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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Transition Period from ____ to ____
Commission file number 1-7657
AMERICAN EXPRESS COMPANY
(Exact name of registrant as specified in its charter)
New York13-4922250
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
200 Vesey Street, New York, New York
10285
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code                                          (212) 640-2000
None
Former name, former address and former fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares (par value $0.20 per share)AXPNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ      No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes þ      No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐      No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at July 18, 2022
Common Shares (par value $0.20 per share)749,747,789 Shares




Table of Contents

AMERICAN EXPRESS COMPANY
FORM 10-Q
INDEX
Page No.
Throughout this report the terms “American Express,” “we,” “our” or “us,” refer to American Express Company and its subsidiaries on a consolidated basis, unless stated or the context implies otherwise. The use of the term “partner” or “partnering” in this report does not mean or imply a formal legal partnership, and is not meant in any way to alter the terms of American Express’ relationship with any third parties. Refer to the “MD&A― Glossary of Selected Terminology” for the definitions of other key terms used in this report.


Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)
Business Introduction
We are a globally integrated payments company that provides our customers with access to products, insights and experiences that enrich lives and build business success. Our principal products and services are credit and charge card products, along with travel and lifestyle related services, offered to consumers and businesses around the world. Our range of products and services includes:
Credit card, charge card, banking and other payment and financing products
Merchant acquisition and processing, servicing and settlement, and point-of-sale marketing and information products and services for merchants
Network services
Other fee services, including fraud prevention services and the design and operation of customer loyalty programs
Expense management products and services
Travel and lifestyle services
Our various products and services are offered globally to diverse customer groups, including consumers, small businesses, mid-sized companies and large corporations. These products and services are offered through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, direct mail, telephone, in-house sales teams, and direct response advertising.
We have a significant ownership position in, and extensive commercial arrangements with, Global Business Travel Group, Inc. (GBTG). The commercial arrangements with GBTG include, among other things, a long-term trademark license agreement pursuant to which GBTG uses the American Express brand, GBTG’s support of certain of our partnerships, joint negotiation with travel suppliers and a strategic relationship between GBTG and our Global Commercial Services (GCS) business. During the second quarter of 2022, GBTG became a publicly traded company following the completion of a business combination between American Express Global Business Travel and Apollo Strategic Growth Capital. As a result of the transaction, our economic interest was reduced to approximately 35 percent from approximately 40 percent.
We compete in the global payments industry with card networks, issuers and acquirers, paper-based transactions (e.g., cash and checks), bank transfer models (e.g., wire transfers and Automated Clearing House (ACH)), as well as evolving and growing alternative payment and financing providers. As the payments industry continues to evolve, we face increasing competition from non-traditional players that leverage new technologies, business models and customer relationships to create payment or financing solutions.
Effective for the first quarter of 2022, we made the following reporting presentation changes to our Consolidated Statements of Income:
Within Non-interest revenues:
Processed revenue represents revenues earned from processed volumes, previously reported in Discount revenue, Other fees and commissions and Other revenue.
Service fees and other revenue combines the remaining balances from Other fees and commissions and Other revenue.
Within Total expenses:
Disaggregated Marketing and business development expense into Business development expense and Marketing expense.
Prior period amounts have been recast to conform with current period presentation; there was no impact to Total non-interest revenues or Total expenses.
1


Effective July 1, 2022, we made changes to our management organization structure. Our financial disclosures will reflect these organizational changes when our executives, including our chief operating decision maker, begin to review financial information aligned to the new management organization. At that time, we will also recast prior periods to conform to the new reportable operating segments. We expect our reportable operating segments will be as follows:
U.S. Consumer Services, including our consumer card issuing business and travel and lifestyle services in the U.S.;
International Card Services, including our consumer card issuing business and travel and lifestyle services outside the U.S., our commercial services business outside the U.S. and our loyalty coalition businesses;
Commercial Services, including our commercial services businesses in the U.S. and for global clients; and
Global Merchant and Network Services, including our merchant acquiring and card network businesses.
Refer to the “Glossary of Selected Terminology” for the definitions of certain key terms and related information appearing within this Form 10-Q.
Forward-Looking Statements and Non-GAAP Measures
Certain of the statements in this Form 10-Q are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the “Cautionary Note Regarding Forward-Looking Statements” section. We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included within this Form 10-Q constitutes non-GAAP financial measures. Our calculations of non-GAAP financial measures may differ from the calculations of similarly titled measures by other companies.
Bank Holding Company
American Express is a bank holding company under the Bank Holding Company Act of 1956 and The Board of Governors of the Federal Reserve System (the Federal Reserve) is our primary federal regulator. As such, we are subject to the Federal Reserve’s regulations, policies and minimum capital standards.
2


