# Consumer & credit macro thread

Informational only - not investment advice.

Consumer-credit balances and credit-card delinquency indicators from Federal Reserve public data.

As of: 2026-04-01
Related topic page: /skills/consumer-credit.html

This page is a data-driven assembly of existing grepcent indicators, SIC crosswalks, SEC company financials, and sanitized SEC MD&A text. The mapped sectors are grepcent descriptive editorial mappings, not forecasts, recommendations, or investment advice. Company inclusion is mechanical - largest by revenue in the mapped SIC sectors - and is not a recommendation, endorsement, or an assessment of any company's exposure to this theme.

Sector mapping is coarse (SIC level) and does not imply a company's business is driven by this theme; keyword matches are literal and may be incidental - read the linked filing for context.

## Macro Side

| Indicator | Latest reading | Units | As of | Source |
| --- | ---: | --- | --- | --- |
| [TOTALSL](/indicator/TOTALSL/) - Total Consumer Credit Owned and Securitized | 5.15309e+06 | Millions of U.S. Dollars | 2026-04-01 | https://fred.stlouisfed.org/series/TOTALSL |
| [REVOLSL](/indicator/REVOLSL/) - Revolving Consumer Credit Owned and Securitized | 1.34869e+06 | Millions of U.S. Dollars | 2026-04-01 | https://fred.stlouisfed.org/series/REVOLSL |
| [DRCCLACBS](/indicator/DRCCLACBS/) - Delinquency Rate on Credit Card Loans, All Commercial Banks | 2.92 | Percent | 2026-01-01 | https://fred.stlouisfed.org/series/DRCCLACBS |

## Mapped SIC Sectors

Mapped from the existing topic crosswalk, refined where needed to SIC major-group scope for company selection.

- [Depository Institutions](/major-group/60/): SIC division 60
- [SIC Major Group 61](/major-group/61/): SIC division 61
- [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/): SIC division 62

## Largest Companies in Mapped Sectors (by revenue)

Companies are selected from the mapped SIC sectors and sorted by latest reported annual revenue (from SEC companyfacts). Missing metrics are left blank. MD&A signals are keyword matches against the sanitized latest 10-K MD&A text. Keywords scanned: consumer credit, credit card, credit cards, loan delinquency, delinquency.

