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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): January 26, 2024
 
AMERICAN EXPRESS COMPANY
(Exact name of registrant as specified in its charter)
   
New York 1-7657 13-4922250
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
200 Vesey Street,
New York, New York 10285
(Address of principal executive offices and zip code)
(212) 640-2000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐





Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure
The following information is furnished under Item 2.02 – Results of Operations and Financial Condition and Item 7.01 – Regulation FD Disclosure:
On January 26, 2024, American Express Company (the “Company”) issued a press release regarding its financial results for the fourth quarter and full year of 2023. A copy of such press release is attached to this report as Exhibit 99.1. The Company also made available additional information relating to the financial results for the fourth quarter and full year of 2023. Such additional financial information is attached to this report as Exhibit 99.2.
Item 9.01    Financial Statements and Exhibits
(d) Exhibits

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SIGNATURE
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 AMERICAN EXPRESS COMPANY
 (REGISTRANT)
   
 By:/s/ Kristina V. Fink
  Name:  Kristina V. Fink
  Title:    Corporate Secretary
 
Date: January 26, 2024
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EXHIBIT 99.1
NEWS RELEASENEWS RELEASENEWS RELEASENEWS RELEASE
axplogo1.jpg
Media Contacts:
Giovanna Falbo, Giovanna.Falbo@aexp.com, +1.212.640.0327
Andrew R. Johnson, Andrew.R.Johnson@aexp.com, +1.212.640.8610

Investors/Analysts Contacts:
Kartik Ramachandran, Kartik.Ramachandran@aexp.com, +1.212.640.5574
Michelle A. Scianni, Michelle.A.Scianni@aexp.com, +1.212.640.5574


AMERICAN EXPRESS ANNOUNCES RECORD FULL-YEAR 2023 REVENUE OF $60.5 BILLION, UP 14% ON A REPORTED BASIS AND 15% ON AN FX-ADJUSTED BASIS

FULL-YEAR EARNINGS PER SHARE INCREASED 14% TO $11.21

FULL-YEAR 2024 GUIDANCE FOR REVENUE GROWTH OF 9% TO 11% AND EPS OF $12.65 TO $13.15

COMPANY PLANS TO INCREASE QUARTERLY DIVIDEND BY 17% TO $0.70 PER COMMON SHARE

($ in millions, except per share amounts, and where indicated)
Quarters Ended
December 31,
Percentage Inc/(Dec)Years Ended
December 31,
Percentage Inc/(Dec)
2023202220232022
Billed Business (Billions)$379.8$357.46%$1,459.6$1,338.39%
Total Revenues Net of Interest Expense$15,799$14,17611%$60,515$52,86214%
FX-adjusted 1
$14,22511%$52,83315%
Total Provisions for Credit Losses$1,437$1,02740%$4,923$2,182#
Net Income$1,933$1,57223%$8,374$7,51411%
Diluted Earnings Per Common Share 2
$2.62$2.0727%$11.21$9.8514%
Average Diluted Common Shares Outstanding726 746 (3)%736 752 (2)%
 # - Denotes a variance of 100 percent or more.
New York – January 26, 2024 – American Express Company (NYSE: AXP) today reported full-year net income of $8.4 billion, or $11.21 per share, compared with net income of $7.5 billion, or $9.85 per share, a year ago.
“We delivered record revenues and profits in 2023, building on the momentum we’ve achieved since we announced our growth plan in January 2022,” said Stephen J. Squeri, Chairman and Chief Executive Officer. “We continued to drive strong customer engagement, and demand for our premium products remained robust. We added 12.2 million

