Form 8-K

8-K — US BANCORP \DE\

Accession: 0000036104-26-000039

Filed: 2026-07-16

Period: 2026-07-16

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-20260716.htm (Primary)

EX-99.1 (a2q26earningsrelease.htm)

EX-99.2 (a2q26earningssupplement.htm)

EX-99.3 (earningscallpresentation.htm)

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8-K

8-K (Primary)

Filename: usb-20260716.htm · Sequence: 1

usb-20260716

0000036104falseUS BANCORP \DE\00000361042026-07-162026-07-160000036104us-gaap:CommonStockMember2026-07-162026-07-160000036104us-gaap:SeriesAPreferredStockMember2026-07-162026-07-160000036104us-gaap:SeriesBPreferredStockMember2026-07-162026-07-160000036104usb:SeriesKPreferredStockMember2026-07-162026-07-160000036104usb:SeriesLPreferredStockMember2026-07-162026-07-160000036104usb:SeriesMPreferredStockMember2026-07-162026-07-160000036104usb:SeriesOPreferredStockMember2026-07-162026-07-160000036104usb:SeriesCCSeniorFloatingMember2026-07-162026-07-160000036104usb:SeriesCCSeniorFixedToFloatingMember2026-07-162026-07-16

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): July 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 July 16, 2026, U.S. Bancorp (the “Company”) issued a press release reporting financial results for the quarter ended June 30, 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 June 30, 2026 (the “2Q26 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 July 16, 2026, the Company will hold an investor conference call and webcast to discuss financial results for the quarter ended June 30, 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 “2Q26 Earnings Conference Call Presentation”). The 2Q26 Earnings Conference Call Presentation is attached as Exhibit 99.3 and is incorporated herein by reference. The 2Q26 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 July 16, 2026, deemed “filed” under the Exchange Act.

99.2

2Q26 Earnings Supplement, deemed “furnished” under the Exchange Act.

99.3

2Q26 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, Chief Accounting Officer and Controller

DATE: July 16, 2026

EX-99.1

Filename: a2q26earningsrelease.htm · Sequence: 2

Document

2Q26 Key Financial Data

2Q26 Financial Highlights

PROFITABILITY METRICS

2Q26

1Q26

2Q25

•Record net revenue of $7,712 million, including year-over-year increases of 7.5% in net interest income (taxable-equivalent basis) and 13.2% in fee revenue

•Net income of $2,177 million, an increase of 20% year-over-year

•Diluted earnings per common share of $1.35, an increase of 22% year-over-year

•Positive operating leverage of 400 basis points from the prior year quarter

•Return on average assets of 1.26% and efficiency ratio of 57.1%, both improved on a year-over-year and a linked quarter basis

•Net interest margin of 2.79%, an increase of 13 basis points on a year-over-year basis

•CET1 capital ratio of 10.8% at June 30, 2026

•Average total deposits increased 2.4% on a year-over-year basis

•Average total loans increased 7.1% on a year-over-year basis and 3.0% on a linked quarter basis

•Completed the acquisition of BTIG, reflecting approximately $98 million in fee revenue and $84 million of noninterest expense

Return on average assets (%)

1.26

1.15

1.08

Return on average common equity (%)

14.0

12.6

12.9

Return on tangible common equity (%)(a)

18.7

17.0

18.0

Net interest margin (%)

2.79

2.77

2.66

Efficiency ratio (%)(a)

57.1

58.2

59.2

INCOME STATEMENT(b)

2Q26

1Q26

2Q25

Net interest income (taxable-equivalent basis)

$4,387

$4,291

$4,080

Noninterest income

$3,325

$2,997

$2,924

Noninterest expense

$4,428

$4,265

$4,181

Net income attributable to U.S. Bancorp

$2,177

$1,945

$1,815

Diluted earnings per common share

$1.35

$1.18

$1.11

Dividends declared per common share

$.52

$.50

BALANCE SHEET(b)

2Q26

1Q26

2Q25

Average total loans

$405,481

$393,560

$378,529

Average total deposits

$515,080

$515,119

$502,890

Net charge-off ratio (%)

.53

.56

.59

Book value per common share (period end)

$38.91

$37.93

$35.06

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

$30.04

$29.56

$26.52

Basel III standardized CET1 (%)(c)

10.8

10.7

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

(b) Dollars in millions, except per share data

CEO Commentary

“Second quarter results were strong, with record net revenue of $7.7 billion driving diluted earnings per share of $1.35, up 22% year-over-year, and return on tangible common equity of 18.7%. Strong loan growth, a third consecutive quarter of record consumer deposits, broad-based fee income momentum, and productivity drove 400 basis points of positive operating leverage. Credit quality continues to improve.

We enter the second half of the year with a favorable economic backdrop and strong momentum, supported by our diversified business mix, interconnected franchise, and disciplined execution. This quarter’s successful completion of the BTIG acquisition enhances our capital markets capabilities and provides additional opportunities to deepen client relationships.

We remain focused on delivering sustainable growth, attractive returns, and long-term value for shareholders. On behalf of all of us at U.S. Bank, I want to thank our clients and shareholders for your continued trust and support and extend a warm welcome to our new BTIG colleagues.”

— Gunjan Kedia, CEO, U.S. Bancorp

Business and Other Highlights

U.S. Bancorp completes acquisition of BTIG

U.S. Bancorp has completed its acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC ("BTIG"), marking a significant expansion of the company’s capital markets capabilities and strengthening its ability to serve corporate and institutional clients. Effective June 1, 2026, BTIG joined U.S. Bancorp with a suite of complementary businesses, including institutional equity sales and trading, equity capital markets, electronic trading and mergers and acquisitions advisory services. Founded in 2005, BTIG is a leading investment banking and brokerage firm that ranks among the top 10 U.S. brokers for high-touch equity trading volume and has participated in more than 1,350 investment banking transactions since 2015. This acquisition brings together BTIG’s deep market expertise with the scale and resources of a diversified financial institution, creating new opportunities for clients and accelerating the company’s capital markets momentum.

Elavon expands its All-In-One payments platform

Elavon, a wholly owned subsidiary of U.S. Bank, expanded its All-In-One payments platform across North America, helping businesses deliver more seamless commerce experiences across in-store, mobile and online channels. The platform combines Elavon’s payments infrastructure with a growing ecosystem of technology partners, giving merchants a unified way to manage payments and operations while improving customer experiences. Designed for industries such as hospitality, healthcare and retail, the platform integrates payment acceptance, point-of-sale software and business operations into a single solution. The platform leverages Android-based devices that combine payment processing and point-of-sale capabilities. Elavon has also expanded integrations with other leading technology providers allowing businesses to streamline service, increase productivity and scale more easily. The All-In-One platform helps organizations launch quickly, manage transactions from a single system and operate more efficiently while delivering consistent experiences across every customer touchpoint.

Investor contact: Brian Mauney, Brian.Mauney@usbank.com | Media contact: Jeff Shelman, Jeffrey.Shelman@usbank.com

U.S. Bancorp Second Quarter 2026 Results

INCOME STATEMENT HIGHLIGHTS

($ in millions, except per share data)

Percent Change

2Q 2026

1Q 2026

2Q 2025

2Q26 vs 1Q26

2Q26 vs 2Q25

YTD

2026

YTD

2025

Percent Change

Net interest income

$4,361

$4,263

$4,051

2.3

7.7

$8,624

$8,143

5.9

Taxable-equivalent adjustment

(7.1)

(10.3)

(8.5)

Net interest income (taxable-equivalent basis)

4,387

4,291

4,080

2.2

7.5

8,678

8,202

5.8

Noninterest income

3,325

2,997

2,924

10.9

13.7

6,322

5,760

9.8

Total net revenue

7,712

7,288

7,004

5.8

10.1

15,000

13,962

7.4

Noninterest expense

4,428

4,265

4,181

3.8

5.9

8,693

8,413

3.3

Income before provision and income taxes

3,284

3,023

2,823

8.6

16.3

6,307

5,549

13.7

Provision for credit losses

538

576

501

(6.6)

7.4

1,114

1,038

7.3

Income before taxes

2,746

2,447

2,322

12.2

18.3

5,193

4,511

15.1

Income taxes and taxable-equivalent adjustment

563

497

501

13.3

12.4

1,060

974

8.8

Net income

2,183

1,950

1,821

11.9

19.9

4,133

3,537

16.9

Net (income) loss attributable to noncontrolling interests

(6)

(5)

(6)

(20.0)

—

(11)

(13)

15.4

Net income attributable to U.S. Bancorp

$2,177

$1,945

$1,815

11.9

19.9

$4,122

$3,524

17.0

Net income applicable to U.S. Bancorp common shareholders

$2,098

$1,841

$1,733

14.0

21.1

$3,939

$3,336

18.1

Diluted earnings per common share

$1.35

$1.18

$1.11

14.4

21.6

$2.53

$2.14

18.2

Net income attributable to U.S. Bancorp was $2,177 million for the second quarter of 2026, $362 million higher than the second quarter of 2025 and $232 million higher than the first quarter of 2026. Diluted earnings per common share was $1.35 in the second quarter of 2026, compared with $1.11 in the second quarter of 2025 and $1.18 in the first quarter of 2026.

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 7.5 percent on a taxable-equivalent basis, primarily due to loan growth, improved earning asset mix and benefits from fixed asset repricing, while net interest margin increased to 2.79 percent from 2.66 percent. Noninterest income increased 13.7 percent, reflecting higher revenue across all fee revenue categories and the contribution from the BTIG acquisition. Noninterest expense increased 5.9 percent primarily due to the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher technology and communications expense, and increased marketing and business development expense. The provision for credit losses increased 7.4 percent, primarily due to loan portfolio growth.

Compared with the first quarter of 2026, net income attributable to U.S. Bancorp increased primarily due to higher total net revenue and lower provision for credit losses, partially offset by higher noninterest expense. Net interest income increased 2.2 percent on a taxable-equivalent basis, primarily driven by loan growth and benefits from fixed asset repricing, while net interest margin increased to 2.79 percent from 2.77 percent. Noninterest income increased 10.9 percent, reflecting higher revenue across all fee revenue categories and the contribution from the BTIG acquisition. Noninterest expense increased 3.8 percent, reflecting the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher professional services expense, and higher technology and communications expense. The provision for credit losses decreased 6.6 percent due to stabilizing economic conditions and improving credit quality.

U.S. Bancorp Second Quarter 2026 Results

NET INTEREST INCOME

(Taxable-equivalent basis; $ in millions)

Change

2Q 2026

1Q 2026

2Q 2025

2Q26 vs 1Q26

2Q26 vs 2Q25

YTD

2026

YTD

2025

Change

Components of net interest income

Income on earning assets(a)

7,624

7,435

7,633

189

(9)

15,059

15,179

(120)

Expense on interest-bearing liabilities(a)

3,237

3,144

3,553

(316)

6,381

6,977

(596)

Net interest income

4,387

4,291

4,080

307

8,678

8,202

476

Average yields and rates paid

Earning assets yield

4.86

4.83

4.99

.03

(.13)

4.85

4.99

(.14)

Rate paid on interest-bearing liabilities

2.50

2.47

2.80

.03

(.30)

2.49

2.78

(.29)

Gross interest margin

2.36

2.19

—

.17

2.36

2.21

.15

Net interest margin

2.79

2.77

2.66

.02

.13

2.78

2.69

.09

Average balances

Investment securities(b)

170,528

171,471

172,841

(943)

(2,313)

170,997

172,014

(1,017)

Loans held for sale

2,783

2,326

4,843

457

(2,060)

2,556

3,341

(785)

Loans

405,481

393,560

378,529

11,921

26,952

399,553

378,777

20,776

Interest-bearing deposits with banks

32,450

38,855

41,550

(6,405)

(9,100)

35,635

42,637

(7,002)

Other earning assets

17,759

17,950

15,579

(191)

2,180

17,854

15,025

2,829

Earning assets

629,001

624,162

613,342

4,839

15,659

626,595

611,794

14,801

Interest-bearing liabilities

519,910

515,578

508,918

4,332

10,992

517,756

506,484

11,272

(a) Presentation of interest income and interest expense related to certain repurchase and reverse repurchase transactions recorded under enforceable netting agreements are shown on a net basis, consistent with presentation of the related balances on the consolidated balance sheet. Total interest income and interest expense reflected on a gross basis for these arrangements was $8,159 million and $3,772 million, respectively, for the three months ended June 30, 2026, compared with $7,866 million and $3,575 million, respectively, for the three months ended March 31, 2026.

(b) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis was $4,387 million in the second quarter of 2026, an increase of $307 million (7.5 percent) compared with the second quarter of 2025. The increase primarily reflected loan growth, an improved earning asset mix, and benefits from fixed asset repricing. Average earning assets were $15.7 billion (2.6 percent) higher than the second quarter of 2025, reflecting an increase of $27.0 billion (7.1 percent) in average loans, partially offset by a decrease of $9.1 billion (21.9 percent) in average interest-bearing deposits with banks.

On a linked quarter basis, net interest income on a taxable-equivalent basis increased $96 million (2.2 percent) primarily driven by loan growth and benefits from fixed asset repricing. Average earning assets were $4.8 billion (0.8 percent) higher than the prior quarter, reflecting an increase of $11.9 billion (3.0 percent) in average loans, partially offset by a decrease of $6.4 billion (16.5 percent) in average interest-bearing deposits with banks.

Net interest margin was 2.79 percent in the second quarter of 2026, compared with 2.66 percent in the second quarter of 2025 and 2.77 percent in the first quarter of 2026. The increase from the prior year quarter and the linked quarter reflected the combined effects of loan growth, improved earning asset mix and benefits from fixed asset repricing.

U.S. Bancorp Second Quarter 2026 Results

AVERAGE LOANS

($ in millions)

Percent Change

2Q 2026

1Q 2026

2Q 2025

2Q26 vs 1Q26

2Q26 vs 2Q25

YTD

2026

YTD

2025

Percent Change

Commercial

$152,925

$145,397

$133,755

5.2

14.3

$149,181

$132,013

13.0

Lease financing

4,459

4,436

4,211

5.9

4,448

4,206

5.8

Total commercial

157,384

149,833

137,966

5.0

14.1

153,629

136,219

12.8

Commercial mortgages

41,840

39,969

38,194

4.7

9.5

40,909

38,408

6.5

Construction and development

9,417

9,439

10,272

(.2)

(8.3)

9,429

10,269

(8.2)

Total commercial real estate

51,257

49,408

48,466

3.7

5.8

50,338

48,677

3.4

Residential mortgages

117,196

116,690

115,616

1.4

116,944

117,221

(.2)

Credit card

38,403

37,341

35,439

2.8

8.4

37,875

35,262

7.4

Retail leasing

3,746

3,525

3,869

6.3

(3.2)

3,636

3,929

(7.5)

Home equity and second mortgages

14,055

13,972

13,678

2.8

14,014

13,610

3.0

Other

23,440

22,791

23,495

2.8

(.2)

23,117

23,859

(3.1)

Total other retail

41,241

40,288

41,042

2.4

40,767

41,398

(1.5)

Total loans

$405,481

$393,560

$378,529

3.0

7.1

$399,553

$378,777

5.5

Average total loans for the second quarter of 2026 increased $27.0 billion (7.1 percent) compared with the second quarter of 2025. The increase was driven by growth in total commercial loans, total commercial real estate loans, and credit card loans. Growth in total commercial loans reflected higher corporate loans and loans to financial institutions. Growth in total commercial real estate loans was primarily driven by commercial mortgage originations, while credit card loan growth reflected higher sales volumes.

Compared with the first quarter of 2026, average total loans increased $11.9 billion (3.0 percent), driven by growth in total commercial loans and total commercial real estate loans. Higher total commercial loans reflected growth in corporate loans, loans to financial institutions, and other commercial loans, while growth in commercial real estate loans was primarily driven by commercial mortgage originations.

