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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Transition Period from ____ to ____
Commission file number 1-7657
AMERICAN EXPRESS COMPANY
(Exact name of registrant as specified in its charter)
New York13-4922250
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
200 Vesey Street, New York, New York
10285
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code                                          (212) 640-2000
None
Former name, former address and former fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares (par value $0.20 per share)AXPNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ      No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes þ      No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐      No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at October 12, 2022
Common Shares (par value $0.20 per share)747,232,696 Shares



AMERICAN EXPRESS COMPANY
FORM 10-Q
INDEX
Page No.
Throughout this report the terms “American Express,” “we,” “our” or “us,” refer to American Express Company and its subsidiaries on a consolidated basis, unless stated or the context implies otherwise. The use of the term “partner” or “partnering” in this report does not mean or imply a formal legal partnership, and is not meant in any way to alter the terms of American Express’ relationship with any third parties. Refer to the “MD&A― Glossary of Selected Terminology” for the definitions of other key terms used in this report.


PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)
Business Introduction
We are a globally integrated payments company that provides our customers with access to products, insights and experiences that enrich lives and build business success. Our principal products and services are credit and charge card products, along with travel and lifestyle related services, offered to consumers and businesses around the world. Our range of products and services includes:
Credit card, charge card, banking and other payment and financing products
Merchant acquisition and processing, servicing and settlement, and point-of-sale marketing and information products and services for merchants
Network services
Other fee services, including fraud prevention services and the design and operation of customer loyalty programs
Expense management products and services
Travel and lifestyle services
Our various products and services are offered globally to diverse customer groups, including consumers, small businesses, mid-sized companies and large corporations. These products and services are offered through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, direct mail, telephone, in-house sales teams, and direct response advertising.
We compete in the global payments industry with card networks, issuers and acquirers, paper-based transactions (e.g., cash and checks), bank transfer models (e.g., wire transfers and Automated Clearing House (ACH)), as well as evolving and growing alternative payment and financing providers. As the payments industry continues to evolve, we face increasing competition from non-traditional players that leverage new technologies, business models and customer relationships to create payment or financing solutions.
Effective for the first quarter of 2022, we made the following reporting presentation changes to our Consolidated Statements of Income:
Within Non-interest revenues:
Processed revenue represents revenues earned from processed volumes, previously reported in Discount revenue, Other fees and commissions and Other revenue.
Service fees and other revenue combines the remaining balances from Other fees and commissions and Other revenue.
Within Total expenses:
Disaggregated Marketing and business development expense into Business development expense and Marketing expense.
Prior period amounts have been recast to conform with current period presentation; there was no impact to Total non-interest revenues or Total expenses.
1

Effective for the third quarter of 2022, we realigned our reportable segments to reflect organizational changes announced during the second quarter of 2022. Prior periods have been recast to conform to the new reportable operating segments, which are: U.S. Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS) and Global Merchant and Network Services (GMNS), with corporate functions and certain other businesses and operations included in Corporate & Other. Refer to Note 1 to the “Consolidated Financial Statements” for additional information.
Refer to the “Glossary of Selected Terminology” for the definitions of certain key terms and related information appearing within this Form 10-Q.
Forward-Looking Statements and Non-GAAP Measures
Certain of the statements in this Form 10-Q are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the “Cautionary Note Regarding Forward-Looking Statements” section. We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included within this Form 10-Q constitutes non-GAAP financial measures. Our calculations of non-GAAP financial measures may differ from the calculations of similarly titled measures by other companies.
Bank Holding Company
American Express is a bank holding company under the Bank Holding Company Act of 1956 and The Board of Governors of the Federal Reserve System (the Federal Reserve) is our primary federal regulator. As such, we are subject to the Federal Reserve’s regulations, policies and minimum capital standards.
2

