EX-99.2 3 q224exhibit992.htm EX-99.2 Document

EXHIBIT 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q2'24Q1'24Q4'23Q3'23Q2'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues
Discount revenue$8,855 $8,380 $8,580 $8,408 $8,481 4 $17,235 $16,428 5 
Net card fees2,060 1,974 1,907 1,846 1,789 15 4,034 3,502 15 
Service fees and other revenue 1,280 1,292 1,294 1,261 1,232 4 2,572 2,450 5 
Processed revenue408 386 414 424 447 (9)794 867 (8)
Total non-interest revenues12,603 12,032 12,195 11,939 11,949 5 24,635 23,247 6 
Interest income
Interest on loans5,092 5,058 4,910 4,635 4,213 21 10,150 8,152 25 
Interest and dividends on investment securities25 25 31 33 34 (26)50 64 (22)
Deposits with banks and other677 692 611 572 528 28 1,369 975 40 
Total interest income5,794 5,775 5,552 5,240 4,775 21 11,569 9,191 26 
Interest expense
Deposits1,425 1,427 1,385 1,290 1,196 19 2,852 2,190 30 
Long-term debt and other639 579 563 508 474 35 1,218 913 33 
Total interest expense2,064 2,006 1,948 1,798 1,670 24 4,070 3,103 31 
Net interest income3,730 3,769 3,604 3,442 3,105 20 7,499 6,088 23 
Total revenues net of interest expense16,333 15,801 15,799 15,381 15,054 8 32,134 29,335 10 
Provisions for credit losses
Card Member receivables226 196 222 206 230 (2)422 452 (7)
Card Member loans970 1,014 1,148 982 923 5 1,984 1,709 16 
Other72 59 67 45 45 60 131 92 42 
Total provisions for credit losses1,268 1,269 1,437 1,233 1,198 6 2,537 2,253 13 
Total revenues net of interest expense after provisions for credit losses15,065 14,532 14,362 14,148 13,856 9 29,597 27,082 9 
Expenses
Card Member rewards4,227 3,774 3,851 3,794 3,956 7 8,001 7,722 4 
Business development1,427 1,392 1,483 1,393 1,388 3 2,819 2,781 1 
Card Member services1,154 1,171 1,063 973 949 22 2,325 1,932 20 
Marketing1,480 1,476 1,228 1,236 1,408 5 2,956 2,749 8 
Salaries and employee benefits1,949 2,098 2,131 2,047 1,875 4 4,047 3,889 4 
Professional services542 455 645 477 467 16 997 907 10 
Data processing and equipment701 657 764 704 677 4 1,358 1,337 2 
Other, net(205)364 685 424 402 #159 864 (82)
Total expenses11,275 11,387 11,850 11,048 11,122 1 22,662 22,181 2 
Pretax income3,790 3,145 2,512 3,100 2,734 39 6,935 4,901 42 
Income tax provision775 708 579 649 560 38 1,483 911 63 
Net income$3,015 $2,437 $1,933 $2,451 $2,174 39 $5,452 $3,990 37 
Net income attributable to common shareholders (A)$2,977 $2,405 $1,904 $2,418 $2,142 39 $5,382 $3,930 37 
Effective tax rate20.4 %22.5 %23.0 %20.9 %20.5 %21.4 %18.6 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$4.16 $3.34 $2.63 $3.30 $2.89 44 $7.49 $5.30 41 
Average common shares outstanding716 721 725 732 740 (3)718 741 (3)
Diluted
Net income attributable to common shareholders $4.15 $3.33 $2.62 $3.30 $2.89 44 $7.48 $5.29 41 
Average common shares outstanding717 722 726 733 741 (3)719 742 (3)
Cash dividends declared per common share $0.70 $0.70 $0.60 $0.60 $0.60 17 $1.40 $1.20 17 
# - 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
(Millions, except percentages, per share amounts and where indicated)
 Q2'24Q1'24Q4'23Q3'23Q2'23YOY % change
Assets      
Cash & cash equivalents$52,895 $54,213 $46,596 $43,908 $42,958 23 
Card Member receivables, less reserves59,485 59,624 60,237 58,651 58,011 3 
Card Member loans, less reserves125,530 121,348 120,877 113,257 110,212 14 
Investment securities1,210 2,232 2,186 3,160 4,087 (70)
Other (B)33,099 31,844 31,212 31,611 29,636 12 
Total assets$272,219 $269,261 $261,108 $250,587 $244,904 11 
Liabilities and Shareholders' Equity      
Customer deposits$133,746 $134,418 $129,144 $124,439 $122,756 9 
Short-term borrowings1,639 1,742 1,293 1,613 1,583 4 
Long-term debt51,521 48,826 47,866 46,447 46,725 10 
Other (B)55,773 55,511 54,748 50,764 47,137 18 
Total liabilities242,679 240,497 233,051 223,263 218,201 11 
Shareholders' Equity29,540 28,764 28,057 27,324 26,703 11 
Total liabilities and shareholders' equity$272,219 $269,261 $261,108 $250,587 $244,904 11 
Return on average equity (C)41.4 %34.3 %31.5 %36.3 %33.0 %
Return on average common equity (C)43.2 %35.9 %33.0 %38.0 %34.6 %
Book value per common share (dollars)$39.26 $37.79 $36.61 $35.32 $34.11 15 