U.S. Bancorp Second Quarter 2026 Results

AVERAGE DEPOSITS

($ in millions)

Percent Change

2Q 2026

1Q 2026

2Q 2025

2Q26 vs 1Q26

2Q26 vs 2Q25

YTD

2026

YTD

2025

Percent Change

Noninterest-bearing deposits

$80,611

$80,628

$79,117

—

1.9

$80,620

$79,405

1.5

Interest-bearing savings deposits

Interest checking

132,358

130,600

131,599

1.3

131,484

128,642

2.2

Money market savings

181,978

188,986

177,087

(3.7)

2.8

185,463

186,213

(.4)

Savings accounts

73,709

68,305

58,171

7.9

26.7

71,022

54,243

30.9

Total savings deposits

388,045

387,891

366,857

—

5.8

387,969

369,098

5.1

Time deposits

46,424

46,600

56,916

(.4)

(18.4)

46,511

56,199

(17.2)

Total interest-bearing deposits

434,469

434,491

423,773

—

2.5

434,480

425,297

2.2

Total deposits

$515,080

$515,119

$502,890

—

2.4

$515,100

$504,702

2.1

Average total deposits in the second quarter of 2026 increased $12.2 billion (2.4 percent) compared with the second quarter of 2025. Average total interest-bearing deposits increased, driven by growth in Consumer and Business Banking savings accounts and Wealth, Corporate, Commercial and Institutional Banking money market accounts, partially offset by lower time deposit balances in Treasury and Corporate Support. Time deposit balances are managed as an alternative funding source based on relative pricing and liquidity considerations.

Compared with the first quarter of 2026, average total deposits were relatively flat. Growth in savings accounts, primarily within Consumer and Business Banking, was offset by lower money market savings balances, primarily within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking.

U.S. Bancorp Second Quarter 2026 Results

NONINTEREST INCOME

($ in millions)

Percent Change

2Q 2026

1Q 2026

2Q 2025

2Q26 vs 1Q26

2Q26 vs 2Q25

YTD

2026

YTD

2025

Percent Change

Card revenue

$435

$391

$413

11.3

5.3

$826

$787

5.0

Corporate payment and treasury management revenue

440

408

421

7.8

4.5

848

821

3.3

Merchant processing services

485

436

474

11.2

2.3

921

889

3.6

Trust and investment management fees

785

745

703

5.4

11.7

1,530

1,383

10.6

Lending and deposit-related fees

308

294

277

4.8

11.2

602

543

10.9

Capital markets revenue

512

377

315

35.8

62.5

889

607

46.5

Mortgage banking revenue

169

161

162

5.0

4.3

330

335

(1.5)

Investment products fees

102

5.2

13.3

199

177

12.4

Other

138

123

126

12.2

9.5

261

275

(5.1)

Total fee revenue

3,374

3,032

2,981

11.3

13.2

6,406

5,817

10.1

Securities gains (losses), net

(49)

(35)

(57)

(40.0)

14.0

(84)

(57)

(47.4)

Total noninterest income

$3,325

$2,997

$2,924

10.9

13.7

$6,322

$5,760

9.8

Second quarter noninterest income of $3,325 million increased $401 million (13.7 percent) compared with the second quarter of 2025. The increase reflected higher fee revenue across all categories, including higher card revenue driven by increased credit card sales volume, higher corporate payment and treasury management revenue resulting from increased sales, higher trust and investment management fees due to business growth and favorable market conditions, higher lending and deposit-related fees, and higher capital markets revenue, driven by the contribution from BTIG following the acquisition, increased client-related derivative activity, higher corporate bond underwriting fees, and favorable market conditions.

Compared with the first quarter of 2026, noninterest income increased $328 million (10.9 percent). The increase reflected higher fee revenue across all categories, including higher card revenue driven by increased credit card sales volume and seasonality, higher corporate payment and treasury management revenue resulting from increased sales, higher merchant processing services due to seasonality, higher trust and investment management fees due to business growth and favorable market conditions, and higher capital markets revenue, driven by the contribution from BTIG following the acquisition and higher syndication activity.

U.S. Bancorp Second Quarter 2026 Results

NONINTEREST EXPENSE

($ in millions)

Percent Change

2Q 2026

1Q 2026

2Q 2025

2Q26 vs 1Q26

2Q26 vs 2Q25

YTD

2026

YTD

2025

Percent Change

Compensation and employee benefits

$2,685

$2,628

$2,600

2.2

3.3

$5,313

$5,237

1.5

Net occupancy and equipment

303

304

301

(.3)

607

—

Professional services

112

109

21.7

2.8

204

207

(1.4)

Marketing and business development

216

217

161

(.5)

34.2

433

343

26.2

Technology and communications

601

573

534

4.9

12.5

1,174

1,067

10.0

Other intangibles

114

110

124

3.6

(8.1)

224

247

(9.3)

Other

397

341

352

16.4

12.8

738

705

4.7

Total noninterest expense

$4,428

$4,265

$4,181

3.8

5.9

$8,693

$8,413

3.3

Second quarter noninterest expense was $4,428 million, an increase of $247 million (5.9 percent), compared with the second quarter of 2025. The increase reflected the impact of the BTIG acquisition, higher compensation and employee benefits expense, primarily due to stock-based compensation expense, higher technology and communications expense related to investments in product and technology development, increased marketing and business development initiatives, and higher other expense.

Compared with the first quarter of 2026, noninterest expense increased $163 million (3.8 percent). The increase reflected the impact of the BTIG acquisition, seasonally higher compensation and employee benefits expense, primarily due to stock-based compensation expense, higher professional services expense due to the timing of initiatives, higher technology and communications expense related to investments in product and technology development, and higher other expense.

Provision for Income Taxes

The provision for income taxes for the second quarter of 2026 resulted in a tax rate of 20.5 percent on a taxable-equivalent basis (effective tax rate of 19.7 percent), compared with 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.6 percent) in the second quarter of 2025, and 20.3 percent on a taxable-equivalent basis (effective tax rate of 19.4 percent) in the first quarter of 2026.

U.S. Bancorp Second Quarter 2026 Results

ALLOWANCE FOR CREDIT LOSSES

($ in millions)

2Q 2026

%(a)

1Q 2026

%(a)

4Q 2025

%(a)

3Q 2025

%(a)

2Q 2025

%(a)

Balance, beginning of period

$7,977

$7,947

$7,897

$7,862

$7,915

Net charge-offs

Commercial

.24

117

.33

101

.29

.07

.18

Lease financing

.45

.37

.46

.65

.57

Total commercial

.24

121

.33

106

.29

.09

.19

Commercial mortgages

.12

.02

(3)

(.03)

103

1.06

.60

Construction and development

—

(10)

(.43)

—

Total commercial real estate

.10

(8)

(.07)

(3)

(.02)

103

.85

.47

Residential mortgages

—

(1)

—

(2)

(.01)

(1)

—

(1)

—

Credit card

367

3.83

365

3.96

358

3.84

346

3.80

380

4.30

Retail leasing

1.50

2.07

1.89

1.81

1.04

Home equity and second mortgages

—

.03

(2)

(.06)

—

Other

.79

.89

.87

.76

.73

Total other retail

.58

.69

.67

.57

.52

Total net charge-offs

536

.53

546

.56

527

.54

536

.56

554

.59

Provision for credit losses

538

576

577

571

501

Balance, end of period

$7,979

$7,977

$7,947

$7,897

$7,862

Components

Allowance for loan losses

$7,645

$7,646

$7,605

$7,557

$7,537

Liability for unfunded credit commitments

334

331

342

340

325

Total allowance for credit losses

$7,979

$7,977

$7,947

$7,897

$7,862

Gross charge-offs

$676

$683

$651

$669

$683

Gross recoveries

$140

$137

$124

$133

$129

Allowance for credit losses as a percentage of

Period-end loans (%)

1.94

2.00

2.03

2.06

2.07

Nonperforming loans (%)

612

536

514

490

480

Nonperforming assets (%)

593

522

500

477

468

(a) Annualized and calculated on average loan balances.

U.S. Bancorp Second Quarter 2026 Results

The provision for credit losses was $538 million for the second quarter of 2026, compared with $576 million in the first quarter of 2026 and $501 million in the second quarter of 2025. The increase on a year-over-year basis was primarily driven by loan portfolio growth. The decrease on a linked quarter basis was primarily driven by stabilizing economic conditions and improving credit quality. While economic conditions have shown some stabilization, the Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to evolving geopolitical events, as well as other economic factors that may affect the financial strength of corporate and consumer borrowers.

Total net charge-offs were $536 million in the second quarter of 2026, compared with $546 million in the first quarter of 2026 and $554 million in the second quarter of 2025. The net charge-off ratio was 0.53 percent compared with 0.56 percent in the first quarter of 2026 and 0.59 percent in the second quarter of 2025. The decrease in net charge-offs on a linked quarter basis was driven by lower net charge-offs on commercial loans, partially offset by higher net charge-offs on commercial real estate loans. Compared with the prior year quarter, lower net charge-offs on commercial real estate loans and credit card portfolios were partially offset by higher net charge-offs on commercial loans.

The allowance for credit losses was $7,979 million at June 30, 2026, compared with $7,977 million at March 31, 2026, and $7,862 million at June 30, 2025. The allowance for credit losses remained relatively stable compared with the linked quarter. 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 and stabilizing economic conditions. The allowance for credit losses represented 1.94 percent of period-end loans at June 30, 2026, and 612 percent of nonperforming loans at June 30, 2026.

Nonperforming assets were $1,346 million at June 30, 2026, compared with $1,528 million at March 31, 2026, and $1,680 million at June 30, 2025. The decrease from the linked quarter and the prior year quarter primarily reflected the resolution of nonperforming loans. The ratio of nonperforming assets to loans and other real estate was 0.33 percent at June 30, 2026. Accruing loans 90 days or more past due were $735 million at June 30, 2026, compared with $847 million at March 31, 2026, and $966 million at June 30, 2025. The linked quarter decrease in accruing loans 90 days or more past due was primarily due to improvement across all portfolios due to seasonality, while the decrease from the prior year quarter was primarily due to the resolution of elevated prior year delinquencies.

U.S. Bancorp Second Quarter 2026 Results

DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES

(Percent)

Jun 30 2026

Mar 31 2026

Dec 31 2025

Sep 30 2025

Jun 30 2025

Delinquent loan ratios - 90 days or more past due

Commercial

.01

.02

.01

Commercial real estate

.01

.03

.04

.28

Residential mortgages

.20

.23

.25

.26

.28

Credit card

1.13

1.29

1.27

1.26

Other retail

.10

.13

Total loans

.18

.21

.22

.25

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

Commercial

.26

.44

.50

.52

.42

Commercial real estate

1.09

1.07

1.09

1.24

1.86

Residential mortgages

.35

.36

.38

.40

Credit card

1.13

1.29

1.27

1.26

Other retail

.48

.52

.53

.51

Total loans

.50

.58

.61

.64

.68

ASSET QUALITY(a)

($ in millions)

Jun 30 2026

Mar 31 2026

Dec 31 2025

Sep 30 2025

Jun 30 2025

Nonperforming loans

Commercial

$377

$622

$695

$708

$548

Lease financing

Total commercial

402

648

717

733

575

Commercial mortgages

538

488

504

558

732

Construction and development

Total commercial real estate

568

522

518

579

763

Residential mortgages

171

159

151

143

145

Credit card

—

Other retail

162

159

161

155

154

Total nonperforming loans

1,303

1,488

1,547

1,610

1,637

Other real estate

Other nonperforming assets

Total nonperforming assets

$1,346

$1,528

$1,590

$1,654

$1,680

Accruing loans 90 days or more past due

$735

$847

$853

$840

$966

Nonperforming assets to loans plus ORE (%)

.33

.38

.41

.43

.44

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

U.S. Bancorp Second Quarter 2026 Results

COMMON SHARES

(Millions)

2Q 2026

1Q 2026

4Q 2025

3Q 2025

2Q 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

(3)

(5)

(3)

(2)

Ending shares outstanding

1,558

1,555

1,556

1,558

CAPITAL POSITION

Preliminary Data

($ in millions)

Jun 30 2026

Mar 31 2026

Dec 31 2025

Sep 30 2025

Jun 30 2025

Total U.S. Bancorp shareholders' equity

$67,432

$65,786

$65,193

$63,340

$61,438

Basel III Standardized Approach

Common equity tier 1 capital

$53,575

$52,648

$51,665

$50,587

$49,382

Tier 1 capital

60,802

59,899

58,917

57,839

56,630

Total risk-based capital

71,429

69,163

68,087

66,820

65,752

Common equity tier 1 capital ratio

10.8

10.9

10.7

Tier 1 capital ratio

12.2

12.3

12.4

12.3

Total risk-based capital ratio

14.4

14.2

14.4

14.3

Leverage ratio

8.9

8.8

8.7

8.6

8.5

Common equity to assets

8.4

8.1

8.0

Tangible common equity to tangible assets(a)

6.6

6.7

6.4

6.1

Tangible common equity to risk-weighted assets(a)

9.4

9.3

9.0

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

Total U.S. Bancorp shareholders’ equity was $67.4 billion at June 30, 2026, compared with $65.8 billion at March 31, 2026, and $61.4 billion at June 30, 2025. The increase included the impact of common shares issued as consideration for the acquisition of BTIG. During the second quarter of 2026, the Company continued repurchasing shares 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 June 30, 2026, and March 31, 2026, compared with 10.7 percent at June 30, 2025.

U.S. Bancorp Second Quarter 2026 Results

Investor Conference Call

On Thursday, July 16, 2026 at 7 a.m. CT, Chairman and 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 July 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 globally, and its team of nearly 70,000 people invest their hearts and minds to power human potential every day. Ranked 110th 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 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;

•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 Second 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 those arising from conflict in the Middle East;

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

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

•Failure to execute on strategic or operational plans;

•Effects of mergers and acquisitions, such as the 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

June 30,

Six Months Ended

June 30,

(Unaudited)

2026

2025

2026

2025

Interest Income

Loans

$5,728

$5,548

$11,254

$11,081

Loans held for sale

Investment securities

1,344

1,355

2,647

2,663

Other interest income

483

642

1,026

1,289

Total interest income

7,598

7,604

15,005

15,120

Interest Expense

Deposits

2,330

2,541

4,614

5,052

Short-term borrowings

249

291

463

540

Long-term debt

658

721

1,304

1,385

Total interest expense

3,237

3,553

6,381

6,977

Net interest income

4,361

4,051

8,624

8,143

Provision for credit losses

538

501

1,114

1,038

Net interest income after provision for credit losses

3,823

3,550

7,510

7,105

Noninterest Income

Card revenue

435

413

826

787

Corporate payment and treasury management revenue

440

421

848

821

Merchant processing services

485

474

921

889

Trust and investment management fees

785

703

1,530

1,383

Lending and deposit-related fees

308

277

602

543

Capital markets revenue

512

315

889

607

Mortgage banking revenue

169

162

330

335

Investment products fees

102

199

177

Securities gains (losses), net

(49)

(57)

(84)

(57)

Other

138

126

261

275

Total noninterest income

3,325

2,924

6,322

5,760

Noninterest Expense

Compensation and employee benefits

2,685

2,600

5,313

5,237

Net occupancy and equipment

303

301

607

Professional services

112

109

204

207

Marketing and business development

216

161

433

343

Technology and communications

601

534

1,174

1,067

Other intangibles

114

124

224

247

Other

397

352

738

705

Total noninterest expense

4,428

4,181

8,693

8,413

Income before income taxes

2,720

2,293

5,139

4,452

Applicable income taxes

537

472

1,006

915

Net income

2,183

1,821

4,133

3,537

Net (income) loss attributable to noncontrolling interests

(6)

(11)

(13)

Net income attributable to U.S. Bancorp

$2,177

$1,815

$4,122

$3,524

Net income applicable to U.S. Bancorp common shareholders

$2,098

$1,733

$3,939

$3,336

Earnings per common share

$1.35

$1.11

$2.53

$2.14

Diluted earnings per common share

$1.35

$1.11

$2.53

$2.14

Dividends declared per common share

$.52

$.50

$1.04

$1.00

Average common shares outstanding

1,554

1,559

1,554

1,559

Average diluted common shares outstanding

1,555

1,559

1,555

1,560

CONSOLIDATED ENDING BALANCE SHEET

(Dollars in Millions)

