American Express Company (AXP)

ITEM 1. BUSINESS

Overview

American Express is a global payments and premium lifestyle brand powered by technology. Founded in 1850 and headquartered in New York, American Express’ card-issuing, merchant-acquiring and card network businesses offer products and services to a broad range of customers, including consumers, small businesses, mid-sized companies and large corporations around the world.

Our range of products and services includes:

•Credit and charge cards and complementary products and services, including travel, dining, lifestyle and expense management products and services

•Banking and other payment and financing products and services, including deposits and non-card lending

•Merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services

•Network services

These products and services are offered through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, in-house sales teams, direct mail, telephone and direct response advertising.

We were founded as a joint stock association and incorporated in 1965 as a New York corporation. American Express Company and its principal operating subsidiary, American Express Travel Related Services Company, Inc. (TRS), are bank holding companies under the Bank Holding Company Act of 1956, as amended (the BHC Act), subject to supervision and examination by The Board of Governors of the Federal Reserve System (the Federal Reserve).

We principally engage in businesses comprising four reportable operating segments: U.S. Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS) and Global Merchant and Network Services (GMNS). Corporate functions and certain other businesses are included in Corporate & Other. Our businesses function together to form our end-to-end integrated payments platform, which we believe is a differentiator that underpins our business model. For further information about our reportable operating segments, see “Business Segment Results of Operations” under “MD&A.”

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Our Integrated Payments Platform and Technology

Through our card-issuing, merchant-acquiring and card network businesses, we are able to connect participants and provide differentiated value across the commerce path. We maintain direct relationships with Card Members (as a card issuer) and merchants (as an acquirer), which provides us with access to information at both ends of the card transaction, distinguishing our integrated payments platform from the bankcard networks. Through contractual relationships, we also obtain information from third-party card issuers, merchant acquirers, processors and payment facilitators with whom we do business.

Our integrated payments platform and the systems and infrastructure that underlie it provide us with data and analytics, while maintaining our commitment to respect Card Member preferences and protect Card Member and merchant data in compliance with applicable policies and legal requirements. Our models and analytical tools help us reduce fraud and underwrite risk, such as in determinations regarding the extension of credit. We also leverage our technology to provide differentiated value to customers, such as special offers and benefits to Card Members and targeted marketing and other information services for merchants and partners, as well as to develop and improve our customer interfaces and service capabilities to continue to deliver a high-quality customer experience. We also continue to explore ways to deploy new and developing technologies to enhance our payments platform and customer experience, such as uses for generative artificial intelligence (AI) and the integration of our products and services in agentic commerce.

Card Issuing Businesses

We are a leader in providing general purpose credit and charge cards to consumers, small businesses, mid-sized companies and large corporations. We offer a broad set of card products, rewards and services to this premium consumer and broad commercial customer base, in the United States and internationally, through our USCS, CS and ICS reportable operating segments. We focus on differentiating American Express Membership through our Membership Model of premium products, lifestyle services for consumers and business-centric solutions for our commercial customers, and benefits for our Card Members that we co-create and co-fund with our business partners. We believe the many benefits that come with American Express Membership build a strong, emotional connection with our brand across generations and geographies.

We acquire and retain high-spending, engaged and creditworthy Card Members by designing innovative credit, charge and debit card products and payment and lending solutions that appeal to our target customer base and meet their spending and borrowing needs. We seek to provide attractive value propositions to Card Members in a number of different ways, including:

•providing incentives to drive spending on our various card products and increase customer engagement, including our Membership Rewards® and Amex Offers™ programs, cash-back reward features, statement credits for purchases with partners, interest rates offered on deposits and participation in loyalty programs sponsored by our cobrand and other partners;

•offering an array of benefits, services and experiences through our Membership Model, such as lounge access, dining experiences, entertainment and other travel-, lifestyle- and business-related benefits; and

•delivering on our brand attributes of trust, security and service, including by providing exceptional levels of customer care.

A key element of our Membership Model is our development of a wide range of partner relationships, including to design, cobrand and distribute certain of our cards and provide benefits, services and experiences to our Card Members. We also enhance the American Express Membership experience through a suite of digital applications and tools, such as the new Amex Travel App that we launched in 2025, which make it easier for our Card Members to engage with our products and benefits and improve their service experience.

