EX-99.2 3 q424exhibit992.htm EX-99.2 Document

EXHIBIT 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q4'24Q3'24Q2'24Q1'24Q4'23YOY % changeFY'24FY'23YOY % change
Non-interest revenues
Discount revenue$9,177 $8,780 $8,855 $8,380 $8,580 7 $35,192 $33,416 5 
Net card fees2,245 2,170 2,060 1,974 1,907 18 8,449 7,255 16 
Service fees and other revenue 1,290 1,267 1,280 1,292 1,294 — 5,129 5,005 2 
Processed revenue429 413 408 386 414 4 1,636 1,705 (4)
Total non-interest revenues13,141 12,630 12,603 12,032 12,195 8 50,406 47,381 6 
Interest income
Interest on loans5,503 5,442 5,092 5,058 4,910 12 21,095 17,697 19 
Interest and dividends on investment securities18 18 25 25 31 (42)86 128 (33)
Deposits with banks and other556 689 677 692 611 (9)2,614 2,158 21 
Total interest income6,077 6,149 5,794 5,775 5,552 9 23,795 19,983 19 
Interest expense
Deposits1,397 1,446 1,425 1,427 1,385 1 5,695 4,865 17 
Long-term debt and other642 697 639 579 563 14 2,557 1,984 29 
Total interest expense2,039 2,143 2,064 2,006 1,948 5 8,252 6,849 20 
Net interest income4,038 4,006 3,730 3,769 3,604 12 15,543 13,134 18 
Total revenues net of interest expense17,179 16,636 16,333 15,801 15,799 9 65,949 60,515 9 
Provisions for credit losses
Card Member receivables182 170 226 196 222 (18)774 880 (12)
Card Member loans1,011 1,114 970 1,014 1,148 (12)4,109 3,839 7 
Other99 72 72 59 67 48 302 204 48 
Total provisions for credit losses1,292 1,356 1,268 1,269 1,437 (10)5,185 4,923 5 
Total revenues net of interest expense after provisions for credit losses15,887 15,280 15,065 14,532 14,362 11 60,764 55,592 9 
Expenses
Card Member rewards4,430 4,168 4,227 3,774 3,851 15 16,599 15,367 8 
Business development1,637 1,430 1,427 1,392 1,483 10 5,886 5,657 4 
Card Member services1,278 1,179 1,154 1,171 1,063 20 4,782 3,968 21 
Marketing1,614 1,470 1,480 1,476 1,228 31 6,040 5,213 16 
Salaries and employee benefits2,102 2,049 1,949 2,098 2,131 (1)8,198 8,067 2 
Professional services698 579 542 455 645 8 2,274 2,029 12 
Data processing and equipment805 725 701 657 764 5 2,888 2,805 3 
Other, net567 476 (205)364 685 (17)1,202 1,973 (39)
Total expenses13,131 12,076 11,275 11,387 11,850 11 47,869 45,079 6 
Pretax income2,756 3,204 3,790 3,145 2,512 10 12,895 10,513 23 
Income tax provision586 697 775 708 579 1 2,766 2,139 29 
Net income$2,170 $2,507 $3,015 $2,437 $1,933 12 $10,129 $8,374 21 
Net income attributable to common shareholders (A)$2,139 $2,474 $2,977 $2,405 $1,904 12 $9,995 $8,252 21 
Effective tax rate21.3 %21.8 %20.4 %22.5 %23.0 %21.5 %20.3 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$3.04 $3.50 $4.16 $3.34 $2.63 16 $14.04 $11.23 25 
Average common shares outstanding703 708 716 721 725 (3)712 735 (3)
Diluted
Net income attributable to common shareholders $3.04 $3.49 $4.15 $3.33 $2.62 16 $14.01 $11.21 25 
Average common shares outstanding704 709 717 722 726 (3)713 736 (3)
Cash dividends declared per common share $0.70 $0.70 $0.70 $0.70 $0.60 17 $2.80 $2.40 17 

