0000004962false00000049622024-10-182024-10-18


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): October 18, 2024
 
AMERICAN EXPRESS COMPANY
(Exact name of registrant as specified in its charter)
   
New York 1-7657 13-4922250
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
200 Vesey Street,
New York, New York 10285
(Address of principal executive offices and zip code)
(212) 640-2000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Shares (par value $0.20 per Share) AXP New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure
The following information is furnished under Item 2.02 – Results of Operations and Financial Condition and Item 7.01 – Regulation FD Disclosure:
On October 18, 2024, American Express Company (the “Company”) issued a press release regarding its financial results for the third quarter of 2024. A copy of such press release is attached to this report as Exhibit 99.1. The Company also made available additional information relating to the financial results for the third quarter of 2024. Such additional financial information is attached to this report as Exhibit 99.2.
Item 9.01    Financial Statements and Exhibits

(d) Exhibits


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Current Report on Form 8-K (including the exhibits attached hereto) 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 the Company’s current expectations regarding business and financial performance, including management’s outlook for 2024 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, the following:
•the Company’s ability to achieve its 2024 earnings per common share (EPS) outlook and grow EPS in the future, which will depend in part on revenue growth, credit performance and the effective tax rate remaining consistent with current expectations and the Company’s ability to continue investing at high levels in areas that can drive sustainable growth (including its brand, value propositions, customers, colleagues, marketing, technology and coverage), 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 as well as the following: macroeconomic conditions, such as recession risks, higher rates of unemployment, changes in interest rates, effects of inflation, supply chain issues, energy costs, tariffs and fiscal and monetary policies; geopolitical instability, including the ongoing Ukraine and Israel wars, broader regional hostilities and tensions involving China and the U.S.; 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; impacts related to sales and acquisitions and new or renegotiated cobrand and other partner agreements and joint ventures; 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 2024 revenue growth outlook and grow revenues net of interest expense in the future, which could be impacted by, among other things, the factors identified above and in the subsequent paragraphs, as well as the following: spending volumes and the spending environment not being consistent with expectations, including a decline in spending by U.S. small and mid-sized enterprise Card Members, or a slowdown in U.S. consumer or international spending volumes; 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 its card products, grow spending and lending with customers across age cohorts, including Millennial and Gen-Z customers, and implement strategies and business initiatives, including within the premium consumer space, commercial payments and the global network; the effects of regulatory initiatives, including pricing and network regulation; merchant coverage growing less than expected or the reduction of merchant acceptance; increased surcharging, steering, suppression or differential acceptance of the Company’s products; merchant discount rates changing by a greater or lesser amount than expected; and changes in foreign currency exchange rates;
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•net card fees not performing consistently with expectations, which could be impacted by, among other things, a deterioration in macroeconomic conditions impacting the ability and desire of Card Members to pay card fees; higher Card Member attrition rates; the pace of Card Member acquisition activity and demand for the Company’s fee-based products; and the Company’s inability to address competitive pressures, develop attractive premium value propositions and implement its strategy of refreshing card products and realize its anticipated growth from those refreshes, enhancing and delivering benefits and services and continuing to innovate with respect to its products;
•net interest income, the effects of changes in interest rates and the growth of loans and Card Member receivables outstanding, being higher or lower than expectations, which could be impacted by, among other things, the behavior and financial strength of Card Members and their actual spending, borrowing and paydown patterns; the effectiveness of the Company’s strategies to enhance Card Member value propositions, capture a greater share of Card Members’ spending and borrowings, and attract new, and retain existing, customers; the Company’s ability to effectively manage underwriting risk; changes in benchmark interest rates, including where such changes affect the Company’s assets or liabilities differently than expected; changes in capital and credit market conditions and the availability and cost of capital; credit actions, including line size and other adjustments to credit availability; the yield on Card Member loans not remaining consistent with current expectations; and the Company’s deposit levels or the interest rates it offers on deposits changing from current expectations;
•future credit performance, the level of future delinquency, reserve and write-off rates and the amount and timing of future reserve builds and releases, which will depend in part on macroeconomic factors such as unemployment rates, GDP and the volume of bankruptcies; the ability and willingness of Card Members to pay amounts owed to the Company; changes in loans and receivables outstanding, such as from the implementation of the Company’s strategy to capture spending and borrowings, or from changes in consumer behavior that affect loan and receivable balances (e.g., paydown and revolve rates); changes in the levels of customer acquisitions and the credit profiles of new customers acquired; the enrollment in, and effectiveness of, financial relief programs and the performance of accounts as they exit from such programs; the impact of the usage of debt settlement companies; collections capabilities and recoveries of previously written-off loans and receivables; and governmental actions providing forms of relief with respect to certain loans and fees;
•the actual amount to be spent on Card Member rewards and services and business development, and the relationship of these variable customer engagement costs to revenues, which could be impacted by continued changes in macroeconomic conditions and Card Member behavior as it relates to their spending patterns (including the level of spend in bonus categories), the redemption of rewards and offers (including travel redemptions) and usage of travel-related benefits; the costs related to reward point redemptions; further enhancements to product benefits to make them attractive to Card Members and prospective customers, potentially in a manner that is not cost effective; new and renegotiated contractual obligations with business partners, which may be affected by business partners with greater scale and leverage; the Company’s ability to identify and negotiate partner-funded value for Card Members; and the pace and cost of the expansion of the Company’s global lounge collection;
•the actual amount the Company spends on marketing in 2024 and beyond and the effectiveness and efficiency of its marketing spending, which will be based in part on continued changes in the macroeconomic and competitive environment and business performance, including the levels of demand for the Company’s products; management’s decisions regarding the timing of spending on marketing and the effectiveness of management’s investment optimization process; management’s identification and assessment of attractive investment opportunities; management’s ability to develop premium value propositions and drive customer demand, including continued customer spend growth and retention; the receptivity of Card Members and prospective customers to advertising and customer acquisition initiatives; and the Company’s ability to realize marketing efficiencies and balance expense control and investments in the business;
•the Company’s ability to control operating expenses, including relative to revenue growth, and the actual amount spent on operating expenses in 2024 and beyond, which could be impacted by, among other things, salary and benefit expenses to attract and retain talent; the Company’s ability to realize operational efficiencies, including through increased scale and automation; management’s decision to increase or decrease spending in such areas as technology, business and product development, sales force, premium servicing and digital capabilities; the Company’s ability to innovate efficient channels of customer interactions and the willingness of Card Members to self-service and address issues through digital channels; restructuring activity; fraud costs; inflation; supply chain issues; expenses related to control and compliance and consulting, legal and other professional services fees, including as a result of litigation or internal and regulatory reviews; regulatory assessments; the level of M&A activity and related expenses; information
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or cybersecurity incidents; the payment of fines, penalties, disgorgement, restitution, non-income tax assessments and litigation-related settlements; the performance of Amex Ventures and other of the Company’s investments; impairments of goodwill or other assets; and the impact of changes in foreign currency exchange rates on costs, such as due to the devaluation of foreign currencies;
•the Company’s tax rate not remaining consistent with expectations, which could be impacted by, among other things, further changes in tax laws and regulation (or the expiration of provisions of tax laws or regulations), the implementation of tax guidelines by jurisdictions, the Company’s geographic mix of income, unfavorable tax audits and assessments and other unanticipated tax items;
•changes affecting the Company’s plans regarding the return of capital to shareholders, which will depend on factors such as the Company’s capital levels and regulatory capital ratios; changes in the stress testing and capital planning process and new rulemakings and guidance from the Federal Reserve and other banking regulators, including changes to regulatory capital requirements, such as from Basel III rulemaking; results of operations and financial condition; credit ratings and rating agency considerations; and the economic environment and market conditions in any given period;
•changes in the substantial and increasing worldwide competition in the payments industry, including competitive pressure and competitor settlements and mergers that may materially impact the prices charged to merchants that accept American Express cards, surcharging, steering and suppression by merchants and merchant acceptance, the desirability of the Company’s premium card products, competition for new and existing cobrand relationships, competition with respect to new products, services and technologies, competition from new and non-traditional competitors and the success of marketing, promotion and rewards programs;
•the Company’s ability to successfully implement its dining strategy and grow its dining platform, which will depend in part on the Company’s ability to grow the number of diners, restaurants and other bookable venues using the platform and transactions on the platform; expand and innovate in the tools and capabilities offered through the platform, including integrating the Tock and Rooam acquisitions and benefiting from their added capabilities, users and/or bookable venues; successfully compete with other dining platforms and means of booking venues; and effectively utilize its dining platform to provide value to Card Members and merchants and sell its products and services;
•a failure in or breach of the Company’s operational or security systems, processes or infrastructure, or those of third parties, including as a result of cyberattacks or outages, which could compromise the confidentiality, integrity, privacy and/or security of data, disrupt the Company’s operations, reduce the use and acceptance of American Express cards and lead to regulatory scrutiny, litigation, remediation and response costs, and reputational harm;
•legal and regulatory developments, which could affect the profitability of the Company’s business activities; limit the Company’s ability to pursue business opportunities or conduct business in certain jurisdictions; require changes to business practices or governance, or alter the Company’s relationships with Card Members, partners, merchants and other third parties, including affecting its network operations and practices governing merchant acceptance, as well as its ability to continue certain cobrand relationships in the EU; impact card fees and rewards programs; exert further pressure on merchant discount rates and the Company’s GNS business, as well as result in an increase in surcharging or steering; alter the competitive landscape; subject the Company to heightened regulatory scrutiny and result in increased costs related to regulatory oversight and compliance, litigation-related settlements, judgments or expenses, restitution to Card Members or the imposition of fines or monetary penalties; materially affect capital or liquidity requirements, results of operations or ability to pay dividends; or result in harm to the American Express brand; and
•factors beyond the Company’s control such as global economic and business conditions, consumer and business spending generally, unemployment rates, geopolitical conditions, including further escalations or widening of ongoing military conflicts and regional hostilities, the effects of U.S. elections, adverse developments affecting third parties, including other financial institutions, merchants or vendors, as well as severe weather conditions, natural disasters, power loss, disruptions in telecommunications, health pandemics, terrorism and other catastrophic events, any of which could significantly affect demand for and spending on American Express cards, delinquency rates, loan and receivable balances, deposit levels and other aspects of the Company’s business and results of operations or disrupt its global network systems and ability to process transactions.

