美国运通提交截至2026年9月30日季度的10-Q：第三季度收入同比增长9%至200.62亿美元

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the Transition Period from ____ to ____

Commission file number 1-7657

AMERICAN EXPRESS COMPANY

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code                      (212) 640-2000                   

Former name, former address and former fiscal year, if changed since last report.

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ      No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes þ      No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐      No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

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AMERICAN EXPRESS COMPANY

FORM 10-Q

INDEX

Throughout this report the terms “American Express,” “we,” “our” or “us,” refer to American Express Company and its subsidiaries on a consolidated basis, unless stated or the context implies otherwise. The use of the term “partner” or “partnering” in this report does not mean or imply a formal legal partnership, and is not meant in any way to alter the terms of American Express’ relationship with any third parties. Amounts presented in this report may not sum and percentages may not recalculate due to rounding. Refer to the “MD&A ― Glossary of Selected Terminology” for the definitions of other key terms used in this report.

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PART I. FINANCIAL INFORMATION

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

Business Introduction

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

Our range of products and services includes:

•Credit and charge cards and complementary products and services, including travel, dining, lifestyle and expense management products and services

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

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

•Network services

These products and services are offered through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, in-house sales teams, direct mail, telephone and direct response advertising.

We compete in the global payments industry with networks, issuers, acquirers and other payment service providers and methods of payment, including paper-based transactions (e.g., cash and checks) and electronic transfers (e.g., wire transfers and Automated Clearing House (ACH)), as well as evolving and growing alternative mechanisms, systems and products that leverage new technologies, business models and customer relationships to create payment, financing or banking solutions. The payments industry continues to undergo changes in response to evolving technologies, business dynamics and competition for premium customers.

Beginning in the first quarter of 2026, we have updated our presentation and disclosure of Card Member loans and Card Member receivables to present them on a combined basis as Card balances. Prior period amounts have been reclassified to conform to the new presentation. Previously, Card Member loans represented balances on our credit card products and revolve-eligible balances on our charge card products, which included balances that Card Members paid in full as well as balances that Card Members paid over time with interest, and Card Member receivables represented balances on our charge card products that need to be paid in full on or before the Card Member’s payment due date. The updated Card balances presentation includes both revolve-eligible balances and balances that need to be paid in full, reflecting the evolution of our card products over time, primarily due to the expansion of lending features on our charge card portfolio, and is more consistent with industry convention. This presentation change has no impact on the recognition or measurement of outstanding Card balances and associated reserves for credit losses.

Forward-Looking Statements and Non-GAAP Measures

Certain of the statements in this Form 10-Q are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the “Cautionary Note Regarding Forward-Looking Statements” section. We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included within this Form 10-Q constitutes non-GAAP financial measures. Our calculations of non-GAAP financial measures may differ from the calculations of similarly titled measures by other companies.

Bank Holding Company

American Express is a bank holding company under the Bank Holding Company Act of 1956 and the Board of Governors of the Federal Reserve System (the Federal Reserve) is our primary federal regulator. As such, we are subject to the Federal Reserve’s regulations, policies and minimum capital standards. We are also subject to evolving and extensive government regulation and supervision in jurisdictions around the world. See “Certain Legislative, Regulatory and Other Developments” for further information.

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Table 1: Summary of Financial Performance

(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency conversion into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared). FX-adjusted Total revenues net of interest expense and Total Card balances and Other loans are non-GAAP measures. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

(b)Reflects net income, less (i) earnings allocated to participating share awards of $23 million and $20 million for the three months ended September 30, 2026 and 2025, respectively, and $62 million and $56 million for the nine months ended September 30, 2026 and 2025, respectively, (ii) dividends on preferred shares of $24 million and $14 million for the three months ended September 30, 2026 and 2025, respectively, and $53 million and $43 million for the nine months ended September 30, 2026 and 2025, respectively, and (iii) an equity-related adjustment of $16 million related to the redemption of preferred shares for both the three and nine months ended September 30, 2026. Refer to Note 13 and Note 14 to the “Consolidated Financial Statements” for further details on earnings per common share (EPS) and preferred shares, respectively.