Table 1: Summary of Financial Performance
As of or for the Three Months Ended
September 30,
Change
2022 vs. 2021
As of or for the Nine Months Ended
September 30,
Change
2022 vs. 2021
(Millions, except percentages, per share amounts and where indicated)2022202120222021
Selected Income Statement Data
Total revenues net of interest expense$13,556$10,928$2,628 24 %$38,686$30,235$8,451 28 %
Provisions for credit losses778(191)969 #1,155(1,472)2,627 #
Expenses10,3198,6691,650 19 29,81723,3246,493 28 
Pretax income2,4592,450— 7,7148,383(669)(8)
Income tax provision580624(44)(7)1,7722,042(270)(13)
Net income1,8791,82653 5,9426,341(399)(6)
Earnings per common share — diluted (a)
$2.47$2.27$0.20 %$7.77$7.82$(0.05)(1)%
Common Share Statistics (b)
Cash dividends declared per common share$0.52$0.43$0.09 21 %$1.56$1.29$0.27 21 %
Average common shares outstanding:
Basic748786(38)(5)%752796(44)(6)%
Diluted749787(38)(5)%753797(44)(6)%
Selected Metrics and Ratios
Network volumes (Billions)
$394.4$330.7$64 19 %$1,139.5$916.1$223 24 %
Return on average equity (c)
31.9 %29.2 %34.5 %34.7 %
Net interest income divided by average Card Member loans10.5 %10.4 %10.3 %10.2 %
Net interest yield on average Card Member loans (d)
10.8 %10.8 %10.6 %10.9 %
Effective tax rate23.6 %25.5 %23.0 %24.4 %
Common Equity Tier 1 10.6 %12.6 %10.6 %12.6 %
Selected Balance Sheet Data
Cash and cash equivalents$31,182$27,916$3,266 12 %$31,182$27,916$3,266 12 %
Card Member receivables55,27548,7586,517 13 55,27548,7586,517 13 
Card Member loans99,03877,02622,012 29 99,03877,02622,012 29 
Customer deposits103,46384,32619,137 23 103,46384,32619,137 23 
Long-term debt$42,393$34,483$7,910 23 %$42,393$34,483$7,910 23 %
# Denotes a variance of 100 percent or more
(a)Represents net income, less (i) earnings allocated to participating share awards of $14 million for both the three months ended September 30, 2022 and 2021 and $45 million for both the nine months ended September 30, 2022 and 2021, (ii) dividends on preferred shares of $14 million and $20 million for the three months ended September 30, 2022 and 2021, respectively, and $43 million and $49 million for the nine months ended September 30, 2022 and 2021, respectively, and (iii) an equity-related adjustment of $9 million related to the redemption of preferred shares for both the three and nine months ended September 30, 2021.
(b)Our common stock trades principally on The New York Stock Exchange under the trading symbol AXP.
(c)Return on average equity (ROE) is calculated by dividing (i) annualized net income for the period by (ii) average shareholders’ equity for the period. Effective for the first quarter of 2022, the interim period calculation methodology for ROE was modified to present the returns for the period on an annualized basis rather than the preceding twelve months. Prior period amounts have been recast to conform with current period presentation.
(d)Net interest yield on average Card Member loans reflects adjusted net interest income divided by average Card Member loans, computed on an annualized basis. Adjusted net interest income and net interest yield on average Card Member loans are non-GAAP measures. Refer to Table 8 for a reconciliation to Net interest income divided by average Card Member loans.
3

Business Environment
Our results for the third quarter reflect strong performance and continued strength in our premium Card Member base, despite uncertainties in the macroeconomic environment. We continue to invest in our brand, value propositions, customers, colleagues, technology and coverage, which is driving growth across our businesses.
Our network volumes for the third quarter increased 19 percent year-over-year (23 percent on an FX-adjusted basis1) and billed business, which accounts for the majority of our total network volumes and is the most significant driver of our financial results, increased 21 percent year-over-year (24 percent on an FX-adjusted basis1). The increase in billed business across our segments was driven by sustained growth in Goods & Services spending and the continued momentum in T&E spending, including T&E spending in our international markets exceeding pre-pandemic levels on an FX-adjusted basis1. U.S. Consumer billed business grew by 22 percent year-over-year, reflecting continued strength in spending trends from our premium U.S. consumer Card Members. Billed business in our Commercial Services segment grew by 20 percent on a year-over-year basis reflecting continued strength in spending by our U.S. small and mid-sized enterprise customers, as well as continued recovery in spending by our U.S. large and global corporate clients. International billed business grew by 21 percent year-over-year (37 percent on an FX-adjusted basis1), driven by increased spending by both consumer and commercial customers. Inflation was a modest contributor to our strong billed business growth, while the continuing strengthening of the U.S. dollar, relative to the prior year, against most major currencies in which we operate, had a negative impact on our international billings.
Total revenues net of interest expense increased 24 percent year-over-year (27 percent on an FX-adjusted basis1) reflecting strong growth in all our revenue lines. Discount revenue, our largest revenue line, increased 23 percent year-over-year, driven primarily by growth in Card Member spending. Service fees and other revenue increased 39 percent year-over-year, driven in part by higher travel-related revenues. Net card fees grew 17 percent year-over-year, as new card acquisitions increased and Card Member retention remained high due to the investments we have been making in our premium value propositions. Net interest income grew by 29 percent year-over-year, primarily driven by growth in loans, partially offset by higher interest expense due to higher rates.
Card Member loans grew 29 percent year-over-year, driven by ongoing strong growth in billed business. The interest-bearing portion of our loan balances also continues to increase quarter-over-quarter. Provisions for credit losses increased, primarily driven by reserve builds in the current period, as compared to reserve releases in the prior period, and higher net write-offs. The reserve builds in the current period reflected the strong growth in loans and changes in the macroeconomic outlook. Write-off and delinquency rates remained low in the current quarter; however, delinquency rates modestly increased on a sequential basis.
Card Member rewards, Business development and Card Member services are generally correlated to volumes or are variable based on usage and increased year-over-year primarily due to network volume growth and higher usage of travel-related benefits. Card Member rewards expense growth was also driven by a larger proportion of billed business in categories that earn incremental rewards such as travel.
Operating expenses increased 22 percent year-over-year primarily due to higher compensation costs in the current quarter and net losses on Amex Ventures investments in the current period as compared to net gains in the prior period, partially offset by the impact of the strengthening U.S. dollar on our international expenses. During the quarter, we maintained our capital ratios within our target range and returned $1.0 billion of capital to our shareholders through share buybacks and dividends. We plan to continue to return to shareholders the excess capital we generate while supporting our balance sheet growth.
Our strong performance continues to give us confidence in our business model, although we recognize the uncertainty of the geopolitical and macroeconomic environment. We remain committed to executing on our strategy for building sustainable long-term growth.
See “Certain Legislative, Regulatory and Other Developments” and “Risk Factors” for information on certain matters that could have a material adverse effect on our results of operations and financial condition.
1 The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared). FX-adjusted revenues is a non-GAAP measure. We believe the presentation of information on a foreign currency
4

adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.
5

Results of Operations
The discussions in both the “Consolidated Results of Operations” and “Business Segment Results of Operations” provide commentary on the variances for the three and nine months ended September 30, 2022 compared to the same periods in the prior year, as presented in the accompanying tables.
Consolidated Results of Operations
Table 2: Total Revenues Net of Interest Expense Summary
Three Months Ended
September 30,
Change
2022 vs. 2021
Nine Months Ended
September 30,
Change
2022 vs. 2021
(Millions, except percentages)2022202120222021
Discount revenue$7,848 $6,369 $1,479 23 %$22,556 $17,414 $5,142 30 %
Net card fees
1,541 1,312 229 17 4,445 3,851 594 15 
Service fees and other revenue1,169 839 330 39 3,340 2,182 1,158 53 
Processed revenue420 414 1,208 1,146 62 
Total non-interest revenues10,978 8,934 2,044 23 31,549 24,593 6,956 28 
Total interest income3,374 2,301 1,073 47 8,693 6,633 2,060 31 
Total interest expense796 307 489 #1,556 991 565 57 
Net interest income2,578 1,994 584 29 7,137 5,642 1,495 26 
Total revenues net of interest expense$13,556 $10,928 $2,628 24 %$38,686 $30,235 $8,451 28 %
# Denotes a variance of 100 percent or more
Total Revenues Net of Interest Expense
Discount revenue increased for both the three and nine month periods, primarily driven by increases in billed business of 21 percent and 27 percent, respectively. See Tables 5 and 6 for more details on billed business performance.
Net card fees increased for both the three and nine month periods, primarily driven by growth in our premium card portfolios.
Service fees and other revenue increased for both the three and nine month periods, primarily driven by higher travel related revenues from foreign exchange-related revenues associated with Card Member cross-currency spending and higher travel commissions and fees from our consumer travel business. The increase for the nine month period also reflected income from equity method investments in the current period, which included a portion of the revenue allocated to a joint venture partner as described in Business development expense below, versus a net loss in the prior period.
Processed revenue increased for both the three and nine month periods, primarily driven by increases in processed volumes, partially offset by the repositioning of certain of our alternative payment solutions.
Interest income increased for both the three and nine month periods, primarily reflecting higher average Card Member loan balances and higher interest rates.
Interest expense increased for both the three and nine month periods, primarily driven by higher interest rates.
6

