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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): January 24, 2025
 
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 January 24, 2025, American Express Company (the “Company”) issued a press release regarding its financial results for the fourth quarter and full year 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 fourth quarter and full year 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
99.2
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 2025 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 2025 earnings per common share (EPS) outlook and grow EPS in the future consistent with the Company’s growth aspiration, 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, coverage, marketing, technology and talent), 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, higher rates of unemployment, changes in interest rates, effects of inflation, tariffs, supply chain issues, energy costs and fiscal and monetary policies; geopolitical instability, hostilities and tensions, such as 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 acquisitions, cobrand and other partner agreements, portfolio sales and joint ventures; and the impact of regulation and litigation, which may be heightened due to the uncertain regulatory environment and 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 2025 revenue growth outlook and grow revenues net of interest expense in the future consistent with the Company’s growth aspiration, 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 slowdowns 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 or the perception of coverage; increased surcharging, steering, suppression or differential acceptance of the Company’s products; merchant discount rates changing from the Company’s expectations; and changes in foreign currency exchange rates;
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•net card fees not growing consistent with the Company’s expectations, which could be impacted by, among other things, a decrease in the ability and desire of Card Members to pay card fees, such as due to a deterioration in macroeconomic conditions; 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 and revolving balances, 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; the Company’s deposit levels or the interest rates it offers on deposits changing from current expectations; loss or impacts to cobrand relationships; and governmental actions to cap interest rates;
•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; and collections capabilities and recoveries of previously written-off loans and receivables;
•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 the Company’s rewards programs and product benefits, including 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 2025 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;
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•the Company’s ability to control operating expenses, including relative to revenue growth, and the actual amount spent on operating expenses in 2025 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 decisions regarding 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 management 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 security 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;
•the Company’s tax rate not remaining consistent with expectations, including the effects of the global minimum tax guidelines, 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 the Organization for Economic Cooperation and Development’s global minimum tax guidelines by jurisdictions, the Company’s geographic mix of income, unfavorable tax audits, assessments and tax litigation outcomes;
•changes affecting the Company’s plans regarding the return of capital to shareholders, including increasing the level of the dividend, 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; required Company approvals; 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 from new and non-traditional competitors, and with respect to new products, services and technologies, such as the emergence or increase in popularity of alternative payment mechanisms; and the success of marketing, promotion and rewards programs;
•the Company’s ability to expand its leadership in the premium consumer space, including with Millennial and Gen-Z consumers, which will be impacted in part by competition, brand perceptions (including perceptions related to merchant coverage) and reputation, and the Company’s ability to develop and market new benefits and value propositions that appeal to Card Members and new customers, grow spending with new and younger age cohort Card Members, offer attractive services and rewards programs and build greater customer loyalty, which will depend in part on identifying and funding investment opportunities, addressing changing customer behaviors, new product innovation and development, Card Member acquisition efforts and enrollment processes, including through digital channels, continuing to realize the benefits from strategic partnerships, successfully implementing the Company’s dining strategy, and evolving the Company’s infrastructure to support new products, services and benefits;
•the Company’s ability to build on its leadership in commercial payments, which will depend in part on competition, the willingness and ability of companies to use credit and charge cards for procurement and other business expenditures as well as use the Company’s other products and services for financing needs, perceived or actual difficulties and costs related to setting up B2B payment platforms, the Company’s ability to offer attractive value propositions and new products to current and potential customers, the Company’s ability to enhance and expand its payment, lending and cash flow management solutions, increase customer engagement, and build out a multi-product digital ecosystem to integrate its broad product set, which is dependent on the Company’s continued investment in capabilities, features, functionalities, platforms and technologies;
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•the Company’s ability to expand merchant coverage globally and its success, as well as the success of third-party merchant acquirers, aggregators and processors, in signing merchants to accept American Express, which will depend on, among other factors, the value propositions offered to merchants and merchant acquirers for card acceptance, the awareness and willingness of Card Members to use American Express cards at merchants, scaling marketing and expanding programs to increase card usage, identifying and growing acceptance in low- and new-to-plastic industries and businesses as they form, working with commercial buyers and suppliers to establish B2B acceptance, executing on the Company’s plans to increase coverage in priority international cities, destinations, countries and industry verticals, and continued network investments, including in capabilities that allow for greater digital integration and modernization of its authorization platform;
•the Company’s ability to grow internationally, which could be impacted by regulation and business practices, such as those capping interchange or other fees, mandating network access or data localization, favoring local competitors or prohibiting or limiting foreign ownership of certain businesses; the Company’s inability to successfully replicate aspects of its business model internationally and tailor products and services to make them attractive to local customers; competitors with more scale, local experience and established relationships with relevant customers, regulators and industry participants; the success of the Company and its network partners in acquiring Card Members and/or merchants; and political or economic instability or regional hostilities;
•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, adverse developments affecting third parties, including other financial institutions, merchants or vendors, as well as severe weather conditions and natural disasters (e.g., hurricanes and wildfires), power loss, disruptions in telecommunications, 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, foreign exchange rates and other aspects of the Company’s business and results of operations or disrupt its global network systems and ability to process transactions.

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, June 30, and September 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: January 24, 2025
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EX-99.1 2 q424exhibit991.htm EX-99.1 Document

EXHIBIT 99.1
NEWS RELEASE NEWS RELEASE NEWS RELEASE NEWS RELEASE
axplogo1a.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 ANNOUNCES RECORD FY 2024 REVENUE, UP 9%, OR 10% ON AN FX-ADJUSTED BASIS
FY 2024 EARNINGS PER SHARE INCREASED 25% TO $14.01
FY 2025 GUIDANCE FOR REVENUE GROWTH OF 8% TO 10% AND EPS OF $15.00 TO $15.50
COMPANY PLANS TO INCREASE QUARTERLY DIVIDEND BY 17% TO $0.82 PER COMMON SHARE

(Millions, except per share amounts, and where indicated)
Quarters Ended
December 31,		 Percentage Inc/(Dec) Years Ended
December 31,		 Percentage Inc/(Dec)
2024 2023 2024 2023
Billed Business (Billions)
                             FX-adjusted1
 $408.4
$379.8
$376.7
8%
8%
 $1,550.9
$1,459.6
$1,453.1
6%
7%
Total Revenues Net of Interest Expense
                             FX-adjusted1
 $17,179
$15,799
$15,644
9%
10%
 $65,949
$60,515
$60,179
9%
10%
Net Income $2,170 $1,933 12% $10,129 $8,374 21%
Diluted Earnings Per Common Share (EPS)2
 $3.04 $2.62 16% $14.01 $11.21 25%
Full Year Adjusted EPS Excluding Transaction Gain3

