AMERICAN EXPRESS CO

NOTE 22

SIGNIFICANT CREDIT CONCENTRATIONS

Concentrations of credit risk exist when changes in economic, industry or geographic factors similarly affect groups of counterparties whose aggregate credit exposure is material in relation to American Express’ total credit exposure.

The following table details our maximum credit exposure of the on-balance sheet assets by category as of December 31, 2025 and 2024:

TABLE 22.1: MAXIMUM CREDIT EXPOSURE OF ON-BALANCE SHEET ASSETS

(a)Primarily reflects loans and receivables from global consumer and small business Card Members.

(b)The geographic regions with the largest concentration outside the United States include the United Kingdom, Japan, the European Union, Australia, Canada and Mexico.

(c)Represents banks, broker-dealers, insurance companies and savings and loan associations.

(d)Primarily reflects loans and receivables from global corporate Card Members.

As of December 31, 2025 and 2024, our most significant concentration of credit risk was with individuals in the aggregate. These amounts are generally advanced on an unsecured basis. However, we review each potential customer’s credit application and evaluate the applicant’s financial history and ability and willingness to repay. We also consider credit performance by customer tenure, industry and geographic location in managing credit exposure.

As of December 31, 2025, we had approximately $513 billion of unused credit available to customers, approximately 80 percent of which was related to customers within the United States. Total unused credit does not represent potential future cash requirements, as a significant portion of this unused credit will likely not be drawn. Charge card products with no pre-set spending limits are not reflected in unused credit.