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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, 2024
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 filer☑Accelerated 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 15, 2024
Common Shares (par value $0.20 per share)704,444,890 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
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. We are a leader in providing credit and charge cards to consumers, small businesses, mid-sized companies and large corporations 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, fraud prevention, and point-of-sale marketing and information products and services for merchants
•Network services
•Travel and lifestyle services
•Expense management products and services
•Other fee services, such as the design and operation of customer loyalty programs
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 mechanisms, systems and products that leverage new technologies, business models and customer relationships to create payment, financing or banking solutions. The payments industry continues to undergo dynamic changes in response to evolving technologies, consumer habits and merchant needs.
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. We are also subject to evolving and extensive government regulation and supervision in jurisdictions around the world.
We became a Category III bank holding company in the third quarter of 2024 as a result of our total consolidated assets exceeding $250 billion, calculated based on a daily average of total consolidated assets for the four quarters ended June 30, 2024, and thus are subject to heightened capital, liquidity and prudential requirements, which in some cases phase in over applicable transition periods. See “Certain Legislative, Regulatory and Other Developments” for further information.
1
Table 1: Summary of Financial Performance
As of or for the Three Months Ended
September 30,
Change
2024 vs. 2023
As of or for the Nine Months Ended
September 30,
Change
2024 vs. 2023
(Millions, except percentages, per share amounts and where indicated)2024202320242023
Selected Income Statement Data
Total revenues net of interest expense$16,636$15,381$1,255 8 %$48,770$44,716$4,054 9 %
Provisions for credit losses1,3561,233123 10 3,8933,486407 12 
Total expenses12,07611,0481,028 9 34,73833,2291,509 5 
Pretax income3,2043,100104 3 10,1398,0012,138 27 
Income tax provision69764948 7 2,1801,560620 40 
Net income2,5072,45156 2 7,9596,4411,518 24 
Earnings per common share — diluted (a)
$3.49$3.30$0.19 6 %$10.97$8.59$2.38 28 %
Selected Balance Sheet Data
Cash and cash equivalents$47,918$43,908 $4,010 9 %$47,918$43,908 $4,010 9 %
Card Member receivables59,04258,825 217 — 59,04258,825 217 — 
Card Member loans134,548117,978 16,570 14 134,548117,978 16,570 14 
Customer deposits135,438124,439 10,999 9 135,438124,439 10,999 9 
Long-term debt$53,546$46,447 $7,099 15 %$53,546$46,447 $7,099 15 %
Common Share Statistics (b)
Cash dividends declared per common share$0.70$0.60$0.10 17 %$2.10$1.80$0.30 17 %
Average common shares outstanding:
Basic708732(24)(3)%715738(23)(3)%
Diluted709733(24)(3)%716739(23)(3)%
Selected Metrics and Ratios
Network volumes (Billions)
$441.0$420.2$21 5 %$1,300.8$1,245.7$55 4 %
Billed business (Billions)
$387.3$366.2$21 6 %$1,142.5$1,079.8$63 6 %
Card Member loans and receivables
Net write-off rate — principal, interest and fees (c)
2.2 %2.0 %2.3 %1.9 %
Net write-off rate — principal only — consumer and small business (c)(d)
1.9 %1.8 %2.1 %1.7 %
30+ days past due as a % of total — consumer and small business (e)
1.3 %1.2 %1.3 %1.2 %
Effective tax rate
21.8 %20.9 %21.5 %19.5 %
Return on average equity (f)
33.9 %36.3 %36.6 %32.8 %
Common Equity Tier 1 10.7 %10.7 %10.7 %10.7 %
(a)Represents net income, less (i) earnings allocated to participating share awards of $18 million and $19 million for the three months ended September 30, 2024 and 2023, respectively, and $59 million and $50 million for the nine months ended September 30, 2024 and 2023, respectively, and (ii) dividends on preferred shares of $15 million and $14 million for the three months ended September 30, 2024 and 2023, respectively, and $44 million and $43 million for the nine months ended September 30, 2024 and 2023, respectively.
(b)Our common stock trades principally on The New York Stock Exchange under the trading symbol AXP.
(c)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.
(d)A net write-off rate based on principal losses only is not available for corporate receivables due to system constraints.
(e)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. Refer to Table 12 for 90+ days past billing metrics for corporate receivables.
