EX-99.2 3 q125exhibit992.htm EX-99.2 Document

EXHIBIT 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q1'25Q4'24Q3'24Q2'24Q1'24YOY % change
Non-interest revenues
Discount revenue$8,743 $9,177 $8,780 $8,855 $8,380 4 
Net card fees2,333 2,245 2,170 2,060 1,974 18 
Service fees and other revenue 1,722 1,719 1,680 1,688 1,678 3 
Total non-interest revenues12,798 13,141 12,630 12,603 12,032 6 
Interest income
Interest on loans5,552 5,503 5,442 5,092 5,058 10 
Interest and dividends on investment securities14 18 18 25 25 (44)
Deposits with banks and other569 556 689 677 692 (18)
Total interest income6,135 6,077 6,149 5,794 5,775 6 
Interest expense
Deposits1,337 1,397 1,446 1,425 1,427 (6)
Long-term debt and other629 642 697 639 579 9 
Total interest expense1,966 2,039 2,143 2,064 2,006 (2)
Net interest income4,169 4,038 4,006 3,730 3,769 11 
Total revenues net of interest expense16,967 17,179 16,636 16,333 15,801 7 
Provisions for credit losses
Card Member receivables146 182 170 226 196 (26)
Card Member loans901 1,011 1,114 970 1,014 (11)
Other103 99 72 72 59 75 
Total provisions for credit losses1,150 1,292 1,356 1,268 1,269 (9)
Total revenues net of interest expense after provisions for credit losses15,817 15,887 15,280 15,065 14,532 9 
Expenses
Card Member rewards4,378 4,430 4,168 4,227 3,774 16 
Business development1,529 1,637 1,430 1,427 1,392 10 
Card Member services1,328 1,278 1,179 1,154 1,171 13 
Marketing1,486 1,614 1,470 1,480 1,476 1 
Salaries and employee benefits2,120 2,102 2,049 1,949 2,098 1 
Professional services541 698 579 542 455 19 
Data processing and equipment705 805 725 701 657 7 
Other, net400 567 476 (205)364 10 
Total expenses12,487 13,131 12,076 11,275 11,387 10 
Pretax income3,330 2,756 3,204 3,790 3,145 6 
Income tax provision746 586 697 775 708 5 
Net income$2,584 $2,170 $2,507 $3,015 $2,437 6 
Net income attributable to common shareholders (A)$2,552 $2,139 $2,474 $2,977 $2,405 6 
Effective tax rate22.4 %21.3 %21.8 %20.4 %22.5 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$3.64 $3.04 $3.50 $4.16 $3.34 9 
Average common shares outstanding701 703 708 716 721 (3)
Diluted
Net income attributable to common shareholders $3.64 $3.04 $3.49 $4.15 $3.33 9 
Average common shares outstanding702 704 709 717 722 (3)
Cash dividends declared per common share $0.82 $0.70 $0.70 $0.70 $0.70 17 
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)
 Q1'25Q4'24Q3'24Q2'24Q1'24YOY % change
Assets      
Cash & cash equivalents$52,508 $40,640 $47,918 $52,895 $54,213 (3)
Card Member receivables, less reserves58,355 59,240 58,886 59,485 59,624 (2)
Card Member loans, less reserves133,611 133,995 128,960 125,530 121,348 10 
Card Member loans held for sale776 758 — — — 
Investment securities1,110 1,240 1,268 1,210 2,232 (50)
Other (B)35,884 35,588 33,947 33,099 31,844 13 
Total assets$282,244 $271,461 $270,979 $272,219 $269,261 5 
Liabilities and Shareholders' Equity
Customer deposits$146,396 $139,413 $135,438 $133,746 $134,418 9 
Short-term borrowings1,559 1,374 1,457 1,639 1,742 (11)
Long-term debt51,236 49,715 53,546 51,521 48,826 5 
Other (B)51,851 50,695 50,831 55,773 55,511 (7)
Total liabilities251,042 241,197 241,272 242,679 240,497 4 
Shareholders' Equity31,202 30,264 29,707 29,540 28,764 8 
Total liabilities and shareholders' equity$282,244 $271,461 $270,979 $272,219 $269,261 5 
