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

EXHIBIT 99.2

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

				As Recast
	Q1'18			Q4'17			Q3'17			Q2'17			Q1'17			YOY % change
Non-interest revenues
Discount revenue	$	5,889		$	6,060		$	5,700		$	5,743		$	5,387			9
Net card fees		830			785			786			771			748			11
Other fees and commissions		781			778			755			746			711			10
Other		377			344			371			380			361			4
Total non-interest revenues		7,877			7,967			7,612			7,640			7,207			9
Interest income
Interest on loans		2,326			2,205			2,131			1,950			1,862			25
Interest and dividends on investment securities		21			21			22			23			23			(9	)
Deposits with banks and other		115			93			91			82			60			92
Total interest income		2,462			2,319			2,244			2,055			1,945			27
Interest expense
Deposits		270			241			213			176			149			81
Long-term debt and other		351			339			354			346			294			19
Total interest expense		621			580			567			522			443			40
Net interest income		1,841			1,739			1,677			1,533			1,502			23
Total revenues net of interest expense		9,718			9,706			9,289			9,173			8,709			12
Provisions for losses
Charge card		242			205			214			163			213			14
Card Member loans		499			596			531			404			337			48
Other		34			32			24			17			23			48
Total provisions for losses		775			833			769			584			573			35
Total revenues net of interest expense after provisions for losses		8,943			8,873			8,520			8,589			8,136			10
Expenses
Marketing and business development (A)		1,345			1,535			1,446			1,456			1,285			5
Card Member rewards		2,347			2,262			2,168			2,196			2,061			14
Card Member services and other		409			383			351			341			317			29
Salaries and employee benefits		1,326			1,436			1,265			1,293			1,264			5
Professional services		457			534			494			511			501			(9	)
Occupancy and equipment		520			493			567			484			474			10
Other, net (A)		457			432			398			351			395			16
Total expenses		6,861			7,075			6,689			6,632			6,297			9
Pretax income		2,082			1,798			1,831			1,957			1,839			13
Income tax provision		448			3,004			472			613			588			(24	)
Net income (loss)	$	1,634		$	(1,206	)	$	1,359		$	1,344		$	1,251			31
Net income (loss) attributable to common shareholders (B)	$	1,600		$	(1,228	)	$	1,327		$	1,314		$	1,220			31
Effective tax rate		21.5	%		167.1	%		25.8	%		31.3	%		32.0	%
Earnings Per Common Share
Basic
Net income (loss) attributable to common shareholders	$	1.86		$	(1.42	)	$	1.51		$	1.48		$	1.36			37
Average common shares outstanding		859			865			878			890			899			(4	)
Diluted
Net income (loss) attributable to common shareholders	$	1.86		$	(1.42	)	$	1.51		$	1.47		$	1.35			38
Average common shares outstanding		861			865			881			893			903			(5	)
Cash dividends declared per common share	$	0.35		$	0.35		$	0.35		$	0.32		$	0.32			9

# - Denotes a variance of more than 100 percent.

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)

				As Recast
	Q1'18			Q4'17			Q3'17			Q2'17			Q1'17			YOY % change
Assets
Cash & cash equivalents	$	31		$	33		$	26		$	30		$	29			7
Card Member receivables, less reserves		54			54			51			49			47			15
Card Member Loans, less reserves		71			72			66			65			62			15
Investment securities		3			3			3			3			4			(25	)
Other (C)		21			19			23			20			19			11
Total assets	$	180		$	181		$	169		$	167		$	161			12
Liabilities and Shareholders' Equity
Customer deposits	$	67		$	64		$	61		$	58		$	54			24
Short-term borrowings		2			3			2			3			4			(50	)
Long-term debt		52			56			49			52			52			-
Other (C)		39			40			36			33			30			30
Total liabilities		160			163			148			146			140			14
Shareholders' Equity		20			18			21			21			21			(5	)
Total liabilities and shareholders' equity	$	180		$	181		$	169		$	167		$	161			12
Return on average equity (D)		15.2	%		13.2	%		22.6	%		21.7	%		24.9	%
Return on average common equity (D)		15.9	%		13.7	%		23.9	%		22.9	%		26.3	%
Book value per common share (dollars)	$	20.96		$	19.42		$	22.43		$	22.19		$	21.66			(3	)

