Supplementary Leverage Ratio (SLR)

8.2 %

8.3 %

8.1 %

8.3 %

8.5 %

Average Total Assets to calculate the Tier 1 Leverage Ratio

$ 301,879

$ 294,275

$ 292,875

$ 285,174

$ 273,090

Total Leverage Exposure to calculate SLR

$ 356,176

$ 346,685

$ 344,532

$ 335,706

$ 322,414

‌Selected Card Related Statistical Information

(Millions, except percentages and where indicated)

Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

YOY %

change

Network volumes (billions)

$ 486.3

$ 506.2

$ 479.2

$ 472.0

$ 439.6

Billed business

$ 428.0

$ 445.1

$ 421.0

$ 416.3

$ 387.4

Cards-in-force

153.9

152.8

151.2

149.4

147.5

Proprietary cards-in-force

87.2

86.6

86.0

85.2

84.6

Basic cards-in-force

130.1

128.9

127.6

126.0

124.2

Proprietary basic cards-in-force

67.2

66.7

66.2

65.6

65.1

Average proprietary basic Card Member spending (dollars)

$ 6,393

$ 6,696

$ 6,387

$ 6,370

$ 5,987

Average fee per card (dollars) (E)

$ 127

$ 122

$ 119

$ 117

$ 111

Proprietary new cards acquired

3.1

2.9

3.2

3.1

3.4

Reported

FX-Adjusted (F)

Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

Network volumes

11%

Billed business

U.S. Consumer Services

n/a

Commercial Services

International Card Services

Merchant industry billed business

Goods & Services (G&S) spend (71% of Q1'26 billed business)

T&E spend (29% of Q1'26 billed business)

(Millions, except percentages)

YOY %

Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

change

Card balances

Total Card balances

$ 213,311

$ 213,863

$ 205,837

$ 201,873

$ 197,706

Consumer

$ 140,908

$ 144,324

$ 135,403

$ 133,758

$ 128,424

Small business

$ 55,098

$ 53,632

$ 53,007

$ 52,054

$ 52,534

Corporate

$ 17,306

$ 15,907

$ 17,426

$ 16,061

$ 16,748

Pay-in-full Card balances

$ 61,096

$ 62,031

$ 61,023

$ 59,598

$ 58,503

Average Card balances

$ 211,897

$ 210,440

$ 204,145

$ 201,175

$ 195,262

Credit loss reserves

Beginning reserve

$ 6,089

$ 6,068

$ 5,960

$ 5,740

$ 5,850

Provisions - principal, interest and fees

1,187

1,231

1,220

1,320

1,047

Net write-offs - principal, interest and fees, less recoveries

(1,213)

(1,216)

(1,111)

(1,122)

(1,165)

Other (I)

(1)

(88)

Ending reserve

$ 6,065

$ 6,089

$ 6,068

$ 5,960

$ 5,740

Reserve as a % of Card balances

2.8 %

2.9 %

3.0 %

2.9 %

% of past due - consumer and small business

234 %

240 %

243 %

252 %

240 %

Net write-off rate (principal, interest and fees) (G)

2.3 %

2.2 %

2.4 %

Net write-off rate (principal only) - consumer and small business (G)(H)

2.0 %

2.1 %

1.9 %

2.0 %

2.1 %

30+ days past due as a % of total - consumer and small business (H)

1.3 %

90+ days past billing as a % of total - corporate (H)

0.4 %

0.5 %

0.4 %

Other loans

Total other loans

$ 10,849

$ 10,928

$ 10,518

$ 10,103

$ 9,678

Credit loss reserves

Beginning reserve

$ 323

$ 287

$ 272

$ 244

$ 194

Provisions

105

(54)

Net write-offs (principal only)

(54)

(52)

(45)

(48)

(53)

Net write-offs (interest and fees only)

(3)

(2)

(3)

(2)

Other (I)

Ending reserve

$ 314

$ 323

$ 287

$ 272

$ 244

Reserve as a % of other loans

2.9 %

3.0 %

2.7 %

2.5 %

Other receivables

Total other receivables

$ 5,075

$ 4,596

$ 4,019

$ 4,056

$ 3,752

Credit loss reserves

Beginning reserve

$ 86

$ 20

$ 19

$ 23

$ 27

Provisions

(2)

Net write-offs

(5)

(3)

(10)

(3)

Other (I)

(1)

Ending reserve

$ 121

$ 86

$ 20

$ 19

$ 23

Reserve as a % of other receivables

2.4 %

1.9 %

0.5 %

0.6 %

‌American Express Company

Selected Income Statement Information by Segment

(Preliminary)

(Millions, except percentages)

International

Global Merchant and

U.S. Consumer Services

Commercial Services

Card Services

Network Services

Corporate

(USCS)

(CS)

(ICS)

(GMNS)

and Other

Consolidated

Q1'26

Non-interest revenues $ 5,803

$ 3,408

$ 3,164

$ 1,825

$ 15

$ 14,215

Interest income 4,072

1,345

728

510

6,665

Interest expense 751

432

360

(169)

