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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, ~~2024~~2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from to

Commission File No. 1-7657

American Express Company

(Exact name of registrant as specified in its charter)


New York			13-4922250
(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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares (par value $0.20 per Share)	AXP	New York Stock Exchange
3.433% Fixed-to-Floating Rate Notes due May 20, 2032	AXP32	New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes þ No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No þ

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, a 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 þ

Accelerated filer o

Non-accelerated filer o

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. þ

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No þ

As of June 30, ~~2024~~2025, the aggregate market value of the registrant’s voting shares held by non-affiliates of the registrant was approximately $~~164~~221.78 billion based on the closing sale price as reported on the New York Stock Exchange.

As of January 3130, ~~2025~~2026, there were ~~702~~686,~~532~~614,~~111~~005 common shares of the registrant outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Part III: Portions of Registrant’s Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Annual Meeting of Shareholders to be held on ~~April~~May 295, ~~2025~~2026.

Table of Contents

TABLE OF CONTENTS

Form 10-KItem Number		Page
	PART I
1.	Business	1
	Competition	9
	Supervision and Regulation	11
	Additional Information	2221
1A.	Risk Factors	2322
1B.	Unresolved Staff Comments	3837
1C.	Cybersecurity	3837
2.	Properties	4039
3.	Legal Proceedings	4039
4.	Mine Safety Disclosures	4039
	PART II
5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	4140
6.	[Reserved]	4241
7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)	4342
	Executive Overview	4342
	Consolidated Results of Operations	4645
	Business Segment Results of Operations	5250
	Consolidated Capital Resources and Liquidity	6461
	Risk Management	7370
	Critical Accounting Estimates	8177
	Other Matters	8581
7A.	Quantitative and Qualitative Disclosures about Market Risk	9287
8.	Financial Statements and Supplementary Data	9287
	Management’s Report on Internal Control Over Financial Reporting	9287
	Report of Independent Registered Public Accounting Firm (PCAOB ID 238)	9388
	Index to Consolidated Financial Statements	9691
	Consolidated Financial Statements	9792
	Notes to Consolidated Financial Statements	~~102~~97
9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	~~163~~155
9A.	Controls and Procedures	~~163~~155
9B.	Other Information	~~163~~155
9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	~~163~~155
	PART III
10.	Directors, Executive Officers and Corporate Governance	~~164~~156
11.	Executive Compensation	~~164~~156
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~164~~156
13.	Certain Relationships and Related Transactions, and Director Independence	~~164~~156
14.	Principal Accountant Fees and Services	~~165~~157
	PART IV
15.	Exhibit and Financial Statement Schedules	~~166~~158
16.	Form 10-K Summary	~~171~~162
	Signatures	~~172~~163
	Statistical Disclosure by Bank Holding Companies	A-1

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This Annual Report on Form 10-K, ~~including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations,”~~ contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. You can identify forward-looking statements by words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “estimate,” “potential,” “continue” or other similar expressions. We discuss certain factors that affect our business and operations and that may cause our actual results to differ materially from these forward-looking statements under “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.” You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statements.

This report includes trademarks, such as American Express®, which are protected under applicable intellectual property laws and are the property of American Express Company or its subsidiaries. This report also contains trademarks, service marks, copyrights and trade names of other companies, which are the property of their respective owners. Solely for convenience, our trademarks and trade names referred to in this report may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks and trade names.

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. Amounts presented in this report may not sum and percentages may not recalculate due to rounding. Refer to the “Glossary of Selected Terminology” under “MD&A” for the definitions of other key terms used in this report.

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PART I

ITEM 1. BUSINESS

Overview

American Express is a ~~globally~~global ~~integrated~~ payments ~~company~~and ~~with~~premium lifestyle brand powered by technology. Founded in 1850 and headquartered in New York, American Express’ card-issuing, merchant-acquiring and card network businesses ~~that~~ offer products and services to a broad range of customers, including consumers, small businesses, mid-sized companies and large corporations around the world.

Our range of products and services includes:

•Credit ~~card,~~and charge ~~card,~~cards ~~banking~~and complementary products and ~~other~~services, ~~payment~~including travel, dining, lifestyle and ~~financing~~expense management products and services

•Banking and other payment and financing products and services, including deposits and non-card lending

•Merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services

•Network services

•Travel and lifestyle services

•Expense management products and services

•Other 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, in-house sales teams, direct mail, telephone and direct response advertising.

We were founded ~~in 1850~~ as a joint stock association and ~~were~~ incorporated in 1965 as a New York corporation. American Express Company and its principal operating subsidiary, American Express Travel Related Services Company, Inc. (TRS), are bank holding companies under the Bank Holding Company Act of 1956, as amended (the BHC Act), subject to supervision and examination by The Board of Governors of the Federal Reserve System (the Federal Reserve).

We principally engage in businesses comprising four reportable operating segments: U.S. Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS) and Global Merchant and Network Services (GMNS). Corporate functions and certain other businesses are included in Corporate & Other. Our businesses function together to form our end-to-end integrated payments platform, which we believe is a differentiator that underpins our business model. For further information about our reportable operating segments, see “Business Segment Results of Operations” under “MD&A.”

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Our Integrated Payments Platform and Technology

Through our card-issuing, merchant-acquiring and card network businesses, we are able to connect participants and provide differentiated value across the commerce path. We maintain direct relationships with Card Members (as a card issuer) and merchants (as an acquirer), which provides us with access to information at both ends of the card transaction, distinguishing our integrated payments platform from the bankcard networks. Through contractual relationships, we also obtain information from third-party card issuers, merchant acquirers, ~~aggregators~~processors and ~~processors~~payment facilitators with whom we do business.

Our integrated payments platform and the systems and infrastructure that underlie it provide us with data and analytics, while maintaining our commitment to respect Card Member preferences and protect Card Member and merchant data in compliance with applicable policies and legal requirements. Our models and analytical tools help us reduce fraud and underwrite risk, such as in determinations regarding the extension of credit. We also leverage our technology to provide differentiated value to customers, such as special offers and benefits to Card Members and targeted marketing and other information services for merchants and partners, as well as to develop and improve our customer interfaces and service capabilities to continue to deliver a high-quality customer experience. We also continue to explore ways to deploy new and developing technologies to enhance our payments platform and customer experience, such as uses for generative artificial intelligence (AI) and the integration of our products and services in agentic commerce.

Card Issuing Businesses

We are a leader in providing general purpose credit and charge cards to consumers, small businesses, mid-sized companies and large corporations. We offer a broad set of card products, rewards and services to this premium consumer and broad commercial customer base, in the United States and internationally, through our USCS, CS and ICS reportable operating segments. We focus on differentiating American Express Membership through our Membership Model of premium products, lifestyle services for consumers and business-centric solutions for our commercial customers, and benefits for our Card Members that we co-create and co-fund with our business partners. We believe the many benefits that come with American Express Membership build a strong, emotional connection with our brand across generations and geographies.

We acquire and retain high-spending, engaged and creditworthy Card Members by designing innovative credit, charge and debit card products and payment and lending solutions that appeal to our target customer base and meet their spending and borrowing needs. We seek to provide attractive value propositions to Card Members in a number of different ways, including:

•~~Designing~~providing ~~innovative~~incentives ~~credit,~~to ~~charge~~drive ~~and~~spending ~~debit~~on our various card products and ~~payment~~increase customer engagement, including our Membership Rewards® and ~~lending~~Amex ~~solutions~~Offers™ ~~that~~programs, ~~appeal~~cash-back toreward ~~our~~features, ~~target~~statement ~~customer~~credits ~~base~~for purchases with partners, interest rates offered on deposits and ~~meet~~participation ~~their~~in ~~spending~~loyalty programs sponsored by our cobrand and ~~borrowing~~other ~~needs~~partners;

•~~Using~~offering ~~incentives~~an toarray ~~drive~~of ~~spending~~benefits, onservices ~~our various card products~~ and ~~increase~~experiences ~~customer~~through ~~engagement, including~~ our Membership ~~Rewards®~~Model, ~~and~~such ~~Amex~~as ~~Offers™~~lounge ~~programs~~access, ~~cash-back~~dining ~~reward features~~experiences, ~~statement~~entertainment ~~credits~~and ~~for~~other ~~purchases with partners~~travel-, ~~interest~~lifestyle- ~~rates offered on deposits~~ and ~~participation~~business-related inbenefits; ~~loyalty programs sponsored by our cobrand~~ and ~~other partners~~

•~~Providing~~delivering ~~digital~~on ~~and~~our ~~mobile~~brand ~~services~~attributes ~~and an array~~ of ~~benefits and experiences across card products~~trust, ~~such~~security asand ~~lounge access~~service, ~~dining~~including ~~experiences~~by ~~and~~providing ~~other~~exceptional ~~travel~~levels ~~and~~of ~~lifestyle~~customer ~~benefits~~care.

~~•Creating~~A ~~world-class~~key ~~service~~element of our Membership Model is our development of a wide range of partner relationships, including to design, cobrand and distribute certain of our cards and provide benefits, services and experiences byto ~~delivering~~our ~~exceptional~~Card ~~customer~~Members. ~~care~~We also enhance the American Express Membership experience through a suite of digital applications and tools, such as the new Amex Travel App that we launched in 2025, which make it easier for our Card Members to engage with our products and benefits and improve their service experience.

~~•Developing~~We aregularly ~~wide~~refresh ~~range~~many of ~~partner~~our ~~relationships~~card products, ~~including~~such ~~designing~~as the 2025 refresh of our U.S. Consumer and Business Platinum cards, ~~cobranding~~to enhance their value propositions, increase engagement with existing customers and ~~distributing~~attract ~~certain~~new customers. We also have a number of products that complement our ~~cards~~card products. We offer banking and ~~providing~~financing ~~benefits~~products such as high yield savings, business and ~~services~~consumer checking accounts, consumer installment loans and lines of credit offered to small businesses. We also provide non-card business-to-business (B2B) payment products and cash and expense management solutions to our commercial clients, which we are enhancing through our 2025 acquisition of Center, an expense management software company. In addition, we provide Card Members with reservation capabilities and elevated dining experiences through our dining platform spanning our network of Resy® and Tock® restaurants and venues.

WeFor ~~have~~the ayear ~~number~~ended ofDecember ~~products that complement our card products~~31, ~~such as our business checking and consumer rewards checking account products~~2025, ~~expense~~worldwide ~~management~~billed ~~and~~ business~~-to-business~~ (~~B2B)~~spending ~~payment~~on ~~products~~American ~~and~~Express ~~other~~cards ~~non-card~~issued ~~payment~~by ~~and~~us) ~~financing~~was ~~products. Our complementary products also include digital capabilities~~$1,670 ~~such~~billion ~~as our Business Blueprint digital cash flow management hub~~ and ~~our~~as ~~Resy®~~of ~~dining~~December ~~platform~~31, ~~which~~2025, we ~~are~~had ~~enhancing~~86.6 ~~through~~million ~~our~~proprietary ~~acquisitions~~ cards-in-force ~~2024~~worldwide. ofJurisdictions ~~Tock,~~that represent a ~~reservation,~~significant ~~table~~portion ~~and~~of ~~event~~our ~~management~~billed ~~technology~~business ~~provider~~include ~~and~~the ~~Rooam~~United States, athe ~~technology~~United ~~company~~Kingdom, ~~that~~the ~~powers~~European ~~systems~~Union, ~~used~~Australia, byJapan, ~~restaurants~~Canada and ~~entertainment venues~~Mexico.

We are focused on enhancing the value propositions of our products to increase engagement with existing customers and attract new customers, including Millennial and Gen Z consumers as well as customers internationally. Jurisdictions that represent a significant portion of our billed business outside of the United States include the United Kingdom (UK), the European Union (EU), Australia, Japan, Canada and Mexico.

For the year ended December 31, 2024, worldwide billed business (spending on American Express cards issued by us) was $1,551 billion and as of December 31, 2024, we had 83.6 million proprietary cards-in-force worldwide.

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Merchant Acquiring Business

Our GMNS reportable operating segment builds and manages relationships with millions of merchants around the world that choose to accept American Express cards. This includes signing new merchants to accept our cards, agreeing on the discount rate (a fee charged to the merchant for accepting our cards) and handling servicing for merchants. We also build and maintain relationships with merchant acquirers, ~~aggregators~~processors and ~~processors~~payment facilitators to manage aspects of our merchant services business. For example, through our OptBlue® merchant-acquiring program, these third~~-party~~ ~~processors~~parties contract directly with small merchants for card acceptance on our network and determine merchant pricing. We continue to grow merchant acceptance of American Express cards around the world and work with merchant partners so that our Card Members are warmly welcomed and encouraged to spend in the millions of places where their American Express cards are accepted. We also seek to drive greater usage of the American Express network by deepening merchant engagement and increasing Card Member awareness through initiatives such as our Shop Small® campaigns and expanding our payment options such as through debit and B2B capabilities.

GMNS also provides fraud-prevention tools, marketing solutions, data analytics and other programs and services to merchants and other partners that leverage the capabilities of our integrated payments platform.

Card Network Business

We operate a payments network ~~through~~that ~~which~~processes and settles transactions across the globe. To enhance and extend the reach of our global network and broaden our customer base, we establish and maintain relationships with third-party banks and other institutions in approximately ~~120~~110 countries and territories, ~~licensing~~through ~~the American Express brand and extending the reach of~~ our ~~global~~card network business. These network partners are licensed to issue ~~local currency~~ American Express-branded cards in their countries and/or serve as the merchant acquirer for local merchants on our network.

For the year ended December 31, ~~2024~~2025, worldwide ~~network services~~ processed volume (spending on American Express cards issued by third parties as well as alternative payment solutions facilitated by American Express) was $~~213~~227.92 billion and as of December 31, ~~2024~~2025, we had 6266.82 million cards-in-force issued by third parties worldwide.

Diverse Customer Base and Global Footprint

The following chart provides a summary of our diverse set of customers and broad geographic footprint based on worldwide network volumes:

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Partners and Relationships

Our integrated payments platform allows us to work with a range of business partners, and our partners in return help drive the scale and relevance of the platform.

There are many examples of how we work with partners, including: issuing cards under cobrand arrangements with other corporations and institutions (e.g., Delta Air Lines (Delta), ~~Hilton~~Marriott ~~Worldwide Holdings~~International, ~~Marriott~~British ~~International~~Airways and ~~British~~Hilton ~~Airways~~Worldwide Holdings); providing greater value to our Card Members (e.g., Amex Offers and statement credits for purchases with partners); offering innovative ways for our Card Members to earn and use points with our merchants (e.g., Pay with Points at Amazon.com); expanding merchant acceptance with third-party acquirers and processors (e.g., OptBlue ~~partners~~program participants); ~~operating~~offering ~~through~~access ~~joint~~to ~~ventures~~payment intechnologies, ~~certain~~marketing ~~jurisdictions~~solutions and brand assets for cards issued by third-party banks, financial technology companies and other institutions on the American Express network (e.g., incards ~~China,~~offered ~~the~~by ~~Middle~~Coinbase ~~East~~ and ~~Switzerland~~Credit Saison); ~~developing~~integrating ~~new~~into ~~capabilities~~expense ~~and~~management ~~features~~processes ~~with~~of our ~~digital~~business ~~partners~~customers (e.g., ~~PayPal~~Emburse and ~~i2c~~SAP Concur); enhancing our travel and lifestyle benefits and services (e.g., Fine Hotels and Resorts®); and providing experiences and entertainment for Card Members (e.g., via Formula 1 and AEG Worldwide). We also have an ~~ownership~~equity ~~position~~investment in, and commercial arrangements with, Global Business Travel Group, Inc. (GBTG), which provides business travel-related services.

Delta is our largest strategic partner. Our relationships with, and revenues and expenses related to, Delta are significant and represent an important source of value for our Card Members. We issue cards under cobrand arrangements with Delta and the Delta cobrand portfolio continued to represent approximately 1213 percent of worldwide billed business and approximately 21 percent of worldwide Card Member loans as of December 31, ~~2024~~2025. The Delta cobrand portfolio generates fee revenue and interest income from Card Members and discount revenue from Delta and other merchants for spending on Delta cobrand cards. The current Delta cobrand agreement runs through the end of 2029 and we expect to continue to make significant investments in this partnership. Among other things, Delta is also a key participant in our Membership Rewards program, provides travel-related benefits and services, including airport lounge access for certain American Express Card Members, accepts American Express cards as a merchant and is a corporate payments customer.

Working with all of our partners, we seek to provide value, choice and unique experiences across our customer base.

Our ~~Spend-Centric~~Premium ~~Model~~Customer ~~and~~Base, Revenue Mix and Membership Model

~~Our~~We ~~“spend~~seek to attract premium, high-~~centric”~~spending and high-credit-quality customers and our business model focuses on generating revenues primarily by driving spending on our cards and secondarily through finance charges and fees. Spending on our cards, which is higher on average on a per-card basis versus our network competitors, offers superior value to merchants in the form of loyal customers and larger transactions, and attracts partners to provide value to our Card Members and merchants. ~~Because~~We ofalso aim to meet the ~~revenues~~borrowing ~~generated~~needs ~~from~~of ~~having~~our ~~high-spending~~customers ~~Card~~through ~~Members~~a ~~and~~variety ~~the~~of ~~annual~~card and non-card ~~fees~~financing products, and we charge an annual fee on many of our card products, which helps support the value offered on those products. Because of the spend, lend and fee revenues we generate, we are able to invest in our Membership Model, which provides attractive rewards and other benefits for Card Members, as well as ~~targeted~~in marketing and ~~other~~payment ~~programs~~solutions ~~and investments~~ for merchants. This attracts new Card Members and creates incentives for Card Members to spend more on their cards, attracts merchants and partners to provide additional value to our Membership Model and positively differentiates American Express cards.

We believe our spend-centric model gives us the ability to provide differentiated value to Card Members, merchants and business partners.

The American Express Brand and Service Excellence

Our brand and its attributes—trust, security and service—are key assets. We invest heavily in managing, marketing, promoting and protecting our brand, including through the delivery of our products and services in a manner consistent with our brand promise. The American Express brand is ranked among the most valuable brands in the world. We place significant importance on trademarks, service marks and patents, and seek to secure our intellectual property rights around the world.

We aim to provide the world’s best customer experience every day and our reputation for world-class service has been recognized by numerous awards over the years. Our customer care professionals, travel consultants and partners treat servicing interactions as an opportunity to bring the brand to life for our customers, add meaningful value and deepen relationships. We also utilize technology to provide customers with a range of servicing channels and tools designed to meet their preferences and enhance their service experience.

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Our Business Strategies

We seek to grow our business by focusing on ~~four~~five strategic imperatives:

First, we aim to expand our leadership in the premium consumer space by continuing to deliver membership benefits that span our customers’ everyday spending, borrowing, travel and lifestyle needs, expanding our roster of business partners around the globe and developing a range of experiences that attract high-spending customers.

Second, we seek to build on our strong position in commercial payments by evolving our card value propositions, further differentiating our corporate card and accounts payable expense management solutions and designing innovative products and features, including financing, banking and payment solutions for our business customers.

Third, we are focused on strengthening our global, integrated network by continuing to increase merchant acceptance, providing merchants with fraud protection services, marketing insights and connections to higher-spending Card Members and working with our network partners to offer expanded products and services.

~~Finally~~Fourth, we want to continue to build on our unique global position, seeking ways to use our differentiated business model and global presence as we progress against our other strategic imperatives.

WeFinally, ~~have~~we ~~completed~~seek ~~the~~to ~~environmental,~~reimagine ~~social~~our customer and ~~governance~~colleague ~~goals~~experiences ~~under~~to ~~our~~drive ~~2021–2024 strategy~~innovation, ~~other~~improve ~~than~~productivity ~~our~~and ~~continued~~efficiency ~~work~~and inenhance ~~support~~customer ofsatisfaction. ~~Small~~We ~~Business~~added ~~Saturday~~this ~~and~~fifth ~~other~~strategic ~~Shop~~imperative ~~Small~~as ~~campaigns~~technology ~~that~~is ~~will~~transforming ~~progress~~how inwe ~~2025~~work and ~~beyond.~~changing ~~We are reviewing~~ our ~~approach~~customers’ ~~on these topics as mandatory reporting requirements evolve globally~~expectations.

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Our Colleagues

Our colleagues are integral to executing our business strategies and to our overall success. As of December 31, ~~2024~~2025, we employed approximately 7576,~~100~~800 people, whom we refer to as colleagues, with approximately 25,~~800~~900 colleagues in the United States and approximately 4950,~~300~~900 colleagues outside the United States. As of December 31, 2024, women represented 52.6 percent of our global workforce; Asian, Black/African American and Hispanic/Latino/a people represented 22.4 percent, 14.2 percent and 14.5 percent, respectively, of our U.S. workforce based on preliminary data for our 2024 U.S. EEO-1 submission; and 55 percent of our Executive Committee were women or from diverse races and ethnic backgrounds.

We ~~believe~~conduct ~~that~~an ~~maintaining~~annual ~~our~~Colleague ~~strong~~Experience ~~workplace~~Survey ~~culture,~~for ~~adhering~~colleagues to ~~our~~share ~~Blue~~their ~~Box~~feedback ~~values~~about ~~and~~the ~~ensuring~~work ~~that~~environment ~~our~~and ~~people~~culture ~~feel~~at ~~included,~~American ~~valued~~Express, ~~recognized~~which ~~and backed~~ helps us ~~attract,~~better ~~retain~~understand ~~and~~colleague ~~develop~~sentiment ~~the~~across ~~right~~several ~~talent~~aspects ~~for~~of ~~American~~their ~~Express’~~experience ~~success.~~including Weleadership, ~~conduct~~engagement, anwork ~~annual~~life, ~~Colleague~~risk ~~Experience~~and ~~Survey~~controls, career development and inwell-being. ~~2024~~In 2025, 9091 percent of colleagues who participated in the survey said they would recommend American Express as a great place to work.

WeAt ~~strive~~the toheart ~~offer~~of aour ~~compelling~~workplace ~~colleague~~culture ~~value~~are ~~proposition~~our Blue Box Values, which ~~represents~~are ~~the~~a ~~many~~set ~~ways~~of inguiding ~~which~~principles wethat ~~support~~serve ~~our~~as ~~colleagues~~the tofoundation befor ~~and~~how ~~deliver~~we ~~their~~operate ~~best.~~as Ina ~~2024,~~company weand ~~continued~~lead. toWe ~~invest~~believe inthat maintaining our ~~colleagues~~strong culture, ~~building~~adhering onto aour ~~wide~~Blue ~~range~~Box ofValues ~~learning~~ and ~~development~~ensuring ~~opportunities~~that ~~and~~our ~~enhancing~~people ~~our~~feel ~~competitive~~respected, ~~benefits~~valued, inrecognized ~~key~~and ~~areas~~backed ~~including~~helps ~~total~~us ~~compensation~~attract, develop and ~~holistic~~engage ~~health~~the ~~and~~right ~~wellness~~talent for American Express’ success.

We ~~continuously~~support ~~invest in programs, benefits and resources to foster the personal and professional growth of~~ our colleagues. ~~We start~~ with ~~opportunities~~competitive ~~for~~total ~~colleagues~~compensation ~~to learn on the job~~packages, ~~build~~holistic ~~cross~~well-~~functional~~being ~~skills~~programs and ~~grow~~opportunities ~~in their careers through a defined, collaborative process~~ for ~~performance management. Colleagues have access to a wide variety of resources:~~ career ~~coaching,~~growth ~~mentoring, professional networking,~~ and ~~rotation~~development ~~opportunities,~~to asattract ~~well as courses on-demand~~ and ~~with~~retain ~~classroom-style~~top ~~instruction~~talent.

WeCompetitive ~~aim~~Total toCompensation. ~~provide~~Our ~~our colleagues with competitive~~ compensation ~~and~~programs ~~leading~~seek ~~benefits and take a holistic approach~~ to ~~well-being,~~recognize ~~providing~~colleagues ~~resources~~for ~~that~~their ~~address the physical~~contributions, ~~financial~~leadership and ~~mental health of our colleagues. Our financial well-being program~~impact, ~~Smart~~and ~~Saving,~~every ~~provides~~colleague ~~tools~~has ~~and~~the ~~resources~~opportunity to ~~help~~share ~~colleagues~~in ~~build~~American ~~their~~Express’ ~~knowledge and skills for all life stages~~success. WeIn ~~support our colleagues’ physical health and well-being through our corporate wellness program~~addition, ~~Healthy~~maintaining ~~Living~~pay ~~and~~equity weis ~~provide~~an ~~resources~~important ~~and~~part ~~support~~of ~~to increase awareness about mental health among~~ our ~~colleagues~~compensation ~~through~~philosophy ~~our Healthy Minds Program. We also have policies~~ and ~~processes~~is inreviewed ~~place~~annually to ~~help~~ ensure ~~we compensate~~ colleagues ~~fairly~~are ~~and~~compensated ~~equitably. We review our compensation practices regularly and have conducted an annual pay equity review since 2017~~fairly, ~~assessing~~based ~~pay~~ on ~~a statistical basis and considering~~ key factors ~~known to affect compensation,~~ such as tenure, role, level, ~~tenure, performance and~~ geography~~. In 2024~~, wemerit ~~maintained 100 percent pay equity, meaning no statistical differences in pay, for colleagues across genders globally~~ and ~~across races and ethnicities in the United States~~performance.

Holistic Well-Being. We also provide leading benefits and take a holistic approach to well-being, providing resources that address the physical, financial and mental health of our colleagues. We support our colleagues’ physical health and well-being through our corporate wellness program, Healthy Living, which highlights the importance of preventive care, encourages and rewards healthy actions, and delivers practical and accessible resources that promote a healthy lifestyle. We also offer resources and support for our colleagues’ mental health through our Healthy Minds Program, which provides colleagues and their household members with access to free counseling and a personalized health concierge service, and aims to increase mental health awareness across American Express. Our financial well-being program, Smart Saving, provides tools and resources to help colleagues build their financial knowledge and skills for all life stages.

Career Growth & Development. We provide colleagues at all levels with access to a wide variety of resources to support their ongoing career growth and leadership development. We start with opportunities for colleagues to learn on the job, build cross-functional skills and grow in their careers through a defined, collaborative process for performance management. Colleagues have access to a number of other resources, such as career coaching, mentoring, professional networking and rotation opportunities, as well as courses on-demand and with classroom-style instruction. To help support a culture of conduct and risk management, we also require colleagues undergo trainings on laws, regulations and policies applicable to them and American Express.

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Information About Our Executive Officers

Set forth below, in alphabetical order, is a list of our executive officers as of February 76, ~~2025~~2026, including each executive officer’s principal occupation and employment during the past five years. None of our executive officers has any family relationship with any other executive officer, and none of our executive officers became an officer pursuant to any arrangement or understanding with any other person. Each executive officer has been elected to serve until the next annual election of officers or until his or her successor is elected and qualified. Each officer’s age is indicated by the number in parentheses next to his or her name.

DOUGLAS E. BUCKMINSTER —			Vice Chairman
Mr. Buckminster (64) has been Vice Chairman since April 2021. Prior thereto, he had been Group President, Global Consumer Services Group since February 2018.
Mr. Buckminster (65) has been Vice Chairman since April 2021. Prior thereto, he had been Group President, Global Consumer Services Group since February 2018.
HOWARD GROSFIELD —			Group President, U.S. Consumer Services
Mr. Grosfield (56) has been Group President, U.S. Consumer Services since February 2025. Prior thereto, he had been President, U.S. Consumer Services since May 2022, Executive Vice President and General Manager of U.S. Consumer Marketing and Global Premium Services since February 2021 and Executive Vice President and General Manager of U.S. Consumer Marketing Services from January 2016 to February 2021.
Mr. Grosfield (57) has been Group President, U.S. Consumer Services since February 2025. Prior thereto, he had been President, U.S. Consumer Services since May 2022, Executive Vice President and General Manager of U.S. Consumer Marketing and Global Premium Services since February 2021 and Executive Vice President and General Manager of U.S. Consumer Marketing Services from January 2016 to February 2021.
MONIQUE HERENA —			Chief Colleague Experience Officer
MONIQUE R. HERENA —			Chief Colleague Experience Officer
Ms. Herena (53) has been Chief Colleague Experience Officer since April 2019.
Ms. Herena (54) has been Chief Colleague Experience Officer since April 2019.
RAYMOND JOABAR —			Group President, Global Commercial Services
Mr. Joabar (59) has been Group President, Global Commercial Services since February 2025. Prior thereto, he had been Group President, Global Merchant and Network Services since April 2021 and President, Global Risk and Compliance and Chief Risk Officer since September 2019.
Mr. Joabar (60) has been Group President, Global Commercial Services since February 2025. Prior thereto, he had been Group President, Global Merchant and Network Services since April 2021 and President, Global Risk and Compliance and Chief Risk Officer since September 2019.
CHRISTOPHE Y. LE CAILLEC —			Chief Financial Officer
Mr. Le Caillec (59) has been Chief Financial Officer (CFO) since August 2023. Prior thereto, he had been Deputy CFO since December 2021 and Head of Corporate Planning since February 2019.
Mr. Le Caillec (60) has been Chief Financial Officer (CFO) since August 2023. Prior thereto, he had been Deputy CFO since December 2021 and Head of Corporate Planning since February 2019.
RAFAEL MARQUEZ —			President, International Card Services
Mr. Marquez (53) has been President, International Card Services since May 2022. Prior thereto, he had been President, International Consumer Services and Global Loyalty Coalition since September 2019.
Mr. Marquez (54) has been President, International Card Services since May 2022. Prior thereto, he had been President, International Consumer Services and Global Loyalty Coalition since September 2019.
ANNA MARRS —			Group President, Global Merchant and Network Services
Ms. Marrs (51) has been Group President, Global Merchant and Network Services since February 2025. Prior thereto, she had been Group President, Global Commercial Services and Credit & Fraud Risk since April 2021 and President, Global Commercial Services since September 2018.
Ms. Marrs (52) has been Group President, Global Merchant and Network Services since February 2025. Prior thereto, she had been Group President, Global Commercial Services and Credit & Fraud Risk since April 2021 and President, Global Commercial Services since September 2018.
GLENDA MCNEAL —			Chief Partner Officer
Ms. McNeal (64) has been Chief Partner Officer since February 2024. Prior thereto, she had been President, Enterprise Strategic Partnerships since March 2017.
Ms. McNeal (65) has been Chief Partner Officer since February 2024. Prior thereto, she had been President, Enterprise Strategic Partnerships since March 2017.
DENISE PICKETT —			President, Enterprise Shared Services
Ms. Pickett (59) has been President, Enterprise Shared Services since February 2025. Prior thereto, she had been President, Global Services Group since September 2019.
Ms. Pickett (60) has been President, Enterprise Shared Services since February 2025. Prior thereto, she had been President, Global Services Group since September 2019.

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RAVI RADHAKRISHNAN —			Chief Information Officer
Mr. Radhakrishnan (53) has been Chief Information Officer since January 2022. Mr. Radhakrishnan joined American Express from Wells Fargo & Company, where he served as Chief Information Officer for the Commercial Banking and Corporate & Investment Banking businesses since May 2020. Prior thereto, he had been Chief Information Officer, Wholesale, Wealth & Investment Management and Innovation from May 2019 to May 2020.
Mr. Radhakrishnan (54) has been Chief Information Officer since January 2022. Mr. Radhakrishnan joined American Express from Wells Fargo & Company, where he served as Chief Information Officer for the Commercial Banking and Corporate & Investment Banking businesses since May 2020.
ELIZABETH RUTLEDGE —			Chief Marketing Officer
Ms. Rutledge (63) has been Chief Marketing Officer since February 2018.
Ms. Rutledge (64) has been Chief Marketing Officer since February 2018.
LAUREEN E. SEEGER —			Chief Legal Officer
Ms. Seeger (63) has been Chief Legal Officer since July 2014.
Ms. Seeger (64) has been Chief Legal Officer since July 2014.
JENNIFER SKYLER —			Chief Corporate Affairs Officer
Ms. Skyler (48) has been Chief Corporate Affairs Officer since October 2019.
Ms. Skyler (49) has been Chief Corporate Affairs Officer since October 2019.
STEPHEN J. SQUERI —			Chairman and Chief Executive Officer
Mr. Squeri (65) has been Chairman and Chief Executive Officer since February 2018.
Mr. Squeri (66) has been Chairman and Chief Executive Officer since February 2018.
DOUGLAS TABISH —			Chief Risk Officer
Mr. Tabish (55) has been Chief Risk Officer since April 2024. Prior thereto, he had been Executive Vice President and General Manager of Global Card & Risk Operations since January 2020.
Mr. Tabish (56) has been Chief Risk Officer since April 2024. Prior thereto, he had been Executive Vice President and General Manager of Global Card & Risk Operations since January 2020.

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COMPETITION

We compete in the global payments industry with networks, issuers, acquirers and other payment service providers and methods of payment, including paper-based transactions (e.g., cash and checks) and electronic transfers (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~~business ~~habits~~dynamics and ~~merchant~~competition ~~needs~~for premium customers.

As a card issuer, we compete with financial institutions that issue general-purpose credit and debit cards, as well as businesses that issue private label cards, operate mobile wallets, provide payment services or extend credit. We face intense competition in the premium space and for cobrand relationships, as both card issuer and network competitors have targeted high-spending customers and key business partners with attractive value propositions. WeFor ~~also~~example, ~~face~~there is heightened competition ~~for~~with ~~partners~~respect ~~and~~to ~~other~~several ~~differentiated~~aspects ~~offerings~~of our Card Member value propositions, such as in partnerships and other differentiated offerings (e.g., lounge space in U.S. and global hub airports, dining ~~and~~experiences ~~event reservation~~ and ~~operational capabilities and~~ other experiential offerings ~~to customers~~). Our banking products also face strong competition, such as with respect to the rates offered on deposits.

Our global card network competes in the global payments industry with other card networks, including, among others, Visa, China UnionPay, Mastercard, JCB, Discover and Diners Club International (the last two of which isare owned by ~~Discover~~Capital One). We are the fourth largest general-purpose card network globally based on purchase volume, behind Visa, China UnionPay and Mastercard. In addition to such networks, we compete against a range of companies globally, including merchant acquirers, processors, payment facilitators and web- and mobile-based payment platforms (e.g., Alipay, PayPal and Shop Pay), as well as regional payment networks (such as the National Payments Corporation of India).

The principal competitive factors that affect card-issuing, merchant and network businesses include:

•The features, value and quality of the products and services, including customer care, rewards programs and offers, partnerships, travel-, lifestyle- and ~~lifestyle~~business-related benefits (including lounges, dining and other entertainment, as well as business tools), banking services and digital and mobile services, as well as the costs associated with providing such features and services

•Reputation and brand recognition

•The number, spending characteristics and credit performance of customers

•The quantity, diversity and quality of the establishments where the cards can be used

•The attractiveness of the value proposition to ~~card~~cardholders, ~~issuers~~corporate clients, merchants, merchant acquirers, ~~third-party~~card ~~processors,~~issuers ~~cardholders,~~and ~~corporate clients~~processors, ~~merchants~~payment facilitators and other payment intermediaries (including the relative cost and ease of using or accepting the products and services, and capabilities such as fraud prevention and data analytics)

•The number, quality and cost of other cards and other forms of payment and financing available to customers, as well as the integration and connectivity of those products

•The security of cardholder, merchant and network partner information

•The success of marketing and promotional campaigns

•The speed of innovation and investment in systems, technologies and product and service offerings

•The nature and quality of expense management tools, electronic payment methods and data capture and reporting capabilities, particularly for business customers

Another aspect of competition is the dynamic and rapid growth of alternative payment and financing mechanisms, systems and products, which include payment facilitators and aggregators, digital payment, open banking and electronic wallet platforms, point-of-sale lenders and buy now, pay later products, real-time settlement and processing systems, financial technology companies, digital currencies developed by both central banks and the private sector, blockchain and similar distributed ledger technologies, prepaid systems and gift cards, and systems linked to customer accounts or that provide payment solutions. The integration of new or evolving technologies, such as generative artificial intelligence, has the potential to create new or better competitor products, alter the competitive environment and disintermediate our relationship with customers. Additionally, various competitors are integrating more financial services into their product offerings and competitors are seeking to attain the benefits of an integrated payments platform, such as ours.

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InAnother ~~addition~~aspect toof competition is the ~~discussion~~dynamic inand ~~this~~rapid ~~section~~growth of alternative payment and financing mechanisms, ~~see~~systems ~~“Our~~and ~~operating~~products, ~~results~~which ~~may~~include ~~materially~~payment ~~suffer~~facilitators ~~because~~and processors, digital payment, open banking and electronic wallet platforms, point-of-sale ~~substantial~~lenders and ~~increasingly~~buy ~~intense~~now, ~~competition~~pay ~~worldwide~~later inproducts, ~~the~~real-time ~~payments~~settlement ~~industry”~~and ~~under~~processing ~~“Risk~~systems, ~~Factors”~~financial ~~for~~technology ~~further~~companies, ~~discussion~~digital ofcurrencies developed by both the ~~potential~~private ~~impact~~sector ofand ~~competition~~central onbanks, ~~our~~tokenization, ~~business~~blockchain and similar distributed ledger technologies, prepaid systems and ~~“Our~~gift ~~business~~cards, isand ~~subject~~systems linked to ~~evolving~~customer ~~and~~accounts ~~comprehensive~~or ~~government~~that ~~regulation~~provide ~~and~~payment ~~supervision~~solutions. The development of agentic commerce solutions, in which ~~could~~autonomous ~~materially~~or ~~adversely~~semi-autonomous ~~affect~~AI ~~our~~agents ~~results~~initiate and execute transactions on behalf of ~~operations~~users, ~~and~~has ~~financial~~accelerated ~~condition”~~as generative AI technologies have advanced and ~~“Legal~~become ~~proceedings~~more ~~regarding~~popular. ~~provisions~~In addition, the use of stablecoins, which can be used for payments in ~~our~~a ~~merchant~~number ~~contracts~~of settings, including ~~non~~in e-~~discrimination~~commerce and ~~honor~~cross-~~all-cards~~border ~~provisions,~~and ~~could~~B2B ~~have~~payments, ahas ~~material~~grown. ~~adverse~~The ~~effect~~integration onof ~~our~~these ~~business~~ and ~~result~~other innew ~~additional~~or ~~litigation~~evolving ~~and/or~~technologies ~~arbitrations,~~has ~~changes~~the potential to ~~our~~create ~~merchant~~new ~~agreements and/~~or ~~business~~better ~~practices~~competitor products, ~~substantial~~alter ~~monetary~~the ~~damages~~competitive environment and ~~damage~~reshape tocustomer payment experiences, including in ways that disintermediate our ~~reputation~~relationship with customers. Furthermore, the business models and ~~brand”~~cost ~~under~~structures ~~“Risk~~of ~~Factors”~~competitors ~~for~~in these areas may differ from ours, such as those of certain financial technology companies, which can provide them with a ~~discussion~~number of ~~the~~advantages, ~~potential~~including ~~impact~~differing onrevenue ~~our~~streams, lower costs, greater scale or ability to ~~compete~~pursue ~~effectively~~and ~~due~~adopt tonew ~~government~~technologies ~~regulations~~and orless ifstringent ~~ongoing~~regulatory ~~legal~~requirements, ~~proceedings~~and ~~limit~~may ~~our~~enable ~~ability~~them to ~~prevent~~disintermediate ~~merchants~~us from ~~engaging~~our incustomers. Additionally, various ~~actions~~competitors are integrating more financial services into their product offerings and seeking to ~~discriminate~~attain ~~against~~the ~~our~~benefits ~~card~~of ~~products~~an integrated payments platform, such as ours.

In addition to the discussion in this section, see “Our operating results may materially suffer because of substantial and increasingly intense competition worldwide in the payments industry” under “Risk Factors” for further discussion of the potential impact of competition on our business, and “Our business is subject to evolving and comprehensive government regulation and supervision, which could materially adversely affect our results of operations and financial condition” and “Legal proceedings regarding provisions in our merchant contracts, including non-discrimination and honor-all-cards provisions, could have a material adverse effect on our business and result in additional litigation and/or arbitrations, changes to our merchant agreements and/or business practices, substantial monetary damages and damage to our reputation and brand” under “Risk Factors” for a discussion of the potential impact on our ability to compete effectively due to government regulations or if ongoing legal proceedings limit our ability to prevent merchants from engaging in various actions that discriminate against our card products.

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SUPERVISION AND REGULATION

Overview

We are subject to evolving and extensive government regulation and supervision in jurisdictions around the world, and the costs of ongoing compliance are substantial. The financial services industry is subject to rigorous scrutiny, high regulatory expectations, a range of regulations and a stringent and unpredictable enforcement environment.

Governmental authorities have focused, and we believe will continue to focus, considerable attention on reviewing compliance by financial services firms and payment systems with laws and regulations, and as a result, we continually work to evolve and improve our risk management framework, governance structures, practices and procedures. Reviews by us and governmental authorities to assess compliance with laws and regulations, as well as our own internal reviews to assess compliance with internal policies, including errors or misconduct by colleagues or third parties or control failures, have resulted in, and are likely to continue to result in, changes to our products, practices and procedures, restitution to our customers and increased costs related to regulatory oversight, supervision and examination. We have also been subject to regulatory actions and may continue to be the subject of such actions, including governmental inquiries, investigations, enforcement proceedings and the imposition of fines or civil money penalties, in the event of noncompliance or alleged noncompliance with laws or regulations. For example, as previously disclosed, we entered into agreements to resolve governmental investigations related to historical sales practices for certain U.S. small business customers, which are described in more detail in Note 12 to the “Consolidated Financial Statements.” In addition, various regulatory agencies have announced they are reviewing credit card rewards programs for compliance with consumer protection laws and regulations. We have identified certain issues related to the rewards and benefits we provide including, as previously disclosed, that certain U.S. Card Members were not credited certain Membership Rewards points they had earned. We have taken actions to remediate these issues and enhance our related procedures and controls. We are cooperating with ongoing regulatory inquiries concerning our rewards and benefits programs.