Table 1: Summary of Financial Performance
As of or for the Three Months Ended
June 30,
Change
2022 vs. 2021
As of or for the Six Months Ended
June 30,
Change
2022 vs. 2021
(Millions, except percentages, per share amounts and where indicated)2022202120222021
Selected Income Statement Data
Total revenues net of interest expense$13,395$10,243$3,152 31 %$25,130$19,307$5,823 30 %
Provisions for credit losses410(606)1,016 #377(1,281)1,658 #
Expenses10,4427,9092,533 32 19,49814,6554,843 33 
Pretax income2,5432,940(397)(14)5,2555,933(678)(11)
Income tax provision579660(81)(12)1,1921,418(226)(16)
Net income1,9642,280(316)(14)4,0634,515(452)(10)
Earnings per common share — diluted (a)
$2.57$2.80$(0.23)(8)%$5.30$5.54$(0.24)(4)
Common Share Statistics (b)
Cash dividends declared per common share$0.52$0.43$0.09 21 %$1.04$0.86$0.18 21 
Average common shares outstanding:
Basic752801(49)(6)%755802(47)(6)
Diluted753802(49)(6)%756803(47)(6)
Selected Metrics and Ratios
Network volumes (Billions)
$394.8$316.1$79 25 %$745.1$585.4$160 27 %
Return on average equity (c)
34.4 %36.5 %36.0 %37.1 %
Net interest income divided by average Card Member loans10.2 %10.0 %10.2 %10.1 %
Net interest yield on average Card Member loans (d)
10.4 %10.6 %10.5 %10.9 %
Effective tax rate22.8 %22.4 %22.7 %23.9 %
Common Equity Tier 1 10.3 %14.2 %10.3 %14.2 %
Selected Balance Sheet Data
Cash and cash equivalents$26,277$30,796$(4,519)(15)%$26,277$30,796$(4,519)(15)%
Card Member receivables56,01947,5858,434 18 56,01947,5858,434 18 
Card Member loans95,43775,61019,827 26 95,43775,61019,827 26 
Customer deposits96,41184,90511,506 14 96,41184,90511,506 14 
Long-term debt$40,495$37,363$3,132 %$40,495$37,363$3,132 %
# Denotes a variance of 100 percent or more
(a)Represents net income, less (i) earnings allocated to participating share awards of $15 million and $16 million for the three months ended June 30, 2022 and 2021, respectively, and $31 million for both the six months ended June 30, 2022 and 2021, and (ii) dividends on preferred shares of $15 million for both the three months ended June 30, 2022 and 2021, and $29 million for both the six months ended June 30, 2022 and 2021.
(b)Our common stock trades principally on The New York Stock Exchange under the trading symbol AXP.
(c)Return on average equity (ROE) is calculated by dividing (i) annualized net income for the period by (ii) average shareholders’ equity for the period. Effective for the first quarter of 2022, the interim period calculation methodology for ROE was modified to present the returns for the period on an annualized basis rather than the preceding twelve months. Prior period amounts have been recast to conform with current period presentation.
(d)Net interest yield on average Card Member loans reflects adjusted net interest income divided by average Card Member loans, computed on an annualized basis. Adjusted net interest income and net interest yield on average Card Member loans are non-GAAP measures. Refer to Table 9 for a reconciliation to Net interest income divided by average Card Member loans.
3


Business Environment
Our strong results for the second quarter reflect the strength of our global customer base and business model, as well as the investments we made during the pandemic while navigating a complex macroeconomic environment. We continue to invest in our brand, value propositions, customers, colleagues, technology and coverage which is driving sustainable growth across our businesses.
Our worldwide network volumes for the second quarter increased 25 percent year-over-year (28 percent on an FX-adjusted basis1) and billed business, which represented 86 percent of our total network volumes and was the most significant driver of our financial results, increased 27 percent. Goods & Services spend, which accounts for the majority of our billed business, grew by 15 percent on a year-over-year basis. Travel & Entertainment spend increased 80 percent year-over-year and surpassed pre-pandemic levels, primarily driven by U.S. consumers and small and medium size businesses as well as a continuing recovery outside of the U.S.
Total revenues net of interest expense increased 31 percent year-over-year (33 percent on an FX-adjusted basis1) reflecting strong growth in all our revenue lines. The growth in network volumes drove increases in both Discount revenue, our largest revenue line, and Processed revenue. Service fees and other revenue increased year-over-year, driven in part by higher travel-related revenues. Net card fees grew 15 percent year-over-year, as new card acquisitions increased and Card Member retention remained high, demonstrating the impact of investments we have made in our premium value propositions. Net interest income grew by 30 percent year-over-year, primarily driven by growth in loans, partially offset by higher interest expense due to higher rates.
Card Member loans grew 26 percent year-over-year, driven by ongoing strong growth in billed business. Provisions for credit losses increased, primarily driven by reserve builds in the current period, as compared to reserve releases in the prior year. The reserve builds in the current period reflected the strong growth in loans and a slightly worse macroeconomic outlook, partially offset by improved portfolio quality. While delinquency and write-off rates remained near historic lows, most of these rates continued to modestly increase on a sequential basis compared to the prior quarter.
Card Member rewards, Business development and Card Member services increased year-over-year primarily due to network volume growth and higher usage of travel-related benefits. Card Member rewards expense growth was also driven by a larger proportion of billed business in categories that earn incremental rewards such as travel. Marketing expense increased 13 percent year-over-year, due to higher investments to drive growth momentum and accelerate new card acquisitions. Operating expenses increased 28 percent year-over-year primarily due to prior-year net gains on our Amex Ventures investments and higher compensation costs in the current quarter.
During the quarter, we maintained our capital ratios within our target range and returned $1.0 billion of capital to our shareholders through share buybacks and dividends. We plan to continue to return to shareholders the excess capital we generate while supporting our balance sheet growth.
Our strong performance continues to give us confidence in our business model, although we recognize the uncertainty of the geopolitical and macroeconomic environment. We remain committed to executing on our strategy for building sustainable long-term growth.
See “Certain Legislative, Regulatory and Other Developments” and “Risk Factors” for information on certain matters that could have a material adverse effect on our results of operations and financial condition.
1 The foreign currency 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 the current period apply to the corresponding prior year period against which such results are being compared). FX-adjusted revenues is a non-GAAP measure. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.
4