# - Denotes a variance of more than 100 percent.

See Appendix III for Footnote References

-2-

American Express Company	(Preliminary)
Consolidated Capital

	Q1'18			Q4'17			Q3'17			Q2'17			Q1'17
Shares Outstanding (in millions)
Beginning of period		859			871			885			895			904
Repurchase of common shares		-			(14	)		(15	)		(10	)		(11	)
Net impact of employee benefit plans and others		1			2			1			-			2
End of period		860			859			871			885			895
Risk-Based Capital Ratios - Basel III ($ in billions) (E)
Common Equity Tier 1/Risk Weighted Assets (RWA)		9.4	%		9.0	%		11.9	%		12.3	%		12.7	%
Tier 1		10.5	%		10.1	%		13.0	%		13.5	%		13.9	%
Total		12.2	%		11.8	%		14.7	%		15.2	%		15.6	%
Common Equity Tier 1	$	13.9		$	13.2		$	16.4		$	16.4		$	16.3
Tier 1 Capital	$	15.5		$	14.7		$	17.9		$	18.0		$	17.8
Tier 2 Capital	$	2.4		$	2.4		$	2.3		$	2.3		$	2.2
Total Capital	$	17.9		$	17.1		$	20.2		$	20.3		$	20.0
RWA	$	147.4		$	145.9		$	138.0		$	133.5		$	128.6
Tier 1 Leverage		8.8	%		8.6	%		10.9	%		11.0	%		11.5	%
Supplementary Leverage Ratio (SLR) (F)		7.6	%		7.4	%		9.3	%		9.4	%		9.9	%
Average Total Assets to calculate the Tier 1 Leverage Ratio (G)	$	175.0		$	171.2		$	164.6		$	164.2		$	155.0
Total Leverage Exposure to calculate SLR	$	204.4		$	198.8		$	191.7		$	190.4		$	180.5

 See Appendix III for Footnote References

-3-

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

	Q1'18			Q4'17			Q3'17			Q2'17			Q1'17			YOY % change
Card billed business (H)
United States	$	182.5		$	188.9		$	176.4		$	177.6		$	165.4			10
Outside the United States		101.3			102.5			95.5			92.0			86.9			17
Worldwide	$	283.8		$	291.4		$	271.9		$	269.6		$	252.3			12
Proprietary	$	236.9		$	242.6		$	225.3		$	223.8		$	208.9			13
Global Network Services (GNS)		46.9			48.8			46.6			45.8			43.4			8
Worldwide	$	283.8		$	291.4		$	271.9		$	269.6		$	252.3			12
Total cards-in-force (millions) (I)
United States		51.3			50.0			49.5			48.9			48.2			6
Outside the United States		62.9			62.8			63.4			63.3			63.0			-
Worldwide		114.2			112.8			112.9			112.2			111.2			3
Proprietary		66.4			64.6			63.9			63.0			62.2			7
GNS		47.8			48.2			49.0			49.2			49.0			(2	)
Worldwide		114.2			112.8			112.9			112.2			111.2			3
Basic cards-in-force (millions) (I)
United States		40.4			39.4			39.0			38.6			38.1			6
Outside the United States		52.4			52.2			52.7			52.6			52.2			-
Worldwide		92.8			91.6			91.7			91.2			90.3			3
Average basic Card Member spending (dollars) (J)
United States	$	5,015		$	5,300		$	5,018		$	5,128		$	4,859			3
Outside the United States	$	3,869		$	3,918		$	3,598		$	3,468		$	3,283			18
Worldwide	$	4,677		$	4,890		$	4,596		$	4,633		$	4,387			7
Card Member loans
United States	$	63.9		$	64.5		$	59.9		$	58.5		$	56.6			13
Outside the United States		8.9			8.9			8.0			7.5			7.0			27
Worldwide	$	72.8		$	73.4		$	67.9		$	66.0		$	63.6			14
Average discount rate (K)		2.37	%		2.37	%		2.40	%		2.42	%		2.43	%
Average fee per card (dollars) (J)	$	51		$	49		$	49		$	49		$	48			6