Policymakers around the world continue to propose and adopt new and increasingly complex laws and regulations governing a wide variety of issues that may impact our business or change our operating environment in substantial and unpredictable ways. For example, legislators and regulators in various countries in which we operate have focused on the offering of consumer financial products and the operation of payment networks, resulting in changes to certain practices or pricing of card issuers, merchant acquirers and payment networks, and, in some cases, the establishment of broad and ongoing regulatory oversight regimes.

The following discussion summarizes elements of the extensive regulatory environment in which we operate; it does not purport to be complete or to describe all of the laws or regulations to which we are subject or all possible or proposed changes in laws or regulations that may become applicable to us. See “Operational and Compliance~~/Legal~~ Risks” under “Risk Factors” for a discussion of the potential impact that changes in applicable law or regulation, and in their interpretation and application by regulatory agencies and other governmental authorities, may have on our business, results of operations and financial condition.

Banking Regulation

American Express entities are subject to banking regulation in the United States and in certain jurisdictions internationally. U.S. federal and state banking laws, regulations and policies extensively regulate the Company, TRS and our U.S. bank subsidiary, American Express National Bank (AENB). For purposes of this Supervision and Regulation section, the “Company” refers only to American Express Company, a bank holding company, and does not include its subsidiaries. Both the Company and TRS are subject to comprehensive consolidated supervision, regulation and examination by the Federal Reserve and AENB is supervised, regulated and examined by the Office of the Comptroller of the Currency (OCC) and with respect to certain matters by the Federal Deposit Insurance Corporation (FDIC). The Company and its subsidiaries are also subject to the rulemaking, enforcement and examination authority of the Consumer Financial Protection Bureau (CFPB). Banking regulators have broad examination and enforcement powers, including the power to impose substantial fines, limit dividends and other capital distributions, restrict operations and acquisitions and require divestitures, any of which could compromise our competitive position. Many aspects of our business also are subject to rigorous regulation by other U.S. federal and state regulatory agencies and by non-U.S. government agencies and regulatory bodies. For example, non-U.S. regulators supervising our international regulated financial institutions use many of the same principles of regulation and supervision that are used by U.S. federal bank regulators.

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Activities

The BHC Act generally limits bank holding companies to activities that are considered to be banking activities and certain closely related activities. As noted above, each of the Company and TRS is a bank holding company and each has elected to become a financial holding company, which is authorized to engage in a broader range of financial and related activities. In order to remain eligible for financial holding company status, the Company and TRS must meet certain eligibility requirements. Those requirements include that each of the Company and AENB must be “well capitalized” and “well managed,” and AENB must have received at least a “satisfactory” rating on its most recent assessment under the Community Reinvestment Act of 1977 (the CRA). The Company, TRS and their subsidiaries engage in various activities permissible only for financial holding companies, including, in particular, providing travel agency services, acting as a finder and engaging in certain insurance underwriting and agency services. If the Company fails to meet eligibility requirements for financial holding company status, it and its subsidiaries are likely to be barred from engaging in new types of financial activities or making certain types of acquisitions or investments in reliance on its status as a financial holding company, and ultimately could be required to either discontinue the broader range of activities permitted to financial holding companies or divest AENB. In addition, the Company and its subsidiaries are prohibited by law from engaging in practices that regulatory authorities deem unsafe or unsound (which such authorities generally interpret broadly) and regulatory authorities have discretion in determining whether new or modified activities can be conducted in a safe and sound manner.

Acquisitions and Investments

Applicable federal and state laws place limitations on the ability of persons to invest in or acquire control of us without providing notice to or obtaining the approval of one or more of our regulators. In addition, we are subject to banking laws and regulations that limit our investments and acquisitions and, in some cases, subject them to the prior review and approval of our regulators, including the Federal Reserve and the OCC. Federal banking regulators have broad discretion in evaluating proposed acquisitions and investments that are subject to their prior review or approval.

Enhanced Prudential Standards

The Company is subject to the U.S. federal bank regulatory agencies’ rules that tailor the application of enhanced prudential standards to bank holding companies and depository institutions with $100 billion or more in total consolidated assets. Under these rules, each such bank holding company is assigned to one of four categories based on its status as a U.S. global systemically important banking organization and five other risk-based indicators: (i) total assets, (ii) cross-jurisdictional activity, (iii) non-bank assets, (iv) off-balance sheet exposure, and (v) weighted short-term wholesale funding, with the most stringent requirements applying to Category I firms and the least stringent requirements applying to Category IV firms. Under these rules, the Company ~~became~~has been a Category III firm insince ~~the third quarter of~~ 2024 as a result of the Company’s total consolidated assets exceeding $250 billion~~, calculated based on a daily average of total consolidated assets for the four quarters ended June 30, 2024~~. Category III firms are subject to heightened capital, liquidity and prudential requirements, single-counterparty credit limits and additional stress tests, which in some cases are subject to a transition period. AENB, as a depository institution subsidiary of a Category III firm, is also subject to certain enhanced prudential standards under these tailoring rules as described below.

Further changes in the levels of the risk-based indicators described above, such as if we have $75 billion or more in cross-jurisdictional activity (based on a four-quarter trailing average), could result in the Company becoming a Category II firm and subject to more stringent capital, liquidity and prudential requirements. Our cross-jurisdictional activity was $6676 billion as of December 31, ~~2024~~2025, and the four-quarter trailing average was $6773 billion.

Capital and Liquidity Regulation

Capital Rules

The Company and AENB are required to comply with the applicable capital adequacy rules established by federal banking regulators. These rules are intended to ensure that bank holding companies and depository institutions (collectively, banking organizations) have adequate capital given their level of assets and off-balance sheet obligations. The federal banking regulators’ current capital rules (the Capital Rules) implement the Basel Committee on Banking Supervision’s (the Basel Committee) framework for strengthening international capital regulation, known as Basel III. For additional information regarding our capital ratios, see “Consolidated Capital Resources and Liquidity” under “MD&A.”

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Under the Capital Rules, banking organizations are required to maintain minimum ratios for Common Equity Tier 1 (CET1 capital), Tier 1 capital (that is, CET1 capital plus additional Tier 1 capital) and Total capital (that is, Tier 1 capital plus Tier 2 capital) to risk-weighted assets. We report our capital adequacy ratios using risk-weighted assets calculated under the standardized approach. Category III firms such as the Company are not subject to the advanced approaches capital requirements, whereas Category II firms are subject to the advanced approaches capital requirements under current capital rules, which introduce additional complexities in the methodologies used to calculate risk-weighted assets for purposes of determining capital adequacy ratios.

OnIn ~~July 27~~2017, ~~2023,~~ the ~~U.S.~~Basel ~~federal~~Committee ~~bank~~published ~~regulatory~~standards ~~agencies issued a notice of proposed rulemaking~~ that, ~~would~~among ~~significantly~~other ~~revise U.S. regulatory capital requirements for large banking organizations~~things, ~~including~~revise the ~~Company~~standardized ~~and AENB. The proposed rules would apply a new expanded risk-based~~ approach tofor ~~calculating~~credit risk~~-based~~ ~~capital ratios, and large banking organizations would be required to calculate their risk-based capital ratios under both~~ (i)including ~~the~~by ~~standardized~~recalibrating ~~approach and (ii) the expanded~~ risk~~-based~~ ~~approach~~weights and ~~use~~introducing ~~the~~additional ~~lower of the two ratio calculations to determine binding~~ capital ~~constraints~~requirements ~~under~~for ~~each~~certain ~~risk-based~~“unconditionally ~~capital~~cancellable ~~ratio.~~commitments” ~~The~~such ~~expanded~~as ~~risk-based~~unused ~~approach~~credit tocard ~~calculating~~lines ~~risk-weighted~~of ~~assets would apply more granular risk-weighting methodologies for~~ credit) ~~risk,~~and ~~include~~provide a new standardized ~~methodology~~calculation for operational risk, ~~include new approaches for calculating market and credit valuation adjustment risk and revise the treatment of equity exposures not subject to market risk~~ capital requirements. ~~The~~In ~~new~~2023, ~~approach to calculating market risk also would apply to calculations under~~ the ~~standardized approach~~U.S. ~~The~~federal ~~methodology~~bank ~~for~~regulatory ~~operational~~agencies ~~risk~~issued ~~would~~a ~~include~~notice ~~differential treatment~~ of ~~fee~~proposed ~~and~~rulemaking ~~other non-interest revenues as compared~~ to ~~interest~~implement ~~income~~and ~~for~~supplement ~~purposes~~the ofBasel ~~determining~~Committee ~~operational~~standards, ~~risk-weighted~~which ~~assets. The proposed rules~~ would ~~also~~have ~~include~~significantly ~~additional~~revised ~~credit~~U.S. ~~risk~~regulatory capital requirements for ~~certain~~large ~~“unconditionally~~banking ~~cancellable~~organizations, ~~commitments”~~including ~~such~~the asCompany ~~unused~~and ~~portions~~AENB. ofThe ~~committed lines of credit (e~~U.gS., ~~credit~~federal ~~cards)~~bank ~~and~~regulatory ~~would~~agencies ~~create~~have asubsequently ~~proxy~~indicated ~~methodology to assign capital requirements to credit exposure on products~~ that ~~carry~~they nointend ~~pre-set spending limits such as charge cards. The Federal Reserve has issued public statements indicating that it intends~~ to work ~~with other U.S. federal bank regulatory agencies~~ on a revised proposal; however, any future rulemaking with respect to the Basel ~~III~~Committee standards remains uncertain. The ultimate impact of any such rulemaking will depend on a number of factors, including the content of the final rulemaking, future minimum regulatory requirements and management decisions regarding our product constructs, capital distributions and target capital levels, and such rulemaking could result in significantly higher regulatory capital requirements for the Company and AENB.

The Company and AENB must each maintain CET1 capital, Tier 1 capital and Total capital ratios of at least 4.5 percent, 6.0 percent and 8.0 percent, respectively. On top of these minimum capital ratios, the Company is subject to a dynamic stress capital buffer (SCB) composed entirely of CET1 capital with a floor of 2.5 percent and AENB is subject to a static 2.5 percent capital conservation buffer (CCB). The SCB equals (i) the difference between a bank holding company’s starting and minimum projected CET1 capital ratios under the supervisory severely adverse scenario under the Federal Reserve’s stress tests described below, plus (ii) one year of planned common stock dividends as a percentage of risk-weighted assets. AsThe ~~a Category III firm, the~~ required minimum capital ratios for the Company may be further increased by a countercyclical capital buffer of up to an additional 2.5 percent of risk-weighted assets, if enacted by the Federal Reserve, which must be held in the form of CET1 capital. The countercyclical capital buffer is currently set at zero percent; however it could change in the future. If the Federal Reserve were to raise the countercyclical capital buffer, covered banking organizations such as the Company would generally have 12 months after the announcement of such increase to meet the increased buffer requirement, unless the Federal Reserve sets an earlier effective date.

On August 2829, ~~2024~~2025, the Federal Reserve confirmed the SCB for the Company of 2.5 percent, which remained unchanged from the level announced in ~~July~~August ~~2023~~2024. As a result, the effective minimum ratios for the Company (taking into account the SCB requirement) and AENB (taking into account the CCB requirement) are 7.0 percent, 8.5 percent and 10.5 percent for the CET1 capital, Tier 1 capital and Total capital ratios, respectively. Banking organizations with ratios of CET1 capital, Tier 1 capital or Total capital to risk-weighted assets below these effective minimum ratios face constraints on discretionary distributions such as dividends, repurchases and redemptions of capital securities and executive compensation. A bank holding company’s SCB requirement is effective on October 1 of each year and will remain in effect through September 30 of the following year unless it is reset in connection with resubmission of a capital plan, as discussed below.

On April 17, 2025, the Federal Reserve issued a notice of proposed rulemaking that would make certain changes to the SCB calculation for Category I to III firms such as the Company, including (i) using the average of the maximum CET1 declines projected in each of the two most recent annual supervisory stress tests to determine a firm’s SCB, while retaining the 2.5 percent floor; and (ii) moving the effective date of the stress capital buffer requirement in a given year from October 1 to January 1.

The Company is also required to comply with minimum leverage ratio requirements. The leverage ratio is the ratio of a banking organization’s Tier 1 capital to its average total consolidated assets (as defined for regulatory purposes). The Company is also subject to a minimum supplementary leverage ratio, which is the ratio of Tier 1 capital to an expanded concept of leverage exposure that takes into account both on‐balance sheet assets and certain off‐balance sheet exposures. All banking organizations are required to maintain a leverage ratio of at least 4.0 percent, and Category III banking organizations such as the Company are required to maintain a minimum supplementary leverage ratio of 3.0 percent.

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Liquidity Regulation

The Company and AENB are subject to two standards for liquidity risk supervision as implemented by the Federal Reserve and OCC: the minimum liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR). The LCR is designed to ensure that a banking entity maintains an adequate level of unencumbered high-quality liquid assets to meet its liquidity needs for a 30-day time horizon under an acute liquidity stress scenario specified by supervisors. The LCR measures the ratio of a firm’s high-quality liquid assets to its projected net outflows. The NSFR requires a minimum amount of longer-term funding sources based on the assets, commitments and derivative exposures of banking entities. As a Category III firm with less than $75 billion in weighted short-term wholesale funding, the Company, and its depository institution subsidiary, AENB, are ~~subject~~required to calculate the LCR and NSFR ~~requirements~~on ata 85daily ~~percent~~basis, ofwith ~~the~~total ~~full~~net ~~requirements.~~cash ~~The~~outflows ~~Company~~ and ~~AENB are~~ required tostable ~~calculate~~funding, ~~the~~respectively, ~~LCR~~multiplied ~~and~~by ~~NSFR~~an onadjustment aof ~~daily~~85 ~~basis~~percent. ~~and~~The ~~the~~ Company is required to make public disclosures related to its LCR on a quarterly basis beginning with respect to the first quarter of 2026 and NSFR on a semi-annual basis, inbeginning ~~each~~with ~~case,~~respect ~~subject~~ to ~~applicable transition periods following~~ the ~~Company~~first ~~becoming~~and asecond ~~Category~~quarters ~~III~~of ~~firm~~2026. Category II firms and their depository institution subsidiaries are subject to the full requirements of the LCR and NSFR, as well as a requirement to submit a liquidity monitoring report on a daily (rather than monthly) basis.

In addition, the Federal Reserve’s enhanced prudential standards rule includes heightened liquidity and risk management requirements. The rule requires the maintenance of a liquidity buffer, consisting of highly liquid assets, that is sufficient to meet projected net outflows for 30 days over a range of liquidity stress scenarios. In contrast to the LCR, which is a standardized approach, the liquidity buffer requirement is calculated based on the Company’s own models.

Proposed Long-Term Debt Requirements

On August 29, 2023, the U.S. federal bank regulatory agencies issued a notice of proposed rulemaking that, if adopted as proposed, would require covered bank holding companies such as the Company to issue and maintain minimum amounts of eligible external long-term debt with specific terms for purposes of absorbing losses or recapitalizing the covered bank holding company and its operating subsidiaries. The notice of proposed rulemaking also proposed requiring certain insured depository institutions that have at least $100 billion in consolidated assets, such as AENB, to maintain minimum amounts of eligible internal long-term debt for purposes of absorbing losses or recapitalizing the insured depository institution.

Stress Testing and Capital Planning

Under the Federal Reserve’s regulations, the Company is subject to annual supervisory stress testing requirements and biennial company-run stress testing requirements (commonly referred to as Dodd-Frank Act Stress Tests or “DFASTs”) that are designed to evaluate whether a bank holding company has sufficient capital on a total consolidated basis to absorb losses and support operations under adverse economic conditions. Category II firms are required to conduct DFASTs on an annual rather than biennial basis.

As part of the Comprehensive Capital Analysis and Review (CCAR), the Federal Reserve uses pro-forma capital positions and ratios under ~~such~~ stress scenarios to determine the size of the SCB for each CCAR participating firm. AsThe ~~a Category III firm, the~~ Company is required to develop and submit to the Federal Reserve an annual capital plan and stress testing results on or before April 5 of each year.

The Company may be required to revise and resubmit its capital plan following certain events or developments, such as a significant acquisition or an event that could result in a material change in its risk profile or financial condition. If the Company is required to resubmit its capital plan, it must receive prior approval from the Federal Reserve for any capital distributions (including common stock dividend payments and share repurchases), other than a capital distribution on a newly issued capital instrument.

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Dividends and Other Capital Distributions

The Company and TRS, as well as AENB and the Company’s insurance and other regulated subsidiaries, are limited in their ability to pay dividends by statutes, regulations and supervisory policy.

Common stock dividend payments and share repurchases by the Company are subject to the oversight of the Federal Reserve and the outcome of the annual CCAR stress testing exercise, as described above. The Company will be subject to limitations and restrictions on capital distributions if, among other things, (i) the Company’s regulatory capital ratios do not satisfy applicable minimum requirements and buffers or (ii) the Company is required to resubmit its capital plan.

In general, federal laws and regulations prohibit, without first obtaining the OCC’s approval, AENB from making dividend distributions to TRS, if such distributions are not paid out of available recent earnings or would cause AENB to fail to meet capital adequacy standards. In addition to specific limitations on the dividends AENB can pay to TRS, federal banking regulators have authority to prohibit or limit the payment of a dividend if, in the banking regulator’s opinion, payment of a dividend would constitute an unsafe or unsound practice in light of the financial condition of the institution.

Prompt Corrective Action

The Federal Deposit Insurance Act (FDIA) requires, among other things, that federal banking regulators take prompt corrective action in respect of depository institutions insured by the FDIC (such as AENB) that do not meet minimum capital requirements. The FDIA establishes five capital categories for FDIC-insured banks: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. The FDIA imposes progressively more restrictive constraints on operations, management and capital distributions, depending on the capital category in which an institution is classified. In order to be considered “well capitalized,” AENB must maintain CET1 capital, Tier 1 capital, Total capital and Tier 1 leverage ratios of 6.5 percent, 8.0 percent, 10.0 percent and 5.0 percent, respectively.

Under the FDIA, AENB could be prohibited from accepting brokered deposits (i.e., deposits raised through third-party brokerage networks) or offering interest rates on any deposits significantly higher than the prevailing rate in its normal market area or nationally (depending upon where the deposits are solicited), unless (1) it is well capitalized or (2) it is adequately capitalized and receives a waiver from the FDIC. A portion of our outstanding U.S. retail deposits are considered brokered deposits for bank regulatory purposes. If a federal regulator determines that we are in an unsafe or unsound condition or that we are engaging in unsafe or unsound banking practices, the regulator may reclassify our capital category or otherwise place restrictions on our ability to accept or solicit brokered deposits.14

Resolution and Recovery Planning

Certain bank holding companies are required to submit resolution plans to the Federal Reserve and FDIC providing for the company’s strategy for rapid and orderly resolution in the event of its material financial distress or failure. As a Category III firm, the Company is required to submit a holding company resolution plan every three years, with submissions alternating between a full plan and a plan targeted on certain areas or subjects identified by the Federal Reserve and the FDIC. The Company’s next holding company resolution plan is required to be submitted by October 1, 2025. If the Federal Reserve and the FDIC determine that the Company’s plan is not credible and we fail to cure the deficiencies, we may be subject to more stringent capital, leverage or liquidity requirements; may be subject to more restrictions on our growth, activities or operations; or may ultimately be required to divest certain assets or operations to facilitate an orderly resolution.

AENB continues to be required to prepare and provide a separate resolution plan to the FDIC that would enable the FDIC, as receiver, to effectively resolve AENB under the FDIA in the event of failure. In June 2024, the FDIC issued a final rule revising its resolution plan requirements for insured depository institutions, which requires certain insured depository institutions with $100 billion or more in assets, including AENB, to submit full resolution plans every three years with interim supplements in non-submission years. Under the final rule, resolution plans are subject to more stringent standards with respect to their assumptions and content, as well as enhanced credibility standards for the FDIC’s evaluation of resolution plans and expanded expectations regarding engagement and capabilities testing. AENB will be required to submit its initial resolution plan under the final rule on or before July 1, 2026, with its initial interim supplement due on or before July 1, 2025.

In October 2024, the OCC issued final revisions to its recovery planning guidelines, which expand the recovery planning guidelines to apply to insured national banks with $100 billion or more in total consolidated assets, including AENB. The OCC’s recovery planning guidelines require a covered bank to develop, maintain and test a recovery plan that, among other things, identifies a range of options that could be undertaken by the covered bank to restore its financial strength and viability when it experiences considerable financial or operational stress, but has not deteriorated to the point that resolution is imminent. AENB will be required to develop a recovery plan by December 31, 2025 and test it by December 31, 2026, with testing then required periodically (but not less than annually) and following any significant changes to the recovery plan made in response to a material event.

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Resolution Planning

Certain bank holding companies are required to submit resolution plans to the Federal Reserve and FDIC providing for the company’s strategy for rapid and orderly resolution in the event of its material financial distress or failure. As a Category III firm, the Company is required to submit a holding company resolution plan every three years, with submissions alternating between a full plan and a plan targeted on certain areas or subjects identified by the Federal Reserve and the FDIC. The Company submitted its most recent holding company resolution plan in 2025. If the Federal Reserve and the FDIC determine that the Company’s plan is not credible and we fail to cure the deficiencies, we may be subject to more stringent capital, leverage or liquidity requirements; may be subject to more restrictions on our growth, activities or operations; or may ultimately be required to divest certain assets or operations to facilitate an orderly resolution.

Orderly Liquidation Authority

The Company could become subject to the Orderly Liquidation Authority (OLA), a resolution regime under which the Treasury Secretary may appoint the FDIC as receiver to liquidate a systemically important financial institution, if the Company is in danger of default and is determined to present a systemic risk to U.S. financial stability. As under the FDIC resolution model, under the OLA, the FDIC has broad power as receiver. Substantial differences exist, however, between the OLA and the U.S. Bankruptcy Code, including the right of the FDIC under the OLA to disregard the strict priority of creditor claims in limited circumstances, the use of an administrative claims procedure to determine creditor claims (as opposed to the judicial procedure used in bankruptcy proceedings), and the right of the FDIC to transfer claims to a “bridge” entity.

The FDIC has developed a strategy under OLA, referred to as the “single point of entry” or “SPOE” strategy, under which the FDIC would resolve a failed financial holding company by transferring its assets (including shares of its operating subsidiaries) and, potentially, very limited liabilities to a “bridge” holding company; utilize the resources of the failed financial holding company to recapitalize the operating subsidiaries; and satisfy the claims of unsecured creditors of the failed financial holding company and other claimants in the receivership by delivering securities of one or more new financial companies that would emerge from the bridge holding company. Under this strategy, management of the failed financial holding company would be replaced and its shareholders and creditors would bear the losses resulting from the failure.

FDIC Powers upon Insolvency of AENB

If the FDIC is appointed the conservator or receiver of AENB, the FDIC has the power to: (1) transfer any of AENB’s assets and liabilities to a new obligor without the approval of AENB’s creditors; (2) enforce the terms of AENB’s contracts pursuant to their terms; or (3) repudiate or disaffirm any contract or lease to which AENB is a party, the performance of which is determined by the FDIC to be burdensome and the disaffirmation or repudiation of which is determined by the FDIC to promote the orderly administration of AENB. In addition, the claims of holders of U.S. deposit liabilities and certain claims for administrative expenses of the FDIC against AENB would be afforded priority over other general unsecured claims against AENB, including claims of debt holders and depositors in non-U.S. offices, in the liquidation or other resolution of AENB. As a result, regardless of whether the FDIC ever sought to repudiate any debt obligations of AENB, the debt holders and depositors in non-U.S. offices would be treated differently from, and could receive substantially less, if anything, than the depositors in the U.S. offices of AENB.

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Other Banking Regulations

Source of Strength

The Company is required to act as a source of financial and managerial strength to its U.S. bank subsidiary, AENB, and may be required to commit capital and financial resources to support AENB. Such support may be required at times when, absent this requirement, the Company otherwise might determine not to provide it. Capital loans by the Company to AENB are subordinate in right of payment to deposits and to certain other indebtedness of AENB. In the event of the Company’s bankruptcy, any commitment by the Company to a federal banking regulator to maintain the capital of AENB will be assumed by the bankruptcy trustee and entitled to a priority of payment.

Transactions Between AENB and its Affiliates

Certain transactions (including loans and credit extensions from AENB) between AENB and its affiliates (including the Company, TRS and their other subsidiaries) are subject to quantitative and qualitative limitations, collateral requirements and other restrictions imposed by statute and regulation. Transactions subject to these restrictions are generally required to be made on an arm’s-length basis.

FDIC Deposit Insurance and Insurance Assessments

AENB accepts deposits that are insured by the FDIC up to the applicable limits. Under the FDIA, the FDIC may terminate the insurance of an institution’s deposits upon a finding that the institution has engaged in unsafe or unsound practices; is in an unsafe or unsound condition to continue operations; or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC. We do not know of any practice, condition or violation that would lead to termination of deposit insurance at AENB. The FDIC’s deposit insurance fund is funded by assessments on insured depository institutions, including AENB, which are subject to adjustment by the FDIC.

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Community Reinvestment Act

AENB is subject to the CRA, which imposes affirmative, ongoing obligations on depository institutions to meet the credit needs of their local communities, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of the institution. AENB is currently designated a “limited purpose bank” under CRA regulations. In October 2023, the U.S. federal bank regulatory agencies adopted a final rule that makes extensive revisions to the CRA regulatory framework, including to the definition of “limited purpose bank,” which could impact AENB and alter its CRA compliance obligations. In March 2024, a preliminary injunction was granted postponing the effectiveness of the final rule and the implementation dates until the resolution of litigation challenging the final rule; whether the final rule will ultimately be implemented and any related compliance deadlines remain uncertain.

Climate Risk Management

In October 2023, the U.S. federal bank regulatory agencies issued “Principles for Climate-Related Financial Risk Management for Large Financial Institutions.” The principles apply to financial institutions with more than $100 billion in total consolidated assets, like the Company and AENB, and are broadly designed to provide a high-level framework for the safe and sound management of exposures to climate-related financial risks consistent with existing U.S. federal bank regulatory agencies’ rules and guidance. The principles outline six key aspects of climate-related financial risk management: governance; policies, procedures and limits; strategic planning; risk management; data, risk measurement and reporting; and scenario analysis. In addition, the principles offer risk assessment guidance for incorporating climate-related financial risks in various traditional risk categories.

Consumer Financial Products Regulation

Our consumer-oriented activities are subject to regulation and supervision in the United States and internationally. In the United States, our marketing, sale and servicing of consumer financial products and our compliance with certain federal consumer financial laws are supervised and examined by the CFPB, which has broad rulemaking and enforcement authority over providers of credit, savings and payment services and products, and authority to prevent “unfair, deceptive or abusive” acts or practices. The CFPB has the authority to write regulations under federal consumer financial protection laws, to enforce those laws and to examine for compliance. It is also authorized to collect fines and require consumer restitution in the event of violations, engage in consumer financial education, track consumer complaints, request data and promote the availability of financial services to underserved consumers and communities. U.S. federal law also regulates abusive debt collection practices, which, along with bankruptcy and debtor relief laws, can affect our ability to collect amounts owed to us or subject us to regulatory scrutiny. In addition, a number of U.S. states have significant consumer credit protection, disclosure and other laws (in certain cases more stringent than U.S. federal laws). ~~U.S.~~State ~~federal~~regulators ~~law~~and ~~also~~state ~~regulates~~attorneys ~~abusive~~general ~~debt~~may ~~collection~~increase ~~practices~~regulatory, ~~which,~~investigative ~~along~~and ~~with~~enforcement ~~bankruptcy~~activity ~~and~~with ~~debtor~~respect ~~relief~~to ~~laws~~consumer protection, ~~can~~including ~~affect~~in ~~our~~response ~~ability~~ to ~~collect~~changes ~~amounts~~in ~~owed~~regulation, tosupervision usand orenforcement ~~subject~~of usconsumer toprotection ~~regulatory~~laws ~~scrutiny~~by federal regulators.

~~The~~In 2024, the CFPB ~~and~~issued ~~other~~a ~~regulators~~final ~~have~~rule ~~recently~~on ~~had~~personal afinancial ~~heightened~~data ~~focus~~rights onthat ~~fees~~requires financial institutions, ~~rewards~~including us, and other ~~practices~~financial ~~related~~service toproviders ~~credit~~(collectively ~~cards.~~referred ~~For~~to ~~example,~~as indata ~~March~~providers) ~~2024,~~to ~~the~~provide ~~CFPB~~consumers ~~issued~~and aconsumer-authorized ~~final~~third ~~rule~~parties ~~lowering~~with ~~the~~access ~~safe~~to ~~harbor~~consumers’ ~~amount~~financial ~~for~~data ~~credit~~in ~~card~~electronic ~~late~~form ~~fees~~free ~~that~~of ~~would~~charge. beIn ~~considered~~July ~~“reasonable~~2025, ~~and~~a ~~proportional”~~court togranted the ~~costs~~CFPB’s ~~incurred~~request byto ~~credit~~stay ~~card~~litigation ~~issuers~~challenging ~~for~~the ~~late~~final ~~payments~~rule tofollowing ~~eight~~the ~~dollars,~~CFPB’s ~~eliminating~~announcement athat ~~higher~~it ~~late~~would ~~fee~~reexamine ~~safe~~the ~~harbor~~final ~~amount~~rule ~~for~~and ~~subsequent~~in ~~late~~August ~~payments~~2025, ~~and~~the ~~eliminating~~CFPB ~~the~~issued ~~annual~~an ~~inflation~~advance ~~adjustment~~notice ~~for~~of ~~the~~proposed ~~safe~~rulemaking ~~harbor~~seeking ~~amount.~~input Into ~~May~~inform ~~2024,~~its arevisions ~~preliminary~~to ~~injunction~~the ~~was~~final ~~granted~~rule. ~~staying~~While the ~~effectiveness~~impact of the ~~final~~CFPB’s ~~rule;~~rulemaking ~~however,~~will ~~whether~~depend upon the content of the final rule, ~~will~~this ~~ultimately~~rulemaking beand ~~implemented~~other ~~remains~~open ~~uncertain.~~banking Ininitiatives ~~addition,~~have the ~~CFPB~~potential ~~and~~to change the ~~U.S.~~competitive ~~Department~~landscape, ofpresenting ~~Transportation~~challenges ~~(DOT)~~to ~~have~~our ~~launched~~business ~~inquiries~~model, ~~focused~~such onas ~~credit~~limiting ~~card~~advantages ~~and~~provided ~~airline~~by ~~rewards~~our ~~programs,~~integrated ~~with~~payments ~~the~~platform, ~~CFPB~~as ~~issuing~~well aas ~~circular~~opportunities tosince ~~other~~we ~~agencies~~may inalso ~~December~~act ~~2024~~as ~~addressing~~an ~~the~~authorized ~~design,~~third ~~marketing~~party and ~~administration~~receive ofdata ~~credit~~from ~~card~~data ~~rewards programs~~providers.

In March 2023, the CFPB adopted a final rule requiring covered financial institutions, such as us, to collect and report data to the CFPB regarding certain small business credit applications. Based on our small business credit transaction volume, we will be required to comply with this rule by July 18, 2025 and begin reporting data to the CFPB by July 1, 2026.16

In October 2024, the CFPB issued a final rule on personal financial data rights that requires financial institutions, including us, and other financial service providers (collectively referred to as data providers) to provide consumers and consumer-authorized third parties with access to consumers’ financial data in electronic form free of charge. At the earliest, for certain products, we will be required to comply with the rule beginning on April 1, 2026; however, the compliance timeline is subject to change due to the outcome of pending litigation challenging the rule. While the impact of the rule will depend upon a number of factors, including consumer behavior and the actions of data providers and recipients, open banking initiatives like this final rule have the potential to change the competitive landscape, presenting challenges to our business model, such as limiting advantages provided by our integrated payments platform, as well as opportunities since we may also act as an authorized third party and receive data from data providers.

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We are also regulated in the United States under the “money transmitter” or “sale of check” laws in effect in most states. In addition, we are required by the laws of many states to comply with unclaimed and abandoned property laws, under which we must pay to states the face amount of any Travelers Cheque or prepaid card that is uncashed or unredeemed after a period of time depending on the type of product. Additionally, we are regulated under insurance laws in the United States and other countries where we offer insurance services. Our merchant acquiring business, and the third-party merchant acquirers, ~~aggregators~~processors and ~~processors~~payment facilitators with whom we have relationships, are also subject to certain aspects of regulation under consumer protection laws, such as by the Federal Trade Commission.

In countries outside the United States, regulators continue to focus on a number of key areas impacting our card-issuing businesses, particularly consumer protection (such as in the ~~European Union (~~EU), the ~~United~~UK ~~Kingdom~~ and Canada) and responsible lending (such as in Australia, Mexico, New Zealand and Singapore), with increasing importance on and attention to customers and outcomes rather than just ensuring compliance with local rules and regulations. For example, the Financial Conduct Authority’s Consumer Duty in the ~~United Kingdom~~UK, among other things, requires firms to act to deliver “good outcomes” for retail customers with respect to products and services, price and value, consumer understanding and consumer support. Regulators’ expectations of firms in relation to their compliance, risk and control frameworks continue to increase and regulators are placing significant emphasis on a firm’s systems and controls relating to the identification and resolution of issues.

Payments Regulation

Legislators and regulators in various countries in which we operate have focused on the operation of card networks, including through enforcement actions, legislation and regulations to change certain practices or pricing of card issuers, merchant acquirers and payment networks, and, in some cases, to establish broad regulatory regimes for payment systems.

Pricing for card acceptance, including interchange fees (that is, the fee paid by the bankcard merchant acquirer to the card issuer in payment networks like Visa and Mastercard), has been a focus of legislators and regulators in Australia, Canada, the EU, the United States and other jurisdictions. Recently, certain states in the United States have passed or are considering laws prohibiting interchange from being charged on all or certain components of transactions, such as sales tax and gratuities. Jurisdictions have also sought to regulate various other aspects of network operations and contract terms and practices governing merchant card acceptance, including information associated with electronic transactions, such as state legislation regarding the use of specific merchant categories codes or limiting the use of transaction data.

Regulation and other governmental actions relating to operations, pricing or practices could affect all networks and/or acquirers directly or indirectly, as well as adversely impact consumers and merchants. Among other things, regulation of bankcard fees has negatively impacted, and may continue to negatively impact, the discount revenue we earn, including as a result of downward pressure on our merchant discount rates from decreases in competitor pricing in connection with caps on interchange fees. In some cases, regulations also extend to certain aspects of our business, such as network and cobrand arrangements or the terms of card acceptance for merchants. For example, we exited our network business in the EU and Australia as a result of regulation in those jurisdictions. In addition, there is uncertainty as to when or how interchange fee caps and other provisions of the EU payments legislation might apply when we work with cobrand partners and agents in the EU. In 2018, the EU Court of Justice (CJEU) confirmed the validity of fee capping and other provisions in circumstances where three-party networks issue cards with a cobrand partner or through an agent, although its ruling provided only limited guidance as to when or how the provisions might apply in such circumstances and remains subject to differing interpretations by regulators and participants in cobrand arrangements. In ~~December~~ 2024, the CJEU held a hearing on questions referred by the Dutch Trade and Industry Appeals Tribunal regarding the interpretation of the application of the interchange fee caps in connection with an administrative proceeding by the Netherlands Authority for Consumers and Markets regarding our cobrand relationship with KLM Royal Dutch Airlines;. As a precursor to the CJEU’s ~~has~~final ~~not~~ruling, ~~yet~~an advisory opinion was issued aby ~~decision~~the Advocate General in March 2025, advising the CJEU that our payments to the cobrand partner can be subject to the interchange fee caps but certain payments and services provided by the cobrand partner could potentially be netted against such payments for purposes of determining the capped amount. The advisory opinion is not binding on the CJEU and there can be no assurance as to the outcome of the proceeding. Given differing interpretations by regulators and participants in cobrand arrangements, we are subject to regulatory action, penalties and the possibility we will not be able to maintain our existing cobrand and agent relationships in the EU. See “Our business is subject to evolving and comprehensive government regulation and supervision, which could materially adversely affect our results of operations and financial condition” under “Risk Factors.”

In various countries, such as certain Member States in the EU, Australia and Canada (other than in the Province of Quebec), merchants are permitted by law to surcharge card purchases. In addition, the laws of a number of states in the United States that prohibit surcharging have been overturned and certain states have passed or are considering laws to permit surcharging by merchants. In jurisdictions allowing surcharging, we have seen an increase in merchant surcharging on American Express cards, particularly in certain merchant categories. Surcharging is an adverse customer experience and could have a material adverse effect on us, particularly where it only or disproportionately impacts credit card usage or card usage generally, our Card Members or our business. In addition, we also encounter steering or differential acceptance practices by merchants, which could also have a material adverse effect on us. See “Surcharging, steering or other differential acceptance practices by merchants could materially adversely affect our business and results of operations” under “Risk Factors.”17

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In ~~some~~various countries, ~~governments~~such ~~have~~as ~~established~~certain ~~regulatory~~Member ~~regimes~~States ~~that~~in ~~require~~the ~~international~~EU, ~~card~~Australia ~~networks~~and toCanada be(other ~~locally~~than ~~licensed~~in ~~and/or~~the toProvince ~~localize~~of ~~aspects~~Quebec), ofmerchants ~~their~~are ~~operations~~permitted by law to surcharge card purchases. ~~For~~Certain ~~example,~~jurisdictions are also reconsidering or may in the ~~Reserve~~future ~~Bank~~reconsider oftheir ~~India~~laws relating to surcharging, ~~which~~such ~~has~~as ~~broad~~in ~~power~~Australia ~~under~~where the ~~Payment~~central ~~and~~bank ~~Settlement~~released ~~Systems~~a ~~Act,~~consultation ~~2007~~paper in July 2025 proposing to ~~regulate~~remove surcharging on designated card networks; however, the ~~membership~~implementation and ~~operations~~impact of ~~card~~any ~~networks,~~such ~~issued~~proposals remain uncertain. In the United States, a ~~mandate~~number ~~requiring~~of ~~payment~~state ~~systems~~laws ~~operators~~that inprohibit ~~India~~surcharging tohave ~~store~~been overturned and certain ~~payments~~states ~~data~~have ~~locally~~passed or are considering laws to permit surcharging by merchants. In ~~2021~~jurisdictions allowing surcharging, itwe ~~imposed~~have ~~restrictions~~seen an increase in merchant surcharging on American Express ~~Banking~~cards, ~~Corp~~particularly in certain merchant categories. ~~from~~Surcharging ~~engaging~~is inan ~~certain~~adverse ~~card~~customer ~~issuing~~experience ~~activities~~and incould ~~India~~have a material adverse effect on us, ~~which~~particularly ~~were~~where ~~lifted~~it inonly ~~2022~~or ~~following~~disproportionately ~~significant~~impacts ~~investment~~credit incard ~~technology,~~usage ~~infrastructure~~or ~~and~~card ~~resources~~usage togenerally, ~~comply~~our ~~with~~Card ~~the~~Members ~~regulation~~or our business. ~~The~~In ~~development~~addition, ~~and~~we ~~enforcement~~also ofencounter ~~these~~steering ~~and~~or ~~other~~differential ~~similar~~acceptance ~~laws~~practices by merchants, ~~regulations~~which ~~and~~could ~~policies~~also ~~may~~have ~~adversely~~a ~~affect~~material ~~our~~adverse ~~ability~~effect toon ~~compete~~us. ~~effectively~~See ~~and~~“Surcharging, ~~maintain~~steering ~~and~~or ~~extend~~other differential acceptance practices by merchants could materially adversely affect our ~~global~~business ~~network~~and results of operations” under “Risk Factors.”

~~Privacy~~Central banks and other regulators have also established, ~~Data~~or ~~Protection~~are seeking to establish, ~~Data~~oversight ~~Management~~over payment networks and other participants, ~~Artificial~~including ~~Intelligence~~with respect to governance, ~~Resiliency~~risk management, ~~Information~~resilience, ~~Security~~transparency and ~~Cybersecurity~~access. For example, in November 2025, the Central Bank of Brazil issued a resolution which, among other things, will increase the responsibility of payment networks for the settlement of transactions on the network, including obligations in relation to issuer defaults, under revised network rules to be submitted by May 2026. Additionally, governments in some countries have established regulatory regimes that require international card networks to be locally licensed and/or to localize aspects of their operations. For example, the Reserve Bank of India, which has broad power under the Payment and Settlement Systems Act, 2007 to regulate the membership and operations of card networks, issued a mandate requiring payment systems operators in India to store certain payments data locally. In 2021, it imposed restrictions on American Express Banking Corp. from engaging in certain card issuing activities in India, which were lifted in 2022 following significant investment in technology, infrastructure and resources to comply with the regulation. The development and enforcement of these and other similar laws, regulations and policies heightens our exposure to third parties, increases costs and complexity of doing business and adversely affects our ability to compete effectively and maintain and extend our global network.

