American Express : Third Quarter 2026 Presentation

American Express Earnings Conference Call Q3'26 OCTOBER 23, 2026 Business Highlights

• Raising FY 2026 EPS guidance to a range of $18.30 - $18.60 on a GAAP basis and $17.60 - $17.90 on an adjusted basis1

• Launched the next generation of Amex Corporate™, with a new integrated Expense Management software and Amex Expense mobile app, along with new Corporate Cashback® Cards

• Expanded banking offerings for businesses with a new American Express Business Savings account

• Extended long-term strategic partnership with Marriott International, including the U.S. cobrand cards

• Established an exclusive partnership with Airbnb, bringing over one million Airbnb listings globally to Amex Travel and expanding travel benefits for eligible U.S. Card Members

• Announced Resy integrations, including with OpenAI, and released the Intent Intelligence framework

  for trusted agentic commerce

• Card acceptance reached more than 190 million merchant locations worldwide; acceptance outside the U.S. has more than doubled over the past four years2

• Grew the Centurion Lounge Network to 33 locations, with the new Amsterdam Airport Schiphol lounge; announced 4 expansions, including a 30,000-sq.ft. lounge at Newark Liberty International Airport

• Named #1 Issuer in the JD Power 2026 U.S. Credit Card Satisfaction Study℠ for the 7th year in a row

Refer to Slide 28 for notes. 2

Summary Financial Performance in millions, except per share amounts; % Increase/(decrease) vs. Prior year

Q3'26		YoY% Inc/(Dec)		YTD'26		YoY% Inc/(Dec)
Total Revenues Net of Interest Expense	$20,062		9%		$58,606		10%
FX-Adjusted(1)			9%				10%
Net Income	$3,712		28%		$9,794		17%
Diluted EPS(2)	$5.42		31%		$14.22		20%
Adjusted Diluted EPS(3) (See next page)	$4.68		13%		$13.49		14%
Average Diluted Shares Outstanding	674		(3%)		680		(3%)

(1) Total Revenues Net of Interest Expense adjusted for FX is a non-GAAP measure. 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 foreign exchange rates for given period apply to prior period against which results are being compared). See Annex 4 for Revenues Net of Interest Expense on a GAAP basis. (2) Attributable to common shareholders. Represents net income less earnings allocated to participating share awards, dividends on preferred shares and other items. (3) Adjusted diluted EPS is a non-GAAP measure, see Slide 4 for more information and

Annex 1 for a reconciliation to Diluted EPS on a GAAP basis. 3

Q3'26 Earnings Adjustments & Other Notable Items $ in millions, except per share amounts; % Increase/(decrease) vs. Prior Year

Pretax Income

Net Income

Diluted EPS

Q3'26	YoY% Inc/(Dec)
$4,531	18%
($982)
$336
$3,885	2%

Q3'26	YoY% Inc/(Dec)
$3,712	28%
($751)
$253
$3,214	11%

Q3'26	YoY% Inc/(Dec)
$5.42	31%
($1.11)
$0.37
$4.68	13%

GAAP

GBTG Gain on Sale Restructuring

Adjusted*

Other Notable Items included in both GAAP and Adjusted EPS:

Legal matters (Operating Expenses)**	Pretax ($400M)	EPS ($0.51)
CECL model update (Total Provision)	Pretax +$215M	EPS +$0.24
Discrete tax item (Tax)	Tax +$195M	EPS +$0.29

*Adjusted Pretax Income, Adjusted Net Income and Adjusted Diluted EPS are non-GAAP measures that exclude the impact from the gain from the sale of the company's equity investment in Global Business Travel Group, Inc. (GBTG), net of a restructuring charge. See Annex 1 for a reconciliation to these measures on a GAAP basis. **Legal matters include an increase in legal reserves for the portion of the OCC civil money penalty not reserved for in prior periods as well as a reserve for 4

the anticipated settlement of a previously-disclosed, unrelated matter.

15%

Total Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted)

9%

9%

8%

8%

8%

(~0.6%) YoY impact from Small Business Cobrand exits

10%

5%

0%

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26
G&S	9%	8%	8%	9%	7%
T&E	8%	8%	9%	10%	10%

15%

U.S. Consumer Services Billed Business

% Increase/(decrease) vs. Prior year

10%

9% 9%

10%

11%

9% G&S, 9% YoY

T&E, 11% YoY

5%

0%

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

Q3'26	Gen-Z	Millennials	Gen-X	Baby Boomer +	Total
YoY	35%	11%	8%	4%	9%
% of Total	7%	31%	36%	27%	100%

15%

Commercial Services Billed Business % Increase/(decrease) vs. Prior year (FX-adjusted)

10%

5%

4% 4%

3%

Excluding Exited Small Business Cobrand Portfolios

5% 5%

5% G&S, 2% YoY

T&E, 7% YoY

3%

0%

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

Q3'26	U.S. SME	U.S. Large & Global Corp.	Total
YoY	3%	3%	3%
% of Total	82%	18%	100%

SME refers to small and mid-sized businesses with less than $300MM in annual revenues. All growth rates reflect FX-adjusted rates except for U.S. SME.

See Annex 2 for reported billings growth rates. 7

25%

International Card Services Billed Business

% Increase/(decrease) vs. Prior year (FX-adjusted unless otherwise stated)

20%

15%

14%

13%

17%

20%

13%

13%

11%

Reported

G&S, 11% YoY

10%

5%

12%

12% 11%

FX

Adjusted

T&E, 11% YoY

0%

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

Q3'26	Int'l Consumer	Int'l SME & Large Corp.	Total
YoY	11%	11%	11%
% of Total	65%	35%	100%

See Annex 2 for reported billings growth rates. 8

New Acquisitions

Proprietary New Cards Acquired

in millions

3.2

2.9

3.1

3.0

3.1

International

Card Services

Commercial

Services

U.S. Consumer

Services

Q3'25

Q4'25

Q1'26

Q2'26

Q3'26

1.3

1.3

1.3

1.3

1.5

0.7

0.8

0.8

0.8

0.7

0.9

1.0

0.9

1.0

1.0

Proprietary New Accounts Acquired

Q3'2026

65 %

Global Consumer

New Accounts Acquired from Millennial / Gen-Z

76 %

Global New Accounts

Acquired on Fee-Paying Products*

Proprietary new cards acquired (NCA) represents the number of new cards issued by American Express, net of replacement cards.