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A further description of these uncertainties and other risks can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2024 and the Company’s other reports filed with the Securities and Exchange Commission.


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SIGNATURE
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 AMERICAN EXPRESS COMPANY
 (REGISTRANT)
   
 By:/s/ James J. Killerlane III
  Name: James J. Killerlane III
  Title:    Corporate Secretary
 
Date: October 18, 2024
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EXHIBIT 99.1
NEWS RELEASENEWS RELEASENEWS RELEASENEWS RELEASE
axplogo1.jpg
Media Contacts:
Melanie Backs, Melanie.L.Backs@aexp.com, +1.212.640.2164
Deniz Yigin, Deniz.Yigin@aexp.com, +1.332.999.0836

Investors/Analysts Contacts:
Kartik Ramachandran, Kartik.Ramachandran@aexp.com, +1.212.640.5574
Kristy Ashmawy, Kristy.Ashmawy@aexp.com, +1.212.640.5574


AMERICAN EXPRESS REPORTS THIRD-QUARTER EARNINGS PER SHARE OF $3.49, AND RAISES FULL-YEAR 2024 EPS GUIDANCE

10TH CONSECUTIVE QUARTER OF RECORD REVENUE, RISING 8% OVER PRIOR YEAR TO $16.6 BILLION

(Millions, except per share amounts, and where indicated)
Quarters Ended
September 30,
Percentage Inc/(Dec)
Nine Months Ended
September 30,
Percentage Inc/(Dec)
2024202320242023
Billed Business (Billions)
FX-adjusted1
$387.3
$366.2
$366.4
6%
6%
$1,142.5
$1,079.8
$1,076.4
6%
6%
Total Revenues Net of Interest Expense
FX-adjusted1
$16,636
$15,381
$15,348
8%
8%
$48,770
$44,716
$44,535
9%
10%
Net Income
$2,507$2,4512%$7,959$6,44124%
Diluted Earnings Per Common Share (EPS)2
$3.49$3.306%$10.97$8.5928%
Adjusted EPS Excluding Transaction Gain3
$3.49$3.306%$10.31$8.5920%
Average Diluted Common Shares Outstanding709 733 (3)%716 739 (3)%

New York – October 18, 2024 – American Express Company (NYSE: AXP) today reported third-quarter net income of $2.51 billion, or $3.49 per share, compared with net income of $2.45 billion, or $3.30 per share, a year ago.
“We had another strong quarter that reflects the earnings power of our business model and our continued investments for growth. Third-quarter revenue reached another record of $16.6 billion, up 8 percent, and earnings per share of $3.49 was up 6 percent, year-over-year,” said Stephen J. Squeri, Chairman and Chief Executive Officer.
“Based on our performance to date and the strong earnings our core business is generating, we are raising our full-year EPS guidance to $13.75 - $14.05, up from $13.30 - $13.80 previously. We continue to expect full-year revenue growth that is within the annual guidance range we provided in the beginning of the year, at around 9 percent.


