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Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt
DEBT
SHORT-TERM BORROWINGS
Our short-term borrowings outstanding, defined as borrowings with original contractual maturity dates of one year or less than one year as of December 31, 2025 and 2024 were as follows:
TABLE 8.1: SHORT-TERM BORROWINGS
20252024
(Millions, except percentages)Outstanding Balance
Year-End Stated
Interest Rate on
Debt (a)
Outstanding Balance
Year-End Stated
Interest Rate on
Debt (a)
Short-term borrowings (b)
$1,371 4.41 %$1,374 2.47 %
Total$1,371 4.41 %$1,374 2.47 %
(a)For floating-rate issuances, the stated interest rates are weighted based on the outstanding principal balances and interest rates in effect as of December 31, 2025 and 2024.
(b)Includes borrowings from banks and book overdrafts with banks, which represents negative cash balances for accounts with an associated overdraft facility, due to timing differences arising in the ordinary course of business.

As of December 31, 2025, we maintained a committed, revolving, secured borrowing facility, with a maturity date of September 15, 2028, which gives us the right to sell up to $2.0 billion face amount of eligible certificates issued from the Lending Trust. This facility enhances our contingent funding resources and is also used in the ordinary course of business to fund working capital needs. The facility was undrawn as of both December 31, 2025 and 2024. Additionally, certain of our subsidiaries maintained total committed lines of credit of $123 million and $191 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, $12 million and $16 million were drawn on these committed lines of credit, respectively.
We paid $13.1 million and $11.9 million in fees to maintain the secured borrowing facility in 2025 and 2024, respectively. The committed facility does not contain a material adverse change clause, which might otherwise preclude borrowing under the facility, nor is it dependent on our credit rating.
LONG-TERM DEBT
Our long-term debt outstanding, defined as debt with original contractual maturity dates of greater than one year as of December 31, 2025 and 2024 was as follows:
TABLE 8.2: LONG-TERM DEBT
20252024
(Millions, except percentages)Original
Contractual
Maturity
Dates
Outstanding
Balance(a)
Year-End
Interest Rate
on Debt(b)
Year-End
Interest Rate with
Swaps(b)(c)
Outstanding
Balance(a)
Year-End
Interest Rate
on Debt(b)
Year-End
Interest Rate
with
Swaps(b)(c)
American Express Company
(Parent Company only)
Fixed Rate Senior Notes2026 - 2042$9,865 3.79 %3.94 %$14,582 3.66 %3.80 %
Floating Rate Senior Notes2026- 20313,650 4.80 — 3,000 5.49 — 
Fixed-to-Floating Rate Senior Notes2027 - 203627,445 5.07 4.98 15,973 5.35 5.57 
Fixed-to-Floating Rate Subordinated Notes2033 - 20351,771 5.44 5.36 1,742 5.44 5.80 
American Express Credit Corporation
Fixed Rate Senior Notes2027336 3.30 — 333 3.30 — 
Lending Trust
Fixed Rate Senior Notes2026 - 203013,181 4.72 4.63 13,934 4.23 4.32 
Other
Floating Rate Borrowings2026 - 2029275 1.18 — %247 0.76 — %
Unamortized Underwriting Fees(135)(96)
Total Long-Term Debt$56,387 4.72 %$49,715 4.51 %
(a)The outstanding balances include (i) unamortized discount, (ii) the impact of movements in exchange rates on foreign currency denominated debt and (iii) the impact of fair value hedge accounting on certain fixed-rate notes that have been swapped to floating rate through the use of interest rate swaps. Refer to Note 13 for more details on our treatment of fair value hedges.
(b)For floating-rate issuances, the stated interest rate on debt is weighted based on the outstanding principal balances and interest rates in effect as of December 31, 2025 and 2024.
(c)Interest rates with swaps are only presented when swaps are in place to hedge the underlying debt. The interest rates with swaps are weighted based on the outstanding principal balances and the interest rates on the floating leg of the swaps in effect as of December 31, 2025 and 2024.
Aggregate annual maturities on long-term debt obligations (based on contractual maturity or anticipated redemption dates) as of December 31, 2025 were as follows:
TABLE 8.3: ANNUAL MATURITIES ON LONG-TERM DEBT
(Millions)20262027202820292030ThereafterTotal
American Express Company (Parent Company only)$3,950 $8,011 $3,700 $6,750 $1,400 $19,151 $42,961 
American Express Credit Corporation— 339 — — — — 339 
Lending Trust2,100 3,600 4,350 1,000 2,000 — 13,050 
Other64 128 70 13 — — 275 
$6,114 $12,078 $8,120 $7,763 $3,400 $19,151 $56,626 
Unamortized Underwriting Fees(135)
Unamortized Discount and Premium(470)
Impacts due to Fair Value Hedge Accounting366 
Total Long-Term Debt$56,387 
We maintained a committed syndicated bank credit facility of $6.0 billion as of December 31, 2025 and $4.0 billion as of December 31, 2024, all of which was undrawn as of the respective dates. The facility has a maturity date of September 24, 2028, and the availability of the facility is subject to compliance with certain covenants, principally our maintenance of a minimum Common Equity Tier 1 (CET1) risk-based capital ratio of 4.5 percent, with certain restrictions in relation to either accessing the facility or distributing capital to common shareholders in the event our CET1 risk-based capital ratio falls between 4.5 percent and 6.5 percent. As of December 31, 2025 and 2024, we were in compliance with the covenants contained in the credit facility.
Additionally, we maintained a committed, revolving, secured borrowing facility that gives us the right to sell up to $3.0 billion face amount of eligible notes issued from the Charge Trust at any time through July 17, 2028. The facility was undrawn as of both December 31, 2025 and 2024.
We paid $21.8 million and $14.2 million in fees to maintain these lines in 2025 and 2024, respectively. These committed facilities do not contain material adverse change clauses, which might otherwise preclude borrowing under the credit facilities, nor are they dependent on our credit rating.
We paid total interest, primarily related to short- and long-term debt, corresponding interest rate swaps and customer deposits, of $8.0 billion, $8.2 billion and $6.4 billion in 2025, 2024 and 2023, respectively.