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Exhibit 99.2
American Express Company(Preliminary)
Consolidated Statements of Income
(Millions, except percentages and per share amounts)
Q4'22Q3'22Q2'22Q1'22Q4'21YOY % changeFY'22FY'21YOY % change
Non-interest revenues
Discount revenue$8,183 $7,848 $7,873 $6,835 $7,149 14 $30,739 $24,563 25 
Net card fees1,625 1,541 1,481 1,423 1,344 21 6,070 5,195 17 
Service fees and other revenue 1,181 1,169 1,265 906 1,134 4 4,521 3,316 36 
Processed revenue429 420 416 372 410 5 1,637 1,556 5 
Total non-interest revenues11,418 10,978 11,035 9,536 10,037 14 42,967 34,630 24 
Interest income
Interest on loans3,623 3,164 2,707 2,473 2,356 54 11,967 8,850 35 
Interest and dividends on investment securities34 27 22 13 17 #96 83 16 
Deposits with banks and other308 183 70 34 27 #595 100 #
Total interest income3,965 3,374 2,799 2,520 2,400 65 12,658 9,033 40 
Interest expense
Deposits778 440 187 122 102 #1,527 458 #
Long-term debt and other429 356 252 199 190 #1,236 825 50 
Total interest expense1,207 796 439 321 292 #2,763 1,283 #
Net interest income2,758 2,578 2,360 2,199 2,108 31 9,895 7,750 28 
Total revenues net of interest expense14,176 13,556 13,395 11,735 12,145 17 52,862 42,380 25 
Provisions for credit losses
Card Member receivables244 165 138 80 74 #627 (73)#
Card Member loans757 596 272 (111)(9)#1,514 (1,155)#
Other26 17 — (2)(12)#41 (191)#
Total provisions for credit losses1,027 778 410 (33)53 #2,182 (1,419)#
Total revenues net of interest expense after provisions for credit losses13,149 12,778 12,985 11,768 12,092 9 50,680 43,799 16 
Expenses
Card Member rewards3,729 3,571 3,591 3,111 3,032 23 14,002 11,007 27 
Business development1,302 1,194 1,404 1,043 1,128 15 4,943 3,762 31 
Card Member services881 774 678 626 665 32 2,959 1,993 48 
Marketing1,274 1,458 1,502 1,224 1,585 (20)5,458 5,291 3 
Salaries and employee benefits2,034 1,748 1,816 1,654 1,654 23 7,252 6,240 16 
Professional services601 500 501 472 607 (1)2,074 1,958 6 
Data processing and equipment732 651 623 600 659 11 2,606 2,431 7 
Other, net725 423 327 326 456 59 1,801 428 #
Total expenses11,278 10,319 10,442 9,056 9,786 15 41,095 33,110 24 
Pretax income1,871 2,459 2,543 2,712 2,306 (19)9,585 10,689 (10)
Income tax provision299 580 579 613 587 (49)2,071 2,629 (21)
Net income$1,572 $1,879 $1,964 $2,099 $1,719 (9)$7,514 $8,060 (7)
Net income attributable to common shareholders (A)$1,546 $1,851 $1,934 $2,069 $1,679 (8)$7,400 $7,917 (7)
Effective tax rate16.0 %23.6 %22.8 %22.6 %25.5 %21.6 %24.6 %
Earnings Per Common Share
Basic
Net income attributable to common shareholders$2.08 $2.47 $2.57 $2.73 $2.19 (5)$9.86 $10.04 (2)
Average common shares outstanding745 748 752 757 768 (3)751 789 (5)
Diluted
Net income attributable to common shareholders $2.07 $2.47 $2.57 $2.73 $2.18 (5)$9.85 $10.02 (2)
Average common shares outstanding746 749 753 758 769 (3)752 790 (5)
Cash dividends declared per common share $0.52 $0.52 $0.52 $0.52 $0.43 21 $2.08 $1.72 21 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
1