1

“In the third quarter, total Card Member spending increased 6 percent, and card fee revenue growth accelerated to 18 percent. We continued to attract large numbers of new premium Card Members with 3.3 million new card acquisitions, while maintaining our high retention rates, excellent credit performance, and expense discipline.
“Our continued momentum demonstrates the sustainability of our product refresh strategy and the growth it is driving in our portfolio. We have already completed 40 product refreshes globally since the beginning of the year, including the recent launch of our new U.S. Consumer Gold Card. The new benefits and capabilities we have added in popular categories like dining are fueling our growth with Millennial and Gen-Z consumers, who represent 80 percent of the new accounts acquired on the U.S. Consumer Gold Card, and remain our fastest growing consumer cohort overall in the U.S. The strong early results we’re seeing from our product refreshes reinforce my confidence that we’re investing in the right areas to enhance our value propositions and meet the financial and lifestyle needs of our customers.”
Third-quarter consolidated total revenues net of interest expense were $16.6 billion, up 8 percent from $15.4 billion a year ago. The increase was primarily driven by higher net interest income supported by growth in loan volumes, stable growth in Card Member spending, and accelerated card fee revenue growth.
Consolidated provisions for credit losses were $1.4 billion, compared with $1.2 billion a year ago. The increase reflected higher net write-offs driven by growth in loan balances, partially offset by a lower net reserve build year-over-year. The third-quarter net write-off rate was 1.9 percent, compared to 1.8 percent a year ago, and down from 2.1 percent in the prior quarter.4
Consolidated expenses were $12.1 billion, up 9 percent from $11.0 billion a year ago. The increase primarily reflected higher variable customer engagement costs driven by higher Card Member spending and usage of travel-related benefits, as well as increased marketing investments and operating expenses.
The consolidated effective tax rate was 21.8 percent, up from 20.9 percent a year ago, primarily reflecting discrete tax benefits in the prior-year period.
# # #

This earnings release should be read in conjunction with the company’s statistical tables for the third quarter 2024, which include information regarding our reportable operating segments, 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 third-quarter 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 later today at the same website address.
________________________________
1As 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
Diluted earnings per common share (EPS) was reduced by the impact of (i) earnings allocated to participating share awards of $18 million and $19 million for the three months ended September 30, 2024 and 2023, respectively, and $59 million and $50 million for the nine months ended September 30, 2024 and 2023, respectively, and (ii) dividends on preferred shares of $15 million and $14 million for the three months ended September 30, 2024 and 2023, respectively, and $44 million and $43 million for the nine months ended September 30, 2024 and 2023, respectively.
3Adjusted diluted earnings per common share, a non-GAAP measure, excludes the $0.66 per share impact of the gain from the sale of Accertify, Inc. recognized in the second quarter of 2024. See Appendix I for a reconciliation to EPS on a GAAP basis. Management believes adjusted EPS is useful in evaluating the ongoing operating performance of the company.
4Net write-off rates are based on principal losses only (i.e., excluding interest and/or fees) and represent consumer and small business Card Member loans and receivables (net write-off rates based on principal losses only are unavailable for corporate). We present a net write-off rate based on principal losses only to be consistent with industry convention. Net write-off rates including interest and fees are presented in the Statistical Tables for the third quarter of 2024 available on the above-mentioned American Express Investor Relations website, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses.





As used in this release:
•Card Member spending (billed business) represents transaction volumes, including cash advances, on payment products issued by American Express.
•Operating expenses represent salaries and employee benefits, professional services, data processing and equipment, and other, net.

2

•Reserve releases and reserve builds represent 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 releases represent the amount by which net write-offs exceed the provisions for credit losses. Reserve builds represent the amount by which the provisions for credit losses exceed net write-offs.
•Variable customer engagement costs represent the aggregate of Card Member rewards, business development, and Card Member services expenses.

ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, X.com/americanexpress, and youtube.com/americanexpress.
Key links to products, services and corporate sustainability information: personal cards, business cards and services, travel services, gift cards, prepaid cards, merchant services, Business Blueprint, Resy, corporate card, business travel, diversity and inclusion, corporate sustainability and Environmental, Social, and Governance reports.
Source: American Express Company
Location: Global

3

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This 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 outlook for 2024 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 October 18, 2024 (the Form 8-K Cautionary Note), which are incorporated by reference into this release. Those factors include, but are not limited to, the following:
•the company’s ability to achieve its 2024 earnings per common share (EPS) outlook and grow EPS in the future, which will depend in part on revenue growth, credit performance and the effective tax rate remaining consistent with current expectations and the company’s ability to continue investing at high levels in areas that can drive sustainable growth (including its brand, value propositions, customers, colleagues, marketing, technology and coverage), 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 paragraph and the Form 8-K Cautionary Note, as well as the following: macroeconomic conditions, such as recession risks, higher rates of unemployment, changes in interest rates, effects of inflation, supply chain issues, energy costs, tariffs and fiscal and monetary policies; geopolitical instability, including the ongoing Ukraine and Israel wars, broader regional hostilities and tensions involving China and the U.S.; 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; impacts related to sales and acquisitions and new or renegotiated cobrand and other partner agreements and joint ventures; 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; and
•the company’s ability to achieve its 2024 revenue growth outlook and grow revenues net of interest expense in the future, which could be impacted by, among other things, the factors identified above and in the Form 8-K Cautionary Note, as well as the following: spending volumes and the spending environment not being consistent with expectations, including a decline in spending by U.S. small and mid-sized enterprise Card Members, or a slowdown in U.S. consumer or international spending volumes; 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 its card products, grow spending and lending with customers across age cohorts, including Millennial and Gen-Z customers, and implement strategies and business initiatives, including within the premium consumer space, commercial payments and the global network; the effects of regulatory initiatives, including pricing and network regulation; merchant coverage growing less than expected or the reduction of merchant acceptance; increased surcharging, steering, suppression or differential acceptance of the company’s products; merchant discount rates changing by a greater or lesser amount than expected; and changes in foreign currency exchange rates.
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, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2024 and the company’s other reports filed with the SEC, including in the Form 8-K Cautionary Note.