(f)Return on average equity (ROE) is calculated by dividing (i) annualized net income for the period by (ii) average shareholders’ equity for the period.

2
Business Performance
Our strong results for the third quarter reflect the momentum and earnings power of our business model and our continued investments for growth. We continued to see stable growth in billings, strong new card acquisitions and excellent credit performance. Net income for the quarter was $2.51 billion, or $3.49 per share, compared with net income of $2.45 billion, or $3.30 per share, a year ago.
Billed business grew by 6 percent year-over-year, consistent with the past few quarters, with both G&S and T&E spend growth at 6 percent. U.S. Consumer Services billed business grew by 6 percent year-over-year, with continued strength in spending by Millennial and Gen-Z Card Members. Commercial Services billed business grew by 1 percent on a year-over-year basis, reflecting continued modest growth from U.S. small and mid-sized enterprise (SME) Card Members. International Card Services billed business grew by 13 percent year-over-year, driven by continued strong growth in spend across all regions and customer types outside the United States.
Total revenues net of interest expense increased 8 percent year-over-year. The growth in billed business drove a 4 percent increase in Discount revenue, our largest revenue line. Net card fee growth accelerated to 18 percent year-over-year, reflecting high levels of new card acquisition and Card Member retention, as well as our cycle of product refreshes. Net interest income increased 16 percent versus the prior year, primarily reflecting growth in our revolving loan balances, and has moderated over the past several quarters.
Total loans and Card Member receivables increased 10 percent year-over-year, with growth continuing to moderate sequentially. Provisions for credit losses increased, primarily driven by higher net write-offs, partially offset by a lower net reserve build compared to last year. Net write-off and delinquency rates remained best-in-class, and relatively in line with prior quarters, supported by our premium global customer base, our strong focus on risk management and disciplined growth strategy.
Card Member rewards, Card Member services and Business development expenses are generally correlated to volumes or are variable based on usage and collectively increased year-over-year primarily due to growth in billed business and premium card accounts, contributing to a higher usage of travel-related benefits. Marketing expense increased 19 percent year-over-year, as we continue to invest at an elevated level in acquiring high spending, high quality customers and other growth initiatives. During the quarter we acquired 3.3 million proprietary new cards. We continue to invest in and enhance our Membership Model of premium payment products, differentiated membership services and partnerships. Operating expenses grew at 5 percent year-over-year, a slower pace than revenue growth, reflecting continued operating expense discipline. These operating expense efficiencies demonstrate the earnings power of our core business that enables us to invest in growth initiatives at elevated levels. We remain focused on driving marketing and operating expense efficiencies over time.
During the third quarter, we maintained our capital ratios within our current target range of 10 to 11 percent and returned $2.4 billion of capital to our shareholders in the form of share repurchases and common stock dividends. We plan to continue to return to shareholders the excess capital we generate while managing our CET1 capital ratio within our target range and supporting balance sheet growth. Our robust capital, funding and liquidity positions provide us with significant flexibility to maintain a strong balance sheet.
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.
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.
3
Results of Operations
The discussions in both “Consolidated Results of Operations” and “Business Segment Results of Operations” provide commentary on the variances for the three and nine months ended September 30, 2024 compared to the same periods in the prior year, as presented in the accompanying tables. Our results for the nine months ended September 30, 2024 reflect the sale of Accertify Inc. (Accertify), which closed on May 1, 2024, and resulted in a gain of $531 million ($479 million after tax; $0.66 per share).
Consolidated Results of Operations
Table 2: Total Revenues Net of Interest Expense Summary
Three Months Ended
September 30,
Change
2024 vs. 2023
Nine Months Ended
September 30,
Change
2024 vs. 2023
(Millions, except percentages)2024202320242023
Discount revenue$8,780 $8,408 $372 4 %$26,015 $24,836 $1,179 5 %
Net card fees
2,170 1,846 324 18 6,204 5,348 856 16 
Service fees and other revenue1,267 1,261 6 — 3,839 3,711 128 3 
Processed revenue413 424 (11)(3)1,207 1,291 (84)(7)
Total non-interest revenues12,630 11,939 691 6 37,265 35,186 2,079 6 
Total interest income6,149 5,240 909 17 17,718 14,431 3,287 23 
Total interest expense2,143 1,798 345 19 6,213 4,901 1,312 27 
Net interest income4,006 3,442 564 16 11,505 9,530 1,975 21 
Total revenues net of interest expense$16,636 $15,381 $1,255 8 %$48,770 $44,716 $4,054 9 %
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 6 percent for both periods. 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. See Table 5 for more details on proprietary new card acquisitions, proprietary cards-in-force and average fee per card.
