American Express (AXP) 10-K risk factor changes: FY2025 vs FY2024

This section highlights certain risks that could affect us and our businesses, broadly categorized in accordance with the risk types identified in our [removed: Enterprise Risk Management (ERM) Framework:] [added: risk governance framework:] “Strategic [removed: & Business, Reputational] and [removed: Country] [added: Reputational] Risks,” “Operational and [removed: Compliance/Legal] [added: Compliance] Risks” and [removed: “Model, Credit,] [added: “Credit,] Market and [removed: Funding &] Liquidity Risks.” You should carefully consider each of the following risks and all of the other information set forth in this Annual Report on Form 10-K, including in “Risk Management” under “MD&A,” which describes our approach to identifying, monitoring and managing the risks we assume in conducting our businesses and provides certain quantitative and qualitative disclosures about market risks.

Although we have devoted [added: and continue to devote] significant resources to develop [removed: our risk management policies] and [removed: procedures and expect to continue to do so in the future, these policies and procedures, as well as] [added: strengthen] our risk management [removed: techniques,] [added: capabilities and control environment, we] may not be [removed: fully effective] [added: successful] in [added: meeting regulatory expectations and] managing the risks to which we are exposed.

Strategic [removed: & Business, Reputational] and [removed: Country] [added: Reputational] Risks

[removed: Business and economic] [added: Macroeconomic] conditions are a major driver of our results of operations and [removed: difficult conditions] [added: changes] in the business and economic environment may materially adversely affect our business.

Slow economic growth, economic [removed: contraction] [added: contraction, persistent inflationary pressures] or shifts in broader consumer and business trends [added: can] significantly impact customer behaviors, including spending on our cards, the ability and willingness of Card Members to borrow and pay amounts owed to us, demand for fee-based products and services and levels of customers’ deposits with us.

Factors such as consumer spending and confidence, household income and housing prices, [added: levels of] unemployment [removed: rates,] [added: and underemployment,] business investment and inventory levels, bankruptcies, geopolitical instability, public policy [removed: decisions,] [added: decisions and uncertainty,] government [removed: spending,] [added: spending and debt,] international trade relationships, tariffs, interest rates, taxes, inflation and deflation (including the effects of related governmental responses), [added: impacts of new technologies,] energy costs and availability of capital and credit all affect the economic environment and, ultimately, our profitability.

Likewise, spending by small business and corporate clients, which comprised approximately [removed: 42] [added: 41] percent of our worldwide billed business during [removed: 2024,] [added: 2025,] depends in part on the economic environment and a favorable climate for continued business investment and new business formation.

Political and social conditions, including geopolitical instability (such as from tensions involving China and the [removed: U.S.),] [added: United States),] fiscal and monetary policies (including developments related to the U.S. federal deficit, debt ceiling, government shutdowns and other budgetary issues), trade wars and tariffs, labor shortages, regional or domestic hostilities, economic sanctions and the prospect or occurrence of more widespread conflicts could also negatively affect our business, operations and partners, consumer and business spending, including travel patterns and business investment, and demand for credit.

Pandemics and other health emergencies can have widespread and unpredictable impacts on global society, economic conditions and consumer and business [removed: behavior, which may reoccur or occur over an extended duration, such as the macroeconomic and behavioral impacts during the COVID-19 pandemic.][added: behavior.]

[removed: Several] [added: For example, several] countries [removed: are considering or] have implemented [removed: tariffs or other] [added: and are considering the further implementation of tariffs,] trade barriers or [removed: restrictions,] [added: restrictions and other retaliatory international or domestic policies,] as well as other measures affecting cross-border [removed: commerce] [added: commerce, migration] and the flow of [removed: information, which could have broad economic consequences, impact global supply chains and negatively affect our business, customers and partners.][added: information.]

There are multiple ongoing military conflicts [removed: (such as] [added: around] the [removed: Russia-Ukraine and Middle East conflicts)] [added: world] and geopolitical tensions may result in additional conflicts or escalate existing conflicts.

[removed: instability, increased prevalence] [added: Geopolitical conditions may adversely affect macroeconomic conditions] and [removed: sophistication] [added: our business in a number] of [removed: cyberattacks,] [added: ways, including] potential retaliatory action against companies such as [removed: us,] [added: us and our clients and partners,] further sanctions activity and [removed: related] [added: export controls, heightened] regulatory scrutiny, increased inflation, further increases or fluctuations in [removed: commodity] [added: goods] and energy prices, decreases in global [removed: travel and] [added: travel,] further disruptions to the global [removed: supply chain.]

Disasters and catastrophic events, and the impact of such events on certain industries or the overall economy, could have a negative effect on our business, results of operations and infrastructure, including our technology and [removed: systems.][added: systems and those of our partners and suppliers.]

The payments industry is highly competitive, and we compete with networks, issuers, [removed: acquirers,] [added: acquirers] and other payment service providers and methods of payment, including paper-based transactions (e.g., cash and checks) and electronic transfers (e.g., wire transfers and ACH), as well as evolving and growing alternative mechanisms, systems and products (e.g., web- and mobile-based payment platforms).

If we are not able to differentiate ourselves from our competitors, develop compelling value propositions for our customers and/or effectively [added: use emerging technologies to] grow in [added: evolving] areas such as digital payments and [removed: emerging technologies,] [added: agentic commerce,] we may not be able to compete effectively.

Competition may also intensify as participants in the payments industry merge or enter into joint ventures or other [added: partnerships or] business [removed: combinations that compete] [added: combinations, which may create advantages in competing] with our products and services.

We may not be able to compete effectively against these threats or respond or adapt to changes in [removed: consumer] [added: customer behavior, such as Card Member] spending and borrowing or merchant [removed: acceptance] [added: acceptance,] as effectively as our competitors.

Spending on our cards could continue to be impacted by increasing usage of credit and debit cards issued on other networks and real-time settlement transactions, such as bank transfers, as well as adoption of alternative payment mechanisms, systems and [removed: products.][added: products, such as digital currencies.]

The fragmentation of [removed: customer] [added: Card Member] spending, such as to take advantage of different merchant or card incentives, [added: for convenience with technological solutions or] as a result of point-of-sale practices that impact merchant acceptance (e.g., surcharging or differential [removed: acceptance) or for convenience with technological solutions,] [added: acceptance),] may continue to increase.

In addition, companies that control access to consumer and merchant payment method choices at the point of sale or through digital wallets, [added: agentic or other] commerce-related experiences, mobile applications or other technologies could choose not to accept, suppress use of, or degrade the experience of using our products or could restrict our access to our customers and transaction data.

The competitive value of our data and demand for our products and services may also be diminished as traditional and non-traditional competitors use other, new data sources and [removed: technologies] [added: technologies, including generative AI,] to derive similar insights and by certain regulations.

Open banking [removed: initiatives that are increasingly being] [added: initiatives, including those] promoted by governments and [removed: regulators] [added: regulators,] may result in a number of challenges to our business model, such as disintermediating us from our customers, steering customers away from our products and services or decreasing our attractiveness to partners.

Competitors have also sought to create their own integrated payments [removed: platforms,] [added: platforms] and may have competitive advantages in doing so as compared to our business.

For example, we work with partners such as Delta, [removed: Hilton, Marriott and] [added: Marriott,] British Airways [added: and Hilton] to offer cobranded cards for consumers and small businesses, and with partners in many industries, including Delta, to offer benefits and rewards to Card Members.

All of our cobrand portfolios in the aggregate accounted for approximately [removed: 25] [added: 26] percent of our worldwide billed business for the year ended December 31, [removed: 2024.][added: 2025.]

Card Member loans related to our cobrand portfolios accounted for approximately 36 percent of our worldwide Card Member loans as of December 31, [removed: 2024.][added: 2025.]

Cobrand [added: and other partner] arrangements are [added: generally] entered into for a fixed [removed: period, generally ranging from five to ten years,] [added: period] and will terminate in accordance with their terms, including at the end of the fixed period unless extended or renewed at the option of the parties, or upon early termination as a result of an event of default or otherwise.

Additionally, partners may make changes to the products and services they offer or otherwise become less desirable to our customers, which may lower the value of our products, such as [added: cards with embedded partner value and] the cobranded cards we issue to our customers.

Billed business could decline and Card Member attrition could increase, in each case, significantly as a result of the termination of one or more [removed: cobrand] partnership relationships.

We regularly seek to extend or renew cobrand [added: and other partner] arrangements in advance of the end of the contract term and face the risk that existing relationships will be renegotiated with less favorable terms for us or that we may be unable to renegotiate on terms that are acceptable to us, as competition for such relationships continues to increase.

From customer acquisition to cobranding arrangements, from [removed: participation in our] [added: providing] rewards [removed: programs] [added: and benefits] to [added: customers to] facilitating B2B supplier payments for our corporate clients, we rely on our business partners across many aspects of our company and our arrangements with business partners represent a significant portion of our business.

Some of our partners manage certain aspects of our customer relationships, such as our OptBlue [removed: partners.][added: program participants.]

In addition, we may be obligated to make or accelerate payments to certain business partners such as cobrand partners upon the occurrence of certain triggering events such as a [removed: shortfall in certain performance and revenue levels.]

If we are not able to effectively manage these triggering events, we could unexpectedly have to make payments to these partners, which could have a negative effect on our [added: financial condition and results of operations.]

Similarly, we are exposed to risk from bankruptcies, liquidations, insolvencies, financial distress, restructurings, [added: structural shifts in the economy,] consolidations, operational outages, cybersecurity incidents and other similar events that may occur in any industry representing a significant portion of our billed [removed: business,] [added: business or with respect to any of our important business partners (such as those with whom we co-create and co-fund value for customers),] which could negatively impact particular card products and services (and volumes generally) and our financial condition and results of operations.

Spending at airline merchants accounted for approximately [removed: 7] [added: 6] percent of our worldwide billed business for the year ended December 31, [removed: 2024.][added: 2025.]

These third parties may act in ways [added: or experience issues] that could materially harm our business*” below.

Merchants, business partners and third-party merchant acquirers, [removed: aggregators and] processors [added: and payment facilitators] are also able to negotiate incentives, pricing concessions and other favorable contractual provisions from us as a condition to accepting our cards, being cobrand partners, offering benefits to our Card Members or signing merchants to accept American Express cards.

As these parties become even larger (such as the largest tech [removed: companies),] [added: companies) or as evolving technologies and customer preferences alter the payments landscape,] we may have to increase the amount of incentives and/or concessions we provide to them.

Our merchant discount rates have been impacted by regulatory changes affecting competitor pricing in certain international countries and U.S. [removed: states] [added: states, as well as litigation related to pricing,] and may in the future be impacted by pricing [removed: regulation.][added: regulation and litigation.]

We are a multinational company that derives a substantial portion of its revenues from activities outside of the United States and many of our U.S. customers have an international presence or are otherwise affected by global developments.

Accordingly, events that impact international relations and geopolitical stability may have a significant impact on our business.

These actions have had and may likely continue to have broad consequences for the global economy and regional and country economies, as well as impacts to global supply chains and negative effects on our customers and partners, which may adversely affect our business.

Such conflicts have led to economic uncertainty and market disruptions.

For example, as a result of the Russian invasion of Ukraine, we exited our business operations in Russia and Belarus.

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supply chain and increased prevalence and sophistication of cyberattacks.

Competitors may also use AI technologies more effectively than us or partner with companies that do so, which may increase the attractiveness and availability of their products and services and allow them to offer greater value propositions and realize greater operational efficiencies.

The payments industry is complex and continues to undergo changes in response to evolving technologies and customer preferences.

Regulatory and legislative changes may also significantly alter the competitive landscape, including by facilitating alternative payment or financing mechanisms, such as recent legislation in the U.S. establishing a regulatory framework for stablecoins, or by imposing constraints on payment or financing mechanisms, such as proposals to cap credit card interest rates.

As AI technologies are increasingly integrated into payments and related services, such as through the adoption of agentic commerce, these dynamics may accelerate and new dynamics that are difficult to predict may develop, any of which may disadvantage our business.

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For example, banking regulators are increasingly open to issuing limited-purpose licenses to allow companies to conduct certain banking activities under more limited regulatory requirements.

Other aspects of our customer value propositions also increasingly rely on our ability to co-create and co-fund value with partners, such as statement credits for purchases with partners and travel and dining benefits.

We also may not renew certain relationships, such as our Amazon and Lowe’s small business cobrand portfolios, which, as previously disclosed, have been reclassified to held for sale on our Consolidated Balance Sheets.

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shortfall in certain performance and revenue levels.

We generally do not prohibit surcharging in our agreements with merchants so long as it is permitted by law and a merchant does not discriminate against American Express cards by engaging in differential surcharging.

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American Express cards could become less desirable to consumers and businesses generally due to surcharging, steering or other forms of discrimination, which could result in a decrease in cards-in-force, coverage and transaction volumes, including as a result of related actions we may take to enforce our merchant contractual provisions such as terminating merchant contracts.

We have also introduced complementary products, such as travel and dining platforms, checking accounts, debit cards and expense management tools.

As the payments industry continues to evolve, we may expand our product and service offerings, which could include offering new payment mechanisms or additional complementary products, or shift the focus of our investments.

We may also add customer acquisition channels and form new partnerships or renew current partnerships.

Our brand may also be

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The use of AI & ML technologies, including generative AI and agentic commerce, has increased rapidly and may be transformative to the payments industry, heightening the risks described herein and others in ways that may be unpredictable and disadvantageous to us.

