Document

EXHIBIT 99.2


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

	Q3'19			Q2'19			Q1'19			Q4'18			Q3'18			YOY % change	YTD'19			YTD'18			YOY % change
Non-interest revenues
Discount revenue	$	6,566		$	6,577		$	6,195		$	6,457		$	6,181		6	$	19,338		$	18,264		6
Net card fees	1,033			988			944			897			870			19	2,965			2,544			17
Other fees and commissions	825			837			803			788			798			3	2,465			2,365			4
Other	362			362			363			300			334			8	1,087			1,060			3
Total non-interest revenues	8,786			8,764			8,305			8,442			8,183			7	25,855			24,233			7
Interest income
Interest on loans	2,885			2,764			2,725			2,674			2,554			13	8,374			7,267			15
Interest and dividends on investment securities	53			52			33			35			35			51	138			83			66
Deposits with banks and other	142			149			196			157			149			(5)	487			390			25
Total interest income	3,080			2,965			2,954			2,866			2,738			12	8,999			7,740			16
Interest expense
Deposits	401			406			399			377			340			18	1,206			910			33
Long-term debt and other	476			485			496			457			437			9	1,457			1,199			22
Total interest expense	877			891			895			834			777			13	2,663			2,109			26
Net interest income	2,203			2,074			2,059			2,032			1,961			12	6,336			5,631			13
Total revenues net of interest expense	10,989			10,838			10,364			10,474			10,144			8	32,191			29,864			8
Provisions for losses
Charge card	238			224			253			236			214			11	715			701			2
Card Member loans	604			603			525			679			560			8	1,732			1,587			9
Other	37			34			31			39			43			(14)	102			110			(7)
Total provisions for losses	879			861			809			954			817			8	2,549			2,398			6
Total revenues net of interest expense after provisions for losses	10,110			9,977			9,555			9,520			9,327			8	29,642			27,466			8

Expenses
Marketing and business development	1,818			1,773			1,573			1,820			1,642			11	5,164			4,650			11
Card Member rewards	2,614			2,652			2,451			2,516			2,400			9	7,717			7,180			7
Card Member services	558			563			550			495			457			22	1,671			1,282			30
Salaries and employee benefits	1,499			1,367			1,422			1,294			1,350			11	4,288			3,956			8
Professional services	491			512			494			671			489			—	1,497			1,454			3
Occupancy and equipment	544			517			508			540			489			11	1,569			1,493			5
Other, net	320			374			599			353			382			(16)	1,293			1,160			11
Total expenses	7,844			7,758			7,597			7,689			7,209			9	23,199			21,175			10
Pretax income	2,266			2,219			1,958			1,831			2,118			7	6,443			6,291			2
Income tax provision (benefit)	511			458			408			(179)			464			10	1,377			1,380			—
Net income	$	1,755		$	1,761		$	1,550		$	2,010		$	1,654		6	$	5,066		$	4,911		3
Net income attributable to common shareholders (A)	$	1,723		$	1,729		$	1,518		$	1,975		$	1,621		6	$	4,970		$	4,812		3
Effective tax rate	22.6		%	20.6		%	20.8		%	(9.8)		%	21.9		%		21.4		%	21.9		%

Earnings Per Common Share
Basic
Net income attributable to common shareholders	2.09			2.07			1.81			2.33			1.89			11	5.97			5.60			7
Average common shares outstanding	825			834			841			850			858			(4)	833			859			(3)
Diluted
Net income attributable to common shareholders	2.08			2.07			1.80			2.32			1.88			11	5.95			5.59			6
Average common shares outstanding	827			836			843			852			860			(4)	835			861			(3)
Cash dividends declared per common share	0.43			0.39			0.39			0.39			0.39			10	1.21			1.09			11

See Appendix IV for footnote references.


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


	Q3'19			Q2'19			Q1'19			Q4'18			Q3'18			YOY % change
Assets
Cash & cash equivalents	$	24		$	27		$	33		$	27		$	30		(20)
Card Member receivables, less reserves	56			58			56			55			55			2
Card Member loans, less reserves	81			81			79			80			76			7
Investment securities	8			9			6			5			6			33
Other (B)	25			23			23			22			22			14
Total assets	$	194		$	198		$	197		$	189		$	189		3

Liabilities and Shareholders' Equity
Customer deposits	$	73		$	73		$	73		$	70		$	69		6
Short-term borrowings	3			3			2			3			2			50
Long-term debt	58			58			58			58			55			5
Other (B)	37			41			42			36			42			(12)
Total liabilities	171			175			175			167			168			2

Shareholders' Equity	23			23			22			22			21			10
Total liabilities and shareholders' equity	$	194		$	198		$	197		$	189		$	189		3

Return on average equity (C)	31.5		%	31.6		%	31.9		%	33.5		%	18.1		%
Return on average common equity (C)	33.2		%	33.4		%	33.7		%	35.6		%	19.0		%
Book value per common share (dollars)	$	26.12		$	25.84		$	24.65		$	24.45		$	23.27		12

See Appendix IV for footnote references.


