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Exhibit 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q1'22Q4'21Q3'21Q2'21Q1'21YOY % change
Non-interest revenues
Discount revenue (A)$6,835 $7,149 $6,369 $6,044 $5,001 37 
Net card fees (B)1,423 1,344 1,312 1,286 1,253 14 
Service fees and other revenue (C)906 1,134 839 705 638 42 
Processed revenue (D)372 410 414 390 342 9 
Total non-interest revenues9,536 10,037 8,934 8,425 7,234 32 
Interest income
Interest on loans2,473 2,356 2,256 2,094 2,144 15 
Interest and dividends on investment securities13 17 18 24 24 (46)
Deposits with banks and other34 27 27 22 24 42 
Total interest income2,520 2,400 2,301 2,140 2,192 15 
Interest expense
Deposits122 102 109 113 134 (9)
Long-term debt and other199 190 198 209 228 (13)
Total interest expense321 292 307 322 362 (11)
Net interest income2,199 2,108 1,994 1,818 1,830 20 
Total revenues net of interest expense11,735 12,145 10,928 10,243 9,064 29 
Provisions for credit losses
Card Member receivables80 74 (12)(125)(10)#
Card Member loans(111)(9)(177)(396)(573)81 
Other(2)(12)(2)(85)(92)98 
Total provisions for credit losses(33)53 (191)(606)(675)95 
Total revenues net of interest expense after provisions for credit losses11,768 12,092 11,119 10,849 9,739 21 
Expenses
Card Member rewards3,111 3,032 3,020 2,712 2,243 39 
Business development1,043 1,128 943 889 802 30 
Card Member services626 665 579 432 317 97 
Marketing (B)1,224 1,585 1,412 1,330 964 27 
Salaries and employee benefits1,654 1,654 1,497 1,539 1,550 7 
Professional services472 607 490 458 403 17 
Data processing and equipment600 659 613 577 582 3 
Other, net326 456 115 (28)(115)#
Total expenses9,056 9,786 8,669 7,909 6,746 34 
Pretax income2,712 2,306 2,450 2,940 2,993 (9)
Income tax provision613 587 624 660 758 (19)
Net income$2,099 $1,719 $1,826 $2,280 $2,235 (6)
Net income attributable to common shareholders (E)$2,069 $1,679 $1,783 $2,249 $2,206 (6)
Effective tax rate22.6 %25.5 %25.5 %22.4 %25.3 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$2.73 $2.19 $2.27 $2.81 $2.74 — 
Average common shares outstanding757 768 786 801 804 (6)
Diluted
Net income attributable to common shareholders $2.73 $2.18 $2.27 $2.80 $2.74 — 
Average common shares outstanding758 769 787 802 805 (6)
Cash dividends declared per common share $0.52 $0.43 $0.43 $0.43 $0.43 21 
# - Denotes a variance of 100 percent or more.

See Appendix VI for footnote references
1

American Express Company(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Billions, except percentages, per share amounts and where indicated)
 Q1'22Q4'21Q3'21Q2'21Q1'21YOY % change
Assets      
Cash & cash equivalents$28 $22 $28 $31 $40 (30)
Card Member receivables, less reserves53 54 49 48 42 26 
Card Member loans, less reserves86 85 74 72 66 30 
Investment securities4 3 10 12 21 (81)
Other (F)25 25 23 24 24 4 
Total assets$196 $189 $184 $187 $193 2 
Liabilities and Shareholders' Equity      
Customer deposits$91 $84 $84 $85 $89 2 
Short-term borrowings2 2 2 2 2 — 
Long-term debt38 39 34 37 42 (10)
Other (F)43 42 40 37 36 19 
Total liabilities174 167 160 161 169 3 
Shareholders' Equity22 22 24 26 24 (8)
Total liabilities and shareholders' equity$196 $189 $184 $187 $193 2 
Return on average equity (G)37.7 %33.7 %29.2 %36.5 %37.7 %
Return on average common equity (G)40.0 %35.8 %31.0 %38.4 %39.9 %
Book value per common share (dollars)$27.56 $27.05 $28.39 $30.02 $28.46 (3)

See Appendix VI for footnote references
2

American Express Company(Preliminary)
Consolidated Capital
 
 Q1'22Q4'21Q3'21Q2'21Q1'21
Shares Outstanding (in millions) 
Beginning of period761 778 798 803 805 
Repurchase of common shares(8)(17)(20)(6)(3)
Net impact of employee benefit plans and others2 — — 1.0 1 
End of period755 761 778 798 803 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)10.4 %10.5 %12.6 %14.2 %14.8 %
Tier 111.4 %11.5 %14.2 %15.3 %16.0 %
Total12.8 %12.9 %15.7 %16.8 %17.5 %
Common Equity Tier 1$17.6 $17.6 $19.1 $21.0 $20.0 
Tier 1 Capital$19.3 $19.2 $21.4 $22.6 $21.6 
Tier 2 Capital$2.4 $2.3 $2.2 $2.2 $2.1 
Total Capital$21.6 $21.5 $23.7 $24.8 $23.6 
RWA$169.4 $166.5 $150.7 $147.5 $135.1 
Tier 1 Leverage10.4 %10.5 %11.8 %12.2 %11.4 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (H)$185.3 $183.5 $182.1 $185.6 $189.3 

