# American Express (AXP) - Current Events, May to October 2026

## Filings that contain financial statements

- The earnings 8-K filed July 24, 2026, accession 0000004962-26-000318, furnishes the second-quarter 2026 results (period ended June 30, 2026). Exhibit 99.2 of that 8-K holds the consolidated statements of income and the consolidated balance sheets (quarters and six months ended June 30, 2026, with comparatives), plus segment income statement information and capital tables. Exhibit 99.1 is the earnings release with a summary results table.
- The other 8-Ks listed below carry no financial statements; the monthly credit-statistics filings contain only delinquency and write-off tables.

## Earnings and guidance

- **July 24, 2026 - second-quarter 2026 results (Item 2.02; accession 0000004962-26-000318).** Revenue net of interest expense was $19,637 million, up 10% (10% FX-adjusted). Net income was $3,110 million, up 8%, and diluted EPS was $4.53, up 11% from $4.08. Six-month net income was $6,082 million and diluted EPS $8.81. Billed business was $455.8 billion, up 9%. Provisions for credit losses were $1.1 billion versus $1.4 billion a year earlier, reflecting a reserve release this quarter against a reserve build last year, partly offset by higher net write-offs; the net write-off rate was 2.0%, flat year over year. Expenses were $14.5 billion, up 12%, and the effective tax rate was 23.6% versus 18.7%.
- **Guidance:** the release raises full-year 2026 revenue growth guidance to 10% and states the company plans to reinvest the outperformance in growth initiatives. Full-year EPS guidance of $17.30 to $17.90 is unchanged.

## Completed transactions

- **September 29, 2026 - sale of the stake in Global Business Travel Group (GBTG) closed (Schedule 13D/A Amendment No. 4, accession 0000004962-26-000356, filed October 1, 2026).** The filing states that the merger closed on September 29, 2026 and that the 157,786,199 GBTG shares held of record by American Express subsidiary Amex HoldCo. were converted into the right to receive $9.50 per share in cash, about $1.5 billion (the filing does not state the total). The company no longer owns any GBTG shares. Background: on May 4, 2026 (Item 7.01; accession 0000004962-26-000203) American Express announced the sale of its approximately 30% interest under Long Lake and General Catalyst's agreement to acquire GBTG, expecting proceeds of about $1.5 billion and a pre-tax gain of about $975 million, which was not in its prior 2026 earnings guidance; it expected to invest part of the gain and return part to shareholders. The quarterly report filed July 24, 2026 (accession 0000004962-26-000322) described the sale as pending, with the gain to be recognized in Other expense on closing. The gain actually recognized has not yet been reported in a filing.

## Pending transaction (not closed)

- **Proposed acquisition of TheFork.** The July 24, 2026 earnings release (accession 0000004962-26-000318) lists the announced proposed acquisition of TheFork, a European restaurant booking platform with 50,000 restaurants across 11 countries. The quarterly report (accession 0000004962-26-000322) says closing remains subject to a labor consultation process and regulatory approvals. No 8-K announcing the signing or the closing was filed in this period, and the filings give no purchase price.

## Capital actions and financing

- **May 4, 2026 - notes issuance (accession 0000004962-26-000207).** Issued $1,750,000,000 of 4.444% Fixed-to-Floating Rate Notes due May 3, 2030 under a prospectus supplement dated April 27, 2026.
- **June 17, 2026 - euro notes issuance (accession 0000004962-26-000270).** Issued EUR 750,000,000 of 3.835% Fixed-to-Floating Rate Notes due June 16, 2034 under a prospectus supplement dated June 10, 2026.
- **June 25, 2026 - stress test (Item 7.01; accession 0000004962-26-000281).** The company released its company-run 2026 DFAST results and said it remains subject to its 2.5% stress capital buffer, the regulatory minimum, through September 30, 2027. The release notes the quarterly common dividend of $0.95 per share, up 16% from the first-quarter 2026 declaration, and $8.7 billion returned via repurchases and dividends in the 12 months ended March 31, 2026.
- **Preferred shares, August 2026.** On August 5, 2026 (accession 0000004962-26-000327) the company launched an offering of depositary shares, each representing 1/1,000th of a new series of Fixed Rate Reset Noncumulative Preferred Shares, Series E, with proceeds intended for general corporate purposes including redemption of its 3.550% Series D preferred. On August 12, 2026 (accession 0000004962-26-000338) it closed the sale: 1,600 shares of 6.450% Series E Preferred Shares (liquidation preference $1,000,000 per share) were issued against 1,600,000 depositary shares. The same filing says the company plans to send a redemption notice for the Series D depositary shares, to be redeemed in full on September 15, 2026 at $1,000 per depositary share plus any declared and unpaid dividends. The filing states it is not itself a redemption notice, and no later 8-K reports the redemption.
- **Share repurchases (from the quarterly report, accession 0000004962-26-000322).** In the second quarter the company returned $2,887 million to shareholders: $2,241 million of repurchases (7.1 million shares at an average $315.77) and $645 million of common dividends.

## Regulatory

- **October 8, 2026 - consent orders (Item 7.01; accession 0000004962-26-000376).** American Express Company and American Express Travel Related Services Company, Inc. consented to a Federal Reserve order, and American Express National Bank consented to an OCC order, resolving previously disclosed reviews of aspects of the financial crimes compliance program. The bank agreed to a $350 million civil money penalty, part of which was reserved in prior periods. The company says this does not affect its full-year 2026 guidance, the orders impose no asset cap, and compliance costs are not anticipated to affect 2027 guidance.

## Governance

- **May 7, 2026 - annual meeting (Item 5.07; accession 0000004962-26-000231).** Held May 5, 2026. All 13 director nominees were elected with majority support; PricewaterhouseCoopers LLP was ratified (94.96% for); the say-on-pay vote received 93.32% support; both shareholder proposals received under 1% support.

## Monthly credit statistics (Item 7.01)

Monthly 8-Ks (accessions 0000004962-26-000249 on May 15, -000263 on June 15, -000302 on July 15, -000345 on August 17, -000353 on September 15, and -000383 on October 15, 2026) furnish U.S. Consumer and U.S. Small Business Card delinquency and write-off statistics.
- Preliminary three months ended June 30, 2026: U.S. Consumer principal-only net write-off rate 1.8%, 30+ days past due 1.1%; U.S. Small Business 2.4% and 1.4%. Combined Card balances held for investment were $159.7 billion at June 30, 2026.
- In June 2026 the company sold certain previously written-off Card balances to a third party, which lowered the June net write-off rates by about 0.3 percentage points (Consumer) and 0.1 (Small Business). July and August consumer rates were 1.7% each; small business rates were 2.6% and 2.2%.
- Preliminary three months ended September 30, 2026: U.S. Consumer net write-off rate 1.6%, 30+ days past due 1.2%; U.S. Small Business 2.3% and 1.4%. Combined Card balances were $160.9 billion at September 30, 2026.
- The May 15, 2026 filing notes a revised presentation combining Card Member loans and receivables as Card balances, described in the quarterly report for the quarter ended March 31, 2026.

## Not reflected in the filings to date

No closing of the TheFork acquisition appears in the filings through October 15, 2026.