See Appendix III for footnote references
2

American Express Company(Preliminary)
Consolidated Capital
 
 Q2'24Q1'24Q4'23Q3'23Q2'23
Shares Outstanding (in millions) 
Beginning of period719 723 729 736 743 
Repurchase of common shares(7)(5)(6)(8)(7)
Net impact of employee benefit plans and others— 1 — 1 — 
End of period712 719 723 729 736 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)10.8 %10.6 %10.5 %10.7 %10.6 %
Tier 111.5 %11.3 %11.3 %11.5 %11.4 %
Total13.5 %13.2 %13.1 %13.4 %13.1 %
Common Equity Tier 1$24.6 $23.7 $23.2 $22.5 $21.8 
Tier 1 Capital$26.1 $25.3 $24.8 $24.0 $23.4 
Tier 2 Capital$4.6 $4.1 $4.0 $4.0 $3.4 
Total Capital$30.7 $29.4 $28.8 $28.0 $26.8 
RWA$227.8 $223.4 $219.7 $209.4 $205.3 
Tier 1 Leverage9.9 %9.8 %9.9 %10.0 %9.9 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (D)$263.3 $257.6 $249.6 $240.9 $237.0 

See Appendix III for footnote references
3

American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Millions, except percentages and where indicated) 
 Q2'24Q1'24Q4'23Q3'23Q2'23YOY % changeYTD'24YTD'23YOY % change
Network volumes (Billions) (E)$440.6 $419.2 $434.4 $420.2 $426.6 3 $859.8 $825.5 4 
Billed business (E)$388.2 $367.0 $379.8 $366.2 $368.1 5 $755.2 $713.6 6 
Processed volumes (E)$52.4 $52.2 $54.6 $54.0 $58.5 (10)$104.6 $111.9 (7)
Card Member loans$130,851 $126,619 $125,995 $117,978 $114,602 14 $130,851 $114,602 14 
Cards-in-force (F)144.3 142.4 141.2 138.2 137.9 5 144.3 137.9 5 
Proprietary cards-in-force82.1 81.1 80.2 79.6 79.3 4 82.1 79.3 4 
Basic cards-in-force (F)121.4 119.8 118.7 115.9 116.0 5 121.4 116.0 5 
Proprietary basic cards-in-force63.1 62.3 61.7 61.2 61.0 3 63.1 61.0 3 
Proprietary new cards acquired (G)3.3 3.4 2.9 2.9 3.0 10 6.7 6.4 5 
Average proprietary basic Card Member spending (dollars)$6,192 $5,919 $6,179 $6,000 $6,075 2 $12,112 $11,869 2 
Average fee per card (dollars) (H)$101 $98 $95 $93 $91 11 $99 $90 10 

See Appendix III for footnote references
4

American Express Company(Preliminary)
Network Volumes Related Growth 
 YOY % change
 ReportedFX-Adjusted (I)ReportedFX-Adjusted (I)
 Q2'24Q1'24Q4'23Q3'23Q2'23Q2'24Q1'24Q4'23Q3'23Q2'23YTD'24YTD'24
Network volumes (E)3%5%5%7%8%4%6%5%6%9%4%5%
Billed business (E)566886767866
U.S. Consumer Services687910n/an/an/an/an/a7n/a
Commercial Services221122211222
International Card Services101114181513131315171113
Processed volumes (E)(10)(2)(2)(3)9(7)2(1)(1)13(7)(2)
Merchant industry billed business
Goods & Services (G&S) spend (72% of Q2'24 billed business)565666656656
T&E spend (28% of Q2'24 billed business)6891314789131478
Airline spend (6% of Q2'24 billed business)4871312596121267