We regularly refresh many of our card products, such as the 2025 refresh of our U.S. Consumer and Business Platinum cards, to enhance their value propositions, increase engagement with existing customers and attract new customers. We also have a number of products that complement our card products. We offer banking and financing products such as high yield savings, business and consumer checking accounts, consumer installment loans and lines of credit offered to small businesses. We also provide non-card business-to-business (B2B) payment products and cash and expense management solutions to our commercial clients, which we are enhancing through our 2025 acquisition of Center, an expense management software company. In addition, we provide Card Members with reservation capabilities and elevated dining experiences through our dining platform spanning our network of Resy® and Tock® restaurants and venues.

For the year ended December 31, 2025, worldwide billed business (spending on American Express cards issued by us) was $1,670 billion and as of December 31, 2025, we had 86.6 million proprietary cards-in-force worldwide. Jurisdictions that represent a significant portion of our billed business include the United States, the United Kingdom, the European Union, Australia, Japan, Canada and Mexico.

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Merchant Acquiring Business

Our GMNS reportable operating segment builds and manages relationships with millions of merchants around the world that choose to accept American Express cards. This includes signing new merchants to accept our cards, agreeing on the discount rate (a fee charged to the merchant for accepting our cards) and handling servicing for merchants. We also build and maintain relationships with merchant acquirers, processors and payment facilitators to manage aspects of our merchant services business. For example, through our OptBlue® merchant-acquiring program, these third parties contract directly with small merchants for card acceptance on our network and determine merchant pricing. We continue to grow merchant acceptance of American Express cards around the world and work with merchant partners so that our Card Members are warmly welcomed and encouraged to spend in the millions of places where their American Express cards are accepted. We also seek to drive greater usage of the American Express network by deepening merchant engagement and increasing Card Member awareness through initiatives such as our Shop Small® campaigns and expanding our payment options such as through debit and B2B capabilities.

GMNS also provides fraud-prevention tools, marketing solutions, data analytics and other programs and services to merchants and other partners that leverage the capabilities of our integrated payments platform.

Card Network Business

We operate a payments network that processes and settles transactions across the globe. To enhance and extend the reach of our global network and broaden our customer base, we establish and maintain relationships with third-party banks and other institutions in approximately 110 countries and territories through our card network business. These network partners are licensed to issue American Express-branded cards in their countries and/or serve as the merchant acquirer for local merchants on our network.

For the year ended December 31, 2025, worldwide processed volume (spending on American Express cards issued by third parties as well as alternative payment solutions facilitated by American Express) was $227.2 billion and as of December 31, 2025, we had 66.2 million cards-in-force issued by third parties worldwide.

Diverse Customer Base and Global Footprint

The following chart provides a summary of our diverse set of customers and broad geographic footprint based on worldwide network volumes:

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Partners and Relationships

Our integrated payments platform allows us to work with a range of business partners, and our partners in return help drive the scale and relevance of the platform.

There are many examples of how we work with partners, including: issuing cards under cobrand arrangements with other corporations and institutions (e.g., Delta Air Lines (Delta), Marriott International, British Airways and Hilton Worldwide Holdings); providing greater value to our Card Members (e.g., Amex Offers and statement credits for purchases with partners); offering innovative ways for our Card Members to earn and use points with our merchants (e.g., Pay with Points at Amazon.com); expanding merchant acceptance with third-party acquirers and processors (e.g., OptBlue program participants); offering access to payment technologies, marketing solutions and brand assets for cards issued by third-party banks, financial technology companies and other institutions on the American Express network (e.g., cards offered by Coinbase and Credit Saison); integrating into expense management processes of our business customers (e.g., Emburse and SAP Concur); enhancing our travel and lifestyle benefits and services (e.g., Fine Hotels and Resorts®); and providing experiences and entertainment for Card Members (e.g., via Formula 1 and AEG Worldwide). We also have an equity investment in, and commercial arrangements with, Global Business Travel Group, Inc. (GBTG), which provides business travel-related services.