# - Denotes a variance of 100 percent or more.

See Appendix III for Footnote References

-4-

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

	Q1'18			Q4'17			Q3'17			Q2'17			Q1'17			YOY % change
Worldwide Card Member receivables
Total receivables	$	54.2		$	54.0		$	51.5		$	49.4		$	47.6			14
Loss reserves (millions):
Beginning balance	$	521		$	512		$	475		$	491		$	467			12
Provisions (L)		242			205			214			163			213			14
Net write-offs (M)		(199	)		(188	)		(175	)		(179	)		(194	)		3
Other (N)		1			(8	)		(2	)		-			5			(80	)
Ending balance	$	565		$	521		$	512		$	475		$	491			15
% of receivables		1.0	%		1.0	%		1.0	%		1.0	%		1.0	%
Net write-off rate, excluding Global Corporate Payments (GCP) (principal only) (O)		1.6	%		1.5	%		1.5	%		1.5	%		1.7	%
Net write-off rate, excluding GCP (principal and fees) (O)		1.8	%		1.6	%		1.7	%		1.7	%		2.0	%
30+ days past due as a % of total, excluding GCP		1.5	%		1.4	%		1.3	%		1.3	%		1.5	%
GCP Net loss ratio (as a % of charge volume) (P)		0.10	%		0.11	%		0.09	%		0.10	%		0.11	%
GCP 90+ days past billing as a % of total (P)		0.8	%		0.9	%		0.9	%		0.8	%		0.7	%
Worldwide Card Member loans
Total loans	$	72.8		$	73.4		$	67.9		$	66.0		$	63.6			14
Loss reserves (millions):
Beginning balance	$	1,706		$	1,502		$	1,320		$	1,248		$	1,223			39
Provisions (L)		499			596			531			404			337			48
Net write-offs - principal (M)		(358	)		(325	)		(299	)		(285	)		(272	)		32
Net write-offs - interest and fees (M)		(71	)		(64	)		(57	)		(55	)		(51	)		39
Other (N)		10			(3	)		7			8			11			(9	)
Ending balance	$	1,786		$	1,706		$	1,502		$	1,320		$	1,248			43
Ending reserves - principal	$	1,691		$	1,622		$	1,427		$	1,247		$	1,179			43
Ending reserves - interest and fees	$	95		$	84		$	75		$	73		$	69			38
% of loans		2.5	%		2.3	%		2.2	%		2.0	%		2.0	%
% of past due		174	%		177	%		174	%		167	%		158	%
Average loans	$	72.7		$	70.1		$	67.1		$	65.1		$	63.9			14
Net write-off rate (principal only) (O)		2.0	%		1.8	%		1.8	%		1.8	%		1.7	%
Net write-off rate (principal, interest and fees) (O)		2.4	%		2.2	%		2.1	%		2.1	%		2.0	%
30+ days past due loans as a % of total		1.4	%		1.3	%		1.3	%		1.2	%		1.2	%
Net interest income divided by average Card Member loans (Q)		10.1	%		9.9	%		10.0	%		9.4	%		9.4	%
Net interest yield on average Card Member loans (Q)		10.8	%		10.5	%		10.7	%		10.3	%		10.3	%

# - Denotes a variance of 100 percent or more.

See Appendix III for Footnote References

-5-

American Express Company	(Preliminary)
Selected Income Statement Information by Segment
(Millions)

	U.S. Consumer Services			International Consumer and Network Services			Global Commercial Services			Global Merchant Services			Corporate and Other			Consolidated
	(USCS)			(ICNS)			(GCS)			(GMS)
Q1'18
Non-interest revenues	$	2,294		$	1,551		$	2,838		$	1,110		$	84		$	7,877
Interest income		1,656			294			377			-			135			2,462
Interest expense		253			78			171			(63	)		182			621
Total revenues net of interest expense		3,697			1,767			3,044			1,173			37			9,718
Total provision		423			108			240			5			(1	)		775
Total revenues net of interest expense after provisions for losses		3,274			1,659			2,804			1,168			38			8,943
Marketing, business development, rewards, Card Member services and other		1,771			857			1,373			74			26			4,101
Salaries and employee benefits, and other operating expenses		690			432			714			440			484			2,760
Pretax income (loss)		813			370			717			654			(472	)		2,082
Income tax provision (benefit)		173			79			165			182			(151	)		448
Net income (loss)		640			291			552			472			(321	)		1,634
Q1'17 (As Recast)
Non-interest revenues	$	2,118		$	1,400		$	2,603		$	1,021		$	65		$	7,207
Interest income		1,310			235			319			-			81			1,945
Interest expense		161			54			123			(43	)		148			443
Total revenues net of interest expense		3,267			1,581			2,799			1,064			(2	)		8,709
Total provision		294			66			208			3			2			573
Total revenues net of interest expense after provisions for losses		2,973			1,515			2,591			1,061			(4	)		8,136
Marketing, business development, rewards, Card Member services and other		1,564			726			1,290			71			12			3,663
Salaries and employee benefits, and other operating expenses		671			441			684			432			406			2,634
Pretax income (loss)		738			348			617			558			(422	)		1,839
Income tax provision (benefit)		244			96			208			201			(161	)		588
Net income (loss)		494			252			409			357			(261	)		1,251
YOY % change
Non-interest revenues		8			11			9			9			29			9
Interest income		26			25			18			-			67			27
Interest expense		57			44			39			47			23			40
Total revenues net of interest expense		13			12			9			10			#			12
Total provision		44			64			15			67			#			35
Total revenues net of interest expense after provisions for losses		10			10			8			10			#			10
Marketing, business development, rewards, Card Member services and other		13			18			6			4			#			12
Salaries and employee benefits, and other operating expenses		3			(2	)		4			2			19			5
Pretax income (loss)		10			6			16			17			12			13
Income tax provision (benefit)		(29	)		(18	)		(21	)		(9	)		(6	)		(24	)
Net income (loss)		30			15			35			32			23			31