~~Regulatory and legislative activity in the areas of privacy~~Privacy, ~~data~~Data ~~protection~~Protection, ~~data~~Data ~~management~~Management, ~~artificial intelligence~~AI, ~~resiliency~~Resiliency, ~~information~~Information ~~security~~Security and cybersecurity continues to increase worldwide. We have established, and continue to maintain, policies and a governance framework to comply with applicable privacy, data protection, data management, artificial intelligence, resiliency, information security and cybersecurity laws and requirements, meet evolving customer and industry expectations and support and enable business innovation and growth; however, our policies and governance framework may be insufficient given the size and complexity of our business and heightened regulatory scrutiny.Cybersecurity

~~Our~~Regulatory ~~regulators~~and ~~are~~legislative ~~increasingly~~activity ~~focused~~in onthe ~~ensuring~~areas ~~that~~of ~~our~~ privacy, data protection, data management, ~~artificial intelligence~~AI, resiliency ~~and cybersecurity-related policies and practices are adequate to inform customers of our data collection~~, ~~use,~~information ~~sharing and/or~~ security ~~practices, to provide them with choices, if required, about how we use~~ and ~~share~~cybersecurity ~~their~~continues ~~information, and~~ to ~~appropriately~~increase ~~safeguard their personal information and account access~~worldwide. ~~Regulators~~We ~~are~~have ~~also focused on end-to-end management of data~~established, ~~technology infrastructure~~ and ~~architecture,~~continue ~~technology~~to ~~operations~~maintain, ~~resiliency and business continuity, and third-party risk management~~ policies and practices, with regulatory expectations continuing to increase as we grow in size. For example, the EU Digital Operational Resilience Act, which applies as of January 2025, requires EU financial entities to have a ~~comprehensive~~ governance ~~and~~framework ~~risk~~to ~~management~~comply ~~framework~~with ~~for~~applicable ~~information~~laws and ~~communications~~requirements ~~technology~~in ~~risk.~~these ~~In addition~~areas, ~~regulators~~meet ~~and~~evolving ~~legislators~~customer ~~have heightened their focus on the use of artificial intelligence~~ and ~~machine~~industry ~~learning~~expectations ~~through the application of existing laws~~ and ~~regulations~~support ~~as well as by adopting new laws~~ and ~~regulations,~~enable ~~such~~business asinnovation ~~the EU’s AI Act~~ and ~~state~~growth; ~~artificial intelligence legislation (e.g.~~however, ~~Colorado~~our AIpolicies ~~Act). These new~~ and ~~emerging~~governance ~~laws~~framework ~~and~~may ~~regulations~~not ~~are~~be ~~reshaping~~sufficient ~~how~~given wethe ~~develop,~~size ~~deploy~~ and ~~manage~~complexity ~~artificial~~of ~~intelligence~~our ~~systems,~~business ~~including by imposing new obligations related to data use, recordkeeping, transparency~~ and ~~human~~heightened ~~oversight~~regulatory scrutiny.

Our regulators are increasingly focused on ensuring that our privacy, data protection, data management, AI, resiliency, information security and cybersecurity-related policies and procedures are adequate to inform customers of our data collection, use, sharing, retention and/or security practices, to provide them with choices, if required, about how we use and share their information, and to appropriately safeguard their personal information and account access. Regulators are also focused on end-to-end management of data, technology infrastructure and architecture, technology operations, resiliency and business continuity, and third-party risk management policies and practices, with regulatory expectations continuing to increase as we grow in size. For example, the EU Digital Operational Resilience Act requires EU financial entities to have a comprehensive governance and risk management framework for information and communications technology risk. In addition, regulators and legislators have heightened their focus on the use of AI and machine learning (ML) through the application of existing laws and regulations as well as by adopting new laws and regulations, such as the EU AI Act and AI legislation in several U.S. states (e.g., in California, Colorado and Utah). These new and emerging laws and regulations are reshaping how we develop, deploy and manage AI systems, including by imposing new obligations related to data use, recordkeeping, transparency and human oversight.

In the United States, certain of our businesses are subject to the privacy, disclosure and safeguarding provisions of the Gramm-Leach-Bliley Act (GLBA) and its implementing regulations and guidance. Among other things, GLBA imposes certain limitations on our ability to share consumers’ nonpublic personal information with nonaffiliated third parties and requires us to develop, implement and maintain a written comprehensive information security program containing safeguards that are appropriate to the size and complexity of our business, the nature and scope of our activities and the sensitivity of customer information that we process. We also have expanded privacy-related obligations with respect to California residents who are not covered by GLBA, pursuant to the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act of 2020. Various regulators and other U.S. states and territories are considering similar requirements or have adopted laws, rules and regulations pertaining to privacy and/or information security and cybersecurity that may be more stringent and/or expansive than federal requirements.

We are also subject to certain privacy, data protection, data management, artificial intelligence, resiliency, information security and cybersecurity laws in other countries in which we operate (including Member States in the EU, Australia, Canada, China, Japan, Hong Kong, India, Indonesia, Mexico, Singapore, Thailand and the United Kingdom), some of which are more stringent and/or expansive than those in the United States and may conflict with each other. Some jurisdictions have instituted or are considering instituting requirements that make it onerous to transfer personal data to other jurisdictions, and certain countries require in-country data processing and/or in-country storage of data. Compliance with such laws results in higher technology, administrative and other costs for us, could limit our ability to optimize the use of our data, and could require use of local technology services. Some of these laws also require us to provide foreign governments and other third parties broader access to our data and intellectual property. Data breach and operational outage notification laws or regulatory activities to encourage such notifications and regulatory activity and laws around resiliency, business continuity and third-party risk management are also becoming more prevalent in jurisdictions outside the United States in which we operate.18

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We are also subject to certain privacy, data protection, data management, AI, resiliency, information security and cybersecurity laws in other countries in which we operate, some of which are more stringent and/or expansive than those in the United States and may conflict with each other. The EU and UK General Data Protection Regulations (GDPR) impose legal and compliance obligations on companies that process personal data of individuals in the EU and UK, irrespective of the geographical location of the company, with the potential for significant fines for non-compliance (up to 4 percent of total annual worldwide revenue). ~~These~~The ~~laws~~EU and UK GDPR also include, ~~among~~requirements ~~other~~concerning ~~things,~~the across-border ~~requirement~~transfer ~~for~~of personal data and prompt ~~notice~~notification of data breaches, in certain circumstances, to affected individuals and supervisory authorities. ~~and~~We ~~restrictions~~are onalso ~~the~~subject ~~cross-border~~to ~~transfers~~certain ofdata EUprotection orlaws UKin ~~personal~~Member ~~data.~~States Wein ~~rely~~the onEU, awhich ~~variety~~may ofbe ~~compliant~~more ~~transfer~~stringent ~~mechanisms~~than tothe ~~transfer~~EU ~~this~~GDPR. ~~personal~~Other ~~data,~~countries ~~including~~have ~~the~~also ~~use~~adopted ofor ~~binding~~are ~~corporate~~considering ~~rules~~similar ~~and~~omnibus ~~standard~~privacy ~~contractual~~laws, ~~clauses.~~including InAustralia, ~~2023~~Brazil, ~~the~~Canada, EUChina, ~~and~~India, UKJapan, ~~regulators approved~~ the ~~EU-U.S.~~Philippines, ~~Data~~Singapore, ~~Privacy~~South ~~Framework~~Korea and ~~the~~Thailand. UKCertain ~~Data~~countries ~~Bridge,~~also ~~enabling~~require ~~easier~~in-country ~~transfers~~data ofprocessing EU and/or ~~UK personal data to participating companies~~ in-country ~~the~~storage ~~United~~of ~~States.~~data Weor ~~are~~for ~~also~~us ~~subject~~ to ~~certain~~provide ~~data~~foreign ~~protection~~governments ~~laws~~and inother ~~Member~~third ~~States~~parties inbroader ~~the~~access ~~EU,~~to ~~which~~our ~~may~~data beand ~~more~~intellectual ~~stringent~~property. ~~than~~Data ~~the~~breach EUand ~~GDPR.~~operational ~~Our~~outage ~~data~~notification ~~protection~~laws ~~programs~~or ~~have~~regulatory ~~become~~activities ~~the~~to ~~subject~~encourage ofsuch ~~heightened~~notifications ~~scrutiny~~and inregulatory ~~certain~~activity ~~Member~~and ~~States~~laws inaround ~~the~~resiliency, EUbusiness continuity and wethird-party ~~continue~~risk tomanagement ~~make~~are ~~changes~~also tobecoming ~~our~~more ~~privacy~~prevalent ~~practices~~in ~~and~~jurisdictions ~~data~~outside ~~management~~the toUnited ~~comply~~States ~~with~~in ~~these~~which ~~requirements~~we operate.

Our privacy and data protection programs have become the subject of heightened scrutiny and review in certain jurisdictions, including in the EU, and we continue to enhance our privacy program to comply with applicable requirements and regulatory expectations. Our compliance with the various and often diverging legal frameworks around privacy, data protection, AI, resiliency, information security and cybersecurity, as well as increased regulatory and legislative activity in these areas, may result in higher technology, administrative and other operational costs and hinder our ability to deploy and scale technology, innovate quickly and effectively utilize data.

Anti-Money Laundering, Countering the Financing of Terrorism, Economic Sanctions and Anti-Corruption Compliance

We are subject to significant supervision and regulation, and an increasingly stringent enforcement environment, with respect to compliance with anti-money laundering (AML), countering the financing of terrorism (CFT), sanctions and anti-corruption laws and regulations. Failure to maintain and implement adequate programs and policies and procedures for AML/CFT, sanctions and anti-corruption compliance could have material financial, legal and reputational consequences. Additionally, our AML/CFT, sanctions and anti-corruption compliance programs may limit our ability to pursue certain business opportunities or affect our relationships with certain partners, service providers and other third parties.

Anti-Money Laundering and Countering the Financing of Terrorism

We are subject to a significant number of AML/CFT laws and regulations globally.

In the United States, the majority of AML/CFT requirements are derived from the Currency and Foreign Transactions Reporting Act and the accompanying regulations issued by the U.S. Department of the Treasury (collectively referred to as the Bank Secrecy Act), as amended by the USA PATRIOT Act of 2001. The Anti-Money Laundering Act of 2020 (the AMLA), enacted in January 2021, amended the Bank Secrecy Act and is intended to comprehensively reform and modernize U.S. AML/CFT laws. Many of the statutory provisions in the AMLA will require additional rulemakings, reports and other measures, and the impact of the AMLA will depend on, among other things, rulemaking and implementation guidance.

In Europe, AML/CFT requirements are largely the result of countries transposing the 5th and 6th EU Anti-Money Laundering Directives (and preceding EU Anti-Money Laundering Directives) into local laws and regulations. Numerous other countries have also enacted or proposed new or enhanced AML/CFT legislation and regulations applicable to American Express.

Among other things, these laws and regulations generally require us to establish AML/CFT programs that meet certain standards, including policies and procedures to collect information from and verify the identities of our customers, and to monitor for and report suspicious transactions, in addition to other information gathering and recordkeeping requirements. Our AML/CFT programs have become the subject of heightened scrutiny and ~~any~~we ~~errors~~are working to make enhancements to our existing programs, policies and procedures and to identify and remediate deficiencies. Errors, failures or delays in complying with AML/CFT laws, deficiencies in our AML/CFT programs or association of our business with money laundering, terrorist financing, tax fraud or other illicit activity ~~can~~could give rise to significant supervisory, criminal and civil proceedings and lawsuits, which could result in significant penalties and forfeiture of assets, loss of licenses or restrictions on business activities, or other enforcement actions.

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Economic Sanctions

National governments and international bodies, such as the United Nations and the EU, have imposed economic sanctions against individuals, entities, vessels, governments, regions and countries that endanger their interests or violate international norms of behavior. Sanctions have been used to advance a range of foreign policy goals, including conflict resolution, counterterrorism, counternarcotics and promotion of democracy and human rights, among other national and international interests. We maintain a global sanctions compliance program designed to meet the requirements of applicable sanctions regimes. Failure to comply with such requirements could subject us to serious legal and reputational consequences, including criminal penalties.

The United States has imposed economic sanctions that affect transactions involving targeted jurisdictions, parties or activities. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) administers most U.S. sanctions. OFAC regulations prohibit U.S. persons from engaging in financial transactions with or relating to, or other dealings involving, a targeted individual, entity, vessel, government or country without a license or other authorization. OFAC regulations require U.S. persons to block property and property interests of parties on OFAC’s Specially Designated Nationals and Blocked Persons List and entities owned 50 percent or more by one or more Specially Designated Nationals. Blocked property (e.g., bank deposits or other financial assets) cannot be paid out, withdrawn, set off or transferred in any manner without a license from OFAC. Regulatory authorities in other international jurisdictions, such as the ~~United~~UK ~~Kingdom~~ and Member States in the EU, administer similar programs to U.S. sanction programs.

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Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) to the Securities Exchange Act of 1934, as amended (the Exchange Act), an issuer is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders. Disclosure is generally required even where the activities, transactions or dealings were conducted outside the United States by non-U.S. affiliates in compliance with applicable law and whether or not the activities are sanctionable under U.S. law.

In 2024, we became aware that a third-party automated teller machine (ATM) network provider maintained a relationship with an Iranian bank identified on the Specially Designated Nationals and Blocked Persons list. As a result, American Express Card Members had the ability to access ATMs located outside of Iran that were operated by the Iranian bank through our ATM authorization program. We have identified approximately 37 such ATM transactions by Card Members. We had negligible gross revenues and net profits attributable to these transactions. We immediately suspended our relationship with the ATM network provider and do not intend to continue to engage in this activity.

In 2024, we also identified approximately 30 consumer accounts of individuals that may be, or may have been, employed by the Government of Iran. We believe the accounts were used only for personal expenses. We had negligible gross revenues and net profits attributable to these accounts. All of the accounts are closed and we do not intend to continue to engage in this activity.

We voluntarily reported the above transactions and accounts to OFAC.

Anti-Corruption

We are subject to complex anti-corruption laws and regulations, including the U.S. Foreign Corrupt Practices Act (the FCPA), the UK Bribery Act and other laws that prohibit the making or offering of improper payments. The FCPA makes it illegal to corruptly offer or provide anything of value to foreign government officials, political parties or political party officials for the purpose of obtaining or retaining business or an improper advantage. The FCPA also requires us to strictly comply with certain accounting and internal controls standards. The UK Bribery Act also prohibits commercial bribery and the receipt of a bribe, and makes it a corporate offense to fail to prevent bribery by an associated person, in addition to prohibiting improper payments to foreign government officials. Failure by us or our colleagues, contractors or agents to comply with the FCPA, the UK Bribery Act and other similar laws can expose us and/or individual colleagues to investigation, prosecution and potentially severe criminal and civil penalties.

Compensation Practices

Our compensation practices are subject to oversight by the Federal Reserve and the OCC. The federal banking regulators’ guidance on sound incentive compensation practices sets forth three key principles for incentive compensation arrangements that are designed to help ensure that incentive compensation plans do not encourage imprudent risk-taking and are consistent with the safety and soundness of banking organizations. The three principles provide that a banking organization’s incentive compensation arrangements should (1) provide incentives that appropriately balance risk and financial results in a manner that does not encourage employees to expose their organizations to imprudent risks, (2) be compatible with effective internal controls and risk management and (3) be supported by strong corporate governance, including active and effective oversight by the organization’s board of directors. Any deficiencies in our compensation practices that are identified by the banking regulators in connection with their review of our compensation practices may be incorporated into our supervisory ratings, which can affect our ability to make acquisitions or perform other actions. Enforcement actions may be taken against us if our incentive compensation arrangements or related risk-management control or governance processes are determined to pose a risk to our safety and soundness, and we have not taken prompt and effective measures to correct the deficiencies.

The Dodd-Frank Act requires U.S. financial regulators, including the Federal Reserve and the Securities and Exchange Commission (SEC), to adopt rules on incentive-based payment arrangements at specified regulated entities having at least $1 billion in total assets. In 2016, the federal banking regulators, the SEC, the Federal Housing Finance Agency and the National Credit Union Administration proposed revised rules on incentive-based compensation practices, which were reproposed by certain of those agencies in 2024, but have not yet been finalized. If these or other regulations are adopted in a form similar to what has been proposed, they will impose limitations on the manner in which we may structure compensation for our colleagues, which could adversely affect our ability to hire, retain and motivate key colleagues.

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ADDITIONAL INFORMATION

We maintain an Investor Relations website at https://ir.americanexpress.com. We make available free of charge, on or through this website, our annual, quarterly and current reports and any amendments to those reports as soon as reasonably practicable following the time they are electronically filed with or furnished to the SEC.

In addition, we routinely post financial and other information, some of which could be material to investors, on our Investor Relations website. Information regarding our corporate sustainability initiatives and related disclosures are available on our Investor Relations website and on the Corporate Sustainability section of our website at https://gowww.~~amex~~americanexpress.com/~~esg~~en-us/company/corporate-sustainability.

The content of any of our websites referred to in this report is not incorporated by reference into this report or any other report filed with or furnished to the SEC. We have included such website addresses only as inactive textual references and do not intend them to be active links.

Our business as a whole has not experienced significant seasonal fluctuations, although billed business tends to be moderately higher in the fourth quarter than in other quarters. As a result, the amount of Card Member loans and receivables outstanding ~~tend~~tends to be moderately higher during that quarter. Additionally, we tend to have a higher proportion of retail-related billed business in the fourth quarter, which on average has a slightly lower merchant discount rate.

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ITEM 1A. RISK FACTORS

This section highlights certain risks that could affect us and our businesses, broadly categorized in accordance with the risk types identified in our ~~Enterprise~~risk ~~Risk~~governance ~~Management (ERM) Framework~~framework: “Strategic &and ~~Business,~~ Reputational ~~and Country~~ Risks,” “Operational and Compliance~~/Legal~~ Risks” and “~~Model,~~ Credit, Market and ~~Funding &~~ Liquidity Risks.” You should carefully consider each of the following risks and all of the other information set forth in this Annual Report on Form 10-K, including in “Risk Management” under “MD&A,” which describes our approach to identifying, monitoring and managing the risks we assume in conducting our businesses and provides certain quantitative and qualitative disclosures about market risks. Although we have devoted ~~significant resources to develop our risk management policies~~ and ~~procedures and expect to~~ continue to dodevote sosignificant inresources ~~the~~to ~~future,~~develop ~~these policies~~ and ~~procedures,~~strengthen ~~as well as~~ our risk management ~~techniques~~capabilities and control environment, we may not be ~~fully~~successful ~~effective~~ in meeting regulatory expectations and managing the risks to which we are exposed. For example, while we are currently conducting a comprehensive assessment and uplift of our risk management capabilities and control environment, the outcome may not meet our or our regulators’ expectations.

The risks and uncertainties we face are not limited to those described below. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect our business.

Strategic &and ~~Business,~~ Reputational ~~and Country~~ Risks

~~Business~~Macroeconomic ~~and economic~~ conditions are a major driver of our results of operations and ~~difficult~~changes ~~conditions~~ in the business and economic environment may materially adversely affect our business.

We offer a broad array of products and services to consumers, small businesses, mid-sized companies and large corporations and thus are very dependent upon the level of consumer and business activity and the demand for payment and financing products. Slow economic growth, economic contraction, persistent inflationary pressures or shifts in broader consumer and business trends can significantly impact customer behaviors, including spending on our cards, the ability and willingness of Card Members to borrow and pay amounts owed to us, demand for fee-based products and services and levels of customers’ deposits with us.

Factors such as consumer spending and confidence, household income and housing prices, levels of unemployment ~~rates~~and underemployment, business investment and inventory levels, bankruptcies, geopolitical instability, public policy decisions and uncertainty, government spending and debt, international trade relationships, tariffs, interest rates, taxes, inflation and deflation (including the effects of related governmental responses), impacts of new technologies, energy costs and availability of capital and credit all affect the economic environment and, ultimately, our profitability. Additionally, sustained periods of high inflation may, among other things, increase certain of our expenses and erode consumer purchasing power, confidence and spending. An economic downturn or recession may result in higher unemployment and lower household income, consumer spending, corporate earnings and business investment, which may negatively impact spending on our cards and demand for our products, and increase delinquencies and write-off rates.

Spending by our premium consumer Card Members, for example, is sensitive to personal discretionary spending levels and tends to decline during general economic downturns. Likewise, spending by small business and corporate clients, which comprised approximately 4241 percent of our worldwide billed business during ~~2024~~2025, depends in part on the economic environment and a favorable climate for continued business investment and new business formation. The consequences of negative circumstances impacting us or the economic environment generally can be sudden and severe and can impact customer types and geographies in which we operate in very different ways.

Our business is subject to the effects of geopolitical conditions, weather, natural disasters and other catastrophic events.

Geopolitical conditions, terrorist attacks, military conflicts, supply chain issues, natural disasters, severe weather, widespread health emergencies or pandemics, information or cybersecurity incidents (including intrusion into or degradation or unavailability of systems or technology by cyberattacks), operational incidents and other catastrophic events can have a material adverse effect on our business. Political and social conditions, including geopolitical instability (such as from tensions involving China and the ~~U.S.~~United States), fiscal and monetary policies (including developments related to the U.S. federal deficit, debt ceiling, government shutdowns and other budgetary issues), trade wars and tariffs, labor shortages, regional or domestic hostilities, economic sanctions and the prospect or occurrence of more widespread conflicts could also negatively affect our business, operations and partners, consumer and business spending, including travel patterns and business investment, and demand for credit. Pandemics and other health emergencies can have widespread and unpredictable impacts on global society, economic conditions and consumer and business behavior~~, which may reoccur or occur over an extended duration, such as the macroeconomic and behavioral impacts during the COVID-19 pandemic~~. Because we derive a portion of our revenues from travel-related spending and many of our partners’ businesses relate to travel, our business is sensitive to impacts to travel and tourism, such as health and safety concerns and limitations on travel and mobility. In addition, disruptions in air travel and other forms of travel can result in the payment of claims under travel protection products we offer.

AWe ~~number of actions~~ are ~~taking~~a ~~place~~multinational ~~across~~company ~~the~~that ~~globe~~derives ~~that~~a ~~impact~~substantial ~~geopolitical~~portion ~~stability.~~of ~~Several~~its ~~countries~~revenues ~~are~~from ~~considering~~activities oroutside ~~have~~of ~~implemented~~the ~~tariffs~~United orStates ~~other~~and ~~trade~~many ~~barriers~~of orour ~~restrictions,~~U.S. ascustomers ~~well~~have asan ~~other~~international ~~measures~~presence ~~affecting~~or ~~cross-border~~are ~~commerce~~otherwise ~~and~~affected ~~the~~by ~~flow~~global ofdevelopments. ~~information~~Accordingly, ~~which~~events ~~could~~that ~~have~~impact ~~broad~~international ~~economic~~relations ~~consequences,~~and ~~impact~~geopolitical ~~global~~stability ~~supply~~may ~~chains~~have ~~and~~a ~~negatively~~significant ~~affect~~impact on our business~~, customers and partners~~. ~~There~~For ~~are~~example, ~~multiple~~several ~~ongoing~~countries ~~military~~have ~~conflicts~~implemented ~~(such~~and asare considering the ~~Russia-Ukraine~~further ~~and~~implementation ~~Middle~~of ~~East~~tariffs, ~~conflicts)~~trade ~~and~~barriers ~~geopolitical~~or ~~tensions~~restrictions ~~may~~and ~~result~~other inretaliatory ~~additional~~international ~~conflicts~~ or ~~escalate~~domestic ~~existing~~policies, ~~conflicts.~~as ~~Following~~well ~~the~~as ~~Russian~~other ~~invasion~~measures ofaffecting ~~Ukraine~~cross-border commerce, wemigration ~~announced~~and ~~that~~the weflow ~~suspended~~of ~~business~~information. ~~operations~~These inactions ~~Russia~~have ~~and~~had ~~Belarus,~~ and ~~these~~may ~~conflicts~~likely ~~have~~continue ~~led~~ to ~~economic~~have ~~uncertainty~~broad ~~and~~consequences ~~market~~for ~~disruptions, including~~ the ~~imposition~~global ofeconomy ~~sanctions~~ and ~~export~~regional ~~controls.~~and ~~The~~country ~~broader~~economies, ~~consequences~~as ~~remain~~well ~~uncertain,~~as ~~but~~impacts ~~geopolitical~~to ~~conditions~~global ~~may~~supply ~~adversely~~chains ~~affect~~and ~~macroeconomic~~negative ~~conditions~~effects ~~and~~on our ~~business~~customers inand apartners, ~~number~~which ofmay ~~ways,~~adversely ~~including~~affect ~~regional~~our business.

23There are multiple ongoing military conflicts around the world and geopolitical tensions may result in additional conflicts or escalate existing conflicts. Such conflicts have led to economic uncertainty and market disruptions. For example, as a result of the Russian invasion of Ukraine, we exited our business operations in Russia and Belarus. Geopolitical conditions may adversely affect macroeconomic conditions and our business in a number of ways, including potential retaliatory action against companies such as us and our clients and partners, further sanctions activity and export controls, heightened regulatory scrutiny, increased inflation, further increases or fluctuations in goods and energy prices, decreases in global travel, further disruptions to the global

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~~instability,~~supply chain and increased prevalence and sophistication of cyberattacks, potential retaliatory action against companies such as us, further sanctions activity and related regulatory scrutiny, increased inflation, further increases or fluctuations in commodity and energy prices, decreases in global travel and further disruptions to the global supply chain. If international political instability and geopolitical tensions continue or increase, our business and results of operations could be harmed.

Hurricanes, wildfires and other natural disasters have impacted, and may continue to impact, spending and credit performance in the areas affected. ~~For example, there can be no assurance as to the ultimate impact of the Los Angeles area wildfires on spending levels and credit performance.~~ Disasters and catastrophic events, and the impact of such events on certain industries or the overall economy, could have a negative effect on our business, results of operations and infrastructure, including our technology and systems and those of our partners and suppliers. Climate-related risks may exacerbate certain of these threats, including the frequency and severity of weather-related events. Card Members in California, Florida, New York, Texas, Georgia and New Jersey account for a significant portion of U.S. consumer and small business billed business and Card Member loans, and our results of operations could be impacted by events or conditions that disproportionately or specifically affect one or more of those states.

Our operating results may materially suffer because of substantial and increasingly intense competition worldwide in the payments industry.

The payments industry is highly competitive, and we compete with networks, issuers, acquirers, and other payment service providers and methods of payment, including paper-based transactions (e.g., cash and checks) and electronic transfers (e.g., wire transfers and ACH), as well as evolving and growing alternative mechanisms, systems and products (e.g., web- and mobile-based payment platforms). If we are not able to differentiate ourselves from our competitors, develop compelling value propositions for our customers and/or effectively use emerging technologies to grow in evolving areas such as digital payments and ~~emerging~~agentic ~~technologies~~commerce, we may not be able to compete effectively.

We believe Visa and Mastercard are larger than we are in most countries based on purchase volume. As a result, card issuers and acquirers on the Visa and Mastercard networks may be able to benefit from the dominant position, scale, resources, marketing and pricing of those networks. Our business may also be negatively affected if we are unable to continue increasing merchant acceptance (including by merchants that accept cards on the Visa and Mastercard networks) and perceptions of coverage, or if our Card Members do not experience welcome acceptance of our cards.

Some of our competitors have substantially greater scale and resources than we have and may offer richer value propositions or a wider range of programs and services than we offer or may use more effective strategies to acquire and retain more customers, capture a greater share of spending and borrowings, develop more attractive cobrand card and other partner programs, obtain more favorable terms with merchants and maintain greater merchant acceptance than we have. Competition may also intensify as participants in the payments industry merge or enter into joint ventures or other partnerships or business combinations, ~~that~~which ~~compete~~may create advantages in competing with our products and services. Government actions or initiatives may also provide competitors with increased opportunities to derive competitive advantages and may create new competitors, including in some cases a government entity. We may not be able to compete effectively against these threats or respond or adapt to changes in ~~consumer~~customer behavior, such as Card Member spending and borrowing or merchant acceptance, as effectively as our competitors. Costs such as Card Member rewards and Card Member services expenses could continue to increase as we evolve our value propositions, including in response to increased competition. Competitors may also use AI technologies more effectively than us or partner with companies that do so, which may increase the attractiveness and availability of their products and services and allow them to offer greater value propositions and realize greater operational efficiencies.

The payments industry is complex and continues to undergo changes in response to evolving technologies and customer preferences. Spending on our cards could continue to be impacted by increasing usage of credit and debit cards issued on other networks and real-time settlement transactions, such as bank transfers, as well as adoption of alternative payment mechanisms, systems and products, such as digital currencies. The fragmentation of ~~customer~~Card Member spending, such as to take advantage of different merchant or card incentives, for convenience with technological solutions or as a result of point-of-sale practices that impact merchant acceptance (e.g., surcharging or differential acceptance) ~~or for convenience with technological solutions~~, may continue to increase. Revolving credit balances on our cards could also be impacted by alternative financing providers, such as point-of-sale lenders and buy now, pay later products. Regulatory and legislative changes may also significantly alter the competitive landscape, including by facilitating alternative payment or financing mechanisms, such as recent legislation in the U.S. establishing a regulatory framework for stablecoins, or by imposing constraints on payment or financing mechanisms, such as proposals to cap credit card interest rates. To the extent other payment and financing mechanisms, systems and products continue to successfully expand, our discount revenues earned from Card Member spending and our net interest income earned from Card Member borrowing could be negatively impacted. In addition, companies that control access to consumer and merchant payment method choices at the point of sale or through digital wallets, agentic or other commerce-related experiences, mobile applications or other technologies could choose not to accept, suppress use of, or degrade the experience of using our products or could restrict our access to our customers and transaction data. Such companies could also require payments from us to participate in such digital wallets, experiences or applications or negotiate incentives or pricing concessions, impacting our profitability on transactions. As AI technologies are increasingly integrated into payments and related services, such as through the adoption of agentic commerce, these dynamics may accelerate and new dynamics that are difficult to predict may develop, any of which may disadvantage our business.

The competitive value of our data and demand for our products and services may also be diminished as traditional and non-traditional competitors use other, new data sources and technologies, including generative AI, to derive similar insights and by certain regulations. Open banking initiatives, ~~that~~including ~~are~~those ~~increasingly being~~ promoted by governments and regulators, may result in a number of challenges to our business model, such as disintermediating us from our customers, steering customers away from our products and services or decreasing our attractiveness to partners. Competitors have also sought to create their own integrated payments platforms, and may have competitive advantages in doing so as compared to our business.

To the extent we expand into, or further grow in, new business areas, such as new products and services that complement our card products, and new geographic regions, we will face competitors with more experience and more established relationships with relevant customers, regulators and industry participants, which could adversely affect our ability to compete. Laws and business practices that favor local competitors, require card transactions to be routed over domestic networks or prohibit or limit foreign ownership of certain businesses could limit our growth in international regions.

We may face additional compliance and regulatory risks to the extent that we expand into new business areas, and we may need to dedicate more expense, time and resources to comply with regulatory requirements than our competitors, particularly those that are not regulated financial institutions.23

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~~Many~~We ofmay ~~our~~face ~~competitors~~additional ~~are~~compliance ~~subject~~and toregulatory ~~different,~~risks ~~and~~to inthe ~~some~~extent ~~cases,~~that ~~less~~we ~~stringent,~~expand ~~legislative~~into ~~and~~new ~~regulatory~~business ~~regimes~~areas, and ~~some~~we may ~~have~~need ~~lower~~to ~~cost~~dedicate ~~structures and~~ more ~~agile~~expense, ~~business~~time ~~models~~ and ~~systems.~~resources ~~More~~to ~~restrictive~~comply ~~laws~~with ~~and~~regulatory ~~regulations~~requirements ~~that~~than ~~do not apply to all of~~ our competitors ~~can put us at a disadvantage~~, ~~including~~particularly ~~prohibiting~~those usthat ~~from~~are ~~engaging~~not inregulated ~~certain~~financial ~~transactions, regulating our business practices or adversely affecting our cost structure~~institutions.

Many of our competitors are subject to different, and in some cases, less stringent, legislative and regulatory regimes, and some may have lower cost structures and more agile business models and systems. For example, banking regulators are increasingly open to issuing limited-purpose licenses to allow companies to conduct certain banking activities under more limited regulatory requirements. More restrictive laws and regulations that do not apply to all of our competitors can put us at a disadvantage, including prohibiting us from engaging in certain transactions, regulating our business practices or adversely affecting our cost structure.

We face intense competition for partner relationships, which could result in a loss or renegotiation of these arrangements that could have a material adverse impact on our business and results of operations.

In the ordinary course of our business we enter into different types of contractual arrangements with business partners in a variety of industries. For example, we work with partners such as Delta, ~~Hilton~~Marriott, ~~Marriott and~~ British Airways and Hilton to offer cobranded cards for consumers and small businesses, and with partners in many industries, including Delta, to offer benefits and rewards to Card Members. Other aspects of our customer value propositions also increasingly rely on our ability to co-create and co-fund value with partners, such as statement credits for purchases with partners and travel and dining benefits. See “Partners and Relationships” under “Business” for additional information on our business partnerships, including with Delta.

Competition for relationships with key business partners is very intense and there can be no assurance we will be able to grow or maintain these partner relationships or that they will remain as profitable or valued by our customers. Establishing and retaining attractive cobrand card partnerships is particularly competitive among card issuers and networks as these partnerships typically appeal to high-spending loyal customers. All of our cobrand portfolios in the aggregate accounted for approximately 2526 percent of our worldwide billed business for the year ended December 31, ~~2024~~2025. Card Member loans related to our cobrand portfolios accounted for approximately 36 percent of our worldwide Card Member loans as of December 31, ~~2024~~2025.

Cobrand and other partner arrangements are generally entered into for a fixed period, ~~generally ranging from five to ten years,~~ and will terminate in accordance with their terms, including at the end of the fixed period unless extended or renewed at the option of the parties, or upon early termination as a result of an event of default or otherwise. We face the risk that we could lose partner relationships, even after we have invested significant resources in the relationships. Additionally, partners may make changes to the products and services they offer or otherwise become less desirable to our customers, which may lower the value of our products, such as cards with embedded partner value and the cobranded cards we issue to our customers. We ~~may~~ also ~~choose~~may not to renew certain relationships, such as our Amazon and Lowe’s small business cobrand ~~relationships~~portfolios, which, as previously disclosed, have been reclassified to held for sale on our Consolidated Balance Sheets. Billed business could decline and Card Member attrition could increase, in each case, significantly as a result of the termination of one or more ~~cobrand~~ partnership relationships. In addition, some of our cobrand arrangements provide that, upon expiration or termination, the cobrand partner may purchase or designate a third party to purchase the loans generated with respect to such cobranded card portfolio, which could result in the loss of the card accounts and a significant decline in our Card Member loans outstanding.

We regularly seek to extend or renew cobrand and other partner arrangements in advance of the end of the contract term and face the risk that existing relationships will be renegotiated with less favorable terms for us or that we may be unable to renegotiate on terms that are acceptable to us, as competition for such relationships continues to increase. We make payments to our cobrand partners, which can be significant, based primarily on the amount of Card Member spending and corresponding rewards earned on such spending and, under certain arrangements, on the number of accounts acquired and retained. The amount we pay to our cobrand partners has increased, particularly in the United States, and may continue to increase as arrangements are renegotiated due to increasingly intense competition for cobrand partners among card issuers and networks.

The loss of exclusivity arrangements with business partners, the loss of the partner relationship altogether (whether by non-renewal at the end of the contract period, such as the end of our relationship with Costco in the United States in 2016, or as the result of a merger, legal or regulatory action or otherwise) or the renegotiation of existing partnerships with terms that are significantly worse for us could have a material adverse impact on our business and results of operations. See “Our business is subject to evolving and comprehensive government regulation and supervision, which could materially adversely affect our results of operations and financial condition” above for information on the uncertainty regarding our cobrand and agent relationships in the EU. In addition, any publicity associated with the loss of any of our key business partners could harm our reputation, making it more difficult to attract and retain Card Members and merchants, and could weaken our negotiating position with our remaining and prospective business partners.

Arrangements with our business partners represent a significant portion of our business. We are exposed to risks associated with our business partners, including reputational issues, business slowdowns, bankruptcies, liquidations, restructurings, consolidations and outages, and the possible obligation to make payments to our partners.

Our success is, in many ways, dependent on the success of our partners. From customer acquisition to cobranding arrangements, from ~~participation~~providing inrewards ~~our~~and ~~rewards~~benefits ~~programs~~to customers to facilitating B2B supplier payments for our corporate clients, we rely on our business partners across many aspects of our company and our arrangements with business partners represent a significant portion of our business. For example, our two largest redemption partners are Amazon and Delta. Some of our partners manage certain aspects of our customer relationships, such as our OptBlue ~~partners~~program participants. To the extent any of our partners fail to effectively promote and support our products, experience a slowdown in their business, operational disruptions, reputational issues or loss of consumer confidence, or are otherwise unable to meet our expectations or those of their other stakeholders, our business may be materially negatively impacted. For example, the operational rights relating to our prepaid reloadable and gift card business are owned by a business partner and the reloadable operations have experienced disruptions and compliance issues that impacted the ability of our prepaid customers to load and use their cards. If such operations are interrupted, suspended, terminated or otherwise experience further issues in the future, it could further negatively impact our customers’ experience, result in additional costs, litigation and regulatory action, and harm our business and reputation. We also face the risk that existing relationships will be renegotiated with less favorable terms for us or that we may be unable to renegotiate on terms that are acceptable to us. In addition, we may be obligated to make or accelerate payments to certain business partners such as cobrand partners upon the occurrence of certain triggering events such as a shortfall in certain performance and revenue levels. If we are not able to effectively manage these triggering events, we could unexpectedly have to make payments to these partners, which could have a negative effect on our

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shortfall in certain performance and revenue levels. If we are not able to effectively manage these triggering events, we could unexpectedly have to make payments to these partners, which could have a negative effect on our financial condition and results of operations. See Note 12 to the “Consolidated Financial Statements” for additional information on financial commitments related to agreements with certain cobrand partners.

Similarly, we are exposed to risk from bankruptcies, liquidations, insolvencies, financial distress, restructurings, structural shifts in the economy, consolidations, operational outages, cybersecurity incidents and other similar events that may occur in any industry representing a significant portion of our billed business or with respect to any of our important business partners (such as those with whom we co-create and co-fund value for customers), which could negatively impact particular card products and services (and volumes generally) and our financial condition and results of operations. We have previously and may in the future pre-purchase loyalty points from certain of our cobrand partners, the value of which may diminish to the extent such partners cease operations or such points become less desirable to our customers. We could also be materially impacted if we were obligated or elected to reimburse Card Members for products and services purchased from merchants that have ceased operations or stopped accepting our cards. For example, we are exposed to credit risk in the airline industry to the extent we protect Card Members against non-delivery of purchases, such as where we have remitted payment to an airline for a Card Member purchase of tickets that have not yet been used or “flown.” If we are unable to collect the amount from the airline, we may bear the loss for the amount credited to the Card Member. Spending at airline merchants accounted for approximately 76 percent of our worldwide billed business for the year ended December 31, ~~2024~~2025.

For additional information relating to operational risks of our business partners, see “We rely on third-party providers for acquiring and servicing customers, technology, platforms and other services integral to the operations of our businesses. These third parties may act in ways or experience issues that could materially harm our business” below.

We face continued intense competitive pressure that may materially impact the prices we charge for accepting our cards for payment, as well as the risk of losing merchant relationships, which could have a material adverse impact on our business and results of operations.

We face pressure from competitors that primarily rely on sources of revenue other than discount revenue or have lower costs that can make their pricing for card acceptance more attractive. Merchants, business partners and third-party merchant acquirers, ~~aggregators~~processors and ~~processors~~payment facilitators are also able to negotiate incentives, pricing concessions and other favorable contractual provisions from us as a condition to accepting our cards, being cobrand partners, offering benefits to our Card Members or signing merchants to accept American Express cards. As these parties become even larger (such as the largest tech companies) or as evolving technologies and customer preferences alter the payments landscape, we may have to increase the amount of incentives and/or concessions we provide to them. We also face the risk of losing relationships with these parties or that they limit acceptance of our cards, which could materially adversely affect spending on our cards and our ability to retain current Card Members and attract new Card Members and therefore, our business and results of operations.

Our merchant discount rates have been impacted by regulatory changes affecting competitor pricing in certain international countries and U.S. states, as well as litigation related to pricing, and may in the future be impacted by pricing regulation and litigation. We have also experienced erosion of our merchant discount rates as we increase merchant acceptance. We may not be successful in significantly expanding merchant acceptance or offsetting rate erosion with volumes at new merchants. In addition, the regulatory environment and differentiated payment models and technologies from non-traditional players in the alternative payments space could pose challenges to our ~~traditional~~ payment model and adversely impact our merchant discount rates. Some merchants, including large tech companies and other large merchants, continue to invest in their own payment and financing solutions, such as proprietary-branded digital wallets, using both traditional and new technology platforms. If merchants are able to drive broad consumer adoption and usage, it could adversely impact our merchant discount rates and network and loan volumes.

A continuing priority of ours is to drive greater and differentiated value to our merchants that, if not successful, could negatively impact our discount revenue and financial results. We may not succeed in maintaining merchant discount rates or offsetting the impact of declining merchant discount rates, for the reasons discussed above and others, which could materially and adversely affect our revenues and profitability, and therefore our ability to invest in innovation and in value-added services for merchants, business partners and Card Members.

Surcharging, steering or other differential acceptance practices by merchants could materially adversely affect our business and results of operations.

In certain countries, such as Australia (where surcharging is currently under reconsideration), Canada (other than in the Province of Quebec) and certain Member States in the EU, and in certain states in the United States, merchants are permitted by law to engage in surcharging, steering or other differential acceptance practices for certain card purchases and certain merchants and merchant organizations continue to push for these practices in other jurisdictions. In jurisdictions ~~allowing~~where surcharging is not prohibited, we have seen an increase in merchant surcharging on American Express cards, particularly in certain merchant categories, and in some cases, either the surcharge is greater than that applied to ~~Visa~~cards ~~and~~issued ~~Mastercard~~on ~~cards~~competing networks or ~~Visa~~cards ~~and~~issued ~~Mastercard~~on ~~cards~~competing networks are not surcharged at all (practices that are known as differential surcharging), even though there are many cards issued on competing networks that have an equal or greater cost of acceptance for the merchant. In addition to surcharging, we also encounter merchants that accept our cards, but tell their customers that they prefer to accept another type of payment or otherwise seek to suppress use of our cards or certain of our cards, such as limiting the use of our cards for certain transactions.

