American Express Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>American Express Co. filed its 2023 10-K report detailing financial performance and operations.</b>

AI Summary

AMERICAN EXPRESS CO (AXP) filed a Annual Report (10-K) with the SEC on February 9, 2024. Filed Form 10-K for the fiscal year ended December 31, 2023. Company name: AMERICAN EXPRESS CO, Central Index Key: 0000004962. Standard Industrial Classification: FINANCE SERVICES [6199]. Incorporated in NY, Fiscal Year End: 1231. Filing values include SEC File Number: 001-07657, Film Number: 24613930.

Why It Matters

For investors and stakeholders tracking AMERICAN EXPRESS CO, this filing contains several important signals. This filing provides a comprehensive overview of American Express's financial health and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance, risks, and future outlook in the financial services sector.

Risk Assessment

Risk Level: — AMERICAN EXPRESS CO shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. While it contains detailed financial information, it does not inherently signal immediate, significant positive or negative shifts beyond normal business operations.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand American Express's performance and potential challenges in 2023.

Key Players & Entities

• AMERICAN EXPRESS CO (company) — Filer
• 0000004962 (company) — Central Index Key
• 6199 (company) — Standard Industrial Classification
• NY (company) — State of Incorporation
• 001-07657 (company) — SEC File Number
• 24613930 (company) — Film Number
• 2023-12-31 (date) — Conformed Period of Report
• 2024-02-09 (date) — Filed as of Date

Forward-Looking Statements

• American Express will continue to see strong revenue from credit card merchant discounts and cardmember fees in 2024. (AMERICAN EXPRESS CO) — high confidence, target: 2024-12-31
• The company's cardmember receivables and loans will likely grow, reflecting continued consumer spending and credit usage. (AMERICAN EXPRESS CO) — medium confidence, target: 2024-12-31

FAQ

Industry Context

American Express operates in the finance services sector, specifically within credit card and payment processing.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and balance sheet items.
2. Review the risk factors section for potential challenges and mitigation strategies.
3. Compare key performance indicators with previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-09: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, and a comparison to a prior filing is not directly available from this header data.

Key Financial Figures

• $0.20 — ch registered Common Shares (par value $0.20 per Share) AXP New York Stock Exchange
• $1,460 billion — merican Express cards issued by us) was $1,460 billion and at December 31, 2023, we had 80.2 m
• $220.5 billion — ress cards issued by third parties) was $220.5 billion and at December 31, 2023, we had 61.0 m

Filing Documents

• axp-20231231.htm (10-K) — 4873KB
• axp-20231231exx1024.htm (EX-10.24) — 218KB
• axp-20231231exx1025.htm (EX-10.25) — 199KB
• axp-20231231exx21.htm (EX-21) — 181KB
• axp-20231231exx23.htm (EX-23) — 2KB
• axp-20231231exx311.htm (EX-31.1) — 8KB
• axp-20231231exx312.htm (EX-31.2) — 8KB
• axp-20231231exx321.htm (EX-32.1) — 5KB
• axp-20231231exx322.htm (EX-32.2) — 5KB
• axp-20231231exx97.htm (EX-97) — 51KB
• axp-20231231_g1.jpg (GRAPHIC) — 148KB
• axp-20231231_g2.jpg (GRAPHIC) — 70KB
• axp-20231231_g3.jpg (GRAPHIC) — 39KB
• axp-20231231_g4.jpg (GRAPHIC) — 48KB
• axplogo.jpg (GRAPHIC) — 131KB
• image_0.jpg (GRAPHIC) — 12KB
• 0000004962-24-000013.txt (&nbsp;) — 23394KB
• axp-20231231.xsd (EX-101.SCH) — 116KB
• axp-20231231_cal.xml (EX-101.CAL) — 164KB
• axp-20231231_def.xml (EX-101.DEF) — 747KB
• axp-20231231_lab.xml (EX-101.LAB) — 1446KB
• axp-20231231_pre.xml (EX-101.PRE) — 1061KB
• axp-20231231_htm.xml (XML) — 4198KB

Business

Business 1 Competition 9 Supervision and Regulation 11 Additional Information 21 1A.

Risk Factors

Risk Factors 22 1B. Unresolved Staff Comments 37 1C. Cybersecurity 37 2.

Legal Proceedings

Legal Proceedings 39 4. Mine Safety Disclosures 39 PART II 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40 6. [Reserved] 41 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)

Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) 42 Executive Overview 42 Consolidated Results of Operations 45 Business Segment Results of Operations 51 Consolidated Capital Resources and Liquidity 62 Risk Management 71 Critical Accounting Estimates 79 Other Matters 83 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 89 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 89 Management's Report on Internal Control Over Financial Reporting 89 Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) 90 Index to Consolidated Financial Statements 93 Consolidated Financial Statements 94

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 99 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 156 9A.

Controls and Procedures

Controls and Procedures 156 9B. Other Information 156 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 156 PART III 10. Directors, Executive Officers and Corporate Governance 157 11.

Executive Compensation

Executive Compensation 157 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 157 13. Certain Relationships and Related Transactions, and Director Independence 157 14. Principal Account ant Fees and Services 158 PART IV 15. Exhibit and Financial Statement Schedules 159 16. Form 10-K Summary 164

Signatures

Signatures 165 Statistical Disclosure by Bank Holding Companies A- 1 Table of Contents This Annual Report on Form 10-K, including the "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. You can identify forward-looking statements by words such as "believe," "expect," "anticipate," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," "estimate," "potential," "continue" or other similar expressions. We discuss certain factors that affect our business and operations and that may cause our actual results to differ materially from these forward-looking statements under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements." You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statements. This report includes trademarks, such as American Express , which are protected under applicable intellectual property laws and are the property of American Express Company or its subsidiaries. This report also contains trademarks, service marks, copyrights and trade names of other companies, which are the property of their respective owners. Solely for convenience, our trademarks and trade names referred to in this report may appear without the or symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks and trade names. 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 t

BUSINESS

ITEM 1. BUSINESS Overview American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. We are a leader in providing credit and charge cards to consumers, small businesses, mid-sized companies and large corporations around the world. American Express cards issued by us, as well as by third-party banks and other institutions on the American Express network, can be used by Card Members to charge purchases at the millions of merchants around the world that accept cards bearing our logo. Our various products and services are offered globally to diverse customer groups 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 were founded in 1850 as a joint stock association and were incorporated in 1965 as a New York corporation. American Express Company and its principal operating subsidiary, American Express Travel Related Services Company, Inc. (TRS), are bank holding companies under the Bank Holding Company Act of 1956, as amended (the BHC Act), subject to supervision and examination by the Board of Governors of the Federal Reserve System (the Federal Reserve). We principally engage in businesses comprising four reportable operating segments: U.S. Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS) and Global Merchant and Network Services (GMNS). Corporate functions and certain other businesses are included in Corporate & Other. Our businesses function together to form our end-to-end integrated payments platform, which we believe is a differentiator that underpins our business model. For further information about our reportable operating segments, see "Business Segment Results of Operations" under "MD&A." Our Integrated Pay

View Full Filing

View this 10-K filing on SEC EDGAR