Service fees and other revenue was relatively flat for the three month period and increased for the nine month period, primarily driven by higher foreign exchange related revenues associated with Card Member cross-currency spending, higher merchant service fees and lower losses on equity method investments, partially offset by Accertify revenues included in the prior year and, in the three month period, lower travel commissions and fees from our consumer travel business.
Processed revenue decreased for both the three and nine month periods, and was relatively flat for both periods on an FX-adjusted basis.1 See Tables 5 and 6 for more details on processed volume performance.
Interest income increased for both the three and nine month periods, primarily driven by growth in revolving loan balances and higher interest rates.
Interest expense increased for both the three and nine month periods, primarily driven by growth in customer deposits and long-term debt as well as higher interest rates.
1 The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency conversion 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 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.
4
Table 3: Provisions for Credit Losses Summary
Three Months Ended
September 30,
Change
2024 vs. 2023
Nine Months Ended
September 30,
Change
2024 vs. 2023
(Millions, except percentages)2024202320242023
Card Member loans
Net write-offs
$853 $639 $214 33 %$2,621 $1,722 $899 52 %
Reserve build (release) (a)
261 343 (82)(24)477 969 (492)(51)
Total
1,114 982 132 13 3,098 2,691 407 15 
Card Member receivables
Net write-offs
187 241 (54)(22)609 714 (105)(15)
Reserve (release) build (a)
(17)(35)18 51 (17)(56)39 70 
Total
170 206 (36)(17)592 658 (66)(10)
Other
Net write-offs - Other loans
46 29 17 59 134 73 61 84 
Net write-offs - Other receivables
6 3 3 #16 10 6 60 
Reserve build (release) - Other loans (a)
14 10 4 40 28 49 (21)(43)
Reserve build (release) - Other receivables (a)
6 3 3 #25 5 20 #
Total
72 45 27 60 203 137 66 48 
Total provisions for credit losses$1,356 $1,233 $123 10 %$3,893 $3,486 $407 12 %
# Denotes a variance of 100 percent or more
(a)Refer to the “Glossary of Selected Terminology” for a definition of reserve build (release).
Provisions for Credit Losses
Card Member loans provision for credit losses increased for both the three and nine month periods, primarily due to higher net write-offs, partially offset by lower reserve builds in the current periods. The reserve builds in the current periods were primarily driven by increases in loans outstanding. The reserve builds in the prior periods were primarily driven by increases in loans outstanding and higher delinquencies.
Card Member receivables provision for credit losses decreased for both the three and nine month periods, primarily due to lower net write-offs, partially offset by lower reserve releases in the current periods. The reserve releases in the current periods were primarily driven by decreases in receivables outstanding. The reserve releases in the prior periods were primarily driven by lower delinquencies.
Other provision for credit losses increased for both the three and nine month periods, primarily due to higher net write-offs and, for the three month period, a higher reserve build in the current period. The reserve builds in the current periods were primarily driven by increases in non-card loans outstanding and, for the nine month period, a reserve related to amounts due from a merchant in bankruptcy. The reserve builds in the prior periods were primarily driven by increases in non-card loans outstanding.
5
Table 4: Expenses Summary
Three Months Ended
September 30,
Change
2024 vs. 2023
Nine Months Ended
September 30,
Change
2024 vs. 2023
(Millions, except percentages)2024202320242023
Card Member rewards$4,168 $3,794 $374 10 %$12,169 $11,516 $653 6 %
Business development1,430 1,393 37 3 4,249 4,174 75 2 
Card Member services1,179 973 206 21 3,504 2,905 599 21 
Marketing1,470 1,236 234 19 4,426 3,985 441 11 
Salaries and employee benefits2,049 2,047 2 — 6,096 5,936 160 3 
Other, net1,780 1,605 175 11 4,294 4,713 (419)(9)
Total expenses$12,076 $11,048 $1,028 9 %$34,738 $33,229 $1,509 5 %
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 $261 million and $281 million, and cobrand rewards expense of $112 million and $371 million for the three and nine month periods, respectively, all of which were primarily driven by higher billed business. The increase in Membership Rewards expense in the three month period was also driven by an increase in the Ultimate Redemption Rate (URR), partially offset in the nine month period by lower redemption costs.