4




(Preliminary)
American Express Company
Appendix I
Reconciliation of Adjusted EPS Excluding Transaction Gain
Quarters Ended
September 30,		Nine Months Ended
September 30,
20242023YoY%
Inc/(Dec)		20242023YoY%
Inc/(Dec)
GAAP Diluted EPS$3.49 $3.30 6%$10.97 $8.59 28%
Accertify Gain on Sale (pretax)$— $— $0.73 $— 
Tax Impact of Accertify Gain on Sale$— $— $(0.07)$— 
Accertify Gain on Sale (after tax)$— $— $0.66 $— 
Adjusted Diluted EPS Excluding the Impact of Accertify Gain on Sale
$3.49 $3.30 6%$10.31 $8.59 20%

5

EXHIBIT 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues
Discount revenue$8,780 $8,855 $8,380 $8,580 $8,408 4 $26,015 $24,836 5 
Net card fees2,170 2,060 1,974 1,907 1,846 18 6,204 5,348 16 
Service fees and other revenue 1,267 1,280 1,292 1,294 1,261 — 3,839 3,711 3 
Processed revenue413 408 386 414 424 (3)1,207 1,291 (7)
Total non-interest revenues12,630 12,603 12,032 12,195 11,939 6 37,265 35,186 6 
Interest income
Interest on loans5,442 5,092 5,058 4,910 4,635 17 15,592 12,787 22 
Interest and dividends on investment securities18 25 25 31 33 (45)68 97 (30)
Deposits with banks and other689 677 692 611 572 20 2,058 1,547 33 
Total interest income6,149 5,794 5,775 5,552 5,240 17 17,718 14,431 23 
Interest expense
Deposits1,446 1,425 1,427 1,385 1,290 12 4,298 3,480 24 
Long-term debt and other697 639 579 563 508 37 1,915 1,421 35 
Total interest expense2,143 2,064 2,006 1,948 1,798 19 6,213 4,901 27 
Net interest income4,006 3,730 3,769 3,604 3,442 16 11,505 9,530 21 
Total revenues net of interest expense16,636 16,333 15,801 15,799 15,381 8 48,770 44,716 9 
Provisions for credit losses
Card Member receivables170 226 196 222 206 (17)592 658 (10)
Card Member loans1,114 970 1,014 1,148 982 13 3,098 2,691 15 
Other72 72 59 67 45 60 203 137 48 
Total provisions for credit losses1,356 1,268 1,269 1,437 1,233 10 3,893 3,486 12 
Total revenues net of interest expense after provisions for credit losses15,280 15,065 14,532 14,362 14,148 8 44,877 41,230 9 
Expenses
Card Member rewards4,168 4,227 3,774 3,851 3,794 10 12,169 11,516 6 
Business development1,430 1,427 1,392 1,483 1,393 3 4,249 4,174 2 
Card Member services1,179 1,154 1,171 1,063 973 21 3,504 2,905 21 
Marketing1,470 1,480 1,476 1,228 1,236 19 4,426 3,985 11 
Salaries and employee benefits2,049 1,949 2,098 2,131 2,047 — 6,096 5,936 3 
Professional services579 542 455 645 477 21 1,576 1,384 14 
Data processing and equipment725 701 657 764 704 3 2,083 2,041 2 
Other, net476 (205)364 685 424 12 635 1,288 (51)
Total expenses12,076 11,275 11,387 11,850 11,048 9 34,738 33,229 5 
Pretax income3,204 3,790 3,145 2,512 3,100 3 10,139 8,001 27 
Income tax provision697 775 708 579 649 7 2,180 1,560 40 
Net income$2,507 $3,015 $2,437 $1,933 $2,451 2 $7,959 $6,441 24 
Net income attributable to common shareholders (A)$2,474 $2,977 $2,405 $1,904 $2,418 2 $7,856 $6,348 24 
Effective tax rate21.8 %20.4 %22.5 %23.0 %20.9 %21.5 %19.5 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$3.50 $4.16 $3.34 $2.63 $3.30 6 $10.99 $8.60 28 
Average common shares outstanding708 716 721 725 732 (3)715 738 (3)
Diluted
Net income attributable to common shareholders $3.49 $4.15 $3.33 $2.62 $3.30 6 $10.97 $8.59 28 
Average common shares outstanding709 717 722 726 733 (3)716 739 (3)
Cash dividends declared per common share $0.70 $0.70 $0.70 $0.60 $0.60 17 $2.10 $1.80 17 
See Appendix III for footnote references
1

American Express Company(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Millions, except percentages, per share amounts and where indicated)
 Q3'24Q2'24Q1'24Q4'23Q3'23YOY % change
Assets      
Cash & cash equivalents$47,918 $52,895 $54,213 $46,596 $43,908 9 
Card Member receivables, less reserves58,886 59,485 59,624 60,237 58,651 — 
Card Member loans, less reserves128,960 125,530 121,348 120,877 113,257 14 
Investment securities1,268 1,210 2,232 2,186 3,160 (60)
Other (B)33,947 33,099 31,844 31,212 31,611 7 
Total assets$270,979 $272,219 $269,261 $261,108 $250,587 8 
Liabilities and Shareholders' Equity
Customer deposits$135,438 $133,746 $134,418 $129,144 $124,439 9 
Short-term borrowings1,457 1,639 1,742 1,293 1,613 (10)
Long-term debt53,546 51,521 48,826 47,866 46,447 15 
Other (B)50,831 55,773 55,511 54,748 50,764 — 
Total liabilities241,272 242,679 240,497 233,051 223,263 8 
Shareholders' Equity29,707 29,540 28,764 28,057 27,324 9 
Total liabilities and shareholders' equity$270,979 $272,219 $269,261 $261,108 $250,587 8 
Return on average equity (C)33.9 %41.4 %34.3 %31.5 %36.3 %
Return on average common equity (C)35.3 %43.2 %35.9 %33.0 %38.0 %
Book value per common share (dollars)$39.92 $39.26 $37.79 $36.61 $35.32 13 

See Appendix III for footnote references
2

American Express Company(Preliminary)
Consolidated Capital
 
 Q3'24Q2'24Q1'24Q4'23Q3'23
Shares Outstanding (in millions) 
Beginning of period712 719 723 729 736 
Repurchase of common shares(8)(7)(5)(6)(8)
Net impact of employee benefit plans and others— — 1 — 1 
End of period704 712 719 723 729 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)10.7 %10.8 %10.6 %10.5 %10.7 %
Tier 111.4 %11.5 %11.3 %11.3 %11.5 %
Total13.4 %13.5 %13.2 %13.1 %13.4 %
Common Equity Tier 1$24.6 $24.6 $23.7 $23.2 $22.5 
Tier 1 Capital$26.2 $26.1 $25.3 $24.8 $24.0 
Tier 2 Capital$4.6 $4.6 $4.1 $4.0 $4.0 
Total Capital$30.8 $30.7 $29.4 $28.8 $28.0 
RWA$229.9 $227.8 $223.4 $219.7 $209.4 
Tier 1 Leverage9.8 %9.9 %9.8 %9.9 %10.0 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (D)$267.6 $263.3 $257.6 $249.6 $240.9 