Return on average equity (C)33.6 %34.6 %33.9 %41.4 %34.3 %
Return on average common equity (C)35.0 %36.1 %35.3 %43.2 %35.9 %
Book value per common share (dollars)$42.28 $40.88 $39.92 $39.26 $37.79 12 

See Appendix III for footnote references
2

American Express Company(Preliminary)
Consolidated Capital
 
 Q1'25Q4'24Q3'24Q2'24Q1'24
Shares Outstanding (in millions) 
Beginning of period702 704 712 719 723 
Repurchase of common shares(2)(3)(8)(7)(5)
Net impact of employee benefit plans and others1 1 — — 1 
End of period701 702 704 712 719 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)10.7 %10.5 %10.7 %10.8 %10.6 %
Tier 111.4 %11.2 %11.4 %11.5 %11.3 %
Total13.4 %13.2 %13.4 %13.5 %13.2 %
Common Equity Tier 1$25.6 $24.9 $24.6 $24.6 $23.7 
Tier 1 Capital$27.2 $26.4 $26.2 $26.1 $25.3 
Tier 2 Capital$4.8 $4.7 $4.6 $4.6 $4.1 
Total Capital$32.0 $31.1 $30.8 $30.7 $29.4 
RWA$239.6 $235.8 $229.9 $227.8 $223.4 
Tier 1 Leverage10.0 %9.8 %9.8 %9.9 %9.8 %
Supplementary Leverage Ratio (SLR) (D)8.5 %8.3 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (E)$273.1 $268.8 $267.6 $263.3 $257.6 
Total Leverage Exposure to calculate SLR (D)$322.4 $317.0 

See Appendix III for footnote references
3

American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Millions, except percentages and where indicated) 
 Q1'25Q4'24Q3'24Q2'24Q1'24YOY % change
Network volumes (billions) (F)$439.6 $464.0 $441.0 $440.6 $419.2 5 
Billed business (G)$387.4 $408.4 $387.3 $388.2 $367.0 6 
Card Member loans$139,203 $139,674 $134,548 $130,851 $126,619 10 
Cards-in-force (H)147.5 146.5 145.5 144.3 142.4 4 
Proprietary cards-in-force84.6 83.6 82.9 82.1 81.1 4 
Basic cards-in-force (H)124.2 123.3 122.4 121.4 119.8 4 
Proprietary basic cards-in-force65.1 64.3 63.7 63.1 62.3 4 
Average proprietary basic Card Member spending (dollars)$5,987 $6,378 $6,110 $6,192 $5,919 1 
Average fee per card (dollars) (I)$111 $108 $105 $101 $98 13 
Proprietary new cards acquired (J)3.4 3.0 3.3 3.3 3.4 

See Appendix III for footnote references
4

American Express Company(Preliminary)
Network Volumes Related Growth 
 YOY % change
 ReportedFX-Adjusted (K)
 Q1'25Q4'24Q3'24Q2'24Q1'24Q1'25Q4'24Q3'24Q2'24Q1'24
Network volumes (F)5%7%5%3%5%6%8%5%4%6%
Billed business (G)6865668667
U.S. Consumer Services79668n/an/an/an/an/a
Commercial Services2412224122
International Card Services9111310111315131313
Merchant industry billed business
Goods & Services (G&S) spend (72% of Q1'25 billed business)6765678666
T&E spend (28% of Q1'25 billed business)59668610678

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)
 Q1'25Q4'24Q3'24Q2'24Q1'24YOY % change
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (L)2.4 %2.2 %2.2 %2.4 %2.3 %
Net write-off rate (principal only) (L)(M)2.1 %1.9 %1.9 %2.1 %2.1 %
30+ days past due as a % of total (M)1.3 %1.3 %1.3 %1.2 %1.3 %
Card Member loans      
Total Card Member loans$139,203 $139,674 $134,548 $130,851 $126,619 10 
Credit loss reserves
Beginning balance$5,679 $5,588 $5,321 $5,271 $5,118 11 
Provisions - principal, interest and fees901 1,011 1,114 970 1,014 (11)
Net write-offs - principal less recoveries(818)(735)(701)(753)(705)16 
Net write-offs - interest and fees less recoveries(178)(159)(152)(160)(150)19 
Other (N)8 (26)6 (7)(6)#
Ending balance $5,592 $5,679 $5,588 $5,321 $5,271 6 
Reserve as a % of Card Member loans4.0 %4.1 %4.2 %4.1 %4.2 %