See Appendix III for footnote references
5

American Express Company(Preliminary)
Selected Credit Related Statistical Information
Card Member Loans and Card Member Receivables
(Millions, except percentages and where indicated)
 Q2'24Q1'24Q4'23Q3'23Q2'23YOY % changeYTD'24YTD'23YOY % change
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (J)2.4 %2.3 %2.2 %2.0 %2.0 %2.4 %1.9 %
Net write-off rate (principal only) (J)(K)2.1 %2.1 %2.0 %1.8 %1.8 %2.1 %1.7 %
30+ days past due as a % of total (K)1.2 %1.3 %1.3 %1.2 %1.2 %1.2 %1.2 %
Card Member loans         
Total Card Member loans$130,851 $126,619 $125,995 $117,978 $114,602 14 $130,851 $114,602 14 
Credit loss reserves
Beginning balance$5,271 $5,118 $4,721 $4,390 $4,053 30 $5,118 $3,747 37 
Provisions - principal, interest and fees970 1,014 1,148 982 923 5 1,984 1,709 16 
Net write-offs - principal less recoveries(753)(705)(631)(525)(490)54 (1,458)(887)64 
Net write-offs - interest and fees less recoveries(160)(150)(133)(114)(107)50 (310)(196)58 
Other (L)(7)(6)13 (12)11 #(13)17 #
Ending balance $5,321 $5,271 $5,118 $4,721 $4,390 21 $5,321 $4,390 21 
% of loans4.1 %4.2 %4.1 %4.0 %3.8 %4.1 %3.8 %
% of past due 312 %297 %297 %316 %336 %312 %336 %
Average loans$128,321 $124,720 $121,774 $116,626 $112,414 14 $126,507 $110,228 15 
Net write-off rate (principal, interest and fees) (J)2.8 %2.7 %2.5 %2.2 %2.1 %2.8 %2.0 %
Net write-off rate (principal only) (J)(K)2.3 %2.3 %2.1 %1.8 %1.7 %2.3 %1.6 %
30+ days past due as a % of total (K)1.3 %1.4 %1.4 %1.3 %1.1 %1.3 %1.1 %
Net interest income divided by average Card Member loans (M)11.7 %12.2 %11.7 %11.7 %11.1 %11.9 %11.1 % 
Net interest yield on average Card Member loans (M)11.7 %12.0 %11.7 %11.7 %11.2 %11.9 %11.2 % 
Card Member receivables         
Total Card Member receivables$59,656 $59,775 $60,411 $58,825 $58,221 2 $59,656 $58,221 2 
Credit loss reserves
Beginning balance$151 $174 $174 $210 $223 (32)$174 $229 (24)
Provisions - principal and fees226 196 222 206 230 (2)422 452 (7)
Net write-offs - principal and fees less recoveries(205)(217)(223)(241)(243)(16)(422)(473)(11)
Other (L)(1)(2)1 (1)— — (3)2 #
Ending balance$171 $151 $174 $174 $210 (19)$171 $210 (19)
% of receivables0.3 %0.3 %0.3 %0.3 %0.4 %0.3 %0.4 %
Net write-off rate (principal and fees) (J)1.4 %1.5 %1.5 %1.7 %1.7 %1.5 %1.6 %
Net write-off rate (principal only) (J)(K)1.5 %1.7 %1.7 %1.9 %1.9 %1.6 %1.9 % 
30+ days past due as a % of total (K)0.9 %1.1 %1.1 %1.1 %1.2 %0.9 %1.2 % 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
6