# - Denotes a variance of 100 percent or more.

See Appendix III for Footnote References

-6-

American Express Company	(Preliminary)
Billed Business Growth Trend

	YOY % change
	Reported															FX-Adjusted (R)
	Q1'18			Q4'17			Q3'17			Q2'17			Q1'17			Q1'18			Q4'17			Q3'17			Q2'17			Q1'17
Worldwide (S)
Total Billed Business		12	%		11	%		8	%		-			(1	%)		10	%		9	%		8	%		1	%		-
Proprietary billed business		13			11			9			(1	)		(2	)		11			10			9			-			(2	)
GNS billed business (T)		8			9			4			5			7			3			6			4			5			6
Airline-related volume (9% of Q1'18 worldwide billed business)		10			7			5			1			1			6			4			3			1			2
United States (S)
Billed Business		10			8			7			(4	)		(6	)		n/a			n/a			n/a			n/a			n/a
Proprietary consumer card billed business (U)		11			8			7			(9	)		(13	)		n/a			n/a			n/a			n/a			n/a
Proprietary small business and corporate services billed business (V)		10			9			9			4			2			n/a			n/a			n/a			n/a			n/a
T&E-related volume (27% of Q1'18 U.S. billed business)		8			6			3			(3	)		(5	)		n/a			n/a			n/a			n/a			n/a
Non-T&E-related volume (73% of Q1'18 U.S. billed business)		11			9			8			(4	)		(7	)		n/a			n/a			n/a			n/a			n/a
Airline-related volume (8% of Q1'18 U.S. billed business)		7			5			2			(1	)		(4	)		n/a			n/a			n/a			n/a			n/a
Outside the United States (S)
Billed Business		17			15			10			9			12			9			10			9			11			13
Japan, Asia Pacific & Australia ("JAPA") billed business		16			15			8			12			16			10			11			9			13			14
Latin America & Canada ("LACC") billed business		12			11			10			8			10			11			8			8			9			9
Europe, Middle East & Africa ("EMEA") billed business		20			19			13			7			7			7			10			10			10			12
Proprietary consumer card billed business (T)		25			20			15			9			8			16			14			13			12			11
Proprietary small business and corporate services billed business (V)		23			19			14			8			13			14			13			11			10			14

See Appendix III for Footnote References

-7-

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

				As Recast
	Q1'18			Q4'17			Q3'17			Q2'17			Q1'17			YOY % change
Non-interest revenues	$	2,294		$	2,349		$	2,234		$	2,265		$	2,118			8
Interest income		1,656			1,571			1,512			1,371			1,310			26
Interest expense		253			234			219			189			161			57
Net interest income		1,403			1,337			1,293			1,182			1,149			22
Total revenues net of interest expense		3,697			3,686			3,527			3,447			3,267			13
Provisions for losses		423			532			459			345			294			44
Total revenues net of interest expense after provisions for losses		3,274			3,154			3,068			3,102			2,973			10
Expenses
Marketing, business development, rewards, Card Member services and other		1,771			1,755			1,713			1,747			1,564			13
Salaries and employee benefits and other operating expenses		690			700			663			687			671			3
Total expenses		2,461			2,455			2,376			2,434			2,235			10
Pretax segment income		813			699			692			668			738			10
Income tax provision		173			215			220			229			244			(29	)
Segment income	$	640		$	484		$	472		$	439		$	494			30
Effective tax rate		21.3	%		30.8	%		31.8	%		34.3	%		33.1	%
(Billions, except percentages and where indicated)
Card billed business	$	86.0		$	91.0		$	83.7		$	84.8		$	77.5			11
Total cards-in-force (millions)		36.1			34.9			34.4			33.8			33.2			9
Basic cards-in-force (millions)		25.8			25.0			24.6			24.2			23.7			9
Average basic Card Member spending (dollars)	$	3,371		$	3,672		$	3,433		$	3,538		$	3,297			2
Total segment assets	$	93.8		$	95.0		$	89.9		$	88.5		$	85.3			10
Card Member receivables
Total receivables	$	11.7		$	13.1		$	11.2		$	11.3		$	10.9			7
30+ days past due as a % of total		1.3	%		1.1	%		1.2	%		1.1	%		1.3	%
Net write-off rate (principal only) (O)		1.3	%		1.3	%		1.2	%		1.2	%		1.5	%
Net write-off rate (principal and fees) (O)		1.5	%		1.4	%		1.3	%		1.4	%		1.7	%
Card Member loans
Total loans	$	52.7		$	53.7		$	49.3		$	48.3		$	46.7			13
30+ days past due loans as a % of total		1.4	%		1.3	%		1.3	%		1.1	%		1.2	%
Average loans	$	52.9		$	51.1		$	49.0		$	47.7		$	47.2			12
Net write-off rate (principal only) (O)		2.0	%		1.9	%		1.8	%		1.8	%		1.7	%
Net write-off rate (principal, interest and fees) (O)		2.4	%		2.2	%		2.1	%		2.1	%		2.0	%
Net interest income divided by average Card Member loans (Q)		10.6	%		10.5	%		10.6	%		9.9	%		9.7	%
Net interest yield on average Card Member loans (Q)		10.7	%		10.5	%		10.6	%		10.1	%		10.0	%