Our and our partners’ use of AI & ML is subject to various and evolving risks, including flaws in models or datasets that may result in biased or inaccurate results, especially as generative AI has been known to produce false or “hallucinatory” inferences or outputs.

The use of AI may also result in unintended or unexpected outcomes, present significant ethical challenges and heighten risks related to information security, the infringement of intellectual property rights and exposure of proprietary or personal information.

We may also face challenges in our ability to safely deploy AI systems and implement appropriate governance and controls, which may not be as burdensome to our competitors, and which may impair our implementation or impose additional risks.

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for those opportunities, or complete proposed acquisitions and investments.

For example, legal claims have arisen relating to the structure and consideration paid in certain of our acquisitions.

We consider operational risk as the risk to our current or projected financial condition and resilience arising from inadequate or failed processes, human error or adverse external events.

For example, as previously disclosed, we have identified issues related to our rewards and benefits programs and have taken actions to remediate the issues and enhance our related procedures and controls.

Although we maintain systems and controls to help mitigate conduct risk, they may not be effective, and misconduct by one or more colleagues or partners, particularly those with access to key systems or information, could have wide-reaching consequences.

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In addition, new computing technologies, such as quantum computing, may enable threat actors to compromise data encryption and other protective measures.

In addition, our own usage of generative AI and other emerging technologies may increase our vulnerabilities or limit our ability to detect intrusion.

We rely extensively on our information technology systems and those of our third parties, including our transaction authorization, clearing and settlement systems, data centers and cloud data storage and processing services, which have experienced and may continue to experience service disruptions or degradation that may result from technology malfunction, sudden increases in

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For example, while we are currently conducting a comprehensive assessment and uplift of our risk management capabilities and control environment, the outcome may not meet our or our regulators’ expectations.

A number of actions are taking place across the globe that impact geopolitical stability.

Following the Russian invasion of Ukraine, we announced that we suspended business operations in Russia and Belarus, and these conflicts have led to economic uncertainty and market disruptions, including the imposition of sanctions and export controls.

The broader consequences remain uncertain, but geopolitical conditions may adversely affect macroeconomic conditions and our business in a number of ways, including regional

For example, there can be no assurance as to the ultimate impact of the Los Angeles area wildfires on spending levels and credit performance.

We may also choose not to renew certain cobrand relationships.

For example, the operational rights relating to our prepaid reloadable and gift card business are owned by a business partner and the reloadable operations have experienced disruptions and compliance issues that impacted the ability of our prepaid customers to load and use their cards.

If such operations are interrupted, suspended, terminated or otherwise experience further issues in the future, it could further negatively impact our customers’ experience, result in additional costs, litigation and regulatory action, and harm our business and reputation.

financial condition and results of operations.

We have increasingly relied on merchant acquirers, aggregators and processors to manage certain aspects of our merchant relationships.

Recently introduced products, such as debit cards on the American Express network, could fail to gain market acceptance and American Express cards could become less desirable to consumers and businesses generally due to surcharging, steering or other

forms of discrimination, which could result in a decrease in cards-in-force, coverage and transaction volumes.

We may not succeed in doing so, particularly in the current competitive and regulatory environment, which has included heightened scrutiny on credit card rewards programs.

In addition, increased costs as a result of business and economic conditions may require that we reduce investments in other areas.

referring to the United States, a negative perception of the United States arising from its political or other positions could harm the perception of our company and our brand.

The use of artificial intelligence and machine learning technologies, including generative artificial intelligence, has increased rapidly with the increasing sophistication and applications of the technology.

Our and our partners’ use of artificial intelligence and machine learning is subject to various risks including flaws in models or datasets that may result in biased or inaccurate results, unintended or unexpected outcomes, ethical considerations regarding artificial intelligence, infringement of intellectual property rights, exposure of proprietary or personal information, heightened security risks and the ability to safely deploy and implement governance and controls for artificial intelligence systems.

We consider operational risk to be the risk of loss due to, among other things, inadequate or failed processes, people or information systems, or impacts from the external environment, including failures to comply with laws and regulations as well as impacts from relationships with third parties.

Supervision efforts and the enforcement of existing laws

Political developments can result in legislative and regulatory uncertainty and changes to supervisory and enforcement priorities.

Consequently, a development in one country, state or region may influence regulatory approaches in another.

Our AML/CFT, sanctions and anti-corruption compliance programs have become the subject of heightened scrutiny, and we are working to make enhancements to our existing programs, policies and procedures and to identify and remediate deficiencies.

For example, as previously disclosed, we entered into agreements to resolve governmental investigations related to historical sales practices for certain U.S. small business customers, which are described in more detail in Note 12 to the “Consolidated Financial Statements.” In addition, we are cooperating with ongoing regulatory inquiries concerning our rewards and benefits programs, as described in “Supervision and Regulation” under “Business.”

targeted by bad actors as a result, which can result in greater disruptions and other risk events.

Additionally, third-party oversight and practices related to third parties such as outsourcing have become subject to heightened regulatory scrutiny both in the United States and internationally, including in some cases restricting or requiring approval for outsourcing.

Our compensation practices are subject to review and oversight by the Federal Reserve and the compensation practices of AENB are subject to review and oversight by the OCC.

misappropriation claim against us could cause us to lose significant revenues, incur significant defense, license, royalty or technology development expenses, and/or pay significant monetary damages.

In particular, the OECD’s guidelines on a global minimum tax of 15 percent will impact the effective tax rate for many MNEs.

Many countries have already implemented these minimum tax guidelines, with effective dates commencing in 2024.

We expect that these minimum tax guidelines in their current form would increase our effective tax rate in future years.

Furthermore, various provisions of the Tax Cut and Jobs Act will expire in 2025 unless extended.

As a result, U.S. Congress may seek to enact significant tax legislation in the new session of Congress, which could result in higher levels of U.S. tax on our global operations, increasing our effective tax rate.

There are increasing and rapidly evolving concerns over climate-related risks and related environmental sustainability and recovery matters.

Additionally, we may face risks related to the transition to a low-carbon economy.

Our models also may not be able to function properly in the current geopolitical and macroeconomic environment given the lack of recent precedent.

Rising delinquencies and rising rates of bankruptcy are often precursors of future write-offs and may require us to increase our reserve for credit losses.

If the rate of interest we pay on our borrowings increases more or decreases less than the rate of interest we earn on our loans, our net interest yield, and consequently our net interest income, could decrease.

We expect the rates we pay on our deposits will change as benchmark interest rates change.

For example, the Federal Reserve and other central banks have raised interest rates in response to heightened inflationary pressures.

For example, in 2023 the U.S. federal bank regulatory agencies proposed capital rules that would result in significantly higher regulatory capital requirements for us and rules that would require us and AENB to issue and/or maintain minimum amounts of eligible long-term debt with specific terms.

We are a [removed: globally integrated] [added: global] payments [removed: company] [added: and premium lifestyle brand powered by technology] with four reportable operating segments: U.S. Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS) and Global Merchant and Network Services (GMNS).

- [removed: Credit card, charge card, banking] [added: Banking] and other payment and financing products [added: and services, including deposits and non-card lending]

- Merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services [removed: for merchants]

- Net card fees, represent revenue earned from annual card membership fees, which vary based on the type of card and the number of cards for each account; [added: and]

- Service fees and other revenue, primarily represent [removed: service] [added: revenues related to network partnership agreements (comprising royalties,] fees [removed: earned from merchants] and [removed: other customers,] [added: amounts earned for facilitating transactions on cards issued by network partners), fees earned on alternative payment solutions facilitated by American Express,] foreign currency-related fees charged to Card Members, [added: loyalty coalition, merchant and other service fees,] Card Member delinquency fees, travel commissions and fees, and income (losses) from our investments in which we have significant [removed: influence; and][added: influence.]

[removed: - Processed revenue, primarily represents] [added: *Network partnership revenue* — Represents] revenues related to network partnership agreements, comprising royalties, fees and amounts earned for facilitating transactions on cards issued by network partners.

Refer to the “Glossary of Selected Terminology” below for the definitions of certain key terms and related information appearing within this Form 10-K and “Critical Accounting Estimates” below for a discussion of certain of our accounting policies requiring significant management assumptions and [removed: judgements.][added: judgments.]

| *(Millions, except percentages, per share amounts and where indicated)* | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2024] [added: 2025] vs. [removed: 2023] [added: 2024] | | | | | | | | | | | | [removed: 2023] [added: 2024] vs. [removed: 2022] [added: 2023] | | | | | | | | |

| Total revenues net of interest expense | | | | | | $ | [removed: 65,949] [added: 72,229] | | | | | $ | [removed: 60,515] [added: 65,949] | | | | | $ | [removed: 52,862] [added: 60,515] | | | | | $ | [removed: 5,434] [added: 6,280] | | | | | [removed: 9] [added: 10] | | % | | | | $ | [removed: 7,653] [added: 5,434] | | | | | [removed: 14] [added: 9] | | % |

| Total revenues net of interest expense (FX-adjusted) (a) | | | | | | | | | | | | [removed: 60,179] [added: 66,083] | | | | | | [removed: 52,833] [added: 60,179] | | | | | | [removed: 5,770] [added: 6,146] | | | | | | [removed: 10] [added: 9] | | | | | | [removed: 7,682] [added: 5,770] | | | | | | [removed: 15] [added: 10] | | |

| Provisions for credit losses | | | | | | [removed: 5,185] [added: 5,256] | | | | | | [removed: 4,923] [added: 5,185] | | | | | | [removed: 2,182] [added: 4,923] | | | | | | [removed: 262] [added: 71] | | | | | | [removed: 5] [added: 1] | | | | | | [removed: 2,741] [added: 262] | | | | | | [removed: #] [added: 5] | | |

| Total expenses | | | | | | [removed: 47,869] [added: 53,178] | | | | | | [removed: 45,079] [added: 47,869] | | | | | | [removed: 41,095] [added: 45,079] | | | | | | [removed: 2,790] [added: 5,309] | | | | | | [removed: 6] [added: 11] | | | | | | [removed: 3,984] [added: 2,790] | | | | | | [removed: 10] [added: 6] | | |

| Pretax income | | | | | | [removed: 12,895] [added: 13,795] | | | | | | [removed: 10,513] [added: 12,895] | | | | | | [removed: 9,585] [added: 10,513] | | | | | | [removed: 2,382] [added: 900] | | | | | | [removed: 23] [added: 7] | | | | | | [removed: 928] [added: 2,382] | | | | | | [removed: 10] [added: 23] | | |

| Income tax provision | | | | | | [removed: 2,766] [added: 2,962] | | | | | | [removed: 2,139] [added: 2,766] | | | | | | [removed: 2,071] [added: 2,139] | | | | | | [removed: 627] [added: 196] | | | | | | [removed: 29] [added: 7] | | | | | | [removed: 68] [added: 627] | | | | | | [removed: 3] [added: 29] | | |

| Net income | | | | | | [removed: 10,129] [added: 10,833] | | | | | | [removed: 8,374] [added: 10,129] | | | | | | [removed: 7,514] [added: 8,374] | | | | | | [removed: 1,755] [added: 704] | | | | | | [removed: 21] [added: 7] | | | | | | [removed: 860] [added: 1,755] | | | | | | [removed: 11] [added: 21] | | |

| Earnings per common share — diluted (b) | | | | | | $ | [removed: 14.01] [added: 15.38] | | | | | $ | [removed: 11.21] [added: 14.01] | | | | | $ | [removed: 9.85] [added: 11.21] | | | | | $ | [removed: 2.80] [added: 1.37] | | | | | [removed: 25] [added: 10] | | % | | | | $ | [removed: 1.36] [added: 2.80] | | | | | [removed: 14] [added: 25] | | % |

| Selected Balance Sheet [added: and Common Share] Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Cash and cash equivalents | | | | | | $ | [removed: 40,640] [added: 47,792] | | | | | $ | [removed: 46,596] [added: 40,640] | | | | | $ | [removed: 33,914] [added: 46,596] | | | | | $ | [removed: (5,956)] [added: 7,152] | | | | | [removed: (13)] [added: 18] | | % | | | | $ | [removed: 12,682] [added: (5,956)] | | | | | [removed: 37] [added: (13)] | | % |

| Card Member receivables | | | | | | [removed: 59,411] [added: $] | [added: 62,031] | | | | | [removed: 60,411] [added: $] | [added: 59,411] | | | | | [removed: 57,613] [added: $] | [added: 60,411] | | | | | [removed: (1,000)] [added: 4] | | | | | | (2) | | | | | | [removed: 2,798] | | | | | | [removed: 5] | | |

| Card Member loans | | | | | | [removed: 139,674] [added: $] | [added: 151,832] | | | | | [removed: 125,995] [added: $] | [added: 139,674] | | | | | [removed: 107,964] [added: $] | [added: 125,995] | | | | | [removed: 13,679] [added: 9] | | [added: %] | | | | 11 | | [added: %] | | | | [removed: 18,031] | | | | | | [removed: 17] | | |

| Customer deposits | | | | | | [removed: 139,413] [added: 152,488] | | | | | | [removed: 129,144] [added: 139,413] | | | | | | [removed: 110,239] [added: 129,144] | | | | | | [removed: 10,269] [added: 13,075] | | | | | | [removed: 8] [added: 9] | | | | | | [removed: 18,905] [added: 10,269] | | | | | | [removed: 17] [added: 8] | | |