We also encounter merchants that accept our cards, but tell their customers that they prefer to accept another type of payment or otherwise seek to suppress use of our cards or certain of our cards, such as limiting the use of our cards for certain transactions. Our Card Members value the ability to use their cards where and when they want to, and we, therefore, take steps to meet our Card Members’ expectations and to protect the American Express brand by prohibiting discrimination through provisions in our merchant contracts, including non-discrimination and honor-all-cards provisions, subject to local legal requirements. We ~~have~~generally ~~increasingly~~do ~~relied~~not onprohibit ~~merchant~~surcharging ~~acquirers,~~in ~~aggregators and processors to manage certain aspects of~~ our ~~merchant~~agreements ~~relationships. When we work~~ with ~~such~~merchants ~~third~~so ~~parties,~~long weas ~~are~~it ~~dependent~~is onpermitted ~~them~~by tolaw ~~promote~~ and ~~support~~a ~~the~~merchant ~~acceptance~~does ~~and~~not ~~usage~~discriminate ofagainst ~~our~~American Express cards, ~~but~~by ~~they~~engaging ~~may~~in ~~have~~differential ~~business interests, strategies or goals that are inconsistent with ours~~surcharging.

Recently introduced products, such as debit cards on the American Express network, could fail to gain market acceptance and American Express cards could become less desirable to consumers and businesses generally due to surcharging, steering or other 25

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American Express cards could become less desirable to consumers and businesses generally due to surcharging, steering or other forms of discrimination, which could result in a decrease in cards-in-force, coverage and transaction volumes, including as a result of related actions we may take to enforce our merchant contractual provisions such as terminating merchant contracts. The impact could vary depending on such factors as: the industry or manner in which a surcharge is levied; how Card Members are surcharged or steered to other card products or payment forms at the point of sale; the ease and speed of implementation for merchants, merchant acquirers, ~~aggregators~~processors, ~~processors~~payment facilitators or other merchant service providers, including as a result of new or emerging technologies such as AI and agentic commerce; the size and recurrence of the underlying charges; and whether and to what extent these actions are applied to other forms of payment, including whether it varies depending on the type of card (e.g., credit or debit), product, network, acquirer or issuer. We also increasingly rely on merchant acquirers, processors and payment facilitators to manage certain aspects of our merchant relationships and promote and support the acceptance and usage of our cards, but they may have business interests, strategies or goals that are inconsistent with ours. Discrimination against American Express cards could have a material adverse effect on our business, financial condition and results of operations, particularly where it only or disproportionately impacts credit card usage or card usage generally, our Card Members or our business.

We may not be successful in our efforts to promote card usage or attract new ~~Card Members~~customers, including through marketing and promotion, merchant acceptance and Card Member rewards and services, or to effectively control the costs of such investments, all of which may materially impact our profitability.

Revenue growth is dependent on increasing consumer and business spending on our cards, growing loan balances and increasing fee revenue. We have been investing in a number of growth initiatives, including to attract new Card Members, retain existing Card Members, grow merchant acceptance and capture a greater share of customers’ total spending and borrowings. We have also introduced complementary products, such as travel and dining platforms, checking accounts, debit cards and expense management tools. There can be no assurance that our investments will continue to be effective, particularly as consumer and business behaviors continue to change. Inand ~~addition,~~competition toin the ~~extent~~payments ~~our~~industry ~~products~~remains ~~or offers attract customers looking for short-term incentives rather than incentivize long-term loyalty, Card Member attrition and costs could increase~~intense. Increasing spending on our cards also depends on our continued expansion of merchant acceptance of our cards. If we are unable to continue growing merchant acceptance and perceptions of coverage, or if merchants decide to no longer accept American Express cards or more greatly engage in surcharging, steering or other differential acceptance practices, our business could suffer. ~~Expanding~~As the payments industry continues to evolve, we may expand our product and service offerings, ~~adding~~which could include offering new payment mechanisms or additional complementary products, or shift the focus of our investments. We may also add customer acquisition channels and ~~forming~~form new partnerships or ~~renewing~~renew current partnerships. Any of these initiatives could have higher costs than our current arrangements, fail to resonate with customers, adversely impact our merchant discount rates and existing product and service offerings or dilute our brand.

Another way we invest in customer value is through ~~our~~a ~~Membership~~range ~~Rewards~~of ~~program, as well as other~~ Card Member ~~benefits.~~rewards ~~Any~~and ~~significant change in~~benefits, orincluding ~~failure~~our ~~by management to reasonably estimate, actual redemptions of~~ Membership Rewards ~~points and associated redemption costs could adversely affect our profitability~~program. We rely on third parties for certain Membership Rewards redemption options, statement credits, Card Member offers, travel- and dining-related benefits and other rewards and benefits, and we may modify or not be able to continue to offer such rewards and benefits in the future, which could diminish the value of ~~the program for~~ our ~~Card Members~~cards. InMany ~~addition, many~~ credit card issuers and certain other companies have ~~instituted~~developed rewards and cobrand programs and other benefits and services that are similar to ours and may be more attractive. An inability to differentiate our products and services could materially adversely affect us.

We may not be able to cost-effectively manage and expand Card Member benefits, including containing the growth of marketing, promotion, rewards and Card Member services expenses in the future, and our ability to do so will depend in part on our ability to attract value from partners. IfIn ~~such~~addition, ~~expenses~~to ~~increase~~the ~~beyond~~extent our ~~expectations,~~products weor ~~will~~offers ~~need~~attract tocustomers ~~find~~looking ~~ways~~for toshort-term ~~offset~~incentives ~~the~~and ~~financial~~fail ~~impact~~to byincentivize ~~increasing~~long-term ~~other~~loyalty, ~~areas~~costs ofand ~~revenues~~Card ~~such~~Member asattrition ~~fee-based~~could ~~revenues,~~increase. ~~decreasing~~Any ~~operating~~significant ~~expenses~~change in, or ~~other~~failure ~~investments~~by inmanagement ~~our~~to ~~business~~reasonably estimate, orusage ~~both.~~of WeCard ~~may~~Member ~~not~~services, ~~succeed~~redemptions inof ~~doing~~Membership ~~so,~~Rewards ~~particularly~~points inand ~~the~~statement ~~current~~credit ~~competitive~~offers and ~~regulatory~~associated ~~environment,~~costs ~~which~~could ~~has~~adversely ~~included~~affect ~~heightened~~our ~~scrutiny~~profitability. onIf ~~credit~~our ~~card~~expenses ~~rewards~~significantly ~~programs.~~increase Inbeyond ~~addition~~our expectations, ~~increased~~we ~~costs~~may asbe aunable ~~result~~to offset the financial impact by decreasing investments in other areas of the business ~~and~~or ~~economic~~operating ~~conditions~~expenses ~~may~~or ~~require~~increasing ~~that~~revenues wesuch ~~reduce~~as ~~investments~~fee-based revenues, or both, particularly in ~~other~~the ~~areas~~current regulatory and competitive environment.

Our brand and reputation are key assets of our Company, and our business may be materially affected by how we are perceived in the marketplace.

Our brand and its attributes are key assets, and we believe our continued success depends on our ability to preserve, grow and realize the benefits of the value of our brand. Our ability to attract and retain consumer and small business Card Members and corporate clients is highly dependent upon the external perceptions of our level of service, trustworthiness, business practices, fraud prevention, privacy and data protection, management, workplace culture, merchant acceptance, financial condition, response to political and social issues or catastrophic events and other subjective qualities. Negative perceptions or publicity regarding these matters — even if related to seemingly isolated incidents and whether or not factually correct—could erode trust and confidence and damage our reputation among existing and potential Card Members, corporate clients, merchants and partners, which could make it difficult for us to attract new customers and maintain existing ones, and could subject us to heightened legal and regulatory scrutiny. Negative public opinion could result from actual or alleged conduct in any number of activities or circumstances, including card practices, regulatory compliance, the use and protection of customer information, conduct by our colleagues and policy engagement and charitable giving, including activities of the American Express Company Political Action Committee and the American Express Foundation, and from actions taken by regulators or others in response thereto. Moreover, the speed with which information spreads through social media, ~~enhanced technology~~ and other news sources, the increased prevalence of campaigns by activists and others targeting corporate practices (including those advancing certain political or social agendas), and the ease with which customers ~~transact~~can switch to competing products may amplify the onset and negative effects from such perceptions.

Our brand and reputation may also be harmed by actions taken by third parties that are outside our control. For example, any shortcoming of, or controversy related to, a third-party service provider, business partner, merchant acquirer or network partner may be attributed by Card Members and merchants to us, thus damaging our reputation and brand value. Our brand may also be negatively impacted by acceptance of American Express cards by merchants in certain industries, when American Express cards are used for payment for legal, but controversial, products and services or any government inquiries or legislative scrutiny related to card acceptance or usage. The lack of acceptance, suppression of card usage or surcharging by merchants can also negatively impact perceptions of our brand and our products, lower overall transaction volume and increase the attractiveness of other payment products or systems. Adverse developments with respect to our industry, including the creation and implementation of new merchant categories codes, may also negatively impact our reputation, or result in greater regulatory or legislative scrutiny or litigation against us. Furthermore, as a corporation with headquarters and operations located in the United States and a brand name

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negatively impacted by perceptions about our Card Member base, ability or inability of certain individuals or companies to become customers and their usage of our cards and other products and services, and acceptance of American Express cards by merchants in certain industries, when American Express cards are used for payment for legal, but controversial, products and services, or any government inquiries or legislative scrutiny related to customer acquisition practices or card acceptance or usage. The lack of acceptance, suppression of card usage or surcharging by merchants can also negatively impact perceptions of our brand and our products, lower overall transaction volume and increase the attractiveness of other payment products or systems. Adverse developments with respect to our industry may also negatively impact our reputation, or result in greater regulatory or legislative scrutiny or litigation against us. Furthermore, as a corporation with headquarters and operations located in the United States and a brand name referring to the United States, a negative perception of the United States arising from its political or other positions could harm the perception of our company and our brand. These risks to our brand and reputation, as well as other risks described ~~in this Risk Factors section~~herein, are heightened by the increasing sophistication and availability of ~~artificial~~AI ~~intelligence~~ technology, including by assisting with the creation of deepfakes, ~~and~~ increasing the velocity of distribution of disinformation and potentially altering the payments landscape in ways that disintermediate or create a negative perception of us. Although we monitor developments for areas of potential risk to our reputation and brand, negative perceptions or publicity could materially and adversely affect our business volumes, revenues, liquidity and profitability.

We face increased scrutiny from stakeholders who have diverging views related to business practices and company activities, which could result in reputational harm, litigation, enforcement actions and other adverse consequences. In addition, we are subject to increasing regulatory requirements and legal risks related to ~~environmental,~~corporate ~~social~~sustainability ~~and governance~~ topics, such as those arising from new disclosure requirements in certain jurisdictions. Inaccurate perceptions or mischaracterizations of disclosures on these topics, or our goals and initiatives, while outside of our control, could impact our reputation, colleague hiring and retention, and ~~public~~demand ~~perceptions~~for of our ~~business~~products and services.

If we are not able to successfully invest in, and compete with respect to, technological developments and new products and services across all our businesses, our revenue and profitability could be materially adversely affected.

Our industry is subject to rapid and significant technological changes. In order to compete in our industry, we need to continue to invest in technology across all areas of our business, including in transaction processing, data management and analytics, ~~machine~~AI ~~learning~~& ~~and~~ML ~~artificial~~(including ~~intelligence~~agentic commerce), customer interactions and communications, open banking and alternative payment and financing mechanisms (including related to digital currencies and blockchain technologies), authentication technologies and digital identification, tokenization, real-time settlement and risk management and compliance systems. Incorporating new technologies into our products and services, including developing the appropriate governance and controls consistent with regulatory expectations, requires substantial expenditures and takes considerable time, and may have unintended consequences or ultimately be unsuccessful. We expect that new technologies in the payments industry will continue to emerge, and these new technologies may be superior to, or render obsolete, our existing technology.

The process of developing new products and services, enhancing existing products and services and adapting to technological changes and evolving industry standards is complex, costly and uncertain, and any failure by us to accurately anticipate and respond to customers’ changing needs and emerging technological trends ~~accurately~~ could significantly impede our ability to compete effectively. Our competitors may develop, or partner with companies that develop, products, platforms or technologies that become more widely adopted by consumers, merchants or service providers than ours, including as a result of increased involvement by technology companies in the payments industry and our competitors’ greater scale or ability to pursue and adopt new technologies. In addition, we may underestimate the resources needed and overestimate our ability to develop new products and services and customer demand for such products and services, particularly beyond our traditional card products and travel-related services.

The use of ~~artificial~~AI ~~intelligence~~& ~~and~~ML ~~machine learning~~ technologies, including generative ~~artificial~~AI ~~intelligence~~and agentic commerce, has increased rapidly ~~with~~and may be transformative to the ~~increasing~~payments ~~sophistication~~industry, heightening the risks described herein and ~~applications~~others ofin ~~the~~ways ~~technology~~that may be unpredictable and disadvantageous to us. Our and our partners’ use of ~~artificial~~AI ~~intelligence~~& ~~and~~ML ~~machine learning~~ is subject to various and evolving risks, including flaws in models or datasets that may result in biased or inaccurate results, especially as generative AI has been known to produce false or “hallucinatory” inferences or outputs. The use of AI may also result in unintended or unexpected outcomes, present significant ethical ~~considerations~~challenges ~~regarding~~and ~~artificial~~heighten ~~intelligence~~risks related to information security, the infringement of intellectual property rights, and exposure of proprietary or personal information,. ~~heightened~~We ~~security~~may ~~risks~~also ~~and~~face ~~the~~challenges in our ability to safely deploy AI systems and implement appropriate governance and controls, ~~for~~which ~~artificial~~may ~~intelligence~~not ~~systems~~be as burdensome to our competitors, and which may impair our implementation or impose additional risks. The complexity of these technologies can make it difficult to assess proper operation, reduce error, or understand and explain their outputs. Adverse consequences of ~~artificial~~AI ~~intelligence~~& ~~and~~ML ~~machine learning~~ remain uncertain but could include flaws in the decisions, predictions, outputs or analysis such technologies produce, ~~and~~ subjecting us to competitive harm, legal liability, heightened regulatory scrutiny, greater prevalence of surcharging or other negative point-of-sale practices and brand or reputational harm, as well as decreased demand for our products and services or increased costs.

Our ability to adopt new technologies may be inhibited by the emergence of industry-wide standards, a changing legislative and regulatory environment, an inability to develop appropriate governance and controls, a lack of internal product and engineering expertise, resistance to change from Card Members, merchants or service providers, lack of appropriate change management processes or the complexity of our systems. In addition, our adoption of new technologies and our introduction of new products and services may increase operational complexity and risk, and expose us to new or enhanced risks, particularly in areas where we have less experience or our existing governance and control systems may be insufficient, which could require us to make substantial expenditures or subject us to legal liability, heightened regulatory scrutiny and brand or reputational harm.

We may not be successful in realizing the benefits associated with our acquisitions, strategic alliances, joint ventures and investment activity, and our business and reputation could be materially adversely affected.

We have acquired a number of businesses and have made a number of strategic investments, and continue to evaluate potential transactions. There is no assurance that we will be able to successfully identify suitable candidates, value potential investment or acquisition opportunities accurately, ~~negotiate~~detect ~~acceptable~~potential ~~terms~~risks ~~for those opportunities, or complete proposed acquisitions~~ and investments. The process of integrating an acquired company, business or technology could create unforeseen operating difficulties and expenditures, including in integrating systems and personnel or further developing the acquired business or technology, result in unanticipated liabilities, ~~including~~related legal claims, violations of laws, commercial disputes and information security vulnerabilities or breaches (including from not integrating the acquired company, business or technology quickly or appropriately, from activities that occurred prior to the acquisition, from inadequate systems or controls of the acquired company, and from exposure to third party relationships of the acquired company or business or new laws and regulations), and harm our business generally. Expanding to new businesses, geographies or customer types through acquisitions may subject us to new risks and we may not have the relevant expertise or business structure to achieve the desired results. It may take us longer than expected to fully realize the anticipated benefits of these transactions, and those ~~benefits may ultimately be smaller than anticipated or may not be realized at all~~opportunities, ~~which~~negotiate ~~could~~acceptable ~~materially~~terms ~~adversely affect our business and operating results, including as a result of write-downs of goodwill and other intangible assets.~~

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~~Joint~~for ~~ventures,~~those ~~including our joint ventures in China~~opportunities, ~~the~~or ~~Middle~~complete ~~East~~proposed ~~and~~acquisitions ~~Switzerland,~~ and ~~minority~~ investments. inThe ~~companies~~process ~~such~~of asintegrating ~~GBTG~~an ~~inherently~~acquired ~~involve~~company, abusiness ~~lesser~~or ~~degree~~technology ofcould ~~control~~create ~~over~~unforeseen ~~business~~operating ~~operations,~~difficulties ~~thereby~~and ~~potentially~~expenditures, ~~increasing~~including ~~the~~in ~~financial,~~integrating ~~legal~~systems, ~~operational~~customers and~~/or~~ ~~compliance~~personnel ~~risks~~or ~~associated~~further ~~with~~developing the ~~joint~~acquired ~~venture~~business or ~~minority investment~~technology, ~~including~~result asin aunanticipated ~~result~~liabilities, ofincluding ~~being~~legal ~~subject~~claims, toviolations ~~different~~of laws, orcommercial ~~regulations.~~disputes ~~Joint ventures~~ and ~~other~~information ~~partnerships~~security vulnerabilities or ~~minority~~breaches ~~investments~~(including ~~operating~~from innot ~~foreign~~integrating ~~jurisdictions~~the ~~may~~acquired ~~also face risks from adverse regulatory actions~~company, ~~which~~business ~~could~~or ~~adversely~~technology ~~affect~~quickly ~~their operations~~ or ~~our investment. In addition~~appropriately, wefrom ~~may~~activities bethat ~~dependent~~occurred onprior ~~joint~~to ~~venture~~the ~~partners~~acquisition, ~~controlling~~from ~~shareholders~~inadequate systems or ~~management~~controls ~~who~~of ~~may~~the ~~have~~acquired ~~business interests~~company, ~~strategies or goals that are inconsistent with ours~~ and wefrom ~~have~~exposure ~~been~~to ~~and~~third ~~may~~party inrelationships of the ~~future~~acquired becompany ~~involved~~or inbusiness ~~litigation~~or ~~with~~new ~~our~~laws ~~joint venture partners~~ and ~~other~~regulations), ~~shareholders~~ and ~~parties~~may ~~related~~divert tocompany ~~the~~time ~~joint ventures~~ and ~~investments.~~resources Weor ~~have~~harm ~~commercial~~our ~~arrangements~~business ~~with~~generally. ~~GBTG,~~For ~~including~~example, ~~among~~legal ~~other~~claims ~~things,~~have aarisen ~~long-term~~relating ~~trademark license agreement pursuant~~ to ~~which~~the ~~GBTG~~structure ~~uses~~and ~~select~~consideration ~~American~~paid ~~Express~~in ~~marks. GBTG also supports~~ certain of our ~~strategic partnerships and our Commercial Services business~~acquisitions. ~~Business~~Expanding ~~decisions~~to ornew ~~other~~businesses, ~~actions~~geographies or ~~omissions~~customer oftypes athrough ~~joint~~acquisitions ~~venture~~may ~~partner,~~subject ~~other~~us ~~shareholders~~to ornew ~~management~~risks ~~of our joint ventures~~ and ~~companies in which~~ we ~~have minority investments~~ may ~~adversely~~not ~~affect~~have the ~~value~~relevant ofexpertise ~~our investment~~ or ~~any~~business ~~commercial~~structure ~~benefit~~ to usachieve ~~from~~desired ~~the~~results. ~~relationship,~~It ~~result~~may intake ~~litigation~~us orlonger ~~regulatory~~than ~~action~~expected ~~against~~to usfully ~~and~~realize ~~otherwise~~the ~~damage~~anticipated ~~our~~benefits ~~reputation~~of ~~and~~these ~~brand. In addition~~transactions, ~~trade secrets~~ and ~~other~~those ~~proprietary~~benefits ~~information~~may weultimately ~~may~~be ~~provide~~smaller tothan aanticipated, ~~joint~~not ~~venture~~realized ~~may~~at ~~become~~all ~~available~~or tofully ~~third~~offset ~~parties~~by ~~beyond~~other ~~our~~costs, ~~control.~~which ~~The~~could ~~ability~~materially toadversely ~~enforce~~affect ~~intellectual~~our ~~property~~business and ~~contractual~~operating ~~rights~~results, toincluding ~~prevent~~as ~~disclosure~~a result of ~~our~~write-downs ~~trade~~of ~~secrets~~goodwill and other ~~proprietary~~intangible ~~information may be limited in certain jurisdictions~~assets.

Joint ventures, such as those through which we operate in certain foreign jurisdictions, and minority investments in companies, such as GBTG, inherently involve a lesser degree of control over business operations, thereby potentially increasing the financial, legal, operational and/or compliance risks associated with the joint venture or minority investment, including as a result of being subject to different laws or regulations. Joint ventures and other partnerships or minority investments operating in foreign jurisdictions may also face risks from adverse regulatory actions, which could adversely affect their operations or our investment. In addition, we may be dependent on joint venture partners, controlling shareholders or management who may have business interests, strategies or goals that are inconsistent with ours and we have been and may in the future be involved in litigation with our joint venture partners and other shareholders and parties related to the joint ventures and investments. We have commercial arrangements with GBTG, including, among other things, a long-term trademark license agreement pursuant to which GBTG uses select American Express marks. GBTG also supports certain of our strategic partnerships and our Commercial Services business. Business decisions or other actions or omissions of a joint venture partner, other shareholders or management of our joint ventures and companies in which we have minority investments may adversely affect the value of our investment or any commercial benefit to us from the relationship, result in litigation or regulatory action against us and otherwise damage our reputation and brand. In addition, trade secrets and other proprietary information we may provide to a joint venture may become available to third parties beyond our control. The ability to enforce intellectual property and contractual rights to prevent disclosure of our trade secrets and other proprietary information may be limited in certain jurisdictions.

Additionally, from time to time we may decide to divest certain businesses or assets. These divestitures may involve significant uncertainty and execution complexity, which may cause us not to achieve our strategic objectives, realize expected cost savings or obtain other benefits from the divestiture and may result in unexpected losses of colleagues or harm to our brand, customers or other partners. Further, during the pendency of a divestiture, we may be subject to risks such as that the transaction may not close or the business to be divested may decline, and if a divestiture is not completed, we may not be able to find another acquiror on similar terms.

Operational and Compliance~~/Legal~~ Risks

We may not be able to effectively manage the operational and compliance risks to which we are exposed.

We consider operational risk toas be the risk ofto ~~loss~~our ~~due~~current ~~to,~~or ~~among~~projected ~~other~~financial ~~things,~~condition and resilience arising from inadequate or failed processes, ~~people~~human orerror ~~information systems,~~ or ~~impacts~~adverse ~~from the~~ external ~~environment, including failures to comply with laws and regulations as well as impacts from relationships with third parties~~events. Operational risk includes, among others, the risk that error or misconduct could result in a material financial misstatement, a failure to monitor a third party’s compliance with regulatory or legal requirements, a failure to adequately monitor and control access to, or use of, data in our systems we grant to third parties or a failure to satisfy our obligations to our customers with respect to our products and services (e.g. For example, as previously disclosed, we have identified issues related to our rewards and benefits) programs and have taken actions to remediate the issues and enhance our related procedures and controls. As processes or organizations are changed or become more complex, we grow in size or acquire businesses, new products and services are introduced, such as new lending features, banking products, dining capabilities and digital collectibles, or we become subject to more stringent or complicated regulatory requirements, we may not identify or address new operational risks. Through human error, fraud or malfeasance, conduct risk can result in harm to customers, legal liability, fines, sanctions, customer remediation and brand damage. Although we maintain systems and controls to help mitigate conduct risk, they may not be effective, and misconduct by one or more colleagues or partners, particularly those with access to key systems or information, could have wide-reaching consequences.

Compliance risk arises from violations of, or failure to conform or comply with, laws, ~~rules,~~and/or regulations, internal policies and procedures and related practices, or ethical standards. We need to continually update and enhance our control environment to address operational and compliance risks, and our control environment and related systems have in certain instances not sufficiently detected, and may in the future not sufficiently detect, errors or omissions. Operational and compliance failures, deficiencies in our control environment or an inability to maintain high standards of business conduct can expose us to reputational and legal risks as well as fines, civil money penalties or payment of damages and can lead to diminished business opportunities and diminished ability to expand key operations.

A major information or cybersecurity incident ~~or an increase in fraudulent activity~~ could lead to reputational damage to our brand and material legal, regulatory and financial exposure, and could reduce the use and acceptance of our products and services.

We and third parties collect, process, transfer, host, store, analyze, retain, provide access to and dispose of account information, payment transaction information, sensitive business information and certain types of personally identifiable and other information pertaining to our customers, partners and colleagues in connection with our cards and other products and in the normal course of our business.

Global financial institutions like us, as well as our customers, colleagues, regulators, service providers and other third parties, have experienced a significant increase in information security and cybersecurity risk in recent years and will likely continue to be the target of increasingly sophisticated cyberattacks, including computer viruses, malicious or destructive code, ransomware, social engineering attacks (including phishing, impersonation and identity takeover attempts), artificial intelligence-assisted deepfake attacks and disinformation campaigns, corporate espionage, hacking, website defacement, denial-of-service attacks, exploitation of vulnerabilities and other attacks and similar disruptions from the misconfiguration or unauthorized use of or access to computer systems and company accounts. These threats have arisen from external parties, as well as insiders who knowingly or unknowingly engage in or enable malicious cyber activities. There are a number of motivations for cyber threat actors, including criminal activities such as fraud, identity theft and ransom, corporate or nation-state espionage, political agendas, public embarrassment with the intent to cause financial or reputational harm, intent to disrupt information technology systems and supply chains, and to expose and exploit potential security and privacy vulnerabilities in corporate systems and websites. Cyber threat actors, including state-sponsored and nation state actors, have rapidly evolved their techniques and increasingly utilize advanced capabilities, including the integration of advanced forms of artificial intelligence and other new technology, which can increase the efficacy, severity, frequency and ease of execution of cyberattacks.28

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~~Our~~Global ~~and~~financial institutions like us, as well as our ~~partners’~~customers, ~~networks~~colleagues, regulators, service providers and ~~systems~~other ~~are~~third ~~subject~~parties, tohave ~~constant~~experienced ~~attempts~~a tosignificant ~~disrupt~~increase ~~business~~in ~~operations~~information security and ~~capture,~~cybersecurity ~~destroy,~~risk ~~manipulate~~in orrecent ~~expose~~years ~~various~~and ~~types~~will likely continue to be the target of ~~information~~increasingly ~~relating~~sophisticated tocyberattacks, ~~corporate~~including ~~trade~~computer ~~secrets~~viruses, ~~customer~~malicious ~~information~~or destructive code, ransomware, social engineering attacks (including ~~Card Member~~phishing, ~~travel~~impersonation and ~~loyalty~~identity ~~program~~takeover ~~data~~attempts), ~~colleague~~AI-assisted ~~information~~deepfake attacks and ~~other~~disinformation ~~sensitive~~campaigns, ~~business~~corporate ~~information~~espionage, ~~(including~~hacking, ~~acquisition~~website ~~activity~~defacement, ~~non~~denial-~~public~~of-service ~~financial~~attacks, ~~results~~exploitation of vulnerabilities and ~~intellectual~~other ~~property)~~attacks and similar disruptions from the misconfiguration or unauthorized use of or access to computer systems and company accounts. ~~For~~These ~~example~~threats have arisen from external parties, weincluding state-sponsored and ~~other~~nation ~~U.S.~~state ~~financial~~actors, ~~services~~as ~~providers~~well ~~have~~as ~~been~~insiders ~~the~~who ~~target~~knowingly or unknowingly engage in or enable malicious cyber activities. There are a number of ~~attacks~~motivations for cyber threat actors, including criminal activities such as ~~denial~~fraud, ofidentity ~~service~~theft ~~attacks~~and ransom, ~~social~~corporate ~~engineering~~or ~~and~~nation-state espionage, political agendas, public embarrassment with the ~~impersonation~~intent ofto ~~current~~cause financial or ~~prospective~~reputational ~~employees~~harm, ~~and~~intent ~~contractors.~~to Wedisrupt ~~develop~~information ~~and~~technology ~~maintain~~ systems and ~~processes~~supply ~~aimed~~chains, atand ~~detecting~~to expose and ~~preventing~~exploit ~~information~~potential security and ~~cybersecurity~~privacy ~~incidents~~vulnerabilities in corporate systems and ~~fraudulent~~websites. ~~activity~~Cyber threat actors have rapidly evolved their techniques and increasingly utilize advanced capabilities, including ~~our~~the ~~cyber~~exploitation ~~crisis~~of ~~response~~unknown ~~procedures,~~security ~~which~~flaws ~~require~~in ~~significant~~software ~~investment,~~and ~~maintenance~~hardware and ~~ongoing~~the ~~monitoring~~integration ~~and~~of ~~updating~~advanced asforms ~~technologies~~of AI and ~~regulatory~~other ~~requirements~~new ~~change~~technology, ~~new~~which ~~vulnerabilities~~can ~~and~~increase ~~exploits~~the ~~are~~efficacy, ~~discovered~~severity, frequency and ease of execution of cyberattacks. In addition, new computing technologies, such as ~~efforts~~quantum computing, may enable threat actors to ~~overcome~~compromise ~~security~~data ~~measures~~encryption ~~become~~and ~~more~~other ~~sophisticated~~protective measures.

~~Despite~~Our ~~our efforts~~ and ~~the~~our ~~efforts~~partners’ ofnetworks ~~third~~and ~~parties~~systems ~~that~~are ~~process,~~subject ~~transmit~~to orconstant ~~store~~attempts ~~our~~to ~~data~~disrupt ~~and~~business ~~data~~operations ~~of our customers~~ and ~~colleagues or support our operations~~capture, ~~such as service providers~~destroy, ~~merchants~~manipulate ~~and~~or ~~regulators,~~expose ~~the~~various ~~possibility~~types of information, ~~operational~~relating ~~and~~to ~~cybersecurity~~corporate ~~incidents~~trade secrets, ~~malicious~~customer ~~social~~information ~~engineering,~~(including ~~password~~Card ~~mismanagement~~Member, ~~corporate espionage~~travel, ~~fraudulent~~dining ~~or other malicious activities~~ and ~~human~~loyalty ~~error~~program ordata), ~~malfeasance~~colleague ~~cannot~~information ~~be eliminated entirely~~ and ~~will~~other ~~evolve~~sensitive asbusiness ~~new~~information ~~and emerging technology is deployed by threat actors,~~ (including ~~the~~acquisition ~~use of artificial intelligence and quantum computing~~activity, ~~and~~non-public wefinancial ~~increasingly~~results ~~use platforms that are outside of our network~~ and ~~control~~intellectual ~~environments~~property). For example, we ~~are~~and ~~aware~~other ~~that~~U.S. ~~certain~~financial ofservices ~~our third-party service~~ providers ~~and joint ventures~~ have been the ~~victims~~target of ~~ransomware and other cyberattacks~~attacks, ~~in some instances that affected our data or services provided to us. In addition, recently introduced products and services,~~ such as ~~checking accounts and non~~denial-~~card~~of-service ~~lending~~attacks, ~~may~~social ~~lead~~engineering toand anthe ~~increase~~impersonation inof ~~the~~current ~~number~~ or ~~types~~prospective ofemployees ~~cyberattacks~~ and ~~our~~contractors, ~~exposure~~in tosome ~~fraud~~cases ~~and~~conducted ~~other~~by ~~malfeasance.~~nation ~~Risks~~state-affiliated ~~associated~~actors. ~~with~~We ~~such~~develop ~~incidents~~ and ~~activities~~maintain ~~include~~systems ~~theft of funds~~ and ~~other~~processes ~~monetary~~aimed ~~loss,~~at ~~disruption~~detecting ~~of our operations~~ and ~~the~~preventing ~~unauthorized~~information ~~disclosure,~~security ~~release,~~and ~~gathering,~~cybersecurity ~~monitoring,~~incidents ~~misuse,~~and ~~modification,~~fraudulent ~~loss or destruction of confidential~~activity, ~~proprietary, trade secret or other information (~~including ~~account~~our ~~data~~cyber ~~information).~~crisis Anresponse ~~incident~~procedures, ~~may~~which ~~not~~require besignificant ~~detected~~investment, ~~until~~maintenance ~~well after it occurs~~ and ~~the~~ongoing ~~severity~~monitoring and ~~potential~~updating ~~impact~~as ~~may~~technologies ~~not~~and beregulatory ~~fully~~requirements ~~known~~change, ~~for~~new avulnerabilities ~~substantial~~and ~~period~~exploits ofare ~~time after it has been~~ discovered. ~~We are subject to varied cybersecurity regulations~~ and ~~incident~~as ~~reporting~~efforts ~~requirements, which could require us~~ to ~~disclose~~overcome ~~incidents~~security ~~that~~measures ~~may~~become ~~not~~more ~~have~~sophisticated. ~~been~~In ~~resolved~~addition, orour ~~fully~~own ~~investigated~~usage ~~at the time~~ of ~~disclosure,~~generative ~~leading~~AI ~~to customer confusion, regulatory scrutiny~~ and ~~negative~~other ~~publicity~~emerging ~~and~~technologies ~~exacerbating~~may ~~risks~~increase ~~related~~our tovulnerabilities ~~the~~or ~~incident~~limit ~~itself.~~our ~~Our~~ ability to ~~address~~detect ~~incidents may also depend on the timing and nature of assistance that may be provided from relevant governmental or law enforcement agencies~~intrusion.

~~Information~~Despite our efforts and the efforts of third parties that process, ~~operational~~transmit or store our data and data of our customers and colleagues or support our operations, such as service providers, merchants and regulators, the possibility of information, operational and cybersecurity incidents, malicious social engineering, password mismanagement, corporate espionage, fraudulent ~~activity~~or other malicious activities and ~~other~~human ~~actual~~error or ~~perceived~~malfeasance ~~failures~~cannot tobe ~~maintain~~eliminated ~~confidentiality~~entirely and will evolve as new and emerging technologies are deployed by threat actors, ~~integrity~~including the potential use of advanced forms of AI and quantum computing, ~~availability~~and we increasingly use platforms that are outside of ~~services~~our network and ~~data~~control environments. For example, ~~privacy~~we are aware that certain of our third-party service providers and~~/or~~ ~~security~~joint ~~has~~ventures ~~led~~have tobeen ~~increased~~the ~~regulatory~~victims ~~scrutiny~~of ransomware and ~~may~~other ~~lead~~cyberattacks, in some instances that affected our data or services provided to ~~regulatory~~us. ~~investigations~~Furthermore, recently introduced products and ~~intervention~~services, (such as ~~mandatory~~checking accounts and non-card ~~reissuance)~~lending, ~~consent~~may ~~decrees,~~lead ~~increased~~to ~~litigation~~an ~~(including~~increase ~~class~~in ~~action~~the ~~litigation),~~number ~~response~~or ~~costs~~types ~~(including~~of ~~notification~~cyberattacks and ~~remediation~~our ~~costs),~~exposure ~~fines,~~to ~~negative~~fraud ~~assessments~~and ofother usmalfeasance. Risks associated with such incidents and ~~our~~activities ~~subsidiaries~~include bytheft ~~banking~~of ~~regulators~~funds and ~~rating~~other ~~agencies~~monetary loss, ~~reputational~~disruption of our operations and ~~financial~~the ~~damage~~unauthorized todisclosure, ~~our~~release, ~~brand~~gathering, ~~negative~~monitoring, ~~impacts~~misuse, tomodification, ~~our~~loss ~~partner~~or ~~relationships~~destruction of confidential, proprietary, trade secret or other information (including account data information). An incident may not be detected until well after it occurs and ~~reduced~~the ~~usage~~severity and potential impact may not be fully known for a substantial period of ~~our~~time ~~products~~after it has been discovered. We are subject to varied cybersecurity regulations and ~~services,~~incident ~~all~~reporting ofrequirements, which could require us to disclose incidents that may not have abeen ~~material~~resolved ~~adverse~~or ~~impact~~fully oninvestigated ~~our~~at ~~business.~~the ~~The~~time of disclosure, ofleading ~~sensitive~~to ~~company~~customer ~~information~~confusion, ~~could~~regulatory scrutiny and negative publicity and exacerbating risks related to the incident itself. Our ability to address incidents may also ~~undermine~~depend ~~our~~on ~~competitive~~the ~~advantage~~timing and ~~divert~~nature ~~management~~of ~~attention~~assistance ~~and~~that ~~resources~~may be provided by relevant governmental or law enforcement agencies.

Information, operational or cybersecurity incidents and other actual or perceived failures to maintain confidentiality, integrity, availability of services and data, privacy and/or security has led to regulatory investigations and increased regulatory scrutiny and may lead to regulatory intervention (such as mandatory card reissuance), consent decrees, increased litigation (including class action litigation), response costs (including notification and remediation costs), fines, negative assessments of us and our subsidiaries by banking regulators and rating agencies, reputational and financial damage to our brand, negative impacts to our partner relationships, and reduced usage of our products and services, all of which could have a material adverse impact on our business. The disclosure of sensitive company information could also undermine our competitive advantage and divert management attention and resources.

Successful cyberattacks, data breaches, disruptions or other incidents related to the actual or perceived failures to maintain confidentiality, integrity, availability of services and data, privacy and/or security at other large financial institutions, large retailers, travel and hospitality companies, government agencies or other market participants, whether or not we are impacted, could lead to a general loss of customer confidence that could negatively affect us, including harming the market perception of the effectiveness of our security measures or harming the reputation of the financial system in general, which could result in reduced use of our products and services. Such events could also result in legislation and additional regulatory requirements. Although we maintain cyber insurance, there can be no assurance that liabilities or losses we may incur will be covered under such policies or that the amount of insurance will be adequate.

The uninterrupted operation of our information systems is critical to our success and a significant disruption could have a material adverse effect on our business and results of operations.

We rely extensively on our information technology systems and those of our third parties, including our transaction authorization, clearing and settlement systems, data centers and cloud data ~~centers~~storage and processing services, which have experienced and may continue to experience service disruptions or degradation that may result from technology malfunction, sudden increases in processing or other volumes, natural disasters and weather events, fires, accidents, technology change management issues, power outages, internet outages, telecommunications failures, fraud, denial-of-service, ransomware and other cyberattacks, inadequate infrastructure in lesser-developed markets, technology capacity management issues, terrorism, computer viruses, vulnerabilities or failures in hardware or software, physical or electronic break-ins, or similar events. Due to the interconnectivity and complexity of information systems and their reliance on common systems, software and vendors, disruptions or degradations have had, and will likely continue to have, wide-reaching consequences, including the potential to disrupt the overall financial system and other key systems in the global economy. Service disruptions or degradations impacting us or our partners can prevent access to online services and account information, compromise or limit access to company or customer data, impede or prevent transaction processing, communications to customers and financial reporting, disrupt ordinary business operations, result in contractual penalties or obligations, trigger regulatory reporting obligations, and lead to regulatory investigations and fines, increased regulatory oversight, and litigation (including class action litigation). Any such service disruption or degradation could adversely affect the perception of the reliability of our products and services and materially adversely affect our overall business, reputation and results of operations.

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processing or other volumes, natural disasters and weather events, fires, accidents, technology change management issues, power outages, internet outages, telecommunications failures, fraud, denial-of-service, ransomware and other cyberattacks, inadequate infrastructure in lesser-developed markets, technology capacity management issues, terrorism, computer viruses, vulnerabilities or failures in hardware or software, physical or electronic break-ins, or other operational issues or similar events. Due to the interconnectivity and complexity of information systems and their reliance on common systems, software and vendors (e.g., large technology and cloud-service providers), disruptions or degradations have had, and will likely continue to have, wide-reaching consequences, including the potential to disrupt the overall financial system and other key systems in the global economy. Service disruptions or degradations impacting us or our partners can prevent access to online services and account information, compromise or limit access to company or customer data, impede or prevent transaction processing, communications to customers and financial reporting, disrupt ordinary business operations, result in contractual penalties or obligations, trigger regulatory reporting obligations, and lead to regulatory investigations and fines, increased regulatory oversight, and litigation (including class action litigation). Any such service disruption or degradation could adversely affect the perception of the reliability of our products and services and materially adversely affect our overall business, reputation and results of operations.

Fraudulent activity associated with our products and services could have a material adverse effect on our business and results of operations.

We face risks from fraudulent activity associated with Card Members, merchants and others, including through bad actors obtaining access to our customer accounts and information and frauds committed by our customers against us. Large financial services firms such as American Express and our customers are regularly targeted by a range of fraudulent activity, including fraud on our card and banking products, false disputes, account takeovers, identity theft and electronic-transaction related crimes, with sophisticated perpetrators increasingly utilizing a range of advanced techniques and multiple parties acting in concert. New or emerging technologies, such as generative AI capabilities, have increased these fraud risks. For example, we have seen our customers targeted by elaborate and voluminous social engineering attacks, which may utilize advanced methods of deception, such as synthetic voice and conversation generation. Information and cybersecurity breaches and other operational incidents that we or third parties experience also increase our fraud risk. Additionally, our introduction of new products and services, expansion into new jurisdictions or usage of new partners or vendors may create new fraud risks or heighten existing risks. While we have policies and procedures designed to address fraud risks, such as customer authentication controls and fraud detection systems, they may be insufficient to accurately predict, prevent or detect fraud.