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new proprietary cards in the year, bringing the total number of cards-in-force issued on our global network to over 140 million.
“Looking back over the two years since we announced our growth plan, I’m pleased to say that we have achieved what we set out to do, and we are ahead of where we thought we’d be on our journey. Since January 2022, we’ve grown revenues by more than 40 percent, from $42 billion to $61 billion, and Card Member spending has increased by 37 percent on an FX-adjusted basis to $1.5 trillion, an all-time high. These strong results demonstrate the strength of our premium customer base and the tremendous earnings power of our business model. The growth that we’ve been generating has enabled us to continue making investments to drive revenues and significantly expand the scale of our business, while effectively managing our expenses.
“Based on the momentum in our business, we are providing full-year 2024 guidance for revenue growth of 9 percent to 11 percent and EPS of $12.65 to $13.15. Looking ahead, we continue to run the business with a focus on our aspiration of revenue growth of 10 percent plus and mid-teens EPS growth.”
Consolidated total revenues net of interest expense for the full year were $60.5 billion, up 14 percent (15 percent FX-adjusted) from $52.9 billion a year ago. The increase was driven by higher net interest income and increased Card Member spending.
Credit metrics remained strong during the year, with net write-off and delinquency rates for total Card Member loans and receivables below pre-pandemic levels. Consolidated provisions for credit losses for the full year were $4.9 billion, compared with $2.2 billion a year ago. The increase reflected higher net write-offs and a net reserve build of $1.4 billion, compared with a reserve build of $617 million a year ago.
Consolidated expenses for the full year were $45.1 billion, up 10 percent from $41.1 billion a year ago. The increase primarily reflected higher customer engagement costs, which were driven by higher Card Member spending and increased usage of travel-related benefits, partially offset by lower marketing expenses. Operating expenses also increased, primarily driven by increased compensation costs.
The consolidated effective tax rate for the full year was 20.3 percent, down from 21.6 percent a year ago, primarily reflecting changes in the geographic mix of income.
Planned Dividend Increase
The company plans to increase the regular quarterly dividend on its common shares outstanding by 17 percent, from $0.60 to $0.70 per share, beginning with the first quarter 2024 dividend declaration.
Fourth-Quarter 2023 Results
For the fourth quarter of 2023, the company reported net income of $1.9 billion, or $2.62 per share, compared with net income of $1.6 billion, or $2.07 per share, a year ago.
Fourth-quarter consolidated total revenues net of interest expense were $15.8 billion, up 11 percent from $14.2 billion a year ago. The increase was primarily driven by higher net interest income and increased Card Member spending.
Consolidated provisions for credit losses were $1.4 billion, compared with $1 billion a year ago. The increase reflected higher net write-offs, partially offset by a lower net reserve build of $400 million, compared with a reserve build of $492 million a year ago.
Consolidated expenses were $11.9 billion, up 5 percent from $11.3 billion a year ago. The increase primarily reflected higher customer engagement costs, which were driven by higher Card Member spending and increased usage of travel-related benefits, partially offset by lower marketing expenses. Operating expenses also increased, driven in part by the impact of the devaluation of the Argentine peso and increased compensation costs; the prior year included higher net losses on Amex Ventures investments.
The consolidated effective tax rate was 23.0 percent, up from 16.0 percent a year ago, primarily reflecting discrete tax benefits in the prior year.


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U.S. Consumer Services reported fourth-quarter pretax income of $1.5 billion, compared with $1.3 billion a year ago.
Total revenues net of interest expense were $7.4 billion, up 13 percent from $6.5 billion a year ago. The increase was primarily driven by higher net interest income and increased Card Member spending.
Provisions for credit losses were $860 million, compared with $542 million a year ago. The increase reflected higher net write-offs and a higher reserve build of $289 million, compared with a reserve build of $269 million a year ago.
Total expenses were $5.1 billion, up 8 percent from $4.7 billion a year ago, primarily reflecting higher customer engagement costs, which were driven by higher Card Member spending and increased usage of travel-related benefits, partially offset by lower marketing expenses.
Commercial Services reported fourth-quarter pretax income of $666 million, compared with $547 million a year ago.
Total revenues net of interest expense were $3.8 billion, up 7 percent from $3.6 billion a year ago. The increase was primarily driven by higher net interest income.
Provisions for credit losses were $368 million, compared with $271 million a year ago. The increase reflected higher net write-offs, partially offset by a lower net reserve build of $98 million, compared with a reserve build of $135 million a year ago.
Total expenses were $2.8 billion, up 1 percent compared to a year ago, reflecting higher operating expenses, primarily driven by higher service costs.
International Card Services reported fourth-quarter pretax income of $144 million, compared with a pretax loss of $15 million a year ago.
Total revenues net of interest expense were $2.7 billion, up 12 percent (9 percent FX-adjusted) from $2.4 billion a year ago. The increase was primarily driven by increased Card Member spending and higher card fee revenue.
Provisions for credit losses were $194 million, compared with $210 million a year ago. The decrease reflected a lower net reserve build of $14 million in the current quarter, compared with a reserve build of $87 million a year ago, partially offset by higher net write-offs.
Total expenses were $2.4 billion, up 6 percent from $2.2 billion a year ago, primarily reflecting higher customer engagement costs, driven by higher Card Member spending and increased usage of travel-related benefits.
Global Merchant and Network Services reported fourth-quarter pretax income of $822 million, compared with $691 million a year ago.
Total revenues net of interest expense were $1.9 billion, up 10 percent from $1.8 billion a year ago, primarily reflecting higher merchant-related revenues.
Total expenses were $1.1 billion, up 4 percent compared to a year ago, primarily reflecting a reserve build associated with a merchant exposure for Card Member purchases.
Corporate and Other reported a fourth-quarter pretax loss of $589 million, compared with a pretax loss of $638 million a year ago.