Results of Operations
The discussions in both the “Consolidated Results of Operations” and “Business Segment Results of Operations” provide commentary on the variances for the three and six months ended June 30, 2022 compared to the same periods in the prior year, as presented in the accompanying tables.
Consolidated Results of Operations
Table 2: Total Revenues Net of Interest Expense Summary
Three Months Ended
June 30,
Change
2022 vs. 2021
Six Months Ended
June 30,
Change
2022 vs. 2021
(Millions, except percentages)2022202120222021
Discount revenue$7,873 $6,044 $1,829 30 %$14,708 $11,045 $3,663 33 %
Net card fees (a)
1,481 1,286 195 15 2,904 2,539 365 14 
Service fees and other revenue1,265 705 560 79 2,171 1,343 828 62 
Processed revenue416 390 26 788 732 56 
Total non-interest revenues11,035 8,425 2,610 31 20,571 15,659 4,912 31 
Total interest income2,799 2,140 659 31 5,319 4,332 987 23 
Total interest expense439 322 117 36 760 684 76 11 
Net interest income2,360 1,818 542 30 4,559 3,648 911 25 
Total revenues net of interest expense$13,395 $10,243 $3,152 31 %$25,130 $19,307 $5,823 30 %
(a)Effective April 1, 2021, we prospectively changed the recognition of certain costs paid to a third party previously recognized over the twelve month card membership period in Net card fees in the Consolidated Statements of Income; such costs are now recorded as incurred in Marketing expense.
Total Revenues Net of Interest Expense
Discount revenue increased for both the three and six month periods, primarily driven by increases in billed business of 27 percent and 30 percent, respectively. See Tables 5, 6 and 7 for more details on billed business performance.
Net card fees increased for both the three and six month periods, primarily driven by growth in our premium card portfolios. The year-over-year growth rates also reflected a prospective change we made in the recognition of certain costs paid to a third party previously recognized in Net card fees, effective April 1, 2021.
Service fees and other revenue increased for both the three and six month periods, primarily driven by higher travel related revenues from foreign exchange-related revenues associated with Card Member cross-currency spending and higher travel commissions and fees from our consumer travel business and also from higher income from equity method investments in the current period, which included a portion of the revenue allocated to a joint venture partner as described in Business development expense below, versus a net loss in the prior period.
Processed revenue increased for both the three and six month periods, primarily driven by increases in processed volumes, partially offset by the repositioning of certain of our alternative payment solutions.
Interest income increased for both the three and six month periods, primarily reflecting higher average Card Member loan balances.
Interest expense increased for both the three and six month periods, primarily driven by higher interest rates.
5


Table 3: Provisions for Credit Losses Summary
Three Months Ended
June 30,
Change
2022 vs. 2021
Six Months Ended
June 30,
Change
2022 vs. 2021
(Millions, except percentages)2022202120222021
Card Member receivables
Net write-offs
$95 $$91 # %$162 $57 $105 # %
Reserve (release) build (a)
43 (129)172 #56 (192)248 #
Total
138 (125)263 #218 (135)353 #
Card Member loans
Net write-offs
247 243 2462 547 (85)(16)
Reserve (release) build (a)
25 (639)664 #(301)(1,516)1,215 80
Total
272 (396)668 #161 (969)1,130 #
Other
Net write-offs - Other loans (b)
4 (1)(20)6 19 (13)(68)
Net write-offs - Other receivables (c)
6 (2)(25)9 16 (7)(44)
Reserve (release) build - Other loans (a)(b)
(10)(70)60 86(14)(166)152 92
Reserve (release) build - Other receivables (a)(c)
 (28)28 #(3)(46)43 93
Total
 (85)85 #(2)(177)175 99
Total provisions for credit losses$410 $(606)$1,016 # %$377 $(1,281)$1,658 # %
# Denotes a variance of 100 percent or more
(a)Refer to the “Glossary of Selected Terminology” for a definition of reserve (release) build.
(b)Relates to Other loans of $4.0 billion and $2.9 billion, less reserves of $38 million and $52 million, as of June 30, 2022 and December 31, 2021, respectively; and $2.2 billion and $2.9 billion, less reserves of $72 million and $238 million, as of June 30, 2021 and December 31, 2020, respectively.
(c)Relates to Other receivables included in Other assets on the Consolidated Balance Sheets of $3.0 billion and $2.7 billion, less reserves of $23 million, and $25 million, as of June 30, 2022 and December 31, 2021, respectively; and $2.9 billion and $3.0 billion, less reserves of $39 million and $85 million, as of June 30, 2021 and December 31, 2020, respectively.
Provisions for Credit Losses
Card Member loans and receivables provision for credit losses increased for the three month period, primarily due to a reserve build in the current period versus a reserve release in the prior period. The reserve build in the current period was driven by an increase in loans and receivables outstanding and a slight deterioration in the macroeconomic outlook, partially offset by improved portfolio quality. The reserve release in the prior period was driven by lower delinquencies, improved portfolio quality and improving macroeconomic outlooks, partially offset by an increase in loans and receivables outstanding.
Card Member loans provision for credit losses increased for the six month period, primarily due to a lower reserve release, partially offset by lower net write-offs. The reserve release in the current period was primarily driven by improved portfolio quality and reduction in COVID-19 pandemic-driven reserves, partially offset by an increase in loans outstanding and a slight deterioration in the macroeconomic outlook. The reserve release in the prior period was driven by lower delinquencies, improved portfolio quality and improving macroeconomic outlooks, partially offset by an increase in loans outstanding.
Card Member receivables provision for credit losses increased for the six month period, primarily due to a reserve build in the current period versus a reserve release in the prior period and higher net write-offs. The reserve build in the current period was primarily driven by an increase in receivables outstanding and higher delinquencies. The reserve release in the prior period was driven by lower delinquencies, improved portfolio quality and improving macroeconomic outlooks, partially offset by an increase in receivables outstanding.
Other loans provision for credit losses increased for both the three and six month periods, primarily due to lower reserve releases, partially offset by lower net write-offs. The reserve releases in the current periods were driven by an improvement in credit performance, partially offset by higher non-card loan balances. The reserve releases in the prior periods were due to improved credit performance and lower non-card loan balances.
Refer to Note 3 to the "Consolidated Financial Statements" for further information regarding our reserves for credit losses.
6