See Appendix VI for footnote references
3

American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Billions, except percentages and where indicated) 
 Q1'22Q4'21Q3'21Q2'21Q1'21YOY % change
Network volumes (I)
U.S. $244.5 $256.2 $232.0 $222.6 $186.2 31 
Outside the U.S.105.8 111.9 98.7 93.5 83.1 27 
Total$350.3 $368.1 $330.7 $316.1 $269.3 30 
Billed business (I)$301.0 $316.2 $280.4 $267.8 $225.4 34 
Processed volumes (I)49.3 51.9 50.3 48.3 43.9 12 
Total$350.3 $368.1 $330.7 $316.1 $269.3 30 
Cards-in-force (millions) (J)
U.S. 57.7 56.4 56.0 54.8 54.1 7 
Outside the U.S. 66.9 65.3 63.2 60.2 58.8 14 
Total124.6 121.7 119.2 115.0 112.9 10 
Proprietary72.8 71.4 70.6 69.6 69.0 6 
Basic cards-in-force (millions) (J)
U.S.45.4 44.3 44.0 43.0 42.4 7 
Outside the U.S.57.9 56.4 54.3 51.2 49.8 16 
Total103.3 100.7 98.3 94.2 92.2 12 
Average proprietary basic Card Member spending (dollars)
U.S.$5,965 $6,351 $5,771 $5,607 $4,723 26 
Outside the U.S.$4,165 $4,502 $3,893 $3,686 $3,170 31 
Average$5,452 $5,822 $5,231 $5,051 $4,270 28 
Card Member loans
U.S.$77.2 $76.9 $67.5 $66.2 $61.6 25 
Outside the U.S.11.6 11.7 9.5 9.4 8.5 36 
Total$88.8 $88.6 $77.0 $75.6 $70.1 27 
Average discount rate (K)2.32 %2.30 %2.32 %2.30 %2.26 %
Average fee per card (dollars) (L)$79 $76 $75 $74 $73 8 

See Appendix VI for footnote references
4

American Express Company(Preliminary)
Selected Credit Related Statistical Information
(Billions, except percentages and where indicated)
 Q1'22Q4'21Q3'21Q2'21Q1'21YOY % change
Worldwide Card Member loans      
U.S.$77.2 $76.9 $67.5 $66.2 $61.6 25 
Outside the U.S.$11.6 $11.7 $9.5 $9.4 $8.5 36 
Total loans$88.8 $88.6 $77.0 $75.6 $70.1 27 
Credit loss reserves (millions)
Beginning balance$3,305 $3,489 $3,835 $4,467 $5,344 (38)
Provisions - principal, interest and fees(111)(9)(177)(396)(573)81 
Net write-offs - principal less recoveries(165)(128)(118)(185)(241)(32)
Net write-offs - interest and fees less recoveries(50)(43)(43)(58)(63)(21)
Other (M)2 (4)(8)7 — — 
Ending balance $2,981 $3,305 $3,489 $3,835 $4,467 (33)
% of loans3.4 %3.7 %4.5 %5.1 %6.4 %
% of past due 455 %555 %666 %782 %723 %
Average loans$86.8 $82.9 $76.4 $72.8 $70.7 23 
Net write-off rate (principal only) (N)0.8 %0.6 %0.6 %1.0 %1.4 %
Net write-off rate (principal, interest and fees) (N)1.0 %0.8 %0.8 %1.3 %1.7 %
30+ days past due as a % of total (O)0.7 %0.7 %0.7 %0.6 %0.9 %
Net interest income divided by average Card Member loans (P)10.1 %10.2 %10.4 %10.0 %10.4 %
Net interest yield on average Card Member loans (P)10.5 %10.3 %10.8 %10.6 %11.3 %
Worldwide Card Member receivables      
U.S.$38.2 $38.4 $34.8 $33.9 $30.1 27 
Outside the U.S.$15.0 $15.2 $14.0 $13.7 $11.9 26 
Total receivables$53.2 $53.6 $48.8 $47.6 $42.0 27 
Credit loss reserves (millions)
Beginning balance$64 $30 $73 $202 $267 (76)
Provisions - principal and fees80 74 (12)(125)(10)#
Net write-offs - principal and fees less recoveries (Q)(67)(40)(32)(4)(53)26 
Other (M)(1)— 1 — (2)(50)
Ending balance$76 $64 $30 $73 $202 (62)
% of receivables0.1 %0.1 %0.1 %0.2 %0.5 %
Net write-off rate (principal and fees) (N)(Q)0.5 %0.3 %0.3 %— %0.5 %
Net write-off rate, excluding Global Corporate Payments (GCP) (principal and fees) (N)(R)0.6 %0.4 %0.3 %0.3 %0.6 %
Net write-off rate, excluding GCP (principal only) (N)(R)0.6 %0.3 %0.2 %0.3 %0.5 %
30+ days past due as a % of total, excluding GCP (O)(R)0.8 %0.6 %0.5 %0.5 %0.6 %
Other loans (F)
Total other loans$3.3 $2.9 $2.4 $2.2 $2.3 43 
Credit loss reserves (millions)
Beginning balance$52 $66 $72 $143 $238 (78)
Provisions(2)(12)(5)(65)(82)98 
Net write-offs(2)(2)— (5)(14)(86)
Other (M)— — (1)(1)1 #
Ending balance$48 $52 $66 $72 $143 (66)
% of other loans1.5 %1.8 %2.8 %3.3 %6.2 %
Other receivables (F)
Total other receivables$2.7 $2.7 $2.7 $2.9 $2.4 13 
Credit loss reserves (millions)
Beginning balance$25 $33 $39 $67 $85 (71)
Provisions— — 3 (20)(10)#
Net write-offs(3)(8)(9)(8)(8)(63)
Ending balance$22 $25 $33 $39 $67 (67)
% of other receivables0.8 %0.9 %1.2 %1.3 %2.8 %
# - Denotes a variance of 100 percent or more.