% of past due 284 %288 %297 %312 %297 %
Average loans$137,697 $136,972 $132,956 $128,321 $124,720 10 
Net write-off rate (principal, interest and fees) (L)2.9 %2.6 %2.6 %2.8 %2.7 %
Net write-off rate (principal only) (L)(M)2.4 %2.1 %2.1 %2.3 %2.3 %
30+ days past due as a % of total (M)1.4 %1.4 %1.4 %1.3 %1.4 %
Net interest income divided by average Card Member loans including loans held for sale (O)12.2 %11.7 %12.0 %11.7 %12.2 %
Net interest yield on average Card Member loans including loans held for sale (O)12.2 %11.8 %12.0 %11.7 %12.0 %
Card Member receivables      
Total Card Member receivables$58,503 $59,411 $59,042 $59,656 $59,775 (2)
Credit loss reserves
Beginning balance$171 $156 $171 $151 $174 (2)
Provisions - principal and fees146 182 170 226 196 (26)
Net write-offs - principal and fees less recoveries(169)(164)(187)(205)(217)(22)
Other (N)— (3)2 (1)(2)#
Ending balance$148 $171 $156 $171 $151 (2)
Reserve as a % of Card Member receivables0.3 %0.3 %0.3 %0.3 %0.3 %
Net write-off rate (principal and fees) (L)1.2 %1.1 %1.3 %1.4 %1.5 %
Net write-off rate (principal only) (L)(M)1.3 %1.2 %1.4 %1.5 %1.7 %
30+ days past due as a % of total (M)1.0 %0.9 %0.9 %0.9 %1.1 %
# - 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)
 Q1'25Q4'24Q3'24Q2'24Q1'24YOY % change
Other loans (B)
Total other loans$9,678 $9,232 $8,460 $8,157 $7,601 27 
Credit loss reserves
Beginning balance$194 $154 $140 $136 $126 54 
Provisions105 94 60 49 53 98 
Net write-offs (principal only)(53)(51)(44)(43)(42)26 
Net write-offs (interest and fees only)(2)(2)(2)(2)(1)#
Other (N)— (1)— — — — 
Ending balance$244 $194 $154 $140 $136 79 
Reserve as a % of other loans2.5 %2.1 %1.8 %1.7 %1.8 %
Other receivables (B)
Total other receivables$3,752 $3,587 $3,800 $3,889 $3,785 (1)
Credit loss reserves
Beginning balance$27 $49 $44 $27 $27 — 
Provisions(2)5 12 23 6 #
Net write-offs(3)(28)(6)(4)(6)(50)
Other (N)1 1 (1)(2)— — 
Ending balance$23 $27 $49 $44 $27 (15)
Reserve as a % of other receivables0.6 %0.8 %1.3 %1.1 %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, except percentages)   
U.S. Consumer Services
(USCS)		Commercial Services
(CS)		International Card Services
(ICS)		Global Merchant and Network Services
(GMNS)		Corporate and OtherConsolidated
Q1'25     
Non-interest revenues$5,243 $3,265 $2,646 $1,660 $(16)$12,798 
Interest income3,763 1,202 596 12 562 6,135 
Interest expense757 432 306 (143)614 1,966 
Total revenues net of interest expense8,249 4,035 2,936 1,815 (68)16,967 
Total provisions for credit losses631 329 192 (2)— 1,150 
Total revenues net of interest expense after provisions for credit losses7,618 3,706 2,744 1,817 (68)15,817 
Card Member rewards, business development and Card Member services3,882 1,746 1,312 283 12 7,235 
Marketing765 337 300 76 8 1,486 
Salaries and employee benefits and other operating expenses1,239 787 751 468 521 3,766 
Total expenses5,886 2,870 2,363 827 541 12,487 
Pretax income (loss)$1,732 $836 $381 $990 $(609)$3,330 
Q1'24
Non-interest revenues$4,766 $3,194 $2,437 $1,655 $(20)$12,032 
Interest income3,481 1,005 583 17 689 5,775 
Interest expense748 414 307 (198)735 2,006 
Total revenues net of interest expense7,499 3,785 2,713 1,870 (66)15,801 
Total provisions for credit losses727 355 182 6 (1)1,269 
Total revenues net of interest expense after provisions for credit losses6,772 3,430 2,531 1,864 (65)14,532 
