American Express (AXP) 8-K Regulation FD Disclosure

EXHIBIT 99.1

Global Consumer Services Group	(Preliminary)
Selected Income Statement Information
(Millions, except percentages)

	Q4'19			Q3'19			Q2'19			Q1'19			Q4'18			Q3'18			Q2'18			Q1'18
Non-interest revenues *	$	4,371		$	4,226		$	4,193		$	3,912		$	4,019		$	3,850		$	3,850		$	3,638
Interest income	2,442			2,402			2,297			2,272			2,240			2,140			1,994			1,949
Interest expense **	412			437			446			435			413			380			347			308
Total revenues net of interest expense	6,401			6,191			6,044			5,749			5,846			5,610			5,497			5,279
Total provisions for losses	780			653			651			551			727			609			566			529
Total revenues net of interest expense after provisions for losses	5,621			5,538			5,393			5,198			5,119			5,001			4,931			4,750
Total expenses *	4,463			4,275			4,288			3,984			4,192			3,845			3,793			3,551
Pretax segment income	1,158			1,263			1,105			1,214			927			1,156			1,138			1,199
Income tax provision	177			272			224			260			72			242			233			258
Segment income	$	981		$	991		$	881		$	954		$	855		$	914		$	905		$	941
Effective tax rate	15.3		%	21.5		%	20.3		%	21.4		%	7.8		%	20.9		%	20.5		%	21.5		%
* Reflects changes as a result of enhancements to our transfer pricing methodology related to the sharing of revenues between our card issuing, network and merchant businesses.
** Reflects changes as a result of enhancements to our methodology related to the allocation of certain funding costs primarily related to our Card Member loan and Card Member receivable portfolios.

See Appendix III for footnote references.

1

Global Commercial Services																									(Preliminary)
Selected Income Statement Information
(Millions, except percentages)
	Q4'19			Q3'19			Q2'19			Q1'19			Q4'18			Q3'18			Q2'18			Q1'18
Non-interest revenues *	$	3,187		$	3,070		$	3,059		$	2,926		$	2,972		$	2,881		$	2,876		$	2,752
Interest income	493			485			468			454			435			416			393			377
Interest expense **	247			262			269			256			254			237			221			186
Total revenues net of interest expense	3,433			3,293			3,258			3,124			3,153			3,060			3,048			2,943
Total provisions for losses	236			222			206			254			224			200			237			239
Total revenues net of interest expense after provisions for losses	3,197			3,071			3,052			2,870			2,929			2,860			2,811			2,704
Total expenses *	2,560			2,358			2,355			2,225			2,354			2,194			2,204			2,088
Pretax segment income	637			713			697			645			575			666			607			616
Income tax provision	87			145			136			133			44			142			126			140
Segment income	$	550		$	568		$	561		$	512		$	531		$	524		$	481		$	476
Effective tax rate	13.7		%	20.3		%	19.5		%	20.6		%	7.7		%	21.3		%	20.8		%	22.7		%
* Reflects changes as a result of enhancements to our transfer pricing methodology related to the sharing of revenues between our card issuing, network and merchant businesses.
** Reflects changes as a result of enhancements to our methodology related to the allocation of certain funding costs primarily related to our Card Member loan and Card Member receivable portfolios.

See Appendix III for footnote references.

2

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

	Q4'19			Q3'19			Q2'19			Q1'19			Q4'18			Q3'18			Q2'18			Q1'18
Non-interest revenues *	$	1,505		$	1,471		$	1,478		$	1,449		$	1,453		$	1,424		$	1,442		$	1,471
Interest income	6			6			7			9			8			6			7			9
Interest expense **	(62)			(74)			(87)			(80)			(74)			(65)			(56)			(49)
Total revenues net of interest expense	1,573			1,551			1,572			1,538			1,535			1,495			1,505			1,529
Total provisions for losses	9			4			3			4			6			6			4			6
Total revenues net of interest expense after provisions for losses	1,564			1,547			1,569			1,534			1,529			1,489			1,501			1,523
Total expenses *	998			845			812			777			988			799			832			880
Pretax segment income	566			702			757			757			541			690			669			643
Income tax provision	92			179			193			186			105			168			184			176
Segment income	$	474		$	523		$	564		$	571		$	436		$	522		$	485		$	467
Effective tax rate	16.3		%	25.5		%	25.5		%	24.6		%	19.4		%	24.3		%	27.5		%	27.4		%
* Reflects changes as a result of enhancements to our transfer pricing methodology related to the sharing of revenues between our card issuing, network and merchant businesses.
** Reflects changes as a result of enhancements to our methodology related to the allocation of certain funding costs primarily related to our Card Member loan and Card Member receivable portfolios.