American Express Company			(Preliminary)
Consolidated Capital


	Q3'19			Q2'19			Q1'19			Q4'18			Q3'18
Shares Outstanding (in millions)
Beginning of period	832			837			847			854			861
Repurchase of common shares	(11)			(6)			(12)			(8)			(7)
Net impact of employee benefit plans and others	—			1			2			1.0			—
End of period	821			832			837			847			854

Risk-Based Capital Ratios - Basel III ($ in billions) (D)
Common Equity Tier 1/Risk Weighted Assets (RWA)	11.0		%	11.0		%	10.8		%	11.0		%	10.8		%
Tier 1	12.0		%	12.0		%	11.8		%	12.0		%	11.8		%
Total	13.6		%	13.6		%	13.4		%	13.6		%	13.4		%

Common Equity Tier 1	$	18.0		$	18.2		$	17.4		$	17.5		$	16.6
Tier 1 Capital	$	19.6		$	19.8		$	19.0		$	19.1		$	18.2
Tier 2 Capital	$	2.6		$	2.7		$	2.6		$	2.6		$	2.5
Total Capital	$	22.2		$	22.5		$	21.6		$	21.7		$	20.7
RWA	$	163.4		$	165.3		$	161.3		$	158.8		$	154.7
Tier 1 Leverage	10.3		%	10.5		%	10.0		%	10.4		%	10.1		%
Supplementary Leverage Ratio (SLR) (E)	8.8		%	9.0		%	8.6		%	8.9		%	8.6		%
Average Total Assets to calculate the Tier 1 Leverage Ratio (F)	$	190.4		$	189.2		$	189.4		$	183.2		$	179.8
Total Leverage Exposure to calculate SLR	$	221.8		$	220.7		$	221.4		$	214.4		$	210.7

See Appendix IV for footnote references.


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


	Q3'19			Q2'19			Q1'19			Q4'18			Q3'18			YOY % change	YTD'19			YTD'18			YOY % change
Billed business (G)
U.S.	$	206.2		$	209.2		$	195.5		$	205.1		$	194.6		6	$	610.9		$	572.5		7
Outside the U.S.	102.0			102.5			100.2			103.9			100.1			2	304.7			302.5			1
Total	$	308.2		$	311.7		$	295.7		$	309.0		$	294.7		5	$	915.6		$	875.0		5
Proprietary	$	266.2		$	269.4		$	253.3		$	264.4		$	250.2		6	$	788.9		$	738.2		7
Global Network Services (GNS)	42.0			42.3			42.4			44.6			44.5			(6)	126.7			136.8			(7)
Total	$	308.2		$	311.7		$	295.7		$	309.0		$	294.7		5	$	915.6		$	875.0		5
Cards-in-force (millions) (H)
U.S.	54.3			54.0			54.1			53.7			53.0			2	54.3			53.0			2
Outside the U.S.	60.2			60.2			59.8			60.3			62.1			(3)	60.2			62.1			(3)
Total	114.5			114.2			113.9			114.0			115.1			(1)	114.5			115.1			(1)
Proprietary	69.9			69.7			69.7			69.1			68.5			2	69.9			68.5			2
GNS	44.6			44.5			44.2			44.9			46.6			(4)	44.6			46.6			(4)
Total	114.5			114.2			113.9			114.0			115.1			(1)	114.5			115.1			(1)
Basic cards-in-force (millions) (H)
U.S.	42.7			42.5			42.5			42.3			41.7			2	42.7			41.7			2
Outside the U.S.	50.3			50.3			49.9			50.3			51.8			(3)	50.3			51.8			(3)
Total	93.0			92.8			92.4			92.6			93.5			(1)	93.0			93.5			(1)
Average proprietary basic Card Member spending (dollars)
U.S.	$	5,366		$	5,445		$	5,082		$	5,369		$	5,169		4	$	15,889		$	15,462		3
Outside the U.S.	$	4,027		$	4,059		$	3,927		$	4,103		$	3,864		4	$	12,023		$	11,647		3
Average	$	4,964		$	5,030		$	4,741		$	4,997		$	4,784		4	$	14,737		$	14,336		3
Card Member loans
U.S.	$	73.2		$	72.6		$	70.8		$	72.0		$	68.1		7	$	73.2		$	68.1		7
Outside the U.S.	10.5			10.6			10.2			9.9			9.5			11	10.5			9.5			11
Total	$	83.7		$	83.2		$	81.0		$	81.9		$	77.6		8	$	83.7		$	77.6		8

Average discount rate (I)	2.39		%	2.37		%	2.37		%	2.36		%	2.38		%		2.38		%	2.37		%
Average fee per card (dollars) (J)	$	59		$	57		$	54		$	52		$	51		16	$	57		$	51		12

See Appendix IV for footnote references.

American Express Company

(Preliminary)

Selected Credit Related Statistical Information

(Billions, except percentages and where indicated)


	Q3'19			Q2'19			Q1'19			Q4'18			Q3'18			YOY % change	YTD'19			YTD'18			YOY % change
Worldwide Card Member loans
Total loans	$	83.7		$	83.2		$	81.0		$	81.9		$	77.6		8	$	83.7		$	77.6		8
Loss reserves (millions)
Beginning balance	$	2,168		$	2,121		$	2,134		$	1,937		$	1,840		18	$	2,134		$	1,706		25
Provisions - principal, interest and fees	604			603			525			679			560			8	1,732			1,587			9
Net write-offs - principal less recoveries	(447)			(463)			(457)			(399)			(393)			14	(1,367)			(1,140)			20
Net write-offs - interest and fees less recoveries	(91)			(94)			(92)			(79)			(77)			18	(277)			(225)			23
Other (K)	(2)			1			11			(4)			7			#	10			9			11
Ending balance	$	2,232		$	2,168		$	2,121		$	2,134		$	1,937		15	$	2,232		$	1,937		15
Ending reserves - principal	$	2,112		$	2,043		$	1,999		$	2,028		$	1,834		15	$	2,112		$	1,834		15
Ending reserves - interest and fees	$	120		$	125		$	122		$	106		$	103		17	$	120		$	103		17
% of loans	2.7		%	2.6		%	2.6		%	2.6		%	2.5		%		2.7		%	2.5		%
% of past due	176		%	186		%	178		%	182		%	185		%		176		%	185		%
Average loans	$	83.3		$	81.9		$	80.6		$	79.4		$	76.4		9	$	81.9		$	74.5		10
Net write-off rate (principal only) (L)	2.1		%	2.3		%	2.3		%	2.0		%	2.1		%		2.2		%	2.0		%
Net write-off rate (principal, interest and fees) (L)	2.6		%	2.7		%	2.7		%	2.4		%	2.5		%		2.7		%	2.4		%
30+ days past due as a % of total	1.5		%	1.4		%	1.5		%	1.4		%	1.3		%		1.5		%	1.3		%