Proprietary new accounts acquired (NAA) represents the number of new Card Member accounts opened, and excludes supplemental cards issued on those accounts. *Excludes Corporate. 9

Total Balances and Billed Business

% Increase/(decrease) vs. Prior year (FX-adjusted)

Total Balances Billed Business

9% 9% 9%

8%

8%

8%

8%

7% 7% 7%

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

Total Balances includes Card Balances held for investment and Other Loans. See the Statistical Tables for more information regarding Card Balances. Total Balances FX-adjusted rates are non-GAAP

measures. See Annex 3 for Total Balances growth rates on a GAAP basis. See Annex 2 for reported billings growth rates. See Slide 3 for an explanation of FX-adjusted information. 10

Credit Metrics

30+ Days Past Due

% of Card Balances

1.3%

1.3%

1.3%

1.2%

1.2%

Q3'25

Q4'25

Q1'26

Q2'26

Q3'26

Net Write-off Rates

% of Average Card Balances

2.1%

1.9%

2.0%

2.0%

1.8%

Q3'25

Q4'25

Q1'26

Q2'26

Q3'26

Net write-off rates based on principal losses only and both net write-off rates and 30+ days past due as a % represent Consumer and Small Business Card Balances (unavailable for Corporate).

See the Statistical Tables for net write-off rates including interest and fees. 11

$1,287

$1,414

Total Provision $ in millions

($211)

($191)

$1,162

$1,196

$1,275

$1,273

$125

$141

Q3'26: ($215M)

CECL Model Update

$1,275

$1,251 $1,084

$985

Total Provision

Reserve Build/(Release)

Write-offs

($24)

Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

Reserve Rate for Total Balances

2.9%

2.9%

2.8%

2.7%

2.6%

See Variance Commentary in the appendix section for an explanation of the provision variance versus last year. 12

Revenue Performance $ in millions; % Increase/(decrease) vs. Prior year

	Q3'26		Q3'25		Reported YoY% Inc/(Dec)		FX-Adjusted* YoY% Inc/(Dec)
Discount Revenue	$10,169		$9,413		8%		8%
Net Card Fees	$2,969		$2,551		16%		17%
Service Fees and Other Revenue	$1,984		$1,976		0%		1%
Net Interest Income	$4,940		$4,486		10%		10%
Revenues Net of Interest Expense	$20,062		$18,426		9%		9%

See Variance Commentary in the appendix section for an explanation of the revenue variances versus last year. *Revenues line YoY growth rates adjusted for FX are non-GAAP measures. See Annex 4 for Revenues on a

GAAP and FX-adjusted basis. See Slide 3 for an explanation of FX-adjusted information. 13

Net Card Fees $ in billions; % Increase/(decrease) vs. Prior year & CAGR (FX-adjusted)

Net Card Fees (Q3: 2019-2026)

17% / Year

% CAGR $3.0

$2.6

$2.2

$1.8

$1.5

$1.3

$1.0

$1.2

Q3'19 Q3'20 Q3'21 Q3'22 Q3'23 Q3'24 Q3'25 Q3'26

Net Card Fees YoY% (Q3'25-Q3'26)

30%

25%

20%

17%

16%

16%

17%

15%

15%

10%

5%

0%

Q3'25

Q4'25

Q1'26

Q2'26

Q3'26

Net Card Fees YoY growth rates and CAGR adjusted for FX are non-GAAP measures. See Annex 5 for Net Card Fees growth rates on a GAAP basis. See Slide 3 for an explanation of FX-adjusted information. 14

Premium Lending

Net Interest Income

$ in billions; % Increase/(decrease) vs. Prior year (FX-adjusted)

$4.5

$4.5

$4.7

$4.6

$4.9

Q3'25

Q4'25

Q1'26

Q2'26

Q3'26

YoY Growth

10%

11%

12%

12%

12%

(~2%) YoY impact from Small Business Cobrand exits

NII: Volume & Margin Drivers

CAGR % vs. Q3'19 (FX-adjusted except Margin)

Billed Business

Net Interest Income

Volume

Total Balances

Margin

Net Interest Income / Average Total Balances

5%

7%

12%

8%

Q3'26 vs. Q3'19 CAGR %

15

Total Balances includes Card Balances, Card Balances held for sale (HFS) and Other Loans. Net Interest Income and Total Balances FX-adjusted growth rates are non-GAAP measures. See Annex 5 for Net Interest Income growth rates and CAGR on a GAAP basis and Annex 3 for Total Balances CAGR on a GAAP basis. See Annex 2 for reported billings CAGR. See Slide 3 for an explanation of FX-adjusted information.