See Appendix III for footnote references.

3

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

	Q4'19			Q3'19			Q2'19			Q1'19			Q4'18			Q3'18			Q2'18			Q1'18			YTD'19			YTD'18
Consolidated
Net interest income	$	2,284		$	2,203		$	2,074		$	2,059		$	2,032		$	1,961		$	1,829		$	1,841		$	8,620		$	7,663
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (A) *	421			461			465			486			445			425			390			332			1,833			1,592
Interest income not attributable to the Company's Card Member loan portfolio (B)	(271)			(308)			(312)			(335)			(287)			(274)			(236)			(213)			(1,226)			(1,010)
Adjusted net interest income (C)	$	2,434		$	2,356		$	2,227		$	2,210		$	2,190		$	2,112		$	1,983		$	1,960		$	9,227		$	8,245
Average Card Member loans (billions)	$	85.2		$	83.3		$	81.9		$	80.6		$	79.4		$	76.4		$	74.1		$	72.7		$	82.8		$	75.8
Net interest income divided by average Card Member loans (D)	10.7		%	10.6		%	10.1		%	10.2		%	10.2		%	10.3		%	9.9		%	10.1		%	10.4		%	10.1		%
Net interest yield on average Card Member loans (E) *	11.3		%	11.2		%	10.9		%	11.1		%	10.9		%	11.0		%	10.7		%	10.9		%	11.1		%	10.9		%
Global Consumer Services Group
U.S.
Net interest income *	$	1,750		$	1,707		$	1,606		$	1,596		$	1,597		$	1,535		$	1,431		$	1,422		$	6,659		$	5,985
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (A) *	73			68			67			69			66			62			60			44			277			232
Interest income not attributable to the Company's Card Member loan portfolio (B)	(58)			(56)			(52)			(53)			(51)			(46)			(42)			(39)			(219)			(178)
Adjusted net interest income (C)	$	1,765		$	1,719		$	1,621		$	1,612		$	1,612		$	1,551		$	1,449		$	1,427		$	6,717		$	6,039
Average Card Member loans (billions)	$	60.6		$	59.7		$	58.8		$	58.3		$	57.8		$	55.4		$	53.7		$	52.9		$	59.4		$	55.1
Net interest income divided by average Card Member loans (D) *	11.6		%	11.4		%	10.9		%	11.0		%	11.1		%	11.1		%	10.7		%	10.8		%	11.2		%	10.9		%
Net interest yield on average Card Member loans (E) *	11.6		%	11.4		%	11.1		%	11.2		%	11.1		%	11.1		%	10.8		%	10.9		%	11.3		%	11.0		%
Outside the U.S.
Net interest income *	$	280		$	258		$	245		$	241		$	230		$	225		$	216		$	219		$	1,024		$	890
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (A) *	22			22			20			21			17			19			15			18			85			69
Interest income not attributable to the Company's Card Member loan portfolio (B)	(4)			(4)			(4)			(3)			—			(3)			(2)			(3)			(15)			(8)
Adjusted net interest income (C)	$	298		$	276		$	261		$	259		$	247		$	241		$	229		$	234		$	1,094		$	951
Average Card Member loans (billions)	$	10.5		$	10.0		$	9.9		$	9.7		$	9.3		$	8.9		$	8.8		$	8.6		$	10.0		$	8.9
Net interest income divided by average Card Member loans (D) *	10.7		%	10.3		%	9.9		%	9.9		%	9.9		%	10.1		%	9.8		%	10.2		%	10.2		%	10.0		%
Net interest yield on average Card Member loans (E) *	11.3		%	11.0		%	10.6		%	10.9		%	10.6		%	10.7		%	10.5		%	11.0		%	10.9		%	10.7		%
Total
Net interest income *	$	2,030		$	1,965		$	1,851		$	1,837		$	1,827		$	1,760		$	1,647		$	1,641		$	7,683		$	6,875
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (A) *	95			90			87			90			83			81			76			61			362			301
Interest income not attributable to the Company's Card Member loan portfolio (B)	(62)			(60)			(56)			(56)			(51)			(49)			(45)			(41)			(234)			(186)
Adjusted net interest income (C)	$	2,063		$	1,995		$	1,882		$	1,871		$	1,859		$	1,792		$	1,678		$	1,661		$	7,811		$	6,990
Average Card Member loans (billions)	$	71.1		$	69.7		$	68.7		$	68.0		$	67.1		$	64.4		$	62.5		$	61.6		$	69.4		$	64.0
Net interest income divided by average Card Member loans (D) *	11.4		%	11.3		%	10.8		%	10.8		%	10.9		%	10.9		%	10.5		%	10.7		%	11.1		%	10.7		%
Net interest yield on average Card Member loans (E) *	11.5		%	11.4		%	11.0		%	11.2		%	11.0		%	11.0		%	10.8		%	10.9		%	11.3		%	10.9		%
Global Commercial Services
Net interest income *	$	246		$	223		$	199		$	198		$	181		$	179		$	172		$	191		$	866		$	723
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (A) *	184			194			201			192			194			183			$	171		$	145		$	771		$	693
Interest income not attributable to the Company's Card Member loan portfolio (B)	(59)			(55)			(55)			(52)			(44)			(42)			$	(38)		$	(37)		$	(221)		$	(161)
Adjusted net interest income (C)	$	371		$	362		$	345		$	338		$	331		$	320		$	305		$	299		$	1,416		$	1,255
Average Card Member loans (billions)	$	14.1		$	13.6		$	13.2		$	12.6		$	12.4		$	12.0		$	11.7		$	11.2		$	13.4		$	11.8
Net interest income divided by average Card Member loans (D) *	7.0		%	6.6		%	6.0		%	6.3		%	5.8		%	6.0		%	5.9		%	6.8		%	6.5		%	6.1		%
Net interest yield on average Card Member loans (E) *	10.4		%	10.5		%	10.5		%	10.9		%	10.6		%	10.6		%	10.5		%	10.8		%	10.6		%	10.7		%
* Reflects changes as a result of enhancements to our methodology related to the allocation of certain funding costs primarily related to our Card Member loan and Card Member receivable portfolios.

