Item 16. FORM 10-K SUMMARY

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Item 16. FORM 10-K SUMMARY

Not applicable.

SIGNATURES

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


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

February 6, 2026

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


/s/ STEPHEN J. SQUERI						/s/ KAREN L. PARKHILL
Stephen J. Squeri Chairman, Chief Executive Officer and Director						Karen L. Parkhill Director

/s/ CHRISTOPHE Y. LE CAILLEC						/s/ CHARLES E. PHILLIPS, JR.
Christophe Y. Le Caillec Chief Financial Officer						Charles E. Phillips, Jr. Director

/s/ JESSICA LIEBERMAN QUINN						/s/ LYNN A. PIKE
Jessica Lieberman Quinn Executive Vice President and Corporate Controller (Principal Accounting Officer)						Lynn A. Pike Director

/s/ MICHAEL J. ANGELAKIS						/s/ RANDAL K. QUARLES
Michael J. Angelakis Director						Randal K. Quarles Director

/s/ THOMAS J. BALTIMORE, JR.						/s/ DANIEL L. VASELLA
Thomas J. Baltimore, Jr. Director						Daniel L. Vasella Director

/s/ JOHN J. BRENNAN						/s/ NOEL WALLACE
John J. Brennan Director						Noel Wallace Director

/s/ THEODORE J. LEONSIS						/s/ LISA W. WARDELL
Theodore J. Leonsis Director						Lisa W. Wardell Director

/s/ DEBORAH P. MAJORAS						/s/ CHRISTOPHER D. YOUNG
Deborah P. Majoras Director						Christopher D. Young Director

February 6, 2026

Table of Contents

Appendix

STATISTICAL DISCLOSURE BY BANK HOLDING COMPANIES

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

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

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


	2025						2024						2023
Years Ended December 31, (Millions, except percentages)	Average Balance (a)		Interest Income		Average Yield		Average Balance (a)		Interest Income		Average Yield		Average Balance (a)		Interest Income		Average Yield
Interest-earning assets
Interest-bearing deposits in banks and other(b)
U.S.	$	47,218	$	2,157	4.6	%	$	43,425	$	2,439	5.6	%	$	34,467	$	1,895	5.5	%
Non-U.S.	2,189		110		5.0		2,098		163		7.8		2,173		229		10.5
Federal funds sold and securities purchased under agreements to resell

Non-U.S.	—		—		—		—		—		—		176		20		11.4
Short-term investment securities
U.S.	726		38		5.2		321		19		5.9		289		18		6.2
Non-U.S.	202		5		2.5		71		3		4.2		110		5		4.5
Card Member and Other loans, including Card Member loans HFS (c)
U.S.	135,597		20,722		15.3		121,701		18,793		15.4		105,819		15,656		14.8
Non-U.S.	19,224		2,512		13.1		17,224		2,302		13.4		15,258		2,041		13.4



Taxable investment securities (d)
U.S.	417		14		3.2		790		26		3.2		2,893		75		2.5
Non-U.S.	752		39		5.2		809		49		6.1		726		43		5.9
Non-taxable investment securities (d)
U.S.	23		1		5.7		22		1		5.8		22		1		5.6
Total interest-earning assets (e)	$	206,348	$	25,598	12.4	%	$	186,461	$	23,795	12.8	%	$	161,933	$	19,983	12.3	%
U.S.	$	183,981	$	22,932			$	166,259	$	21,278			$	143,490	$	17,645
Non-U.S.	$	22,367	$	2,666			$	20,202	$	2,517			$	18,443	$	2,338

(a)Averages based on month-end balances.

(b)Interest income primarily reflects interest on deposits from banks and dividends on investments in Federal Reserve stock.

(c)Amounts for 2025 and 2024 include Card Member loans HFS and the associated interest income.

(d)Average yields for both taxable and non-taxable investment securities have been calculated using amortized cost balances and do not include changes in fair value recorded in other comprehensive loss. Average yield on non-taxable investment securities is calculated on a tax-equivalent basis using the U.S. federal statutory tax rate of 21 percent for 2025, 2024 and 2023.