American Express Company(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Billions, except percentages, per share amounts and where indicated)
 Q4'22Q3'22Q2'22Q1'22Q4'21YOY % change
Assets      
Cash & cash equivalents$34 $31 $26 $28 $22 55 
Card Member receivables, less reserves57 55 56 53 54 6 
Card Member loans, less reserves104 96 92 86 85 22 
Investment securities5 5 4 4 3 67 
Other (B)28 28 27 25 25 12 
Total assets$228 $215 $205 $196 $189 21 
Liabilities and Shareholders' Equity      
Customer deposits$110 $103 $96 $91 $84 31 
Short-term borrowings1 2 2 2 2 (50)
Long-term debt43 42 40 38 39 10 
Other (B)49 44 44 43 42 17 
Total liabilities203 191 182 174 167 22 
Shareholders' Equity25 24 23 22 22 14 
Total liabilities and shareholders' equity$228 $215 $205 $196 $189 21 
Return on average equity (C)32.3 %31.9 %34.4 %37.7 %33.7 %
Return on average common equity (C)34.1 %33.6 %36.5 %40.0 %35.8 %
Book value per common share (dollars)$31.12 $29.92 $28.82 $27.56 $27.05 15 

See Appendix III for footnote references
2

American Express Company(Preliminary)
Consolidated Capital
 
 Q4'22Q3'22Q2'22Q1'22Q4'21
Shares Outstanding (in millions) 
Beginning of period747 751 755 761 778 
Repurchase of common shares(4)(4)(4)(8)(17)
Net impact of employee benefit plans and others— — — 2.0 — 
End of period743 747 751 755 761 
Risk-Based Capital Ratios - Basel III ($ in billions) 
Common Equity Tier 1/Risk Weighted Assets (RWA)10.3 %10.6 %10.3 %10.4 %10.5 %
Tier 111.1 %11.5 %11.2 %11.4 %11.5 %
Total12.8 %13.3 %13.0 %12.8 %12.9 %
Common Equity Tier 1$20.0 $19.3 $18.5 $17.6 $17.6 
Tier 1 Capital$21.6 $20.9 $20.2 $19.3 $19.2 
Tier 2 Capital$3.3 $3.2 $3.2 $2.4 $2.3 
Total Capital$24.9 $24.1 $23.4 $21.6 $21.5 
RWA$194.4 $181.7 $179.2 $169.4 $166.5 
Tier 1 Leverage9.9 %10.1 %10.3 %10.4 %10.5 %
Average Total Assets to calculate the Tier 1 Leverage Ratio (D)$218.6 $207.6 $195.8 $185.3 $183.5 

See Appendix III for footnote references
3

American Express Company(Preliminary)
Selected Card Related Statistical Information 
(Billions, except percentages and where indicated) 
 Q4'22Q3'22Q2'22Q1'22Q4'21YOY % changeFY'22FY'21YOY % change
Network volumes (E)$413.3 $394.4 $394.8 $350.3 $368.1 12 $1,552.8 $1,284.2 21 
Billed business (E)$357.4 $339.0 $340.9 $301.0 $316.2 13 $1,338.3 $1,089.8 23 
Processed volumes (E)$55.9 $55.4 $53.9 $49.3 $51.9 8 $214.5 $194.4 10 
Card Member loans$108.0 $99.0 $95.4 $88.8 $88.6 22 $108.0 $88.6 22 
Cards-in-force (millions) (F)133.3 131.4 127.5 124.6 121.7 10 133.3 121.7 10 
Proprietary cards-in-force76.7 75.6 74.2 72.8 71.4 7 76.7 71.4 7 
Basic cards-in-force (millions) (F)111.5 109.9 106.1 103.3 100.7 11 111.5 100.7 11 
Proprietary basic cards-in-force59.1 58.2 56.9 55.8 54.7 8 59.1 54.7 8 
Average proprietary basic Card Member spending (dollars)$6,087 $5,886 $6,052 $5,452 $5,822 5 $23,496 $20,392 15 
Average discount rate (G)2.34 %2.36 %2.35 %2.32 %2.30 %2.34 %2.30 %
Average fee per card (dollars) (H)$85 $82 $81 $79 $76 12 $82 $74 11 