Card Member rewards, business development and Card Member services3,356 1,493 1,203 279 6 6,337 
Marketing719 326 352 73 6 1,476 
Salaries and employee benefits and other operating expenses1,084 733 724 495 538 3,574 
Total expenses5,159 2,552 2,279 847 550 11,387 
Pretax income (loss)$1,613 $878 $252 $1,017 $(615)$3,145 
YOY % change
Non-interest revenues10 2 9 — 20 6 
Interest income8 20 2 (29)(18)6 
Interest expense1 4 — 28 (16)(2)
Total revenues net of interest expense10 7 8 (3)(3)7 
Total provisions for credit losses(13)(7)5 ##(9)
Total revenues net of interest expense after provisions for credit losses12 8 8 (3)(5)9 
Card Member rewards, business development and Card Member services16 17 9 1 #14 
Marketing6 3 (15)4 33 1 
Salaries and employee benefits and other operating expenses14 7 4 (5)(3)5 
Total expenses14 12 4 (2)(2)10 
Pretax income (loss)7 (5)51 (3)1 6 
# - 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)
 Q1'25Q4'24Q3'24Q2'24Q1'24YOY % change
Non-interest revenues$5,243 $5,314 $5,028 $5,029 $4,766 10 
Interest income3,763 3,753 3,722 3,474 3,481 8 
Interest expense757 815 806 771 748 1 
Net interest income3,006 2,938 2,916 2,703 2,733 10 
Total revenues net of interest expense8,249 8,252 7,944 7,732 7,499 10 
Total provisions for credit losses631 784 812 706 727 (13)
Total revenues net of interest expense after provisions for credit losses7,618 7,468 7,132 7,026 6,772 12 
Card Member rewards, business development and Card Member services3,882 3,816 3,570 3,587 3,356 16 
Marketing765 813 755 764 719 6 
Salaries and employee benefits and other operating expenses1,239 1,294 1,148 1,115 1,084 14 
Total expenses5,886 5,923 5,473 5,466 5,159 14 
Pretax segment income$1,732 $1,545 $1,659 $1,560 $1,613 7 
Billed business (billions) (G)$164.3 $174.0 $162.3 $165.1 $153.4 7 
Proprietary cards-in-force (H)46.8 46.3 45.7 45.2 44.4 5 
Proprietary basic cards-in-force (H)33.0 32.5 32.1 31.7 31.1 6 
Average proprietary basic Card Member spending (dollars)$5,014 $5,387 $5,091 $5,258 $4,962 1 
Segment assets$110,886 $114,228 $106,201 $108,224 $104,297 6 
Card Member loans
Total loans$90,072 $92,632 $86,752 $84,958 $82,255 10 
Average loans$89,983 $89,178 $86,223 $83,452 $81,746 10 
Net write-off rate (principal, interest and fees) (L)3.0 %2.6 %2.6 %2.9 %2.8 %
Net write-off rate (principal only) (L)2.4 %2.1 %2.1 %2.4 %2.3 %
30+ days past due as a % of total1.4 %1.4 %1.4 %1.3 %1.4 %
Net interest income divided by average Card Member loans (O)13.5 %13.1 %13.5 %13.0 %13.4 %
Net interest yield on average Card Member loans (O)13.0 %12.7 %13.0 %12.6 %13.0 %
Card Member receivables
Total receivables$12,824 $14,419 $13,168 $13,796 $13,588 (6)
Net write-off rate (principal and fees) (L)0.8 %0.9 %1.2 %1.2 %1.5 %
Net write-off rate (principal only) (L)0.7 %0.8 %1.1 %1.1 %1.3 %
30+ days past due as a % of total0.7 %0.6 %0.7 %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)
Q1'25Q4'24Q3'24Q2'24Q1'24YOY % change
Non-interest revenues$3,265 $3,388 $3,304 $3,333 $3,194 2 
Interest income1,202 1,176 1,142 1,051 1,005 20 
Interest expense432 442 448 430 414 4 
Net interest income770 734 694 621 591 30 
Total revenues net of interest expense4,035 4,122 3,998 3,954 3,785 7 
Total provisions for credit losses329 311 374 349 355 (7)
Total revenues net of interest expense after provisions for credit losses3,706 3,811 3,624 3,605 3,430 8 
