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)
		Q4'22			Q3'22			Q2'22			Q1'22			Q4'21			YOY % change	FY'22			FY'21			YOY % change
Non-interest revenues
Discount revenue		$	8,183		$	7,848		$	7,873		$	6,835		$	7,149		14	$	30,739		$	24,563		25
Net card fees		1,625			1,541			1,481			1,423			1,344			21	6,070			5,195			17
Service fees and other revenue		1,181			1,169			1,265			906			1,134			4	4,521			3,316			36
Processed revenue		429			420			416			372			410			5	1,637			1,556			5
Total non-interest revenues		11,418			10,978			11,035			9,536			10,037			14	42,967			34,630			24
Interest income
Interest on loans		3,623			3,164			2,707			2,473			2,356			54	11,967			8,850			35
Interest and dividends on investment securities		34			27			22			13			17			#	96			83			16
Deposits with banks and other		308			183			70			34			27			#	595			100			#
Total interest income		3,965			3,374			2,799			2,520			2,400			65	12,658			9,033			40
Interest expense
Deposits		778			440			187			122			102			#	1,527			458			#
Long-term debt and other		429			356			252			199			190			#	1,236			825			50
Total interest expense		1,207			796			439			321			292			#	2,763			1,283			#
Net interest income		2,758			2,578			2,360			2,199			2,108			31	9,895			7,750			28
Total revenues net of interest expense		14,176			13,556			13,395			11,735			12,145			17	52,862			42,380			25
Provisions for credit losses
Card Member receivables		244			165			138			80			74			#	627			(73)			#
Card Member loans		757			596			272			(111)			(9)			#	1,514			(1,155)			#
Other		26			17			—			(2)			(12)			#	41			(191)			#
Total provisions for credit losses		1,027			778			410			(33)			53			#	2,182			(1,419)			#
Total revenues net of interest expense after provisions for credit losses		13,149			12,778			12,985			11,768			12,092			9	50,680			43,799			16
Expenses
Card Member rewards		3,729			3,571			3,591			3,111			3,032			23	14,002			11,007			27
Business development		1,302			1,194			1,404			1,043			1,128			15	4,943			3,762			31
Card Member services		881			774			678			626			665			32	2,959			1,993			48
Marketing		1,274			1,458			1,502			1,224			1,585			(20)	5,458			5,291			3
Salaries and employee benefits		2,034			1,748			1,816			1,654			1,654			23	7,252			6,240			16
Professional services		601			500			501			472			607			(1)	2,074			1,958			6
Data processing and equipment		732			651			623			600			659			11	2,606			2,431			7
Other, net		725			423			327			326			456			59	1,801			428			#
Total expenses		11,278			10,319			10,442			9,056			9,786			15	41,095			33,110			24
Pretax income		1,871			2,459			2,543			2,712			2,306			(19)	9,585			10,689			(10)
Income tax provision		299			580			579			613			587			(49)	2,071			2,629			(21)
Net income		$	1,572		$	1,879		$	1,964		$	2,099		$	1,719		(9)	$	7,514		$	8,060		(7)
Net income attributable to common shareholders (A)		$	1,546		$	1,851		$	1,934		$	2,069		$	1,679		(8)	$	7,400		$	7,917		(7)
Effective tax rate		16.0		%	23.6		%	22.8		%	22.6		%	25.5		%		21.6		%	24.6		%
Earnings Per Common Share
Basic
Net income attributable to common shareholders		$	2.08		$	2.47		$	2.57		$	2.73		$	2.19		(5)	$	9.86		$	10.04		(2)
Average common shares outstanding		745			748			752			757			768			(3)	751			789			(5)
Diluted
Net income attributable to common shareholders		$	2.07		$	2.47		$	2.57		$	2.73		$	2.18		(5)	$	9.85		$	10.02		(2)
Average common shares outstanding		746			749			753			758			769			(3)	752			790			(5)
Cash dividends declared per common share		$	0.52		$	0.52		$	0.52		$	0.52		$	0.43		21	$	2.08		$	1.72		21
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references