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________________________________
1As used in this release, FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translations into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for current period apply to the corresponding prior-year period against which such results are being compared). FX-adjusted revenues is a non-GAAP measure. The company believes the presentation of information on an FX-adjusted basis is helpful to investors by making it easier to compare the company’s performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.
2Diluted earnings per common share (EPS) was reduced by the impact of (i) earnings allocated to participating share awards of $14 million and $12 million for the three months ended December 31, 2023 and 2022, respectively, and $64 million and $57 million for the years ended December 31, 2023 and 2022, respectively, and (ii) dividends on preferred shares of $15 million and $14 million for the three months ended December 31, 2023 and 2022, respectively, and $58 million and $57 million for the years ended December 31, 2023 and 2022, respectively.
As used in this release:
Card Member spending (billed business) represents transaction volumes, including cash advances, on payment products issued by American Express.
Customer engagement costs represent the aggregate of Card Member rewards, business development, Card Member services, and marketing expenses.
Operating expenses represent salaries and employee benefits, professional services, data processing and equipment, and other, net. Operating expenses for our reportable segments reflect both costs incurred directly within each segment, as well as allocated service costs, which primarily reflect salaries and benefits associated with our technology and customer servicing groups, and overhead expenses.
Reserve releases and reserve builds represent the portion of the provisions for credit losses for the period related to increasing or decreasing reserves for credit losses as a result of, among other things, changes in volumes, macroeconomic outlook, portfolio composition, and credit quality of portfolios. Reserve releases represent the amount by which net write-offs exceed the provisions for credit losses. Reserve builds represent the amount by which the provisions for credit losses exceed net write-offs.

###
About American Express
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, X.com/americanexpress, and youtube.com/americanexpress.
Key links to products, services and corporate sustainability information: personal cards, business cards and services, travel services, gift cards, prepaid cards, merchant services, Accertify, Business Blueprint, Resy, corporate card, business travel, diversity and inclusion, corporate sustainability and Environmental, Social, and Governance reports.
Source: American Express Company
Location: Global


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This earnings release should be read in conjunction with the company’s statistical tables for the fourth quarter 2023, available on the American Express Investor Relations website at http://ir.americanexpress.com and in a Form 8-K furnished today with the Securities and Exchange Commission.
An investor conference call will be held at 8:30 a.m. (ET) today to discuss fourth-quarter results. Live audio and presentation slides for the investor conference call will be available to the general public on the above-mentioned American Express Investor Relations website. A replay of the conference call will be available later today at the same website address.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which address American Express Company’s current expectations regarding business and financial performance, including management’s outlook for 2024 and long-term growth aspiration, among other matters, contain words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “continue” and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, the following:
the company’s ability to achieve its 2024 earnings per common share (EPS) outlook and grow EPS in the future consistent with the company’s growth aspiration, which will depend in part on revenue growth, credit performance and the effective tax rate remaining consistent with current expectations and the company’s ability to continue investing at high levels in areas that can drive sustainable growth (including its brand, value propositions, customers, colleagues, marketing, technology and coverage), controlling operating expenses, effectively managing risk and executing its share repurchase program, any of which could be impacted by, among other things, the factors identified in the subsequent paragraphs as well as the following: macroeconomic conditions, such as recession risks, changes in interest rates, effects of inflation, labor shortages and strikes or higher rates of unemployment, supply chain issues, energy costs and fiscal and monetary policies; geopolitical instability, including the ongoing Ukraine and Israel wars and tensions involving China and the U.S.; the impact of any future contingencies, including, but not limited to, legal costs and settlements, the imposition of fines or monetary penalties, increases in Card Member remediation, investment gains or losses, restructurings, impairments and changes in reserves; issues impacting brand perceptions and the company’s reputation; impacts related to new or renegotiated cobrand and other partner agreements and joint ventures; and the impact of regulation and litigation, which could affect the profitability of the company’s business activities, limit the company’s ability to pursue business opportunities, require changes to business practices or alter the company’s relationships with Card Members, partners and merchants;
the company’s ability to achieve its 2024 revenue growth outlook and grow revenues net of interest expense in the future consistent with the company’s growth aspiration, which could be impacted by, among other things, the factors identified above and in the subsequent paragraphs, as well as the following: spending volumes and the spending environment not being consistent with expectations, including T&E spend growing slower than expected, further slowing in spend by U.S. small and mid-sized enterprise or U.S. large and global corporate customers, or a general slowdown or increase in volatility in consumer and business spending volumes; changes in foreign currency exchange rates; an inability to address competitive pressures, innovate and expand the company’s products and services, leverage the advantages of the company’s differentiated business model, attract customers across generations and age cohorts, including Millennial and Gen Z, and implement strategies and business initiatives, including within the premium consumer space, commercial payments and the global merchant network; the effects of the end of the moratorium on student loan repayments; the impact of the decommissioning of one of the company’s alternative payment solutions; and merchant discount rates changing by a greater or lesser amount than expected;