Table 4: Expenses Summary
Three Months Ended
June 30,
Change
2022 vs. 2021
Six Months Ended
June 30,
Change
2022 vs. 2021
(Millions, except percentages)2022202120222021
Card Member rewards$3,591 $2,712 $879 32 %$6,702 $4,955 $1,747 35 %
Business development1,404 889 515 58 2,447 1,691 756 45 
Card Member services678 432 246 57 1,304 749 555 74 
Marketing1,502 1,330 172 13 2,726 2,294 432 19 
Salaries and employee benefits1,816 1,539 277 18 3,470 3,089 381 12 
Other, net1,451 1,007 444 44 2,849 1,877 972 52 
Total expenses$10,442 $7,909 $2,533 32 %$19,498 $14,655 $4,843 33 %
Expenses
Card Member rewards expense increased for both the three and six month periods, primarily driven by increases in Membership Rewards and cash back rewards expenses of $592 million and $1.2 billion, and cobrand rewards expense of $287 million and $592 million for the three and six month periods, respectively, all of which were primarily driven by higher billed business. The increases in Membership Rewards expense for the current periods were also driven by a larger proportion of spend in categories that earn incremental rewards such as travel.
The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 96 percent (rounded down) at June 30, 2022 and 96 percent (rounded up) at June 30, 2021.
Business development expense increased for both the three and six month periods, primarily due to increased partner payments driven by higher network volumes and a charge related to revenue allocated to a joint venture partner for certain categories of transactions.
Card Member services expense increased for both the three and six month periods, primarily due to higher usage of travel-related benefits.
Marketing expense increased for both the three and six month periods, primarily due to increases in business investments to continue building growth momentum.
Salaries and employee benefits expense increased for both the three and six month periods, primarily driven by higher compensation. The increase in the six month period was also driven by higher incentive compensation expenses.
Other expenses increased for both the three and six month periods, primarily driven by net gains on Amex Ventures investments in the prior periods and an increase in professional services expenses in the current periods.
7


Income Taxes
The effective tax rate was 22.8 percent and 22.4 percent for the three months ended June 30, 2022 and 2021, respectively, and 22.7 percent and 23.9 percent for the six months ended June 30, 2022 and 2021, respectively. The increase in the effective tax rate for the three month period primarily reflected discrete tax benefits in the prior period. The decrease in the effective tax rate for the six month period primarily reflected discrete tax benefits in the current period related to the resolution of certain prior years’ tax items and stock-based compensation. The effective tax rate for the prior six month period also reflected the prospective implementation of the Proportional Amortization Method to account for investments in qualified affordable housing projects.
Table 5: Selected Card-Related Statistical Information
As of or for the
Three Months Ended
June 30,
Change
2022
vs.
2021
As of or for the
Six Months Ended
June 30,
Change
2022
vs.
2021
2022202120222021
Network volumes: (billions)
U.S.$276.7$222.624 %$521.2$408.927 %
Outside the U.S.118.193.526 223.9176.527 
Total$394.8$316.125 $745.1$585.427 
Billed business$340.9$267.827 $641.9$493.330 
Processed volumes53.948.312 103.292.112 
Total$394.8$316.125 $745.1$585.427 
Cards-in-force: (millions)
U.S.59.154.859.154.8
Outside the U.S.68.460.214 68.460.214 
Total127.5115.011 127.5115.011 
Proprietary74.269.674.269.6
Basic cards-in-force: (millions)
U.S.46.643.046.643.0
Outside the U.S.59.551.216 59.551.216 
Total106.194.213 106.194.213 
Average proprietary basic Card Member spending: (dollars)
U.S.$6,609$5,60718 $12,585$10,33122 
Outside the U.S.4,6443,68626 8,8116,85429 
Worldwide Average$6,052$5,05120 $11,512$9,32223 
Average discount rate2.35 %2.30 %2.34 %2.28 % 
Average fee per card (dollars)(a)
$81$74%$80$7310 %
(a)Average fee per card is computed on an annualized basis based on proprietary Net card fees divided by average proprietary total cards-in-force.
8


Table 6: Network Volumes-Related Statistical Information
Three Months Ended
June 30, 2022
Year over Year Percentage
Increase (Decrease)
Year over Year Percentage Increase (Decrease) Assuming No Changes in FX Rates (a)
Worldwide
Network volumes25 %28 %
Total billed business27 30 
Consumer billed business27 31 
Commercial billed business28 30 
Processed volumes12 19 
U.S.
Network volumes24 
Total billed business26 
Consumer billed business27 
Commercial billed business26 
Outside the U.S.
Network volumes26 39 
Total billed business31 45 
Consumer billed business28 42 
Commercial billed business37 51 
Asia Pacific, Australia & New Zealand network volumes17 30 
Latin America, Canada & Caribbean network volumes43 47 
Europe, the Middle East & Africa network volumes34 49 
Merchant Industry Metrics
Worldwide billed business
G&S-related (74% of worldwide billed business)15 18 
T&E-related (26% of worldwide billed business)80 84 
Airline-related (6% of worldwide billed business)142 148 %
U.S. billed business
G&S-related (75% of U.S. billed business)17 
T&E-related (25% of U.S. billed business)68 
Airline-related (6% of U.S. billed business)113 %
(a)The foreign currency 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 the current period apply to the corresponding prior year period against which such results are being compared).
9