See Appendix VI for footnote references
5

American Express Company(Preliminary)
Selected Income Statement Information by Segment 
(Millions)   
Global Consumer Services Group
(GCSG) (S)		Global Commercial Services
(GCS)		Global Merchant and Network Services
(GMNS) (S)		Corporate and OtherConsolidated
Q1'22     
Non-interest revenues$5,049 $3,180 $1,356 $(49)$9,536 
Interest income2,040 436 2 42 2,520 
Interest expense192 122 (44)51 321 
Total revenues net of interest expense6,897 3,494 1,402 (58)11,735 
Total provisions for credit losses(55)21 — 1 (33)
Total revenues net of interest expense after provisions for credit losses6,952 3,473 1,402 (59)11,768 
Total expenses5,217 2,669 715 455 9,056 
Pretax income (loss)1,735 804 687 (514)2,712 
Q1'21
Non-interest revenues$3,809 $2,442 $1,061 $(78)$7,234 
Interest income1,808 336 4 44 2,192 
Interest expense188 116 (17)75 362 
Total revenues net of interest expense5,429 2,662 1,082 (109)9,064 
Total provisions for credit losses(503)(161)(10)(1)(675)
Total revenues net of interest expense after provisions for credit losses5,932 2,823 1,092 (108)9,739 
Total expenses3,787 2,148 707 104 6,746 
Pretax income (loss)2,145 675 385 (212)2,993 
YOY % change
Non-interest revenues33 30 28 37 32 
Interest income13 30 (50)(5)15 
Interest expense2 5 #(32)(11)
Total revenues net of interest expense27 31 30 47 29 
Total provisions for credit losses89 ###95 
Total revenues net of interest expense after provisions for credit losses17 23 28 45 21 
Total expenses38 24 1 #34 
Pretax income (loss)(19)19 78 #(9)
# - Denotes a variance of 100 percent or more.

See Appendix VI for footnote references
6

American Express Company(Preliminary)
Network Volumes Related Growth 
 YOY % change
 ReportedFX-Adjusted (T)
 Q1'22Q4'21Q3'21Q2'21Q1'21Q1'22Q4'21Q3'21Q2'21Q1'21
Worldwide          
Network volumes (I)30%29%29%50%(6)%32%30%29%46%(8)%
Total billed business (I)34323153(7)35333151(9)
Consumer billed business37343462(4)39353458(6)
Commercial billed business30292845(10)32302843(12)
Processed volumes (I)12132033315151826(1)
U.S.          
Network volumes (I)31313353(4)n/an/an/an/an/a
Total billed business (I)33333253(5)n/an/an/an/an/a
Consumer billed business38373763(2)n/an/an/an/an/a
Commercial billed business30292844(8)n/an/an/an/an/a
Outside the U.S.          
Network volumes (I)27232242(10)33262032(15)
Total billed business (I)34292855(14)41322543(20)
Consumer billed business36282759(10)43322446(17)
Commercial billed business32302849(20)39342738(26)
Asia Pacific, Australia & New Zealand network volumes13121028—19161020(7)
Latin America, Canada & Caribbean network volumes39363955(19)40383545(18)
Europe, the Middle East & Africa network volumes50383666(21)57403151(27)
Merchant Industry Metrics
Worldwide billed business (I)
Goods & Services (G&S)-related (77% of Q1'22 worldwide billed business)191918348211918316
T&E-related (23% of Q1'22 worldwide billed business)119130126347(49)121132124340(50)
Airline-related (5% of Q1'22 worldwide billed business)241271429#(72)246274426#(73)
U.S. billed business (I)
G&S-related (77% of Q1'22 U.S. billed business)202019337n/an/an/an/an/a
T&E-related (23% of Q1'22 U.S. billed business)110134141350(43)n/an/an/an/an/a
Airline-related (5% of Q1'22 U.S. billed business)217264421#(67)n/an/an/an/an/a
# - Denotes a variance of 1,000 percent or more.

