Form 8-K - Current report

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


Exhibit			Description
99.1			Press Release, dated October 18, 2024, of American Express Company regarding its financial results for the third quarter of 2024.
99.2			Additional information relating to the financial results of American Express Company for the third quarter of 2024.
104			The cover page of this Current Report on Form 8-K, formatted as inline XBRL.

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 RELEASE			NEWS RELEASE			NEWS RELEASE			NEWS RELEASE

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)
	2024	2023		2024	2023
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	$2,451	2%	$7,959	$6,441	24%
Diluted Earnings Per Common Share (EPS)2	$3.49	$3.30	6%	$10.97	$8.59	28%
Adjusted EPS Excluding Transaction Gain3	$3.49	$3.30	6%	$10.31	$8.59	20%
Average Diluted Common Shares Outstanding	709	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.

“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.

________________________________


1						As used in this release, FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translations into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for current period apply to the corresponding prior-year period against which such results are being compared). FX-adjusted revenues is a non-GAAP measure. The company believes the presentation of information on an FX-adjusted basis is helpful to investors by making it easier to compare the company’s performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.
2						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.
3						Adjusted 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.
4						Net 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.

•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

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.


(Preliminary)
American Express Company
Appendix I
Reconciliation of Adjusted EPS Excluding Transaction Gain
	Quarters Ended September 30,					Nine Months Ended September 30,
	2024		2023		YoY% Inc/(Dec)	2024		2023		YoY% 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%


EXHIBIT 99.2
American Express Company	(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)

		Q3'24			Q2'24			Q1'24			Q4'23			Q3'23			YOY % change	YTD'24			YTD'23			YOY % change
Non-interest revenues
Discount revenue		$	8,780		$	8,855		$	8,380		$	8,580		$	8,408		4	$	26,015		$	24,836		5
Net card fees		2,170			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 revenue		413			408			386			414			424			(3)	1,207			1,291			(7)
Total non-interest revenues		12,630			12,603			12,032			12,195			11,939			6	37,265			35,186			6
Interest income
Interest on loans		5,442			5,092			5,058			4,910			4,635			17	15,592			12,787			22
Interest and dividends on investment securities		18			25			25			31			33			(45)	68			97			(30)
Deposits with banks and other		689			677			692			611			572			20	2,058			1,547			33
Total interest income		6,149			5,794			5,775			5,552			5,240			17	17,718			14,431			23
Interest expense
Deposits		1,446			1,425			1,427			1,385			1,290			12	4,298			3,480			24
Long-term debt and other		697			639			579			563			508			37	1,915			1,421			35
Total interest expense		2,143			2,064			2,006			1,948			1,798			19	6,213			4,901			27
Net interest income		4,006			3,730			3,769			3,604			3,442			16	11,505			9,530			21
Total revenues net of interest expense		16,636			16,333			15,801			15,799			15,381			8	48,770			44,716			9
Provisions for credit losses
Card Member receivables		170			226			196			222			206			(17)	592			658			(10)
Card Member loans		1,114			970			1,014			1,148			982			13	3,098			2,691			15
Other		72			72			59			67			45			60	203			137			48
Total provisions for credit losses		1,356			1,268			1,269			1,437			1,233			10	3,893			3,486			12
Total revenues net of interest expense after provisions for credit losses		15,280			15,065			14,532			14,362			14,148			8	44,877			41,230			9

Expenses
Card Member rewards		4,168			4,227			3,774			3,851			3,794			10	12,169			11,516			6
Business development		1,430			1,427			1,392			1,483			1,393			3	4,249			4,174			2
Card Member services		1,179			1,154			1,171			1,063			973			21	3,504			2,905			21
Marketing		1,470			1,480			1,476			1,228			1,236			19	4,426			3,985			11
Salaries and employee benefits		2,049			1,949			2,098			2,131			2,047			—	6,096			5,936			3
Professional services		579			542			455			645			477			21	1,576			1,384			14
Data processing and equipment		725			701			657			764			704			3	2,083			2,041			2
Other, net		476			(205)			364			685			424			12	635			1,288			(51)
Total expenses		12,076			11,275			11,387			11,850			11,048			9	34,738			33,229			5
Pretax income		3,204			3,790			3,145			2,512			3,100			3	10,139			8,001			27
Income tax provision		697			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 rate		21.8		%	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 outstanding		708			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 outstanding		709			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