Table 7: Network Volumes-Related Statistical Information
Six Months Ended
June 30, 2022
Year over Year Percentage
Increase (Decrease)
Year over Year Percentage Increase (Decrease) Assuming No Changes in FX Rates (a)
Worldwide
Network volumes27 %30 %
  Total billed business30 32 
Consumer billed business32 34 
Commercial billed business29 31 
Processed volumes12 17 
U.S.
Network volumes27 
  Total billed business29 
Consumer billed business32 
Commercial billed business28 
Outside the U.S.
Network Volumes27 36 
  Total billed business33 43 
Consumer billed business32 42 
Commercial billed business35 45 
Asia Pacific, Australia & New Zealand network volumes15 24 
Latin America, Canada & Caribbean network volumes41 44 
Europe, the Middle East & Africa network volumes41 53 
Merchant Industry Metrics
Worldwide billed business
G&S-related (75% of worldwide billed business)14 16 
T&E-related (25% of worldwide billed business)126 130 
Airline-related (6% of worldwide billed business)265 272 %
U.S. billed business
G&S-related (76% of U.S. billed business)15 
T&E-related (24% of U.S. billed business)114 
Airline-related (5% of U.S. billed business)232 %
(a)The foreign currency 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 the current period apply to the corresponding prior year period against which such results are being compared).
10


Table 8: Selected Credit-Related Statistical Information
As of or for the
Three Months Ended
June 30,
Change
2022
vs.
2021
As of or for the
Six Months Ended
June 30,
Change
2022
vs.
2021
(Millions, except percentages and where indicated)2022202120222021
Worldwide Card Member loans:
Card Member loans: (billions)
U.S.$83.1$66.226 %$83.1$66.226 %
Outside the U.S.12.39.431 12.39.431 
Total$95.4$75.626 $95.4$75.626 
Credit loss reserves:
Beginning balance
$2,981$4,467(33)$3,305$5,344(38)
Provisions - principal, interest and fees272(396)#161(969)#
Net write-offs — principal less recoveries(192)(185)(357)(426)(16)
Net write-offs — interest and fees less recoveries(55)(58)(5)(105)(121)(13)
Other (a)
(9)7#(7)7#
Ending balance$2,997$3,835(22)$2,997$3,835(22)
% of loans3.1 %5.1 %3.1 %5.1 %
% of past due441 %782 %441 %782 %
Average loans (billions)
$92.4 $72.8 27 $89.7 $72.0 25 
Net write-off rate — principal only (b)
0.8 %1.0 %0.8 %1.2 %
Net write-off rate — principal, interest and fees (b)
1.1 1.3 1.0 1.5 
30+ days past due as a % of total
0.7 %0.6 %0.7 %0.6 %
Worldwide Card Member receivables:
Card Member receivables: (billions)
U.S.$39.4$33.916 $39.4$33.916 
Outside the U.S.16.613.721 16.6$13.721 
Total
$56.0$47.618 $56.0$47.618 
Credit loss reserves:
Beginning balance$76$202(62)$64$267(76)
Provisions - principal and fees138(125)#218(135)#
Net write-offs — principal and fees less recoveries (c)
(95)(4)#(162)(57)#
Other (a)
— (1)(2)(50)
Ending balance$119$7363 %$119$7363 %
% of receivables0.2 %0.2 %0.2 %0.2 %
Net write-off rate — principal and fees (d)
0.7 %— %0.6 %0.3 %
# Denotes a variance of 100 percent or more
(a)Other includes foreign currency translation adjustments.
(b)We present 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, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.
(c)The prior periods include a $37 million partial recovery in Card Member receivables related to a corporate client bankruptcy, which resulted in a write-off in 2020 in the GCS segment.
(d)Refer to Tables 11 and 14 for Net write-off rate principal only and 30+ days past due metrics for Global Consumer Services Group (GCSG) and Global Small Business Services (GSBS) receivables, respectively. A net write-off rate based on principal losses only for Global Corporate Payments (GCP), which reflects global, large and middle market corporate accounts, is not available due to system constraints.
11


Table 9: Net Interest Yield on Average Card Member Loans
Three Months Ended
June 30,
Six Months Ended
June 30,
(Millions, except percentages and where indicated)2022202120222021
Net interest income$2,360$1,818$4,559$3,648
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
211195369431
Interest income not attributable to our Card Member loan portfolio (b)
(167)(93)(272)(189)
Adjusted net interest income (c)
$2,404$1,920$4,656$3,890
Average Card Member loans (billions)
$92.4$72.8$89.7$72.0
Net interest income divided by average Card Member loans (c)
10.2 %10.0 %10.2 %10.1 %
Net interest yield on average Card Member loans (c)
10.4 %10.6 %10.5 %10.9 %
(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 and net interest yield on average Card Member loans are non-GAAP measures. Refer to “Glossary of Selected Terminology” for the definitions of these terms. We believe 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. Net interest yield on average Card Member loans reflects adjusted net interest income divided by average Card Member loans, computed on an annualized basis. 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.
12