See Appendix III for footnote references
1

American Express Company(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Millions, except percentages, per share amounts and where indicated)
 Q4'24Q3'24Q2'24Q1'24Q4'23YOY % change
Assets      
Cash & cash equivalents$40,640 $47,918 $52,895 $54,213 $46,596 (13)
Card Member receivables, less reserves59,240 58,886 59,485 59,624 60,237 (2)
Card Member loans, less reserves133,995 128,960 125,530 121,348 120,877 11 
Card Member loans held for sale758 — — — — — 
Investment securities1,240 1,268 1,210 2,232 2,186 (43)
Other (B)35,588 33,947 33,099 31,844 31,212 14 
Total assets$271,461 $270,979 $272,219 $269,261 $261,108 4 
Liabilities and Shareholders' Equity      
Customer deposits$139,413 $135,438 $133,746 $134,418 $129,144 8 
Short-term borrowings1,374 1,457 1,639 1,742 1,293 6 
Long-term debt49,715 53,546 51,521 48,826 47,866 4 
Other (B)50,695 50,831 55,773 55,511 54,748 (7)
Total liabilities241,197 241,272 242,679 240,497 233,051 3 
Shareholders' Equity30,264 29,707 29,540 28,764 28,057 8 
Total liabilities and shareholders' equity$271,461 $270,979 $272,219 $269,261 $261,108 4 
Return on average equity (C)34.6 %33.9 %41.4 %34.3 %31.5 %
Return on average common equity (C)36.1 %35.3 %43.2 %35.9 %33.0 %
Book value per common share (dollars)$40.88 $39.92 $39.26 $37.79 $36.61 12 

See Appendix III for footnote references
2

American Express Company(Preliminary)
Consolidated Capital
 
 Q4'24Q3'24Q2'24Q1'24Q4'23
Shares Outstanding (in millions) 
Beginning of period704 712 719 723 729 
Repurchase of common shares(3)(8)(7)(5)(6)
Net impact of employee benefit plans and others1 — — 1 — 
End of period702 704 712 719 723 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)10.5 %10.7 %10.8 %10.6 %10.5 %
Tier 111.2 %11.4 %11.5 %11.3 %11.3 %
Total13.2 %13.4 %13.5 %13.2 %13.1 %
Common Equity Tier 1$24.9 $24.6 $24.6 $23.7 $23.2 
Tier 1 Capital$26.4 $26.2 $26.1 $25.3 $24.8 
Tier 2 Capital$4.7 $4.6 $4.6 $4.1 $4.0 
Total Capital$31.1 $30.8 $30.7 $29.4 $28.8 
RWA$235.8 $229.9 $227.8 $223.4 $219.7 
Tier 1 Leverage9.8 %9.8 %9.9 %9.8 %9.9 %
Supplementary Leverage Ratio (SLR) (D)8.3 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (E)$268.8 $267.6 $263.3 $257.6 $249.6 
Total Leverage Exposure to calculate SLR (D)$317.0 

See Appendix III for footnote references
3

American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Millions, except percentages and where indicated) 
 Q4'24Q3'24Q2'24Q1'24Q4'23YOY % changeFY'24FY'23YOY % change
Network volumes (billions) (F)$464.0 $441.0 $440.6 $419.2 $434.4 7 $1,764.8 $1,680.1 5 
Billed business (F)$408.4 $387.3 $388.2 $367.0 $379.8 8 $1,550.9 $1,459.6 6 
Processed volumes (F)$55.6 $53.7 $52.4 $52.2 $54.6 2 $213.9 $220.5 (3)
Card Member loans$139,674 $134,548 $130,851 $126,619 $125,995 11 $139,674 $125,995 11 
Cards-in-force (G)146.5 145.5 144.3 142.4 141.2 4 146.5 141.2 4 
Proprietary cards-in-force83.6 82.9 82.1 81.1 80.2 4 83.6 80.2 4 
Basic cards-in-force (G)123.3 122.4 121.4 119.8 118.7 4 123.3 118.7 4 
Proprietary basic cards-in-force64.3 63.7 63.1 62.3 61.7 4 64.3 61.7 4 
Average proprietary basic Card Member spending (dollars)$6,378 $6,110 $6,192 $5,919 $6,179 3 $24,608 $24,059 2 
Average fee per card (dollars) (H)$108 $105 $101 $98 $95 14 $103 $92 12 
Proprietary new cards acquired (I)3.0 3.3 3.3 3.4 2.9 13.0 12.2 

See Appendix III for footnote references
4

American Express Company(Preliminary)
Network Volumes Related Growth 
 YOY % change
 ReportedFX-Adjusted (J)ReportedFX-Adjusted (J)
 Q4'24Q3'24Q2'24Q1'24Q4'23Q4'24Q3'24Q2'24Q1'24Q4'23FY'24FY'24
Network volumes (F)7%5%3%5%5%8%5%4%6%5%5%6%
Billed business (F)865668667667
U.S. Consumer Services96687n/an/an/an/an/a7n/a
Commercial Services412214122122
International Card Services111310111415131313131114
Processed volumes (F)2(1)(10)(2)(2)61(7)2(1)(3)—
Merchant industry billed business
Goods & Services (G&S) spend (74% of Q4'24 billed business)765658666576
T&E spend (26% of Q4'24 billed business)9668910678958