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

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Table of Contents


Years Ended December 31, (Millions, except percentages)	2025 Average Balance (a)			2024 Average Balance (a)			2023 Average Balance (a)
Non-interest-earning assets
Cash and due from banks
U.S.	$	3,336		$	3,370		$	3,281
Non-U.S.	586			747			785
Card Member receivables, net
U.S.	36,901			33,046			34,269
Non-U.S.	22,878			25,003			23,182
Reserves for credit losses on Card Member and Other loans
U.S.	(5,555)			(5,070)			(3,978)
Non-U.S.	(442)			(421)			(409)
Other assets (b)
U.S.	21,905			18,808			17,414
Non-U.S.	5,929			6,068			5,940
Total non-interest-earning assets	85,538			81,551			80,484
U.S.	56,587			50,154			50,986
Non-U.S.	28,951			31,397			29,498
Total assets	291,886			268,012			242,417
U.S.	240,568			216,413			194,476
Non-U.S.	$	51,318		$	51,599		$	47,941

Percentage of total average assets attributable to non-U.S. activities	17.6		%	19.3		%	19.8		%

(a)Averages based on month-end balances.

(b)Includes other assets, less reserves for credit losses, and premises and equipment, net of accumulated depreciation and amortization.

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	2025							2024							2023
Years Ended December 31, (Millions, except percentages)	Average Balance (a)			Interest Expense		Average Rate		Average Balance (a)			Interest Expense		Average Rate		Average Balance (a)			Interest Expense		Average Rate
Interest-bearing liabilities
Customer deposits
U.S.
Savings accounts	$	113,217		$	4,025	3.6	%	$	101,705		$	4,210	4.1	%	$	84,913		$	3,320	3.9	%
Checking accounts	2,536			41		1.6		1,677			29		1.7		1,189			37		3.1
Certificates of deposit	15,420			655		4.2		14,696			608		4.1		18,352			677		3.7
Sweep accounts	15,456			702		4.5		15,419			845		5.5		15,676			824		5.3
Non-U.S.
Certificates of deposit and other deposits	17			2		11.8		15			3		20.0		15			7		46.7
Short-term borrowings
U.S.	2			—		—		3			—		—		41			—		—
Non-U.S.	1,548			36		2.3		1,574			37		2.4		1,489			29		1.9
Long-term debt and other (b)
U.S.	55,136			2,758		5.0		50,905			2,503		4.9		44,283			1,929		4.4
Non-U.S.	271			15		5.5		230			17		7.4		244			26		10.7
Total interest-bearing liabilities	$	203,603		$	8,234	4.0	%	$	186,224		$	8,252	4.4	%	$	166,202		$	6,849	4.1	%
U.S.	$	201,767		$	8,181			$	184,405		$	8,195			$	164,454		$	6,787
Non-U.S.	$	1,836		$	53			$	1,819		$	57			$	1,748		$	62

Non-interest-bearing liabilities
Accounts payable
U.S.	$	6,078						$	5,634						$	5,609
Non-U.S.	8,037							7,554							6,806
Customer deposits(c)
U.S.	530							516							524
Non-U.S.	402							423							444
Other liabilities
U.S.	30,547							29,080							27,345
Non-U.S.	10,424							9,021							8,607
Total non-interest-bearing liabilities	56,018							52,228							49,335
U.S.	37,155							35,230							33,478
Non-U.S.	18,863							16,998							15,857
Total liabilities	259,621							238,452							215,537
U.S.	238,922							219,635							197,932
Non-U.S.	20,699							18,817							17,605
Total shareholders’ equity	32,265							29,560							26,880
Total liabilities and shareholders’ equity	$	291,886						$	268,012						$	242,417

Percentage of total average liabilities attributable to non-U.S. activities	8.0		%					7.9		%					8.2		%
Interest rate spread						8.4	%						8.4	%						8.2	%
Net interest income and net average yield on interest-earning assets(d)				$	17,364	8.4	%				$	15,543	8.3	%				$	13,134	8.1	%

(a)Averages based on month-end balances.

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

(c)U.S. non-interest-bearing Customer deposits include average Card Member credit balances of $469 million, $463 million and $474 million for 2025, 2024 and 2023, respectively. Non-U.S. non-interest-bearing Customer deposits include average Card Member credit balances of $412 million, $420 million and $441 million for 2025, 2024 and 2023, respectively.