See Appendix VI for footnote references
7

Global Consumer Services Group(Preliminary)
Selected Income Statement and Statistical Information (S)
(Millions, except percentages)
 Q1'22Q4'21Q3'21Q2'21Q1'21YOY % change
Non-interest revenues$5,049 $5,181 $4,704 $4,466 $3,809 33 
Interest income2,040 1,955 1,879 1,749 1,808 13 
Interest expense192 181 174 174 188 2 
Net interest income1,848 1,774 1,705 1,575 1,620 14 
Total revenues net of interest expense6,897 6,955 6,409 6,041 5,429 27 
Total provisions for credit losses(55)27 (126)(343)(503)89 
Total revenues net of interest expense after provisions for credit losses6,952 6,928 6,535 6,384 5,932 17 
Total expenses5,217 5,619 5,043 4,500 3,787 38 
Pretax segment income$1,735 $1,309 $1,492 $1,884 $2,145 (19)
(Billions, except percentages and where indicated)
Billed business (I)
U.S.$122.7 $129.5 $114.9 $110.8 $89.0 38 
Outside the U.S.$41.1 $44.6 $38.2 $35.8 $30.3 36 
Total$163.8 $174.1 $153.1 $146.6 $119.3 37 
Proprietary cards-in-force (millions) (J)
U.S.39.8 39.0 38.7 38.1 37.8 5 
Outside the U.S.17.2 17.0 16.8 16.7 16.7 3 
Total57.0 56.0 55.5 54.8 54.5 5 
Proprietary basic cards-in-force (millions) (J)
U.S.27.9 27.3 27.2 26.9 26.7 4 
Outside the U.S.12.1 11.9 11.7 11.6 11.6 4 
Total40.0 39.2 38.9 38.5 38.3 4 
Average proprietary basic Card Member spending (dollars)
U.S$4,444 $4,755 $4,255 $4,138 $3,336 33 
Outside the U.S.$3,434 $3,770 $3,278 $3,087 $2,616 31 
Average$4,138 $4,457 $3,960 $3,821 $3,118 33 
Segment assets$101.0 $102.1 $91.8 $89.7 $81.9 23 
Card Member loans
Total loans
U.S.$59.1 $59.8 $52.6 $51.8 $48.3 22 
Outside the U.S.$10.4 $10.7 $9.0 $8.8 $8.0 30 
Total$69.5 $70.5 $61.6 $60.6 $56.3 23 
Average loans
U.S.$58.1 $56.1 $52.3 $49.9 $49.0 19 
Outside the U.S.$10.4 $10.0 $8.9 $8.4 $8.3 25 
Total$68.5 $66.1 $61.2 $58.3 $57.3 20 
Lending Credit Metrics
U.S.      
Net write-off rate (principal only) (N)0.8 %0.6 %0.5 %0.9 %1.3 %
Net write-off rate (principal, interest and fees) (N)1.0 %0.8 %0.8 %1.2 %1.6 %
30+ days past due as a % of total (O)0.8 %0.7 %0.7 %0.6 %0.9 %
Outside the U.S.
Net write-off rate (principal only) (N)1.0 %0.9 %1.3 %2.2 %2.5 %
Net write-off rate (principal, interest and fees) (N)1.3 %1.2 %1.7 %2.9 %3.2 %
30+ days past due as a % of total (O)0.9 %0.8 %1.0 %1.1 %1.6 %
Total
Net write-off rate (principal only) (N)0.8 %0.6 %0.7 %1.1 %1.4 %
Net write-off rate (principal, interest and fees) (N)1.1 %0.9 %0.9 %1.5 %1.8 %
30+ days past due as a % of total (O)0.8 %0.7 %0.7 %0.7 %1.0 %
Net interest income divided by average Card Member loans (P)10.8 %10.7 %11.1 %10.8 %11.3 %
Net interest yield on average Card Member loans (P)
U.S.11.3 %11.2 %11.6 %11.4 %12.1 %
Outside the U.S.9.3 %8.0 %9.3 %9.9 %10.9 %
Total11.0 %10.7 %11.3 %11.1 %11.9 %
Card Member receivables
U.S.$13.4 $14.7 $12.6 $12.9 $11.2 20 
Outside the U.S.$7.2 $7.7 $6.9 $7.0 $6.0 20 
Total receivables$20.6 $22.4 $19.5 $19.9 $17.2 20 
Charge Credit Metrics      
U.S.      
Net write-off rate (principal only) (N)0.2 %0.2 %— %— %— %
Net write-off rate (principal and fees) (N)0.3 %0.2 %0.1 %— %0.1 %
30+ days past due as a % of total (O)0.6 %0.4 %0.4 %0.3 %0.4 %
Outside the U.S.
Net write-off rate (principal only) (N)0.9 %0.5 %0.6 %1.0 %1.3 %
Net write-off rate (principal and fees) (N)0.9 %0.6 %0.7 %1.1 %1.4 %
30+ days past due as a % of total (O)1.0 %0.7 %0.7 %0.7 %0.9 %
Total
Net write-off rate (principal only) (N)0.5 %0.3 %0.2 %0.3 %0.5 %
Net write-off rate (principal and fees) (N)0.5 %0.3 %0.3 %0.4 %0.6 %
30+ days past due as a % of total (O)0.7 %0.5 %0.5 %0.4 %0.6 %