See Appendix III for footnote references.

4

American Express Company																									(Preliminary)
Appendix I
Consolidated Statements of Income *
(Millions, except percentages and per share amounts)
	Q4'19			Q3'19			Q2'19			Q1'19			Q4'18			Q3'18			Q2'18			Q1'18
Total non-interest revenues	$	9,081		$	8,786		$	8,764		$	8,305		$	8,442		$	8,183		$	8,173		$	7,877
Total interest income	3,085			3,080			2,965			2,954			2,866			2,738			2,540			2,462
Total interest expense	801			877			891			895			834			777			711			621
Total revenues net of interest expense	11,365			10,989			10,838			10,364			10,474			10,144			10,002			9,718
Total provisions for losses	1,024			879			861			809			954			817			806			775
Total revenues net of interest expense after provisions for losses	10,341			10,110			9,977			9,555			9,520			9,327			9,196			8,943
Total expenses	8,355			7,844			7,758			7,597			7,689			7,209			7,105			6,861
Pretax income	1,986			2,266			2,219			1,958			1,831			2,118			2,091			2,082
Income tax provision (benefit)	293			511			458			408			(179)			464			468			448
Net income	$	1,693		$	1,755		$	1,761		$	1,550		$	2,010		$	1,654		$	1,623		$	1,634
Net income attributable to common shareholders (F)	$	1,661		$	1,723		$	1,729		$	1,518		$	1,975		$	1,621		$	1,591		$	1,600
Effective tax rate	14.8		%	22.6		%	20.6		%	20.8		%	(9.8)		%	21.9		%	22.4		%	21.5		%
Earnings Per Common Share
Basic
Net income attributable to common shareholders	$	2.04		$	2.09		$	2.07		$	1.81		$	2.33		$	1.89		$	1.85		$	1.86
Average common shares outstanding	814			825			834			841			850			858			860			859
Diluted
Net income attributable to common shareholders	$	2.03		$	2.08		$	2.07		$	1.80		$	2.32		$	1.88		$	1.84		$	1.86
Average common shares outstanding	816			827			836			843			852			860			862			861
Cash dividends declared per common share	$	0.43		$	0.43		$	0.39		$	0.39		$	0.39		$	0.39		$	0.35		$	0.35
* The American Express Consolidated Statements of Income and Earnings Per Common Share remain unchanged and are being provided for context.

