Nineteen Million Dollars for a Point of RatesNarrow moat

American Express (AXP) — moat facet

American Express's $17 billion of net interest income moves by about $19 million for a full point of rates, because deposits and card loans reprice together.

For a company that earned $17,364 million of net interest income in 20251, American Express is strikingly indifferent to interest rates. Its own sensitivity table says that an immediate rise of 100 basis points would add about $19 million to annual net interest income, a rise of 200 basis points about $5 million, and a fall of 100 or 200 basis points would cost about $11 million or $23 million2. Against $17.4 billion, a 100-basis-point move changes the line by about a tenth of a percent3.

Change in annual net interest income from a rate move ($M)+5+200bp+19+100bp-11-100bp-23-200bpAmerican Express Form 10-K FY2025, Table 22; bars show size, labels the sign
Hundreds of basis points move a $17 billion line by tens of millions.

That neutrality comes from the funding. Customer deposits were $152,488 million at the end of 20254, about 72.5% of the $210.3 billion of total customer deposits and debt56. Amex offers high-yield savings and checking accounts7, and the table implies that its deposit costs and its loan yields move together when rates change.

For a card company this is a deliberate choice. A lender funded with fixed-rate debt would win or lose large sums as rates moved; Amex has matched its assets and liabilities so closely that the spread, not the level of rates, decides what it earns.

The deposits also free Amex from depending on bond markets. Long-term debt was $56,387 million at the end of 20258, and deposits grew to $156,973 million by June 20269. A company that funds most of its loans with deposits can keep lending when wholesale markets close.

The deposits are gathered mostly from people who already hold the card. On the second-quarter call the company said about 10% of U.S. card members held its deposit accounts10, which leaves room to grow without buying money in the open market.

The currency exposure is small in the same way. American Express estimates that a 10% strengthening of the dollar, net of hedges, would reduce pretax income by about $200 million11, against pretax income of $13,795 million in 202512. The business was built to earn a spread and a fee, not to bet on markets.

The sensitivity table is the falsifier. If a future filing showed a 100-basis-point move worth several hundred million dollars in either direction, Amex would have taken on a rate bet that its balance sheet has so far been built to avoid.

Moat trajectory: Holding steady

+100bp = +$19M of NII (2025); deposits 72.5% of deposits and debt.

The number that tests this moat
Reported
Customer deposits, latest quarter
$156,973M (June 2026), from $152,488M (Dec 2025)

The funding that makes the business rate-neutral; a shrinking deposit base would push Amex back to bond markets.

Source: American Express Q2 2026 statistical supplement ↗
⚠ Threats to the moat
⚠ THREAT 01
A Cap on Card Interest Rates
A quarter of American Express revenue is interest income, and a cap on card rates would fall on it directly.
References
  1. ReportedFor a company that earned $17,364 million of net interest income in 2025, American Express is strikingly indifferent to interest rates.
    American Express Form 10-K for fiscal 2025 - capital, returns, funding, interest rate sensitivity, credit and share repurchases. — FY2025 · publ. 6 February 2026 · source ↗
  2. ReportedIts own sensitivity table says that an immediate rise of 100 basis points would add about $19 million to annual net interest income, a rise of 200 basis points about $5 million, and a fall of 100 or 200 basis points would cost about $11 million or $23 million.
    American Express Form 10-K for fiscal 2025 - capital, returns, funding, interest rate sensitivity, credit and share repurchases. — FY2025 · publ. 6 February 2026 · source ↗
  3. Moat Explorer calcAgainst $17.4 billion, a 100-basis-point move changes the line by about a tenth of a percent.
    Moat Explorer calculation from American Express's reported figures ($ millions unless stated). Incentives (variable customer engagement costs = Card Member rewards + business development + Card Member services): 2021 11,007 + 3,762 + 1,993 = 16,762; 2022 14,002 + 4,943 + 2,959 = 21,904; 2023 15,367 + 5,657 + 3,968 = 24,992; 2024 16,599 + 5,886 + 4,782 = 27,267; 2025 18,409 + 6,457 + 6,057 = 30,923; Q2 2026 5,051 + 1,755 + 1,949 = 8,755; Q2 2025 7,508. As a share of discount revenue: 16,762 / 24,563 = 68.2%; 21,904 / 30,739 = 71.3%; 24,992 / 33,416 = 74.8%; 27,267 / 35,192 = 77.5%; 30,923 / 37,401 = 82.7%; Q2 2026 8,755 / 10,163 = 86.1%; Q2 2025 7,508 / 9,361 = 80.2%. Discount revenue left after incentives: 24,563 - 16,762 = 7,801; 30,739 - 21,904 = 8,835; 33,416 - 24,992 = 8,424; 35,192 - 27,267 = 7,925; 37,401 - 30,923 = 6,478; Q2 2026 10,163 - 8,755 = 1,408; Q2 2025 9,361 - 7,508 = 1,853. Incentives / total revenue 16,762 / 42,380 = 39.6%; 30,923 / 72,229 = 42.8%. Incentive growth 30,923 / 16,762 - 1 = 84%; 30,923 / 27,267 - 1 = 13.4%. Discount revenue growth 37,401 / 24,563 - 1 = 52%; 37,401 / 35,192 - 1 = 6.3%. Rewards 18,409 / 11,007 - 1 = 67%; rewards / discount revenue 11,007 / 24,563 = 44.8%; 14,002 / 30,739 = 45.6%; 15,367 / 33,416 = 46.0%; 16,599 / 35,192 = 47.2%; 18,409 / 37,401 = 49.2%. Business development 6,457 / 3,762 - 1 = 72%; / discount revenue 3,762 / 24,563 = 15.3%, 6,457 / 37,401 = 17.3%. Card Member services 6,057 / 1,993 = 3.04 times (+204%); 6,057 / 1,392 = 4.35; growth 3,968 / 2,959 - 1 = 34.1%; 4,782 / 3,968 - 1 = 20.5%; 6,057 / 4,782 - 1 = 26.7%; 6,057 / 2,959 = 2.05. Card Member services / net card fees 1,993 / 5,195 = 38%; 3,968 / 7,255 = 55%; 6,057 / 9,993 = 61%; Q2 2026 1,949 / 2,862 = 68%. Membership Rewards liability 16.5 billion / equity 33,474 = 49%; URR +1 point = 4 x 229 = 916. Card fees: 9,993 / 4,042 = 2.47 (+147%); 9,993 / 5,195 - 1 = 92%; growth 6,070 / 5,195 - 1 = 16.8%, 7,255 / 6,070 - 1 = 19.5%, 8,449 / 7,255 - 1 = 16.5%, 9,993 / 8,449 - 1 = 18.3%; added 9,993 - 8,449 = 1,544. Share of revenue 4,042 / 43,556 = 9.3%; 5,195 / 42,380 = 12.3%; 7,255 / 60,515 = 12.0%; 9,993 / 72,229 = 13.8%. Average fee per card 131 / 58 = 2.26; 117 / 103 - 1 = 14%. Proprietary cards 86.6 / 70.3 - 1 = 23%. Marketing 6,252 / 12.5 million new cards = about $500; 6,252 / 1,544 = 4.0. Card fees plus net interest income (9,993 + 17,364) / 72,229 = 38%. Spending per card 23,496 / 20,392 - 1 = 15.2%; 24,059 / 23,496 - 1 = 2.4%; 24,608 / 24,059 - 1 = 2.3%; 25,453 / 24,608 - 1 = 3.4%. Billed business 1,669.8 / 1,070.5 - 1 = 56%; 1,669.8 / 1,550.9 - 1 = 7.7%; 870.7 / 1,070.5 - 1 = -18.7%. Network volumes 1,897.0 / 1,265.7 - 1 = 50%; 1,897.0 - 1,669.8 = 227.2. Merchant rate 2.51% - 2.24% = 0.27 points x 1,669.8 billion = about 4.5 billion; 4.5 / 37.4 = 12%. Pretax income 13,795 - 10,689 = 3,106. Revenue mix 2019: discount 26,167 / 43,556 = 60.1%; net interest income 8,620 / 43,556 = 19.8%; 2025: 37,401 / 72,229 = 51.8%; 17,364 / 72,229 = 24.0%. Net interest income 17,364 / 7,750 = 2.24; 17,364 / 8,620 - 1 = 101%; +100bp +19 / 17,364 = 0.1%. Card Member loans 151,832 / 87,400 - 1 = 74%. Held for sale 2,457 / 151,832 = 1.6%. Revenue 2020 36,087 / 43,556 - 1 = -17%. Deposits 152,488 / 210,300 = 72.5%; 156,973 / 152,488 - 1 = 2.9%. Delta: 13% x 1,669.8 = 217 billion; 8.2 billion / net income 10,833 = 76%; 8.2 / net card fees 9,993 = 82%; 8.2 / 7.4 - 1 = 11%. Other cobrands 26% - 13% = 13% x 1,669.8 = 217; proprietary 74% x 1,669.8 = 1,236. Valuation: market value 206.30 / 254.84 - 1 = -19%; P/E 206.30 / trailing net income 11.446 = 18.0; P/S 206.30 / 75.95 = 2.72; end-2025 254.84 / 10.833 = 23.5; end-2015 68.45 / 5.163 = 13.3; earnings yield 1 / 23.5 = 4.3%. Trailing twelve months to June 2026: revenue 72,229 + 38,544 - 34,823 = 75,950; net income 10,833 + 6,082 - 5,469 = 11,446; EPS 15.38 + 8.81 - 7.71 = 16.48. Diluted shares 696 / 1,003 - 1 = -30.6%. Net income 10,833 / 5,163 = 2.10; EPS 15.38 / 5.05 = 3.05. Berkshire 151.61 million / 675 million = 22.5%; 13F shares 1,149,942 + 149,061,045 + 1,399,713 = 151,610,700, value 388,967,882 + 50,419,898,471 + 473,452,922 = $51.28 billion (30 June 2026). Card balances consumer 144,974 / 218,054 = 66%. Card fees / discount revenue 9,993 / 37,401 = 27% (2025), 4,042 / 26,167 = 15% (2019). Marketing plus incentives 6,252 + 30,923 = 37,175. Provisions / net interest income 5,256 / 17,364 = 30%. Card Member loans growth 139,674 / 125,995 - 1 = 11%; 151,832 / 139,674 - 1 = 9%; billed business 1,550.9 / 1,459.6 - 1 = 6%. Price to book 305.50 / 48.42 = 6.3. Receivables 62,031 / (151,832 + 62,031) = 29%. GMNS Q2 2026 pretax 1,128 / 1,054 - 1 = 7%. Dividend yield 3.80 / 305.50 = 1.2%. Discount revenue at the 2013 rate 2.51% x 1,669.8 = 41.9 billion; each basis point of rate 0.0001 x 1,669.8 billion = 167 million (5bp 835, 10bp 1,670). Merchant locations at the start of 2026 about 190 - 20 = 170 million. Card Member services growth 2021-2025 +204% against net card fees +92%. A 2020-sized fall today: 18.7% x 1,669.8 = about 312 billion. Revenue outside the United States (7,073 + 5,218 + 4,194) / 72,229 = 23%. 2026 revenue guidance 72,229 x 1.10 = 79,452. Segments (2025, $ millions): revenue 34,814 + 16,926 + 13,000 + 7,759 = 72,499; less Corporate and Other 270 = 72,229. Shares of segment revenue: USCS 34,814 / 72,499 = 48.0%; CS 23.3%; ICS 17.9%; GMNS 10.7%. Pretax income 6,810 + 3,668 + 1,603 + 3,968 = 16,049; shares USCS 42.4%, CS 22.9%, ICS 10.0%, GMNS 24.7%. Pretax margins: USCS 6,810 / 34,814 = 19.6% (2020 3,103 / 16,347 = 19.0%; 2021 5,958 / 18,922 = 31.5%; 2022 5,400 / 23,914 = 22.6%; 2023 5,433 / 28,116 = 19.3%; 2024 6,377 / 31,427 = 20.3%); CS 3,668 / 16,926 = 21.7% (2020 1,013 / 9,234 = 11.0%); ICS 1,603 / 13,000 = 12.3% (2020 521 / 6,742 = 7.7%; 2021 929 / 7,435 = 12.5%; 2022 578 / 9,061 = 6.4%; 2023 973 / 10,430 = 9.3%; 2024 1,031 / 11,461 = 9.0%); GMNS 3,968 / 7,759 = 51.1% (2020 1,294 / 4,309 = 30.0%; 2021 1,874 / 5,129 = 36.5%; 2022 2,954 / 6,475 = 45.6%; 2023 3,656 / 7,396 = 49.4%). ICS pretax 1,603 / 1,031 - 1 = 55%. GMNS 2024 excluding the Accertify gain 4,398 - 531 = 3,867; 3,968 / 3,867 - 1 = 2.6%. Revenue 2020 to 2025: USCS 34,814 / 16,347 = 2.13; CS 16,926 / 9,234 = 1.83; ICS 13,000 / 6,742 = 1.93; GMNS 7,759 / 4,309 = 1.80. 2020 segment total 16,347 + 9,234 + 6,742 + 4,309 = 36,632; USCS share 16,347 / 36,632 = 44.6%. USCS Q2 2026 pretax 2,065 / 1,676 - 1 = 23%. Regions 2025: pretax 13,054 + 1,255 + 831 + 907 = 16,047; United States 13,054 / 16,047 = 81%; 13,054 / consolidated 13,795 = 95%; outside the United States (1,255 + 831 + 907) / 16,047 = 19%; revenue 56,015 / 72,229 = 78% - the incentive lines (rewards, business development, Card Member services) against discount revenue and card fees. — 2013-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in American Express's Forms 10-K, 10-Q, earnings releases and statistical supplements, Delta Air Lines' Form 10-K and market data; operands shown in the source line.
  4. ReportedCustomer deposits were $152,488 million at the end of 2025, about 72.5% of the $210.3 billion of total customer deposits and debt.
    American Express fourth-quarter 2025 statistical supplement, Form 8-K exhibit 99.2 - card metrics, billed business by segment, balance sheet and the definition of variable customer engagement costs. — Q4 2025 · publ. 30 January 2026 · source ↗
  5. ReportedCustomer deposits were $152,488 million at the end of 2025, about 72.5% of the $210.3 billion of total customer deposits and debt.
    American Express Form 10-K for fiscal 2025 - capital, returns, funding, interest rate sensitivity, credit and share repurchases. — FY2025 · publ. 6 February 2026 · source ↗
  6. Moat Explorer calcCustomer deposits were $152,488 million at the end of 2025, about 72.5% of the $210.3 billion of total customer deposits and debt.
    Moat Explorer calculation from American Express's reported figures ($ millions unless stated). Incentives (variable customer engagement costs = Card Member rewards + business development + Card Member services): 2021 11,007 + 3,762 + 1,993 = 16,762; 2022 14,002 + 4,943 + 2,959 = 21,904; 2023 15,367 + 5,657 + 3,968 = 24,992; 2024 16,599 + 5,886 + 4,782 = 27,267; 2025 18,409 + 6,457 + 6,057 = 30,923; Q2 2026 5,051 + 1,755 + 1,949 = 8,755; Q2 2025 7,508. As a share of discount revenue: 16,762 / 24,563 = 68.2%; 21,904 / 30,739 = 71.3%; 24,992 / 33,416 = 74.8%; 27,267 / 35,192 = 77.5%; 30,923 / 37,401 = 82.7%; Q2 2026 8,755 / 10,163 = 86.1%; Q2 2025 7,508 / 9,361 = 80.2%. Discount revenue left after incentives: 24,563 - 16,762 = 7,801; 30,739 - 21,904 = 8,835; 33,416 - 24,992 = 8,424; 35,192 - 27,267 = 7,925; 37,401 - 30,923 = 6,478; Q2 2026 10,163 - 8,755 = 1,408; Q2 2025 9,361 - 7,508 = 1,853. Incentives / total revenue 16,762 / 42,380 = 39.6%; 30,923 / 72,229 = 42.8%. Incentive growth 30,923 / 16,762 - 1 = 84%; 30,923 / 27,267 - 1 = 13.4%. Discount revenue growth 37,401 / 24,563 - 1 = 52%; 37,401 / 35,192 - 1 = 6.3%. Rewards 18,409 / 11,007 - 1 = 67%; rewards / discount revenue 11,007 / 24,563 = 44.8%; 14,002 / 30,739 = 45.6%; 15,367 / 33,416 = 46.0%; 16,599 / 35,192 = 47.2%; 18,409 / 37,401 = 49.2%. Business development 6,457 / 3,762 - 1 = 72%; / discount revenue 3,762 / 24,563 = 15.3%, 6,457 / 37,401 = 17.3%. Card Member services 6,057 / 1,993 = 3.04 times (+204%); 6,057 / 1,392 = 4.35; growth 3,968 / 2,959 - 1 = 34.1%; 4,782 / 3,968 - 1 = 20.5%; 6,057 / 4,782 - 1 = 26.7%; 6,057 / 2,959 = 2.05. Card Member services / net card fees 1,993 / 5,195 = 38%; 3,968 / 7,255 = 55%; 6,057 / 9,993 = 61%; Q2 2026 1,949 / 2,862 = 68%. Membership Rewards liability 16.5 billion / equity 33,474 = 49%; URR +1 point = 4 x 229 = 916. Card fees: 9,993 / 4,042 = 2.47 (+147%); 9,993 / 5,195 - 1 = 92%; growth 6,070 / 5,195 - 1 = 16.8%, 7,255 / 6,070 - 1 = 19.5%, 8,449 / 7,255 - 1 = 16.5%, 9,993 / 8,449 - 1 = 18.3%; added 9,993 - 8,449 = 1,544. Share of revenue 4,042 / 43,556 = 9.3%; 5,195 / 42,380 = 12.3%; 7,255 / 60,515 = 12.0%; 9,993 / 72,229 = 13.8%. Average fee per card 131 / 58 = 2.26; 117 / 103 - 1 = 14%. Proprietary cards 86.6 / 70.3 - 1 = 23%. Marketing 6,252 / 12.5 million new cards = about $500; 6,252 / 1,544 = 4.0. Card fees plus net interest income (9,993 + 17,364) / 72,229 = 38%. Spending per card 23,496 / 20,392 - 1 = 15.2%; 24,059 / 23,496 - 1 = 2.4%; 24,608 / 24,059 - 1 = 2.3%; 25,453 / 24,608 - 1 = 3.4%. Billed business 1,669.8 / 1,070.5 - 1 = 56%; 1,669.8 / 1,550.9 - 1 = 7.7%; 870.7 / 1,070.5 - 1 = -18.7%. Network volumes 1,897.0 / 1,265.7 - 1 = 50%; 1,897.0 - 1,669.8 = 227.2. Merchant rate 2.51% - 2.24% = 0.27 points x 1,669.8 billion = about 4.5 billion; 4.5 / 37.4 = 12%. Pretax income 13,795 - 10,689 = 3,106. Revenue mix 2019: discount 26,167 / 43,556 = 60.1%; net interest income 8,620 / 43,556 = 19.8%; 2025: 37,401 / 72,229 = 51.8%; 17,364 / 72,229 = 24.0%. Net interest income 17,364 / 7,750 = 2.24; 17,364 / 8,620 - 1 = 101%; +100bp +19 / 17,364 = 0.1%. Card Member loans 151,832 / 87,400 - 1 = 74%. Held for sale 2,457 / 151,832 = 1.6%. Revenue 2020 36,087 / 43,556 - 1 = -17%. Deposits 152,488 / 210,300 = 72.5%; 156,973 / 152,488 - 1 = 2.9%. Delta: 13% x 1,669.8 = 217 billion; 8.2 billion / net income 10,833 = 76%; 8.2 / net card fees 9,993 = 82%; 8.2 / 7.4 - 1 = 11%. Other cobrands 26% - 13% = 13% x 1,669.8 = 217; proprietary 74% x 1,669.8 = 1,236. Valuation: market value 206.30 / 254.84 - 1 = -19%; P/E 206.30 / trailing net income 11.446 = 18.0; P/S 206.30 / 75.95 = 2.72; end-2025 254.84 / 10.833 = 23.5; end-2015 68.45 / 5.163 = 13.3; earnings yield 1 / 23.5 = 4.3%. Trailing twelve months to June 2026: revenue 72,229 + 38,544 - 34,823 = 75,950; net income 10,833 + 6,082 - 5,469 = 11,446; EPS 15.38 + 8.81 - 7.71 = 16.48. Diluted shares 696 / 1,003 - 1 = -30.6%. Net income 10,833 / 5,163 = 2.10; EPS 15.38 / 5.05 = 3.05. Berkshire 151.61 million / 675 million = 22.5%; 13F shares 1,149,942 + 149,061,045 + 1,399,713 = 151,610,700, value 388,967,882 + 50,419,898,471 + 473,452,922 = $51.28 billion (30 June 2026). Card balances consumer 144,974 / 218,054 = 66%. Card fees / discount revenue 9,993 / 37,401 = 27% (2025), 4,042 / 26,167 = 15% (2019). Marketing plus incentives 6,252 + 30,923 = 37,175. Provisions / net interest income 5,256 / 17,364 = 30%. Card Member loans growth 139,674 / 125,995 - 1 = 11%; 151,832 / 139,674 - 1 = 9%; billed business 1,550.9 / 1,459.6 - 1 = 6%. Price to book 305.50 / 48.42 = 6.3. Receivables 62,031 / (151,832 + 62,031) = 29%. GMNS Q2 2026 pretax 1,128 / 1,054 - 1 = 7%. Dividend yield 3.80 / 305.50 = 1.2%. Discount revenue at the 2013 rate 2.51% x 1,669.8 = 41.9 billion; each basis point of rate 0.0001 x 1,669.8 billion = 167 million (5bp 835, 10bp 1,670). Merchant locations at the start of 2026 about 190 - 20 = 170 million. Card Member services growth 2021-2025 +204% against net card fees +92%. A 2020-sized fall today: 18.7% x 1,669.8 = about 312 billion. Revenue outside the United States (7,073 + 5,218 + 4,194) / 72,229 = 23%. 2026 revenue guidance 72,229 x 1.10 = 79,452. Segments (2025, $ millions): revenue 34,814 + 16,926 + 13,000 + 7,759 = 72,499; less Corporate and Other 270 = 72,229. Shares of segment revenue: USCS 34,814 / 72,499 = 48.0%; CS 23.3%; ICS 17.9%; GMNS 10.7%. Pretax income 6,810 + 3,668 + 1,603 + 3,968 = 16,049; shares USCS 42.4%, CS 22.9%, ICS 10.0%, GMNS 24.7%. Pretax margins: USCS 6,810 / 34,814 = 19.6% (2020 3,103 / 16,347 = 19.0%; 2021 5,958 / 18,922 = 31.5%; 2022 5,400 / 23,914 = 22.6%; 2023 5,433 / 28,116 = 19.3%; 2024 6,377 / 31,427 = 20.3%); CS 3,668 / 16,926 = 21.7% (2020 1,013 / 9,234 = 11.0%); ICS 1,603 / 13,000 = 12.3% (2020 521 / 6,742 = 7.7%; 2021 929 / 7,435 = 12.5%; 2022 578 / 9,061 = 6.4%; 2023 973 / 10,430 = 9.3%; 2024 1,031 / 11,461 = 9.0%); GMNS 3,968 / 7,759 = 51.1% (2020 1,294 / 4,309 = 30.0%; 2021 1,874 / 5,129 = 36.5%; 2022 2,954 / 6,475 = 45.6%; 2023 3,656 / 7,396 = 49.4%). ICS pretax 1,603 / 1,031 - 1 = 55%. GMNS 2024 excluding the Accertify gain 4,398 - 531 = 3,867; 3,968 / 3,867 - 1 = 2.6%. Revenue 2020 to 2025: USCS 34,814 / 16,347 = 2.13; CS 16,926 / 9,234 = 1.83; ICS 13,000 / 6,742 = 1.93; GMNS 7,759 / 4,309 = 1.80. 2020 segment total 16,347 + 9,234 + 6,742 + 4,309 = 36,632; USCS share 16,347 / 36,632 = 44.6%. USCS Q2 2026 pretax 2,065 / 1,676 - 1 = 23%. Regions 2025: pretax 13,054 + 1,255 + 831 + 907 = 16,047; United States 13,054 / 16,047 = 81%; 13,054 / consolidated 13,795 = 95%; outside the United States (1,255 + 831 + 907) / 16,047 = 19%; revenue 56,015 / 72,229 = 78% - the incentive lines (rewards, business development, Card Member services) against discount revenue and card fees. — 2013-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in American Express's Forms 10-K, 10-Q, earnings releases and statistical supplements, Delta Air Lines' Form 10-K and market data; operands shown in the source line.
  7. ReportedAmex offers high-yield savings and checking accounts, and the table implies that its deposit costs and its loan yields move together when rates change.
    American Express Form 10-K for fiscal 2025 - capital, returns, funding, interest rate sensitivity, credit and share repurchases. — FY2025 · publ. 6 February 2026 · source ↗
  8. ReportedLong-term debt was $56,387 million at the end of 2025, and deposits grew to $156,973 million by June 2026.
    American Express fourth-quarter 2025 statistical supplement, Form 8-K exhibit 99.2 - card metrics, billed business by segment, balance sheet and the definition of variable customer engagement costs. — Q4 2025 · publ. 30 January 2026 · source ↗
  9. ReportedLong-term debt was $56,387 million at the end of 2025, and deposits grew to $156,973 million by June 2026.
    American Express second-quarter 2026 statistical supplement, Form 8-K exhibit 99.2 - segment results, card metrics, capital and credit - consolidated results, card metrics, capital and credit. — Q2 2026 · publ. 24 July 2026 · source ↗
  10. Third-party estimateOn the second-quarter call the company said about 10% of U.S. card members held its deposit accounts, which leaves room to grow without buying money in the open market.
    American Express second-quarter 2026 earnings call transcript (third-party transcript). — Q2 2026 · publ. 24 July 2026 · source ↗
  11. ReportedAmerican Express estimates that a 10% strengthening of the dollar, net of hedges, would reduce pretax income by about $200 million, against pretax income of $13,795 million in 2025.
    American Express Form 10-K for fiscal 2025 - reportable segments (Note 23) and revenue and pretax income by region. — FY2025 · publ. 6 February 2026 · source ↗
  12. ReportedAmerican Express estimates that a 10% strengthening of the dollar, net of hedges, would reduce pretax income by about $200 million, against pretax income of $13,795 million in 2025.
    American Express Form 10-K for fiscal 2025 - reportable segments (Note 23) and revenue and pretax income by region. — FY2025 · publ. 6 February 2026 · source ↗
Sources
Generated September 28, 2026