See Appendix VI for footnote references
8

Global Commercial Services
(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)
 Q1'22Q4'21Q3'21Q2'21Q1'21YOY % change
Non-interest revenues$3,180 $3,257 $2,975 $2,811 $2,442 30 
Interest income436 401 378 345 336 30 
Interest expense122 111 111 111 116 5 
Net interest income314 290 267 234 220 43 
Total revenues net of interest expense3,494 3,547 3,242 3,045 2,662 31 
Total provisions for credit losses (Q)21 25 (66)(236)(161)#
Total revenues net of interest expense after provisions for credit losses3,473 3,522 3,308 3,281 2,823 23 
Total expenses2,669 2,822 2,594 2,446 2,148 24 
Pretax segment income (loss)$804 $700 $714 $835 $675 19 
(Billions, except percentages and where indicated)
Billed business (I)$135.7 $140.9 $126.1 $119.9 $104.0 30 
Proprietary cards-in-force (millions) (J)15.8 15.4 15.1 14.8 14.5 9 
Average Card Member spending (dollars)$8,682 $9,235 $8,447 $8,180 $7,159 21 
Segment assets$55.6 $52.9 $48.2 $46.4 $42.4 31 
Card Member loans
Total loans$19.4 $18.1 $15.4 $15.0 $13.8 41 
Total loans - Global Small Business Services (GSBS)$19.3 $18.0 $15.3 $15.0 $13.8 40 
30+ days past due as a % of total - GSBS (O)0.6 %0.5 %0.5 %0.4 %0.6 %
Average loans - GSBS$18.2 $16.7 $15.2 $14.4 $13.4 36 
Net write-off rate (principal only) - GSBS (N)0.6 %0.5 %0.5 %0.6 %1.0 %
Net write-off rate (principal, interest and fees) - GSBS (N)0.7 %0.6 %0.6 %0.7 %1.2 %
Net interest income divided by average Card Member loans (P)6.9 %6.9 %7.0 %6.5 %6.5 %
Net interest yield on average Card Member loans (P)8.6 %8.5 %8.8 %8.3 %8.7 %
Card Member receivables
Total receivables$32.5 $31.3 $29.3 $27.7 $24.8 31 
Net write-off rate (principal and fees) (N)(Q)0.5 %0.3 %0.2 %(0.2)%0.5 %
Total receivables - GCP (R)$14.5 $13.3 $12.5 $11.7 $10.5 38 
90+ days past billing as a % of total - GCP (O)(R)0.3 %0.3 %0.3 %0.3 %0.4 %
Net write-off rate (principal and fees) - GCP (N)(Q)(R)0.2 %0.2 %0.2 %(0.9)%0.4 %
Total receivables - GSBS$18.0 $18.0 $16.8 $15.9 $14.3 26 
30+ days past due as a % of total - GSBS (O)0.9 %0.7 %0.6 %0.5 %0.6 %
Net write-off rate (principal only) - GSBS (N)0.7 %0.3 %0.2 %0.2 %0.5 %
Net write-off rate (principal and fees) - GSBS (N)0.8 %0.4 %0.3 %0.3 %0.5 %
# - Denotes a variance of 100 percent or more.

See Appendix VI for footnote references
9

Global Merchant and Network Services(Preliminary)
Selected Income Statement and Statistical Information (S)             
(Millions, except percentages)                 
 Q1'22Q4'21Q3'21Q2'21Q1'21YOY % change
Non-interest revenues$1,356 $1,416 $1,278 $1,204 $1,061 28 
Interest income2 4 4 4 4 (50)
Interest expense(44)(31)(24)(20)(17)#
Net interest income46 35 28 24 21 #
Total revenues net of interest expense1,402 1,451 1,306 1,228 1,082 30 
Total provisions for credit losses— — — (27)(10)#
Total revenues net of interest expense after provisions for credit losses1,402 1,451 1,306 1,255 1,092 28 
Total expenses715 946 779 728 707 1 
Pretax segment income$687 $505 $527 $527 $385 78 
(Billions)      
Segment assets$16.1 $15.2 $14.2 $14.2 $13.6 18 
# - Denotes a variance of 100 percent or more.

See Appendix VI for footnote references
10

American Express Company(Preliminary)
Appendix I 
Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)
(Millions, except percentages) 
 
Q1'22Q4'21Q3'21Q2'21Q1'21
ROE     
Annualized Net income$8,396 $8,060 $7,304 $9,120 $8,940 
Average shareholders' equity$22,280 $23,910 $24,982 $24,994 $23,716 
Return on average equity (G)37.7 %33.7 %29.2 %36.5 %37.7 %
Reconciliation of ROCE     
Annualized Net income$8,396 $8,060 $7,304 $9,120 $8,940 
Preferred share dividends and equity related adjustments (U)57 87 118 57 58 
Earnings allocated to participating share awards and other64 56 54 65 58 
Net income attributable to common shareholders (U)$8,275 $7,917 $7,132 $8,998 $8,824 
Average shareholders' equity$22,280 $23,910 $24,982 $24,994 $23,716 
Average preferred shares (U)1,584 1,820 1,955 1,584 1,584 
Average common shareholders' equity$20,696 $22,090 $23,027 $23,410 $22,132 
Return on average common equity (G)40.0 %35.8 %31.0 %38.4 %39.9 %