| Long-term debt | | | | | | $ | [removed: 49,715] [added: 56,387] | | | | | $ | [removed: 47,866] [added: 49,715] | | | | | $ | [removed: 42,573] [added: 47,866] | | | | | $ | [removed: 1,849] [added: 6,672] | | | | | [removed: 4] [added: 13] | | % | | | | $ | [removed: 5,293] [added: 1,849] | | | | | [removed: 12] [added: 4] | | % |

| Cash dividends declared per common share | | | | | | $ | [removed: 2.80] [added: 3.28] | | | | | $ | [removed: 2.40] [added: 2.80] | | | | | $ | [removed: 2.08] [added: 2.40] | | | | | $ | [removed: 0.40] [added: 0.48] | | | | | 17 | | % | | | | $ | [removed: 0.32] [added: 0.40] | | | | | [removed: 15] [added: 17] | | % |

| Average common shares [removed: outstanding:] [added: outstanding — diluted] | | | | | | [added: 696] | | | | | | [added: 713] | | | | | | [added: 736] | | | | | | [added: (17)] | | | | | | [added: (2)] | | [added: %] | | | | [added: (23)] | | | | | | [added: (3)] | | [added: %] |

| Network volumes *(billions)* | | | | | | $ | [removed: 1,764.8 | | | | | $ | 1,680.1] [added: 1,897.0] | | | | | $ | [removed: 1,552.8] [added: 1,764.8] | | | | | $ | [removed: 85] [added: 1,680.1] | | | | | [removed: 5] [added: 7] | | % | | | | [removed: $ | 127 | | | | | 8] [added: 5] | | % |

| Billed business *(billions)* | | | | | | [removed: 1,550.9] [added: 1,669.8] | | | | | | [removed: 1,459.6] [added: 1,550.9] | | | | | | [removed: 1,338.3] [added: 1,459.6] | | | | | | [removed: 91] [added: $] | [added: 119] | | | | | [removed: 6] [added: 8] | | [added: %] | | | | [removed: 121] [added: $] | [added: 91] | | | | | [removed: 9] [added: 6] | | [added: %] |

| Total loans and Card Member receivables [removed: (d)] [added: (c)] | | | | | | [removed: 208,317] [added: 224,791] | | | | | | [removed: 193,492] [added: 208,317] | | | | | | [removed: 170,993] [added: 193,492] | | | | | | [removed: 14,825] [added: 16,474] | | | | | | 8 | | | | | | [removed: 22,499] [added: 14,825] | | | | | | [removed: 13] [added: 8] | | |

| Total loans and Card Member receivables (FX-adjusted) [removed: (a)(d)] [added: (a)(c)] | | | | | | | | | | | | [removed: $] [added: 211,043] | [removed: 190,826] | | | | | [removed: $] [added: 190,826] | [removed: 171,594] | | | | | [removed: $] [added: 13,748] | [removed: 17,491] | | | | | [removed: 9] [added: 7] | | [removed: %] | | | | [removed: $] [added: 17,491] | [removed: 21,898] | | | | | [removed: 13] [added: 9] | | [removed: %] |

| Net write-off rate — principal, interest and fees (e) | | | | | | 2.3 | | % | | | | [removed: 2.0] [added: 2.3] | | % | | | | [removed: 1.0] [added: 2.0] | | % | | | | | | | | | | | | | | | | | | | | | | | | |

| Net write-off rate — principal only — consumer and small business (e)(f) | | | | | | 2.0 | | % | | | | [removed: 1.8] [added: 2.0] | | % | | | | [removed: 0.9] [added: 1.8] | | % | | | | | | | | | | | | | | | | | | | | | | | | |

| 30+ days past due as a % of total — consumer and small business (g) | | | | | | 1.3 | | % | | | | 1.3 | | % | | | | [removed: 1.1] [added: 1.3] | | % | | | | | | | | | | | | | | | | | | | | | | | | |

| Effective tax rate | | | | | | 21.5 | | % | | | | [removed: 20.3] [added: 21.5] | | % | | | | [removed: 21.6] [added: 20.3] | | % | | | | | | | | | | | | | | | | | | | | | | | | |

| Return on average equity (h) | | | | | | [removed: 34.6] [added: 33.9] | | % | | | | [removed: 31.5] [added: 34.6] | | % | | | | [removed: 32.3] [added: 31.5] | | % | | | | | | | | | | | | | | | | | | | | | | | | |

| Common Equity Tier 1 | | | | | | 10.5 | | % | | | | 10.5 | | % | | | | [removed: 10.3] [added: 10.5] | | % | | | | | | | | | | | | | | | | | | | | | | | | |

(b)Represents net income, less (i) earnings allocated to participating share awards of [removed: $76] [added: $74] million, [removed: $64] [added: $76] million and [removed: $57] [added: $64] million for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] respectively, and (ii) dividends on preferred shares of $58 [removed: million, $58] million [removed: and $57 million] for [added: each of] the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022, respectively.][added: 2023.]

Refer to Note [removed: 16] [added: 15] and Note [removed: 21] [added: 20] to the “Consolidated Financial Statements” for further details on preferred shares and earnings per common share (EPS), respectively.

[removed: (d)Total] [added: (c)Total] loans reflects Card Member loans and Other loans.

Refer to Table [removed: 12] [added: 11] for 90+ days past billing metrics for corporate receivables.

(h)Return on average equity (ROE) is calculated by dividing (i) net income [removed: for the period] by (ii) average shareholders’ [removed: equity for the period.][added: equity.]

Net income for the year was [removed: $10.1] [added: $10.8] billion, or [removed: $14.01] [added: $15.38] per share, compared with net income of [removed: $8.4] [added: $10.1] billion, or [removed: $11.21] [added: $14.01] per share, a year [removed: ago.][added: ago, which included a $0.66 per share gain from the sale of Accertify Inc. (Accertify).]

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

Beginning in the third quarter of 2025, we ceased reporting Net interest yield on average Card Member loans, a non-GAAP measure that was computed by dividing adjusted net interest income by average Card Member loans, and began reporting (together with prior period comparative information) Net interest yield on average Total loans and Card Member receivables, a GAAP measure that represents net interest income divided by average Card Member loans, Card Members loans held for sale (HFS), Other loans and Card Member receivables.

We believe that this new net interest yield metric reflects the evolution of our products over time, such as the expansion of lending features on our charge card portfolio.

See Table 1 for more information.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

| Average Total loans and Card Member receivables | | | | | | 213,105 | | | | | | 197,080 | | | | | | 178,735 | | | | | | 16,025 | | | | | | 8 | | | | | | 18,345 | | | | | | 10 | | |

| Billed business *(billions)* (FX-adjusted) (a) | | | | | | | | | | | | $ | 1,555.5 | | | | | $ | 1,453.1 | | | | | $ | 114 | | | | | 7 | | % | | | | $ | 98 | | | | | 7 | | % |

| Net interest yield (d) | | | | | | 8.1% | | | | | | 7.9 | | % | | | | 7.3 | | % | | | | | | | | | | | | | | | | | | | | | | | | |

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

Our strong results for the year reflect the earnings power of our business model, driven by our premium, high credit-quality customer base and the greater scale and operating leverage we have achieved over the last several years, as well as the impact of strategic investments that strengthen our Membership Model and drive growth.

We continued to see momentum across the business, with stable growth across Card Member spending and loans and strong growth in card fees, along with excellent credit performance.

We launched our refreshed U.S. Consumer and Business Platinum Cards at the end of the third quarter and have seen strong customer demand and engagement.

Billed business grew 8 percent year-over-year (7 percent on an FX-adjusted basis), reflecting broad-based growth across geographies and across both Goods & Services (G&S) and Travel & Entertainment (T&E) categories.1 G&S spend, which accounts for over 70 percent of our total billed business, continued to be driven by robust retail spending, and T&E spend benefited from sustained strength in restaurants, our largest T&E category.

International Card Services billed business grew 14 percent, driven by continued strong growth in spend across geographies and customer types outside the United States.

Overall transaction growth of 9 percent for the year reflects continued strong engagement from our customers.

Net interest income grew 12 percent, primarily reflecting growth in balances and net yield expansion.

Total loans and Card Member receivables increased 8 percent, in line with growth in billed business.

Credit performance was strong and stable throughout the year.

Operating expense grew at a slower pace than revenue even as we continued to invest in enterprise risk management capabilities and technology to support business growth.

The resiliency of our differentiated business model and the strength and stability of our performance give us confidence to navigate evolving competition and a range of economic environments.

While we recognize the uncertainty of the geopolitical and regulatory landscape, we continue to manage the company for the long term, focusing on backing our customers and colleagues, exercising disciplined expense management and strategically investing in our business.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

Beginning in the first quarter of 2025, we made a presentation change to our Consolidated Statements of Income to consolidate Processed revenue within Service fees and other revenue and renamed Processed revenue to network partnership revenue.

Prior period amounts have been recast to conform to the current period presentation; there was no impact to Total non-interest revenues.

| Service fees and other revenue | | | | | | 7,471 | | | | | | 6,765 | | | | | | 6,710 | | | | | | 706 | | | | | | 10 | | | | | | 55 | | | | | | 1 | | |

Service fees and other revenue increased, primarily driven by higher foreign exchange-related revenues associated with Card Member cross-currency spending, a gain related to an equity transaction by GBTG, an equity method investee, resulting from its acquisition of CWT Holdings, LLC, and increases in network partnership revenue and loyalty coalition-related fees.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

| Reserve build (release) — Other (a) | | | | | | 24 | | | | | | — | | | | | | — | | | | | | 24 | | | | | | — | | | | | | — | | | | | | — | | |

The reserve build in the current year was primarily driven by an increase in loans outstanding and deterioration in the macroeconomic outlook used in our reserve models, partially offset by the release of a reserve upon the reclassification of a small business cobrand portfolio to Card Member loans HFS from held for investment.

The reserve build in the current year was primarily driven by deterioration in the macroeconomic outlook used in our reserve models and an increase in receivables outstanding.

Other provision for credit losses increased, primarily due to a higher reserve build in the current year, partially offset by lower net write-offs.

The reserve build in the current year was primarily related to partner obligations and an increase in loans outstanding.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

The increase in Membership Rewards expense was also driven by a benefit in the prior year from enhancements to the models that estimate future redemptions of Membership Reward points by U.S. Card Members.

The increase in cash back rewards expense also reflected the impact associated with a card product migration.

Business development expense increased, primarily due to increased partner payments and higher client incentives, both of which were driven by higher network volumes.

Card Member services expense increased, primarily due to higher usage of Card Member benefits and the introduction of new U.S. Platinum benefits.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

The effective tax rate was 21.5 percent for both 2025 and 2024, primarily reflecting the continued implementation of the global minimum tax offset by discrete tax benefits in the current period.

| | | | | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | |

- Travel and lifestyle services

- Expense management products and services

- Other services, such as the design and operation of customer loyalty programs

| Common Share Statistics (c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Basic | | | | | | 712 | | | | | | 735 | | | | | | 751 | | | | | | (23) | | | | | | (3) | | | | | | (16) | | | | | | (2) | | |

| Diluted | | | | | | 713 | | | | | | 736 | | | | | | 752 | | | | | | (23) | | | | | | (3) | | % | | | | (16) | | | | | | (2) | | % |

| # Denotes a variance of 100 percent or more | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

(c)Our common stock trades principally on The New York Stock Exchange under the trading symbol AXP.

Our strong results for the year reflect the momentum and earnings power of our business model and our continued investments for growth.

We saw record levels of annual Card Member spending, strong new card acquisitions, excellent credit performance and disciplined expense management.

Our full year results reflect the sale of Accertify Inc. (Accertify), which resulted in a gain of $531 million ($479 million after tax or $0.66 per share).

Billed business grew by 6 percent, reflecting a stable spend environment for most of the year with an acceleration in the fourth quarter.

This growth was broad-based across geographies and across both G&S and T&E categories.

Spending by existing U.S. SME Card Members declined slightly year-over-year, although we saw an improvement in small business sentiment in the fourth quarter and strong new card acquisitions for the year.

Net interest income increased 18 percent versus the prior year, outpacing growth in Total loans and Card Member receivables of 8 percent year-over-year, primarily due to higher growth in our revolving loan balances.

The growth in Total loans and Card Member receivables and revolving loan balances both moderated over the course of the year.

During the fourth quarter, we reclassified $758 million of Card Member loans related to the Lowe’s small business cobrand portfolio from held for investment to held for sale (HFS).

During the year we acquired a record 13 million proprietary new cards.

Operating expenses decreased 2 percent, primarily reflecting the gain recognized on the sale of Accertify and our continued operating expense discipline.

Our performance continues to give us confidence in our business model and while we recognize the uncertainty of the geopolitical and macroeconomic environment and the evolving regulatory and competitive landscape, we remain committed to executing on our strategy to deliver sustainable and profitable long-term growth.

| Service fees and other revenue | | | | | | 5,129 | | | | | | 5,005 | | | | | | 4,521 | | | | | | 124 | | | | | | 2 | | | | | | 484 | | | | | | 11 | | |

| Processed revenue | | | | | | 1,636 | | | | | | 1,705 | | | | | | 1,637 | | | | | | (69) | | | | | | (4) | | | | | | 68 | | | | | | 4 | | |

Processed revenue decreased, and was relatively flat on an FX-adjusted basis.2 See Tables 5 and 6 for more details on processed volume performance.