Table 3: Provisions for Credit Losses Summary
Three Months Ended
September 30,
Change
2022 vs. 2021
Nine Months Ended
September 30,
Change
2022 vs. 2021
(Millions, except percentages)2022202120222021
Card Member loans
Net write-offs
$259 $161 $98 61 %$721 $708 $13 %
Reserve (release) build (a)
337 (338)675 #36 (1,854)1,890 #
Total
596 (177)773 #757 (1,146)1,903 #
Card Member receivables
Net write-offs
122 32 90 #284 89 195 #
Reserve (release) build (a)
43 (44)87 #99 (236)335 #
Total
165 (12)177 #383 (147)530 #
Other
Net write-offs - Other loans (b)
6 — — 12 19 (7)(37)
Net write-offs - Other receivables (c)
4 (5)(56)13 25 (12)(48)
Reserve (release) build - Other loans (a)(b)
8 (5)13 #(6)(171)165 96 
Reserve (release) build - Other receivables (a)(c)
(1)(6)83 (4)(52)48 92 
Total
17 (2)19 #15 (179)194 #
Total provisions for credit losses$778 $(191)$969 # %$1,155 $(1,472)$2,627 # %
# Denotes a variance of 100 percent or more
(a)Refer to the “Glossary of Selected Terminology” for a definition of reserve (release) build.
(b)Relates to Other loans of $4.8 billion and $2.9 billion, less reserves of $46 million and $52 million, as of September 30, 2022 and December 31, 2021, respectively; and $2.4 billion and $2.9 billion, less reserves of $66 million and $238 million, as of September 30, 2021 and December 31, 2020, respectively.
(c)Relates to Other receivables included in Other assets on the Consolidated Balance Sheets of $3.0 billion and $2.7 billion, less reserves of $22 million and $25 million, as of September 30, 2022 and December 31, 2021, respectively; and $2.7 billion and $3.0 billion, less reserves of $33 million and $85 million, as of September 30, 2021 and December 31, 2020, respectively.
Provisions for Credit Losses
Card Member loans provision for credit losses increased for both the three and nine month periods, primarily due to reserve builds in the current periods, versus reserve releases in the prior periods, and higher net write-offs. The reserve builds in the current periods were primarily driven by increases in loans outstanding and deterioration in the macroeconomic outlook, partially offset, for the current nine month period, by a reduction in COVID-19 pandemic-driven reserves. The reserve releases in the prior periods were driven by lower delinquencies and improved portfolio quality and macroeconomic outlook, partially offset by an increase in loans outstanding.
Card Member receivables provision for credit losses increased for both the three and nine month periods, primarily due to reserve builds in the current periods, versus reserve releases in the prior periods, and higher net write-offs. The reserve build in the current three month period was primarily driven by higher delinquencies. The reserve build in the current nine month period was primarily driven by an increase in receivables outstanding and higher delinquencies. The reserve releases in the prior periods were driven by lower delinquencies and improved portfolio quality and macroeconomic outlook, partially offset by an increase in receivables outstanding.
Other loans provision for credit losses increased for both the three and nine month periods. The increase for the three month period was primarily due to a reserve build in the current period, driven by higher non-card balances, versus a reserve release in the prior period, and higher net write-offs. The increase for the nine month period was primarily due to a lower reserve release in the current period, partially offset by lower net write-offs. The reserve releases in the prior periods were due to improved credit performance and lower non-card loans outstanding.
Refer to Note 3 to the "Consolidated Financial Statements" for further information regarding our reserves for credit losses.
7

Table 4: Expenses Summary
Three Months Ended
September 30,
Change
2022 vs. 2021
Nine Months Ended
September 30,
Change
2022 vs. 2021
(Millions, except percentages)2022202120222021
Card Member rewards$3,571 $3,020 $551 18 %$10,273 $7,975 $2,298 29 %
Business development1,194 943 251 27 3,641 2,634 1,007 38 
Card Member services774 579 195 34 2,078 1,328 750 56 
Marketing1,458 1,412 46 4,184 3,706 478 13 
Salaries and employee benefits1,748 1,497 251 17 5,218 4,586 632 14 
Other, net1,574 1,218 356 29 4,423 3,095 1,328 43 
Total expenses$10,319 $8,669 $1,650 19 %$29,817 $23,324 $6,493 28 %
Expenses
Card Member rewards expense increased for both the three and nine month periods, driven by increases in Membership Rewards and cash back rewards expenses, collectively, of $319 million and $1.5 billion, and cobrand rewards expense of $232 million and $824 million for the three and nine month periods, respectively, all of which were primarily driven by higher billed business. The increases in Membership Rewards expense were also driven by a larger proportion of spend in categories that earn incremental rewards such as travel, partially offset by a lower mix of redemptions in travel-related categories, as compared to the prior periods.
The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 96 percent (rounded down) at September 30, 2022 and 96 percent at September 30, 2021.
Business development expense increased for both the three and nine month periods, primarily due to increased partner payments and client incentives, both of which were driven by higher network volumes and, for the nine month period, a charge related to revenue allocated to a joint venture partner for certain categories of transactions.
Card Member services expense increased for both the three and nine month periods, primarily due to higher usage of travel-related benefits.
Marketing expense increased for both the three and nine month periods, primarily due to increases in business investments to continue building growth momentum.
Salaries and employee benefits expense increased for both the three and nine month periods, primarily due to higher compensation expenses driven by increased headcount and compensation decisions.
Other expenses increased for both the three and nine month periods, primarily driven by net losses on Amex Ventures investments in the current periods, as compared to net gains in the prior periods, higher technology costs and increases in professional services expenses in the current periods.
8