The Membership Rewards URR for current program participants was 96 percent (rounded down) at both September 30, 2024 and 2023.
Business development expense increased for both the three and nine month periods, primarily due to increased partner payments driven by higher network volumes, partially offset by lower client incentives. The increase in the nine month period was also partially offset by a prior-year charge related to revenue allocated to a joint venture partner.
Card Member services expense increased for both the three and nine month periods, primarily due to growth in premium card accounts, contributing to a higher usage of travel-related benefits.
Marketing expense increased for both the three and nine month periods, reflecting higher levels of spending on customer acquisition and other growth initiatives.
Salaries and employee benefits expense was relatively flat for the three month period and increased for the nine month period. The increase in the nine month period was primarily driven by restructuring costs, higher incentive compensation and an increase in the value of deferred compensation liabilities.
Other expenses increased for the three month period and decreased for the nine month period. The increase in the three month period was primarily driven by an increase in legal reserves and higher professional service costs, partially offset by foreign exchange-related gains and the release of a reserve associated with a merchant exposure for Card Member purchases. The decrease in the nine month period was also driven by the gain recognized on the sale of Accertify and net gains on Amex Ventures investments.
6
Income Taxes
The effective tax rate was 21.8 percent and 20.9 percent for the three months ended September 30, 2024 and 2023, respectively, and 21.5 percent and 19.5 percent for the nine months ended September 30, 2024 and 2023, respectively. The higher effective tax rates for the three and nine month periods primarily reflected discrete tax benefits in the prior periods.
Table 5: Selected Card-Related Statistical Information
As of or for the
Three Months Ended
September 30,
Change
2024
vs.
2023
As of or for the
Nine Months Ended
September 30,
Change
2024
vs.
2023
2024202320242023
Network volumes (billions)
$441.0$420.25 %$1,300.8$1,245.74 %
Billed business$387.3$366.26 $1,142.5$1,079.86 
Processed volumes$53.7$54.0(1)$158.3$165.9(5)
Cards-in-force (millions)
145.5138.25 145.5138.25 
Proprietary cards-in-force82.979.64 82.979.64 
Basic cards-in-force (millions)
122.4115.96 122.4115.96 
Proprietary basic cards-in-force63.761.24 63.761.24 
Proprietary new cards acquired (millions)
3.32.914 10.09.46 
Average proprietary basic Card Member spending (dollars)
$6,110$6,0002 $18,224$17,8792 
Average fee per card (dollars) (a)
$105$9313 %$101$9111 %
Discount revenue as a % of Billed business2.27%2.30%2.28%2.30%
(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, 2024
Nine Months Ended
September 30, 2024
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 volumes5 %5 %4 %5 %
Total billed business6 6 6 6 
U.S. Consumer Services6 7 
Commercial Services1 1 1 2 
International Card Services13 13 12 13 
Processed volumes(1)1 (5)(1)
Merchant industry billed business metrics
G&S spend (73% and 72% of billed business for the three and nine months ended September 30, 2024, respectively)
6 6 6 6 
T&E spend (27% and 28% of billed business for the three and nine months ended September 30, 2024, respectively)
6 6 7 7 
Airline spend (6% and 7% of billed business for the three and nine months ended September 30, 2024, respectively)
6 %6 %6 %7 %
(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of conversion 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).
7
Table 7: Selected Credit-Related Statistical Information
As of or for the
Three Months Ended
September 30,
Change
2024
vs.
2023
As of or for the
Nine Months Ended
September 30,
Change
2024
vs.