In the second half of the year, the increase in Membership Rewards expense was also driven by an increase in the Ultimate Redemption Rate (URR) and slightly higher redemption costs reflecting a shift in the mix of Card Member redemptions.

The effective tax rate was 21.5 percent and 20.3 percent for 2024 and 2023, respectively.

The increase in the effective tax rate primarily reflected discrete tax benefits in the prior year.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Processed volumes | | | | | | $ | 213.9 | | | | | $ | 220.5 | | | | | $ | 214.5 | | | | | (3) | | | | | | 3 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Processed volumes | | | | | | (3) | | | | | | — | | | | | | 3 | | | | | | 6 | | |

| Card Member loans | | | | | | $ | 139,674 | | | | | $ | 125,995 | | | | | $ | 107,964 | | | | | 11 | | % | | | | 17 | | % |

| Average loans | | | | | | $ | 130,758 | | | | | $ | 114,816 | | | | | $ | 95,369 | | | | | 14 | | | | | | 20 | | |

| # Denotes a variance of 100 percent or more | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Years Ended December 31, | | | | | | | | | | | | | | | | | | | | |

| Exclude: | | | | | | | | | | | | | | | | | | | | |

| Interest expense not attributable to our Card Member loan portfolio (a) | | | | | | 3,599 | | | | | | 2,943 | | | | | | 1,268 | | |

| Interest income not attributable to our Card Member loan portfolio (b) | | | | | | (3,599) | | | | | | (2,896) | | | | | | (1,023) | | |

| Adjusted net interest income (c) | | | | | | $ | 15,543 | | | | | $ | 13,181 | | | | | $ | 10,140 | |

| Average Card Member loans including loans held for sale (d) | | | | | | $ | 130,817 | | | | | $ | 114,816 | | | | | $ | 95,369 | |

| Net interest income divided by average Card Member loans (c) | | | | | | 11.9 | | % | | | | 11.4 | | % | | | | 10.4 | | % |

[added: Founded in 1850 and headquartered in New York,] American [removed: Express is a globally integrated payments company with] [added: Express’] card-issuing, merchant-acquiring and card network businesses [removed: that] offer products and services to a broad range of customers, including consumers, small businesses, mid-sized companies and large corporations around the world.

- [removed: Credit card, charge card, banking] [added: Banking] and other payment and financing products [added: and services, including deposits and non-card lending]

We were founded [removed: in 1850] as a joint stock association and [removed: were] incorporated in 1965 as a New York corporation.

][added: v2.jpg](https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231_g2.jpg)]

Through contractual relationships, we also obtain information from third-party card issuers, merchant acquirers, [removed: aggregators and] processors [added: and payment facilitators] with whom we do business.

We also leverage our technology to provide differentiated value to customers, such as special offers and benefits to Card Members and targeted marketing and other information services for merchants and partners, as well as to develop and improve our [added: customer interfaces and] service capabilities to continue to deliver a high-quality customer experience.

We focus on differentiating American Express Membership through [added: our Membership Model of] premium products, lifestyle services for consumers and business-centric solutions for our commercial customers, and benefits for our Card Members that we co-create and co-fund with our business partners.

[removed: - Designing] [added: We acquire and retain high-spending, engaged and creditworthy Card Members by designing] innovative credit, charge and debit card products and payment and lending solutions that appeal to our target customer base and meet their spending and borrowing [removed: needs][added: needs.]

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

- [removed: Providing digital and mobile services and] [added: offering] an array of [removed: benefits] [added: benefits, services] and experiences [removed: across card products,] [added: through our Membership Model,] such as lounge access, dining [removed: experiences] [added: experiences, entertainment] and other [removed: travel] [added: travel-, lifestyle-] and [removed: lifestyle benefits][added: business-related benefits; and]

[removed: - Developing] [added: A key element of our Membership Model is our development of] a wide range of partner relationships, including [removed: designing, cobranding] [added: to design, cobrand] and [removed: distributing] [added: distribute] certain of our cards and [removed: providing benefits and] [added: provide benefits,] services [added: and experiences] to our Card [removed: Members][added: Members.]

Jurisdictions that represent a significant portion of our billed business [removed: outside of] [added: include] the United [removed: States include] [added: States,] the United [removed: Kingdom (UK),] [added: Kingdom,] the European [removed: Union (EU),] [added: Union,] Australia, Japan, Canada and Mexico.

For the year ended December 31, [removed: 2024,] [added: 2025,] worldwide billed business (spending on American Express cards issued by us) was [removed: $1,551] [added: $1,670] billion and as of December 31, [removed: 2024,] [added: 2025,] we had [removed: 83.6] [added: 86.6] million proprietary cards-in-force worldwide.

We also build and maintain relationships with merchant acquirers, [removed: aggregators and] processors [added: and payment facilitators] to manage aspects of our merchant services business.

For example, through our OptBlue® merchant-acquiring program, [removed: third-party processors] [added: these third parties] contract directly with small merchants for card acceptance on our network and determine merchant pricing.

[removed: We operate a payments] [added: To enhance and extend the reach of our global] network [removed: through which] [added: and broaden our customer base,] we establish and maintain relationships with third-party banks and other institutions in approximately [removed: 120] [added: 110] countries and [removed: territories, licensing the American Express brand and extending the reach of] [added: territories through] our [removed: global network.][added: card network business.]

These network partners are licensed to issue [removed: local currency] American Express-branded cards in their countries and/or serve as the merchant acquirer for local merchants on our network.

For the year ended December 31, [removed: 2024,] [added: 2025,] worldwide [removed: network services] processed volume (spending on American Express cards issued by third [removed: parties)] [added: parties as well as alternative payment solutions facilitated by American Express)] was [removed: $213.9] [added: $227.2] billion and as of December 31, [removed: 2024,] [added: 2025,] we had [removed: 62.8] [added: 66.2] million cards-in-force issued by third parties worldwide.

[removed: ][added: ]

There are many examples of how we work with partners, including: issuing cards under cobrand arrangements with other corporations and institutions (e.g., Delta Air Lines (Delta), [removed: Hilton Worldwide Holdings,] Marriott [removed: International and] [added: International,] British [removed: Airways);] [added: Airways and Hilton Worldwide Holdings);] providing greater value to our Card Members (e.g., Amex Offers and statement credits for purchases with partners); offering innovative ways for our Card Members to earn and use points with our merchants (e.g., Pay with Points at Amazon.com); expanding merchant acceptance with third-party acquirers and processors (e.g., OptBlue [removed: partners); operating through joint ventures in certain jurisdictions (e.g., in China, the Middle East] [added: program participants); offering access to payment technologies, marketing solutions] and [removed: Switzerland); developing new capabilities] [added: brand assets for cards issued by third-party banks, financial technology companies] and [removed: features with] [added: other institutions on the American Express network (e.g., cards offered by Coinbase and Credit Saison); integrating into expense management processes of] our [removed: digital partners] [added: business customers] (e.g., [removed: PayPal] [added: Emburse] and [removed: i2c);] [added: SAP Concur);] enhancing our travel [added: and lifestyle] benefits and services (e.g., Fine Hotels and Resorts®); and providing experiences and entertainment for Card Members (e.g., via Formula 1 and AEG Worldwide).

We also have an [removed: ownership position] [added: equity investment] in, and commercial arrangements with, Global Business Travel Group, Inc. (GBTG), which provides business travel-related services.

We issue cards under cobrand arrangements with Delta and the Delta cobrand portfolio continued to represent approximately [removed: 12] [added: 13] percent of worldwide billed business and approximately 21 percent of worldwide Card Member loans as of December 31, [removed: 2024.][added: 2025.]

Our [removed: Spend-Centric Model and] [added: Premium Customer Base,] Revenue [removed: Mix][added: Mix and Membership Model]

[removed: Our “spend-centric”] [added: We seek to attract premium, high-spending and high-credit-quality customers and our] business model focuses on generating revenues primarily by driving spending on our cards and secondarily through finance charges and fees.

Because of the [removed: revenues generated from having high-spending Card Members] [added: spend, lend] and [removed: the annual card fees] [added: fee revenues] we [removed: charge on many of our products,] [added: generate,] we are able to invest in [added: our Membership Model, which provides] attractive rewards and other benefits for Card Members, as well as [removed: targeted] [added: in] marketing and [removed: other programs and investments] [added: payment solutions] for merchants.

This [added: attracts new Card Members and] creates incentives for Card Members to spend more on their [removed: cards] [added: cards, attracts merchants] and [added: partners to provide additional value to our Membership Model and] positively differentiates American Express cards.

We seek to grow our business by focusing on [removed: four] [added: five] strategic imperatives:

[removed: Finally,] [added: Fourth,] we want to continue to build on our unique global position, seeking ways to use our differentiated business model and global presence as we progress against our other strategic imperatives.

As of December 31, [removed: 2024,] [added: 2025,] we employed approximately [removed: 75,100] [added: 76,800] people, whom we refer to as colleagues, with approximately [removed: 25,800] [added: 25,900] colleagues in the United States and approximately [removed: 49,300] [added: 50,900] colleagues outside the United States.

We believe that maintaining our strong [removed: workplace] culture, adhering to our Blue Box [removed: values] [added: Values] and ensuring that our people feel [removed: included,] [added: respected,] valued, recognized and backed helps us attract, [removed: retain and] develop [added: and engage] the right talent for American Express’ success.

[removed: We conduct an annual Colleague Experience Survey and in 2024, 90] [added: In 2025, 91] percent of colleagues who participated in the survey said they would recommend American Express as a great place to work.

Colleagues have access to a [removed: wide variety] [added: number] of [removed: resources:] [added: other resources, such as] career coaching, mentoring, professional [removed: networking,] [added: networking] and rotation opportunities, as well as courses on-demand and with classroom-style instruction.

We [removed: aim to] [added: also] provide [removed: our colleagues with competitive compensation and] leading benefits and take a holistic approach to well-being, providing resources that address the physical, financial and mental health of our colleagues.

Our financial well-being program, Smart Saving, provides tools and resources to help colleagues build their [added: financial] knowledge and skills for all life stages.

Set forth below, in alphabetical order, is a list of our executive officers as of February [removed: 7, 2025,] [added: 6, 2026,] including each executive officer’s principal occupation and employment during the past five years.

| Mr. Buckminster [removed: (64)] [added: (65)] has been Vice Chairman since April 2021. Prior thereto, he had been Group President, Global Consumer Services Group since February 2018. | | | | | |

| Mr. Grosfield [removed: (56)] [added: (57)] has been Group President, U.S. Consumer Services since February 2025. Prior thereto, he had been President, U.S. Consumer Services since May 2022, Executive Vice President and General Manager of U.S. Consumer Marketing and Global Premium Services since February 2021 and Executive Vice President and General Manager of U.S. Consumer Marketing Services from January 2016 to February 2021. | | | | | |

| MONIQUE [added: R.] HERENA — | | | Chief Colleague Experience Officer | | |

| Ms. Herena [removed: (53)] [added: (54)] has been Chief Colleague Experience Officer since April 2019. | | | | | |

| Mr. Joabar [removed: (59)] [added: (60)] has been Group President, Global Commercial Services since February 2025. Prior thereto, he had been Group President, Global Merchant and Network Services since April 2021 and President, Global Risk and Compliance and Chief Risk Officer since September 2019. | | | | | |

American Express is a global payments and premium lifestyle brand powered by technology.

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

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

We also continue to explore ways to deploy new and developing technologies to enhance our payments platform and customer experience, such as uses for generative artificial intelligence (AI) and the integration of our products and services in agentic commerce.

We seek to provide attractive value propositions to Card Members in a number of different ways, including:

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

We also enhance the American Express Membership experience through a suite of digital applications and tools, such as the new Amex Travel App that we launched in 2025, which make it easier for our Card Members to engage with our products and benefits and improve their service experience.

We regularly refresh many of our card products, such as the 2025 refresh of our U.S. Consumer and Business Platinum cards, to enhance their value propositions, increase engagement with existing customers and attract new customers.

We also have a number of products that complement our card products.

We offer banking and financing products such as high yield savings, business and consumer checking accounts, consumer installment loans and lines of credit offered to small businesses.

We also provide non-card business-to-business (B2B) payment products and cash and expense management solutions to our commercial clients, which we are enhancing through our 2025 acquisition of Center, an expense management software company.

In addition, we provide Card Members with reservation capabilities and elevated dining experiences through our dining platform spanning our network of Resy® and Tock® restaurants and venues.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

We operate a payments network that processes and settles transactions across the globe.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

We also aim to meet the borrowing needs of our customers through a variety of card and non-card financing products, and we charge an annual fee on many of our card products, which helps support the value offered on those products.

We also utilize technology to provide customers with a range of servicing channels and tools designed to meet their preferences and enhance their service experience.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

Finally, we seek to reimagine our customer and colleague experiences to drive innovation, improve productivity and efficiency and enhance customer satisfaction.

We added this fifth strategic imperative as technology is transforming how we work and changing our customers’ expectations.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

We conduct an annual Colleague Experience Survey for colleagues to share their feedback about the work environment and culture at American Express, which helps us better understand colleague sentiment across several aspects of their experience including leadership, engagement, work life, risk and controls, career development and well-being.

At the heart of our workplace culture are our Blue Box Values, which are a set of guiding principles that serve as the foundation for how we operate as a company and lead.

We support our colleagues with competitive total compensation packages, holistic well-being programs and opportunities for career growth and development to attract and retain top talent.