Income Taxes
The effective tax rate was 23.6 percent and 25.5 percent for the three months ended September 30, 2022 and 2021, respectively, and 23.0 percent and 24.4 percent for the nine months ended September 30, 2022 and 2021, respectively. The decrease in the effective tax rate for the three month period primarily reflected changes in the geographic mix of pretax income. The decrease in the effective tax rate for the nine month period primarily reflected discrete tax benefits in the current period related to the resolution of certain prior years’ tax items and stock-based compensation.
Table 5: Selected Card-Related Statistical Information
As of or for the
Three Months Ended
September 30,
Change
2022
vs.
2021
As of or for the
Nine Months Ended
September 30,
Change
2022
vs.
2021
2022202120222021
Network volumes (billions)
$394.4$330.719 %$1,139.5$916.124 %
Billed business$339.0$280.421 $980.9$773.627 
Processed volumes$55.4$50.310 $158.6$142.511 
Cards-in-force (millions)
131.4119.210 131.4119.210 
Proprietary cards-in-force75.670.675.670.6
Basic cards-in-force (millions)
109.998.312 109.998.312 
Proprietary basic cards-in-force58.254.058.254.0
Average proprietary basic Card Member spending (dollars)
$5,886$5,23113 $17,399$14,55520 
Average discount rate2.36 %2.32 %2.34 %2.30 % 
Average fee per card (dollars)(a)
$82$75%$81$74%
(a)Average fee per card is computed on an annualized basis based on proprietary Net card fees divided by average proprietary total cards-in-force.
Table 6: Network Volumes-Related Statistical Information
Three Months Ended
September 30, 2022
Nine Months Ended
September 30, 2022
Year over Year Percentage
Increase (Decrease)
Year over Year Percentage Increase (Decrease) Assuming No Changes in FX Rates (a)
Year over Year Percentage
Increase (Decrease)
Year over Year Percentage Increase (Decrease) Assuming No Changes in FX Rates (a)
Network volumes19 %23 %24 %28 %
Total billed business21 24 27 29 
U.S. Consumer Services22 28 
Commercial Services20 20 26 26 
International Card Services21 37 27 40 
Processed volumes10 19 11 18 
Merchant Industry Metrics
G&S-related (74% and 75% of billed business for the three and nine months ended September 30, 2022, respectively)13 16 16 18 
T&E-related (26% and 25% of billed business for the three and nine months ended September 30, 2022, respectively)52 57 77 81 
Airline-related (6% of billed business for both the three and nine months ended September 30, 2022)110 %118 %149 %155 %
(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).
9

Table 7: Selected Credit-Related Statistical Information
As of or for the
Three Months Ended
September 30,
Change
2022
vs.
2021
As of or for the
Nine Months Ended
September 30,
Change
2022
vs.
2021
(Millions, except percentages and where indicated)2022202120222021
Card Member loans:
Card Member loans (billions)
$99.0$77.029 %$99.0$77.029 %
Credit loss reserves:
Beginning balance
$2,997$3,835(22)$3,305$5,344(38)
Provisions - principal, interest and fees596(177)#757(1,146)#
Net write-offs — principal less recoveries(203)(118)72 (560)(544)
Net write-offs — interest and fees less recoveries(56)(43)30 (161)(164)(2)
Other (a)
(15)(8)(88)(22)(1)#
Ending balance$3,319$3,489(5)$3,319$3,489(5)
% of loans3.4 %4.5 %3.4 %4.5 %
% of past due393 %666 %393 %666 %
Average loans (billions)
$97.7$76.428 $92.3$73.426 
Net write-off rate — principal, interest and fees (b)
1.1 %0.8 %1.0 %1.3 %
Net write-off rate — principal only (b)
0.8 %0.6 %0.8 %1.0 %
30+ days past due as a % of total
0.9 %0.7 %0.9 %0.7 %
Card Member receivables:
Card Member receivables (billions)
$55.3$48.813 $55.3$48.813 
Credit loss reserves:
Beginning balance$119$7363 $64$267(76)
Provisions - principal and fees165(12)#383(147)#
Net write-offs — principal and fees less recoveries (c)
(122)(32)#(284)(89)#
Other (a)
(3)1#(4)(1)#
Ending balance$159$30# %$159$30# %
% of receivables0.3 %0.1 %0.3 %0.1 %
Net write-off rate — principal and fees (d)
0.9 %0.3 %0.7 %0.3 %
# Denotes a variance of 100 percent or more
(a)Other includes foreign currency translation adjustments.
(b)We present a net write-off rate 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)The prior nine-month period includes a $37 million partial recovery in Card Member receivables related to a corporate client bankruptcy, which resulted in a write-off in 2020 in the ICS segment.
(d)Refer to Tables 10, 12 and 14 for Net write-off rate — principal only and 30+ days past due metrics for U.S. consumer receivables, U.S. small business receivables and International small business and consumer receivables, respectively. A net write-off rate based on principal losses only and delinquency data for periods other than 90+ days past billing for corporate receivables are not available due to system constraints.
10