Increased fraudulent activity associated with our products and services could materially adversely affect our financial condition and results of operations, including as a result of credit losses and other expenses. Furthermore, fraudulent activity could harm our brand and reputation, negatively impact the use or acceptance of our products and services and lead to regulatory intervention or other actions (such as mandatory card reissuance).

Our business is subject to evolving and comprehensive government regulation and supervision, which could materially adversely affect our results of operations and financial condition.

We face ~~significantly~~ heightened and evolving regulatory expectations and scrutiny in the U.S. and globally, which significantly affects our business and requires continual enhancement of our compliance efforts. Supervision efforts and the enforcement of existing laws and regulations impact the scope and profitability of our existing business activities, limit our ability to pursue certain business opportunities and adopt new technologies, compromise our competitive position (particularly where we may be treated differently from our competitors), and affect our relationships with Card Members, partners, merchants, service providers and other third parties. New laws or regulations could similarly affect our business, increase the costs and complexity of doing business, impact what we are able to charge for, or offer in connection with, our products and services, impose conflicting obligations, and require us to change certain of our business practices and invest significant management attention and resources, all of which could adversely affect our results of operations and financial condition. Political developments, including those relating to recent shifts in trade policy and heightened geopolitical tensions, have resulted in and may further result in an increase in the number, complexity and scope of laws and regulations, heightened legislative and regulatory uncertainty, changes to supervisory and enforcement priorities, and increased risk of fragmentation in global financial regulation. In addition, legislators and regulators around the world are aware of each other’s approaches to the regulation of the financial services industry, so a development in one jurisdiction may influence regulatory approaches in another.

If we fail to satisfy regulatory requirements and expectations or maintain our financial holding company status or other applicable licenses and charters, our financial condition and results of operations could be adversely affected, and we may be restricted in our ability to take certain capital actions (such as declaring dividends or repurchasing outstanding shares) or engage in certain business activities or acquisitions, which could compromise our competitive position. Additionally, our banking regulators have wide discretion in the examination and the enforcement of applicable banking statutes and regulations and may restrict our ability to engage in certain business activities or acquisitions or require us to maintain more capital. We are currently a Category III firm for purposes of the U.S. federal bank regulatory agencies’ tailoring framework, which subjects us to heightened regulatory expectations and more stringent regulatory requirements. As we continue to grow, these expectations and requirements may further increase, such as if we become a Category II firm, which may increase our compliance costs and adversely affect our business.

Legislators and regulators continue to focus on the operation of card networks, including interchange fees paid to card issuers in payment networks such as Visa and Mastercard, network routing practices and the fees merchants are charged to accept cards. While in some cases our business is subject to exemptions related to certain of these regulations, there is no guarantee that such exemptions will continue to be available and even where we are not directly regulated, regulation of bankcard fees significantly negatively impacts the discount revenue derived from our business, including as a result of downward pressure on our discount rate from decreases in competitor pricing in connection with caps on interchange fees. In some cases, regulations also extend, or may extend, to certain aspects of our business, such as network and cobrand arrangements, new products or services we may offer, or the terms of card acceptance for merchants, including terms relating to non-discrimination and honor-all-cards. For example, we have exited our network licensing businesses in the EU and Australia as a result of regulation in those jurisdictions. In addition,

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~~and~~there ~~regulations~~is ~~impact~~uncertainty ~~the~~as ~~scope~~to ~~and~~when ~~profitability~~or ofhow ~~our~~interchange ~~existing~~fee ~~business~~caps ~~activities,~~and ~~limit~~other ~~our~~provisions ~~ability~~of topayments ~~pursue~~legislation ~~certain~~might ~~business~~apply ~~opportunities~~when ~~and~~we ~~adopt~~work ~~new~~with ~~technologies,~~cobrand ~~compromise~~partners ~~our competitive position,~~ and ~~affect~~agents ~~our~~in ~~relationships~~the ~~with~~EU. ~~Card~~See ~~Members,~~“Supervision ~~partners, merchants, service providers~~ and ~~other~~Regulation ~~third~~— ~~parties.~~Payments ~~New~~Regulation” ~~laws~~under or“Business” ~~regulations~~for ~~could~~more ~~similarly~~information. ~~affect~~Given ~~our~~differing ~~business,~~interpretations ~~increase~~by ~~the~~regulators ~~costs~~ and ~~complexity~~participants ofin ~~doing~~cobrand ~~business~~arrangements, ~~impact what~~ we are ~~able~~subject to ~~charge~~regulatory ~~for~~action, orpenalties ~~offer in connection with, our products~~ and ~~services,~~the ~~impose~~possibility ~~conflicting~~we ~~obligations,~~will ~~and~~not ~~require~~be usable to ~~change~~maintain ~~certain of~~ our ~~business~~existing ~~practices~~cobrand and ~~invest~~agent ~~significant~~relationships ~~management~~in ~~attention~~the ~~and~~EU. ~~resources~~In addition, ~~all~~a ofnumber ~~which could adversely affect our results~~ of ~~operations~~federal and ~~financial~~state ~~condition.~~laws ~~Political~~to ~~developments~~regulate ~~can~~various ~~result~~aspects inof ~~legislative~~network ~~and~~operations ~~regulatory~~are ~~uncertainty~~being ~~and~~considered ~~changes~~or tohave ~~supervisory~~passed, ~~and~~including ~~enforcement~~regarding ~~priorities.~~information Inassociated ~~addition,~~with ~~legislators~~electronic ~~and~~transactions ~~regulators~~(such ~~around~~as the ~~world~~use ~~are aware~~ of ~~each~~specific ~~other’s~~merchant ~~approaches~~categories tocodes ~~the~~or ~~regulation~~limitations ofon the ~~financial~~use ~~services~~of ~~industry.~~transaction ~~Consequently,~~data) aand ~~development~~pricing inof ~~one~~electronic ~~country,~~transactions ~~state~~(such oras ~~region~~interchange ~~may~~fees ~~influence~~on ~~regulatory~~sales ~~approaches~~tax inor ~~another~~gratuities).

IfLegislators weand ~~fail~~regulators also continue to ~~satisfy~~focus ~~regulatory~~on ~~requirements~~consumer orprotection, ~~maintain~~including ~~our~~product ~~financial~~design ~~holding~~and ~~company~~pricing ~~status~~constructs, ~~our~~account ~~financial~~management ~~condition~~ and ~~results~~security, ofcreditworthiness ~~operations~~assessments, ~~could~~credit bebureau ~~adversely affected~~reporting, ~~and~~disclosure werules, ~~may~~marketing, beforbearance ~~restricted~~measures inand ~~our~~debt ~~ability~~collection topractices. ~~take~~This ~~certain~~focus ~~capital~~has ~~actions~~included ~~(such~~fees, asinterest ~~declaring~~rates ~~dividends~~and orrewards ~~repurchasing~~associated ~~outstanding~~with ~~shares)~~card orand ~~engage~~banking inproducts, ~~certain~~such ~~business~~as ~~activities~~recent orproposals ~~acquisitions,~~to ~~which~~cap ~~could~~credit ~~compromise~~card ~~our~~interest ~~competitive position~~rates. ~~Additionally~~In addition, ~~our~~government ~~banking~~agencies ~~regulators~~are ~~have~~reviewing ~~wide~~financial ~~discretion~~institutions’ inpolicies ~~the examination~~ and ~~the~~practices ~~enforcement~~for ofproviding, ~~applicable~~maintaining ~~banking~~or ~~statutes~~discontinuing ~~and~~financial ~~regulations~~products ~~and~~or ~~may~~services ~~restrict~~to ~~our~~certain ~~ability~~clients toor ~~engage~~potential inclients. ~~certain~~Any ~~business~~new ~~activities~~requirements or ~~acquisitions~~increased orenforcement ~~require~~of usexisting torequirements ~~maintain~~could ~~more~~materially ~~capital.~~and Inadversely ~~2024,~~impact weour ~~became~~revenue agrowth ~~Category~~and ~~III~~profitability, ~~firm~~including, ~~for~~as ~~purposes~~a result of ~~the~~increased ~~U.S.~~scrutiny ~~federal~~of ~~bank~~our ~~regulatory agencies’ tailoring framework~~pricing, ~~resulting~~underwriting inand usaccount ~~becoming~~management ~~subject~~practices; tothe ~~heightened~~imposition ~~regulatory~~of ~~expectations~~fines and ~~more~~customer ~~stringent~~remediation; ~~regulatory~~higher ~~requirements.~~compliance Ascosts; wereputational ~~continue~~harm; impacts to ~~grow,~~our ~~these~~ability ~~expectations~~to ~~and~~issue ~~requirements~~cards ~~may~~or ~~further~~extend ~~increase,~~credit ~~such~~to ascurrent ifand weprospective ~~become~~Card aMembers, ~~Category~~appropriately IIprice ~~firm,~~for ~~which~~the ~~may~~value ~~increase~~of our ~~compliance~~products ~~costs~~or work with certain business partners; and ~~adversely~~changes ~~affect~~to our business practices generally.

~~Legislators~~We ~~and~~are ~~regulators~~subject ~~continue~~ to ~~focus~~significant onsupervision ~~the~~and ~~operation~~regulation ofwith ~~card~~respect ~~networks, including interchange fees paid~~ to ~~card~~compliance ~~issuers~~with inAML/CFT ~~payment networks such as Visa and Mastercard~~laws, ~~network~~sanctions ~~routing~~regimes ~~practices~~ and ~~the~~anti-corruption ~~fees~~laws ~~merchants~~in ~~are~~numerous ~~charged to accept cards~~jurisdictions. ~~While~~As inregulators ~~some~~increase ~~cases~~their ~~our~~focus ~~business~~with isrespect ~~subject~~ to ~~exemptions~~these ~~related~~financial tocrimes ~~certain of these regulations~~laws, ~~there~~new istechnologies ~~no guarantee that~~ such ~~exemptions~~as ~~will~~digital ~~continue~~currencies todevelop, benear ~~available~~real-time ~~and~~money ~~even~~movement ~~where~~solutions we are ~~not directly regulated~~adopted, ~~regulation~~we ofintroduce ~~bankcard~~new ~~fees~~products ~~significantly~~and ~~negatively~~geopolitical ~~impacts~~tensions ~~the discount revenue derived from our business~~increase, ~~including~~we asface aincreased ~~result~~costs ofrelated ~~downward~~to ~~pressure~~oversight, onsupervision ~~our~~and ~~discount~~potential ~~rate~~fines. ~~from~~We ~~decreases~~have inbeen ~~competitor~~engaging ~~pricing in connection~~ with ~~caps~~our onfederal ~~interchange~~regulators ~~fees.~~in Inrelation ~~some cases, regulations also extend, or may extend,~~ to certain aspects of our ~~business,~~financial ~~such~~crimes ascompliance ~~network~~program and ~~cobrand~~we ~~arrangements,~~are ~~new~~working ~~products~~to orenhance ~~services~~our weexisting ~~may offer~~programs, orpolicies ~~the~~and ~~terms~~procedures ofand ~~card~~identify ~~acceptance~~and ~~for~~remediate ~~merchants,~~deficiencies ~~including~~to ~~terms~~strengthen ~~relating~~our toprogram ~~non-discrimination~~ and ~~honor-all-cards~~address regulatory feedback. ~~For~~From ~~example~~time to time, we ~~have~~identify ~~exited~~transactions ~~our~~or ~~network~~accounts ~~licensing~~relating ~~businesses~~to incertain ~~the~~sanctioned EUparties ~~and~~that ~~Australia~~we asterminate, ablock ~~result~~and ofreport ~~regulation~~to inour ~~those~~regulators, ~~jurisdictions~~as applicable. ~~In addition~~Errors, ~~there~~failures isor ~~uncertainty~~delays asin tocomplying ~~when~~with orfinancial ~~how~~crimes ~~interchange~~laws, ~~fee~~deficiencies ~~caps~~in ~~and~~our ~~other~~related ~~provisions~~compliance ofprograms ~~payments~~or ~~legislation~~association ~~might~~of ~~apply~~our ~~when~~business ~~we work~~ with ~~cobrand~~money ~~partners~~laundering, ~~and~~terrorist ~~agents~~financing, intax ~~the~~fraud ~~EU.~~or ~~See~~other ~~“Supervision~~illicit ~~and~~activities ~~Regulation~~or —sanctioned ~~Payments~~persons, ~~Regulation”~~entities, ~~under~~governments ~~“Business”~~or ~~for~~countries ~~more~~could ~~information.~~give ~~Given~~rise ~~differing~~to ~~interpretations~~significant bysupervisory, ~~regulators~~criminal and ~~participants~~civil inproceedings ~~cobrand~~and ~~arrangements~~lawsuits, wewhich ~~are~~could ~~subject~~result toin ~~regulatory~~significant ~~action,~~ penalties and ~~the~~forfeiture ~~possibility~~of weassets, ~~will~~loss ~~not~~of belicenses ~~able~~or torestrictions ~~maintain~~on ~~our~~business ~~existing~~activities, ~~cobrand~~or ~~and~~other ~~agent~~enforcement ~~relationships in the EU. In addition~~actions, aand ~~number~~our ofreputation ~~federal~~may ~~and~~suffer ~~state~~due ~~laws~~ to ~~regulate~~our ~~various~~customers’ ~~aspects~~association ofwith ~~network~~certain ~~operations~~countries, ~~are~~persons ~~being~~or ~~considered~~entities or ~~have~~the ~~passed,~~existence ~~including~~of ~~regarding~~any ~~information~~such ~~associated with electronic~~ transactions. ~~(such~~Additionally, asour ~~the~~financial ~~use~~crimes ofcompliance ~~specific~~programs ~~merchant~~may ~~categories~~limit ~~codes~~our orability ~~limitations~~to onpursue ~~the~~certain ~~use~~business ofopportunities ~~transaction~~or ~~data)~~affect ~~and~~our ~~pricing~~relationships ofwith ~~electronic~~certain ~~transactions~~partners, ~~(such~~service asproviders ~~interchange~~and ~~fees~~other onthird ~~sales tax or gratuities)~~parties.

Legislators and regulators also continue to focus on consumer protection, including product design and pricing constructs, account management and security, credit bureau reporting, disclosure rules, marketing and debt collection practices. This focus has included fees associated with card and banking products, such as a rule issued by the CFPB related to credit card fees for late payments (which is currently stayed); interest rates, such as recent proposals to cap credit card interest rates; rewards programs, such as the recent inquiries by the CFPB and DOT focused on credit card and airline rewards programs; and factors considered by financial institutions in providing services, such as “fair access” laws. Any new requirements or increased enforcement of existing requirements could materially and adversely impact our revenue growth and profitability, including, as a result of increased scrutiny of our pricing, underwriting and account management practices; the imposition of fines and customer remediation; higher compliance costs; reputational harm; restrictions on our ability to issue cards, appropriately price for the value of our products or work with certain business partners; and changes to our business practices generally.

We are subject to significant supervision and regulation with respect to compliance with AML/CFT laws, sanctions regimes and anti-corruption laws in numerous jurisdictions. As regulators increase their focus in these areas, new technologies such as digital currencies develop, near real-time money movement solutions are adopted, we introduce new products like checking accounts and geopolitical tensions increase, we face increased costs related to oversight, supervision and potential fines. Our AML/CFT, sanctions and anti-corruption compliance programs have become the subject of heightened scrutiny, and we are working to make enhancements to our existing programs, policies and procedures and to identify and remediate deficiencies. For example, we recently voluntarily reported certain transactions and accounts to OFAC, some of which related to Iran, as described in “Supervision and Regulation — Anti-Money Laundering, Countering the Financing of Terrorism, Economic Sanctions and Anti-Corruption Compliance” under “Business.” Errors, failures or delays in complying with AML/CFT, sanctions and anti-corruption laws, deficiencies in our related compliance programs or association of our business with money laundering, terrorist financing, tax fraud or other illicit activities or sanctioned persons, entities, governments or countries can give rise to significant supervisory, criminal and civil proceedings and lawsuits, which could result in significant penalties and forfeiture of assets, loss of licenses or restrictions on business activities, or other enforcement actions, and our reputation may suffer due to our customers’ association with certain countries, persons or entities or the existence of any such transactions. Additionally, our AML/CFT, sanctions and anti-corruption compliance programs may limit our ability to pursue certain business opportunities or affect our relationships with certain partners, service providers and other third parties.

See “Supervision and Regulation” under “Business” for more information about certain laws and regulations to which we are subject and their impact on us.

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Litigation and regulatory actions could subject us to significant fines, penalties, judgments and/or requirements resulting in significantly increased expenses, damage to our reputation and/or a material adverse effect on our business and results of operations.

At any given time, we are involved in a number of legal proceedings, including class action lawsuits, mass arbitrations and similar actions. Many of these actions include claims for substantial compensatory or punitive damages and require us to incur significant costs for legal representation, arbitration fees or other legal or related services. While we have historically relied on our arbitration clause in agreements with customers to limit our exposure to class action litigation, there can be no assurance that we will ~~continue~~be able to becontinue ~~successful~~to inmaintain ~~enforcing~~ our arbitration ~~clause~~provisions in the future or be successful in enforcing them, including as a result of legal challenges to, and new regulations affecting, our arbitration provisions, and claims of the type we previously arbitrated could be subject to the complexities, risks and costs associated with class action cases. The continued focus of merchants and other parties on issues relating to the acceptance of various forms of payment may lead to additional litigation and other legal actions. Given the inherent uncertainties involved in litigation, and the very large or indeterminate damages and broad injunctive relief sought in some matters asserted against us, there is significant uncertainty as to the ultimate liability we may incur, ~~from~~and changes to our business practices we may be required to make, due to litigation.

We expect that financial institutions, such as usAmerican Express, will continue to face significant regulatory scrutiny, with regulators taking formal enforcement actions against financial institutions in addition to addressing supervisory concerns through non-public supervisory actions or findings, which could involve restrictions on our activities, among other limitations, that could adversely affect our business. In addition, a violation of law or regulation by another financial institution could give rise to an investigation by regulators and other governmental agencies of the same or similar practices by us. Further, a single event may give rise to numerous and overlapping investigations and proceedings. External publicity concerning investigations can increase the scope and scale of investigations and lead to further regulatory inquiries.

We are also involved at any given time with governmental and regulatory inquiries, investigations and proceedings. Regulatory scrutiny has continued to increase in a number of areas, and regulatory action could subject us to significant fines, penalties or other requirements resulting in Card Member reimbursements, increased expenses, limitations or conditions on our business activities, and damage to our reputation and our brand, all of which could materially adversely affect our business and results of operations. For example, as previously disclosed, in 2025 we entered into agreements to resolve governmental investigations related to historical sales practices for certain U.S. small business customers~~, which are described in more detail in Note 12 to the “Consolidated Financial Statements~~.~~” In addition, we are cooperating with ongoing regulatory inquiries concerning our rewards and benefits programs, as described in “Supervision and Regulation” under “Business.”~~

Legal proceedings regarding provisions in our merchant contracts, including non-discrimination and honor-all-cards provisions, could have a material adverse effect on our business and result in additional litigation and/or arbitrations, changes to our merchant agreements and/or business practices, substantial monetary damages and damage to our reputation and brand.

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We are, and have been in the past, a defendant in a number of actions, including legal proceedings, arbitrations and proposed class actions, challenging certain provisions of our card acceptance agreements. See Note 12 to the “Consolidated Financial Statements” for a description of certain outstanding legal proceedings.

An adverse outcome in these proceedings could have a material adverse effect on our business and results of operations, require us to change our merchant agreements in a way that could expose our cards to increased merchant surcharging, steering and other forms of discrimination that could impair the Card Member experience, result in additional litigation and/or arbitrations, impose substantial monetary damages and damage our reputation and brand. Even if we were not required to change our merchant agreements, changes in Visa’s and Mastercard’s policies or practices as a result of legal proceedings, lawsuit settlements or regulatory actions pending against them could result in changes to our business practices and materially and adversely impact our profitability. For example, in ~~2024~~November 2025 Visa and Mastercard proposed a lawsuit settlement agreement that would ~~have~~, among other things, ~~required~~require reductions and caps on interchange fees, ~~and~~provide ~~streamlined requirements for~~ merchants ~~who~~greater ~~wish~~options to impose a surcharge on credit transactions, and allow merchants to choose not to accept certain categories of credit cards. ~~While~~If the settlement agreement ~~was~~is ~~not~~ approved by the court, or Visa and Mastercard ~~may~~otherwise ~~ultimately~~ agree orto bemake ~~subject~~similar to changes, init ~~policies~~may ~~or practices that~~ result in greater surcharging generally, decreased acceptance by merchants of certain types of cards, such as premium cards, or downward pressure on our merchant discount rates from decreases in competitor pricing in connection with reductions and caps on interchange fees.

We rely on third-party providers for acquiring and servicing customers, technology, platforms and other services integral to the operations of our businesses. These third parties may act in ways or experience issues that could materially harm our business.

We rely on third-party service providers, cobrand partners, merchants, dining partners, affiliate marketing firms, merchant acquirers, processors, ~~aggregators~~payment facilitators, network partners and other third parties for services that are integral to our operations and are subject to the risk that activities of such third parties may adversely affect our business. As outsourcing, specialization of functions, third-party digital services and technology innovation within the payments industry and related service functions increase (including with respect to mobile technologies, tokenization, big data, ~~artificial~~AI ~~intelligence~~ and cloud-based solutions), more third parties are involved in processing ~~card~~payment transactions, handling our data and supporting our operations and we may require significantly greater scale from these third parties. For example, we rely on third parties for the timely transmission of accurate information across our global network, card acquisition and provision of services to our customers.

We have experienced in certain limited circumstances and may continue to experience disruptions, operational issues or other events atwith respect to our third parties or our third parties’ service providers, including their failure to fulfill their obligations, contractual breaches and the information, cybersecurity and operational incidents described above, and we also have identified weaknesses in certain third parties’ processes and controls. Such disruptions, operational issues, control and process weaknesses or other events could interrupt or compromise the quality of our services to customers, impact the confidentiality, integrity, availability and security of our data, lead to fraudulent transactions on our cards or other products, impact our business, cause brand or reputational damage, and lead to costs associated with responding to ~~such~~ a disruption, including notification and remediation costs, costs to switch service providers or move operations in house, regulatory investigations and fines and increased regulatory oversight and litigation. Third parties may face similar or greater risks asthan uswe do, including as a result of their relationship with us; however, they may be less prepared to mitigate those risks and may be targeted by bad actors as a result, which can result in greater disruptions and other risk events. Third parties may also act in other ways that are inconsistent with our interests or contrary to our strategic or technological initiatives, such as ceasing to provide data to us or using our data in a way that was not authorized or diminishes the value of the transaction data we receive through our integrated payments platform.

The management and oversight of an increasing number of third parties increases our operational complexity and governance challenges and decreases our control. A failure to exercise adequate oversight over third parties, including compliance with service level agreements or regulatory or legal requirements, could result in regulatory actions, fines, litigation, sanctions or economic and reputational harm to us. In addition, we may not be able to effectively monitor or mitigate operational risks relating to our third-party providers’ service providers. We are also exposed to the risk that a service disruption at a service provider common to our third parties could impede their ability to provide services to us. Notwithstanding any attempts to diversify our reliance on third parties, in certain cases there may be limited alternatives or high costs for diversification, and we also may not be able to effectively mitigate operational risks relating to the service providers of our third-party providers.

Our use of models, including the data that underlie them, to manage risk and make business decisions may not be effective.

We use models and automation throughout our business, including to inform and support decision making, manage risks, estimate financial values and forecast liquidity and funding needs. Although we have a governance framework for model development and independent model validation, the modeling methodology or key assumptions could be erroneous or the models could be misused. In addition, issues with completeness, accuracy and timeliness of data inputs, the quality or effectiveness of our data aggregation and validation procedures, and the quality and integrity of formulas and algorithms, could result in ineffective or inaccurate model outputs and reports. Models based on historical data sets might not be accurate predictors of future outcomes, such as when we lack recent precedent or recent precedent deviates from current circumstances because of changes in customer behavior, the credit or demographic profiles of our Card Members, the geopolitical or macroeconomic environment or otherwise. We periodically review our models, and updates that we make may result in significantly different outputs. Additionally, we increasingly use models that leverage AI, which are subject to additional risks such as biased or inaccurate results or lowered interpretability. The complexity of these models and our limited transparency into the AI may make it difficult to understand certain outputs or identify errors. Certain models, such as models used to estimate reserves for credit losses under Current Expected Credit Loss (CECL) and Membership Rewards liability, require us to make difficult, subjective and complex judgments, and utilize forward-looking information and information provided by third parties over which we have limited oversight or control. If our business decisions, risk management practices or financial estimates and forecasts are based on incorrect or misused models and assumptions or we fail to manage data inputs effectively and to aggregate or analyze data in an accurate and timely manner, our results of operations and financial condition may be materially adversely affected.

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~~targeted~~Our bysuccess ~~bad~~is ~~actors~~dependent ason maintaining a ~~result,~~culture ~~which~~that ~~can~~adheres ~~result~~to inour ~~greater~~values ~~disruptions~~ and ~~other~~upon ~~risk~~our ~~events.~~executive ~~Third~~officers ~~parties~~and ~~may also act in~~ other ~~ways~~key ~~that are inconsistent with our interests or contrary to our strategic or technological initiatives~~personnel, ~~such~~and asmisconduct ~~ceasing~~by ~~to provide data to us~~ or ~~using~~loss ~~our data in a way that was not authorized or diminishes the value~~ of ~~the~~personnel ~~transaction~~could ~~data~~materially weadversely ~~receive~~affect ~~through~~ our ~~integrated payments platform~~business.

~~The~~We ~~management~~rely ~~and~~upon ~~oversight of an increasing number of third parties increases~~ our ~~operational~~colleagues ~~complexity~~not ~~and~~only ~~governance~~for ~~challenges~~business ~~and decreases our control. Additionally~~success, ~~third-party~~but ~~oversight~~also ~~and~~to ~~practices~~adhere ~~related~~ to ~~third~~our ~~parties~~Blue ~~such~~Box asValues, ~~outsourcing~~which ~~have~~include ~~become~~acting ~~subject~~with tointegrity, ~~heightened~~promoting ~~regulatory~~a ~~scrutiny~~culture ~~both~~of inrespect ~~the United States~~ and ~~internationally,~~operating ~~including~~with ina ~~some~~mindset ~~cases~~of ~~restricting~~controls orand ~~requiring~~risk ~~approval~~management. ~~for~~To ~~outsourcing.~~the Aextent ~~failure~~our tocolleagues ~~exercise~~behave ~~adequate~~in ~~oversight~~a ~~over~~manner ~~third~~that ~~parties,~~does ~~including~~not ~~compliance~~comport with ~~service~~our ~~level~~company’s ~~agreements or regulatory or legal requirements~~values, ~~could~~including ~~result~~acting in ~~regulatory~~ways ~~actions,~~that ~~fines,~~harm ~~litigation~~customers, ~~sanctions~~colleagues or ~~economic and reputational harm to us. In addition~~others, wethe ~~may~~consequences ~~not be able~~ to ~~effectively monitor or mitigate operational risks relating to~~ our ~~third-party~~brand, ~~providers’~~reputation ~~service~~and ~~providers.~~compliance Weand ~~are also exposed to the~~ risk ~~that~~management aefforts ~~service~~could ~~disruption~~be atsevere aand ~~service provider common to our third parties~~ could ~~impede~~negatively ~~their~~affect ~~ability to provide services to us. Notwithstanding any attempts to diversify~~ our ~~reliance~~financial oncondition ~~third parties, in certain cases there may be limited alternatives or high costs for diversification,~~ and weresults ~~also may not be able to effectively mitigate operational risks relating to the service providers~~ of ~~our third-party providers~~operations.

~~Our~~The ~~success~~market for qualified, highly motivated individuals with a range of perspectives is ~~dependent~~highly competitive and we may not be able to attract and retain such individuals. Advances in technology such as AI may increase competition for individuals with expertise in key skills and require our colleagues to adapt to new skills and methods of working. The unexpected loss of key personnel or our inability to effectively execute succession planning for such personnel could disrupt our business and have an adverse impact on ~~maintaining~~our afuture ~~culture~~performance. Changes in immigration and work permit laws and regulations or the administration or enforcement of ~~integrity~~such laws or regulations or other changes in the legal or regulatory environment can also impair our ability to attract and ~~respect~~retain qualified personnel, or to employ colleagues in the location(s) of our choice. Our compensation practices are subject to regulatory review and ~~upon~~oversight, which could further affect our ability to attract and retain our executive officers and other key personnel. Our inability to attract, develop and ~~misconduct~~retain byhighly orskilled ~~loss~~and ofmotivated personnel with a range of perspectives could materially adversely affect our business and our culture.

WeRegulation ~~rely~~in ~~upon~~the ~~our~~areas ~~colleagues~~of ~~not~~privacy, ~~only~~data ~~for~~protection, ~~business~~data ~~success~~management, ~~but~~resiliency, ~~also~~data totransfer, ~~act~~third ~~with~~party ~~integrity~~oversight, ~~and~~account ~~promote~~access, aAI ~~culture~~& ofML ~~respect.~~and Toinformation ~~the~~security ~~extent~~and ~~our~~cybersecurity ~~colleagues~~could ~~behave~~increase ~~in a manner that does not comport with~~ our ~~company’s~~costs ~~values,~~and ~~the~~affect ~~consequences~~or tolimit our ~~brand~~business ~~and~~opportunities ~~reputation could be severe~~ and ~~could~~how ~~negatively~~we ~~affect~~collect, ~~our~~use ~~financial condition~~ and/or ~~results~~retain ofpersonal ~~operations~~information.

~~The~~Legislators ~~market~~and ~~for~~regulators ~~qualified,~~in ~~highly~~the ~~motivated~~United ~~individuals~~States ~~with~~and ~~diverse~~other ~~perspectives~~countries isin ~~highly~~which ~~competitive~~we ~~and~~operate weare ~~may~~increasingly ~~not~~adopting beor ~~able~~revising toprivacy, ~~attract~~data ~~and~~protection, ~~retain~~data ~~such~~management, ~~individuals.~~resiliency, ~~The~~data ~~unexpected~~transfer, ~~loss~~third ofparty ~~key~~oversight, ~~personnel~~account ~~could~~access, ~~disrupt~~AI ~~our~~& ~~business~~ML and ~~have~~information ansecurity ~~adverse~~and ~~impact~~cybersecurity onlaws, ~~our~~including ~~future~~data ~~performance.~~localization, ~~Changes~~authentication inand ~~immigration~~notification ~~and~~laws. ~~work~~As ~~permit~~such laws ~~and~~are ~~regulations~~interpreted orand ~~the~~applied ~~administration~~(in orsome ~~enforcement~~cases ofwith ~~such~~significant ~~laws~~differences or ~~regulations~~conflicting orrequirements ~~other~~across ~~changes~~jurisdictions), incompliance ~~the~~and ~~legal~~technology orcosts ~~regulatory~~will ~~environment~~continue ~~can~~to ~~also~~increase. ~~impair~~Additionally, ~~our~~automated ~~ability~~decision tomaking ~~attract~~ and ~~retain~~AI ~~qualified~~& ~~personnel~~ML technologies, orincluding ~~to employ colleagues in~~ the ~~location(s)~~adoption of ~~our~~agentic ~~choice.~~commerce, ~~Our~~present ~~compensation~~novel ~~practices~~and ~~are~~complex ~~subject~~legal torisks, ~~review~~often ~~and~~with ~~oversight~~limited byestablished ~~the~~guidance ~~Federal Reserve~~ and ~~the~~significant ~~compensation~~uncertainty. ~~practices~~New oflaws ~~AENB~~and ~~are~~regulations ~~subject~~related to ~~review~~these ~~and~~technologies, ~~oversight~~as bywell as the ~~OCC.~~application ~~This~~of ~~regulatory~~existing ~~review~~laws and ~~oversight~~regulations, ~~could~~may ~~further~~restrict ~~affect~~or ~~our~~impose ~~ability~~burdensome toand ~~attract~~costly ~~and~~requirements ~~retain~~on our ~~executive~~ability ~~officers~~to ~~and~~use ~~other~~them ~~key~~or ~~personnel.~~impact ~~Our~~other ~~inability~~aspects toof ~~attract~~our business, ~~develop~~particularly ~~and~~as ~~retain~~the ~~highly~~legal ~~skilled,~~landscape ~~motivated~~related ~~and~~to ~~diverse~~these ~~personnel~~technologies ~~could~~remains ~~materially~~fragmented ~~adversely~~with ~~affect~~potentially ~~our~~inconsistent ~~business and our culture~~requirements.

~~Regulation~~Compliance with current or future laws in the aforementioned areas could significantly impact our business operations, including our collection, use, sharing, retention and safeguarding of ~~privacy~~consumer, ~~data~~partner ~~protection~~and/or colleague information and could restrict our ability to fully maximize our integrated payments platform or provide certain products and services or work with certain service providers, ~~data~~which ~~management~~could materially and adversely affect our profitability. Our failure to comply with such laws, ~~resiliency~~including as a result of process breakdowns, ~~data~~human ~~transfer~~error or technical issues, ~~third~~or ~~party~~to ~~oversight~~maintain sufficient governance and control structures could result in potentially significant regulatory and/or governmental investigations and/or actions, ~~account~~litigation, ~~access~~fines, ~~artificial~~sanctions, ~~intelligence~~ongoing regulatory monitoring, customer attrition, decreases in the use or acceptance of our cards and ~~machine~~damage ~~learning~~to our reputation and our brand. In recent years, there has been increasing regulatory enforcement and litigation activity in the areas of privacy, data protection, data management, AI & ML and information security and cybersecurity ~~could~~in ~~increase~~the ~~our~~United ~~costs~~States, the EU and ~~affect~~various orother ~~limit~~countries ~~our~~in ~~business~~which ~~opportunities~~we operate and ~~how~~our wedata ~~collect~~protection and~~/or~~ ~~use~~governance ~~personal~~programs ~~information~~have become the subject of heightened scrutiny.

~~Legislators~~For ~~and~~more regulators in the United States and other countries in which we operate are increasingly adopting or revising privacy, data protection, data management, resiliency, data transfer, third party oversight, account access, artificial intelligence and machine learning and information ~~security~~on ~~and~~regulatory ~~cybersecurity laws, including data localization, authentication~~ and ~~notification~~legislative ~~laws.~~activity ~~As such laws are interpreted and applied (~~in ~~some~~this ~~cases~~area, ~~with~~see ~~significant~~“Supervision ~~differences or conflicting requirements across jurisdictions), compliance~~ and ~~technology~~Regulation ~~costs~~— ~~will continue to increase~~Privacy, ~~particularly~~Data ~~in the context of ensuring that adequate privacy~~Protection, ~~data~~Data ~~protection~~Management, ~~data management~~AI, ~~incident management~~Resiliency, ~~resiliency,~~Information ~~third~~Security ~~party management, data transfer, security controls, account access mechanisms~~ and ~~controls~~Cybersecurity” ~~related~~under ~~to artificial intelligence and machine learning are in place~~“Business. Additionally, new laws and regulations related to automated decision making, artificial intelligence and machine learning as well as the application of existing laws and regulations to these technologies may restrict or impose burdensome and costly requirements on our ability to use them or impact other aspects of our business.”

~~Compliance~~If ~~with~~we ~~current~~are ornot ~~future~~able ~~laws~~to inprotect ~~the aforementioned areas could significantly impact~~ our ~~business~~intellectual ~~operations,~~property ~~including our collection~~rights, ~~use, sharing, retention and safeguarding of consumer and/~~or ~~colleague~~successfully ~~information~~defend ~~and~~against ~~could~~any ~~restrict~~infringement ~~our ability to fully maximize our integrated payments platform~~ or ~~provide~~misappropriation ~~certain~~assertions ~~products~~brought ~~and~~against ~~services or work with certain service providers~~us, ~~which~~our ~~could~~revenue ~~materially~~ and ~~adversely affect our~~ profitability. ~~Our failure to comply with such laws or to maintain sufficient governance and control structures~~ could ~~result~~be innegatively potentially significant regulatory and/or governmental investigations and/or actions, litigation, fines, sanctions, ongoing regulatory monitoring, customer attrition, decreases in the use or acceptance of our cards and damage to our reputation and our brandaffected. In recent years, there has been increasing regulatory enforcement and litigation activity in the areas of privacy, data protection, data management, artificial intelligence and machine learning and information security and cybersecurity in the United States, the EU and various other countries in which we operate and our data protection and governance programs have become the subject of heightened scrutiny.

~~For~~We ~~more~~rely on a variety of measures to protect our intellectual property rights and control access to, and distribution of, our trade secrets and other proprietary information. These measures may not prevent infringement of our intellectual property rights or misappropriation of our proprietary information and a resulting loss of competitive advantage. Our ability to detect infringements of our intellectual property, enforce intellectual property rights and prevent disclosure of our trade secrets and other proprietary information may be limited and such efforts may be costly. In addition, competitors or other third parties may allege that our products, systems, processes or technologies infringe on ~~regulatory~~their intellectual property rights. Given the complex, rapidly changing and ~~legislative~~competitive ~~activity~~technological and business environments in ~~this~~which ~~area~~we operate, ~~see~~and ~~“Supervision~~the potential risks and ~~Regulation~~uncertainties —of ~~Privacy~~intellectual property-related litigation, ~~Data~~a ~~Protection~~future assertion of an infringement or misappropriation claim against us could cause us to lose significant revenues, ~~Data~~incur ~~Management~~significant defense, ~~Artificial~~license, ~~Intelligence~~royalty or technology development expenses, ~~Resiliency~~and/or pay significant monetary damages. Furthermore, ~~Information~~given ~~Security~~intellectual property ownership and ~~Cybersecurity”~~license ~~under~~rights ~~“Business~~surrounding AI, such as generative AI, are currently not fully addressed by courts or regulators, we may not be able to protect our intellectual property rights against infringing use and our use or adoption of AI may result in exposure to claims by third parties.”

IfTax welegislative ~~are~~initiatives ~~not able to protect our intellectual property,~~ or ~~successfully~~assessments ~~defend~~could ~~against~~adversely ~~any~~affect ~~infringement~~our orresults ~~misappropriation~~of ~~assertions~~operations ~~brought against us, our revenue~~ and ~~profitability~~financial ~~could be negatively affected~~condition.

We ~~rely~~are onsubject ato ~~variety~~income ofand ~~measures~~other totaxes ~~protect~~in ~~our~~the ~~intellectual~~United ~~property~~States and ~~control~~in ~~access~~various ~~to,~~foreign ~~and~~jurisdictions. ~~distribution~~The ~~of,~~laws ~~our~~and ~~trade~~regulations ~~secrets~~related ~~and~~to ~~other~~tax ~~proprietary~~matters ~~information.~~are ~~These~~extremely ~~measures~~complex, ~~may~~require ~~not~~significant ~~prevent~~judgment ~~infringement~~and ofare ~~our~~subject ~~intellectual~~to ~~property~~varying ~~rights~~interpretations. orAlthough ~~misappropriation~~management ofbelieves our ~~proprietary~~positions ~~information~~are ~~and~~reasonable, athey ~~resulting~~are ~~loss~~subject ~~of competitive advantage. The ability~~ to ~~enforce~~challenge ~~intellectual~~by ~~property~~the ~~rights~~Internal toRevenue ~~prevent~~Service ~~disclosure~~in ofthe ~~our~~United ~~trade~~States ~~secrets~~ and ~~other~~by ~~proprietary~~tax ~~information~~authorities ~~may be limited~~ in ~~certain~~other jurisdictions. Inin ~~addition,~~which ~~competitors~~we orconduct ~~other~~business ~~third parties may allege that our products~~operations, ~~systems,~~which ~~processes~~could orhave ~~technologies~~an ~~infringe~~adverse impact on ~~their~~our ~~intellectual~~tax ~~property rights~~liabilities. ~~Given~~Refer ~~the~~to ~~complex,~~Note ~~rapidly~~19 ~~changing~~to ~~and~~the ~~competitive~~“Consolidated ~~technological~~Financial ~~and~~Statements” ~~business~~for ~~environments~~information inon ~~which we operate, and~~ the ~~potential~~U.S. ~~risks~~federal ~~and~~income ~~uncertainties~~tax audit of ~~intellectual~~transfer ~~property-related~~pricing ~~litigation,~~arrangements abetween ~~future~~our ~~assertion~~U.S. ofand anforeign ~~infringement or~~ subsidiaries.

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~~misappropriation~~authorities ~~claim~~may ~~against~~determine usthat ~~could~~we ~~cause~~owe usadditional totaxes ~~lose significant revenues, incur significant defense, license, royalty~~ or ~~technology~~apply ~~development~~existing ~~expenses,~~laws and~~/or~~ ~~pay~~regulations ~~significant~~more ~~monetary damages. Furthermore~~broadly, ~~given~~which ~~intellectual~~could ~~property~~result ~~ownership~~in ~~and~~a ~~license~~significant ~~rights~~increase ~~surrounding~~in ~~artificial~~liabilities ~~intelligence,~~for ~~such~~taxes ~~as generative artificial intelligence, are currently not fully addressed by courts or regulators, we may not be able to protect our intellectual property against infringing use~~ and ~~our~~interest ~~use~~in orexcess ~~adoption~~ of ~~artificial~~accrued ~~intelligence may result in exposure to claims by third parties~~liabilities.

~~Tax~~Legislative ~~legislative~~action ~~initiatives~~ or ~~assessments~~inaction ~~could~~in ~~adversely~~the ~~affect~~jurisdictions in which we have operations could increase our ~~results~~effective tax rate. For example, guidelines issued by the Organization for Economic Cooperation and Development introduced a global minimum tax of ~~operations~~15 percent on the global profits of multinational enterprises, such as us. The global minimum tax increased our tax liability in 2025 as it came into effect in various jurisdictions where we operate and ~~financial~~we ~~condition~~expect the global minimum tax will continue to increase our tax liability in 2026 if it continues to be in effect in its current form.