*Competitive Total Compensation*.

Our compensation programs seek to recognize colleagues for their contributions, leadership and impact, and every colleague has the opportunity to share in American Express’ success.

In addition, maintaining pay equity is an important part of our compensation philosophy and is reviewed annually to ensure colleagues are compensated fairly, based on key factors such as tenure, role, level, geography, merit and performance.

*Holistic Well-Being*.

We support our colleagues’ physical health and well-being through our corporate wellness program, Healthy Living, which highlights the importance of preventive care, encourages and rewards healthy actions, and delivers practical and accessible resources that promote a healthy lifestyle.

We also offer resources and support for our colleagues’ mental health through our Healthy Minds Program, which provides colleagues and their household members with access to free counseling and a personalized health concierge service, and aims to increase mental health awareness across American Express.

*Career Growth & Development*.

We provide colleagues at all levels with access to a wide variety of resources to support their ongoing career growth and leadership development.

To help support a culture of conduct and risk management, we also require colleagues undergo trainings on laws, regulations and policies applicable to them and American Express.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

For example, there is heightened competition with respect to several aspects of our Card Member value propositions, such as in partnerships and other differentiated offerings (e.g., lounge space in U.S. and global hub airports, dining experiences and other experiential offerings).

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

The development of agentic commerce solutions, in which autonomous or semi-autonomous AI agents initiate and execute transactions on behalf of users, has accelerated as generative AI technologies have advanced and become more popular.

In addition, the use of stablecoins, which can be used for payments in a number of settings, including in e-commerce and cross-border and B2B payments, has grown.

- Travel and lifestyle services

- Expense management products and services

- Other services, such as the design and operation of customer loyalty programs

We acquire and retain high-spending, engaged and creditworthy Card Members by:

- Creating world-class service experiences by delivering exceptional customer care

We have a number of products that complement our card products, such as our business checking and consumer rewards checking account products, expense management and business-to-business (B2B) payment products and other non-card payment and financing products.

Our complementary products also include digital capabilities, such as our Business Blueprint digital cash flow management hub and our Resy® dining platform, which we are enhancing through our acquisitions in 2024 of Tock, a reservation, table and event management technology provider and Rooam, a technology company that powers systems used by restaurants and entertainment venues.

We are focused on enhancing the value propositions of our products to increase engagement with existing customers and attract new customers, including Millennial and Gen Z consumers as well as customers internationally.

We believe our spend-centric model gives us the ability to provide differentiated value to Card Members, merchants and business partners.

We have completed the environmental, social and governance goals under our 2021–2024 strategy, other than our continued work in support of Small Business Saturday and other Shop Small campaigns that will progress in 2025 and beyond.

We are reviewing our approach on these topics as mandatory reporting requirements evolve globally.

As of December 31, 2024, women represented 52.6 percent of our global workforce; Asian, Black/African American and Hispanic/Latino/a people represented 22.4 percent, 14.2 percent and 14.5 percent, respectively, of our U.S. workforce based on preliminary data for our 2024 U.S. EEO-1 submission; and 55 percent of our Executive Committee were women or from diverse races and ethnic backgrounds.

We strive to offer a compelling colleague value proposition, which represents the many ways in which we support our colleagues to be and deliver their best.

In 2024, we continued to invest in our colleagues, building on a wide range of learning and development opportunities and enhancing our competitive benefits in key areas including total compensation and holistic health and wellness.

We continuously invest in programs, benefits and resources to foster the personal and professional growth of our colleagues.

We support our colleagues’ physical health and well-being through our corporate wellness program, Healthy Living and we provide resources and support to increase awareness about mental health among our colleagues through our Healthy Minds Program.

We also have policies and processes in place to help ensure we compensate colleagues fairly and equitably.

We review our compensation practices regularly and have conducted an annual pay equity review since 2017, assessing pay on a statistical basis and considering key factors known to affect compensation, such as role, level, tenure, performance and geography.

In 2024, we maintained 100 percent pay equity, meaning no statistical differences in pay, for colleagues across genders globally and across races and ethnicities in the United States.

We also face competition for partners and other differentiated offerings, such as lounge space in U.S. and global hub airports, dining and event reservation and operational capabilities and other experiential offerings to customers.

For example, as previously disclosed, we entered into agreements to resolve governmental investigations related to historical sales practices for certain U.S. small business customers, which are described in more detail in Note 12 to the “Consolidated Financial Statements.” In addition, various regulatory agencies have announced they are reviewing credit card rewards programs for compliance with consumer protection laws and regulations.

We have identified certain issues related to the rewards and benefits we provide including, as previously disclosed, that certain U.S. Card Members were not credited certain Membership Rewards points they had earned.

We have taken actions to remediate these issues and enhance our related procedures and controls.

We are cooperating with ongoing regulatory inquiries concerning our rewards and benefits programs.

The proposed rules would apply a new expanded risk-based approach to calculating risk-based capital ratios, and large banking organizations would be required to calculate their risk-based capital ratios under both (i) the standardized approach and (ii) the expanded risk-based approach and use the lower of the two ratio calculations to determine binding capital constraints under each risk-based capital ratio.

The expanded risk-based approach to calculating risk-weighted assets would apply more granular risk-weighting methodologies for credit risk, include a new standardized methodology for operational risk, include new approaches for calculating market and credit valuation adjustment risk and revise the treatment of equity exposures not subject to market risk capital requirements.

The new approach to calculating market risk also would apply to calculations under the standardized approach.

The methodology for operational risk would include differential treatment of fee and other non-interest revenues as compared to interest income for purposes of determining operational risk-weighted assets.

The proposed rules would also include additional credit risk capital requirements for certain “unconditionally cancellable commitments” such as unused portions of committed lines of credit (e.g., credit cards) and would create a proxy methodology to assign capital requirements to credit exposure on products that carry no pre-set spending limits such as charge cards.

The Company and AENB are required to calculate the LCR and NSFR on a daily basis and the Company is required to make public disclosures related to its LCR on a quarterly basis and NSFR on a semi-annual basis, in each case, subject to applicable transition periods following the Company becoming a Category III firm.

*Proposed Long-Term Debt Requirements*

On August 29, 2023, the U.S. federal bank regulatory agencies issued a notice of proposed rulemaking that, if adopted as proposed, would require covered bank holding companies such as the Company to issue and maintain minimum amounts of eligible external long-term debt with specific terms for purposes of absorbing losses or recapitalizing the covered bank holding company and its operating subsidiaries.

The notice of proposed rulemaking also proposed requiring certain insured depository institutions that have at least $100 billion in consolidated assets, such as AENB, to maintain minimum amounts of eligible internal long-term debt for purposes of absorbing losses or recapitalizing the insured depository institution.

Under the final rule, resolution plans are subject to more stringent standards with respect to their assumptions and content, as well as enhanced credibility standards for the FDIC’s evaluation of resolution plans and expanded expectations regarding engagement and capabilities testing.

In October 2024, the OCC issued final revisions to its recovery planning guidelines, which expand the recovery planning guidelines to apply to insured national banks with $100 billion or more in total consolidated assets, including AENB.

The OCC’s recovery planning guidelines require a covered bank to develop, maintain and test a recovery plan that, among other things, identifies a range of options that could be undertaken by the covered bank to restore its financial strength and viability when it experiences considerable financial or operational stress, but has not deteriorated to the point that resolution is imminent.

AENB will be required to develop a recovery plan by December 31, 2025 and test it by December 31, 2026, with testing then required periodically (but not less than annually) and following any significant changes to the recovery plan made in response to a material event.

In October 2023, the U.S. federal bank regulatory agencies adopted a final rule that makes extensive revisions to the CRA regulatory framework, including to the definition of “limited purpose bank,” which could impact AENB and alter its CRA compliance obligations.

In March 2024, a preliminary injunction was granted postponing the effectiveness of the final rule and the implementation dates until the resolution of litigation challenging the final rule; whether the final rule will ultimately be implemented and any related compliance deadlines remain uncertain.

*Climate Risk Management*

| | | | For the fiscal year ended December 31, [removed: 2024] [added: 2025] | | |

[removed: ][added: ]

As of June 30, [removed: 2024,] [added: 2025,] the aggregate market value of the registrant’s voting shares held by non-affiliates of the registrant was approximately [removed: $164.7] [added: $221.8] billion based on the closing sale price as reported on the New York Stock Exchange.

As of January [removed: 31, 2025,] [added: 30, 2026,] there were [removed: 702,532,111] [added: 686,614,005] common shares of the registrant outstanding.

Part III: Portions of Registrant’s Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders to be held on [removed: April 29, 2025.][added: May 5, 2026.]

| | | | [Supervision and [removed: Regulation](#ia67e9c8d52be4dd8920511accb6c8af8_34)] [added: Regulation](#i623fdbe9665140babfcf0aa9499b726f_37)] | | | [removed: [11](#ia67e9c8d52be4dd8920511accb6c8af8_34)] [added: [11](#i623fdbe9665140babfcf0aa9499b726f_37)] | | |

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| | | | [Report of Independent Registered Public Accounting [removed: Firm](#ia67e9c8d52be4dd8920511accb6c8af8_262)] [added: Firm](#i623fdbe9665140babfcf0aa9499b726f_262)] (PCAOB ID 238) | | | [removed: [93](#ia67e9c8d52be4dd8920511accb6c8af8_262)] [added: [88](#i623fdbe9665140babfcf0aa9499b726f_262)] | | |

| | | | [Index to Consolidated Financial [removed: Statements](#ia67e9c8d52be4dd8920511accb6c8af8_265)] [added: Statements](#i623fdbe9665140babfcf0aa9499b726f_265)] | | | [removed: [96](#ia67e9c8d52be4dd8920511accb6c8af8_265)] [added: [91](#i623fdbe9665140babfcf0aa9499b726f_265)] | | |

| | | | [Consolidated Financial [removed: Statements](#ia67e9c8d52be4dd8920511accb6c8af8_271)] [added: Statements](#i623fdbe9665140babfcf0aa9499b726f_271)] | | | [removed: [97](#ia67e9c8d52be4dd8920511accb6c8af8_271)] [added: [92](#i623fdbe9665140babfcf0aa9499b726f_271)] | | |

| | | | [Notes to Consolidated Financial [removed: Statements](#ia67e9c8d52be4dd8920511accb6c8af8_289)] [added: Statements](#i623fdbe9665140babfcf0aa9499b726f_289)] | | | [removed: [102](#ia67e9c8d52be4dd8920511accb6c8af8_289)] [added: [97](#i623fdbe9665140babfcf0aa9499b726f_289)] | | |

| [removed: [9.](#ia67e9c8d52be4dd8920511accb6c8af8_379)] [added: [9.](#i623fdbe9665140babfcf0aa9499b726f_379)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ia67e9c8d52be4dd8920511accb6c8af8_379)] [added: Disclosure](#i623fdbe9665140babfcf0aa9499b726f_379)] | | | [removed: [163](#ia67e9c8d52be4dd8920511accb6c8af8_379)] [added: [155](#i623fdbe9665140babfcf0aa9499b726f_379)] | | |

| [removed: [9A.](#ia67e9c8d52be4dd8920511accb6c8af8_382)] [added: [9A.](#i623fdbe9665140babfcf0aa9499b726f_382)] | | | [Controls and [removed: Procedures](#ia67e9c8d52be4dd8920511accb6c8af8_382)] [added: Procedures](#i623fdbe9665140babfcf0aa9499b726f_382)] | | | [removed: [163](#ia67e9c8d52be4dd8920511accb6c8af8_382)] [added: [155](#i623fdbe9665140babfcf0aa9499b726f_382)] | | |

| [removed: [9B.](#ia67e9c8d52be4dd8920511accb6c8af8_385)] [added: [9B.](#i623fdbe9665140babfcf0aa9499b726f_385)] | | | [Other [removed: Information](#ia67e9c8d52be4dd8920511accb6c8af8_385)] [added: Information](#i623fdbe9665140babfcf0aa9499b726f_385)] | | | [removed: [163](#ia67e9c8d52be4dd8920511accb6c8af8_385)] [added: [155](#i623fdbe9665140babfcf0aa9499b726f_385)] | | |

| 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ia67e9c8d52be4dd8920511accb6c8af8_388)] [added: Inspections](#i623fdbe9665140babfcf0aa9499b726f_391)] | | | [removed: [163](#ia67e9c8d52be4dd8920511accb6c8af8_388)] [added: [155](#i623fdbe9665140babfcf0aa9499b726f_391)] | | |

| [removed: [10.](#ia67e9c8d52be4dd8920511accb6c8af8_394)] [added: [10.](#i623fdbe9665140babfcf0aa9499b726f_397)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#ia67e9c8d52be4dd8920511accb6c8af8_394)] [added: Governance](#i623fdbe9665140babfcf0aa9499b726f_397)] | | | [removed: [164](#ia67e9c8d52be4dd8920511accb6c8af8_394)] [added: [156](#i623fdbe9665140babfcf0aa9499b726f_397)] | | |

| [removed: [12.](#ia67e9c8d52be4dd8920511accb6c8af8_394)] [added: [12.](#i623fdbe9665140babfcf0aa9499b726f_397)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ia67e9c8d52be4dd8920511accb6c8af8_394)] [added: Matters](#i623fdbe9665140babfcf0aa9499b726f_397)] | | | [removed: [164](#ia67e9c8d52be4dd8920511accb6c8af8_394)] [added: [156](#i623fdbe9665140babfcf0aa9499b726f_397)] | | |