(c)Represents net interest income, computed on an annualized basis, divided by average Card balances, Card balances held for sale (HFS) and Other loans.

(d)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

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

(f)For corporate Card balances, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card balance is classified as 90 days past billing. Corporate Card balances delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.

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

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Business Performance

We delivered strong results for the third quarter of 2026, reflecting the strength of our premium customer base, success of our product refresh strategy and power of our differentiated Membership Model. We continued to see strong Card Member spend, new card acquisitions and customer retention, and excellent credit performance. Our results for the third quarter also reflect the sale of our equity interest in Global Business Travel Group, Inc. (GBTG), which resulted in a gain of $982 million ($751 million after tax; $1.11 per share). We used a portion of the gain to invest in efficiency initiatives, resulting in a restructuring charge of $336 million ($253 million after tax; $0.37 per share) in the third quarter of 2026. Net income for the quarter was $3.7 billion, or $5.42 per share, compared with net income of $2.9 billion, or $4.14 per share, a year ago.

Billed business grew 8 percent year-over-year, in line with the trend of the past several quarters. Goods & Services (G&S) spend, which accounts for over 70 percent of our total billed business, grew 7 percent, and reflected the impact of exiting two small business cobrand held-for-sale portfolios. Travel & Entertainment (T&E) spend grew 10 percent, driven by further acceleration in airline spend and sustained strength in restaurant spend.

U.S. Consumer Services billed business grew 9 percent, driven by continued momentum in spending by Millennial and Gen-Z Card Members, our largest and fastest-growing cohort. Commercial Services billed business grew 3 percent, and reflected the previously-mentioned exits from small business cobrand held-for-sale portfolios. Billed business for International Card Services, our fastest-growing segment, grew 11 percent on both a reported and FX-adjusted basis.1

Total revenues net of interest expense increased 9 percent on both a reported and FX-adjusted basis.1 Growth in billed business drove an 8 percent increase in Discount revenue, our largest revenue line. Net card fees grew 16 percent, reflecting our ongoing cycle of product refreshes, including the U.S. Platinum refresh last year. Net interest income grew 10 percent, primarily reflecting growth in balances and net yield expansion, partially offset by the impact from the exits of the small business cobrand held-for-sale portfolios, as mentioned above.

Card balances and Other loans increased 8 percent, in line with billed business. Provisions for credit losses decreased, primarily driven by a reserve release in the current period compared to a reserve build in the prior period, partially offset by higher net write-offs. Net write-off rates declined and delinquency rates remained stable, supported by our premium customer base and reflecting our strategy to invest in the value propositions of our premium products that attract customers with high credit quality.

Growth in Card Member rewards, Card Member services and Business development expenses (collectively, variable customer engagement expenses) were driven by Card Member spending, usage of Card Member benefits and enhancements we made to the value propositions of our refreshed U.S. Platinum cards last year. We expect growth in variable customer engagement expenses to moderate next quarter as the impact of the refresh of our U.S. Platinum cards will be reflected in both current and prior period results. Marketing expense increased 11 percent year-over-year as we continued to invest to acquire, engage and retain high-spending, high credit-quality customers.

Operating expenses decreased, reflecting the previously-mentioned gain from the sale of our equity interest in GBTG, partially offset by increases in legal reserves and restructuring costs. Excluding the impact of these discrete items, operating expense grew modestly. We have invested significantly in risk and controls over the last several years and will continue to make the investments necessary to strengthen our risk management and compliance programs so that they meet our expectations and those of our regulators.

During the third quarter, we maintained our Common Equity Tier 1 (CET1) capital ratio within our target range of 10 to 11 percent and returned $2.2 billion of capital to our shareholders in the form of share repurchases and common share dividends. We plan to continue to return to shareholders the excess capital we generate while managing our CET1 capital ratio within our target range and supporting balance sheet growth. Our robust capital, funding and liquidity positions provide us with significant flexibility to maintain a strong balance sheet.