Total Revenues Net of Interest Expense $ in billions; % Increase/(decrease) vs. Prior year

15%

10%

11%

11%

10%

11%

10%

9% Reported

10% 10%

9%

9% FX Adjusted

(~1%) YoY impact from Small Business Cobrand exits

5%

	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26
	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26
$B	$18.4	$19.0	$18.9	$19.6	$20.1

0%

Expense Performance $ in millions; % Increase/(decrease) vs. Prior year

Q3'26

Q3'25

9%

(3%)

11%

16%

36%

11%

10%

YoY%

Inc/(Dec)

Q3'26 VCE %

of Revenue

44.3%

$5,090 $1,795 $2,006

$8,891 $1,770 $3,885

$14,546

$4,608 $1,611 $1,477

$7,696 $1,599 $4,019

$13,314

Card Member Rewards Business Development Card Member Services

Variable Customer Engagement Expenses Marketing

Operating Expenses Total Expenses

Operating Expense Performance $ in millions; % Increase/(decrease) vs. Prior year

Q3'26		Q3'25		YoY% Inc/(Dec)
Operating Expenses - GAAP	$3,885		$4,019		(3%)
GBTG Gain on Sale	$982
Restructuring	($336)
Notable Item: Legal Matters*	($400)
Operating Expenses (ex.Adjusted & Notable Items)**	$4,131		$4,019		3%

*Legal matters include an increase in legal reserves for the portion of the OCC civil money penalty not reserved for in prior periods as well as a reserve for the anticipated settlement of a previously-disclosed, unrelated matter. **Operating

2010 - 2026 Business Performance

27%

28%

23%

28% 29%

24%

Return on Average Equity

34%

30%

26%

34%

32% 32%

35% 34%

38%

13%

14%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD'26

Return on Average Tangible Common Equity

34%

35%

29%

34%

34%

30%

32%

17%

44%

37%

18%

43%

41%

38%

41%

41%

46%

Capital

Capital Return & Common Shares Outstanding

$ in billions; Common Shares Outstanding in millions

689

686

682

675

671

Common Shares Outstanding

$2.9

$2.9

$2.3

$2.2

Dividends

$1.5

Share Repurchases

Q3'25

Q4'25

Q1'26

Q2'26

Q3'26

$0.9

$0.6

$1.6

$1.7

$0.6

$2.2

$0.7

$2.3

$0.6

$0.6

58 %

75 %

Increase in Quarterly Dividend per Common Share (3 Year*)

Net Income Returned to Common Shareholders (3 Year**)

10.9 %

CET1 Ratio (Q3'26)

CET1 Ratio Target: 10-11%

Regulatory Minimum: 7%

Inclusive of Stress Capital Buffer

Amounts may not sum due to rounding. *Dividend per common share as of Q3'23 vs. Q3'26. **Net Income Returned to Common Shareholders is calculated as the total amount of capital returned to common shareholders through dividends and

share repurchases divided by total capital generated through net income available to common shareholders from Q4'23 to Q3'26. 20

2026 Guidance

Revenue Growth:

9% - 10%

EPS:

$17.30 - $17.90

Original

Revenue Growth:

10%

EPS:

$17.30 - $17.90

As of Q2'26

Revenue Growth:

10%

EPS:

GAAP: $18.30 - $18.60

(EPS Growth: 19% - 21%)

Adjusted: $17.60 - $17.90*

(EPS Growth: 14% - 16%)

Updated

21

Our ability to achieve our 2026 guidance is subject to the macroeconomic environment, as well as contingencies and other factors beyond our control. Refer to "Cautionary Note Regarding Forward-Looking Statements" at the end of this presentation. *Adjusted EPS guidance is a non-GAAP measure that excludes the $0.73 net impact from the gain from the sale of the company's equity investment in GBTG, net of a restructuring charge. See Annex 1 for a reconciliation to EPS guidance on a GAAP basis.

Appendix FX Impact on Billed Business

		Q3'26 Billed Business as a % of Total		YoY Change in USD* vs. Currency Strengthened / (Weakened)
Euro €		5%		2%
UK £		6%		0%
Japan ¥		4%		8%
Australia $		5%		(8%)
Canada $		3%		2%
Mexico $		2%		(6%)
Top 6 Intl. Currencies		24%		0% **
All Other Intl. Currencies		3%

Billed Business by currency is based on the location where the card is issued. *Represents percentage change in foreign currency exchange rates utilized for conversion of reported results from local currency to

USD for Q3 2026 versus Q3 2025. **Reflects weighted average based on Billed Business mix. 23

Travel & Entertainment Billed Business

Q3'26	Restaurants	Lodging	Airlines	Other	Total T&E
YoY Growth	9%	6%	13%	12%	10%
% of Total Billed Business	8%	6%	6%	9%	29%

All growth rates reflect FX-adjusted rates. See Slide 3 for an explanation of FX-adjusted information. 24

Credit Reserve Macroeconomic Scenarios: Select Variables

U.S. GDP Growth* %

6%

5%

4%

3%

2%

1%

0%

(1)%

(2)%

(3)%

(4)%

(5)%

Q3 Upside Scenario

Q3 Baseline Scenario

Q3 Downside Scenario

U.S. Unemployment Rate %

10%

9%

8%

7%

6%

5%

4%

3%

2%

1%

0%

Q3 Upside Scenario

Q3 Baseline Scenario

Q3 Downside Scenario

Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Q4'27 Q1'28 Q2'28

Q3'28

Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Q4'27 Q1'28 Q2'28

Q3'28

Reflects the range of variables available as of September 30, 2026. Forecast assumptions are from an independent third party and represent the range of forecasts from the macroeconomic scenarios used during the quarter without applying a weight to those scenarios. *Real GDP QoQ % Change Seasonally Adjusted to Annualized Rates (SAAR). 25

Funding and Deposits

Funding Mix

$ in billions

$210

$216

6%

1%

6%

1%

Short-term Funding Card ABS*

Unsecured Funding**

Deposits

Q4'25

Q3'26

72%

72%

22%

21%

Deposit Programs

$ in billions

$151

$154

92% FDIC

insured at Q3'26

2%

2%

Third Party CDs

Third Party

Sweep Checking

Savings and Direct CDs

Q4'25

Q3'26

81%

83%

10%

8%

6%

7%

Amounts may not sum due to rounding. Deposit Programs reflect U.S. interest-bearing deposits. *Reflects face amount of Card ABS, net of securities retained by the Company. Includes outstanding ABS secured borrowing facility

draws. **Reflects face amount of unsecured term debt and outstanding bank credit facility draws; the long-term debt balance on the Company's consolidated balance sheet includes capitalized leases and certain adjustments that 26

are not included in these balances.