American Express Company(Preliminary)
Selected Credit Related Statistical Information
Other Loans and Other Receivables
(Millions, except percentages and where indicated)
 Q2'24Q1'24Q4'23Q3'23Q2'23YOY % changeYTD'24YTD'23YOY % change
Other loans (B)
Total other loans$8,157 $7,601 $7,086 $6,591 $6,333 29 $8,157 $6,333 29 
Credit loss reserves
Beginning balance$136 $126 $108 $98 $83 64 $126 $59 #
Provisions49 53 52 39 43 14 102 83 23 
Net write-offs(45)(43)(34)(29)(28)61 (88)(44)#
Other (L)— — — — — — — — — 
Ending balance$140 $136 $126 $108 $98 43 $140 $98 43 
% of other loans1.7 %1.8 %1.8 %1.6 %1.6 %1.7 %1.6 %
Other receivables (B)
Total other receivables$3,889 $3,785 $3,654 $4,384 $3,149 23 $3,889 $3,149 23 
Credit loss reserves
Beginning balance$27 $27 $27 $24 $25 8 $27 $22 23 
Provisions23 6 15 6 2 #29 9 #
Net write-offs(4)(6)(16)(3)(3)33 (10)(6)67 
Other (L)(2)— 1 — — — (2)(1)#
Ending balance$44 $27 $27 $27 $24 83 $44 $24 83 
% of other receivables1.1 %0.7 %0.7 %0.6 %0.8 %1.1 %0.8 %
# - 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
Q2'24     
Non-interest revenues$5,029 $3,333 $2,548 $1,684 $9 $12,603 
Interest income3,474 1,051 577 13 679 5,794 
Interest expense771 430 303 (176)736 2,064 
Total revenues net of interest expense7,732 3,954 2,822 1,873 (48)16,333 
Total provisions for credit losses706 349 192 20 1 1,268 
Total revenues net of interest expense after provisions for credit losses7,026 3,605 2,630 1,853 (49)15,065 
Card Member rewards, business development, Card Member services and marketing4,351 1,958 1,592 374 13 8,288 
Salaries and employee benefits and other operating expenses1,115 742 748 (58)440 2,987 
Total expenses5,466 2,700 2,340 316 453 11,275 
Pretax income (loss)$1,560 $905 $290 $1,537 $(502)$3,790 
Q2'23
Non-interest revenues$4,643 $3,301 $2,349 $1,675 $(19)$11,949 
Interest income2,934 792 497 14 538 4,775 
Interest expense647 364 261 (174)572 1,670 
Total revenues net of interest expense6,930 3,729 2,585 1,863 (53)15,054 
Total provisions for credit losses659 339 198 1 1 1,198 
Total revenues net of interest expense after provisions for credit losses6,271 3,390 2,387 1,862 (54)13,856 
Card Member rewards, business development, Card Member services and marketing3,965 1,895 1,386 420 35 7,701 
Salaries and employee benefits and other operating expenses1,056 782 748 479 356 3,421 
Total expenses5,021 2,677 2,134 899 391 11,122 
Pretax income (loss)$1,250 $713 $253 $963 $(445)$2,734 
YOY % change
Non-interest revenues8 1 8 1 #5 
Interest income18 33 16 (7)26 21 
Interest expense19 18 16 (1)29 24 
Total revenues net of interest expense12 6 9 1 9 8 
Total provisions for credit losses7 3 (3)#— 6 
Total revenues net of interest expense after provisions for credit losses12 6 10 — 9 9 
Card Member rewards, business development, Card Member services and marketing10 3 15 (11)(63)8 
Salaries and employee benefits and other operating expenses6 (5)— #24 (13)
Total expenses9 1 10 (65)16 1 
Pretax income (loss)25 27 15 60 (13)39 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
8

