Monitor next quarterly earnings (10-Q) for any trend in net write-off rates, particularly if the July uptick in Consumer write-offs (1.7% vs 1.4% in June) continues. The sale of written-off balances in June was a one-time event; organic credit quality appears stable.
Price Chart
Executive Summary
American Express furnished delinquency and write-off statistics for July 2026, showing stable 30-day past-due rates (U.S. Consumer 1.1%, U.S. Small Business 1.3%) and net write-off rates of 1.7% and 2.6%, respectively. The June sale of previously written-off balances temporarily reduced reported write-off rates by ~0.3% for Consumer and ~0.1% for Small Business. This is a routine monthly credit quality update with no material changes or forward guidance.
Key Facts
- U.S. Consumer card balances: $113.1B (July), $113.8B (June), $113.8B (May)
- U.S. Consumer 30+ day delinquency rate: 1.1% for all three months
- U.S. Consumer net write-off rate (principal only): 1.7% (July), 1.4% (June, reduced by 0.3% from sale), 2.0% (May)
- U.S. Small Business card balances: $46.1B (July), $45.9B (June), $46.7B (May)
- U.S. Small Business 30+ day delinquency rate: 1.3% (July), 1.4% (June/May)
- U.S. Small Business net write-off rate: 2.6% (July), 2.3% (June, reduced by 0.1% from sale), 2.6% (May)
- Total card balances held for investment: $159.2B (July), $159.7B (June), $160.5B (May)
- Lending Trust annualized default rate net of recoveries: 1.1% (July), 0.7% (June), 1.2% (May)
Financial Impact
No material financial impact; credit metrics remain within normal ranges
Risk Factors
- If net write-off rates continue to rise in coming months, it could signal consumer credit stress
- The June sale of written-off balances artificially lowered reported rates; organic trends may be slightly worse
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000004962-26-000345 |
| Document: 0000004962-26-000345-index-headers.html | 0000004962-26-000345 |
| Document: 0000004962-26-000345-index.html | 0000004962-26-000345 |
| Document: 0000004962-26-000345.txt | 0000004962-26-000345 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 8-K | $324.43 $305.07 | ▼ −5.97% | ▼ −8.09% | $303.04 (−6.59%) |
Sep 14, 2026 18d ago | Court Ruling | $327.78 $313.59 | ▼ −4.33% | ▼ −4.44% | $303.04 (−7.55%) |
Sep 8, 2026 24d ago | Court Ruling | $326.10 $324.43 | ▼ −0.51% | ▲ +0.61% | $303.04 (−7.07%) |
Aug 19, 2026 6w ago | Court Ruling | $339.90 $336.15 | ▲ +1.10% | ▲ +0.72% | $303.04 (+10.85%) |
Aug 17, 2026 6w ago | 8-K | $336.21 $337.33 | ▲ +0.33% | ▲ +1.52% | $303.04 (−9.87%) |
Aug 13, 2026 7w ago | Institutional Cluster | $343.65 $331.15 | ▼ −3.64% | ▼ −1.67% | $303.04 (−11.82%) |
Aug 5, 2026 8w ago | 8-K | $348.99 $344.08 | ▼ −1.41% | ▼ −1.76% | $303.04 (−13.17%) |
Jul 24, 2026 10w ago | 8-K | $326.17 $337.52 | ▲ +3.48% | ▲ +3.11% | $303.04 (−7.09%) |
Jul 15, 2026 11w ago | 8-K | $358.44 $348.74 | ▼ −2.71% | ▼ −1.73% | $303.04 (−15.46%) |
Jul 15, 2026 11w ago | Court Ruling | $358.44 $348.74 | ▼ −2.71% | ▼ −1.73% | $303.04 (−15.46%) |
US Market Status
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