Item 16. FORM 10-K SUMMARY

Not applicable.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

						AMERICAN EXPRESS COMPANY
						/s/ CHRISTOPHE Y. LE CAILLEC
						Christophe Y. Le Caillec Chief Financial Officer

February 9, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Company and in the capacities and on the date indicated.

/s/ STEPHEN J. SQUERI						/s/ THEODORE J. LEONSIS
Stephen J. Squeri Chairman, Chief Executive Officer and Director						Theodore J. Leonsis Director
/s/ CHRISTOPHE Y. LE CAILLEC						/s/ DEBORAH P. MAJORAS
Christophe Y. Le Caillec Chief Financial Officer						Deborah P. Majoras Director
/s/ JESSICA LIEBERMAN QUINN						/s/ KAREN L. PARKHILL
Jessica Lieberman Quinn Executive Vice President and Corporate Controller (Principal Accounting Officer)						Karen L. Parkhill Director
/s/ THOMAS J. BALTIMORE, JR.						/s/ CHARLES E. PHILLIPS, JR.
Thomas J. Baltimore, Jr. Director						Charles E. Phillips, Jr. Director
/s/ JOHN J. BRENNAN						/s/ LYNN A. PIKE
John J. Brennan Director						Lynn A. Pike Director
/s/ PETER CHERNIN						/s/ DANIEL L. VASELLA
Peter Chernin Director						Daniel L. Vasella Director
/s/ WALTER J. CLAYTON III						/s/ LISA W. WARDELL
Walter J. Clayton III Director						Lisa W. Wardell Director
/s/ RALPH DE LA VEGA						/s/ CHRISTOPHER D. YOUNG
Ralph de la Vega Director						Christopher D. Young Director

February 9, 2024

Appendix

STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES

The accompanying supplemental information should be read in conjunction with the “MD&A,” “Consolidated Financial Statements” and notes thereto.

Distribution of Assets, Liabilities, and Shareholders’ Equity; Interest Rates and Interest Differential

The following tables provide a summary of our consolidated average balances including major categories of interest-earning assets and interest-bearing liabilities along with an analysis of net interest earnings. Consolidated average balances, interest, and average yields are segregated between U.S. and non-U.S. offices. Assets, liabilities, interest income and interest expense are attributed to the United States and outside the United States based on the location of the office recording such items.

						2023																		2022																		2021
Years Ended December 31, (Millions, except percentages)						Average Balance (a)						Interest Income						Average Yield						Average Balance (a)						Interest Income						Average Yield						Average Balance (a)						Interest Income						Average Yield
Interest-earning assets
Interest-bearing deposits in other banks
U.S.						$	34,327					$	1,890					5.5		%				$	22,022					$	462					2.1		%				$	25,583					$	34					0.1		%
Non-U.S.						2,173						228						10.5						2,005						95						4.7						2,291						54						2.4
Federal funds sold and securities purchased under agreements to resell
Non-U.S.						176						20						11.4						381						29						7.6						196						10						5.1
Short-term investment securities
U.S.						289						18						6.2						580						7						1.2						360						—						—
Non-U.S.						110						5						4.5						93						2						2.2						106						—						—
Card Member and other loans
U.S.						105,819						15,656						14.8						86,810						10,525						12.1						68,777						7,734						11.2
Non-U.S.						15,258						2,041						13.4						12,642						1,442						11.4						9,740						1,116						11.5
Taxable investment securities (b)
U.S.						2,893						75						2.5						3,196						67						2.1						13,765						62						0.5
Non-U.S.						726						43						5.9						648						23						3.5						634						16						2.5
Non-taxable investment securities (b)
U.S.						22						1						5.6						29						2						9.8						87						3						4.7
Other assets (c)
Primarily U.S.						8						6						n.m.						10						4						n.m.						16						4						n.m.
Total interest-earning assets (d)						$	161,801					$	19,983					12.3		%				$	128,416					$	12,658					9.9		%				$	121,555					$	9,033					7.4		%
U.S.						$	143,358					$	17,646											$	112,647					$	11,067											$	108,588					$	7,837
Non-U.S.						$	18,443					$	2,337											$	15,769					$	1,591											$	12,967					$	1,196

n.m. Denotes rates determined to not be meaningful.