See Appendix III for footnote references
5

American Express Company(Preliminary)
Selected Credit Related Statistical Information
Card Member Loans and Card Member Receivables
(Millions, except percentages and where indicated)
 Q4'24Q3'24Q2'24Q1'24Q4'23YOY % changeFY'24FY'23YOY % change
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (K)2.2 %2.2 %2.4 %2.3 %2.2 %2.3 %2.0 %
Net write-off rate (principal only) (K)(L)1.9 %1.9 %2.1 %2.1 %2.0 %2.0 %1.8 %
30+ days past due as a % of total (L)1.3 %1.3 %1.2 %1.3 %1.3 %1.3 %1.3 %
Card Member loans         
Total Card Member loans$139,674 $134,548 $130,851 $126,619 $125,995 11 $139,674 $125,995 11 
Credit loss reserves
Beginning balance$5,588 $5,321 $5,271 $5,118 $4,721 18 $5,118 $3,747 37 
Provisions - principal, interest and fees1,011 1,114 970 1,014 1,148 (12)4,109 3,839 7 
Net write-offs - principal less recoveries(735)(701)(753)(705)(631)16 (2,894)(2,043)42 
Net write-offs - interest and fees less recoveries(159)(152)(160)(150)(133)20 (621)(443)40 
Other (M)(26)6 (7)(6)13 #(33)18 #
Ending balance $5,679 $5,588 $5,321 $5,271 $5,118 11 $5,679 $5,118 11 
% of loans4.1 %4.2 %4.1 %4.2 %4.1 %4.1 %4.1 %
% of past due 288 %297 %312 %297 %297 %288 %297 %
Average loans$136,972 $132,956 $128,321 $124,720 $121,774 12 $130,758 $114,816 14 
Net write-off rate (principal, interest and fees) (K)2.6 %2.6 %2.8 %2.7 %2.5 %2.7 %2.2 %
Net write-off rate (principal only) (K)(L)2.1 %2.1 %2.3 %2.3 %2.1 %2.2 %1.8 %
30+ days past due as a % of total (L)1.4 %1.4 %1.3 %1.4 %1.4 %1.4 %1.4 %
Net interest income divided by average Card Member loans including loans held for sale (N)11.7 %12.0 %11.7 %12.2 %11.7 %11.9 %11.4 % 
Net interest yield on average Card Member loans including loans held for sale (N)11.8 %12.0 %11.7 %12.0 %11.7 %11.9 %11.5 % 
Card Member receivables         
Total Card Member receivables$59,411 $59,042 $59,656 $59,775 $60,411 (2)$59,411 $60,411 (2)
Credit loss reserves
Beginning balance$156 $171 $151 $174 $174 (10)$174 $229 (24)
Provisions - principal and fees182 170 226 196 222 (18)774 880 (12)
Net write-offs - principal and fees less recoveries(164)(187)(205)(217)(223)(26)(773)(937)(18)
Other (M)(3)2 (1)(2)1 #(4)2 #
Ending balance$171 $156 $171 $151 $174 (2)$171 $174 (2)
% of receivables0.3 %0.3 %0.3 %0.3 %0.3 %0.3 %0.3 %
Net write-off rate (principal and fees) (K)1.1 %1.3 %1.4 %1.5 %1.5 %1.3 %1.6 %
Net write-off rate (principal only) (K)(L)1.2 %1.4 %1.5 %1.7 %1.7 %1.5 %1.8 % 
30+ days past due as a % of total (L)0.9 %0.9 %0.9 %1.1 %1.1 %0.9 %1.1 % 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
6

American Express Company(Preliminary)
Selected Credit Related Statistical Information
Other Loans and Other Receivables
(Millions, except percentages and where indicated)
 Q4'24Q3'24Q2'24Q1'24Q4'23YOY % changeFY'24FY'23YOY % change
Other loans (B)
Total other loans$9,232 $8,460 $8,157 $7,601 $7,086 30 $9,232 $7,086 30 
Credit loss reserves
Beginning balance$154 $140 $136 $126 $108 43 $126 $59 #
Provisions94 60 49 53 52 81 256 174 47 
Net write-offs(53)(46)(45)(43)(34)56 (187)(107)75 
Other (M)(1)— — — — — (1)— — 
Ending balance$194 $154 $140 $136 $126 54 $194 $126 54 
% of other loans2.1 %1.8 %1.7 %1.8 %1.8 %2.1 %1.8 %
Other receivables (B)
Total other receivables$3,587 $3,800 $3,889 $3,785 $3,654 (2)$3,587 $3,654 (2)
Credit loss reserves
Beginning balance$49 $44 $27 $27 $27 81 $27 $22 23 
Provisions5 12 23 6 15 (67)46 30 53 
Net write-offs(28)(6)(4)(6)(16)75 (44)(25)76 
Other (M)1 (1)(2)— 1 — (2)— — 
Ending balance$27 $49 $44 $27 $27 — $27 $27 — 
% of other receivables0.8 %1.3 %1.1 %0.7 %0.7 %0.8 %0.7 %
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
7