# - Denotes a variance of 100 percent or more.

See Appendix III for Footnote References

-8-

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

				As Recast
	Q1'18			Q4'17			Q3'17			Q2'17			Q1'17			YOY % change
Non-interest revenues	$	1,551		$	1,545		$	1,491		$	1,470		$	1,400			11
Interest income		294			278			271			246			235			25
Interest expense		78			76			66			62			54			44
Net interest income		216			202			205			184			181			19
Total revenues net of interest expense		1,767			1,747			1,696			1,654			1,581			12
Provisions for losses		108			111			106			84			66			64
Total revenues net of interest expense after provisions for losses		1,659			1,636			1,590			1,570			1,515			10
Expenses
Marketing, business development, rewards, Card Member services and other		857			939			829			802			726			18
Salaries and employee benefits, and other operating expenses		432			461			419			440			441			(2	)
Total expenses		1,289			1,400			1,248			1,242			1,167			10
Pretax segment income		370			236			342			328			348			6
Income tax provision		79			27			34			87			96			(18	)
Segment income	$	291		$	209		$	308		$	241		$	252			15
Effective tax rate		21.4	%		11.4	%		9.9	%		26.5	%		27.6	%
(Billions, except percentages and where indicated)
Card billed business
Proprietary	$	33.3		$	33.7		$	30.5		$	28.9		$	26.6			25
GNS		47.0			48.8			46.6			45.8			43.4			8
Total	$	80.3		$	82.5		$	77.1		$	74.7		$	70.0			15
Total cards-in-force (millions)
Proprietary		16.2			15.7			15.6			15.4			15.3			6
GNS		47.8			48.2			49.0			49.2			49.0			(2	)
Total		64.0			63.9			64.6			64.6			64.3			-
Proprietary basic cards-in-force (millions)		11.3			10.8			10.8			10.6			10.5			8
Average proprietary basic Card Member spending (dollars)	$	3,001		$	3,106		$	2,840		$	2,726		$	2,542			18
Total segment assets	$	42.0		$	38.8		$	39.1		$	37.8		$	36.1			16
Card Member receivables
Total receivables	$	7.1		$	7.8		$	6.5		$	6.0		$	5.5			29
30+ days past due as a % of total		1.5	%		1.3	%		1.4	%		1.4	%		1.5	%
Net write-off rate (principal only) (O)		2.0	%		1.8	%		2.2	%		1.9	%		2.1	%
Net write-off rate (principal and fees) (O)		2.2	%		1.9	%		2.4	%		2.0	%		2.3	%
Card Member loans
Total loans	$	8.7		$	8.7		$	7.8		$	7.2		$	6.8			28
30+ days past due loans as a % of total		1.6	%		1.4	%		1.6	%		1.7	%		1.7	%
Average loans	$	8.6		$	8.1		$	7.5		$	7.1		$	6.9			25
Net write-off rate (principal only) (O)		2.1	%		2.0	%		2.2	%		2.0	%		2.0	%
Net write-off rate (principal, interest and fees) (O)		2.6	%		2.4	%		2.7	%		2.5	%		2.5	%
Net interest income divided by average Card Member loans (Q)		10.0	%		10.0	%		10.9	%		10.4	%		10.5	%
Net interest yield on average Card Member loans (Q)		10.9	%		10.8	%		11.6	%		11.2	%		11.1	%

# - Denotes a variance of 100 percent or more.

See Appendix III for Footnote References

-9-

Global Commercial Services	(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)