| [removed: [13.](#ia67e9c8d52be4dd8920511accb6c8af8_394)] [added: [13.](#i623fdbe9665140babfcf0aa9499b726f_397)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ia67e9c8d52be4dd8920511accb6c8af8_394)] [added: Independence](#i623fdbe9665140babfcf0aa9499b726f_397)] | | | [removed: [164](#ia67e9c8d52be4dd8920511accb6c8af8_394)] [added: [156](#i623fdbe9665140babfcf0aa9499b726f_397)] | | |

| [removed: [14.](#ia67e9c8d52be4dd8920511accb6c8af8_397)] [added: [14.](#i623fdbe9665140babfcf0aa9499b726f_400)] | | | [Principal [removed: Account](#ia67e9c8d52be4dd8920511accb6c8af8_397)[ant](#ia67e9c8d52be4dd8920511accb6c8af8_397)] [added: Account](#i623fdbe9665140babfcf0aa9499b726f_400)[ant](#i623fdbe9665140babfcf0aa9499b726f_400)] [Fees and [removed: Services](#ia67e9c8d52be4dd8920511accb6c8af8_397)] [added: Services](#i623fdbe9665140babfcf0aa9499b726f_400)] | | | [removed: [165](#ia67e9c8d52be4dd8920511accb6c8af8_397)] [added: [157](#i623fdbe9665140babfcf0aa9499b726f_400)] | | |

| [removed: [15.](#ia67e9c8d52be4dd8920511accb6c8af8_403)] [added: [15.](#i623fdbe9665140babfcf0aa9499b726f_406)] | | | [removed: [Exhibit](#ia67e9c8d52be4dd8920511accb6c8af8_403) [and](#ia67e9c8d52be4dd8920511accb6c8af8_403)] [added: [Exhibit](#i623fdbe9665140babfcf0aa9499b726f_406) [and](#i623fdbe9665140babfcf0aa9499b726f_406)] [Financial Statement [removed: Schedules](#ia67e9c8d52be4dd8920511accb6c8af8_403)] [added: Schedules](#i623fdbe9665140babfcf0aa9499b726f_406)] | | | [removed: [166](#ia67e9c8d52be4dd8920511accb6c8af8_403)] [added: [158](#i623fdbe9665140babfcf0aa9499b726f_406)] | | |

| 3.433% Fixed-to-Floating Rate Notes due May 20, 2032 | | | AXP32 | | | New York Stock Exchange | | |

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

| | | | [PART I](#i623fdbe9665140babfcf0aa9499b726f_16) | | | | | |

| [1.](#i623fdbe9665140babfcf0aa9499b726f_19) | | | [Business](#i623fdbe9665140babfcf0aa9499b726f_19) | | | [1](#i623fdbe9665140babfcf0aa9499b726f_19) | | |

| | | | [Competition](#i623fdbe9665140babfcf0aa9499b726f_34) | | | [9](#i623fdbe9665140babfcf0aa9499b726f_34) | | |

| | | | [PART III](#i623fdbe9665140babfcf0aa9499b726f_394) | | | | | |

| [11.](#i623fdbe9665140babfcf0aa9499b726f_397) | | | [Executive Compensation](#i623fdbe9665140babfcf0aa9499b726f_397) | | | [156](#i623fdbe9665140babfcf0aa9499b726f_397) | | |

| | | | [PART IV](#i623fdbe9665140babfcf0aa9499b726f_403) | | | | | |

| [16.](#i623fdbe9665140babfcf0aa9499b726f_412) | | | [Form 10-K Summary](#i623fdbe9665140babfcf0aa9499b726f_412) | | | [162](#i623fdbe9665140babfcf0aa9499b726f_412) | | |

| | | | [Signatures](#i623fdbe9665140babfcf0aa9499b726f_415) | | | [163](#i623fdbe9665140babfcf0aa9499b726f_415) | | |

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

Amounts presented in this report may not sum and percentages may not recalculate due to rounding.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

| | | | [PART I](#ia67e9c8d52be4dd8920511accb6c8af8_16) | | | | | |

| [1.](#ia67e9c8d52be4dd8920511accb6c8af8_19) | | | [Business](#ia67e9c8d52be4dd8920511accb6c8af8_19) | | | [1](#ia67e9c8d52be4dd8920511accb6c8af8_19) | | |

| | | | [Competition](#ia67e9c8d52be4dd8920511accb6c8af8_31) | | | [9](#ia67e9c8d52be4dd8920511accb6c8af8_31) | | |

| | | | [PART III](#ia67e9c8d52be4dd8920511accb6c8af8_391) | | | | | |

| [11.](#ia67e9c8d52be4dd8920511accb6c8af8_394) | | | [Executive Compensation](#ia67e9c8d52be4dd8920511accb6c8af8_394) | | | [164](#ia67e9c8d52be4dd8920511accb6c8af8_394) | | |

| | | | [PART IV](#ia67e9c8d52be4dd8920511accb6c8af8_400) | | | | | |

| [16.](#ia67e9c8d52be4dd8920511accb6c8af8_409) | | | [Form 10-K Summary](#ia67e9c8d52be4dd8920511accb6c8af8_409) | | | [171](#ia67e9c8d52be4dd8920511accb6c8af8_409) | | |

| | | | [Signatures](#ia67e9c8d52be4dd8920511accb6c8af8_412) | | | [172](#ia67e9c8d52be4dd8920511accb6c8af8_412) | | |

Information security and cybersecurity risk is an operational risk [removed: that] [added: under our enterprise risk taxonomy, which] is measured and managed as part of our operational risk [added: management] framework.

Operational risk is incorporated into our [removed: comprehensive Enterprise Risk Management (ERM) program,] [added: risk governance framework,] which we use to identify, [removed: aggregate, monitor, report] [added: assess, control, measure & monitor] and [removed: manage] [added: report & escalate] risks.

For more information on our [removed: ERM program,] [added: risk governance framework,] see “Risk Management” under “MD&A.”

Our Technology Risk and Information Security (TRIS) program, which is our enterprise information security and cybersecurity program incorporated in our [removed: ERM program] [added: risk governance framework] and led by our Chief Information Security Officer (CISO), is designed to (i) ensure the security, confidentiality, integrity and availability of our information and information systems; (ii) protect against any anticipated threats or hazards to the security, confidentiality, integrity or availability of such information and information systems; and (iii) protect against unauthorized access to or use of such information or information systems that could result in substantial harm or inconvenience to us, our colleagues or our customers.

The program deploys multiple layers of controls, including embedding security into our technology investments, [added: which are] designed to identify, protect, detect, respond to and recover from information security and cybersecurity incidents.

The TRIS program includes our Enterprise Incident Response Program, which manages information security incidents involving compromises of sensitive information, and our Cyber Crisis Response Plan, which provides a documented framework for handling [removed: high-severity] [added: critical] security incidents and facilitates coordination across multiple parts of the Company to manage response efforts.

We also [removed: invest in threat intelligence,] collaborate with our peers in areas of threat intelligence, vulnerability management, incident response and drills, and are active participants in industry and government forums.

For more information on risks to us from cybersecurity threats, see “*A major information or cybersecurity incident [removed: or an increase in fraudulent activity] could lead to reputational damage to our brand and material legal, regulatory and financial exposure, and could reduce the use and acceptance of our products and services*.” under “Risk Factors.”

Our [removed: Operational] [added: Technology, Data, Resiliency] Risk [removed: Management] Committee [removed: (ORMC), chaired] [added: (TDRRC), co-chaired] by our Chief [removed: Operational] [added: Information Officer and the Head of Technical] Risk [removed: Officer,] [added: Management,] provides oversight and governance for our information security risk management activities, including those related to cybersecurity.

This includes efforts to identify, [removed: measure, manage,] [added: assess, control, measure &] monitor and report [added: & escalate] information security risks associated with our information and information systems and potential impacts to the American Express brand.

The [removed: ORMC] [added: TDRRC] escalates risks to our Enterprise Risk Management Committee (ERMC), [removed: chaired] [added: co-chaired] by our Chief [added: Executive Officer and our Chief] Risk Officer, or our Board based on the escalation criteria provided in our enterprise-wide risk appetite framework.

Members of management with cybersecurity oversight responsibilities are informed about cybersecurity risks and incidents through a number of channels, including periodic and annual reports, with the annual report [added: on our TRIS program] also provided to our Risk Committee, the [removed: ORMC] [added: TDRRC] and ERMC.

Our CISO leads the strategy, engineering and operations of cybersecurity across the Company and is responsible for providing annual updates to our Board, the ERMC and the [removed: ORMC] [added: TDRRC] on our TRIS program, as well as ad hoc updates on information security and cybersecurity matters.

For more information on our risk governance structure, see “Risk Management — [removed: Governance”] [added: Governance] and [added: Board Oversight” and] “Risk Management —Operational Risk Management Process” under “MD&A.”

The TRIS program aligns with the standards developed by the Cyber Risk Institute Profile for the financial sector and global regulatory requirements and incorporates reviews and assessments by our independent Technical Risk Management Team (part of our second line of defense), our Internal Audit Group (our third line of defense) and external experts.

In addition, we engage third parties to provide specialized services and capabilities, including vulnerability insights, operation of certain security controls and threat intelligence.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

In addition, we incorporate reviews by our Internal Audit Group and external expertise in our TRIS program, including an independent third-party assessment of our cybersecurity measures and controls and a third-party cyber maturity assessment of our TRIS program against the Cyber Risk Institute Profile standards for the financial sector.

Our principal executive offices are in a 2.2 million square foot building located in lower Manhattan on land leased from the Battery Park City [removed: Authority for a term expiring in 2069.][added: Authority.]

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: 16,641] [added: 15,910] common shareholders of record.

You can find dividend information concerning our common stock in the Consolidated Statements of Shareholders’ Equity in the “Consolidated Financial Statements.” For information on dividend restrictions, see “Supervision and Regulation — Dividends and Other Capital Distributions” under “Business” and Note [removed: 22] [added: 21] to the “Consolidated Financial Statements.” You can find information on securities authorized for issuance under our equity compensation plans under the caption “Executive Compensation — Equity Compensation Plans” to be contained in our definitive [removed: 2025] [added: 2026] proxy statement for our Annual Meeting of Shareholders, which is scheduled to be held on [removed: April 29, 2025.][added: May 5, 2026.]

Our definitive [removed: 2025] [added: 2026] proxy statement for our Annual Meeting of Shareholders is expected to be filed with the SEC in March [removed: 2025] [added: 2026] (and, in any event, not later than 120 days after the close of our most recently completed fiscal year).

It shows the growth of a $100 investment on December 31, [removed: 2019,] [added: 2020,] including the reinvestment of all dividends.

[removed: ][added: ]

| Year-end Data | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | |

The table below sets forth the information with respect to purchases of our common stock made by or on behalf of us during the three months ended December 31, [removed: 2024.][added: 2025.]

| | | | | | | Total Number of Shares Purchased | | | | | | Average Price Paid Per Share [removed: (c)] [added: (a)] | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or [removed: Programs(d)] [added: Programs(b)] | | | | | | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | | |

| Employee [removed: transactions(b)] [added: transactions(d)] | | | | | | [removed: 16,467] [added: —] | | | | | | $ | [removed: 273.50] [added: —] | | | | | N/A | | | | | | N/A | | |

| Employee [removed: transactions(b)] [added: transactions(d)] | | | | | | [removed: —] [added: 22] | | | | | | $ | [removed: —] [added: 367.88] | | | | | N/A | | | | | | N/A | | |

[removed: (a)On] [added: (c)On] March 8, 2023, the Board of Directors authorized the repurchase of up to 120 million common shares from time to time, subject to market conditions and in accordance with our capital plans.

[removed: (b)Includes:] [added: (d)Includes:] (i) shares surrendered by holders of employee stock options who exercised options (granted under our incentive compensation plans) in satisfaction of the exercise price and/or tax withholding obligation of such holders and (ii) restricted shares withheld (under the terms of grants under our incentive compensation plans) to offset tax withholding obligations that occur upon vesting and release of restricted shares.

[removed: (c)The] [added: (a)The] average price paid per share does not reflect costs and taxes associated with the purchase of shares.