$13.35
$11.21
 19%
Average Diluted Common Shares Outstanding 704  726  (3)% 713  736  (3)%
    

New York – January 24, 2025 – American Express Company (NYSE: AXP) today reported full year net income of $10.1 billion, or $14.01 per share, compared with net income of $8.4 billion, or $11.21 per share, a year ago.
“2024 was another strong year for American Express. We delivered record revenues of $65.9 billion, up 10 percent on an FX-adjusted basis, record net income of $10.1 billion, and earnings per share of $14.01, up 25 percent year-over-year,” said Stephen J. Squeri, Chairman and Chief Executive Officer.
“We also saw record levels of annual Card Member spending, record net card fee revenues, and a record 13 million new card acquisitions, and we continued to add millions of merchant locations to our network globally. We exited the year with increased momentum, with billings growth accelerating to 8 percent in the fourth quarter, driven by stronger spending from our consumer and commercial customers during the holiday season.

1

We maintained our best-in-class credit performance and disciplined expense management throughout the year.
“As we prepare to celebrate the 175th anniversary of American Express in March, we will continue to build on our history of growth and innovation by investing in our premium value propositions, coverage, marketing, technology, and talent. For the full year 2025, we expect revenue growth of between 8 to 10 percent and EPS in the range of $15.00 to $15.50, and we plan to increase our quarterly common stock dividend by 17 percent.
“I am confident that we can sustain our strong momentum over the long term, driven by the many attractive opportunities we see across our premium customer base, particularly with Millennial and Gen Z consumers and in key international markets, along with our operating expense leverage which enables us to continue investing at high levels to drive growth.”
Full Year 2024 Results
Consolidated total revenues net of interest expense for the full year were $65.9 billion, up 9 percent year-over-year, or 10 percent on an FX-adjusted basis. The increase was primarily driven by higher net interest income supported by growth in revolving loan balances, increased Card Member spending, and continued strong card fee growth.
Consolidated provisions for credit losses for the full year were $5.2 billion, compared with $4.9 billion a year ago. The increase reflected higher net write-offs driven by growth in Total loans and Card Member receivables, partially offset by a lower reserve build year-over-year. The full year net write-off rate was 2.0 percent, compared to 1.8 percent a year ago.4
Consolidated expenses for the full year were $47.9 billion, up 6 percent year-over-year. 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, partially offset by lower operating expenses due to the gain on sale of Accertify in the second quarter.
The consolidated effective tax rate for the full year was 21.5 percent, up from 20.3 percent a year ago, primarily reflecting discrete tax benefits recognized in the prior year.
Fourth Quarter 2024 Results
For the fourth quarter of 2024, the company reported net income of $2.2 billion, or $3.04 per share, compared with net income of $1.9 billion, or $2.62 per share, a year ago.
Fourth quarter consolidated total revenues net of interest expense were $17.2 billion, up 9 percent year-over-year, or 10 percent on an FX-adjusted basis. The increase was primarily driven by strong Card Member spending, higher net interest income supported by growth in revolving loan balances, and accelerated card fee growth.
Consolidated provisions for credit losses were $1.3 billion, compared with $1.4 billion a year ago. The decrease reflected a lower net reserve build year-over-year, partially offset by higher net write-offs. The fourth quarter net write-off rate was 1.9 percent, compared to 2.0 percent a year ago.4
Consolidated expenses were $13.1 billion, up 11 percent year-over-year. The increase was driven by higher variable customer engagement costs and marketing investments, partially offset by a decrease in operating expenses.
The consolidated effective tax rate was 21.3 percent, down from 23.0 percent a year ago, primarily reflecting discrete tax charges in the prior year.
Planned Dividend Increase
The company plans to increase the regular quarterly dividend on its common shares outstanding by 17 percent, from $0.70 to $0.82 per share, beginning with the first quarter 2025 dividend declaration.
###


2

This earnings release should be read in conjunction with the company’s statistical tables for the fourth 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 full year and fourth 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 $17 million and $14 million for the three months ended December 31, 2024 and 2023, respectively, and $76 million and $64 million for the years ended December 31, 2024 and 2023, respectively, and (ii) dividends on preferred shares of $14 million and $15 million for the three months ended December 31, 2024 and 2023, respectively, and $58 million for both years ended December 31, 2024 and 2023.
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 above-mentioned statistical tables available on the 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, 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 2025 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 January 24, 2025 (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 2025 earnings per common share (EPS) outlook and grow EPS in the future consistent with the company’s growth aspiration, 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, coverage, marketing, technology and talent), 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 and the Form 8-K Cautionary Note, as well as the following: macroeconomic conditions, higher rates of unemployment, changes in interest rates, effects of inflation, tariffs, supply chain issues, energy costs and fiscal and monetary policies; geopolitical instability, hostilities and tensions, such as 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 acquisitions, cobrand and other partner agreements, portfolio sales and joint ventures; and the impact of regulation and litigation, which may be heightened due to the uncertain regulatory environment and 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 2025 revenue growth outlook and grow revenues net of interest expense in the future consistent with the company’s growth aspiration, 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 slowdowns 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 or the perception of coverage; increased surcharging, steering, suppression or differential acceptance of the company’s products; merchant discount rates changing from the company’s expectations; and changes in foreign currency exchange rates; and
•changes affecting the company’s plans regarding the return of capital to shareholders, including increasing the level of the dividend, 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; required company approvals; and the economic environment and market conditions in any given period.
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, June 30 and September 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
Years Ended
December 31,
2024 2023 YoY%
Inc/(Dec)
GAAP Diluted EPS $ 14.01  $ 11.21  25%
Accertify Gain on Sale (pretax) $ 0.74  $ — 
Tax Impact of Accertify Gain on Sale $ (0.08) $ — 
Accertify Gain on Sale (after tax) $ 0.66  $ — 
Adjusted Diluted EPS Excluding the Impact of Accertify Gain on Sale
 $ 13.35  $ 11.21  19%