See Appendix III for footnote references
4

American Express Company(Preliminary)
Network Volumes Related Growth 
 YOY % change
 ReportedFX-Adjusted (I)ReportedFX-Adjusted (I)
 Q4'22Q3'22Q2'22Q1'22Q4'21Q4'22Q3'22Q2'22Q1'22Q4'21FY'22FY'22
Network volumes (E)12%19%25%30%29%16%23%28%32%30%21%24%
Billed business (E)132127343215243035332325
U.S. Consumer Services1522273837n/an/an/an/an/a24n/a
Commercial Services112027313011202731302122
International Card Services142129332826374340322336
Processed volumes (E)81012121317191915151018
Merchant Industry Metrics
Goods & Services (G&S)-related (75% of Q4'22 worldwide billed business)71315191910161821191316
T&E-related (25% of Q4'22 worldwide billed business)3452801191303857841211326467
Airline-related (6% of Q4'22 worldwide billed business)6211014224127167118148246274119125

See Appendix III for footnote references
5

American Express Company(Preliminary)
Selected Credit Related Statistical Information
(Billions, except percentages and where indicated)
 Q4'22Q3'22Q2'22Q1'22Q4'21YOY % changeFY'22FY'21YOY % change
Worldwide Card Member loans         
Card Member loans$108.0 $99.0 $95.4 $88.8 $88.6 22 $108.0 $88.6 22 
Credit loss reserves (millions)
Beginning balance$3,319 $2,997 $2,981 $3,305 $3,489 (5)$3,305 $5,344 (38)
Provisions - principal, interest and fees757 596 272 (111)(9)#1,514 (1,155)#
Net write-offs - principal less recoveries(277)(203)(192)(165)(128)#(837)(672)25 
Net write-offs - interest and fees less recoveries(68)(56)(55)(50)(43)58 (229)(207)11 
Other (J)16 (15)(9)2 (4)#(6)(5)20 
Ending balance $3,747 $3,319 $2,997 $2,981 $3,305 13 $3,747 $3,305 13 
% of loans3.5 %3.4 %3.1 %3.4 %3.7 %3.5 %3.7 %
% of past due 348 %393 %441 %455 %555 %348 %555 %
Average loans$103.9 $97.7 $92.4 $86.8 $82.9 25 $95.4 $76.1 25 
Net write-off rate (principal, interest and fees) (K)1.3 %1.1 %1.1 %1.0 %0.8 %1.1 %1.2 %
Net write-off rate (principal only) (K)1.1 %0.8 %0.8 %0.8 %0.6 %0.9 %0.9 %
30+ days past due as a % of total1.0 %0.9 %0.7 %0.7 %0.7 %1.0 %0.7 %
Net interest income divided by average Card Member loans (L)10.5 %10.5 %10.2 %10.1 %10.2 %10.4 %10.2 % 
Net interest yield on average Card Member loans (L)10.8 %10.8 %10.4 %10.5 %10.3 %10.6 %10.7 % 
Worldwide Card Member receivables         
Card Member receivables$57.6 $55.3 $56.0 $53.2 $53.6 7 $57.6 $53.6 7 
Credit loss reserves (millions)
Beginning balance$159 $119 $76 $64 $30 #$64 $267 (76)
Provisions - principal and fees244 165 138 80 74 #627 (73)#
Net write-offs - principal and fees less recoveries(178)(122)(95)(67)(40)#(462)(129)#
Other (J)4 (3)— (1)— — — (1)#
Ending balance$229 $159 $119 $76 $64 #$229 $64 #
% of receivables0.4 %0.3 %0.2 %0.1 %0.1 %0.4 %0.1 %
Net write-off rate (principal and fees) (K)1.3 %0.9 %0.7 %0.5 %0.3 %0.8 %0.3 %
Net write-off rate, excluding Corporate receivables (principal only) (K)(M)1.4 %1.0 %0.8 %0.6 %0.3 %0.9 %0.3 % 
30+ days past due as a % of total, excluding Corporate receivables (M)1.3 %1.1 %0.8 %0.8 %0.6 %1.3 %0.6 % 
Other loans (B)
Total other loans$5.4 $4.8 $4.0 $3.3 $2.9 86 $5.4 $2.9 86 
Credit loss reserves (millions)
Beginning balance$46 $38 $48 $52 $66 (30)$52 $238 (78)
Provisions23 14 (6)(2)(12)#29 (164)#
Net write-offs(10)(6)(4)(2)(2)#(22)(21)5 
Other (J)— — — — — — — (1)#
Ending balance$59 $46 $38 $48 $52 13 $59 $52 $13 
% of other loans1.1 %1.0 %1.0 %1.5 %1.8 %1.1 %1.8 %
Other receivables (B)
Total other receivables$3.1 $3.0 $3.0 $2.7 $2.7 15 $3.1 $2.7 15 
Credit loss reserves (millions)
Beginning balance$22 $23 $22 $25 $33 (33)$25 $85 (71)
Provisions3 3 6 — — — 12 (27)#
Net write-offs(2)(4)(6)(3)(8)(75)(15)(33)(55)
Other (J)(1)— 1 — — — — — — 
Ending balance$22 $22 $23 $22 $25 (12)$22 $25 (12)
% of other receivables0.7 %0.7 %0.8 %0.8 %0.9 %0.7 %0.9 %
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
6