U.S. Consumer Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
 Q2'24Q1'24Q4'23Q3'23Q2'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues$5,029 $4,766 $4,782 $4,680 $4,643 8 $9,795 $9,002 9 
Interest income3,474 3,481 3,399 3,228 2,934 18 6,955 5,709 22 
Interest expense771 748 786 700 647 19 1,519 1,198 27 
Net interest income2,703 2,733 2,613 2,528 2,287 18 5,436 4,511 21 
Total revenues net of interest expense7,732 7,499 7,395 7,208 6,930 12 15,231 13,513 13 
Total provisions for credit losses706 727 860 752 659 7 1,433 1,243 15 
Total revenues net of interest expense after provisions for credit losses7,026 6,772 6,535 6,456 6,271 12 13,798 12,270 12 
Card Member rewards, business development, Card Member services and marketing4,351 4,075 3,811 3,804 3,965 10 8,426 7,778 8 
Salaries and employee benefits and other operating expenses1,115 1,084 1,255 1,068 1,056 6 2,199 2,112 4 
Total expenses5,466 5,159 5,066 4,872 5,021 9 10,625 9,890 7 
Pretax segment income$1,560 $1,613 $1,469 $1,584 $1,250 25 $3,173 $2,380 33 
Billed business (billions) (E)$165.1 $153.4 $159.7 $153.5 $155.4 6 $318.5 $297.6 7 
Proprietary cards-in-force (F)45.2 44.4 43.8 43.4 43.2 5 45.2 43.2 5 
Proprietary basic cards-in-force (F)31.7 31.1 30.7 30.4 30.2 5 31.7 30.2 5 
Average proprietary basic Card Member spending (dollars)$5,258 $4,962 $5,229 $5,062 $5,181 1 $10,220 $10,005 2 
Segment assets$108,224 $104,297 $107,158 $98,218 $94,944 14 $108,224 $94,944 14 
Card Member loans
Total loans$84,958 $82,255 $83,207 $77,718 $75,613 12 $84,958 $75,613 12 
Average loans$83,452 $81,746 $80,304 $77,080 $74,212 12 $82,648 $73,068 13 
Net write-off rate (principal, interest and fees) (J)2.9 %2.8 %2.5 %2.2 %2.1 %2.9 %2.0 % 
Net write-off rate (principal only) (J)2.4 %2.3 %2.1 %1.7 %1.7 %2.3 %1.6 % 
30+ days past due as a % of total1.3 %1.4 %1.4 %1.3 %1.1 %1.3 %1.1 % 
Net interest income divided by average Card Member loans (M)13.0 %13.4 %12.9 %13.0 %12.4 %13.2 %12.4 % 
Net interest yield on average Card Member loans (M)12.6 %13.0 %12.7 %12.7 %12.1 %12.8 %12.2 % 
Card Member receivables
Total receivables$13,796 $13,588 $14,789 $13,211 $13,734 — $13,796 $13,734 — 
Net write-off rate (principal and fees) (J)1.2 %1.5 %1.3 %1.3 %1.3 %1.3 %1.3 % 
Net write-off rate (principal only) (J)1.1 %1.3 %1.2 %1.2 %1.2 %1.2 %1.2 % 
30+ days past due as a % of total0.7 %0.8 %0.8 %0.9 %0.8 %0.7 %0.8 % 

See Appendix III for footnote references
9

Commercial Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
Q2'24Q1'24Q4'23Q3'23Q2'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues$3,333 $3,194 $3,266 $3,257 $3,301 1 $6,527 $6,408 2 
Interest income1,051 1,005 949 881 792 33 2,056 1,498 37 
Interest expense430 414 407 391 364 18 844 685 23 
Net interest income621 591 542 490 428 45 1,212 813 49 
Total revenues net of interest expense3,954 3,785 3,808 3,747 3,729 6 7,739 7,221 7 
Total provisions for credit losses349 355 368 323 339 3 704 622 13 
Total revenues net of interest expense after provisions for credit losses3,605 3,430 3,440 3,424 3,390 6 7,035 6,599 7 
Card Member rewards, business development, Card Member services and marketing1,958 1,819 1,855 1,818 1,895 3 3,777 3,749 1 
Salaries and employee benefits and other operating expenses742 733 919 754 782 (5)1,475 1,507 (2)
Total expenses2,700 2,552 2,774 2,572 2,677 1 5,252 5,256 — 
Pretax segment income$905 $878 $666 $852 $713 27 $1,783 $1,343 33 
Billed business (billions) (E)$132.3 $127.1 $131.3 $129.5 $130.2 2 $259.5 $255.2 2 
Proprietary cards-in-force (F)15.4 15.4 15.4 15.4 15.4 — 15.4 15.4 — 
Average proprietary basic Card Member spending (dollars)$8,588 $8,261 $8,515 $8,434 $8,490 1 $16,845 $16,775 — 
Segment assets$58,993 $58,143 $55,361 $56,585 $54,290 9 $58,993 $54,290 9 
Card Member loans
Total loans$28,621 $27,634 $25,838 $25,150 $23,830 20 $28,621 $23,830 20 
Average loans$28,031 $26,553 $25,608 $24,415 $23,505 19 $27,243 $22,756 20 
Net write-off rate (principal, interest and fees) (J)2.7 %2.6 %2.4 %2.0 %1.9 %2.7 %1.7 %
Net write-off rate (principal only) (J)2.3 %2.3 %2.1 %1.8 %1.6 %2.3 %1.4 %
30+ days past due as a % of total1.4 %1.5 %1.4 %1.2 %1.2 %1.4 %1.2 %
Net interest income divided by average Card Member loans (M)8.9 %9.0 %8.4 %8.0 %7.3 %8.9 %7.2 %
Net interest yield on average Card Member loans (M)10.5 %10.6 %10.3 %10.1 %9.6 %10.6 %9.5 %
Card Member receivables
Total receivables$26,737 $27,024 $26,222 $28,280 $27,227 (2)$26,737 $27,227 (2)
Net write-off rate (principal and fees) (J)1.4 %1.4 %1.5 %1.5 %1.5 %1.4 %1.5 %
Net write-off rate (principal only) - small business (J)2.0 %2.1 %2.0 %2.1 %2.1 %2.0 %2.1 %
30+ days past due as a % of total - small business1.2 %1.4 %1.5 %1.4 %1.7 %1.2 %1.7 %
90+ days past billing as a % of total - corporate0.4 %0.5 %0.4 %0.4 %0.5 %0.4 %0.5 %