American Express Company			(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Millions, except percentages, per share amounts and where indicated)


	Q3'24			Q2'24			Q1'24			Q4'23			Q3'23			YOY % change
Assets
Cash & cash equivalents	$	47,918		$	52,895		$	54,213		$	46,596		$	43,908		9
Card Member receivables, less reserves	58,886			59,485			59,624			60,237			58,651			—
Card Member loans, less reserves	128,960			125,530			121,348			120,877			113,257			14
Investment securities	1,268			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 borrowings	1,457			1,639			1,742			1,293			1,613			(10)
Long-term debt	53,546			51,521			48,826			47,866			46,447			15
Other (B)	50,831			55,773			55,511			54,748			50,764			—
Total liabilities	241,272			242,679			240,497			233,051			223,263			8

Shareholders' Equity	29,707			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


American Express Company			(Preliminary)
Consolidated Capital


	Q3'24			Q2'24			Q1'24			Q4'23			Q3'23
Shares Outstanding (in millions)
Beginning of period	712			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 period	704			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 1	11.4		%	11.5		%	11.3		%	11.3		%	11.5		%
Total	13.4		%	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 Leverage	9.8		%	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


American Express Company						(Preliminary)
Selected Card Related Statistical Information
(Millions, except percentages and where indicated)


	Q3'24		Q2'24		Q1'24		Q4'23		Q3'23		YOY % change	YTD'24		YTD'23		YOY % 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-force	82.9		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-force	63.7		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


American Express Company			(Preliminary)
Network Volumes Related Growth


	YOY % change
	Reported					FX-Adjusted (I)					Reported	FX-Adjusted (I)
	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	YTD'24	YTD'24

Network volumes (E)	5%	3%	5%	5%	7%	5%	4%	6%	5%	6%	4%	5%
Billed business (E)	6	5	6	6	8	6	6	7	6	7	6	6
U.S. Consumer Services	6	6	8	7	9	n/a	n/a	n/a	n/a	n/a	7	n/a
Commercial Services	1	2	2	1	1	1	2	2	1	1	1	2
International Card Services	13	10	11	14	18	13	13	13	13	15	12	13
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)	6	5	6	5	6	6	6	6	5	6	6	6
T&E spend (27% of Q3'24 billed business)	6	6	8	9	13	6	7	8	9	13	7	7
Airline spend (6% of Q3'24 billed business)	6	4	8	7	13	6	5	9	6	12	6	7

See Appendix III for footnote references


American Express Company						(Preliminary)
Selected Credit Related Statistical Information
Card Member Loans and Card Member Receivables
(Millions, except percentages and where indicated)


	Q3'24			Q2'24			Q1'24			Q4'23			Q3'23			YOY % change	YTD'24			YTD'23			YOY % 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 fees	1,114			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 loans	4.2		%	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 fees	170			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 receivables	0.3		%	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


American Express Company						(Preliminary)
Selected Credit Related Statistical Information
Other Loans and Other Receivables
(Millions, except percentages and where indicated)


	Q3'24			Q2'24			Q1'24			Q4'23			Q3'23			YOY % change	YTD'24			YTD'23			YOY % 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		#
Provisions	60			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 loans	1.8		%	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
Provisions	12			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 receivables	1.3		%	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