(Unaudited)

June 30,

2026

December 31,

2025

June 30,

2025

Assets

Cash and due from banks

$66,491

$46,890

$57,807

Investment securities

Held-to-maturity

74,085

76,170

77,879

Available-for-sale

89,085

90,838

90,577

Loans held for sale

3,038

2,538

2,288

Loans

Commercial

159,655

148,161

141,582

Commercial real estate

52,348

48,920

48,181

Residential mortgages

117,311

115,885

114,475

Credit card

39,079

38,031

35,857

Other retail

41,907

40,338

40,148

Total loans

410,300

391,335

380,243

Less allowance for loan losses

(7,645)

(7,605)

(7,537)

Net loans

402,655

383,730

372,706

Premises and equipment

3,847

3,768

3,625

Goodwill

13,234

12,635

12,637

Other intangible assets

4,999

4,904

5,285

Other assets

68,484

70,872

63,566

Total assets

$725,918

$692,345

$686,370

Liabilities and Shareholders' Equity

Deposits

Noninterest-bearing

$85,791

$84,116

$86,972

Interest-bearing

446,275

438,100

431,745

Total deposits

532,066

522,216

518,717

Short-term borrowings

37,337

17,162

15,039

Long-term debt

58,671

60,764

64,013

Other liabilities

29,949

26,552

26,705

Total liabilities

658,023

626,694

624,474

Shareholders' equity

Preferred stock

6,808

Common stock

Capital surplus

8,773

8,728

8,706

Retained earnings

83,241

80,906

78,652

Less treasury stock

(24,300)

(24,283)

(24,140)

Accumulated other comprehensive income (loss)

(7,111)

(6,987)

(8,609)

Total U.S. Bancorp shareholders' equity

67,432

65,193

61,438

Noncontrolling interests

463

458

Total equity

67,895

65,651

61,896

Total liabilities and equity

$725,918

$692,345

$686,370

NON-GAAP FINANCIAL MEASURES

(Dollars in Millions, Unaudited)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Total equity

$67,895

$66,247

$65,651

$63,798

$61,896

Preferred stock

(6,808)

Noncontrolling interests

(463)

(461)

(458)

Common equity(a)

60,624

58,978

58,385

56,532

54,630

Goodwill (net of deferred tax liability)(1)

(12,193)

(11,588)

(11,603)

(11,613)

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

(1,624)

(1,429)

(1,507)

(1,605)

(1,699)

Tangible common equity(b)

46,807

45,961

45,275

43,324

41,318

Total assets(c)

725,918

700,998

692,345

695,357

686,370

Goodwill (net of deferred tax liability)(1)

(12,193)

(11,588)

(11,603)

(11,613)

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

(1,624)

(1,429)

(1,507)

(1,605)

(1,699)

Tangible assets(d)

712,101

687,981

679,235

682,149

673,058

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

496,488

487,958

480,382

465,092

459,521

Common shares outstanding(f)

1,558

1,555

1,556

1,558

Ratios *

Common equity to assets(a)/(c)

8.4

8.1

8.0

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

6.6

6.7

6.4

6.1

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

9.4

9.3

9.0

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

$30.04

$29.56

$29.12

$27.84

$26.52

Three Months Ended

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Net income applicable to U.S. Bancorp common shareholders

$2,098

$1,841

$1,965

$1,893

$1,733

Intangibles amortization (net-of-tax)

100

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

2,188

1,928

2,065

1,992

1,831

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

8,776

7,819

8,193

7,903

7,344

Average total equity

67,327

66,315

65,048

63,101

61,356

Average preferred stock

(6,808)

Average noncontrolling interests

(462)

(458)

(457)

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

(11,796)

(11,601)

(11,599)

(11,609)

(11,544)

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

(1,409)

(1,474)

(1,568)

(1,659)

(1,734)

Average tangible common equity(h)

46,852

45,974

44,615

42,567

40,813

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

18.7

17.0

18.4

18.6

18.0

Net interest income

$4,361

$4,263

$4,284

$4,222

$4,051

Taxable-equivalent adjustment(2)

Net interest income, on a taxable-equivalent basis

4,387

4,291

4,312

4,251

4,080

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

4,387

4,291

4,312

4,251

4,080

Noninterest income

3,325

2,997

3,053

3,078

2,924

Less: Securities gains (losses), net

(49)

(35)

(7)

(57)

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

7,761

7,323

7,362

7,336

7,061

Noninterest expense(j)

4,428

4,265

4,227

4,197

4,181

Efficiency ratio(j)/(i)

57.1

58.2

57.4

57.2

59.2

* 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)

June 30,

2026

June 30,

2025

Percent Change

Net interest income

$4,361

$4,051

Taxable-equivalent adjustment(1)

Net interest income, on a taxable-equivalent basis

4,387

4,080

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

4,387

4,080

Noninterest income

3,325

2,924

Less: Securities gains (losses), net

(49)

(57)

Total net revenue, excluding net securities gains (losses)

7,761

7,061

9.9

(a)

Noninterest expense

4,428

4,181

5.9

(b)

Operating leverage(a) - (b)

4.0

(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

Second 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

Net Income Attributable

to U.S. Bancorp

Business Segment

2026

2025

2Q26 vs 1Q26

2Q26 vs 2Q25

YTD

2026

YTD

2025

Percent Change

Wealth, Corporate, Commercial and Institutional Banking

$1,530

$1,455

$1,174

5.2

30.3

$2,985

$2,397

24.5

Consumer and Business Banking

589

570

616

3.3

(4.4)

1,159

1,154

Payment Services

225

272

235

(17.3)

(4.3)

497

494

Treasury and Corporate Support

(167)

(352)

(210)

52.6

20.5

(519)

(521)

Consolidated Company

$2,177

$1,945

$1,815

11.9

19.9

$4,122

$3,524

17.0

Income Before Provision

and Taxes

Percent Change

Income Before Provision

and Taxes

2026

2025

2Q26 vs 1Q26

2Q26 vs 2Q25

YTD

2026

YTD

2025

Percent Change

Wealth, Corporate, Commercial and Institutional Banking

$2,169

$2,005

$1,743

8.2

24.4

$4,174

$3,416

22.2

Consumer and Business Banking

863

832

859

3.7

1,695

1,639

3.4

Payment Services

685

710

698

(3.5)

(1.9)

1,395

1,360

2.6

Treasury and Corporate Support

(433)

(524)

(477)

17.4

9.2

(957)

(866)

(10.5)

Consolidated Company

$3,284

$3,023

$2,823

8.6

16.3

$6,307

$5,549

13.7

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

2Q26 vs 1Q26

2Q26 vs 2Q25

YTD

2026

YTD

2025

Percent Change

Condensed Income Statement

Net interest income (taxable-equivalent basis)

$1,937

$1,874

$1,724

3.4

12.4

$3,811

$3,432

11.0

Noninterest income

1,834

1,608

1,496

14.1

22.6

3,442

2,918

18.0

Total net revenue

3,771

3,482

3,220

8.3

17.1

7,253

6,350

14.2

Noninterest expense

1,602

1,477

8.5

3,079

2,934

4.9

Income before provision and taxes

2,169

2,005

1,743

8.2

24.4

4,174

3,416

22.2

Provision for credit losses

129

178

98.5

(27.5)

194

220

(11.8)

Income before income taxes

2,040

1,940

1,565

5.2

30.4

3,980

3,196

24.5

Income taxes and taxable-equivalent adjustment

510

485

391

5.2

30.4

995

799

24.5

Net income

1,530

1,455

1,174

5.2

30.3

2,985

2,397

24.5

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$1,530

$1,455

$1,174

5.2

30.3

$2,985

$2,397

24.5

Average Balance Sheet Data

Loans

$213,957

$203,948

$185,545

4.9

15.3

$208,980

$183,872

13.7

Other earning assets

16,112

15,378

13,930

4.8

15.7

15,747

13,538

16.3

Goodwill

5,028

4,826

4.2

4,928

4,825

2.1

Other intangible assets

645

682

817

(5.4)

(21.1)

663

840

(21.1)

Assets

268,412

256,221

234,434

4.8

14.5

262,350

232,532

12.8

Noninterest-bearing deposits

57,877

57,796

55,230

4.8

57,837

55,581

4.1

Interest-bearing deposits

227,688

230,175

213,621

(1.1)

6.6

228,924

216,457

5.8

Total deposits

285,565

287,971

268,851

(.8)

6.2

286,761

272,038

5.4

Total U.S. Bancorp shareholders' equity

25,064

24,204

23,700

3.6

5.8

24,636

23,604

4.4

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 $2,169 million of income before provision and taxes in the second quarter of 2026, compared with $1,743 million in the second quarter of 2025, and contributed $1,530 million of the Company’s net income in the second quarter of 2026.

Total net revenue increased compared with the second quarter of 2025 driven by higher net interest income due to higher loan and deposit balances, as well as an increase in noninterest income, primarily due to the contribution from the BTIG acquisition and higher revenue across most fee categories.

Noninterest expense increased compared with the second quarter of 2025, primarily due to the results of the BTIG acquisition and higher compensation and employee benefits expense.

The provision for credit losses decreased compared with the second quarter of 2025, primarily due to improving credit quality.

CONSUMER AND BUSINESS BANKING

Preliminary data

($ in millions)

Percent Change

2026

2025

2Q26 vs 1Q26

2Q26 vs 2Q25

YTD

2026

YTD

2025

Percent Change

Condensed Income Statement

Net interest income (taxable-equivalent basis)

$1,836

$1,799

$1,841

2.1

(.3)

$3,635

$3,608

Noninterest income

537

515

535

4.3

1,052

1,058

(.6)

Total net revenue

2,373

2,314

2,376

2.5

(.1)

4,687

4,666

Noninterest expense

1,510

1,482

1,517

1.9

(.5)

2,992

3,027

(1.2)

Income before provision and taxes

863

832

859

3.7

1,695

1,639

3.4

Provision for credit losses

8.3

150

51.5

Income before income taxes

785

760

822

3.3

(4.5)

1,545

1,540

Income taxes and taxable-equivalent adjustment

196

190

206

3.2

(4.9)

386

—

Net income

589

570

616

3.3

(4.4)

1,159

1,154

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$589

$570

$616

3.3

(4.4)

$1,159

$1,154

Average Balance Sheet Data

Loans

$144,008

$144,192

$149,500

(.1)

(3.7)

$144,100

$151,702

(5.0)

Other earning assets

2,650

2,409

4,875

10.0

(45.6)

2,530

3,335

(24.1)

Goodwill

4,326

—

4,326

—

Other intangible assets

3,910

3,913

4,277

(.1)

(8.6)

3,912

4,322

(9.5)

Assets

157,112

156,975

165,129

(4.9)

157,044

165,877

(5.3)

Noninterest-bearing deposits

18,632

18,380

19,732

1.4

(5.6)

18,507

19,502

(5.1)

Interest-bearing deposits

206,430

203,716

200,548

1.3

2.9

205,082

199,628

2.7

Total deposits

225,062

222,096

220,280

1.3

2.2

223,589

219,130

2.0

Total U.S. Bancorp shareholders' equity

12,865

13,109

13,563

(1.9)

(5.1)

12,986

13,637

(4.8)

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 $863 million of income before provision and taxes in the second quarter of 2026, compared with $859 million in the second quarter of 2025, and contributed $589 million of the Company’s net income in the second quarter of 2026.

Total net revenue and noninterest expense were relatively stable compared with the second quarter of 2025.

The provision for credit losses increased compared with the second quarter of 2025, primarily due to loan sales completed in the prior year.

PAYMENT SERVICES

Preliminary data

($ in millions)

Percent Change

2026

2025

2Q26 vs 1Q26

2Q26 vs 2Q25

YTD

2026

YTD

2025

Percent Change

Condensed Income Statement

Net interest income (taxable-equivalent basis)

$774

$794

$730

(2.5)

6.0

$1,568

$1,472

6.5

Noninterest income

1,038

925

984

12.2

5.5

1,963

1,896

3.5

Total net revenue

1,812

1,719

1,714

5.4

5.7

3,531

3,368

4.8

Noninterest expense

1,127

1,009

1,016

11.7

10.9

2,136

2,008

6.4

Income before provision and taxes

685

710

698

(3.5)

(1.9)

1,395

1,360

2.6

Provision for credit losses

385

347

384

11.0

732

701

4.4

Income before income taxes

300

363

314

(17.4)

(4.5)

663

659

Income taxes and taxable-equivalent adjustment

(17.6)

(5.1)

166

165

Net income

225

272

235

(17.3)

(4.3)

497

494

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$225

$272

$235

(17.3)

(4.3)

$497

$494

Average Balance Sheet Data

Loans

$45,947

$44,003

$42,224

4.4

8.8

$44,980

$41,917

7.3

Other earning assets

40.0

(80.6)

Goodwill

3,479

3,481

3,425

(.1)

1.6

3,480

3,409

2.1

Other intangible assets

241

238

258

1.3

(6.6)

240

254

(5.5)

Assets

51,171

49,009

47,840

4.4

7.0

50,096

47,338

5.8

Noninterest-bearing deposits

2,390

2,425

2,439

(1.4)

(2.0)

2,407

2,527

(4.7)

Interest-bearing deposits

(1.1)

(2.1)

Total deposits

2,483

2,519

2,534

(1.4)

(2.0)

2,500

2,622

(4.7)

Total U.S. Bancorp shareholders' equity

10,692

10,596

10,234

4.5

10,644

10,232

4.0

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

Payment Services generated $685 million of income before provision and taxes in the second quarter of 2026, compared with $698 million in the second quarter of 2025, and contributed $225 million of the Company’s net income in the second quarter of 2026.

Total net revenue increased compared with the second quarter of 2025, driven by an increase in net interest income, primarily due to higher loan balances, and an increase in noninterest income, primarily due to higher card revenue and corporate payment and treasury management revenue.

Noninterest expense increased primarily due to higher compensation and employee benefits expense, marketing and business development expense, and other expense.

The provision for credit losses was relatively stable compared with the second quarter of 2025.

TREASURY AND CORPORATE SUPPORT

Preliminary data

($ in millions)

Percent Change

2026

2025

2Q26 vs 1Q26

2Q26 vs 2Q25

YTD

2026

YTD

2025

Percent Change

Condensed Income Statement

Net interest income (taxable-equivalent basis)

($160)

($176)

($215)

9.1

25.6

($336)

($310)

(8.4)

Noninterest income

(84)

(51)

(91)

(64.7)

7.7

(135)

(112)

(20.5)

Total net revenue

(244)

(227)

(306)

(7.5)

20.3

(471)

(422)

(11.6)

Noninterest expense

189

297

171

(36.4)

10.5

486

444

9.5

Income (loss) before provision and taxes

(433)

(524)

(477)

17.4

9.2

(957)

(866)

(10.5)

Provision for credit losses

(54)

(98)

44.9

Income (loss) before income taxes

(379)

(616)

(379)

38.5

—

(995)

(884)

(12.6)

Income taxes and taxable-equivalent adjustment

(218)

(269)

(175)

19.0

(24.6)

(487)

(376)

(29.5)

Net income

(161)

(347)

(204)

53.6

21.1

(508)

—

Net (income) loss attributable to noncontrolling interests

(6)

(5)

(6)

(20.0)

—

(11)

(13)

15.4

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

($167)

($352)

($210)

52.6

20.5

($519)

($521)

Average Balance Sheet Data

Loans

$1,569

$1,417

$1,260

10.7

24.5

$1,493

$1,286

16.1

Other earning assets

204,751

212,810

216,003

(3.8)

(5.2)

208,759

216,113

(3.4)

Goodwill

—

Other intangible assets

(14.3)

(25.0)

Assets

218,015

226,077

225,938

(3.6)

(3.5)

222,024

225,631

(1.6)

Noninterest-bearing deposits

1,712

2,027

1,716

(15.5)

(.2)

1,869

1,795

4.1

Interest-bearing deposits

258

506

9,509

(49.0)

(97.3)

381

9,117

(95.8)

Total deposits

1,970

2,533

11,225

(22.2)

(82.4)

2,250

10,912

(79.4)

Total U.S. Bancorp shareholders' equity

18,244

17,948

13,402

1.6

36.1

18,098

12,785

41.6

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 $433 million loss before provision and taxes in the second quarter of 2026, compared with a $477 million loss before provision and taxes in the second quarter of 2025, and recorded a net loss of $167 million in the second quarter of 2026.