Business Segment Results of Operations
Effective for the first quarter of 2022, we updated the methodology used to allocate certain revenues across reportable operating segments. Prior period amounts have been recast to conform with current period presentation.
Global Consumer Services Group
Table 10: GCSG Selected Income Statement Data
Three Months Ended
June 30,
Change
Six Months Ended
June 30,
Change
(Millions, except percentages)20222021
2022 vs. 2021
20222021
2022 vs. 2021
Revenues
Non-interest revenues$5,792$4,466$1,326 30 %$10,841$8,275$2,566 31 %
Interest income2,2171,749468 27 4,2573,557700 20 
Interest expense23817464 37 43036268 19 
Net interest income1,9791,575404 26 3,8273,195632 20 
Total revenues net of interest expense7,7716,0411,730 29 14,66811,4703,198 28 
Provisions for credit losses275(343)618 #220(846)1,066 #
Total revenues net of interest expense after provisions for credit losses7,4966,3841,112 17 14,44812,3162,132 17 
Total expenses6,0924,5001,592 35 11,3098,2873,022 36 
Pretax segment income$1,404$1,884$(480)(25)%$3,139$4,029$(890)(22)%
# Denotes a variance of 100 percent or more
GCSG primarily issues a wide range of proprietary consumer cards globally. GCSG also provides services to consumers, including travel and lifestyle services and non-card financing products, and manages certain international joint ventures, our partnership agreements in China and our loyalty coalition businesses operated in certain countries.
Non-interest revenues increased for both the three and six month periods across all revenue categories.
Discount revenue increased 29 percent and 34 percent for the three and six month periods, respectively, primarily driven by year-over-year increases in consumer billed business.
See Tables 5, 6, 7 and 11 for more details on billed business performance.
Net card fees increased 15 percent and 14 percent for the three and six month periods, respectively, primarily driven by growth in our premium card portfolios.
Service fees and other revenue increased 69 percent and 54 percent for the three and six month periods, respectively, primarily driven by higher travel related revenues from foreign exchange-related revenues associated with Card Member cross-currency spending and higher travel commissions and fees from our consumer travel business and also from higher income from equity method investments in the current period, which included a portion of the revenue allocated to a joint venture partner as described in Business development expense below, versus a net loss in the prior period.
Net interest income increased for both the three and six month periods, primarily driven by an increase in average Card Member loan balances.
Card Member loans provision for credit losses increased for both the three and six month periods. The increase for the three month period was primarily due to a reserve build in the current period versus a reserve release in the prior period. The increase for the six month period was primarily due to a lower reserve release, partially offset by lower net write-offs. The reserve build in the current three month period was driven by an increase in loans outstanding and a slight deterioration in the macroeconomic outlook, partially offset by improved portfolio quality. The reserve release in the current six month period was primarily driven by improved portfolio quality and reduction in COVID-19 pandemic-driven reserves, partially offset by an increase in loans outstanding and a slight deterioration in the macroeconomic outlook. The reserve releases in the prior periods were driven by lower delinquencies, improved portfolio quality and improving macroeconomic outlooks, partially offset by an increase in loans outstanding.
13

Card Member receivables provision for credit losses increased for both the three and six month periods, primarily due to reserve builds in the current periods versus reserve releases in the prior periods and higher net write-offs. The reserve build in the current three month period was primarily driven by an increase in receivables outstanding and a slight deterioration in the macroeconomic outlook, partially offset by improving portfolio quality. The reserve build in the current six month period was primarily driven by an increase in receivables outstanding and higher delinquencies. The reserve releases in the prior periods were driven by lower delinquencies, improved portfolio quality and improving macroeconomic outlooks, partially offset by an increase in receivables outstanding.
Total expenses increased for both the three and six month periods across all expense categories.
Card Member rewards expense increased for both the three and six month periods, primarily driven by higher billed business.
Business development expense increased for both the three and six month periods, primarily driven by a charge related to revenue allocated to a joint venture partner for certain categories of transactions.
Card Member services expense increased for both the three and six month periods, primarily driven by higher usage of travel-related benefits.
Marketing expense increased for both the three and six month periods, primarily driven by increases in business investments.
Salaries and employee benefits and other operating expenses increased for both the three and six month periods, primarily driven by higher compensation, technology and servicing-related costs.
14

Table 11: GCSG Selected Statistical Information
As of or for the
Three Months Ended
June 30,
Change
2022
vs.
2021
As of or for the
Six Months Ended
June 30,
Change
2022
vs.
2021
(Millions, except percentages and where indicated)2022202120222021
Billed business: (billions)
U.S.$141.1$110.827 %$263.7$199.832 %
Outside the U.S.45.835.828 87.066.132 
Total$186.9$146.627 $350.7$265.932 
Proprietary cards-in-force:
U.S.40.338.140.338.1
Outside the U.S.17.516.717.516.7
Total57.854.857.854.8
Proprietary basic cards-in-force:
U.S.28.326.928.326.9
Outside the U.S.12.311.612.311.6
Total40.638.540.638.5
Average proprietary basic Card Member spending: (dollars)
U.S.$5,028$4,13822 $9,480$7,47427 
Outside the U.S.$3,761$3,08722 $7,198$5,70426 
Average$4,645$3,82122 $8,789$6,93927 
Total segment assets (billions)
$107.8$89.720 $107.8$89.720 
Card Member loans:
Total loans (billions)
U.S.$63.7$51.823 $63.7$51.823 
Outside the U.S.11.08.825 11.08.825 
Total$74.7$60.623 $74.7$60.623 
Average loans (billions)
U.S.$61.6$49.923 $60.0$49.621 
Outside the U.S.10.88.429 10.68.426 
Total$72.4$58.324 %$70.6$58.022 %
U.S.
Net write-off rate - principal only (a)
0.8 %0.9 %0.8 %1.1 %
Net write-off rate - principal, interest and fees (a)
1.1 1.2 1.1 1.4 
30+ days past due as a % of total0.7 0.6 0.7 0.6 
   Outside the U.S.
Net write-off rate - principal only (a)
1.1 2.2 1.1 2.3 
Net write-off rate - principal, interest and fees (a)
1.4 2.9 1.3 3.0 
30+ days past due as a % of total0.9 1.1 0.9 1.1 
Total
Net write-off rate – principal only (a)
0.9 1.1 0.8 1.3 
Net write-off rate – principal, interest and fees (a)
1.2 1.5 1.1 1.7 
30+ days past due as a % of total0.7 %0.7 %0.7 %0.7 %

