AMERICAN EXPRESS CO — Form 10-Q
Filed October 23, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 18/100
What the filing says
American Express created 6.450% Fixed Rate Reset Noncumulative Preferred Shares, Series E (1,600 shares authorized, $1M liquidation preference per share = $1.6B aggregate). Dividend resets September 15, 2031 to Five-Year Treasury Rate plus 2.119%. Simultaneously eliminated Series D Preferred Shares (1,600 shares, all unissued). Series E are perpetual, redeemable by AXP on or after First Reset Date or within 90 days of Regulatory Capital Event, rank pari passu with other preferred stock.
Why this rating
$1.6B capital raise is <1% of $221.8B market cap—routine preferred issuance for large bank. No operational change; standard regulatory capital management. Administrative only.
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