(a)Averages based on month-end balances.

(b)Average yields for both taxable and non-taxable investment securities have been calculated using amortized cost balances and do not include changes in fair value recorded in other comprehensive loss. Average yield on non-taxable investment securities is calculated on a tax-equivalent basis using the U.S. federal statutory tax rate of 21 percent for 2023, 2022 and 2021.

(c)Amounts include (i) average equity securities balances, which are included in investment securities on the Consolidated Balance Sheets, and (ii) the associated income.

(d)The average yield on total interest-earning assets is adjusted for the impacts of the items mentioned in footnote (b).

A-1

Years Ended December 31, (Millions, except percentages)						2023 Average Balance (a)						2022 Average Balance (a)						2021 Average Balance (a)
Non-interest-earning assets
Cash and due from banks
U.S.						$	3,281					$	2,794					$	2,729
Non-U.S.						785						742						868
Card Member receivables, net
U.S.						34,269						34,527						30,039
Non-U.S.						23,182						19,973						16,632
Reserves for credit losses on Card Member and other loans
U.S.						(3,978)						(2,972)						(3,964)
Non-U.S.						(409)						(272)						(369)
Other assets (b)
U.S.						17,546						16,621						16,589
Non-U.S.						5,940						5,650						5,514
Total non-interest-earning assets						80,616						77,063						68,038
U.S.						51,118						50,970						45,393
Non-U.S.						29,498						26,093						22,645
Total assets						242,417						205,479						189,593
U.S.						194,476						163,617						153,981
Non-U.S.						$	47,941					$	41,862					$	35,612
Percentage of total average assets attributable to non-U.S. activities						19.8		%				20.4		%				18.8		%

(a)Averages based on month-end balances.

(b)Includes premises and equipment, net of accumulated depreciation and amortization.

A-2

						2023																		2022																		2021
Years Ended December 31, (Millions, except percentages)						Average Balance (a)						Interest Expense						Average Rate						Average Balance (a)						Interest Expense						Average Rate						Average Balance (a)						Interest Expense						Average Rate
Interest-bearing liabilities
Customer deposits
U.S.
Savings and transaction accounts						$	86,102					$	3,357					3.9		%				$	71,458					$	967					1.4		%				$	65,694					$	275					0.4		%
Certificates of deposit						18,352						677						3.7						9,357						254						2.7						6,093						139						2.3
Sweep accounts						15,676						824						5.3						15,039						301						2.0						13,081						41						0.3
Non-U.S.
Certificates of deposit and other deposits						15						7						46.7						17						5						29.4						19						3						15.8
Short-term borrowings
U.S.						41						—						—						8						—						—						3						—						—
Non-U.S.						1,489						29						1.9						1,894						19						1.0						1,983						12						0.6
Long-term debt and other (b)
U.S.						44,283						1,929						4.4						39,322						1,197						3.0						38,157						808						2.1
Non-U.S.						244						26						10.7						273						20						7.3						326						5						1.5
Total interest-bearing liabilities						$	166,202					$	6,849					4.1		%				$	137,368					$	2,763					2.0		%				$	125,356					$	1,283					1.0		%
U.S.						$	164,454					$	6,787											$	135,184					$	2,719											$	123,028					$	1,263
Non-U.S.						$	1,748					$	62											$	2,184					$	44											$	2,328					$	20
Non-interest-bearing liabilities
Accounts payable
U.S.						$	5,609																	$	4,982																	$	4,289
Non-U.S.						6,806																		5,796																		5,107
Customer deposits(c)
U.S.						524																		534																		494
Non-U.S.						444																		474																		569
Other liabilities
U.S.						27,345																		25,080																		22,925
Non-U.S.						8,607																		7,865																		6,943
Total non-interest-bearing liabilities						49,335																		44,731																		40,327
U.S.						33,478																		30,596																		27,708
Non-U.S.						15,857																		14,135																		12,619
Total liabilities						215,537																		182,099																		165,683
U.S.						197,932																		165,780																		150,736
Non-U.S.						17,605																		16,319																		14,947
Total shareholders’ equity						26,880																		23,380																		23,910
Total liabilities and shareholders’ equity						$	242,417																	$	205,479																	$	189,593
Percentage of total average liabilities attributable to non-U.S. activities						8.2		%																9.0		%																9.0		%
Interest rate spread																		8.2		%																7.9		%																6.4		%
Net interest income and net average yield on interest-earning assets**(d)`**												$	13,134					8.1		%										$	9,895					7.7		%										$	7,750					6.4		%

