v3.26.1
Fair Values
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Values Fair Values
Financial Assets and Financial Liabilities Carried at Fair Value
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 March 31, 2026 and December 31, 2025:
Table 9.1: Financial Assets and Financial Liabilities measured at Fair Value
20262025
(Millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Investment securities: (a)
Equity securities$44 $44 $— $— $46 $46 $— $— 
Debt securities
2,581 496 2,004 81 997 — 916 81 
Derivatives, gross (a)(b)
488 — 487 1 174 — 164 10 
Total Assets3,113 540 2,491 82 1,216 46 1,080 91 
Liabilities:
Derivatives, gross (a)
161 — 161 — 1,120 — 1,120 — 
Total Liabilities$161 $— $161 $— $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.
(b)Level 3 fair value reflects an embedded derivative. Management reviews and applies judgment to the valuation of the embedded derivative that is performed by an independent third party using a Monte Carlo simulation that models a range of probable future stock prices based on implied volatility in a risk neutral framework. Refer to Note 8 for additional information about this embedded derivative.
Financial Assets and Financial Liabilities Carried at Other Than Fair Value
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 March 31, 2026 and December 31, 2025. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of March 31, 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)TotalLevel 1Level 2Level 3
Financial Assets:
Financial assets for which carrying values equal or approximate fair value
Cash and cash equivalents (a)
$54 $54 $52 $2 $— 
Other financial assets (b)
5 5 — 5 — 
Financial assets carried at other than fair value
Card balances and Other loans, less reserves (c)
218 223 — — 223 
Card balances HFS2 2 — — 2 
Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value172 172 — 172 — 
Financial liabilities carried at other than fair value
Certificates of deposit (d)
17 17 — 17 — 
Long-term debt (c)
$58 $59 $— $59 $— 
Carrying
Value		Corresponding Fair Value Amount
2025 (Billions)TotalLevel 1Level 2Level 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 HFS2 2 — — 2 
Financial Liabilities:
Financial liabilities for which carrying values equal or approximate fair value166 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 $33.3 billion and $33.2 billion as of March 31, 2026 and December 31, 2025, respectively, and the fair values of Long-term debt were $13.4 billion and $13.3 billion as of March 31, 2026 and December 31, 2025, respectively.
(d)Presented as a component of Customer deposits on the Consolidated Balance Sheets.
Nonrecurring Fair Value Measurements
We have certain assets that are subject to measurement at fair value on a nonrecurring basis. Equity investments without readily determinable fair values, which include investments in our Amex Ventures portfolio, are measured at fair value in periods subsequent to their initial recognition if they are determined to be impaired or where there is an observable price change for an identical or similar investment of the same issuer.
We generally estimate the fair value of these investments based on the observed transaction price. In addition, impairments on such investments are recorded to account for the difference between the estimated fair value and carrying value of an investment based on a qualitative assessment of impairment indicators such as business performance, general market conditions and the economic and regulatory environment. When an impairment triggering event occurs, the fair value measurement is generally derived by taking into account all available information, such as share prices of publicly traded peer companies, internal valuations performed by our investees, and other third-party fair value data. The fair value of these investments represents a Level 3 fair value measurement.
The carrying value of equity investments without readily determinable fair values totaled $1.2 billion and $1.1 billion as of March 31, 2026 and December 31, 2025, respectively, of which investments subject to nonrecurring Level 3 fair value measurement during the three months ended March 31, 2026 and the year ended December 31, 2025 totaled $62 million and $0.5 billion, respectively. These amounts are included within Other assets on the Consolidated Balance Sheets.
We recorded unrealized gains of $22 million and nil for the three months ended March 31, 2026 and 2025, respectively. Unrealized losses were $10 million and $39 million for the three months ended March 31, 2026 and 2025, respectively. Unrealized gains and losses are recorded in Other, net on the Consolidated Statements of Income. Since the adoption of new accounting guidance on the recognition and measurement of financial assets and financial liabilities on January 1, 2018, cumulative unrealized gains and losses for equity investments without readily determinable fair values totaled $1.2 billion and $0.5 billion as of March 31, 2026, respectively.
In addition, we also have certain equity investments measured at fair value using the net asset value practical expedient. Such investments were immaterial as of both March 31, 2026 and December 31, 2025.