Form 8-K

8-K — US BANCORP \DE\

Accession: 0000036104-26-000021

Filed: 2026-04-16

Period: 2026-04-16

CIK: 0000036104

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — usb-20260416.htm (Primary)

EX-99.1 (a1q26earningsrelease.htm)

EX-99.2 (a1q26earningssupplement.htm)

EX-99.3 (earningscallpresentation.htm)

GRAPHIC (earningscallpresentation001.jpg)

GRAPHIC (earningscallpresentation002.jpg)

GRAPHIC (earningscallpresentation003.jpg)

GRAPHIC (earningscallpresentation004.jpg)

GRAPHIC (earningscallpresentation005.jpg)

GRAPHIC (earningscallpresentation006.jpg)

GRAPHIC (earningscallpresentation007.jpg)

GRAPHIC (earningscallpresentation008.jpg)

GRAPHIC (earningscallpresentation009.jpg)

GRAPHIC (earningscallpresentation010.jpg)

GRAPHIC (earningscallpresentation011.jpg)

GRAPHIC (earningscallpresentation012.jpg)

GRAPHIC (earningscallpresentation013.jpg)

GRAPHIC (earningscallpresentation014.jpg)

GRAPHIC (earningscallpresentation015.jpg)

GRAPHIC (earningscallpresentation016.jpg)

GRAPHIC (earningscallpresentation017.jpg)

GRAPHIC (earningscallpresentation018.jpg)

GRAPHIC (earningscallpresentation019.jpg)

GRAPHIC (earningscallpresentation020.jpg)

GRAPHIC (earningscallpresentation021.jpg)

GRAPHIC (earningscallpresentation022.jpg)

GRAPHIC (earningscallpresentation023.jpg)

GRAPHIC (earningscallpresentation024.jpg)

GRAPHIC (earningscallpresentation025.jpg)

GRAPHIC (earningscallpresentation026.jpg)

GRAPHIC (earningscallpresentation027.jpg)

GRAPHIC (earningscallpresentation028.jpg)

GRAPHIC (earningscallpresentation029.jpg)

GRAPHIC (earningscallpresentation030.jpg)

GRAPHIC (earningscallpresentation031.jpg)

GRAPHIC (earningscallpresentation032.jpg)

GRAPHIC (earningscallpresentation033.jpg)

GRAPHIC (earningscallpresentation034.jpg)

GRAPHIC (earningscallpresentation035.jpg)

GRAPHIC (earningscallpresentation036.jpg)

GRAPHIC (earningscallpresentation037.jpg)

GRAPHIC (earningscallpresentation038.jpg)

GRAPHIC (earningscallpresentation039.jpg)

GRAPHIC (earningscallpresentation040.jpg)

GRAPHIC (earningscallpresentation041.jpg)

GRAPHIC (earningscallpresentation042.jpg)

GRAPHIC (earningscallpresentation043.jpg)

GRAPHIC (earningscallpresentation044.jpg)

GRAPHIC (earningscallpresentation045.jpg)

GRAPHIC (earningscallpresentation046.jpg)

GRAPHIC (earningscallpresentation047.jpg)

GRAPHIC (usbancorplogo_large.jpg)

GRAPHIC (usbancorplogo_small.jpg)

GRAPHIC (usbancorplogo_smalla.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: usb-20260416.htm · Sequence: 1

usb-20260416

0000036104falseUS BANCORP \DE\00000361042026-04-162026-04-160000036104us-gaap:CommonStockMember2026-04-162026-04-160000036104us-gaap:SeriesAPreferredStockMember2026-04-162026-04-160000036104us-gaap:SeriesBPreferredStockMember2026-04-162026-04-160000036104usb:SeriesKPreferredStockMember2026-04-162026-04-160000036104usb:SeriesLPreferredStockMember2026-04-162026-04-160000036104usb:SeriesMPreferredStockMember2026-04-162026-04-160000036104usb:SeriesOPreferredStockMember2026-04-162026-04-160000036104usb:SeriesCCSeniorFloatingMember2026-04-162026-04-160000036104usb:SeriesCCSeniorFixedToFloatingMember2026-04-162026-04-16

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 16, 2026

U.S. BANCORP

(Exact name of registrant as specified in its charter)

1-6880

(Commission File Number)

Delaware 41-0255900

(State or other jurisdiction of incorporation) (I.R.S. Employer Identification Number)

800 Nicollet Mall

Minneapolis, Minnesota 55402

(Address of principal executive offices and zip code)

(651) 466-3000

(Registrant’s telephone number, including area code)

(not applicable)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

symbol

Name of each exchange

on which registered

Common Stock, $.01 par value per share USB New York Stock Exchange

Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00) USB PrA New York Stock Exchange

Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00) USB PrH New York Stock Exchange

Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00) USB PrP New York Stock Exchange

Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00) USB PrQ New York Stock Exchange

Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00) USB PrR New York Stock Exchange

Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00) USB PrS New York Stock Exchange

Floating Rate Notes, Series CC (Senior), due May 21, 2028 USB/28 New York Stock Exchange

4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032 USB/32 New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section l3(a) of the Exchange Act.

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 16, 2026, U.S. Bancorp (the “Company”) issued a press release reporting financial results for the quarter ended March 31, 2026. The press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference. The press release contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated. The Company has also made available on its website materials that contain additional information about the Company’s financial results for the quarter ended March 31, 2026 (the “1Q26 Earnings Supplement”), which is attached as Exhibit 99.2 hereto and is incorporated herein by reference.

The information included in Exhibit 99.1 shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The information included in Exhibit 99.2 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise expressly stated in such filing.

ITEM 7.01 REGULATION FD DISCLOSURE.

On April 16, 2026, the Company will hold an investor conference call and webcast to discuss financial results for the quarter ended March 31, 2026. The Company has also made available on its website presentation materials containing certain additional historical and forward-looking information related to the Company (the “1Q26 Earnings Conference Call Presentation”). The 1Q26 Earnings Conference Call Presentation is attached as Exhibit 99.3 and is incorporated herein by reference. The 1Q26 Earnings Conference Call Presentation contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated.

The information provided in Item 7.01 of this report, including Exhibit 99.3, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filings under the Securities Act, except as otherwise expressly stated in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

99.1

Press Release issued by U.S. Bancorp on April 16, 2026, deemed “filed” under the Exchange Act.

99.2

1Q26 Earnings Supplement, deemed “furnished” under the Exchange Act.

99.3

1Q26 Earnings Conference Call Presentation, deemed “furnished” under the Exchange Act.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

U.S. BANCORP

By /s/ Lisa R. Stark

Lisa R. Stark

Executive Vice President and

Controller

DATE: April 16, 2026

EX-99.1

Filename: a1q26earningsrelease.htm · Sequence: 2

Document

1Q26 Key Financial Data

1Q26 Financial Highlights

PROFITABILITY METRICS

1Q26

4Q25

1Q25

•Net revenue of $7,288 million, including year-over-year increases of 4.1% in net interest income (taxable-equivalent basis) and 6.9% in fee revenue

•Net income of $1,945 million, an increase of 14% year-over-year

•Diluted earnings per common share of $1.18, an increase of 15% year-over-year

•Return on average assets of 1.15% and efficiency ratio of 58.2%, both improved on a year-over-year basis

•Positive operating leverage of 440 basis points from the prior year quarter

•Net interest margin of 2.77%, an increase of 5 basis points on a year-over-year basis

•Noninterest expense relatively stable year-over-year

•CET1 capital ratio of 10.8% at March 31, 2026

•Average total loans increased 3.8% on a year-over-year basis and 2.4% on a linked quarter basis

•Average total deposits increased 1.7% on a year-over-year basis

Return on average assets (%)

1.15

1.19

1.04

Return on average common equity (%)

12.6

13.5

12.3

Return on tangible common equity (%)(a)

17.0

18.4

17.5

Net interest margin (%)

2.77

2.72

Efficiency ratio (%)(a)

58.2

57.4

60.8

INCOME STATEMENT(b)

1Q26

4Q25

1Q25

Net interest income (taxable-equivalent basis)

$4,291

$4,312

$4,122

Noninterest income

$2,997

$3,053

$2,836

Noninterest expense

$4,265

$4,227

$4,232

Net income attributable to U.S. Bancorp

$1,945

$2,045

$1,709

Diluted earnings per common share

$1.18

$1.26

$1.03

Dividends declared per common share

$.52

$.50

BALANCE SHEET(b)

1Q26

4Q25

1Q25

Average total loans

$393,560

$384,285

$379,028

Average total deposits

$515,119

$515,142

$506,534

Net charge-off ratio (%)

.56

.54

.59

Book value per common share (period end)

$37.93

$37.55

$34.16

Tangible book value per common share (period end)(a)

$29.56

$29.12

$25.64

Basel III standardized CET1 (%)(c)

10.8

(a) See Non-GAAP Financial Measures reconciliation on page 16

(b) Dollars in millions, except per share data

CEO Commentary

“In the first quarter, we delivered diluted earnings per share of $1.18, up 15% year-over-year, and a return on tangible common equity of 17%. Strong revenue growth drove 440 basis points of positive operating leverage, as ongoing investments for growth and continued cost savings drove 260 basis points of year‑over‑year improvement in our efficiency ratio. Net interest income growth of 4.1% compared with the prior year was supported by robust loan growth in priority areas, including commercial and credit card, and record consumer deposits. Fee revenue increased 6.9% year-over-year, reflecting improved payments performance and continued momentum across capital markets and investment services businesses. Credit quality and capital levels remain healthy and strong.

These results demonstrate continued execution within our medium‑term financial target ranges and strong momentum across the franchise. Recently announced partnerships with nationally recognized brands such as Amazon and the NFL reinforce the scale, relevance, and growth potential of our diversified business model. With disciplined risk management and consistent execution, we are positioned to deliver sustainable returns and long‑term value. On behalf of my U.S. Bank colleagues, I thank our clients and shareholders for their continued trust and support.”

— Gunjan Kedia, CEO, U.S. Bancorp

Business and Other Highlights

Amazon and U.S. Bank Launch New Small Business Credit Cards

Amazon announced it is transitioning its small business credit card portfolio to U.S. Bank and the Mastercard network, introducing a new Prime Business Card and a new Amazon Business Card available this spring. The Prime Business Card will offer Prime members 5% back on Amazon purchases, while the Amazon Business Card will provide 3% back for customers without a Prime membership, with both cards featuring enhanced rewards for off-Amazon spending, flexible credit terms, and no annual fees. Designed to integrate seamlessly with Amazon Business purchasing and spend management tools, the new cards aim to help small businesses better manage cash flow and earn rewards wherever they shop. Issued by U.S. Bank, the partnership expands its small business payments offerings while leveraging Mastercard’s global network, security, and data-driven capabilities to deliver greater value, simplicity, and control for small business customers.

U.S. Bank and NFL Announce Partnership Centered on Banking and Wealth Management

The NFL and U.S. Bank announced a new multi‑year partnership naming U.S. Bank an official bank and wealth management sponsor of the league, building on a trusted relationship that spans more than 20 years. The agreement includes U.S. Bank becoming the presenting sponsor of the Super Bowl MVP Award beginning with Super Bowl LXI and a top‑tier sponsor of the NFL FLAG Championships. A key focus of the partnership is player financial empowerment, with U.S. Bank creating a Financial Edge™ program to support athletes throughout their careers and beyond. The program will address areas such as cash flow, saving strategies, long‑term wealth, entrepreneurship, and life after football. The partnership also reflects U.S. Bank’s extensive experience in sports finance and includes plans for a joint corporate social responsibility initiative and future fan-focused activations.

Investor contact: Angie Jeyaraj, Angie.Jeyaraj@usbank.com | Media contact: Jeff Shelman, Jeffrey.Shelman@usbank.com

U.S. Bancorp First Quarter 2026 Results

INCOME STATEMENT HIGHLIGHTS

($ in millions, except per share data)

Percent Change

1Q 2026

4Q 2025

1Q 2025

1Q26 vs 4Q25

1Q26 vs 1Q25

Net interest income

$4,263

$4,284

$4,092

(.5)

4.2

Taxable-equivalent adjustment

—

(6.7)

Net interest income (taxable-equivalent basis)

4,291

4,312

4,122

(.5)

4.1

Noninterest income

2,997

3,053

2,836

(1.8)

5.7

Total net revenue

7,288

7,365

6,958

(1.0)

4.7

Noninterest expense

4,265

4,227

4,232

Income before provision and income taxes

3,023

3,138

2,726

(3.7)

10.9

Provision for credit losses

576

577

537

(.2)

7.3

Income before taxes

2,447

2,561

2,189

(4.5)

11.8

Income taxes and taxable-equivalent adjustment

497

510

473

(2.5)

5.1

Net income

1,950

2,051

1,716

(4.9)

13.6

Net (income) loss attributable to noncontrolling interests

(5)

(6)

(7)

16.7

28.6

Net income attributable to U.S. Bancorp

$1,945

$2,045

$1,709

(4.9)

13.8

Net income applicable to U.S. Bancorp common shareholders

$1,841

$1,965

$1,603

(6.3)

14.8

Diluted earnings per common share

$1.18

$1.26

$1.03

(6.3)

14.6

Net income attributable to U.S. Bancorp was $1,945 million for the first quarter of 2026, $236 million higher than the first quarter of 2025 and $100 million lower than the fourth quarter of 2025. Diluted earnings per common share was $1.18 in the first quarter of 2026, compared with $1.03 in the first quarter of 2025 and $1.26 in the fourth quarter of 2025.

The year-over-year increase in net income attributable to U.S. Bancorp was driven by higher total net revenue, partially offset by higher noninterest expense and higher provision for credit losses. Net interest income increased 4.1 percent on a taxable-equivalent basis, primarily due to loan growth, improved earning asset mix, and fixed asset repricing, while net interest margin increased to 2.77 percent from 2.72 percent. Noninterest income increased 5.7 percent, reflecting higher revenue across most categories. Noninterest expense increased 0.8 percent primarily due to higher marketing and business development expense and technology and communications expense, partially offset by lower compensation and employee benefits expense. The provision for credit losses increased 7.3 percent, primarily due to loan portfolio growth.

Compared with the fourth quarter of 2025, net income attributable to U.S. Bancorp decreased primarily due to lower total net revenue and higher noninterest expense. Net interest income decreased 0.5 percent on a taxable-equivalent basis, primarily driven by fewer days in the quarter and deposit seasonality, partially offset by growth in loans, while net interest margin was stable. Noninterest income decreased primarily due to seasonally lower card revenue and capital markets revenue, as well as losses from repositioning a portion of the securities portfolio, partially offset by higher mortgage banking revenue. Noninterest expense increased 0.9 percent reflecting higher compensation and employee benefits expense and higher marketing and business development expense. The provision for credit losses remained relatively stable with a decrease of 0.2 percent.

U.S. Bancorp First Quarter 2026 Results

NET INTEREST INCOME

(Taxable-equivalent basis; $ in millions)

Change

1Q 2026

4Q 2025

1Q 2025

1Q26 vs 4Q25

1Q26 vs 1Q25

Components of net interest income

Income on earning assets

7,866

7,951

7,546

(85)

320

Expense on interest-bearing liabilities

3,575

3,639

3,424

(64)

151

Net interest income

4,291

4,312

4,122

(21)

169

Average yields and rates paid

Earning assets yield

5.09

5.10

4.99

(.01)

.10

Rate paid on interest-bearing liabilities

2.81

2.83

2.75

(.02)

.06

Gross interest margin

2.28

2.27

2.24

.01

.04

Net interest margin

2.77

2.72

—

.05

Average balances

Investment securities(a)

171,471

172,039

171,178

(568)

293

Loans held for sale

2,326

2,775

1,823

(449)

503

Loans

393,560

384,285

379,028

9,275

14,532

Interest-bearing deposits with banks

38,855

42,705

43,735

(3,850)

(4,880)

Other earning assets

17,950

18,413

14,466

(463)

3,484

Earning assets

624,162

620,217

610,230

3,945

13,932

Interest-bearing liabilities

515,578

509,378

504,023

6,200

11,555

(a) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis was $4,291 million in the first quarter of 2026, an increase of $169 million (4.1 percent) compared with the first quarter of 2025. The increase primarily reflected loan growth, improved earning asset mix, and benefits from fixed asset repricing. Average earning assets were $13.9 billion (2.3 percent) higher than the first quarter of 2025, reflecting increases of $14.5 billion (3.8 percent) in average loans, and $3.5 billion (24.1 percent) in average other earning assets, partially offset by a decrease of $4.9 billion (11.2 percent) in average interest-bearing deposits with banks.

On a linked quarter basis, net interest income on a taxable-equivalent basis decreased $21 million (0.5 percent) primarily driven by fewer days in the quarter and deposit seasonality, partially offset by loan growth. Average earning assets were $3.9 billion (0.6 percent) higher on a linked quarter basis, reflecting an increase of $9.3 billion (2.4 percent) in average loans, partially offset by a decrease of $3.9 billion (9.0 percent) in average interest-bearing deposits with banks.

Net interest margin was 2.77 percent in the first quarter of 2026, compared with 2.72 percent in the first quarter of 2025 and 2.77 percent in the fourth quarter of 2025. The increase in net interest margin compared with the prior year quarter was primarily due to the benefits from fixed asset repricing. Net interest margin was stable on a linked quarter basis.

U.S. Bancorp First Quarter 2026 Results

AVERAGE LOANS

($ in millions)

Percent Change

1Q 2026

4Q 2025

1Q 2025

1Q26 vs 4Q25

1Q26 vs 1Q25

Commercial(a)

$145,397

$138,807

$130,252

4.7

11.6

Lease financing

4,436

4,307

4,199

3.0

5.6

Total commercial(a)

149,833

143,114

134,451

4.7

11.4

Commercial mortgages

39,969

38,698

38,624

3.3

3.5

Construction and development

9,439

9,792

10,266

(3.6)

(8.1)

Total commercial real estate

49,408

48,490

48,890

1.9

1.1

Residential mortgages

116,690

115,390

118,844

1.1

(1.8)

Credit card(a)

37,341

37,019

35,083

6.4

Retail leasing

3,525

3,572

3,990

(1.3)

(11.7)

Home equity and second mortgages

13,972

13,922

13,542

3.2

Other

22,791

22,778

24,228

(5.9)

Total other retail

40,288

40,272

41,760

—

(3.5)

Total loans

$393,560

$384,285

$379,028

2.4

3.8

(a)Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.

Average total loans for the first quarter of 2026 increased $14.5 billion (3.8 percent) compared with the first quarter of 2025. The increase was driven by higher total commercial loans and credit card loans, partially offset by declines in residential mortgages and total other retail loans. Growth in total commercial loans reflected higher loans to financial institutions, partially offset by lower corporate and other commercial loans, while credit card loan growth reflected higher sales volume. Declines in residential mortgages and other retail loans were primarily due to loan sales in the second quarter of 2025.

Compared with the fourth quarter of 2025, average total loans increased $9.3 billion (2.4 percent) driven by higher total commercial loans and residential mortgages. Growth in total commercial loans reflected higher corporate loans and loans to financial institutions, while the increase in residential mortgages was primarily driven by originations.