Our results for the quarter demonstrate the strength of our differentiated business model and give us confidence in our ability to drive sustainable growth and create value for shareholders over the long term. While we recognize the uncertainty of the geopolitical and regulatory landscape, we continue to manage the company for the long term, focusing on backing our customers and colleagues, continuing to strengthen our risk management and compliance programs and strategically investing in our business.

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

1 The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency conversion into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared). FX-adjusted revenues is a non-GAAP measure. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

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Results of Operations

The discussions in both “Consolidated Results of Operations” and “Business Segment Results of Operations” provide commentary on the variances for the three and nine months ended September 30, 2026 compared to the same periods in the prior year, as presented in the accompanying tables.

Consolidated Results of Operations

Table 2: Total Revenues Net of Interest Expense Summary

Total Revenues Net of Interest Expense

Discount revenue increased for both the three and nine month periods, primarily driven by increases in billed business of 8 percent and 9 percent, respectively. The increase for the nine month period was partially offset by lower average merchant discount rates primarily due to shifts in spend mix by geography and merchant categories. See Tables 5 and 6 for more details on billed business performance.

Net card fees increased for both the three and nine month periods, primarily driven by increases in the average fee per card of our premium card products, reflecting the impact of our product refreshes, and growth in our premium card portfolios. See Table 5 for more details on proprietary new card acquisitions, proprietary cards-in-force and average fee per card.

Service fees and other revenue was relatively flat for the three month period and increased for the nine month period. The three and nine month periods were primarily driven by increases in network partnership revenue, foreign exchange related revenues associated with Card Member cross-currency spending and merchant service fees, all of which were offset for the three month period by a gain in the prior period related to an equity transaction by GBTG, a then-equity method investee, resulting from its acquisition of CWT Holdings, LLC.

Interest income increased for both the three and nine month periods, primarily driven by growth in revolving Card balances, partially offset by lower interest rates.

Interest expense decreased for both the three and nine month periods, primarily driven by lower interest rates paid on customer deposits, partially offset by growth in customer deposits.

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Table 3: Provisions for Credit Losses Summary

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

Provisions for Credit Losses

Provision for Card balance credit losses decreased for both the three and nine month periods, primarily due to reserve releases in the current periods versus reserve builds in the prior periods, partially offset by higher net write-offs. The reserve release in the current three month period was primarily driven by enhancements to the models that estimate expected credit losses resulting from our periodic review process, partially offset by a sequential increase in Card balances. The reserve release in the current nine month period was primarily driven by lower delinquencies and the previously-mentioned enhancements to the models that estimate expected credit losses, partially offset by a sequential increase in Card balances. The reserve builds in the prior periods were primarily driven by sequential increases in Card balances, partially offset by the release of a reserve upon the reclassification of a small business cobrand portfolio to Card balances HFS. The reserve build in the prior nine month period also reflected the macroeconomic outlook.

Provision for other credit losses increased for the three month period, primarily due to a higher reserve build for Other loans and higher net write-offs. Provision for other credit losses decreased in the nine month period, primarily due to a lower reserve build, partially offset by higher net write-offs. The reserve builds in the current and prior periods were primarily driven by sequential increases in Other loans.

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Table 4: Expenses Summary

Expenses

Card Member rewards expense increased for both the three and nine month periods, driven by increases in Membership Rewards and cash back rewards expenses, collectively, of $421 million and $1,051 million, and cobrand rewards expense of $61 million and $377 million, respectively, all of which were primarily driven by higher billed business. The increases in Membership Rewards expense for the three and nine month periods were also driven by changes to the Membership Rewards program for U.S. Business Platinum cards.

The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 97 percent (rounded up) and 96 percent (rounded down) as of September 30, 2026 and 2025, respectively.

Business development expense increased for both the three and nine month periods, primarily due to increased partner payments and higher client incentives, driven by higher network volumes. The increase for the nine month period was partially offset by a reserve release related to the allocation of revenue to a joint venture partner as a result of a final arbitration award.

Card Member services expense increased for both the three and nine month periods, primarily due to the new U.S. Platinum benefits and higher usage of Card Member benefits.