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 (N)Consolidated
Q4'22     
Non-interest revenues$4,416 $3,210 $2,197 $1,621 $(26)$11,418 
Interest income2,577 635 418 10 325 3,965 
Interest expense470 288 209 (127)367 1,207 
Total revenues net of interest expense6,523 3,557 2,406 1,758 (68)14,176 
Total provisions for credit losses542 271 210 1 3 1,027 
Total revenues net of interest expense after provisions for credit losses5,981 3,286 2,196 1,757 (71)13,149 
Total expenses4,695 2,739 2,211 1,066 567 11,278 
Pretax income (loss)1,286 547 (15)691 (638)1,871 
Q4'21
Non-interest revenues$3,698 $2,780 $1,947 $1,432 $180 $10,037 
Interest income1,681 388 289 4 38 2,400 
Interest expense85 77 133 (31)28 292 
Total revenues net of interest expense5,294 3,091 2,103 1,467 190 12,145 
Total provisions for credit losses(9)9 53 — — 53 
Total revenues net of interest expense after provisions for credit losses5,303 3,082 2,050 1,467 190 12,092 
Total expenses4,022 2,365 2,010 992 397 9,786 
Pretax income (loss)1,281 717 40 475 (207)2,306 
YOY % change
Non-interest revenues19 15 13 13 #14 
Interest income53 64 45 ##65 
Interest expense##57 ###
Total revenues net of interest expense23 15 14 20 #17 
Total provisions for credit losses###— — #
Total revenues net of interest expense after provisions for credit losses13 7 7 20 #9 
Total expenses17 16 10 7 43 15 
Pretax income (loss)— (24)#45 #(19)
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
7