See Appendix III for footnote references
3

American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Millions, except percentages and where indicated) 
 Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Network volumes (Billions) (E)$441.0 $440.6 $419.2 $434.4 $420.2 5 $1,300.8 $1,245.7 4 
Billed business (E)$387.3 $388.2 $367.0 $379.8 $366.2 6 $1,142.5 $1,079.8 6 
Processed volumes (E)$53.7 $52.4 $52.2 $54.6 $54.0 (1)$158.3 $165.9 (5)
Card Member loans$134,548 $130,851 $126,619 $125,995 $117,978 14 $134,548 $117,978 14 
Cards-in-force (F)145.5 144.3 142.4 141.2 138.2 5 145.5 138.2 5 
Proprietary cards-in-force82.9 82.1 81.1 80.2 79.6 4 82.9 79.6 4 
Basic cards-in-force (F)122.4 121.4 119.8 118.7 115.9 6 122.4 115.9 6 
Proprietary basic cards-in-force63.7 63.1 62.3 61.7 61.2 4 63.7 61.2 4 
Proprietary new cards acquired (G)3.3 3.3 3.4 2.9 2.9 14 10.0 9.4 6 
Average proprietary basic Card Member spending (dollars)$6,110 $6,192 $5,919 $6,179 $6,000 2 $18,224 $17,879 2 
Average fee per card (dollars) (H)$105 $101 $98 $95 $93 13 $101 $91 11 

See Appendix III for footnote references
4

American Express Company(Preliminary)
Network Volumes Related Growth 
 YOY % change
 ReportedFX-Adjusted (I)ReportedFX-Adjusted (I)
 Q3'24Q2'24Q1'24Q4'23Q3'23Q3'24Q2'24Q1'24Q4'23Q3'23YTD'24YTD'24
Network volumes (E)5%3%5%5%7%5%4%6%5%6%4%5%
Billed business (E)656686676766
U.S. Consumer Services66879n/an/an/an/an/a7n/a
Commercial Services122111221112
International Card Services131011141813131313151213
Processed volumes (E)(1)(10)(2)(2)(3)1(7)2(1)(1)(5)(1)
Merchant industry billed business
Goods & Services (G&S) spend (73% of Q3'24 billed business)656566665666
T&E spend (27% of Q3'24 billed business)66891367891377
Airline spend (6% of Q3'24 billed business)64871365961267

See Appendix III for footnote references
5

American Express Company(Preliminary)
Selected Credit Related Statistical Information
Card Member Loans and Card Member Receivables
(Millions, except percentages and where indicated)
 Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (J)2.2 %2.4 %2.3 %2.2 %2.0 %2.3 %1.9 %
Net write-off rate (principal only) (J)(K)1.9 %2.1 %2.1 %2.0 %1.8 %2.1 %1.7 %
30+ days past due as a % of total (K)1.3 %1.2 %1.3 %1.3 %1.2 %1.3 %1.2 %
Card Member loans         
Total Card Member loans$134,548 $130,851 $126,619 $125,995 $117,978 14 $134,548 $117,978 14 
Credit loss reserves
Beginning balance$5,321 $5,271 $5,118 $4,721 $4,390 21 $5,118 $3,747 37 
Provisions - principal, interest and fees1,114 970 1,014 1,148 982 13 3,098 2,691 15 
Net write-offs - principal less recoveries(701)(753)(705)(631)(525)34 (2,159)(1,412)53 
Net write-offs - interest and fees less recoveries(152)(160)(150)(133)(114)33 (462)(310)49 
Other (L)6 (7)(6)13 (12)#(7)5 #
Ending balance $5,588 $5,321 $5,271 $5,118 $4,721 18 $5,588 $4,721 18 
% of loans4.2 %4.1 %4.2 %4.1 %4.0 %4.2 %4.0 %
% of past due 297 %312 %297 %297 %316 %297 %316 %
Average loans$132,956 $128,321 $124,720 $121,774 $116,626 14 $128,652 $112,350 15 
Net write-off rate (principal, interest and fees) (J)2.6 %2.8 %2.7 %2.5 %2.2 %2.7 %2.0 %
Net write-off rate (principal only) (J)(K)2.1 %2.3 %2.3 %2.1 %1.8 %2.2 %1.7 %
30+ days past due as a % of total (K)1.4 %1.3 %1.4 %1.4 %1.3 %1.4 %1.3 %
Net interest income divided by average Card Member loans (M)12.0 %11.7 %12.2 %11.7 %11.7 %11.9 %11.3 % 
Net interest yield on average Card Member loans (M)12.0 %11.7 %12.0 %11.7 %11.7 %11.9 %11.4 % 
Card Member receivables         
Total Card Member receivables$59,042 $59,656 $59,775 $60,411 $58,825 — $59,042 $58,825 — 
Credit loss reserves
Beginning balance$171 $151 $174 $174 $210 (19)$174 $229 (24)
Provisions - principal and fees170 226 196 222 206 (17)592 658 (10)
Net write-offs - principal and fees less recoveries(187)(205)(217)(223)(241)(22)(609)(714)(15)
Other (L)2 (1)(2)1 (1)#(1)1 #
Ending balance$156 $171 $151 $174 $174 (10)$156 $174 (10)
% of receivables0.3 %0.3 %0.3 %0.3 %0.3 %0.3 %0.3 %
Net write-off rate (principal and fees) (J)1.3 %1.4 %1.5 %1.5 %1.7 %1.4 %1.7 %
Net write-off rate (principal only) (J)(K)1.4 %1.5 %1.7 %1.7 %1.9 %1.6 %1.9 % 
30+ days past due as a % of total (K)0.9 %0.9 %1.1 %1.1 %1.1 %0.9 %1.1 % 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
6

American Express Company(Preliminary)
Selected Credit Related Statistical Information
Other Loans and Other Receivables
(Millions, except percentages and where indicated)
 Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Other loans (B)
Total other loans$8,460 $8,157 $7,601 $7,086 $6,591 28 $8,460 $6,591 28 
Credit loss reserves
Beginning balance$140 $136 $126 $108 $98 43 $126 $59 #
Provisions60 49 53 52 39 54 162 122 33 
Net write-offs(46)(45)(43)(34)(29)59 (134)(73)84 
Other (L)— — — — — — — — — 
Ending balance$154 $140 $136 $126 $108 43 $154 $108 43 
% of other loans1.8 %1.7 %1.8 %1.8 %1.6 %1.8 %1.6 %
Other receivables (B)
Total other receivables$3,800 $3,889 $3,785 $3,654 $4,384 (13)$3,800 $4,384 (13)
Credit loss reserves
Beginning balance$44 $27 $27 $27 $24 83 $27 $22 23 
Provisions12 23 6 15 6 #41 15 #
Net write-offs(6)(4)(6)(16)(3)#(16)(10)60 
Other (L)(1)(2)— 1 — — (3)— — 
Ending balance$49 $44 $27 $27 $27 81 $49 $27 81 
% of other receivables1.3 %1.1 %0.7 %0.7 %0.6 %1.3 %0.6 %
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
7