See Appendix III for footnote references
10

International Card Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages and where indicated)
 Q2'24Q1'24Q4'23Q3'23Q2'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues$2,548 $2,437 $2,466 $2,390 $2,349 8 $4,985 $4,616 8 
Interest income577 583 574 538 497 16 1,160 964 20 
Interest expense303 307 348 285 261 16 610 485 26 
Net interest income274 276 226 253 236 16 550 479 15 
Total revenues net of interest expense2,822 2,713 2,692 2,643 2,585 9 5,535 5,095 9 
Total provisions for credit losses192 182 194 154 198 (3)374 379 (1)
Total revenues net of interest expense after provisions for credit losses2,630 2,531 2,498 2,489 2,387 10 5,161 4,716 9 
Card Member rewards, business development, Card Member services and marketing1,592 1,555 1,488 1,376 1,386 15 3,147 2,805 12 
Salaries and employee benefits and other operating expenses748 724 866 726 748 — 1,472 1,469 — 
Total expenses2,340 2,279 2,354 2,102 2,134 10 4,619 4,274 8 
Pretax segment income (loss)$290 $252 $144 $387 $253 15 $542 $442 23 
Billed business (billions) (E)$90.2 $85.4 $88.1 $82.7 $81.8 10 $175.6 $158.7 11 
Proprietary cards-in-force (F)21.5 21.3 21.0 20.8 20.7 4 21.5 20.7 4 
Proprietary basic cards-in-force (F)16.0 15.8 15.6 15.4 15.4 4 16.0 15.4 4 
Average proprietary basic Card Member spending (dollars)$5,681 $5,436 $5,684 $5,382 $5,360 6 $11,122 $10,473 6 
Segment assets$41,982 $41,472 $42,234 $38,553 $38,183 10 $41,982 $38,183 10 
Card Member loans - consumer and small business
Total loans$17,272 $16,730 $16,950 $15,110 $15,159 14 $17,272 $15,159 14 
Average loans $16,838 $16,422 $15,862 $15,131 $14,697 15 $16,616 $14,404 15 
Net write-off rate (principal, interest and fees) (J)2.5 %2.6 %2.5 %2.6 %2.8 %2.6 %2.5 %
Net write-off rate (principal only) (J)2.1 %2.2 %2.1 %2.1 %2.4 %2.1 %2.1 %
30+ days past due as a % of total1.2 %1.3 %1.3 %1.4 %1.3 %1.2 %1.3 %
Net interest income divided by average Card Member loans (M)6.5 %6.8 %5.6 %6.6 %6.4 %6.7 %6.7 %
Net interest yield on average Card Member loans (M)9.0 %9.5 %9.1 %9.4 %9.0 %9.3 %9.1 %
Card Member receivables
Total receivables$19,123 $19,163 $19,400 $17,334 $17,260 11 $19,123 $17,260 11 
Net write-off rate (principal and fees) (J)1.5 %1.6 %1.8 %2.2 %2.3 %1.6 %2.2 %
Net write-off rate (principal only) - consumer and small business (J)1.6 %1.7 %1.8 %2.4 %2.5 %1.6 %2.4 %
30+ days past due as a % of total - consumer and small business0.9 %1.0 %1.0 %1.1 %1.2 %0.9 %1.2 %
90+ days past billing as a % of total - corporate0.4 %0.5 %0.5 %0.6 %0.5 %0.4 %0.5 %