U.S. Bancorp First Quarter 2026 Results

AVERAGE DEPOSITS

($ in millions)

Percent Change

1Q 2026

4Q 2025

1Q 2025

1Q26 vs 4Q25

1Q26 vs 1Q25

Noninterest-bearing deposits

$80,628

$83,295

$79,696

(3.2)

1.2

Interest-bearing savings deposits

Interest checking

130,600

131,055

125,651

(.3)

3.9

Money market savings

188,986

186,119

195,442

1.5

(3.3)

Savings accounts

68,305

64,207

50,271

6.4

35.9

Total savings deposits

387,891

381,381

371,364

1.7

4.5

Time deposits

46,600

50,466

55,474

(7.7)

(16.0)

Total interest-bearing deposits

434,491

431,847

426,838

1.8

Total deposits

$515,119

$515,142

$506,534

—

1.7

Average total deposits in the first quarter of 2026 increased $8.6 billion (1.7 percent) compared with the first quarter of 2025. Average noninterest-bearing deposits grew, driven by higher balances in Wealth, Corporate, Commercial and Institutional Banking, partially offset by declines in Consumer and Business Banking. Average total savings deposits increased driven by growth in Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking, partially offset by decreases in Treasury and Corporate Support. Average time deposits declined mainly within Wealth, Corporate, Commercial and Institutional Banking and Treasury and Corporate Support, partially offset by increases in Consumer and Business Banking. Changes in time deposits reflect balances managed as an alternative to other funding sources, based on relative pricing and liquidity considerations.

Compared with the fourth quarter of 2025, average total deposits were relatively flat. Seasonal decreases in average noninterest-bearing deposits within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking, and lower average time deposits, reflecting decreases in Consumer and Business Banking and Treasury and Corporate Support, were partially offset by an increase in average total savings deposits driven by increases in Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking.

U.S. Bancorp First Quarter 2026 Results

NONINTEREST INCOME(a)

($ in millions)

Percent Change

1Q 2026

4Q 2025

1Q 2025

1Q26 vs 4Q25

1Q26 vs 1Q25

Card revenue(b)

$391

$427

$374

(8.4)

4.5

Corporate payment and treasury management revenue(b)(c)

408

396

400

3.0

2.0

Merchant processing services

436

440

415

(.9)

5.1

Trust and investment management fees

745

756

680

(1.5)

9.6

Lending and deposit-related fees(c)(d)

294

302

266

(2.6)

10.5

Capital markets revenue(d)(e)

377

389

292

(3.1)

29.1

Mortgage banking revenue

161

130

173

23.8

(6.9)

Investment products fees

101

(4.0)

11.5

Other(e)

123

109

149

12.8

(17.4)

Total fee revenue

3,032

3,050

2,836

(.6)

6.9

Securities gains (losses), net

(35)

—

Total noninterest income

$2,997

$3,053

$2,836

(1.8)

5.7

Effective January 1, 2026, U.S. Bancorp made changes and reclassifications to certain fee revenue items. Prior period balances have been conformed to current period presentation to reflect the reclassifications described below:

(a)'Corporate payment products revenue' has been renamed 'Corporate payment and treasury management revenue', and 'Service charges' has been renamed 'Lending and deposit-related fees'.

(b)Stored-value card revenue was reclassified from 'Card revenue' to 'Corporate payment and treasury management revenue'.

(c)Treasury management services revenue was reclassified from 'Lending and deposit-related fees' to 'Corporate payment and treasury management revenue'.

(d)Loan and leasing fees was reclassified from 'Capital markets revenue' to 'Lending and deposit-related fees'.

(e)Impact Finance tax credit investment syndication fee revenue and related fees was reclassified from 'Other' noninterest income to 'Capital markets revenue'.

First quarter noninterest income of $2,997 million increased $161 million (5.7 percent) compared with the first quarter of 2025. The increase was driven by higher card revenue reflecting increased credit card sales volume, higher merchant processing services revenue due to favorable rates, higher trust and investment management fees driven by business growth and favorable market conditions, higher lending and deposit-related fees, and higher capital markets revenue primarily due to higher client-related derivative activity, corporate bond underwriting fees and favorable market conditions. The increases were partially offset by lower other revenue, and losses from repositioning a portion of the securities portfolio.

Compared with the fourth quarter of 2025, noninterest income decreased $56 million (1.8 percent). The decrease was driven by lower card revenue due to seasonality, losses from repositioning a portion of the securities portfolio, and lower capital markets revenue due to the timing of tax credit syndications, partially offset by higher corporate bond underwriting fees and favorable market conditions. These decreases were partially offset by higher mortgage banking revenue due to the change in fair value of mortgage servicing rights, net of hedging activities.

U.S. Bancorp First Quarter 2026 Results

NONINTEREST EXPENSE

($ in millions)

Percent Change

1Q 2026

4Q 2025

1Q 2025

1Q26 vs 4Q25

1Q26 vs 1Q25

Compensation and employee benefits

$2,628

$2,529

$2,637

3.9

(.3)

Net occupancy and equipment

304

320

306

(5.0)

(.7)

Professional services

144

(36.1)

(6.1)

Marketing and business development

217

187

182

16.0

19.2

Technology and communications

573

584

533

(1.9)

7.5

Other intangibles

110

126

123

(12.7)

(10.6)

Other

341

337

353

1.2

(3.4)

Total noninterest expense

$4,265

$4,227

$4,232

First quarter noninterest expense was $4,265 million, an increase of $33 million (0.8 percent), compared with the first quarter of 2025. The increase was driven by marketing and business development expense primarily due to increased initiatives, as well as higher technology and communications expense reflecting investments in product and technology development. These increases were partially offset by lower compensation and employee benefits expense, primarily due to cost savings from operational efficiencies, partially offset by merit increases, lower other intangibles expense, and lower other noninterest expense.

Compared with the fourth quarter of 2025, noninterest expense increased $38 million (0.9 percent). The increase was driven by seasonally higher compensation and employee benefits expense and higher marketing and business development expense. These increases were partially offset by lower net occupancy and equipment expense, related to the timing of projects, and lower professional services expense, due to the timing of initiatives.

Provision for Income Taxes

The provision for income taxes for the first quarter of 2026 resulted in a tax rate of 20.3 percent on a taxable-equivalent basis (effective tax rate of 19.4 percent), compared with 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.5 percent) in the first quarter of 2025, and 19.9 percent on a taxable-equivalent basis (effective tax rate of 19.0 percent) in the fourth quarter of 2025.

U.S. Bancorp First Quarter 2026 Results

ALLOWANCE FOR CREDIT LOSSES

($ in millions)

1Q 2026

%(a)

4Q 2025

%(a)

3Q 2025

%(a)

2Q 2025

%(a)

1Q 2025

%(a)

Balance, beginning of period

$7,947

$7,897

$7,862

$7,915

$7,925

Net charge-offs

Commercial(b)

117

.33

101

.29

.07

.18

.30

Lease financing

.37

.46

.65

.57

.39

Total commercial(b)

121

.33

106

.29

.09

.19

101

.30

Commercial mortgages

.02

(3)

(.03)

103

1.06

.60

(5)

(.05)

Construction and development

(10)

(.43)

—

.04

Total commercial real estate

(8)

(.07)

(3)

(.02)

103

.85

.47

(4)

(.03)

Residential mortgages

(1)

—

(2)

(.01)

(1)

—

(1)

—

Credit card(b)

365

3.96

358

3.84

346

3.80

380

4.30

387

4.47

Retail leasing

2.07

1.89

1.81

1.04

1.32

Home equity and second mortgages

.03

(2)

(.06)

—

(1)

(.03)

Other

.89

.87

.76

.73

.85

Total other retail

.69

.67

.57

.52

.61

Total net charge-offs

546

.56

527

.54

536

.56

554

.59

547

.59

Provision for credit losses

576

577

571

501

537

Balance, end of period

$7,977

$7,947

$7,897

$7,862

$7,915

Components

Allowance for loan losses

$7,646

$7,605

$7,557

$7,537

$7,584

Liability for unfunded credit commitments

331

342

340

325

331

Total allowance for credit losses

$7,977

$7,947

$7,897

$7,862

$7,915

Gross charge-offs

$683

$651

$669

$683

$690

Gross recoveries

$137

$124

$133

$129

$143

Allowance for credit losses as a percentage of

Period-end loans (%)

2.00

2.03

2.06

2.07

Nonperforming loans (%)

536

514

490

480

470

Nonperforming assets (%)

522

500

477

468

458

(a) Annualized and calculated on average loan balances.

(b) Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.

U.S. Bancorp First Quarter 2026 Results

The provision for credit losses was $576 million for the first quarter of 2026, compared with $577 million in the fourth quarter of 2025 and $537 million in the first quarter of 2025. The increase on a year-over-year basis was primarily driven by loan portfolio growth. The provision on a linked quarter basis was relatively stable. The Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to evolving trade policy and geopolitical events, as well as other economic factors that may affect the financial strength of corporate and consumer borrowers.

Total net charge-offs were $546 million in the first quarter of 2026, compared with $527 million in the fourth quarter of 2025 and $547 million in the first quarter of 2025. The net charge-off ratio was 0.56 percent compared with 0.54 percent in the fourth quarter of 2025 and 0.59 percent in the first quarter of 2025. The increase in net charge-offs on a linked quarter basis was driven by higher net charge-offs on commercial loans and credit card portfolios. The decrease in net charge-offs on a year-over-year basis reflected lower net charge-offs on credit card portfolios, partially offset by increased net charge-offs on commercial loans.

The allowance for credit losses was $7,977 million at March 31, 2026, compared with $7,947 million at December 31, 2025, and $7,915 million at March 31, 2025. The increase in the allowance for credit losses on a linked quarter basis was primarily driven by loan portfolio growth. The increase in the allowance for credit losses on a year-over-year basis was primarily driven by loan portfolio growth, partially offset by improved credit quality. The allowance for credit losses represented 2.00 percent of period-end loans at March 31, 2026 and 536 percent of nonperforming loans at March 31, 2026.

Nonperforming assets were $1,528 million at March 31, 2026, compared with $1,590 million at December 31, 2025, and $1,727 million at March 31, 2025. The decrease on a linked quarter basis was primarily due to the resolution of commercial nonperforming loans, while the decrease from the prior year was primarily due to the resolution of commercial real estate nonperforming loans, partially offset by higher commercial nonperforming loans and residential mortgages. The ratio of nonperforming assets to loans and other real estate was 0.38 percent at March 31, 2026. Accruing loans 90 days or more past due were $847 million at March 31, 2026, compared with $853 million at December 31, 2025, and $796 million at March 31, 2025. The linked quarter decrease in accruing loans 90 days or more past due was primarily due to lower residential mortgage delinquencies, partially offset by higher commercial loan delinquencies, while the increase from the prior year was primarily due to higher residential mortgage delinquencies remaining on accrual with support from strong housing values and higher commercial loan delinquencies.

U.S. Bancorp First Quarter 2026 Results

DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES

(Percent)

Mar 31 2026

Dec 31 2025

Sep 30 2025

Jun 30 2025

Mar 31 2025

Delinquent loan ratios - 90 days or more past due

Commercial(a)

.02

.01

Commercial real estate

.03

.04

.28

.01

Residential mortgages

.23

.25

.26

.28

.19

Credit card(a)

1.29

1.27

1.26

1.40

Other retail

.13

.14

Total loans

.21

.22

.25

.21

Delinquent loan ratios - 90 days or more past due and nonperforming loans

Commercial(a)

.44

.50

.52

.42

.46

Commercial real estate

1.07

1.09

1.24

1.86

1.62

Residential mortgages

.36

.38

.40

.31

Credit card(a)

1.29

1.27

1.26

1.40

Other retail

.52

.53

.51

.50

Total loans

.58

.61

.64

.68

.65

(a) Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.

ASSET QUALITY(a)

($ in millions)

Mar 31 2026

Dec 31 2025

Sep 30 2025

Jun 30 2025

Mar 31 2025

Nonperforming loans

Commercial

$622

$695

$708

$548

$589

Lease financing

Total commercial

648

717

733

575

616

Commercial mortgages

488

504

558

732

745

Construction and development

Total commercial real estate

522

518

579

763

780

Residential mortgages

159

151

143

145

141

Credit card

—

Other retail

159

161

155

154

148

Total nonperforming loans

1,488

1,547

1,610

1,637

1,685

Other real estate

Other nonperforming assets

Total nonperforming assets

$1,528

$1,590

$1,654

$1,680

$1,727

Accruing loans 90 days or more past due

$847

$853

$840

$966

$796

Nonperforming assets to loans plus ORE (%)

.38

.41

.43

.44

.45

(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due

U.S. Bancorp First Quarter 2026 Results

COMMON SHARES

(Millions)

1Q 2026

4Q 2025

3Q 2025

2Q 2025

1Q 2025

Beginning shares outstanding

1,555

1,556

1,558

1,560

Shares issued for stock incentive plans,

acquisitions and other corporate purposes

—

Shares repurchased

(5)

(3)

(2)

(4)

Ending shares outstanding

1,555

1,556

1,558

1,560

CAPITAL POSITION

Preliminary Data

($ in millions)

Mar 31 2026

Dec 31 2025

Sep 30 2025

Jun 30 2025

Mar 31 2025

Total U.S. Bancorp shareholders' equity

$65,786

$65,193

$63,340

$61,438

$60,096

Basel III Standardized Approach

Common equity tier 1 capital

$52,648

$51,665

$50,587

$49,382

$48,482

Tier 1 capital

59,899

58,917

57,839

56,630

55,736

Total risk-based capital

69,163

68,087

66,820

65,752

64,989

Common equity tier 1 capital ratio

10.8

10.9

10.7

10.8

Tier 1 capital ratio

12.3

12.4

12.3

12.4

Total risk-based capital ratio

14.2

14.4

14.3

14.4

Leverage ratio

8.8

8.7

8.6

8.5

8.4

Common equity to assets

8.4

8.1

8.0

7.9

Tangible common equity to tangible assets(a)

6.7

6.4

6.1

6.0

Tangible common equity to risk-weighted assets(a)

9.4

9.3

9.0

8.9

(a)See Non-GAAP Financial Measures reconciliation on page 16.

Total U.S. Bancorp shareholders’ equity was $65.8 billion at March 31, 2026, compared with $65.2 billion at December 31, 2025, and $60.1 billion at March 31, 2025. During the first quarter of 2026, the Company continued share repurchases under its $5.0 billion common stock repurchase authorization, including repurchases in connection with its stock-based compensation plans.

All regulatory capital ratios continue to be in excess of “well-capitalized” requirements. The common equity tier 1 capital to risk-weighted assets ratio using the Basel III standardized approach was 10.8 percent at March 31, 2026, unchanged from December 31, 2025, and March 31, 2025.

U.S. Bancorp First Quarter 2026 Results

Investor Conference Call

On Thursday, April 16, 2026 at 7 a.m. CT, Chief Executive Officer Gunjan Kedia and Vice Chair and Chief Financial Officer John Stern will host a conference call to review the financial results. The live conference call will be available online or by telephone. To access the webcast and presentation, visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, “News & events” and “Webcasts & presentations.” To access the conference call from locations within the United States and Canada, please dial 888-210-4659. Participants calling from outside the United States and Canada, please dial 646-960-0383. The access code for all participants is 7269933. For those unable to participate during the live call, a replay will be available beginning at approximately 10 a.m. CT on April 16, 2026. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, “News & events” and “Webcasts & presentations.”

About U.S. Bancorp

Headquartered in Minneapolis, U.S. Bancorp is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company's three major business lines serve 15 million clients throughout the United States, Canada and Europe, and its team of nearly 70,000 people invest their hearts and minds to power human potential every day. Ranked 105th on the Fortune 500, U.S. Bancorp is deeply respected for its culture and long-term stewardship and admired for its diversified business mix and product capabilities.

Forward-looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.

This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects, targets, initiatives and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.”

Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties:

•Deterioration in general business, political and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility;

•Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements and any credit card interest rate caps, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities;

•Changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs;

•Changes in interest rates;

•Increases in unemployment rates;

•Deterioration in the credit quality of U.S. Bancorp's loan portfolios or in the value of the collateral securing those loans;

•Changes in commercial real estate occupancy rates;

•Increases in FDIC assessments, including due to bank failures;

•Actions taken by governmental agencies to stabilize or reform the financial system and the effectiveness of such actions;

•Turmoil and volatility in the financial services industry;

•Risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer;

•Impacts of current, pending or future litigation and governmental proceedings;

•Increased competitive pressure;

•Effects of climate change and related physical and transition risks;

•Changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands;

U.S. Bancorp First Quarter 2026 Results

•Breaches in data security;

•Failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents;

•Failures to safeguard personal information;

•Impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events, including due to the continuation of the conflict in the Middle East;

•Impacts of supply chain disruptions, rising inflation, slower growth or a recession;

•Failure to execute on strategic or operational plans;

•Effects of mergers and acquisitions, such as the pending acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC, and related integration, including that the expected benefits may take longer than anticipated to achieve or may not be achieved in entirety or at all and the costs relating to the combination may be greater than expected;

•Effects of critical accounting policies and judgments;

•Effects of changes in or interpretations of tax laws and regulations;

•Management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, and liquidity risk; and

•The risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2025, and subsequent filings with the Securities and Exchange Commission.

Factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.

Non-GAAP Financial Measures

In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:

•Tangible common equity to tangible assets,

•Tangible common equity to risk-weighted assets,

•Tangible book value per common share, and

•Return on tangible common equity.

These capital measures are viewed by management as useful additional methods of evaluating the Company’s utilization of its capital held and the level of capital available to withstand unexpected negative market or economic conditions. Additionally, presentation of these measures allows investors, analysts and banking regulators to assess the Company’s capital position and use of capital relative to other financial services companies. These capital measures are not defined in generally accepted accounting principles (“GAAP”) or in banking regulations. Management believes this information helps investors assess trends in the Company’s capital utilization and adequacy.

The Company also discloses net interest income and related ratios and analysis on a taxable-equivalent basis, which may also be considered non-GAAP financial measures. The Company believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison of net interest income arising from taxable and tax-exempt sources. In addition, certain performance measures utilize net interest income on a taxable-equivalent basis, including the efficiency ratio, operating leverage, net interest margin, and tax rate.

There may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in this press release in their entirety, and not to rely on any single financial measure. A table follows that shows the Company’s calculation of these non-GAAP financial measures.

CONSOLIDATED STATEMENT OF INCOME

(Dollars and Shares in Millions, Except Per Share Data)

Three Months Ended

March 31,

(Unaudited)

2026

2025

Interest Income

Loans

$5,526

$5,533

Loans held for sale

Investment securities

1,303

1,308

Other interest income

974

647

Total interest income

7,838

7,516

Interest Expense

Deposits

2,284

2,511

Short-term borrowings

645

249

Long-term debt

646

664

Total interest expense

3,575

3,424

Net interest income

4,263

4,092

Provision for credit losses

576

537

Net interest income after provision for credit losses

3,687

3,555

Noninterest Income(a)

Card revenue(b)

391

374

Corporate payment and treasury management revenue(b)(c)

408

400

Merchant processing services

436

415

Trust and investment management fees

745

680

Lending and deposit-related fees(c)(d)

294

266

Capital markets revenue(d)(e)

377

292

Mortgage banking revenue

161

173

Investment products fees

Securities gains (losses), net

(35)

—

Other(e)

123

149

Total noninterest income

2,997

2,836

Noninterest Expense

Compensation and employee benefits

2,628

2,637

Net occupancy and equipment

304

306

Professional services

Marketing and business development

217

182

Technology and communications

573

533

Other intangibles

110

123

Other

341

353

Total noninterest expense

4,265

4,232

Income before income taxes

2,419

2,159

Applicable income taxes

469

443

Net income

1,950

1,716

Net (income) loss attributable to noncontrolling interests

(5)

(7)

Net income attributable to U.S. Bancorp

$1,945

$1,709

Net income applicable to U.S. Bancorp common shareholders

$1,841

$1,603

Earnings per common share

$1.18

$1.03

Diluted earnings per common share

$1.18

$1.03

Dividends declared per common share

$.52

$.50

Average common shares outstanding

1,554

1,559

Average diluted common shares outstanding

1,555

1,560

(a) 'Corporate payment products revenue' has been renamed 'Corporate payment and treasury management revenue', and 'Service charges' has been renamed 'Lending and deposit-related fees'.