Total net revenue increased compared with the second quarter of 2025, driven by higher net interest income, primarily due to an improved earning assets mix, lower funding costs, and benefits from fixed asset repricing, partially offset by lower cash balances.

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

The provision for credit losses increased compared with the second quarter of 2025 primarily due to stronger company loan growth.

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: a2q26earningssupplement.htm · Sequence: 3

Document

Supplemental Consolidated Schedules

Second Quarter 2026

QUARTERLY CONSOLIDATED STATEMENT OF INCOME

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

(Unaudited)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Interest Income

Loans

$5,728

$5,526

$5,599

$5,688

$5,548

Loans held for sale

Investment securities

1,344

1,303

1,343

1,392

1,355

Other interest income(a)

483

543

615

687

642

Total interest income(a)

7,598

7,407

7,600

7,802

7,604

Interest Expense

Deposits

2,330

2,284

2,451

2,648

2,541

Short-term borrowings(a)

249

214

182

203

291

Long-term debt

658

646

683

729

721

Total interest expense(a)

3,237

3,144

3,316

3,580

3,553

Net interest income

4,361

4,263

4,284

4,222

4,051

Provision for credit losses

538

576

577

571

501

Net interest income after provision for credit losses

3,823

3,687

3,707

3,651

3,550

Noninterest Income

Card revenue

435

391

427

415

413

Corporate payment and treasury management revenue

440

408

396

407

421

Merchant processing services

485

436

440

463

474

Trust and investment management fees

785

745

756

730

703

Lending and deposit-related fees

308

294

302

290

277

Capital markets revenue

512

377

389

378

315

Mortgage banking revenue

169

161

130

180

162

Investment products fees

102

101

Securities gains (losses), net

(49)

(35)

(7)

(57)

Other

138

123

109

125

126

Total noninterest income

3,325

2,997

3,053

3,078

2,924

Noninterest Expense

Compensation and employee benefits

2,685

2,628

2,529

2,561

2,600

Net occupancy and equipment

303

304

320

300

301

Professional services

112

144

117

109

Marketing and business development

216

217

187

175

161

Technology and communications

601

573

584

560

534

Other intangibles

114

110

126

125

124

Other

397

341

337

359

352

Total noninterest expense

4,428

4,265

4,227

4,197

4,181

Income before income taxes

2,720

2,419

2,533

2,532

2,293

Applicable income taxes

537

469

482

524

472

Net income

2,183

1,950

2,051

2,008

1,821

Net (income) loss attributable to noncontrolling interests

(6)

(5)

(6)

(7)

(6)

Net income attributable to U.S. Bancorp

$2,177

$1,945

$2,045

$2,001

$1,815

Net income applicable to U.S. Bancorp common shareholders

$2,098

$1,841

$1,965

$1,893

$1,733

Earnings per common share

$1.35

$1.18

$1.26

$1.22

$1.11

Diluted earnings per common share

$1.35

$1.18

$1.26

$1.22

$1.11

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

Financial Ratios (%)

Net interest margin (taxable-equivalent basis)

2.79

2.77

2.75

2.66

Return on average assets

1.26

1.15

1.19

1.17

1.08

Return on average common equity

14.0

12.6

13.5

12.9

Efficiency ratio

57.1

58.2

57.4

57.2

59.2

CONSOLIDATED ENDING BALANCE SHEET

(Dollars in Millions)

(Unaudited)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Assets

Cash and due from banks

$66,491

$48,420

$46,890

$66,637

$57,807

Investment securities

Held-to-maturity

74,085

75,442

76,170

76,931

77,879

Available-for-sale

89,085

93,464

90,838

89,065

90,577

Loans held for sale

3,038

2,928

2,538

2,490

2,288

Loans

Commercial

159,655

154,095

148,161

142,574

141,582

Commercial real estate

52,348

49,971

48,920

48,244

48,181

Residential mortgages

117,311

117,285

115,885

115,046

114,475

Credit card

39,079

37,654

38,031

36,434

35,857

Other retail

41,907

40,791

40,338

40,219

40,148

Total loans

410,300

399,796

391,335

382,517

380,243

Less allowance for loan losses

(7,645)

(7,646)

(7,605)

(7,557)

(7,537)

Net loans

402,655

392,150

383,730

374,960

372,706

Premises and equipment

3,847

3,819

3,768

3,695

3,625

Goodwill

13,234

12,625

12,635

12,634

12,637

Other intangible assets

4,999

4,799

4,904

5,152

5,285

Other assets

68,484

67,351

70,872

63,793

63,566

Total assets

$725,918

$700,998

$692,345

$695,357

$686,370

Liabilities and Shareholders' Equity

Deposits

Noninterest-bearing

$85,791

$85,300

$84,116

$91,550

$86,972

Interest-bearing

446,275

442,878

438,100

434,599

431,745

Total deposits

532,066

528,178

522,216

526,149

518,717

Short-term borrowings

37,337

17,859

17,162

15,449

15,039

Long-term debt

58,671

61,361

60,764

62,535

64,013

Other liabilities

29,949

27,353

26,552

27,426

26,705

Total liabilities

658,023

634,751

626,694

631,559

624,474

Shareholders' equity

Preferred stock

6,808

Common stock

Capital surplus

8,773

8,623

8,728

8,745

8,706

Retained earnings

83,241

81,944

80,906

79,742

78,652

Less treasury stock

(24,300)

(24,387)

(24,283)

(24,228)

(24,140)

Accumulated other comprehensive income (loss)

(7,111)

(7,223)

(6,987)

(7,748)

(8,609)

Total U.S. Bancorp shareholders' equity

67,432

65,786

65,193

63,340

61,438

Noncontrolling interests

463

461

458

Total equity

67,895

66,247

65,651

63,798

61,896

Total liabilities and equity

$725,918

$700,998

$692,345

$695,357

$686,370

CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET

(Dollars in Millions, Unaudited)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Assets

Investment securities

$170,528

$171,471

$172,039

$173,423

$172,841

Loans held for sale

2,783

2,326

2,775

2,253

4,843

Loans

Commercial

152,925

145,397

138,807

135,704

133,755

Lease financing

4,459

4,436

4,307

4,250

4,211

Total commercial

157,384

149,833

143,114

139,954

137,966

Commercial real estate

Commercial mortgages

41,840

39,969

38,698

38,384

38,194

Construction and development

9,417

9,439

9,792

9,862

10,272

Total commercial real estate

51,257

49,408

48,490

48,246

48,466

Residential mortgages

117,196

116,690

115,390

114,780

115,616

Credit card

38,403

37,341

37,019

36,079

35,439

Other retail

Retail leasing

3,746

3,525

3,572

3,718

3,869

Home equity and second mortgages

14,055

13,972

13,922

13,790

13,678

Other

23,440

22,791

22,778

22,585

23,495

Total other retail

41,241

40,288

40,272

40,093

41,042

Total loans

405,481

393,560

384,285

379,152

378,529

Interest-bearing deposits with banks

32,450

38,855

42,705

47,822

41,550

Other earning assets

17,759

17,950

18,413

14,867

15,579

Total earning assets

629,001

624,162

620,217

617,517

613,342

Allowance for loan losses

(7,671)

(7,623)

(7,599)

(7,565)

(7,605)

Unrealized gain (loss) on investment securities

(4,527)

(4,269)

(4,638)

(5,756)

(6,602)

Other assets

77,907

76,012

75,653

75,409

74,206

Total assets

$694,710

$688,282

$683,633

$679,605

$673,341

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$80,611

$80,628

$83,295

$79,890

$79,117

Interest-bearing deposits

Interest checking

132,358

130,600

131,055

131,281

131,599

Money market savings

181,978

188,986

186,119

181,063

177,087

Savings accounts

73,709

68,305

64,207

62,599

58,171

Time deposits

46,424

46,600

50,466

56,949

56,916

Total interest-bearing deposits

434,469

434,491

431,847

431,892

423,773

Short-term borrowings

23,852

19,580

16,107

15,698

22,791

Long-term debt

61,589

61,507

61,424

63,329

62,354

Total interest-bearing liabilities

519,910

515,578

509,378

510,919

508,918

Other liabilities

26,862

25,761

25,912

25,695

23,950

Shareholders' equity

Preferred equity

6,808

Common equity

60,057

59,049

57,782

55,835

54,091

Total U.S. Bancorp shareholders' equity

66,865

65,857

64,590

62,643

60,899

Noncontrolling interests

462

458

457

Total equity

67,327

66,315

65,048

63,101

61,356

Total liabilities and equity

$694,710

$688,282

$683,633

$679,605

$673,341

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

For the Three Months Ended June 30,

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)

$170,528

$1,361

3.19

$172,841

$1,373

3.18

(1.3)

Loans held for sale

2,783

6.11

4,843

4.85

(42.5)

Loans(c)

Commercial

157,384

1,992

5.08

137,966

1,903

5.53

14.1

Commercial real estate

51,257

731

5.72

48,466

723

5.98

5.8

Residential mortgages

117,196

1,191

4.07

115,616

1,160

4.01

1.4

Credit card

38,403

1,188

12.41

35,439

1,136

12.86

8.4

Other retail

41,241

635

6.18

41,042

637

6.22

Total loans

405,481

5,737

5.67

378,529

5,559

5.89

7.1

Interest-bearing deposits with banks

32,450

300

3.71

41,550

451

4.36

(21.9)

Other earning assets(d)

17,759

183

4.13

15,579

191

4.94

14.0

Total earning assets(d)

629,001

7,624

4.86

613,342

7,633

4.99

2.6

Allowance for loan losses

(7,671)

(7,605)

(.9)

Unrealized gain (loss) on investment securities

(4,527)

(6,602)

31.4

Other assets

77,907

74,206

5.0

Total assets

$694,710

$673,341

3.2

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$80,611

$79,117

1.9

Interest-bearing deposits

Interest checking

132,358

369

1.12

131,599

415

1.26

Money market savings

181,978

1,235

2.72

177,087

1,347

3.05

2.8

Savings accounts

73,709

365

1.99

58,171

252

1.74

26.7

Time deposits

46,424

361

3.12

56,916

527

3.71

(18.4)

Total interest-bearing deposits

434,469

2,330

2.15

423,773

2,541

2.41

2.5

Short-term borrowings(d)

23,852

249

4.19

22,791

291

5.12

4.7

Long-term debt

61,589

658

4.28

62,354

721

4.64

(1.2)

Total interest-bearing liabilities(d)

519,910

3,237

2.50

508,918

3,553

2.80

2.2

Other liabilities

26,862

23,950

12.2

Shareholders' equity

Preferred equity

6,808

—

Common equity

60,057

54,091

11.0

Total U.S. Bancorp shareholders' equity

66,865

60,899

9.8

Noncontrolling interests

462

457

1.1

Total equity

67,327

61,356

9.7

Total liabilities and equity

$694,710

$673,341

3.2

Net interest income

$4,387

$4,080

Gross interest margin

2.36

2.19

Gross interest margin without taxable-equivalent increments

2.34

2.17

Percent of Earning Assets

Interest income

4.86

4.99

Interest expense

2.07

2.33

Net interest margin

2.79

2.66

Net interest margin without taxable-equivalent increments

2.77

2.64

(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)Presentation of interest income and interest expense related to certain repurchase and reverse repurchase transactions recorded under enforceable netting agreements are shown on a net basis, consistent with presentation of the related balances on the consolidated balance sheet. Total interest income and interest expense reflected on a gross basis for these arrangements was $8,159 million and $3,772 million, respectively, for the three months ended June 30, 2026.

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

For the Three Months Ended

June 30, 2026

March 31, 2026

(Dollars in Millions)

(Unaudited)

Average

Balances

Interest

Yields

and

Rates

Average

Balances

Interest

Yields

and

Rates

% Change

Average

Balances

Assets

Investment securities(b)

$170,528

$1,361

3.19

$171,471

$1,322

3.08

(.5)

Loans held for sale

2,783

6.11

2,326

6.01

19.6

Loans(c)

Commercial

157,384

1,992

5.08

149,833

1,883

5.09

5.0

Commercial real estate

51,257

731

5.72

49,408

695

5.71

3.7

Residential mortgages

117,196

1,191

4.07

116,690

1,158

3.97

Credit card

38,403

1,188

12.41

37,341

1,181

12.83

2.8

Other retail

41,241

635

6.18

40,288

618

6.22

2.4

Total loans

405,481

5,737

5.67

393,560

5,535

5.69

3.0

Interest-bearing deposits with banks

32,450

300

3.71

38,855

350

3.65

(16.5)

Other earning assets(d)

17,759

183

4.13

17,950

193

4.36

(1.1)

Total earning assets(d)

629,001

7,624

4.86

624,162

7,435

4.83

Allowance for loan losses

(7,671)

(7,623)

(.6)

Unrealized gain (loss) on investment securities

(4,527)

(4,269)

(6.0)

Other assets

77,907

76,012

2.5

Total assets

$694,710

$688,282

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$80,611

$80,628

—

Interest-bearing deposits

Interest checking

132,358

369

1.12

130,600

352

1.09

1.3

Money market savings

181,978

1,235

2.72

188,986

1,261

2.71

(3.7)

Savings accounts

73,709

365

1.99

68,305

305

1.81

7.9

Time deposits

46,424

361

3.12

46,600

366

3.18

(.4)

Total interest-bearing deposits

434,469

2,330

2.15

434,491

2,284

2.13

—

Short-term borrowings(d)

23,852

249

4.19

19,580

214

4.44

21.8

Long-term debt

61,589

658

4.28

61,507

646

4.26

Total interest-bearing liabilities(d)

519,910

3,237

2.50

515,578

3,144

2.47

Other liabilities

26,862

25,761

4.3

Shareholders' equity

Preferred equity

6,808

—

Common equity

60,057

59,049

1.7

Total U.S. Bancorp shareholders' equity

66,865

65,857

1.5

Noncontrolling interests

462

458

Total equity

67,327

66,315

1.5

Total liabilities and equity

$694,710

$688,282

Net interest income

$4,387

$4,291

Gross interest margin

2.36

Gross interest margin without taxable-equivalent increments

2.34

Percent of Earning Assets

Interest income

4.86

4.83

Interest expense

2.07

2.06

Net interest margin

2.79

2.77

Net interest margin without taxable-equivalent increments

2.77

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.