5
EX-99.2 3 q424exhibit992.htm EX-99.2 Document

EXHIBIT 99.2
American Express Company (Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 YOY % change FY'24 FY'23 YOY % change
Non-interest revenues
Discount revenue $ 9,177  $ 8,780  $ 8,855  $ 8,380  $ 8,580  7  $ 35,192  $ 33,416  5 
Net card fees 2,245  2,170  2,060  1,974  1,907  18  8,449  7,255  16 
Service fees and other revenue 1,290  1,267  1,280  1,292  1,294  —  5,129  5,005  2 
Processed revenue 429  413  408  386  414  4  1,636  1,705  (4)
Total non-interest revenues 13,141  12,630  12,603  12,032  12,195  8  50,406  47,381  6 
Interest income
Interest on loans 5,503  5,442  5,092  5,058  4,910  12  21,095  17,697  19 
Interest and dividends on investment securities 18  18  25  25  31  (42) 86  128  (33)
Deposits with banks and other 556  689  677  692  611  (9) 2,614  2,158  21 
Total interest income 6,077  6,149  5,794  5,775  5,552  9  23,795  19,983  19 
Interest expense
Deposits 1,397  1,446  1,425  1,427  1,385  1  5,695  4,865  17 
Long-term debt and other 642  697  639  579  563  14  2,557  1,984  29 
Total interest expense 2,039  2,143  2,064  2,006  1,948  5  8,252  6,849  20 
Net interest income 4,038  4,006  3,730  3,769  3,604  12  15,543  13,134  18 
Total revenues net of interest expense 17,179  16,636  16,333  15,801  15,799  9  65,949  60,515  9 
Provisions for credit losses
Card Member receivables 182  170  226  196  222  (18) 774  880  (12)
Card Member loans 1,011  1,114  970  1,014  1,148  (12) 4,109  3,839  7 
Other 99  72  72  59  67  48  302  204  48 
Total provisions for credit losses 1,292  1,356  1,268  1,269  1,437  (10) 5,185  4,923  5 
Total revenues net of interest expense after provisions for credit losses 15,887  15,280  15,065  14,532  14,362  11  60,764  55,592  9 
Expenses
Card Member rewards 4,430  4,168  4,227  3,774  3,851  15  16,599  15,367  8 
Business development 1,637  1,430  1,427  1,392  1,483  10  5,886  5,657  4 
Card Member services 1,278  1,179  1,154  1,171  1,063  20  4,782  3,968  21 
Marketing 1,614  1,470  1,480  1,476  1,228  31  6,040  5,213  16 
Salaries and employee benefits 2,102  2,049  1,949  2,098  2,131  (1) 8,198  8,067  2 
Professional services 698  579  542  455  645  8  2,274  2,029  12 
Data processing and equipment 805  725  701  657  764  5  2,888  2,805  3 
Other, net 567  476  (205) 364  685  (17) 1,202  1,973  (39)
Total expenses 13,131  12,076  11,275  11,387  11,850  11  47,869  45,079  6 
Pretax income 2,756  3,204  3,790  3,145  2,512  10  12,895  10,513  23 
Income tax provision 586  697  775  708  579  1  2,766  2,139  29 
Net income $ 2,170  $ 2,507  $ 3,015  $ 2,437  $ 1,933  12  $ 10,129  $ 8,374  21 
Net income attributable to common shareholders (A) $ 2,139  $ 2,474  $ 2,977  $ 2,405  $ 1,904  12  $ 9,995  $ 8,252  21 
Effective tax rate 21.3  % 21.8  % 20.4  % 22.5  % 23.0  % 21.5  % 20.3  %
Earnings Per Common Share
Basic
Net income attributable to common shareholders $ 3.04  $ 3.50  $ 4.16  $ 3.34  $ 2.63  16  $ 14.04  $ 11.23  25 
Average common shares outstanding 703  708  716  721  725  (3) 712  735  (3)
Diluted
Net income attributable to common shareholders $ 3.04  $ 3.49  $ 4.15  $ 3.33  $ 2.62  16  $ 14.01  $ 11.21  25 
Average common shares outstanding 704  709  717  722  726  (3) 713  736  (3)
Cash dividends declared per common share $ 0.70  $ 0.70  $ 0.70  $ 0.70  $ 0.60  17  $ 2.80  $ 2.40  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)
  Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 YOY % change
Assets            
Cash & cash equivalents $ 40,640  $ 47,918  $ 52,895  $ 54,213  $ 46,596  (13)
Card Member receivables, less reserves 59,240  58,886  59,485  59,624  60,237  (2)
Card Member loans, less reserves 133,995  128,960  125,530  121,348  120,877  11 
Card Member loans held for sale 758  —  —  —  —  — 
Investment securities 1,240  1,268  1,210  2,232  2,186  (43)
Other (B) 35,588  33,947  33,099  31,844  31,212  14 
Total assets $ 271,461  $ 270,979  $ 272,219  $ 269,261  $ 261,108  4 
Liabilities and Shareholders' Equity            
Customer deposits $ 139,413  $ 135,438  $ 133,746  $ 134,418  $ 129,144  8 
Short-term borrowings 1,374  1,457  1,639  1,742  1,293  6 
Long-term debt 49,715  53,546  51,521  48,826  47,866  4 
Other (B) 50,695  50,831  55,773  55,511  54,748  (7)
Total liabilities 241,197  241,272  242,679  240,497  233,051  3 
Shareholders' Equity 30,264  29,707  29,540  28,764  28,057  8 
Total liabilities and shareholders' equity $ 271,461  $ 270,979  $ 272,219  $ 269,261  $ 261,108  4 
Return on average equity (C) 34.6  % 33.9  % 41.4  % 34.3  % 31.5  %
Return on average common equity (C) 36.1  % 35.3  % 43.2  % 35.9  % 33.0  %
Book value per common share (dollars) $ 40.88  $ 39.92  $ 39.26  $ 37.79  $ 36.61  12 