Marketing expense increased for both the three and nine month periods, primarily driven by higher levels of spending on customer acquisition and other growth initiatives.

Salaries and employee benefits expense increased for both the three and nine month periods, primarily driven by restructuring costs. The increase for the nine month period was also driven by higher compensation costs.

Other expenses decreased for both the three and nine month periods, primarily driven by the gain recognized on the sale of our equity method investment in GBTG and gains on Amex Ventures investments, partially offset by increases in legal reserves and technology costs. The decrease for the nine month period was also driven by a release of a reserve associated with international non-income tax.

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Income Taxes

The effective tax rate was 18.1 percent and 24.1 percent for the three months ended September 30, 2026 and 2025, respectively, and 20.9 percent and 21.8 percent for the nine months ended September 30, 2026 and 2025, respectively. The lower effective tax rates for the three and nine month periods primarily reflected discrete tax benefits in the current periods related to the resolution of certain prior-period tax items.

Table 5: Selected Card-Related Statistical Information

(a)Average fee per card is computed on an annualized basis based on proprietary Net card fees divided by average proprietary total cards-in-force.

Table 6: Network Volumes-Related Statistical Information

(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of conversion into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).

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Table 7: Selected Credit-Related Statistical Information

(a)Other includes foreign currency translation adjustments.

(b)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.

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

(d)For corporate Card balances, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card balance is classified as 90 days past billing. Corporate Card balances delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.

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Business Segment Results of Operations

U.S. Consumer Services

Table 8: USCS Selected Income Statement Data

U.S. Consumer Services (USCS) issues a wide range of proprietary consumer cards and provides services to U.S. consumers, including travel and lifestyle services as well as banking and non-card financing products. USCS also manages our reservation and dining platform that provides digital tools for restaurants and venues and reservation bookings for diners and other registered users.

Total Revenues Net of Interest Expense

Non-interest revenues increased for both the three and nine month periods, primarily driven by higher Discount revenue and Net card fees.

Discount revenue increased 10 percent for both the three and nine month periods, primarily driven by increases in U.S. consumer billed business. See Tables 5, 6 and 9 for more details on billed business performance.

Net card fees increased 18 percent and 17 percent for the three and nine month periods, respectively, primarily driven by increases in the average fee per card of our premium card products, reflecting the impact of our product refreshes, and growth in our premium card portfolios.

Service fees and other revenue increased 5 percent and 3 percent for the three and nine month periods, respectively, primarily driven by higher travel commissions and fees from our consumer travel business. The increase for the nine month period was partially offset by a prior-year discrete revenue adjustment related to certain cash advance fees.

Interest income increased for both the three and nine month periods, primarily driven by growth in revolving Card balances.

Interest expense decreased for both the three and nine month periods, primarily driven by lower interest rates, partially offset by a higher cost of funds due to segment net asset growth.

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Provisions for Credit Losses

Provision for Card balance credit losses decreased for both the three and nine month periods, primarily due to reserve releases in the current periods versus reserve builds in the prior periods and lower net write-offs. The reserve release in the current three month period was primarily driven by the previously-mentioned enhancements to the models that estimate expected credit losses, partially offset by a sequential increase in Card balances. The reserve release in the current nine month period was primarily driven by lower delinquencies and the previously-mentioned enhancements to the models that estimate expected credit losses, partially offset by a sequential increase in Card balances. The reserve builds in the prior periods were primarily driven by sequential increases in Card balances. The reserve build in the prior nine month period also reflected the macroeconomic outlook.

Provision for other credit losses increased for the three month period, primarily due to a higher reserve build and higher net write-offs. Provision for other credit losses decreased for the nine month period, primarily due to a lower reserve build, partially offset by higher net write-offs. The reserve builds in the current and prior periods were primarily driven by sequential increases in Other loans.

Expenses

Total expenses increased for both the three and nine month periods, primarily driven by higher Card Member services, Card Member rewards and Salaries and employee benefits and other operating expenses.