				As Recast
	Q1'18			Q4'17			Q3'17			Q2'17			Q1'17			YOY % change
Non-interest revenues	$	2,838		$	2,867		$	2,733		$	2,740		$	2,603			9
Interest income		377			357			351			334			319			18
Interest expense		171			168			159			145			123			39
Net interest income		206			189			192			189			196			5
Total revenues net of interest expense		3,044			3,056			2,925			2,929			2,799			9
Provisions for losses		240			188			194			154			208			15
Total revenues net of interest expense after provisions for losses		2,804			2,868			2,731			2,775			2,591			8
Expenses
Marketing, business development, rewards, Card Member services and other		1,373			1,362			1,312			1,347			1,290			6
Salaries and employee benefits and other operating expenses		714			736			679			686			684			4
Total expenses		2,087			2,098			1,991			2,033			1,974			6
Pretax segment income		717			770			740			742			617			16
Income tax provision		165			224			231			261			208			(21	)
Segment income	$	552		$	546		$	509		$	481		$	409			35
Effective tax rate		23.0	%		29.1	%		31.2	%		35.2	%		33.7	%
(Billions, except percentages and where indicated)
Card billed business	$	115.7		$	116.6		$	109.7		$	109.0		$	102.8			13
Total cards-in-force (millions)		14.1			14.0			13.9			13.8			13.7			3
Basic cards-in-force (millions)		14.1			14.0			13.9			13.8			13.7			3
Average basic Card Member spending (dollars)	$	8,233		$	8,356		$	7,907		$	7,920		$	7,533			9
Total segment assets	$	57.8		$	53.9		$	54.8		$	53.6		$	51.5			12
Card Member receivables	$	35.5		$	33.1		$	33.8		$	32.1		$	31.2			14
Card Member loans	$	11.5		$	11.1		$	10.7		$	10.4		$	10.0			15
Card Member receivables
Total receivables - GCP  (P)	$	19.3		$	17.0		$	17.9		$	16.9		$	16.6			16
90+ days past billing as a % of total - GCP (P)		0.8	%		0.9	%		0.9	%		0.8	%		0.7	%
Net loss ratio (as a % of charge volume) - GCP (P)		0.10	%		0.11	%		0.09	%		0.10	%		0.11	%
Total receivables - Global Small Business Services (GSBS) (W)	$	16.2		$	16.1		$	15.9		$	15.2		$	14.6			11
30+ days past due as a % of total - GSBS		1.8	%		1.6	%		1.4	%		1.4	%		1.6	%
Net write-off rate (principal only) - GSBS (O)		1.7	%		1.5	%		1.5	%		1.6	%		1.8	%
Net write-off rate (principal and fees) - GSBS (O)		1.9	%		1.7	%		1.7	%		1.8	%		2.0	%
Card Member loans (X)
Total loans - GSBS	$	11.4		$	11.0		$	10.7		$	10.3		$	10.0			14
30+ days past due as a % of total - GSBS		1.3	%		1.2	%		1.1	%		1.1	%		1.2	%
Average loans - GSBS	$	11.1		$	10.9		$	10.5		$	10.1		$	9.6			16
Net write-off rate (principal only) - GSBS (O)		1.6	%		1.6	%		1.6	%		1.5	%		1.6	%
Net write-off rate (principal, interest and fees) - GSBS (O)		1.9	%		1.9	%		1.9	%		1.8	%		1.8	%
Net interest income divided by average Card Member loans (Q)		7.4	%		6.9	%		7.3	%		7.4	%		8.1	%
Net interest yield on average Card Member loans (Q)		10.7	%		10.5	%		10.8	%		10.8	%		11.1	%

# - Denotes a variance of 100 percent or more.

 See Appendix III for Footnote References

-10-

Global Merchant Services	(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)

				As Recast
	Q1'18			Q4'17			Q3'17			Q2'17			Q1'17			YOY % change
Non-interest revenues	$	1,110		$	1,147		$	1,092		$	1,089		$	1,021			9
Interest income		-			-			-			1			-			-
Interest expense		(63	)		(61	)		(51	)		(49	)		(43	)		47
Net interest income		63			61			51			50			43			47
Total revenues net of interest expense		1,173			1,208			1,143			1,139			1,064			10
Provisions for losses		5			4			8			-			3			67
Total revenues net of interest expense after provisions for losses		1,168			1,204			1,135			1,139			1,061			10
Expenses
Marketing, business development, rewards, Card Member services and other		74			111			91			78			71			4
Salaries and employee benefits and other operating expenses		440			491			547			400			432			2
Total expenses		514			602			638			478			503			2
Pretax segment income		654			602			497			661			558			17
Income tax provision		182			203			143			242			201			(9	)
Segment income	$	472		$	399		$	354		$	419		$	357			32
Effective tax rate		27.8	%		33.7	%		28.8	%		36.6	%		36.0	%
Loyalty Coalition revenue	$	111		$	121		$	115		$	114		$	102			9
(Billions, except percentages and where indicated)
Average discount rate (K)		2.37	%		2.37	%		2.40	%		2.42	%		2.43	%
Total segment assets	$	29.3		$	29.6		$	28.0		$	27.4		$	25.9			13