See Appendix III for footnote references
2

American Express Company (Preliminary)
Consolidated Capital
 
  Q4'24 Q3'24 Q2'24 Q1'24 Q4'23
Shares Outstanding (in millions)  
Beginning of period 704  712  719  723  729 
Repurchase of common shares (3) (8) (7) (5) (6)
Net impact of employee benefit plans and others 1  —  —  1  — 
End of period 702  704  712  719  723 
Risk-Based Capital Ratios - Basel III ($ in billions)  
Common Equity Tier 1/Risk Weighted Assets (RWA) 10.5  % 10.7  % 10.8  % 10.6  % 10.5  %
Tier 1 11.2  % 11.4  % 11.5  % 11.3  % 11.3  %
Total 13.2  % 13.4  % 13.5  % 13.2  % 13.1  %
Common Equity Tier 1 $ 24.9  $ 24.6  $ 24.6  $ 23.7  $ 23.2 
Tier 1 Capital $ 26.4  $ 26.2  $ 26.1  $ 25.3  $ 24.8 
Tier 2 Capital $ 4.7  $ 4.6  $ 4.6  $ 4.1  $ 4.0 
Total Capital $ 31.1  $ 30.8  $ 30.7  $ 29.4  $ 28.8 
RWA $ 235.8  $ 229.9  $ 227.8  $ 223.4  $ 219.7 
Tier 1 Leverage 9.8  % 9.8  % 9.9  % 9.8  % 9.9  %
Supplementary Leverage Ratio (SLR) (D) 8.3  %
Average Total Assets to calculate the Tier 1 Leverage Ratio (E) $ 268.8  $ 267.6  $ 263.3  $ 257.6  $ 249.6 
Total Leverage Exposure to calculate SLR (D) $ 317.0 

See Appendix III for footnote references
3

American Express Company (Preliminary)
Selected Card Related Statistical Information  
(Millions, except percentages and where indicated)  
  Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 YOY % change FY'24 FY'23 YOY % change
Network volumes (billions) (F) $ 464.0  $ 441.0  $ 440.6  $ 419.2  $ 434.4  7  $ 1,764.8  $ 1,680.1  5 
Billed business (F) $ 408.4  $ 387.3  $ 388.2  $ 367.0  $ 379.8  8  $ 1,550.9  $ 1,459.6  6 
Processed volumes (F) $ 55.6  $ 53.7  $ 52.4  $ 52.2  $ 54.6  2  $ 213.9  $ 220.5  (3)
Card Member loans $ 139,674  $ 134,548  $ 130,851  $ 126,619  $ 125,995  11  $ 139,674  $ 125,995  11 
Cards-in-force (G) 146.5  145.5  144.3  142.4  141.2  4  146.5  141.2  4 
Proprietary cards-in-force 83.6  82.9  82.1  81.1  80.2  4  83.6  80.2  4 
Basic cards-in-force (G) 123.3  122.4  121.4  119.8  118.7  4  123.3  118.7  4 
Proprietary basic cards-in-force 64.3  63.7  63.1  62.3  61.7  4  64.3  61.7  4 
Average proprietary basic Card Member spending (dollars) $ 6,378  $ 6,110  $ 6,192  $ 5,919  $ 6,179  3  $ 24,608  $ 24,059  2 
Average fee per card (dollars) (H) $ 108  $ 105  $ 101  $ 98  $ 95  14  $ 103  $ 92  12 
Proprietary new cards acquired (I) 3.0  3.3  3.3  3.4  2.9  13.0  12.2 

See Appendix III for footnote references
4

American Express Company (Preliminary)
Network Volumes Related Growth  
  YOY % change
  Reported FX-Adjusted (J) Reported FX-Adjusted (J)
  Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 FY'24 FY'24
Network volumes (F) 7% 5% 3% 5% 5% 8% 5% 4% 6% 5% 5% 6%
Billed business (F) 8 6 5 6 6 8 6 6 7 6 6 7
U.S. Consumer Services 9 6 6 8 7 n/a n/a n/a n/a n/a 7 n/a
Commercial Services 4 1 2 2 1 4 1 2 2 1 2 2
International Card Services 11 13 10 11 14 15 13 13 13 13 11 14
Processed volumes (F) 2 (1) (10) (2) (2) 6 1 (7) 2 (1) (3) —
Merchant industry billed business
Goods & Services (G&S) spend (74% of Q4'24 billed business) 7 6 5 6 5 8 6 6 6 5 7 6
T&E spend (26% of Q4'24 billed business) 9 6 6 8 9 10 6 7 8 9 5 8