15

As of or for the
Three Months Ended
June 30,
Change
2022
vs.
2021
As of or for the
Six Months Ended
June 30,
Change
2022
vs.
2021
(Millions, except percentages and where indicated)2022202120222021
Card Member receivables: (billions)
U.S.$13.8$12.9%$13.8$12.9%
Outside the U.S.7.67.07.67.0
Total$21.4$19.9%$21.4$19.9%
U.S.
Net write-off rate – principal only (a)
0.5 %— %0.4 %— %
Net write-off rate – principal and fees (a)
0.5 — 0.4 — 
30+ days past due as a % of total0.6 0.3 0.6 0.3 
Outside the U.S.
Net write-off rate – principal only (a)
1.1 1.0 1.0 1.1 
Net write-off rate – principal and fees (a)
1.2 1.1 1.1 1.2 
30+ days past due as a % of total1.0 0.7 1.0 0.7 
Total
Net write-off rate – principal only (a)
0.7 0.3 0.6 0.4 
Net write-off rate – principal and fees (a)
0.8 0.4 0.6 0.5 
30+ days past due as a % of total0.8 %0.4 %0.8 %0.4 %
(a)Refer to Table 8 footnote (b).
16

Table 12: GCSG Net Interest Yield on Average Card Member Loans
Three Months Ended
June 30,
Six Months Ended
June 30,
(Millions, except percentages and where indicated)2022202120222021
U.S.
Net interest income$1,756$1,392$3,389$2,813
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
274461103
Interest income not attributable to our Card Member loan portfolio (b)
(52)(22)(94)(46)
Adjusted net interest income (c)
$1,731$1,414$3,356$2,870
Average Card Member loans (billions)
$61.6$49.9$59.9$49.6
Net interest income divided by average Card Member loans (c)
11.4 %11.2 %11.3 %11.3 %
Net interest yield on average Card Member loans (c)
11.3 %11.4 %11.3 %11.7 %
Outside the U.S.
Net interest income$223$183$438$382
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
27265352
Interest income not attributable to our Card Member loan portfolio (b)
(3)(2)(6)(4)
Adjusted net interest income (c)
$247$207$485$430
Average Card Member loans (billions)
$10.8$8.4$10.6$8.4
Net interest income divided by average Card Member loans (c)
8.3 %8.7 %8.3 %9.1 %
Net interest yield on average Card Member loans (c)
9.2 %9.9 %9.2 %10.3 %
Total
Net interest income$1,979$1,575$3,827$3,195
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
5470113155
Interest income not attributable to our Card Member loan portfolio (b)
(55)(24)(99)(50)
Adjusted net interest income (c)
$1,978$1,621$3,841$3,300
Average Card Member loans (billions)
$72.4$58.3$70.6$58.0
Net interest income divided by average Card Member loans (c)
10.9 %10.8 %10.8 %11.0 %
Net interest yield on average Card Member loans (c)
11.0 %11.1 %11.0 %11.5 %
(a)Refer to Table 9 footnote (a).
(b)Refer to Table 9 footnote (b).
(c)Refer to Table 9 footnote (c).
17