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

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

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


	2025 Versus 2024						2024 Versus 2023
	Increase (Decrease) due to change in:						Increase (Decrease) due to change in:
Years Ended December 31, (Millions)	Average Volume(b)		Average Rate(c)		Net Change		Average Volume(b)		Average Rate(c)		Net Change
Interest-earning assets
Interest-bearing deposits in banks and other
U.S.	$	213	$	(495)	$	(282)	$	493	$	51	$	544
Non-U.S.	7		(60)		(53)		(8)		(58)		(66)
Federal funds sold and securities purchased under agreements to resell
Non-U.S.	—		—		—		(20)		—		(20)
Short-term investment securities
U.S.	24		(5)		19		2		(1)		1
Non-U.S.	6		(4)		2		(2)		—		(2)
Card Member and Other loans, including Card Member loans HFS
U.S.	2,146		(217)		1,929		2,350		787		3,137
Non-U.S.	267		(57)		210		263		(2)		261



Taxable investment securities
U.S.	(12)		—		(12)		(54)		5		(49)
Non-U.S.	(3)		(7)		(10)		5		1		6


Change in interest income	2,648		$	(845)	$	1,803	$	3,029	$	783	$	3,812
Interest-bearing liabilities
Customer deposits
U.S.
Savings accounts	$	477	$	(662)	$	(185)	$	657	$	233	$	890
Checking accounts	15		(3)		12		15		(23)		(8)
Certificates of deposit	30		17		47		(135)		66		(69)
Sweep accounts	2		(145)		(143)		(14)		35		21
Non-U.S.
Certificates of deposit & Other deposits	—		(1)		(1)		—		(4)		(4)
Short-term borrowings

Non-U.S.	(1)		—		(1)		2		6		8
Long-term debt and other
U.S.	208		47		255		288		286		574
Non-U.S.	3		(5)		(2)		(1)		(8)		(9)
Change in interest expense	734		(752)		(18)		812		591		1,403
Change in net interest income	$	1,914	$	(93)	$	1,821	$	2,217	$	192	$	2,409

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

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

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

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Weighted average yields and contractual maturities for AFS debt securities with stated maturities

The following table presents weighted average yields by contractual maturities for AFS debt securities with stated maturities as of December 31, 2025:


Weighted average yield (a)	Due in 1 year or less		Due after 1 year through 5 years		Due after 5 years through 10 years		Due after 10 years		Total
State and municipal obligations	—	%	5.77	%	5.69	%	2.25	%	3.65	%
U.S. Government agency obligations	—		—		—		3.04		3.05
U.S. Government treasury obligations	4.33		4.11		—		—		4.24
Mortgage-backed securities	—		—		—		4.14		4.18
Foreign government bonds and obligations	5.55		5.27		—		—		5.55
Other	2.43	%	3.43	%	2.75	%	—	%	2.99	%

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

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Maturities and Sensitivities to Changes in Interest Rates

The following table presents contractual maturities of loans and Card Member receivables by customer type, and distribution between fixed and floating interest rates for loans due after one year based upon the stated terms of the loan agreements. The information is presented excluding amounts associated with Card Member loans HFS as of December 31, 2025.


December 31, (Millions)	2025
	Within 1 year (a)		1-5 years (b) (c)		5-15 years (c)		After 15 years (c)		Total
Loans
Consumer	$	116,216	$	1,503	$	—	$	—	$	117,719
Small Business	33,573		501		—		—		34,074
Corporate	39		—		—		—		39
Other	1,820		9,004		76		28		10,928
Total loans	$	151,648	$	11,008	$	76	$	28	$	162,760

Loans due after one year at fixed interest rates
Consumer			$	1,503	$	—	$	—	$	1,503
Small Business			501		—		—		501

Other			8,986		5		28		9,019
Loans due after one year at variable interest rates



Other			18		71		—		89
Total loans			$	11,008	$	76	$	28	$	11,112

Card Member receivables
Consumer	$	26,430	$	175	$	—	$	—	$	26,605
Small Business	19,278		280		—		—		19,558
Corporate	15,868		—		—		—		15,868
Total Card Member receivables	$	61,576	$	455	$	—	$	—	$	62,031

(a)Card Member loans have no stated maturity and are therefore included in the due within one year category. However, many of our Card Members will revolve their balances, which may extend their repayment period beyond one year for balances outstanding as of December 31, 2025. Card Member receivables are due upon receipt of Card Member statements and have no stated interest rate and are therefore included in the due within one year category.