Net interest income divided by average Card Member loans (M)	10.6		%	10.1		%	10.2		%	10.2		%	10.3		%		10.3		%	10.1		%
Net interest yield on average Card Member loans (M)	11.1		%	10.8		%	10.9		%	10.7		%	10.8		%		11.0		%	10.7		%

Worldwide Card Member receivables
Total receivables	$	56.6		$	58.7		$	56.8		$	55.9		$	55.5		2	$	56.6		$	55.5		2
Loss reserves (millions)
Beginning balance	$	616		$	608		$	573		$	544		$	558		10	$	573		$	521		10
Provisions - principal and fees	238			224			253			236			214			11	715			701			2
Net write-offs - principal and fees less recoveries	(231)			(210)			(216)			(198)			(226)			2	(657)			(661)			(1)
Other (K)	(8)			(6)			(2)			(9)			(2)			#	(16)			(17)			(6)
Ending balance	$	615		$	616		$	608		$	573		$	544		13	$	615		$	544		13
% of receivables	1.1		%	1.0		%	1.1		%	1.0		%	1.0		%		1.1		%	1.0		%
Net write-off rate, excluding Global Corporate Payments (GCP) (principal only) (L)	1.8		%	1.7		%	1.8		%	1.4		%	1.7		%		1.8		%	1.7		%
Net write-off rate, excluding GCP (principal and fees) (L)	2.0		%	1.9		%	2.0		%	1.6		%	1.9		%		1.9		%	1.9		%
30+ days past due as a % of total, excluding GCP	1.5		%	1.4		%	1.5		%	1.4		%	1.3		%		1.5		%	1.3		%
GCP Net loss ratio (as a % of charge volume) (N)	0.09		%	0.07		%	0.08		%	0.11		%	0.12		%		0.08		%	0.11		%
GCP 90+ days past billing as a % of total (N)	0.7		%	0.7		%	0.6		%	0.7		%	0.8		%		0.7		%	0.8		%

# - Denotes a variance of 100 percent or more.

See Appendix IV for footnote references.

American Express Company

(Preliminary)

Selected Income Statement Information by Segment

(Millions)


	Global Consumer Services Group (GCSG)		Global Commercial Services (GCS)		Global Merchant and Network Services (GMNS)		Corporate and Other		Consolidated
Q3'19
Non-interest revenues	$	4,048	$	3,155	$	1,563	$	20	$	8,786
Interest income	2,402		485		6		187		3,080
Interest expense	457		255		(94)		259		877
Total revenues net of interest expense	5,993		3,385		1,663		(52)		10,989
Total provisions for losses	653		222		4		—		879
Total revenues net of interest expense after provisions for losses	5,340		3,163		1,659		(52)		10,110
Marketing, business development, rewards, Card Member services	3,038		1,564		367		21		4,990
Salaries and employee benefits and other operating expenses	1,214		806		488		346		2,854
Pretax income (loss)	1,088		793		804		(419)		2,266
Income tax provision (benefit)	231		164		204		(88)		511
Net income (loss)	857		629		600		(331)		1,755
Q3'18
Non-interest revenues	$	3,680	$	2,980	$	1,494	$	29	$	8,183
Interest income	2,140		416		6		176		2,738
Interest expense	404		218		(78)		233		777
Total revenues net of interest expense	5,416		3,178		1,578		(28)		10,144
Total provisions for losses	609		201		5		2		817
Total revenues net of interest expense after provisions for losses	4,807		2,977		1,573		(30)		9,327
Marketing, business development, rewards, Card Member services	2,711		1,469		296		23		4,499
Salaries and employee benefits and other operating expenses	1,118		734		511		347		2,710
Pretax income (loss)	978		774		766		(400)		2,118
Income tax provision (benefit)	199		168		186		(89)		464
Net income (loss)	779		606		580		(311)		1,654
YOY % change
Non-interest revenues	10		6		5		(31)		7
Interest income	12		17		—		6		12
Interest expense	13		17		21		11		13
Total revenues net of interest expense	11		7		5		86		8
Total provisions for losses	7		10		(20)		#		8
Total revenues net of interest expense after provisions for losses	11		6		5		73		8
Marketing, business development, rewards, Card Member services	12		6		24		(9)		11
Salaries and employee benefits and other operating expenses	9		10		(5)		—		5
Pretax income (loss)	11		2		5		5		7
Income tax provision (benefit)	16		(2)		10		(1)		10
Net income (loss)	10		4		3		6		6

# - Denotes a variance of 100 percent or more.

See Appendix IV for footnote references.