Global Commercial Services
Table 13: GCS Selected Income Statement Data
Three Months Ended
June 30,
Change
2022 vs. 2021
Six Months Ended
June 30,
Change
2022 vs. 2021
(Millions, except percentages)2022202120222021
Revenues
Non-interest revenues$3,643$2,811$832 30 %$6,823$5,253$1,570 30 %
Interest income490345145 42 926681245 36 
Interest expense16311152 47 28522758 26 
Net interest income32723493 40 641454187 41 
Total revenues net of interest expense3,9703,045925 30 7,4645,7071,757 31 
Provisions for credit losses131(236)367 #152(397)549 #
Total revenues net of interest expense after provisions for credit losses3,8393,281558 17 7,3126,1041,208 20 
Total expenses3,0222,446576 24 5,6914,5941,097 24 
Pretax segment income$817$835$(18)(2)%$1,621$1,510$111 %
# Denotes a variance of 100 percent or more
GCS primarily issues a wide range of proprietary corporate and small business cards globally. GCS also provides payment, expense management and financing solutions to businesses.
Non-interest revenues increased for both the three and six month periods, primarily driven by higher Discount revenue.
Discount revenue increased 32 percent and 33 percent for the three and six month periods, respectively, reflecting increases in commercial billed business of 28 percent and 29 percent for the three and six month periods, respectively.
See Tables 5, 6, 7 and 14 for more details on billed business performance.
Net card fees increased 15 percent and 16 percent for the three and six month periods, respectively, driven by growth in our premium card portfolios.
Service fees and other revenue increased 80 percent and 62 percent for the three and six month periods, respectively, primarily due to higher foreign exchange related revenues associated with Card Member cross-currency spending and higher delinquency fees.
Processed revenue decreased 57 percent and 53 percent for the three and six month periods, respectively, primarily driven by the repositioning of certain of our alternative payment solutions.
Net interest income increased for both the three and six month periods, primarily driven by higher revolving Card Member loan balances.
Card Member loans provision for credit losses increased for both the three and six month periods. The increase for the three month period was primarily due to a reserve build in the current period versus a reserve release in the prior period and higher net write-offs. The increase for the six month period was primarily due to a lower reserve release. The reserve build in the current three month period was driven by an increase in loans outstanding and a slight deterioration in the macroeconomic outlook, partially offset by improved portfolio quality. The reserve release in the current six month period was primarily driven by improved portfolio quality and reduction in COVID-19 pandemic-driven reserves, partially offset by an increase in loans outstanding and a slight deterioration in the macroeconomic outlook. The reserve releases in the prior period were driven by lower delinquencies, improved portfolio quality and improving macroeconomic outlooks, partially offset by an increase in loans outstanding.
Card Member receivables provision for credit losses increased for both the three and six month periods, primarily due to reserve builds in the current periods versus reserve releases in the prior periods and higher net write-offs. The reserve build in the current three month period was primarily driven by an increase in receivables outstanding and a slight deterioration in the macroeconomic outlook, partially offset by improved portfolio quality. The reserve build in the current six month period was primarily driven by an increase in receivables outstanding and higher delinquencies. The reserve releases in the prior periods were primarily driven by lower delinquencies, improved portfolio quality and improving macroeconomic outlooks, partially offset by an increase in receivables outstanding.
Total expenses increased for both the three and six month periods across all expense categories.
18

Card Member rewards expense increased for both the three and six month periods, primarily driven by higher billed business as well as higher travel-related redemptions.
Business development expense increased for both the three and six month periods, primarily due to increased partner payments driven by higher billed business.
Card Member services expense increased for both the three and six month periods, primarily driven by higher usage of travel-related benefits.
Marketing expense increased for both the three and six month periods, primarily driven by higher marketing investments to continue building growth momentum.
Salaries and employee benefits and other expenses increased for both the three and six month periods, primarily driven by higher compensation, technology and servicing-related costs.
19

Table 14: GCS Selected Statistical Information
As of or for the
Three Months Ended
June 30,
Change
2022
vs
2021
As of or for the
Six Months Ended
June 30,
Change
2022
vs
2021
(Millions, except percentages and where indicated)2022202120222021
Billed business (billions)
$153.1$119.928 %$288.7$223.929 %
Proprietary cards-in-force16.414.811 16.414.811 
Average Card Member spending (dollars)
$9,512$8,18016 $18,204$15,33819 
Total segment assets (billions)
$59.1$46.427 $59.1$46.427 
GSBS Card Member loans:
Total loans (billions)
$20.6$15.037 $20.6$15.037 
Average loans (billions)
$20.0$14.439 $19.1$13.937 
Net write-off rate - principal only (a)
0.6 %0.6 %0.6 %0.8 %
Net write-off rate - principal, interest and fees (a)
0.7 %0.7 %0.7 %1.0 %
30+ days past due as a % of total0.6 %0.4 %0.6 %0.4 %
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income$327$234$641$454
Exclude:
Interest expense not attributable to our Card Member loan portfolio (b)
12087211180
Interest income not attributable to our Card Member loan portfolio (c)
(21)(22)(37)(44)
Adjusted net interest income (d)
$426$299$815$590
Average Card Member loans (billions)
$20.1$14.5$19.1$14.0
Net interest income divided by average Card Member loans (d)
6.5 %6.5 %6.7 %6.5 %
Net interest yield on average Card Member loans (d)
8.5 %8.3 %8.6 %8.5 %
Card Member receivables:
Total receivables (billions)
$34.6$27.725 $34.627.725 
Net write-off rate - principal and fees (e)
0.6 %(0.2)%0.6 %0.1 %
GCP Card Member receivables:
Total receivables (billions)
$15.7$11.734 $15.7$11.734 
90+ days past billing as a % of total (e)
0.4 %0.3 %0.4 %0.3 %
Net write-off rate - principal and fees (e) (f)
0.3 %(0.9)%0.3 %(0.3)%
GSBS Card Member receivables:
Total receivables (billions)
$18.9$15.919 %$18.9$15.919 %
Net write-off rate - principal only (a)
0.9 %0.2 %0.8 %0.3 %
Net write-off rate - principal and fees (a)
0.9 %0.3 %0.9 %0.4 %
30+ days past due as a % of total0.9 %0.5 %0.9 %0.5 %
(a)Refer to Table 8 footnote (b).
(b)Refer to Table 9 footnote (a).
(c)Refer to Table 9 footnote (b).
(d)Refer to Table 9 footnote (c).
(e)For GCP Card Member receivables, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing. GCP delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.
(f)Refer to Table 8 footnote (c).
20

Global Merchant and Network Services
Table 15: GMNS Selected Income Statement and Other Data
Three Months Ended
June 30,
Change
2022 vs. 2021
Six Months Ended
June 30,
Change
2022 vs. 2021
(Millions, except percentages and where indicated)2022202120222021
Revenues
Non-interest revenues