2023
(Millions, except percentages)
2024202320242023
Card Member loans and receivables:
Net write-off rate — principal, interest and fees (a)
2.2 %2.0 %2.3 %1.9 %
Net write-off rate — principal only — consumer and small business (a)(b)
1.9 %1.8 %2.1 %1.7 %
30+ days past due as a % of total — consumer and small business (c)
1.3 %1.2 %1.3 %1.2 %
Card Member loans:
Card Member loans
$134,548$117,97814 %$134,548$117,97814 %
Credit loss reserves:
Beginning balance
$5,321$4,39021 $5,118$3,74737 
Provisions — principal, interest and fees
1,11498213 3,0982,69115 
Net write-offs — principal less recoveries(701)(525)34 (2,159)(1,412)53 
Net write-offs — interest and fees less recoveries(152)(114)33 (462)(310)49 
Other (d)
6(12)#(7)5#
Ending balance$5,588$4,72118 $5,588$4,72118 
% of loans4.2 %4.0 %4.2 %4.0 %
% of past due297 %316 %297 %316 %
Average loans
$132,956$116,62614 $128,652$112,35015 
Net write-off rate — principal, interest and fees (a)
2.6 %2.2 %2.7 %2.0 %
Net write-off rate — principal only (a)
2.1 %1.8 %2.2 %1.7 %
30+ days past due as a % of total
1.4 %1.3 %1.4 %1.3 %
Card Member receivables:
Card Member receivables
$59,042$58,825— $59,042$58,825— 
Credit loss reserves:
Beginning balance$171$210(19)$174$229(24)
Provisions — principal and fees
170206(17)592658(10)
Net write-offs — principal and fees less recoveries
(187)(241)(22)(609)(714)(15)
Other (d)
2(1)#(1)1#
Ending balance$156$174(10)%$156$174(10)%
% of receivables0.3 %0.3 %0.3 %0.3 %
Net write-off rate — principal and fees (a)
1.3 %1.7 %1.4 %1.7 %
Net write-off rate — principal only — consumer and small business (a)(b)
1.4 %1.9 %1.6 %1.9 %
30+ days past due as a % of total — consumer and small business (c)
0.9 %1.1 %0.9 %1.1 %
# Denotes a variance of 100 percent or more
(a)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.
(b)A net write-off rate based on principal losses only is not available for corporate receivables due to system constraints.
(c)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. Refer to Table 12 for 90+ days past billing metrics for corporate receivables.
(d)Other includes foreign currency translation adjustments.
8
Table 8: Net Interest Yield on Average Card Member Loans
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Millions, except percentages)
2024202320242023
Net interest income$4,006$3,442$11,505$9,530
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
9407702,7342,122
Interest income not attributable to our Card Member loan portfolio (b)
(940)(767)(2,776)(2,072)
Adjusted net interest income (c)
$4,006$3,445$11,463$9,580
Average Card Member loans
$132,956$116,626$128,652$112,350
Net interest income divided by average Card Member loans (c)
12.0 %11.7 %11.9 %11.3 %
Net interest yield on average Card Member loans (c)
12.0 %11.7 %11.9 %11.4 %
(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.
9
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)20242023
2024 vs. 2023
20242023
2024 vs. 2023
Revenues
Non-interest revenues$5,028$4,680$348 7 %$14,823$13,682$1,141 8 %
Interest income3,7223,228494 15 10,6778,9371,740 19 
Interest expense806700106 15 2,3251,898427 22 
Net interest income2,9162,528388 15 8,3527,0391,313 19 
Total revenues net of interest expense7,9447,208736 10 23,17520,7212,454 12 
Provisions for credit losses81275260 8 2,2451,995250 13 
Total revenues net of interest expense after provisions for credit losses7,1326,456676 10 20,93018,7262,204 12 
Expenses
Card Member rewards, business development, Card Member services and marketing4,3253,804521 14 12,75111,5821,169 10 
Salaries and employee benefits and other operating expenses1,1481,06880 7 3,3473,180167 5 
Total expenses5,4734,872601 12 16,09814,7621,336 9 
Pretax segment income$1,659$1,584$75 5 %$4,832$3,964$868 22 %
U.S. Consumer Services (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. USCS also manages our dining platform that provides digital tools for restaurants and reservation booking for diners.
Total Revenues Net of Interest Expense
Non-interest revenues increased for both the three and nine month periods, primarily driven by higher Discount revenue and Net card fees.
Discount revenue increased 5 percent and 6 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 19 percent and 17 percent for the three and nine month periods, respectively, primarily driven by growth in our premium card portfolios.
Service fees and other revenue decreased 4 percent for the three month period and increased 6 percent for the nine month period. The decrease in the three month period was primarily driven by lower travel commissions and fees from our consumer travel business. The increase in the nine month period was primarily driven by revenue from the sale of reward points and higher delinquency fees.
Interest income increased for both the three and nine month periods, primarily driven by growth in revolving loan balances and higher interest rates.
Interest expense increased for both the three and nine month periods, primarily driven by a higher cost of funds due to segment net asset growth and higher interest rates.
10
Provisions for Credit Losses
Card Member loans provision for credit losses increased for both the three and nine month periods, primarily due to higher net write-offs, partially offset by lower reserve builds in the current periods. The reserve builds in the current periods were primarily driven by increases in loans outstanding. The reserve builds in the prior periods were primarily driven by increases in loans outstanding and higher delinquencies.
Card Member receivables provision for credit losses decreased for the three month period, primarily due to a reserve release in the current period, versus a reserve build in the prior period, and lower net-write offs. Card Member receivables provision for credit losses for the current nine month period remained consistent with the prior period, with net write-offs and a reserve release in the current period largely in line with the prior period. The reserve releases in the current periods were primarily driven by decreases in receivables outstanding and, for the nine month period, lower delinquencies. The reserve build in the prior three month period was primarily driven by higher delinquencies. The reserve release in the prior nine month period was primarily driven by lower delinquencies.
Expenses
Total expenses increased for both the three and nine month periods. The increase in the three month period was primarily driven by higher Card Member rewards, Marketing and Card Member services expenses. The increase in the nine month period was primarily driven by higher Card Member services, Card Member rewards and Business development expenses.
Card Member rewards expense increased for both the three and nine month periods, primarily driven by higher billed business. The increase in the three month period was also driven by an increase in the Membership Rewards URR, partially offset in the nine month period by lower redemption costs.
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 due to growth in premium card accounts, contributing to a higher usage of travel-related benefits.
Marketing expense increased for both the three and nine month periods, reflecting higher levels of spending on customer acquisition and other growth initiatives.
Salaries and employee benefits and other expenses increased for both the three and nine month periods, primarily due to an increase in allocated service costs.
11
Table 10: USCS Selected Statistical Information
As of or for the
Three Months Ended
September 30,
Change
2024
vs.
2023
As of or for the
Nine Months Ended
September 30,
Change
2024
vs.
2023
(Millions, except percentages and where indicated)2024202320242023
Billed business (billions)
$162.3$153.56 %$480.8$451.17 %
Proprietary cards-in-force45.743.45 45.743.45 
Proprietary basic cards-in-force32.130.46 32.130.46 
Average proprietary basic Card Member spending (dollars)
$5,091$5,0621 $15,313$15,0722 
Total segment assets
$106,201$98,2188 $106,201$98,2188 
Card Member loans:
Total loans
$86,752$77,71812 $86,752$77,71812 
Average loans
$86,223$77,08012 $83,847$74,41813 
Net write-off rate — principal, interest and fees (a)
2.6 %2.2 %2.8 %2.0 %
Net write-off rate — principal only (a)
2.1 %1.7 %2.2 %1.6 %
30+ days past due as a % of total1.4 %1.3 %1.4 %1.3 %
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income$2,916$2,528$8,352$7,039
Exclude:
Interest expense not attributable to our Card Member loan portfolio (b)
4541125121
Interest income not attributable to our Card Member loan portfolio (c)
(143)(101)(397)(274)
Adjusted net interest income (d)
$2,818$2,468$8,080$6,886
Average Card Member loans
$86,223$77,080$83,847$74,418
Net interest income divided by average Card Member loans (d)
13.5 %13.0 %13.3 %12.6 %
Net interest yield on average Card Member loans (d)
13.0 %12.7 %12.9 %12.4 %
Card Member receivables:
Total receivables
$13,168$13,211— %$13,168$13,211— %
Net write-off rate — principal and fees (a)
1.2 %1.3 %1.3 %1.3 %
Net write-off rate — principal only (a)
1.1 %1.2 %1.2 %1.2 %
30+ days past due as a % of total0.7 %0.9 %0.7 %0.9 %
(a)Refer to Table 7 footnote (a).
(b)Refer to Table 8 footnote (a).
(c)Refer to Table 8 footnote (b).
(d)Refer to Table 8 footnote (c).