We are subject to income and other taxes in the United States and in various foreign jurisdictions. The laws and regulations related to tax matters are extremely complex, require significant judgment and are subject to varying interpretations. Although management believes our positions are reasonable, they are subject to challenge by the Internal Revenue Service in the United States and by tax authorities in other jurisdictions in which we conduct business operations, which could have an adverse impact on our tax liabilities. Refer to Note 20 to the “Consolidated Financial Statements” for information on the U.S. federal income tax audit of transfer pricing arrangements between our U.S. and foreign subsidiaries.

We are being challenged in a number of countries regarding our application of value-added taxes (VAT) to certain transactions. While we believe we comply with all applicable VAT and other tax laws, rules and regulations in the relevant jurisdictions, the tax authorities may determine that we owe additional taxes or apply existing laws and regulations more broadly, which could result in a significant increase in liabilities for taxes and interest in excess of accrued liabilities.

Legislative action or inaction in the countries in which we have operations could increase our effective tax rate. For example, new guidelines issued by the Organization for Economic Cooperation and Development (OECD) will impact how multinational enterprises (MNEs) are taxed on their global profits. In particular, the OECD’s guidelines on a global minimum tax of 15 percent will impact the effective tax rate for many MNEs. Many countries have already implemented these minimum tax guidelines, with effective dates commencing in 2024. We expect that these minimum tax guidelines in their current form would increase our effective tax rate in future years. Furthermore, various provisions of the Tax Cut and Jobs Act will expire in 2025 unless extended. As a result, U.S. Congress may seek to enact significant tax legislation in the new session of Congress, which could result in higher levels of U.S. tax on our global operations, increasing our effective tax rate.

Jurisdictions may also make changes related to the tax treatment of card transactions, such as imposing taxes on Card Member rewards or prohibiting interchange fees on sales tax, which could decrease the value we provide to customers and adversely impact our business.

Our operations, business, customers and partners could be adversely affected by climate-related risks.

~~There are increasing and rapidly evolving concerns over climate-related risks and related environmental sustainability and recovery matters.~~ We may face physical risks related to climate, including rising average global temperatures, rising sea levels and an increase in the frequency and severity of extreme weather events and natural disasters. Such events and disasters could disrupt our operations or the operations of customers or third parties on which we rely and could result in market volatility or negatively impact our customers’ spending behaviors or ability to pay outstanding loans. ~~Additionally,~~We wealso may face risks related to the transition to a low-carbon economy., ~~Changes~~such as changes in consumer preferences, travel patterns and legal requirements, which could impact our revenues or expenses or otherwise adversely affect our business, our customers and partners.

We may not be able to effectively identify, measure or control our exposure to climate-related risks, particularly given that the timing, nature and severity of the impacts of these risks may not be predictable. We could be criticized for the timing, scope or nature of our climate-related initiatives and goals. There can be no assurance that we will achieve these goals, which depend in part on third-party performance, data that is outside of our control and methodologies that may evolve over time. We could be required to change our business, management practices and partnerships, incur expenses from changes to our technology, operations, products and services, and experience reputational harm as a result of negative public sentiment, regulatory scrutiny and reduced stakeholder confidence, due to our response or perceived lack of response to climate and environmental issues.

~~Model,~~ Credit, Market and ~~Funding &~~ Liquidity Risks

Our use of models to manage risk and make business decisions may not be effective.

We use models and automation throughout our business, including to inform and support decision making, manage risks and estimate financial values. Although we have a governance framework for model development and independent model validation, the modeling methodology or key assumptions could be erroneous or the models could be misused. In addition, issues with the quality or effectiveness of our data aggregation and validation procedures, as well as the quality and integrity of data inputs, could result in ineffective or inaccurate model outputs and reports. For example, models based on historical data sets might not be accurate predictors of future outcomes, such as because of changes in the credit profile of our Card Members, and they may not be able to predict future outcomes. Additionally, we increasingly use models that leverage artificial intelligence, which are subject to additional risks such as biased or inaccurate results or lowered interpretability. Our models also may not be able to function properly in the current geopolitical and macroeconomic environment given the lack of recent precedent. Certain models, such as models for credit loss accounting under Current Expected Credit Loss (CECL) and Membership Rewards liability, require us to make difficult, subjective and complex judgments, and utilize forward-looking information. If our business decisions or financial estimates are based on incorrect or misused models and assumptions or we fail to manage data inputs effectively and to aggregate or analyze data in an accurate and timely manner, our results of operations and financial condition may be materially adversely affected.

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We are exposed to credit risk and trends that affect Card Member spending and the ability of customers and partners to pay us, which could have a material adverse effect on our results of operations and financial condition.

We are exposed to both individual credit risk, principally from consumer and small business Card Member loans and receivables, and institutional credit risk, principally from corporate Card Member loans and receivables, merchants, network partners, loyalty coalition partners and treasury and investment counterparties. Third parties may default on their obligations to us due to bankruptcy, lack of liquidity, operational failure or other reasons. General economic factors, such as recession or slow economic growth, unemployment, inflation, structural changes in the economy and interest rates, may result in greater delinquencies that lead to greater credit losses. A customer’s ability and willingness to repay us can be negatively impacted not only by economic, market, political and social conditions but also by a customer’s other payment obligations (with these factors sometimes influencing one another, such as the end of the moratorium on student loan repayments), and increasing leverage can result in a higher risk that customers will default or become delinquent in their obligations to us.

We rely principally on the customer’s creditworthiness for repayment of loans or receivables and therefore often have no other recourse for collection. Our ability to assess creditworthiness may be impaired as a result of changes in our underwriting practices or if the criteria or models we use to manage our credit risk prove inaccurate in predicting future losses, which could have a negative impact on our results of operations. This may be exacerbated to the extent information we have historically relied upon to make credit decisions does not accurately portray a customer’s creditworthiness, including as a result of the current interest rate and economic conditions. Further, our pricing strategies, particularly for new lending features and non-card lending products, may not offset the negative impact on profitability caused by increases in delinquencies and losses; thus any material increases in delinquencies and losses beyond our current estimates could have a material adverse impact on us. Although we make estimates to provide for credit losses in our outstanding portfolio of loans and receivables, these estimates may not be accurate. In addition, the information we use in managing our credit risk may be inaccurate or incomplete.

Rising indicators of credit losses, both with respect to our customers, such as delinquencies, and ~~rising~~with ~~rates~~respect ofto ~~bankruptcy~~broader ~~are~~macroeconomic ~~often~~factors, ~~precursors~~such ofas current or future ~~write-offs~~levels of unemployment, gross domestic product (GDP) and bankruptcies, may require us to increase our reserve for credit losses and result in future write-offs. Higher write-off rates and ~~the~~increases ~~resulting increase~~ in our reserves for credit losses adversely affect our profitability and the performance of our securitizations, and may increase our cost of funds.

Although we regularly review our credit exposure to specific clients and counterparties and to specific industries, countries and regions that we believe may present credit concerns, default risk may arise from events or circumstances that are difficult to foresee or detect, such as fraud. In addition, our ability to manage credit risk or collect amounts owed to us may be adversely affected by legal or regulatory changes (such as restrictions on collections or changes in bankruptcy laws, minimum payment regulations and re-age guidance), or changes in customer behavior (such as the increased use of debt settlement companies) or decreases in the effectiveness of our collections operations. Increased credit risk, whether resulting from underestimating the credit losses inherent in our portfolio of loans and receivables, deteriorating economic or political conditions (particularly in the United States, as U.S. Card Members were responsible for approximately 8879 percent of our total Card Member loans and receivables outstanding as of December 31, ~~2024~~2025), increases in the level of loan and receivable balances, changes in our mix of business or otherwise, could require us to increase our provisions for losses and could have a material adverse effect on our results of operations and financial condition.

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Interest rate changes could materially adversely affect our earnings.

We had net interest income of approximately $1517.54 billion for the year ended December 31, ~~2024~~2025. IfChanges ~~the~~in ~~rate~~interest rates could adversely affect our net interest yield, and consequently our net interest income and results of operations, including if our borrowing costs and the interest we pay on ~~our~~deposits ~~borrowings~~increase ~~increases~~at ~~more~~a orgreater ~~decreases~~magnitude ~~less~~ than the rate of interest we earn on our loans,. ~~our~~In ~~net~~addition, interest ~~yield,~~rate ~~and~~changes ~~consequently~~or ~~our~~prolonged ~~net~~periods ~~interest~~of ~~income~~elevated or depressed rates may affect customer behavior, ~~could~~such ~~decrease.~~as Weby ~~expect~~impacting the ~~rates~~balances weCard ~~pay~~Members carry on ~~our~~their ~~deposits~~cards ~~will~~or ~~change~~their asability ~~benchmark~~to ~~interest~~make ~~rates~~payments ~~change.~~to ~~For~~us, ~~example~~general spending and economic activity, or the ~~Federal~~demand ~~Reserve~~for ~~and~~deposit ~~other~~accounts. ~~central~~While ~~banks~~we ~~have~~take ~~raised~~actions to mitigate interest ~~rates~~risk, insuch ~~response~~as toemploying ~~heightened~~hedging ~~inflationary~~strategies ~~pressures.~~and Inchanging ~~addition,~~the ~~interest~~rates ~~rate~~we ~~changes~~pay on deposits, these actions may ~~affect~~not ~~customer~~be ~~behavior,~~effective ~~such~~and aswe ~~impacting~~may ~~the~~be ~~loan~~limited ~~balances~~in ~~Card~~our ~~Members~~ability ~~carry~~to onmaintain ~~their~~the ~~credit~~spread ~~cards~~between orour ~~their~~borrowing ~~ability~~costs toand ~~make~~our ~~payments~~interest income, whether as ~~higher~~a ~~interest~~result ~~rates~~of ~~lead~~changes toin ~~higher~~benchmark ~~payment~~rates, ~~requirements~~regulation, ~~further~~the ~~impacting~~competitive ~~our~~environment, ~~results~~customer ofbehavior ~~operations~~or otherwise. For a further discussion of our interest rate risk, see “Risk Management ― Market Risk Management Process” under “MD&A.”

We are subject to capital adequacy and liquidity rules, and if we fail to meet ~~these~~our ~~rules~~capital and liquidity requirements, our business would be materially adversely affected.

~~Failure~~As a financial institution, we are subject to extensive and complex capital and liquidity requirements. Our failure to meet current or future ~~capital~~requirements, whether as a result of adverse business developments or ~~liquidity~~changes in the applicable requirements, could compromise our competitive position and ~~could~~ result in restrictions imposed by the Federal Reserve, or the OCC with respect to AENB, including limiting our ability to pay dividends, repurchase our capital stock, invest in our business, expand our business or engage in acquisitions. Some elements of the capital and liquidity regimes are not yet final and certain developments could significantly impact the requirements applicable to financial institutions. For example, inif ~~2023~~ the U.S. federal bank regulatory agencies ~~proposed~~adopt ~~capital~~the ~~rules~~2017 ~~that~~Basel ~~would~~Committee ~~result~~standards inrevisions ~~significantly~~to ~~higher~~the ~~regulatory~~standardized ~~capital~~approach ~~requirements~~ for uscredit ~~and~~risk ~~rules that would require us~~ and ~~AENB~~operational tocapital ~~issue~~requirements, ~~and/or~~it ~~maintain~~could ~~minimum~~result ~~amounts~~in ofsignificantly ~~eligible~~higher ~~long-term~~regulatory ~~debt~~capital ~~with specific terms~~requirements. In addition, it may be necessary for us to hold additional capital because of an increase in the SCB requirement based on results from a supervisory stress test.

Compliance with capital adequacy and liquidity rules requires a material investment of resources and may be affected by unforeseen events impacting our business or general economic conditions. An inability to meet regulatory expectations regarding our compliance with applicable capital adequacy and liquidity rules or supervisory expectations regarding capital and liquidity risk management capabilities and practices may also negatively impact the assessment of us and AENB by federal banking regulators. Additionally, as a Category III firm, we are subject to more stringent capital and liquidity requirements ~~as a result of becoming a Category III firm~~, which may further increase if we grow to become a Category II firm.

For more information on capital adequacy requirements, see “Supervision and Regulation — Capital and Liquidity Regulation” under “Business.”

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We are subject to restrictions that limit our ability to pay dividends and repurchase our capital stock. Our subsidiaries are also subject to restrictions that limit their ability to pay dividends to us, which may adversely affect our liquidity.

We are limited in our ability to pay dividends and repurchase capital stock by our regulators, who have broad authority to prohibit any action that would be considered an unsafe or unsound banking practice. We are subject to a requirement to submit capital plans to the Federal Reserve for review that include, among other things, projected dividend payments and repurchases of capital stock. As part of the capital planning and stress testing process, our proposed capital actions are assessed against our ability to satisfy applicable capital requirements in the event of a stressed market environment. If we fail to satisfy applicable capital requirements, including the stress capital buffer, our ability to undertake capital actions may be restricted.

Our ability to declare or pay dividends on, or to purchase, redeem or otherwise acquire, shares of our common stock will be prohibited, subject to certain exceptions, in the event that we do not declare and pay in full dividends for the last preceding dividend period of our preferred stock.

We rely on dividends from our subsidiaries for liquidity, and such dividends may be limited by law, regulation or supervisory policy. For example, AENB is subject to various statutory and regulatory limitations on its declaration and payment of dividends. These limitations may hinder our ability to access funds we may need to make payments on our obligations, make dividend payments or otherwise achieve strategic objectives. In addition, as a bank holding company, we may be required to commit capital and financial resources to support AENB, which could adversely affect our liquidity.

Any future reduction or elimination of our common stock dividend or share repurchase program could adversely affect the market price of our common stock and market perceptions of American Express. For more information on bank holding company and depository institution dividend restrictions, see “Supervision and Regulation — Stress Testing and Capital Planning” and “— Dividends and Other Capital Distributions” under “Business,” as well as “Consolidated Capital Resources and Liquidity — Dividends and Share Repurchases” under “MD&A” and Note 2221 to the “Consolidated Financial Statements.”

Adverse market conditions may significantly affect our access to, and cost of, capital and ability to meet liquidity needs.

Our ability to obtain financing in the ~~debt~~ capital markets, ~~for~~such as from unsecured term debt issuances and asset securitizations, is dependent on financial market conditions. Disruptions, uncertainty or volatility across the financial markets, as well as adverse developments affecting us, our competitors, ~~and~~ the financial industry or the economy generally, could negatively impact market liquidity and limit our access to funding required to operate ~~our~~and ~~business.~~grow ~~Such market conditions may also limit~~ our ~~ability~~business toand ~~replace,~~satisfy incash ~~a timely manner~~needs, maturing liabilities, ~~satisfy~~and regulatory capital requirements. ~~and~~In ~~access~~some ~~the~~circumstances, ~~funding~~our ~~necessary~~business togrowth ~~grow~~or ~~our~~funding ~~business.~~needs Inmay ~~some~~increase ~~circumstances,~~unexpectedly and/or we may incur an unattractive cost to raise capital, which could decrease profitability and significantly reduce financial flexibility. Additional factors affecting the extent to which we may securitize loans and receivables in the future include the overall credit quality of our loans and receivables, the costs of securitizing our loans and receivables, the demand for credit card asset-backed securities and the legal, regulatory, accounting or tax rules affecting securitization transactions and asset-backed securities, generally. Our liquidity and cost of funds would also be adversely affected by the occurrence of events that could result in the early ~~amortization of our existing securitization transactions. For a further discussion of our liquidity and funding needs, see “Consolidated Capital Resources and Liquidity” under “MD&A.”~~

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amortization of our existing securitization transactions. For a further discussion of our liquidity and funding needs, see “Consolidated Capital Resources and Liquidity” under “MD&A.”

Any reduction in our credit ratings could increase the cost of our funding from, and restrict our access to, the capital markets and have a material adverse effect on our results of operations and financial condition.

Ratings of our long-term and short-term debt and deposits are based on a number of factors, including our financial strength, as well as factors not within our control, including conditions affecting the financial services industry, the U.S. Government and the macroeconomic environment, as well as changes made by ratings agencies to their methodologies or assumptions. Our ratings could be downgraded at any time and without any notice by any of the rating agencies, which could, among other things, adversely limit our access to the capital markets and adversely affect the cost and other terms upon which we are able to obtain funding. Our ability to raise funding through the securitization market also depends, in part, on the credit ratings of the securities we issue from our securitization trusts. If we are not able to satisfy rating agency requirements to confirm the ratings of our asset-backed securities, it could limit our ability to access the securitization markets.

Adverse currency fluctuations and foreign exchange controls could decrease earnings we receive from our international operations.

During ~~2024~~2025, approximately 22 percent of our total revenues net of interest expense were generated from activities outside the United States. We are exposed to foreign exchange risk from our international operations, and accordingly the revenue we generate outside the United States is subject to unpredictable fluctuations if the values of other currencies change relative to the U.S. dollar, which could have a material adverse effect on our results of operations.

Political and economic conditions could continue to cause changes in the values of currencies and a further strengthening of the U.S. dollar will negatively impact our net revenues. Substantial and sudden devaluation of ~~local~~ Card Members’ local currency can also affect their ability to make payment to us. Foreign exchange regulations or capital controls might restrict or prohibit the conversion of other currencies into U.S. dollars or our ability to transfer them and the availability of foreign exchange could further impact our results of operations.

An inability to ~~accept~~attract or maintain deposits ~~due to market demand or regulatory constraints~~ could materially adversely affect our liquidity position and our ability to fund our business.

Our U.S. bank subsidiary, AENB, accepts deposits and uses the proceeds as a source of funding, with our direct retail deposits becoming a larger proportion of our funding over time. We continue to face strong competition with regard to deposits, and pricing and product changes may adversely affect our ability to attract and retain cost-effective deposit balances. To the extent we offer higher interest rates to attract or maintain deposits, our funding costs will be adversely impacted. Additionally, a decrease in confidence in the soundness of us or in the banking sector more broadly, such as following the occurrence of bank failures, or in the level of insurance available on deposits may cause rapid deposit withdrawals or an unwillingness to maintain deposits with us, which could materially adversely affect us and our ability to fund our business. The use of social media and similar channels has the potential to intensify and accelerate such a decrease in confidence in soundness.

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which could materially adversely affect us and our ability to fund our business. The use of social media and similar channels has the potential to intensify and accelerate such a decrease in confidence in soundness.

Our ability to obtain deposit funding and offer competitive interest rates on deposits is also dependent on AENB’s capital levels. The FDIA’s brokered deposit provisions and related FDIC rules in certain circumstances prohibit banks from accepting or renewing brokered deposits and apply other restrictions, such as a cap on interest rates that can be paid. Additionally, our regulators can adjust applicable capital requirements at any time and have authority to place limitations on our deposit businesses. An inability to attract or maintain deposits in the future could materially adversely affect our ability to fund our business.

The value of our investments may be adversely impacted by economic, political or market conditions.

Market risk includes the loss in value of portfolios and financial instruments due to adverse changes in market variables, which could negatively impact our financial condition. We have experienced realized and unrealized losses in our Amex Ventures™ equity investments and may experience further losses in the future. As of December 31, ~~2024~~2025, we held approximately $1.20 billion of investment securities, primarily consisting of debt securities, and equity investments, including certain equity method investments, totaling approximately $2.04 billion. Negative market conditions, changes in valuations or increases in default rates or bankruptcies with respect to these investments, due to economic conditions, business performance or otherwise, could have a material adverse impact on the value of our investments, potentially resulting in impairment charges. Defaults, threats of defaults or economic disruptions, even in countries or territories in which we do not have material investment exposure, conduct business or have operations, could adversely affect us.

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ITEM 1B. UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 1C. CYBERSECURITY

We maintain an information security and cybersecurity program and a cybersecurity governance framework that are designed to protect our information systems against operational risks related to cybersecurity.

Cybersecurity Risk Management and Strategy

We define information security and cybersecurity risk as the risk that the confidentiality, integrity or availability of our information and information systems are impacted by unauthorized or unintended access, use, disclosure, disruption, modification or destruction. Information security and cybersecurity risk is an operational risk ~~that~~under our enterprise risk taxonomy, which is measured and managed as part of our operational risk management framework. Operational risk is incorporated into our ~~comprehensive~~risk ~~Enterprise~~governance ~~Risk Management (ERM) program~~framework, which we use to identify, ~~aggregate~~assess, ~~monitor~~control, ~~report~~measure & monitor and ~~manage~~report & escalate risks. For more information on our ~~ERM~~risk ~~program~~governance framework, see “Risk Management” under “MD&A.”

Our Technology Risk and Information Security (TRIS) program, which is our enterprise information security and cybersecurity program incorporated in our ~~ERM~~risk ~~program~~governance framework and led by our Chief Information Security Officer (CISO), is designed to (i) ensure the security, confidentiality, integrity and availability of our information and information systems; (ii) protect against any anticipated threats or hazards to the security, confidentiality, integrity or availability of such information and information systems; and (iii) protect against unauthorized access to or use of such information or information systems that could result in substantial harm or inconvenience to us, our colleagues or our customers. The TRIS program is built upon a foundation of advanced security technology, employs a highly trained team of experts and is designed to operate in alignment with global regulatory requirements. The program deploys multiple layers of controls, including embedding security into our technology investments, which are designed to identify, protect, detect, respond to and recover from information security and cybersecurity incidents. Those controls are measured and monitored by a combination of subject matter experts and a security operations center with integrated cyber detection, response and recovery capabilities. The TRIS program includes our Enterprise Incident Response Program, which manages information security incidents involving compromises of sensitive information, and our Cyber Crisis Response Plan, which provides a documented framework for handling ~~high-severity~~critical security incidents and facilitates coordination across multiple parts of the Company to manage response efforts. We also routinely perform simulations and drills at both a technical and management level, and our colleagues receive annual cybersecurity awareness training.

InThe ~~addition,~~TRIS weprogram ~~incorporate~~aligns ~~reviews~~with the standards developed by ~~our~~the ~~Internal~~Cyber ~~Audit~~Risk ~~Group~~Institute Profile for the financial sector and ~~external~~global ~~expertise~~regulatory inrequirements ~~our~~and ~~TRIS~~incorporates ~~program,~~reviews ~~including~~and anassessments by our independent ~~third-party~~Technical ~~assessment~~Risk Management Team (part of our ~~cybersecurity~~second ~~measures~~line ~~and~~of ~~controls~~defense), ~~and~~our aInternal ~~third-party~~Audit ~~cyber~~Group ~~maturity~~(our ~~assessment~~third line of ~~our~~defense) ~~TRIS~~and ~~program~~external ~~against~~experts. ~~the~~In ~~Cyber~~addition, ~~Risk~~we ~~Institute~~engage ~~Profile~~third ~~standards~~parties ~~for~~to ~~the~~provide ~~financial~~specialized ~~sector.~~services Weand ~~also~~capabilities, ~~invest~~including invulnerability insights, operation of certain security controls and threat intelligence,. We also collaborate with our peers in areas of threat intelligence, vulnerability management, incident response and drills, and are active participants in industry and government forums.

Cybersecurity risks related to third parties are managed as part of our Third Party Management Policy, which sets forth the procurement, risk management and contracting framework for managing third-party relationships commensurate with their risk and complexity. Our Third Party Lifecycle Management (TLM) program sets guidelines for identifying, measuring, monitoring, and reporting the risks associated with third parties through the life cycle of the relationships, which includes planning, due diligence and third-party selection, contracting, ongoing monitoring and termination. Our TLM program includes the identification of third parties with risks related to information security. Third parties that access, process, collect, share, create, store, transmit or destroy our information or have access to our systems may have additional security requirements depending on the levels of risk, such as enhanced risk assessments and monitoring, and additional contractual controls.

While we do not believe that our business strategy, results of operations or financial condition have been materially adversely affected by any cybersecurity incidents, cybersecurity threats are pervasive and, similar to other global financial institutions, we, as well as our customers, colleagues, regulators, service providers and other third parties, have experienced a significant increase in information security and cybersecurity risk in recent years and will likely continue to be the target of cyberattacks. We continue to assess the risks and changes in the cyber environment, invest in enhancements to our cybersecurity capabilities, and engage in industry and government forums to promote advancements in our cybersecurity capabilities, as well as the broader financial services cybersecurity ecosystem. For more information on risks to us from cybersecurity threats, see “A major information or cybersecurity incident ~~or an increase in fraudulent activity~~ could lead to reputational damage to our brand and material legal, regulatory and financial exposure, and could reduce the use and acceptance of our products and services.” under “Risk Factors.”

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Cybersecurity Governance

Under our cybersecurity governance framework, our Board and Risk Committee are primarily responsible for overseeing and governing the development, implementation and maintenance of our TRIS program, with our Board designating our Risk Committee to provide oversight and governance of technology and cybersecurity risks. Our Board receives an update on cybersecurity at least once a year from our CISO or their designee. Our Risk Committee receives reports on cybersecurity at least twice a year, including in at least one joint meeting with our Audit and Compliance Committee, and our Board and these committees all receive ad hoc updates as needed. In addition, our Risk Committee annually approves our TRIS program.

We have multiple internal management committees that are responsible for the oversight of cybersecurity risk. Our ~~Operational~~Technology, ~~Risk~~Data, ~~Management~~Resiliency Risk Committee (~~ORMC~~TDRRC), co-chaired by our Chief ~~Operational~~Information Officer and the Head of Technical Risk ~~Officer~~Management, provides oversight and governance for our information security risk management activities, including those related to cybersecurity. This includes efforts to identify, ~~measure~~assess, ~~manage~~control, measure & monitor and report & escalate information security risks associated with our information and information systems and potential impacts to the American Express brand. The ~~ORMC~~TDRRC escalates risks to our Enterprise Risk Management Committee (ERMC), co-chaired by our Chief Executive Officer and our Chief Risk Officer, or our Board based on the escalation criteria provided in our enterprise-wide risk appetite framework. Members of management with cybersecurity oversight responsibilities are informed about cybersecurity risks and incidents through a number of channels, including periodic and annual reports, with the annual report on our TRIS program also provided to our Risk Committee, the ~~ORMC~~TDRRC and ERMC.

Our CISO leads the strategy, engineering and operations of cybersecurity across the Company and is responsible for providing annual updates to our Board, the ERMC and the ~~ORMC~~TDRRC on our TRIS program, as well as ad hoc updates on information security and cybersecurity matters. Our current CISO has held a series of roles in telecommunications, networking and information security at American Express, including promotion to the CISO role in 2013, and is also responsible for technology risk management. Prior to joining American Express, our current CISO served in a variety of technology leadership roles at a public pharmaceutical and biotechnology company for 14 years. Our CISO reports to the Chief Information Officer, information about whom is included in “Information About Our Executive Officers” under “Business.”

For more information on our risk governance structure, see “Risk Management — Governance and Board Oversight” and “Risk Management —Operational Risk Management Process” under “MD&A.”

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ITEM 2. PROPERTIES

Our principal executive offices are in a 2.2 million square foot building located in lower Manhattan on land leased from the Battery Park City Authority ~~for a term expiring in 2069~~. We have an approximately 49 percent ownership interest in the building and an affiliate of Brookfield Financial Properties owns the remaining approximately 51 percent interest in the building. We also lease space in the building from Brookfield’s affiliate.

Other owned or leased principal locations include American Express offices in Phoenix, Arizona, Sunrise, Florida, Gurgaon and Bangalore, India, Manila, Philippines, Brighton, England, Tokyo, Japan, Kuala Lumpur, Malaysia, Rome, Italy and Sydney, Australia; the American Express data centers in Phoenix, Arizona and Greensboro, North Carolina; the headquarters for AENB in Sandy, Utah; the headquarters for American Express Services Europe Limited in London, England; the headquarters for American Express Europe, S.A. in Madrid, Spain; the headquarters for Amex Bank of Canada and Amex Canada Inc. in Toronto, Ontario, Canada; and the headquarters for American Express Company (Mexico) S.A. de C.V. in Mexico City, Mexico. We also lease and operate multiple lounges as a benefit for our Card Members, including in major U.S. and global hub airports.

ITEM 3. LEGAL PROCEEDINGS

Refer to Note 12 to the “Consolidated Financial Statements,” which is incorporated herein by reference.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

(a)Our common stock trades principally on The New York Stock Exchange under the trading symbol AXP. As of December 31, ~~2024~~2025, we had 1615,~~641~~910 common shareholders of record. You can find dividend information concerning our common stock in the Consolidated Statements of Shareholders’ Equity in the “Consolidated Financial Statements.” For information on dividend restrictions, see “Supervision and Regulation — Dividends and Other Capital Distributions” under “Business” and Note 2221 to the “Consolidated Financial Statements.” You can find information on securities authorized for issuance under our equity compensation plans under the caption “Executive Compensation — Equity Compensation Plans” to be contained in our definitive ~~2025~~2026 proxy statement for our Annual Meeting of Shareholders, which is scheduled to be held on ~~April~~May 295, ~~2025~~2026. The information to be found under such caption is incorporated herein by reference. Our definitive ~~2025~~2026 proxy statement for our Annual Meeting of Shareholders is expected to be filed with the SEC in March ~~2025~~2026 (and, in any event, not later than 120 days after the close of our most recently completed fiscal year).

Stock Performance Graph

The information contained in this Stock Performance Graph section shall not be deemed to be “soliciting material” or “filed” or incorporated by reference in future filings with the SEC, or subject to the liabilities of Section 18 of the Exchange Act, except to the extent that we specifically incorporate it by reference into a document filed under the Securities Act or the Exchange Act.

The following graph compares the cumulative total shareholder return on our common shares with the total return on the S&P 500 Index and the S&P Financial Index for the last five years. It shows the growth of a $100 investment on December 31, ~~2019~~2020, including the reinvestment of all dividends.

Year-end Data	~~2019~~2020		~~2020~~2021		~~2021~~2022		~~2022~~2023		~~2023~~2024		~~2024~~2025
American Express	$	100.00	$	98136.8589	$	~~135~~125.3121	$	~~123~~161.7713	$	~~159~~258.2832	$	~~255~~325.3553
S&P 500 Index	$	100.00	$	~~118~~128.3968	$	~~152~~105.3436	$	~~124~~133.7303	$	~~157~~166.4828	$	~~196~~195.8598
S&P Financial Index	$	100.00	$	98134.2487	$	~~132~~120.5061	$	~~118~~135.4921	$	~~132~~176.8345	$	~~173~~202.3586

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(b) Not applicable.

The table below sets forth the information with respect to purchases of our common stock made by or on behalf of us during the three months ended December 31, 2025.

	Total Number of SharesPurchased	Average Price Paid PerShare (ca)		Total Number of SharesPurchased as Part ofPublicly Announced Plansor Programs(db)	Maximum Number ofShares that MayYet BePurchased Under thePlansor Programs
October 1-31, 2024
October 1-31, 2025
Repurchase program(a)	387,722	$	270.74	387,722	78,271,238
Repurchase program(c)	546,336	$	358.73	546,336	60,273,755
Employee transactions(b)	16,467	$	273.50	N/A	N/A
Employee transactions(d)	22,255	$	358.93	N/A	N/A
November 1-30, 2024
November 1-30, 2025
Repurchase program(a)	1,137,974	$	289.86	1,137,974	77,133,264
Repurchase program(c)	1,299,220	$	358.68	1,299,220	58,974,535
Employee transactions(b)	—	$	—	N/A	N/A
Employee transactions(d)	22	$	367.88	N/A	N/A
December 1-31, 2024
December 1-31, 2025
Repurchase program(a)	1,962,445	$	301.08	1,962,445	75,170,819
Repurchase program(c)	625,136	$	366.41	625,136	58,349,399
Employee transactions(b)	—	$	—	N/A	N/A
Employee transactions(d)	—	$	—	N/A	N/A
Total
Repurchase program(a)	3,488,141	$	294.05	3,488,141	75,170,819
Repurchase program(c)	2,470,692	$	360.65	2,470,692	58,349,399
Employee transactions(b)	16,467	$	273.50	N/A	N/A
Employee transactions(d)	22,277	$	358.94	N/A	N/A

(a)OnThe ~~March~~average 8,price ~~2023,~~paid ~~the~~per ~~Board~~share ofdoes ~~Directors~~not ~~authorized~~reflect ~~the~~costs ~~repurchase of up to 120 million common shares from time to time, subject to market conditions~~ and intaxes ~~accordance~~associated with ~~our capital plans. This authorization replaced~~ the ~~prior~~purchase ~~repurchase~~of ~~authorization~~shares. ~~See “Consolidated Capital Resources and Liquidity” under “MD&A” for additional information regarding share repurchases.~~

(b)~~Includes:~~Share ~~(i)~~purchases ~~shares~~under ~~surrendered~~publicly byannounced ~~holders~~programs ofare ~~employee~~made ~~stock~~pursuant ~~options~~to ~~who~~open ~~exercised~~market ~~options~~purchases, ~~(granted under our incentive compensation~~ plans) inintended ~~satisfaction~~to ofsatisfy the ~~exercise~~affirmative ~~price~~defense ~~and/or~~conditions ~~tax withholding obligation~~ of ~~such~~Rule ~~holders and~~ 10b5-1(iic) ~~restricted shares withheld (~~under the ~~terms~~Exchange ofAct, ~~grants~~privately ~~under~~negotiated ~~our~~transactions ~~incentive~~or ~~compensation~~other ~~plans)~~purchases, toincluding ~~offset~~block ~~tax~~trades, ~~withholding~~accelerated ~~obligations~~share ~~that~~repurchase ~~occur~~programs ~~upon~~or ~~vesting~~any ~~and~~combination ~~release~~ of ~~restricted~~such ~~shares.~~methods ~~Our~~as ~~incentive~~market ~~compensation~~conditions ~~plans~~warrant ~~provide~~and ~~that~~at ~~the~~prices ~~value~~we ofdeem ~~the shares delivered or attested to, or withheld, be based on the price of our common stock on the date the relevant transaction occurs~~appropriate.

(c)~~The~~On ~~average~~March ~~price~~8, ~~paid~~2023, ~~per~~the ~~share~~Board ~~does~~of ~~not~~Directors ~~reflect~~authorized ~~costs~~the repurchase of up to 120 million common shares from time to time, subject to market conditions and ~~taxes~~in ~~associated~~accordance with our capital plans. This authorization replaced the ~~purchase~~prior ofrepurchase ~~shares~~authorization. See “Consolidated Capital Resources and Liquidity” under “MD&A” for additional information regarding share repurchases.

(d)~~Share~~Includes: ~~purchases~~(i) ~~under~~shares ~~publicly~~surrendered ~~announced~~by ~~programs~~holders ~~are~~of ~~made~~employee ~~pursuant~~stock tooptions ~~open~~who ~~market~~exercised ~~purchases,~~options (granted under our incentive compensation plans) ~~intended~~in tosatisfaction ~~satisfy~~of the ~~affirmative~~exercise ~~defense~~price ~~conditions~~and/or tax withholding obligation of ~~Rule~~such ~~10b5-1~~holders and (cii) restricted shares withheld (under the ~~Exchange~~terms ~~Act,~~of ~~privately~~grants ~~negotiated~~under ~~transactions~~our orincentive ~~other~~compensation ~~purchases,~~plans) ~~including~~to ~~block~~offset ~~trades,~~tax ~~accelerated~~withholding ~~share~~obligations ~~repurchase~~that ~~programs~~occur orupon ~~any~~vesting ~~combination~~and release of ~~such~~restricted ~~methods~~shares. asOur ~~market~~incentive ~~conditions~~compensation ~~warrant~~plans ~~and~~provide atthat ~~prices~~the wevalue ~~deem~~of ~~appropriate~~the shares delivered or attested to, or withheld, be based on the price of our common stock on the date the relevant transaction occurs.

ITEM 6. [RESERVED]

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

EXECUTIVE OVERVIEW

BUSINESS INTRODUCTION

We are a ~~globally~~global ~~integrated~~ payments ~~company~~and premium lifestyle brand powered by technology with four reportable operating segments: U.S. Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS) and Global Merchant and Network Services (GMNS). Corporate functions and certain other businesses and operations are included in Corporate & Other.

Our range of products and services includes:

•~~Merchant~~Banking ~~acquisition~~ and ~~processing,~~other ~~servicing~~payment and ~~settlement,~~financing ~~fraud~~products ~~prevention,~~ and ~~point-of-sale~~services, ~~marketing~~including ~~and~~deposits ~~information products~~ and ~~services~~non-card ~~for merchants~~lending

•Merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services

•Network services

•Travel and lifestyle services

•Expense management products and services

•Other services, such as the design and operation of customer loyalty programs

The following types of revenue are generated from our various products and services:

•Discount revenue, our largest revenue source, primarily represents the amount we earn and retain from the merchant payable for facilitating transactions between Card Members and merchants on payment products issued by American Express. The amount of fees charged for accepting our cards as payment, or merchant discount, varies with, among other factors, the industry in which the merchant conducts business, the merchant’s overall American Express-related transaction volume, the method of payment, the settlement terms with the merchant, the method of submission of transactions and, in certain instances, the geographic scope for the card acceptance agreement between the merchant and us (e.g., local or global) and the transaction amount. In some instances, an additional flat transaction fee is assessed as part of the merchant discount, and additional fees may be charged such as a variable fee for card-not-present transactions or for transactions using cards issued outside the United States at merchants located in the United States;

•Interest income, principally represents interest earned on outstanding loan balances;

•Net card fees, represent revenue earned from annual card membership fees, which vary based on the type of card and the number of cards for each account; and

•Service fees and other revenue, primarily represent ~~service~~revenues related to network partnership agreements (comprising royalties, fees and amounts earned ~~from~~for ~~merchants~~facilitating ~~and~~transactions ~~other~~on ~~customers~~cards issued by network partners), fees earned on alternative payment solutions facilitated by American Express, foreign currency-related fees charged to Card Members, loyalty coalition, merchant and other service fees, Card Member delinquency fees, travel commissions and fees, and income (losses) from our investments in which we have significant influence~~; and~~.

~~•Processed~~Refer ~~revenue,~~to ~~primarily~~the ~~represents~~“Glossary ~~revenues~~of ~~related~~Selected toTerminology” ~~network~~below ~~partnership~~for ~~agreements,~~the ~~comprising~~definitions ~~royalties,~~of ~~fees~~certain key terms and ~~amounts~~related ~~earned~~information appearing within this Form 10-K and “Critical Accounting Estimates” below for ~~facilitating~~a ~~transactions~~discussion onof ~~cards~~certain ~~issued~~of byour ~~network~~accounting ~~partners~~policies requiring significant management assumptions and judgments.

Refer to the “Glossary of Selected Terminology” below for the definitions of certain key terms and related information appearing within this Form 10-K and “Critical Accounting Estimates” below for a discussion of certain of our accounting policies requiring significant management assumptions and judgements.

NON-GAAP MEASURES

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 report constitutes non-GAAP financial measures. Our calculations of non-GAAP financial measures may differ from the calculations of similarly titled measures by other companies.

43Beginning in the third quarter of 2025, we ceased reporting Net interest yield on average Card Member loans, a non-GAAP measure that was computed by dividing adjusted net interest income by average Card Member loans, and began reporting (together with prior period comparative information) Net interest yield on average Total loans and Card Member receivables, a GAAP measure that represents net interest income divided by average Card Member loans, Card Members loans held for sale (HFS), Other loans and Card Member receivables. We believe that this new net interest yield metric reflects the evolution of our products over time, such as the expansion of lending features on our charge card portfolio. See Table 1 for more information.

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TABLE 1: SUMMARY OF FINANCIAL PERFORMANCE

Years Ended December 31,										Change				Change
(Millions, except percentages, per share amounts and where indicated)	~~2024~~2025			~~2023~~2024			~~2022~~2023			~~2024~~2025 vs. ~~2023~~2024				~~2023~~2024 vs. ~~2022~~2023
Selected Income Statement Data
Total revenues net of interest expense	$	6572,~~949~~229		$	6065,~~515~~949		$	5260,~~862~~515		$	56,~~434~~280	910	%	$	75,~~653~~434	149	%
Total revenues net of interest expense (FX-adjusted) (a)				6066,~~179~~083			5260,~~833~~179			56,~~770~~146		109		75,~~682~~770		1510
Provisions for credit losses	5,~~185~~256			45,~~923~~185			24,~~182~~923			~~262~~71		51		~~2,741~~262		#5
Total expenses	4753,~~869~~178			4547,~~079~~869			4145,~~095~~079			25,~~790~~309		611		32,~~984~~790		106
Pretax income	1213,~~895~~795			1012,~~513~~895			910,~~585~~513			~~2,382~~900		237		~~928~~2,382		1023
Income tax provision	2,~~766~~962			2,~~139~~766			2,~~071~~139			~~627~~196		297		68627		329
Net income	10,~~129~~833			810,~~374~~129			78,~~514~~374			~~1,755~~704		217		~~860~~1,755		1121
Earnings per common share — diluted (b)	$	1415.0138		$	1114.2101		$	911.8521		$	21.8037	2510	%	$	12.3680	1425	%
Selected Balance Sheet Data
Selected Balance Sheet and Common Share Data
Cash and cash equivalents	$	4047,~~640~~792		$	4640,~~596~~640		$	3346,~~914~~596		$	(57,~~956)~~152	~~(13)~~18	%	$	12(5,~~682~~956)	37(13)	%
Card Member receivables	59,411			60,411			57,613			(1,000)		(2)		2,798		5
Total loans and Card Member receivables (c)	224,791			208,317			193,492			16,474		8		14,825		8
Card Member loans	139,674			125,995			107,964			13,679		11		18,031		17
Total loans and Card Member receivables (FX-adjusted) (a)(c)				211,043			190,826			13,748		7		17,491		9
Customer deposits	139,413			129,144			110,239			10,269		8		18,905		17
Average Total loans and Card Member receivables	213,105			197,080			178,735			16,025		8		18,345		10
Long-term debt	$	49,715		$	47,866		$	42,573		$	1,849	4	%	$	5,293	12	%
Customer deposits	152,488			139,413			129,144			13,075		9		10,269		8
Common Share Statistics (c)
Long-term debt	$	56,387		$	49,715		$	47,866		$	6,672	13	%	$	1,849	4	%
Cash dividends declared per common share	$	2.80		$	2.40		$	2.08		$	0.40	17	%	$	0.32	15	%
Average common shares outstanding — diluted	696			713			736			(17)		(2)	%	(23)		(3)	%
Average common shares outstanding:
Cash dividends declared per common share	$	3.28		$	2.80		$	2.40		$	0.48	17	%	$	0.40	17	%
Basic	712			735			751			(23)		(3)		(16)		(2)
Diluted	713			736			752			(23)		(3)	%	(16)		(2)	%
Selected Metrics and Ratios
Network volumes (billions)	$	1,~~764~~897.80		$	1,~~680~~764.18		$	1,~~552~~680.81		$	85132	57	%	$	~~127~~85	85	%
Billed business (billions)	1,~~550~~669.98			1,~~459~~550.69			1,~~338~~459.36			91$	119	68	%	~~121~~$	91	96	%
Total loans and Card Member receivables (d)	208,317			193,492			170,993			14,825		8		22,499		13
Billed business (billions) (FX-adjusted) (a)				$	1,555.5		$	1,453.1		$	114	7	%	$	98	7	%
Total loans and Card Member receivables (FX-adjusted) (a)(d)				$	190,826		$	171,594		$	17,491	9	%	$	21,898	13	%
Net interest yield (d)	8.1%			7.9		%	7.3		%
Card Member loans and receivables
Net write-off rate — principal, interest and fees (e)	2.3		%	2.03		%	12.0		%
Net write-off rate — principal only — consumer and small business (e)(f)	2.0		%	12.80		%	01.98		%
30+ days past due as a % of total — consumer and small business (g)	1.3		%	1.3		%	1.13		%
Effective tax rate	21.5		%	2021.35		%	2120.63		%
Return on average equity (h)	3433.69		%	3134.56		%	3231.35		%
Common Equity Tier 1	10.5		%	10.5		%	10.35		%
# Denotes a variance of 100 percent or more

(a)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 Total revenues net of interest expense and Total loans and Card Member receivables are non-GAAP measures. 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.