American Express Company(Preliminary)
Selected Income Statement Information by Segment 
(Millions)   
U.S. Consumer Services
(USCS)		Commercial Services
(CS)		International Card Services
(ICS)		Global Merchant and Network Services
(GMNS)		Corporate and OtherConsolidated
Q3'24     
Non-interest revenues$5,028 $3,304 $2,659 $1,667 $(28)$12,630 
Interest income3,722 1,142 588 11 686 6,149 
Interest expense806 448 311 (169)747 2,143 
Total revenues net of interest expense7,944 3,998 2,936 1,847 (89)16,636 
Total provisions for credit losses812 374 158 10 2 1,356 
Total revenues net of interest expense after provisions for credit losses7,132 3,624 2,778 1,837 (91)15,280 
Card Member rewards, business development, Card Member services and marketing4,325 1,935 1,583 381 23 8,247 
Salaries and employee benefits and other operating expenses1,148 781 740 465 695 3,829 
Total expenses5,473 2,716 2,323 846 718 12,076 
Pretax income (loss)$1,659 $908 $455 $991 $(809)$3,204 
Q3'23
Non-interest revenues$4,680 $3,257 $2,390 $1,656 $(44)$11,939 
Interest income3,228 881 538 14 579 5,240 
Interest expense700 391 285 (181)603 1,798 
Total revenues net of interest expense7,208 3,747 2,643 1,851 (68)15,381 
Total provisions for credit losses752 323 154 6 (2)1,233 
Total revenues net of interest expense after provisions for credit losses6,456 3,424 2,489 1,845 (66)14,148 
Card Member rewards, business development, Card Member services and marketing3,804 1,818 1,376 390 8 7,396 
Salaries and employee benefits and other operating expenses1,068 754 726 469 635 3,652 
Total expenses4,872 2,572 2,102 859 643 11,048 
Pretax income (loss)$1,584 $852 $387 $986 $(709)$3,100 
YOY % change
Non-interest revenues7 1 11 1 36 6 
Interest income15 30 9 (21)18 17 
Interest expense15 15 9 7 24 19 
Total revenues net of interest expense10 7 11 — (31)8 
Total provisions for credit losses8 16 3 67 #10 
Total revenues net of interest expense after provisions for credit losses10 6 12 — (38)8 
Card Member rewards, business development, Card Member services and marketing14 6 15 (2)#12 
Salaries and employee benefits and other operating expenses7 4 2 (1)9 5 
Total expenses12 6 11 (2)12 9 
Pretax income (loss)5 7 18 1 (14)3 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
8

U.S. Consumer Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
 Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues$5,028 $5,029 $4,766 $4,782 $4,680 7 $14,823 $13,682 8 
Interest income3,722 3,474 3,481 3,399 3,228 15 10,677 8,937 19 
Interest expense806 771 748 786 700 15 2,325 1,898 22 
Net interest income2,916 2,703 2,733 2,613 2,528 15 8,352 7,039 19 
Total revenues net of interest expense7,944 7,732 7,499 7,395 7,208 10 23,175 20,721 12 
Total provisions for credit losses812 706 727 860 752 8 2,245 1,995 13 
Total revenues net of interest expense after provisions for credit losses7,132 7,026 6,772 6,535 6,456 10 20,930 18,726 12 
Card Member rewards, business development, Card Member services and marketing4,325 4,351 4,075 3,811 3,804 14 12,751 11,582 10 
Salaries and employee benefits and other operating expenses1,148 1,115 1,084 1,255 1,068 7 3,347 3,180 5 
Total expenses5,473 5,466 5,159 5,066 4,872 12 16,098 14,762 9 
Pretax segment income$1,659 $1,560 $1,613 $1,469 $1,584 5 $4,832 $3,964 22 
Billed business (billions) (E)$162.3 $165.1 $153.4 $159.7 $153.5 6 $480.8 $451.1 7 
Proprietary cards-in-force (F)45.7 45.2 44.4 43.8 43.4 5 45.7 43.4 5 
Proprietary basic cards-in-force (F)32.1 31.7 31.1 30.7 30.4 6 32.1 30.4 6 
Average proprietary basic Card Member spending (dollars)$5,091 $5,258 $4,962 $5,229 $5,062 1 $15,313 $15,072 2 
Segment assets$106,201 $108,224 $104,297 $107,158 $98,218 8 $106,201 $98,218 8 
Card Member loans
Total loans$86,752 $84,958 $82,255 $83,207 $77,718 12 $86,752 $77,718 12 
Average loans$86,223 $83,452 $81,746 $80,304 $77,080 12 $83,847 $74,418 13 
Net write-off rate (principal, interest and fees) (J)2.6 %2.9 %2.8 %2.5 %2.2 %2.8 %2.0 % 
Net write-off rate (principal only) (J)2.1 %2.4 %2.3 %2.1 %1.7 %2.2 %1.6 % 
30+ days past due as a % of total1.4 %1.3 %1.4 %1.4 %1.3 %1.4 %1.3 % 
Net interest income divided by average Card Member loans (M)13.5 %13.0 %13.4 %12.9 %13.0 %13.3 %12.6 % 
Net interest yield on average Card Member loans (M)13.0 %12.6 %13.0 %12.7 %12.7 %12.9 %12.4 % 
Card Member receivables
Total receivables$13,168 $13,796 $13,588 $14,789 $13,211 — $13,168 $13,211 — 
Net write-off rate (principal and fees) (J)1.2 %1.2 %1.5 %1.3 %1.3 %1.3 %1.3 % 
Net write-off rate (principal only) (J)1.1 %1.1 %1.3 %1.2 %1.2 %1.2 %1.2 % 
30+ days past due as a % of total0.7 %0.7 %0.8 %0.8 %0.9 %0.7 %0.9 % 