Additional Commentary - Variance Analysis

The following summary provides selected variance information for the three months ended September 30, 2026 compared to the same period in the prior year. It should be read in conjunction with the statistical tables for Q3'26, available at ir.americanexpress.com.

• Discount Revenue: Increased 8 percent versus Q3'25, primarily driven by an increase in billed business.

• Net Card Fees: Increased 16 percent versus Q3'25, primarily driven by increases in the average fee per card of our premium card products, reflecting the impact of our product refreshes, and growth in our premium card portfolios.

• Service Fees and Other Revenue: was relatively flat versus Q3'25, reflecting increases in network partnership revenue, foreign exchange related revenues associated with Card Member cross-currency spending and merchant service fees, offset by a gain in the prior period related to an equity transaction by GBTG, a then-equity method investee, resulting from its acquisition of CWT Holdings, LLC.

• Interest Income: Increased 4 percent versus Q3'25, primarily driven by growth in revolving Card balances, partially offset by lower interest rates.

• Interest Expense: Decreased 10 percent versus Q3'25, primarily driven by lower interest rates paid on customer deposits, partially offset by growth in customer deposits.

• Provisions for Credit Losses: Decreased 23 percent versus Q3'25, primarily driven by a reserve release in the current period compared to a reserve build in the prior period, partially offset by higher net write-offs. The reserve release in the current period was primarily driven by enhancements to the models that estimate expected credit losses resulting from our periodic review process, partially offset by a sequential increase in Card balances.

• Card Member Rewards Expense: Increased 10 percent versus Q3'25, primarily driven by higher billed business and changes to the Membership Rewards Program for U.S. Business Platinum cards.

• Business Development Expense: Increased 11 percent versus Q3'25, primarily due to increased partner payments and higher client incentives, driven by higher network volumes.

• Card Member Services Expense: Increased 36 percent versus Q3'25, primarily due to the new U.S. Platinum benefits and higher usage of Card Member benefits.

• Marketing Expense: Increased 11 percent versus Q3'25, primarily driven by higher levels of spending on customer acquisition and other growth initiatives.

• Salaries and Employee Benefits Expense: Increased 15 percent versus Q3'25, primarily driven by restructuring costs.

• Other Expenses: Decreased 26 percent versus Q3'25, primarily driven by the gain recognized on the sale of our equity method investment in GBTG, partially offset by increases in legal reserves and technology costs.

Notes on Business Highlights

1. Adjusted EPS is a non-GAAP measure that excludes the $0.73 net impact from the gain from the sale of the company's equity investment in GBTG, net of a restructuring charge. See Annex 1 for a reconciliation to EPS guidance on a GAAP basis. Our ability to achieve our full-year 2026 guidance is subject to the macroeconomic environment, as well as contingencies and other factors beyond our control. Refer to "Cautionary Note Regarding Forward-Looking Statements" at the end of this presentation.

2. Locations in force (LIF) estimate as of July 2026, including an estimated 80 million Merchants that accept American Express in China and Brazil (including through digital wallets).

Refer to the Statistical Tables for the third-quarter 2026, available on the American Express Investor Relations website at ir.americanexpress.com, for certain defined terms used in this presentation and/or our related investor conference call.

Annex 1

Adjusted Pretax Income, Adjusted Net Income, Adjusted EPS and Adjusted EPS Guidance

Amounts may not sum due to rounding

Q3'26	Q3'25	YoY% Inc/(Dec)
$4,531	$3,825	18%
($982)
$336
$3,885	$3,825	2%

GAAP Pretax Income GBTG Gain on Sale Restructuring Charge

Adjusted Pretax Income

GAAP Net Income

GBTG Gain on Sale (pretax)

Tax Impact of GBTG Gain on Sale

GBTG Gain on Sale (after tax)

Restructuring Charge (pretax)

Tax Impact of Restructuring Charge Restructuring Charge (after tax) Adjusted Net Income

GAAP Diluted EPS

Q3'26	Q3'25	YoY% Inc/(Dec)	YTD'26	YTD'25	YoY% Inc/(Dec)
$5.42	$4.14	31%	$14.22	$11.85	20%
($1.45)			($1.44)
$0.34			$0.34
($1.11)			($1.10)
$0.49			$0.49
($0.12)			($0.12)
$0.37			$0.37
$4.68	$4.14	13%	$13.49	$11.85	14%

GBTG Gain on Sale (pretax)

Tax Impact of GBTG Gain on Sale

GBTG Gain on Sale (after tax)

Restructuring Charge (pretax)

Q3'26	Q3'25	YoY% Inc/(Dec)
$3,712	$2,902	28%
($982)
$230
($751)
$336
($84)
$253
$3,214	$2,902	11%

FY'25	FY'26 Guidance Range		YoY% Inc/(Dec)
$15.38	$18.30	$18.60	19%	21%
	($1.10)	($1.10)
	$0.37	$0.37
$15.38	$17.60	$17.90	14%	16%

Tax Impact of Restructuring Charge Restructuring Charge (after tax) Adjusted Diluted EPS

GAAP Diluted EPS

GBTG Gain on Sale (after tax) Restructuring Charge (after tax) Adjusted Diluted EPS

Annex 2

Billed Business - Reported & FX-Adjusted*

% Increase/(decrease) vs. Prior year

	Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
Total
Reported	9%	9%	10%	9%	8%
FX-Adjusted*	8%	8%	9%	9%	8%
Reported Q3'19 - Q3'26 CAGR					8%
FX-Adjusted Q3'19 - Q3'26 CAGR*					8%
G&S
Reported	9%	9%	10%	9%	7%
FX-Adjusted*	9%	8%	8%	9%	7%
T&E
Reported	8%	9%	12%	10%	10%
FX-Adjusted*	8%	8%	9%	10%	10%