See Appendix VI for footnote references
11

American Express Company(Preliminary)
Appendix II  
Net Interest Yield on Average Card Member Loans 
(Millions, except percentages and where indicated) 
 Q1'22Q4'21Q3'21Q2'21Q1'21
Consolidated     
Net interest income$2,199 $2,108 $1,994 $1,818 $1,830 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (V)158 135 172 195 236 
Interest income not attributable to our Card Member loan portfolio (W)(105)(98)(92)(93)(96)
Adjusted net interest income (X)$2,252 $2,145 $2,074 $1,920 $1,970 
Average Card Member loans (billions)$86.8 $82.9 $76.4 $72.8 $70.7 
Net interest income divided by average Card Member loans (Y)10.1 %10.2 %10.4 %10.0 %10.4 %
Net interest yield on average Card Member loans (Z)10.5 %10.3 %10.8 %10.6 %11.3 %
Global Consumer Services Group (S)     
U.S.     
Net interest income$1,633 $1,596 $1,524 $1,392 $1,421 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (V)34 23 31 44 60 
Interest income not attributable to our Card Member loan portfolio (W)(42)(36)(27)(22)(25)
Adjusted net interest income (X)$1,625 $1,583 $1,528 $1,414 $1,456 
Average Card Member loans (billions)$58.1 $56.1 $52.3 $49.9 $49.0 
Net interest income divided by average Card Member loans (Y)11.2 %11.4 %11.7 %11.2 %11.6 %
Net interest yield on average Card Member loans (Z)11.3 %11.2 %11.6 %11.4 %12.1 %
Outside the U.S.     
Net interest income$215 $178 $181 $183 $199 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (V)26 27 29 26 26 
Interest income not attributable to our Card Member loan portfolio (W)(3)(2)(2)(2)(2)
Adjusted net interest income (X)$238 $203 $208 $207 $223 
Average Card Member loans (billions)$10.4 $10.0 $8.9 $8.4 $8.3 
Net interest income divided by average Card Member loans (Y)8.3 %7.1 %8.1 %8.7 %9.6 %
Net interest yield on average Card Member loans (Z)9.3 %8.0 %9.3 %9.9 %10.9 %
Total     
Net interest income$1,848 $1,774 $1,705 $1,575 $1,620 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (V)59 50 60 70 86 
Interest income not attributable to our Card Member loan portfolio (W)(44)(38)(29)(24)(27)
Adjusted net interest income (X)$1,863 $1,786 $1,736 $1,621 $1,679 
Average Card Member loans (billions)$68.5 $66.1 $61.2 $58.3 $57.3 
Net interest income divided by average Card Member loans (Y)10.8 %10.7 %11.1 %10.8 %11.3 %
Net interest yield on average Card Member loans (Z)11.0 %10.7 %11.3 %11.1 %11.9 %
Global Commercial Services     
Net interest income$314 $290 $267 $234 $220 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (V)91 86 88 87 93 
Interest income not attributable to our Card Member loan portfolio (W)(16)(17)(17)(22)(22)
Adjusted net interest income (X)$389 $359 $338 $299 $291 
Average Card Member loans (billions)$18.3 $16.8 $15.2 $14.5 $13.5 
Net interest income divided by average Card Member loans (Y)6.9 %6.9 %7.0 %6.5 %6.5 %
Net interest yield on average Card Member loans (Z)8.6 %8.5 %8.8 %8.3 %8.7 %

See Appendix VI for footnote references
12

American Express Company(Preliminary)
Appendix III
Card Member Receivables Net Write-offs Components
(Billions, except percentages and where indicated)

Q1'22Q4'21Q3'21Q2'21Q1'21YOY % change
Worldwide Card Member receivables
Net write-offs (millions)
Net write-offs (principal and fees) (N)$67 $40 $32 $4 $53 26 
Less: Net write-offs (principal and fees) - GCP (N)(Q)(R)8 6 6 (24)10 (20)
Net write-offs (principal and fees) - GCSG and GSBS (N)$59 $34 $26 $28 $43 37 
Less: Net write-offs (fees only) - GCSG and GSBS (N)6 4 3 5 7 (14)
Net write-offs (principal only) - GCSG and GSBS (N)$53 $30 $23 $23 $36 47 
Average Card Member receivables
Global Consumer Services Group (GCSG)$20.5 $21.0 $19.8 $18.6 $17.1 20 
Global Small Business Services (GSBS)17.3 17.5 16.5 15.2 14.0 24 
Average receivables (GCSG and GSBS)$37.8 $38.5 $36.3 $33.8 $31.1 22 
GCP (R)13.2 13.2 12.0 11.1 10.7 23 
Total average receivables$51.0 $51.7 $48.3 $44.9 $41.8 22 
Net write-off rate (principal and fees) (N)0.5 %0.3 %0.3 %— %0.5 %
Net write-off rate (principal and fees) - GCSG and GSBS (N)0.6 %0.4 %0.3 %0.3 %0.6 %
Net write-off rate (principal only) - GCSG and GSBS (N)0.6 %0.3 %0.2 %0.3 %0.5 %
# - Denotes a variance of 100 percent or more.