12
Commercial Services
Table 11: CS Selected Income Statement Data
Three Months Ended
September 30,
Change
2024 vs. 2023
Nine Months Ended
September 30,
Change
2024 vs. 2023
(Millions, except percentages)2024202320242023
Revenues
Non-interest revenues$3,304$3,257$47 1 %$9,831$9,665$166 2 %
Interest income1,142881261 30 3,1982,379819 34 
Interest expense44839157 15 1,2921,076216 20 
Net interest income694490204 42 1,9061,303603 46 
Total revenues net of interest expense3,9983,747251 7 11,73710,968769 7 
Provisions for credit losses37432351 16 1,078945133 14 
Total revenues net of interest expense after provisions for credit losses3,6243,424200 6 10,65910,023636 6 
Expenses
Card Member rewards, business development, Card Member services and marketing
1,9351,818117 6 5,7125,567145 3 
Salaries and employee benefits and other operating expenses
78175427 4 2,2562,261(5)— 
Total expenses2,7162,572144 6 7,9687,828140 2 
Pretax segment income$908$852$56 7 %$2,691$2,195$496 23 %
Commercial Services (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.
Total Revenues Net of Interest Expense
Non-interest revenues increased for both the three and nine month periods, primarily driven by higher Discount revenue and Net card fees.
Discount revenue increased 1 percent for both the three and nine month periods, primarily driven by increases in commercial billed business. See Tables 5, 6 and 12 for more details on billed business performance.
Net card fees increased 12 percent for both the three and nine month periods, primarily driven by growth in our premium card portfolios.
Service fees and other revenue decreased 13 percent and 5 percent for the three and nine month periods, respectively, primarily driven by lower travel commissions and fees.
Interest income increased for both the three and nine month periods, primarily driven by growth in revolving loan balances and higher interest rates.
Interest expense increased for both the three and nine month periods, primarily driven by a higher cost of funds due to segment net asset growth and higher interest rates.
13
Provisions for Credit Losses
Card Member loans provision for credit losses increased for both the three and nine month periods, primarily due to higher net write-offs, partially offset by lower reserve builds in the current periods. The reserve builds in the current periods were primarily driven by increases in loans outstanding. The reserve builds in the prior periods were primarily driven by increases in loans outstanding and higher delinquencies.
Card Member receivables provision for credit losses for the current three month period remained relatively flat to the prior period, as lower net write-offs in the current period were largely offset by a reserve release in the prior period. Card Member receivables provision for credit losses decreased for the nine month period, primarily due to lower net write-offs, partially offset by a reserve release in the prior period. The reserve releases in the prior periods were driven by lower delinquencies and decreases in receivables outstanding.
Expenses
Total expenses increased for both the three and nine month periods. The increase in the three month period was primarily driven by Card Member rewards and Marketing expenses. The increase in the nine month period was primarily driven by Marketing and Card Member services expenses, partially offset by a decrease in Business development expense.
Card Member rewards expense increased for the three month period and was relatively flat for the nine month period, primarily driven by higher billed business and an increase in the Membership Rewards URR, offset in the nine month period by a benefit from enhancements to the U.S. Membership Rewards URR model and lower redemption costs.
Business development expense decreased for both the three and nine month periods, primarily due to lower client incentives, partially offset by increased partner payments due to higher billed business.
Card Member services expense increased for both the three and nine month periods, primarily due to growth in premium card accounts, contributing to a higher usage of travel-related benefits.
Marketing expense increased for both the three and nine month periods, reflecting higher levels of spending on customer acquisition and other growth initiatives.
Salaries and employee benefits and other expenses increased for the three month period and were relatively flat for the nine month period. The increase in the three month period was primarily driven by an increase in allocated service costs and higher compensation costs.
14
Table 12: CS Selected Statistical Information
As of or for the
Three Months Ended
September 30,
Change
2024
vs
2023
As of or for the
Nine Months Ended
September 30,
Change
2024
vs
2023
(Millions, except percentages and where indicated)2024202320242023
Billed business (billions)
$131.0$129.51 %$390.4$384.71 %
Proprietary cards-in-force15.515.41 15.515.41 
Average Card Member spending (dollars)
$8,474$8,434— $25,319$25,234— 
Total segment assets
$59,716$56,5856 $59,716$56,5856 
Card Member loans:
Total loans
$29,869$25,15019 $29,869$25,15019 
Average loans
$29,428$24,41521 $27,979$23,31220 
Net write-off rate — principal, interest and fees (a)
2.6 %2.0 %2.7 %1.8 %