	Q2'26	Q3'26
Commercial Services:
Reported	5%	3%
FX-Adjusted*	5%	3%
Commercial Services Excl. Small Business Cobrand Exits**:
Reported	5%	5%
FX-Adjusted*	5%	5%
G&S:
Reported		2%
FX-Adjusted*		2%
T&E:
Reported		7%
FX-Adjusted*		7%
U.S. Large and Global Corp.:
Reported		3%
FX-Adjusted*		3%

	Q3'26
International Card Services:
Reported	11%
FX-Adjusted*	11%
G&S:
Reported	11%
FX-Adjusted*	11%
T&E:
Reported	11%
FX-Adjusted*	11%
International Consumer:
Reported	11%
FX-Adjusted*	11%
International SME & Large Corp.
Reported	12%
FX-Adjusted*	11%

Annex 3

Total Balances - Reported & FX-Adjusted*

$ in billions

Q3'19	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26
$145	$202	$208	$207	$212	$216	$225	$224	$229	$233
$144	$202	$211	$209	$211	$216
					7%	8%	8%	8%	8%
					7%	7%	7%	9%	8%
									7%
									7%

GAAP Total Balances

FX-Adjusted Total Balances*

YoY% Inc/(Dec) in GAAP Total Balances

YoY% Inc/(Dec) in FX-Adjusted Total Balances*

GAAP Total Balances Q3'19 - Q3'26 CAGR

FX-Adjusted Total Balances Q3'19 - Q3'26 CAGR*

Discount Revenue

FX-Adjusted* Net Card Fees FX-Adjusted*

Service Fees and Other Revenue

FX-Adjusted*

Net Interest Income

FX-Adjusted*

Revenues Net of Interest Expense

FX-Adjusted*

Annex 4

Revenue - Reported & FX-Adjusted*

Q3'26	Q3'25	YoY% Inc/(Dec)	YTD'26	YTD'25	YoY% Inc/(Dec)
$10,169	$9,413	8%
	$9,409	8%
$2,969	$2,551	16%
	$2,545	17%
$1,984	$1,976	0%
	$1,967	1%
$4,940	$4,486	10%
	$4,492	10%
$20,062	$18,426	9%	$58,606	$53,249	10%
	$18,413	9%		$53,503	10%

$ in millions

Annex 5

Net Card Fees, Net Interest Income and Revenues Net of Interest Expense - Reported & FX-Adjusted*

$ in billions

Q3'19	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26
$1.0	$2.2	$2.2	$2.3	$2.5	$2.6	$2.6	$2.8	$2.9	$3.0
$1.0	$2.2	$2.3	$2.4	$2.5	$2.5
	18%	18%	18%	20%	18%	17%	18%	15%	16%
	18%	19%	20%	20%	17%	16%	16%	15%	17%
									16%
									17%

GAAP Net Card Fees

FX-Adjusted Net Card Fees*

YoY% Inc/(Dec) in GAAP Net Card Fees

YoY% Inc/(Dec) in FX-Adjusted Net Card Fees*

GAAP Net Card Fees Q3'19 - Q3'26 CAGR

FX-Adjusted Net Card Fees Q3'19 - Q3'26 CAGR*

Q3'19	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26
$2.2	$4.0	$4.0	$4.2	$4.2	$4.5	$4.5	$4.7	$4.6	$4.9
$2.2	$4.0	$4.1	$4.2	$4.2	$4.5
					12%	12%	13%	11%	10%
					12%	12%	12%	11%	10%
									12%
									12%

GAAP Net Interest Income

FX-Adjusted Net Interest Income*

YoY% Inc/(Dec) in GAAP Net Interest Income

YoY% Inc/(Dec) in FX-Adjusted Net Interest Income*

GAAP Net Interest Income Q3'19 - Q3'26 CAGR

FX-Adjusted Net Interest Income Q3'19 - Q3'26 CAGR*

Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Q3'26
$16.6 $16.7	$17.2 $17.3	$17.0 $17.2	$17.9 $17.9	$18.4 $18.4	$19.0	$18.9	$19.6	$20.1
				11% 11%	10% 9%	11% 10%	10% 10%	9% 9%

GAAP Revenues Net of Interest Expense

FX-Adjusted Revenues Net of Interest Expense*

YoY% Inc/(Dec) in GAAP Revenues Net of Interest Expense

YoY% Inc/(Dec) in FX-Adjusted Revenues Net of Interest Expense*

Annualized Net income

Less: Preferred share dividends and equity related adjustments Less: Earnings allocated to

participating share awards and

other

Net income attributable to common shareholders

Average shareholder's equity

Less: Average preferred shares

Average common shareholder's equity

Less: Average goodwill and other intangibles, net of deferred tax liabilities

Average tangible common shareholders' equity

Return on average equity (ROE)

Return on average tangible common equity (ROTCE)

Annex 6

Reconciliation of Return on Average Equity to Return on Average Tangible Common Equity