Table 8: Net Interest Yield on Average Card Member Loans
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Millions, except percentages and where indicated)2022202120222021
Net interest income$2,578$1,994$7,137$5,642
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
374172743603
Interest income not attributable to our Card Member loan portfolio (b)
(300)(92)(572)(281)
Adjusted net interest income (c)
$2,652$2,074$7,308$5,964
Average Card Member loans (billions)
$97.7$76.4$92.3$73.4
Net interest income divided by average Card Member loans (c)
10.5 %10.4 %10.3 %10.2 %
Net interest yield on average Card Member loans (c)
10.8 %10.8 %10.6 %10.9 %
(a)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(b)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
(c)Adjusted net interest income and net interest yield on average Card Member loans are non-GAAP measures. Refer to “Glossary of Selected Terminology” for the definitions of these terms. We believe adjusted net interest income is useful to investors because it represents the interest expense and interest income attributable to our Card Member loan portfolio and is a component of net interest yield on average Card Member loans, which provides a measure of profitability of our Card Member loan portfolio. Net interest yield on average Card Member loans reflects adjusted net interest income divided by average Card Member loans, computed on an annualized basis. Net interest income divided by average Card Member loans, computed on an annualized basis, a GAAP measure, includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on average Card Member loans.
11

Business Segment Results of Operations
U.S. Consumer Services
Table 9: USCS Selected Income Statement Data
Three Months Ended
September 30,
Change
Nine Months Ended
September 30,
Change
(Millions, except percentages)20222021
2022 vs. 2021
20222021
2022 vs. 2021
Revenues
Non-interest revenues$4,233$3,372$861 26 %$12,024$9,291$2,733 29 %
Interest income2,2511,613638 40 5,8804,6471,233 27 
Interest expense27489185 #513310203 65 
Net interest income1,9771,524453 30 5,3674,3371,030 24 
Total revenues net of interest expense6,2104,8961,314 27 17,39113,6283,763 28 
Provisions for credit losses403(119)522 #479(910)1,389 #
Total revenues net of interest expense after provisions for credit losses5,8075,015792 16 16,91214,5382,374 16 
Total expenses4,4983,764734 20 12,7989,8612,937 30 
Pretax segment income$1,309$1,251$58 %$4,114$4,677$(563)(12)%
# Denotes a variance of 100 percent or more
USCS issues a wide range of proprietary consumer cards and provides services to U.S. consumers, including travel and lifestyle services as well as banking and non-card financing products.
Non-interest revenues increased for both the three and nine month periods across all revenue categories.
Discount revenue increased 23 percent and 29 percent for the three and nine month periods, respectively, primarily driven by increases in U.S. consumer billed business.
See Tables 5, 6 and 10 for more details on billed business performance.
Net card fees increased 27 percent and 23 percent for the three and nine month periods, respectively, primarily driven by growth in our premium card portfolios.
Service fees and other revenue increased 56 percent and 55 percent for the three and nine month periods, respectively, primarily driven by higher travel commissions and fees from our consumer travel business.
Net interest income increased for both the three and nine month periods, primarily driven by an increase in average Card Member loan balances.
Card Member loans provision for credit losses increased for both the three and nine month periods. The increase for the three month period was primarily due to a reserve build in the current period, versus a reserve release in the prior period, and higher net write-offs. The increase for the nine month period was primarily due to a lower reserve release in the current period and higher net write-offs. The reserve build in the current three month period was driven by an increase in loans outstanding and deterioration in the macroeconomic outlook. The reserve release in the current nine month period was primarily driven by reduction in COVID-19 pandemic-driven reserves, partially offset by an increase in loans outstanding and deterioration in the macroeconomic outlook. The reserve releases in the prior periods were driven by lower delinquencies and improved portfolio quality and macroeconomic outlook, partially offset by increases in loans outstanding.
Card Member receivables provision for credit losses increased for both the three and nine month periods, primarily due to reserve builds in the current periods, versus reserve releases in the prior periods, and higher net write-offs. The reserve builds in the current periods were primarily driven by higher delinquencies. The reserve build in the current three month period was partially offset by a decrease in receivables outstanding. The reserve releases in the prior periods were driven by lower delinquencies and improved portfolio quality and macroeconomic outlook, partially offset by increases in receivables outstanding.
12