U.S. Consumer Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)
 Q4'22Q3'22Q2'22Q1'22Q4'21YOY % changeFY'22FY'21YOY % change
Non-interest revenues$4,416 $4,233 $4,154 $3,637 $3,698 19 $16,440 $12,989 27 
Interest income2,577 2,251 1,893 1,736 1,681 53 8,457 6,328 34 
Interest expense470 274 136 103 85 #983 395 #
Net interest income2,107 1,977 1,757 1,633 1,596 32 7,474 5,933 26 
Total revenues net of interest expense6,523 6,210 5,911 5,270 5,294 23 23,914 18,922 26 
Total provisions for credit losses542 403 192 (116)(9)#1,021 (919)#
Total revenues net of interest expense after provisions for credit losses5,981 5,807 5,719 5,386 5,303 13 22,893 19,841 15 
Total expenses4,695 4,498 4,446 3,854 4,022 17 17,493 13,883 26 
Pretax segment income$1,286 $1,309 $1,273 $1,532 $1,281 — $5,400 $5,958 (9)
(Billions, except percentages and where indicated)
Billed business (E)$148.9 $140.3 $141.1 $122.7 $129.5 15 $553.0 $444.2 24 
Proprietary cards-in-force (millions) (F)41.7 41.2 40.3 39.8 39.0 7 41.7 39.0 7 
Proprietary basic cards-in-force (millions) (F)29.2 28.9 28.3 27.9 27.3 7 29.2 27.3 7 
Average proprietary basic Card Member spending (dollars)$5,116 $4,908 $5,028 $4,444 $4,755 8 $19,514 $16,498 18 
Segment assets$94.4 $84.8 $82.4 $76.7 $76.5 23 $94.4 $76.5 23 
Card Member loans
Total loans$72.7 $66.3 $63.7 $59.1 $59.8 22 $72.7 $59.8 22 
Average loans$69.4 $65.3 $61.6 $58.1 $56.1 24 $63.7 $52.0 23 
Net write-off rate (principal, interest and fees) (K)1.3 %1.1 %1.1 %1.0 %0.8 %1.1 %1.1 % 
Net write-off rate (principal only) (K)1.1 %0.8 %0.8 %0.8 %0.6 %0.9 %0.8 % 
30+ days past due as a % of total1.0 %0.9 %0.7 %0.8 %0.7 %1.0 %0.7 % 
Net interest income divided by average Card Member loans (L)12.0 %12.0 %11.4 %11.2 %11.4 %11.7 %11.4 % 
Net interest yield on average Card Member loans (L)11.9 %11.9 %11.3 %11.3 %11.2 %11.6 %11.5 % 
Card Member receivables
Total receivables$14.3 $13.2 $13.8 $13.4 $14.7 (3)$14.3 $14.7 (3)
Net write-off rate (principal and fees) (K)1.0 %0.6 %0.5 %0.3 %0.2 %0.6 %0.1 % 
Net write-off rate (principal only) (K)0.9 %0.6 %0.5 %0.2 %0.2 %0.6 %— % 
30+ days past due as a % of total0.9 %0.9 %0.6 %0.6 %0.4 %0.9 %0.4 % 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
8