$ in millions

2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	YTD'26
$4,057 $- ($51)	$4,935 $- ($58)	$4,482 $- ($49)	$5,359 $- ($47)	$5,885 $- ($46)	$5,163 ($62) ($38)	$5,375 ($80) ($43)	$2,748 ($81) ($21)	$6,921 ($80) ($54)	$6,759 ($81) ($47)	$3,135 ($79) ($20)	$8,060 ($87) ($56)	$7,514 ($57) ($57)	$8,374 ($58) ($64)	$10,129 ($58) ($76)	$10,833 ($58) ($74)	$13,059 ($92) ($83)
$4,006	$4,877	$4,433	$5,312	$5,839	$5,063	$5,252	$2,646	$6,787	$6,631	$3,036	$7,917	$7,400	$8,252	$9,995	$10,701	$12,884
$14,899	$17,762	$19,266	$19,184	$20,115	$21,279	$20,726	$20,415	$20,503	$22,739	$21,998	$23,915	$23,289	$26,557	$29,266	$31,934	$34,387
$-	$-	$-	$-	($149)	($1,416)	($1,584)	($1,584)	($1,584)	($1,584)	($1,584)	($1,733)	($1,584)	($1,584)	($1,584)	($1,584)	($1,584)
$14,899	$17,762	$19,266	$19,184	$19,966	$19,864	$19,142	$18,831	$18,919	$21,155	$20,414	$22,182	$21,705	$24,973	$27,682	$30,350	$32,803
($3,079)	($3,957)	($3,880)	($3,635)	($2,939)	($2,759)	($2,753)	($3,134)	($3,405)	($3,050)	($3,276)	($3,639)	($3,516)	($3,520)	($3,590)	($4,277)	($4,738)
$11,820	$13,805	$15,386	$15,549	$17,027	$17,105	$16,388	$15,697	$15,514	$18,105	$17,139	$18,543	$18,190	$21,453	$24,092	$26,073	$28,065
27%	28%	23%	28%	29%	24%	26%	13%	34%	30%	14%	34%	32%	32%	35%	34%	38%
34%	35%	29%	34%	34%	30%	32%	17%	44%	37%	18%	43%	41%	38%	41%	41%	46%

Amounts may not sum due to rounding. Return on average equity is calculated by dividing (i) annualized net income for the period by (ii) average shareholders' equity for the period; Return on average tangible common equity is 34

calculated by dividing (i) annualized net income attributable to common shareholders by (ii) average common shareholders' equity, less average goodwill and other intangibles, net of deferred tax liabilities.

Cautionary Note Regarding Forward-Looking Statements

This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which address American Express Company's current expectations regarding business and financial performance, including management's guidance for 2026, future investments and costs and potential impacts to guidance for 2027, among other matters, contain words such as "believe," "expect," "anticipate," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," "continue" and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following:

• the company's ability to achieve its 2026 earnings per common share (EPS) guidance and grow EPS in the future, which will depend in part on revenue growth, credit performance, credit reserve and expense levels and the effective tax rate remaining consistent with current expectations and the company's ability to continue investing in growth initiatives (such as its brand, value propositions, coverage, marketing, technology, partnerships and talent), controlling operating expenses, effectively managing risk and executing its share repurchase program, any of which could be impacted by, among other things, the factors identified in the subsequent paragraphs as well as the following: macroeconomic and geopolitical conditions, including a slowdown in

  U.S. or global economic growth, changes to consumer and business confidence, higher rates of unemployment and wide-scale layoffs, impacts from the Middle East conflict and other international hostilities, deteriorations in global trade and the effects of tariffs, changes in interest rates, inflation, supply chain issues, energy costs, market volatility, and fiscal and monetary policies; the effects of technology changes and the adoption of artificial intelligence (AI); the impact of any future contingencies, including, but not limited to, legal costs and settlements, the imposition of fines or monetary penalties, remediation expenses, investment gains or losses, restructurings, impairments and changes in reserves; issues impacting brand perceptions and the company's reputation; changes in the competitive environment, including as a result of agentic technologies, and an inability to realize benefits from new and extended sponsorships; impacts related to acquisitions, divestitures, cobrand relationships and other partners; and the impact of regulation, regulatory orders and other legal proceedings, which could affect the profitability of the company's business activities, limit the company's ability to pursue business opportunities, require changes to business practices or alter the company's relationships with Card Members, partners and merchants;

• the company's ability to achieve its 2026 revenue growth guidance and grow revenues net of interest expense in the future, which could be impacted by, among other things, the factors identified above and in the subsequent paragraphs, as well as the following: spending volumes not being consistent with expectations, including spending by U.S. and international consumer Card Members across age cohorts (including Millennial and Gen-Z customers) and business Card Members and spending in retail and in dining, airline and other travel & entertainment categories, such as due to uncertain macroeconomic and geopolitical conditions; an inability to address competitive pressures, attract and retain customers, invest in and enhance the company's Membership Model of premium products, differentiated services and partnerships, successfully refresh card products and introduce new features and capabilities, grow banking relationships with customers and implement strategies and business initiatives, including within the premium consumer space, commercial payments and the global network; the impacts of portfolio sales; the effects of regulatory initiatives, including pricing regulation, such as pricing for card acceptance and interest rate and fee caps, and network regulation; merchant coverage growing less than expected or the reduction of merchant acceptance or perceptions of coverage; increased surcharging, steering, suppression or other differential acceptance practices with respect to the company's products; merchant discount rates changing from the company's expectations; and changes in foreign currency exchange rates;

  Cautionary Note Regarding Forward-Looking Statements

• net card fee revenues not growing consistent with the company's expectations for 2026 and beyond, which could be impacted by, among other things, the pace of Card Member acquisition activity and demand for the company's fee-based products; higher Card Member attrition rates; the success and timing of the company's refreshes of its card products (including acquisition and retention levels of the U.S. Platinum Cards); a decrease in the ability and desire of Card Members to pay card fees, such as due to macroeconomic conditions or as a result of changes in card fees; the competitive environment and the perception of the value provided by premium cards; regulatory initiatives impacting card fees; and the company's inability to deliver and enhance benefits and services, innovate with respect to its products and develop attractive premium value propositions for new and existing customers;

• net interest income and the growth of net interest income relative to the growth of Card balances and Other loans outstanding, being higher or lower than expectations, which could be impacted by, among other things, the behavior and financial strength of Card Members and their actual spending, borrowing and paydown patterns; the effectiveness of the company's strategies to enhance Card Member value propositions, grow lending with premium customers and capture a greater share of Card Members' spending and borrowings, and attract new, and retain existing, customers; the company's ability to effectively introduce and enhance lending features on its products and manage underwriting risk; governmental actions to cap credit card interest rates; changes in benchmark interest rates, including where such changes affect the company's assets or liabilities differently than expected; the company's ability to grow deposits, including from Card Members, across age cohorts (including Millennial and Gen-Z customers) and through new banking offerings for businesses; continued volatility and other changes in capital and credit market conditions and the availability and cost of capital; credit actions, including line size and other adjustments to credit availability; the yield on revolve-eligible Card balances and Other loans differing from current expectations; and loss or impacts to cobrand relationships, including portfolio sales;