See Appendix VI for footnote references
13


American Express Company(Preliminary)
Appendix IV
(Non Interest Revenues, Marketing and business development and Segment Non-interest revenues)
(Millions, except where indicated)

Effective for the first quarter of 2022, we made the following changes:
• Processed revenue represents revenues earned from processed volumes, previously reported in Discount revenue, Other fees and commissions and Other revenue.
• Service fees and other revenue combines the remaining balances from Other fees and commissions and Other revenue.
• Updated the methodology used for allocating certain revenues across reportable operating segments.
• Disaggregated Marketing and business development expense into Business Development expense and Marketing expense.
Q4'21Q3'21Q2'21Q1'21Q4'20Q3'20Q2'20Q1'20Q4'19Q3'19Q2'19Q1'19FY 2021FY 2020FY 2019
RptdRcstRptdRcstRptdRcstRptdRcstRptdRcstRptdRcstRptdRcstRptdRcstRptdRcstRptdRcstRptdRcstRptdRcstRptdRcstRptdRcstRptdRcst
Non-interest revenues
Discount revenue (A)$7,482 $7,149 $6,676 $6,369 $6,327 $6,044 $5,242 $5,001 $5,549 $5,284 $4,999 $4,764 $4,015 $3,830 $5,838 $5,557 $6,829 $6,487 $6,566 $6,232 $6,577 $6,248 $6,195 $5,882 $25,727 $24,563 $20,401 $19,435 $26,167 $24,849 
Net card fees1,344 1,344 1,312 1,312 1,286 1,286 1,253 1,253 1,222 1,222 1,191 1,191 1,141 1,141 1,110 1,110 1,077 1,077 1,033 1,033 988 988 944 944 5,195 5,195 4,664 4,664 4,042 4,042 
Service fees and other revenue (C)1,134 839 705 638 594 600 561 947 1,094 1,096 1,113 1,079 3,316 2,702 4,382 
Other fees and commissions680 632 560 520 516 478 449 720 832 825 837 803 2,392 2,163 3,297 
Other revenue531 314 252 219 167 209 186 312 343 362 362 363 1,316 874 1,430 
Processed revenue (D)410 414 390 342 354 322 259 366 423 425 415 400 1,556 1,301 1,663 
Total non-interest revenues$10,037 $10,037 $8,934 $8,934 $8,425 $8,425 $7,234 $7,234 $7,454 $7,454 $6,877 $6,877 $5,791 $5,791 $7,980 $7,980 $9,081 $9,081 $8,786 $8,786 $8,764 $8,764 $8,305 $8,305 $34,630 $34,630 $28,102 $28,102 $34,936 $34,936 
Expenses
Marketing$1,585 $1,412 $1,330 $964 $1,030 $1,122 $745 $799 $975 $911 $884 $813 $5,291 $3,696 $3,583 
Business development1,128 943 889 802 828 700 617 906 978 910 892 762 3,762 3,051 3,542 
Marketing and business development$2,713 $2,355 $2,219 $1,766 $1,858 $1,822 $1,362 $1,705 $1,953 $1,821 $1,776 $1,575 $9,053 $6,747 $7,125 
Billed business (Billions)316.2 280.4 267.8 225.4 239.8 213.6 174.7 242.6 281.6 266.2 269.5 253.2 1,089.8 870.7 1,070.5 
Processed volumes (Billions)51.9 50.3 48.3 43.9 46.1 41.9 36.3 42.8 50.1 48.5 48.3 48.3 194.4 167.1 195.2 
Total Non-interest revenues by segment
GCSG5,175 5,181 4,699 4,704 4,464 4,466 3,819 3,809 3,970 3,963 3,632 3,630 3,024 3,030 4,006 3,986 4,509 4,511 4,333 4,333 4,304 4,304 4,032 4,034 18,157 18,160 14,632 14,609 17,178 17,182 
GCS3,264 3,257 2,978 2,975 2,815 2,811 2,432 2,442 2,523 2,527 2,327 2,327 2,014 2,003 2,788 2,800 3,187 3,178 3,070 3,064 3,059 3,053 2,926 2,918 11,489 11,485 9,652 9,657 12,242 12,213 
GMNS1,419 1,416 1,280 1,278 1,204 1,204 1,061 1,061 1,086 1,089 997 998 827 831 1,233 1,237 1,370 1,372 1,360 1,363 1,368 1,371 1,330 1,333 4,964 4,959 4,143 4,155 5,428 5,439 
Corporate and Other179 183 (23)(23)(58)(56)(78)(78)(125)(125)(79)(78)(74)(73)(47)(43)15 20 23 26 33 36 17 20 20 26 (325)(319)88 102 
AXP Consolidated10,037 10,037 8,934 8,934 8,425 8,425 7,234 7,234 7,454 7,454 6,877 6,877 5,791 5,791 7,980 7,980 9,081 9,081 8,786 8,786 8,764 8,764 8,305 8,305 34,630 34,630 28,102 28,102 34,936 34,936 


See Appendix VI for footnote references
14

American Express Company(Preliminary)
Appendix V
(Return on Average Equity and Return on Average Common Equity)

Effective for the first quarter of 2022, the interim period calculation methodologies for Return on average equity and Return on average common equity were modified to present the returns for the period on an annualized basis rather than the preceding twelve months. Prior period amounts have been recast to conform with current period presentation.