(b)Represents net income, less (i) earnings allocated to participating share awards of $7674 million, $6476 million and $5764 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively, and (ii) dividends on preferred shares of $58 million, ~~$58 million~~for ~~and~~each ~~$57 million~~of ~~for~~ the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022, respectively~~2023. Refer to Note 1615 and Note 2120 to the “Consolidated Financial Statements” for further details on preferred shares and earnings per common share (EPS), respectively.

(c)~~Our~~Total ~~common~~loans ~~stock~~reflects ~~trades~~Card ~~principally~~Member onloans ~~The~~and ~~New~~Other ~~York Stock Exchange under the trading symbol AXP~~loans.

(d)~~Total~~Represents ~~loans~~net ~~reflects~~interest income divided by average Card Member loans, ~~and~~Card Member loans HFS, Other loans and Card Member receivables.

(e)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.

(f)A net write-off rate based on principal losses only is not available for corporate receivables due to system constraints.

(g)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. Refer to Table 1211 for 90+ days past billing metrics for corporate receivables.

(h)Return on average equity (ROE) is calculated by dividing (i) net income ~~for the period~~ by (ii) average shareholders’ equity ~~for the period~~.

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BUSINESS PERFORMANCE

Our strong results for the year reflect the ~~momentum and~~ earnings power of our business model, ~~and~~driven by our ~~continued~~premium, high credit-quality customer base and the greater scale and operating leverage we have achieved over the last several years, as well as the impact of strategic investments ~~for~~that strengthen our Membership Model and drive growth. We ~~saw~~continued ~~record~~to ~~levels~~see ofmomentum ~~annual~~across the business, with stable growth across Card Member spending, and loans and strong ~~new~~growth in card ~~acquisitions~~fees, along with excellent credit performance. We launched our refreshed U.S. Consumer and ~~disciplined~~Business ~~expense~~Platinum ~~management~~Cards at the end of the third quarter and have seen strong customer demand and engagement. The continued global expansion of our merchant network contributed to our growth, as we added millions of new merchant locations globally in 2025 and continued to increase coverage across our top international countries. Net income for the year was $10.18 billion, or $1415.0138 per share, compared with net income of $810.41 billion, or $1114.2101 per share, a year ago., ~~Our~~which ~~full~~included ~~year~~a ~~results~~$0.66 ~~reflect~~per share gain from the sale of Accertify Inc. (Accertify)~~, which resulted in a gain of $531 million ($479 million after tax or $0~~.~~66 per share).~~

Billed business grew by8 6percent year-over-year (7 percent on an FX-adjusted basis), reflecting abroad-based ~~stable~~growth across geographies and across both Goods & Services (G&S) and Travel & Entertainment (T&E) categories.1 G&S spend, ~~environment~~which accounts for ~~most~~over 70 percent of ~~the~~our ~~year~~total ~~with~~billed anbusiness, ~~acceleration~~continued into ~~the~~be ~~fourth~~driven ~~quarter.~~by ~~This~~robust ~~growth~~retail ~~was~~spending, ~~broad-based~~and ~~across~~T&E ~~geographies~~spend ~~and~~benefited ~~across~~from ~~both~~sustained ~~G&S~~strength ~~and~~in restaurants, our largest T&E ~~categories~~category. U.S. Consumer Services billed business grew by8 7 percent ~~year-over-year~~, with continued ~~strength~~momentum in spending by Millennial and Gen-Z Card Members, our fastest-growing cohorts, as our products continue to resonate with these ~~cohorts~~younger customers. Commercial Services billed business grew by3 2 percent ~~on a year-over-year basis~~, reflecting continued modest growth from U.S. small and mid-sized enterprise (SME) Card Members. Spending by existing U.S. SME Card Members declined slightly year-over-year, although we saw an improvement in small business sentiment in the fourth quarter and strong new card acquisitions for the year. International Card Services billed business grew ~~by 11 percent year-over-year (~~14 percent ~~on an FX-adjusted basis)~~, driven by continued strong growth in spend across ~~all~~geographies ~~regions~~ and customer types outside the United States.1 ~~The~~Overall ~~continued~~transaction ~~global expansion of our merchant network contributed to our~~ growth, ~~as we added millions~~ of ~~new~~9 ~~merchant~~percent ~~locations~~for ~~globally~~the inyear ~~2024~~reflects ~~and~~ continued tostrong ~~increase~~engagement ~~coverage~~from ~~across~~ our ~~top international countries~~customers.

Total revenues net of interest expense increased 910 percent ~~year-over-year~~ (109 percent on an FX-adjusted basis).1 Growth in billed business drove a 56 percent increase in Discount revenue, our largest revenue line. Net card fees increased 1618 percent ~~year-over-year~~, reflecting high levels of new card acquisitions ~~and~~on fee-paying products, strong Card Member retention, asand ~~well~~our ~~as the~~ ongoing ~~execution~~cycle of ~~our~~ product ~~refresh strategy~~refreshes. Net interest income ~~increased~~grew 1812 percent ~~versus the prior year~~, ~~outpacing growth in Total loans and Card Member receivables of 8 percent year-over-year,~~ primarily ~~due~~reflecting ~~to higher~~ growth in ~~our revolving loan~~ balances. ~~The growth in Total loans~~ and ~~Card~~net ~~Member~~yield ~~receivables and revolving loan balances both moderated over the course of the year~~expansion. ~~During the fourth quarter, we reclassified $758 million of Card Member loans related to the Lowe’s small business cobrand portfolio from held for investment to held for sale (HFS).~~

~~Provisions~~Total ~~for~~loans ~~credit~~and ~~losses~~Card Member receivables increased, ~~primarily~~8 ~~driven~~percent, byin ~~higher~~line ~~net~~with ~~write-offs,~~growth ~~partially~~in ~~offset~~billed bybusiness. aCredit ~~lower~~performance ~~reserve~~was ~~build~~strong ~~compared~~and tostable ~~last~~throughout the year. Net write-off and delinquency rates ~~were~~remained ~~relatively stable throughout the year and remain~~ best-in-class, 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, which are generally ~~correlated~~driven toby volumes orand ~~are variable based on~~ usage, collectively grew ~~slightly~~ faster than revenues as wea ~~continue~~result toof ~~enhance~~enhancements to our value propositions, to drive Card Member engagement and ~~acquire~~acquisition ~~more~~and ~~Card~~the ~~Members~~mix onshift towards premium products. Marketing expense increased 164 percent year-over-year, as we ~~invested~~continued atto aninvest ~~elevated~~to ~~level~~acquire ~~in growth initiatives, including acquiring~~ high -spending, high credit-quality customers. ~~During~~Operating ~~the~~expense ~~year~~grew weat ~~acquired~~ a ~~record~~slower 13pace ~~million~~than ~~proprietary~~revenue ~~new~~even ~~cards.~~as ~~Operating~~we ~~expenses~~continued ~~decreased~~to 2invest ~~percent,~~in ~~primarily~~enterprise ~~reflecting~~risk ~~the~~management ~~gain~~capabilities ~~recognized on the sale of Accertify~~ and ~~our~~technology ~~continued~~to ~~operating~~support ~~expense~~business ~~discipline~~growth. We remain focused on driving marketing and operating expense efficiencies over time.

During the year, we maintained our CET1 capital ~~ratios~~ratio within our ~~current~~ target range of 10 to 11 percent and returned $7.96 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. We ~~also~~plan ~~expect~~ to increase the regular quarterly dividend on common shares outstanding by approximately 1716 percent beginning with the first quarter ~~2025~~2026 dividend declaration. Our robust capital, funding and liquidity positions provide us with significant flexibility to maintain a strong balance sheet.

~~Our~~The ~~performance~~resiliency ~~continues~~of toour differentiated business model and the strength and stability of our performance give us confidence into ~~our~~navigate ~~business~~evolving ~~model~~competition and ~~while~~a range of economic environments. While we recognize the uncertainty of the geopolitical and ~~macroeconomic~~regulatory ~~environment~~landscape, ~~and~~we continue to manage the ~~evolving~~company ~~regulatory~~for ~~and~~the ~~competitive~~long ~~landscape~~term, wefocusing ~~remain~~on ~~committed~~backing toour ~~executing~~customers onand ~~our~~colleagues, ~~strategy~~exercising todisciplined ~~deliver~~expense ~~sustainable~~management and ~~profitable~~strategically ~~long-term~~investing ~~growth~~in our business.

See “Supervision and Regulation” under “Business” for information on legislative and regulatory changes that could have a material adverse effect on our results of operations and financial condition and “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” for information on potential impacts of macroeconomic, geopolitical and competitive conditions and certain litigation and regulatory matters on our business.

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.

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CONSOLIDATED RESULTS OF OPERATIONS

The discussions in both “Consolidated Results of Operations” and “Business Segment Results of Operations” provide commentary on the variances for the year ended December 31, ~~2024~~2025 compared to the year ended December 31, ~~2023~~2024, as presented in the accompanying tables. For a discussion of the financial condition and results of operations for ~~2023~~2024 compared to ~~2022~~2023, please refer to Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024, filed with the SEC on February 97, ~~2024~~2025.

Years Ended December 31,							Change				Change
(Millions, except percentages)	2024		2023		2022		2024 vs. 2023				2023 vs. 2022
Discount revenue	$	35,192	$	33,416	$	30,739	$	1,776	5	%	$	2,677	9	%
Net card fees	8,449		7,255		6,070		1,194		16		1,185		20
Service fees and other revenue	5,129		5,005		4,521		124		2		484		11
Processed revenue	1,636		1,705		1,637		(69)		(4)		68		4
Total non-interest revenues	50,406		47,381		42,967		3,025		6		4,414		10
Total interest income	23,795		19,983		12,658		3,812		19		7,325		58
Total interest expense	8,252		6,849		2,763		1,403		20		4,086		#
Net interest income	15,543		13,134		9,895		2,409		18		3,239		33
Total revenues net of interest expense	$	65,949	$	60,515	$	52,862	$	5,434	9	%	$	7,653	14	%
# Denotes a variance of 100 percent or more

Beginning in the first quarter of 2025, we made a presentation change to our Consolidated Statements of Income to consolidate Processed revenue within Service fees and other revenue and renamed Processed revenue to network partnership revenue. Prior period amounts have been recast to conform to the current period presentation; there was no impact to Total non-interest revenues. Refer to Note 17 to the “Consolidated Financial Statements” for additional information.

TABLE 2: TOTAL REVENUES NET OF INTEREST EXPENSE SUMMARY


Years Ended December 31,							Change				Change
(Millions, except percentages)	2025		2024		2023		2025 vs. 2024				2024 vs. 2023
Discount revenue	$	37,401	$	35,192	$	33,416	$	2,209	6	%	$	1,776	5	%
Net card fees	9,993		8,449		7,255		1,544		18		1,194		16
Service fees and other revenue	7,471		6,765		6,710		706		10		55		1
Total non-interest revenues	54,865		50,406		47,381		4,459		9		3,025		6
Total interest income	25,598		23,795		19,983		1,803		8		3,812		19
Total interest expense	8,234		8,252		6,849		(18)		—		1,403		20
Net interest income	17,364		15,543		13,134		1,821		12		2,409		18
Total revenues net of interest expense	$	72,229	$	65,949	$	60,515	$	6,280	10	%	$	5,434	9	%

TOTAL REVENUES NET OF INTEREST EXPENSE

Discount revenue increased, primarily driven by an increase in billed business of 68 percent, partially offset by lower average merchant discount rates due to shifts in geographic and merchant spend mix. See Tables 5 and 6 for more details on billed business performance.

Net card fees increased, 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 increased, primarily driven by ~~increases~~higher in foreign exchange -related revenues associated with Card Member cross-currency spending, ~~loyalty~~a ~~coalition-~~gain related ~~fees~~to ~~and~~an ~~merchant~~equity ~~service~~transaction ~~fees~~by GBTG, ~~partially~~an ~~offset~~equity bymethod ~~Accertify~~investee, ~~revenues~~resulting ~~included~~from its acquisition of CWT Holdings, LLC, and increases in ~~the~~network ~~prior~~partnership ~~year~~revenue and loyalty coalition-related fees.

~~Processed~~Interest ~~revenue~~income ~~decreased~~increased, ~~and~~primarily ~~was~~driven ~~relatively~~by ~~flat~~growth onin anrevolving ~~FX-adjusted~~loan ~~basis.2~~balances, ~~See~~partially ~~Tables~~offset 5by ~~and~~lower 6interest ~~for more details on processed volume performance~~rates.

Interest ~~income~~expense ~~increased~~was relatively flat, primarily ~~driven~~reflecting lower interest rates paid on customer deposits, offset by growth in ~~revolving~~customer ~~loan~~deposits ~~balances~~ and ~~higher~~long-term ~~interest rates~~debt.

~~Interest expense increased, primarily driven by higher interest rates paid on, and growth in, customer deposits and long-term debt.~~45

2 Refer to footnote 1 on page 45 for details regarding foreign currency adjusted information.

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TABLE 3: PROVISIONS FOR CREDIT LOSSES SUMMARY

Years Ended December 31,							Change				Change
(Millions, except percentages)	~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2024~~2025 vs. ~~2023~~2024				~~2023~~2024 vs. ~~2022~~2023
Card Member loans
Net write-offs	$	3,~~515~~868	$	23,~~486~~515	$	12,~~066~~486	$	~~1,029~~353	4110	%	$	1,~~420~~029	~~# %~~41	%
Reserve build (release) (a)	~~594~~198		~~1,353~~594		~~448~~1,353		(~~759~~396)		(5667)		~~905~~(759)		#(56)
Total	4,~~109~~067		34,~~839~~109		13,~~514~~839		~~270~~(42)		7(1)		~~2,325~~270		#7
Card Member receivables
Net write-offs	~~773~~745		~~937~~773		~~462~~937		(~~164~~28)		(184)		~~475~~(164)		#(18)
Reserve build (release) (a)	17		~~(57)~~1		~~165~~(57)		586		#		~~(222)~~58		#
Total	~~774~~751		~~880~~774		~~627~~880		(~~106~~23)		(123)		~~253~~(106)		40(12)
Other
Net write-offs — Other loans	~~187~~207		~~107~~187		22107		8020		7511		8580		#75
Net write-offs — Other receivables	4420		2544		1525		19(24)		76(55)		1019		6776
Reserve build (release) — Other loans (a)	69128		6769		767		259		386		602		#3
Reserve build (release) — Other receivables (a)	259		52		~~(3)~~5		~~(3)~~57		~~(60)~~#		8(3)		#(60)
Total	302		204		41		98		48		163		#
Reserve build (release) — Other (a)	24		—		—		24		—		—		—
Total provisions for credit losses	$	5,185	$	4,923	$	2,182	$	262	5	%	$	2,741	# %
Total	438		302		204		136		45		98		48
Total provisions for credit losses	$	5,256	$	5,185	$	4,923	$	71	1	%	$	262	5	%
# Denotes a variance of 100 percent or more

(a)Refer to the “Glossary of Selected Terminology” below for a definition of reserve build (release).

PROVISIONS FOR CREDIT LOSSES

Card Member loans provision for credit losses ~~increased~~decreased, primarily due to ~~higher~~a ~~net~~lower ~~write-offs~~reserve ~~driven~~build ~~by growth~~ in ~~loans~~the ~~outstanding~~current year, partially offset by ahigher ~~lower~~net ~~reserve build in the current year~~write-offs. The reserve build in the current year was primarily driven by an increase in loans outstanding and deterioration in the macroeconomic outlook used in our reserve models, partially offset by the release of a reserve upon the reclassification of a small business cobrand portfolio to Card Member loans HFS from held for investment. The reserve build in the prior year was primarily driven by an increase in loans outstanding ~~and higher delinquencies~~.

Card Member receivables provision for credit losses decreased, primarily due to lower net write-offs, partially offset by a reserve ~~release~~build in the ~~prior~~current year. The reserve ~~release~~build in the ~~prior~~current year was primarily driven by ~~lower~~deterioration ~~delinquencies,~~in ~~partially~~the ~~offset~~macroeconomic byoutlook used in our reserve models and an increase in receivables outstanding.

Other provision for credit losses increased, primarily due to a higher reserve build in the current year, partially offset by lower net write-offs. The reserve build in the current year was primarily related to partner obligations and an increase in loans outstanding.

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TABLE 4: EXPENSES SUMMARY

Years Ended December 31,

Change

(Millions, except percentages)

~~2024~~2025

~~2023~~2024

~~2022~~2023

~~2024~~2025 vs. ~~2023~~2024

~~2023~~2024 vs. ~~2022~~2023

Card Member rewards

1618,~~599~~409

1516,~~367~~599

1415,~~002~~367

1,~~232~~810

811

1,~~365~~232

108

Business development

56,~~886~~457

5,~~657~~886

45,~~943~~657

~~229~~571

410

~~714~~229

144

Card Member services

46,~~782~~057

34,~~968~~782

23,~~959~~968

~~814~~1,275

2127

~~1,009~~814

3421

Marketing

6,~~040~~252

56,~~213~~040

5,~~458~~213

~~827~~212

164

~~(245)~~827

~~(4)~~16

Salaries and employee benefits

89,~~198~~016

8,~~067~~198

78,~~252~~067

~~131~~818

210

~~815~~131

112

Other, net

6,~~364~~987

6,~~807~~364

6,~~481~~807

~~(443)~~623

~~(7)~~10

~~326~~(443)

5(7)

Total expenses

4753,~~869~~178

4547,~~079~~869

4145,~~095~~079

25,~~790~~309

611

32,~~984~~790

106

EXPENSES

Card Member rewards expense increased, driven by increases in Membership Rewards and cash back rewards expenses, collectively, of $~~705~~1,234 million, and cobrand rewards expense of $~~527~~576 million, all of which were primarily driven by higher billed business. InThe ~~the second half of the year, the~~ increase in Membership Rewards expense was also driven by ana ~~increase~~benefit in the ~~Ultimate~~prior ~~Redemption~~year ~~Rate~~from ~~(URR)~~enhancements ~~and~~to ~~slightly~~the ~~higher~~models ~~redemption~~that ~~costs~~estimate ~~reflecting~~future aredemptions ~~shift~~of Membership Reward points by U.S. Card Members. The increase in cash back rewards expense also reflected the ~~mix~~impact ofassociated ~~Card~~with ~~Member~~a ~~redemptions~~card product migration.

The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 96 percent (rounded down) at both December 31, ~~2024~~2025 and ~~2023~~2024.

Business development expense increased, primarily due to increased partner payments ~~driven~~and by higher ~~network volumes, partially offset by lower~~ client incentives, ~~and~~both aof ~~prior-year~~which ~~charge~~were ~~related~~driven toby ~~revenue~~higher ~~allocated~~network ~~to a joint venture partner~~volumes.

Card Member services expense increased, primarily due to ~~growth~~higher inusage ~~premium~~of ~~card~~Card ~~accounts,~~Member ~~contributing~~benefits toand athe ~~higher~~introduction ~~usage~~ of ~~travel-related~~new U.S. Platinum benefits.

Marketing expense increased, ~~reflecting~~primarily due to higher levels of spending on customer acquisition and ~~other~~brand ~~growth initiatives~~advertising.

Salaries and employee benefits expense increased, primarily driven by higher ~~incentive~~compensation and ~~compensation~~incentive costs~~, partially offset by lower restructuring costs~~.

Other expenses ~~decreased~~increased, primarily driven by the gain recognized in the prior year on the sale of Accertify, ~~foreign~~higher ~~exchange-related~~professional ~~gains~~services and ~~net~~technology ~~gains on Amex Ventures investments~~costs, partially offset by ana prior-year increase in legal reserves, ~~higher professional service costs~~ and a prior-year charge associated with an increase in international non-income tax reserves.

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INCOME TAXES

The effective tax rate was 21.5 percent ~~and~~for ~~20.3~~both ~~percent~~2025 ~~for~~and 2024, ~~and~~primarily ~~2023,~~reflecting ~~respectively.~~the ~~The~~continued ~~increase~~implementation inof the ~~effective~~global minimum tax ~~rate~~offset ~~primarily~~by ~~reflected~~ discrete tax benefits in the ~~prior~~current ~~year~~period.

TABLE 5: SELECTED CARD-RELATED STATISTICAL INFORMATION

							Change		Change
Years Ended December 31,	~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2024~~2025 vs. ~~2023~~2024		~~2023~~2024 vs. ~~2022~~2023
Network volumes (billions)	$	1,~~764~~897.80	$	1,~~680~~764.18	$	1,~~552~~680.81	57	%	85	%
Billed business	$	1,~~550~~669.98	$	1,~~459~~550.69	$	1,~~338~~459.36	68		96
Processed volumes	$	213.9	$	220.5	$	214.5	(3)		3
Cards-in-force (millions)	152.8		146.5		141.2		4		4
Cards-in-force (millions)	146.5		141.2		133.3		4		6
Proprietary cards-in-force	86.6		83.6		80.2		4		4
Proprietary cards-in-force	83.6		80.2		76.7		4		5
Basic cards-in-force (millions)	128.9		123.3		118.7		5		4
Basic cards-in-force (millions)	123.3		118.7		111.5		4		6
Proprietary basic cards-in-force	66.7		64.3		61.7		4		4
Proprietary basic cards-in-force	64.3		61.7		59.1		4		4
Average proprietary basic Card Member spending (dollars)	$	25,453	$	24,608	$	24,059	3		2
Average proprietary basic Card Member spending (dollars)	$	24,608	$	24,059	$	23,496	2		2
Average fee per card (dollars) (a)	$	117	$	103	$	92	14	%	12	%
Average fee per card (dollars) (a)	$	103	$	92	$	82	12	%	12	%
Proprietary new cards acquired (millions)	12.5		13.0		12.2
Proprietary new cards acquired (millions)	13.0		12.2		12.5
Discount revenue as a % of Billed business	2.24%		2.27%		2.29%
Discount revenue as a % of Billed business	2.27%		2.29%		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

	2024				2023
	2025				2024
	Year over Year Percentage Increase(Decrease)		Percentage Increase (Decrease) Assuming No Changes in FX Rates(a)		Year over Year Percentage Increase(Decrease)		Percentage Increase (Decrease)Assuming No Changes in FX Rates(a)
Network volumes	57	%	67	%	85	%	96	%
Total billed business	68		7		96		97
U.S. Consumer Services	78				107
Commercial Services	23		23		32		32
International Card Services	1114		1413		1711		1814
Processed volumes	(3)		—		3		6
Merchant industry billed business metrics
G&S spend (73% and 72% of billed business for 2024 and 2023, respectively)	7		6		6		6
G&S spend (74% and 73% of billed business for 2025 and 2024, respectively)	8		8		7		6
T&E spend (27% and 28% of billed business for 2024 and 2023, respectively)	5	%	8	%	19	%	19	%
T&E spend (26% and 27% of billed business for 2025 and 2024, respectively)	8	%	7	%	5	%	8	%

(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 year apply to the corresponding prior-year period against which such results are being compared).

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TABLE 7: SELECTED CREDIT-RELATED STATISTICAL INFORMATION

As of or for the Years Ended December 31,										Change		Change
(Millions, except percentages)	~~2024~~2025			~~2023~~2024			~~2022~~2023			~~2024~~2025 vs. ~~2023~~2024		~~2023~~2024 vs. ~~2022~~2023
Card Member loans and receivables:
Net write-off rate — principal, interest and fees (a)	2.3		%	2.0		%	1.0		%
Card Member loans and receivables	$	213,863		$	199,085		$	186,406		7	%	7	%
Net write-off rate — principal only — consumer and small business (a)(b)	2.0		%	1.8		%	0.9		%
Average Card Member loans and receivables	$	202,975		$	188,971		$	172,473		7	%	10	%
30+ days past due as a % of total — consumer and small business (c)	1.3		%	1.3		%	1.1		%
Net write-off rate — principal, interest and fees (a)	2.3		%	2.3		%	2.0		%
Card Member loans:
Net write-off rate — principal only — consumer and small business (a)(b)	2.0		%	2.0		%	1.8		%
Card Member loans	$	139,674		$	125,995		$	107,964		11	%	17	%
30+ days past due as a % of total — consumer and small business (c)	1.3		%	1.3		%	1.3		%
Credit loss reserves:
Card Member loans:
Beginning balance	$	5,118		$	3,747		$	3,305		37		13
Card Member loans	$	151,832		$	139,674		$	125,995		9	%	11	%
Provisions — principal, interest and fees	4,109			3,839			1,514			7		#
Credit loss reserves:
Net write-offs — principal less recoveries	(2,894)			(2,043)			(837)			42		#
Beginning balance	$	5,679		$	5,118		$	3,747		11		37
Net write-offs — interest and fees less recoveries	(621)			(443)			(229)			40		93
Provisions — principal, interest and fees	4,067			4,109			3,839			(1)		7
Other (d)	(33)			18			(6)			#		#
Net write-offs — principal less recoveries	(3,176)			(2,894)			(2,043)			10		42
Ending balance	$	5,679		$	5,118		$	3,747		11		37
Net write-offs — interest and fees	(692)			(621)			(443)			11		40
% of loans	4.1		%	4.1		%	3.5		%
Other (d)	31			(33)			18			#		#
% of past due	288		%	297		%	348		%
Ending balance	$	5,909		$	5,679		$	5,118		4		11
Average loans	$	130,758		$	114,816		$	95,369		14		20
% of loans	3.9		%	4.1		%	4.1		%
Net write-off rate — principal, interest and fees (a)	2.7		%	2.2		%	1.1		%
% of past due	279		%	288		%	297		%
Net write-off rate — principal only (a)	2.2		%	1.8		%	0.9		%
Net write-off rate — principal, interest and fees (a)	2.7		%	2.7		%	2.2		%
30+ days past due as a % of total	1.4		%	1.4		%	1.0		%
Net write-off rate — principal only (a)	2.2		%	2.2		%	1.8		%
Card Member receivables:
30+ days past due as a % of total	1.4		%	1.4		%	1.4		%
Card Member receivables	$	59,411		$	60,411		$	57,613		(2)		5
Card Member receivables:
Credit loss reserves:
Card Member receivables	$	62,031		$	59,411		$	60,411		4		(2)
Beginning balance	$	174		$	229		$	64		(24)		#
Credit loss reserves:
Provisions — principal and fees	774			880			627			(12)		40
Beginning balance	$	171		$	174		$	229		(2)		(24)
Net write-offs — principal and fees less recoveries	(773)			(937)			(462)			(18)		#
Provisions — principal and fees	751			774			880			(3)		(12)
Other (d)	(4)			2			—			#		—
Net write-offs — principal and fees less recoveries	(745)			(773)			(937)			(4)		(18)
Ending balance	$	171		$	174		$	229		(2)	%	(24)	%
Other (d)	3			(4)			2			#		#
% of receivables	0.3		%	0.3		%	0.4		%
Ending balance	$	180		$	171		$	174		5	%	(2)	%
Net write-off rate — principal and fees (a)	1.3		%	1.6		%	0.8		%
% of receivables	0.3		%	0.3		%	0.3		%
Net write-off rate — principal only — consumer and small business (a)(b)	1.5		%	1.8		%	0.9		%
Net write-off rate — principal and fees (a)	1.2		%	1.3		%	1.6		%
30+ days past due as a % of total — consumer and small business (c)	0.9		%	1.1		%	1.3		%
Net write-off rate — principal only — consumer and small business (a)(b)	1.4		%	1.5		%	1.8		%
# Denotes a variance of 100 percent or more
30+ days past due as a % of total — consumer and small business (c)	0.9		%	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 1211 for 90+ days past billing metrics for corporate receivables.

(d)Other includes foreign currency translation adjustments.

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Years Ended December 31,
(Millions, except percentages)	2024			2023			2022
Net interest income	$	15,543		$	13,134		$	9,895
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)	3,599			2,943			1,268
Interest income not attributable to our Card Member loan portfolio (b)	(3,599)			(2,896)			(1,023)
Adjusted net interest income (c)	$	15,543		$	13,181		$	10,140
Average Card Member loans including loans held for sale (d)	$	130,817		$	114,816		$	95,369
Net interest income divided by average Card Member loans (c)	11.9		%	11.4		%	10.4		%
Net interest yield on average Card Member loans (c)	11.9		%	11.5		%	10.6		%

(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 the “Glossary of Selected Terminology” below 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.

(d)For purposes of the calculation of net interest yield on Card Member loans, average loans includes loans held for sale (HFS) as we continue to recognize interest income on these loans until they are sold. Refer to Note 1 to the Consolidated Financial Statements for further information on loans HFS.

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BUSINESS SEGMENT RESULTS OF OPERATIONS

We consider a combination of factors when evaluating the composition of our reportable operating segments, including the results reviewed by the chief operating decision maker, economic characteristics, products and services offered, classes of customers, product distribution channels, geographic considerations (primarily United States versus outside the United States) and regulatory considerations. Refer to Note 2423 to the “Consolidated Financial Statements” and “Business” for additional discussion of products and services that comprise each segment.

Results of the reportable operating segments generally treat each segment as a stand-alone business. The management reporting process that derives these results allocates revenue and expense using various methodologies as described below.

TOTAL REVENUES NET OF INTEREST EXPENSE

We allocate discount revenue and certain other revenues among segments using a transfer pricing methodology. Within the USCS, CS and ICS segments, discount revenue generally reflects the issuer component of the overall discount revenue generated by each segment’s Card Members; within the GMNS segment, discount revenue generally reflects the network and acquirer component of the overall discount revenue being allocated.

Net card fees, ~~processed~~and ~~revenue~~Service fees and ~~certain~~ other revenues are generally directly attributable to the segment in which they are reported.

Interest and fees on loans and certain investment income is directly attributable to the segment in which it is reported. Interest expense represents an allocated funding cost based on a combination of segment funding requirements and internal funding rates.

PROVISIONS FOR CREDIT LOSSES

The provisions for credit losses are directly attributable to the segment in which they are reported.

EXPENSES

Card Member rewards, ~~and~~Business development, Card Member services ~~expenses are included in each segment based on the actual expenses incurred. Business development~~ and Marketing expenses are included in each segment based on the actual expenses incurred. Global brand advertising is primarily allocated to the segments based on the relative levels of revenue.

Salaries and employee benefits and other expenses reflect ~~both~~ costs incurred directly within each segment, as well as allocated expenses. The allocated expenses include service costs, which primarily reflect salaries and benefits associated with our technology and customer servicing groups, and overhead expenses. Service costs are allocated based on activities directly attributable to the segment, and overhead expenses are allocated based on the relative levels of revenue and Card Member loans and receivables. As a proportion of Salaries and employee benefits and other expenses, allocated costs remain relatively consistent from period to period. Increases in expenses year-over-year driven by allocated costs primarily reflect the changes in salaries and employee benefit costs and other costs related to our technology or servicing organizations and the growth in business volume within our operating segments.

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U.S. CONSUMER SERVICES

TABLE 8: USCS SELECTED INCOME STATEMENT DATA

Years Ended December 31,

Change

(Millions, except percentages)

~~2024~~2025

~~2023~~2024

~~2022~~2023

~~2024~~2025 vs. ~~2023~~2024

~~2023~~2024 vs. ~~2022~~2023

Revenues

Non-interest revenues

2022,~~137~~307

1820,~~464~~137

1618,~~440~~464

12,~~673~~170

911

21,~~024~~673

129

Interest income

1415,~~430~~655

1214,~~336~~430

812,~~457~~336

21,~~094~~225

178

32,~~879~~094

4617

Interest expense

3,~~140~~148

23,~~684~~140

~~983~~2,684

~~456~~8

17—

~~1,701~~456

#17

Net interest income

1112,~~290~~507

911,~~652~~290

79,~~474~~652

1,~~638~~217

1711

21,~~178~~638

2917

Total revenues net of interest expense

3134,~~427~~814

2831,~~116~~427

2328,~~914~~116

3,~~311~~387

1211

43,~~202~~311

1812

Provisions for credit losses

32,~~029~~967

23,~~855~~029

12,~~021~~855

~~174~~(62)

6(2)

~~1,834~~174

Total revenues net of interest expense after provisions for credit losses

2831,~~398~~847

2528,~~261~~398

2225,~~893~~261

3,~~137~~449

23,~~368~~137

1012

Expenses

Card Member rewards, business development and Card Member services

1416,~~329~~557

1214,~~808~~329

1012,~~791~~808

12,~~521~~228

1216

21,~~017~~521

1912

Marketing

3,~~051~~187

23,~~585~~051

2,~~744~~585

~~466~~136

184

~~(159)~~466

~~(6)~~18

Salaries and employee benefits and other operating expenses

45,~~641~~293

4,~~435~~641

34,~~958~~435

~~206~~652

514

~~477~~206

125

Total expenses

2225,~~021~~037

1922,~~828~~021

1719,~~493~~828

23,~~193~~016

1114

2,~~335~~193

1311

Pretax segment income

6,~~377~~810

56,~~433~~377

5,~~400~~433

~~944~~433

177

33944

117

# 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. USCS also manages our dining platform that provides digital tools for restaurants and reservation bookings for diners.

TOTAL REVENUES NET OF INTEREST EXPENSE

Non-interest revenues increased across all revenue categories, primarily driven by higher Discount revenue and Net card fees.

Discount revenue increased 78 percent, primarily driven by an increase in U.S. consumer billed business. See Tables 5, 6 and 109 for more details on billed business performance.

Net card fees increased 1820 percent, primarily driven by growth in our premium card portfolios.

Service fees and other revenue increased 512 percent, primarily driven by ~~revenue~~higher ~~from~~travel ~~the~~commissions ~~sale~~and offees ~~reward~~from ~~points~~our ~~and~~consumer ~~higher~~travel ~~delinquency~~business ~~fees,~~and ~~partially~~a ~~offset~~discrete byrevenue ~~lower~~adjustment ~~travel~~related ~~commissions~~to ~~and~~certain cash advance fees from ~~our~~prior ~~Amex Travel business~~years.

Interest income increased, primarily driven by growth in revolving loan balances, ~~and~~partially ~~higher~~offset by lower interest rates.

Interest expense ~~increased~~was relatively flat, ~~primarily~~reflecting ~~driven~~segment bynet aasset ~~higher~~growth, offset by lower cost of funds due to ~~segment~~lower ~~net asset growth and higher~~ interest rates.

PROVISIONS FOR CREDIT LOSSES

Card Member loans provision for credit losses ~~increased~~decreased, primarily due to ~~higher net write-offs, partially offset by~~ a lower reserve build in the current year, partially offset by higher net write-offs. The reserve build in the current year was primarily driven by an increase in loans outstanding and deterioration in the macroeconomic outlook used in our reserve models, partially offset by lower delinquencies. The reserve build in the prior year was primarily driven by an increase in loans outstanding ~~and higher delinquencies~~.

Card Member receivables provision for credit losses ~~decreased~~increased, primarily due to a ~~higher~~reserve build in the current year versus a reserve release ~~and~~in the prior year, partially offset by lower net write-offs. The reserve build in the current year was primarily driven by an increase in delinquencies. The reserve ~~releases~~release in ~~both~~ the ~~current and~~ prior ~~years~~year ~~were~~was primarily driven by lower delinquencies and a decrease in receivables outstanding.

Other provision for credit losses increased, primarily due to a higher reserve build in the current year and higher net write-offs. ~~and~~The ~~a higher~~ reserve build in the current year. ~~The~~was ~~reserve~~primarily ~~builds~~driven by an increase in ~~both~~other ~~the~~loans ~~current~~outstanding and reserves related to partner obligations. The reserve build in the prior ~~years~~year ~~were~~was primarily driven by ~~increases~~an increase in ~~Other~~other loans outstanding.

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EXPENSES

Total expenses increased, primarily driven by higher Card Member ~~rewards~~services, Card Member ~~services~~rewards and ~~Marketing~~Salaries and employee benefits and other expenses.

Card Member rewards expense increased, primarily driven by ~~higher~~increases ~~billed~~in ~~business.~~Membership InRewards, ~~the~~cash ~~second~~back ~~half~~and ofcobrand ~~the~~rewards ~~year~~expenses, ~~the~~all of which were primarily driven by higher billed business. The increase in Membership Rewards expense was also driven by anthe ~~increase~~above mentioned benefit in the ~~URR~~prior ~~and~~year ~~slightly~~from ~~higher~~enhancements ~~redemption~~to ~~costs~~the ~~reflecting~~U.S. aURR ~~shift~~models. The increase in cash back rewards expense also reflected the ~~mix~~impact ofassociated ~~Card~~with ~~Member~~a ~~redemptions~~card product migration.

Business development expense increased, primarily due to increased partner payments driven by higher billed business.

Marketing expense increased, ~~reflecting~~primarily due to higher levels of spending on customer acquisition and ~~other~~brand ~~growth initiatives~~advertising.

Salaries and employee benefits and other expenses increased, primarily due to an increase in allocated service costs and compensation costs.

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TABLE 9: USCS SELECTED STATISTICAL INFORMATION

As of or for the Years Ended December 31,										Change		Change
(Millions, except percentages and where indicated)	~~2024~~2025			~~2023~~2024			~~2022~~2023			~~2024~~2025 vs. ~~2023~~2024		~~2023~~2024 vs. ~~2022~~2023
Billed business (billions)	$	~~654~~707.85		$	~~610~~654.8		$	~~553~~610.08		78	%	107	%
Proprietary cards-in-force	4648.3			4346.83			4143.78			64		56
Proprietary basic cards-in-force	3234.51			3032.75			2930.27			65		56
Average proprietary basic Card Member spending (dollars)	$	2021,~~707~~215		$	20,~~303~~707		$	1920,~~514~~303		2		42
Total segment assets	$	~~114~~122,~~228~~968		$	~~107~~114,~~158~~228		$	94107,~~444~~158		78		137
Card Member loans and receivables:
Card Member loans and receivables	$	114,368		$	107,051		$	97,996		7		9
Average Card Member loans and receivables	$	106,377		$	98,928		$	89,651		8		10
Net write-off rate — principal, interest and fees (a)	2.5		%	2.5		%	2.0		%
Net write-off rate — principal only (a)	2.0		%	2.1		%	1.7		%
30+ days past due as a % of total	1.3		%	1.3		%	1.3		%
Card Member loans:
Total loans	$	92100,~~632~~171		$	8392,~~207~~632		$	7283,~~660~~207		118		1511
Average loans	$	85,264		$	75,975		$	63,720		12		19
Net write-off rate — principal, interest and fees (a)	2.7		%	2.7		%	2.2		%
Net write-off rate — principal, interest and fees (a)	2.7		%	2.2		%	1.1		%
Net write-off rate — principal only (a)	2.1		%	2.2		%	1.7		%
Net write-off rate — principal only (a)	2.2		%	1.7		%	0.9		%
30+ days past due as a % of total	1.3		%	1.4		%	1.4		%
30+ days past due as a % of total	1.4		%	1.4		%	1.0		%
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income	$	11,290		$	9,652		$	7,474
Exclude:
Interest expense not attributable to our Card Member loan portfolio (b)	198			192			139
Interest income not attributable to our Card Member loan portfolio (c)	(557)			(386)			(228)
Adjusted net interest income (d)	$	10,931		$	9,458		$	7,385
Average Card Member loans	$	85,264		$	75,975		$	63,720
Net interest income divided by average Card Member loans (d)	13.2		%	12.7		%	11.7		%
Net interest yield on average Card Member loans (d)	12.8		%	12.4		%	11.6		%
Card Member receivables:
Total receivables	$	14,~~419~~197		$	14,~~789~~419		$	14,~~263~~789		(32)	%	4(3)	%
Net write-off rate — principal and fees (a)	1.21		%	1.32		%	01.63		%
Net write-off rate — principal only (a)	10.19		%	1.21		%	01.62		%
30+ days past due as a % of total	0.67		%	0.86		%	0.98		%

(a)Refer to Table 7 footnote (a).