Card Member rewards, business development and Card Member services1,746 1,751 1,627 1,633 1,493 17 
Marketing337 360 308 325 326 3 
Salaries and employee benefits and other operating expenses787 886 781 742 733 7 
Total expenses2,870 2,997 2,716 2,700 2,552 12 
Pretax segment income$836 $814 $908 $905 $878 (5)
Billed business (billions) (G)$129.2 $136.0 $131.0 $132.3 $127.1 2 
Proprietary cards-in-force (H)15.5 15.4 15.5 15.4 15.4 1 
Average proprietary basic Card Member spending (dollars)$8,380 $8,804 $8,474 $8,588 $8,261 1 
Segment assets$62,012 $58,969 $59,716 $58,993 $58,143 7 
Card Member loans
Total loans$31,240 $29,647 $29,869 $28,621 $27,634 13 
Average loans$30,307 $30,203 $29,428 $28,031 $26,553 14 
Net write-off rate (principal, interest and fees) (L)3.0 %2.7 %2.6 %2.7 %2.6 %
Net write-off rate (principal only) (L)2.6 %2.3 %2.2 %2.3 %2.3 %
30+ days past due as a % of total1.6 %1.5 %1.5 %1.4 %1.5 %
Net interest income divided by average Card Member loans including loans held for sale (O)10.1 %9.6 %9.4 %8.9 %9.0 %
Net interest yield on average Card Member loans including loans held for sale (O)11.4 %11.1 %10.9 %10.5 %10.6 %
Card Member receivables
Total receivables$26,172 $24,945 $26,341 $26,737 $27,024 (3)
Net write-off rate (principal and fees) (L)1.3 %1.1 %1.3 %1.4 %1.4 %
Net write-off rate (principal only) - small business (L)1.9 %1.6 %1.8 %2.0 %2.1 %
30+ days past due as a % of total - small business1.3 %1.3 %1.2 %1.2 %1.4 %
90+ days past billing as a % of total - corporate0.4 %0.4 %0.4 %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)
 Q1'25Q4'24Q3'24Q2'24Q1'24YOY % change
Non-interest revenues$2,646 $2,725 $2,659 $2,548 $2,437 9 
Interest income596 583 588 577 583 2 
Interest expense306 318 311 303 307 — 
Net interest income290 265 277 274 276 5 
Total revenues net of interest expense2,936 2,990 2,936 2,822 2,713 8 
Total provisions for credit losses192 194 158 192 182 5 
Total revenues net of interest expense after provisions for credit losses2,744 2,796 2,778 2,630 2,531 8 
Card Member rewards, business development and Card Member services1,312 1,442 1,296 1,302 1,203 9 
Marketing300 306 287 290 352 (15)
Salaries and employee benefits and other operating expenses751 1,014 740 748 724 4 
Total expenses2,363 2,762 2,323 2,340 2,279 4 
Pretax segment income$381 $34 $455 $290 $252 51 
Billed business (billions) (G)$92.9 $97.7 $93.6 $90.2 $85.4 9 
Proprietary cards-in-force (H)22.3 21.9 21.7 21.5 21.3 5 
Proprietary basic cards-in-force (H)16.7 16.4 16.2 16.0 15.8 6 
Average proprietary basic Card Member spending (dollars)$5,619 $6,003 $5,829 $5,681 $5,436 3 
Segment assets$42,620 $42,879 $43,073 $41,982 $41,472 3 
Card Member loans - consumer and small business
Total loans$17,891 $17,395 $17,927 $17,272 $16,730 7 
Average loans $17,407 $17,591 $17,305 $16,838 $16,422 6 
Net write-off rate (principal, interest and fees) (L)2.3 %2.3 %2.4 %2.5 %2.6 %
Net write-off rate (principal only) (L)2.0 %1.9 %2.0 %2.1 %2.2 %
30+ days past due as a % of total1.2 %1.2 %1.2 %1.2 %1.3 %
Net interest income divided by average Card Member loans (O)6.8 %6.0 %6.4 %6.5 %6.8 %
Net interest yield on average Card Member loans (O)9.4 %8.7 %8.8 %9.0 %9.5 %
Card Member receivables
Total receivables$19,507 $20,047 $19,533 $19,123 $19,163 2 
