8-K: American Express Reports February 2026 Loan Performance

American Express disclosed its U.S. Consumer and Small Business Card Member loan delinquency and write-off statistics for February 2026, showing mixed credit performance trends.

Summary

• U.S. Consumer Card Member total loans decreased from $100.2 billion in December 2025 to $95.1 billion in February 2026.
• U.S. Consumer 30 days past due loans as a percentage of total loans slightly increased from 1.3% in December 2025 to 1.4% in February 2026.
• U.S. Consumer net write-off rate (principal only) was 2.0% in February 2026, fluctuating from 2.1% in December 2025 and 1.9% in January 2026.
• U.S. Small Business Card Member total loans increased from $30.8 billion in December 2025 to $31.3 billion in February 2026.
• U.S. Small Business 30 days past due loans as a percentage of total loans remained stable at 1.7% across December 2025, January 2026, and February 2026.
• U.S. Small Business net write-off rate (principal only) slightly increased from 2.7% in December 2025 to 2.8% in February 2026.
• Total Card Member loans held for investment (U.S. Consumer and U.S. Small Business) decreased from $131.0 billion in December 2025 to $126.4 billion in February 2026.
• The American Express Credit Account Master Trust (Lending Trust) reported an annualized default rate, net of recoveries, of 1.3% for February 2026, up from 1.2% in December 2025.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a routine disclosure of credit performance data, showing mixed but generally stable trends in loan portfolios. There are no significant surprises that would dramatically shift sentiment.

Positives

• U.S. Small Business total loans showed a slight increase from $30.8 billion in December 2025 to $31.3 billion in February 2026.
• U.S. Small Business 30 days past due loans remained stable at 1.7% across the three-month period.
• Lending Trust defaulted amount remained stable at $0.04 billion across the three-month period.

Negatives

• U.S. Consumer total loans decreased from $100.2 billion in December 2025 to $95.1 billion in February 2026.
• Total Card Member loans held for investment decreased from $131.0 billion in December 2025 to $126.4 billion in February 2026.
• U.S. Consumer 30 days past due loans slightly increased from 1.3% in December 2025 to 1.4% in February 2026.
• U.S. Small Business net write-off rate slightly increased from 2.7% in December 2025 to 2.8% in February 2026.
• Lending Trust annualized default rate increased from 1.2% in December 2025 to 1.3% in February 2026.

Risks

• The reported credit performance of the Lending Trust may differ from the total U.S. Consumer or U.S. Small Business Card Member loan portfolios due to differences in the mix, vintage, and aging of loans.
• Variations in calculation mechanics, such as the use of end-of-period principal loan balances for the Lending Trust versus average loan balances for the U.S. Consumer and U.S. Small Business portfolios, can impact reported statistics.
• Statistics for loan portfolios and the Lending Trust can be subject to variability due to factors including the number of days in a month, timing of holidays and weekends, seasonality, and the timing of information received from third parties.

Future Outlook

The filing does not provide explicit forward-looking statements or guidance beyond the reported historical data. It notes that various factors, such as loan mix, vintage, aging, calculation mechanics, seasonality, and timing of information, can cause variability in reported statistics.

Industry Context

StockSavvy.ai notes that these credit performance metrics are critical indicators of consumer and small business financial health, particularly relevant in an environment of fluctuating interest rates and inflation. The mixed trends in loan balances and credit quality reflect ongoing dynamics in the broader economy affecting card member spending and repayment capabilities.

Comparison to Industry Standards

• The filing does not provide specific comparable companies, projects, or results for direct benchmarking.
• StockSavvy.ai would typically compare these delinquency and write-off rates against industry averages for U.S. consumer and small business credit card portfolios, as reported by major financial institutions such as JPMorgan Chase, Bank of America, and Discover Financial Services, to gauge American Express's relative credit quality and risk profile.

Stakeholder Impact

• Shareholders: Provides insight into the asset quality and potential credit losses within the company's U.S. consumer and small business loan portfolios, impacting future earnings.
• Creditors: Offers data relevant for assessing the credit risk associated with American Express's loan book, influencing borrowing costs and terms.
• Customers (Card Members): The reported trends reflect the collective repayment behavior and financial health of the company's customer base.

Key Dates

Keywords

American Express, AXP, credit performance, delinquency rates, write-off rates, consumer loans, small business loans, SEC filing, 8-K, loan portfolio