• future credit performance, the level of future delinquency, reserve and write-off rates and the amount and timing of future reserve builds and releases, which will depend in part on macroeconomic factors such as actual and projected unemployment rates and GDP, as well as the occurrence of events that increase macroeconomic uncertainty or volatility; the ability and willingness of Card Members to pay amounts owed to the company; changes in Card balances and Other loans outstanding, such as from the implementation of the company's strategy to capture spending and borrowings, or from changes in consumer behavior that affect customer balances (e.g., paydown and revolve rates); changes in the levels of customer acquisitions and the credit profiles of new customers acquired; financial stress and volume of bankruptcies of Card Members and business partners; credit-related fraud levels; changes in the company's models that estimate expected credit losses; acquisitions or sales of balances or card portfolios; the magnitude of seasonal fluctuations in credit metrics; the enrollment in, and effectiveness of, financial relief programs and the performance of accounts as they exit from such programs; the effects of the resumption of student loan repayments; collections capabilities and recoveries of previously written-off balances; and the impact of the usage of debt settlement companies;

  Cautionary Note Regarding Forward-Looking Statements

• Card Member rewards and services and business development expenses not growing consistent with the company's expectations for 2026 and beyond, and the relationship of these variable customer engagement expenses to revenues, which could be impacted by the investments and enhancements that the company makes with respect to its value propositions, including its rewards programs and product benefits, such as in connection with card refreshes (e.g., U.S. Platinum Card refreshes), to make them attractive to Card Members and prospective customers, potentially in a manner that is not cost-effective; changes in the level of Card Member spending and spending patterns (including the level of spend in bonus categories), the redemption of rewards and offers (including travel redemptions) and usage of travel-, lifestyle- and business-related benefits, including as a result of Card Member usage of agentic technologies; the costs related to reward point redemptions; levels of Card Member acquisitions on premium card products; changes in the company's models or assumptions used to estimate these expenses; new and renegotiated contractual obligations with business partners; the company's ability to identify and negotiate partner-funded value for Card Members; and the pace and cost of the expansion of the company's global lounge collection;

• the actual amount the company spends on marketing in 2026 and beyond and the effectiveness and efficiency of its marketing spending, which will be based in part on continued changes in the macroeconomic and competitive environment and business performance, including the levels of demand for the company's products; the company's ability to realize marketing efficiencies, including as a result of investments in its product value propositions and the use of technology, such as the personalization of offers; management's investment optimization process and its ability to develop premium value propositions and drive customer demand; management's identification and assessment of attractive investment opportunities and its decisions regarding the timing of investments; the receptivity of Card Members and prospective customers to advertising and customer acquisition initiatives; and costs associated with brand advertising and new and extended sponsorships;

• the company's ability to control operating expenses, including relative to revenue growth, and the actual amount spent on operating expenses in 2026 and beyond, which could be impacted by, among other things, salary and benefit expenses to attract and retain talent; the company's ability to realize operational efficiencies, including through increased scale and automation and continued adoption of artificial intelligence technologies; management's ability to balance expense control and investments in the business, and its decisions regarding spending in such areas as technology, business and product development, sales force, premium servicing and AI initiatives; expenses related to enterprise risk management and compliance programs, as well as consulting, legal and other professional services fees, including as a result of the company's growth, regulatory orders and other legal proceedings and internal reviews; the effectiveness and timing of remediation required under regulatory orders and the company's ability to meet related regulatory expectations; the company's ability to innovate efficient channels of customer interactions and the willingness of Card Members to self-service and address issues through digital channels; the company's ability to successfully implement and achieve benefits from restructurings; fraud incidents and elevated fraud costs; inflation and supply chain issues; increased technology costs, including AI usage and investments in technology innovations and system upgrades; the impact of changes in foreign currency exchange rates on costs; regulatory assessments; information security or cybersecurity incidents; the payment of fines, penalties, disgorgement, restitution, non-income tax assessments and litigation-related settlements; the level of M&A activity and related expenses; the performance of Amex Ventures and other of the company's investments; and impairments of goodwill or other assets;

  Cautionary Note Regarding Forward-Looking Statements

• the company's tax rate not remaining consistent with expectations, which could be impacted by, among other things, further changes in tax laws and regulation, the implementation by jurisdictions of the Organization for Economic Cooperation and Development's global minimum tax guidelines (including safe harbors for U.S. multinational enterprises), the company's geographic mix of income, unfavorable tax audits, assessments and tax litigation outcomes, and the occurrence or nonoccurrence of other discrete tax items;

• changes affecting the company's plans regarding the return of capital to shareholders, which will depend on factors such as the company's capital levels and regulatory capital ratios; new rulemakings and guidance from the Federal Reserve and other banking regulators, including changes to regulatory capital requirements, such as from recent regulatory capital rule proposals, and changes to the tailoring of enhanced prudential standards applicable to banking organizations; results of operations and financial condition; credit ratings and rating agency considerations; results of the stress testing and capital planning process; and the economic environment and market conditions in any given period;

• changes in the substantial and increasing worldwide competition in the payments industry, including competitive pressure and competitor settlements that may materially impact the prices charged to merchants that accept American Express cards; merchant acceptance, surcharging, steering and other differential acceptance practices; the desirability of competitor premium card products and competition for premium experiences, services and benefits; competition for new and existing partnerships, including cobrand relationships; the effects of the emergence of agentic commerce on the payments landscape and customer payment experiences; competition from new and non-traditional competitors, such as financial technology companies, and with respect to new products, services and technologies, such as the emergence or increase in popularity of digital payment platforms and currencies and other alternative payment mechanisms; competitor acquisitions and transactions; and the success of marketing, promotion, rewards programs, offers and

  travel-, lifestyle- and business-related benefits (e.g., lounges, dining, entertainment and business tools);