Net write-off rate (principal and fees) (L)1.3 %1.3 %1.3 %1.5 %1.6 %
Net write-off rate (principal only) - consumer and small business (L)1.3 %1.3 %1.4 %1.6 %1.7 %
30+ days past due as a % of total - consumer and small business1.0 %0.8 %0.9 %0.9 %1.0 %
90+ days past billing as a % of total - corporate0.4 %0.4 %0.4 %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)        
 Q1'25Q4'24Q3'24Q2'24Q1'24YOY % change
Non-interest revenues$1,660 $1,723 $1,667 $1,684 $1,655 — 
Interest income12 11 11 13 17 (29)
Interest expense(143)(160)(169)(176)(198)28 
Net interest income155 171 180 189 215 (28)
Total revenues net of interest expense1,815 1,894 1,847 1,873 1,870 (3)
Total provisions for credit losses(2)6 10 20 6 #
Total revenues net of interest expense after provisions for credit losses1,817 1,888 1,837 1,853 1,864 (3)
Business development and Card Member services283 322 269 278 279 1 
Marketing76 130 112 96 73 4 
Salaries and employee benefits and other operating expenses468 583 465 (58)495 (5)
Total expenses827 1,035 846 316 847 (2)
Pretax segment income$990 $853 $991 $1,537 $1,017 (3)
      
Total network volumes (billions) (F)$439.6 $464.0 $441.0 $440.6 $419.2 5 
Segment assets$18,083 $17,712 $17,739 $24,446 $24,885 (27)
# - 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) 
Q1'25Q4'24Q3'24Q2'24Q1'24
ROE     
Annualized Net income$10,336 $10,129 $10,028 $12,060 $9,748 
Average shareholders' equity$30,733 $29,266 $29,623 $29,152 $28,410 
Return on average equity (C)33.6 %34.6 %33.9 %41.4 %34.3 %
Reconciliation of ROCE     
Annualized Net income$10,336 $10,129 $10,028 $12,060 $9,748 
Preferred share dividends and equity related adjustments57 58 58 59 57 
Earnings allocated to participating share awards and other69 76 75 92 73 
Net income attributable to common shareholders$10,210 $9,995 $9,895 $11,909 $9,618 
Average shareholders' equity$30,733 $29,266 $29,623 $29,152 $28,410 
Average preferred shares1,584 1,584 1,584 1,584 1,584 
Average common shareholders' equity$29,149 $27,682 $28,039 $27,568 $26,826 
Return on average common equity (C)35.0 %36.1 %35.3 %43.2 %35.9 %

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) 
 Q1'25Q4'24Q3'24Q2'24Q1'24
Consolidated     
Net interest income$4,169 $4,038 $4,006 $3,730 $3,769 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (P)851 865 940 912 882 
Interest income not attributable to our Card Member loan portfolio (Q)(851)(823)(940)(920)(916)
Adjusted net interest income (O)$4,169 $4,080 $4,006 $3,722 $3,735 
Average Card Member loans including loans held for sale$138,457 $137,161 $132,956 $128,321 $124,720 
Net interest income divided by average Card Member loans including loans held for sale (O)12.2 %11.7 %12.0 %11.7 %12.2 %
Net interest yield on average Card Member loans including loans held for sale (O)12.2 %11.8 %12.0 %11.7 %12.0 %
U.S. Consumer Services
Net interest income$3,006 $2,938 $2,916 $2,703 $2,733 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (P)64 73 45 44 36 
Interest income not attributable to our Card Member loan portfolio (Q)(177)(160)(143)(132)(122)
Adjusted net interest income (O)$2,893 $2,851 $2,818 $2,615 $2,647 
Average Card Member loans$89,983 $89,178 $86,223 $83,452 $81,746 
Net interest income divided by average Card Member loans (O)13.5 %13.1 %13.5 %13.0 %13.4 %
Net interest yield on average Card Member loans (O)13.0 %12.7 %13.0 %12.6 %13.0 %