Delta is our largest strategic partner. Our relationships with, and revenues and expenses related to, Delta are significant and represent an important source of value for our Card Members. We issue cards under cobrand arrangements with Delta and the Delta cobrand portfolio continued to represent approximately 13 percent of worldwide billed business and approximately 21 percent of worldwide Card Member loans as of December 31, 2025. The Delta cobrand portfolio generates fee revenue and interest income from Card Members and discount revenue from Delta and other merchants for spending on Delta cobrand cards. The current Delta cobrand agreement runs through the end of 2029 and we expect to continue to make significant investments in this partnership. Among other things, Delta is also a key participant in our Membership Rewards program, provides travel-related benefits and services, including airport lounge access for certain American Express Card Members, accepts American Express cards as a merchant and is a corporate payments customer.

Working with all of our partners, we seek to provide value, choice and unique experiences across our customer base.

Our Premium Customer Base, Revenue Mix and Membership Model

We seek to attract premium, high-spending and high-credit-quality customers and our business model focuses on generating revenues primarily by driving spending on our cards and secondarily through finance charges and fees. Spending on our cards, which is higher on average on a per-card basis versus our network competitors, offers superior value to merchants in the form of loyal customers and larger transactions, and attracts partners to provide value to our Card Members and merchants. We also aim to meet the borrowing needs of our customers through a variety of card and non-card financing products, and we charge an annual fee on many of our card products, which helps support the value offered on those products. Because of the spend, lend and fee revenues we generate, we are able to invest in our Membership Model, which provides attractive rewards and other benefits for Card Members, as well as in marketing and payment solutions for merchants. This attracts new Card Members and creates incentives for Card Members to spend more on their cards, attracts merchants and partners to provide additional value to our Membership Model and positively differentiates American Express cards.

The American Express Brand and Service Excellence

Our brand and its attributes—trust, security and service—are key assets. We invest heavily in managing, marketing, promoting and protecting our brand, including through the delivery of our products and services in a manner consistent with our brand promise. The American Express brand is ranked among the most valuable brands in the world. We place significant importance on trademarks, service marks and patents, and seek to secure our intellectual property rights around the world.

We aim to provide the world’s best customer experience every day and our reputation for world-class service has been recognized by numerous awards over the years. Our customer care professionals, travel consultants and partners treat servicing interactions as an opportunity to bring the brand to life for our customers, add meaningful value and deepen relationships. We also utilize technology to provide customers with a range of servicing channels and tools designed to meet their preferences and enhance their service experience.

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Our Business Strategies

We seek to grow our business by focusing on five strategic imperatives:

First, we aim to expand our leadership in the premium consumer space by continuing to deliver membership benefits that span our customers’ everyday spending, borrowing, travel and lifestyle needs, expanding our roster of business partners around the globe and developing a range of experiences that attract high-spending customers.

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Financial statements

data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

From 10-Q filed 2026-07-24 (period ending 2026-06-30).

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

Business Introduction

Our range of products and services includes:

•Credit and charge cards and complementary products and services, including travel, dining, lifestyle and expense management products and services

•Banking and other payment and financing products and services, including deposits and non-card lending

•Merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services

•Network services

We compete in the global payments industry with networks, issuers, acquirers and other payment service providers and methods of payment, including paper-based transactions (e.g., cash and checks) and electronic transfers (e.g., wire transfers and Automated Clearing House (ACH)), as well as evolving and growing alternative mechanisms, systems and products that leverage new technologies, business models and customer relationships to create payment, financing or banking solutions. The payments industry continues to undergo changes in response to evolving technologies, business dynamics and competition for premium customers.

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.

Forward-Looking Statements and Non-GAAP Measures

Certain of the statements in this Form 10-Q are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the “Cautionary Note Regarding Forward-Looking Statements” section. We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included within this Form 10-Q constitutes non-GAAP financial measures. Our calculations of non-GAAP financial measures may differ from the calculations of similarly titled measures by other companies.

Bank Holding Company

American Express is a bank holding company under the Bank Holding Company Act of 1956 and the Board of Governors of the Federal Reserve System (the Federal Reserve) is our primary federal regulator. As such, we are subject to the Federal Reserve’s regulations, policies and minimum capital standards. See “Certain Legislative, Regulatory and Other Developments” for further information. We are also subject to evolving and extensive government regulation and supervision in jurisdictions around the world.