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

For the Six Months Ended June 30,

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)

$170,997

$2,683

3.14

$172,014

$2,701

3.14

(.6)

Loans held for sale

2,556

6.07

3,341

5.17

(23.5)

Loans(c)

Commercial

153,629

3,875

5.08

136,219

3,762

5.57

12.8

Commercial real estate

50,338

1,426

5.71

48,677

1,448

6.00

3.4

Residential mortgages

116,944

2,349

4.02

117,221

2,349

4.01

(.2)

Credit card

37,875

2,369

12.61

35,262

2,273

13.00

7.4

Other retail

40,767

1,253

6.20

41,398

1,270

6.19

(1.5)

Total loans

399,553

11,272

5.68

378,777

11,102

5.90

5.5

Interest-bearing deposits with banks

35,635

650

3.68

42,637

932

4.41

(16.4)

Other earning assets(d)

17,854

376

4.25

15,025

357

4.80

18.8

Total earning assets(d)

626,595

15,059

4.85

611,794

15,179

4.99

2.4

Allowance for loan losses

(7,647)

(7,597)

(.7)

Unrealized gain (loss) on investment securities

(4,399)

(6,537)

32.7

Other assets

76,965

73,718

4.4

Total assets

$691,514

$671,378

3.0

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$80,620

$79,405

1.5

Interest-bearing deposits

Interest checking

131,484

721

1.11

128,642

757

1.19

2.2

Money market savings

185,463

2,496

2.71

186,213

2,830

3.07

(.4)

Savings accounts

71,022

670

1.90

54,243

422

1.57

30.9

Time deposits

46,511

727

3.15

56,199

1,043

3.74

(17.2)

Total interest-bearing deposits

434,480

4,614

2.14

425,297

5,052

2.40

2.2

Short-term borrowings(d)

21,728

463

4.30

20,827

540

5.23

4.3

Long-term debt

61,548

1,304

4.27

60,360

1,385

4.63

2.0

Total interest-bearing liabilities(d)

517,756

6,381

2.49

506,484

6,977

2.78

2.2

Other liabilities

26,314

24,772

6.2

Shareholders' equity

Preferred equity

6,808

—

Common equity

59,556

53,450

11.4

Total U.S. Bancorp shareholders' equity

66,364

60,258

10.1

Noncontrolling interests

460

459

Total equity

66,824

60,717

10.1

Total liabilities and equity

$691,514

$671,378

3.0

Net interest income

$8,678

$8,202

Gross interest margin

2.36

2.21

Gross interest margin without taxable-equivalent increments

2.34

2.19

Percent of Earning Assets

Interest income

4.85

4.99

Interest expense

2.07

2.30

Net interest margin

2.78

2.69

Net interest margin without taxable-equivalent increments

2.76

2.67

(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.

(d)Presentation of interest income and interest expense related to certain repurchase and reverse repurchase transactions recorded under enforceable netting agreements are shown on a net basis, consistent with presentation of the related balances on the consolidated balance sheet. Total interest income and interest expense reflected on a gross basis for these arrangements was $16,025 million and $7,347 million, respectively, for the six months ended June 30, 2026.

LOAN PORTFOLIO

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 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

$155,160

37.8

$149,586

37.4

$143,725

36.7

$138,266

36.2

$137,301

36.1

Lease financing

4,495

1.1

4,509

1.2

4,436

1.2

4,308

1.1

4,281

1.1

Total commercial

159,655

38.9

154,095

38.6

148,161

37.9

142,574

37.3

141,582

37.2

Commercial real estate

Commercial mortgages

42,700

10.4

40,807

10.2

39,476

10.1

38,316

10.0

38,144

10.0

Construction and

development

9,648

2.4

9,164

2.3

9,444

2.4

9,928

2.6

10,037

2.7

Total commercial

real estate

52,348

12.8

49,971

12.5

48,920

12.5

48,244

12.6

48,181

12.7

Residential mortgages

112,630

27.5

112,397

28.1

110,788

28.3

109,730

28.7

108,913

28.6

Home equity loans, first

liens

4,681

1.1

4,888

1.2

5,097

1.3

5,316

1.4

5,562

1.5

Total residential

mortgages

117,311

28.6

117,285

29.3

115,885

29.6

115,046

30.1

114,475

30.1

Credit card

39,079

9.5

37,654

9.4

38,031

9.7

36,434

9.5

35,857

9.5

Other retail

Retail leasing

4,087

1.0

3,585

3,524

3,627

1.0

3,816

1.0

Home equity and second

mortgages

14,131

3.4

13,959

3.5

14,025

3.6

13,858

3.6

13,761

3.6

Revolving credit

5,409

1.3

4,864

1.2

4,561

1.2

4,274

1.1

4,062

1.1

Installment

15,032

3.7

14,823

3.7

14,653

3.7

14,592

3.8

14,220

3.7

Automobile

3,248

3,560

3,575

3,868

1.0

4,289

1.1

Total other retail

41,907

10.2

40,791

10.2

40,338

10.3

40,219

10.5

40,148

10.5

Total loans

$410,300

100.0

$399,796

100.0

$391,335

100.0

$382,517

100.0

$380,243

100.0

Supplemental Business Segment Schedules

Second 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)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

$1,937

$1,874

$1,797

$1,769

$1,724

Noninterest Income

Card revenue

—

Corporate payment and treasury management revenue

156

144

152

163

Merchant processing services

—

Trust and investment management fees

784

744

755

729

702

Lending and deposit-related fees

171

155

161

144

139

Capital markets revenue

507

377

379

374

315

Mortgage banking revenue

—

Investment products fees

102

101

Securities gains (losses), net

—

Other

114

Total noninterest income

1,834

1,608

1,614

1,573

1,496

Total net revenue

3,771

3,482

3,411

3,342

3,220

Noninterest Expense

Compensation and employee benefits

666

587

571

565

570

Other intangibles

Net shared services

611

605

620

617

615

Other direct expenses

281

245

283

254

246

Total noninterest expense

1,602

1,477

1,520

1,482

1,477

Income before provision and income taxes

2,169

2,005

1,891

1,860

1,743

Provision for Credit Losses

129

157

196

178

Income before income taxes

2,040

1,940

1,734

1,664

1,565

Income taxes and taxable-equivalent adjustment

510

485

434

416

391

Net income

1,530

1,455

1,300

1,248

1,174

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$1,530

$1,455

$1,300

$1,248

$1,174

FINANCIAL RATIOS

Return on average assets

2.29

2.30

2.12

2.10

2.01

Net interest margin (taxable-equivalent basis)

3.38

3.47

3.44

3.49

3.47

Efficiency ratio

42.5

42.4

44.6

44.3

45.9

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$143,675

$137,479

$130,482

$127,545

$125,530

Commercial real estate

39,396

37,529

36,593

36,376

36,673

Residential mortgages

23,748

22,359

20,689

19,072

17,558

Credit card

—

Other retail

7,138

6,581

6,311

5,964

5,784

Total loans

213,957

203,948

194,075

188,957

185,545

Other Earning Assets

16,112

15,378

13,378

11,908

13,930

Total earning assets

230,069

219,326

207,453

200,865

199,475

Non-earning Assets

Goodwill

5,028

4,826

Other intangible assets

645

682

726

772

817

Other non-earning assets

32,670

31,387

30,001

29,154

29,316

Total non-earning assets

38,343

36,895

35,553

34,752

34,959

Total assets

268,412

256,221

243,006

235,617

234,434

Deposits

Noninterest-bearing deposits

57,877

57,796

59,481

56,112

55,230

Interest checking

59,500

58,599

60,080

60,923

60,791

Savings products

159,588

163,215

157,623

150,745

142,873

Time deposits

8,600

8,361

8,915

9,339

9,957

Total deposits

285,565

287,971

286,099

277,119

268,851

Other Interest-bearing Liabilities

22,689

23,560

21,739

20,231

22,026

Other Noninterest-bearing Liabilities

18,106

16,553

15,023

14,597

14,310

Total liabilities

326,360

328,084

322,861

311,947

305,187

Total U.S. Bancorp Shareholders' Equity

25,064

24,204

24,514

23,992

23,700

Noncontrolling Interests

Total Equity

25,075

24,211

24,521

23,999

23,708

CREDIT QUALITY

Net Charge-offs

Commercial

$82

$102

$92

$15

$49

Commercial real estate

(11)

(4)

102

Residential mortgages

—

Credit card

—

Other retail

—

(1)

—

Total net charge-offs

$93

$91

$88

$116

$107

Net Charge-off Ratios

Commercial

.23

.30

.28

.05

.16

Commercial real estate

.11

(.12)

(.04)

1.11

.63

Residential mortgages

—

Credit card

—

Other retail

—

(.07)

—

Total net charge-offs

.17

.18

.24

.23

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Nonperforming Assets

Nonperforming loans

$874

$1,068

$1,134

$1,216

$1,246

Other nonperforming assets

—

Total nonperforming assets

$874

$1,069

$1,135

$1,217

$1,247

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

OTHER INFORMATION

Average Loan Balances

Commercial real estate division

$50,243

$47,517

$44,829

$44,028

$43,962

Wealth management

38,729

36,640

34,345

32,276

30,523

Institutional client group

104,464

99,636

95,041

93,165

92,481

Other

20,521

20,155

19,860

19,488

18,579

Total

$213,957

$203,948

$194,075

$188,957

$185,545

Average Deposit Balances

Commercial real estate division

$16,376

$16,624

$17,307

$15,989

$15,506

Wealth management

47,962

47,988

46,997

45,852

45,267

Institutional client group

137,267

137,957

139,287

138,030

134,338

Global corporate trust

61,254

62,636

60,671

56,922

54,375

Other

22,706

22,766

21,837

20,326

19,365

Total

$285,565

$287,971

$286,099

$277,119

$268,851

Noninterest Income

Trust and investment management fees

Wealth management

$191

$178

$181

$175

$172

U.S. Bancorp Asset Management

Global corporate trust

262

243

253

242

231

Global fund services

165

162

160

154

144

Institutional trust & custody

Other

Capital markets revenue

507

377

379

374

315

Treasury management

156

144

152

163

All other noninterest income

387

331

336

318

316

Total

$1,834

$1,608

$1,614

$1,573

$1,496

Assets Under Management by Category(a)

Equity

$100,865

$94,953

$88,527

$85,068

$79,084

Fixed income

234,589

231,041

225,777

224,009

232,453

Money market

219,737

212,115

202,398

194,604

187,799

Other

26,542

26,944

28,243

26,336

37,037

Total

$581,733

$565,053

$544,945

$530,017

$536,373

(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)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

$1,836

$1,799

$1,760

$1,847

$1,841

Noninterest Income

Card revenue

140

128

136

135

Corporate payment and treasury management revenue

Merchant processing services

—

Trust and investment management fees

Lending and deposit-related fees

137

139

141

146

138

Capital markets revenue

Mortgage banking revenue

169

161

130

180

162

Investment products fees

—

Securities gains (losses), net

—

Other

Total noninterest income

537

515

502

563

535

Total net revenue

2,373

2,314

2,262

2,410

2,376

Noninterest Expense

Compensation and employee benefits

564

559

571

569

572

Other intangibles

Net shared services

550

539

558

559

545

Other direct expenses

345

332

353

350

342

Total noninterest expense

1,510

1,482

1,541

1,537

1,517

Income before provision and income taxes

863

832

721

873

859

Provision for Credit Losses

Income before income taxes

785

760

645

811

822

Income taxes and taxable-equivalent adjustment

196

190

161

203

206

Net income

589

570

484

608

616

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$589

$570

$484

$608

$616

FINANCIAL RATIOS

Return on average assets

1.50

1.47

1.21

1.52

1.50

Net interest margin (taxable-equivalent basis)

5.02

4.98

4.73

4.94

4.78

Efficiency ratio

63.6

64.0

68.1

63.8

CONSUMER AND BUSINESS BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$4,719

$4,399

$4,488

$4,330

$4,525

Commercial real estate

11,861

11,879

11,897

11,870

11,793

Residential mortgages

93,448

94,331

94,701

95,708

98,058

Credit card

—

Other retail

33,980

33,583

33,833

33,998

35,124

Total loans

144,008

144,192

144,919

145,906

149,500

Other Earning Assets

2,650

2,409

2,849

2,330

4,875

Total earning assets

146,658

146,601

147,768

148,236

154,375

Non-earning Assets

Goodwill

4,326

Other intangible assets

3,910

3,913

4,021

4,223

4,277

Other non-earning assets

2,218

2,135

2,114

2,080

2,151

Total non-earning assets

10,454

10,374

10,461

10,629

10,754

Total assets

157,112

156,975

158,229

158,865

165,129

Deposits

Noninterest-bearing deposits

18,632

18,380

19,482

19,726

19,732

Interest checking

72,914

72,022

71,078

70,454

70,923

Savings products

95,736

93,666

92,262

92,392

91,666

Time deposits

37,780

38,028

39,300

39,162

37,959

Total deposits

225,062

222,096

222,122

221,734

220,280

Other Interest-bearing Liabilities

2,883

2,874

2,127

1,553

1,537

Other Noninterest-bearing Liabilities

1,737

1,697

1,743

1,872

1,880

Total liabilities

229,682

226,667

225,992

225,159

223,697

Total U.S. Bancorp Shareholders' Equity

12,865

13,109

13,296

13,369

13,563

Noncontrolling Interests

—

Total Equity

12,865

13,109

13,296

13,369

13,563

CREDIT QUALITY

Net Charge-offs

Commercial

$14

$18

$13

$16

$15

Commercial real estate

(1)

Residential mortgages

—

(1)

(2)

(1)

Credit card

—

Other retail

Total net charge-offs

$75

$88

$79

$74

$66

Net Charge-off Ratios

Commercial

1.19

1.66

1.15

1.47

1.33

Commercial real estate

.07

.10

.03

(.03)

Residential mortgages

—

(.01)

—

Credit card

—

Other retail

.70

.82

.79

.68

.61

Total net charge-offs

.21

.25

.22

.20

.18

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Nonperforming Assets

Nonperforming loans

$429

$420

$413

$394

$391

Other nonperforming assets

Total nonperforming assets

$453

$442

$437

$417

$412

CONSUMER AND BUSINESS BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

OTHER INFORMATION

Other Retail Loan Information

Average Balances

Retail leasing

$3,746

$3,525

$3,572

$3,718

$3,868

Home equity and second mortgages

11,520

11,481

11,455

11,358

11,246

Other

18,714

18,577

18,806

18,922

20,010

Total other retail

$33,980

$33,583

$33,833

$33,998

$35,124

Home equity first lien(a)

$4,287

$4,471

$4,662

$4,861

$5,093

Home equity loans

2,807

2,787

2,754

2,712

2,621

Home equity lines

8,713

8,694

8,701

8,646

8,625

Total home equity

$15,807

$15,952

$16,117

$16,219

$16,339

Net Charge-off Ratios (%)

Retail leasing

1.50

2.07

2.00

1.81

1.04

Home equity and second mortgages

—

.04

—

(.03)

—

Other

.96

1.07

1.03

.88

.86

Total other retail

.70

.82

.79

.68

.61

Retail Credit Production

Indirect loan/lease production volume

$2,203

$1,681

$1,435

$1,660

$1,367

Direct branch loan/line production volume

2,166

1,737

1,613

1,836

1,935

Other production volume

1,997

1,595

1,196

1,133

1,004

Total retail credit production volume

$6,366

$5,013

$4,244

$4,629

$4,306

Branch and ATM Data

# of branches

2,061

2,066

2,075

2,080

2,081

# of U.S. Bank ATMs

4,457

4,458

4,428

4,374

4,320

(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)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Mortgage Banking Division Data

Mortgage banking revenue

Origination and sales(a)

$83

$88

$84

$93

$80

Loan servicing

164

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)

(80)

(63)

(108)

(98)

(86)

Total mortgage banking revenue

$169

$161

$130

$180

$162

Mortgage production volume

$10,605

$11,474

$12,627

$9,951

$9,645

Mortgage application volume

$14,795

$16,307

$16,214

$14,845

$14,363

Mortgages serviced for others(d/e)

$215,070

$215,409

$216,349

$216,146

$220,795

A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of June 30, 2026, was as follows:

(Dollars in Millions)

HFA(f)

Government

Conventional(g)

Total

Servicing portfolio(h)

$58,251

$22,862

$124,918

$206,031

Fair value

$874

$459

$1,844

$3,177

Value (bps)(i)

150

201

148

154

Weighted-average servicing fees (bps)

Multiple (value/servicing fees)

4.27

4.50

5.81

5.09

Weighted-average note rate

5.23

4.42

4.10

4.45

Weighted-average age (in years)

4.9

7.1

5.9

5.8

Weighted-average expected prepayment (constant prepayment rate)

10.2

9.9

8.2

9.0

Weighted-average expected life (in years)

7.4

6.7

7.1

Weighted-average option adjusted spread(j)

7.1

6.6

4.8

5.7

(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)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