1

American Express Company	(Preliminary)
Consolidated Balance Sheets and Related Statistical Information
(Billions, except percentages, per share amounts and where indicated)

	Q4'22			Q3'22			Q2'22			Q1'22			Q4'21			YOY % change
Assets
Cash & cash equivalents	$	34		$	31		$	26		$	28		$	22		55
Card Member receivables, less reserves	57			55			56			53			54			6
Card Member loans, less reserves	104			96			92			86			85			22
Investment securities	5			5			4			4			3			67
Other (B)	28			28			27			25			25			12
Total assets	$	228		$	215		$	205		$	196		$	189		21
Liabilities and Shareholders' Equity
Customer deposits	$	110		$	103		$	96		$	91		$	84		31
Short-term borrowings	1			2			2			2			2			(50)
Long-term debt	43			42			40			38			39			10
Other (B)	49			44			44			43			42			17
Total liabilities	203			191			182			174			167			22
Shareholders' Equity	25			24			23			22			22			14
Total liabilities and shareholders' equity	$	228		$	215		$	205		$	196		$	189		21
Return on average equity (C)	32.3		%	31.9		%	34.4		%	37.7		%	33.7		%
Return on average common equity (C)	34.1		%	33.6		%	36.5		%	40.0		%	35.8		%
Book value per common share (dollars)	$	31.12		$	29.92		$	28.82		$	27.56		$	27.05		15

See Appendix III for footnote references

2

American Express Company	(Preliminary)
Consolidated Capital

	Q4'22			Q3'22			Q2'22			Q1'22			Q4'21
Shares Outstanding (in millions)
Beginning of period	747			751			755			761			778
Repurchase of common shares	(4)			(4)			(4)			(8)			(17)
Net impact of employee benefit plans and others	—			—			—			2.0			—
End of period	743			747			751			755			761
Risk-Based Capital Ratios - Basel III ($ in billions)
Common Equity Tier 1/Risk Weighted Assets (RWA)	10.3		%	10.6		%	10.3		%	10.4		%	10.5		%
Tier 1	11.1		%	11.5		%	11.2		%	11.4		%	11.5		%
Total	12.8		%	13.3		%	13.0		%	12.8		%	12.9		%
Common Equity Tier 1	$	20.0		$	19.3		$	18.5		$	17.6		$	17.6
Tier 1 Capital	$	21.6		$	20.9		$	20.2		$	19.3		$	19.2
Tier 2 Capital	$	3.3		$	3.2		$	3.2		$	2.4		$	2.3
Total Capital	$	24.9		$	24.1		$	23.4		$	21.6		$	21.5
RWA	$	194.4		$	181.7		$	179.2		$	169.4		$	166.5
Tier 1 Leverage	9.9		%	10.1		%	10.3		%	10.4		%	10.5		%
Average Total Assets to calculate the Tier 1 Leverage Ratio (D)	$	218.6		$	207.6		$	195.8		$	185.3		$	183.5

See Appendix III for footnote references

3

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

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

See Appendix III for footnote references

4

American Express Company	(Preliminary)
Network Volumes Related Growth

	YOY % change
	Reported					FX-Adjusted (I)					Reported	FX-Adjusted (I)
	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	FY'22	FY'22
Network volumes (E)	12%	19%	25%	30%	29%	16%	23%	28%	32%	30%	21%	24%
Billed business (E)	13	21	27	34	32	15	24	30	35	33	23	25
U.S. Consumer Services	15	22	27	38	37	n/a	n/a	n/a	n/a	n/a	24	n/a
Commercial Services	11	20	27	31	30	11	20	27	31	30	21	22
International Card Services	14	21	29	33	28	26	37	43	40	32	23	36
Processed volumes (E)	8	10	12	12	13	17	19	19	15	15	10	18
Merchant Industry Metrics
Goods & Services (G&S)-related (75% of Q4'22 worldwide billed business)	7	13	15	19	19	10	16	18	21	19	13	16
T&E-related (25% of Q4'22 worldwide billed business)	34	52	80	119	130	38	57	84	121	132	64	67
Airline-related (6% of Q4'22 worldwide billed business)	62	110	142	241	271	67	118	148	246	274	119	125