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Table 1: Summary of Financial Performance

	As of or for the Three Months Ended June 30,						Change 2026 vs. 2025				As of or for the Six Months Ended June 30,						Change 2026 vs. 2025
(Millions, except percentages, per share amounts and where indicated)	2026			2025							2026			2025
Selected Income Statement Data
Total revenues net of interest expense	$	19,637		$	17,856		$	1,781	10	%	$	38,544		$	34,823		$	3,721	11	%
Total revenues net of interest expense (FX-adjusted) (a)				17,880			1,757		10					35,090			3,454		10
Provisions for credit losses	1,084			1,405			(321)		(23)		2,336			2,555			(219)		(9)
Total expenses	14,482			12,901			1,581		12		28,359			25,388			2,971		12
Pretax income	4,071			3,550			521		15		7,849			6,880			969		14
Income tax provision	961			665			296		45		1,767			1,411			356		25
Net income	3,110			2,885			225		8		6,082			5,469			613		11
Earnings per common share — diluted (b)	$	4.53		$	4.08		$	0.45	11	%	$	8.81		$	7.71		$	1.10	14	%
Selected Balance Sheet and Common Share Data
Cash and cash equivalents	$	45,243		$	57,937		$	(12,694)	(22)	%	$	45,243		$	57,937		$	(12,694)	(22)	%
Total Card balances and Other loans	229,481			211,976			17,505		8		229,481			211,976			17,505		8
Total Card balances and Other loans (FX-adjusted) (a)				211,155			18,326		9					211,155			18,326		9
Average Card balances and Other loans	227,814			211,102			16,712		8	%	225,478			208,009			17,469		8
Customer deposits	156,973			149,386			7,587		5		156,973			149,386			7,587		5
Long-term debt	$	57,017		$	58,202		$	(1,185)	(2)		$	57,017		$	58,202		$	(1,185)	(2)
Average common shares outstanding — diluted	679			699			(20)		(3)		682			701			(19)		(3)
Cash dividends declared per common share	$	0.95		$	0.82		$	0.13	16	%	$	1.90		$	1.64		$	0.26	16	%
Selected Metrics and Ratios
Network volumes (billions)	$	516.8		$	472.0		$	45	9	%	$	1,003.1		$	911.6		$	92	10	%
Billed business (billions)	$	455.8		416.3			40		9		$	883.8		803.7			80		10
Billed business (billions) (FX-adjusted) (a)				$	416.8		$	39	9	%				$	810.4		$	73	9	%
Net interest yield (c)	8.1		%	7.9		%					8.3		%	8.1		%
Card balances
Net write-off rate — principal, interest and fees (d)	2.2		%	2.2		%					2.3		%	2.3		%
Net write-off rate — principal only — consumer and small business (d)(e)	2.0		%	2.0		%					2.0		%	2.1		%
30+ days past due as a % of total — consumer and small business	1.2		%	1.3		%					1.2		%	1.3		%
90+ days past billing as a % of total — corporate (f)	0.4		%	0.4		%					0.4		%	0.4		%
Effective tax rate	23.6		%	18.7		%					22.5		%	20.5		%
Return on average equity (g)	36.4		%	36.3		%					35.9		%	35.0		%
Common Equity Tier 1	10.4		%	10.6		%					10.4		%	10.6		%

(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency conversion into U.S. dollars (i.e., 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). FX-adjusted Total revenues net of interest expense and Total Card balances and Other loans are non-GAAP measures. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

(b)Reflects net income, less (i) earnings allocated to participating share awards of $20 million and $18 million for the three months ended June 30, 2026 and 2025, respectively, and $39 million and $36 million for the six months ended June 30, 2026 and 2025, respectively, and (ii) dividends on preferred shares of $15 million for both the three months ended June 30, 2026 and 2025, and $29 million for both the six months ended June 30, 2026 and 2025.

(c)Represents net interest income, computed on an annualized basis, divided by average Card balances, Card balances held for sale (HFS) and Other loans.

(d)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

(e)A net write-off rate based on principal losses only is not available for corporate Card balances due to system constraints.

(f)For corporate Card balances, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card balance is classified as 90 days past billing. Corporate Card balances delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.

(g)Return on average equity (ROE) is calculated by dividing (i) annualized net income for the period by (ii) average shareholders’ equity for the period.

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Business Performance

We delivered strong results for the second quarter of 2026, reflecting the strength of our premium customer base, success of our product refresh strategy and power of our differentiated Membership Model. The combination of Card Member spend and revenue momentum, excellent credit performance and disciplined expense management together drove net income for the second quarter, which was $3.1 billion, or $4.53 per share, compared with net income of $2.9 billion, or $4.08 per share, a year ago.