$774

$794

$781

$730

Noninterest Income

Card revenue

295

263

291

279

278

Corporate payment and treasury management revenue

247

217

220

221

Merchant processing services

485

436

440

463

474

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

1,038

925

969

973

984

Total net revenue

1,812

1,719

1,763

1,754

1,714

Noninterest Expense

Compensation and employee benefits

240

236

235

230

221

Other intangibles

Net shared services

520

505

553

539

532

Other direct expenses

348

250

280

243

Total noninterest expense

1,127

1,009

1,089

1,032

1,016

Income before provision and income taxes

685

710

674

722

698

Provision for Credit Losses

385

347

461

409

384

Income before income taxes

300

363

213

313

314

Income taxes and taxable-equivalent adjustment

Net income

225

272

160

235

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$225

$272

$160

$235

FINANCIAL RATIOS

Return on average assets

1.76

2.25

1.30

1.93

1.97

Net interest margin (taxable-equivalent basis)

6.76

7.32

7.17

7.21

6.93

Efficiency ratio

62.2

58.7

61.8

58.8

59.3

PAYMENT SERVICES

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$7,426

$6,541

$6,798

$6,750

$6,653

Commercial real estate

—

Residential mortgages

—

Credit card

38,403

37,341

37,019

36,079

35,439

Other retail

118

121

126

128

132

Total loans

45,947

44,003

43,943

42,957

42,224

Other Earning Assets

Total earning assets

45,954

44,008

43,948

42,962

42,229

Non-earning Assets

Goodwill

3,479

3,481

3,478

3,482

3,425

Other intangible assets

241

238

252

260

258

Other non-earning assets

1,497

1,282

1,244

1,724

1,928

Total non-earning assets

5,217

5,001

4,974

5,466

5,611

Total assets

51,171

49,009

48,922

48,428

47,840

Deposits

Noninterest-bearing deposits

2,390

2,425

2,432

2,370

2,439

Interest checking

—

Savings products

Time deposits

Total deposits

2,483

2,519

2,527

2,465

2,534

Other Interest-bearing Liabilities

243

361

325

257

331

Other Noninterest-bearing Liabilities

5,028

4,573

4,676

5,104

5,377

Total liabilities

7,754

7,453

7,528

7,826

8,242

Total U.S. Bancorp Shareholders' Equity

10,692

10,596

10,457

10,318

10,234

Noncontrolling Interests

—

Total Equity

10,692

10,596

10,457

10,318

10,234

CREDIT QUALITY

Net Charge-offs

Commercial

$—

Commercial real estate

—

Residential mortgages

—

Credit card

367

365

358

346

380

Other retail

—

Total net charge-offs

$368

$367

$360

$347

$381

Net Charge-off Ratios

Commercial

—

.06

—

.06

Commercial real estate

—

Residential mortgages

—

Credit card

3.83

3.96

3.84

3.80

4.30

Other retail

3.40

3.35

3.15

3.10

—

Total net charge-offs

3.21

3.38

3.25

3.20

3.62

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Nonperforming Assets

Nonperforming loans

$—

Other nonperforming assets

—

Total nonperforming assets

$—

PAYMENT SERVICES

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

OTHER INFORMATION

Noninterest Income

Credit card

$295

$263

$291

$279

$278

Corporate payment products and prepaid

247

217

220

221

Global merchant acquiring

485

436

440

463

474

Payment Volumes

Credit card

$41,000

$36,999

$39,651

$38,581

$38,132

Debit card(a)

28,312

26,072

26,894

26,327

26,264

Prepaid card

1,961

1,920

2,080

1,609

1,556

Corporate payment products

25,227

22,688

21,413

23,312

22,317

Merchant volume

155,934

145,093

145,144

157,540

155,853

Total

252,434

232,772

235,182

247,369

244,122

# of merchant transactions (millions)

2,259

2,049

2,195

2,305

2,260

(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)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

($160)

($176)

($39)

($146)

($215)

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

(2)

(6)

(2)

(6)

Mortgage banking revenue

—

Investment products fees

—

Securities gains (losses), net

(49)

(35)

(7)

(57)

Other

(33)

(10)

(39)

(22)

(30)

Total noninterest income

(84)

(51)

(32)

(31)

(91)

Total net revenue

(244)

(227)

(71)

(177)

(306)

Noninterest Expense

Compensation and employee benefits

1,215

1,246

1,152

1,197

1,237

Other intangibles

—

Net shared services

(1,681)

(1,649)

(1,731)

(1,715)

(1,692)

Other direct expenses

655

700

656

664

626

Total noninterest expense

189

297

146

171

Income (loss) before provision and income taxes

(433)

(524)

(148)

(323)

(477)

Provision for Credit Losses

(54)

(117)

(96)

(98)

Income (loss) before income taxes

(379)

(616)

(31)

(227)

(379)

Income taxes and taxable-equivalent adjustment

(218)

(269)

(138)

(144)

(175)

Net income (loss)

(161)

(347)

107

(83)

(204)

Net (income) loss attributable to noncontrolling interests

(6)

(5)

(6)

(7)

(6)

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

($167)

($352)

$101

($90)

($210)

TREASURY AND CORPORATE SUPPORT

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$1,564

$1,414

$1,346

$1,329

$1,258

Commercial real estate

—

Residential mortgages

—

Credit card

—

Other retail

Total loans

1,569

1,417

1,348

1,332

1,260

Other Earning Assets

204,751

212,810

219,700

224,122

216,003

Total earning assets

206,320

214,227

221,048

225,454

217,263

Non-earning Assets

Goodwill

—

Other intangible assets

Other non-earning assets

11,689

11,843

12,421

11,234

8,667

Total non-earning assets

11,695

11,850

12,428

11,241

8,675

Total assets

218,015

226,077

233,476

236,695

225,938

Deposits

Noninterest-bearing deposits

1,712

2,027

1,900

1,682

1,716

Interest-bearing deposits

258

506

2,494

8,782

9,509

Total deposits

1,970

2,533

4,394

10,464

11,225

Other Interest-bearing Liabilities

59,626

54,292

53,340

56,986

61,251

Other Noninterest-bearing Liabilities

1,991

2,938

4,470

4,122

2,383

Total liabilities

63,587

59,763

62,204

71,572

74,859

Total U.S. Bancorp Shareholders' Equity

18,244

17,948

16,323

14,964

13,402

Noncontrolling Interests

451

449

Total Equity

18,695

18,399

16,774

15,415

13,851

CREDIT QUALITY

Net Charge-offs

Commercial

$—

($1)

$—

Commercial real estate

—

Residential mortgages

—

Credit card

—

Other retail

—

Total net charge-offs

$—

($1)

$—

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

Nonperforming Assets

Nonperforming loans

$—

Other nonperforming assets

Total nonperforming assets

$19

$17

$18

$20

$21

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 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; 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 those arising from conflict in the Middle East; impacts of supply chain disruptions, rising inflation, slower growth or a recession; effects of climate change and related physical and transition risks; failure to execute on strategic or operational plans; effects of mergers and acquisitions, such as the acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC (collectively, “BTIG”), 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 Growth • Record net revenue driven by robust loan growth, broad-based fee momentum, and one month impact from the BTIG acquisition 2Q26 Highlights Productivity • Significant positive operating leverage, balancing expense discipline with targeted investments in future growth Returns • Strong profitability supported by diversified revenue mix and continued execution against strategic priorities Risk & Financial Management • Improving asset quality and strong capital levels Note: All data reflects one month of earnings after the acquisition of BTIG 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. 0.53% Net Charge-off Ratio 10.8% CET1 Capital Ratio3 7.5% Net Interest Income1 Growth vs. 2Q25 13.2% Fee Revenue Growth vs. 2Q25 400 bps Positive Operating Leverage2 vs. 2Q25 $1.35 Earnings per share 21.6% vs. 2Q25 18.7% Return on Tangible Common Equity2 1.26% Return on Average Assets 2.79% Net Interest Margin 57.1% Efficiency Ratio2 210 bps vs. 2Q25

4©2026 U.S. Bank | Confidential Accelerating Growth Through Disciplined Execution Fee Revenue Growth YoY1 $3,374M 2Q26 Reported Fee Revenue Adjusted Efficiency Ratio1 1 Non-GAAP; excludes notable items for applicable periods; see appendix for calculations and description of notable items. 2 Non-GAAP; see appendix for calculations. 3 Medium-term represents 2026 and 2027; subject to economic assumptions described in the appendix. Strong fee growth with improving efficiency ratio and higher returns Return on Average Assets 3.9% 1.9% 3.6% 5.1% 4.6% 9.5% 7.6% 6.9% 13.2% 9.9% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Excl. BTIG2 60.7% 60.2% 59.9% 60.8% 59.2% 57.2% 57.4% 58.2% 57.1% 56.7% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Medium-term target3 = mid single digits Medium-term target3 = mid-to-high 50s Excl. BTIG2 0.97% 1.08% 1.26% 2Q24 2Q25 2Q26 Medium-term target3 = 1.15% to 1.35% Operating within our medium-term targets

5©2026 U.S. Bank | Confidential BTIG Acquisition is Complete Deal closed June 1 as planned Looking Ahead • BTIG’s equity trading and investment banking capabilities complement U.S. Bancorp’s fixed income, currency, and commodities (FICC) strength • Integration is well underway • Capital markets revenue for U.S. Bancorp is ~7% of total revenue and ~15% of fee revenue • Capital Markets revenue target is 10%+ of total company revenue over time + By the numbers1 ~$98M record fee revenue booked in June 700+ employees ~14% June pre-tax margin 50+ markets accessed 1 Amounts represent financial results and operations by BTIG on a standalone basis

6©2026 U.S. Bank | Confidential Progress on Payments Transformation Growth is accelerating Credit Card Only YoY Fee Revenue Merchant Processing YoY Fee Revenue Corporate Payment Products & Prepaid YoY Fee Revenue 4.4% 5.2% 5.3% 5.6% 6.1% 2Q25 3Q25 4Q25 1Q26 2Q26 4.4% 5.2% 5.0% 5.1% 2.3% 2Q25 3Q25 4Q25 1Q26 2Q26 (1.3)% (3.5)% 0.0% 1.9% 11.8% 2Q25 3Q25 4Q25 1Q26 2Q26 23% Payment Services as a % of total Revenue 1,2 Card Issuing 14% Merchant Processing 6% Corporate Payments 3% • Total Payment Services revenue growth of 5.7% year-over-year (YoY) in 2Q26, up from 4.7% in 2Q25 ◦ $1.8B 2Q26 revenue ◦ NII growth 6.0% YoY; Fee growth 5.5% YoY • Accelerating Card Issuing momentum • Softness in MPS in Europe this quarter • Strong rebound in CPS $0.3B Fees | $0.8B Spread $0.5B Fees $0.2B Fees 1 For the three months ended June 30, 2026 taxable-equivalent basis. 2 Business line revenue percentages exclude Treasury and Corporate Support; Non- GAAP; see appendix for reconciliation. 3 Other Managed Payments revenue includes Debit and Treasury Management not reported in Payment Services. Excludes Other Managed Payments3 4% $0.3B Fees

7©2025 U.S. Bank | Confidential Spotlight: Consumer Franchise Map does not include our European locations 1 As of May 31, 2026 Client centers Branch network Key observations ~13 Million Consumer Customers1 – 18% out of branch footprint 2,061 Branches 55 Client Centers 42% Multi-Serve Clients – up from ~40% in 2024 Unique and attractive franchise

8©2026 U.S. Bank | Confidential RE LA TI O N SH IP S REAC H PRODUCTS Trusted, interconnected bank 1 Amounts of deposits in U.S. Bank Smartly® Checking and Savings accounts as of 6/30/26. 2 As of 6/30/26. Advanced local market pricing capabilities Coordinated relationship deepening across channels Smartly for consumers Business Essentials for small businesses Mortgage-led deepening Branch density investments across 10 high-growth markets Expanding reach through branches, digital and partnerships Relationship-led growth Expanded reach Interconnected solutions Consumer and Business Strategy 3rd consecutive quarter of record Consumer deposits Branch investment growing to $300M annually $84B+ in U.S. Bank Smartly®1 | $5B+ in mortgage deposits2 Select interconnected initiatives driving sustainable growth

9©2025 U.S. Bank | Confidential 2Q26 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 2Q26 1Q26 2Q25 Net interest income1 $4,387 2.2 % 7.5 % Noninterest income 3,325 10.9 13.7 Noninterest expense 4,428 3.8 5.9 Net income to company 2,177 11.9 19.9 Diluted EPS $1.35 14.4 21.6 Change vs. $ in millions 2Q26 1Q26 2Q25 Nonperforming assets $1,346 (11.9) % (19.9) % NPA ratio 0.33 % (5) bps (11) bps Net charge-off ratio 0.53 % (3) bps (6) bps 90+ day delinquency 0.18 % (3) bps (7) bps Ending balance Avg balance Average Period Balance change vs. $ in billions 2Q26 2Q26 1Q26 2Q25 Total assets $725.9 $694.7 .9 % 3.2 % Earning assets 658.5 629.0 .8 2.6 Total loans 410.3 405.5 3.0 7.1 Total deposits 532.1 515.1 — 2.4 Change vs. 2Q26 1Q26 2Q25 CET1 capital ratio2 10.8 % — bps 10 bps Total risk-based capital ratio 14.4 % 20 bps 10 bps Book value per share $38.91 2.6 % 11.0 % Tangible book value per share3 $30.04 1.6 % 13.3 % Earnings returned (millions)4 $1,017 Credit Quality

10©2025 U.S. Bank | Confidential 13 bps Net Interest Margin 210 bps Efficiency Ratio 1.08% 1.15% 1.26% Return on Average Assets 2Q25 1Q26 2Q26 59.2% 58.2% 57.1% 2.66% 2.77% 2.79% Efficiency Ratio Net Interest Margin 2Q25 1Q26 2Q26 Performance Ratios 12.9% 12.6% 14.0% Return on Average Common Equity 2Q25 1Q26 2Q26 18.0% 17.0% 18.7% Return on Tangible Common Equity 2Q25 1Q26 2Q26 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 18 bps Year-over-year Broad-based strength across key metrics 110 bps Year-over-year 70 bps Year-over-year Year-over-year

11©2025 U.S. Bank | Confidential Balance Sheet Summary Total Average Deposits 2Q26 Highlights Total Average Loans $379 $379 $384 $394 $405 5.89% 5.97% 5.80% 5.69% 5.67% Average Balance Avg Yield % 2Q25 3Q25 4Q25 1Q26 2Q26 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. $174 $171 $171 $174 $168 3.18% 3.26% 3.16% 3.08% 3.19% Ending Balance Avg Yield % 2Q25 3Q25 4Q25 1Q26 2Q26 2 • Average consumer deposits grew 2.8% year-over-year; Another record quarter • Average loan growth of 7.1% year-over-year or 8.0%3 when adjusted for 2Q25 loan sales • Average investment portfolio yield increased 11 bps linked quarter on higher reinvestment yields Interest-bearing deposits 2Q25 3Q25 4Q25 1Q26 2Q26 2.41% 2.43% 2.25% 2.13% 2.15% Avg. Yield % Robust loan growth and strategic portfolio remixing driving year-over-year growth $266 $268 $270 $270 $273 $237 $244 $245 $245 $242 Consumer Wholesale, Trust, Other 2Q25 3Q25 4Q25 1Q26 2Q26 $515 $503 $512 1 $515 $515

12©2025 U.S. Bank | Confidential • Strong performance in commercial, credit card and commercial real estate loan growth alongside continued funding optimization supported year-over-year growth in net interest income • Linked quarter net interest income increase driven by loan growth and the benefits of fixed asset repricing. Net Interest Income % Change vs. 2Q26 1Q26 2Q25 Loans $5,728 3.7 % 3.2 % Loans held for sale 43 22.9 (27.1) Investment securities 1,344 3.1 (.8) Other interest income 483 (11.0) (24.8) Total interest income $7,598 2.6 (.1) Deposits $2,330 2.0 (8.3) Short-term borrowings 249 16.4 (14.4) Long-term debt 658 1.9 (8.7) Total interest expense $3,237 3.0 (8.9) Net interest income $4,361 2.3 7.7 Taxable-equivalent adjustment 26 (7.1) (10.3) Net interest income, on a taxable-equivalent basis $4,387 2.2 % 7.5 % Net interest margin (taxable-equivalent basis) 2.79 % 2 bps 13 bps Growth supported by improving asset mix, loan momentum and fixed asset repricing $ in millions