(a)Averages based on month-end balances.

(b)Interest expense primarily reflects interest on long-term financing and interest incurred on derivative instruments in qualifying hedging relationships on the hedged debt instruments.

(c)U.S. non-interest-bearing Customer deposits include average Card Member credit balances of $474 million, $502 million and $470 million for 2023, 2022 and 2021, respectively. Non-U.S. non-interest-bearing Customer deposits include average Card Member credit balances of $441 million, $471 million and $568 million for 2023, 2022 and 2021, respectively.

(d)Net average yield on interest-earning assets is defined as net interest income divided by average total interest-earning assets as adjusted for the items mentioned in footnote (c) from the table on A-1.

A-3

Changes in Net Interest Income − Volume and Rate Analysis (a)

The following table presents the amount of changes in interest income and interest expense due to changes in both average volume and average rate. Major categories of interest-earning assets and interest-bearing liabilities have been segregated between U.S. and non-U.S. offices. Average volume/rate changes have been allocated between the average volume and average rate variances on a consistent basis based upon the respective percentage changes in average balances and average rates.

						2023 Versus 2022																		2022 Versus 2021
						Increase (Decrease) due to change in:																		Increase (Decrease) due to change in:
Years Ended December 31, (Millions)						Average Volume(b)						Average Rate(c)						Net Change						Average Volume(b)						Average Rate(c)						Net Change
Interest-earning assets
Interest-bearing deposits in other banks
U.S.						$	258					$	1,170					$	1,428					$	(5)					$	433					$	428
Non-U.S.						8						125						133						(7)						48						41
Federal funds sold and securities purchased under agreements to resell
Non-U.S.						(16)						7						(9)						9						10						19
Short-term investment securities
U.S.						(4)						15						11						—						7						7
Non-U.S.						—						3						3						—						2						2
Card Member and Other loans
U.S.						2,305						2,826						5,131						2,028						763						2,791
Non-U.S.						298						301						599						333						(7)						326
Taxable investment securities
U.S.						(6)						14						8						(47)						52						5
Non-U.S.						3						17						20						—						7						7
Non-taxable investment securities
U.S.						—						(1)						(1)						(2)						1						(1)
Other assets
Primarily U.S.						(1)						3						2						(2)						2						—
Change in interest income						$	2,845					$	4,480					$	7,325					$	2,307					$	1,318					$	3,625
Interest-bearing liabilities
Customer deposits
U.S.
Savings and transaction accounts						$	198					$	2,192					$	2,390					$	24					$	668					$	692
Certificates of deposit						244						179						423						74						41						115
Sweep accounts						13						510						523						6						254						260
Non-U.S.
Certificates of deposit & Other deposits						(1)						3						2						—						2						2
Short-term borrowings
U.S.						—						—						—						—						—						—
Non-U.S.						(4)						14						10						(1)						8						7
Long-term debt and other
U.S.						151						581						732						25						364						389
Non-U.S.						(2)						8						6						(1)						16						15
Change in interest expense						599						3,487						4,086						127						1,353						1,480
Change in net interest income						$	2,246					$	993					$	3,239					$	2,180					$	(35)					$	2,145

(a)Refer to footnotes from “Distribution of Assets, Liabilities and Shareholders’ Equity” for additional information.

(b)Represents the change in volume multiplied by the prior year rate.