(b) Stored-value card revenue was reclassified from 'Card revenue' to 'Corporate payment and treasury management revenue'.

(c) Treasury management services revenue was reclassified from 'Lending and deposit-related fees' to 'Corporate payment and treasury management revenue'.

(d) Loan and leasing fees was reclassified from 'Capital markets revenue' to 'Lending and deposit-related fees'.

(e) Impact Finance tax credit investment syndication fee revenue and related fees was reclassified from 'Other' noninterest income to 'Capital markets revenue'.

CONSOLIDATED ENDING BALANCE SHEET

(Dollars in Millions)

(Unaudited)

March 31,

2026

December 31,

2025

March 31,

2025

Assets

Cash and due from banks

$48,420

$46,890

$50,013

Investment securities

Held-to-maturity

75,442

76,170

78,008

Available-for-sale

93,464

90,838

86,774

Loans held for sale

2,928

2,538

1,746

Loans

Commercial(a)

154,095

148,161

138,331

Commercial real estate

49,971

48,920

48,334

Residential mortgages

117,285

115,885

118,907

Credit card(a)

37,654

38,031

34,973

Other retail

40,791

40,338

41,274

Total loans

399,796

391,335

381,819

Less allowance for loan losses

(7,646)

(7,605)

(7,584)

Net loans

392,150

383,730

374,235

Premises and equipment

3,819

3,768

3,582

Goodwill

12,625

12,635

12,555

Other intangible assets

4,799

4,904

5,381

Other assets

67,351

70,872

64,195

Total assets

$700,998

$692,345

$676,489

Liabilities and Shareholders' Equity

Deposits

Noninterest-bearing

$85,300

$84,116

$84,086

Interest-bearing

442,878

438,100

428,439

Total deposits

528,178

522,216

512,525

Short-term borrowings

17,859

17,162

17,158

Long-term debt

61,361

60,764

59,859

Other liabilities

27,353

26,552

26,389

Total liabilities

634,751

626,694

615,931

Shareholders' equity

Preferred stock

6,808

Common stock

Capital surplus

8,623

8,728

8,678

Retained earnings

81,944

80,906

77,691

Less treasury stock

(24,387)

(24,283)

(24,060)

Accumulated other comprehensive income (loss)

(7,223)

(6,987)

(9,042)

Total U.S. Bancorp shareholders' equity

65,786

65,193

60,096

Noncontrolling interests

461

458

462

Total equity

66,247

65,651

60,558

Total liabilities and equity

$700,998

$692,345

$676,489

NON-GAAP FINANCIAL MEASURES

(Dollars in Millions, Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Total equity

$66,247

$65,651

$63,798

$61,896

$60,558

Preferred stock

(6,808)

Noncontrolling interests

(461)

(458)

(462)

Common equity(a)

58,978

58,385

56,532

54,630

53,288

Goodwill (net of deferred tax liability)(1)

(11,588)

(11,603)

(11,613)

(11,521)

Intangible assets (net of deferred tax liability), other than mortgage servicing rights

(1,429)

(1,507)

(1,605)

(1,699)

(1,761)

Tangible common equity(b)

45,961

45,275

43,324

41,318

40,006

Total assets(c)

700,998

692,345

695,357

686,370

676,489

Goodwill (net of deferred tax liability)(1)

(11,588)

(11,603)

(11,613)

(11,521)

Intangible assets (net of deferred tax liability), other than mortgage servicing rights

(1,429)

(1,507)

(1,605)

(1,699)

(1,761)

Tangible assets(d)

687,981

679,235

682,149

673,058

663,207

Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company(e)

487,958

480,382

465,092

459,521

450,290

Common shares outstanding(f)

1,555

1,556

1,558

1,560

Ratios *

Common equity to assets(a)/(c)

8.4

8.1

8.0

7.9

Tangible common equity to tangible assets(b)/(d)

6.7

6.4

6.1

6.0

Tangible common equity to risk-weighted assets(b)/(e)

9.4

9.3

9.0

8.9

Tangible book value per common share(b)/(f)

$29.56

$29.12

$27.84

$26.52

$25.64

Three Months Ended

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Net income applicable to U.S. Bancorp common shareholders

$1,841

$1,965

$1,893

$1,733

$1,603

Intangibles amortization (net-of-tax)

100

Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization

1,928

2,065

1,992

1,831

1,700

Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization(g)

7,819

8,193

7,903

7,344

6,894

Average total equity

66,315

65,048

63,101

61,356

60,071

Average preferred stock

(6,808)

Average noncontrolling interests

(458)

(457)

(460)

Average goodwill (net of deferred tax liability)(1)

(11,601)

(11,599)

(11,609)

(11,544)

(11,513)

Average intangible assets (net of deferred tax liability), other than mortgage servicing rights

(1,474)

(1,568)

(1,659)

(1,734)

(1,806)

Average tangible common equity(h)

45,974

44,615

42,567

40,813

39,484

Return on tangible common equity(g)/(h)

17.0

18.4

18.6

18.0

17.5

Net interest income

$4,263

$4,284

$4,222

$4,051

$4,092

Taxable-equivalent adjustment(2)

Net interest income, on a taxable-equivalent basis

4,291

4,312

4,251

4,080

4,122

Net interest income, on a taxable-equivalent basis (as calculated above)

4,291

4,312

4,251

4,080

4,122

Noninterest income

2,997

3,053

3,078

2,924

2,836

Less: Securities gains (losses), net

(35)

(7)

(57)

—

Total net revenue, excluding net securities gains (losses)(i)

7,323

7,362

7,336

7,061

6,958

Noninterest expense(j)

4,265

4,227

4,197

4,181

4,232

Efficiency ratio(j)/(i)

58.2

57.4

57.2

59.2

60.8

* Preliminary data. Subject to change prior to filings with applicable regulatory agencies.

(1)Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements.

(2)Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.

NON-GAAP FINANCIAL MEASURES

Three Months Ended

(Dollars in Millions, Unaudited)

March 31,

2026

March 31,

2025

Percent Change

Net interest income

$4,263

$4,092

Taxable-equivalent adjustment(1)

Net interest income, on a taxable-equivalent basis

4,291

4,122

Net interest income, on a taxable-equivalent basis (as calculated above)

4,291

4,122

Noninterest income

2,997

2,836

Less: Securities gains (losses), net

(35)

—

Total net revenue, excluding net securities gains (losses)

7,323

6,958

5.2

(a)

Noninterest expense

4,265

4,232

0.8

(b)

Operating leverage(a) - (b)

4.4

(1)Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.

Business Segment Schedules

First Quarter 2026

WEALTH, CORPORATE, COMMERCIAL AND

INSTITUTIONAL BANKING

CONSUMER AND BUSINESS BANKING

PAYMENT SERVICES

TREASURY AND CORPORATE SUPPORT

BUSINESS SEGMENT FINANCIAL PERFORMANCE

Preliminary data

($ in millions)

Net Income Attributable

to U.S. Bancorp

Percent Change

Business Segment

2026

2025

1Q26 vs 4Q25

1Q26 vs 1Q25

Wealth, Corporate, Commercial and Institutional Banking

$1,434

$1,288

$1,205

11.3

19.0

Consumer and Business Banking

616

542

597

13.7

3.2

Payment Services

231

124

232

86.3

(.4)

Treasury and Corporate Support

(336)

(325)

(3.4)

Consolidated Company

$1,945

$2,045

$1,709

(4.9)

13.8

Income Before Provision

and Taxes

Percent Change

2026

2025

1Q26 vs 4Q25

1Q26 vs 1Q25

Wealth, Corporate, Commercial and Institutional Banking

$1,977

$1,874

$1,649

5.5

19.9

Consumer and Business Banking

894

799

858

11.9

4.2

Payment Services

655

627

626

4.5

4.6

Treasury and Corporate Support

(503)

(162)

(407)

(23.6)

Consolidated Company

$3,023

$3,138

$2,726

(3.7)

10.9

Business Segments

The Company’s major business segments are Wealth, Corporate, Commercial and Institutional Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support. Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2026, certain organization and methodology changes were made, including moving the Impact Finance business unit from the Treasury and Corporate Support business segment to the Wealth, Corporate, Commercial and Institutional Banking business segment. In addition, card revenue generated from debit cards, which was previously included in the Payment Services business segment, is now included in the Consumer and Business Banking business segment. Prior period results were recast and presented on a comparable basis.

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING

Preliminary Data

($ in millions)

Percent Change

2026

2025

1Q26 vs 4Q25

1Q26 vs 1Q25

Condensed Income Statement

Net interest income (taxable-equivalent basis)

$1,874

$1,798

$1,709

4.2

9.7

Noninterest income

1,608

1,614

1,422

(.4)

13.1

Total net revenue

3,482

3,412

3,131

2.1

11.2

Noninterest expense

1,505

1,538

1,482

(2.1)

1.6

Income before provision and taxes

1,977

1,874

1,649

5.5

19.9

Provision for credit losses

157

(58.6)

54.8

Income before income taxes

1,912

1,717

1,607

11.4

19.0

Income taxes and taxable-equivalent adjustment

478

429

402

11.4

18.9

Net income

1,434

1,288

1,205

11.3

19.0

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$1,434

$1,288

$1,205

11.3

19.0

Average Balance Sheet Data

Loans

$203,834

$193,976

$182,191

5.1

11.9

Other earning assets

15,378

13,378

13,142

14.9

17.0

Goodwill

4,826

4,824

—

Other intangible assets

682

726

863

(6.1)

(21.0)

Assets

256,107

242,907

230,619

5.4

11.1

Noninterest-bearing deposits

57,812

59,499

56,001

(2.8)

3.2

Interest-bearing deposits

229,770

226,306

219,157

1.5

4.8

Total deposits

287,582

285,805

275,158

4.5

Total U.S. Bancorp shareholders' equity

24,200

24,511

23,508

(1.3)

2.9

Wealth, Corporate, Commercial and Institutional Banking provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment related services to wealth, middle market, large corporate, commercial real estate, government and institutional clients, and also includes investments in tax-advantaged projects.

Wealth, Corporate, Commercial and Institutional Banking generated $1,977 million of income before provision and taxes in the first quarter of 2026, compared with $1,649 million in the first quarter of 2025, and contributed $1,434 million of the Company’s net income in the first quarter of 2026.

Total net revenue increased compared with the first quarter of 2025 driven by higher net interest income due to higher deposit balances, as well as an increase in noninterest income, primarily due to higher trust and investment management fees and higher capital markets revenue.

Noninterest expense increased compared with the first quarter of 2025, primarily due to higher compensation and employee benefits expense and higher net shared services expense, partially offset by lower other noninterest expense.

The provision for credit losses increased compared with the first quarter of 2025, primarily due to loan growth.

CONSUMER AND BUSINESS BANKING

Preliminary Data

($ in millions)

Percent Change

2026

2025

1Q26 vs 4Q25

1Q26 vs 1Q25

Condensed Income Statement

Net interest income (taxable-equivalent basis)

$1,801

$1,762

$1,768

2.2

1.9

Noninterest income

524

507

530

3.4

(1.1)

Total net revenue

2,325

2,269

2,298

2.5

1.2

Noninterest expense

1,431

1,470

1,440

(2.7)

(.6)

Income before provision and taxes

894

799

858

11.9

4.2

Provision for credit losses

(5.3)

16.1

Income before income taxes

822

723

796

13.7

3.3

Income taxes and taxable-equivalent adjustment

206

181

199

13.8

3.5

Net income

616

542

597

13.7

3.2

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$616

$542

$597

13.7

3.2

Average Balance Sheet Data

Loans

$144,291

$145,007

$153,906

(.5)

(6.2)

Other earning assets

2,409

2,850

1,778

(15.5)

35.5

Goodwill

4,326

—

Other intangible assets

3,914

4,022

4,368

(2.7)

(10.4)

Assets

156,943

158,209

166,491

(.8)

(5.7)

Noninterest-bearing deposits

18,364

19,464

19,204

(5.7)

(4.4)

Interest-bearing deposits

204,121

202,952

198,866

2.6

Total deposits

222,485

222,416

218,070

—

2.0

Total U.S. Bancorp shareholders' equity

13,107

13,293

13,705

(1.4)

(4.4)

Consumer and Business Banking comprises consumer banking, small business banking, debit cards and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, online services, direct mail, ATMs, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners.

Consumer and Business Banking generated $894 million of income before provision and taxes in the first quarter of 2026, compared with $858 million in the first quarter of 2025, and contributed $616 million of the Company’s net income in the first quarter of 2026.

Total net revenue increased compared with the first quarter of 2025, driven by higher net interest income, resulting from higher deposit balances and favorable deposit mix, partially offset by lower loan balances and yields. Noninterest income was relatively stable.

Noninterest expense was relatively stable, reflecting continued expense discipline across the segment.

The provision for credit losses increased compared with the first quarter of 2025, primarily due to higher net charge-offs.

PAYMENT SERVICES

Preliminary Data

($ in millions)

Percent Change

2026

2025

1Q26 vs 4Q25

1Q26 vs 1Q25

Condensed Income Statement

Net interest income (taxable-equivalent basis)

$794

$742

—

7.0

Noninterest income

925

969

912

(4.5)

1.4

Total net revenue

1,719

1,763

1,654

(2.5)

3.9

Noninterest expense

1,064

1,136

1,028

(6.3)

3.5

Income before provision and taxes

655

627

626

4.5

4.6

Provision for credit losses

347

461

317

(24.7)

9.5

Income before income taxes

308

166

309

85.5

(.3)

Income taxes and taxable-equivalent adjustment

83.3

—

Net income

231

124

232

86.3

(.4)

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$231

$124

$232

86.3

(.4)

Average Balance Sheet Data

Loans

$44,003

$43,943

$41,607

5.8

Other earning assets

—

(91.2)

Goodwill

3,481

3,478

3,391

2.7

Other intangible assets

237

251

249

(5.6)

(4.8)

Assets

49,006

48,919

46,825

4.7

Noninterest-bearing deposits

2,425

2,432

2,616

(.3)

(7.3)

Interest-bearing deposits

(1.1)

—

Total deposits

2,519

2,527

2,710

(.3)

(7.0)

Total U.S. Bancorp shareholders' equity

10,596

10,457

10,229

1.3

3.6

Payment Services includes consumer and business credit cards, stored-value cards, corporate, government and purchasing card services and merchant processing.

Payment Services generated $655 million of income before provision and taxes in the first quarter of 2026, compared with $626 million in the first quarter of 2025, and contributed $231 million of the Company’s net income in the first quarter of 2026.

Total net revenue increased compared with the first quarter of 2025, driven by an increase in net interest income, primarily due to higher loan balances and lower funding costs, and an increase in noninterest income, primarily due to higher card revenue and higher merchant processing services revenue.

Noninterest expense increased primarily due to higher compensation and employee benefits expense and marketing and business development expense, partially offset by lower net shared services expense.

The provision for credit losses increased compared with the first quarter of 2025, primarily due to loan growth, partially offset by lower net charge-offs.

TREASURY AND CORPORATE SUPPORT

Preliminary Data

($ in millions)

Percent Change

2026

2025

1Q26 vs 4Q25

1Q26 vs 1Q25

Condensed Income Statement

Net interest income (taxable-equivalent basis)

($178)

($42)

($97)

(83.5)

Noninterest income

(60)

(37)

(28)

(62.2)

Total net revenue

(238)

(79)

(125)

(90.4)

Noninterest expense

265

282

(6.0)

Income (loss) before provision and taxes

(503)

(162)

(407)

(23.6)

Provision for credit losses

(117)

116

(20.7)

Income (loss) before income taxes

(595)

(45)

(523)

(13.8)

Income taxes and taxable-equivalent adjustment

(264)

(142)

(205)

(85.9)

(28.8)

Net income

(331)

(318)

(4.1)

Net (income) loss attributable to noncontrolling interests

(5)

(6)

(7)

16.7

28.6

Net income (loss) attributable to U.S. Bancorp

($336)

$91

($325)

(3.4)

Average Balance Sheet Data

Loans

$1,432

$1,359

$1,324

5.4

8.2

Other earning assets

212,810

219,699

216,225

(3.1)

(1.6)

Goodwill

—

Other intangible assets

—

(12.5)

Assets

226,226

233,598

225,458

(3.2)

Noninterest-bearing deposits

2,027

1,900

1,875

6.7

8.1

Interest-bearing deposits

506

2,494

8,721

(79.7)

(94.2)

Total deposits

2,533

4,394

10,596

(42.4)

(76.1)

Total U.S. Bancorp shareholders' equity

17,954

16,329

12,169

10.0

47.5

Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business segments, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.

Treasury and Corporate Support generated a $503 million loss before provision and taxes in the first quarter of 2026, compared with a $407 million loss before provision and taxes in the first quarter of 2025, and recorded a net loss of $336 million in the first quarter of 2026.

Total net revenue decreased compared with the first quarter of 2025, driven by lower net interest income, primarily due to lower earning assets, and lower noninterest income, primarily due to losses from repositioning a portion of the securities portfolio.

Noninterest expense decreased compared with the first quarter of 2025 primarily due to lower compensation and employee benefits expense, partially offset by higher technology and communications expense and marketing and business development expense.

The provision for credit losses decreased compared with the first quarter of 2025 primarily due to stable portfolio credit performance amid a continuing high level of economic uncertainty.

Income taxes are assessed to each business segment at a managerial tax rate of 25.0 percent with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.