See Appendix III for footnote references
9

Commercial Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues$3,304 $3,333 $3,194 $3,266 $3,257 1 $9,831 $9,665 2 
Interest income1,142 1,051 1,005 949 881 30 3,198 2,379 34 
Interest expense448 430 414 407 391 15 1,292 1,076 20 
Net interest income694 621 591 542 490 42 1,906 1,303 46 
Total revenues net of interest expense3,998 3,954 3,785 3,808 3,747 7 11,737 10,968 7 
Total provisions for credit losses374 349 355 368 323 16 1,078 945 14 
Total revenues net of interest expense after provisions for credit losses3,624 3,605 3,430 3,440 3,424 6 10,659 10,023 6 
Card Member rewards, business development, Card Member services and marketing1,935 1,958 1,819 1,855 1,818 6 5,712 5,567 3 
Salaries and employee benefits and other operating expenses781 742 733 919 754 4 2,256 2,261 — 
Total expenses2,716 2,700 2,552 2,774 2,572 6 7,968 7,828 2 
Pretax segment income$908 $905 $878 $666 $852 7 $2,691 $2,195 23 
Billed business (billions) (E)$131.0 $132.3 $127.1 $131.3 $129.5 1 $390.4 $384.7 1 
Proprietary cards-in-force (F)15.5 15.4 15.4 15.4 15.4 1 15.5 15.4 1 
Average proprietary basic Card Member spending (dollars)$8,474 $8,588 $8,261 $8,515 $8,434 — $25,319 $25,234 — 
Segment assets$59,716 $58,993 $58,143 $55,361 $56,585 6 $59,716 $56,585 6 
Card Member loans
Total loans$29,869 $28,621 $27,634 $25,838 $25,150 19 $29,869 $25,150 19 
Average loans$29,428 $28,031 $26,553 $25,608 $24,415 21 $27,979 $23,312 20 
Net write-off rate (principal, interest and fees) (J)2.6 %2.7 %2.6 %2.4 %2.0 %2.7 %1.8 %
Net write-off rate (principal only) (J)2.2 %2.3 %2.3 %2.1 %1.8 %2.3 %1.5 %
30+ days past due as a % of total1.5 %1.4 %1.5 %1.4 %1.2 %1.5 %1.2 %
Net interest income divided by average Card Member loans (M)9.4 %8.9 %9.0 %8.4 %8.0 %9.1 %7.5 %
Net interest yield on average Card Member loans (M)10.9 %10.5 %10.6 %10.3 %10.1 %10.7 %9.7 %
Card Member receivables
Total receivables$26,341 $26,737 $27,024 $26,222 $28,280 (7)$26,341 $28,280 (7)
Net write-off rate (principal and fees) (J)1.3 %1.4 %1.4 %1.5 %1.5 %1.4 %1.5 %
Net write-off rate (principal only) - small business (J)1.8 %2.0 %2.1 %2.0 %2.1 %2.0 %2.1 %
30+ days past due as a % of total - small business1.2 %1.2 %1.4 %1.5 %1.4 %1.2 %1.4 %
90+ days past billing as a % of total - corporate0.4 %0.4 %0.5 %0.4 %0.4 %0.4 %0.4 %

See Appendix III for footnote references
10

International Card Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
 Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues$2,659 $2,548 $2,437 $2,466 $2,390 11 $7,644 $7,006 9 
Interest income588 577 583 574 538 9 1,748 1,502 16 
Interest expense311 303 307 348 285 9 921 770 20 
Net interest income277 274 276 226 253 9 827 732 13 
Total revenues net of interest expense2,936 2,822 2,713 2,692 2,643 11 8,471 7,738 9 
Total provisions for credit losses158 192 182 194 154 3 532 533 — 
Total revenues net of interest expense after provisions for credit losses2,778 2,630 2,531 2,498 2,489 12 7,939 7,205 10 
Card Member rewards, business development, Card Member services and marketing1,583 1,592 1,555 1,488 1,376 15 4,730 4,181 13 
Salaries and employee benefits and other operating expenses740 748 724 866 726 2 2,212 2,195 1 
Total expenses2,323 2,340 2,279 2,354 2,102 11 6,942 6,376 9 
Pretax segment income (loss)$455 $290 $252 $144 $387 18 $997 $829 20 
Billed business (billions) (E)$93.6 $90.2 $85.4 $88.1 $82.7 13 $269.2 $241.4 12 
Proprietary cards-in-force (F)21.7 21.5 21.3 21.0 20.8 4 21.7 20.8 4 
Proprietary basic cards-in-force (F)16.2 16.0 15.8 15.6 15.4 5 16.2 15.4 5 
Average proprietary basic Card Member spending (dollars)$5,829 $5,681 $5,436 $5,684 $5,382 8 $16,956 $15,861 7 
Segment assets$43,073 $41,982 $41,472 $42,234 $38,553 12 $43,073 $38,553 12 
Card Member loans - consumer and small business
Total loans$17,927 $17,272 $16,730 $16,950 $15,110 19 $17,927 $15,110 19 
Average loans $17,305 $16,838 $16,422 $15,862 $15,131 14 $16,826 $14,620 15 
Net write-off rate (principal, interest and fees) (J)2.4 %2.5 %2.6 %2.5 %2.6 %2.5 %2.5 %
Net write-off rate (principal only) (J)2.0 %2.1 %2.2 %2.1 %2.1 %2.1 %2.1 %
30+ days past due as a % of total1.2 %1.2 %1.3 %1.3 %1.4 %1.2 %1.4 %
Net interest income divided by average Card Member loans (M)6.4 %6.5 %6.8 %5.6 %6.6 %6.6 %6.7 %
Net interest yield on average Card Member loans (M)8.8 %9.0 %9.5 %9.1 %9.4 %9.1 %9.2 %
Card Member receivables
Total receivables$19,533 $19,123 $19,163 $19,400 $17,334 13 $19,533 $17,334 13 
Net write-off rate (principal and fees) (J)1.3 %1.5 %1.6 %1.8 %2.2 %1.5 %2.2 %
Net write-off rate (principal only) - consumer and small business (J)1.4 %1.6 %1.7 %1.8 %2.4 %1.6 %2.4 %
30+ days past due as a % of total - consumer and small business0.9 %0.9 %1.0 %1.0 %1.1 %0.9 %1.1 %
90+ days past billing as a % of total - corporate0.4 %0.4 %0.5 %0.5 %0.6 %0.4 %0.6 %

See Appendix III for footnote references
11

Global Merchant and Network Services(Preliminary)
Selected Income Statement and Statistical Information             
(Millions, except percentages and where indicated)        
 Q3'24Q2'24Q1'24Q4'23Q3'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues$1,667 $1,684 $1,655 $1,693 $1,656 1 $5,006 $4,927 2 
Interest income11 13 17 15 14 (21)41 42 (2)
Interest expense(169)(176)(198)(233)(181)7 (543)(486)(12)
Net interest income180 189 215 248 195 (8)584 528 11 
Total revenues net of interest expense1,847 1,873 1,870 1,941 1,851 — 5,590 5,455 2 
Total provisions for credit losses10 20 6 14 6 67 36 13 #
Total revenues net of interest expense after provisions for credit losses1,837 1,853 1,864 1,927 1,845 — 5,554 5,442 2 
Business development, Card Member services and marketing381 374 352 457 390 (2)1,107 1,198 (8)
Salaries and employee benefits and other operating expenses465 (58)495 648 469 (1)902 1,410 (36)
Total expenses846 316 847 1,105 859 (2)2,009 2,608 (23)
Pretax segment income$991 $1,537 $1,017 $822 $986 1 $3,545 $2,834 25 
         
Total network volumes (billions) (E)$441.0 $440.6 $419.2 $434.4 $420.2 5 $1,300.8 $1,245.7 4 
Segment assets$17,739 $24,446 $24,885 $23,714 $20,764 (15)$17,739 $20,764 (15)
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
12