See Appendix III for footnote references
11

Global Merchant and Network Services(Preliminary)
Selected Income Statement and Statistical Information             
(Millions, except percentages and where indicated)        
 Q2'24Q1'24Q4'23Q3'23Q2'23YOY % changeYTD'24YTD'23YOY % change
Non-interest revenues$1,684 $1,655 $1,693 $1,656 $1,675 1 $3,339 $3,271 2 
Interest income13 17 15 14 14 (7)30 28 7 
Interest expense(176)(198)(233)(181)(174)(1)(374)(305)(23)
Net interest income189 215 248 195 188 1 404 333 21 
Total revenues net of interest expense1,873 1,870 1,941 1,851 1,863 1 3,743 3,604 4 
Total provisions for credit losses20 6 14 6 1 #26 7 #
Total revenues net of interest expense after provisions for credit losses1,853 1,864 1,927 1,845 1,862 — 3,717 3,597 3 
Business development, Card Member services and marketing374 352 457 390 420 (11)726 808 (10)
Salaries and employee benefits and other operating expenses(58)495 648 469 479 #437 941 (54)
Total expenses316 847 1,105 859 899 (65)1,163 1,749 (34)
Pretax segment income$1,537 $1,017 $822 $986 $963 60 $2,554 $1,848 38 
         
Total network volumes (billions) (E)$440.6 $419.2 $434.4 $420.2 $426.6 3 $859.8 $825.5 4 
Segment assets$24,446 $24,885 $23,714 $20,764 $17,024 44 $24,446 $17,024 44 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
12

American Express Company(Preliminary)
Appendix I 
Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)
(Millions, except percentages) 
 
Q2'24Q1'24Q4'23Q3'23Q2'23
ROE     
Annualized Net income$12,060 $9,748 $8,374 $9,804 $8,696 
Average shareholders' equity$29,152 $28,410 $26,557 $27,013 $26,347 
Return on average equity (C)41.4 %34.3 %31.5 %36.3 %33.0 %
Reconciliation of ROCE     
Annualized Net income$12,060 $9,748 $8,374 $9,804 $8,696 
Preferred share dividends and equity related adjustments59 57 58 58 58 
Earnings allocated to participating share awards and other92 73 64 75 69 
Net income attributable to common shareholders$11,909 $9,618 $8,252 $9,671 $8,569 
Average shareholders' equity$29,152 $28,410 $26,557 $27,013 $26,347 
Average preferred shares1,584 1,584 1,584 1,584 1,584 
Average common shareholders' equity$27,568 $26,826 $24,973 $25,429 $24,763 
Return on average common equity (C)43.2 %35.9 %33.0 %38.0 %34.6 %

See Appendix III for footnote references
13

American Express Company(Preliminary)
Appendix II 
Net Interest Yield on Average Card Member Loans 
(Millions, except percentages and where indicated) 
 Q2'24Q1'24Q4'23Q3'23Q2'23YTD'24YTD'23
Consolidated       
Net interest income$3,730 $3,769 $3,604 $3,442 $3,105 $7,499$6,088
Exclude:
Interest expense not attributable to our Card Member loan portfolio (N)912 882 821 770 728 1,794 1,352 
Interest income not attributable to our Card Member loan portfolio (O)(920)(916)(824)(767)(703)(1,836)(1,305)
Adjusted net interest income (M)$3,722 $3,735 $3,601 $3,445 $3,130 $7,457 $6,135 
Average Card Member loans$128,321 $124,720 $121,774 $116,626 $112,414 $126,507 $110,228 
Net interest income divided by average Card Member loans (M)11.7 %12.2 %11.7 %11.7 %11.1 %11.9 %11.1 %
Net interest yield on average Card Member loans (M)11.7 %12.0 %11.7 %11.7 %11.2 %11.9 %11.2 %
U.S. Consumer Services
Net interest income$2,703 $2,733 $2,613 $2,528 $2,287 $5,436 $4,511 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (N)44 36 71 41 44 80 80 
Interest income not attributable to our Card Member loan portfolio (O)(132)(122)(112)(101)(91)(254)(173)
Adjusted net interest income (M)$2,615 $2,647 $2,572 $2,468 $2,240 $5,262 $4,418 
Average Card Member loans$83,452 $81,746 $80,304 $77,080 $74,212 $82,648 $73,068 
Net interest income divided by average Card Member loans (M)13.0 %13.4 %12.9 %13.0 %12.4 %13.2 %12.4 %
Net interest yield on average Card Member loans (M)12.6 %13.0 %12.7 %12.7 %12.1 %12.8 %12.2 %
Commercial Services
Net interest income$621 $591 $542 $490 $428 $1,212 $813 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (N)190 184 186 185 178 374 340 
Interest income not attributable to our Card Member loan portfolio (O)(81)(74)(65)(55)(46)(155)(84)
Adjusted net interest income (M)$730 $701 $663 $620 $560 $1,431 $1,069 
Average Card Member loans$28,031 $26,553 $25,608 $24,415 $23,505 $27,243 $22,756 
Net interest income divided by average Card Member loans (M)8.9 %9.0 %8.4 %8.0 %7.3 %8.9 %7.2 %
Net interest yield on average Card Member loans (M)10.5 %10.6 %10.3 %10.1 %9.6 %10.6 %9.5 %
International Card Services
Net interest income$274 $276 $226 $253 $236 $550 $479 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (N)118 126 156 121 110 244 198 
Interest income not attributable to our Card Member loan portfolio (O)(15)(15)(16)(17)(16)(30)(29)
Adjusted net interest income (M)$377 $387 $366 $357 $330 $764 $648 
Average Card Member loans$16,838 $16,422 $15,862 $15,131 $14,697 $16,616 $14,404 
Net interest income divided by average Card Member loans (M)6.5 %6.8 %5.6 %6.6 %6.4 %6.7 %6.7 %
Net interest yield on average Card Member loans (M)9.0 %9.5 %9.1 %9.4 %9.0 %9.3 %9.1 %
See Appendix III for footnote references
14