Card Member rewards expense increased for both the three and nine month periods, primarily driven by increases in Membership Rewards and cobrand rewards expenses, both of which were primarily driven by higher billed business. The increase for the three month period was partially offset by a decrease in cash back rewards expense, primarily driven by the prior year impact associated with a card product migration. The increase for the nine month period was partially offset by a benefit from enhancements to the models that estimate future redemptions of Membership Rewards points by U.S. Card Members.

Business development expense increased for both the three and nine month periods, primarily due to increased partner payments driven by higher billed business.

Card Member services expense increased for both the three and nine month periods, primarily due to the new U.S. Platinum benefits and higher usage of Card Member benefits.

Marketing expense increased for the three month period and was relatively flat for the nine month period. The increase for the three month period was primarily driven by higher levels of spending on customer acquisition and other growth initiatives.

Salaries and employee benefits and other operating expenses increased for both the three and nine month periods, primarily due to increases in allocated service costs.

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Table 9: USCS Selected Statistical Information

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

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Commercial Services

Table 10: CS Selected Income Statement Data

Commercial Services (CS) issues a wide range of proprietary corporate and small business cards and provides services to U.S. businesses, including payment and expense management, banking and non-card financing products. CS also issues proprietary corporate cards and provides services to select global corporate clients.

Total Revenues Net of Interest Expense

Non-interest revenues increased for both the three and nine month periods, primarily driven by higher Discount revenue and Net card fees.

Discount revenue increased 4 percent for both the three and nine month periods, primarily driven by increases in commercial billed business. See Tables 5, 6 and 11 for more details on billed business performance.

Net card fees increased 16 percent and 13 percent for the three and nine month periods, respectively, primarily driven by increases in the average fee per card of our premium card products, reflecting the impact of our product refreshes, and growth in our premium card portfolios.

Service fees and other revenue was relatively flat for the three month period and increased 4 percent for the nine month period. The increase for the nine month period was primarily driven by higher travel commissions and fees.

Interest income increased for both the three and nine month periods, primarily driven by growth in revolving Card balances and higher interest rates.

Interest expense decreased for both the three and nine month periods, primarily driven by lower interest rates, partially offset by a higher cost of funds due to segment net asset growth.

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Provisions for Credit Losses

Provision for Card balance credit losses decreased for the three month period, primarily due to a reserve release in the current period versus a reserve build in the prior period, partially offset by higher net write-offs. Provision for Card balance credit losses increased for the nine month period, primarily driven by higher net write-offs, partially offset by a reserve release in the current period versus a reserve build in the prior period. The reserve releases in the current periods were primarily driven by lower delinquencies, partially offset by sequential increases in Card balances. The reserve builds in the prior periods were primarily driven by sequential increases in Card balances, partially offset by the release of a reserve upon the reclassification of a small business cobrand portfolio to Card balances HFS. The reserve build in the prior nine month period also reflected the macroeconomic outlook.

Provision for other credit losses increased for the three month period, primarily due to higher net write-offs and a reserve release in the prior period. Provision for other credit losses decreased for the nine month period, primarily due to a reserve release in the current period versus a reserve build in the prior period. The reserve release in the current nine month period was primarily driven by the performance of small business loans. The reserve builds in the prior periods were primarily driven by sequential increases in Other loans.

Expenses

Total expenses increased for both the three and nine month periods, primarily driven by higher Card Member rewards, Card Member services, Business development and Marketing expenses.

Card Member rewards expense increased for both the three and nine month periods, primarily driven by increases in Membership Rewards expense due to changes to the Membership Rewards program for U.S. Business Platinum cards and higher billed business.

Business development expense increased for both the three and nine month periods, primarily due to increased client incentives, driven by variable contractual rates and higher billed business.

Card Member services expense increased for both the three and nine month periods, primarily driven by the new U.S. Business Platinum benefits.

Marketing expense increased for both the three and nine month periods, primarily driven by higher levels of spending on customer acquisition and other growth initiatives.