See Appendix III for footnote references

5

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

	Q4'22			Q3'22			Q2'22			Q1'22			Q4'21			YOY % change	FY'22			FY'21			YOY % change
Worldwide Card Member loans
Card Member loans	$	108.0		$	99.0		$	95.4		$	88.8		$	88.6		22	$	108.0		$	88.6		22
Credit loss reserves (millions)
Beginning balance	$	3,319		$	2,997		$	2,981		$	3,305		$	3,489		(5)	$	3,305		$	5,344		(38)
Provisions - principal, interest and fees	757			596			272			(111)			(9)			#	1,514			(1,155)			#
Net write-offs - principal less recoveries	(277)			(203)			(192)			(165)			(128)			#	(837)			(672)			25
Net write-offs - interest and fees less recoveries	(68)			(56)			(55)			(50)			(43)			58	(229)			(207)			11
Other (J)	16			(15)			(9)			2			(4)			#	(6)			(5)			20
Ending balance	$	3,747		$	3,319		$	2,997		$	2,981		$	3,305		13	$	3,747		$	3,305		13
% of loans	3.5		%	3.4		%	3.1		%	3.4		%	3.7		%		3.5		%	3.7		%
% of past due	348		%	393		%	441		%	455		%	555		%		348		%	555		%
Average loans	$	103.9		$	97.7		$	92.4		$	86.8		$	82.9		25	$	95.4		$	76.1		25
Net write-off rate (principal, interest and fees) (K)	1.3		%	1.1		%	1.1		%	1.0		%	0.8		%		1.1		%	1.2		%
Net write-off rate (principal only) (K)	1.1		%	0.8		%	0.8		%	0.8		%	0.6		%		0.9		%	0.9		%
30+ days past due as a % of total	1.0		%	0.9		%	0.7		%	0.7		%	0.7		%		1.0		%	0.7		%
Net interest income divided by average Card Member loans (L)	10.5		%	10.5		%	10.2		%	10.1		%	10.2		%		10.4		%	10.2		%
Net interest yield on average Card Member loans (L)	10.8		%	10.8		%	10.4		%	10.5		%	10.3		%		10.6		%	10.7		%
Worldwide Card Member receivables
Card Member receivables	$	57.6		$	55.3		$	56.0		$	53.2		$	53.6		7	$	57.6		$	53.6		7
Credit loss reserves (millions)
Beginning balance	$	159		$	119		$	76		$	64		$	30		#	$	64		$	267		(76)
Provisions - principal and fees	244			165			138			80			74			#	627			(73)			#
Net write-offs - principal and fees less recoveries	(178)			(122)			(95)			(67)			(40)			#	(462)			(129)			#
Other (J)	4			(3)			—			(1)			—			—	—			(1)			#
Ending balance	$	229		$	159		$	119		$	76		$	64		#	$	229		$	64		#
% of receivables	0.4		%	0.3		%	0.2		%	0.1		%	0.1		%		0.4		%	0.1		%
Net write-off rate (principal and fees) (K)	1.3		%	0.9		%	0.7		%	0.5		%	0.3		%		0.8		%	0.3		%
Net write-off rate, excluding Corporate receivables (principal only) (K)(M)	1.4		%	1.0		%	0.8		%	0.6		%	0.3		%		0.9		%	0.3		%
30+ days past due as a % of total, excluding Corporate receivables (M)	1.3		%	1.1		%	0.8		%	0.8		%	0.6		%		1.3		%	0.6		%
Other loans (B)
Total other loans	$	5.4		$	4.8		$	4.0		$	3.3		$	2.9		86	$	5.4		$	2.9		86
Credit loss reserves (millions)
Beginning balance	$	46		$	38		$	48		$	52		$	66		(30)	$	52		$	238		(78)
Provisions	23			14			(6)			(2)			(12)			#	29			(164)			#
Net write-offs	(10)			(6)			(4)			(2)			(2)			#	(22)			(21)			5
Other (J)	—			—			—			—			—			—	—			(1)			#
Ending balance	$	59		$	46		$	38		$	48		$	52		13	$	59		$	52		$	13
% of other loans	1.1		%	1.0		%	1.0		%	1.5		%	1.8		%		1.1		%	1.8		%
Other receivables (B)
Total other receivables	$	3.1		$	3.0		$	3.0		$	2.7		$	2.7		15	$	3.1		$	2.7		15
Credit loss reserves (millions)
Beginning balance	$	22		$	23		$	22		$	25		$	33		(33)	$	25		$	85		(71)
Provisions	3			3			6			—			—			—	12			(27)			#
Net write-offs	(2)			(4)			(6)			(3)			(8)			(75)	(15)			(33)			(55)
Other (J)	(1)			—			1			—			—			—	—			—			—
Ending balance	$	22		$	22		$	23		$	22		$	25		(12)	$	22		$	25		(12)
% of other receivables	0.7		%	0.7		%	0.8		%	0.8		%	0.9		%		0.7		%	0.9		%

# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references

6

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

	U.S. Consumer Services (USCS)		Commercial Services (CS)		International Card Services (ICS)		Global Merchant and Network Services (GMNS)		Corporate and Other (N)		Consolidated
Q4'22
Non-interest revenues	$	4,416	$	3,210	$	2,197	$	1,621	$	(26)	$	11,418
Interest income	2,577		635		418		10		325		3,965
Interest expense	470		288		209		(127)		367		1,207
Total revenues net of interest expense	6,523		3,557		2,406		1,758		(68)		14,176
Total provisions for credit losses	542		271		210		1		3		1,027
Total revenues net of interest expense after provisions for credit losses	5,981		3,286		2,196		1,757		(71)		13,149
Total expenses	4,695		2,739		2,211		1,066		567		11,278
Pretax income (loss)	1,286		547		(15)		691		(638)		1,871
Q4'21
Non-interest revenues	$	3,698	$	2,780	$	1,947	$	1,432	$	180	$	10,037
Interest income	1,681		388		289		4		38		2,400
Interest expense	85		77		133		(31)		28		292
Total revenues net of interest expense	5,294		3,091		2,103		1,467		190		12,145
Total provisions for credit losses	(9)		9		53		—		—		53
Total revenues net of interest expense after provisions for credit losses	5,303		3,082		2,050		1,467		190		12,092
Total expenses	4,022		2,365		2,010		992		397		9,786
Pretax income (loss)	1,281		717		40		475		(207)		2,306
YOY % change
Non-interest revenues	19		15		13		13		#		14
Interest income	53		64		45		#		#		65
Interest expense	#		#		57		#		#		#
Total revenues net of interest expense	23		15		14		20		#		17
Total provisions for credit losses	#		#		#		—		—		#
Total revenues net of interest expense after provisions for credit losses	13		7		7		20		#		9
Total expenses	17		16		10		7		43		15
Pretax income (loss)	—		(24)		#		45		#		(19)

# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references

7

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

	Q4'22			Q3'22			Q2'22			Q1'22			Q4'21			YOY % change	FY'22			FY'21			YOY % change
Non-interest revenues	$	4,416		$	4,233		$	4,154		$	3,637		$	3,698		19	$	16,440		$	12,989		27
Interest income	2,577			2,251			1,893			1,736			1,681			53	8,457			6,328			34
Interest expense	470			274			136			103			85			#	983			395			#
Net interest income	2,107			1,977			1,757			1,633			1,596			32	7,474			5,933			26
Total revenues net of interest expense	6,523			6,210			5,911			5,270			5,294			23	23,914			18,922			26
Total provisions for credit losses	542			403			192			(116)			(9)			#	1,021			(919)			#
Total revenues net of interest expense after provisions for credit losses	5,981			5,807			5,719			5,386			5,303			13	22,893			19,841			15
Total expenses	4,695			4,498			4,446			3,854			4,022			17	17,493			13,883			26
Pretax segment income	$	1,286		$	1,309		$	1,273		$	1,532		$	1,281		—	$	5,400		$	5,958		(9)
(Billions, except percentages and where indicated)
Billed business (E)	$	148.9		$	140.3		$	141.1		$	122.7		$	129.5		15	$	553.0		$	444.2		24
Proprietary cards-in-force (millions) (F)	41.7			41.2			40.3			39.8			39.0			7	41.7			39.0			7
Proprietary basic cards-in-force (millions) (F)	29.2			28.9			28.3			27.9			27.3			7	29.2			27.3			7
Average proprietary basic Card Member spending (dollars)	$	5,116		$	4,908		$	5,028		$	4,444		$	4,755		8	$	19,514		$	16,498		18
Segment assets	$	94.4		$	84.8		$	82.4		$	76.7		$	76.5		23	$	94.4		$	76.5		23
Card Member loans
Total loans	$	72.7		$	66.3		$	63.7		$	59.1		$	59.8		22	$	72.7		$	59.8		22
Average loans	$	69.4		$	65.3		$	61.6		$	58.1		$	56.1		24	$	63.7		$	52.0		23
Net write-off rate (principal, interest and fees) (K)	1.3		%	1.1		%	1.1		%	1.0		%	0.8		%		1.1		%	1.1		%
Net write-off rate (principal only) (K)	1.1		%	0.8		%	0.8		%	0.8		%	0.6		%		0.9		%	0.8		%
30+ days past due as a % of total	1.0		%	0.9		%	0.7		%	0.8		%	0.7		%		1.0		%	0.7		%
Net interest income divided by average Card Member loans (L)	12.0		%	12.0		%	11.4		%	11.2		%	11.4		%		11.7		%	11.4		%
Net interest yield on average Card Member loans (L)	11.9		%	11.9		%	11.3		%	11.3		%	11.2		%		11.6		%	11.5		%
Card Member receivables
Total receivables	$	14.3		$	13.2		$	13.8		$	13.4		$	14.7		(3)	$	14.3		$	14.7		(3)
Net write-off rate (principal and fees) (K)	1.0		%	0.6		%	0.5		%	0.3		%	0.2		%		0.6		%	0.1		%
Net write-off rate (principal only) (K)	0.9		%	0.6		%	0.5		%	0.2		%	0.2		%		0.6		%	—		%
30+ days past due as a % of total	0.9		%	0.9		%	0.6		%	0.6		%	0.4		%		0.9		%	0.4		%

# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references

8

Commercial Services										(Preliminary)
Selected Income Statement and Statistical Information
(Millions, except percentages)
	Q4'22			Q3'22			Q2'22				Q1'22			Q4'21			YOY % change	FY'22			FY'21			YOY % change
Non-interest revenues	$	3,210		$	3,145		$	3,122			$	2,719		$	2,780		15	$	12,196		$	9,833		24
Interest income	635			552			468				415			388			64	2,070			1,408			47
Interest expense	288			201			121				87			77			#	697			330			#
Net interest income	347			351			347				328			311			12	1,373			1,078			27
Total revenues net of interest expense	3,557			3,496			3,469				3,047			3,091			15	13,569			10,911			24
Total provisions for credit losses	271			196			97				1			9			#	565			(420)			#
Total revenues net of interest expense after provisions for credit losses	3,286			3,300			3,372				3,046			3,082			7	13,004			11,331			15
Total expenses	2,739			2,526			2,594				2,265			2,365			16	10,124			8,395			21
Pretax segment income (loss)	$	547		$	774		$	778			$	781		$	717		(24)	$	2,880		$	2,936		(2)
(Billions, except percentages and where indicated)
Billed business (E)	$	130.5		$	127.6		$	127.9			$	113.5		$	117.9		11	$	499.5		$	411.6		21
Proprietary cards-in-force (millions) (F)	14.9			14.6			14.2				13.8			13.4			11	14.9			13.4			11
Average proprietary basic Card Member spending (dollars)	$	8,816		$	8,848		$	9,146			$	8,371		$	8,911		(1)	$	35,202		$	32,042		10
Segment assets	$	51.4		$	51.3		$	49.4			$	46.6		$	44.5		16	$	51.4		$	44.5		16
Card Member loans
Total loans	$	21.4		$	20.7		$	19.4			$	18.1		$	17.0		26	$	21.4		$	17.0		26
Average loans	$	21.2		$	20.1		$	18.8			$	17.2		$	15.9		33	$	19.3		$	14.4		34
Net write-off rate (principal, interest and fees) (K)	1.1		%	0.8		%	0.8		%		0.7		%	0.6		%		0.8		%	0.8		%
Net write-off rate (principal only) (K)	0.9		%	0.7		%	0.6		%		0.6		%	0.5		%		0.7		%	0.6		%
30+ days past due as a % of total	0.9		%	0.7		%	0.6		%		0.6		%	0.5		%		0.9		%	0.5		%
Net interest income divided by average Card Member loans (L)	6.5		%	6.9		%	7.4		%		7.8		%	7.8		%		7.1		%	7.5		%
Net interest yield on average Card Member loans (L)	8.9		%	8.9		%	8.8		%		8.9		%	8.8		%		8.9		%	8.7		%
Card Member receivables
Total receivables	$	26.9		$	27.6		$	27.1			$	25.7		$	24.6		9	$	26.9		$	24.6		9
Net write-off rate (principal and fees) (K)	1.1		%	0.7		%	0.6		%		0.5		%	0.2		%		0.7		%	0.2		%
Net write-off rate (principal only) - small business (K) (M)	1.5		%	0.9		%	0.7		%		0.6		%	0.2		%		0.9		%	0.2		%
30+ days past due as a % of total - small business	1.6		%	1.4		%	0.9		%		0.9		%	0.8		%		1.6		%	0.8		%
90+ days past billing as a % of total - corporate (M)	0.6		%	0.6		%	0.4		%		0.3		%	0.3		%		0.6		%	0.3		%
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references

9

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

	Q4'22			Q3'22			Q2'22			Q1'22			Q4'21			YOY % change	FY'22			FY'21			YOY % change
Non-interest revenues	$	2,197		$	2,066		$	2,140		$	1,859		$	1,947		13	$	8,262		$	6,761		22
Interest income	418			364			347			324			289			45	1,453			1,116			30
Interest expense	209			178			144			123			133			57	654			442			48
Net interest income	209			186			203			201			156			34	799			674			19
Total revenues net of interest expense	2,406			2,252			2,343			2,060			2,103			14	9,061			7,435			22
Total provisions for credit losses	210			176			116			82			53			#	584			(43)			#
Total revenues net of interest expense after provisions for credit losses	2,196			2,076			2,227			1,978			2,050			7	8,477			7,478			13
Total expenses	2,211			1,910			2,044			1,734			2,010			10	7,899			6,549			21
Pretax segment income	$	(15)		$	166		$	183		$	244		$	40		#	$	578		$	929		(38)
(Billions, except percentages and where indicated)
Billed business (E)	$	77.1		$	70.2		$	71.0		$	63.3		$	67.6		14	$	281.6		$	228.2		23
Proprietary cards-in-force (millions) (F)	20.1			19.8			19.6			19.3			19.0			6	20.1			19.0			6
Proprietary basic cards-in-force (millions) (F)	14.9			14.7			14.4			14.2			13.9			7	14.9			13.9			7
Average proprietary basic Card Member spending (dollars)	$	5,207		$	4,824		$	4,967		$	4,505		$	4,880		7	$	19,519		$	16,689		17
Segment assets	$	36.9		$	32.9		$	33.7		$	31.7		$	32.6		13	$	36.9		$	32.6		13
Card Member loans - consumer and small business
Total loans	$	13.8		$	12.0		$	12.3		$	11.5		$	11.6		19	$	13.8		$	11.6		19
Average loans	$	13.2		$	12.3		$	12.0		$	11.4		$	10.8		22	$	12.3		$	9.6		28
Net write-off rate (principal, interest and fees) (K)	1.7		%	1.4		%	1.3		%	1.2		%	1.1		%		1.4		%	2.1		%
Net write-off rate (principal only) (K)	1.4		%	1.2		%	1.1		%	1.0		%	0.8		%		1.2		%	1.6		%
30+ days past due as a % of total	1.2		%	1.0		%	0.9		%	0.9		%	0.8		%		1.2		%	0.8		%
Net interest income divided by average Card Member loans (L)	6.3		%	6.0		%	6.7		%	7.1		%	5.7		%		6.5		%	7.0		%
Net interest yield on average Card Member loans (L)	8.4		%	8.0		%	8.6		%	8.9		%	7.7		%		8.4		%	9.1		%
Card Member receivables
Total receivables	$	16.4		$	14.5		$	15.1		$	14.0		$	14.3		15	$	16.4		$	14.3		15
Net write-off rate (principal and fees) (K)	1.7		%	1.4		%	1.1		%	0.9		%	0.5		%		1.3		%	0.6		%
Net write-off rate (principal only) - consumer and small business (K) (M)	1.9		%	1.6		%	1.2		%	0.9		%	0.6		%		1.4		%	0.8		%
30+ days past due as a % of total - consumer and small business	1.3		%	1.2		%	1.0		%	0.9		%	0.7		%		1.3		%	0.7		%
90+ days past billing as a % of total - corporate (M)	0.5		%	0.5		%	0.5		%	0.4		%	0.3		%		0.5		%	0.3		%
# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references