[removed: (d)Share] [added: (b)Share] purchases under publicly announced programs are made pursuant to open market purchases, plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, privately negotiated transactions or other purchases, including block trades, accelerated share repurchase programs or any combination of such methods as market conditions warrant and at prices we deem appropriate.

| American Express | | | | | | $ | 100.00 | | | | | $ | 136.89 | | | | | $ | 125.21 | | | | | $ | 161.13 | | | | | $ | 258.32 | | | | | $ | 325.53 | |

| S&P 500 Index | | | | | | $ | 100.00 | | | | | $ | 128.68 | | | | | $ | 105.36 | | | | | $ | 133.03 | | | | | $ | 166.28 | | | | | $ | 195.98 | |

| S&P Financial Index | | | | | | $ | 100.00 | | | | | $ | 134.87 | | | | | $ | 120.61 | | | | | $ | 135.21 | | | | | $ | 176.45 | | | | | $ | 202.86 | |

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

| October 1-31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Repurchase program(c) | | | | | | 546,336 | | | | | | $ | 358.73 | | | | | 546,336 | | | | | | 60,273,755 | | |

| Employee transactions(d) | | | | | | 22,255 | | | | | | $ | 358.93 | | | | | N/A | | | | | | N/A | | |

| November 1-30, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Repurchase program(c) | | | | | | 1,299,220 | | | | | | $ | 358.68 | | | | | 1,299,220 | | | | | | 58,974,535 | | |

| December 1-31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Repurchase program(c) | | | | | | 625,136 | | | | | | $ | 366.41 | | | | | 625,136 | | | | | | 58,349,399 | | |

| Repurchase program(c) | | | | | | 2,470,692 | | | | | | $ | 360.65 | | | | | 2,470,692 | | | | | | 58,349,399 | | |

| Employee transactions(d) | | | | | | 22,277 | | | | | | $ | 358.94 | | | | | N/A | | | | | | N/A | | |

| American Express | | | | | | $ | 100.00 | | | | | $ | 98.85 | | | | | $ | 135.31 | | | | | $ | 123.77 | | | | | $ | 159.28 | | | | | $ | 255.35 | |

| S&P 500 Index | | | | | | $ | 100.00 | | | | | $ | 118.39 | | | | | $ | 152.34 | | | | | $ | 124.73 | | | | | $ | 157.48 | | | | | $ | 196.85 | |

| S&P Financial Index | | | | | | $ | 100.00 | | | | | $ | 98.24 | | | | | $ | 132.50 | | | | | $ | 118.49 | | | | | $ | 132.83 | | | | | $ | 173.35 | |

| October 1-31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Repurchase program(a) | | | | | | 387,722 | | | | | | $ | 270.74 | | | | | 387,722 | | | | | | 78,271,238 | | |

| November 1-30, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Repurchase program(a) | | | | | | 1,137,974 | | | | | | $ | 289.86 | | | | | 1,137,974 | | | | | | 77,133,264 | | |

| December 1-31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Repurchase program(a) | | | | | | 1,962,445 | | | | | | $ | 301.08 | | | | | 1,962,445 | | | | | | 75,170,819 | | |

| Repurchase program(a) | | | | | | 3,488,141 | | | | | | $ | 294.05 | | | | | 3,488,141 | | | | | | 75,170,819 | | |

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on management’s assessment and those criteria, we conclude that, as of December 31, [removed: 2024,] [added: 2025,] our internal control over financial reporting is effective.

PricewaterhouseCoopers LLP, our independent registered public accounting firm, has issued an audit report appearing on the following page on the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

We have audited the accompanying consolidated balance sheets of American Express Company and its subsidiaries (the “Company”) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the related consolidated statements of income, of comprehensive income, of shareholders’ equity and of cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] including the related notes (collectively referred to as the “consolidated financial statements”).

We also have audited the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024] [added: 2025] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

The reserves for credit losses on Card Member loans was [removed: $5.7] [added: $5.9] billion as of December 31, [removed: 2024.][added: 2025.]

The Membership Rewards liability was [removed: $14.8] [added: $16.5] billion as of December 31, [removed: 2024.][added: 2025.]

These procedures included testing the effectiveness of controls relating to the estimate of the Membership Rewards liability, including the [removed: URR and WAC assumptions.][added: URR.]

| [CONSOLIDATED FINANCIAL [removed: STATEMENTS](#ia67e9c8d52be4dd8920511accb6c8af8_271)] [added: STATEMENTS](#i623fdbe9665140babfcf0aa9499b726f_271)] | | | PAGE | | |

| [Consolidated Statements of Income – For the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#ia67e9c8d52be4dd8920511accb6c8af8_271)] [added: 2023](#i623fdbe9665140babfcf0aa9499b726f_271)] | | | [removed: [97](#ia67e9c8d52be4dd8920511accb6c8af8_271)] [added: [92](#i623fdbe9665140babfcf0aa9499b726f_271)] | | |

| [Consolidated Statements of Comprehensive Income – For the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#ia67e9c8d52be4dd8920511accb6c8af8_274)] [added: 2023](#i623fdbe9665140babfcf0aa9499b726f_274)] | | | [removed: [98](#ia67e9c8d52be4dd8920511accb6c8af8_274)] [added: [93](#i623fdbe9665140babfcf0aa9499b726f_274)] | | |

| [Consolidated Balance Sheets – December 31, [removed: 2024] [added: 2025] and [removed: 2023](#ia67e9c8d52be4dd8920511accb6c8af8_277)] [added: 2024](#i623fdbe9665140babfcf0aa9499b726f_277)] | | | [removed: [99](#ia67e9c8d52be4dd8920511accb6c8af8_277)] [added: [94](#i623fdbe9665140babfcf0aa9499b726f_277)] | | |

| [Consolidated Statements of Cash Flows – For the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#ia67e9c8d52be4dd8920511accb6c8af8_283)] [added: 2023](#i623fdbe9665140babfcf0aa9499b726f_283)] | | | [removed: [100](#ia67e9c8d52be4dd8920511accb6c8af8_283)] [added: [95](#i623fdbe9665140babfcf0aa9499b726f_283)] | | |

| [Consolidated Statements of Shareholders’ Equity – For the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#ia67e9c8d52be4dd8920511accb6c8af8_286)] [added: 2023](#i623fdbe9665140babfcf0aa9499b726f_286)] | | | [removed: [101](#ia67e9c8d52be4dd8920511accb6c8af8_286)] [added: [96](#i623fdbe9665140babfcf0aa9499b726f_286)] | | |

| [NOTES TO CONSOLIDATED FINANCIAL [removed: STATEMENTS](#ia67e9c8d52be4dd8920511accb6c8af8_289)] [added: STATEMENTS](#i623fdbe9665140babfcf0aa9499b726f_289)] | | | [removed: [102](#ia67e9c8d52be4dd8920511accb6c8af8_289)] [added: [97](#i623fdbe9665140babfcf0aa9499b726f_289)] | | |

| [removed: [Note] [added: Note] 1 [removed: –] [added: [–] Summary of Significant Accounting [removed: Policies](#ia67e9c8d52be4dd8920511accb6c8af8_292)] [added: Policies](#i623fdbe9665140babfcf0aa9499b726f_292)] | | | [removed: [102](#ia67e9c8d52be4dd8920511accb6c8af8_292)] [added: [97](#i623fdbe9665140babfcf0aa9499b726f_292)] | | |

| [removed: [Note] [added: Note] 2 [removed: –] [added: [–] Loans and Card Member [removed: Receivables](#ia67e9c8d52be4dd8920511accb6c8af8_295)] [added: Receivables](#i623fdbe9665140babfcf0aa9499b726f_295)] | | | [removed: [108](#ia67e9c8d52be4dd8920511accb6c8af8_295)] [added: [103](#i623fdbe9665140babfcf0aa9499b726f_295)] | | |

| [removed: [Note] [added: Note] 3 [removed: –] [added: [–] Reserves for Credit [removed: Losses](#ia67e9c8d52be4dd8920511accb6c8af8_298)] [added: Losses](#i623fdbe9665140babfcf0aa9499b726f_298)] | | | [removed: [118](#ia67e9c8d52be4dd8920511accb6c8af8_298)] [added: [112](#i623fdbe9665140babfcf0aa9499b726f_298)] | | |

| [removed: [Note](#ia67e9c8d52be4dd8920511accb6c8af8_301) [4](#ia67e9c8d52be4dd8920511accb6c8af8_301)] [added: Note 4] [– Investment [removed: Securities](#ia67e9c8d52be4dd8920511accb6c8af8_301)] [added: Securities](#i623fdbe9665140babfcf0aa9499b726f_301)] | | | [removed: [121](#ia67e9c8d52be4dd8920511accb6c8af8_301)] [added: [115](#i623fdbe9665140babfcf0aa9499b726f_301)] | | |

| [removed: [Note](#ia67e9c8d52be4dd8920511accb6c8af8_304) [5](#ia67e9c8d52be4dd8920511accb6c8af8_304) [–] [added: Note 5[–] Asset [removed: Securitizations](#ia67e9c8d52be4dd8920511accb6c8af8_304)] [added: Securitizations](#i623fdbe9665140babfcf0aa9499b726f_304)] | | | [removed: [124](#ia67e9c8d52be4dd8920511accb6c8af8_304)] [added: [117](#i623fdbe9665140babfcf0aa9499b726f_304)] | | |

| [removed: [Note](#ia67e9c8d52be4dd8920511accb6c8af8_307) [6](#ia67e9c8d52be4dd8920511accb6c8af8_307)] [added: Note 6] [– Other [removed: Assets](#ia67e9c8d52be4dd8920511accb6c8af8_307)] [added: Assets](#i623fdbe9665140babfcf0aa9499b726f_307)] | | | [removed: [125](#ia67e9c8d52be4dd8920511accb6c8af8_307)] [added: [118](#i623fdbe9665140babfcf0aa9499b726f_307)] | | |

| [removed: [Note](#ia67e9c8d52be4dd8920511accb6c8af8_310) [7](#ia67e9c8d52be4dd8920511accb6c8af8_310)] [added: Note 7] [– Customer [removed: Deposits](#ia67e9c8d52be4dd8920511accb6c8af8_310)] [added: Deposits](#i623fdbe9665140babfcf0aa9499b726f_310)] | | | [removed: [127](#ia67e9c8d52be4dd8920511accb6c8af8_310)] [added: [120](#i623fdbe9665140babfcf0aa9499b726f_310)] | | |

| [removed: [Note](#ia67e9c8d52be4dd8920511accb6c8af8_313) [8](#ia67e9c8d52be4dd8920511accb6c8af8_313)] [added: Note 8] [– [removed: Debt](#ia67e9c8d52be4dd8920511accb6c8af8_313)] [added: Debt](#i623fdbe9665140babfcf0aa9499b726f_313)] | | | [removed: [128](#ia67e9c8d52be4dd8920511accb6c8af8_313)] [added: [121](#i623fdbe9665140babfcf0aa9499b726f_313)] | | |

| [removed: [Note](#ia67e9c8d52be4dd8920511accb6c8af8_316) [9](#ia67e9c8d52be4dd8920511accb6c8af8_316)] [added: Note 9] [– Other [removed: Liabilities](#ia67e9c8d52be4dd8920511accb6c8af8_316)] [added: Liabilities](#i623fdbe9665140babfcf0aa9499b726f_316)] | | | [removed: [131](#ia67e9c8d52be4dd8920511accb6c8af8_316)] [added: [124](#i623fdbe9665140babfcf0aa9499b726f_316)] | | |

| [removed: [Note 1](#ia67e9c8d52be4dd8920511accb6c8af8_319)[0](#ia67e9c8d52be4dd8920511accb6c8af8_319)] [added: Note 10] [– [removed: Stock](#ia67e9c8d52be4dd8920511accb6c8af8_319)[\-Based Compensation](#ia67e9c8d52be4dd8920511accb6c8af8_319)] [added: Stock](#i623fdbe9665140babfcf0aa9499b726f_319)[\-Based Compensation](#i623fdbe9665140babfcf0aa9499b726f_319)] | | | [removed: [132](#ia67e9c8d52be4dd8920511accb6c8af8_319)] [added: [125](#i623fdbe9665140babfcf0aa9499b726f_319)] | | |

| [removed: [Note 1](#ia67e9c8d52be4dd8920511accb6c8af8_325)[1](#ia67e9c8d52be4dd8920511accb6c8af8_325)] [added: Note 11] [– Retirement [removed: Plans](#ia67e9c8d52be4dd8920511accb6c8af8_325)] [added: Plans](#i623fdbe9665140babfcf0aa9499b726f_325)] | | | [removed: [135](#ia67e9c8d52be4dd8920511accb6c8af8_325)] [added: [127](#i623fdbe9665140babfcf0aa9499b726f_325)] | | |

| [removed: [Note 1](#ia67e9c8d52be4dd8920511accb6c8af8_328)[2](#ia67e9c8d52be4dd8920511accb6c8af8_328)] [added: Note 12] [– [removed: Contingencies] [added: Contingencies, Commitments] and [removed: Commitments](#ia67e9c8d52be4dd8920511accb6c8af8_328)] [added: Guarantees](#i623fdbe9665140babfcf0aa9499b726f_328)] | | | [removed: [136](#ia67e9c8d52be4dd8920511accb6c8af8_328)] [added: [128](#i623fdbe9665140babfcf0aa9499b726f_328)] | | |

| [removed: [Note 1](#ia67e9c8d52be4dd8920511accb6c8af8_331)[3](#ia67e9c8d52be4dd8920511accb6c8af8_331) [–] [added: Note 13[–] Derivatives and Hedging [removed: Activities](#ia67e9c8d52be4dd8920511accb6c8af8_331)] [added: Activities](#i623fdbe9665140babfcf0aa9499b726f_331)] | | | [removed: [139](#ia67e9c8d52be4dd8920511accb6c8af8_331)] [added: [131](#i623fdbe9665140babfcf0aa9499b726f_331)] | | |

| [removed: [Note 1](#ia67e9c8d52be4dd8920511accb6c8af8_334)[4](#ia67e9c8d52be4dd8920511accb6c8af8_334)] [added: Note 14] [– Fair [removed: Values](#ia67e9c8d52be4dd8920511accb6c8af8_334)] [added: Values](#i623fdbe9665140babfcf0aa9499b726f_334)] | | | [removed: [142](#ia67e9c8d52be4dd8920511accb6c8af8_334)] [added: [134](#i623fdbe9665140babfcf0aa9499b726f_334)] | | |