EX-99.2

Filename: a1q26earningssupplement.htm · Sequence: 3

Document

Supplemental Consolidated Schedules

First Quarter 2026

QUARTERLY CONSOLIDATED STATEMENT OF INCOME

(Dollars and Shares in Millions, Except Per Share Data)

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Interest Income

Loans

$5,526

$5,599

$5,688

$5,548

$5,533

Loans held for sale

Investment securities

1,303

1,343

1,392

1,355

1,308

Other interest income

974

938

812

642

647

Total interest income

7,838

7,923

7,927

7,604

7,516

Interest Expense

Deposits

2,284

2,451

2,648

2,541

2,511

Short-term borrowings

645

505

328

291

249

Long-term debt

646

683

729

721

664

Total interest expense

3,575

3,639

3,705

3,553

3,424

Net interest income

4,263

4,284

4,222

4,051

4,092

Provision for credit losses

576

577

571

501

537

Net interest income after provision for credit losses

3,687

3,707

3,651

3,550

3,555

Noninterest Income(a)

Card revenue(b)

391

427

415

413

374

Corporate payment and treasury management revenue(b)(c)

408

396

407

421

400

Merchant processing services

436

440

463

474

415

Trust and investment management fees

745

756

730

703

680

Lending and deposit-related fees(c)(d)

294

302

290

277

266

Capital markets revenue(d)(e)

377

389

378

315

292

Mortgage banking revenue

161

130

180

162

173

Investment products fees

101

Securities gains (losses), net

(35)

(7)

(57)

—

Other(e)

123

109

125

126

149

Total noninterest income

2,997

3,053

3,078

2,924

2,836

Noninterest Expense

Compensation and employee benefits

2,628

2,529

2,561

2,600

2,637

Net occupancy and equipment

304

320

300

301

306

Professional services

144

117

109

Marketing and business development

217

187

175

161

182

Technology and communications

573

584

560

534

533

Other intangibles

110

126

125

124

123

Other

341

337

359

352

353

Total noninterest expense

4,265

4,227

4,197

4,181

4,232

Income before income taxes

2,419

2,533

2,532

2,293

2,159

Applicable income taxes

469

482

524

472

443

Net income

1,950

2,051

2,008

1,821

1,716

Net (income) loss attributable to noncontrolling interests

(5)

(6)

(7)

(6)

(7)

Net income attributable to U.S. Bancorp

$1,945

$2,045

$2,001

$1,815

$1,709

Net income applicable to U.S. Bancorp common shareholders

$1,841

$1,965

$1,893

$1,733

$1,603

Earnings per common share

$1.18

$1.26

$1.22

$1.11

$1.03

Diluted earnings per common share

$1.18

$1.26

$1.22

$1.11

$1.03

Dividends declared per common share

$.52

$.50

Average common shares outstanding

1,554

1,555

1,557

1,559

Average diluted common shares outstanding

1,555

1,556

1,557

1,559

1,560

Financial Ratios (%)

Net interest margin (taxable-equivalent basis)

2.77

2.75

2.66

2.72

Return on average assets

1.15

1.19

1.17

1.08

1.04

Return on average common equity

12.6

13.5

12.9

12.3

Efficiency ratio

58.2

57.4

57.2

59.2

60.8

(a) 'Corporate payment products revenue' has been renamed 'Corporate payment and treasury management revenue', and 'Service charges' has been renamed 'Lending and deposit-related fees'.

(b) Stored-value card revenue was reclassified from 'Card revenue' to 'Corporate payment and treasury management revenue'.

(c) Treasury management services revenue was reclassified from 'Lending and deposit-related fees' to 'Corporate payment and treasury management revenue'.

(d) Loan and leasing fees was reclassified from 'Capital markets revenue' to 'Lending and deposit-related fees'.

(e) Impact Finance tax credit investment syndication fee revenue and related fees was reclassified from 'Other' noninterest income to 'Capital markets revenue'.

CONSOLIDATED ENDING BALANCE SHEET

(Dollars in Millions)

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Assets

Cash and due from banks

$48,420

$46,890

$66,637

$57,807

$50,013

Investment securities

Held-to-maturity

75,442

76,170

76,931

77,879

78,008

Available-for-sale

93,464

90,838

89,065

90,577

86,774

Loans held for sale

2,928

2,538

2,490

2,288

1,746

Loans

Commercial(a)

154,095

148,161

142,574

141,582

138,331

Commercial real estate

49,971

48,920

48,244

48,181

48,334

Residential mortgages

117,285

115,885

115,046

114,475

118,907

Credit card(a)

37,654

38,031

36,434

35,857

34,973

Other retail

40,791

40,338

40,219

40,148

41,274

Total loans

399,796

391,335

382,517

380,243

381,819

Less allowance for loan losses

(7,646)

(7,605)

(7,557)

(7,537)

(7,584)

Net loans

392,150

383,730

374,960

372,706

374,235

Premises and equipment

3,819

3,768

3,695

3,625

3,582

Goodwill

12,625

12,635

12,634

12,637

12,555

Other intangible assets

4,799

4,904

5,152

5,285

5,381

Other assets

67,351

70,872

63,793

63,566

64,195

Total assets

$700,998

$692,345

$695,357

$686,370

$676,489

Liabilities and Shareholders' Equity

Deposits

Noninterest-bearing

$85,300

$84,116

$91,550

$86,972

$84,086

Interest-bearing

442,878

438,100

434,599

431,745

428,439

Total deposits

528,178

522,216

526,149

518,717

512,525

Short-term borrowings

17,859

17,162

15,449

15,039

17,158

Long-term debt

61,361

60,764

62,535

64,013

59,859

Other liabilities

27,353

26,552

27,426

26,705

26,389

Total liabilities

634,751

626,694

631,559

624,474

615,931

Shareholders' equity

Preferred stock

6,808

Common stock

Capital surplus

8,623

8,728

8,745

8,706

8,678

Retained earnings

81,944

80,906

79,742

78,652

77,691

Less treasury stock

(24,387)

(24,283)

(24,228)

(24,140)

(24,060)

Accumulated other comprehensive income (loss)

(7,223)

(6,987)

(7,748)

(8,609)

(9,042)

Total U.S. Bancorp shareholders' equity

65,786

65,193

63,340

61,438

60,096

Noncontrolling interests

461

458

462

Total equity

66,247

65,651

63,798

61,896

60,558

Total liabilities and equity

$700,998

$692,345

$695,357

$686,370

$676,489

CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET

(Dollars in Millions, Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Assets

Investment securities

$171,471

$172,039

$173,423

$172,841

$171,178

Loans held for sale

2,326

2,775

2,253

4,843

1,823

Loans

Commercial

Commercial(a)

145,397

138,807

135,704

133,755

130,252

Lease financing

4,436

4,307

4,250

4,211

4,199

Total commercial(a)

149,833

143,114

139,954

137,966

134,451

Commercial real estate

Commercial mortgages

39,969

38,698

38,384

38,194

38,624

Construction and development

9,439

9,792

9,862

10,272

10,266

Total commercial real estate

49,408

48,490

48,246

48,466

48,890

Residential mortgages

116,690

115,390

114,780

115,616

118,844

Credit card(a)

37,341

37,019

36,079

35,439

35,083

Other retail

Retail leasing

3,525

3,572

3,718

3,869

3,990

Home equity and second mortgages

13,972

13,922

13,790

13,678

13,542

Other

22,791

22,778

22,585

23,495

24,228

Total other retail

40,288

40,272

40,093

41,042

41,760

Total loans

393,560

384,285

379,152

378,529

379,028

Interest-bearing deposits with banks

38,855

42,705

47,822

41,550

43,735

Other earning assets

17,950

18,413

14,867

15,579

14,466

Total earning assets

624,162

620,217

617,517

613,342

610,230

Allowance for loan losses

(7,623)

(7,599)

(7,565)

(7,605)

(7,589)

Unrealized gain (loss) on investment securities

(4,269)

(4,638)

(5,756)

(6,602)

(6,473)

Other assets

76,012

75,653

75,409

74,206

73,225

Total assets

$688,282

$683,633

$679,605

$673,341

$669,393

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$80,628

$83,295

$79,890

$79,117

$79,696

Interest-bearing deposits

Interest checking

130,600

131,055

131,281

131,599

125,651

Money market savings

188,986

186,119

181,063

177,087

195,442

Savings accounts

68,305

64,207

62,599

58,171

50,271

Time deposits

46,600

50,466

56,949

56,916

55,474

Total interest-bearing deposits

434,491

431,847

431,892

423,773

426,838

Short-term borrowings

19,580

16,107

15,698

22,791

18,841

Long-term debt

61,507

61,424

63,329

62,354

58,344

Total interest-bearing liabilities

515,578

509,378

510,919

508,918

504,023

Other liabilities

25,761

25,912

25,695

23,950

25,603

Shareholders' equity

Preferred equity

6,808

Common equity

59,049

57,782

55,835

54,091

52,803

Total U.S. Bancorp shareholders' equity

65,857

64,590

62,643

60,899

59,611

Noncontrolling interests

458

457

460

Total equity

66,315

65,048

63,101

61,356

60,071

Total liabilities and equity

$688,282

$683,633

$679,605

$673,341

$669,393

CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES(a)

For the Three Months Ended March 31,

2026

2025

(Dollars in Millions)

(Unaudited)

Average

Balances

Interest

Yields

and

Rates

Average

Balances

Interest

Yields

and

Rates

% Change

Average

Balances

Assets

Investment securities(b)

$171,471

$1,322

3.08

$171,178

$1,328

3.10

Loans held for sale

2,326

6.01

1,823

6.07

27.6

Loans(c)

Commercial(d)

149,833

1,883

5.09

134,451

1,859

5.61

11.4

Commercial real estate

49,408

695

5.71

48,890

725

6.02

1.1

Residential mortgages

116,690

1,158

3.97

118,844

1,189

4.00

(1.8)

Credit card(d)

37,341

1,181

12.83

35,083

1,137

13.14

6.4

Other retail

40,288

618

6.22

41,760

633

6.15

(3.5)

Total loans

393,560

5,535

5.69

379,028

5,543

5.91

3.8

Interest-bearing deposits with banks

38,855

350

3.65

43,735

481

4.46

(11.2)

Other earning assets(e)

17,950

624

14.10

14,466

166

4.65

24.1

Total earning assets(e)

624,162

7,866

5.09

610,230

7,546

4.99

2.3

Allowance for loan losses

(7,623)

(7,589)

(.4)

Unrealized gain (loss) on investment securities

(4,269)

(6,473)

34.0

Other assets

76,012

73,225

3.8

Total assets

$688,282

$669,393

2.8

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$80,628

$79,696

1.2

Interest-bearing deposits

Interest checking

130,600

352

1.09

125,651

342

1.10

3.9

Money market savings

188,986

1,261

2.71

195,442

1,483

3.08

(3.3)

Savings accounts

68,305

305

1.81

50,271

170

1.37

35.9

Time deposits

46,600

366

3.18

55,474

516

3.77

(16.0)

Total interest-bearing deposits

434,491

2,284

2.13

426,838

2,511

2.39

1.8

Short-term borrowings(e)

19,580

645

13.37

18,841

249

5.37

3.9

Long-term debt

61,507

646

4.26

58,344

664

4.61

5.4

Total interest-bearing liabilities(e)

515,578

3,575

2.81

504,023

3,424

2.75

2.3

Other liabilities

25,761

25,603

Shareholders' equity

Preferred equity

6,808

—

Common equity

59,049

52,803

11.8

Total U.S. Bancorp shareholders' equity

65,857

59,611

10.5

Noncontrolling interests

458

460

(.4)

Total equity

66,315

60,071

10.4

Total liabilities and equity

$688,282

$669,393

2.8

Net interest income

$4,291

$4,122

Gross interest margin

2.28

2.24

Gross interest margin without taxable-equivalent increments

2.26

2.22

Percent of Earning Assets

Interest income

5.09

4.99

Interest expense

2.32

2.27

Net interest margin

2.77

2.72

Net interest margin without taxable-equivalent increments

2.75

2.70

(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.

(b)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments.

(c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.

(d)Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.

(e)Average balances for the three months ended March 31, 2026, reflect the impact of balance sheet netting of certain repurchase/reverse repurchase transactions under enforceable netting agreements, exclusive of the related interest income and expense. Reflecting the impact of netting the related interest income and expense for these arrangements, the average yields earned on other earning assets and total earning assets were 4.36 percent and 4.83 percent, respectively, and average rates paid on short-term borrowings and total interest-bearing liabilities were 4.44 percent and 2.47 percent, respectively, for the three months ended March 31, 2026.

CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES(a)

For the Three Months Ended

March 31, 2026

December 31, 2025

(Dollars in Millions)

(Unaudited)

Average

Balances

Interest

Yields

and

Rates

Average

Balances

Interest

Yields

and

Rates

% Change

Average

Balances

Assets

Investment securities(b)

$171,471

$1,322

3.08

$172,039

$1,361

3.16

(.3)

Loans held for sale

2,326

6.01

2,775

6.16

(16.2)

Loans(c)

Commercial(d)

149,833

1,883

5.09

143,114

1,914

5.31

4.7

Commercial real estate

49,408

695

5.71

48,490

709

5.80

1.9

Residential mortgages

116,690

1,158

3.97

115,390

1,145

3.97

1.1

Credit card(d)

37,341

1,181

12.83

37,019

1,202

12.88

Other retail

40,288

618

6.22

40,272

639

6.29

—

Total loans

393,560

5,535

5.69

384,285

5,609

5.80

2.4

Interest-bearing deposits with banks

38,855

350

3.65

42,705

418

3.88

(9.0)

Other earning assets(e)

17,950

624

14.10

18,413

520

11.21

(2.5)

Total earning assets(e)

624,162

7,866

5.09

620,217

7,951

5.10

Allowance for loan losses

(7,623)

(7,599)

(.3)

Unrealized gain (loss) on investment securities

(4,269)

(4,638)

8.0

Other assets

76,012

75,653

Total assets

$688,282

$683,633

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$80,628

$83,295

(3.2)

Interest-bearing deposits

Interest checking

130,600

352

1.09

131,055

394

1.19

(.3)

Money market savings

188,986

1,261

2.71

186,119

1,327

2.83

1.5

Savings accounts

68,305

305

1.81

64,207

289

1.78

6.4

Time deposits

46,600

366

3.18

50,466

441

3.47

(7.7)

Total interest-bearing deposits

434,491

2,284

2.13

431,847

2,451

2.25

Short-term borrowings(e)

19,580

645

13.37

16,107

505

12.44

21.6

Long-term debt

61,507

646

4.26

61,424

683

4.41

Total interest-bearing liabilities(e)

515,578

3,575

2.81

509,378

3,639

2.83

1.2

Other liabilities

25,761

25,912

(.6)

Shareholders' equity

Preferred equity

6,808

—

Common equity

59,049

57,782

2.2

Total U.S. Bancorp shareholders' equity

65,857

64,590

2.0

Noncontrolling interests

458

—

Total equity

66,315

65,048

1.9

Total liabilities and equity

$688,282

$683,633

Net interest income

$4,291

$4,312

Gross interest margin

2.28

2.27

Gross interest margin without taxable-equivalent increments

2.26

2.25

Percent of Earning Assets

Interest income

5.09

5.10

Interest expense

2.32

2.33

Net interest margin

2.77

Net interest margin without taxable-equivalent increments

2.75

(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.

(c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.

(e)Average balances reflect the impact of balance sheet netting of certain repurchase/reverse repurchase transactions under enforceable netting agreements, exclusive of the related interest income and expense. Reflecting the impact of netting the related interest income and expense for these arrangements, the average yields earned on other earning assets and total earning assets were 4.36 percent and 4.83 percent, respectively, and the average rates paid on short-term borrowings and total interest-bearing liabilities were 4.44 percent and 2.47 percent, respectively, for the three months ended March 31, 2026. The average yields earned on other earning assets and total earning assets were 4.25 percent and 4.88 percent, respectively, and average rates paid on short-term borrowings and total interest-bearing liabilities were 4.49 percent and 2.58 percent, respectively, for the three months ended December 31, 2025.

LOAN PORTFOLIO

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

(Dollars in Millions)

(Unaudited)

Amount

Percent

of Total

Amount

Percent

of Total

Amount

Percent

of Total

Amount

Percent

of Total

Amount

Percent

of Total

Commercial

Commercial(a)

$149,586

37.4

$143,725

36.7

$138,266

36.2

$137,301

36.1

$134,090

35.1

Lease financing

4,509

1.2

4,436

1.2

4,308

1.1

4,281

1.1

4,241

1.1

Total commercial(a)

154,095

38.6

148,161

37.9

142,574

37.3

141,582

37.2

138,331

36.2

Commercial real estate

Commercial mortgages

40,807

10.2

39,476

10.1

38,316

10.0

38,144

10.0

38,064

10.0

Construction and

development

9,164

2.3

9,444

2.4

9,928

2.6

10,037

2.7

10,270

2.7

Total commercial

real estate

49,971

12.5

48,920

12.5

48,244

12.6

48,181

12.7

48,334

12.7

Residential mortgages

112,397

28.1

110,788

28.3

109,730

28.7

108,913

28.6

113,112

29.6

Home equity loans, first

liens

4,888

1.2

5,097

1.3

5,316

1.4

5,562

1.5

5,795

1.5

Total residential

mortgages

117,285

29.3

115,885

29.6

115,046

30.1

114,475

30.1

118,907

31.1

Credit card(a)

37,654

9.4

38,031

9.7

36,434

9.5

35,857

9.5

34,973

9.2

Other retail

Retail leasing

3,585

3,524

3,627

1.0

3,816

1.0

3,928

1.0

Home equity and second

mortgages

13,959

3.5

14,025

3.6

13,858

3.6

13,761

3.6

13,540

3.6

Revolving credit

4,864

1.2

4,561

1.2

4,274

1.1

4,062

1.1

3,791

1.0

Installment

14,823

3.7

14,653

3.7

14,592

3.8

14,220

3.7

14,190

3.7

Automobile

3,560

3,575

3,868

1.0

4,289

1.1

5,825

1.5

Total other retail

40,791

10.2

40,338

10.3

40,219

10.5

40,148

10.5

41,274

10.8

Total loans

$399,796

100.0

$391,335

100.0

$382,517

100.0

$380,243

100.0

$381,819

100.0

Supplemental Business Segment Schedules

First Quarter 2026

WEALTH, CORPORATE, COMMERCIAL AND

INSTITUTIONAL BANKING

CONSUMER AND BUSINESS BANKING

PAYMENT SERVICES

TREASURY AND CORPORATE SUPPORT

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

$1,874

$1,798

$1,770

$1,725

$1,709

Noninterest Income

Card revenue

—

Corporate payment and treasury management revenue

156

144

152

163

152

Merchant processing services

—

Trust and investment management fees

744

755

729

702

679

Lending and deposit-related fees

155

161

144

139

137

Capital markets revenue

377

379

374

315

294

Mortgage banking revenue

—

Investment products fees

101

Securities gains (losses), net

—

Other

Total noninterest income

1,608

1,614

1,573

1,496

1,422

Total net revenue

3,482

3,412

3,343

3,221

3,131

Noninterest Expense

Compensation and employee benefits

580

565

560

565

553

Other intangibles

Net shared services

642

646

650

651

632

Other direct expenses

243

281

253

244

251

Total noninterest expense

1,505

1,538

1,509

1,506

1,482

Income before provision and income taxes

1,977

1,874

1,834

1,715

1,649

Provision for Credit Losses

157

196

178

Income before income taxes

1,912

1,717

1,638

1,537

1,607

Income taxes and taxable-equivalent adjustment

478

429

410

384

402

Net income

1,434

1,288

1,228

1,153

1,205

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$1,434

$1,288

$1,228

$1,153

$1,205

FINANCIAL RATIOS

Return on average assets

2.27

2.10

2.07

1.97

2.12

Net interest margin (taxable-equivalent basis)