American Express Company(Preliminary)
Selected Income Statement Information by Segment 
(Millions)   
U.S. Consumer Services
(USCS)		Commercial Services
(CS)		International Card Services
(ICS)		Global Merchant and Network Services
(GMNS)		Corporate and OtherConsolidated
Q4'24     
Non-interest revenues$5,314 $3,388 $2,725 $1,723 $(9)$13,141 
Interest income3,753 1,176 583 11 554 6,077 
Interest expense815 442 318 (160)624 2,039 
Total revenues net of interest expense8,252 4,122 2,990 1,894 (79)17,179 
Total provisions for credit losses784 311 194 6 (3)1,292 
Total revenues net of interest expense after provisions for credit losses7,468 3,811 2,796 1,888 (76)15,887 
Card Member rewards, business development and Card Member services3,816 1,751 1,442 322 14 7,345 
Marketing813 360 306 130 5 1,614 
Salaries and employee benefits and other operating expenses1,294 886 1,014 583 395 4,172 
Total expenses5,923 2,997 2,762 1,035 414 13,131 
Pretax income (loss)$1,545 $814 $34 $853 $(490)$2,756 
Q4'23
Non-interest revenues$4,782 $3,266 $2,466 $1,693 $(12)$12,195 
Interest income3,399 949 574 15 615 5,552 
Interest expense786 407 348 (233)640 1,948 
Total revenues net of interest expense7,395 3,808 2,692 1,941 (37)15,799 
Total provisions for credit losses860 368 194 14 1 1,437 
Total revenues net of interest expense after provisions for credit losses6,535 3,440 2,498 1,927 (38)14,362 
Card Member rewards, business development and Card Member services3,267 1,574 1,216 326 14 6,397 
Marketing544 281 272 131 — 1,228 
Salaries and employee benefits and other operating expenses1,255 919 866 648 537 4,225 
Total expenses5,066 2,774 2,354 1,105 551 11,850 
Pretax income (loss)$1,469 $666 $144 $822 $(589)$2,512 
YOY % change
Non-interest revenues11 4 11 2 25 8 
Interest income10 24 2 (27)(10)9 
Interest expense4 9 (9)31 (3)5 
Total revenues net of interest expense12 8 11 (2)#9 
Total provisions for credit losses(9)(15)— (57)#(10)
Total revenues net of interest expense after provisions for credit losses14 11 12 (2)#11 
Card Member rewards, business development and Card Member services17 11 19 (1)— 15 
Marketing49 28 13 (1)— 31 
Salaries and employee benefits and other operating expenses3 (4)17 (10)(26)(1)
Total expenses17 8 17 (6)(25)11 
Pretax income (loss)5 22 (76)4 17 10 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
8

