American Express (AXP): what its 10-K says it depends on

Customers

Small business and corporate clients

earns from · approximately 41 percent of our worldwide billed businessnamed as a risk

Likewise, spending by small business and corporate clients, which comprised approximately 41 percent of our worldwide billed business during 2025, depends in part on the economic environment and a favorable climate for continued business investment and new business formation.Risk factors (Item 1A)

Airline industry

concentrated in · approximately 6 percent of our worldwide billed businessnamed as a risk

Spending at airline merchants accounted for approximately 6 percent of our worldwide billed business for the year ended December 31, 2025.Risk factors (Item 1A)

Partners and platforms

Delta Air Lines

concentrated in · approximately 13 percent of worldwide billed business and approximately 21 percent of worldwide Card Member loansnamed as a risk

We issue cards under cobrand arrangements with Delta and the Delta cobrand portfolio continued to represent approximately 13 percent of worldwide billed business and approximately 21 percent of worldwide Card Member loans as of December 31, 2025.Business (Item 1)

Also named by ALK

Cobrand partner portfolios

concentrated in · approximately 26 percent of our worldwide billed businessnamed as a risk

All of our cobrand portfolios in the aggregate accounted for approximately 26 percent of our worldwide billed business for the year ended December 31, 2025.Risk factors (Item 1A)

Amazon

depends onnamed as a risk

For example, our two largest redemption partners are Amazon and Delta.Risk factors (Item 1A)

Also named by AES, AFRM, ALK, AOS, APP, BBW, CART, CELH and 10 more

Marriott International

earns fromnamed as a risk

For example, we work with partners such as Delta, Marriott, British Airways and Hilton to offer cobranded cards for consumers and small businesses, and with partners in many industries, including Delta, to offer benefits and rewards to Card Members.Risk factors (Item 1A)

Also named by HLT, RHP

Amazon and Lowe's small business cobrand portfolios

earns fromnamed as a risk

We also may not renew certain relationships, such as our Amazon and Lowe’s small business cobrand portfolios, which, as previously disclosed, have been reclassified to held for sale on our Consolidated Balance Sheets.Risk factors (Item 1A)

British Airways

earns fromnamed as a risk

For example, we work with partners such as Delta, Marriott, British Airways and Hilton to offer cobranded cards for consumers and small businesses, and with partners in many industries, including Delta, to offer benefits and rewards to Card Members.Risk factors (Item 1A)

Hilton Worldwide Holdings

earns fromnamed as a risk

For example, we work with partners such as Delta, Marriott, British Airways and Hilton to offer cobranded cards for consumers and small businesses, and with partners in many industries, including Delta, to offer benefits and rewards to Card Members.Risk factors (Item 1A)

Global Business Travel Group, Inc. (GBTG)

named as a risk

We have commercial arrangements with GBTG, including, among other things, a long-term trademark license agreement pursuant to which GBTG uses select American Express marks.Risk factors (Item 1A)

KLM Royal Dutch Airlines

subject tonamed as a risk

In 2024, the CJEU held a hearing on questions referred by the Dutch Trade and Industry Appeals Tribunal regarding the interpretation of the application of the interchange fee caps in connection with an administrative proceeding by the Netherlands Authority for Consumers and Markets regarding our cobrand relationship with KLM Royal Dutch Airlines.Business (Item 1)

OptBlue program participants

depends onnamed as a risk

Some of our partners manage certain aspects of our customer relationships, such as our OptBlue program participants.Risk factors (Item 1A)

Other companies

Amex Ventures

approximately $2.4 billionnamed as a risk

We have experienced realized and unrealized losses in our Amex Ventures™ equity investments and may experience further losses in the future.Risk factors (Item 1A)

Competitors

Mastercard

competes withnamed as a risk

We believe Visa and Mastercard are larger than we are in most countries based on purchase volume.Risk factors (Item 1A)

Also named by CASH, COF, CPAY, DDS, EEFT, FIS, FISV, GPN and 7 more

Visa

competes withnamed as a risk

We believe Visa and Mastercard are larger than we are in most countries based on purchase volume.Risk factors (Item 1A)

Also named by AFRM, CASH, COF, EEFT, FIS, FISV, GPN, JKHY and 6 more

Places

United States

concentrated in · approximately 79 percent of our total Card Member loans and receivables outstandingnamed as a risk