Billed business grew 9 percent year-over-year, reflecting broad-based growth across both Goods & Services (G&S) and Travel & Entertainment (T&E) spend categories. G&S spend grew 9 percent, driven by continued momentum in retail spending. T&E spend grew 10 percent, driven by sustained strength in restaurant spend and further acceleration in airline spend. Overall transaction growth of 10 percent for the quarter reflected continued strong engagement from our customers.

U.S. Consumer Services billed business grew 11 percent, driven by our premium card portfolios, including the acceleration in the U.S. Platinum portfolio following the refresh last year. We continue to see strong engagement from our younger customers, with continued momentum in spending by Millennial and Gen-Z Card Members, our largest and fastest-growing cohort. Commercial Services billed business grew 5 percent, reflecting an acceleration in growth from U.S. small and mid-sized enterprise (SME) Card Members. We expect a moderation in spend growth as we exit small business cobrand held-for-sale portfolios. Billed business for International Card Services, our fastest-growing segment, grew 13 percent (12 percent FX-adjusted), driven by continued strong growth in spend across geographies and customer types.1

Total revenues net of interest expense increased 10 percent. Growth in billed business drove a 9 percent increase in Discount revenue, our largest revenue line. Net card fees grew 15 percent, reflecting high levels of new card acquisitions, strong Card Member retention and our ongoing cycle of product refreshes. Net interest income grew 11 percent, primarily reflecting growth in balances and net yield expansion, partially offset by the impact from the exit of one of the small business cobrand held-for-sale portfolios, as mentioned above.

Card balances and Other loans increased 8 percent, in line with billed business. Provisions for credit losses decreased, primarily driven by a reserve release in the current period compared to a reserve build in the prior period, reflecting further strengthening of portfolio credit performance. The net write-off rate — principal only of 2.0 percent remained stable while the delinquency rate declined to 1.2 percent, reflecting our strategy to invest in the value propositions of our premium products that attract customers with high credit quality.

Growth in Card Member rewards, Card Member services and Business development expenses (collectively, variable customer engagement expenses) were driven by Card Member spending, including in categories like airlines where customers earn and use rewards, enhancements we made to the value propositions of our refreshed U.S. Platinum cards last year and usage of Card Member benefits. Marketing expense increased 6 percent year-over-year as we continued to invest to acquire, engage and retain high-spending, high credit-quality customers. We continue to invest in and enhance our Membership Model of premium payment products, differentiated membership services and partnerships, including our proposed acquisition of TheFork, an online restaurant reservation and management platform in Europe. Operating expense growth continues to reflect our investments in our colleagues and technology to support business growth. We remain focused on driving marketing and operating expense efficiencies over time.

During the second quarter, we maintained our Common Equity Tier 1 (CET1) capital ratio within our target range of 10 to 11 percent and returned $2.9 billion of capital to our shareholders in the form of share repurchases and common stock dividends. We plan to continue to return to shareholders the excess capital we generate while managing our CET1 capital ratio within our target range and supporting balance sheet growth. Our robust capital, funding and liquidity positions provide us with significant flexibility to maintain a strong balance sheet.

During the second quarter, we announced that we will sell our approximately 30 percent equity interest in Global Business Travel Group, Inc. pursuant to its pending acquisition. Upon closing, we expect to recognize a sizable pre-tax gain, which will be reflected in Other expense.

Our results for the quarter demonstrate the strength of our differentiated business model and give us confidence in our ability to drive sustainable growth. While we recognize the uncertainty of the geopolitical and regulatory landscape, we continue to manage the company for the long term, focusing on backing our customers and colleagues, continuing to strengthen our risk management capabilities and strategically investing in our business.

See “Certain Legislative, Regulatory and Other Developments” for information on legislative and regulatory changes that could have a material adverse effect on our results of operations and financial condition and “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” for information on potential impacts of macroeconomic, geopolitical and competitive conditions and certain litigation and regulatory matters on our business.

1 The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency conversion into U.S. dollars (i.e., 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). FX-adjusted revenues is a non-GAAP measure. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

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Results of Operations

The discussions in both “Consolidated Results of Operations” and “Business Segment Results of Operations” provide commentary on the variances for the three and six months ended June 30, 2026 compared to the same periods in the prior year, as presented in the accompanying tables.