U.S. Consumer Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
 Q4'24Q3'24Q2'24Q1'24Q4'23YOY % changeFY'24FY'23YOY % change
Non-interest revenues$5,314 $5,028 $5,029 $4,766 $4,782 11 $20,137 $18,464 9 
Interest income3,753 3,722 3,474 3,481 3,399 10 14,430 12,336 17 
Interest expense815 806 771 748 786 4 3,140 2,684 17 
Net interest income2,938 2,916 2,703 2,733 2,613 12 11,290 9,652 17 
Total revenues net of interest expense8,252 7,944 7,732 7,499 7,395 12 31,427 28,116 12 
Total provisions for credit losses784 812 706 727 860 (9)3,029 2,855 6 
Total revenues net of interest expense after provisions for credit losses7,468 7,132 7,026 6,772 6,535 14 28,398 25,261 12 
Card Member rewards, business development and Card Member services3,816 3,570 3,587 3,356 3,267 17 14,329 12,808 12 
Marketing813 755 764 719 544 49 3,051 2,585 18 
Salaries and employee benefits and other operating expenses1,294 1,148 1,115 1,084 1,255 3 4,641 4,435 5 
Total expenses5,923 5,473 5,466 5,159 5,066 17 22,021 19,828 11 
Pretax segment income$1,545 $1,659 $1,560 $1,613 $1,469 5 $6,377 $5,433 17 
Billed business (billions) (F)$174.0 $162.3 $165.1 $153.4 $159.7 9 $654.8 $610.8 7 
Proprietary cards-in-force (G)46.3 45.7 45.2 44.4 43.8 6 46.3 43.8 6 
Proprietary basic cards-in-force (G)32.5 32.1 31.7 31.1 30.7 6 32.5 30.7 6 
Average proprietary basic Card Member spending (dollars)$5,387 $5,091 $5,258 $4,962 $5,229 3 $20,707 $20,303 2 
Segment assets$114,228 $106,201 $108,224 $104,297 $107,158 7 $114,228 $107,158 7 
Card Member loans
Total loans$92,632 $86,752 $84,958 $82,255 $83,207 11 $92,632 $83,207 11 
Average loans$89,178 $86,223 $83,452 $81,746 $80,304 11 $85,264 $75,975 12 
Net write-off rate (principal, interest and fees) (K)2.6 %2.6 %2.9 %2.8 %2.5 %2.7 %2.2 % 
Net write-off rate (principal only) (K)2.1 %2.1 %2.4 %2.3 %2.1 %2.2 %1.7 % 
30+ days past due as a % of total1.4 %1.4 %1.3 %1.4 %1.4 %1.4 %1.4 % 
Net interest income divided by average Card Member loans (N)13.1 %13.5 %13.0 %13.4 %12.9 %13.2 %12.7 % 
Net interest yield on average Card Member loans (N)12.7 %13.0 %12.6 %13.0 %12.7 %12.8 %12.4 % 
Card Member receivables
Total receivables$14,419 $13,168 $13,796 $13,588 $14,789 (3)$14,419 $14,789 (3)
Net write-off rate (principal and fees) (K)0.9 %1.2 %1.2 %1.5 %1.3 %1.2 %1.3 % 
Net write-off rate (principal only) (K)0.8 %1.1 %1.1 %1.3 %1.2 %1.1 %1.2 % 
30+ days past due as a % of total0.6 %0.7 %0.7 %0.8 %0.8 %0.6 %0.8 % 

See Appendix III for footnote references
9

Commercial Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
Q4'24Q3'24Q2'24Q1'24Q4'23YOY % changeFY'24FY'23YOY % change
Non-interest revenues$3,388 $3,304 $3,333 $3,194 $3,266 4 $13,219 $12,931 2 
Interest income1,176 1,142 1,051 1,005 949 24 4,374 3,328 31 
Interest expense442 448 430 414 407 9 1,734 1,483 17 
Net interest income734 694 621 591 542 35 2,640 1,845 43 
Total revenues net of interest expense4,122 3,998 3,954 3,785 3,808 8 15,859 14,776 7 
Total provisions for credit losses311 374 349 355 368 (15)1,389 1,313 6 
Total revenues net of interest expense after provisions for credit losses3,811 3,624 3,605 3,430 3,440 11 14,470 13,463 7 
Card Member rewards, business development and Card Member services1,751 1,627 1,633 1,493 1,574 11 6,504 6,332 3 
Marketing360 308 325 326 281 28 1,319 1,090 21 
Salaries and employee benefits and other operating expenses886 781 742 733 919 (4)3,142 3,180 (1)
Total expenses2,997 2,716 2,700 2,552 2,774 8 10,965 10,602 3 
Pretax segment income$814 $908 $905 $878 $666 22 $3,505 $2,861 23 
Billed business (billions) (F)$136.0 $131.0 $132.3 $127.1 $131.3 4 $526.5 $516.0 2 
Proprietary cards-in-force (G)15.4 15.5 15.4 15.4 15.4 — 15.4 15.4 — 
Average proprietary basic Card Member spending (dollars)$8,804 $8,474 $8,588 $8,261 $8,515 3 $34,130 $33,745 1 
Segment assets$58,969 $59,716 $58,993 $58,143 $55,361 7 $58,969 $55,361 7 
Card Member loans
Total loans$29,647 $29,869 $28,621 $27,634 $25,838 15 $29,647 $25,838 15 
Average loans$30,203 $29,428 $28,031 $26,553 $25,608 18 $28,518 $23,877 19 
Net write-off rate (principal, interest and fees) (K)2.7 %2.6 %2.7 %2.6 %2.4 %2.7 %2.0 %
Net write-off rate (principal only) (K)2.3 %2.2 %2.3 %2.3 %2.1 %2.3 %1.7 %
30+ days past due as a % of total1.5 %1.5 %1.4 %1.5 %1.4 %1.5 %1.4 %
Net interest income divided by average Card Member loans including loans held for sale (N)9.6 %9.4 %8.9 %9.0 %8.4 %9.2 %7.7 %
Net interest yield on average Card Member loans including loans held for sale (N)11.1 %10.9 %10.5 %10.6 %10.3 %10.8 %9.9 %
Card Member receivables
Total receivables$24,945 $26,341 $26,737 $27,024 $26,222 (5)$24,945 $26,222 (5)
Net write-off rate (principal and fees) (K)1.1 %1.3 %1.4 %1.4 %1.5 %1.3 %1.5 %
Net write-off rate (principal only) - small business (K)1.6 %1.8 %2.0 %2.1 %2.0 %1.9 %2.1 %
30+ days past due as a % of total - small business1.3 %1.2 %1.2 %1.4 %1.5 %1.3 %1.5 %
90+ days past billing as a % of total - corporate0.4 %0.4 %0.4 %0.5 %0.4 %0.4 %0.4 %

See Appendix III for footnote references
10

International Card Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
 Q4'24Q3'24Q2'24Q1'24Q4'23YOY % changeFY'24FY'23YOY % change
Non-interest revenues$2,725 $2,659 $2,548 $2,437 $2,466 11 $10,369 $9,472 9 
Interest income583 588 577 583 574 2 2,331 2,076 12 
Interest expense318 311 303 307 348 (9)1,239 1,118 11 
Net interest income265 277 274 276 226 17 1,092 958 14 
Total revenues net of interest expense2,990 2,936 2,822 2,713 2,692 11 11,461 10,430 10 
Total provisions for credit losses194 158 192 182 194 — 726 727 — 
Total revenues net of interest expense after provisions for credit losses2,796 2,778 2,630 2,531 2,498 12 10,735 9,703 11 
Card Member rewards, business development and Card Member services1,442 1,296 1,302 1,203 1,216 19 5,243 4,588 14 
Marketing306 287 290 352 272 13 1,235 1,081 14 
Salaries and employee benefits and other operating expenses1,014 740 748 724 866 17 3,226 3,061 5 
Total expenses2,762 2,323 2,340 2,279 2,354 17 9,704 8,730 11 
Pretax segment income$34 $455 $290 $252 $144 (76)$1,031 $973 6 
Billed business (billions) (F)$97.7 $93.6 $90.2 $85.4 $88.1 11 $366.9 $329.5 11 
Proprietary cards-in-force (G)21.9 21.7 21.5 21.3 21.0 4 21.9 21.0 4 
Proprietary basic cards-in-force (G)16.4 16.2 16.0 15.8 15.6 5 16.4 15.6 5 
Average proprietary basic Card Member spending (dollars)$6,003 $5,829 $5,681 $5,436 $5,684 6 $22,965 $21,550 7 
Segment assets$42,879 $43,073 $41,982 $41,472 $42,234 2 $42,879 $42,234 2 
Card Member loans - consumer and small business
Total loans$17,395 $17,927 $17,272 $16,730 $16,950 3 $17,395 $16,950 3 
Average loans $17,591 $17,305 $16,838 $16,422 $15,862 11 $16,976 $14,964 13 
Net write-off rate (principal, interest and fees) (K)2.3 %2.4 %2.5 %2.6 %2.5 %2.5 %2.5 %
Net write-off rate (principal only) (K)1.9 %2.0 %2.1 %2.2 %2.1 %2.1 %2.1 %
30+ days past due as a % of total1.2 %1.2 %1.2 %1.3 %1.3 %1.2 %1.3 %
Net interest income divided by average Card Member loans (N)6.0 %6.4 %6.5 %6.8 %5.6 %6.4 %6.4 %
Net interest yield on average Card Member loans (N)8.7 %8.8 %9.0 %9.5 %9.1 %9.0 %9.2 %
Card Member receivables
Total receivables$20,047 $19,533 $19,123 $19,163 $19,400 3 $20,047 $19,400 3 
Net write-off rate (principal and fees) (K)1.3 %1.3 %1.5 %1.6 %1.8 %1.4 %2.1 %
Net write-off rate (principal only) - consumer and small business (K)1.3 %1.4 %1.6 %1.7 %1.8 %1.5 %2.2 %
30+ days past due as a % of total - consumer and small business0.8 %0.9 %0.9 %1.0 %1.0 %0.8 %1.0 %
90+ days past billing as a % of total - corporate0.4 %0.4 %0.4 %0.5 %0.5 %0.4 %0.5 %