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 Other		Consolidated
Q3'24
Non-interest revenues	$	5,028	$	3,304	$	2,659	$	1,667	$	(28)	$	12,630
Interest income	3,722		1,142		588		11		686		6,149
Interest expense	806		448		311		(169)		747		2,143
Total revenues net of interest expense	7,944		3,998		2,936		1,847		(89)		16,636
Total provisions for credit losses	812		374		158		10		2		1,356
Total revenues net of interest expense after provisions for credit losses	7,132		3,624		2,778		1,837		(91)		15,280
Card Member rewards, business development, Card Member services and marketing	4,325		1,935		1,583		381		23		8,247
Salaries and employee benefits and other operating expenses	1,148		781		740		465		695		3,829
Total expenses	5,473		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 income	3,228		881		538		14		579		5,240
Interest expense	700		391		285		(181)		603		1,798
Total revenues net of interest expense	7,208		3,747		2,643		1,851		(68)		15,381
Total provisions for credit losses	752		323		154		6		(2)		1,233
Total revenues net of interest expense after provisions for credit losses	6,456		3,424		2,489		1,845		(66)		14,148
Card Member rewards, business development, Card Member services and marketing	3,804		1,818		1,376		390		8		7,396
Salaries and employee benefits and other operating expenses	1,068		754		726		469		635		3,652
Total expenses	4,872		2,572		2,102		859		643		11,048
Pretax income (loss)	$	1,584	$	852	$	387	$	986	$	(709)	$	3,100
YOY % change
Non-interest revenues	7		1		11		1		36		6
Interest income	15		30		9		(21)		18		17
Interest expense	15		15		9		7		24		19
Total revenues net of interest expense	10		7		11		—		(31)		8
Total provisions for credit losses	8		16		3		67		#		10
Total revenues net of interest expense after provisions for credit losses	10		6		12		—		(38)		8
Card Member rewards, business development, Card Member services and marketing	14		6		15		(2)		#		12
Salaries and employee benefits and other operating expenses	7		4		2		(1)		9		5
Total expenses	12		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


U.S. Consumer Services						(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)


	Q3'24			Q2'24			Q1'24			Q4'23			Q3'23			YOY % change	YTD'24			YTD'23			YOY % change
Non-interest revenues	$	5,028		$	5,029		$	4,766		$	4,782		$	4,680		7	$	14,823		$	13,682		8
Interest income	3,722			3,474			3,481			3,399			3,228			15	10,677			8,937			19
Interest expense	806			771			748			786			700			15	2,325			1,898			22
Net interest income	2,916			2,703			2,733			2,613			2,528			15	8,352			7,039			19
Total revenues net of interest expense	7,944			7,732			7,499			7,395			7,208			10	23,175			20,721			12
Total provisions for credit losses	812			706			727			860			752			8	2,245			1,995			13
Total revenues net of interest expense after provisions for credit losses	7,132			7,026			6,772			6,535			6,456			10	20,930			18,726			12
Card Member rewards, business development, Card Member services and marketing	4,325			4,351			4,075			3,811			3,804			14	12,751			11,582			10
Salaries and employee benefits and other operating expenses	1,148			1,115			1,084			1,255			1,068			7	3,347			3,180			5
Total expenses	5,473			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 total	1.4		%	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 total	0.7		%	0.7		%	0.8		%	0.8		%	0.9		%		0.7		%	0.9		%