American Express Company(Preliminary)
Appendix I 
Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)
(Millions, except percentages) 
Q3'24Q2'24Q1'24Q4'23Q3'23
ROE     
Annualized Net income$10,028 $12,060 $9,748 $8,374 $9,804 
Average shareholders' equity$29,623 $29,152 $28,410 $26,557 $27,013 
Return on average equity (C)33.9 %41.4 %34.3 %31.5 %36.3 %
Reconciliation of ROCE     
Annualized Net income$10,028 $12,060 $9,748 $8,374 $9,804 
Preferred share dividends and equity related adjustments58 59 57 58 58 
Earnings allocated to participating share awards and other75 92 73 64 75 
Net income attributable to common shareholders$9,895 $11,909 $9,618 $8,252 $9,671 
Average shareholders' equity$29,623 $29,152 $28,410 $26,557 $27,013 
Average preferred shares1,584 1,584 1,584 1,584 1,584 
Average common shareholders' equity$28,039 $27,568 $26,826 $24,973 $25,429 
Return on average common equity (C)35.3 %43.2 %35.9 %33.0 %38.0 %

See Appendix III for footnote references
13

American Express Company(Preliminary)
Appendix II 
Net Interest Yield on Average Card Member Loans 
(Millions, except percentages and where indicated) 
 Q3'24Q2'24Q1'24Q4'23Q3'23YTD'24YTD'23
Consolidated       
Net interest income$4,006 $3,730 $3,769 $3,604 $3,442 $11,505$9,530
Exclude:
Interest expense not attributable to our Card Member loan portfolio (N)940 912 882 821 770 2,734 2,122 
Interest income not attributable to our Card Member loan portfolio (O)(940)(920)(916)(824)(767)(2,776)(2,072)
Adjusted net interest income (M)$4,006 $3,722 $3,735 $3,601 $3,445 $11,463 $9,580 
Average Card Member loans$132,956 $128,321 $124,720 $121,774 $116,626 $128,652 $112,350 
Net interest income divided by average Card Member loans (M)12.0 %11.7 %12.2 %11.7 %11.7 %11.9 %11.3 %
Net interest yield on average Card Member loans (M)12.0 %11.7 %12.0 %11.7 %11.7 %11.9 %11.4 %
U.S. Consumer Services
Net interest income$2,916 $2,703 $2,733 $2,613 $2,528 $8,352 $7,039 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (N)45 44 36 71 41 125 121 
Interest income not attributable to our Card Member loan portfolio (O)(143)(132)(122)(112)(101)(397)(274)
Adjusted net interest income (M)$2,818 $2,615 $2,647 $2,572 $2,468 $8,080 $6,886 
Average Card Member loans$86,223 $83,452 $81,746 $80,304 $77,080 $83,847 $74,418 
Net interest income divided by average Card Member loans (M)13.5 %13.0 %13.4 %12.9 %13.0 %13.3 %12.6 %
Net interest yield on average Card Member loans (M)13.0 %12.6 %13.0 %12.7 %12.7 %12.9 %12.4 %
Commercial Services
Net interest income$694 $621 $591 $542 $490 $1,906 $1,303 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (N)193 190 184 186 185 567 525 
Interest income not attributable to our Card Member loan portfolio (O)(84)(81)(74)(65)(55)(239)(139)
Adjusted net interest income (M)$803 $730 $701 $663 $620 $2,234 $1,689 
Average Card Member loans$29,428 $28,031 $26,553 $25,608 $24,415 $27,979 $23,312 
Net interest income divided by average Card Member loans (M)9.4 %8.9 %9.0 %8.4 %8.0 %9.1 %7.5 %
Net interest yield on average Card Member loans (M)10.9 %10.5 %10.6 %10.3 %10.1 %10.7 %9.7 %
International Card Services
Net interest income$277 $274 $276 $226 $253 $827 $732 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (N)122 118 126 156 121 366 319 
Interest income not attributable to our Card Member loan portfolio (O)(14)(15)(15)(16)(17)(44)(46)
Adjusted net interest income (M)$385 $377 $387 $366 $357 $1,149 $1,005 
Average Card Member loans$17,305 $16,838 $16,422 $15,862 $15,131 $16,826 $14,620 
Net interest income divided by average Card Member loans (M)6.4 %6.5 %6.8 %5.6 %6.6 %6.6 %6.7 %
Net interest yield on average Card Member loans (M)8.8 %9.0 %9.5 %9.1 %9.4 %9.1 %9.2 %
See Appendix III for footnote references
14

Appendix III(Preliminary)
All Information in the preceding tables is 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.
(A)Represents net income, less (i) earnings allocated to participating share awards of $18 million, $23 million, $18 million, $14 million and $19 million in Q3'24, Q2'24, Q1'24, Q4'23 and Q3'23, respectively; and (ii) dividends on preferred shares of $15 million, $15 million, $14 million, $15 million and $14 million in Q3'24, Q2'24, Q1'24, Q4'23 and Q3'23, 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)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.
(D)Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(E)Network volumes represent the total of billed business and processed volumes. Billed business (Card Member spending) represents transaction volumes (including cash advances) on payment products issued by American Express. Processed volumes represent 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.
(F)Cards-in-force represent 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.
(G)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.
(H)Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(I)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).
(J)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.
(K)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.
(L)Other includes foreign currency impact on balance sheet re-measurement and translation.
(M)Net interest income divided by average Card Member loans, computed on an annualized basis, includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on average Card Member loans. Net interest yield on average Card Member loans, a non-GAAP measure, is computed by dividing adjusted net interest income (also a non-GAAP measure) by average Card Member loans, computed on an annualized basis. Adjusted net interest income represents net interest income attributable to our Card Member loans (which includes, on a GAAP basis, interest that is deemed uncollectible), excluding the impact of interest expense and interest income not attributable to our Card Member loans. Reserves and net write-offs related to uncollectible interest are recorded through provisions for credit losses, and thus not included in the net interest yield calculation. We believe that net interest yield on average Card Member loans is useful to investors because it provides a measure of profitability of our Card Member loan portfolio. See Appendix II for calculations of net interest income divided by average Card Member loans and net interest yield on average Card Member loans.
(N)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(O)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
15
v3.24.3
Document and Entity Information
Oct. 18, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 18, 2024
Entity Registrant Name AMERICAN EXPRESS CO
Entity Central Index Key 0000004962
Amendment Flag false
Entity Incorporation, State or Country Code NY
Entity File Number 1-7657
Entity Tax Identification Number 13-4922250
Entity Address, Address Line One 200 Vesey Street
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10285
City Area Code 212
Local Phone Number 640-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Shares (par value $0.20 per Share)
Trading Symbol AXP
Security Exchange Name NYSE
Entity Emerging Growth Company false
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