AXP — what changed in the latest 10-Q
A section-by-section comparison of AXP's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-24 vs the prior 10-Q · 2026-04-23
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +54 | −50 | ~88 | 138 |
| Market risk (Item 3) | Text added/removed | +4 | 0 | ~1 | 1 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Other information | Text added/removed | 0 | −2 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings, Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-24
We delivered strong results for the second quarter of 2026, reflecting the strength of our premium customer base, success of our product refresh strategy and power of our differentiated Membership Model. The combination of Card Member spend and revenue momentum, excellent credit performance and disc…
Billed business grew 9 percent year-over-year, reflecting broad-based growth across both Goods & Services (G&S) and Travel & Entertainment (T&E) spend categories. G&S spend grew 9 percent, driven by continued momentum in retail spending. T&E spend grew 10 percent, driven by sustained strength in res…
U.S. Consumer Services billed business grew 11 percent, driven by our premium card portfolios, including the acceleration in the U.S. Platinum portfolio following the refresh last year. We continue to see strong engagement from our younger customers, with continued momentum in spending by Millennial…
Card balances and Other loans increased 8 percent, in line with billed business. Provisions for credit losses decreased, primarily driven by a reserve release in the current period compared to a reserve build in the prior period, reflecting further strengthening of portfolio credit performance. The …
Growth in Card Member rewards, Card Member services and Business development expenses (collectively, variable customer engagement expenses) were driven by Card Member spending, including in categories like airlines where customers earn and use rewards, enhancements we made to the value propositions …
Text removed vs the prior filing · source: 10-Q · 2026-04-23
We delivered strong results for the first quarter of 2026, reflecting continued momentum across the business and execution of our proven growth strategy. We had strong engagement on our refreshed U.S. Platinum products, expanded our membership assets with new and renewed partnerships, and furthered …
Billed business growth accelerated to 10 percent year-over-year (9 percent FX-adjusted).1 G&S spend grew 10 percent (8 percent FX-adjusted), driven by continued momentum in retail spending. T&E spend grew 12 percent (9 percent FX-adjusted), reflecting sustained strength in restaurant and acceleratio…
U.S. Consumer Services billed business grew 10 percent, with continued momentum in spending by Millennial and Gen-Z Card Members, our largest and fastest-growing cohort. Growth also reflected engagement across our premium card portfolios, including an acceleration in U.S. Platinum spend. Commercial …
Card balances and Other loans increased 8 percent, in line with recent trends. Provisions for credit losses increased, primarily due to higher net write-offs and a lower reserve release in the current period. The reserve release in the current period was primarily driven by a sequential decrease in …
Growth in Card Member rewards, Card Member services and Business development expenses were driven by volumes, usage and enhancements we made to the value propositions of our refreshed U.S. Platinum cards. Marketing expense was relatively flat year-over-year. We plan to continue to invest in growth i…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-07-24
Compared to December 31, 2025, higher market interest rates would have a detrimental impact on our net interest income due to an increase in interest rate sensitive liabilities relative to interest rate sensitive assets. As of June 30, 2026, the impacts on net interest income of hypothetical, immedi…
Sensitivity Analysis of Interest Rate Changes on Annual Net Interest Income
(a)Negative values represent a reduction in net interest income.
Since December 31, 2025, there have been no material changes in our market risk exposures associated with foreign currencies.
Other information
Text removed vs the prior filing · source: 10-Q · 2026-04-23
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) to the Exchange Act, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, tr…
In the quarter ended March 31, 2026, the Office of Foreign Assets Control designated an individual with a card issued by an affiliate in Latin America as a Specially Designated National pursuant to Executive Order 13224, as amended, and we subsequently cancelled the account. We had negligible gross …
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice