American Express Q3 2024 10-Q Filing

TL;DR

**AXP Q3 2024 10-Q: Revenue streams and receivables detailed. Financials look solid.**

AI Summary

American Express Co. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance for the third quarter and the first nine months of the year, including revenue from credit card merchant discounts and card member services. Specific dollar amounts for these revenue streams and outstanding receivables are provided for the current and prior year periods.

Why It Matters

This filing provides investors with a detailed look at American Express's financial health and operational performance during the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 1.667B — Credit Card Merchant Discount Revenue (Q3 2024)
• 1.667B — Credit Card Merchant Discount Revenue (Q3 2023)

Key Players & Entities

• AMERICAN EXPRESS CO (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241018 (date) — Filing Date
• 2126402000 (dollar_amount) — Business Phone Number

FAQ

Key Financial Figures

• $0.20 — ch registered Common shares (par value $0.20 per share) AXP New York Stock Exchange
• $250 b — our total consolidated assets exceeding $250 billion, calculated based on a daily aver
• $18 million — ocated to participating share awards of $18 million and $19 million for the three months en
• $19 million — ipating share awards of $18 million and $19 million for the three months ended September 30
• $59 million — er 30, 2024 and 2023, respectively, and $59 million and $50 million for the nine months end
• $50 million — 2023, respectively, and $59 million and $50 million for the nine months ended September 30,
• $15 million — d (ii) dividends on preferred shares of $15 million and $14 million for the three months en
• $14 million — on preferred shares of $15 million and $14 million for the three months ended September 30
• $44 million — er 30, 2024 and 2023, respectively, and $44 million and $43 million for the nine months end
• $43 million — 2023, respectively, and $44 million and $43 million for the nine months ended September 30,
• $2.51 b — ormance. Net income for the quarter was $2.51 billion, or $3.49 per share, compared wit
• $3.49 — e for the quarter was $2.51 billion, or $3.49 per share, compared with net income of
• $2.45 b — per share, compared with net income of $2.45 billion, or $3.30 per share, a year ago.
• $3.30 — ed with net income of $2.45 billion, or $3.30 per share, a year ago. Billed business
• $2.4 billion — range of 10 to 11 percent and returned $2.4 billion of capital to our shareholders in the f

Filing Documents

• axp-20240930.htm (10-Q) — 3178KB
• axpq324ex101.htm (EX-10.1) — 75KB
• axpq324ex311.htm (EX-31.1) — 9KB
• axpq324ex312.htm (EX-31.2) — 9KB
• axpq324ex321.htm (EX-32.1) — 5KB
• axpq324ex322.htm (EX-32.2) — 5KB
• 0000004962-24-000068.txt ( ) — 13368KB
• axp-20240930.xsd (EX-101.SCH) — 61KB
• axp-20240930_cal.xml (EX-101.CAL) — 102KB
• axp-20240930_def.xml (EX-101.DEF) — 387KB
• axp-20240930_lab.xml (EX-101.LAB) — 753KB
• axp-20240930_pre.xml (EX-101.PRE) — 577KB
• axp-20240930_htm.xml (XML) — 2779KB

Financial Statements

Financial Statements Consolidated Statements of Income – Three Months Ended September 30, 2024 and 2023 38 Consolidated Statements of Income – Nine Months Ended September 30, 2024 and 2023 39 Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2024 and 2023 40 Consolidated Balance Sheets – September 30, 2024 and December 31, 202 3 41 Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2024 and 2023 42 Consolidated Statements of Shareholders' Equity – Three and Nine Months Ended September 30, 2024 and 2023 43

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 45 Item 2.

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) 1 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 73 Item 4.

Controls and Procedures

Controls and Procedures 73 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 74 Item 1A.

Risk Factors

Risk Factors 74 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 75 Item 5. Other Information 76 Item 6. Exhibits 77

Signatures

Signatures 78 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

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) Business Introduction 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. 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, fraud prevention, and point-of-sale marketing and information products and services for merchants Network services Travel and lifestyle services Expense management products and services Other fee services, such as the design and operation of customer loyalty programs 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 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 mechanisms, systems and products that leverage new technologies, business models and customer relationships to create payment, financing or banking solutions. The payments industry continues to undergo dynamic changes in response to evolving technologies, consumer habits and merchant needs.

Forward-Looking Statements and Non-GAAP Measures

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. We are also subject to evolving and extensive government regulation and supervision in jurisdictions around the world. We became a Category III bank holding company in the third quarter of 2024 as a result of our total consolidated assets exceeding $250 billion, calculated based on a daily average of total consolidated assets for the four quarters ended June 30, 2024, and thus are subject to heightened capital, liquidity and prudential requirements, which in some cases phase in over applicable transition periods. See "Certain Legislative, Regulatory and Other Developments" for further information. 1 Table of Contents Table 1: Summary of Financial Performance As of or for the Three Months Ended September 30, Change 2024 vs. 2023 As of or for the Nine Months Ended September 30, Change 2024 vs. 2023 (Millions, except percentages, per share amounts and where indicated) 2024 2023 2024 2023 Selected Income Statement Data Total revenues net of interest expense $ 16,636 $ 15,381 $ 1,255 8 % $

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View this 10-Q filing on SEC EDGAR