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)
  Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 YOY % change FY'24 FY'23 YOY % change
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (K) 2.2  % 2.2  % 2.4  % 2.3  % 2.2  % 2.3  % 2.0  %
Net write-off rate (principal only) (K)(L) 1.9  % 1.9  % 2.1  % 2.1  % 2.0  % 2.0  % 1.8  %
30+ days past due as a % of total (L) 1.3  % 1.3  % 1.2  % 1.3  % 1.3  % 1.3  % 1.3  %
Card Member loans                  
Total Card Member loans $ 139,674  $ 134,548  $ 130,851  $ 126,619  $ 125,995  11  $ 139,674  $ 125,995  11 
Credit loss reserves
Beginning balance $ 5,588  $ 5,321  $ 5,271  $ 5,118  $ 4,721  18  $ 5,118  $ 3,747  37 
Provisions - principal, interest and fees 1,011  1,114  970  1,014  1,148  (12) 4,109  3,839  7 
Net write-offs - principal less recoveries (735) (701) (753) (705) (631) 16  (2,894) (2,043) 42 
Net write-offs - interest and fees less recoveries (159) (152) (160) (150) (133) 20  (621) (443) 40 
Other (M) (26) 6  (7) (6) 13  # (33) 18  #
Ending balance $ 5,679  $ 5,588  $ 5,321  $ 5,271  $ 5,118  11  $ 5,679  $ 5,118  11 
% of loans 4.1  % 4.2  % 4.1  % 4.2  % 4.1  % 4.1  % 4.1  %
% of past due 288  % 297  % 312  % 297  % 297  % 288  % 297  %
Average loans $ 136,972  $ 132,956  $ 128,321  $ 124,720  $ 121,774  12  $ 130,758  $ 114,816  14 
Net write-off rate (principal, interest and fees) (K) 2.6  % 2.6  % 2.8  % 2.7  % 2.5  % 2.7  % 2.2  %
Net write-off rate (principal only) (K)(L) 2.1  % 2.1  % 2.3  % 2.3  % 2.1  % 2.2  % 1.8  %
30+ days past due as a % of total (L) 1.4  % 1.4  % 1.3  % 1.4  % 1.4  % 1.4  % 1.4  %
Net interest income divided by average Card Member loans including loans held for sale (N) 11.7  % 12.0  % 11.7  % 12.2  % 11.7  % 11.9  % 11.4  %  
Net interest yield on average Card Member loans including loans held for sale (N) 11.8  % 12.0  % 11.7  % 12.0  % 11.7  % 11.9  % 11.5  %  
Card Member receivables                  
Total Card Member receivables $ 59,411  $ 59,042  $ 59,656  $ 59,775  $ 60,411  (2) $ 59,411  $ 60,411  (2)
Credit loss reserves
Beginning balance $ 156  $ 171  $ 151  $ 174  $ 174  (10) $ 174  $ 229  (24)
Provisions - principal and fees 182  170  226  196  222  (18) 774  880  (12)
Net write-offs - principal and fees less recoveries (164) (187) (205) (217) (223) (26) (773) (937) (18)
Other (M) (3) 2  (1) (2) 1  # (4) 2  #
Ending balance $ 171  $ 156  $ 171  $ 151  $ 174  (2) $ 171  $ 174  (2)
% of receivables 0.3  % 0.3  % 0.3  % 0.3  % 0.3  % 0.3  % 0.3  %
Net write-off rate (principal and fees) (K) 1.1  % 1.3  % 1.4  % 1.5  % 1.5  % 1.3  % 1.6  %
Net write-off rate (principal only) (K)(L) 1.2  % 1.4  % 1.5  % 1.7  % 1.7  % 1.5  % 1.8  %  
30+ days past due as a % of total (L) 0.9  % 0.9  % 0.9  % 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)
  Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 YOY % change FY'24 FY'23 YOY % change
Other loans (B)
Total other loans $ 9,232  $ 8,460  $ 8,157  $ 7,601  $ 7,086  30  $ 9,232  $ 7,086  30 
Credit loss reserves
Beginning balance $ 154  $ 140  $ 136  $ 126  $ 108  43  $ 126  $ 59  #
Provisions 94  60  49  53  52  81  256  174  47 
Net write-offs (53) (46) (45) (43) (34) 56  (187) (107) 75 
Other (M) (1) —  —  —  —  —  (1) —  — 
Ending balance $ 194  $ 154  $ 140  $ 136  $ 126  54  $ 194  $ 126  54 
% of other loans 2.1  % 1.8  % 1.7  % 1.8  % 1.8  % 2.1  % 1.8  %
Other receivables (B)
Total other receivables $ 3,587  $ 3,800  $ 3,889  $ 3,785  $ 3,654  (2) $ 3,587  $ 3,654  (2)
Credit loss reserves
Beginning balance $ 49  $ 44  $ 27  $ 27  $ 27  81  $ 27  $ 22  23 
Provisions 5  12  23  6  15  (67) 46  30  53 
Net write-offs (28) (6) (4) (6) (16) 75  (44) (25) 76 
Other (M) 1  (1) (2) —  1  —  (2) —  — 
Ending balance $ 27  $ 49  $ 44  $ 27  $ 27  —  $ 27  $ 27  — 
% of other receivables 0.8  % 1.3  % 1.1  % 0.7  % 0.7  % 0.8  % 0.7  %
# - 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 Other Consolidated
Q4'24          
Non-interest revenues $ 5,314  $ 3,388  $ 2,725  $ 1,723  $ (9) $ 13,141 
Interest income 3,753  1,176  583  11  554  6,077 
Interest expense 815  442  318  (160) 624  2,039 
Total revenues net of interest expense 8,252  4,122  2,990  1,894  (79) 17,179 
Total provisions for credit losses 784  311  194  6  (3) 1,292 
Total revenues net of interest expense after provisions for credit losses 7,468  3,811  2,796  1,888  (76) 15,887 
Card Member rewards, business development and Card Member services 3,816  1,751  1,442  322  14  7,345 