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net card fees not performing consistently with expectations, which could be impacted by, among other things, a deterioration in macroeconomic conditions impacting the ability and desire of Card Members to pay card fees; higher Card Member attrition rates; the pace of Card Member acquisition activity and demand for our fee-based products; and the company’s inability to address competitive pressures, develop attractive premium value propositions and implement its strategy of refreshing card products, enhancing benefits and services and continuing to innovate with respect to its products;
net interest income, the effects of changes in interest rates and the growth of loans and Card Member receivables outstanding, and the portion of which that is interest bearing, being higher or lower than expectations, which could be impacted by, among other things, the behavior and financial strength of Card Members and their actual spending, borrowing and paydown patterns; the company’s ability to effectively manage risk and enhance Card Member value propositions; changes in benchmark interest rates, including where such changes affect the company’s assets or liabilities differently than expected; changes in capital and credit market conditions and the availability and cost of capital; credit actions, including line size and other adjustments to credit availability; the yield on Card Member loans not remaining consistent with current expectations; the company’s deposit levels or the interest rates it offers on deposits changing from current expectations; and the effectiveness of the company’s strategies to capture a greater share of existing Card Members’ spending and borrowings, and attract new, and retain existing, customers;
future credit performance, the level of future delinquency, reserve and write-off rates and the amount and timing of future reserve builds and releases, which will depend in part on macroeconomic factors such as unemployment rates, GDP and the volume of bankruptcies; the ability and willingness of Card Members to pay amounts owed to the company; changes in consumer behavior that affect loan and receivable balances (such as paydown and revolve rates); the credit profiles of new customers acquired; the enrollment in, and effectiveness of, financial relief programs and the performance of accounts as they exit from such programs; collections capabilities and recoveries of previously written-off loans and receivables; and governmental actions providing forms of relief with respect to certain loans and fees, and the termination of such actions;
the actual amount to be spent on Card Member rewards and services and business development, and the relationship of these variable customer engagement costs to revenues, which could be impacted by continued changes in macroeconomic conditions and Card Member behavior as it relates to their spending patterns (including the level of spend in bonus categories), the redemption of rewards and offers (including travel redemptions) and usage of travel-related benefits; the costs related to reward point redemptions; further enhancements to product benefits to make them attractive to Card Members and prospective customers, potentially in a manner that is not cost effective; new and renegotiated contractual obligations with business partners; and the pace and cost of the expansion of the company’s global lounge collection;
the actual amount the company spends on marketing in 2024 and beyond and the efficiency of its marketing spending, which will be based in part on continued changes in the macroeconomic and competitive environment and business performance; management’s decisions regarding the timing of spending on marketing and the effectiveness of management’s investment optimization process; management’s identification and assessment of attractive investment opportunities; management’s ability to develop attractive premium value propositions and drive customer demand; the receptivity of Card Members and prospective customers to advertising and customer acquisition initiatives; and the company’s ability to realize marketing efficiencies and balance expense control and investments in the business;
the company’s ability to control operating expenses, including relative to future revenue growth, and the actual amount spent on operating expenses in 2024 and beyond, which could be impacted by, among other things, salary and benefit expenses to attract and retain talent; a persistent inflationary environment; the company’s ability to realize operational efficiencies, including through automation; management’s decision to increase or decrease spending in such areas as technology, business and product development, sales force, premium servicing and digital capabilities depending on overall business performance; the company’s ability to innovate efficient channels of customer interactions and the willingness of Card Members to self-service and address issues through digital channels; restructuring activity; supply chain issues; fraud costs; compliance expenses and consulting, legal and other professional services fees, including as a result of litigation or internal and regulatory reviews; regulatory assessments; the level of M&A activity and related