Commercial Services
Net interest income$770 $734 $694 $621 $591 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (P)192 198 193 190 184 
Interest income not attributable to our Card Member loan portfolio (Q)(88)(86)(84)(81)(74)
Adjusted net interest income (O)$874 $846 $803 $730 $701 
Average Card Member loans including loans held for sale$31,067 $30,392 $29,428 $28,031 $26,553 
Net interest income divided by average Card Member loans including loans held for sale (O)10.1 %9.6 %9.4 %8.9 %9.0 %
Net interest yield on average Card Member loans including loans held for sale (O)11.4 %11.1 %10.9 %10.5 %10.6 %
International Card Services
Net interest income$290 $265 $277 $274 $276 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (P)123 130 122 118 126 
Interest income not attributable to our Card Member loan portfolio (Q)(11)(12)(14)(15)(15)
Adjusted net interest income (O)$402 $383 $385 $377 $387 
Average Card Member loans$17,407 $17,591 $17,305 $16,838 $16,422 
Net interest income divided by average Card Member loans (O)6.8 %6.0 %6.4 %6.5 %6.8 %
Net interest yield on average Card Member loans (O)9.4 %8.7 %8.8 %9.0 %9.5 %
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 $18 million, $17 million, $18 million, $23 million and $18 million in Q1'25, Q4'24, Q3'24, Q2'24 and Q1'24, respectively; and (ii) dividends on preferred shares of $14 million, $14 million, $15 million, $15 million and $14 million in Q1'25, Q4'24, Q3'24, Q2'24 and Q1'24, 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)Supplementary Leverage Ratio is 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 amounts permitted to be deducted from Tier 1 capital. We became a Category III firm in the third quarter of 2024 and thus are subject to a minimum supplementary leverage ratio from the fourth quarter onwards.
(E)Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(F)Network volumes represent total transaction volumes (including cash advances) on payment products issued by American Express and under network partnership agreements with banks and other institutions, including joint ventures, as well as alternative payment solutions facilitated by American Express.
(G)Billed business represents transaction volumes (including cash advances) on payment products issued by American Express.
(H)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, except for retail cobrand cards issued by network partners that had no out-of-store spending activity during the prior twelve months. 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.
(I)Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(J)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.
(K)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).
(L)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.
(M)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.
(N)Other includes foreign currency impact on balance sheet re-measurement and translation.
(O)For purposes of the calculation of net interest yield on Card Member loans and net interest income divided by average Card Member loans, average loans include loans held for sale (HFS) as we continue to recognize interest income on these loans until they are sold. 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.
(P)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(Q)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
15