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

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

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Credit Quality Indicators for Loans and Card Member Receivables

The following table summarizes the ratio of all loans and Card Member receivables categories. The information is presented excluding amounts associated with Card Member loans HFS.


Years Ended December 31, (Millions, except percentages and where indicated)	2025			2024
Card Member loans
Consumer
Net write-offs — principal less recoveries	$	2,328		$	2,200
Net write-offs — interest and fees	$	557		$	511
Average consumer loans (billions) (a)	$	109.2		$	100.0
Principal only net write-offs / average consumer loans outstanding (b)	2.1		%	2.2		%
Principal, interest and fees net write-offs / average consumer loans outstanding (b)	2.6		%	2.7		%
Small Business
Net write-offs — principal less recoveries	$	849		$	694
Net write-offs — interest and fees	$	134		$	110
Average small business loans (billions) (a)	$	33.7		$	30.7
Principal only net write-offs / average small business loans outstanding (b)	2.5		%	2.3		%
Principal, interest and fees net write-offs / average small business loans outstanding (b)	2.9		%	2.6		%

Other loans
Net write-offs — principal less recoveries	$	198		$	180
Net write-offs — interest and fees	$	9		$	7
Average Other loans (billions) (a)	$	10.1		$	8.1
Principal only net write-offs / average Other loans outstanding (b)	2.0		%	2.2		%
Principal, interest and fees net write-offs / average Other loans outstanding (b)	2.0		%	2.3		%

Card Member receivables
Consumer
Net write-offs — principal less recoveries	$	266		$	274
Net write-offs — fees	$	26		$	25
Average consumer receivables (billions) (a)	$	24.4		$	23.6
Principal only net write-offs / average consumer receivables outstanding (b)	1.1		%	1.2		%
Principal and fees net write-offs / average consumer receivables outstanding (b)	1.2		%	1.3		%
Small Business
Net write-offs — principal less recoveries	$	337		$	355
Net write-offs — fees	$	32		$	32
Average small business receivables (billions) (a)	$	19.0		$	18.9
Principal only net write-offs / average small business receivables outstanding (b)	1.8		%	1.9		%
Principal and fees net write-offs / average small business receivables outstanding (b)	1.9		%	2.0		%
Corporate
Net write-offs — principal and fees less recoveries	$	84		$	87
Average corporate receivables (billions) (a)	$	16.5		$	15.7
Principal and fees net write-offs / average corporate receivables outstanding (b)	0.5		%	0.6		%

Reserve for credit losses	$	6,412		$	6,044
Non-accrual loans (c)	$	664		$	619
Reserve for credit losses as a percentage of total loans and Card Member receivables (d)	2.9		%	2.9		%
Non-accrual loans as a percentage of total loans (d)	0.4		%	0.4		%
Reserve for credit losses as a percentage of non-accrual loans (e)	939.2		%	949.6		%

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

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

(c)Non-accrual loans primarily include certain loans placed with outside collection agencies for which we have ceased accruing interest. Higher non-accrual loans are primarily driven by higher legal placements.

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

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

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Allocation of Reserve for Credit Losses

The following table shows the reserve for credit losses allocated to Card Member loans (excluding Card Member loans HFS as of December 31, 2025 and 2024, respectively), Card Member receivables and Other loans.


December 31,	2025				2024
(Millions, except percentages) Reserve for credit losses at end of year applicable to	Amount		Percentage (a)		Amount		Percentage (a)
Card Member loans	$	5,909	92	%	$	5,679	94	%
Card Member receivables	180		3		171		3
Other loans	323		5		194		3
Total Reserve for credit losses	$	6,412	100	%	$	6,044	100	%

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

Uninsured Customer Deposits

Our U.S. deposits are insured up to $250,000 per depositor, per ownership category through the FDIC. Our non-U.S. deposits are insured as per regulatory rules in the respective jurisdictions. As of December 31, 2025 and 2024, we had total deposits of $152.5 billion and $139.4 billion, respectively, of which approximately $13.0 billion and $12.4 billion, respectively, were uninsured.

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


	By remaining maturity as of December 31, 2025
(Millions)	3 months or less		Over 3 months but within 6 months		Over 6 months but within 12 months		Over 12 months		Total
U.S. (a)	$	173	$	50	$	342	$	310	$	875
Non U.S. (b)	$	1	$	5	$	4	$	1	$	11

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

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

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Previous: Item 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES