American Express 8K Results of Operations and Financial Condition | AXP 21 Jul 23

Exhibit 99.2


American Express Company	(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)

		Q2'23			Q1'23			Q4'22			Q3'22			Q2'22			YOY % change	FY'23			FY'22			YOY % change
Non-interest revenues
Discount revenue		$	8,481		$	7,947		$	8,183		$	7,848		$	7,873		8	$	16,428		$	14,708		12
Net card fees		1,789			1,713			1,625			1,541			1,481			21	3,502			2,904			21
Service fees and other revenue		1,232			1,218			1,181			1,169			1,265			(3)	2,450			2,171			13
Processed revenue		447			420			429			420			416			7	867			788			10
Total non-interest revenues		11,949			11,298			11,418			10,978			11,035			8	23,247			20,571			13
Interest income
Interest on loans		4,213			3,939			3,623			3,164			2,707			56	8,152			5,180			57
Interest and dividends on investment securities		34			30			34			27			22			55	64			35			83
Deposits with banks and other		528			447			308			183			70			#	975			104			#
Total interest income		4,775			4,416			3,965			3,374			2,799			71	9,191			5,319			73
Interest expense
Deposits		1,196			994			778			440			187			#	2,190			309			#
Long-term debt and other		474			439			429			356			252			88	913			451			#
Total interest expense		1,670			1,433			1,207			796			439			#	3,103			760			#
Net interest income		3,105			2,983			2,758			2,578			2,360			32	6,088			4,559			34
Total revenues net of interest expense		15,054			14,281			14,176			13,556			13,395			12	29,335			25,130			17
Provisions for credit losses
Card Member receivables		230			222			244			165			138			67	452			218			#
Card Member loans		923			786			757			596			272			#	1,709			161			#
Other		45			47			26			17			—			—	92			(2)			#
Total provisions for credit losses		1,198			1,055			1,027			778			410			#	2,253			377			#
Total revenues net of interest expense after provisions for credit losses		13,856			13,226			13,149			12,778			12,985			7	27,082			24,753			9

Expenses
Card Member rewards		3,956			3,766			3,729			3,571			3,591			10	7,722			6,702			15
Business development		1,388			1,393			1,302			1,194			1,404			(1)	2,781			2,447			14
Card Member services		949			983			881			774			678			40	1,932			1,304			48
Marketing		1,408			1,341			1,274			1,458			1,502			(6)	2,749			2,726			1
Salaries and employee benefits		1,875			2,014			2,034			1,748			1,816			3	3,889			3,470			12
Professional services		467			440			601			500			501			(7)	907			973			(7)
Data processing and equipment		677			660			732			651			623			9	1,337			1,223			9
Other, net		402			462			725			423			327			23	864			653			32
Total expenses		11,122			11,059			11,278			10,319			10,442			7	22,181			19,498			14
Pretax income		2,734			2,167			1,871			2,459			2,543			8	4,901			5,255			(7)
Income tax provision		560			351			299			580			579			(3)	911			1,192			(24)
Net income		$	2,174		$	1,816		$	1,572		$	1,879		$	1,964		11	$	3,990		$	4,063		(2)
Net income attributable to common shareholders (A)		$	2,142		$	1,788		$	1,546		$	1,851		$	1,934		11	$	3,930		$	4,003		(2)
Effective tax rate		20.5		%	16.2		%	16.0		%	23.6		%	22.8		%		18.6		%	22.7		%

Earnings Per Common Share
Basic
Net income attributable to common shareholders		$	2.89		$	2.41		$	2.08		$	2.47		$	2.57		12	$	5.30		$	5.30		—
Average common shares outstanding		740			743			745			748			752			(2)	741			755			(2)
Diluted
Net income attributable to common shareholders		$	2.89		$	2.40		$	2.07		$	2.47		$	2.57		12	$	5.29		$	5.30		—
Average common shares outstanding		741			744			746			749			753			(2)	742			756			(2)
Cash dividends declared per common share		$	0.60		$	0.60		$	0.52		$	0.52		$	0.52		15	$	1.20		$	1.04		15
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references


American Express Company			(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Billions, except percentages, per share amounts and where indicated)


	Q2'23			Q1'23			Q4'22			Q3'22			Q2'22			YOY % change
Assets
Cash & cash equivalents	$	43		$	41		$	34		$	31		$	26		65
Card Member receivables, less reserves	58			57			57			55			56			4
Card Member loans, less reserves	110			105			104			96			92			20
Investment securities	4			4			5			5			4			—
Other (B)	30			29			28			28			27			11
Total assets	$	245		$	236		$	228		$	215		$	205		20

Liabilities and Shareholders' Equity
Customer deposits	$	123		$	121		$	110		$	103		$	96		28
Short-term borrowings	2			2			1			2			2			—
Long-term debt	47			41			43			42			40			18
Other (B)	46			46			49			44			44			5
Total liabilities	218			210			203			191			182			20

Shareholders' Equity	27			26			25			24			23			17
Total liabilities and shareholders' equity	$	245		$	236		$	228		$	215		$	205		20

Return on average equity (C)	33.0		%	28.7		%	32.3		%	31.9		%	34.4		%
Return on average common equity (C)	34.6		%	30.1		%	34.1		%	33.6		%	36.5		%
Book value per common share (dollars)	$	34.11		$	32.84		$	31.12		$	29.92		$	28.82		18

See Appendix III for footnote references


American Express Company			(Preliminary)
Consolidated Capital


	Q2'23			Q1'23			Q4'22			Q3'22			Q2'22
Shares Outstanding (in millions)
Beginning of period	743			743			747			751			755
Repurchase of common shares	(7)			(1)			(4)			(4)			(4)
Net impact of employee benefit plans and others	—			1			—			—			—
End of period	736			743			743			747			751

Risk-Based Capital Ratios - Basel III ($ in billions)
Common Equity Tier 1/Risk Weighted Assets (RWA)	10.6		%	10.6		%	10.3		%	10.6		%	10.3		%
Tier 1	11.4		%	11.4		%	11.1		%	11.5		%	11.2		%
Total	13.1		%	13.1		%	12.8		%	13.3		%	13.0		%

Common Equity Tier 1	$	21.8		$	21.1		$	20.0		$	19.3		$	18.5
Tier 1 Capital	$	23.4		$	22.7		$	21.6		$	20.9		$	20.2
Tier 2 Capital	$	3.4		$	3.3		$	3.3		$	3.2		$	3.2
Total Capital	$	26.8		$	26.0		$	24.9		$	24.1		$	23.4
RWA	$	205.3		$	198.7		$	194.4		$	181.7		$	179.2
Tier 1 Leverage	9.9		%	10.0		%	9.9		%	10.1		%	10.3		%
Average Total Assets to calculate the Tier 1 Leverage Ratio (D)	$	237.0		$	226.1		$	218.6		$	207.6		$	195.8

See Appendix III for footnote references


American Express Company						(Preliminary)
Selected Card Related Statistical Information
(Billions, except percentages and where indicated)


	Q2'23		Q1'23		Q4'22		Q3'22		Q2'22		YOY % change	FY'23		FY'22		YOY % change
Network volumes (E)	$	426.6	$	398.9	$	413.3	$	394.4	$	394.8	8	$	825.5	$	745.1	11
Billed business (E)	$	368.1	$	345.5	$	357.4	$	339.0	$	340.9	8	$	713.6	$	641.9	11
Processed volumes (E)	$	58.5	$	53.4	$	55.9	$	55.4	$	53.9	9	$	111.9	$	103.2	8

Card Member loans	$	114.6	$	109.1	$	108.0	$	99.0	$	95.4	20	$	114.6	$	95.4	20

Cards-in-force (millions) (F)	137.9		135.7		133.3		131.4		127.5		8	137.9		127.5		8
Proprietary cards-in-force	79.3		78.0		76.7		75.6		74.2		7	79.3		74.2		7

Basic cards-in-force (millions) (F)	116.0		113.7		111.5		109.9		106.1		9	116.0		106.1		9
Proprietary basic cards-in-force	61.0		60.1		59.1		58.2		56.9		7	61.0		56.9		7

Average proprietary basic Card Member spending (dollars)	$	6,075	$	5,792	$	6,087	$	5,886	$	6,052	—	$	11,869	$	11,512	3

Average fee per card (dollars) (G)	$	91	$	88	$	85	$	82	$	81	12	$	90	$	80	13

See Appendix III for footnote references

American Express Company

(Preliminary)

Network Volumes Related Growth


	YOY % change
	Reported					FX-Adjusted (H)					Reported	FX-Adjusted (H)
	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	FY'23	FY'23

Network volumes (E)	8%	14%	12%	19%	25%	9%	16%	16%	23%	28%	11%	12%
Billed business (E)	8	15	13	21	27	8	16	15	24	30	11	12
U.S. Consumer Services	10	16	15	22	27	n/a	n/a	n/a	n/a	n/a	13	n/a
Commercial Services	2	10	11	20	27	2	10	11	20	27	6	6
International Card Services	15	21	14	21	29	17	29	26	37	43	18	23
Processed volumes (E)	9	8	8	10	12	13	15	17	19	19	8	14