Marketing 813  360  306  130  5  1,614 
Salaries and employee benefits and other operating expenses 1,294  886  1,014  583  395  4,172 
Total expenses 5,923  2,997  2,762  1,035  414  13,131 
Pretax income (loss) $ 1,545  $ 814  $ 34  $ 853  $ (490) $ 2,756 
Q4'23
Non-interest revenues $ 4,782  $ 3,266  $ 2,466  $ 1,693  $ (12) $ 12,195 
Interest income 3,399  949  574  15  615  5,552 
Interest expense 786  407  348  (233) 640  1,948 
Total revenues net of interest expense 7,395  3,808  2,692  1,941  (37) 15,799 
Total provisions for credit losses 860  368  194  14  1  1,437 
Total revenues net of interest expense after provisions for credit losses 6,535  3,440  2,498  1,927  (38) 14,362 
Card Member rewards, business development and Card Member services 3,267  1,574  1,216  326  14  6,397 
Marketing 544  281  272  131  —  1,228 
Salaries and employee benefits and other operating expenses 1,255  919  866  648  537  4,225 
Total expenses 5,066  2,774  2,354  1,105  551  11,850 
Pretax income (loss) $ 1,469  $ 666  $ 144  $ 822  $ (589) $ 2,512 
YOY % change
Non-interest revenues 11  4  11  2  25  8 
Interest income 10  24  2  (27) (10) 9 
Interest expense 4  9  (9) 31  (3) 5 
Total revenues net of interest expense 12  8  11  (2) # 9 
Total provisions for credit losses (9) (15) —  (57) # (10)
Total revenues net of interest expense after provisions for credit losses 14  11  12  (2) # 11 
Card Member rewards, business development and Card Member services 17  11  19  (1) —  15 
Marketing 49  28  13  (1) —  31 
Salaries and employee benefits and other operating expenses 3  (4) 17  (10) (26) (1)
Total expenses 17  8  17  (6) (25) 11 
Pretax income (loss) 5  22  (76) 4  17  10 
# - 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)
  Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 YOY % change FY'24 FY'23 YOY % change
Non-interest revenues $ 5,314  $ 5,028  $ 5,029  $ 4,766  $ 4,782  11  $ 20,137  $ 18,464  9 
Interest income 3,753  3,722  3,474  3,481  3,399  10  14,430  12,336  17 
Interest expense 815  806  771  748  786  4  3,140  2,684  17 
Net interest income 2,938  2,916  2,703  2,733  2,613  12  11,290  9,652  17 
Total revenues net of interest expense 8,252  7,944  7,732  7,499  7,395  12  31,427  28,116  12 
Total provisions for credit losses 784  812  706  727  860  (9) 3,029  2,855  6 
Total revenues net of interest expense after provisions for credit losses 7,468  7,132  7,026  6,772  6,535  14  28,398  25,261  12 
Card Member rewards, business development and Card Member services 3,816  3,570  3,587  3,356  3,267  17  14,329  12,808  12 
Marketing 813  755  764  719  544  49  3,051  2,585  18 
Salaries and employee benefits and other operating expenses 1,294  1,148  1,115  1,084  1,255  3  4,641  4,435  5 
Total expenses 5,923  5,473  5,466  5,159  5,066  17  22,021  19,828  11 
Pretax segment income $ 1,545  $ 1,659  $ 1,560  $ 1,613  $ 1,469  5  $ 6,377  $ 5,433  17 
Billed business (billions) (F) $ 174.0  $ 162.3  $ 165.1  $ 153.4  $ 159.7  9  $ 654.8  $ 610.8  7 
Proprietary cards-in-force (G) 46.3  45.7  45.2  44.4  43.8  6  46.3  43.8  6 
Proprietary basic cards-in-force (G) 32.5  32.1  31.7  31.1  30.7  6  32.5  30.7  6 
Average proprietary basic Card Member spending (dollars) $ 5,387  $ 5,091  $ 5,258  $ 4,962  $ 5,229  3  $ 20,707  $ 20,303  2 
Segment assets $ 114,228  $ 106,201  $ 108,224  $ 104,297  $ 107,158  7  $ 114,228  $ 107,158  7 
Card Member loans
Total loans $ 92,632  $ 86,752  $ 84,958  $ 82,255  $ 83,207  11  $ 92,632  $ 83,207  11 
Average loans $ 89,178  $ 86,223  $ 83,452  $ 81,746  $ 80,304  11  $ 85,264  $ 75,975  12 
Net write-off rate (principal, interest and fees) (K) 2.6  % 2.6  % 2.9  % 2.8  % 2.5  % 2.7  % 2.2  %  
Net write-off rate (principal only) (K) 2.1  % 2.1  % 2.4  % 2.3  % 2.1  % 2.2  % 1.7  %  
30+ days past due as a % of total 1.4  % 1.4  % 1.3  % 1.4  % 1.4  % 1.4  % 1.4  %  
Net interest income divided by average Card Member loans (N) 13.1  % 13.5  % 13.0  % 13.4  % 12.9  % 13.2  % 12.7  %  
Net interest yield on average Card Member loans (N) 12.7  % 13.0  % 12.6  % 13.0  % 12.7  % 12.8  % 12.4  %  
Card Member receivables
Total receivables $ 14,419  $ 13,168  $ 13,796  $ 13,588  $ 14,789  (3) $ 14,419  $ 14,789  (3)
Net write-off rate (principal and fees) (K) 0.9  % 1.2  % 1.2  % 1.5  % 1.3  % 1.2  % 1.3  %  
Net write-off rate (principal only) (K) 0.8  % 1.1  % 1.1  % 1.3  % 1.2  % 1.1  % 1.2  %  
30+ days past due as a % of total 0.6  % 0.7  % 0.7  % 0.8  % 0.8  % 0.6  % 0.8  %  