3.47

3.44

3.50

3.47

3.55

Efficiency ratio

43.2

45.1

46.8

47.3

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$137,464

$130,471

$127,534

$125,519

$122,692

Commercial real estate

37,544

36,610

36,397

36,694

37,284

Residential mortgages

22,247

20,586

19,057

17,560

16,594

Credit card

—

Other retail

6,579

6,309

5,963

5,784

5,621

Total loans

203,834

193,976

188,951

185,557

182,191

Other Earning Assets

15,378

13,378

11,908

13,930

13,142

Total earning assets

219,212

207,354

200,859

199,487

195,333

Non-earning Assets

Goodwill

4,826

4,824

Other intangible assets

682

726

772

817

863

Other non-earning assets

31,387

30,001

29,154

29,316

29,599

Total non-earning assets

36,895

35,553

34,752

34,959

35,286

Total assets

256,107

242,907

235,611

234,446

230,619

Deposits

Noninterest-bearing deposits

57,812

59,499

56,129

55,259

56,001

Interest checking

58,510

60,016

60,868

60,741

54,844

Savings products

163,031

157,476

150,618

142,773

153,462

Time deposits

8,229

8,814

9,270

9,897

10,851

Total deposits

287,582

285,805

276,885

268,670

275,158

Other Interest-bearing Liabilities

23,560

21,739

20,231

22,026

20,506

Other Noninterest-bearing Liabilities

16,553

15,023

14,597

14,310

16,115

Total liabilities

327,695

322,567

311,713

305,006

311,779

Total U.S. Bancorp Shareholders' Equity

24,200

24,511

23,992

23,700

23,508

Noncontrolling Interests

Total Equity

24,207

24,518

23,999

23,708

23,519

CREDIT QUALITY

Net Charge-offs

Commercial

$102

$92

$15

$49

$88

Commercial real estate

(11)

(4)

102

(5)

Residential mortgages

—

Credit card

—

Other retail

—

(1)

—

Total net charge-offs

$91

$88

$116

$107

$83

Net Charge-off Ratios

Commercial

.30

.28

.05

.16

.29

Commercial real estate

(.12)

(.04)

1.11

.63

(.05)

Residential mortgages

—

Credit card

—

Other retail

—

(.07)

—

Total net charge-offs

.18

.24

.23

.18

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Nonperforming Assets

Nonperforming loans

$1,068

$1,134

$1,216

$1,246

$1,301

Other nonperforming assets

—

Total nonperforming assets

$1,069

$1,135

$1,217

$1,247

$1,301

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

OTHER INFORMATION

Average Loan Balances

Commercial real estate division

$47,498

$44,808

$44,010

$43,944

$43,659

Wealth management

36,518

34,230

32,250

30,514

29,186

Institutional client group

99,703

95,039

93,164

92,480

91,434

Other

20,115

19,899

19,527

18,619

17,912

Total

$203,834

$193,976

$188,951

$185,557

$182,191

Average Deposit Balances

Commercial real estate division

$16,616

$17,299

$15,984

$15,502

$15,527

Wealth management

48,000

47,230

46,234

45,264

45,257

Institutional client group

137,568

138,772

137,427

134,175

135,402

Global corporate trust

62,654

60,677

56,935

54,383

59,342

Other

22,744

21,827

20,305

19,346

19,630

Total

$287,582

$285,805

$276,885

$268,670

$275,158

Noninterest Income

Trust and investment management fees

Wealth management

$178

$181

$175

$172

$167

U.S. Bancorp Asset Management

Global corporate trust

243

253

242

231

219

Global fund services

162

160

154

144

140

Institutional trust & custody

Other

Capital markets revenue

377

379

374

315

294

Treasury management

156

144

152

163

152

All other noninterest income

331

336

318

316

297

Total

$1,608

$1,614

$1,573

$1,496

$1,422

Assets Under Management by Category(a)

Equity

$94,953

$88,527

$85,068

$79,084

$80,414

Fixed income

231,041

225,777

224,009

232,453

224,349

Money market

212,115

202,398

194,604

187,799

182,768

Other

26,944

28,243

26,336

37,037

36,741

Total

$565,053

$544,945

$530,017

$536,373

$524,272

(a) Amounts reported reflect end of month balances reported on a one month lag.

CONSUMER AND BUSINESS BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

$1,801

$1,762

$1,849

$1,843

$1,768

Noninterest Income

Card revenue

128

136

135

125

Corporate payment and treasury management revenue

Merchant processing services

—

Trust and investment management fees

Lending and deposit-related fees

139

141

146

138

129

Capital markets revenue

Mortgage banking revenue

161

130

180

162

173

Investment products fees

—

Securities gains (losses), net

—

Other

Total noninterest income

524

507

567

539

530

Total net revenue

2,325

2,269

2,416

2,382

2,298

Noninterest Expense

Compensation and employee benefits

522

531

527

530

525

Other intangibles

Net shared services

553

555

552

538

541

Other direct expenses

304

325

318

315

Total noninterest expense

1,431

1,470

1,463

1,444

1,440

Income before provision and income taxes

894

799

953

938

858

Provision for Credit Losses

Income before income taxes

822

723

891

901

796

Income taxes and taxable-equivalent adjustment

206

181

223

225

199

Net income

616

542

668

676

597

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$616

$542

$668

$676

$597

FINANCIAL RATIOS

Return on average assets

1.59

1.36

1.67

1.64

1.45

Net interest margin (taxable-equivalent basis)

4.98

4.73

4.95

4.79

4.61

Efficiency ratio

61.5

64.8

60.6

62.7

CONSUMER AND BUSINESS BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$4,399

$4,488

$4,330

$4,525

$4,054

Commercial real estate

11,864

11,880

11,849

11,772

11,606

Residential mortgages

94,443

94,804

95,723

98,056

102,250

Credit card

—

Other retail

33,585

33,835

33,999

35,124

35,996

Total loans

144,291

145,007

145,901

149,477

153,906

Other Earning Assets

2,409

2,850

2,331

4,875

1,778

Total earning assets

146,700

147,857

148,232

154,352

155,684

Non-earning Assets

Goodwill

4,326

Other intangible assets

3,914

4,022

4,223

4,277

4,368

Other non-earning assets

2,003

2,004

1,970

2,036

2,113

Total non-earning assets

10,243

10,352

10,519

10,639

10,807

Total assets

156,943

158,209

158,751

164,991

166,491

Deposits

Noninterest-bearing deposits

18,364

19,464

19,709

19,703

19,204

Interest checking

72,111

71,142

70,509

70,973

70,901

Savings products

93,850

92,409

92,519

91,766

91,316

Time deposits

38,160

39,401

39,231

38,019

36,649

Total deposits

222,485

222,416

221,968

220,461

218,070

Other Interest-bearing Liabilities

2,874

2,127

1,553

1,537

1,728

Other Noninterest-bearing Liabilities

1,697

1,742

1,872

1,880

1,843

Total liabilities

227,056

226,285

225,393

223,878

221,641

Total U.S. Bancorp Shareholders' Equity

13,107

13,293

13,363

13,556

13,705

Noncontrolling Interests

—

Total Equity

13,107

13,293

13,363

13,556

13,705

CREDIT QUALITY

Net Charge-offs

Commercial

$18

$13

$16

$15

$12

Commercial real estate

(1)

Residential mortgages

(1)

(2)

(1)

—

Credit card

—

Other retail

Total net charge-offs

$88

$79

$74

$66

$75

Net Charge-off Ratios

Commercial

1.66

1.15

1.47

1.33

1.20

Commercial real estate

.10

.03

(.03)

.03

Residential mortgages

—

(.01)

—

Credit card

—

Other retail

.82

.79

.68

.61

.70

Total net charge-offs

.25

.22

.20

.18

.20

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Nonperforming Assets

Nonperforming loans

$420

$413

$394

$391

$383

Other nonperforming assets

Total nonperforming assets

$442

$437

$417

$412

$406

CONSUMER AND BUSINESS BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

OTHER INFORMATION

Other Retail Loan Information

Average Balances

Retail leasing

$3,525

$3,572

$3,718

$3,868

$3,990

Home equity and second mortgages

11,483

11,457

11,359

11,246

11,120

Other

18,577

18,806

18,922

20,010

20,886

Total other retail

$33,585

$33,835

$33,999

$35,124

$35,996

Home equity first lien(a)

$4,471

$4,662

$4,861

$5,093

$5,296

Home equity loans

2,787

2,754

2,712

2,621

2,492

Home equity lines

8,696

8,703

8,647

8,625

8,628

Total home equity

$15,954

$16,119

$16,220

$16,339

$16,416

Net Charge-off Ratios (%)

Retail leasing

2.07

2.00

1.81

1.04

1.32

Home equity and second mortgages

.04

—

(.03)

—

(.04)

Other

1.07

1.03

.88

.86

.97

Total other retail

.82

.79

.68

.61

.70

Retail Credit Production

Indirect loan/lease production volume

$1,681

$1,435

$1,660

$1,367

$1,141

Direct branch loan/line production volume

1,737

1,613

1,836

1,935

1,499

Other production volume

1,595

1,196

1,133

1,004

817

Total retail credit production volume

$5,013

$4,244

$4,629

$4,306

$3,457

Branch and ATM Data

# of branches

2,066

2,075

2,080

2,081

2,117

# of U.S. Bank ATMs

4,458

4,428

4,374

4,320

4,476

(a) Home equity first lien balances are reported within residential mortgages as required by regulatory accounting principles.

CONSUMER AND BUSINESS BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Mortgage Banking Division Data

Mortgage banking revenue

Origination and sales(a)

$88

$84

$93

$80

$71

Loan servicing

163

165

173

172

Mortgage servicing rights fair value changes

net of economic hedges(b)

(27)

(11)

(4)

Other changes in mortgage servicing rights fair value(c)

(63)

(108)

(98)

(86)

(72)

Total mortgage banking revenue

$161

$130

$180

$162

$173

Mortgage production volume

$11,474

$12,627

$9,951

$9,645

$6,562

Mortgage application volume

$16,307

$16,214

$14,845

$14,363

$11,631

Mortgages serviced for others(d/e)

$215,409

$216,349

$216,146

$220,795

$216,701

A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of March 31, 2026, was as follows:

(Dollars in Millions)

HFA(f)

Government

Conventional(g)

Total

Servicing portfolio(h)

$57,635

$23,239

$125,380

$206,254

Fair value

$865

$460

$1,827

$3,152

Value (bps)(i)

150

198

146

153

Weighted-average servicing fees (bps)

Multiple (value/servicing fees)

4.26

4.43

5.75

5.05

Weighted-average note rate

5.20

4.41

4.06

4.42

Weighted-average age (in years)

4.9

7.0

5.8

5.7

Weighted-average expected prepayment (constant prepayment rate)

10.4

10.1

8.3

9.1

Weighted-average expected life (in years)

7.3

6.7

7.1

Weighted-average option adjusted spread(j)

7.4

6.9

5.1

6.0

(a)Origination and sales revenue recorded based on estimated number of applications that will close.

(b)Represents the net impact of changes in the fair value of mortgage servicing rights related to assumption changes and the derivatives used to economically hedge the mortgage servicing rights fair value changes.

(c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.

(d)Amounts reported reflect end of period balances.

(e)Includes subserviced mortgages with no corresponding mortgage servicing rights asset.

(f)Represents Housing Finance Agency division.

(g)Represents loans primarily sold to government-sponsored enterprises.

(h)Represents principal balance of mortgages having corresponding mortgage servicing rights asset.

(i)Calculated as fair value divided by the servicing portfolio.

(j)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the mortgage servicing rights asset.

PAYMENT SERVICES

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

$794

$781

$730

$742

Noninterest Income

Card revenue

263

291

279

278

249

Corporate payment and treasury management revenue

217

220

221

213

Merchant processing services

436

440

463

474

415

Trust and investment management fees

—

Lending and deposit-related fees

—

Capital markets revenue

—

Mortgage banking revenue

—

Investment products fees

—

Securities gains (losses), net

—

Other

Total noninterest income

925

969

973

984

912

Total net revenue

1,719

1,763

1,754

1,714

1,654

Noninterest Expense

Compensation and employee benefits

232

230

226

216

212

Other intangibles

Net shared services

567

609

595

578

582

Other direct expenses

247

276

239

216

Total noninterest expense

1,064

1,136

1,080

1,053

1,028

Income before provision and income taxes

655

627

674

661

626

Provision for Credit Losses

347

461

409

384

317

Income before income taxes

308

166

265

277

309

Income taxes and taxable-equivalent adjustment

Net income

231

124

199

208

232

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$231

$124

$199

$208

$232

FINANCIAL RATIOS

Return on average assets

1.91

1.01

1.63

1.74

2.01

Net interest margin (taxable-equivalent basis)

7.32

7.17

7.21

6.93

7.22

Efficiency ratio

61.9

64.4

61.6

61.4

62.2

PAYMENT SERVICES

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$6,541

$6,798

$6,750

$6,653

$6,388

Commercial real estate

—

Residential mortgages

—

Credit card

37,341

37,019

36,079

35,439

35,083

Other retail

121

126

128

132

136

Total loans

44,003

43,943

42,957

42,224

41,607

Other Earning Assets

Total earning assets

44,008

43,948

42,962

42,229

41,664

Non-earning Assets

Goodwill

3,481

3,478

3,482

3,425

3,391

Other intangible assets

237

251

260

258

249

Other non-earning assets

1,280

1,242

1,720

1,923

1,521

Total non-earning assets

4,998

4,971

5,462

5,606

5,161

Total assets

49,006

48,919

48,424

47,835

46,825

Deposits

Noninterest-bearing deposits

2,425

2,432

2,370

2,439

2,616

Interest checking

—

Savings products

Time deposits

Total deposits

2,519

2,527

2,465

2,534

2,710

Other Interest-bearing Liabilities

361

325

257

331

228

Other Noninterest-bearing Liabilities

4,573

4,675

5,104

5,377

4,880

Total liabilities

7,453

7,527

7,826

8,242

7,818

Total U.S. Bancorp Shareholders' Equity

10,596

10,457

10,318

10,234

10,229

Noncontrolling Interests

—

Total Equity

10,596

10,457

10,318

10,234

10,229

CREDIT QUALITY

Net Charge-offs

Commercial

$—

Commercial real estate

—

Residential mortgages

—

Credit card

365

358

346

380

387

Other retail

—

Total net charge-offs

$367

$360

$347

$381

$389

Net Charge-off Ratios

Commercial

.06

—

.06

Commercial real estate

—

Residential mortgages

—

Credit card

3.96

3.84

3.80

4.30

4.47

Other retail

3.35

3.15

3.10

—

2.98

Total net charge-offs

3.38

3.25

3.20

3.62

3.79

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Nonperforming Assets

Nonperforming loans

$—

Other nonperforming assets

—

Total nonperforming assets

$—

PAYMENT SERVICES

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

OTHER INFORMATION

Noninterest Income

Credit card

$263

$291

$279

$278

$249

Corporate payment products and prepaid

217

220

221

213

Global merchant acquiring

436

440

463

474

415

Payment Volumes

Credit card

$36,999

$39,651

$38,581

$38,132

$34,960

Debit card(a)

26,072

26,894

26,327

26,264

24,501

Prepaid card

1,920

2,080

1,609

1,556

1,529

Corporate payment products

22,688

21,413

23,312

22,317

21,612

Merchant volume

145,093

145,144

157,540

155,853

143,505

Total

232,772

235,182

247,369

244,122

226,107

# of merchant transactions

2,048,561,885

2,194,766,357

2,305,019,024

2,259,541,900

2,014,546,904

(a) Debit card revenue is reported within the Consumer and Business Banking segment.

TREASURY AND CORPORATE SUPPORT

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

($178)

($42)

($149)

($218)

($97)

Noninterest Income

Card revenue

—

Corporate payment and treasury management revenue

—

Merchant processing services

—

Trust and investment management fees

—

Lending and deposit-related fees

—

Capital markets revenue

(6)

(2)

(6)

(7)

Mortgage banking revenue

—

Investment products fees

—

Securities gains (losses), net

(35)

(7)

(57)

—

Other

(19)

(44)

(26)

(34)

(23)

Total noninterest income

(60)

(37)

(35)

(95)

(28)

Total net revenue

(238)

(79)

(184)

(313)

(125)

Noninterest Expense

Compensation and employee benefits

1,294

1,203

1,248

1,289

1,347

Other intangibles

—

Net shared services

(1,762)

(1,810)

(1,797)

(1,767)

(1,755)

Other direct expenses

733

690

694

656

690

Total noninterest expense

265

145

178

282

Income (loss) before provision and income taxes

(503)

(162)

(329)

(491)

(407)

Provision for Credit Losses

(117)

(96)

(98)

116

Income (loss) before income taxes

(595)

(45)

(233)

(393)

(523)

Income taxes and taxable-equivalent adjustment

(264)

(142)

(146)

(177)

(205)

Net income (loss)

(331)

(87)

(216)

(318)

Net (income) loss attributable to noncontrolling interests

(5)

(6)

(7)

(6)

(7)

Net income (loss) attributable to U.S. Bancorp

($336)

$91

($94)

($222)

($325)

TREASURY AND CORPORATE SUPPORT

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$1,429

$1,357

$1,340

$1,269

$1,317

Commercial real estate

—

Residential mortgages

—

Credit card

—

Other retail

Total loans

1,432

1,359

1,343

1,271

1,324

Other Earning Assets

212,810

219,699

224,121

216,003

216,225

Total earning assets

214,242

221,058

225,464

217,274

217,549

Non-earning Assets

Goodwill

—

Other intangible assets

Other non-earning assets

11,977

12,533

11,348

8,787

7,901

Total non-earning assets

11,984

12,540

11,355

8,795

7,909

Total assets

226,226

233,598

236,819

226,069

225,458

Deposits

Noninterest-bearing deposits

2,027

1,900

1,682

1,716

1,875

Interest-bearing deposits

506

2,494

8,782

9,509

8,721

Total deposits

2,533

4,394

10,464

11,225

10,596

Other Interest-bearing Liabilities

54,292

53,340

56,986

61,251

54,723

Other Noninterest-bearing Liabilities

2,938

4,472

4,122

2,383

2,765

Total liabilities

59,763

62,206

71,572

74,859

68,084

Total U.S. Bancorp Shareholders' Equity

17,954

16,329

14,970

13,409

12,169

Noncontrolling Interests

451

449

Total Equity

18,405

16,780

15,421

13,858

12,618

CREDIT QUALITY

Net Charge-offs

Commercial

$—

($1)

$—

Commercial real estate

—

Residential mortgages

—

Credit card

—

Other retail

—

Total net charge-offs

$—

($1)

$—

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Nonperforming Assets

Nonperforming loans

$—

Other nonperforming assets

Total nonperforming assets

$17

$18

$20

$21

$20

EX-99.3

Filename: earningscallpresentation.htm · Sequence: 4

earningscallpresentation

2©2025 U.S. Bank | Confidential Forward-looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects, targets, initiatives and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties: deterioration in general business, political and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility; changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements and any credit card interest rate caps, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities; changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs; changes in interest rates; increases in unemployment rates; deterioration in the credit quality of U.S. Bancorp’s loan portfolios or in the value of the collateral securing those loans; changes in commercial real estate occupancy rates; increases in Federal Deposit Insurance Corporation (FDIC) assessments, including due to bank failures; actions taken by governmental agencies to stabilize or reform the financial system and the effectiveness of such actions; turmoil and volatility in the financial services industry; risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer; impacts of current, pending or future litigation and governmental proceedings; increased competitive pressure; effects of climate change and related physical and transition risks; changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands; breaches in data security; failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents; failures to safeguard personal information; impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events, including due to the continuation of the conflict in the Middle East; impacts of supply chain disruptions, rising inflation, slower growth or a recession; failure to execute on strategic or operational plans; effects of mergers and acquisitions, such as the pending acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC, and related integration, including that the expected benefits may take longer than anticipated to achieve or may not be achieved in entirety or at all and the costs relating to the combination may be greater than expected; effects of critical accounting policies and judgments; effects of changes in or interpretations of tax laws and regulations; management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk and liquidity risk; and the risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2025, and subsequent filings with the Securities and Exchange Commission. Factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events. This presentation includes non-GAAP financial measures to describe U.S. Bancorp’s performance. The calculations of these measures are provided in the Appendix. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the difficulty forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of U.S. Bancorp’s control or cannot be reasonably predicted. For the same reasons, U.S. Bancorp’s management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

