Fair Values (Tables)

9 Months Ended

Sep. 30, 2026

Fair value assets and liabilities measured on recurring basis

The following table summarizes our financial assets and financial liabilities measured at fair value on a recurring basis, categorized by GAAP’s fair value hierarchy, as of September 30, 2026 and December 31, 2025:

Table 9.1: Financial Assets and Financial Liabilities measured at Fair Value


	2026								2025
(Millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Investment securities: (a)
Equity securities	$	43	$	43	$	—	$	—	$	46	$	46	$	—	$	—
Debt securities	5,074		—		4,994		80		997		—		916		81
Derivatives, gross (a)	564		—		564		—		174		—		164		10
Total Assets	5,681		43		5,558		80		1,216		46		1,080		91
Liabilities:
Derivatives, gross (a)	149		—		149		—		1,120		—		1,120		—
Total Liabilities	$	149	$	—	$	149	$	—	$	1,120	$	—	$	1,120	$	—

(a)Refer to Note 4 for the fair values of investment securities and to Note 8 for the fair values of derivative assets and liabilities on a further disaggregated basis.

Estimated fair value of financial assets and financial liabilities

The following tables summarize the estimated fair values of our financial assets and financial liabilities that are measured at amortized cost, and not required to be carried at fair value on a recurring basis, as of September 30, 2026 and December 31, 2025. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of September 30, 2026 and December 31, 2025, and require management’s judgment. These figures may not be indicative of future fair values, nor can the fair value of American Express be estimated by aggregating the amounts presented.

Table 9.2: Fair Value of Financial Assets and Financial Liabilities measured at Amortized Cost


	Carrying Value		Corresponding Fair Value Amount
2026 (Billions)			Total		Level 1		Level 2		Level 3
Financial Assets:
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents (a)	$	43	$	43	$	42	$	1	$	—
Other financial assets (b)	6		6		—		6		—
Financial assets carried at other than fair value
Card balances and Other loans, less reserves (c)	227		232		—		—		232
Card balances HFS	—		—		—		—		—

Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value	167		167		—		167		—
Financial liabilities carried at other than fair value
Certificates of deposit (d)	19		19		—		19		—
Long-term debt (c)	$	58	$	59	$	—	$	59	$	—


	Carrying Value		Corresponding Fair Value Amount
2025 (Billions)			Total		Level 1		Level 2		Level 3
Financial Assets:
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents (a)	$	48	$	48	$	46	$	2	$	—
Other financial assets (b)	4		4		—		4		—
Financial assets carried at other than fair value
Card balances and Other loans, less reserves (c)	218		224		—		—		224
Card balances HFS	2		2		—		—		2

Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value	166		166		—		166		—
Financial liabilities carried at other than fair value
Certificates of deposit (d)	16		16		—		16		—
Long-term debt (c)	$	56	$	57	$	—	$	57	$	—

(a)Level 2 fair value amounts reflect time deposits and short-term investments.

(b)Includes other receivables and other miscellaneous assets.

(c)Includes amounts held by consolidated VIEs for which the fair values of Card balances were $31.9 billion and $33.2 billion as of September 30, 2026 and December 31, 2025, respectively, and the fair values of Long-term debt were $12.1 billion and $13.3 billion as of September 30, 2026 and December 31, 2025, respectively.

(d)Presented as a component of Customer deposits on the Consolidated Balance Sheets.