American Express Reports September 2026 Credit Delinquency and Write-Off Metrics

Summary of Filing

American Express Company filed an 8-K under Item 7.01 (Regulation FD Disclosure) providing preliminary delinquency and write-off statistics for its U.S. Consumer and U.S. Small Business Card portfolios held for investment for the months ended September 30, August 31, and July 31, 2026, as well as the third quarter of 2026.

Key Portfolio Credit Metrics

1. U.S. Consumer Portfolio

• Total Balances: $114.3 billion at September 30, 2026 (up from $114.2B in August and $113.1B in July).
• 30+ Days Past Due Rate: 1.2% at September 30, up 10 bps from 1.1% in August and July.
• Net Write-off Rate (Principal Only): 1.5% in September, showing an improvement from 1.7% in August and July. The preliminary three-month average for Q3 2026 was 1.6%.

2. U.S. Small Business Portfolio

• Total Balances: $46.6 billion at September 30, 2026 (up from $46.1B in August and July).
• 30+ Days Past Due Rate: 1.4% at September 30, up 10 bps from 1.3% in August and July.
• Net Write-off Rate (Principal Only): 2.1% in September, improved from 2.2% in August and 2.6% in July. The preliminary Q3 2026 write-off rate stood at 2.3%.

3. Total Combined Balances & Lending Trust Performance

• Total Balances Held for Investment: $160.9 billion at September 30, 2026.
• American Express Credit Account Master Trust:
  • Ending Principal Balance: $24.7 billion in September (vs. $25.0B in August).
  • Annualized Default Rate (Net of Recoveries): 1.0% in September and August (vs. 1.1% in July).
  • Total 30+ Days Delinquent: $0.2 billion across all three months.

Market & Credit Implications

Credit quality across American Express's primary lending books remains stable, with net write-off rates easing slightly month-over-month despite marginal increases in 30+ day delinquencies.