Consolidated Results of Operations

Table 2: Total Revenues Net of Interest Expense Summary

	Three Months Ended June 30,				Change 2026 vs. 2025				Six Months Ended June 30,				Change 2026 vs. 2025
(Millions, except percentages)	2026		2025						2026		2025
Discount revenue	$	10,163	$	9,361	$	802	9	%	$	19,675	$	18,104	$	1,571	9	%
Net card fees	2,862		2,480		382		15		5,614		4,813		801		17
Service fees and other revenue	1,963		1,828		135		7		3,914		3,550		364		10
Total non-interest revenues	14,988		13,669		1,319		10		29,203		26,467		2,736		10
Total interest income	6,607		6,264		343		5		13,272		12,399		873		7
Total interest expense	1,958		2,077		(119)		(6)		3,931		4,043		(112)		(3)
Net interest income	4,649		4,187		462		11		9,341		8,356		985		12
Total revenues net of interest expense	$	19,637	$	17,856	$	1,781	10	%	$	38,544	$	34,823	$	3,721	11	%

Total Revenues Net of Interest Expense

Discount revenue increased for both the three and six month periods, driven by increases in billed business of 9 percent and 10 percent, respectively, partially offset by lower average merchant discount rates primarily due to shifts in spend mix by geography and merchant categories. See Tables 5 and 6 for more details on billed business performance.

Net card fees increased for both the three and six month periods, primarily driven by growth in our premium card portfolios. See Table 5 for more details on proprietary new card acquisitions, proprietary cards-in-force and average fee per card.

Service fees and other revenue increased for both the three and six month periods, primarily driven by increases in network partnership revenues, foreign-exchange related revenues associated with Card Member cross-currency spending, loyalty coalition-related fees and travel commissions and fees from our consumer travel business.

Interest income increased for both the three and six month periods, primarily driven by growth in revolving Card balances, partially offset by lower interest rates.

Interest expense decreased for both the three and six month periods, primarily driven by lower interest rates paid on customer deposits, partially offset by growth in customer deposits.

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Table 3: Provisions for Credit Losses Summary

	Three Months Ended June 30,				Change 2026 vs. 2025				Six Months Ended June 30,				Change 2026 vs. 2025
(Millions, except percentages)	2026		2025						2026		2025
Card balances
Net write-offs	$	1,207	$	1,122	$	85	8	%	$	2,420	$	2,287	$	133	6	%
Reserve build (release) (a)	(190)		198		(388)		#		(216)		80		(296)		#
Total	1,017

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Held by

holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

Holder	Type	ETF	MF	Position ($)	% of holder	Δ % of holder	Holder AUM

Recent insider activity

Last 90 days. Open-market trades (purchases & sales) by directors, officers, and 10%+ owners. 1 transaction across 1 insider. Net: -7,033 shares, -$2,386,719.

Date	Insider	Role	Action	Shares	Price	Value
2026-06-15	McNeal Glenda G	Chief Partner Officer	Sell	-7,033	$339.36	-$2,386,719

Source: SEC Form 4 filings.

Next expected filings

~2026-10-16 10-Q expected by 2026-11-06 (in 82 days)
~2027-02-05 10-K expected by 2027-02-28 (in 194 days)
~2027-04-22 10-Q expected by 2027-05-13 (in 270 days)
~2027-07-23 10-Q expected by 2027-08-13 (in 362 days)

Predicted from historical filing cadence; not an SEC commitment.

Recent SEC filings

2026-07-24 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
2026-07-24 10-Q Quarterly Report
2026-06-17 8-K Other Events; Financial Statements and Exhibits
2026-06-11 424B2 Prospectus Supplement
2026-05-04 8-K Other Events; Financial Statements and Exhibits
2026-04-28 424B2 Prospectus Supplement
2026-04-23 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
2026-04-23 10-Q Quarterly Report
2026-03-02 8-K Other Events; Financial Statements and Exhibits
2026-02-10 8-K Other Events; Financial Statements and Exhibits
2026-02-06 10-K Annual Report
2026-01-30 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
2025-10-24 8-K Other Events; Financial Statements and Exhibits
2025-10-17 10-Q Quarterly Report
2025-10-17 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits

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