See Appendix III for footnote references
9

Commercial Services (Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 YOY % change FY'24 FY'23 YOY % change
Non-interest revenues $ 3,388  $ 3,304  $ 3,333  $ 3,194  $ 3,266  4  $ 13,219  $ 12,931  2 
Interest income 1,176  1,142  1,051  1,005  949  24  4,374  3,328  31 
Interest expense 442  448  430  414  407  9  1,734  1,483  17 
Net interest income 734  694  621  591  542  35  2,640  1,845  43 
Total revenues net of interest expense 4,122  3,998  3,954  3,785  3,808  8  15,859  14,776  7 
Total provisions for credit losses 311  374  349  355  368  (15) 1,389  1,313  6 
Total revenues net of interest expense after provisions for credit losses 3,811  3,624  3,605  3,430  3,440  11  14,470  13,463  7 
Card Member rewards, business development and Card Member services 1,751  1,627  1,633  1,493  1,574  11  6,504  6,332  3 
Marketing 360  308  325  326  281  28  1,319  1,090  21 
Salaries and employee benefits and other operating expenses 886  781  742  733  919  (4) 3,142  3,180  (1)
Total expenses 2,997  2,716  2,700  2,552  2,774  8  10,965  10,602  3 
Pretax segment income $ 814  $ 908  $ 905  $ 878  $ 666  22  $ 3,505  $ 2,861  23 
Billed business (billions) (F) $ 136.0  $ 131.0  $ 132.3  $ 127.1  $ 131.3  4  $ 526.5  $ 516.0  2 
Proprietary cards-in-force (G) 15.4  15.5  15.4  15.4  15.4  —  15.4  15.4  — 
Average proprietary basic Card Member spending (dollars) $ 8,804  $ 8,474  $ 8,588  $ 8,261  $ 8,515  3  $ 34,130  $ 33,745  1 
Segment assets $ 58,969  $ 59,716  $ 58,993  $ 58,143  $ 55,361  7  $ 58,969  $ 55,361  7 
Card Member loans
Total loans $ 29,647  $ 29,869  $ 28,621  $ 27,634  $ 25,838  15  $ 29,647  $ 25,838  15 
Average loans $ 30,203  $ 29,428  $ 28,031  $ 26,553  $ 25,608  18  $ 28,518  $ 23,877  19 
Net write-off rate (principal, interest and fees) (K) 2.7  % 2.6  % 2.7  % 2.6  % 2.4  % 2.7  % 2.0  %
Net write-off rate (principal only) (K) 2.3  % 2.2  % 2.3  % 2.3  % 2.1  % 2.3  % 1.7  %
30+ days past due as a % of total 1.5  % 1.5  % 1.4  % 1.5  % 1.4  % 1.5  % 1.4  %
Net interest income divided by average Card Member loans including loans held for sale (N) 9.6  % 9.4  % 8.9  % 9.0  % 8.4  % 9.2  % 7.7  %
Net interest yield on average Card Member loans including loans held for sale (N) 11.1  % 10.9  % 10.5  % 10.6  % 10.3  % 10.8  % 9.9  %
Card Member receivables
Total receivables $ 24,945  $ 26,341  $ 26,737  $ 27,024  $ 26,222  (5) $ 24,945  $ 26,222  (5)
Net write-off rate (principal and fees) (K) 1.1  % 1.3  % 1.4  % 1.4  % 1.5  % 1.3  % 1.5  %
Net write-off rate (principal only) - small business (K) 1.6  % 1.8  % 2.0  % 2.1  % 2.0  % 1.9  % 2.1  %
30+ days past due as a % of total - small business 1.3  % 1.2  % 1.2  % 1.4  % 1.5  % 1.3  % 1.5  %
90+ days past billing as a % of total - corporate 0.4  % 0.4  % 0.4  % 0.5  % 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)
  Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 YOY % change FY'24 FY'23 YOY % change
Non-interest revenues $ 2,725  $ 2,659  $ 2,548  $ 2,437  $ 2,466  11  $ 10,369  $ 9,472  9 
Interest income 583  588  577  583  574  2  2,331  2,076  12 
Interest expense 318  311  303  307  348  (9) 1,239  1,118  11 
Net interest income 265  277  274  276  226  17  1,092  958  14 
Total revenues net of interest expense 2,990  2,936  2,822  2,713  2,692  11  11,461  10,430  10 
Total provisions for credit losses 194  158  192  182  194  —  726  727  — 
Total revenues net of interest expense after provisions for credit losses 2,796  2,778  2,630  2,531  2,498  12  10,735  9,703  11 
Card Member rewards, business development and Card Member services 1,442  1,296  1,302  1,203  1,216  19  5,243  4,588  14 
Marketing 306  287  290  352  272  13  1,235  1,081  14 
Salaries and employee benefits and other operating expenses 1,014  740  748  724  866  17  3,226  3,061  5 
Total expenses 2,762  2,323  2,340  2,279  2,354  17  9,704  8,730  11 
Pretax segment income $ 34  $ 455  $ 290  $ 252  $ 144  (76) $ 1,031  $ 973  6 
Billed business (billions) (F) $ 97.7  $ 93.6  $ 90.2  $ 85.4  $ 88.1  11  $ 366.9  $ 329.5  11 
Proprietary cards-in-force (G) 21.9  21.7  21.5  21.3  21.0  4  21.9  21.0  4 
Proprietary basic cards-in-force (G) 16.4  16.2  16.0  15.8  15.6  5  16.4  15.6  5 
Average proprietary basic Card Member spending (dollars) $ 6,003  $ 5,829  $ 5,681  $ 5,436  $ 5,684  6  $ 22,965  $ 21,550  7 
Segment assets $ 42,879  $ 43,073  $ 41,982  $ 41,472  $ 42,234  2  $ 42,879  $ 42,234  2 
Card Member loans - consumer and small business
Total loans $ 17,395  $ 17,927  $ 17,272  $ 16,730  $ 16,950  3  $ 17,395  $ 16,950  3 
Average loans $ 17,591  $ 17,305  $ 16,838  $ 16,422  $ 15,862  11  $ 16,976  $ 14,964  13 
Net write-off rate (principal, interest and fees) (K) 2.3  % 2.4  % 2.5  % 2.6  % 2.5  % 2.5  % 2.5  %
Net write-off rate (principal only) (K) 1.9  % 2.0  % 2.1  % 2.2  % 2.1  % 2.1  % 2.1  %
30+ days past due as a % of total 1.2  % 1.2  % 1.2  % 1.3  % 1.3  % 1.2  % 1.3  %
Net interest income divided by average Card Member loans (N) 6.0  % 6.4  % 6.5  % 6.8  % 5.6  % 6.4  % 6.4  %
Net interest yield on average Card Member loans (N) 8.7  % 8.8  % 9.0  % 9.5  % 9.1  % 9.0  % 9.2  %
Card Member receivables
Total receivables $ 20,047  $ 19,533  $ 19,123  $ 19,163  $ 19,400  3  $ 20,047  $ 19,400  3 
Net write-off rate (principal and fees) (K) 1.3  % 1.3  % 1.5  % 1.6  % 1.8  % 1.4  % 2.1  %
Net write-off rate (principal only) - consumer and small business (K) 1.3  % 1.4  % 1.6  % 1.7  % 1.8  % 1.5  % 2.2  %
30+ days past due as a % of total - consumer and small business 0.8  % 0.9  % 0.9  % 1.0  % 1.0  % 0.8  % 1.0  %
90+ days past billing as a % of total - corporate 0.4  % 0.4  % 0.4  % 0.5  % 0.5  % 0.4  % 0.5  %

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)                          
  Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 YOY % change FY'24 FY'23 YOY % change
Non-interest revenues $ 1,723  $ 1,667  $ 1,684  $ 1,655  $ 1,693  2  $ 6,729  $ 6,620  2 
Interest income 11  11  13  17  15  (27) 52  57  (9)
Interest expense (160) (169) (176) (198) (233) 31  (703) (719) 2 
Net interest income 171  180  189  215  248  (31) 755  776  (3)
Total revenues net of interest expense 1,894  1,847  1,873  1,870  1,941  (2) 7,484  7,396  1 
Total provisions for credit losses 6  10  20  6  14  (57) 42  27  56 
Total revenues net of interest expense after provisions for credit losses 1,888  1,837  1,853  1,864  1,927  (2) 7,442  7,369  1 
Business development and Card Member services 322  269  278  279  326  (1) 1,148  1,218  (6)
Marketing 130  112  96  73  131  (1) 411  437  (6)
Salaries and employee benefits and other operating expenses 583  465  (58) 495  648  (10) 1,485  2,058  (28)
Total expenses 1,035  846  316  847  1,105  (6) 3,044  3,713  (18)
Pretax segment income $ 853  $ 991  $ 1,537  $ 1,017  $ 822  4  $ 4,398  $ 3,656  20 
                 