See Appendix III for footnote references.

5

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

	Global Consumer Services Group (GCSG)			Global Commercial Services (GCS)			Global Merchant and Network Services (GMNS)			Corporate and Other			Consolidated
Twelve months ended December 31, 2019
Non-interest revenues *		$	16,702		$	12,242		$	5,903		$	89		$	34,936
Interest income		9,413			1,900			28			743			12,084
Interest expense **		1,730			1,034			(303)			1,003			3,464
Total revenues net of interest expense		24,385			13,108			6,234			(171)			43,556
Total provisions for losses		2,635			918			20			—			3,573
Total revenues net of interest expense after provisions for losses		21,750			12,190			6,214			(171)			39,983
Total expenses *		17,010			9,498			3,432			1,614			31,554
Pretax income (loss)		4,740			2,692			2,782			(1,785)			8,429
Income tax provision (benefit)		933			501			650			(414)			1,670
Net income (loss)		$	3,807		$	2,191		$	2,132		$	(1,371)		$	6,759
Twelve months ended December 31, 2018
Non-interest revenues *		$	15,357		$	11,481		$	5,790		$	47		$	32,675
Interest income		8,323			1,621			30			632			10,606
Interest expense **		1,448			898			(244)			841			2,943
Total revenues net of interest expense		22,232			12,204			6,064			(162)			40,338
Total provisions for losses		2,431			900			22			(1)			3,352
Total revenues net of interest expense after provisions for losses		19,801			11,304			6,042			(161)			36,986
Total expenses *		15,381			8,840			3,499			1,144			28,864
Pretax income (loss)		4,420			2,464			2,543			(1,305)			8,122
Income tax provision (benefit)		805			452			633			(689)			1,201
Net income (loss)		$	3,615		$	2,012		$	1,910		$	(616)		$	6,921
* Reflects changes as a result of enhancements to our transfer pricing methodology related to the sharing of revenues between our card issuing, network and merchant businesses.
** Reflects changes as a result of enhancements to our methodology related to the allocation of certain funding costs primarily related to our Card Member loan and Card Member receivable portfolios.

See Appendix III for footnote references.

6

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.
(A)	Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(B)	Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
(C)	Adjusted net interest income is a non-GAAP measure that represents net interest income attributable to our Card Member loans (which includes, on a GAAP basis, interest that is deemed uncollectible), excluding the impact of interest expense and interest income not attributable to our Card Member loans. 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.
(D)	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.
(E)	Net interest yield on average Card Member loans is a non-GAAP measure that is computed by dividing adjusted net interest income by average Card Member loans, computed on an annualized basis. Reserves and net write-offs related to uncollectible interest are recorded through provisions for losses, and thus not included in the net interest yield calculation. The Company believes that 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.
(F)	Represents net income, less (i) earnings allocated to participating share awards of $12 million, $11 million, $13 million, $11 million, $16 million, $13 million, $12 million and $13 million in Q4'19, Q3'19, Q2'19, Q1'19, Q4'18, Q3'18, Q2'18 and Q1'18 respectively; and (ii) dividends on preferred shares of $20 million, $21 million, $19 million, $21 million, $19 million, $20 million, $20 million and $21 million in Q4'19, Q3'19, Q2'19, Q1'19, Q4'18, Q3'18, Q2'18 and Q1'18, respectively.

7