10

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

	Q4'22		Q3'22		Q2'22		Q1'22		Q4'21		YOY % change	FY'22		FY'21		YOY % change
Non-interest revenues	$	1,621	$	1,562	$	1,568	$	1,372	$	1,432	13	$	6,123	$	5,021	22
Interest income	10		6		5		2		4		#	23		16		44
Interest expense	(127)		(97)		(61)		(44)		(31)		#	(329)		(92)		#
Net interest income	137		103		66		46		35		#	352		108		#
Total revenues net of interest expense	1,758		1,665		1,634		1,418		1,467		20	6,475		5,129		26
Total provisions for credit losses	1		3		2		1		—		—	7		(37)		#
Total revenues net of interest expense after provisions for credit losses	1,757		1,662		1,632		1,417		1,467		20	6,468		5,166		25
Total expenses	1,066		870		830		748		992		7	3,514		3,292		7
Pretax segment income	$	691	$	792	$	802	$	669	$	475	45	$	2,954	$	1,874	58
(Billions)
Total network volumes (E)	$	413.3	$	394.4	$	394.8	$	350.3	$	368.1	12	$	1,552.8	$	1,284.2	21
Segment assets	$	20.0	$	15.4	$	16.0	$	16.3	$	15.4	30	$	20.0	$	15.4	30

# - Denotes a variance of 100 percent or more.

See Appendix III for footnote references

11

American Express Company	(Preliminary)
Appendix I
Components of Return on Average Equity (ROE) and Return on Average Common Equity (ROCE)
(Millions, except percentages)

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

See Appendix III for footnote references

12

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

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

See Appendix III for footnote references

13

Appendix III (Preliminary)

All Information in the preceding tables is presented on a basis prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), unless otherwise indicated. Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
(A)	Represents net income, less (i) earnings allocated to participating share awards of $12 million, $14 million, $15 million, $16 million and $11 million in Q4'22, Q3'22, Q2'22, Q1'22 and Q4'21, respectively; (ii) dividends on preferred shares of $14 million, $14 million, $15 million, $14 million and $22 million in Q4'22, Q3'22, Q2'22, Q1'22 and Q4'21, respectively; and (iii) equity-related adjustments of $7 million and $9 million in Q4'21 and Q3'21, respectively, related to the redemption of preferred shares. (refer to Footnote "O").
(B)	Within assets, "other" includes the following items as presented in our Consolidated Balance Sheets: Other loans, less reserves for credit losses (including merchant financing loans), Premises and equipment and Other assets (including Other receivables); and within liabilities, "other" includes the following items: Accounts payable and Other liabilities.
(C)	Effective Q1'22, we have changed the way we calculate Return on Average Equity (ROE) and Return on Average Common Equity (ROCE). ROE is calculated by dividing annualized net income for the period by average shareholders' equity for the period. ROCE is calculated by dividing annualized net income attributable to common shareholders for the period by average common shareholders' equity for the period.
(D)	Presented for the purpose of calculating the Tier 1 Leverage Ratio.
(E)	Network volumes represent our total volumes. Billed business represents transaction volumes from payment products issued by American Express. Processed volumes represent transaction volumes from cards issued by network partners and those associated with alternative payment solutions.
(F)	Cards-in-force represent the number of cards that are issued and outstanding by American Express (proprietary cards-in-force) and cards issued and outstanding under network partnership agreements with banks and other institutions. Basic cards-in-force excludes supplemental cards issued on consumer accounts. Cards-in-force is useful in understanding the size of our Card Member base.
(G)	Average discount rate calculation is generally designed to reflect the average pricing at all merchants accepting American Express cards and represents the percentage of network volumes retained by us from spend at merchants we acquire, or from merchants acquired by third parties on our behalf, net of amounts retained by such third parties. The average discount rate, together with billed business, drive our discount revenue.
(H)	Average fee per card is computed on an annualized basis based on proprietary net card fees divided by average proprietary total cards-in-force.
(I)	FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (e.g., assumes the foreign exchange rates used to determine results for Q4'22 apply to the period(s) against which such results are being compared).
(J)	Other includes foreign currency impact on balance sheet re-measurement and translation.
(K)	Our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses and we therefore present a net write-off rate including principal, interest and/or fees. We also present a net write-off rate based on principal losses only to be consistent with industry convention.
(L)	Net interest income divided by average Card Member loans, computed on an annualized basis, includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on average Card Member loans. Net interest yield on average Card Member loans, a non-GAAP measure, is computed by dividing adjusted net interest income (also a non-GAAP measure) by average Card Member loans, computed on an annualized basis. Adjusted net interest income represents net interest income attributable to our Card Member loans (which includes, on a GAAP basis, interest that is deemed uncollectible), excluding the impact of interest expense and interest income not attributable to our Card Member loans. Reserves and net write-offs related to uncollectible interest are recorded through provisions for credit losses, and thus not included in the net interest yield calculation. We believe that net interest yield on average Card Member loans is useful to investors because it provides a measure of profitability of our Card Member loan portfolio. See Appendix II for calculations of net interest income divided by average Card Member loans and net interest yield on average Card Member loans.
(M)	A net write-off rate for principal losses only and delinquency data for periods other than 90+ days past billing are not available for corporate receivables due to system constraints. We believe that it is useful to show the write-off rate based on principal losses only for the Card Member receivables portfolios for which data is available (i.e., consumer and small business).
(N)	Prior period amounts have been recast in Q1'22 due to the changes to revenue allocation methodology used to allocate certain revenues across reportable operating segments.
(O)	On August 3, 2021, we issued $1.6 billion of 3.550% Fixed Rate Reset Noncumulative Preferred Shares, Series D. With the proceeds from that issuance, we redeemed in full the $850 million of 4.900% Fixed Rate/Floating Rate Noncumulative Preferred Shares, Series C on September 15, 2021 and the $750 million of 5.200% Fixed Rate/Floating Rate Noncumulative Preferred Shares, Series B on November 15, 2021. The difference between the redemption value and carrying value of the redeemed Series B and C Preferred Shares resulted in reductions of $7 million and $9 million to net income available to common shareholders, in Q4'21 and Q3'21, respectively.
(P)	Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(Q)	Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.

14