| Company | Revenue | FY | Net margin | Operating margin | Revenue growth | MD&A mentions | Verbatim MD&A excerpt |
| --- | ---: | ---: | ---: | ---: | ---: | --- | --- |
| [JPM](/company/JPM/) - JPMORGAN CHASE & CO | 182,447,000,000 | 2025 | 31.27% |  | 2.75% | consumer credit, credit card, credit cards, delinquency | "The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio, with an expected closing in approximately 24 months (the “Apple Card transaction”)." (verbatim sentence from JPM latest 10-K MD&A, filed 2026-02-13; https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm) |
| [SNEX](/company/SNEX/) - StoneX Group Inc. | 132,378,200,000 | 2025 | 0.23% | -0.06% | 32.53% |  | No keyword match found in emitted latest 10-K MD&A. |
| [BAC](/company/BAC/) - BANK OF AMERICA CORP /DE/ | 113,097,000,000 | 2025 | 26.98% |  | 6.84% | consumer credit, credit card, delinquency | "The allowance for loan and lease losses decreased $37 million primarily due to reserve releases in credit card and commercial real estate as asset quality improved." (verbatim sentence from BAC latest 10-K MD&A, filed 2026-02-25; https://www.sec.gov/Archives/edgar/data/70858/000007085826000157/bac-20251231.htm) |
| [C](/company/C/) - CITIGROUP INC | 85,225,000,000 | 2025 | 16.79% |  | 5.58% | consumer credit, credit card, credit cards, loan delinquency, delinquency | "Net interest income is mainly driven by interest earned on client deposits and tailored lending solutions, including mortgages, margin lending, personal, small business and other loans, and international credit cards." (verbatim sentence from C latest 10-K MD&A, filed 2026-02-20; https://www.sec.gov/Archives/edgar/data/831001/000083100126000011/c-20251231.htm) |
| [WFC](/company/WFC/) - WELLS FARGO & COMPANY/MN | 83,699,000,000 | 2025 | 25.49% |  | 1.70% |  | No keyword match found in emitted latest 10-K MD&A. |
| [AXP](/company/AXP/) - AMERICAN EXPRESS CO | 72,229,000,000 | 2025 | 15.00% |  | 9.52% | credit card, credit cards, delinquency | "Service fees and other revenue, primarily represent revenues related to network partnership agreements (comprising royalties, fees and amounts earned for facilitating transactions on cards issued by network partners), fees earned on alternative payment solutions facilitated by American Express, foreign currency-related fees charged to Card Members, loyalty coalition, merchant and other service fees, Card Member delinquency fees, travel commissions and fees, and income (losses) from our investments in which we have significant influence." (verbatim sentence from AXP latest 10-K MD&A, filed 2026-02-06; https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm) |
| [MS](/company/MS/) - MORGAN STANLEY | 70,645,000,000 | 2025 | 23.87% |  | 14.38% |  | No keyword match found in emitted latest 10-K MD&A. |
| [GS](/company/GS/) - GOLDMAN SACHS GROUP INC | 58,283,000,000 | 2025 | 29.47% |  | 8.92% | consumer credit, credit card, credit cards, delinquency | "The decrease in net revenues in Platform Solutions reflected a reduction in net revenues of $2.26 billion from markdowns on the outstanding credit card portfolio related to the transfer of the Apple Card loan portfolio to held for sale and contract termination obligations in connection with the agreement to transition the program to another issuer, which was more than offset by a related reserve reduction in provision for credit losses." (verbatim sentence from GS latest 10-K MD&A, filed 2026-02-25; https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm) |
| [COF](/company/COF/) - CAPITAL ONE FINANCIAL CORP | 53,434,000,000 | 2025 | 4.59% |  | 36.62% | consumer credit, credit card, credit cards, delinquency | "◦Higher non-interest income primarily driven by growth in our credit card portfolio and the impacts of acquiring the Global Payment Network, both as a result of the Transaction." (verbatim sentence from COF latest 10-K MD&A, filed 2026-02-19; https://www.sec.gov/Archives/edgar/data/927628/000092762826000024/cof-20251231.htm) |
| [APO](/company/APO/) - Apollo Global Management, Inc. | 32,049,000,000 | 2025 | 10.90% |  | 22.73% |  | No keyword match found in emitted latest 10-K MD&A. |
| [USB](/company/USB/) - US BANCORP \DE\ | 28,656,000,000 | 2025 | 26.42% |  | 4.37% |  | No keyword match found in emitted latest 10-K MD&A. |
| [TFC](/company/TFC/) - TRUIST FINANCIAL CORP | 24,542,000,000 | 2025 | 21.62% |  | -2.09% | consumer credit, credit card, credit cards, delinquency | "We offer a variety of loans and lease financing to consumer and wholesale clients primarily within our geographic footprint, including commercial and industrial, commercial real estate, commercial construction, residential mortgage, home equity, indirect auto, other consumer, and credit card lending." (verbatim sentence from TFC latest 10-K MD&A, filed 2026-02-24; https://www.sec.gov/Archives/edgar/data/92230/000009223026000030/tfc-20251231.htm) |
| [BLK](/company/BLK/) - BlackRock, Inc. | 24,216,000,000 | 2025 | 22.93% | 29.09% | 18.67% |  | No keyword match found in emitted latest 10-K MD&A. |
| [SCHW](/company/SCHW/) - SCHWAB CHARLES CORP | 23,921,000,000 | 2025 | 37.01% |  | 22.01% | delinquency | "Delinquency roll rates: The rates at which loans transition through delinquency stages, ultimately resulting in a loss." (verbatim sentence from SCHW latest 10-K MD&A, filed 2026-02-25; https://www.sec.gov/Archives/edgar/data/316709/000031670926000009/schw-20251231.htm) |
| [PNC](/company/PNC/) - PNC FINANCIAL SERVICES GROUP, INC. | 23,099,000,000 | 2025 | 30.29% |  | 7.16% | consumer credit, credit card, loan delinquency, delinquency | "Overall loan delinquencies increased $61 million, or 4%, to $1.4 billion, as a result of higher commercial loan delinquencies, partially offset by lower consumer loan delinquencies." (verbatim sentence from PNC latest 10-K MD&A, filed 2026-02-20; https://www.sec.gov/Archives/edgar/data/713676/000071367626000020/pnc-20251231.htm) |