599

1,973

Total revenues net of interest expense 9,123

4,321

3,532

2,004

(73)

18,907

Total provisions for credit losses 631

380

238

1,251

Total revenues net of interest expense after

provisions for credit losses 8,493

3,941

3,294

2,000

(73)

17,656

Card Member rewards, business

development and Card Member services 4,605

1,986

1,551

306

8,457

Marketing 764

311

332

1,480

Salaries and employee benefits and other

operating expenses 1,367

828

630

514

602

3,941

Total expenses 6,736

3,126

2,513

885

618

13,878

Pretax income (loss) $ 1,757

$ 816

$ 781

$ 1,115

$ (691)

$ 3,778

Q1'25

Non-interest revenues $ 5,243

$ 3,265

$ 2,646

$ 1,660

$ (16)

$ 12,798

Interest income 3,763

1,202

596

562

6,135

Interest expense 757

432

306

(143)

614

1,966

Total revenues net of interest expense 8,249

4,035

2,936

1,815

(68)

16,967

Total provisions for credit losses 631

329

192

(2)

1,150

Total revenues net of interest expense after

provisions for credit losses 7,618

3,706

2,744

1,817

(68)

15,817

Card Member rewards, business

development and Card Member services 3,882

1,746

1,312

283

7,235

Marketing 765

337

300

1,486

Salaries and employee benefits and other

operating expenses 1,239

787

751

468

521

3,766

Total expenses 5,886

2,870

2,363

827

541

12,487

Pretax income (loss) $ 1,732

$ 836

$ 381

$ 990

$ (609)

$ 3,330

YOY % change

Non-interest revenues 11

Interest income 8

(17)

(9)

Interest expense (1)

(18)

(2)

Total revenues net of interest expense 11

(7)

Total provisions for credit losses -

Total revenues net of interest expense after

provisions for credit losses 11

(7)

Card Member rewards, business

development and Card Member services 19

(33)

Marketing -

(8)

(14)

(13)

Salaries and employee benefits and other

operating expenses 10

(16)

Total expenses 14

Pretax income (loss) 1

(2)

(13)

# - Denotes a variance of 100 percent or more.

‌Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

change

Non-interest revenues

$5,803

$5,904

$5,620

$5,540

$5,243

Interest income

4,072

4,025

3,795

3,763

Interest expense

751

820

789

782

757

(1)

Net interest income

3,321

3,252

3,236

3,013

3,006

Total revenues net of interest expense

9,123

9,156

8,856

8,553

8,249

Total provisions for credit losses

631

773

734

829

631

Total revenues net of interest expense after provisions for credit losses

8,493

8,383

8,122

7,724

7,618

Card Member rewards, business development and Card Member services

4,605

4,563

4,145

3,967

3,882

Marketing

764

797

825

800

765

Salaries and employee benefits and other operating expenses

1,367

1,473

1,300

1,281

1,239

Total expenses

6,736

6,833

6,270

6,048

5,886

Pretax segment income

$1,757

$1,550

$1,852

$1,676

$1,732

Billed business (billions)

$180.2

$189.2

$177.5

$176.5

$164.3

Proprietary cards-in-force

48.7

48.3

47.8

47.3

46.8

Proprietary basic cards-in-force

34.6

34.1

33.7

33.4

33.0

Average proprietary basic Card Member spending (dollars)

$5,248

$5,574

$5,291

$5,322

$5,014

Segment assets

$119,517

$122,968

$115,330

$113,876

$110,886

Card balances

Total Card balances

$110,849

$114,368

$106,969

$105,784

$102,896

Average Card balances

$110,664

$110,161

$106,753

$104,488

$103,237

Net write-off rate (principal, interest and fees) (G)

2.4 %

2.6 %

2.3 %

2.4 %

2.7 %

Net write-off rate (principal only) (G)

1.9 %

2.1 %

1.8 %

1.9 %

2.2 %

30+ days past due as a % of total

1.3 %

1.2 %

1.3 %

‌Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

change

Non-interest revenues

$3,408

$3,526

$3,441

$3,422

$3,265

Interest income

1,345

1,333

1,302

1,240

1,202

Interest expense

432

461

462

450

432

Net interest income

913

872

840

790

770

Total revenues net of interest expense

4,321

4,398

4,281

4,212

4,035

Total provisions for credit losses

380

359

332

360

329

Total revenues net of interest expense after provisions for credit losses

3,941

4,039

3,949

3,852

3,706

Card Member rewards, business development and Card Member services

1,986

1,900

1,730

1,790

1,746

Marketing

311

350

313

331

337

(8)

Salaries and employee benefits and other operating expenses

828

952

816

826

787

Total expenses

3,126

3,202

2,859

2,947

2,870

Pretax segment income

$816

$837

$1,090

$905

$836

(2)

Billed business (billions)

$134.4

$140.9

$136.3

$135.5

$129.2

Proprietary cards-in-force

15.3

15.4

15.5

(1)

Average proprietary basic Card Member spending (dollars)