Commercial Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)
Q4'22Q3'22Q2'22Q1'22Q4'21YOY % changeFY'22FY'21YOY % change
Non-interest revenues$3,210 $3,145 $3,122 $2,719 $2,780 15 $12,196 $9,833 24 
Interest income635 552 468 415 388 64 2,070 1,408 47 
Interest expense288 201 121 87 77 #697 330 #
Net interest income347 351 347 328 311 12 1,373 1,078 27 
Total revenues net of interest expense3,557 3,496 3,469 3,047 3,091 15 13,569 10,911 24 
Total provisions for credit losses271 196 97 1 9 #565 (420)#
Total revenues net of interest expense after provisions for credit losses3,286 3,300 3,372 3,046 3,082 7 13,004 11,331 15 
Total expenses2,739 2,526 2,594 2,265 2,365 16 10,124 8,395 21 
Pretax segment income (loss)$547 $774 $778 $781 $717 (24)$2,880 $2,936 (2)
(Billions, except percentages and where indicated)
Billed business (E)$130.5 $127.6 $127.9 $113.5 $117.9 11 $499.5 $411.6 21 
Proprietary cards-in-force (millions) (F)14.9 14.6 14.2 13.8 13.4 11 14.9 13.4 11 
Average proprietary basic Card Member spending (dollars)$8,816 $8,848 $9,146 $8,371 $8,911 (1)$35,202 $32,042 10 
Segment assets$51.4 $51.3 $49.4 $46.6 $44.5 16 $51.4 $44.5 16 
Card Member loans
Total loans$21.4 $20.7 $19.4 $18.1 $17.0 26 $21.4 $17.0 26 
Average loans$21.2 $20.1 $18.8 $17.2 $15.9 33 $19.3 $14.4 34 
Net write-off rate (principal, interest and fees) (K)1.1 %0.8 %0.8 %0.7 %0.6 %0.8 %0.8 %
Net write-off rate (principal only) (K)0.9 %0.7 %0.6 %0.6 %0.5 %0.7 %0.6 %
30+ days past due as a % of total0.9 %0.7 %0.6 %0.6 %0.5 %0.9 %0.5 %
Net interest income divided by average Card Member loans (L)6.5 %6.9 %7.4 %7.8 %7.8 %7.1 %7.5 %
Net interest yield on average Card Member loans (L)8.9 %8.9 %8.8 %8.9 %8.8 %8.9 %8.7 %
Card Member receivables
Total receivables$26.9 $27.6 $27.1 $25.7 $24.6 9 $26.9 $24.6 9 
Net write-off rate (principal and fees) (K)1.1 %0.7 %0.6 %0.5 %0.2 %0.7 %0.2 %
Net write-off rate (principal only) - small business (K) (M)1.5 %0.9 %0.7 %0.6 %0.2 %0.9 %0.2 %
30+ days past due as a % of total - small business1.6 %1.4 %0.9 %0.9 %0.8 %1.6 %0.8 %
90+ days past billing as a % of total - corporate (M)0.6 %0.6 %0.4 %0.3 %0.3 %0.6 %0.3 %
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
9

International Card Services(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)
 Q4'22Q3'22Q2'22Q1'22Q4'21YOY % changeFY'22FY'21YOY % change
Non-interest revenues$2,197 $2,066 $2,140 $1,859 $1,947 13 $8,262 $6,761 22 
Interest income418 364 347 324 289 45 1,453 1,116 30 
Interest expense209 178 144 123 133 57 654 442 48 
Net interest income209 186 203 201 156 34 799 674 19 
Total revenues net of interest expense2,406 2,252 2,343 2,060 2,103 14 9,061 7,435 22 
Total provisions for credit losses210 176 116 82 53 #584 (43)#
Total revenues net of interest expense after provisions for credit losses2,196 2,076 2,227 1,978 2,050 7 8,477 7,478 13 
Total expenses2,211 1,910 2,044 1,734 2,010 10 7,899 6,549 21 
Pretax segment income$(15)$166 $183 $244 $40 #$578 $929 (38)
(Billions, except percentages and where indicated)
Billed business (E)$77.1 $70.2 $71.0 $63.3 $67.6 14 $281.6 $228.2 23 
Proprietary cards-in-force (millions) (F)20.1 19.8 19.6 19.3 19.0 6 20.1 19.0 6 
Proprietary basic cards-in-force (millions) (F)14.9 14.7 14.4 14.2 13.9 7 14.9 13.9 7 
Average proprietary basic Card Member spending (dollars)$5,207 $4,824 $4,967 $4,505 $4,880 7 $19,519 $16,689 17 
Segment assets$36.9 $32.9 $33.7 $31.7 $32.6 13 $36.9 $32.6 13 
Card Member loans - consumer and small business
Total loans$13.8 $12.0 $12.3 $11.5 $11.6 19 $13.8 $11.6 19 
Average loans $13.2 $12.3 $12.0 $11.4 $10.8 22 $12.3 $9.6 28 
Net write-off rate (principal, interest and fees) (K)1.7 %1.4 %1.3 %1.2 %1.1 %1.4 %2.1 %
Net write-off rate (principal only) (K)1.4 %1.2 %1.1 %1.0 %0.8 %1.2 %1.6 %
30+ days past due as a % of total1.2 %1.0 %0.9 %0.9 %0.8 %1.2 %0.8 %
Net interest income divided by average Card Member loans (L)6.3 %6.0 %6.7 %7.1 %5.7 %6.5 %7.0 %
Net interest yield on average Card Member loans (L)8.4 %8.0 %8.6 %8.9 %7.7 %8.4 %9.1 %
Card Member receivables
Total receivables$16.4 $14.5 $15.1 $14.0 $14.3 15 $16.4 $14.3 15 
Net write-off rate (principal and fees) (K)1.7 %1.4 %1.1 %0.9 %0.5 %1.3 %0.6 %
Net write-off rate (principal only) - consumer and small business (K) (M)1.9 %1.6 %1.2 %0.9 %0.6 %1.4 %0.8 %
30+ days past due as a % of total - consumer and small business1.3 %1.2 %1.0 %0.9 %0.7 %1.3 %0.7 %
90+ days past billing as a % of total - corporate (M)0.5 %0.5 %0.5 %0.4 %0.3 %0.5 %0.3 %
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
10