Salaries and employee benefits and other operating expenses increased for both the three and nine month periods, primarily driven by increases in allocated service costs. The increase for the nine month period was also driven by higher compensation costs, partially offset by a gain on the sale of a small business cobrand portfolio previously classified as Card balances HFS.

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Table 11: CS Selected Statistical Information

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

(b)Refer to Table 7 footnote (d).

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International Card Services

Table 12: ICS Selected Income Statement Data

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

On January 12, 2026, we acquired our partner’s interest in our Switzerland joint venture (Swisscard AECS GmbH), resulting in Swisscard becoming a wholly owned subsidiary with its financial results reflected within the respective report lines across our financial statements. Prior to the acquisition date, we accounted for Swisscard under the equity method, with our share of Swisscard’s net income reported within Service fees and other revenue.

Total Revenues Net of Interest Expense

Non-interest revenues increased for both the three and nine month periods, primarily driven by higher Discount revenue and Net card fees.

Discount revenue increased 10 percent and 13 percent for the three and nine month periods, respectively (11 percent for both the three and nine month periods, on an FX-adjusted basis), primarily driven by increases in billed business.2 See Tables 5, 6 and 13 for more details on billed business performance.

Net card fees increased 14 percent and 17 percent for the three and nine month periods, respectively (15 percent for both the three and nine month periods, on an FX-adjusted basis), primarily driven by growth in our premium card portfolios and increases in the average fee per card of our premium card products, reflecting the impact of our product refreshes.2

Service fees and other revenue was relatively flat for the three month period and increased 8 percent for the nine month period (2 percent and 5 percent, respectively, on an FX-adjusted basis).2 The increase for the nine month period was primarily driven by an increase in foreign-exchange related revenues associated with Card Member cross-currency spending, including such revenues from Swisscard, and higher loyalty coalition-related fees.

Interest income increased for both the three and nine month periods, primarily driven by growth in revolving Card balances, partially offset by lower interest rates.

Interest expense increased for both the three and nine month periods, primarily driven by a higher cost of funds due to segment net asset growth, partially offset by lower interest rates.

2 Refer to footnote 1 on page 3 for details regarding foreign currency adjusted information.

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Provisions for Credit Losses

Provision for Card balance credit losses decreased for the three month period, primarily due to a reserve release in the current period versus a reserve build in the prior period, partially offset by higher net write-offs. Provision for Card balance credit losses increased for the nine month period, primarily due to higher net write-offs, partially offset by a reserve release in the current period versus a reserve build in the prior period. The reserve releases in the current periods were primarily driven by the previously mentioned enhancements to the models that estimate expected credit losses, partially offset by sequential increases in Card balances. The reserve builds in the prior periods were primarily driven by sequential increases in Card balances.

Expenses

Total expenses increased for both the three and nine month periods, primarily driven by higher Card Member rewards and Card Member services.

Card Member rewards expense increased for both the three and nine month periods, primarily driven by increases in Membership Rewards and cobrand rewards expenses, both of which were primarily driven by higher billed business.

Business development expense was relatively flat for the three month period and decreased for the nine month period. The decrease for the nine month period was primarily driven by the previously-mentioned reserve release related to the allocation of revenue to a joint venture partner and lower partner payments, partially offset by higher loyalty coalition-related costs.

Card Member services expense increased for both the three and nine month periods, primarily driven by growth in premium card accounts, contributing to a higher usage of travel-related benefits.

Marketing expense increased for both the three and nine month periods, primarily due to higher levels of spending on customer acquisition and other growth initiatives, including such expenses from Swisscard.

Salaries and employee benefits and other operating expenses increased for the three month period and was relatively flat for the nine month period. The three and nine month periods were primarily driven by higher compensation costs, allocated service costs and technology costs, including such expenses from Swisscard, all of which were offset for the nine month period by a release of a reserve associated with international non-income tax and a gain for the remeasurement of our ownership interest in Swisscard resulting from our purchase of the remaining share of the joint venture.

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Table 13: ICS Selected Statistical Information

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

(b)Refer to Table 7 footnote (d).

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Global Merchant and Network Services

Table 14: GMNS Selected Income Statement and Other Data