(c)Represents the sum of the change in rate multiplied by the prior year volume and the change in rate multiplied by the change in volume.

A-4

Weighted average yields and contractual maturities for available-for-sale debt securities with stated maturities

The following table presents weighted average yields by contractual maturities for available-for-sale debt securities with stated maturities as of December 31, 2023:

Weighted average yield (a)						Due within 1 year						Due after 1 year but within 5 years						Due after 5 years but within 10 years						Due after 10 years						Total
State and municipal obligations						—		%				5.44		%				5.78		%				2.38		%				3.55		%
U.S. Government agency obligations						—						—						—						3.04						3.04
U.S. Government treasury obligations						3.34						3.28						4.62						—						3.33
Mortgage-backed securities						—						—						—						4.16						4.16
Foreign government bonds and obligations						6.45						4.48						—						—						6.45
Other						—		%				2.75		%				2.75		%				—		%				2.75		%

(a)Weighted average yields for investment securities have been calculated using the effective yield on the date of purchase. Yields on tax-exempt investment securities have been computed on a tax-equivalent basis using the U.S. federal statutory tax rate of 21 percent.

A-5

Maturities and Sensitivities to Changes in Interest Rates

The following table presents contractual maturities of loans and Card Member receivables by customer type, and distribution between fixed and floating interest rates for loans due after one year based upon the stated terms of the loan agreements.

December 31, (Millions)						2023
						Within 1 year (a)						1-5 years (b) (c)						5-15 years (c)						After 15 years (c)						Total
Loans
Consumer						$	97,382					$	729					$	—					$	—					$	98,111
Small Business						27,619						214						—						—						27,833
Corporate						51						—						—						—						51
Other						1,616						5,344						101						25						7,086
Total loans						$	126,668					$	6,287					$	101					$	25					$	133,081
Loans due after one year at fixed interest rates
Consumer												$	729					$	—					$	—					$	729
Small Business												214						—						—						214
Other												5,323						5						25						5,353
Loans due after one year at variable interest rates
Other												21						96						—						117
Total loans												$	6,287					$	101					$	25					$	6,413
Card Member receivables
Consumer						$	25,419					$	159					$	—					$	—					$	25,578
Small Business						19,013						273						—						—						19,286
Corporate						15,547						—						—						—						15,547
Total Card Member receivables						$	59,979					$	432					$	—					$	—					$	60,411

(a)Card Member loans have no stated maturity and are therefore included in the due within one year category. However, many of our Card Members will revolve their balances, which may extend their repayment period beyond one year for balances outstanding as of December 31, 2023. Card Member receivables are due upon receipt of Card Member statements and have no stated interest rate and are therefore included in the due within one year category.

(b)Card Member loans and receivables due after one year represent modification programs offered to Card Members experiencing financial difficulties wherein a long-term concession (more than 12 months) has been granted to the borrower.

(c)Other loans due after one year represents installment loans.

A-6

Credit Quality Indicators for Loans and Card Member Receivables

The following table summarizes the ratio of all loans and Card Member receivables categories.