$8,793

$9,151

$8,833

$8,782

$8,380

Segment assets

$66,076

$63,168

$64,305

$62,152

$62,012

Card balances

Total Card balances

$58,754

$56,086

$57,379

$55,098

$57,412

Average Card balances

$57,283

$57,689

$56,444

$57,113

$55,538

Net write-off rate (principal, interest and fees) (G)

2.4 %

2.2 %

Net write-off rate (principal only) - small business (G)(H)

2.5 %

2.3 %

2.4 %

30+ days past due as a % of total - small business (H)

1.6 %

1.5 %

90+ days past billing as a % of total - corporate (H)

0.4 %

0.5 %

0.4 %

‌Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

change

Non-interest revenues

$3,164

$3,192

$3,034

$2,947

$2,646

Interest income

728

666

652

620

596

Interest expense

360

362

350

335

306

Net interest income

367

304

302

285

290

Total revenues net of interest expense

3,532

3,496

3,336

3,232

2,936

Total provisions for credit losses

238

211

218

210

192

Total revenues net of interest expense after provisions for credit losses

3,294

3,285

3,118

3,022

2,744

Card Member rewards, business development and Card Member services

1,551

1,674

1,512

1,452

1,312

Marketing

332

347

350

322

300

Salaries and employee benefits and other operating expenses

630

948

815

783

751

(16)

Total expenses

2,513

2,969

2,677

2,557

2,363

Pretax segment income

$781

$316

$441

$465

$381

Billed business (billions)

$111.7

$114.3

$106.9

$103.9

$92.9

Proprietary cards-in-force

23.2

23.0

22.8

22.5

22.3

Proprietary basic cards-in-force

17.4

17.2

17.0

16.9

16.7

Average proprietary basic Card Member spending (dollars) $6,452

$6,675

$6,307

$6,197

$5,619

Segment assets $50,180

$50,089

$47,253

$46,500

$42,620

Card balances

Total Card balances

$43,708

$43,409

$41,488

$40,991

$37,398

Average Card balances

$43,950

$42,590

$40,948

$39,573

$36,487

Net write-off rate (principal, interest and fees) (G)

2.0 %

1.9 %

2.0 %

1.8 %

Net write-off rate (principal only) - consumer and small business (G)(H)

1.8 %

1.7 %

1.8 %

1.7 %

30+ days past due as a % of total - consumer and small business (H)

1.2 %

1.1 %

90+ days past billing as a % of total - corporate (H)

0.4 %

0.5 %

0.3 %

0.4 %

Non-interest revenues

$1,825

$1,858

$1,782

$1,758

$1,660

Interest income

(17)

Interest expense

(169)

(172)

(181)

(165)

(143)

(18)

Net interest income

180

181

190

175

155

Total revenues net of interest expense

2,004

2,039

1,972

1,933

1,815

Total provisions for credit losses

(2)

Total revenues net of interest expense after provisions for credit losses

2,000

1,969

1,967

1,928

1,817

Business development and Card Member services

306

341

298

288

283

Marketing

116

105

(14)

Salaries and employee benefits and other operating expenses

514

628

524

490

468

Total expenses

885

1,085

927

874

827

Pretax segment income

$1,115

$884

$1,040

$1,054

$990

Total network volumes (billions)

$486.3

$506.2

$479.2

$472.0

$439.6

Segment assets

$19,353

$18,686

$18,879

$18,324

$18,083

(Millions, except percentages)

Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

ROE

Annualized Net income

$ 11,884

$ 10,833

$ 11,608

$ 11,540

$ 10,336

Average shareholders' equity

$ 33,735

$ 31,934

$ 32,364

$ 31,756

$ 30,733

Return on average equity (D)

35.2 %

33.9 %

35.9 %

36.3 %

33.6 %

Reconciliation of ROCE

Annualized Net income

$ 11,884

$ 10,833

$ 11,608

$ 11,540

$ 10,336

Preferred share dividends and equity related adjustments

Earnings allocated to participating share awards and other

Net income attributable to common shareholders

$ 11,751

$ 10,701

$ 11,468

$ 11,407

$ 10,210

Average shareholders' equity

$ 33,735

$ 31,934

$ 32,364

$ 31,756

$ 30,733

Average preferred shares

1,584

Average common shareholders' equity

$ 32,151

$ 30,350

$ 30,780

$ 30,172

$ 29,149

Return on average common equity (D)

36.6 %

35.3 %

37.3 %

37.8 %

35.0 %

‌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.

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. Results for the first quarter of 2026 and prior periods 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 $19 million, $18 million, $20 million, $18 million and $18 million in Q1'26, Q4'25, Q3'25, Q2'25 and Q1'25, respectively; and (ii) dividends on preferred shares of $14 million, $15 million, $14 million, $15 million and $14 million in Q1'26, Q4'25, Q3'25, Q2'25 and Q1'25, 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 HFS 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.

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.

Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.

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.

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.

Other primarily includes foreign currency translation adjustments.

As used in the preceding tables and/or in our first 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.

See Appendix II for footnote references and definitions of certain key terms

Disclaimer

American Express Company published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 11:04 UTC.