3©2025 U.S. Bank | Confidential 1Q26 Highlights Growth • Top-line YoY revenue growth supported by strong loan growth, consumer deposit momentum, and sustained fee-based growth Productivity • Continued expense discipline supporting seven consecutive quarters of positive operating leverage, as adjusted Returns • Strong profitability driven by disciplined balance sheet actions and a diversified mix of net interest income and fee-based revenue Risk & Financial Management • Asset quality metrics in line with expectations and strong capital levels 1 Taxable-equivalent basis; Non-GAAP; see appendix for calculation. 2 Non-GAAP; see appendix for calculations. 3 Common equity tier 1 capital to risk-weighted assets. 0.56% Net Charge-off Ratio 10.8% CET1 Capital Ratio3 4.1% Net Interest Income1 Growth vs. 1Q25 6.9% Fee Revenue Growth vs. 1Q25 440 bps Positive Operating Leverage2 vs. 1Q25 $1.18 Earnings per share 14.6% vs. 1Q25 17.0% Return on Tangible Common Equity2 1.15% Return on Average Assets 2.77% Net Interest Margin 58.2% Efficiency Ratio2 -260 bps vs. 1Q25

4©2025 U.S. Bank | Confidential Growing our Business Banking Franchise Top 3 SBA lender in 22 states4 • Faster product launches with dedicated operating model • Continued investment in differentiated solutions across payments, banking, and lending o Business Essentials bundles o Embedded digital capabilities (e.g., Spend Management, Bill Pay for Business, Payroll) o Merchant services and small business cards o Lending capabilities (e.g., SBA, healthcare) • Amazon Small Business co-brand partnership meaningfully expands reach and payments opportunity o Expected to convert in Q3 2026 o Unique co-brand; anticipated banking expansion 8% Fee revenue CAGR3 Our Strategy ¹ CAGR based on 2/28/2023 to 2/28/2026. 2 Small business clients from 2/28/2023 to 2/28/2026. 3 CAGR based on FY 2023 to FY 2025. 4 Based on FY 2025 7(a) Lender Report. Small Business Revenue Mix FY 2025 % of Revenue by Product 9% of U.S. Bancorp FY 2025 revenue Other Merchant Credit Card Lending Deposit 2023 2026 1.14M 1.40M 7% CAGR USB small business clients Small Businesses represent 40%+ of U.S. GDP and employment 48% 10% 18% 16% 8% 1 2

5©2025 U.S. Bank | Confidential California as a Growth Engine MUFG Union Bank acquisition revenue synergies are driving growth in California 1 U.S. Bureau of Economic Analysis (BEA), Census, SBA. 2 SNL Market Share as of April 2026. 2025 Pro-Forma Retail Bank. Includes active, closed, and de novo branches. Deposits capped at $1B. 3 Within 200 mile radius. 4 Feb 2024-Feb 2026 CAGR for California vs. overall USB performance. Business Banking merchant revenue is based on rolling 12 months through Feb 2024 vs. rolling 12 months through Feb 2026. Business clients growth rate 1.2X franchise Business deposits growth rate 1.6X franchise Business card client growth rate 2.2X franchise Business banking merchant revenue growth rate 1.4X franchise CA Growth over Franchise4 560+ locations #4 market share $76B+ deposits $4.1T+ GDP | ~40M consumers | ~4.3M small businessesCalifornia1 USB branches USB client centers 2 0 85K Small business concentration3

6©2025 U.S. Bank | Confidential Momentum building across Payments Merchant Processing YoY Fee Revenue $436M 1Q26 Reported Fee Revenue Credit Card Only YoY Fee Revenue $263M 1Q26 Reported Fee Revenue Corporate Payment Products & Prepaid YoY Fee Revenue $217M 1Q26 Reported Fee Revenue 3.5% 4.4% 5.2% 5.0% 5.1% 1Q25 2Q25 3Q25 4Q25 1Q26 4.2% 4.4% 5.2% 5.3% 5.6% 1Q25 2Q25 3Q25 4Q25 1Q26 (0.5)% (1.3)% (3.5)% 0.0% 1.9% 1Q25 2Q25 3Q25 4Q25 1Q26 Consistent execution, durable growth • Mid-single digit fee revenue growth remains steady • Strategic initiatives gaining traction across the business New accounts supporting growth • Double digit new account growth over the last 4 quarters a leading indicator for continued growth • 1Q26 new account acquisition up 18% YoY Momentum beginning to turn • New business wins increasingly contributing to results • Encouraging early signs of spend stabilization Broad based strength across payment categories as we transform the business

7©2025 U.S. Bank | Confidential Growth Momentum Key partnerships to drive strategic priorities Capital markets fee growth Payments transformation Consumer franchise growth Acquisition Cost included in guidance ~$75-$85M in revenue per quarter included in guidance Partnership ~$75-$85M in revenue per quarter included in guidance Partnership 200+ million fans

8©2025 U.S. Bank | Confidential 1Q26 Results Summary Income Statement Balance Sheet Capital 1 Taxable-equivalent basis; Non-GAAP; see appendix for calculation. 2 Common equity tier 1 capital to risk-weighted assets. 3 Non-GAAP; see appendix for calculations. 4 Earnings returned (millions) = total common dividends paid and aggregate value of common shares repurchased inclusive of treasury shares repurchased in connection with stock compensation plans Change vs. $ in millions, except EPS 1Q26 4Q25 1Q25 Net interest income1 $4,291 (.5) % 4.1 % Noninterest income 2,997 (1.8) 5.7 Noninterest expense 4,265 .9 .8 Net income to company 1,945 (4.9) 13.8 Diluted EPS $1.18 (6.3) 14.6 Change vs. $ in millions 1Q26 4Q25 1Q25 Nonperforming assets $1,528 (3.9) % (11.5) % NPA ratio 0.38 % (3) bps (7) bps Net charge-off ratio 0.56 % 2 bps (3) bps 90+ day delinquency 0.21 % (1) bps — bps Ending balance Avg balance Average Period Balance change vs. $ in billions 1Q26 1Q26 4Q25 1Q25 Total assets $701.0 $688.3 .7 % 2.8 % Earning assets 635.1 624.2 .6 2.3 Total loans 399.8 393.6 2.4 3.8 Total deposits 528.2 515.1 — 1.7 Change vs. 1Q26 4Q25 1Q25 CET1 capital ratio2 10.8 % — bps — bps Total risk-based capital ratio 14.2 % — bps (20) bps Book value per share $37.93 1.0 % 11.0 % Tangible book value per share3 $29.56 1.5 % 15.3 % Earnings returned (millions)4 $1,091 Credit Quality

9©2025 U.S. Bank | Confidential +5 bps Net Interest Margin -260 bps Efficiency Ratio 1.04% 1.19% 1.15% Return on Average Assets 1Q25 4Q25 1Q26 60.8% 57.4% 58.2% 2.72% 2.77% 2.77% Efficiency Ratio Net Interest Margin 1Q25 4Q25 1Q26 Performance Ratios 12.3% 13.5% 12.6% Return on Average Common Equity 1Q25 4Q25 1Q26 17.5% 18.4% 17.0% Return on Tangible Common Equity 1Q25 4Q25 1Q26 Return on Average Assets Return on Average Common Equity Return on Tangible Common Equity1 Efficiency Ratio1 & Net Interest Margin 2 1 Non-GAAP; see appendix for calculations 2 Net interest margin on a taxable-equivalent basis; see appendix for calculations +11 bps Year-over-year Constructive trends reflective of Q1 seasonality +30 bps Year-over-year -50 bps Year-over-year Year-over-year

10©2025 U.S. Bank | Confidential Return on Tangible Common Equity Consistent performance as tangible common equity has strengthened • Accelerating revenue growth momentum • Maintaining expense discipline while investing for growth • TCE stabilizing with moderating capital build and more normalized deployment Positioned to deliver high-teens ROTCE through medium-term3: Historical Performance & Growth in TCE $35 $36 $38 $39 $39 $41 $43 $45 $46 17.4% 18.6% 17.9% 18.3% 17.5% 18.0% 18.6% 18.4% 17.0% Average Tangible Common Equity (TCE), in billions Return on Tangible Common Equity (ROTCE), as adjusted 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Strong net income generation during this period has offset 31% TCE growth since 1Q24 1 Non-GAAP; see appendix for calculations; 2 Non-GAAP; adjusted for notable items; see appendix for calculations and description of notable items; 3 Medium-term represents 2026 and 2027 1 2

11©2025 U.S. Bank | Confidential Balance Sheet Summary Total Average Deposits 1Q26 Highlights Total Average Loans $379 $379 $379 $384 $394 5.91% 5.89% 5.97% 5.80% 5.69% Average Balance Avg Yield % 1Q25 2Q25 3Q25 4Q25 1Q26 Investment Portfolio End of Period Balances $ i billions 1 Consumer includes Wealth. 2 Balances exclude unrealized gains (losses). 3 Non-GAAP; reflects strategic loan sales of $5.5 billion in 2Q25. $171 $174 $171 $171 $174 3.10% 3.18% 3.26% 3.16% 3.08% Ending Balance Avg Yield % 1Q25 2Q25 3Q25 4Q25 1Q26 2 • Average consumer deposits grew 2.7% year-over-year; Another record quarter • Average loan growth of 3.8% year-over-year or 5.3%3 when adjusted for 2Q25 loan sales Interest-bearing deposits 1Q25 2Q25 3Q25 4Q25 1Q26 2.39% 2.41% 2.43% 2.25% 2.13% Avg. Yield % Robust loan growth and strategic portfolio remixing driving year-over-year growth $515 $515 $264 $266 $268 $270 $270 $243 $237 $244 $245 $245 Consumer Wholesale, Trust, Other 1Q25 2Q25 3Q25 4Q25 1Q26 $507 $503 $512 1

12©2025 U.S. Bank | Confidential • Year-over-year increase in net interest income primarily driven by loan growth, improved earning asset mix, and fixed asset repricing • Linked quarter net interest income decrease driven by fewer days in the quarter and deposit seasonality, partially offset by loan growth Net Interest Income % Change vs. 1Q26 4Q25 1Q25 Loans $5,526 (1.3) % (.1) % Loans held for sale 35 (18.6) 25.0 Investment securities 1,303 (3.0) (.4) Other interest income 974 3.8 50.5 Total interest income $7,838 (1.1) 4.3 Deposits $2,284 (6.8) (9.0) Short-term borrowings 645 27.7 nm Long-term debt 646 (5.4) (2.7) Total interest expense $3,575 (1.8) 4.4 Net interest income $4,263 (.5) 4.2 Taxable-equivalent adjustment 28 — (6.7) Net interest income, on a taxable-equivalent basis $4,291 (.5) % 4.1 % Net interest margin (taxable-equivalent basis) 2.77 % — bps 5 bps $ i millions nm = not meaningful Improved earnings asset mix, loan growth and fixed asset repricing

13©2025 U.S. Bank | Confidential Noninterest Income $ i millions nm = not meaningful % Change vs. 1Q26 4Q25 1Q25 Payments $1,235 (2.2) % 3.9 % Trust and investment management fees 745 (1.5) 9.6 Capital markets revenue 377 (3.1) 29.1 Investment product fees 97 (4.0) 11.5 Institutional fees 1,219 (2.2) 15.1 Lending and deposit-related fees 294 (2.6) 10.5 Mortgage banking revenue 161 23.8 (6.9) Other 123 12.8 (17.4) Consumer / Other 578 6.8 (1.7) Total fee revenue 3,032 (.6) 6.9 Securities gains (losses), net (35) nm nm Noninterest Income $2,997 (1.8) % 5.7 % • Year-over-year increase driven by broad-based growth across most fee categories • On a linked quarter basis, noninterest income decreased driven by seasonally lower card revenue and capital markets revenue, partially offset by higher mortgage banking revenue Broad-based momentum across all fee businesses

14©2025 U.S. Bank | Confidential Noninterest Expense $ i millions % Change vs. 1Q26 4Q25 1Q25 Compensation and benefits $2,628 3.9 % (.3) % Technology and communications 573 (1.9) 7.5 Occupancy and equipment 304 (5.0) (.7) Professional services 92 (36.1) (6.1) Marketing and business development 217 16.0 19.2 All other 451 (2.6) (5.3) Total noninterest expense $4,265 .9 % .8 % • Year-over-year increase in noninterest expense primarily driven by marketing initiatives and technology investments, partially offset by operational efficiencies in compensation expense and other noninterest expense • On a linked quarter basis, increase in noninterest expense driven by seasonally higher compensation expense and higher marketing expense, partially offset by lower net occupancy and equipment, lower professional services, and lower other expense Investing for growth while delivering significant productivity gains

15©2025 U.S. Bank | Confidential 61.1% 62.5% 60.2% 59.9% 60.8% 57.2% 57.4% 58.2% (420) (230) 30 190 270 250 530 440 440 Efficiency Ratio YoY Operating Leverage (bps) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Disciplined Expense Management Productivity driving consistent positive operating leverage and improving efficiency 1 Non-GAAP; excludes notable items for applicable periods; see appendix for calculations and description of notable items. Adjusted Efficiency Ratio & YoY Operating Leverage1 60.7% 59.2% (470) Proven execution Expense discipline is now embedded in how we run the company, with seven consecutive quarters of positive operating leverage, as adjusted Operating efficiency Improved efficiency ratio in the mid-to-high 50s, reflecting the benefits of sustained cost discipline and continued revenue growth Productivity as a multiplier Ongoing productivity gains from technology enablement and strategic expense initiatives create capacity to reinvest while sustaining leverage

16©2025 U.S. Bank | Confidential $537 $501 $571 $577 $576 $547 $554 $536 $527 $546 $(10) 2.07% 2.07% 2.06% 2.03% 2.00% $ in millions, unless specified Credit Quality Asset quality trends stable-to-improving; YoY provision increase driven by loan growth Amount ($B) Reserve (%) Commercial 1.8 1.2% Commercial real estate 1.3 2.5% Residential mortgage .7 .6% Credit card 3.4 8.9% Other retail .8 2.1% Total 8.0 2.0% Change vs. 1Q26 4Q25 1Q25 Nonperforming assets Balance $1,528 $(62) $(199) NPAs/period-end loans plus OREO 0.38 % (3) bps (7) bps Net charge-offs NCOs $546 $19 $(1) NCOs/avg loans 0.56 % 2 bps (3) bps Provision for Credit Losses Net Charge-offs (NCO) and Nonperforming Assets (NPA) Highlights Allowance for Credit Losses by Loan Category, 1Q26 • $30M reserve build reflects loan portfolio growth • CECL forecasted peak unemployment rate of 5.9% • Net charge-off ratio decreased 3 bps YoY NCOs Reserve Build (Release) Allowance for Credit Losses / Period-end Loans 1Q25 2Q25 3Q25 4Q25 $35 1Q26 $50 $(53) $30 $ $

17©2025 U.S. Bank | Confidential NDFI Business Credit Intermediaries Overview BSL CLOs | AAA | 2.1% of total loans Highly diversified with no industry exposure >12%; ~95% first-lien collateral; ~65% effective advance rate Commercial ABS | A | 0.5% of total loans Structured credit with ~85% effective advance rate; diversified across products; 3–4x expected loss coverage CDF | A+ | 0.1% of total loans Predominantly first lien; 65–75% effective advance rates; diversification limits with lender valuation rights BDCs | BBB | 0.2% of total loans Exposure to top-tier managers, with top 10 BDCs representing ~71% of the portfolio; primarily first lien; diversification limits; <50% effective advance rate NDFI Business Credit Intermediaries Products NDFI = Non-Depository Financial Institution, C&I = Commercial and Industrial, BSL CLOs = Broadly Syndicated Loan Collateralized Loan Obligation, ABS = Asset Backed Securities, BDC = Business Development Corporation, CDF = Corporate Debt Facilities Credit Category Rating is based on internal ratings mapped to external S&P equivalent ratings Commercial Leasing / Other | BBB - | 0.4% of total loans Predominantly traditional C&I lending to commercial leasing companies Limited exposure to BDCs with structural protections across the portfolio NDFI $246 $104 $37 $13 Other Loans Core C&I Other NDFI Business NDFI 3/31/2026 C&I Total Loans ($B) $8.3 $1.9 $1.8 $1.0 $0.3 3/31/2026 Business NDFI Composition ($B)

18©2025 U.S. Bank | Confidential Capital Management Modest share repurchases with continued capital accretion through earnings 1 1Q23 ratios calculated in accordance with transitional regulatory requirements related to the CECL methodology 2 Non GAAP; see appendix for calculations 1st Quarter Highlights CET1 Ratio Including AOCI 28.9%8.8% 9.2%6.5% 8.5% 10.8% 10.7% 10.9% 10.8% 10.8% 1Q23 1Q25 2Q25 3Q25 4Q25 1Q26 7.1% CET1 Ratio Regulatory Minimum Binding Capital Constraint starting in 4Q25 9.3% • Common Equity Tier 1 capital ratio was flat linked quarter as earnings generation was offset by capital distribution and strong loan growth • Including AOCI, CET1 was 9.3%2 as of March 31, 2026 • Completed common stock repurchases of $200 million CET1 Ratio 9.3% 1

19©2025 U.S. Bank | Confidential $488B 3/31/2026 New Standardized Approach Expanded Risk Based Approach (ERBA) Impact of Proposed Basel III Finalization Current proposal supports return to normalized capital deployment • Delivers meaningful RWA relief under both approaches, concentrated in Residential Mortgage and Investment Grade Commercial portfolios • Provides greater flexibility of capital positioning while supporting clients across traditional banking product needs ~ 5% reduction Risk Weighted Assets (RWA) Pro Forma Impact of RWA Methodology ~ 7% reduction Key Takeaways

20©2025 U.S. Bank | Confidential Guidance - 2Q 2026 1 Taxable-equivalent basis; see appendix for calculation; 1Q26 Performance Net interest income1 Total noninterest expense 1Q Guidance 1Q Result +3% to 4% vs. 1Q25 of $4,122M $4,291M +4.1% vs. 1Q25 +1% vs. 1Q25 of $4,232 $4,265M +0.8% vs. 1Q25 Total fee revenue +5% to 6% vs. 1Q25 of $2,836M $3,032M +6.9% vs. 1Q25 2Q26 Guidance Net interest income1 Total noninterest expense Total fee revenue FY 2026 Guidance +6% to 7% vs. 2Q25 of $4,080M +6% to 7% vs. 2Q25 of $2,981M +3% to 4% vs. 2Q25 of $4,181M Total net revenue Positive operating leverage +4% to 6% vs. FY25 of $28.7B1 200+ bps Guidance excludes the pending BTIG acquisition, which is expected to add ~$200M of quarterly net revenue and be slightly accretive to earnings per share post close in 2026