See Appendix III for footnote references


Commercial Services										(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
	Q3'24			Q2'24			Q1'24				Q4'23			Q3'23			YOY % change	YTD'24			YTD'23			YOY % change
Non-interest revenues	$	3,304		$	3,333		$	3,194			$	3,266		$	3,257		1	$	9,831		$	9,665		2
Interest income	1,142			1,051			1,005				949			881			30	3,198			2,379			34
Interest expense	448			430			414				407			391			15	1,292			1,076			20
Net interest income	694			621			591				542			490			42	1,906			1,303			46
Total revenues net of interest expense	3,998			3,954			3,785				3,808			3,747			7	11,737			10,968			7
Total provisions for credit losses	374			349			355				368			323			16	1,078			945			14
Total revenues net of interest expense after provisions for credit losses	3,624			3,605			3,430				3,440			3,424			6	10,659			10,023			6
Card Member rewards, business development, Card Member services and marketing	1,935			1,958			1,819				1,855			1,818			6	5,712			5,567			3
Salaries and employee benefits and other operating expenses	781			742			733				919			754			4	2,256			2,261			—
Total expenses	2,716			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 total	1.5		%	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 business	1.2		%	1.2		%	1.4		%		1.5		%	1.4		%		1.2		%	1.4		%
90+ days past billing as a % of total - corporate	0.4		%	0.4		%	0.5		%		0.4		%	0.4		%		0.4		%	0.4		%

See Appendix III for footnote references


International Card Services						(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)


	Q3'24			Q2'24			Q1'24			Q4'23			Q3'23			YOY % change	YTD'24			YTD'23			YOY % change
Non-interest revenues	$	2,659		$	2,548		$	2,437		$	2,466		$	2,390		11	$	7,644		$	7,006		9
Interest income	588			577			583			574			538			9	1,748			1,502			16
Interest expense	311			303			307			348			285			9	921			770			20
Net interest income	277			274			276			226			253			9	827			732			13
Total revenues net of interest expense	2,936			2,822			2,713			2,692			2,643			11	8,471			7,738			9
Total provisions for credit losses	158			192			182			194			154			3	532			533			—
Total revenues net of interest expense after provisions for credit losses	2,778			2,630			2,531			2,498			2,489			12	7,939			7,205			10
Card Member rewards, business development, Card Member services and marketing	1,583			1,592			1,555			1,488			1,376			15	4,730			4,181			13
Salaries and employee benefits and other operating expenses	740			748			724			866			726			2	2,212			2,195			1
Total expenses	2,323			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 total	1.2		%	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 business	0.9		%	0.9		%	1.0		%	1.0		%	1.1		%		0.9		%	1.1		%
90+ days past billing as a % of total - corporate	0.4		%	0.4		%	0.5		%	0.5		%	0.6		%		0.4		%	0.6		%

See Appendix III for footnote references

Global Merchant and Network Services

(Preliminary)

Selected Income Statement and Statistical Information

(Millions, except percentages and where indicated)


	Q3'24		Q2'24		Q1'24		Q4'23		Q3'23		YOY % change	YTD'24		YTD'23		YOY % change
Non-interest revenues	$	1,667	$	1,684	$	1,655	$	1,693	$	1,656	1	$	5,006	$	4,927	2
Interest income	11		13		17		15		14		(21)	41		42		(2)
Interest expense	(169)		(176)		(198)		(233)		(181)		7	(543)		(486)		(12)
Net interest income	180		189		215		248		195		(8)	584		528		11
Total revenues net of interest expense	1,847		1,873		1,870		1,941		1,851		—	5,590		5,455		2
Total provisions for credit losses	10		20		6		14		6		67	36		13		#
Total revenues net of interest expense after provisions for credit losses	1,837		1,853		1,864		1,927		1,845		—	5,554		5,442		2
Business development, Card Member services and marketing	381		374		352		457		390		(2)	1,107		1,198		(8)
Salaries and employee benefits and other operating expenses	465		(58)		495		648		469		(1)	902		1,410		(36)
Total expenses	846		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


American Express Company						(Preliminary)
Appendix I
Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)
(Millions, except percentages)


	Q3'24			Q2'24			Q1'24			Q4'23			Q3'23
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 adjustments	58			59			57			58			58
Earnings allocated to participating share awards and other	75			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 shares	1,584			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


American Express Company						(Preliminary)
Appendix II
Net Interest Yield on Average Card Member Loans
(Millions, except percentages and where indicated)


	Q3'24			Q2'24			Q1'24			Q4'23			Q3'23			YTD'24			YTD'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

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.

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