Appendix III(Preliminary)
All Information in the preceding tables is presented on a basis prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), unless otherwise indicated. Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
(A)Represents net income, less (i) earnings allocated to participating share awards of $23 million, $18 million, $14 million, $19 million and $17 million in Q2'24, Q1'24, Q4'23, Q3'23 and Q2'23, respectively; and (ii) dividends on preferred shares of $15 million, $14 million, $15 million, $14 million and $15 million in Q2'24, Q1'24, Q4'23, Q3'23 and Q2'23, respectively.
(B)Within assets, "other" includes the following items as presented in our Consolidated Balance Sheets: Other loans, less reserves for credit losses, Premises and equipment and Other assets (including Other receivables); and within liabilities, "other" includes the following items: Accounts payable and Other liabilities.
(C)Return on Average Equity (ROE) is calculated by dividing annualized net income for the period by average shareholders' equity for the period. Return on Average Common Equity (ROCE) is calculated by dividing annualized net income attributable to common shareholders for the period by average common shareholders' equity for the period.
(D)Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(E)Network volumes represent our total volumes. Billed business represents transaction volumes from payment products issued by American Express. Processed volumes represent transaction volumes from cards issued by network partners and those associated with alternative payment solutions.
(F)Cards-in-force represent the number of cards that are issued and outstanding by American Express (proprietary cards-in-force) and cards issued and outstanding under network partnership agreements with banks and other institutions. Basic cards-in-force excludes supplemental cards issued on consumer accounts. Cards-in-force is useful in understanding the size of our Card Member base.
(G)Proprietary new cards acquired represents the number of new cards issued by American Express during the referenced period, net of replacement cards. Proprietary new cards acquired is useful as a measure of the effectiveness of our customer acquisition strategy.
(H)Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(I)FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of conversion into U.S. dollars (e.g., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).
(J)Our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses and we therefore present a net write-off rate including principal, interest and/or fees. We also present a net write-off rate based on principal losses only to be consistent with industry convention.
(K)Net write-off rate for principal losses only and 30+ days past due metrics represent consumer and small business, and are not available for corporate due to system constraints.
(L)Other includes foreign currency impact on balance sheet re-measurement and translation.
(M)Net interest income divided by average Card Member loans, computed on an annualized basis, includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on average Card Member loans. Net interest yield on average Card Member loans, a non-GAAP measure, is computed by dividing adjusted net interest income (also a non-GAAP measure) by average Card Member loans, computed on an annualized basis. Adjusted net interest income represents net interest income attributable to our Card Member loans (which includes, on a GAAP basis, interest that is deemed uncollectible), excluding the impact of interest expense and interest income not attributable to our Card Member loans. Reserves and net write-offs related to uncollectible interest are recorded through provisions for credit losses, and thus not included in the net interest yield calculation. We believe that net interest yield on average Card Member loans is useful to investors because it provides a measure of profitability of our Card Member loan portfolio. See Appendix II for calculations of net interest income divided by average Card Member loans and net interest yield on average Card Member loans.
(N)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(O)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
15