Q4'21Q3'21Q2'21Q1'21YTD Q3'21YTD Q2'21
RptdRcstRptdRcstRptdRcstRptdRcstRptdRcstRptdRcst
Return on average equity (G)33.7 %33.7 %32.6 %29.2 %30.5 %36.5 %22.6 %37.7 %32.6 %34.7 %30.5 %37.1 %
Return on average common equity (G)35.8 %35.8 %34.7 %31.0 %32.2 %38.4 %23.9 %39.9 %
See Appendix VI for footnote references
15

Appendix VI(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. See Appendix IV and V for certain prior period recast amounts.
(A)Discount revenue represents the proportion of billed business earned and retained by us for facilitating transactions between Card Members and merchants on payment products issued by American Express.
(B)Effective April 1, 2021, we prospectively changed the recognition of certain costs paid to a third party previously recognized over the twelve month card membership period in Net card fees in the Consolidated Statements of Income; such costs are now recorded as incurred in Marketing expenses.
(C)Service fees and other revenue includes service fees and travel commissions earned from merchants and other customers which are generally recognized in the period when the service is performed, and delinquency and foreign currency-related fees which are primarily recognized in the period when they are charged to the Card Member. In addition, Service fees and other revenue includes income (losses) from our investments in which we have significant influence, and therefore account for under the equity method.
(D)Processed revenue includes revenues related to network partnership agreements, comprising royalties, fees and amounts earned for facilitating transactions on cards issued by network partners. Processed revenue also includes fees earned on alternative payment solutions facilitated by American Express.
(E)Represents net income, less (i) earnings allocated to participating share awards of $16 million, $11 million, $14 million, $16 million and $15 million in Q1'22, Q4'21, Q3'21, Q2'21 and Q1'21, respectively; (ii) dividends on preferred shares of $14 million, $22 million, $20 million, $15 million and $14 million in Q1'22, Q4'21, Q3'21, Q2'21 and Q1'21, respectively; and (iii) equity-related adjustments of $7 million and $9 million in Q4'21 and Q3'21, respectively, related to the redemption of preferred shares. (refer to Footnote "U").
(F)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.
(G)Effective Q1'22, we have changed the way we calculate Return on Average Equity (ROE) and Return on Average Common Equity (ROCE). ROE is calculated by dividing annualized net income for the period by average shareholders' equity for the period. ROCE is calculated by dividing annualized net income attributable to common shareholders for the period by average common shareholders' equity for the period.
(H)Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(I)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. Network volumes represent our total volumes.
(J)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.
(K)Average discount rate calculation is generally designed to reflect the average pricing at all merchants accepting American Express cards and represents the percentage of network volumes retained by us from spend at merchants we acquire, or from merchants acquired by third parties on our behalf, net of amounts retained by such third parties. The average discount rate, together with billed business, drive our discount revenue.
(L)Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(M)Other includes foreign currency impact on balance sheet re-measurement and translation.
(N)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented. We believe the net write-off rate, excluding GCP net write-offs, a non-GAAP measure, is useful to show the write-off rate based on principal losses only for the Card Member receivables portfolios for which data is available (i.e., Global Consumer and Global Small Business Services). See Appendix III for a reconciliation.
(O)Beginning Q1'20, we offered Customer Pandemic Relief programs to provide short-term support for customers impacted by COVID-19. These programs are no longer widely available and negligible balances remained in the programs as of March 31, 2022. Delinquency status is generally frozen at enrollment, and loans that are current at enrollment do not age, regardless of whether payment is made. Upon exiting the program, delinquency aging resumes where it had left off at enrollment.
(P)See Appendix II for calculations of net interest yield on average Card Member loans, a non-GAAP measure, and net interest income divided by average Card Member loans, a GAAP measure, and the Company's rationale for presenting net interest yield on average Card Member loans (refer to Footnotes "Y" and "Z").
(Q)Q2'21 includes a $37 million partial recovery in Card Member receivables related to a corporate client bankruptcy, which had resulted in a $53 million write-off in the prior year in the Global Commercial Services (GCS) segment.
(R)GCP reflects global, large and middle market corporate accounts. GCP delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.
(S)As a result of organizational changes announced during the second quarter of 2021, our loyalty coalition business results, which were previously reported within the GMNS segment, are now reported within the GCSG segment. Prior period segment results have been revised to conform with current period presentation.
(T)FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for Q1'22 apply to the period(s) against which such results are being compared).
(U)On August 3, 2021, we issued $1.6 billion of 3.550% Fixed Rate Reset Noncumulative Preferred Shares, Series D. With the proceeds from that issuance, we redeemed in full the $850 million of 4.900% Fixed Rate/Floating Rate Noncumulative Preferred Shares, Series C on September 15, 2021 and the $750 million of 5.200% Fixed Rate/Floating Rate Noncumulative Preferred Shares, Series B on November 15, 2021. The difference between the redemption value and carrying value of the redeemed Series B and C Preferred Shares resulted in reductions of $7 million and $9 million to net income available to common shareholders, in Q4'21 and Q3'21, respectively.
(V)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(W)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
(X)Adjusted net interest income is a non-GAAP measure that 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. We believe adjusted net interest income is useful to investors because it represents the interest expense and interest income attributable to our Card Member loan portfolio and is a component of net interest yield on average Card Member loans, which provides a measure of profitability of our Card Member loan portfolio.
(Y)Net interest income divided by average Card Member loans, computed on an annualized basis, a GAAP measure, 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.
(Z)Net interest yield on average Card Member loans is a non-GAAP measure that is computed by dividing adjusted net interest income by average Card Member loans, computed on an annualized basis. 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.
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