The stable delinquency rates but rising write-off trends suggest potential credit quality softening. Traders should monitor upcoming earnings for confirmation of credit trends and any commentary on future provisioning. This data is preliminary and may be revised.
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Executive Summary
American Express disclosed preliminary delinquency and write-off statistics for its U.S. Consumer and U.S. Small Business card loans for January through March 2026. Net write-off rates increased slightly, with the U.S. Consumer rate rising to 2.2% in March from 1.9% in January and the Small Business rate reaching 2.9% in March from 2.8% in January.
Key Facts
- U.S. Consumer net write-off rate increased to 2.2% in March 2026 from 1.9% in January 2026
- U.S. Small Business net write-off rate increased to 2.9% in March 2026 from 2.8% in January 2026
- Total loans held for investment rose to $129.7 billion as of March 31, 2026 from $128.6 billion in January 2026
- 30-day delinquency rates remained stable at 1.4% for Consumer and 1.7% for Small Business
- Disclosure was made pursuant to Regulation FD and contains preliminary data
Financial Impact
Write-off rates increased modestly but remain within normal ranges; $129.7B total loans held for investment as of March 31, 2026
Risk Factors
- Rising write-off rates could pressure future profitability if the trend continues
- Preliminary nature of the data means final figures may differ
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000004962-26-000148 |
| Document: 0000004962-26-000148-index-headers.html | 0000004962-26-000148 |
| Document: 0000004962-26-000148-index.html | 0000004962-26-000148 |
| Document: 0000004962-26-000148.txt | 0000004962-26-000148 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 8-K | $324.43 $305.07 | ▼ −5.97% | ▼ −8.09% | $300.84 (−7.27%) |
Sep 14, 2026 18d ago | Court Ruling | $327.78 $313.59 | ▼ −4.33% | ▼ −4.44% | $300.84 (−8.22%) |
Sep 8, 2026 24d ago | Court Ruling | $326.10 $324.43 | ▼ −0.51% | ▲ +0.61% | $300.84 (−7.75%) |
Aug 19, 2026 6w ago | Court Ruling | $339.90 $336.15 | ▲ +1.10% | ▲ +0.72% | $300.84 (+11.49%) |
Aug 17, 2026 6w ago | 8-K | $336.21 $337.33 | ▲ +0.33% | ▲ +1.52% | $300.84 (−10.52%) |
Aug 13, 2026 7w ago | Institutional Cluster | $343.65 $331.15 | ▼ −3.64% | ▼ −1.67% | $300.84 (−12.46%) |
Aug 5, 2026 8w ago | 8-K | $348.99 $344.08 | ▼ −1.41% | ▼ −1.76% | $300.84 (−13.80%) |
Jul 24, 2026 10w ago | 8-K | $326.17 $337.52 | ▲ +3.48% | ▲ +3.11% | $300.84 (−7.77%) |
Jul 15, 2026 11w ago | 8-K | $358.44 $348.74 | ▼ −2.71% | ▼ −1.73% | $300.84 (−16.07%) |
Jul 15, 2026 11w ago | Court Ruling | $358.44 $348.74 | ▼ −2.71% | ▼ −1.73% | $300.84 (−16.07%) |
US Market Status
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