| [removed: [Note 1](#ia67e9c8d52be4dd8920511accb6c8af8_340)[6](#ia67e9c8d52be4dd8920511accb6c8af8_340)] [added: Note 15] [– Common and Preferred [removed: Shares](#ia67e9c8d52be4dd8920511accb6c8af8_340)] [added: Shares](#i623fdbe9665140babfcf0aa9499b726f_340)] | | | [removed: [147](#ia67e9c8d52be4dd8920511accb6c8af8_340)] [added: [139](#i623fdbe9665140babfcf0aa9499b726f_340)] | | |

| [removed: [Note 17 –] [added: Note 16 [–] Changes in Accumulated Other Comprehensive [removed: Income](#ia67e9c8d52be4dd8920511accb6c8af8_346) [(Loss)](#ia67e9c8d52be4dd8920511accb6c8af8_346)] [added: Income](#i623fdbe9665140babfcf0aa9499b726f_346) [(Loss)](#i623fdbe9665140babfcf0aa9499b726f_346)] | | | [removed: [149](#ia67e9c8d52be4dd8920511accb6c8af8_346)] [added: [140](#i623fdbe9665140babfcf0aa9499b726f_346)] | | |

| [removed: [Note 18 –] [added: Note 17 [–] Service Fees and Other Revenue and Other [removed: Expenses](#ia67e9c8d52be4dd8920511accb6c8af8_349)] [added: Expenses](#i623fdbe9665140babfcf0aa9499b726f_349)] | | | [removed: [150](#ia67e9c8d52be4dd8920511accb6c8af8_349)] [added: [141](#i623fdbe9665140babfcf0aa9499b726f_349)] | | |

| [removed: [Note](#ia67e9c8d52be4dd8920511accb6c8af8_352) [19](#ia67e9c8d52be4dd8920511accb6c8af8_352)] [added: Note 18] [– [removed: Restructuring](#ia67e9c8d52be4dd8920511accb6c8af8_352)] [added: Restructuring](#i623fdbe9665140babfcf0aa9499b726f_352)] | | | [removed: [150](#ia67e9c8d52be4dd8920511accb6c8af8_352)] [added: [141](#i623fdbe9665140babfcf0aa9499b726f_352)] | | |

| [removed: [Note 20 –] [added: Note 19 [–] Income [removed: Taxes](#ia67e9c8d52be4dd8920511accb6c8af8_355)] [added: Taxes](#i623fdbe9665140babfcf0aa9499b726f_355)] | | | [removed: [151](#ia67e9c8d52be4dd8920511accb6c8af8_355)] [added: [142](#i623fdbe9665140babfcf0aa9499b726f_355)] | | |

| [removed: [Note 21 –] [added: Note 20 [–] Earnings Per Common Share [removed: (EPS)](#ia67e9c8d52be4dd8920511accb6c8af8_361)] [added: (EPS)](#i623fdbe9665140babfcf0aa9499b726f_361)] | | | [removed: [154](#ia67e9c8d52be4dd8920511accb6c8af8_361)] [added: [146](#i623fdbe9665140babfcf0aa9499b726f_361)] | | |

| [removed: [Note 22 –] [added: Note 21 [–] Regulatory Matters and Capital [removed: Adequacy](#ia67e9c8d52be4dd8920511accb6c8af8_364)] [added: Adequacy](#i623fdbe9665140babfcf0aa9499b726f_364)] | | | [removed: [155](#ia67e9c8d52be4dd8920511accb6c8af8_364)] [added: [147](#i623fdbe9665140babfcf0aa9499b726f_364)] | | |

| [removed: [Note 23 –] [added: Note 22 [–] Significant Credit [removed: Concentrations](#ia67e9c8d52be4dd8920511accb6c8af8_367)] [added: Concentrations](#i623fdbe9665140babfcf0aa9499b726f_367)] | | | [removed: [157](#ia67e9c8d52be4dd8920511accb6c8af8_367)] [added: [149](#i623fdbe9665140babfcf0aa9499b726f_367)] | | |

| [removed: [Note 24 –] [added: Note 23 [–] Reportable Operating Segments and Geographic [removed: Operations](#ia67e9c8d52be4dd8920511accb6c8af8_370)] [added: Operations](#i623fdbe9665140babfcf0aa9499b726f_370)] | | | [removed: [158](#ia67e9c8d52be4dd8920511accb6c8af8_370)] [added: [150](#i623fdbe9665140babfcf0aa9499b726f_370)] | | |

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[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

February 6, 2026

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

| | | | | | |

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

For the period ended on December 31, 2024, also includes the gain recognized on the sale of Accertify (refer to Note 1 for additional information).

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

| Net income | | | | | | 10,833 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,833 | | |

| Repurchase of common shares | | | | | | (5,311) | | | | | | — | | | | | | (3) | | | | | | (273) | | | | | | — | | | | | | (5,035) | | |

| Other changes | | | | | | (86) | | | | | | — | | | | | | — | | | | | | 29 | | | | | | — | | | | | | (115) | | |

| Balances as of December 31, 2025 | | | | | | $ | 33,474 | | | | | $ | — | | | | | $ | 138 | | | | | $ | 11,126 | | | | | $ | (3,277) | | | | | $ | 25,487 | |

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

We are a global payments and premium lifestyle brand powered by technology.

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

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

Service fees and other revenue includes network partnership revenue, foreign currency-related revenue, loyalty coalition, merchant and other service fees, delinquency fees, travel commissions and fees and other fees and revenues.

Network partnership revenue also includes fees earned on alternative payment solutions facilitated by us.

Loyalty coalition, merchant and other service fees and travel commissions and fees are generally recognized in the period when the service is performed.

Refer to Note 17 for additional information on the components of Service fees and other revenue.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

Lease assets and liabilities are recognized based on the lease term, which includes any extension or termination options that we are reasonably certain to exercise.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

The amendments modernize guidance to consider different methods of software development, updating the requirements for capitalization of software costs.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

| *(Millions)* | | | | | | 2025 | | | | | | 2024 | | |

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

| *(Millions)* | | | | | | 2025 | | | | | | 2024 | | |

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

| Consumer | | | | | | $ | 116,148 | | | | | $ | 473 | | | | | $ | 350 | | | | | $ | 748 | | | | | $ | 117,719 | | | | | $ | 434 | | | | | $ | 471 | |

| Small Business | | | | | | 33,528 | | | | | | 173 | | | | | | 121 | | | | | | 252 | | | | | | 34,074 | | | | | | 130 | | | | | | 177 | | |

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)

OTHER LOANS AGING AND GROSS WRITE-OFFS BY ORIGINATION YEAR

Generally, a customer loan is considered past due if payment due is not received within 30 days after the payment due date.

February 7, 2025

| [Note 1](#ia67e9c8d52be4dd8920511accb6c8af8_337)[5](#ia67e9c8d52be4dd8920511accb6c8af8_337) [– Guarantees](#ia67e9c8d52be4dd8920511accb6c8af8_337) | | | [147](#ia67e9c8d52be4dd8920511accb6c8af8_337) | | |

| | | | | | | | | | | | | | | | | | | | | |

| Processed revenue | | | | | | 1,636 | | | | | | 1,705 | | | | | | 1,637 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balances as of December 31, 2021 | | | | | | $ | 22,177 | | | | | $ | — | | | | | $ | 153 | | | | | $ | 11,495 | | | | | $ | (2,945) | | | | | $ | 13,474 | |

| Repurchase of common shares | | | | | | (3,332) | | | | | | — | | | | | | (4) | | | | | | (302) | | | | | | — | | | | | | (3,026) | | |

| Other changes, including employee plans | | | | | | 242 | | | | | | — | | | | | | — | | | | | | 300 | | | | | | — | | | | | | (58) | | |

We are a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success.

Processed Revenue

| Guarantees | | | | | | Note 15 | | | | | | Guarantees | | |

The updated guidance requires enhanced disclosures for significant expenses by reportable operating segment.

Significant expense categories and amounts are those regularly provided to the chief operating decision maker (CODM) and included in the measure of a segment’s profit or loss.

The updated guidance also requires us to disclose the title and position of our CODM, including an explanation of how our CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.

| Consumer | | | | | | $ | 96,779 | | | | | $ | 420 | | | | | $ | 298 | | | | | $ | 614 | | | | | $ | 98,111 | | | | | $ | 393 | | | | | $ | 344 | |

| Small Business | | | | | | 27,444 | | | | | | 133 | | | | | | 85 | | | | | | 171 | | | | | | 27,833 | | | | | | 109 | | | | | | 95 | | |

| Consumer | | | | | | $ | 25,355 | | | | | $ | 70 | | | | | $ | 47 | | | | | $ | 106 | | | | | $ | 25,578 | | | | | $ | — | | | | | $ | — | |

| Small Business | | | | | | 19,020 | | | | | | 104 | | | | | | 62 | | | | | | 100 | | | | | | 19,286 | | | | | | — | | | | | | — | | |

Effective January 1, 2023, we prospectively adopted the new guidance that eliminated the recognition and measurement of troubled debt restructurings (TDRs).

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Consumer | | | | | | $ | 1,572 | | | | | 1.6 | | % | | | | 16.4 | | % | | | | (b) | | |

| Consumer | | | | | | 346 | | | | | | 1.4 | | % | | | | (c) | | | | | | 27 | | |

| Total | | | | | | $ | 3,089 | | | | | | | | | | | | | | | | | | | |

Modifications did not reduce the principal balance.

(c)We do not offer interest rate reduction programs for Card Member receivables as the receivables are non-interest bearing.

A customer can miss up to three payments before being considered in default, depending on the terms of the modification program.

| | | | | | | As of December 31, 2023 | | | | | | | | | | | | | | |

| Consumer | | | | | | 314 | | | | | | 25 | | | | | | 7 | | |

| Total | | | | | | $ | 2,785 | | | | | $ | 231 | | | | | $ | 73 | |

TROUBLED DEBT RESTRUCTURING DISCLOSURES PRIOR TO ADOPTION OF THE NEW LOAN MODIFICATION GUIDANCE

Prior to adoption of the new loan modification guidance, we accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR.

Loans that were classified as a TDR prior to adoption will continue to be accounted for under the historical TDR accounting until the loan is entirely paid off or written off.

As of December 31, 2024, there are no remaining loans which are accounted for under the historical TDR accounting.

The following table provides additional information with respect to our impaired loans and receivables as of December 31, 2022:

TABLE 2.8: IMPAIRED LOANS AND RECEIVABLES

| | | | | | | As of December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | Accounts Classified as a TDR (c) | | | | | | | | | | | | | | | | | | | | |

| 2022 (*Millions*) | | | | | | Over 90 days Past Due & Accruing Interest (a) | | | | | | Non- Accruals (b) | | | | | | In Program (d) | | | | | | Out of Program (e) | | | | | | Total Impaired Balance | | | | | | Reserve for Credit Losses- TDRs | | |

There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

“Management’s Report on Internal Control over Financial Reporting,” which sets forth management’s evaluation of internal control over financial reporting, and the “Report of Independent Registered Public Accounting Firm” on the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] are set forth in “Financial Statements and Supplementary Data.”

[removed: No non-Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under] [added: During] the [removed: Exchange Act) were adopted by any] [added: three months ended December 31, 2025, none] of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) [removed: during] [added: adopted or terminated any contract, instruction or written plan for] the [removed: three months ended December 31, 2024, and no] [added: purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of] Rule [removed: 10b5-1 trading arrangements] [added: 10b5-1(c) under the Exchange Act] or [removed: non-Rule] [added: any “non-Rule] 10b5-1 trading [removed: arrangements were terminated by any such director or officer during such period.][added: arrangement” as defined in Item 408(c) of Regulation S-K.]

On December 3, 2024, Anna Marrs, our Group President, Global Merchant and Network Services, entered into a Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K under the Exchange Act), which is scheduled to expire no later than September 30, 2025.

Up to 21,955 shares may be sold on the open market in accordance with the terms of Ms. Marrs’s trading arrangement.

We expect to file with the SEC in March [removed: 2025] [added: 2026] (and, in any event, not later than 120 days after the close of our last fiscal year), a definitive proxy statement, pursuant to SEC Regulation 14A in connection with our Annual Meeting of Shareholders to be held [removed: April 29, 2025,] [added: May 5, 2026,] which involves the election of directors.

The following information to be included in such proxy statement is incorporated herein by [removed: reference][added: reference:]

We have adopted a set of Corporate Governance Principles, which together with our [removed: Certification] [added: Certificate] of Incorporation, By-Laws, the charters of the four standing committees of the Board of Directors (Audit and Compliance; Compensation and Benefits; Nominating, Governance and Public Responsibility; and Risk), our Code of Conduct (which constitutes our code of [removed: ethics)] [added: ethics that applies to all of our colleagues, including our Chief Executive Officer, Chief Financial Officer] and [added: Controller) and] the Code of Business Conduct for [removed: the] Members of the Board of Directors, provide the framework for our governance.

A complete copy of our Corporate Governance Principles, [removed: Certification] [added: Certificate] of Incorporation, By-Laws, the charters of each of the Board committees, the Code of Conduct [removed: (which applies not only to our Chief Executive Officer, Chief Financial Officer] and [removed: Controller, but also to all our other colleagues) and] the Code of Business Conduct for [removed: the] Members of the Board of Directors may be found under “Governance and Corporate Responsibility” on our Investor Relations website at https://ir.americanexpress.com.

[Table of](#i623fdbe9665140babfcf0aa9499b726f_10) [Contents](#i623fdbe9665140babfcf0aa9499b726f_10)