21©2025 U.S. Bank | Confidential Focused on our Medium-Term Targets 1 Non-GAAP; see appendix for calculations. 2 Excludes securities gains (losses). 3 Non-GAAP; as adjusted for notable items; see appendix for calculation and description of notable items. 4 Medium-term represents 2026 and 2027; subject to economic assumptions described in the appendix. 1Q 2025 4Q 2025 1Q 2026 Medium-term Target4 Return on Average Assets 1.04% 1.19% 1.15% 1.15% to 1.35% Return on Tangible Common Equity1 17.5% 18.4% 17.0% High teens Fee Revenue Growth (YoY)2 5.1% 7.6% 6.9% Mid-single digits Efficiency Ratio1 60.8% 57.4% 58.2% Mid-to-high 50s Operating Leverage (YoY) 270 bps 440 bps 440 bps Committed to positive operating leverage CET1 Capital Ratio (Cat III) 10.8% 10.8% 10.8% ~10% Cat II pro forma CET1 Capital Ratio with AOCI1 8.8% 9.3% 9.3% 3 3 1

22©2025 U.S. Bank | Confidential Momentum Drives Clear Path Forward • Stable economic activity and consistent client behavior continue to support strong fundamentals and a resilient outlook • Constructive Basel III proposal supportive of resuming long-term capital returns with Category II on the horizon • Execution remains the differentiator, deepening connectivity across the franchise and expanding our capacity to grow, consistently and responsibly

24©2025 U.S. Bank | Confidential Income Statement Detail 1 Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations % Change $ in millions, except EPS 1Q26 4Q25 1Q25 vs 4Q25 vs 1Q25 Net interest income $4,263 $4,284 $4,092 (.5) % 4.2 % Taxable-equivalent adjustment 28 28 30 — (6.7) Net interest income (taxable-equivalent basis) 4,291 4,312 4,122 (.5) 4.1 Noninterest income 2,997 3,053 2,836 (1.8) 5.7 Net revenue 7,288 7,365 6,958 (1.0) 4.7 Noninterest expense 4,265 4,227 4,232 .9 .8 Operating income 3,023 3,138 2,726 (3.7) 10.9 Provision for credit losses 576 577 537 (.2) 7.3 Income before taxes 2,447 2,561 2,189 (4.5) 11.8 Applicable income taxes 497 510 473 (2.5) 5.1 Net income 1,950 2,051 1,716 (4.9) 13.6 Noncontrolling interests (5) (6) (7) 16.7 28.6 Net Income to company 1,945 2,045 1,709 (4.9) 13.8 Preferred dividends/other 104 80 106 30.0 (1.9) Net Income to common $1,841 $1,965 $1,603 (6.3) % 14.8 % Net interest margin1 2.77% 2.77% 2.72% — bps 5 bps Efficiency ratio2 58.2% 57.4% 60.8% 80 bps (260) bps Diluted EPS $1.18 $1.26 $1.03 (6.3) % 14.6 %

25©2025 U.S. Bank | Confidential Average Loans • On a year-over-year basis, average total loan growth was driven by higher commercial loans, commercial real estate loans and credit card loans, partially offset by lower residential mortgages and other retail loans • On a linked quarter basis, the increase in average total loans was broad based across categories Average % of Average Change vs. 1Q 2026 Balance Total 4Q25 1Q25 Commercial1 $150 38% 4.7 % 11.4 % Commercial real estate 50 13% 1.9 1.1 Residential mortgages 117 30% 1.1 (1.8) Credit card 37 9% .9 6.4 Other retail 40 10% — (3.5) Total loans $394 2.4 % 3.8 % $379.0 $384.3 $393.6 1Q25 4Q25 1Q26 $ i billions 1 Includes $12B in Payments commercial loans. +2.4% linked quarter +3.8% year-over-year

26©2025 U.S. Bank | Confidential $104 $50 Core C&I NDFI 3/31/2026 NDFI Portfolio - Well Diversified, Strong Credit Quality Loan composition based on ending balances ($ in billions) CLO = Collateralized Loan Obligations, BDC = Business Development Corporations, ABS = Asset Backed Security 1 Credit Category Rating is based on internal ratings mapped to external S&P equivalent ratings Private Equity: Subscription Lines (e.g., capital call facilities) Business Credit: CLOs, Commercial ABS, BDCs Consumer Credit: Consumer Auto ABS Mortgage Credit: Warehouse Lines, Repo Lines Other: All Other (e.g. insurance, broker/dealer) 1Q26 Category Allocation & Credit Category Rating1 Private Equity A+ Business AA- Consumer AA Mortgage BBB Other A- 11.5% 17.0% 15.3% 26.5% 29.7% 3/31/2026 Commercial Loan Composition Non-Depository Financial Institution (NDFI) loan portfolio characteristics: • Exposures are managed through robust internal processes, including limits sized for our risk appetite • Growth supported by diversification across repayment sources (institutional investors, industries, and CRE property types) • Average portfolio credit quality of A+ exceeds that of our core investment-grade corporate and commercial lending book of BBB+1 • Criticized rate is <1% of total NDFI portfolio as compared to 2.1% for core C&I portfolio. U.S. Bank has limited exposure to BDCs at approximately 2% of total NDFI portfolio • Asset quality supported by strong collateral and structural protections (performance covenants, overcollateralization)

27©2025 U.S. Bank | Confidential Average Deposits • On a year-over-year basis, increased average total deposits were driven by higher savings, interest checking, and noninterest-bearing deposits partially offset by lower time and money market deposits • On a linked quarter basis, average total deposits were relatively flat with higher savings and money-market deposits offset by lower time deposits, noninterest-bearing deposits, and interest checking deposits $ i billions Noninterest-bearing Interest-bearing 1Q25 4Q25 1Q26 Average Average Change vs. 1Q 2026 Balance 4Q25 1Q25 Noninterest-bearing deposits $81 (3.2) % 1.2 % Money market savings 189 1.5 (3.3) Interest checking 131 (.3) 3.9 Savings accounts 68 6.4 35.9 Time deposits 46 (7.7) (16.0) Total interest-bearing deposits $434 .6 % 1.8 % Total deposits $515 — % 1.7 % $515.1$515.1$506.5

28©2025 U.S. Bank | Confidential Capital Position $ in billions 1Q26 4Q25 3Q25 2Q25 1Q25 Total U.S. Bancorp shareholders’ equity $65.8 $65.2 $63.3 $61.4 $60.1 Basel III Standardized Approach Common equity tier 1 capital ratio 10.8 % 10.8 % 10.9 % 10.7 % 10.8 % Tier 1 capital ratio 12.3 % 12.3 % 12.4 % 12.3 % 12.4 % Total risk-based capital ratio 14.2 % 14.2 % 14.4 % 14.3 % 14.4 % Leverage ratio 8.8 % 8.7 % 8.6 % 8.5 % 8.4 % Common equity to assets 8.4 % 8.4 % 8.1 % 8.0 % 7.9 % Tangible common equity to tangible assets 1 6.7 % 6.7 % 6.4 % 6.1 % 6.0 % Tangible common equity to risk-weighted assets 1 9.4 % 9.4 % 9.3 % 9.0 % 8.9 % 1 Non-GAAP; see appendix for calculations

29©2025 U.S. Bank | Confidential 58% 42% Payments: Consumer & Small Business (PCS) Payments: Merchant & Institutional (PMI) • Announced partnership with Amazon to become their exclusive Small Business Cobrand Credit Card issuer • Launched U.S. Bank Business Shield Visa card to help small business owners navigate fluctuations in finances and resources • Introduced new additions to PMI leadership with Wally Mlynarski (Elavon CEO), Peter Geronimo (PMI Sales Distribution), and Raj Gazula (PMI CAO) • Elavon’s rebranding initiative reinforces its position as a leading global payments partner • Elavon was recognized with “Best Performing Gateway in 2026” by TSG4 and “Best Risk, Fraud & Compliance Solution” at Europe’s MPE 2026 awards5 Segment 1Q 2Q 3Q 4Q Credit Card stable Merchant Processing stable stable Corporate Payments and Treasury3 stable Merchant Processing (MPS) Corporate Payments and Treasury3Credit Card Payments Total Net Revenue by Business (1Q26) Highlights Historical Linked Quarter Seasonality for Payment Fees Revenue1 â â á á á á â +5.6% year-over-year +5.1% year-over-year +2.0% year-over-year Payment Services Fee Revenue Growth Rates 1 Linked quarter change based on historical trends adjusted for Covid shutdown and recovery. 2 Excludes Debit Card. 3 Includes Prepaid Card and Treasury Management Fee Revenue for consolidated reporting. 4 Elavon was awarded Best Performing Gateway and Best Transaction Speed and was a runner up for Highest Authorization Rate and Best Gateway Uptime at the 2026 The Strawhecker Group (TSG) Real Transaction Metrics Awards. 5 Best Risk, Fraud & Compliance Solution at Europe’s Merchant Payment Ecosystem (MPE) 2026 awards for Elavon’s AI-driven Pay Defense solution 46% 54% Net interest income (taxable-equivalent basis) Noninterest income á 2 3

30©2025 U.S. Bank | Confidential Credit Quality - Commercial $134,451 $137,966 $139,954 $143,114 $149,833 0.30 % 0.19 % 0.09 % 0.29 % 0.33 % Average Loans NCO% 1Q25 2Q25 3Q25 4Q25 1Q26 Key StatisticsAverage Loans ($M) and Net Charge-offs Ratio 3.7% 2.6% 1.4% 2.3% 4.7% Linked Quarter Growth Key Points • Average loans increased by 4.7% on a linked quarter basis • Utilization increased on a linked quarter basis to 25.7% for 1Q26 versus 24.7% for 4Q25 $ in millions 1Q25 4Q25 1Q26 Average loans $134,451 $143,114 $149,833 30-89 delinquencies 0.15 % 0.23 % 0.14 % 90+ delinquencies 0.01 % 0.01 % 0.02 % Nonperforming loans 0.45 % 0.48 % 0.42 % Revolving Line Utilization Trend 3Q 17 1Q 18 3Q 18 1Q 19 3Q 19 1Q 20 3Q 20 1Q 21 3Q 21 1Q 22 3Q 22 1Q 23 3Q 23 1Q 24 3Q 24 1Q 25 3Q 25 1Q 26 10% 20% 30% 40% 1 I 1Q26, Small Business Credit Card loans have been reclassified from Commercial to Credit Card. Prior periods have been adjusted to reflect this change for comparability 1

31©2025 U.S. Bank | Confidential CRE by Loan Type Mortgage 61% Owner Occupied 20% Construction 19% Credit Quality – Commercial Real Estate Key Points Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (2.0)% (0.9)% (0.5)% 0.5% 1.9% • Average loans increased by 1.9% on a linked quarter basis • 90+ delinquencies remained flat while non-performing improved on a linked quarter basis • Nonperforming loans driven by the Office portfolio $48,890 $48,466 $48,246 $48,490 $49,408 (0.03) % 0.47 % 0.85 % (0.02) % (0.07) % Average Loans NCO% 1Q25 2Q25 3Q25 4Q25 1Q26 CRE by Property Class SFR Construction 7% Owner Occupied 20% Multi-Family 38% Office 9% Industrial 12% Other 14% $ in millions 1Q25 4Q25 1Q26 Average loans $48,890 $48,490 $49,408 30-89 delinquencies 0.12 % 0.10 % 0.19 % 90+ delinquencies 0.01 % 0.03 % 0.03 % Nonperforming loans 1.61 % 1.06 % 1.04 % 1 1 SFR = S ngle Family Residential

32©2025 U.S. Bank | Confidential Credit Quality - Residential Mortgage $118,844 $115,616 $114,780 $115,390 $116,690 0.00 % 0.00 % 0.00 % (0.01) % 0.00 % Average Loans NCO% 1Q25 2Q25 3Q25 4Q25 1Q26 Key Points • Average loans increased by 1.1% on a linked quarter basis • Continued low losses and nonperforming loans supported by strong credit quality and collateral values • High credit quality originations continued (weighted average credit score of 773, weighted average LTV of 68%) Linked Quarter Growth Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 1Q25 4Q25 1Q26 Average loans $118,844 $115,390 $116,690 30-89 delinquencies 0.25 % 0.18 % 0.14 % 90+ delinquencies 0.19 % 0.25 % 0.23 % Nonperforming loans 0.12 % 0.13 % 0.14 % 0.4% (2.7)% (0.7)% 0.5% 1.1% Residential Mortgage Delinquencies ($M) 30-89 days past due 90+ days past due 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 $— $200 $400 $600 $800 $1,000

33©2025 U.S. Bank | Confidential Credit Quality - Credit Card $35,083 $35,439 $36,079 $37,019 $37,341 4.47 % 4.30 % 3.80 % 3.84 % 3.96 % Average Loans NCO% 1Q25 2Q25 3Q25 4Q25 1Q26 Key Points • Average loans increased by 0.9% on a linked quarter basis • Net charge-off ratio increased sequentially to 3.96% consistent with seasonal patterns; Year-over-year down 51bps • 30-89 and 90+ day delinquency rates decreased from prior quarter Average Loans ($M) and Net Charge-offs Ratio Key Statistics (0.2)% 1.0% 1.8% 2.6% 0.9% Linked Quarter Growth $ in millions 1Q25 4Q25 1Q26 Average loans $35,083 $37,019 $37,341 30-89 delinquencies 1.35 % 1.34 % 1.28 % 90+ delinquencies 1.40 % 1.27 % 1.29 % Nonperforming loans — % — % — % Credit Card Delinquencies ($M) 30-89 days past due 90+ days past due 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 $— $200 $400 $600 $800 $1,000 1 I 1Q26, Small Business Credit Card loans have been reclassified from Commercial to Credit Card. Prior periods have been adjusted to reflect this change for comparability 1

34©2025 U.S. Bank | Confidential Credit Quality - Other Retail Key Points • Average loans flat on a linked quarter basis • Net charge-off ratio increased 2 bps on a linked quarter basis, predominantly driven by retail leasing Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (1.9)% (1.7)% (2.3)% 0.4% —% $41,760 $41,042 $40,093 $40,272 $40,288 0.61 % 0.52 % 0.57 % 0.67 % 0.69 % Average Loans NCO% 1Q25 2Q25 3Q25 4Q25 1Q26 Auto Loans 9% Installment 36% Home Equity 35% Retail Leasing 9% Revolving Credit 11% $ in millions 1Q25 4Q25 1Q26 Average loans $41,760 $40,272 $40,288 30-89 delinquencies 0.50 % 0.46 % 0.41 % 90+ delinquencies 0.14 % 0.13 % 0.13 % Nonperforming loans 0.36 % 0.40 % 0.39 %

35©2025 U.S. Bank | Confidential Financial Targets Return on Average Assets Return on Tangible Common Equity Fee Income Growth (YoY) Efficiency Ratio 1.15% to 1.35% High teens Mid-single digits Mid-to-high 50s Medium-term1 Key assumptions2 Modest GDP growth Stable unemployment rate Moderating inflation Current tax policy Fed Funds rate path consistent with market implied Upward sloping yield curve driven by rate cuts Stable credit quality 1 Me ium-term represents 2026 and 2027 2 Key assumptions as of September 12, 2024 and presented at Investor Day

36©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (Dollars and Shares in Millions Except Per Share Data, Unaudited) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Total equity $ 66,247 $ 65,651 $ 63,798 $ 61,896 $ 60,558 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolling interest (461) (458) (458) (458) (462) Common equity (a) 58,978 58,385 56,532 54,630 53,288 Goodwill (net of deferred tax liability) (1) (11,588) (11,603) (11,603) (11,613) (11,521) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,429) (1,507) (1,605) (1,699) (1,761) Tangible common equity (b) 45,961 45,275 43,324 41,318 40,006 Total assets (c) 700,998 692,345 695,357 686,370 676,489 Goodwill (net of deferred tax liability) (1) (11,588) (11,603) (11,603) (11,613) (11,521) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,429) (1,507) (1,605) (1,699) (1,761) Tangible assets (d) 687,981 679,235 682,149 673,058 663,207 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation if applicable (e) 487,958 480,382 465,092 459,521 450,290 Common shares outstanding (f) 1,555 1,555 1,556 1,558 1,560 Ratios Common equity to assets (a)/(c) 8.4% 8.4% 8.1% 8.0% 7.9% Tangible common equity to tangible assets (b)/(d) 6.7 6.7 6.4 6.1 6.0 Tangible common equity to risk-weighted assets (b)/(e) 9.4 9.4 9.3 9.0 8.9 Tangible book value per common share (b)/(f) $ 29.56 $ 29.12 $ 27.84 $ 26.52 $ 25.64 * (1) – s e l st page in appendix for corresponding notes *Preliminary data. Subject to change prior to filings with applicable regulatory agencies.