Increased credit risk, whether resulting from underestimating the credit losses inherent in our portfolio of loans and receivables, deteriorating economic or political conditions (particularly in the United States, as U.S. Card Members were responsible for approximately 79 percent of our total Card Member loans and receivables outstanding as of December 31, 2025), increases in the level of loan and receivable balances, changes in our mix of business or otherwise, could require us to increase our provisions for losses and could have a material adverse effect on our results of operations and financial condition.Risk factors (Item 1A)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, BALL, BAM and 139 more

International operations (outside United States)

earns from · approximately 22 percent of our total revenues net of interest expensenamed as a risk

During 2025, approximately 22 percent of our total revenues net of interest expense were generated from activities outside the United States.Risk factors (Item 1A)

Also named by APG, CARR, COP, COST, DD, ECL, EQIX, FIS and 14 more

California

concentrated innamed as a risk

Card Members in California, Florida, New York, Texas, Georgia and New Jersey account for a significant portion of U.S. consumer and small business billed business and Card Member loans, and our results of operations could be impacted by events or conditions that disproportionately or specifically affect one or more of those states.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Florida

concentrated innamed as a risk

Card Members in California, Florida, New York, Texas, Georgia and New Jersey account for a significant portion of U.S. consumer and small business billed business and Card Member loans, and our results of operations could be impacted by events or conditions that disproportionately or specifically affect one or more of those states.Risk factors (Item 1A)

Also named by ABR, ALLY, AN, AZO, BBY, BJ, BRO, CELH and 54 more

Texas

concentrated innamed as a risk

Card Members in California, Florida, New York, Texas, Georgia and New Jersey account for a significant portion of U.S. consumer and small business billed business and Card Member loans, and our results of operations could be impacted by events or conditions that disproportionately or specifically affect one or more of those states.Risk factors (Item 1A)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AZO and 70 more

Russia

named as a risk

For example, as a result of the Russian invasion of Ukraine, we exited our business operations in Russia and Belarus.Risk factors (Item 1A)

Also named by ALSN, ATR, AVY, BKR, BSX, C, CDNA, CEG and 50 more

Australia

subject tonamed as a risk

Certain jurisdictions are also reconsidering or may in the future reconsider their laws relating to surcharging, such as in Australia where the central bank released a consultation paper in July 2025 proposing to remove surcharging on designated card networks; however, the implementation and impact of any such proposals remain uncertain.Business (Item 1)

Also named by AJG, ARWR, BF/B, BTU, CL, CSGP, CVX, DECK and 15 more

New York

concentrated innamed as a risk

Card Members in California, Florida, New York, Texas, Georgia and New Jersey account for a significant portion of U.S. consumer and small business billed business and Card Member loans, and our results of operations could be impacted by events or conditions that disproportionately or specifically affect one or more of those states.Risk factors (Item 1A)

Also named by ABR, BJ, BPOP, BRO, BWA, CHE, CINF, CNC and 12 more

Georgia

concentrated innamed as a risk

Card Members in California, Florida, New York, Texas, Georgia and New Jersey account for a significant portion of U.S. consumer and small business billed business and Card Member loans, and our results of operations could be impacted by events or conditions that disproportionately or specifically affect one or more of those states.Risk factors (Item 1A)

Also named by ABR, ACHR, BRO, CNC, ELV, IMKTA, MKL, MLM and 7 more

New Jersey

concentrated innamed as a risk

Card Members in California, Florida, New York, Texas, Georgia and New Jersey account for a significant portion of U.S. consumer and small business billed business and Card Member loans, and our results of operations could be impacted by events or conditions that disproportionately or specifically affect one or more of those states.Risk factors (Item 1A)

Also named by AWK, COO, FE, MUSA, NLY, PEG

Hazards

Hurricanes and wildfires

named as a risk

Hurricanes, wildfires and other natural disasters have impacted, and may continue to impact, spending and credit performance in the areas affected.Risk factors (Item 1A)

Also named by RSG, UNH

Regulators

Federal Reserve

subject to · 2.5 percentnamed as a risk

On August 29, 2025, the Federal Reserve confirmed the SCB for the Company of 2.5 percent, which remained unchanged from the level announced in August 2024.Business (Item 1)

Also named by AGNC, AUB, BAC, CASH, COF, DX, EFSC, EWBC and 24 more

Consumer Financial Protection Bureau (CFPB)

subject tonamed as a risk

While the impact of the CFPB’s rulemaking will depend upon the content of the final rule, this rulemaking and other open banking initiatives have the potential to change the competitive landscape, presenting challenges to our business model, such as limiting advantages provided by our integrated payments platform, as well as opportunities since we may also act as an authorized third party and receive data from data providers.Business (Item 1)

Also named by ABNB, AFRM, ALLY, AN, AUB, BAC, CASH, CFG and 61 more

Central Bank of Brazil

subject tonamed as a risk

For example, in November 2025, the Central Bank of Brazil issued a resolution which, among other things, will increase the responsibility of payment networks for the settlement of transactions on the network, including obligations in relation to issuer defaults, under revised network rules to be submitted by May 2026.Business (Item 1)

Also named by MA

Reserve Bank of India

subject tonamed as a risk

In 2021, it imposed restrictions on American Express Banking Corp. from engaging in certain card issuing activities in India, which were lifted in 2022 following significant investment in technology, infrastructure and resources to comply with the regulation.Business (Item 1)

Also named by EFX

Office of the Comptroller of the Currency (OCC)

subject to

Both the Company and TRS are subject to comprehensive consolidated supervision, regulation and examination by the Federal Reserve and AENB is supervised, regulated and examined by the Office of the Comptroller of the Currency (OCC) and with respect to certain matters by the Federal Deposit Insurance Corporation (FDIC).Business (Item 1)

Also named by ADP, AMP, BAC, BLK, C, CASH, CFG, COF and 22 more

Laws and programs

OECD global minimum tax

subject to · 15 percentnamed as a risk

The global minimum tax increased our tax liability in 2025 as it came into effect in various jurisdictions where we operate and we expect the global minimum tax will continue to increase our tax liability in 2026 if it continues to be in effect in its current form.Risk factors (Item 1A)

Also named by AAPL, APP, ARW, BAC, BALL, CB, CBRE, CROX and 15 more

Enhanced prudential standards tailoring rules (Category III)

subject to · $76 billionnamed as a risk

Our cross-jurisdictional activity was $76 billion as of December 31, 2025, and the four-quarter trailing average was $73 billion.Business (Item 1)

EU interchange fee regulation

subject tonamed as a risk

Given differing interpretations by regulators and participants in cobrand arrangements, we are subject to regulatory action, penalties and the possibility we will not be able to maintain our existing cobrand and agent relationships in the EU.Business (Item 1)

Also named by MA, V

Basel III endgame capital proposal

subject tonamed as a risk

For example, if the U.S. federal bank regulatory agencies adopt the 2017 Basel Committee standards revisions to the standardized approach for credit risk and operational capital requirements, it could result in significantly higher regulatory capital requirements.Risk factors (Item 1A)

Also named by MTB

Visa and Mastercard merchant interchange settlement

named as a risk

For example, in November 2025 Visa and Mastercard proposed a lawsuit settlement agreement that would, among other things, require reductions and caps on interchange fees, provide merchants greater options to impose a surcharge on credit transactions, and allow merchants to choose not to accept certain categories of credit cards.Risk factors (Item 1A)

Federal Deposit Insurance Act brokered deposit rules

subject tonamed as a risk

A portion of our outstanding U.S. retail deposits are considered brokered deposits for bank regulatory purposes.Business (Item 1)

Value-added tax (VAT) challenges

subject tonamed as a risk

We are being challenged in a number of countries regarding our application of value-added taxes (VAT) to certain transactions.Risk factors (Item 1A)

Proposed credit card interest rate caps

subject tonamed as a risk

This focus has included fees, interest rates and rewards associated with card and banking products, such as recent proposals to cap credit card interest rates.Risk factors (Item 1A)

Financial Conduct Authority Consumer Duty

subject to

For example, the Financial Conduct Authority’s Consumer Duty in the UK, among other things, requires firms to act to deliver “good outcomes” for retail customers with respect to products and services, price and value, consumer understanding and consumer support.Business (Item 1)

Also named by BLK