Merchant industry billed business
Goods & Services (G&S) spend (73% of Q2'23 worldwide billed business)	6	8	7	13	15	6	9	10	16	18	7	8
T&E spend (27% of Q2'23 worldwide billed business)	14	37	34	52	80	14	39	38	57	84	24	25
Airline spend (7% of Q2'23 worldwide billed business)	12	57	62	110	142	12	60	67	118	148	31	33

See Appendix III for footnote references


American Express Company						(Preliminary)
Selected Credit Related Statistical Information
Card Member Loans and Card Member Receivables
(Billions, except percentages and where indicated)


	Q2'23			Q1'23			Q4'22			Q3'22			Q2'22			YOY % change	FY'23			FY'22			YOY % change
Card Member loans and receivables
Net write-off rate (principal, interest and fees) (J)	2.0		%	1.7		%	1.3		%	1.0		%	0.9		%		1.9		%	0.9		%
Net write-off rate (principal only) (J)(L)	1.8		%	1.6		%	1.2		%	0.9		%	0.8		%		1.7		%	0.8		%
30+ days past due as a % of total (L)	1.2		%	1.2		%	1.1		%	0.9		%	0.7		%		1.2		%	0.7		%

Card Member loans
Total Card Member loans	$	114.6		$	109.1		$	108.0		$	99.0		$	95.4		20	$	114.6		$	95.4		20
Credit loss reserves (millions)
Beginning balance	$	4,053		$	3,747		$	3,319		$	2,997		$	2,981		36	$	3,747		$	3,305		13
Provisions - principal, interest and fees	923			786			757			596			272			#	1,709			161			#
Net write-offs - principal less recoveries	(490)			(397)			(277)			(203)			(192)			#	(887)			(357)			#
Net write-offs - interest and fees less recoveries	(107)			(89)			(68)			(56)			(55)			95	(196)			(105)			87
Other (I)	11			6			16			(15)			(9)			#	17			(7)			#
Ending balance	$	4,390		$	4,053		$	3,747		$	3,319		$	2,997		46	$	4,390		$	2,997		46
% of loans	3.8		%	3.7		%	3.5		%	3.4		%	3.1		%		3.8		%	3.1		%
% of past due	336		%	330		%	348		%	393		%	441		%		336		%	441		%
Average loans	$	112.4		$	107.7		$	103.9		$	97.7		$	92.4		22	$	110.2		$	89.7		23
Net write-off rate (principal, interest and fees) (J) (L)	2.1		%	1.8		%	1.3		%	1.1		%	1.1		%		2.0		%	1.0		%
Net write-off rate (principal only) (J) (L)	1.7		%	1.5		%	1.1		%	0.8		%	0.8		%		1.6		%	0.8		%
30+ days past due as a % of total (L)	1.1		%	1.1		%	1.0		%	0.9		%	0.7		%		1.1		%	0.7		%

Net interest income divided by average Card Member loans (K)	11.1		%	11.2		%	10.5		%	10.5		%	10.2		%		11.1		%	10.2		%
Net interest yield on average Card Member loans (K)	11.2		%	11.3		%	10.8		%	10.8		%	10.4		%		11.2		%	10.5		%

Card Member receivables
Total Card Member receivables	$	58.2		$	57.5		$	57.6		$	55.3		$	56.0		4	$	58.2		$	56.0		4
Credit loss reserves (millions)
Beginning balance	$	223		$	229		$	159		$	119		$	76		#	$	229		$	64		#
Provisions - principal and fees	230			222			244			165			138			67	452			218			#
Net write-offs - principal and fees less recoveries	(243)			(230)			(178)			(122)			(95)			#	(473)			(162)			#
Other (I)	—			2			4			(3)			—			—	2			(1)			#
Ending balance	$	210		$	223		$	229		$	159		$	119		76	$	210		$	119		76
% of receivables	0.4		%	0.4		%	0.4		%	0.3		%	0.2		%		0.4		%	0.2		%
Net write-off rate (principal and fees) (J)	1.7		%	1.6		%	1.3		%	0.9		%	0.7		%		1.6		%	0.6		%
Net write-off rate (principal only) (J)(L)	1.9		%	1.9		%	1.4		%	1.0		%	0.8		%		1.9		%	0.7		%
30+ days past due as a % of total (L)	1.2		%	1.4		%	1.3		%	1.1		%	0.8		%		1.2		%	0.8		%


# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references


American Express Company						(Preliminary)
Selected Credit Related Statistical Information
Other Loans and Other Receivables
(Billions, except percentages and where indicated)


	Q2'23			Q1'23			Q4'22			Q3'22			Q2'22			YOY % change	FY'23			FY'22			YOY % change
Other loans (B)
Total other loans	$	6.3		$	5.9		$	5.4		$	4.8		$	4.0		58	$	6.3		$	4.0		58
Credit loss reserves (millions)
Beginning balance	$	83		$	59		$	46		$	38		$	48		73	$	59		$	52		13
Provisions	43			40			23			14			(6)			#	83			(8)			#
Net write-offs	(28)			(16)			(10)			(6)			(4)			#	(44)			(6)			#
Other (I)	—			—			—			—			—			—	—			—			—
Ending balance	$	98		$	83		$	59		$	46		$	38		#	$	98		$	38		#
% of other loans	1.6		%	1.4		%	1.1		%	1.0		%	1.0		%		1.6		%	1.0		%

Other receivables (B)
Total other receivables	$	3.1		$	3.0		$	3.1		$	3.0		$	3.0		3	$	3.1		$	3.0		3
Credit loss reserves (millions)
Beginning balance	$	25		$	22		$	22		$	23		$	22		14	$	22		$	25		(12)
Provisions	2			7			3			3			6			(67)	9			6			50
Net write-offs	(3)			(3)			(2)			(4)			(6)			(50)	(6)			(9)			(33)
Other (I)	—			(1)			(1)			—			1			#	(1)			1			#
Ending balance	$	24		$	25		$	22		$	22		$	23		4	$	24		$	23		4
% of other receivables	0.8		%	0.8		%	0.7		%	0.7		%	0.8		%		0.8		%	0.8		%


# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references

American Express Company

(Preliminary)

Selected Income Statement Information by Segment

(Millions)


	U.S. Consumer Services (USCS)		Commercial Services (CS)		International Card Services (ICS)		Global Merchant and Network Services (GMNS)		Corporate and Other		Consolidated
Q2'23
Non-interest revenues	$	4,643	$	3,301	$	2,349	$	1,675	$	(19)	$	11,949
Interest income	2,934		792		497		14		538		4,775
Interest expense	647		364		261		(174)		572		1,670
Total revenues net of interest expense	6,930		3,729		2,585		1,863		(53)		15,054
Total provisions for credit losses	659		339		198		1		1		1,198
Total revenues net of interest expense after provisions for credit losses	6,271		3,390		2,387		1,862		(54)		13,856
Total expenses	5,021		2,677		2,134		899		391		11,122
Pretax income (loss)	$	1,250	$	713	$	253	$	963	$	(445)	$	2,734
Q2'22
Non-interest revenues	$	4,154	$	3,122	$	2,140	$	1,568	$	51	$	11,035
Interest income	1,893		468		347		5		86		2,799
Interest expense	136		121		144		(61)		99		439
Total revenues net of interest expense	5,911		3,469		2,343		1,634		38		13,395
Total provisions for credit losses	192		97		116		2		3		410
Total revenues net of interest expense after provisions for credit losses	5,719		3,372		2,227		1,632		35		12,985
Total expenses	4,446		2,594		2,044		830		528		10,442
Pretax income (loss)	$	1,273	$	778	$	183	$	802	$	(493)	$	2,543
YOY % change
Non-interest revenues	12		6		10		7		#		8
Interest income	55		69		43		#		#		71
Interest expense	#		#		81		#		#		#
Total revenues net of interest expense	17		7		10		14		#		12
Total provisions for credit losses	#		#		71		(50)		(67)		#
Total revenues net of interest expense after provisions for credit losses	10		1		7		14		#		7
Total expenses	13		3		4		8		(26)		7
Pretax income (loss)	(2)		(8)		38		20		10		8

# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references


U.S. Consumer Services						(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)


	Q2'23			Q1'23			Q4'22			Q3'22			Q2'22			YOY % change	FY'23			FY'22			YOY % change
Non-interest revenues	$	4,643		$	4,359		$	4,416		$	4,233		$	4,154		12	$	9,002		$	7,791		16
Interest income	2,934			2,775			2,577			2,251			1,893			55	5,709			3,629			57
Interest expense	647			551			470			274			136			#	1,198			239			#
Net interest income	2,287			2,224			2,107			1,977			1,757			30	4,511			3,390			33
Total revenues net of interest expense	6,930			6,583			6,523			6,210			5,911			17	13,513			11,181			21
Total provisions for credit losses	659			584			542			403			192			#	1,243			76			#
Total revenues net of interest expense after provisions for credit losses	6,271			5,999			5,981			5,807			5,719			10	12,270			11,105			10
Total expenses	5,021			4,869			4,695			4,498			4,446			13	9,890			8,300			19
Pretax segment income	$	1,250		$	1,130		$	1,286		$	1,309		$	1,273		(2)	$	2,380		$	2,805		(15)

(Billions, except percentages and where indicated)
Billed business (E)	$	155.4		$	142.3		$	148.9		$	140.3		$	141.1		10	$	297.6		$	263.7		13
Proprietary cards-in-force (millions) (F)	43.2			42.4			41.7			41.2			40.3			7	43.2			40.3			7
Proprietary basic cards-in-force (millions) (F)	30.2			29.7			29.2			28.9			28.3			7	30.2			28.3			7
Average proprietary basic Card Member spending (dollars)	$	5,181		$	4,822		$	5,116		$	4,908		$	5,028		3	$	10,005		$	9,480		6

Segment assets	$	94.9		$	90.6		$	94.4		$	84.8		$	82.4		15	$	94.9		$	82.4		15

Card Member loans
Total loans	$	75.6		$	72.0		$	72.7		$	66.3		$	63.7		19	$	75.6		$	63.7		19
Average loans	$	74.2		$	71.6		$	69.4		$	65.3		$	61.6		20	$	73.1		$	60.0		22
Net write-off rate (principal, interest and fees) (J)	2.1		%	1.9		%	1.3		%	1.1		%	1.1		%		2.0		%	1.1		%
Net write-off rate (principal only) (J)	1.7		%	1.5		%	1.1		%	0.8		%	0.8		%		1.6		%	0.8		%
30+ days past due as a % of total	1.1		%	1.1		%	1.0		%	0.9		%	0.7		%		1.1		%	0.7		%

Net interest income divided by average Card Member loans (K)	12.4		%	12.6		%	12.0		%	12.0		%	11.4		%		12.4		%	11.4		%
Net interest yield on average Card Member loans (K)	12.1		%	12.3		%	11.9		%	11.9		%	11.3		%		12.2		%	11.3		%

Card Member receivables
Total receivables	$	13.7		$	13.3		$	14.3		$	13.2		$	13.8		(1)	$	13.7		$	13.8		(1)
Net write-off rate (principal and fees) (J)	1.3		%	1.3		%	1.0		%	0.6		%	0.5		%		1.3		%	0.4		%
Net write-off rate (principal only) (J)	1.2		%	1.2		%	0.9		%	0.6		%	0.5		%		1.2		%	0.4		%
30+ days past due as a % of total	0.8		%	1.0		%	0.9		%	0.9		%	0.6		%		0.8		%	0.6		%


# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references


Commercial Services										(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)
	Q2'23			Q1'23			Q4'22				Q3'22			Q2'22			YOY % change	FY'23			FY'22			YOY % change
Non-interest revenues	$	3,301		$	3,107		$	3,210			$	3,145		$	3,122		6	$	6,408		$	5,841		10
Interest income	792			706			635				552			468			69	1,498			883			70
Interest expense	364			321			288				201			121			#	685			208			#
Net interest income	428			385			347				351			347			23	813			675			20
Total revenues net of interest expense	3,729			3,492			3,557				3,496			3,469			7	7,221			6,516			11
Total provisions for credit losses	339			283			271				196			97			#	622			98			#
Total revenues net of interest expense after provisions for credit losses	3,390			3,209			3,286				3,300			3,372			1	6,599			6,418			3
Total expenses	2,677			2,579			2,739				2,526			2,594			3	5,256			4,859			8
Pretax segment income (loss)	$	713		$	630		$	547			$	774		$	778		(8)	$	1,343		$	1,559		(14)

(Billions, except percentages and where indicated)
Billed business (E)	$	130.2		$	125.0		$	130.5			$	127.6		$	127.9		2	$	255.2		$	241.5		6
Proprietary cards-in-force (millions) (F)	15.4			15.2			14.9				14.6			14.2			8	15.4			14.2			8
Average proprietary basic Card Member spending (dollars)	$	8,490		$	8,283		$	8,816			$	8,848		$	9,146		(7)	$	16,775		$	17,526		(4)

Segment assets	$	54.3		$	53.8		$	51.4			$	51.3		$	49.4		10	$	54.3		$	49.4		10

Card Member loans
Total loans	$	23.8		$	23.1		$	21.4			$	20.7		$	19.4		23	$	23.8		$	19.4		23
Average loans	$	23.5		$	22.1		$	21.2			$	20.1		$	18.8		25	$	22.8		$	17.9		27
Net write-off rate (principal, interest and fees) (J)	1.9		%	1.4		%	1.1		%		0.8		%	0.8		%		1.7		%	0.7		%
Net write-off rate (principal only) (J)	1.6		%	1.2		%	0.9		%		0.7		%	0.6		%		1.4		%	0.6		%
30+ days past due as a % of total	1.2		%	1.1		%	0.9		%		0.7		%	0.6		%		1.2		%	0.6		%

Net interest income divided by average Card Member loans (K)	7.3		%	7.1		%	6.5		%		6.9		%	7.4		%		7.2		%	7.6		%
Net interest yield on average Card Member loans (K)	9.6		%	9.4		%	8.9		%		8.9		%	8.8		%		9.5		%	8.9		%

Card Member receivables
Total receivables	$	27.2		$	27.5		$	26.9			$	27.6		$	27.1		—	$	27.2		$	27.1		—
Net write-off rate (principal and fees) (J)	1.5		%	1.5		%	1.1		%		0.7		%	0.6		%		1.5		%	0.5		%
Net write-off rate (principal only) - small business (J)	2.1		%	2.1		%	1.5		%		0.9		%	0.7		%		2.1		%	0.6		%
30+ days past due as a % of total - small business	1.7		%	1.8		%	1.6		%		1.4		%	0.9		%		1.7		%	0.9		%
90+ days past billing as a % of total - corporate	0.5		%	0.5		%	0.6		%		0.6		%	0.4		%		0.5		%	0.4		%

# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references


International Card Services						(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)


	Q2'23			Q1'23			Q4'22			Q3'22			Q2'22			YOY % change	FY'23			FY'22			YOY % change
Non-interest revenues	$	2,349		$	2,267		$	2,197		$	2,066		$	2,140		10	$	4,616		$	3,999		15
Interest income	497			467			418			364			347			43	964			671			44
Interest expense	261			224			209			178			144			81	485			267			82
Net interest income	236			243			209			186			203			16	479			404			19
Total revenues net of interest expense	2,585			2,510			2,406			2,252			2,343			10	5,095			4,403			16
Total provisions for credit losses	198			181			210			176			116			71	379			198			91
Total revenues net of interest expense after provisions for credit losses	2,387			2,329			2,196			2,076			2,227			7	4,716			4,205			12
Total expenses	2,134			2,140			2,211			1,910			2,044			4	4,274			3,778			13
Pretax segment income	$	253		$	189		$	(15)		$	166		$	183		38	$	442		$	427		4

(Billions, except percentages and where indicated)
Billed business (E)	$	81.8		$	76.9		$	77.1		$	70.2		$	71.0		15	$	158.7		$	134.2		18
Proprietary cards-in-force (millions) (F)	20.7			20.4			20.1			19.8			19.6			6	20.7			19.6			6
Proprietary basic cards-in-force (millions) (F)	15.4			15.2			14.9			14.7			14.4			7	15.4			14.4			7
Average proprietary basic Card Member spending (dollars)	$	5,360		$	5,110		$	5,207		$	4,824		$	4,967		8	$	10,473		$	9,476		11

Segment assets	$	38.2		$	36.3		$	36.9		$	32.9		$	33.7		13	$	38.2		$	33.7		13

Card Member loans - consumer and small business
Total loans	$	15.2		$	14.0		$	13.8		$	12.0		$	12.3		24	$	15.2		$	12.3		24
Average loans	$	14.7		$	13.9		$	13.2		$	12.3		$	12.0		23	$	14.4		$	11.8		22
Net write-off rate (principal, interest and fees) (J)	2.8		%	2.1		%	1.7		%	1.4		%	1.3		%		2.5		%	1.3		%
Net write-off rate (principal only) (J)	2.4		%	1.8		%	1.4		%	1.2		%	1.1		%		2.1		%	1.0		%
30+ days past due as a % of total	1.3		%	1.4		%	1.2		%	1.0		%	0.9		%		1.3		%	0.9		%

Net interest income divided by average Card Member loans (K)	6.4		%	7.0		%	6.3		%	6.0		%	6.7		%		6.7		%	6.9		%
Net interest yield on average Card Member loans (K)	9.0		%	9.2		%	8.4		%	8.0		%	8.6		%		9.1		%	8.7		%

Card Member receivables
Total receivables	$	17.3		$	16.7		$	16.4		$	14.5		$	15.1		15	$	17.3		$	15.1		15
Net write-off rate (principal and fees) (J)	2.3		%	2.1		%	1.7		%	1.4		%	1.1		%		2.2		%	1.0		%
Net write-off rate (principal only) - consumer and small business (J)	2.5		%	2.4		%	1.9		%	1.6		%	1.2		%		2.4		%	1.1		%
30+ days past due as a % of total - consumer and small business	1.2		%	1.3		%	1.3		%	1.2		%	1.0		%		1.2		%	1.0		%
90+ days past billing as a % of total - corporate	0.5		%	0.4		%	0.5		%	0.5		%	0.5		%		0.5		%	0.5		%

See Appendix III for footnote references

Global Merchant and Network Services

(Preliminary)

Selected Income Statement and Statistical Information

(Millions, except percentages)


	Q2'23		Q1'23		Q4'22		Q3'22		Q2'22		YOY % change	FY'23		FY'22		YOY % change
Non-interest revenues	$	1,675	$	1,596	$	1,621	$	1,562	$	1,568	7	$	3,271	$	2,940	11
Interest income	14		14		10		6		5		#	28		7		#
Interest expense	(174)		(131)		(127)		(97)		(61)		#	(305)		(105)		#
Net interest income	188		145		137		103		66		#	333		112		#
Total revenues net of interest expense	1,863		1,741		1,758		1,665		1,634		14	3,604		3,052		18
Total provisions for credit losses	1		6		1		3		2		(50)	7		3		#
Total revenues net of interest expense after provisions for credit losses	1,862		1,735		1,757		1,662		1,632		14	3,597		3,049		18
Total expenses	899		850		1,066		870		830		8	1,749		1,578		11
Pretax segment income	$	963	$	885	$	691	$	792	$	802	20	$	1,848	$	1,471	26

(Billions)
Total network volumes (E)	$	426.6	$	398.9	$	413.3	$	394.4	$	394.8	8	$	825.5	$	745.1	11

Segment assets	$	17.0	$	17.1	$	20.0	$	15.4	$	16.0	6	$	17.0	$	16.0	6

# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references


American Express Company						(Preliminary)
Appendix I
Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)
(Millions, except percentages)



	Q2'23			Q1'23			Q4'22			Q3'22			Q2'22
ROE
Annualized Net income	$	8,696		$	7,264		$	7,514		$	7,516		$	7,856
Average shareholders' equity	$	26,347		$	25,352		$	23,289		$	23,587		$	22,809
Return on average equity (C)	33.0		%	28.7		%	32.3		%	31.9		%	34.4		%

Reconciliation of ROCE
Annualized Net income	$	8,696		$	7,264		$	7,514		$	7,516		$	7,856
Preferred share dividends and equity related adjustments	58			57			57			58			58
Earnings allocated to participating share awards and other	69			55			57			57			60
Net income attributable to common shareholders	$	8,569		$	7,152		$	7,400		$	7,401		$	7,738

Average shareholders' equity	$	26,347		$	25,352		$	23,289		$	23,587		$	22,809
Average preferred shares	1,584			1,584			1,584			1,584			1,584
Average common shareholders' equity	$	24,763		$	23,768		$	21,705		$	22,003		$	21,225
Return on average common equity (C)	34.6		%	30.1		%	34.1		%	33.6		%	36.5		%

See Appendix III for footnote references


American Express Company						(Preliminary)
Appendix II
Net Interest Yield on Average Card Member Loans
(Millions, except percentages and where indicated)


	Q2'23			Q1'23			Q4'22			Q3'22			Q2'22			FY'23			FY'22
Consolidated
Net interest income	$	3,105		$	2,983		$	2,758		$	2,578		$	2,360		$6,088			$4,559
Exclude:
Interest expense not attributable to our Card Member loan portfolio (M)	728			624			525			374			211			1,352			369
Interest income not attributable to our Card Member loan portfolio (N)	(703)			(602)			(451)			(300)			(167)			(1,305)			(272)
Adjusted net interest income (K)	$3,130			$3,005			$2,832			$2,652			$2,404			$6,135			$4,656
Average Card Member loans (billions)	$	112.4		$	107.7		$	103.9		$	97.7		$	92.4		$	110.2		$	89.7
Net interest income divided by average Card Member loans (K)	11.1		%	11.2		%	10.5		%	10.5		%	10.2		%	11.1		%	10.2		%
Net interest yield on average Card Member loans (K)	11.2		%	11.3		%	10.8		%	10.8		%	10.4		%	11.2		%	10.5		%

U.S. Consumer Services
Net interest income	$	2,287		$	2,224		$	2,107		$	1,977		$	1,757		$	4,511		$	3,390
Exclude:
Interest expense not attributable to our Card Member loan portfolio (M)	44			36			45			34			26			80			60
Interest income not attributable to our Card Member loan portfolio (N)	(91)			(82)			(73)			(61)			(52)			(173)			(94)
Adjusted net interest income (K)	$	2,240		$	2,178		$	2,079		$	1,950		$	1,731		$	4,418		$	3,356
Average Card Member loans (billions)	$	74.2		$	71.6		$	69.4		$	65.3		$	61.6		$	73.1		$	59.9
Net interest income divided by average Card Member loans (K)	12.4		%	12.6		%	12.0		%	12.0		%	11.4		%	12.4		%	11.4		%
Net interest yield on average Card Member loans (K)	12.1		%	12.3		%	11.9		%	11.9		%	11.3		%	12.2		%	11.3		%

Commercial Services
Net interest income	$	428		$	385		$	347		$	351		$	347		$	813		$	675
Exclude:
Interest expense not attributable to our Card Member loan portfolio (M)	178			162			158			124			85			340			148
Interest income not attributable to our Card Member loan portfolio (N)	(46)			(38)			(32)			(24)			(18)			(84)			(34)
Adjusted net interest income (K)	$	560		$	509		$	473		$	451		$	414		$	1,069		$	789
Average Card Member loans (billions)	$	23.5		$	22.1		$	21.2		$	20.1		$	18.8		$	22.8		$	17.9
Net interest income divided by average Card Member loans (K)	7.3		%	7.1		%	6.5		%	6.9		%	7.4		%	7.2		%	7.6		%
Net interest yield on average Card Member loans (K)	9.6		%	9.4		%	8.9		%	8.9		%	8.8		%	9.5		%	8.9		%

International Card Services
Net interest income	$	236		$	243		$	209		$	186		$	203		$	479		$	404
Exclude:
Interest expense not attributable to our Card Member loan portfolio (M)	110			88			82			72			61			198			115
Interest income not attributable to our Card Member loan portfolio (N)	(16)			(13)			(11)			(7)			(5)			(29)			(8)
Adjusted net interest income (K)	$	330		$	318		$	280		$	251		$	259		$	648		$	511
Average Card Member loans (billions)	$	14.7		$	14.0		$	13.3		$	12.4		$	12.1		$	14.4		$	11.8
Net interest income divided by average Card Member loans (K)	6.4		%	7.0		%	6.3		%	6.0		%	6.7		%	6.7		%	6.9		%
Net interest yield on average Card Member loans (K)	9.0		%	9.2		%	8.4		%	8.0		%	8.6		%	9.1		%	8.7		%

See Appendix III for footnote references

Appendix III

(Preliminary)


All Information in the preceding tables is presented on a basis prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), unless otherwise indicated. Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
(A)						Represents net income, less (i) earnings allocated to participating share awards of $17 million, $14 million, $12 million, $14 million and $15 million in Q2'23, Q1'23, Q4'22, Q3'22 and Q2'22, respectively; and (ii) dividends on preferred shares of $15 million, $14 million, $14 million, $14 million and $15 million in Q2'23, Q1'23, Q4'22, Q3'22 and Q2'22, respectively.
(B)						Within assets, "other" includes the following items as presented in our Consolidated Balance Sheets: Other loans, less reserves for credit losses (including merchant financing loans), Premises and equipment and Other assets (including Other receivables); and within liabilities, "other" includes the following items: Accounts payable and Other liabilities.
(C)						Return on Average Equity (ROE) is calculated by dividing annualized net income for the period by average shareholders' equity for the period. Return on Average Common Equity (ROCE) is calculated by dividing annualized net income attributable to common shareholders for the period by average common shareholders' equity for the period.
(D)						Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(E)						Network volumes represent our total volumes. Billed business represents transaction volumes from payment products issued by American Express. Processed volumes represent transaction volumes from cards issued by network partners and those associated with alternative payment solutions.
(F)						Cards-in-force represent the number of cards that are issued and outstanding by American Express (proprietary cards-in-force) and cards issued and outstanding under network partnership agreements with banks and other institutions. Basic cards-in-force excludes supplemental cards issued on consumer accounts. Cards-in-force is useful in understanding the size of our Card Member base.
(G)						Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(H)						FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of conversion into U.S. dollars (e.g., 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).
(I)						Other includes foreign currency impact on balance sheet re-measurement and translation.
(J)						Our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses and we therefore present a net write-off rate including principal, interest and/or fees. We also present a net write-off rate based on principal losses only to be consistent with industry convention.
(K)						Net interest income divided by average Card Member loans, computed on an annualized basis, includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on average Card Member loans. Net interest yield on average Card Member loans, a non-GAAP measure, is computed by dividing adjusted net interest income (also a non-GAAP measure) by average Card Member loans, computed on an annualized basis. Adjusted net interest income represents net interest income attributable to our Card Member loans (which includes, on a GAAP basis, interest that is deemed uncollectible), excluding the impact of interest expense and interest income not attributable to our Card Member loans. Reserves and net write-offs related to uncollectible interest are recorded through provisions for credit losses, and thus not included in the net interest yield calculation. We believe that net interest yield on average Card Member loans is useful to investors because it provides a measure of profitability of our Card Member loan portfolio. See Appendix II for calculations of net interest income divided by average Card Member loans and net interest yield on average Card Member loans.
(L)						Net write-off rate for principal losses only and 30+ days past due metrics represent consumer and small business, and are not available for corporate due to system constraints.
(M)						Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(N)						Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.

American Express (AXP) 8-KResults of Operations and Financial Condition