~~(b)Refer to Table 8 footnote (a).~~53

(c)Refer to Table 8 footnote (b).

(d)Refer to Table 8 footnote (c).

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COMMERCIAL SERVICES

TABLE 10: CS SELECTED INCOME STATEMENT DATA

Years Ended December 31,

Change

(Millions, except percentages)

~~2024~~2025

~~2023~~2024

~~2022~~2023

~~2024~~2025 vs. ~~2023~~2024

~~2023~~2024 vs. ~~2022~~2023

Revenues

Non-interest revenues

13,~~219~~654

1213,~~931~~219

12,~~196~~931

~~288~~435

~~735~~288

Interest income

45,~~374~~077

34,~~328~~374

23,~~070~~328

~~1,046~~703

3116

1,~~258~~046

6131

Interest expense

1,~~734~~805

1,~~483~~734

~~697~~1,483

~~251~~71

174

~~786~~251

#17

Net interest income

23,~~640~~272

12,~~845~~640

1,~~373~~845

~~795~~632

4324

~~472~~795

3443

Total revenues net of interest expense

1516,~~859~~926

1415,~~776~~859

1314,~~569~~776

1,~~083~~067

1,~~207~~083

Provisions for credit losses

1,~~389~~380

1,~~313~~389

~~565~~1,313

76(9)

6(1)

~~748~~76

Total revenues net of interest expense after provisions for credit losses

1415,~~470~~546

1314,~~463~~470

13,~~004~~463

1,~~007~~076

~~459~~1,007

Expenses

Card Member rewards, business development and Card Member services

67,~~504~~166

6,~~332~~504

6,~~116~~332

~~172~~662

310

~~216~~172

Marketing

1,~~319~~331

1,~~090~~319

1,~~122~~090

~~229~~12

211

~~(32)~~229

~~(3)~~21

Salaries and employee benefits and other operating expenses

3,~~142~~381

3,~~180~~142

23,~~886~~180

~~(38)~~239

~~(1)~~8

~~294~~(38)

10(1)

Total expenses

1011,~~965~~878

10,~~602~~965

10,~~124~~602

~~363~~913

~~478~~363

Pretax segment income

3,~~505~~668

23,~~861~~505

2,~~880~~861

~~644~~163

235

~~(19)~~644

~~(1)~~23

# 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.

TOTAL REVENUES NET OF INTEREST EXPENSE

Non-interest revenues increased, primarily driven by higher Discount revenue and Net card fees.

Discount revenue increased 2 percent, primarily driven by an increase in commercial billed business. See Tables 5, 6 and 1211 for more details on billed business performance.

Net card fees increased 1211 percent, primarily driven by growth in our premium card portfolios.

Service fees and other revenue ~~decreased~~increased 76 percent, primarily driven by ~~lower~~higher travel commissions and fees ~~from~~and ~~our~~higher ~~Amex~~foreign ~~Travel~~exchange-related ~~business~~revenues associated with Card Member cross-currency spending.

Interest income increased, primarily driven by growth in revolving loan balances and higher interest rates.

Interest expense increased, primarily driven by segment net asset growth, partially offset by a ~~higher~~lower cost of funds due to ~~segment~~lower ~~net asset growth and higher~~ interest rates.

PROVISIONS FOR CREDIT LOSSES

Card Member loans provision for credit losses increased, primarily due to higher net write-offs, partially offset by a lower reserve build in the current year. The reserve build in the current year was primarily driven by an increase in loans outstanding and deterioration in the macroeconomic outlook used in our reserve models, partially offset by the release of a reserve upon the reclassification of a small business cobrand portfolio to Card Member loans HFS from held for investment. The reserve build in the prior year was primarily driven by an increase in loans outstanding ~~and higher delinquencies~~.

Card Member receivables provision for credit losses decreased, primarily due to ~~lower net write-offs, partially offset by~~ a reserve release in the ~~prior~~current year and lower net write-offs. The reserve release in the ~~prior~~current year was primarily driven by lower delinquencies ~~and a decrease in receivables outstanding~~.

56Other provision for credit losses increased, primarily due to a higher reserve build in the current year and higher net write-offs. The reserve build in the current year was primarily driven by an increase in other loans outstanding and reserves related to partner obligations.

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EXPENSES

Total expenses increased, primarily driven by higher ~~Marketing and~~ Card Member rewards ~~expenses~~, ~~partially~~Business ~~offset~~development byexpense aand ~~decrease~~Salaries inand ~~Operating~~employee ~~expenses~~benefits and ~~Business~~other ~~development expense~~expenses.

Card Member rewards expense increased, primarily driven by ~~higher~~increases ~~billed~~in ~~business~~Membership Rewards and ~~slightly~~cobrand rewards expenses, which were primarily driven by higher ~~redemption~~billed ~~costs~~business. inThe ~~the~~increase ~~second~~in ~~half~~Membership ofRewards ~~the~~expense ~~year,~~was ~~partially~~also ~~offset~~driven by achanges ~~decrease~~to in the Membership Rewards ~~URR~~program for U.S. Business Platinum cards.

Business development expense ~~decreased~~increased, primarily due to ~~lower~~higher client incentives, ~~partially~~and ~~offset by~~ increased partner payments, ~~due~~both toof which were driven by higher billed business.

Card Member services expense increased, primarily due to ~~growth~~higher inusage ~~premium~~of ~~card~~business ~~accounts,~~services ~~contributing~~benefits toand athe ~~higher~~introduction ~~usage~~ of ~~travel-related~~new U.S. Business Platinum benefits.

Marketing expense ~~increased,~~was ~~reflecting~~relatively ~~higher levels of spending on customer acquisition and other growth initiatives~~flat.

Salaries and employee benefits and other expenses ~~decreased~~increased, primarily ~~driven~~due byto aincreases ~~decrease~~ in ~~allocated~~compensation ~~service~~ costs and ~~lower~~allocated ~~restructuring~~service costs, partially offset by ~~higher~~lower ~~compensation~~professional services and technology costs.

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TABLE 11: CS SELECTED STATISTICAL INFORMATION

As of or for the Years Ended December 31,										Change		Change
(Millions, except percentages and where indicated)	~~2024~~2025			~~2023~~2024			~~2022~~2023			~~2024~~2025 vs. ~~2023~~2024		~~2023~~2024 vs. ~~2022~~2023
Billed business (billions)	$	~~526~~541.59		$	~~516~~526.05		$	~~499~~516.50		23	%	32	%
Proprietary cards-in-force	15.43			15.4			1415.94			—(1)		3—
Average Card Member spending (dollars)	$	3435,~~130~~153		$	3334,~~745~~130		$	3533,~~202~~745		13		~~(4)~~1
Total segment assets	$	5863,~~969~~168		$	5558,~~361~~969		$	5155,~~411~~361		7		87
Card Member loans and receivables:
Card Member loans and receivables	$	56,086		$	54,592		$	52,060		3		5
Average Card Member loans and receivables	$	56,711		$	54,362		$	50,621		4		7
Net write-off rate — principal, interest and fees (a)	2.2		%	2.0		%	1.7		%
Net write-off rate — principal only — small business (a)(b)	2.3		%	2.2		%	1.9		%
30+ days past due as a % of total — small business	1.5		%	1.5		%	1.5		%
Card Member loans:
Total loans	$	2930,~~647~~833		$	2529,~~838~~647		$	2125,~~406~~838		154		2115
Average loans	$	28,518		$	23,877		$	19,271		19		24
Net write-off rate — principal, interest and fees (a)	3.0		%	2.7		%	2.0		%
Net write-off rate — principal, interest and fees (a)	2.7		%	2.0		%	0.8		%
Net write-off rate — principal only (a)	2.6		%	2.3		%	1.7		%
Net write-off rate — principal only (a)	2.3		%	1.7		%	0.7		%
30+ days past due as a % of total	1.7		%	1.5		%	1.4		%
30+ days past due as a % of total	1.5		%	1.4		%	0.9		%
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income	$	2,640		$	1,845		$	1,373
Exclude:
Interest expense not attributable to our Card Member loan portfolio (b)	765			711			430
Interest income not attributable to our Card Member loan portfolio (c)	(325)			(204)			(89)
Adjusted net interest income (d)	$	3,080		$	2,352		$	1,714
Average Card Member loans including loans held for sale (e)	$	28,576		$	23,877		$	19,271
Net interest income divided by average Card Member loans(d)	9.2		%	7.7		%	7.1		%
Net interest yield on average Card Member loans(d)	10.8		%	9.9		%	8.9		%
Card Member receivables:
Total receivables	$	2425,~~945~~253		$	2624,~~222~~945		$	26,~~876~~222		~~(5)~~1	%	(25)	%
Net write-off rate — principal and fees (f)	1.3		%	1.5		%	0.7		%
Net write-off rate — principal and fees (a)	1.2		%	1.3		%	1.5		%
Net write-off rate — principal only (a) — small business	1.9		%	2.1		%	0.9		%
Net write-off rate — principal only — small business (a)(b)	1.7		%	1.9		%	2.1		%
30+ days past due as a % of total — small business	1.32		%	1.53		%	1.65		%
90+ days past billing as a % of total (f) — corporate	0.4		%	0.4		%	0.6		%
90+ days past billing as a % of total — corporate (b)	0.5		%	0.4		%	0.4		%

(a)Refer to Table 7 footnote (a).

(b)~~Refer~~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 ~~Table~~the 8account ~~footnote~~becoming ~~(a)~~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.

~~(c)Refer to Table 8 footnote (b).~~56

(d)Refer to Table 8 footnote (c).

(e)Refer to Table 8 footnote (d).

(f)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.

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INTERNATIONAL CARD SERVICES

TABLE 12: ICS SELECTED INCOME STATEMENT DATA

Years Ended December 31,

Change

(Millions, except percentages)

~~2024~~2025

~~2023~~2024

~~2022~~2023

~~2024~~2025 vs. ~~2023~~2024

~~2023~~2024 vs. ~~2022~~2023

Revenues

Non-interest revenues

1011,~~369~~819

910,~~472~~369

89,~~262~~472

~~897~~1,450

914

~~1,210~~897

159

Interest income

2,~~331~~534

2,~~076~~331

12,~~453~~076

~~255~~203

129

~~623~~255

4312

Interest expense

1,~~239~~353

1,~~118~~239

~~654~~1,118

~~121~~114

119

~~464~~121

7111

Net interest income

1,~~092~~181

~~958~~1,092

~~799~~958

~~134~~89

148

~~159~~134

2014

Total revenues net of interest expense

1113,~~461~~000

1011,~~430~~461

910,~~061~~430

1,~~031~~539

1013

1,~~369~~031

1510

Provisions for credit losses

~~726~~831

~~727~~726

~~584~~727

~~(1)~~105

—14

~~143~~(1)

24—

Total revenues net of interest expense after provisions for credit losses

1012,~~735~~169

910,~~703~~735

89,~~477~~703

1,~~032~~434

1113

1,~~226~~032

1411

Expenses

Card Member rewards, business development and Card Member services

5,~~243~~950

45,~~588~~243

34,~~816~~588

~~655~~707

1413

~~772~~655

2014

Marketing

1,~~235~~319

1,~~081~~235

1,~~146~~081

~~154~~84

147

~~(65)~~154

~~(6)~~14

Salaries and employee benefits and other operating expenses

3,~~226~~297

3,~~061~~226

23,~~937~~061

~~165~~71

~~124~~165

Total expenses

910,~~704~~566

89,~~730~~704

78,~~899~~730

~~974~~862

119

~~831~~974

Pretax segment income

1,~~031~~603

~~973~~1,031

~~578~~973

58572

655

~~395~~58

686

ICS issues a wide range of proprietary consumer, small business and corporate cards outside the United States. ICS also provides services to our international customers, including travel and lifestyle services, and manages certain international joint ventures and our loyalty coalition business.

On January 12, 2026, we acquired our partner’s interest in our Switzerland joint venture (Swisscard AECS GmbH), resulting in Swisscard becoming a wholly owned subsidiary. Through December 31, 2025, we accounted for Swisscard under the equity method, with our share of Swisscard’s net income reported within Service fees and other revenue. For reporting periods beginning January 1, 2026, we will consolidate Swisscard and reflect its financial results within the respective report lines across our financial statements; Swisscard will continue to be reported within the ICS segment.

TOTAL REVENUES NET OF INTEREST EXPENSE

Non-interest revenues increased, primarily driven by higher Discount revenue and Net card fees.

Discount revenue increased 1012 percent ~~(13 percent on an FX-adjusted basis)~~, primarily reflecting an increase in billed business.3 See Tables 5, 6, and 1413 for more details on billed business performance.

Net card fees increased ~~16 percent (~~20 percent ~~on an FX-adjusted basis)~~, primarily driven by growth in our premium card portfolios.3

Service fees and other revenue increased 214 percent (11 percent on an FX-adjusted basis), primarily driven by ~~higher~~an increase in foreign exchange -related revenues associated with Card Member cross-currency spending, ~~and~~higher loyalty coalition-related fees, ~~partially~~and ~~offset~~higher byincome afrom ~~benefit~~equity inmethod ~~the~~investments ~~prior~~primarily ~~year~~ related to ~~a portion of~~ the ~~revenue~~partial ~~allocated~~sale toof a ~~joint~~card ~~venture~~portfolio ~~partner~~by ~~as described in Business development expense below, as well as lower delinquency fees~~Swisscard.2

Interest income increased, primarily driven by growth in revolving loan balances, partially offset by lower interest rates.

Interest expense increased, primarily driven by a higher cost of funds due to segment net asset growth, partially offset by lower interest rates.

PROVISIONS FOR CREDIT LOSSES

Card Member loans provision for credit losses increased, primarily due to higher net write-offs, ~~partially~~and ~~offset by~~ a ~~lower~~higher reserve build in the current year. The reserve build in the current year was primarily driven by an increase in loans outstanding~~, partially offset by lower delinquencies~~. The reserve build in the prior year was primarily driven by an increase in loans outstanding, partially offset by ~~the~~lower ~~performance of portfolios in certain international markets~~delinquencies.

Card Member receivables provision for credit losses ~~decreased~~increased, primarily due to ~~lower~~higher net write-offs, ~~partially~~and ~~offset by~~ a higher reserve build in the current year ~~versus a reserve release in the prior year~~. The reserve ~~build~~builds in both the current ~~year~~and ~~was primarily driven by an increase in receivables outstanding. The reserve release in the~~ prior year ~~was~~were primarily driven by ~~lower~~increases ~~delinquencies, partially offset by an increase~~ in receivables outstanding.

32 Refer to footnote 1 on page 4544 for details regarding foreign currency adjusted information.

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EXPENSES

Total expenses increased, primarily driven by higher Card Member rewards, and Card Member services ~~and Operating~~ expenses.

Card Member rewards expense increased, primarily driven by ~~higher~~increases ~~billed~~in ~~business~~Membership Rewards and ancobrand ~~increase~~rewards inexpenses, ~~the~~which ~~Membership~~were ~~Rewards~~primarily ~~URR,~~driven ~~partially offset~~ by ~~lower~~higher ~~redemption~~billed ~~costs~~business.

Business development expense increased, primarily due to higher loyalty coalition-related costs and increased partner payments driven by higher billed business, partially offset by a ~~prior-year~~lower charge in the current year related to revenue allocated to a joint venture partner.

Card Member services expense increased, primarily due to ~~growth in premium card accounts, contributing to a~~ higher usage of travel-related benefits.

Marketing expense increased, reflecting higher levels of spending on customer acquisition and other growth initiatives.

Salaries and employee benefits and other expenses ~~increased~~was relatively flat, primarily ~~due~~reflecting tohigher aallocated ~~charge~~service ~~associated~~costs ~~with~~and ancompensation ~~increase~~costs inand ~~international~~a ~~non~~one-~~income~~time ~~tax~~fee ~~reserves~~from ~~and~~a ~~higher~~partner ~~allocated~~in ~~service~~the ~~costs~~prior year, ~~partially~~ offset by a ~~one~~charge associated with an increase in international non-~~time~~income ~~fee~~tax ~~from~~reserves ain ~~partner~~the prior year.

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TABLE 13: ICS SELECTED STATISTICAL INFORMATION

As of or for the Years Ended December 31,										Change		Change
(Millions, except percentages and where indicated)	~~2024~~2025			~~2023~~2024			~~2022~~2023			~~2024~~2025 vs. ~~2023~~2024		~~2023~~2024 vs. ~~2022~~2023
Billed business (billions)	$	~~366~~418.90		$	~~329~~366.59		$	~~281~~329.65		1114	%	1711	%
Proprietary cards-in-force	2123.90			21.09			2021.10			45		4
Proprietary basic cards-in-force	1617.42			1516.64			1415.96			5		5
Average proprietary basic Card Member spending (dollars)	$	2224,~~965~~822		$	2122,~~550~~965		$	1921,~~519~~550		78		107
Total segment assets	$	4250,~~879~~089		$	42,~~234~~879		$	3642,~~891~~234		217		142
Card Member loans and receivables:
Card Member loans and receivables	$	43,409		$	37,442		$	36,350		16		3
Average Card Member loans and receivables	$	39,886		$	35,681		$	32,202		12		11
Net write-off rate — principal, interest and fees (a)	1.9		%	1.9		%	2.3		%
Net write-off rate — principal only — consumer and small business (a)(b)	1.8		%	1.8		%	2.2		%
30+ days past due as a % of total — consumer and small business	1.1		%	1.0		%	1.1		%
Card Member loans - consumer and small business:
Total loans	$	1720,~~395~~828		$	1617,~~950~~395		$	1316,~~844~~950		320		223
Average loans	$	16,976		$	14,964		$	12,314		13		22
Net write-off rate — principal, interest and fees (a)	2.4		%	2.5		%	2.5		%
Net write-off rate — principal, interest and fees(a)	2.5		%	2.5		%	1.4		%
Net write-off rate — principal only (a)	2.0		%	2.1		%	2.1		%
Net write-off rate — principal only(a)	2.1		%	2.1		%	1.2		%
30+ days past due as a % of total	1.2		%	1.2		%	1.3		%
30+ days past due as a % of total	1.2		%	1.3		%	1.2		%
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income	$	1,092		$	958		$	799
Exclude:
Interest expense not attributable to our Card Member loan portfolio(b)	496			475			270
Interest income not attributable to our Card Member loan portfolio(c)	(56)			(62)			(28)
Adjusted net interest income(d)	$	1,532		$	1,371		$	1,041
Average Card Member loans	$	16,976		$	14,964		$	12,378
Net interest income divided by average Card Member loans(d)	6.4		%	6.4		%	6.5		%
Net interest yield on average Card Member loans(d)	9.0		%	9.2		%	8.4		%
Card Member receivables:
Total receivables	$	2022,~~047~~581		$	1920,~~400~~047		$	1619,~~474~~400		313	%	183	%
Net write-off rate — principal and fees(e)	1.4		%	2.1		%	1.3		%
Net write-off rate — principal and fees (a)	1.4		%	1.4		%	2.1		%
Net write-off rate — principal only(a) — consumer and small business	1.5		%	2.2		%	1.4		%
Net write-off rate — principal only — consumer and small business (a)(b)	1.5		%	1.5		%	2.2		%
30+ days past due as a % of total — consumer and small business	0.89		%	1.0.8		%	1.30		%
90+ days past billing as a % of total(e) — corporate	0.4		%	0.5		%	0.5		%
90+ days past billing as a % of total — corporate (b)	0.5		%	0.4		%	0.5		%

(a)Refer to Table 7 footnote (a).

~~(c)Refer to Table 8 footnote (b).~~59

(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.

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GLOBAL MERCHANT AND NETWORK SERVICES

TABLE 14: GMNS SELECTED INCOME STATEMENT AND OTHER DATA

Years Ended December 31,

Change

(Millions, except percentages and where indicated)

~~2024~~2025

~~2023~~2024

~~2022~~2023

~~2024~~2025 vs. ~~2023~~2024

~~2023~~2024 vs. ~~2022~~2023

Revenues

Non-interest revenues

67,~~729~~058

6,~~620~~729

6,~~123~~620

~~109~~329

~~497~~109

Interest income

5240

5752

2357

(512)

(923)

34(5)

#(9)

Interest expense

(~~703~~661)

(~~719~~703)

(~~329~~719)

1642

~~(390)~~16

Net interest income

~~755~~701

~~776~~755

~~352~~776

(2154)

(37)

~~424~~(21)

#(3)

Total revenues net of interest expense

7,~~484~~759

7,~~396~~484

67,~~475~~396

88275

~~921~~88

141

Provisions for credit losses

4278

2742

727

1536

5686

2015

#56

Total revenues net of interest expense after provisions for credit losses

7,~~442~~681

7,~~369~~442

67,~~468~~369

73239

~~901~~73

141

Expenses

Business development and Card Member services

1,~~148~~210

1,~~218~~148

1,~~192~~218

~~(70)~~62

~~(6)~~5

26(70)

2(6)

Marketing

~~411~~393

~~437~~411

~~419~~437

(2618)

(64)

18(26)

4(6)

Salaries and employee benefits and other operating expenses

12,~~485~~110

21,~~058~~485

12,~~903~~058

~~(573)~~625

~~(28)~~42

~~155~~(573)

8(28)

Total expenses

3,~~044~~713

3,~~713~~044

3,~~514~~713

(669)

~~(18)~~22

~~199~~(669)

6(18)

Pretax segment income

43,~~398~~968

34,~~656~~398

23,~~954~~656

~~742~~(430)

20(10)

~~702~~742

2420

Network volumes (billions)

1,~~764~~897.80

1,~~680~~764.18

1,~~552~~680.81

85132

~~127~~85

Total segment assets

1718,~~712~~686

2317,~~714~~712

2023,~~005~~714

~~(25)~~5

19(25)

# Denotes a variance of 100 percent or more

GMNS operates a global payments network that processes and settles card transactions, acquires merchants and provides multi-channel marketing programs and capabilities, services and data analytics, leveraging our global integrated network. GMNS manages our partnership relationships with third-party card issuers, merchant acquirers and a prepaid reloadable and gift card program manager, licensing the American Express brand and extending the reach of the global network.

TOTAL REVENUES NET OF INTEREST EXPENSE

Non-interest revenues increased, primarily driven by higher Discount revenue, ~~partially~~and ~~offset~~Service byfees ~~lower~~and ~~Processed~~other revenue.

Discount revenue increased 34 percent, primarily driven by an increase in billed business, partially offset by lower average merchant discount rates due to shifts in geographic and merchant spend mix. See Tables 5 and 6 for more details on billed business performance.

Service fees and other revenue increased 16 percent, primarily driven by ~~higher~~increases ~~merchant~~in ~~service~~network ~~fees~~partnership revenues and foreign exchange-related revenues associated with Card Member cross-currency spending, ~~largely~~partially offset by Accertify revenues included in the prior year.

~~Processed~~GMNS ~~revenue~~receives an interest expense credit relating to internal transfer pricing due to its merchant payables. Net interest income decreased, 2primarily ~~percent~~due ~~and~~to ~~increased~~lower 4interest ~~percent~~rates onin international markets, partially offset by higher interest expense credit, primarily driven by an ~~FX-adjusted~~increase ~~basis~~in average merchant payables.4

~~GMNS~~PROVISIONS ~~receives~~FOR anCREDIT interest expense credit relating to internal transfer pricing due to its merchant payables. Net interest income decreased, primarily due to a lower interest expense credit, largely driven by a decrease in interest rates in international markets, partially offset by higher average merchant payables.LOSSES

4Provisions ~~Refer~~for credit losses increased, primarily due to ~~footnote~~higher 1reserve onbuilds ~~page~~related 45to ~~for~~partner ~~details~~obligations, ~~regarding~~partially ~~foreign~~offset ~~currency~~by ~~adjusted~~lower ~~information~~net write-offs in the current year.

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EXPENSES

Total expenses ~~decreased~~increased, primarily driven by ~~lower~~higher ~~Operating~~Salaries and employee benefits and other expenses.

Business development expense ~~decreased~~increased, primarily due to ~~decreased~~increased partner payments driven by ~~lower~~higher ~~volumes from certain~~ network ~~issuing partners~~volumes.

Marketing expense decreased, ~~reflecting~~primarily ~~lower~~due ~~levels~~to oflower ~~spending~~spend on merchant engagement and other growth initiatives.

Salaries and employee benefits and other expenses ~~decreased~~increased, primarily driven by the gain in the prior year recognized on the sale of Accertify included in the Other, net component of operating expenses, partially offset by ana ~~increase~~decrease in allocated service costs.

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CORPORATE & OTHER

Corporate functions and certain other businesses are included in Corporate & Other.

Corporate & Other pretax loss was $2.3 billion and $2.4 billion in ~~both~~2025 ~~2024~~ and ~~2023~~2024, respectively. ~~Increases~~The decrease in ~~foreign~~the ~~exchange~~pretax ~~gains~~loss ~~and~~was ~~net~~primarily ~~gains~~driven onby ~~Amex~~a ~~Ventures~~prior-year ~~investments~~increase ~~year~~in legal reserves and the previously-~~over-year~~mentioned ~~were~~gain ~~offset~~related ~~largely~~to an equity transaction by GBTG, an ~~increase~~equity inmethod ~~legal~~investee, ~~reserves~~partially offset by higher compensation.

CONSOLIDATED CAPITAL RESOURCES AND LIQUIDITY

Our balance sheet management objectives are to maintain:

•A solid and flexible equity capital profile;

•A broad, deep and diverse set of funding sources to finance our assets and meet operating requirements; and

•Liquidity programs that enable us to continuously meet expected future financing obligations and business requirements for at least a twelve-month period under a variety of adverse circumstances.

We continue to see volatility in the capital markets due to a variety of factors and manage our balance sheet to reflect evolving circumstances.

CAPITAL STRATEGY

We believe capital allocated to growing businesses with a return on risk-adjusted equity in excess of our costs will generate shareholder value. Our objective is to retain sufficient levels of capital generated through net income and other sources, such as the issuance of subordinated debt and preferred shares, as well as the exercise of stock options by colleagues, to maintain a strong balance sheet, provide flexibility to support future business growth and distribute excess capital to shareholders through dividends and share repurchases. See “Dividends and Share Repurchases” below.

The level and composition of our consolidated capital position are determined through our Internal Capital Adequacy Assessment Process, which takes into account our business activities, as well as marketplace conditions and requirements or expectations of credit rating agencies, regulators and shareholders, among others. As a bank holding company, we are subject to regulatory requirements administered by the U.S. federal bank regulatory agencies. The Federal Reserve has established specific capital adequacy guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items. Failure to maintain minimum regulatory capital levels at American Express or our U.S. bank subsidiary, American Express National Bank (AENB), could affect our status as a financial holding company and cause the banking regulators with oversight of American Express or AENB to take actions that could limit our business operations.

We seek to maintain capital levels and ratios in excess of our minimum regulatory requirements, specifically within a 10 to 11 percent target range for American Express Company’s Common Equity Tier 1 (CET1) risk-based capital ratio.

We maintain certain flexibility to shift capital across our businesses as appropriate. For example, we may infuse additional capital into subsidiaries to maintain capital at targeted levels in consideration of debt ratings and regulatory requirements. These infused amounts can affect the capital and liquidity positions at American Express Company or at our subsidiaries.

We report our capital ratios using the Basel III capital definitions and the Basel III standardized approach for calculating risk-weighted assets.

As discussed above, we became a Category III firm in the third quarter of 2024 and thus are subject to a CET1 countercyclical capital buffer requirement (if enacted by the Federal Reserve) and a minimum supplementary leverage ratio. See “Supervision and Regulation — Capital and Liquidity Regulation” under “Business” for more information.

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The following table presents our regulatory risk-based capital and leverage ratios and those of AENB, as of December 31, ~~2024~~2025:

TABLE 15: REGULATORY RISK-BASED CAPITAL AND LEVERAGE RATIOS

	Effective Minimum (a)		Ratios as of December 31, ~~2024~~2025
Risk-Based Capital
Common Equity Tier 1	7.0	%
American Express Company			10.5	%
American Express National Bank			1110.69
Tier 1	8.5
American Express Company			11.21
American Express National Bank			1110.69
Total	10.5
American Express Company			13.21
American Express National Bank			13.21
Tier 1 Leverage	4.0
American Express Company			9.8
American Express National Bank			9.60
Supplementary Leverage Ratio	3.0	%
American Express Company			8.3
American Express National Bank			87.05	%

(a)Represents Basel III minimum requirements and applicable regulatory buffers as defined by the federal banking regulators, which includes the stress capital buffer (SCB) for American Express Company and the capital conservation buffer for AENB. Refer to “Supervision and Regulation — Capital and Liquidity Regulation” under “Business” and Note 2221 to the “Consolidated Financial Statements” for additional information.

The following table presents American Express Company’s regulatory risk-based capital and risk-weighted assets as of December 31, ~~2024~~2025:

TABLE 16: REGULATORY RISK-BASED CAPITAL COMPONENTS AND RISK-WEIGHTED ASSETS

American Express Company($ in Billions)	December 31, 2024
American Express Company($ in Millions)	December 31, 2025
Risk-Based Capital
Common Equity Tier 1	$	~~24.9~~27,268
Tier 1 Capital	~~26.4~~28,888
Tier 2 Capital	~~4.7~~5,025
Total Capital	~~31.1~~33,913
Risk-Weighted Assets	~~235.8~~259,448
Average Total Assets to calculate the Tier 1 Leverage Ratio	~~268.8~~294,275
Total Leverage Exposure to calculate the Supplementary Leverage Ratio	$	~~317.0~~346,685

The following are definitions for our regulatory risk-based capital and leverage ratios, which are calculated as per standard regulatory guidance:

Risk-Weighted Assets — Assets are weighted for risk according to a formula used by the Federal Reserve to conform to capital adequacy guidelines. On- and off-balance sheet items are risk weighted, with off-balance sheet items converted to balance sheet equivalents, using risk conversion factors, before being assigned a risk weight. Off-balance sheet exposures comprise a minimal part of the total risk-weighted assets.

Common Equity Tier 1 Risk-Based Capital Ratio — Calculated as CET1 capital, divided by risk-weighted assets. CET1 capital is common shareholders’ equity, adjusted for ineligible goodwill and intangible assets and certain deferred tax assets. ~~CET1 capital is also adjusted for the CECL final rules, as described below.~~

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Tier 1 Risk-Based Capital Ratio — Calculated as Tier 1 capital divided by risk-weighted assets. Tier 1 capital is the sum of CET1 capital, preferred shares and third-party non-controlling interests in consolidated subsidiaries, adjusted for capital held by insurance subsidiaries. We have $1.6 billion of preferred shares outstanding to help address a portion of the Tier 1 capital requirements in excess of common equity requirements. See Note 1615 to the “Consolidated Financial Statements” for additional information on our preferred shares.

Total Risk-Based Capital Ratio — Calculated as the sum of Tier 1 capital and Tier 2 capital divided by risk-weighted assets. Tier 2 capital is the sum of the allowable allowance for credit losses ~~adjusted for the CECL final rules,~~ and $1,750 million of eligible subordinated notes, adjusted for capital held by insurance subsidiaries. The $1,750 million of eligible subordinated notes includes the $500 million subordinated debt issued in April 2024, the $500 million subordinated debt issued in July 2023 and the $750 million subordinated debt issued in May 2022.

Tier 1 Leverage Ratio — Calculated as Tier 1 capital divided by average total consolidated assets for the most recent quarter. Average total consolidated assets reflect quarterly average assets adjusted for applicable regulatory deductions from Tier 1 capital.

Supplementary Leverage Ratio — 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~~adjusted ~~amounts~~for ~~permitted~~applicable toregulatory bedeductions ~~deducted~~ from Tier 1 capital.

We elected to delay the recognition of $0.7 billion of reduction in regulatory capital from the adoption of the CECL methodology for two years, followed by a three-year phase-in period at 25 percent once per year beginning January 1, 2022, pursuant to rules issued by federal banking regulators (the CECL final rules). As of January 1, 2025, we have phased in 100 percent of such amount.

We continue to include accumulated other comprehensive income (loss) in regulatory capital.

We ~~participated~~are insubject ~~the~~to ~~Federal~~annual ~~Reserve’s~~ supervisory stress ~~tests~~testing inconducted ~~2024~~by the Federal Reserve. We submitted our annual capital plan to the Federal Reserve in April ~~2024~~2025. On August 2829, ~~2024~~2025, the Federal Reserve confirmed our SCB ofrequirement at 2.5 percent, ~~which~~resulting ~~resulted~~ in aan effective minimum CET1 ratio of 7 percent, effective October 1, ~~2024~~2025 to September 30, ~~2025~~2026.

DIVIDENDS AND SHARE REPURCHASES

We return capital to common shareholders through dividends and share repurchases. The share repurchases reduce common shares outstanding and generally more than offset the issuance of new shares as part of employee compensation plans.

During the year ended December 31, ~~2024~~2025, we returned $7.96 billion to our shareholders in the form of share repurchases of $5.93 billion and common ~~stock~~share dividends of $2.03 billion. We repurchased 2316.98 million common shares at an average price of $~~242~~312.6587 in ~~2024~~2025. These ~~dividend~~share repurchase and common share ~~repurchase~~dividend amounts collectively represent approximately 7671 percent of ~~total~~net ~~capital~~income ~~generated~~available to common shareholders during the year ended December 31, 2025.

We plan to increase the regular quarterly dividend on our common shares outstanding by 17approximately 16 percent, from 7082 cents to 8295 cents per share, beginning with the first quarter ~~2025~~2026 dividend declaration.

In addition, during the year ended December 31, ~~2024~~2025, we paid $58 million in dividends on non-cumulative perpetual preferred shares outstanding. Refer to Note 1615 to the “Consolidated Financial Statements” for additional information on our preferred shares.

Our decisions on capital distributions depend on various factors, including: our capital levels and regulatory capital requirements; regulatory guidance or restrictions; actual and forecasted business results; economic and market conditions; revisions to, or revocation of, the Federal Reserve’s authorization of our capital plan; and the supervisory stress test process. We may conduct share repurchases through a variety of methods, including open market purchases, plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, privately negotiated transactions or other purchases, including block trades, accelerated share repurchase programs or any combination of such methods as market conditions warrant and at prices we deem appropriate.

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FUNDING STRATEGY

Our principal funding objective is to maintain broad and well-diversified funding sources to allow us to finance our global businesses and to maintain a strong liquidity profile. Our funding strategy and activities are integrated into our asset-liability management activities. We have in place a funding policy covering American Express Company and all of our subsidiaries.

Our financing needs are in large part a consequence of our proprietary card-issuing businesses, where we generally pay merchants for card transactions prior to reimbursement by Card Members and therefore fund the merchant payments during the period Card Member loans and receivables are outstanding. In addition, we maintain a liquidity position to meet regulatory requirements and support our business activities.

We aim to satisfy these financing needs with a diverse set of funding sources. The diversity of funding sources by type of instrument, by tenor and by investor base, among other factors, mitigates the impact of disruptions in any one type of instrument, tenor or investor. We seek to achieve diversity and cost efficiency in our funding sources by maintaining scale and market relevance in deposits, unsecured debt and asset securitizations and access to secured borrowing facilities and a committed bank credit facility. In particular, we are focused on continuing to grow our direct deposit program as a funding source.

Our funding plan is primarily driven by the size and mix of business asset growth, our liquidity position and choice of funding sources, as well as cash requirements generated by withdrawals of deposits by our customers, the maturities of debt outstanding and related interest payments. In executing our funding plan, we aim to maintain a balanced debt maturity profile with an appropriate mix of short-term and long-term refinancing requirements.

FUNDING PROGRAMS AND ACTIVITIES

We had the following customer deposits and consolidated debt outstanding as of December 31, 2025 and 2024:

TABLE 17: SUMMARY OF CUSTOMER DEPOSITS AND CONSOLIDATED DEBT

(Billions)	~~2024~~2025		~~2023~~2024
Customer deposits	$	~~139~~152.45	$	~~129~~139.14
Short-term borrowings	1.4		1.34
Long-term debt	4956.74		4749.97
Total customer deposits and debt	$	~~190~~210.53	$	~~178~~190.35

We may redeem from time to time certain debt securities prior to the original contractual maturity dates in accordance with the optional redemption provisions of those debt securities.

Our funding plan for the full year ~~2025~~2026 includes, among other sources, approximately $94.0 billion to $138.0 billion of unsecured term debt issuance and approximately $62.0 billion to $106.0 billion of secured term debt issuance. Actual funding activities can vary from our plans due to various factors, such as future business growth, liquidity requirements, the impact of global economic, political and other events on market capacity ~~and funding needs~~, demand for securities offered by us, regulatory changes, ability to securitize and sell loans and receivables, and the performance of loans and receivables previously sold in securitization transactions. Many of these factors are beyond our control.

Our equity capital and funding strategies are designed, among other things, to maintain appropriate and stable unsecured debt ratings from the major credit rating agencies: Moody’s Investor Services (Moody’s), Standard & Poor’s (S&P) and Fitch Ratings (Fitch). Such ratings help support our access to cost-effective unsecured funding as part of our overall funding strategy. Our asset securitization activities are rated separately.

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TABLE 18: UNSECURED DEBT RATINGS

American Express Entity

Moody’s

S&P

Fitch

American Express Company

Long Term

A-

Short Term

N/R

A-2

Outlook

Stable

American Express Travel Related Services Company, Inc.

Long Term

Short Term

P-1

A-1

Outlook

Stable

American Express National Bank

Long Term

Short Term

P-1

A-1

Outlook

Stable

American Express Credit Corporation

Long Term

Short Term

N/R

Outlook

Stable

These ratings are not a recommendation to buy or hold any of our securities and they may be revised or revoked at any time at the sole discretion of the rating organization.

Downgrades in the ratings of our unsecured debt or asset securitization program securities could result in higher funding costs, as well as higher fees related to borrowings under our unused credit facilities. Declines in credit ratings could also reduce our borrowing capacity in the unsecured debt and asset securitization capital markets. We believe our funding mix, including the proportion of U.S. direct deposits insured by the FDIC to total funding, should reduce the impact that credit rating downgrades would have on our funding capacity and costs.

In August, 2023, the U.S. federal bank regulatory agencies issued a notice of proposed rulemaking that would require covered bank holding companies such as American Express Company to issue and maintain minimum amounts of eligible external long-term debt and certain insured depository institutions such as AENB to issue and maintain minimum amounts of eligible internal long-term debt. See “Supervision and Regulation — Capital and Liquidity Regulation” under “Business” for more information.

DEPOSIT PROGRAMS

We offer deposits within our U.S. bank subsidiary, AENB. These funds are currently insured up to an amount that is at least $250,000 per depositor, per ownership category through the FDIC; as of December 31, ~~2024~~2025, approximately 92 percent of these deposits were insured. Our ability to obtain deposit funding and offer competitive interest rates is dependent on, among other factors, the capital level of AENB. The direct deposit program offered by AENB is our primary deposit product channel, which makes FDIC-insured high-yield savings account, certificates of deposit (CDs), business checking and consumer ~~rewards~~ checking account products available directly to customers. As of December 31, ~~2024~~2025, our direct deposit program had approximately 3.39 million accounts. AENB also sources deposits through third-party distribution channels as needed to meet our overall funding objectives. CDs carry stated maturities while high-yield savings account, checking account and third-party sweep deposit products do not. We manage the duration of our maturing obligations, including CDs, to reduce concentration and refinancing risk.

As of December 31, ~~2024~~2025, we had $~~139~~152.45 billion in deposits. Refer to Note 7 to the “Consolidated Financial Statements” for a further description of these deposits and scheduled maturities of certificates of deposits.

The following table sets forth the average interest rates we paid on different types of deposits during the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023. ~~Changes~~The change in the average interest rate we paid on our interest-bearing deposits ~~were~~was primarily due to the impact of ~~higher~~lower market interest rates offered for ~~retail~~savings deposits.

TABLE 19: AVERAGE INTEREST RATES PAID ON DEPOSITS

	Year ended December 31,
	2024						2023						2022
	2025						2024						2023
(Millions, except percentages)	Average Balance		Interest Expense		Average Interest Rate		Average Balance		Interest Expense		Average Interest Rate		Average Balance		Interest Expense		Average Interest Rate
Savings accounts	$	~~101~~113,~~705~~217	$	4,~~210~~025	43.16	%	$	84101,~~913~~705	$	34,~~320~~210	34.91	%	$	7084,~~990~~913	$	~~961~~3,320	13.49	%
Checking accounts	12,~~677~~536		2941		1.76		1,~~189~~677		3729		3.1.7		~~468~~1,189		637		1.3.1
Certificates of deposit:
Direct	4,~~978~~831		~~211~~190		43.29		4,~~407~~978		~~159~~211		34.62		14,~~708~~407		33159		13.96
Third-party (brokered)	910,~~718~~589		~~397~~465		4.14		139,~~945~~718		~~518~~397		34.71		713,~~649~~945		~~221~~518		23.97
Sweep accounts — Third-party (brokered)	15,~~419~~456		~~845~~702		54.5		15,~~676~~419		~~824~~845		5.35		15,~~039~~676		~~301~~824		25.03
Total U.S. interest-bearing deposits	$	~~133~~146,~~497~~629	$	5,~~692~~422	4.3.7	%	$	~~120~~133,~~130~~497	$	45,~~858~~692	4.03	%	$	95120,~~854~~130	$	14,~~522~~858	14.60	%

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SHORT-TERM FUNDING PROGRAMS

Short-term borrowings, such as commercial paper, are defined as any debt with an original maturity of twelve months or less, as well as interest-bearing overdrafts with banks. Our short-term funding programs are used primarily to fund working capital needs, such as managing seasonal variations in receivable

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