37©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (Dollars in Millions, Unaudited) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 March 31, 2023 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (a) 52,648 51,665 50,587 49,382 48,482 42,027 Accumulated Other Comprehensive Income (AOCI) related adjustments (2) (7,049) (6,893) (7,638) (8,458) (8,737) (10,153) Common equity tier 1 capital, including AOCI related adjustments (2) (b) 45,599 44,772 42,949 40,924 39,745 31,874 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (c) 487,958 480,382 465,092 459,521 450,290 494,048 Ratios Common equity tier 1 capital ratio (a)/(c) 10.8 % 10.8 % 10.9 % 10.7 % 10.8 % 8.5 % Common equity tier 1 capital ratio, including AOCI related adjustments (2) (b)/(c) 9.3 9.3 9.2 8.9 8.8 6.5 (2) – s e l st page in appendix for corresponding notes

38©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (3), (4) - see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) March 31, 2026 March 31, 2025 December 31, 2025 December 31, 2024 September 30, 2025 September 30, 2024 Net interest income $ 4,263 $ 4,092 $ 4,284 $ 4,146 $ 4,222 $ 4,135 Taxable-equivalent adjustment (3) 28 30 28 30 29 31 Net interest income, on a taxable-equivalent adjustment basis 4,291 4,122 4,312 4,176 4,251 4,166 Net interest income, on a taxable-equivalent basis (as calculated above) 4,291 4,122 4,312 4,176 4,251 4,166 Noninterest income 2,997 2,836 3,053 2,833 3,078 2,698 Total net revenue 7,288 6,958 7,365 7,009 7,329 6,864 Less: Securities gains (losses), net (35) — 3 (1) (7) (119) Total net revenue, excluding net securities gains (losses) (a) 7,323 6,958 7,362 7,010 7,336 6,983 Percent change (b) 5.2 % 5.0 % 5.1 % Noninterest expense (c) 4,265 4,232 4,227 4,311 4,197 4,204 Percentage change (d) 0.8 % (1.9) % (0.2) % Less: Notable items (4) — — — 109 — — Total noninterest expense, excluding notable items 4,265 4,232 4,227 4,202 4,197 4,204 Percentage change (e) 0.8 % 0.6 % (0.2) % Pre-provision net revenue 3,023 2,726 3,138 2,698 3,132 2,660 Percentage change 11 % 16 % 18 % Pre-provision net revenue, excluding notable items 3,023 2,726 3,138 2,807 3,132 2,660 Percentage change 11 % 12 % 18 % Operating leverage (b) - (d) 4.4 % 6.9 % 5.3 % Operating leverage, excl. notable items (b) - (e) 4.4 % 4.4 % 5.3 % Efficiency ratio (c) / (a) 58.2 % 57.4 % 57.2 %

39©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) June 30, 2025 June 30, 2024 March 31, 2025 March 31, 2024 December 31, 2024 December 31, 2023 Net interest income $ 4,051 $ 4,023 $ 4,092 $ 3,985 $ 4,146 $ 4,111 Taxable-equivalent adjustment (3) 29 29 30 30 30 31 Net interest income, on a taxable-equivalent adjustment basis 4,080 4,052 4,122 4,015 4,176 4,142 Net interest income, on a taxable-equivalent basis (as calculated above) 4,080 4,052 4,122 4,015 4,176 4,142 Noninterest income 2,924 2,815 2,836 2,700 2,833 2,620 Total net revenue 7,004 6,867 6,958 6,715 7,009 6,762 Less: Securities gains (losses), net (57) (36) — 2 (1) (116) Total net revenue, excluding net securities gains (losses) (a) 7,061 6,903 6,958 6,713 7,010 6,878 Percent change (b) 2.3 % 3.6 % 1.9 % Noninterest expense (c) 4,181 4,214 4,232 4,459 4,311 5,219 Percentage change (d) (0.8) % (5.1) % (17.4) % Less: Notable items (4) — 26 — 265 109 1,015 Total noninterest expense, excluding notable items (e) 4,181 4,188 4,232 4,194 4,202 4,204 Percentage change (f) (0.2) % 0.9 % — % Pre-provision net revenue 2,823 2,653 2,726 2,256 Percentage change 6 % 21 % Pre-provision net revenue, excluding notable items 2,823 2,679 2,726 2,521 Percentage change 5 % 8 % Operating leverage (b) - (d) 3.1 % 8.7 % 19.3 % Operating leverage, excl. notable items (b) - (f) 2.5 % 2.7 % 1.9 % Efficiency ratio (c) / (a) 59.2 % 60.8 % 61.5 % Efficiency ratio, excluding notable items (e) / (a) 59.9 % (3), (4) - see last page in appendix for corresponding notes

40©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (3), (4) - see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) September 30, 2024 September 30, 2023 June 30, 2024 June 30, 2023 March 31, 2024 March 31, 2023 Net interest income $ 4,135 $ 4,236 $ 4,023 $ 4,415 $ 3,985 $ 4,634 Taxable-equivalent adjustment (3) 31 32 29 34 30 34 Net interest income, on a taxable-equivalent adjustment basis 4,166 4,268 4,052 4,449 4,015 4,668 Net interest income, on a taxable-equivalent basis (as calculated above) 4,166 4,268 4,052 4,449 4,015 4,668 Noninterest income 2,698 2,764 2,815 2,726 2,700 2,507 Total net revenue 6,864 7,032 6,867 7,175 6,715 7,175 Less: Securities gains (losses), net (119) — (36) 3 2 (32) Total net revenue, excluding net securities gains (losses) (a) 6,983 7,032 6,903 7,172 6,713 7,207 Percent change (b) (0.7) % (3.8) % (6.9) % Less: Notable items (4) — — — (22) — — Total net revenue, excluding net securities gains (losses) and notable items (c) 6,983 7,032 6,903 7,194 6,713 7,207 Percent change (d) (0.7) % (4.0) % (6.9) % Noninterest expense (e) 4,204 4,530 4,214 4,569 4,459 4,555 Percentage change (f) (7.2) % (7.8) % (2.1) % Less: Notable items (4) — 284 26 310 265 244 Total noninterest expense, excluding notable items (g) 4,204 4,246 4,188 4,259 4,194 4,311 Percentage change (h) (1.0) % (1.7) % (2.7) % Operating leverage (b) - (f) 6.5 % 4.0 % (4.8) % Operating leverage, excl. notable items (d) - (h) 0.3 % (2.3) % (4.2) % Efficiency ratio (e) / (a) 60.2 % 61.0 % 66.4 % Efficiency ratio, excluding notable items (g) / (c) 60.7 % 62.5 %

41©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (3), (4) - see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) December 31, 2023 December 31, 2022 Net interest income $ 4,111 $ 4,293 Taxable-equivalent adjustment (3) 31 32 Net interest income, on a taxable-equivalent adjustment basis 4,142 4,325 Net interest income, on a taxable-equivalent basis (as calculated above) 4,142 4,325 Noninterest income 2,620 2,043 Total net revenue 6,762 6,368 Less: Securities gains (losses), net (116) (18) Total net revenue, excluding net securities gains (losses) (a) 6,878 6,386 Percent change (b) 7.7 % Less: Notable items (4) — (381) Total net revenue, excluding net securities gains (losses) and notable items (c) 6,878 6,767 Percent change (d) 1.6 % Noninterest expense (e) 5,219 4,043 Percentage change (f) 29.1 % Less: Notable items (4) 1,015 90 Total noninterest expense, excluding notable items (g) 4,204 3,953 Percentage change (h) 6.3 % Operating leverage (b) - (f) (21.4) % Operating leverage, excl. notable items (d) - (h) (4.7) % Efficiency ratio (e) / (a) 75.9 % Efficiency ratio, excluding notable items (g) / (c) 61.1 %

42©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) March 31, 2026 December 31, 2025 September 30, 2025 Net income applicable to U.S. Bancorp common shareholders $ 1,841 $ 1,965 $ 1,893 Intangibles amortization (net-of-tax) 87 100 99 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 1,928 2,065 1,992 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 7,819 8,193 7,903 Average total equity 66,315 65,048 63,101 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (458) (458) (458) Average goodwill (net of deferred tax liability) (1) (11,601) (11,599) (11,609) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,474) (1,568) (1,659) Average tangible common equity (b) 45,974 44,615 42,567 Return on tangible common equity (a)/(b) 17.0 % 18.4 % 18.6 % (1) – s e l st page in appendix for corresponding notes

43©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) June 30, 2025 March 31, 2025 December 31, 2024 Net income applicable to U.S. Bancorp common shareholders $ 1,733 $ 1,603 $ 1,581 Intangibles amortization (net-of-tax) 98 97 110 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 1,831 1,700 1,691 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 7,344 6,894 6,727 Average total equity 61,356 60,071 59,272 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (457) (460) (460) Average goodwill (net of deferred tax liability) (1) (11,544) (11,513) (11,515) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,734) (1,806) (1,885) Average tangible common equity (b) 40,813 39,484 38,604 Return on tangible common equity (a)/(b) 18.0 % 17.5 % 17.4 % Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (as calculated above) $ 1,691 Less: Notable items, including the impact of earnings allocated to participating stock awards (4) (81) Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items 1,772 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (c) 7,049 Average tangible common equity (as calculated above) (d) 38,604 Return on tangible common equity, excluding notable items (c)/(d) 18.3 % (1), (4) – see last page in appendix for corresponding notes

44©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2024 June 30, 2024 March 31, 2024 Net income applicable to U.S. Bancorp common shareholders $ 1,601 $ 1,518 $ 1,209 Intangibles amortization (net-of-tax) 112 113 115 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 1,713 1,631 1,324 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 6,815 6,560 5,325 Average total equity 58,744 56,492 56,131 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (461) (463) (464) Average goodwill (net of deferred tax liability) (1) (11,494) (11,457) (11,473) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,981) (2,087) (2,208) Average tangible common equity (b) 38,000 35,677 35,178 Return on tangible common equity (a)/(b) 17.9 % 18.4 % 15.1 % Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (as calculated above) $ 1,631 $ 1,324 Less: Notable items, including the impact of earnings allocated to participating stock awards (4) (19) (198) Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items 1,650 1,522 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (c) 6,636 6,121 Average tangible common equity (as calculated above) (d) 35,677 35,178 Return on tangible common equity, excluding notable items (c)/(d) 18.6 % 17.4 % (1), (4) – see last page in appendix for corresponding notes

45©2025 U.S. Bank | Confidential Notes 1. Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. 2. Includes Accumulated Other Comprehensive Income (AOCI) related to available for sale securities, pension plans, and available for sale to held to maturity transfers. 3. Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes. 4. Notable items for the three months ended December 31, 2024 of $109 million ($82 million net-of-tax) included lease impairments and operational efficiency actions. Notable items for the three months ended June 30, 2024 included a $26 million ($19 million net-of-tax) charge for the increase in FDIC special assessment. Notable items for the three months ended March 31, 2024 of $265 million ($199 million net-of-tax) included $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment. Notable items for the three months ended December 31, 2023 of $1.1 billion ($780 million net-of-tax, including a $70 million discrete tax benefit) included $(118) million of noninterest income related to investment securities balance sheet repositioning and capital management actions, $171 million of merger and integration-related charges, $734 million of FDIC special assessment charges and a $110 million charitable contribution. Notable items for the three months ended September 30, 2023 included $284 million ($213 million net-of-tax) of merger and integration-related charges. Notable items for the three months ended June 30, 2023 of $575 million ($432 million net-of-tax) included $(22) million of noninterest income related to balance sheet repositioning and capital management actions, $310 million of merger and integration-related charges, and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions. Notable items for the three months ended March 31, 2023 included $244 million ($183 million net-of-tax) of merger and integration-related charges.

46©2025 U.S. Bank | Confidential 1. 2. 3. 4. Notable items for the three months ended December 31, 2022 of $1.3 billion ($952 million net-of-tax) included $(399) million of noninterest income related to balance sheet repositioning and capital management actions, $90 million of merger and integration-related charges and $791 million of provision for credit losses related to the acquisition of Union Bank and balance sheet optimization activities. Notes

GRAPHIC

Filename: earningscallpresentation001.jpg · Sequence: 9

Binary file (134357 bytes)

Download earningscallpresentation001.jpg

GRAPHIC

Filename: earningscallpresentation002.jpg · Sequence: 10

Binary file (390952 bytes)

Download earningscallpresentation002.jpg

GRAPHIC

Filename: earningscallpresentation003.jpg · Sequence: 11

Binary file (159171 bytes)

Download earningscallpresentation003.jpg

GRAPHIC

Filename: earningscallpresentation004.jpg · Sequence: 12

Binary file (144762 bytes)

Download earningscallpresentation004.jpg

GRAPHIC

Filename: earningscallpresentation005.jpg · Sequence: 13

Binary file (150714 bytes)

Download earningscallpresentation005.jpg

GRAPHIC

Filename: earningscallpresentation006.jpg · Sequence: 14

Binary file (139417 bytes)

Download earningscallpresentation006.jpg

GRAPHIC

Filename: earningscallpresentation007.jpg · Sequence: 15

Binary file (107244 bytes)

Download earningscallpresentation007.jpg

GRAPHIC

Filename: earningscallpresentation008.jpg · Sequence: 16

Binary file (144443 bytes)

Download earningscallpresentation008.jpg

GRAPHIC

Filename: earningscallpresentation009.jpg · Sequence: 17

Binary file (120375 bytes)

Download earningscallpresentation009.jpg

GRAPHIC

Filename: earningscallpresentation010.jpg · Sequence: 18

Binary file (143206 bytes)

Download earningscallpresentation010.jpg

GRAPHIC

Filename: earningscallpresentation011.jpg · Sequence: 19

Binary file (150326 bytes)

Download earningscallpresentation011.jpg

GRAPHIC

Filename: earningscallpresentation012.jpg · Sequence: 20

Binary file (130259 bytes)

Download earningscallpresentation012.jpg

GRAPHIC

Filename: earningscallpresentation013.jpg · Sequence: 21

Binary file (116858 bytes)

Download earningscallpresentation013.jpg

GRAPHIC

Filename: earningscallpresentation014.jpg · Sequence: 22

Binary file (118478 bytes)

Download earningscallpresentation014.jpg

GRAPHIC

Filename: earningscallpresentation015.jpg · Sequence: 23

Binary file (132768 bytes)

Download earningscallpresentation015.jpg

GRAPHIC

Filename: earningscallpresentation016.jpg · Sequence: 24

Binary file (141584 bytes)

Download earningscallpresentation016.jpg

GRAPHIC

Filename: earningscallpresentation017.jpg · Sequence: 25

Binary file (169209 bytes)

Download earningscallpresentation017.jpg

GRAPHIC

Filename: earningscallpresentation018.jpg · Sequence: 26

Binary file (114324 bytes)

Download earningscallpresentation018.jpg

GRAPHIC

Filename: earningscallpresentation019.jpg · Sequence: 27

Binary file (103736 bytes)

Download earningscallpresentation019.jpg

GRAPHIC

Filename: earningscallpresentation020.jpg · Sequence: 28

Binary file (165682 bytes)

Download earningscallpresentation020.jpg

GRAPHIC

Filename: earningscallpresentation021.jpg · Sequence: 29

Binary file (118411 bytes)

Download earningscallpresentation021.jpg

GRAPHIC

Filename: earningscallpresentation022.jpg · Sequence: 30

Binary file (105970 bytes)

Download earningscallpresentation022.jpg

GRAPHIC

Filename: earningscallpresentation023.jpg · Sequence: 31

Binary file (29737 bytes)

Download earningscallpresentation023.jpg

GRAPHIC

Filename: earningscallpresentation024.jpg · Sequence: 32

Binary file (127310 bytes)

Download earningscallpresentation024.jpg

GRAPHIC

Filename: earningscallpresentation025.jpg · Sequence: 33

Binary file (102987 bytes)

Download earningscallpresentation025.jpg

GRAPHIC

Filename: earningscallpresentation026.jpg · Sequence: 34

Binary file (167753 bytes)

Download earningscallpresentation026.jpg

GRAPHIC

Filename: earningscallpresentation027.jpg · Sequence: 35

Binary file (116284 bytes)

Download earningscallpresentation027.jpg

GRAPHIC

Filename: earningscallpresentation028.jpg · Sequence: 36

Binary file (90336 bytes)

Download earningscallpresentation028.jpg

GRAPHIC

Filename: earningscallpresentation029.jpg · Sequence: 37

Binary file (175851 bytes)

Download earningscallpresentation029.jpg

GRAPHIC

Filename: earningscallpresentation030.jpg · Sequence: 38

Binary file (131468 bytes)

Download earningscallpresentation030.jpg

GRAPHIC

Filename: earningscallpresentation031.jpg · Sequence: 39

Binary file (135027 bytes)

Download earningscallpresentation031.jpg

GRAPHIC

Filename: earningscallpresentation032.jpg · Sequence: 40

Binary file (134912 bytes)

Download earningscallpresentation032.jpg

GRAPHIC

Filename: earningscallpresentation033.jpg · Sequence: 41

Binary file (136055 bytes)

Download earningscallpresentation033.jpg

GRAPHIC

Filename: earningscallpresentation034.jpg · Sequence: 42

Binary file (113890 bytes)

Download earningscallpresentation034.jpg

GRAPHIC

Filename: earningscallpresentation035.jpg · Sequence: 43

Binary file (96718 bytes)

Download earningscallpresentation035.jpg

GRAPHIC

Filename: earningscallpresentation036.jpg · Sequence: 44

Binary file (141767 bytes)

Download earningscallpresentation036.jpg

GRAPHIC

Filename: earningscallpresentation037.jpg · Sequence: 45

Binary file (98241 bytes)

Download earningscallpresentation037.jpg

GRAPHIC

Filename: earningscallpresentation038.jpg · Sequence: 46

Binary file (131371 bytes)

Download earningscallpresentation038.jpg

GRAPHIC

Filename: earningscallpresentation039.jpg · Sequence: 47

Binary file (137100 bytes)

Download earningscallpresentation039.jpg

GRAPHIC

Filename: earningscallpresentation040.jpg · Sequence: 48

Binary file (137806 bytes)

Download earningscallpresentation040.jpg

GRAPHIC

Filename: earningscallpresentation041.jpg · Sequence: 49

Binary file (101355 bytes)

Download earningscallpresentation041.jpg

GRAPHIC

Filename: earningscallpresentation042.jpg · Sequence: 50

Binary file (93510 bytes)

Download earningscallpresentation042.jpg

GRAPHIC

Filename: earningscallpresentation043.jpg · Sequence: 51

Binary file (131799 bytes)

Download earningscallpresentation043.jpg

GRAPHIC

Filename: earningscallpresentation044.jpg · Sequence: 52

Binary file (134871 bytes)

Download earningscallpresentation044.jpg

GRAPHIC

Filename: earningscallpresentation045.jpg · Sequence: 53

Binary file (185181 bytes)

Download earningscallpresentation045.jpg

GRAPHIC

Filename: earningscallpresentation046.jpg · Sequence: 54

Binary file (58332 bytes)

Download earningscallpresentation046.jpg

GRAPHIC

Filename: earningscallpresentation047.jpg · Sequence: 55

Binary file (34271 bytes)

Download earningscallpresentation047.jpg

GRAPHIC

Filename: usbancorplogo_large.jpg · Sequence: 56

Binary file (55112 bytes)

Download usbancorplogo_large.jpg

GRAPHIC

Filename: usbancorplogo_small.jpg · Sequence: 57

Binary file (34492 bytes)

Download usbancorplogo_small.jpg

GRAPHIC

Filename: usbancorplogo_smalla.jpg · Sequence: 58

Binary file (34492 bytes)

Download usbancorplogo_smalla.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 60

v3.26.1

Cover Page

Apr. 16, 2026

Entity Listings [Line Items]

Document Type

8-K

Document Period End Date

Apr. 16, 2026

Entity Registrant Name

US BANCORP \DE\

Entity File Number

1-6880

Entity Incorporation, State or Country Code

Entity Tax Identification Number

41-0255900

Entity Address, Address Line One

800 Nicollet Mall

Entity Address, City or Town

Minneapolis

Entity Address, State or Province

Entity Address, Postal Zip Code

55402

City Area Code

651

Local Phone Number

466-3000

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Central Index Key

0000036104

Amendment Flag

false

Floating Rate Notes, Series CC (Senior), due May 21, 2028

Entity Listings [Line Items]

Title of 12(b) Security

Floating Rate Notes, Series CC (Senior), due May 21, 2028

Trading Symbol

USB/28

Security Exchange Name

NYSE

4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032

Entity Listings [Line Items]

Title of 12(b) Security

4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032

Trading Symbol

USB/32

Security Exchange Name

NYSE

Common Stock, $.01 par value per share

Entity Listings [Line Items]

Title of 12(b) Security

Common Stock, $.01 par value per share

Trading Symbol

USB

Security Exchange Name

NYSE

Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)

Entity Listings [Line Items]

Title of 12(b) Security

Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)

Trading Symbol

USB PrA

Security Exchange Name

NYSE

Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)

Entity Listings [Line Items]

Title of 12(b) Security

Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)

Trading Symbol

USB PrH

Security Exchange Name

NYSE

Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)

Entity Listings [Line Items]

Title of 12(b) Security

Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)

Trading Symbol

USB PrP

Security Exchange Name

NYSE

Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)

Entity Listings [Line Items]

Title of 12(b) Security

Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)

Trading Symbol

USB PrQ

Security Exchange Name

NYSE

Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)

Entity Listings [Line Items]

Title of 12(b) Security

Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)

Trading Symbol

USB PrR

Security Exchange Name

NYSE

Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)

Entity Listings [Line Items]

Title of 12(b) Security

Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)

Trading Symbol

USB PrS

Security Exchange Name

NYSE

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_EntityListingsLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_DebtInstrumentAxis=usb_SeriesCCSeniorFloatingMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_DebtInstrumentAxis=usb_SeriesCCSeniorFixedToFloatingMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=usb_SeriesKPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=usb_SeriesLPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=usb_SeriesMPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=usb_SeriesOPreferredStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type: