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American Express10-K: Customer concentration

Delta partnership represents 13% of billed business and 21% of card member loans.

What happened

Significant revenue and loan book concentration with a single partner, Delta Air Lines, creates risk and a need for robust partnership management and risk mitigation solutions. The current agreement runs through 2029, with ongoing significant investments planned for the partnership.

Source

SEC EDGARFeb 6, 2026

Annual report (Form 10-K)

American Express 10-K for FY2025

Filing excerpt

Delta is our largest strategic partner. Our relationships with, and revenues and expenses related to, Delta are significant and represent an important source of value for our Card Members.

sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htmRead the full source

Other signals in this filing (10)

Extracted by Autobound

From the Signal API record
Signal
10-K: Customer concentration

What this signalsFilings often name leadership changes, deals and spending plans.

Period
FY2025
Fiscal year end
12/31
Filed
Feb 6, 2026

More 10-K signals at other companies

The full record

From the Signal API record

Numbers

Percent
13% (of worldwide billed business from Delta cobrand portfolio)

Details

CIK
4962
Accession number
0000004962-26-000080
Timeframe
Current year
Filing year
2026
Why it matters
Diversification strategy
Signal category
Market

Topics and mentions

Vendors

  • Delta Air Lines
  • Marriott International
  • British Airways
  • Hilton Worldwide Holdings
  • Amazon.com
  • Coinbase
  • Credit Saison
  • Emburse

Extraction

Confidence
High
Relevance
90%
Sentiment
Neutral
Detected
Feb 10, 2026
signal_type
sec-10k
signal_subtype
customerConcentration

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The API returns more than this page shows

This page shows a preview. The full sec-10k record in the Signal API and MCP can also have these 8 fields. Some fields are empty for some signals.

Company

  • linkedin_urlValue in the API
  • industriesValue in the API
  • employee_count_lowValue in the API
  • employee_count_highValue in the API
  • revenueValue in the API
  • descriptionValue in the API

Signal

  • signal_nameValue in the API
  • associationValue in the API
Show the full JSONThe record on this page and the API request

GET /v1/signals/9232c52b-f3cf-46b2-a6f5-d60295baa371 returns this record as JSON. POST /v1/companies/enrich returns every signal for americanexpress.com.

{
  "signal_id": "9232c52b-f3cf-46b2-a6f5-d60295baa371",
  "signal_type": "sec-10k",
  "signal_subtype": "customerConcentration",
  "detected_at": "2026-02-10T07:48:41.517+00:00",
  "company": {
    "name": "American Express",
    "domain": "americanexpress.com"
  },
  "data": {
    "detail": "Significant revenue and loan book concentration with a single partner, Delta Air Lines, creates risk and a need for robust partnership management and risk mitigation solutions. The current agreement runs through 2029, with ongoing significant investments planned for the partnership.",
    "metrics": {
      "pct": 0.13,
      "timeframe": "current_year",
      "pct_context": "of worldwide billed business from Delta cobrand portfolio"
    },
    "summary": "Delta partnership represents 13% of billed business and 21% of card member loans.",
    "excerpts": "Delta is our largest strategic partner. Our relationships with, and revenues and expenses related to, Delta are significant and represent an important source of value for our Card Members.",
    "relevance": 0.9,
    "sentiment": "neutral",
    "confidence": "high",
    "source_url": "https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm",
    "filing_date": "2026-02-06",
    "filing_year": 2026,
    "fiscal_year_end": "12/31",
    "sales_relevance": "Diversification strategy",
    "signal_category": "market",
    "vendors_mentioned": [
      "Delta Air Lines",
      "Marriott International",
      "British Airways",
      "Hilton Worldwide Holdings",
      "Amazon.com",
      "Coinbase",
      "Credit Saison",
      "Emburse"
    ]
  }
}

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