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expenses, including the completion of the company’s sale of Accertify; information or cyber security incidents; the payment of fines, penalties, disgorgement, restitution, non-income tax assessments and litigation-related settlements; the performance of Amex Ventures and other of the company’s investments; impairments of goodwill or other assets; and the impact of changes in foreign currency exchange rates on costs, such as due to the devaluation of foreign currencies;
the company’s tax rate not remaining consistent with expectations, which could be impacted by, among other things, further changes in tax laws and regulation (or related legislative or regulatory inaction), the company’s geographic mix of income, unfavorable tax audits and other unanticipated tax items;
changes affecting the company’s plans regarding the return of capital to shareholders, including increasing the level of the dividend, which will depend on factors such as the company’s capital levels and regulatory capital ratios; changes in the stress testing and capital planning process and new rulemakings and guidance from the Federal Reserve and other banking regulators, including changes to regulatory capital requirements, such as final rules resulting from the Basel III rule proposal; results of operations and financial condition; credit ratings and rating agency considerations; required company approvals; and the economic environment and market conditions in any given period;
changes affecting the expected timing for closing the sale of Accertify, the amount of the potential gain the company recognizes upon the closing and the portion of such gain management determines to reinvest, which will depend on regulatory and other approvals, consultation requirements, the execution of ancillary agreements, the cost and availability of financing for the purchaser to fund the transaction and the potential loss of key customers, vendors and other business partners and management’s decisions regarding future operations, strategies and business initiatives;
changes in the substantial and increasing worldwide competition in the payments industry, including competitive pressure that may materially impact the prices charged to merchants that accept American Express cards, the desirability of the company’s premium card products, competition for new and existing cobrand relationships, competition with respect to new products, services and technologies, competition from new and non-traditional competitors and the success of marketing, promotion and rewards programs;
the company’s ability to grow its leadership in commercial payments and capture future spending growth in this sector, including with respect to small and mid-sized enterprise customers, which will depend in part on competition, the willingness and ability of companies to use credit and charge cards for procurement and other business expenditures as well as use the company’s other products and services for financing needs, perceived or actual difficulties and costs related to setting up card-based B2B payment platforms, the company’s ability to offer attractive value propositions and new products to potential customers, the company’s ability to enhance and expand its payment and lending solutions and build out a multi-product digital ecosystem to integrate its broad product set, which is dependent on the company’s continued investment in capabilities, features, functionalities, platforms and technologies;
a failure in or breach of the company’s operational or security systems, processes or infrastructure, or those of third parties, including as a result of cyberattacks, which could compromise the confidentiality, integrity, privacy and/or security of data, disrupt the company’s operations, reduce the use and acceptance of American Express cards and lead to regulatory scrutiny, litigation, remediation and response costs, and reputational harm;
legal and regulatory developments, which could affect the profitability of the company’s business activities; limit the company’s ability to pursue business opportunities or conduct business in certain jurisdictions; require changes to business practices or governance, or alter the company’s relationships with Card Members, partners, merchants and other third parties, including its ability to continue certain cobrand relationships in the EU; exert further pressure on merchant discount rates and the company’s GNS business; alter the competitive landscape; result in increased costs related to regulatory oversight and compliance, litigation-related settlements, judgments or expenses, restitution to Card Members or the imposition of fines or monetary penalties; materially affect capital or liquidity requirements, results of operations or ability to pay dividends; or result in harm to the American Express brand; and

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factors beyond the company’s control such as global economic and business conditions, consumer and business spending generally, unemployment rates, geopolitical conditions, including further escalations of ongoing military conflicts, adverse developments affecting third parties, including other financial institutions, merchants or vendors, as well as severe weather conditions, natural disasters, power loss, disruptions in telecommunications, health pandemics, terrorism and other catastrophic events, any of which could significantly affect demand for and spending on American Express cards, delinquency rates, loan and receivable balances, deposit levels and other aspects of the company’s business and results of operations or disrupt its global network systems and ability to process transactions.

A further description of these uncertainties and other risks can be found in American Express Company’s Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2023 and the company’s other reports filed with the Securities and Exchange Commission.

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EXHIBIT 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q4'23Q3'23Q2'23Q1'23Q4'22YOY % changeFY'23FY'22YOY % change
Non-interest revenues
Discount revenue$8,580 $8,408 $8,481 $7,947 $8,183 5 $33,416 $30,739 9 
Net card fees1,907 1,846 1,789 1,713 1,625 17 7,255 6,070 20 
Service fees and other revenue 1,294 1,261 1,232 1,218 1,181 10 5,005 4,521 11 
Processed revenue414 424 447 420 429 (3)1,705 1,637 4 
Total non-interest revenues12,195 11,939 11,949 11,298 11,418 7 47,381 42,967 10 
Interest income
Interest on loans4,910 4,635 4,213 3,939 3,623 36 17,697 11,967 48 
Interest and dividends on investment securities31 33 34 30 34 (9)128 96 33 
Deposits with banks and other611 572 528 447 308 98 2,158 595 #
Total interest income5,552 5,240 4,775 4,416 3,965 40 19,983 12,658 58 
Interest expense
Deposits1,385 1,290 1,196 994 778 78 4,865 1,527 #
Long-term debt and other563 508 474 439 429 31 1,984 1,236 61 
Total interest expense1,948 1,798 1,670 1,433 1,207 61 6,849 2,763 #
Net interest income3,604 3,442 3,105 2,983 2,758 31 13,134 9,895 33 
Total revenues net of interest expense15,799 15,381 15,054 14,281 14,176 11 60,515 52,862 14 
Provisions for credit losses
Card Member receivables222 206 230 222 244 (9)880 627 40 
Card Member loans1,148 982 923 786 757 52 3,839 1,514 #
Other67 45 45 47 26 #204 41 #
Total provisions for credit losses1,437 1,233 1,198 1,055 1,027 40 4,923 2,182 #
Total revenues net of interest expense after provisions for credit losses14,362 14,148 13,856 13,226 13,149 9 55,592 50,680 10 
Expenses
Card Member rewards3,851 3,794 3,956 3,766 3,729 3 15,367 14,002 10 
Business development1,483 1,393 1,388 1,393 1,302 14 5,657 4,943 14 
Card Member services1,063 973 949 983 881 21 3,968 2,959 34 
Marketing1,228 1,236 1,408 1,341 1,274 (4)5,213 5,458 (4)
Salaries and employee benefits2,131 2,047 1,875 2,014 2,034 5 8,067 7,252 11 
Professional services645 477 467 440 601 7 2,029 2,074 (2)
Data processing and equipment764 704 677 660 732 4 2,805 2,606 8 
Other, net685 424 402 462 725 (6)1,973 1,801 10 
Total expenses11,850 11,048 11,122 11,059 11,278 5 45,079 41,095 10 
Pretax income2,512 3,100 2,734 2,167 1,871 34 10,513 9,585 10 
Income tax provision579 649 560 351 299 94 2,139 2,071 3 
Net income$1,933 $2,451 $2,174 $1,816 $1,572 23 $8,374 $7,514 11 
Net income attributable to common shareholders (A)$1,904 $2,418 $2,142 $1,788 $1,546 23 $8,252 $7,400 12 
Effective tax rate23.0 %20.9 %20.5 %16.2 %16.0 %20.3 %21.6 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$2.63 $3.30 $2.89 $2.41 $2.08 26 $11.23 $9.86 14 
Average common shares outstanding725 732 740 743 745 (3)735 751 (2)
Diluted
Net income attributable to common shareholders $2.62 $3.30 $2.89 $2.40 $2.07 27 $11.21 $9.85 14 
Average common shares outstanding726 733 741 744 746 (3)736 752 (2)
Cash dividends declared per common share $0.60 $0.60 $0.60 $0.60 $0.52 15 $2.40 $2.08 15 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
1


American Express Company(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Billions, except percentages, per share amounts and where indicated)
 Q4'23Q3'23Q2'23Q1'23Q4'22YOY % change
Assets      
Cash & cash equivalents$47 $44 $43 $41 $34 38 
Card Member receivables, less reserves60 59 58 57 57 5 
Card Member loans, less reserves121 113 110 105 104 16 
Investment securities2 3 4 4 5 (60)
Other (B)31 32 30 29 28 11 
Total assets$261 $251 $245 $236 $228 14 
Liabilities and Shareholders' Equity      
Customer deposits$129 $124 $123 $121 $110 17 
Short-term borrowings1 2 2 2 1  
Long-term debt48 46 47 41 43 12 
Other (B)55 52 46 46 49 12 
Total liabilities233 224 218 210 203 15 
Shareholders' Equity28 27 27 26 25 12 
Total liabilities and shareholders' equity$261 $251 $245 $236 $228 14 
Return on average equity (C)31.5 %36.3 %33.0 %28.7 %32.3 %
Return on average common equity (C)33.0 %38.0 %34.6 %30.1 %34.1 %
Book value per common share (dollars)$36.61 $35.32 $34.11 $32.84 $31.12 18 

See Appendix III for footnote references
2


American Express Company(Preliminary)
Consolidated Capital
 
 Q4'23Q3'23Q2'23Q1'23Q4'22
Shares Outstanding (in millions) 
Beginning of period729 736 743 743 747 
Repurchase of common shares(6)(8)(7)(1)(4)
Net impact of employee benefit plans and others 1  1  
End of period723 729 736 743 743 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)10.5 %10.7 %10.6 %10.6 %10.3 %
Tier 111.3 %11.5 %11.4 %11.4 %11.1 %
Total13.1 %13.4 %13.1 %13.1 %12.8 %
Common Equity Tier 1$23.2 $22.5 $21.8 $21.1 $20.0 
Tier 1 Capital$24.8 $24.0 $23.4 $22.7 $21.6 
Tier 2 Capital$4.0 $4.0 $3.4 $3.3 $3.3 
Total Capital$28.8 $28.0 $26.8 $26.0 $24.9 
RWA$219.7 $209.4 $205.3 $198.7 $194.4 
Tier 1 Leverage9.9 %10.0 %9.9 %10.0 %9.9 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (D)$249.6 $240.9 $237.0 $226.1 $218.6 

See Appendix III for footnote references
3


American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Billions, except percentages and where indicated) 
 Q4'23Q3'23Q2'23Q1'23Q4'22YOY % changeFY'23FY'22YOY % change
Network volumes (E)$434.4 $420.2 $426.6 $398.9 $413.3 5 $1,680.1 $1,552.8 8 
Billed business (E)$379.8 $366.2 $368.1 $345.5 $357.4 6 $1,459.6 $1,338.3 9 
Processed volumes (E)$54.6 $54.0 $58.5 $53.4 $55.9 (2)$220.5 $214.5 3 
Card Member loans$126.0 $118.0 $114.6 $109.1 $108.0 17 $126.0 $108.0 17 
Cards-in-force (millions) (F)141.2 138.2 137.9 135.7 133.3 6 141.2 133.3 6 
Proprietary cards-in-force80.2 79.6 79.3 78.0 76.7 5 80.2 76.7 5 
Basic cards-in-force (millions) (F)118.7 115.9 116.0 113.7 111.5 6 118.7 111.5 6 
Proprietary basic cards-in-force61.7 61.2 61.0 60.1 59.1 4 61.7 59.1 4 
Average proprietary basic Card Member spending (dollars)$6,179 $6,000 $6,075 $5,792 $6,087 2 $24,059 $23,496 2 
Average fee per card (dollars) (G)$95 $93 $91 $88 $85 12 $92 $82 12 