Total expenses increased for both the three and nine month periods across all expense categories.
Card Member rewards expense increased for both the three and nine month periods, primarily driven by higher billed business as well as higher travel-related redemptions.
Business development expense increased for both the three and nine month periods, primarily due to increased partner payments driven by higher billed business.
Card Member services expense increased for both the three and nine month periods, primarily driven by higher usage of travel-related benefits.
Marketing expense increased for both the three and nine month periods, primarily driven by increases in business investments.
Salaries and employee benefits and other operating expenses increased for both the three and nine month periods, primarily driven by higher technology, servicing and compensation costs.
13

Table 10: USCS Selected Statistical Information
As of or for the
Three Months Ended
September 30,
Change
2022
vs.
2021
As of or for the
Nine Months Ended
September 30,
Change
2022
vs.
2021
(Millions, except percentages and where indicated)2022202120222021
Billed business (billions)
$140.3$114.922 %$404.1$314.728 %
Proprietary cards-in-force41.238.741.238.7
Proprietary basic cards-in-force28.927.228.927.2
Average proprietary basic Card Member spending (dollars)
$4,908$4,25515 $14,387$11,73123 
Total segment assets (billions)
$84.8$68.424 $84.8$68.424 
Card Member loans:
Total loans (billions)
$66.3$52.626 $66.3$52.626 
Average loans (billions)
$65.3$52.325 $61.7$50.522 
Net write-off rate - principal, interest and fees (a)
1.1 %0.8 %1.1 %1.2 %
Net write-off rate - principal only (a)
0.8 %0.5 %0.8 %0.9 %
30+ days past due as a % of total0.9 %0.7 %0.9 %0.7 %
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income$1,977$1,524$5,366$4,337
Exclude:
Interest expense not attributable to our Card Member loan portfolio (b)
343195135
Interest income not attributable to our Card Member loan portfolio (c)
(61)(27)(155)(74)
Adjusted net interest income (d)
$1,950$1,528$5,306$4,398
Average Card Member loans (billions)
$65.3$52.3$61.7$50.5
Net interest income divided by average Card Member loans (d)
12.0 %11.7 %11.6 %11.5 %
Net interest yield on average Card Member loans (d)
11.9 %11.6 %11.5 %11.7 %
Card Member receivables:
Total receivables (billions)
$13.2$12.6%$13.2$12.6%
Net write-off rate – principal and fees (a)
0.6 %0.1 %0.5 %— %
Net write-off rate – principal only (a)
0.6 %— %0.4 %— %
30+ days past due as a % of total0.9 %0.4 %0.9 %0.4 %
(a)Refer to Table 7 footnote (b).
(b)Refer to Table 8 footnote (a).
(c)Refer to Table 8 footnote (b).
(d)Refer to Table 8 footnote (c).
14