• the company's ability to sustain its momentum and leadership in the premium consumer space, including with Millennial and Gen-Z consumers, which will be impacted in part by competition, levels of consumer demand for premium card products, brand perceptions (including perceptions related to merchant coverage) and reputation, and the company's ability to successfully refresh its products and develop and market new benefits, services, experiences and other value propositions, as well as new AI and digital capabilities, that appeal to Card Members and new customers, grow spending with new and younger age cohort Card Members, offer attractive services and rewards programs and build greater customer loyalty, which will depend in part on identifying and funding investment opportunities, addressing changing customer behaviors, technological developments in the payments industry, new product innovation and development, Card Member acquisition efforts and enrollment processes, including through digital channels, continuing to realize benefits from strategic partnerships, successfully implementing the company's dining strategy and evolving the company's infrastructure to support new products, services and benefits;

  Cautionary Note Regarding Forward-Looking Statements

• the company's ability to build on its leadership in commercial payments and successfully roll out new commercial products and solutions in 2026 and beyond, which will depend in part on competition, including from financial technology companies and as a result of competitor acquisitions and transactions; the willingness and ability of companies to use credit and charge cards for procurement and other business expenditures as well as use the company's other products and services for financing needs; the acceptance of, and economics related to, B2B payment platforms; the company's ability to successfully refresh its products and offer attractive value propositions and new products to current and potential customers; the company's ability to enhance and expand its payment, lending, cash flow and expense management solutions, including the success of its new expense management platform and corporate cards and the launch of new AI tools for business customers, increase customer engagement, enhance the corporate card onboarding experience and build out a multi-product digital ecosystem to integrate its broad product set, which is dependent on the company's continued investment in capabilities, features, functionalities, platforms and technologies; and the success of the company's initiatives to support businesses, such as Small Business Saturday and other Shop Small campaigns;

• the company's ability to successfully invest in, benefit from and expand the use of technological developments, AI, digital payments, servicing, travel, dining & expense management solutions and other technological capabilities, which will depend in part on the company's success in advancing its agentic commerce initiatives, including embedding its payment capabilities in emerging AI ecosystems, such as through the Amex Agentic Commerce Experiences™ developer kit and Amex Agent Purchase Protection™, making Membership assets discoverable and actionable on AI platforms and building proprietary AI-powered experiences across its platforms; embedding AI into its business and increasing automation, including to streamline and improve internal processes and decision making, enhance the company's products, develop new capabilities, improve customer acquisition and enrollment processes and address servicing and other business and customer needs; developing new features in its applications and platforms and enhancing its digital channels; supporting the use of the company's products as a means of payment through online, mobile, agentic and other digital channels; building partnerships, integrating products and executing programs with other companies; and effectively utilizing data and data & analytics platforms, including successfully migrating to new platforms, all of which will be impacted by investment levels, customer and colleague receptiveness and ability to adopt new technologies, competitive conditions, partner engagement, new product innovation and development and the platforms and infrastructure to support new products, services, benefits and partner integrations;

• the company's ability to grow internationally, which could be impacted by regulation and business practices, such as those capping interchange or other fees, mandating network access or data localization, imposing greater requirements on payment networks, favoring local competitors or prohibiting or limiting foreign ownership of certain businesses; perceptions of the company's brand in international jurisdictions; the company's inability to successfully replicate aspects of its business model internationally and tailor products and services to make them attractive to local customers; competitors with more scale, local experience and established relationships with relevant customers, regulators and industry participants; the success of the company and its network partners in acquiring Card Members and/or merchants; and geopolitical and economic instability, hostilities and tensions (such as the effects of the Middle East conflict), and impacts to cross-border trade and travel;

  Cautionary Note Regarding Forward-Looking Statements

• a failure in or breach of the company's operational or security systems, processes or infrastructure, or those of third parties, including as a result of cyberattacks or outages, which could compromise the confidentiality, integrity, privacy and/or security of data, disrupt the company's or its partners' operations, reduce the use and acceptance of American Express cards or the company's digital platforms and lead to regulatory scrutiny, litigation, fraud, remediation and response costs and reputational harm;

• legal and regulatory developments, which could affect the profitability of the company's business activities; subject the company to heightened regulatory scrutiny and result in increased costs related to regulatory oversight and compliance, litigation-related settlements, judgments or expenses, restitution to Card Members or the imposition of fines or monetary penalties; limit the company's ability to pursue business opportunities or conduct business in certain jurisdictions; require changes to business practices or governance, or alter the company's relationships with Card Members, partners, merchants and other third parties, including affecting its network operations and pricing and practices governing merchant acceptance; impact interest income, card fees and rewards programs; exert further pressure on merchant discount rates and the company's GNS business, as well as result in an increase in surcharging, steering or other differential acceptance practices; alter the competitive landscape; materially affect capital or liquidity requirements or limit the ability to return capital to shareholders or pay dividends; or result in harm to the American Express brand; and

• factors beyond the company's control such as business, economic and geopolitical conditions, consumer and business confidence and spending generally, unemployment rates & wide-scale layoffs, interest rates, market volatility, energy costs, impacts to travel, political developments, a continuation or further escalation or widening of the Middle East conflict or other military conflicts, regional hostilities and international tensions, adverse developments affecting third parties, including other financial institutions, merchants, partners or vendors, as well as severe weather conditions and natural disasters (e.g., hurricanes and wildfires), power loss, disruptions in telecommunications, pandemics, terrorism and other catastrophic events, any of which could significantly affect demand for and spending on American Express cards, credit metrics and reserves, customer balances, deposit levels and other aspects of the company's business and results of operations or disrupt its global network systems and ability to process transactions.

A further description of these uncertainties and other risks can be found in American Express Company's Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2026 and the company's other reports filed with the Securities and Exchange Commission.