See Appendix III for footnote references
4


American Express Company(Preliminary)
Network Volumes Related Growth 
 YOY % change
 ReportedFX-Adjusted (H)ReportedFX-Adjusted (H)
 Q4'23Q3'23Q2'23Q1'23Q4'22Q4'23Q3'23Q2'23Q1'23Q4'22FY'23FY'23
Network volumes (E)5%7%8%14%12%5%6%9%16%16%8%9%
Billed business (E)6881513678161599
U.S. Consumer Services79101615n/an/an/an/an/a10n/a
Commercial Services1121011112101133
International Card Services141815211413151729261718
Processed volumes (E)(2)(3)988(1)(1)13151736
Merchant industry billed business
Goods & Services (G&S) spend (75% of Q4'23 worldwide billed business)5668756691066
T&E spend (25% of Q4'23 worldwide billed business)9131437349131439381919
Airline spend (6% of Q4'23 worldwide billed business)7131257626121260672324

See Appendix III for footnote references
5


American Express Company(Preliminary)
Selected Credit Related Statistical Information
Card Member Loans and Card Member Receivables
(Billions, except percentages and where indicated)
 Q4'23Q3'23Q2'23Q1'23Q4'22YOY % changeFY'23FY'22YOY % change
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (J)2.2 %2.0 %2.0 %1.7 %1.3 %2.0 %1.0 %
Net write-off rate (principal only) (J)(L)2.0 %1.8 %1.8 %1.6 %1.2 %1.8 %0.9 %
30+ days past due as a % of total (L)1.3 %1.2 %1.2 %1.2 %1.1 %1.3 %1.1 %
Card Member loans         
Total Card Member loans$126.0 $118.0 $114.6 $109.1 $108.0 17 $126.0 $108.0 17 
Credit loss reserves (millions)
Beginning balance$4,721 $4,390 $4,053 $3,747 $3,319 42 $3,747 $3,305 13 
Provisions - principal, interest and fees1,148 982 923 786 757 52 3,839 1,514 #
Net write-offs - principal less recoveries(631)(525)(490)(397)(277)#(2,043)(837)#
Net write-offs - interest and fees less recoveries(133)(114)(107)(89)(68)96 (443)(229)93 
Other (I)13 (12)11 6 16 (19)18 (6)#
Ending balance $5,118 $4,721 $4,390 $4,053 $3,747 37 $5,118 $3,747 37 
% of loans4.1 %4.0 %3.8 %3.7 %3.5 %4.1 %3.5 %
% of past due 297 %316 %336 %330 %348 %297 %348 %
Average loans$121.8 $116.6 $112.4 $107.7 $103.9 17 $114.8 $95.4 20 
Net write-off rate (principal, interest and fees) (J)2.5 %2.2 %2.1 %1.8 %1.3 %2.2 %1.1 %
Net write-off rate (principal only) (J) (L)2.1 %1.8 %1.7 %1.5 %1.1 %1.8 %0.9 %
30+ days past due as a % of total (L)1.4 %1.3 %1.1 %1.1 %1.0 %1.4 %1.0 %
Net interest income divided by average Card Member loans (K)11.7 %11.7 %11.1 %11.2 %10.5 %11.4 %10.4 % 
Net interest yield on average Card Member loans (K)11.7 %11.7 %11.2 %11.3 %10.8 %11.5 %10.6 % 
Card Member receivables         
Total Card Member receivables$60.4 $58.8 $58.2 $57.5 $57.6 5 $60.4 $57.6 5 
Credit loss reserves (millions)
Beginning balance$174 $210 $223 $229 $159 9 $229 $64 #
Provisions - principal and fees222 206 230 222 244 (9)880 627 40 
Net write-offs - principal and fees less recoveries(223)(241)(243)(230)(178)25 (937)(462)#
Other (I)1 (1) 2 4 (75)2   
Ending balance$174 $174 $210 $223 $229 (24)$174 $229 (24)
% of receivables0.3 %0.3 %0.4 %0.4 %0.4 %0.3 %0.4 %
Net write-off rate (principal and fees) (J)1.5 %1.7 %1.7 %1.6 %1.3 %1.6 %0.8 %
Net write-off rate (principal only) (J)(L)1.7 %1.9 %1.9 %1.9 %1.4 %1.8 %0.9 % 
30+ days past due as a % of total (L)1.1 %1.1 %1.2 %1.4 %1.3 %1.1 %1.3 % 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
6