Global Merchant and Network Services(Preliminary)
Selected Income Statement and Statistical Information             
(Millions, except percentages)                 
 Q4'22Q3'22Q2'22Q1'22Q4'21YOY % changeFY'22FY'21YOY % change
Non-interest revenues$1,621 $1,562 $1,568 $1,372 $1,432 13 $6,123 $5,021 22 
Interest income10 6 5 2 4 #23 16 44 
Interest expense(127)(97)(61)(44)(31)#(329)(92)#
Net interest income137 103 66 46 35 #352 108 #
Total revenues net of interest expense1,758 1,665 1,634 1,418 1,467 20 6,475 5,129 26 
Total provisions for credit losses1 3 2 1 — — 7 (37)#
Total revenues net of interest expense after provisions for credit losses1,757 1,662 1,632 1,417 1,467 20 6,468 5,166 25 
Total expenses1,066 870 830 748 992 7 3,514 3,292 7 
Pretax segment income$691 $792 $802 $669 $475 45 $2,954 $1,874 58 
(Billions)         
Total network volumes (E)$413.3 $394.4 $394.8 $350.3 $368.1 12 $1,552.8 $1,284.2 21 
Segment assets$20.0 $15.4 $16.0 $16.3 $15.4 30 $20.0 $15.4 30 
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references
11

American Express Company(Preliminary)
Appendix I 
Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)
(Millions, except percentages) 
 
Q4'22Q3'22Q2'22Q1'22Q4'21
ROE     
Annualized Net income$7,514 $7,516 $7,856 $8,396 $8,060 
Average shareholders' equity$23,289 $23,587 $22,809 $22,280 $23,910 
Return on average equity (C)32.3 %31.9 %34.4 %37.7 %33.7 %
Reconciliation of ROCE     
Annualized Net income$7,514 $7,516 $7,856 $8,396 $8,060 
Preferred share dividends and equity related adjustments (O)57 58 58 57 87 
Earnings allocated to participating share awards and other57 57 60 64 56 
Net income attributable to common shareholders (O)$7,400 $7,401 $7,738 $8,275 $7,917 
Average shareholders' equity$23,289 $23,587 $22,809 $22,280 $23,910 
Average preferred shares (O)1,584 1,584 1,584 1,584 1,820 
Average common shareholders' equity$21,705 $22,003 $21,225 $20,696 $22,090 
Return on average common equity (C)34.1 %33.6 %36.5 %40.0 %35.8 %