13©2025 U.S. Bank | Confidential • BTIG contributed ~$98M in Capital Markets fee revenue in the month of June while operating at a ~14% pre-tax margin • Fee revenue increased 13.2% year-over-year, or 9.9% excluding BTIG2, reflecting broad-based strength across our differentiated fee businesses Noninterest Income $ in millions 1 Other managed payments includes Debit and Treasury Management not reported in Payment Services. 2 Non-GAAP; see appendix for calculations. % Change vs. 2Q26 1Q26 2Q25 Payment services $1,038 12.2 % 5.5 % Other managed payments1 322 3.9 (0.6) Consolidated payments fees 1,360 10.1 4.0 Trust and investment management fees 785 5.4 11.7 Capital markets revenue 512 35.8 62.5 Investment product fees 102 5.2 13.3 Institutional fees 1,399 14.8 26.3 Lending and deposit-related fees 308 4.8 11.2 Mortgage banking revenue 169 5.0 4.3 Other 138 12.2 9.5 Consumer / Other 615 6.4 8.8 Total fee revenue 3,374 11.3 13.2 Securities gains (losses), net (49) (40.0) 14.0 Noninterest Income $3,325 10.9 % 13.7 % Strong activity across all fee businesses

14©2025 U.S. Bank | Confidential Noninterest Expense $ i millions 1 Non-GAAP; see appendix for calculations % Change vs. 2Q26 1Q26 2Q25 Compensation and benefits $2,685 2.2 % 3.3 % Technology and communications 601 4.9 12.5 Occupancy and equipment 303 (.3) .7 Professional services 112 21.7 2.8 Marketing and business development 216 (.5) 34.2 Other intangibles 114 3.6 (8.1) All other 397 16.4 12.8 Total noninterest expense $4,428 3.8 % 5.9 % • BTIG contributed $84M in noninterest expense in the month of June • Noninterest expense increased 5.9% on a year-over-year basis reflecting the impact of the BTIG acquisition, alongside marketing initiatives and technology investments, partially offset by operational efficiencies; Noninterest expense increased 3.9% year-over-year excluding BTIG1 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% 57.1% (420) (230) 30 190 270 250 530 440 440 400 Efficiency Ratio YoY Operating Leverage (bps) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Executing Growth While Improving Profitability Disciplined execution continues to drive improved returns and sustained EPS Growth 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) (18)% (22)% (13)% (2)% 8% 14% 13% 18% 18% 15% 22% YoY EPS Growth % 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Adjusted EPS Growth YoY1

16©2025 U.S. Bank | Confidential $501 $571 $577 $576 $538 $554 $536 $527 $546 $536 2.07% 2.06% 2.03% 2.00% 1.94% $ in millions, unless specified Credit Quality Provision decrease, credit quality improvement, and stabilizing economic conditions Amount ($B) Reserve (%) Commercial 1.8 1.1% Commercial real estate 1.2 2.4% Residential mortgage .7 .6% Credit card 3.4 8.6% Other retail .9 2.0% Total 8.0 1.9% Change vs. 2Q26 1Q26 2Q25 Nonperforming assets Balance $1,346 $(182) $(334) NPAs/period-end loans plus OREO 0.33 % (5) bps (11) bps Net charge-offs NCOs $536 $(10) $(18) NCOs/avg loans 0.53 % (3) bps (6) bps Provision for Credit Losses Net Charge-offs (NCO) and Nonperforming Assets (NPA) Highlights Allowance for Credit Losses by Loan Category, 2Q26 • Net charge off ratio is 53 basis points • Allowance for credit losses relatively unchanged as improved credit quality was offset by new loan growth • NPA levels improved due to resolution activity and moderating inflows NCOs Reserve Build (Release) Allowance for Credit Losses / Period-end Loans 2Q25 3Q25 4Q25 $35 1Q26 $50 $(53) $30 $ $ 2Q26 $2

17©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 2nd Quarter Highlights CET1 Ratio Including AOCI 28.9% 9.2%6.5% 8.5% 10.7% 10.9% 10.8% 10.8% 10.8% 1Q23 2Q25 3Q25 4Q25 1Q26 2Q26 7.1% CET1 Ratio Regulatory Minimum Binding Capital Constraint starting in 4Q25 9.3% • As of June 30, 2026, Common Equity Tier 1 capital ratio was flat linked quarter as robust earnings generation supported capital distributions, strong loan growth and the BTIG acquisition; Including AOCI, CET1 ratio was 9.4%2 • Completed common stock repurchases of $200 million • 2026 CCAR results continue to reflect strong capital levels; Planned capital actions included a ~4% increase to the quarterly common stock dividend in the third quarter (subject to Board approval) CET1 Ratio 9.3% 1 9.4%

18©2025 U.S. Bank | Confidential Guidance - 3Q and FY 2026 1 Taxable-equivalent basis; see appendix for calculation. 2 Non-GAAP; see appendix for calculations. 2Q26 Performance (excluding BTIG) Net interest income1 Total noninterest expense 2Q Guidance 2Q Result $4,387M 7.5% vs. 2Q25 $4,344M2 3.9%2 vs. 2Q25 Total fee revenue $3,276M2 9.9%2 vs. 2Q25 3Q26 Net interest income1 Total noninterest expense Total fee revenue +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 +7% to 9% vs. FY25 of $28.7B1 +5% to 7% excluding BTIG ~200 bps 300+ bps excluding BTIG BTIG expected to add ~$200M of quarterly net revenue with a margin of 15-20% +4% to 6% vs. 3Q25 of $4,251M +12% to 14% vs. 3Q25 of $3,085M +~8% vs. 3Q25 of $4,197M Guidance (including BTIG) FY 2026

19©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. 2Q 2025 1Q 2026 2Q 2026 Medium-term Target4 Return on Average Assets 1.08% 1.15% 1.26% 1.15% to 1.35% Return on Tangible Common Equity1 18.0% 17.0% 18.7% High teens Fee Revenue Growth (YoY)2 4.6% 6.9% 13.2% Mid-single digits Efficiency Ratio1 59.2% 58.2% 57.1% Mid-to-high 50s Operating Leverage (YoY) 250 bps 440 bps 400 bps Committed to positive operating leverage CET1 Capital Ratio (Cat III) 10.7% 10.8% 10.8% ~10% Cat II pro forma CET1 Capital Ratio with AOCI1 8.9% 9.3% 9.4% 3 1 1

20©2025 U.S. Bank | Confidential From Strength to Acceleration • Comfortably operating in medium-term target ranges • Sustaining high returns and productivity while accelerating EPS growth • Confident in resilient fundamentals, with broad-based growth and healthy consumer and client activity • Differentiating client outcomes with innovative products and fee-rich model to drive durable, high-quality growth

22©2025 U.S. Bank | Confidential Income Statement Detail 1 Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations % Change $ in millions, except EPS 2Q26 1Q26 2Q25 vs 1Q26 vs 2Q25 Net interest income $4,361 $4,263 $4,051 2.3 % 7.7 % Taxable-equivalent adjustment 26 28 29 (7.1) (10.3) Net interest income (taxable-equivalent basis) 4,387 4,291 4,080 2.2 7.5 Noninterest income 3,325 2,997 2,924 10.9 13.7 Net revenue 7,712 7,288 7,004 5.8 10.1 Noninterest expense 4,428 4,265 4,181 3.8 5.9 Operating income 3,284 3,023 2,823 8.6 16.3 Provision for credit losses 538 576 501 (6.6) 7.4 Income before taxes 2,746 2,447 2,322 12.2 18.3 Applicable income taxes 563 497 501 13.3 12.4 Net income 2,183 1,950 1,821 11.9 19.9 Noncontrolling interests (6) (5) (6) (20.0) — Net Income to company 2,177 1,945 1,815 11.9 19.9 Preferred dividends/other 79 104 82 (24.0) (3.7) Net Income to common $2,098 $1,841 $1,733 14.0 % 21.1 % Net interest margin1 2.79% 2.77% 2.66% 2 bps 13 bps Efficiency ratio2 57.1% 58.2% 59.2% (110) bps (210) bps Diluted EPS $1.35 $1.18 $1.11 14.4 % 21.6 %

23©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 • On a linked quarter basis, the increase in average total loans was broad based across categories Average % of Average Change vs. 2Q 2026 Balance Total 1Q26 2Q25 Commercial $157 39% 5.0 % 14.1 % Commercial real estate 51 13% 3.7 5.8 Residential mortgages 117 29% .4 1.4 Credit card 38 9% 2.8 8.4 Other retail 42 10% 2.4 0.5 Total loans $405 3.0 % 7.1 % $378.5 $393.6 $405.5 2Q25 1Q26 2Q26 $ i billions +3.0% linked quarter +7.1% year-over-year

24©2025 U.S. Bank | Confidential $108 $52 Core C&I NDFI 6/30/2026 NDFI Portfolio - Well Diversified, Strong Credit Quality Loan composition based on ending balances ($ in billions) CLO = Collateralized Loan Obligations, BDC = Business Development Corporations, ABS = Asset Backed Security 1 Credit Category Rating is bespoke 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) 2Q26 Category Allocation & Credit Category Rating1 Private Equity A+ Business AA- Consumer AA Mortgage BBB+ Other A- 11.6% 19.0% 14.5% 27.2% 27.7% 6/30/2026 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 1.9% for core C&I portfolio. U.S. Bancorp has limited exposure to BDCs at approximately 2% of total NDFI portfolio • Asset quality supported by strong collateral and structural protections (performance covenants, overcollateralization)

25©2025 U.S. Bank | Confidential Average Deposits • On a year-over-year basis, average total deposits growth was driven by higher savings, money market, and noninterest-bearing deposits partially offset by lower time deposit balances • On a linked quarter basis, average total deposits were flat as growth in savings accounts was offset by lower money market and time deposit balances $ i billions Noninterest-bearing Interest-bearing 2Q25 1Q26 2Q26 Average Average Change vs. 2Q 2026 Balance 1Q26 2Q25 Noninterest-bearing deposits $81 — % 1.9 % Money market savings 182 (3.7) 2.8 Interest checking 132 1.3 .6 Savings accounts 74 7.9 26.7 Time deposits 46 (.4) (18.4) Total interest-bearing deposits $434 — % 2.5 % Total deposits $515 — % 2.4 % $515.1$515.1$502.9

26©2025 U.S. Bank | Confidential Capital Position $ in billions 2Q26 1Q26 4Q25 3Q25 2Q25 Total U.S. Bancorp shareholders’ equity $67.4 $65.8 $65.2 $63.3 $61.4 Basel III Standardized Approach Common equity tier 1 capital ratio 10.8 % 10.8 % 10.8 % 10.9 % 10.7 % Tier 1 capital ratio 12.2 % 12.3 % 12.3 % 12.4 % 12.3 % Total risk-based capital ratio 14.4 % 14.2 % 14.2 % 14.4 % 14.3 % Leverage ratio 8.9 % 8.8 % 8.7 % 8.6 % 8.5 % Common equity to assets 8.4 % 8.4 % 8.4 % 8.1 % 8.0 % Tangible common equity to tangible assets 1 6.6 % 6.7 % 6.7 % 6.4 % 6.1 % Tangible common equity to risk-weighted assets 1 9.4 % 9.4 % 9.4 % 9.3 % 9.0 % 1 Non-GAAP; see appendix for calculations

27©2025 U.S. Bank | Confidential Credit Quality - Commercial $137,966 $139,954 $143,114 $149,833 $157,384 0.19 % 0.09 % 0.29 % 0.33 % 0.24 % Average Loans NCO% 2Q25 3Q25 4Q25 1Q26 2Q26 Key StatisticsAverage Loans ($M) and Net Charge-offs Ratio 2.6% 1.4% 2.3% 4.7% 5.0% Linked Quarter Growth Key Points • Average loans increased by 5.0% on a linked quarter basis driven by diverse loan growth • Improvement across delinquency, net-charge off, and non-performing loans metrics • Utilization increased on a linked quarter basis to 26.2% for 2Q26 versus 25.7% for 1Q26 $ in millions 2Q25 1Q26 2Q26 Average loans $137,966 $149,833 $157,384 30-89 delinquencies 0.17 % 0.14 % 0.13 % 90+ delinquencies 0.01 % 0.02 % 0.01 % Nonperforming loans 0.41 % 0.42 % 0.25 % Revolving Line Utilization Trend 4Q 17 2Q 18 4Q 18 2Q 19 4Q 19 2Q 20 4Q 20 2Q 21 4Q 21 2Q 22 4Q 22 2Q 23 4Q 23 2Q 24 4Q 24 2Q 25 4Q 25 2Q 26 10% 20% 30% 40%

28©2025 U.S. Bank | Confidential CRE by Loan Type Mortgage 62% Owner Occupied 19% Construction 19% Credit Quality – Commercial Real Estate Key Points Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (0.9)% (0.5)% 0.5% 1.9% 3.7% • Average loans increased by 3.7% on a linked quarter basis • 90+ day delinquencies improved on a linked quarter basis • Nonperforming loans concentrated in the Office portfolio $48,466 $48,246 $48,490 $49,408 $51,257 0.47 % 0.85 % (0.02) % (0.07) % 0.10 % Average Loans NCO% 2Q25 3Q25 4Q25 1Q26 2Q26 CRE by Property Class SFR Construction 6% Owner Occupied 19% Multi-Family 38% Office 8% Industrial 14% Other 15% $ in millions 2Q25 1Q26 2Q26 Average loans $48,466 $49,408 $51,257 30-89 delinquencies 0.23 % 0.19 % 0.13 % 90+ delinquencies 0.28 % 0.03 % 0.01 % Nonperforming loans 1.58 % 1.04 % 1.09 % 1 1 SFR = S ngle Family Residential

29©2025 U.S. Bank | Confidential Credit Quality - Residential Mortgage $115,616 $114,780 $115,390 $116,690 $117,196 0.00 % 0.00 % (0.01) % 0.00 % 0.00 % Average Loans NCO% 2Q25 3Q25 4Q25 1Q26 2Q26 Key Points • Average loans increased by 0.4% on a linked quarter basis • Continued low losses and nonperforming loans supported by strong credit quality and collateral values • High credit quality originations continued (weighted average credit score of 774, weighted average LTV of 69%) Linked Quarter Growth Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 2Q25 1Q26 2Q26 Average loans $115,616 $116,690 $117,196 30-89 delinquencies 0.15 % 0.14 % 0.15 % 90+ delinquencies 0.28 % 0.23 % 0.20 % Nonperforming loans 0.13 % 0.14 % 0.15 % (2.7)% (0.7)% 0.5% 1.1% 0.4% Residential Mortgage Delinquencies ($M) 30-89 days past due 90+ days past due 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 $— $200 $400 $600 $800 $1,000

30©2025 U.S. Bank | Confidential Credit Quality - Credit Card $35,439 $36,079 $37,019 $37,341 $38,403 4.30 % 3.80 % 3.84 % 3.96 % 3.83 % Average Loans NCO% 2Q25 3Q25 4Q25 1Q26 2Q26 Key Points • Average loans increased by 2.8% on a linked quarter basis • Net charge-off ratio decreased to 3.83% • 30-89 and 90+ day delinquency rates decreased from prior quarter Average Loans ($M) and Net Charge-offs Ratio Key Statistics 1.0% 1.8% 2.6% 0.9% 2.8% Linked Quarter Growth $ in millions 2Q25 1Q26 2Q26 Average loans $35,439 $37,341 $38,403 30-89 delinquencies 1.26 % 1.28 % 1.17 % 90+ delinquencies 1.26 % 1.29 % 1.13 % Nonperforming loans — % — % — % Credit Card Delinquencies ($M) 30-89 days past due 90+ days past due 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 $— $200 $400 $600 $800 $1,000