Total network volumes (billions) (F) $ 464.0  $ 441.0  $ 440.6  $ 419.2  $ 434.4  7  $ 1,764.8  $ 1,680.1  5 
Segment assets $ 17,712  $ 17,739  $ 24,446  $ 24,885  $ 23,714  (25) $ 17,712  $ 23,714  (25)

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)  
 
Q4'24 Q3'24 Q2'24 Q1'24 Q4'23
ROE          
Annualized Net income $ 10,129  $ 10,028  $ 12,060  $ 9,748  $ 8,374 
Average shareholders' equity $ 29,266  $ 29,623  $ 29,152  $ 28,410  $ 26,557 
Return on average equity (C) 34.6  % 33.9  % 41.4  % 34.3  % 31.5  %
Reconciliation of ROCE          
Annualized Net income $ 10,129  $ 10,028  $ 12,060  $ 9,748  $ 8,374 
Preferred share dividends and equity related adjustments 58  58  59  57  58 
Earnings allocated to participating share awards and other 76  75  92  73  64 
Net income attributable to common shareholders $ 9,995  $ 9,895  $ 11,909  $ 9,618  $ 8,252 
Average shareholders' equity $ 29,266  $ 29,623  $ 29,152  $ 28,410  $ 26,557 
Average preferred shares 1,584  1,584  1,584  1,584  1,584 
Average common shareholders' equity $ 27,682  $ 28,039  $ 27,568  $ 26,826  $ 24,973 
Return on average common equity (C) 36.1  % 35.3  % 43.2  % 35.9  % 33.0  %

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)  
  Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 FY'24 FY'23
Consolidated              
Net interest income $ 4,038  $ 4,006  $ 3,730  $ 3,769  $ 3,604  $ 15,543  $ 13,134 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (O) 865  940  912  882  821  3,599  2,943 
Interest income not attributable to our Card Member loan portfolio (P) (823) (940) (920) (916) (824) (3,599) (2,896)
Adjusted net interest income (N) $ 4,080  $ 4,006  $ 3,722  $ 3,735  $ 3,601  $ 15,543  $ 13,181 
Average Card Member loans including loans held for sale $ 137,161  $ 132,956  $ 128,321  $ 124,720  $ 121,774  $ 130,817  $ 114,816 
Net interest income divided by average Card Member loans including loans held for sale (N) 11.7  % 12.0  % 11.7  % 12.2  % 11.7  % 11.9  % 11.4  %
Net interest yield on average Card Member loans including loans held for sale (N) 11.8  % 12.0  % 11.7  % 12.0  % 11.7  % 11.9  % 11.5  %
U.S. Consumer Services
Net interest income $ 2,938  $ 2,916  $ 2,703  $ 2,733  $ 2,613  $ 11,290  $ 9,652 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (O) 73  45  44  36  71  198  192 
Interest income not attributable to our Card Member loan portfolio (P) (160) (143) (132) (122) (112) (557) (386)
Adjusted net interest income (N) $ 2,851  $ 2,818  $ 2,615  $ 2,647  $ 2,572  $ 10,931  $ 9,458 
Average Card Member loans $ 89,178  $ 86,223  $ 83,452  $ 81,746  $ 80,304  $ 85,264  $ 75,975 
Net interest income divided by average Card Member loans (N) 13.1  % 13.5  % 13.0  % 13.4  % 12.9  % 13.2  % 12.7  %
Net interest yield on average Card Member loans (N) 12.7  % 13.0  % 12.6  % 13.0  % 12.7  % 12.8  % 12.4  %
Commercial Services
Net interest income $ 734  $ 694  $ 621  $ 591  $ 542  $ 2,640  $ 1,845 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (O) 198  193  190  184  186  765  711 
Interest income not attributable to our Card Member loan portfolio (P) (86) (84) (81) (74) (65) (325) (204)
Adjusted net interest income (N) $ 846  $ 803  $ 730  $ 701  $ 663  $ 3,080  $ 2,352 
Average Card Member loans including loans held for sale $ 30,392  $ 29,428  $ 28,031  $ 26,553  $ 25,608  $ 28,576  $ 23,877 
Net interest income divided by average Card Member loans including loans held for sale (N) 9.6  % 9.4  % 8.9  % 9.0  % 8.4  % 9.2  % 7.7  %
Net interest yield on average Card Member loans including loans held for sale (N) 11.1  % 10.9  % 10.5  % 10.6  % 10.3  % 10.8  % 9.9  %
International Card Services
Net interest income $ 265  $ 277  $ 274  $ 276  $ 226  $ 1,092  $ 958 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (O) 130  122  118  126  156  496  475 
Interest income not attributable to our Card Member loan portfolio (P) (12) (14) (15) (15) (16) (56) (62)
Adjusted net interest income (N) $ 383  $ 385  $ 377  $ 387  $ 366  $ 1,532  $ 1,371 
Average Card Member loans $ 17,591  $ 17,305  $ 16,838  $ 16,422  $ 15,862  $ 16,976  $ 14,964 
Net interest income divided by average Card Member loans (N) 6.0  % 6.4  % 6.5  % 6.8  % 5.6  % 6.4  % 6.4  %
Net interest yield on average Card Member loans (N) 8.7  % 8.8  % 9.0  % 9.5  % 9.1  % 9.0  % 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 $17 million, $18 million, $23 million, $18 million and $14 million in Q4'24, Q3'24, Q2'24, Q1'24 and Q4'23, respectively; and (ii) dividends on preferred shares of $14 million, $15 million, $15 million, $14 million and $15 million in Q4'24, Q3'24, Q2'24, Q1'24 and Q4'23, 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) Supplementary Leverage Ratio is calculated as Tier 1 capital divided by total leverage exposure. Total leverage exposure includes total average on-balance sheet assets and certain off-balance sheet exposures, less amounts permitted to be deducted from Tier 1 capital. We became a Category III firm in the third quarter of 2024 and thus are subject to a minimum supplementary leverage ratio from the fourth quarter onwards.
(E) Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(F) 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.
(G) 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.
(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) 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.
(J) 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).
(K) 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.
(L) 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.
(M) Other includes foreign currency impact on balance sheet re-measurement and translation.
(N) For purposes of the calculation of net interest yield on Card Member loans and net interest income divided by average Card Member loans, average loans include loans held for sale (HFS) as we continue to recognize interest income on these loans until they are sold. 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.
(O) Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(P) Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
15