See Appendix III for footnote references
12

American Express Company(Preliminary)
Appendix II 
Net Interest Yield on Average Card Member Loans 
(Millions, except percentages and where indicated) 
 Q4'22Q3'22Q2'22Q1'22Q4'21FY'22FY'21
Consolidated       
Net interest income$2,758 $2,578 $2,360 $2,199 $2,108 $9,895 $7,750 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (P)525 374 211 158 135 1,268 738 
Interest income not attributable to our Card Member loan portfolio (Q)(451)(300)(167)(105)(98)(1,023)(379)
Adjusted net interest income (L)$2,832 $2,652 $2,404 $2,252 $2,145 $10,140 $8,109 
Average Card Member loans (billions)$103.9 $97.7 $92.4 $86.8 $82.9 $95.4 $76.0 
Net interest income divided by average Card Member loans (L)10.5 %10.5 %10.2 %10.1 %10.2 %10.4 %10.2 %
Net interest yield on average Card Member loans (L)10.8 %10.8 %10.4 %10.5 %10.3 %10.6 %10.7 %
U.S. Consumer Services
Net interest income$2,107 $1,977 $1,756 $1,633 $1,596 $7,474 $5,933 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (P)45 34 27 34 23 139 158 
Interest income not attributable to our Card Member loan portfolio (Q)(73)(61)(52)(42)(36)(228)(110)
Adjusted net interest income (L)$2,079 $1,950 $1,731 $1,625 $1,583 $7,385 $5,981 
Average Card Member loans (billions)$69.4 $65.3 $61.6 $58.1 $56.1 $63.7 $52.0 
Net interest income divided by average Card Member loans (L)12.0 %12.0 %11.4 %11.2 %11.4 %11.7 %11.4 %
Net interest yield on average Card Member loans (L)11.9 %11.9 %11.3 %11.3 %11.2 %11.6 %11.5 %
Commercial Services
Net interest income$347 $351 $347 $328 $311 $1,373 $1,078 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (P)158 124 85 63 56 430 251 
Interest income not attributable to our Card Member loan portfolio (Q)(32)(24)(18)(15)(15)(89)(76)
Adjusted net interest income (L)$473 $451 $414 $376 $352 $1,714 $1,253 
Average Card Member loans (billions)$21.2 $20.1 $18.8 $17.2 $15.9 $19.3 $14.4 
Net interest income divided by average Card Member loans (L)6.5 %6.9 %7.4 %7.8 %7.8 %7.1 %7.5 %
Net interest yield on average Card Member loans (L)8.9 %8.9 %8.8 %8.9 %8.8 %8.9 %8.7 %
International Card Services
Net interest income$209 $186 $203 $201 $156 $799 $674 
Exclude:
Interest expense not attributable to our Card Member loan portfolio (P)82 72 61 54 57 270 211 
Interest income not attributable to our Card Member loan portfolio (Q)(11)(7)(5)(4)(3)(28)(11)
Adjusted net interest income (L)$280 $251 $259 $251 $210 $1,041 $874 
Average Card Member loans (billions)$13.3 $12.4 $12.1 $11.5 $10.9 $12.4 $9.6 
Net interest income divided by average Card Member loans (L)6.3 %6.0 %6.7 %7.1 %5.7 %6.5 %7.0 %
Net interest yield on average Card Member loans (L)8.4 %8.0 %8.6 %8.9 %7.7 %8.4 %9.1 %
See Appendix III for footnote references
13

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 $12 million, $14 million, $15 million, $16 million and $11 million in Q4'22, Q3'22, Q2'22, Q1'22 and Q4'21, respectively; (ii) dividends on preferred shares of $14 million, $14 million, $15 million, $14 million and $22 million in Q4'22, Q3'22, Q2'22, Q1'22 and Q4'21, 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 "O").
(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)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.
(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 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.
(H)Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(I)FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (e.g., assumes the foreign exchange rates used to determine results for Q4'22 apply to the period(s) against which such results are being compared).
(J)Other includes foreign currency impact on balance sheet re-measurement and translation.
(K)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.
(L)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.
(M)A net write-off rate for principal losses only and delinquency data for periods other than 90+ days past billing are not available for corporate receivables due to system constraints. We believe that it 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., consumer and small business).
(N)Prior period amounts have been recast in Q1'22 due to the changes to revenue allocation methodology used to allocate certain revenues across reportable operating segments.
(O)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.
(P)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(Q)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
14