American Express Company(Preliminary)
Selected Credit Related Statistical Information
Other Loans and Other Receivables
(Billions, except percentages and where indicated)
 Q4'23Q3'23Q2'23Q1'23Q4'22YOY % changeFY'23FY'22YOY % change
Other loans (B)
Total other loans$7.1 $6.6 $6.3 $5.9 $5.4 31 $7.1 $5.4 31 
Credit loss reserves (millions)
Beginning balance$108 $98 $83 $59 $46 #$59 $52 13 
Provisions52 39 43 40 23 #174 29 #
Net write-offs(34)(29)(28)(16)(10)#(107)(22)#
Other (I)         
Ending balance$126 $108 $98 $83 $59 #$126 $59 #
% of other loans1.8 %1.6 %1.6 %1.4 %1.1 %1.8 %1.1 %
Other receivables (B)
Total other receivables$3.7 $4.4 $3.1 $3.0 $3.1 19 $3.7 $3.1 19 
Credit loss reserves (millions)
Beginning balance$27 $24 $25 $22 $22 23 $22 $25 (12)
Provisions15 6 2 7 3 #30 12 #
Net write-offs(16)(3)(3)(3)(2)#(25)(15)67 
Other (I)1   (1)(1)#   
Ending balance$27 $27 $24 $25 $22 23 $27 $22 23 
% of other receivables0.7 %0.6 %0.8 %0.8 %0.7 %0.7 %0.7 %
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
7


American Express Company(Preliminary)
Selected Income Statement Information by Segment 
(Millions)   
U.S. Consumer Services
(USCS)
Commercial Services
(CS)
International Card Services
(ICS)
Global Merchant and Network Services
(GMNS)
Corporate and OtherConsolidated
Q4'23     
Non-interest revenues$4,782 $3,266 $2,466 $1,693 $(12)$12,195 
Interest income3,399 949 574 15 615 5,552 
Interest expense786 407 348 (233)640 1,948 
Total revenues net of interest expense7,395 3,808 2,692 1,941 (37)15,799 
Total provisions for credit losses860 368 194 14 1 1,437 
Total revenues net of interest expense after provisions for credit losses6,535 3,440 2,498 1,927 (38)14,362 
Card Member rewards, business development, Card Member services and marketing3,811 1,855 1,488 457 14 7,625 
Salaries and employee benefits and other operating expenses1,255 919 866 648 537 4,225 
Total expenses5,066 2,774 2,354 1,105 551 11,850 
Pretax income (loss)$1,469 $666 $144 $822 $(589)$2,512 
Q4'22
Non-interest revenues$4,416 $3,210 $2,197 $1,621 $(26)$11,418 
Interest income2,577 635 418 10 325 3,965 
Interest expense470 288 209 (127)367 1,207 
Total revenues net of interest expense6,523 3,557 2,406 1,758 (68)14,176 
Total provisions for credit losses542 271 210 1 3 1,027 
Total revenues net of interest expense after provisions for credit losses5,981 3,286 2,196 1,757 (71)13,149 
Card Member rewards, business development, Card Member services and marketing3,517 1,877 1,339 463 (10)7,186 
Salaries and employee benefits and other operating expenses1,178 862 872 603 577 4,092 
Total expenses4,695 2,739 2,211 1,066 567 11,278 
Pretax income (loss)$1,286 $547 $(15)$691 $(638)$1,871 
YOY % change
Non-interest revenues8 2 12 4 54 7 
Interest income32 49 37 50 89 40 
Interest expense67 41 67 (83)74 61 
Total revenues net of interest expense13 7 12 10 46 11 
Total provisions for credit losses59 36 (8)#(67)40 
Total revenues net of interest expense after provisions for credit losses9 5 14 10 46 9 
Card Member rewards, business development, Card Member services and marketing8 (1)11 (1)#6 
Salaries and employee benefits and other operating expenses7 7 (1)7 (7)3 
Total expenses8 1 6 4 (3)5 
Pretax income (loss)14 22 #19 8 34 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
8


U.S. Consumer Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)
 Q4'23Q3'23Q2'23Q1'23Q4'22YOY % changeFY'23FY'22YOY % change
Non-interest revenues$4,782 $4,680 $4,643 $4,359 $4,416 8 $18,464 $16,440 12 
Interest income3,399 3,228 2,934 2,775 2,577 32 12,336 8,457 46 
Interest expense786 700 647 551 470 67 2,684 983 #
Net interest income2,613 2,528 2,287 2,224 2,107 24 9,652 7,474 29 
Total revenues net of interest expense7,395 7,208 6,930 6,583 6,523 13 28,116 23,914 18 
Total provisions for credit losses860 752 659 584 542 59 2,855 1,021 #
Total revenues net of interest expense after provisions for credit losses6,535 6,456 6,271 5,999 5,981 9 25,261 22,893