Years Ended December 31, (Millions, except percentages and where indicated)						2023						2022
Card Member loans
Consumer
Net write-offs — principal less recoveries						$	1,612					$	692
Net write-offs — interest and fees less recoveries						$	376					$	203
Average consumer loans (billions) (a)						$	89.1					$	74.8
Principal only net write-offs / average consumer loans outstanding (b)						1.8		%				0.9		%
Principal, interest and fees net write-offs / average consumer loans outstanding (b)						2.2		%				1.2		%
Small Business
Net write-offs — principal less recoveries						$	431					$	145
Net write-offs — interest and fees less recoveries						$	67					$	26
Average small business loans (billions) (a)						$	25.6					$	20.5
Principal only net write-offs / average small business loans outstanding (b)						1.7		%				0.7		%
Principal, interest and fees net write-offs / average small business loans outstanding (b)						1.9		%				0.8		%
Other loans
Net write-offs						$	107					$	22
Average Other loans (billions) (a)						$	6.3					$	4.1
Net write-offs/average other loans outstanding (b)						1.7		%				0.5		%
Card Member receivables
Consumer
Net write-offs — principal less recoveries						$	350					$	177
Net write-offs — fees less recoveries						$	24					$	15
Average consumer receivables (billions) (a)						$	22.7					$	21.3
Principal only net write-offs / average consumer receivables outstanding (b)						1.5		%				0.8		%
Principal and fees net write-offs / average consumer receivables outstanding (b)						1.6		%				0.9		%
Small Business
Net write-offs — principal less recoveries						$	428					$	198
Net write-offs — fees less recoveries						$	35					$	17
Average small business receivables (billions) (a)						$	19.4					$	18.6
Principal only net write-offs / average small business receivables outstanding (b)						2.2		%				1.1		%
Principal and fees net write-offs / average small business receivables outstanding (b)						2.4		%				1.2		%
Corporate
Net write-offs — principal and fees less recoveries						$	100					$	55
Average corporate receivables (billions) (a)						$	15.6					$	14.7
Principal and fees net write-offs / average corporate receivables outstanding (b)						0.6		%				0.4		%
Reserve for credit losses						$	5,418					$	4,035
Non-accrual loans (c)						$	446					$	191
Reserve for credit losses as a percentage of total loans and Card Member receivables (d)						2.8		%				2.4		%
Non-accrual loans as a percentage of total loans (d)						0.3		%				0.2		%
Reserve for credit losses as a percentage of non-accrual loans (e)						1175.8		%				1994.3		%

(a)Averages are based on month-end balances for the periods presented.

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

(c)Non-accrual loans primarily include certain loans placed with outside collection agencies for which we have ceased accruing interest. Amounts presented includes Other loans of $7 million and $2 million as of December 31, 2023 and 2022, respectively. Higher non-accrual loans are primarily driven by higher legal placements.

(d)Refer to “Maturities and Sensitivities to Changes in Interest Rates” for total outstanding balance of loans and Card Member receivables.

(e)Refer to “Allocation of reserve for credit losses” for reserve related to Card Member loans and other loans.

A-7

Allocation of Reserve for Credit Losses

The following table shows the reserve for credit losses allocated to Card Member loans, Card Member receivables and Other loans.

December 31,						2023												2022
(Millions, except percentages) Reserve for credit losses at end of year applicable to						Amount						Percentage (a)						Amount						Percentage (a)
Card Member loans						$	5,118					95		%				$	3,747					93		%
Card Member receivables						174						3						229						6
Other loans						126						2						59						1
Total Reserve for credit losses						$	5,418					100		%				$	4,035					100		%

(a)Percentage of reserve for credit losses on Card Member loans, Card Member receivables and Other loans to the total reserve.

Uninsured Customer Deposits

Our U.S. deposits are insured up to $250,000 per account holder through the FDIC. Our non-U.S. deposits are insured as per regulatory rules in the respective jurisdictions. As of December 31, 2023 and 2022, we had total deposits of $129.1 billion and $110.2 billion, respectively, of which approximately $11.3 billion and $12.2 billion, respectively, were uninsured.

The following table presents the amount of uninsured time certificates of deposit issued by us in our U.S. and non-U.S. offices, further segregated by time remaining until maturity. For any account holder with aggregate deposits in excess of insured limits, the uninsured deposits are calculated proportionately as a percentage of total deposits for each category of deposits held as of the reporting date.

			By remaining maturity as of December 31, 2023
(Millions)			3 months or less						Over 3 months but within 6 months						Over 6 months but within 12 months						Over 12 months						Total
U.S. (a)			$	158					$	139					$	318					$	133					$	748
Non U.S. (b)			$	—					$	1					$	4					$	—					$	5

(a)We offer deposits within our U.S. bank subsidiary, AENB. These funds are currently insured up to $250,000 per account holder through the FDIC.

(b)Includes time deposits in certain of our Non-U.S. offices that exceed the insurance limit as defined by the regulatory rules in individual markets.

A-8