# - 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)

				As Recast
	For the Twelve Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2018			2017			2017			2017			2017
ROE
Net income	$	3,131		$	2,748		$	4,763		$	4,546		$	5,187
Average shareholders' equity	$	20,536		$	20,857		$	21,038		$	20,946		$	20,829
Return on average equity (D)		15.2	%		13.2	%		22.6	%		21.7	%		24.9	%
Reconciliation of ROCE
Net income	$	3,131		$	2,748		$	4,763		$	4,546		$	5,187
Preferred shares dividends and related accretion		81			81			80			80			80
Earnings allocated to participating share awards and other		37			21			38			36			42
Net income attributable to common shareholders	$	3,013		$	2,646		$	4,645		$	4,430		$	5,065
Average shareholders' equity	$	20,536		$	20,857		$	21,038		$	20,946		$	20,829
Average preferred shares		1,584			1,584			1,584			1,584			1,584
Average common shareholders' equity	$	18,952		$	19,273		$	19,454		$	19,362		$	19,245
Return on average common equity (D)		15.9	%		13.7	%		23.9	%		22.9	%		26.3	%

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)

				As Recast
	Q1'18			Q4'17			Q3'17			Q2'17			Q1'17
Consolidated
Net interest income	$	1,841		$	1,739		$	1,677		$	1,533		$	1,502
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (Y)		302			297			309			295			247
Interest income not attributable to the Company's Card Member loan portfolio (Z)		(213	)		(177	)		(173	)		(155	)		(130	)
Adjusted net interest income (AA)	$	1,930		$	1,859		$	1,813		$	1,673		$	1,619
Average Card Member loans (billions)	$	72.7		$	70.1		$	67.1		$	65.1		$	63.9
Net interest income divided by average Card Member loans (AB)		10.1	%		9.9	%		10.0	%		9.4	%		9.4	%
Net interest yield on average Card Member loans (AC)		10.8	%		10.5	%		10.7	%		10.3	%		10.3	%
U.S. Consumer Services
Net interest income	$	1,403		$	1,337		$	1,293		$	1,182		$	1,149
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (Y)		37			45			44			41			34
Interest income not attributable to the Company's Card Member loan portfolio (Z)		(38	)		(31	)		(29	)		(23	)		(18	)
Adjusted net interest income (AA)	$	1,402		$	1,351		$	1,308		$	1,200		$	1,165
Average Card Member loans (billions)	$	52.9		$	51.1		$	49.0		$	47.7		$	47.2
Net interest income divided by average Card Member loans (AB)		10.6	%		10.5	%		10.6	%		9.9	%		9.7	%
Net interest yield on average Card Member loans (AC)		10.7	%		10.5	%		10.6	%		10.1	%		10.0	%
International Consumer and Network Services
Net interest income	$	216		$	202		$	205		$	184		$	181
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (Y)		21			22			18			16			12
Interest income not attributable to the Company's Card Member loan portfolio (Z)		(4	)		(3	)		(3	)		(3	)		(4	)
Adjusted net interest income (AA)	$	233		$	221		$	220		$	197		$	189
Average Card Member loans (billions)	$	8.6		$	8.1		$	7.5		$	7.1		$	6.9
Net interest income divided by average Card Member loans (AB)		10.0	%		10.0	%		10.9	%		10.4	%		10.5	%
Net interest yield on average Card Member loans (AC)		10.9	%		10.8	%		11.6	%		11.2	%		11.1	%
Global Commercial Services
Net interest income	$	206		$	189		$	192		$	189		$	196
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (Y)		126			128			122			114			96
Interest income not attributable to the Company's Card Member loan portfolio (Z)		(36	)		(30	)		(29	)		(27	)		(27	)
Adjusted net interest income (AA)	$	296		$	287		$	285		$	276		$	265
Average Card Member loans (billions)	$	11.2		$	10.9		$	10.5		$	10.2		$	9.7
Net interest income divided by average Card Member loans (AB)		7.4	%		6.9	%		7.3	%		7.4	%		8.1	%
Net interest yield on average Card Member loans (AC)		10.7	%		10.5	%		10.8	%		10.8	%		11.1	%

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.  None of the prior period financial information was materially misstated.

(A)	Includes reclassification of certain business development expenses from Other expenses to Marketing and business development that are not directly attributable to the adoption of the new revenue recognition guidance.  Prior periods have been conformed to the current period presentation.
(B)	Represents net income (loss), less (i) earnings allocated to participating share awards of $13 million, $2 million, $11 million, $11 million and $10 million in Q1'18, Q4'17, Q3'17, Q2'17 and Q1'17, respectively; and (ii) dividends on preferred shares of $21 million, $20 million, $21 million, $19 million and $21 million in Q1'18, Q4'17, Q3'17, Q2'17 and Q1'17, respectively.
(C)	Within assets, "other" includes the following items as presented in the Company's Consolidated Balance Sheets: Other receivables, Other loans (including merchant financing loans), Premises and equipment and Other assets; and within liabilities, "other" includes the following items: Travelers Cheques and other prepaid products, Accounts payable and Other liabilities.
(D)	Return on average equity and return on average common equity are calculated by dividing one year period net income/net income attributable to common shareholders by one year average total shareholders' equity/average common shareholders' equity, respectively.  Refer to Appendix I for components of return on average equity and return on average common equity.
(E)	Effective January 1, 2018, we have exited the transitional Basel III Reporting and these ratios represent preliminary estimates for the current period as of the date of First Quarter 2018 Earnings Release and may be revised in the Company's 2018 Form 10-Q for period ended March 31, 2018.
(F)	The Company is required to calculate a Supplementary Leverage Ratio, which is defined as Tier 1 Capital divided by Total Leverage Exposure. The Total Leverage Exposure reflects average total consolidated assets with adjustments for Tier 1 Capital deductions and includes off-balance sheet derivatives exposures, repo-style transactions and credit equivalents of undrawn commitments that are both conditionally and unconditionally cancellable.
(G)	Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(H)	Card billed business includes activities (including cash advances) related to proprietary cards, cards issued under network partnership agreements (non-proprietary billed business), and certain insurance fees charged on proprietary cards.  In-store spend activity within retail cobrand portfolios in GNS, from which the Company earns no revenue, is not included.  Card billed business is reflected in the United States or outside the United States based on where the issuer is located.
(I)	Total cards-in-force represents the number of cards that are issued and outstanding.  Proprietary basic consumer cards-in-force includes basic cards issued to the primary account owner and does not include supplemental cards issued on that account.  Proprietary basic small business and corporate cards-in-force include basic and supplemental cards issued to employee Card Members.  Non-proprietary cards-in-force includes all cards that are issued and outstanding under network partnership agreements, except for retail cobrand Card Member accounts that have no out-of-store spend activity during the prior 12-month period.
(J)	Average basic Card Member spending and average fee per card are computed from proprietary card activities only. Average fee per card is computed based on net card fees divided by average worldwide proprietary cards-in-force.
(K)	This calculation is generally designed to reflect pricing at merchants accepting general-purpose American Express cards.  It represents the percentage of billed business (generated from both proprietary and GNS Card Member spending) retained by the Company from merchants it acquires, or for merchants acquired by a third party on its behalf, net of amounts retained by such third party.  Effective January 1, 2018, the Company also began including billings volumes related to certain business-to-business products in the calculation of the average discount rate to reflect our expanding business to business product offerings.  Prior periods have been conformed to the current period presentation.
(L)	Provisions for principal, interest and/or fee reserve components.
(M)	Consists of principal, interest and/or fees, less recoveries.
(N)	Other includes foreign currency translation adjustments and other items for all periods.
(O)	The Company presents 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, because the Company's practice is to include uncollectible interest and/or fees as part of its total provision for losses, a net write-off rate including principal, interest and/or fees is also presented.
(P)	GCP includes global, large and middle markets corporate accounts.
(Q)	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.
(R)	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 Q1'18 apply to the period(s) against which such results are being compared).  The Company believes the presentation of information on an FX-adjusted basis is helpful to investors by making it easier to compare the Company's performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.
(S)	Captions not designated as "proprietary" or "GNS" include both proprietary and GNS data.
(T)	Included in ICNS.
(U)	Included in USCS.
(V)	Included in GCS.
(W)	GSBS includes small business in the U.S. and international small business services.
(X)	Effective Q3'17, GSBS loans and associated metrics include small business in the U.S. and international small business services.  Prior to Q3'17, due to certain system limitations, international small business services loans and associated credit metrics were reported within the international consumer business, in the ICNS segment, which were insignificant to both ICNS and GCS.
(Y)	Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(Z)	Primarily represents interest income attributable to Other loans, interest-bearing deposits and our Travelers Cheque and other stored-value investment portfolio.
(AA)	Adjusted net interest income, 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.  The Company believes 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.
(AB)	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.
(AC)	Net interest yield on average Card Member loans, 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 losses and are thus not included in the net interest yield calculation.  The Company believes net interest yield on average Card Member loans is useful to investors because it provides a measure of profitability of the Company's Card Member loan portfolio.

-14-