See Appendix III for footnote references
11

Global Merchant and Network Services(Preliminary)
Selected Income Statement and Statistical Information             
(Millions, except percentages and where indicated)             
 Q4'24Q3'24Q2'24Q1'24Q4'23YOY % changeFY'24FY'23YOY % change
Non-interest revenues$1,723 $1,667 $1,684 $1,655 $1,693 2 $6,729 $6,620 2 
Interest income11 11 13 17 15 (27)52 57 (9)
Interest expense(160)(169)(176)(198)(233)31 (703)(719)2 
Net interest income171 180 189 215 248 (31)755 776 (3)
Total revenues net of interest expense1,894 1,847 1,873 1,870 1,941 (2)7,484 7,396 1 
Total provisions for credit losses6 10 20 6 14 (57)42 27 56 
Total revenues net of interest expense after provisions for credit losses1,888 1,837 1,853 1,864 1,927 (2)7,442 7,369 1 
Business development and Card Member services322 269 278 279 326 (1)1,148 1,218 (6)
Marketing130 112 96 73 131 (1)411 437 (6)
Salaries and employee benefits and other operating expenses583 465 (58)495 648 (10)1,485 2,058 (28)
Total expenses1,035 846 316 847 1,105 (6)3,044 3,713 (18)
Pretax segment income$853 $991 $1,537 $1,017 $822 4 $4,398 $3,656 20 
         
Total network volumes (billions) (F)$464.0 $441.0 $440.6 $419.2 $434.4 7 $1,764.8 $1,680.1 5 
Segment assets$17,712 $17,739 $24,446 $24,885 $23,714 (25)$17,712 $23,714 (25)

See Appendix III for footnote references
12

American Express Company(Preliminary)
Appendix I 
Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)
(Millions, except percentages) 
 
Q4'24Q3'24Q2'24Q1'24Q4'23
ROE     
Annualized Net income$10,129 $10,028 $12,060 $9,748 $8,374 
Average shareholders' equity$29,266 $29,623 $29,152 $28,410 $26,557 
Return on average equity (C)34.6 %33.9 %41.4 %34.3 %31.5 %
Reconciliation of ROCE     
Annualized Net income$10,129 $10,028 $12,060 $9,748 $8,374 
Preferred share dividends and equity related adjustments58 58 59 57 58 
Earnings allocated to participating share awards and other76 75 92 73 64 
Net income attributable to common shareholders$9,995 $9,895 $11,909 $9,618 $8,252 
Average shareholders' equity$29,266 $29,623 $29,152 $28,410 $26,557 
Average preferred shares1,584 1,584 1,584 1,584 1,584 
Average common shareholders' equity$27,682 $28,039 $27,568 $26,826 $24,973 
Return on average common equity (C)36.1 %35.3 %43.2 %35.9 %33.0 %

See Appendix III for footnote references
13

American Express Company(Preliminary)
Appendix II 
Net Interest Yield on Average Card Member Loans 
(Millions, except percentages and where indicated) 
 Q4'24Q3'24Q2'24Q1'24Q4'23FY'24FY'23
Consolidated       
Net interest income$4,038 $4,006 $3,730 $3,769 $3,604 $15,543 $13,134 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (O)865 940 912 882 821 3,599 2,943 
Interest income not attributable to our Card Member loan portfolio (P)(823)(940)(920)(916)(824)(3,599)(2,896)
Adjusted net interest income (N)$4,080 $4,006 $3,722 $3,735 $3,601 $15,543 $13,181 
Average Card Member loans including loans held for sale$137,161 $132,956 $128,321 $124,720 $121,774 $130,817 $114,816 
Net interest income divided by average Card Member loans including loans held for sale (N)11.7 %12.0 %11.7 %12.2 %11.7 %11.9 %11.4 %
Net interest yield on average Card Member loans including loans held for sale (N)11.8 %12.0 %11.7 %12.0 %11.7 %11.9 %11.5 %
U.S. Consumer Services
Net interest income$2,938 $2,916 $2,703 $2,733 $2,613 $11,290 $9,652 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (O)73 45 44 36 71 198 192 
Interest income not attributable to our Card Member loan portfolio (P)(160)(143)(132)(122)(112)(557)(386)
Adjusted net interest income (N)$2,851 $2,818 $2,615 $2,647 $2,572 $10,931 $9,458 
Average Card Member loans$89,178 $86,223 $83,452 $81,746 $80,304 $85,264 $75,975 
Net interest income divided by average Card Member loans (N)13.1 %13.5 %13.0 %13.4 %12.9 %13.2 %12.7 %
Net interest yield on average Card Member loans (N)12.7 %13.0 %12.6 %13.0 %12.7 %12.8 %12.4 %
Commercial Services
Net interest income$734 $694 $621 $591 $542 $2,640 $1,845 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (O)198 193 190 184 186 765 711 
Interest income not attributable to our Card Member loan portfolio (P)(86)(84)(81)(74)(65)(325)(204)
Adjusted net interest income (N)$846 $803 $730 $701 $663 $3,080 $2,352 
Average Card Member loans including loans held for sale$30,392 $29,428 $28,031 $26,553 $25,608 $28,576 $23,877 
Net interest income divided by average Card Member loans including loans held for sale (N)9.6 %9.4 %8.9 %9.0 %8.4 %9.2 %7.7 %
Net interest yield on average Card Member loans including loans held for sale (N)11.1 %10.9 %10.5 %10.6 %10.3 %10.8 %9.9 %
International Card Services
Net interest income$265 $277 $274 $276 $226 $1,092 $958 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (O)130 122 118 126 156 496 475 
Interest income not attributable to our Card Member loan portfolio (P)(12)(14)(15)(15)(16)(56)(62)
Adjusted net interest income (N)$383 $385 $377 $387 $366 $1,532 $1,371 
Average Card Member loans$17,591 $17,305 $16,838 $16,422 $15,862 $16,976 $14,964 
Net interest income divided by average Card Member loans (N)6.0 %6.4 %6.5 %6.8 %5.6 %6.4 %6.4 %
Net interest yield on average Card Member loans (N)8.7 %8.8 %9.0 %9.5 %9.1 %9.0 %9.2 %
See Appendix III for footnote references
14