American Express Company

(Preliminary)

Billed Business Growth Trend


	YOY % change
	Reported									FX-Adjusted (O)			Reported	FX-Adjusted (O)
	Q3'19	Q2'19	Q1'19	Q4'18	Q3'18	Q3'19	Q2'19	Q1'19	Q4'18	Q3'18	YTD'19	YTD'19
Worldwide
Proprietary consumer	9%	8%	7%	10%	11%	10%	10%	9%	11%	12%	8%	10%
Proprietary commercial	5	6	7	9	11	5	7	8	10	12	6	7
Proprietary	6	7	7	9	11	7	8	9	10	12	7	8
GNS	(6)	(7)	(10)	(9)	(5)	(2)	(2)	(4)	(4)	(1)	(7)	(3)
Total	5	5	4	6	8	6	7	7	8	10	5	7
Airline-related volume (7% of Q3'19 Worldwide Total)	—	2	1	5	7	2	4	5	8	9	1	4

U.S.
Proprietary consumer	8	8	7	9	10	n/a	n/a	n/a	n/a	n/a	8	n/a
Proprietary commercial	4	6	7	9	10	n/a	n/a	n/a	n/a	n/a	6	n/a
Proprietary	6	7	7	8	10	n/a	n/a	n/a	n/a	n/a	6	n/a
Total	6	7	7	9	10	n/a	n/a	n/a	n/a	n/a	7	n/a
T&E-related volume (26% of Q3'19 U.S. Total)	7	6	5	8	9	n/a	n/a	n/a	n/a	n/a	6	n/a
Non-T&E-related volume (74% of Q3'19 U.S. Total)	6	7	7	8	10	n/a	n/a	n/a	n/a	n/a	7	n/a
Airline-related volume (7% of Q3'19 U.S. Total)	3	5	5	9	11	n/a	n/a	n/a	n/a	n/a	5	n/a

Outside the U.S.
Proprietary consumer	10	10	8	11	14	14	15	16	17	18	9	15
Proprietary commercial	7	8	5	10	13	12	12	13	16	18	7	12
Proprietary	9	9	7	11	14	13	14	15	17	18	8	14
Total	2	1	(1)	1	5	6	6	6	7	8	1	6
Japan, Asia Pacific & Australia billed business	2	1	(2)	1	5	4	5	4	5	8	—	5
Latin America & Canada billed business	5	6	1	1	1	11	12	11	11	12	4	11
Europe, Middle East & Africa billed business	1	—	(2)	2	6	6	5	7	8	8	—	6

See Appendix IV for footnote references.

Global Consumer Services Group

(Preliminary)

Selected Income Statement and Statistical Information

(Millions, except percentages)


	Q3'19			Q2'19			Q1'19			Q4'18			Q3'18			YOY % change	YTD'19			YTD'18			YOY % change
Non-interest revenues	$	4,048		$	4,001		$	3,741		$	3,826		$	3,680		10	$	11,790		$	10,849		9
Interest income	2,402			2,297			2,272			2,240			2,140			12	6,971			6,083			15
Interest expense	457			464			459			441			404			13	1,380			1,101			25
Net interest income	1,945			1,833			1,813			1,799			1,736			12	5,591			4,982			12
Total revenues net of interest expense	5,993			5,834			5,554			5,625			5,416			11	17,381			15,831			10
Total provisions for losses	653			650			552			726			609			7	1,855			1,704			9
Total revenues net of interest expense after provisions for losses	5,340			5,184			5,002			4,899			4,807			11	15,526			14,127			10
Expenses
Marketing, business development, rewards, Card Member services	3,038			3,062			2,785			2,922			2,711			12	8,885			7,852			13
Salaries and employee benefits and other operating expenses	1,214			1,206			1,177			1,250			1,118			9	3,597			3,288			9
Total expenses	4,252			4,268			3,962			4,172			3,829			11	12,482			11,140			12
Pretax segment income	1,088			916			1,040			727			978			11	3,044			2,987			2
Income tax provision	231			178			219			25			199			16	628			612			3
Segment income	$	857		$	738		$	821		$	702		$	779		10	$	2,416		$	2,375		2
Effective tax rate	21.2		%	19.4		%	21.1		%	3.4		%	20.3		%		20.6		%	20.5		%

(Billions, except percentages and where indicated)
Proprietary billed business (G)
U.S.	$	99.9		$	100.9		$	92.1		$	99.1		$	92.4		8	$	292.9		$	272.0		8
Outside the U.S.	$	38.3		$	38.0		$	35.9		$	37.5		$	34.9		10	$	112.2		$	102.8		9
Total	$	138.2		$	138.9		$	128.0		$	136.6		$	127.3		9	$	405.1		$	374.8		8
Proprietary cards-in-force (millions) (H)
U.S.	37.7			37.6			38.0			37.7			37.4			1	37.7			37.4			1
Outside the U.S.	17.4			17.4			17.1			16.8			16.7			4	17.4			16.7			4
Total	55.1			55.0			55.1			54.5			54.1			2	55.1			54.1			2
Proprietary basic cards-in-force (millions) (H)
U.S.	26.8			26.8			27.1			27.0			26.7			—	26.8			26.7			—
Outside the U.S.	12.0			12.0			11.9			11.6			11.6			3	12.0			11.6			3
Total	38.8			38.8			39.0			38.6			38.3			1	38.8			38.3			1
Average proprietary basic Card Member spending (dollars)
U.S	$	3,719		$	3,743		$	3,402		$	3,693		$	3,491		7	$	10,861		$	10,460		4
Outside the U.S.	$	3,189		$	3,173		$	3,052		$	3,240		$	3,038		5	$	9,425		$	9,101		4
Average	$	3,555		$	3,567		$	3,296		$	3,556		$	3,354		6	$	10,421		$	10,048		4

Segment assets (P)	$	99.4		$	102.1		$	98.5		$	102.4		$	100.0		(1)	$	99.4		$	100.0		(1)

Card Member loans
Total loans
U.S.	$	59.7		$	59.5		$	58.0		$	59.9		$	56.2		6	$	59.7		$	56.2		6
Outside the U.S.	$	10.1		$	10.2		$	9.9		$	9.6		$	9.2		10	$	10.1		$	9.2		10
Total	$	69.8		$	69.7		$	67.9		$	69.5		$	65.4		7	$	69.8		$	65.4		7

Average loans
U.S.	$	59.7		$	58.8		$	58.3		$	57.8		$	55.5		8	$	59.0		$	54.1		9
Outside the U.S.	$	10.0		$	9.9		$	9.7		$	9.3		$	8.9		12	$	9.8		$	8.8		11
Total	$	69.7		$	68.7		$	68.0		$	67.1		$	64.4		8	$	68.8		$	62.9		9

Lending Credit Metrics
U.S.
Net write-off rate (principal only) (L)	2.2		%	2.3		%	2.4		%	2.1		%	2.1		%		2.3		%	2.1		%
Net write-off rate (principal, interest and fees) (L)	2.6		%	2.8		%	2.8		%	2.5		%	2.5		%		2.8		%	2.5		%
30+ days past due as a % of total	1.5		%	1.4		%	1.5		%	1.4		%	1.4		%		1.5		%	1.4		%
Outside the U.S.
Net write-off rate (principal only) (L)	2.4		%	2.4		%	2.2		%	2.0		%	2.2		%		2.4		%	2.1		%
Net write-off rate (principal, interest and fees) (L)	3.0		%	3.0		%	2.8		%	2.5		%	2.7		%		2.9		%	2.6		%
30+ days past due as a % of total	1.7		%	1.7		%	1.7		%	1.6		%	1.5		%		1.7		%	1.5		%
Total
Net write-off rate (principal only) (L)	2.2		%	2.4		%	2.3		%	2.1		%	2.1		%		2.3		%	2.1		%
Net write-off rate (principal, interest and fees) (L)	2.7		%	2.8		%	2.8		%	2.5		%	2.5		%		2.8		%	2.5		%
30+ days past due as a % of total	1.6		%	1.4		%	1.5		%	1.5		%	1.4		%		1.6		%	1.4		%

Net interest income divided by average Card Member loans (M)	11.2		%	10.7		%	10.7		%	10.7		%	10.8		%		10.8		%	10.6		%
Net interest yield on average Card Member loans (M)
U.S.	11.2		%	10.8		%	11.0		%	10.8		%	10.9		%		11.0		%	10.7		%
Outside the U.S.	11.2		%	10.9		%	11.1		%	10.5		%	10.6		%		11.1		%	10.7		%
Total	11.2		%	10.9		%	11.0		%	10.8		%	10.8		%		11.0		%	10.7		%

Card Member receivables
U.S.	$	12.9		$	13.1		$	12.7		$	13.7		$	11.9		8	$	12.9		$	11.9		8
Outside the U.S.	$	7.8		$	8.1		$	7.2		$	7.8		$	7.0		11	$	7.8		$	7.0		11
Total receivables	$	20.7		$	21.2		$	19.9		$	21.5		$	18.9		10	$	20.7		$	18.9		10

Charge Credit Metrics
U.S.
Net write-off rate (principal only) (L)	1.3		%	1.3		%	1.4		%	1.2		%	1.3		%		1.3		%	1.4		%
Net write-off rate (principal and fees) (L)	1.4		%	1.4		%	1.6		%	1.4		%	1.5		%		1.5		%	1.5		%
30+ days past due as a % of total	1.3		%	1.2		%	1.2		%	1.1		%	1.2		%		1.3		%	1.2		%
Outside the U.S.
Net write-off rate (principal only) (L)	2.4		%	2.2		%	2.2		%	2.0		%	2.3		%		2.3		%	2.2		%
Net write-off rate (principal and fees) (L)	2.6		%	2.3		%	2.4		%	2.1		%	2.5		%		2.4		%	2.3		%
30+ days past due as a % of total	1.4		%	1.4		%	1.5		%	1.3		%	1.4		%		1.4		%	1.4		%
Total
Net write-off rate (principal only) (L)	1.7		%	1.6		%	1.7		%	1.5		%	1.7		%		1.7		%	1.7		%
Net write-off rate (principal and fees) (L)	1.9		%	1.8		%	1.9		%	1.6		%	1.9		%		1.8		%	1.8		%
30+ days past due as a % of total	1.4		%	1.3		%	1.3		%	1.2		%	1.2		%		1.4		%	1.2		%

See Appendix IV for footnote references.


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

	Q3'19						Q2'19						Q1'19						Q4'18						Q3'18						YOY % change		YTD'19						YTD'18						YOY % change
Non-interest revenues	$	3,155					$	3,167					$	3,020					$	3,087					$	2,980					6		$	9,342					$	8,795					6
Interest income	485						468						454						435						416						17		1,407						1,186						19
Interest expense	255						257						241						234						218						17		753						593						27
Net interest income	230						211						213						201						198						16		654						593						10
Total revenues net of interest expense	3,385						3,378						3,233						3,288						3,178						7		9,996						9,388						6
Total provisions for losses	222						206						254						223						201						10		682						676						1
Total revenues net of interest expense after provisions for losses	3,163						3,172						2,979						3,065						2,977						6		9,314						8,712						7
Expenses
Marketing, business development, rewards, Card Member services	1,564						1,565						1,470						1,528						1,469						6		4,599						4,325						6
Salaries and employee benefits and other operating expenses	806						801						766						839						734						10		2,373						2,190						8
Total expenses	2,370						2,366						2,236						2,367						2,203						8		6,972						6,515						7
Pretax segment income	793						806						743						698						774						2		2,342						2,197						7
Income tax provision	164						162						157						74						168						(2)		483						481						—
Segment income	629						644						586						624						606						4		1,859						1,716						8
Effective tax rate	20.7		%				20.1		%				21.1		%				10.6		%				21.7		%						20.6		%				21.9		%

(Billions, except percentages and where indicated)
Proprietary billed business (G)				$	127.3					$	129.6					$	123.4					$	126.9					$	121.6			5				$	380.3					$	359.3			6
Proprietary cards-in-force (millions) (H)				14.8						14.7						14.6						14.5						14.4				3				14.8						14.4				3
Average Card Member spending (dollars)	$	8,627					$	8,866					$	8,463					$	8,757					$	8,469					2		$	25,947					$	25,297					3

Segment assets (P)				53.7						$	55.0					$	54.0					$	51.3					$	53.4			1				$	53.7					$	53.4			1
Card Member loans				$	13.9					$	13.5					$	13.1					$	12.4					$	12.2			14				$	13.9					$	12.2			14
Card Member receivables				$	35.9					$	37.5					$	36.9					$	34.4					$	36.6			(2)				$	35.9					$	36.6			(2)

Card Member loans
Total loans - Global Small Business Services (GSBS)				$	13.8					$	13.4					$	13.0					$	12.4					$	12.2			13				$	13.8					$	12.2			13
30+ days past due as a % of total - GSBS				1.3		%				1.3		%				1.3		%				1.3		%				1.1		%						1.3		%				1.1		%
Average loans - GSBS				$	13.6					$	13.2					$	12.6					$	12.3					$	11.9			14				$	13.1					$	11.5			14
Net write-off rate (principal only) - GSBS (L)				1.8		%				1.8		%				1.8		%				1.6		%				1.7		%						1.8		%				1.7		%
Net write-off rate (principal, interest and fees) - GSBS (L)				2.1		%				2.1		%				2.1		%				1.9		%				2.0		%						2.1		%				2.0		%

Net interest income divided by average Card Member loans (M)				6.8		%				6.4		%				6.8		%				6.5		%				6.6		%						6.7		%				6.8		%
Net interest yield on average Card Member loans (M)				10.5		%				10.4		%				10.8		%				10.5		%				10.5		%						10.6		%				10.6		%

Card Member receivables
Total receivables - GCP (N)				$	18.5					$	19.7					$	19.6					$	17.7					$	19.7			(6)				$	18.5					$	19.7			(6)
90+ days past billing as a % of total - GCP (N)				0.7		%				0.7		%				0.6		%				0.7		%				0.8		%						0.7		%				0.8		%
Net loss ratio (as a % of charge volume) - GCP (N)				0.1		%				0.1		%				0.1		%				0.1		%				0.1		%						0.1		%				0.1		%
Total receivables - GSBS				$	17.4					$	17.8					$	17.3					$	16.7					$	16.9			3				$	17.4					$	16.9			3
30+ days past due as a % of total - GSBS				1.7		%				1.6		%				1.6		%				1.6		%				1.4		%						1.7		%				1.4		%
Net write-off rate (principal only) - GSBS (L)				1.9		%				1.8		%				1.9		%				1.4		%				1.8		%						1.9		%				1.8		%
Net write-off rate (principal and fees) - GSBS (L)				2.1		%				2.0		%				2.1		%				1.6		%				2.0		%						2.1		%				2.1		%

See Appendix IV for footnote references.

Global Merchant and Network Services

(Preliminary)

Selected Income Statement and Statistical Information

(Millions, except percentages)


	Q3'19			Q2'19			Q1'19			Q4'18			Q3'18			YOY % change	YTD'19			YTD'18			YOY % change
Non-interest revenues	$	1,563		$	1,565		$	1,525		$	1,530		$	1,494		5	$	4,653		$	4,539		3
Interest income	6			7			9			8			6			—	22			22			—
Interest expense	(94)			(101)			(93)			(89)			(78)			21	(288)			(205)			40
Net interest income	100			108			102			97			84			19	310			227			37
Total revenues net of interest expense	1,663			1,673			1,627			1,627			1,578			5	4,963			4,766			4
Total provisions for losses	4			4			4			6			5			(20)	12			16			(25)
Total revenues net of interest expense after provisions for losses	1,659			1,669			1,623			1,621			1,573			5	4,951			4,750			4
Expenses
Marketing, business development, rewards, Card Member services	367			337			305			375			296			24	1,009			875			15
Salaries and employee benefits and other operating expenses	488			486			482			620			511			(5)	1,456			1,657			(12)
Total expenses	855			823			787			995			807			6	2,465			2,532			(3)
Pretax segment income	804			846			836			626			766			5	2,486			2,218			12
Income tax provision	204			214			205			125			186			10	623			579			8
Segment income	$	600		$	632		$	631		$	501		$	580		3	$	1,863		$	1,639		14
Effective tax rate	25.4		%	25.3		%	24.5		%	20.0		%	24.3		%		25.1		%	26.1		%

(Billions)
Segment assets (P)	$	17.2		$	22.2		$	22.1		$	15.5		$	21.1		(18)	$	17.2		$	21.1		(18)

See Appendix IV for footnote references.


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


	For the Twelve Months Ended
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
ROE
Net income	$	7,076		$	6,975		$	6,837		$	6,921		$	3,705
Average shareholders' equity	$	22,473		$	22,073		$	21,455		$	20,650		$	20,421
Return on average equity (C)	31.5		%	31.6		%	31.9		%	33.5		%	18.1		%

Reconciliation of ROCE
Net income	$	7,076		$	6,975		$	6,837		$	6,921		$	3,705
Preferred shares dividends and related accretion	80			79			80			80			81
Earnings allocated to participating share awards and other	51			53			52			54			40
Net income attributable to common shareholders	$	6,945		$	6,843		$	6,705		$	6,787		$	3,584

Average shareholders' equity	$	22,473		$	22,073		$	21,455		$	20,650		$	20,421
Average preferred shares	1,584			1,584			1,584			1,584			1,584
Average common shareholders' equity	$	20,889		$	20,489		$	19,871		$	19,066		$	18,837
Return on average common equity (C)	33.2		%	33.4		%	33.7		%	35.6		%	19.0		%

See Appendix IV for footnote references.

American Express Company

(Preliminary)

Appendix II

Net Interest Yield on Average Card Member Loans

(Millions, except percentages and where indicated)


	Q3'19			Q2'19			Q1'19			Q4'18			Q3'18			YTD'19			YTD'18
Consolidated
Net interest income	$	2,203		$	2,074		$	2,059		$	2,032		$	1,961		$	6,336		$	5,631
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (Q)	436			439			453			405			390			1,328			1,051
Interest income not attributable to the Company's Card Member loan portfolio (R)	(308)			(312)			(335)			(287)			(274)			(955)			(723)
Adjusted net interest income (S)	$	2,331		$	2,201		$	2,177		$	2,150		$	2,077		$	6,709		$	5,959
Average Card Member loans (billions)	$	83.3		$	81.9		$	80.6		$	79.4		$	76.4		$	81.9		$	74.5
Net interest income divided by average Card Member loans (T)	10.6		%	10.1		%	10.2		%	10.2		%	10.3		%	10.3		%	10.1		%
Net interest yield on average Card Member loans (U)	11.1		%	10.8		%	10.9		%	10.7		%	10.8		%	11.0		%	10.7		%

Global Consumer Services Group
U.S.
Net interest income	$	1,681		$	1,581		$	1,565		$	1,571		$	1,511		$	4,827		$	4,324
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (Q)	63			60			65			57			55			188			145
Interest income not attributable to the Company's Card Member loan portfolio (R)	(56)			(52)			(53)			(51)			(46)			(161)			(127)
Adjusted net interest income (S)	$	1,688		$	1,589		$	1,577		$	1,577		$	1,520		$	4,854		$	4,342
Average Card Member loans (billions)	$	59.7		$	58.8		$	58.3		$	57.8		$	55.5		$	59.0		$	54.1
Net interest income divided by average Card Member loans (T)	11.3		%	10.8		%	10.7		%	10.9		%	10.9		%	10.9		%	10.7		%
Net interest yield on average Card Member loans (U)	11.2		%	10.8		%	11.0		%	10.8		%	10.9		%	11.0		%	10.7		%

Outside the U.S.
Net interest income	$	264		$	252		$	248		$	228		$	225		$	764		$	658
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (Q)	22			21			19			18			18			62			52
Interest income not attributable to the Company's Card Member loan portfolio (R)	(4)			(4)			(3)			-			(3)			(11)			(8)
Adjusted net interest income (S)	$	282		$	269		$	264		$	246		$	240		$	815		$	702
Average Card Member loans (billions)	$	10.0		$	9.9		$	9.7		$	9.3		$	8.9		$	9.8		$	8.8
Net interest income divided by average Card Member loans (T)	10.6		%	10.2		%	10.2		%	9.8		%	10.1		%	10.4		%	10.0		%
Net interest yield on average Card Member loans (U)	11.2		%	10.9		%	11.1		%	10.5		%	10.6		%	11.1		%	10.7		%

Total
Net interest income	$	1,945		$	1,833		$	1,813		$	1,799		$	1,736		$	5,591		$	4,982
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (Q)	85			81			84			75			73			250			197
Interest income not attributable to the Company's Card Member loan portfolio (R)	(60)			(56)			(56)			(51)			(49)			(172)			(135)
Adjusted net interest income (S)	$	1,970		$	1,858		$	1,841		$	1,823		$	1,760		$	5,669		$	5,044
Average Card Member loans (billions)	$	69.7		$	68.7		$	68.0		$	67.1		$	64.4		$	68.8		$	62.9
Net interest income divided by average Card Member loans (T)	11.2		%	10.7		%	10.7		%	10.7		%	10.8		%	10.8		%	10.6		%
Net interest yield on average Card Member loans (U)	11.2		%	10.9		%	11.0		%	10.8		%	10.8		%	11.0		%	10.7		%

Global Commercial Services
Net interest income	$	230		$	211		$	213		$	201		$	198		$	654		$	593
Exclude:
Interest expense not attributable to the Company's Card Member loan portfolio (Q)	186			187			175			170			161			548			439
Interest income not attributable to the Company's Card Member loan portfolio (R)	(55)			(55)			(52)			(44)			(42)			(162)			(117)
Adjusted net interest income (S)	$	361		$	343		$	336		$	327		$	317		$	1,040		$	915
Average Card Member loans (billions)	$	13.6		$	13.2		$	12.6		$	12.4		$	12.0		$	13.1		$	11.6
Net interest income divided by average Card Member loans (T)	6.8		%	6.4		%	6.8		%	6.5		%	6.6		%	6.7		%	6.8		%
Net interest yield on average Card Member loans (U)	10.5		%	10.4		%	10.8		%	10.5		%	10.5		%	10.6		%	10.6		%

See Appendix IV for footnote references.

American Express Company

(Preliminary)

Appendix III

Reconciliations of Adjustments


	YTD'19		YTD'18		YOY % Change
Earnings per share adjusted for litigation-related charge
Diluted earnings per common share	$	5.95	$	5.59	6
Q1'19 litigation-related charge (pre-tax)	0.27		—
Tax impact of litigation-related charge	(0.06)		—
Net impact of Q1'19 litigation-related charge	0.21		—
Adjusted diluted earnings per common share	$	6.16	$	5.59	10

GAAP Earnings per share (EPS) Outlook	2019 EPS Range
GAAP EPS Outlook	$	7.64	$	8.14
Q1'19 litigation-related charge (pre-tax)	0.27		0.27
Tax impact of litigation-related charge	(0.06)		(0.06)
Net impact of Q1'19 litigation-related charge	0.21		0.21
Adjusted EPS Outlook	$	7.85	$	8.35

See Appendix IV for footnote references.

Appendix IV

(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 $11million, $13 million, $11 million, $16 million and $13 million in Q3'19, Q2'19, Q1'19, Q4'18 and Q3'18, respectively; and (ii) dividends on preferred shares of $21 million, $19 million, $21 million, $19 million and $20 million in Q3'19, Q2'19, Q1'19, Q4'18 and Q3'18, respectively.

(B)

Within assets, "other" includes the following items as presented in the Company’s Consolidated Balance Sheets: Other receivables, Other loans (including merchant financing loans), Premises and equipment and Other assets; and within liabilities, "other" includes the following items: Travelers Cheques and other prepaid products, Accounts payable and Other liabilities.

(C)

Return on average equity and return on average common equity are calculated by dividing one year period net income/net income attributable to common shareholders by one year average total shareholders’ equity/average common shareholders' equity, respectively. Refer to Appendix I for components of return on average equity and return on average common equity.

(D)

Current ratios represent preliminary estimates as of the date of the Third Quarter 2019 Earnings Release and may be revised in the Company’s 2019 Form 10-Q for the period ended September 30, 2019.

(E)

Supplementary Leverage Ratio is calculated by dividing Tier 1 capital by total leverage exposure under Basel III. Leverage exposure, which reflects average total consolidated assets with adjustments for Tier 1 capital deductions, average off-balance sheet derivatives exposures, securities purchased under agreements to resell and credit equivalents of undrawn commitments that are both conditionally and unconditionally cancellable.

(F)

Presented for the purpose of calculating the Tier 1 Leverage Ratio.

(G)

Billed business represents transaction volumes (including cash advances) on cards and other payment products issued by American Express (proprietary billed business) and cards issued under network partnership agreements with banks and other institutions, including joint ventures (GNS billed business). In-store spending activity within GNS retail cobrand portfolios, from which we earn no revenue, is not included in billed business. Billed business is reported as United States or outside the United States based on the location of the issuer.

(H)

Cards-in-force represents 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, including joint ventures (GNS cards-in-force) except for GNS retail cobrand cards that have no out of store spend activity during the prior 12 months. Basic cards-in-force excludes supplemental cards issued on consumer accounts.

(I)

Average discount rate calculation is generally designed to reflect the average pricing at all merchants accepting American Express cards and represents the percentage of proprietary and GNS billed business retained by the Company from merchants it acquires, or from merchants acquired by third parties on its behalf, net of amounts retained by such third parties.

(J)

Average fee per card is computed based on proprietary net card fees divided by average proprietary total cards-in-force.

(K)

Other includes foreign currency impact on balance sheet re-measurement and translation.

(L)

The Company presents a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as the Company's practice is to include uncollectible interest and/or fees as part of its total provision for losses, a net write-off rate including principal, interest and/or fees is also presented.

(M)

See Appendix II for calculations of net interest yield on average Card Member loans, a non-GAAP measure, and net interest income divided by average Card Member loans, a GAAP measure, and the Company's rationale for presenting net interest yield on average Card Member loans (refer to Footnotes "T" and "U").

(N)

GCP reflects global, large and middle market corporate accounts. GCP delinquency data for periods other than 90+ days past billing is not available due to system constraints. GCP Net loss ratio represents the ratio of GCP charge card write-offs, consisting of principal (resulting from authorized transactions) and fee components, less recoveries, on Card Member receivables expressed as a percentage of gross amounts billed to corporate Card Members.

(O)

FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for Q3'19 apply to the period(s) against which such results are being compared). The Company believes the presentation of information on an FX-adjusted basis is helpful to investors by making it easier to compare the Company's performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

(P)

Effective Q1'19, we moved intercompany assets and liabilities, previously recorded in the operating segments, to Corporate and Other. During 2018, we made changes to the methodology used to allocate certain corporate overhead costs to the operating segments and our intercompany settlement process. Prior period amounts have been revised to conform to the current period presentation.

(Q)

Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.

(R)

Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.

(S)

Adjusted net interest income is a non-GAAP measure that represents net interest income attributable to our Card Member loans (which includes, on a GAAP basis, interest that is deemed uncollectible), excluding the impact of interest expense and interest income not attributable to our Card Member loans. The Company believes adjusted net interest income is useful to investors because it represents the interest expense and interest income attributable to our Card Member loan portfolio and is a component of net interest yield on average Card Member loans, which provides a measure of profitability of our Card Member loan portfolio.

(T)

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.

(U)

Net interest yield on average Card Member loans is a non-GAAP measure that is computed by dividing adjusted net interest income by average Card Member loans, computed on an annualized basis. Reserves and net write-offs related to uncollectible interest are recorded through provisions for losses, and thus not included in the net interest yield calculation. The Company believes that net interest yield on average Card Member loans is useful to investors because it provides a measure of profitability of the Company's Card Member loan portfolio.