Commercial Services
Table 11: CS Selected Income Statement Data
Three Months Ended
September 30,
Change
2022 vs. 2021
Nine Months Ended
September 30,
Change
2022 vs. 2021
(Millions, except percentages)2022202120222021
Revenues
Non-interest revenues$3,145$2,558$587 23 %$8,986$7,053$1,933 27 %
Interest income552365187 51 1,4351,020415 41 
Interest expense20181120 #409253156 62 
Net interest income35128467 24 1,026767259 34 
Total revenues net of interest expense3,4962,842654 23 10,0127,8202,192 28 
Provisions for credit losses196(67)263 #294(429)723 #
Total revenues net of interest expense after provisions for credit losses3,3002,909391 13 9,7188,2491,469 18 
Total expenses2,5262,210316 14 7,3856,0301,355 22 
Pretax segment income$774$699$75 11 %$2,333$2,219$114 %
# Denotes a variance of 100 percent or more
CS issues a wide range of proprietary corporate and small business cards and provides services to U.S. businesses, including payment and expense management, banking and non-card financing products. CS also issues proprietary corporate cards and provides services to select global corporate clients.
Non-interest revenues increased for both the three and nine month periods, primarily driven by higher Discount revenue.
Discount revenue increased 24 percent and 30 percent for the three and nine month periods, respectively, primarily reflecting increases in commercial billed business.
See Tables 5, 6 and 12 for more details on billed business performance.
Net card fees increased 23 percent and 20 percent for the three and nine month periods, respectively, primarily driven by growth in our premium card portfolios.
Service fees and other revenue increased 56 percent and 62 percent for the three and nine month periods, respectively, primarily due to higher foreign exchange related revenues associated with Card Member cross-currency spending and higher delinquency fees.
Processed revenue decreased 75 percent for both the three and nine month periods, primarily driven by the repositioning of certain of our alternative payment solutions.
Net interest income increased for both the three and nine month periods, primarily driven by higher revolving Card Member loan balances.
Card Member loans provision for credit losses increased for both the three and nine month periods, primarily due to reserve builds in the current periods, versus reserve releases in the prior periods, and higher net write-offs. The reserve builds in the current three and nine month periods were primarily driven by increases in loans outstanding, deterioration in the macroeconomic outlook and higher delinquencies. The reserve build in the current nine month period was partially offset by reductions in COVID-19 pandemic-driven reserves. The reserve releases in the prior periods were driven by lower delinquencies and improved portfolio quality and macroeconomic outlook, partially offset by an increase in loans outstanding.
Card Member receivables provision for credit losses increased for both the three and nine month periods, primarily due to reserve builds in the current periods, versus reserve releases in the prior periods, and higher net write-offs. The reserve builds in the current periods were primarily driven by higher delinquencies and, for the current nine month period, an increase in receivables outstanding. The reserve releases in the prior periods were driven by lower delinquencies and improved portfolio quality and macroeconomic outlook, partially offset by an increase in receivables outstanding.
15

Total expenses increased for both the three and nine month periods across all expense categories.
Card Member rewards expense increased for both the three and nine month periods, primarily driven by higher billed business as well as higher travel-related redemptions.
Business development expense increased for both the three and nine month periods, primarily due to increased client incentive payments driven by higher billed business.
Card Member services expense increased for both the three and nine month periods, primarily driven by higher usage of travel-related benefits.
Marketing expense increased for both the three and nine month periods, primarily driven by higher marketing investments to continue building growth momentum.
Salaries and employee benefits and other expenses increased for both the three and nine month periods, primarily driven by higher technology and servicing costs.
16

Table 12: CS Selected Statistical Information
As of or for the
Three Months Ended
September 30,
Change
2022
vs
2021
As of or for the
Nine Months Ended
September 30,
Change
2022
vs
2021
(Millions, except percentages and where indicated)2022202120222021
Billed business (billions)
$127.6$106.120 %$369.0$293.726 %
Proprietary cards-in-force14.613.111 14.613.111 
Average Card Member spending (dollars)
$8,848$8,212$26,377$23,09914 
Total segment assets (billions)
$51.3$40.527 $51.3$40.527 
Card Member loans:
Total loans (billions)
$20.7$14.939 $20.7$14.939 
Average loans (billions)
$20.1$14.737 $18.7$13.836 
Net write-off rate - principal, interest and fees (a)
0.8 %0.5 %0.8 %0.8 %
Net write-off rate - principal only (a)
0.7 %0.4 %0.6 %0.7 %
30+ days past due as a % of total0.7 %0.5 %0.7 %0.5 %
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income$351$284$1,026$767
Exclude:
Interest expense not attributable to our Card Member loan portfolio (b)
12461272195
Interest income not attributable to our Card Member loan portfolio (c)
(24)(16)(57)(61)
Adjusted net interest income (d)
$451$329$1,241$901
Average Card Member loans (billions)
$20.1$14.7$18.7$13.8
Net interest income divided by average Card Member loans (d)
6.9 %7.7 %7.4 %7.4 %
Net interest yield on average Card Member loans (d)
8.9 %8.9 %8.9 %8.7 %
Card Member receivables:
Total receivables (billions)
$27.6$23.020 %$27.6$23.020 %
Net write-off rate - principal and fees (e)
0.7 %0.1 %0.6 %0.2 %
Net write-off rate - principal only (a) - small business
0.9 %0.1 %0.7 %0.1 %
30+ days past due as a % of total - small business
1.4 %0.6 %1.4 %0.6 %
90+ days past billing as a % of total (e) - corporate
0.6 %0.3 %0.6 %0.3 %
(a)Refer to Table 7 footnote (b).
(b)Refer to Table 8 footnote (a).
(c)Refer to Table 8 footnote (b).
(d)Refer to Table 8 footnote (c).
(e)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing. Corporate receivables delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.
17

International Card Services
Table 13: ICS Selected Income Statement Data
Three Months Ended
September 30,
Change