Appendix III(Preliminary)
All Information in the preceding tables is presented on a basis prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), unless otherwise indicated. Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
(A)Represents net income, less (i) earnings allocated to participating share awards of $17 million, $18 million, $23 million, $18 million and $14 million in Q4'24, Q3'24, Q2'24, Q1'24 and Q4'23, respectively; and (ii) dividends on preferred shares of $14 million, $15 million, $15 million, $14 million and $15 million in Q4'24, Q3'24, Q2'24, Q1'24 and Q4'23, respectively.
(B)Within assets, "other" includes the following items as presented in our Consolidated Balance Sheets: Other loans, less reserves for credit losses, Premises and equipment and Other assets (including Other receivables); and within liabilities, "other" includes the following items: Accounts payable and Other liabilities.
(C)Return on Average Equity (ROE) is calculated by dividing annualized net income for the period by average shareholders' equity for the period. Return on Average Common Equity (ROCE) is calculated by dividing annualized net income attributable to common shareholders for the period by average common shareholders' equity for the period.
(D)Supplementary Leverage Ratio is calculated as Tier 1 capital divided by total leverage exposure. Total leverage exposure includes total average on-balance sheet assets and certain off-balance sheet exposures, less amounts permitted to be deducted from Tier 1 capital. We became a Category III firm in the third quarter of 2024 and thus are subject to a minimum supplementary leverage ratio from the fourth quarter onwards.
(E)Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(F)Network volumes represent the total of billed business and processed volumes. Billed business (Card Member spending) represents transaction volumes (including cash advances) on payment products issued by American Express. Processed volumes represent transaction volumes (including cash advances) on cards issued under network partnership agreements with banks and other institutions, including joint ventures, as well as alternative payment solutions facilitated by American Express.
(G)Cards-in-force represent the number of cards that are issued and outstanding by American Express (proprietary cards-in-force) and cards issued and outstanding under network partnership agreements with banks and other institutions, except for retail cobrand cards issued by network partners that had no out-of-store spending activity during the prior twelve months. Basic cards-in-force excludes supplemental cards issued on consumer accounts. Cards-in-force is useful in understanding the size of our Card Member base.
(H)Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(I)Proprietary new cards acquired represents the number of new cards issued by American Express during the referenced period, net of replacement cards. Proprietary new cards acquired is useful as a measure of the effectiveness of our customer acquisition strategy.
(J)FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of conversion into U.S. dollars (e.g., 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).
(K)Our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses and we therefore present a net write-off rate including principal, interest and/or fees. We also present a net write-off rate based on principal losses only to be consistent with industry convention.
(L)Net write-off rate for principal losses only and 30+ days past due metrics represent consumer and small business, and are not available for corporate due to system constraints.
(M)Other includes foreign currency impact on balance sheet re-measurement and translation.
(N)For purposes of the calculation of net interest yield on Card Member loans and net interest income divided by average Card Member loans, average loans include loans held for sale (HFS) as we continue to recognize interest income on these loans until they are sold. Net interest income divided by average Card Member loans, computed on an annualized basis, 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. Net interest yield on average Card Member loans, a non-GAAP measure, is computed by dividing adjusted net interest income (also a non-GAAP measure) by average Card Member loans, computed on an annualized basis. Adjusted net interest income represents net interest income attributable to our Card Member loans (which includes, on a GAAP basis, interest that is deemed uncollectible), excluding the impact of interest expense and interest income not attributable to our Card Member loans. Reserves and net write-offs related to uncollectible interest are recorded through provisions for credit losses, and thus not included in the net interest yield calculation. We believe that net interest yield on average Card Member loans is useful to investors because it provides a measure of profitability of our Card Member loan portfolio. See Appendix II for calculations of net interest income divided by average Card Member loans and net interest yield on average Card Member loans.
(O)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(P)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
15