31©2025 U.S. Bank | Confidential Credit Quality - Other Retail Key Points • Average loans increased 2.4% on a linked quarter basis • Net charge-off ratio decreased 11 bps on a linked quarter basis, primarily driven by retail leasing Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (1.7)% (2.3)% 0.4% —% 2.4% $41,042 $40,093 $40,272 $40,288 $41,241 0.52 % 0.57 % 0.67 % 0.69 % 0.58 % Average Loans NCO% 2Q25 3Q25 4Q25 1Q26 2Q26 Auto Loans 8% Installment 36% Home Equity 34% Retail Leasing 9% Revolving Credit 13% $ in millions 2Q25 1Q26 2Q26 Average loans $41,042 $40,288 $41,241 30-89 delinquencies 0.43 % 0.41 % 0.39 % 90+ delinquencies 0.13 % 0.13 % 0.10 % Nonperforming loans 0.38 % 0.39 % 0.39 %

32©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

33©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) June 30, 2026 March 31, 2026 June 30, 2025 Net income applicable to U.S. Bancorp common shareholders $ 2,098 $ 1,841 $ 1,733 Intangibles amortization (net-of-tax) 90 87 98 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 2,188 1,928 1,831 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 8,776 7,819 7,344 Average total equity 67,327 66,315 61,356 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (462) (458) (457) Average goodwill (net of deferred tax liability) (1) (11,796) (11,601) (11,544) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,409) (1,474) (1,734) Average tangible common equity (b) 46,852 45,974 40,813 Return on tangible common equity (a)/(b) 18.7 % 17.0 % 18.0 % (1) – s e l st page in appendix for corresponding notes

34©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (Dollars and Shares in Millions Except Per Share Data, Unaudited) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Total equity $ 67,895 $ 66,247 $ 65,651 $ 63,798 $ 61,896 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolling interest (463) (461) (458) (458) (458) Common equity (a) 60,624 58,978 58,385 56,532 54,630 Goodwill (net of deferred tax liability) (1) (12,193) (11,588) (11,603) (11,603) (11,613) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,624) (1,429) (1,507) (1,605) (1,699) Tangible common equity (b) 46,807 45,961 45,275 43,324 41,318 Total assets (c) 725,918 700,998 692,345 695,357 686,370 Goodwill (net of deferred tax liability) (1) (12,193) (11,588) (11,603) (11,603) (11,613) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,624) (1,429) (1,507) (1,605) (1,699) Tangible assets (d) 712,101 687,981 679,235 682,149 673,058 Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company (e) 496,488 487,958 480,382 465,092 459,521 Common shares outstanding (f) 1,558 1,555 1,555 1,556 1,558 Ratios* Common equity to assets (a)/(c) 8.4% 8.4% 8.4% 8.1% 8.0% Tangible common equity to tangible assets (b)/(d) 6.6 6.7 6.7 6.4 6.1 Tangible common equity to risk-weighted assets (b)/(e) 9.4 9.4 9.4 9.3 9.0 Tangible book value per common share (b)/(f) $ 30.04 $ 29.56 $ 29.12 $ 27.84 $ 26.52 * (1) – s e l st page in appendix for corresponding notes *Preliminary data. Subject to change prior to filings with applicable regulatory agencies.

35©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (Dollars in Millions, Unaudited) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2023 Common equity tier 1 capital, determined in accordance with prescribed regulatory capital requirements effective for the company (a) 53,575 52,648 51,665 50,587 49,382 42,027 Accumulated Other Comprehensive Income (AOCI) related adjustments (2) (6,790) (7,049) (6,893) (7,638) (8,458) (10,153) Common equity tier 1 capital, including AOCI related adjustments (2) (b) 46,785 45,599 44,772 42,949 40,924 31,874 Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the company (c) 496,488 487,958 480,382 465,092 459,521 494,048 Ratios Common equity tier 1 capital ratio (a)/(c) 10.8 % 10.8 % 10.8 % 10.9 % 10.7 % 8.5 % Common equity tier 1 capital ratio, including AOCI related adjustments (2) (b)/(c) 9.4 9.3 9.3 9.2 8.9 6.5 (2) – s e l st page in appendix for corresponding notes

36©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) June 30, 2026 June 30, 2025 March 31, 2026 March 31, 2025 December 31, 2025 December 31, 2024 Net interest income $ 4,361 $ 4,051 $ 4,263 $ 4,092 $ 4,284 $ 4,146 Taxable-equivalent adjustment (3) 26 29 28 30 28 30 Net interest income, on a taxable-equivalent adjustment basis 4,387 4,080 4,291 4,122 4,312 4,176 Net interest income, on a taxable-equivalent basis (as calculated above) 4,387 4,080 4,291 4,122 4,312 4,176 Noninterest income 3,325 2,924 2,997 2,836 3,053 2,833 Total net revenue 7,712 7,004 7,288 6,958 7,365 7,009 Less: Securities gains (losses), net (49) (57) (35) — 3 (1) Total net revenue, excluding net securities gains (losses) (a) 7,761 7,061 7,323 6,958 7,362 7,010 Percent change (b) 9.9 % 5.2 % 5.0 % Less: BTIG fee revenue 98 Total net revenue, excluding BTIG fee revenue (c) 7,663 Noninterest expense (d) 4,428 4,181 4,265 4,232 4,227 4,311 Percentage change (e) 5.9 % 0.8 % (1.9) % Less: Notable items (4) — — — — — 109 Total noninterest expense, excluding notable items 4,428 4,181 4,265 4,232 4,227 4,202 Percentage change (f) 5.9 % 0.8 % 0.6 % Less: BTIG noninterest expense 84 — Total noninterest expense, excluding notable items and BTIG noninterest expense (g) 4,344 4,181 Percentage change 3.9 % Operating leverage (b) - (e) 4.0 % 4.4 % 6.9 % Operating leverage, excl. notable items (b) - (f) 4.0 % 4.4 % 4.4 % Efficiency ratio (d) / (a) 57.1 % 58.2 % 57.4 % Efficiency ratio, excl. BTIG impact (g) / (c) 56.7 % (3), (4) – see last page in appendix for corresponding notes

37©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2025 September 30, 2024 June 30, 2025 June 30, 2024 March 31, 2025 March 31, 2024 Net interest income $ 4,222 $ 4,135 $ 4,051 $ 4,023 $ 4,092 $ 3,985 Taxable-equivalent adjustment (3) 29 31 29 29 30 30 Net interest income, on a taxable-equivalent adjustment basis 4,251 4,166 4,080 4,052 4,122 4,015 Net interest income, on a taxable-equivalent basis (as calculated above) 4,251 4,166 4,080 4,052 4,122 4,015 Noninterest income 3,078 2,698 2,924 2,815 2,836 2,700 Total net revenue 7,329 6,864 7,004 6,867 6,958 6,715 Less: Securities gains (losses), net (7) (119) (57) (36) — 2 Total net revenue, excluding net securities gains (losses) (a) 7,336 6,983 7,061 6,903 6,958 6,713 Percent change (b) 5.1 % 2.3 % 3.6 % Noninterest expense (c) 4,197 4,204 4,181 4,214 4,232 4,459 Percentage change (d) (0.2) % (0.8) % (5.1) % Less: Notable items (4) — — — 26 — 265 Total noninterest expense, excluding notable items (e) 4,197 4,204 4,181 4,188 4,232 4,194 Percentage change (f) (0.2) % (0.2) % 0.9 % Operating leverage (b) - (d) 5.3 % 3.1 % 8.7 % Operating leverage, excl. notable items (b) - (f) 5.3 % 2.5 % 2.7 % Efficiency ratio (c) / (a) 57.2 % 59.2 % 60.8 % (3), (4) – see last page in appendix for corresponding notes

38©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) December 31, 2024 December 31, 2023 September 30, 2024 September 30, 2023 June 30, 2024 June 30, 2023 Net interest income $ 4,146 $ 4,111 $ 4,135 $ 4,236 $ 4,023 $ 4,415 Taxable-equivalent adjustment (3) 30 31 31 32 29 34 Net interest income, on a taxable-equivalent adjustment basis 4,176 4,142 4,166 4,268 4,052 4,449 Net interest income, on a taxable-equivalent basis (as calculated above) 4,176 4,142 4,166 4,268 4,052 4,449 Noninterest income 2,833 2,620 2,698 2,764 2,815 2,726 Total net revenue 7,009 6,762 6,864 7,032 6,867 7,175 Less: Securities gains (losses), net (1) (116) (119) — (36) 3 Total net revenue, excluding net securities gains (losses) (a) 7,010 6,878 6,983 7,032 6,903 7,172 Percent change (b) 1.9 % (0.7) % (3.8) % Less: Notable items (4) — — — — — (22) Total net revenue, excluding net securities gains (losses) and notable items (c) 7,010 6,878 6,983 7,032 6,903 7,194 Percent change (d) 1.9 % (0.7) % (4.0) % Noninterest expense (e) 4,311 5,219 4,204 4,530 4,214 4,569 Percentage change (f) (17.4) % (7.2) % (7.8) % Less: Notable items (4) 109 1,015 — 284 26 310 Total noninterest expense, excluding notable items (g) 4,202 4,204 4,204 4,246 4,188 4,259 Percentage change (h) — % (1.0) % (1.7) % Operating leverage (b) - (f) 19.3 % 6.5 % 4.0 % Operating leverage, excl. notable items (d) - (h) 1.9 % 0.3 % (2.3) % Efficiency ratio (e) / (a) 61.5 % 60.2 % 61.0 % Efficiency ratio, excluding notable items (g) / (c) 59.9 % 60.7 % (3), (4) – see last page in appendix for corresponding notes

39©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) March 31, 2024 March 31, 2023 December 31, 2023 December 31, 2022 Net interest income $ 3,985 $ 4,634 $ 4,111 $ 4,293 Taxable-equivalent adjustment (3) 30 34 31 32 Net interest income, on a taxable-equivalent adjustment basis 4,015 4,668 4,142 4,325 Net interest income, on a taxable-equivalent basis (as calculated above) 4,015 4,668 4,142 4,325 Noninterest income 2,700 2,507 2,620 2,043 Total net revenue 6,715 7,175 6,762 6,368 Less: Securities gains (losses), net 2 (32) (116) (18) Total net revenue, excluding net securities gains (losses) (a) 6,713 7,207 6,878 6,386 Percent change (b) (6.9) % 7.7 % Less: Notable items (4) — — — (381) Total net revenue, excluding net securities gains (losses) and notable items (c) 6,713 7,207 6,878 6,767 Percent change (d) (6.9) % 1.6 % Noninterest expense (e) 4,459 4,555 5,219 4,043 Percentage change (f) (2.1) % 29.1 % Less: Notable items (4) 265 244 1,015 90 Total noninterest expense, excluding notable items (g) 4,194 4,311 4,204 3,953 Percentage change (h) (2.7) % 6.3 % Operating leverage (b) - (f) (4.8) % (21.4) % Operating leverage, excl. notable items (d) - (h) (4.2) % (4.7) % Efficiency ratio (e) / (a) 66.4 % 75.9 % Efficiency ratio, excluding notable items (g) / (c) 62.5 % 61.1 % (3), (4) – see last page in appendix for corresponding notes

40©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) June 30, 2026 June 30, 2025 December 31, 2024 December 31, 2023 June 30, 2024 June 30, 2023 Fee revenue 3,374 2,981 2,834 2,618 2,851 2,723 Less: Notable items (4) — — — (118) — (22) Total fee revenue, excluding notable items 3,374 2,981 2,834 2,736 2,851 2,745 Percent change 13.2 % 3.6 % 3.9 % Less: BTIG fee revenue 98 — Total fee revenue, excluding BTIG fee revenue 3,276 2,981 Percentage change 9.9 % (4) – s e l st page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) June 30, 2026 June 30, 2025 Capital markets revenue 512 315 Less: BTIG fee revenue 98 — Capital markets revenue, excluding BTIG fee revenue 414 315 Percentage change 31 % Three Months Ended (Dollars in Millions, Unaudited) June 30, 2026 March 31, 2026 Noninterest expense 4,428 4,265 Less: BTIG noninterest expense 84 — Total noninterest expense, excluding BTIG noninterest expense 4,344 4,265 Percentage change 1.9 %

41©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (4) – s e l st page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) December 31, 2025 December 31, 2024 June 30, 2025 June 30, 2024 March 31, 2025 March 31, 2024 Net income applicable to U.S. Bancorp common shareholders (a) $ 1,965 $ 1,581 $ 1,733 $ 1,518 $ 1,603 $ 1,209 Less: Notable items, including the impact of earnings allocated to participating stock awards (4) — (81) — (19) — (198) Net income applicable to U.S. Bancorp common shareholders, excluding notable items (b) 1,965 1,662 1,733 1,537 1,603 1,407 Average diluted common shares outstanding (c) 1,555 1,560 1,559 1,561 1,560 1,559 Diluted earnings per common share (a)/(c) $ 1.26 $ 1.01 $ 1.11 $ 0.97 $ 1.03 $ 0.78 Percentage change 25 % 14 % 32 % Diluted earnings per common share, excluding notable items (b)/(c) $ 1.26 $ 1.07 $ 1.11 $ 0.98 $ 1.03 $ 0.90 Percentage change 18 % 13 % 14 % Three Months Ended (Dollars in Millions, Unaudited) December 31, 2024 December 31, 2023 September 30, 2024 September 30, 2023 June 30, 2024 June 30, 2023 Net income applicable to U.S. Bancorp common shareholders (d) $ 1,581 $ 766 $ 1,601 $ 1,412 $ 1,518 $ 1,281 Less: Notable items, including the impact of earnings allocated to participating stock awards (4) (81) (775) — (212) (19) (429) Net income applicable to U.S. Bancorp common shareholders, excluding notable items (e) 1,662 1,541 1,601 1,624 1,537 1,710 Average diluted common shares outstanding (f) 1,560 1,558 1,561 1,549 1,561 1,533 Diluted earnings per common share (d)/(f) $ 1.01 $ 0.49 $ 1.03 $ 0.91 $ 0.97 $ 0.84 Percentage change 106 % 13 % 16 % Diluted earnings per common share, excluding notable items (e)/(f) $ 1.07 $ 0.99 $ 1.03 $ 1.05 $ 0.98 $ 1.12 Percentage change 8 % (2) % (13) %

42©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (4) – s e l st page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) March 31, 2024 March 31, 2023 December 31, 2023 December 31, 2022 Net income applicable to U.S. Bancorp common shareholders (a) $ 1,209 $ 1,592 $ 766 $ 853 Less: Notable items, including the impact of earnings allocated to participating stock awards (4) (198) (181) (775) (948) Net income applicable to U.S. Bancorp common shareholders, excluding notable items (b) 1,407 1,773 1,541 1,801 Average diluted common shares outstanding (c) 1,559 1,532 1,558 1,501 Diluted earnings per common share (a)/(c) $ 0.78 $ 1.04 $ 0.49 $ 0.57 Percentage change (25) % (14) % Diluted earnings per common share, excluding notable items (b)/(c) $ 0.90 $ 1.16 $ 0.99 $ 1.20 Percentage change (22) % (18) %

43©2025 U.S. Bank | Confidential Non-GAAP Financial Measures ($ in millions) Three Months Ended June 30, 2026 Line of Business Financial Performance Net Revenue Wealth, Corporate, Commercial and Institutional Banking $ 3,771 Consumer and Business Banking 2,373 Payment Services 1,812 Treasury and Corporate Support (244) Total Company 7,712 Less Treasury and Corporate Support (244) Total Company excluding Treasury and Corporate Support $ 7,956 Percent of Total Company Wealth, Corporate, Commercial and Institutional Banking 49 % Consumer and Business Banking 31 % Payment Services 23 % Treasury and Corporate Support (3) % Total Company 100 % Percent of Total Company excluding Treasury and Corporate Support Wealth, Corporate, Commercial and Institutional Banking 47 % Consumer and Business Banking 30 % Payment Services 23 % Total Company excluding Treasury and Corporate Support 100 %

44©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.

45©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

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