Form 8-K

8-K — US BANCORP \DE\

Accession: 0000036104-26-000054

Filed: 2026-10-15

Period: 2026-10-15

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-20261015.htm (Primary)

EX-99.1 (a3q26earningsrelease.htm)

EX-99.2 (a3q26earningssupplement.htm)

EX-99.3 (a3q26earningspresentatio.htm)

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8-K

8-K (Primary)

Filename: usb-20261015.htm · Sequence: 1

usb-20261015

0000036104falseUS BANCORP \DE\00000361042026-10-152026-10-150000036104us-gaap:CommonStockMember2026-10-152026-10-150000036104us-gaap:SeriesAPreferredStockMember2026-10-152026-10-150000036104us-gaap:SeriesBPreferredStockMember2026-10-152026-10-150000036104usb:SeriesKPreferredStockMember2026-10-152026-10-150000036104usb:SeriesLPreferredStockMember2026-10-152026-10-150000036104usb:SeriesMPreferredStockMember2026-10-152026-10-150000036104usb:SeriesOPreferredStockMember2026-10-152026-10-150000036104usb:SeriesCCSeniorFloatingMember2026-10-152026-10-150000036104usb:SeriesCCSeniorFixedToFloatingMember2026-10-152026-10-15

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): October 15, 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)

200 S. Sixth St.

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 October 15, 2026, U.S. Bancorp (the “Company”) issued a press release reporting financial results for the quarter ended September 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 September 30, 2026 (the “3Q26 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 October 15, 2026, the Company will hold an investor conference call and webcast to discuss financial results for the quarter ended September 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 “3Q26 Earnings Conference Call Presentation”). The 3Q26 Earnings Conference Call Presentation is attached as Exhibit 99.3 and is incorporated herein by reference. The 3Q26 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 October 15, 2026, deemed “filed” under the Exchange Act.

99.2

3Q26 Earnings Supplement, deemed “furnished” under the Exchange Act.

99.3

3Q26 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: October 15, 2026

EX-99.1

Filename: a3q26earningsrelease.htm · Sequence: 2

Document

3Q26 Key Financial Data

3Q26 Financial Highlights

PROFITABILITY METRICS

3Q26

2Q26

3Q25

•Record net revenue of $7,970 million, year-over-year increases of 5.6% in net interest income and 14.9% in fee revenue

•Net income of $2,202 million, an increase of 10.0% year-over-year

•Diluted earnings per common share of $1.34, an increase of 9.8% year-over-year

•Positive operating leverage of 240 basis points from the prior year quarter

•Return on average assets of 1.25% and efficiency ratio of 55.9%, both improved on a year-over-year basis

•Net interest margin of 2.84%, an increase of 9 basis points on a year-over-year basis

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

•Average total deposits increase of 2.9% on a year-over-year basis and 2.2% on a linked quarter basis

•Average total loans increase of 8.0% on a year-over-year basis and 1.0% on a linked quarter basis

Return on average assets (%)

1.25

1.26

1.17

Return on average common equity (%)

13.6

14.0

13.5

Return on tangible common equity (%)(a)

18.5

18.7

18.6

Net interest margin (%)

2.84

2.79

2.75

Efficiency ratio (%)(a)

55.9

57.1

57.2

INCOME STATEMENT(b)

3Q26

2Q26

3Q25

Net interest income (taxable-equivalent basis)

$4,490

$4,387

$4,251

Noninterest income

$3,480

$3,325

$3,078

Noninterest expense

$4,493

$4,428

$4,197

Net income attributable to U.S. Bancorp

$2,202

$2,177

$2,001

Diluted earnings per common share

$1.34

$1.35

$1.22

Dividends declared per common share

$.54

$.52

BALANCE SHEET(b)

3Q26

2Q26

3Q25

Average total loans

$409,548

$405,481

$379,152

Average total deposits

$526,602

$515,080

$511,782

Net charge-off ratio (%)

.51

.53

.56

Book value per common share (period end)

$38.27

$38.91

$36.33

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

$29.34

$30.04

$27.84

Basel III standardized CET1 (%)(c)

10.8

10.9

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

(b) Dollars in millions, except per share data

CEO Commentary

“We delivered strong third quarter results. Record net revenue of $8.0 billion drove diluted earnings per share of $1.34, up 10% year-over-year, a return on tangible common equity of 18.5%, and an efficiency ratio of 55.9%. The net charge-off ratio improved to 51 basis points. Our exceptional business mix and increasingly strong operating discipline helped us deliver high returns, productivity, and prudent risk management while strengthening revenue growth. We reported a full quarter of BTIG results, which drove an increase of 69.3% year-over-year in capital markets revenue. Our Payments transformation gained momentum and delivered combined revenue growth of 6.5% year-over-year. We were pleased to report another quarter of record consumer deposits and launch major initiatives to expand our reach in the small business segment as we onboarded a strategic small business credit card relationship, launched Business Essentials, an innovative suite of new products, and established new banker teams in expansion markets.

These results reflect strong execution against our strategic priorities and better interconnectivity across our organization. We remain focused on bringing innovative solutions to our clients, investing in our business, creating a culture of high-performance and delivering exceptional long-term value for our shareholders. On behalf of all of us at U.S. Bank, I want to thank our clients and shareholders for their continued trust and partnership.”

— Gunjan Kedia, Chairman and CEO, U.S. Bancorp

Business and Other Highlights

U.S. Bank launches USBDC Stablecoin

U.S. Bank has successfully completed a live pilot transaction using USBDC, its proprietary U.S. dollar-backed stablecoin, for a cross-border payment between U.S. Bank entities in North America and Europe, demonstrating the potential for 24/7 transactions. Conducted on the Stellar blockchain, the pilot showed the bank can move value on-chain while maintaining integration with its existing finance, risk, compliance and operations infrastructure. The transaction also validated U.S. Bank’s internally developed Digital Asset Platform and evaluated key capabilities, including minting, payment redemption, freezing and clawbacks, managing and moving tokenized assets, and creating a foundation for issuing. Looking ahead, U.S. Bank is exploring applications including liquidity management, collateral mobility and cross-border treasury operations, with the initiative representing another step in its broader digital asset strategy to use blockchain technology to improve efficiency, transparency and settlement speed while maintaining the safety, security and reliability expected by clients.

U.S. Bank launches new credit cards for small businesses

U.S. Bank has launched two new small-business credit cards, Business Essentials and Business Essentials Plus, offering unlimited 2% cash back on eligible purchases and additional rewards for customers with qualifying business checking balances. Business Essentials has no annual fee and can earn up to 2.5% total cash back, while the $295-annual-fee Plus card can earn up to 3.5% and automatically provides 5% cash back on the cardholder’s top spending category, subject to an annual limit. Both cards include tools designed to simplify expense management, including Spend Management and ExtendPay, while new cardholders can qualify for cash-back welcome offers of $500 or $1,000, depending on the card. U.S. Bank is supporting the launch with a new advertising campaign featuring entrepreneur and actress Jessica Alba as the spokesperson for both cards, emphasizing its broader strategy of building deeper relationships with small-business owners through integrated banking, payments and expense-management solutions.

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

U.S. Bancorp Third Quarter 2026 Results

INCOME STATEMENT HIGHLIGHTS

($ in millions, except per share data)

Percent Change

3Q 2026

2Q 2026

3Q 2025

3Q26 vs 2Q26

3Q26 vs 3Q25

YTD

2026

YTD

2025

Percent Change

Net interest income

$4,468

$4,361

$4,222

2.5

5.8

$13,092

$12,365

5.9

Taxable-equivalent adjustment

(15.4)

(24.1)

(13.6)

Net interest income (taxable-equivalent basis)

4,490

4,387

4,251

2.3

5.6

13,168

12,453

5.7

Noninterest income

3,480

3,325

3,078

4.7

13.1

9,802

8,838

10.9

Total net revenue

7,970

7,712

7,329

3.3

8.7

22,970

21,291

7.9

Noninterest expense

4,493

4,428

4,197

1.5

7.1

13,186

12,610

4.6

Income before provision and income taxes

3,477

3,284

3,132

5.9

11.0

9,784

8,681

12.7

Provision for credit losses

654

538

571

21.6

14.5

1,768

1,609

9.9

Income before taxes

2,823

2,746

2,561

2.8

10.2

8,016

7,072

13.3

Income taxes and taxable-equivalent adjustment

615

563

553

9.2

11.2

1,675

1,527

9.7

Net income

2,208

2,183

2,008

1.1

10.0

6,341

5,545

14.4

Net (income) loss attributable to noncontrolling interests

(6)

(7)

—

14.3

(17)

(20)

15.0

Net income attributable to U.S. Bancorp

$2,202

$2,177

$2,001

1.1

10.0

$6,324

$5,525

14.5

Net income applicable to U.S. Bancorp common shareholders

$2,095

$2,098

$1,893

(.1)

10.7

$6,034

$5,229

15.4

Diluted earnings per common share

$1.34

$1.35

$1.22

(.7)

9.8

$3.88

$3.35

15.8

Net income attributable to U.S. Bancorp was $2,202 million for the third quarter of 2026, $201 million higher than the third quarter of 2025 and $25 million higher than the second quarter of 2026. Diluted earnings per common share was $1.34 in the third quarter of 2026, compared with $1.22 in the third quarter of 2025 and $1.35 in the second 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 5.6 percent on a taxable-equivalent basis, primarily due to loan growth, the impact of the small business credit card portfolio purchase and benefits from fixed asset repricing, while net interest margin increased to 2.84 percent from 2.75 percent. Noninterest income increased 13.1 percent, reflecting higher capital markets revenue including the impact of the BTIG acquisition, higher trust and investment management fees, and higher corporate payment and treasury management revenue. Noninterest expense increased 7.1 percent primarily due to the impact of the BTIG acquisition, as well as higher compensation and employee benefits expense, higher technology and communications expense, and increased marketing and business development expense. The provision for credit losses increased 14.5 percent, reflecting the impact of the small business credit card portfolio purchase, partially offset by improvement in the economic outlook and favorable credit performance.

Compared with the second quarter of 2026, net income attributable to U.S. Bancorp increased primarily due to higher total net revenue, partially offset by higher noninterest expense and higher provision for credit losses. Net interest income increased 2.3 percent on a taxable-equivalent basis, primarily driven by benefits from the small business credit card portfolio purchase, fixed asset repricing and the impact of higher interest rates, while net interest margin increased to 2.84 percent from 2.79 percent. Noninterest income increased 4.7 percent, reflecting higher capital markets revenue due to the BTIG acquisition, higher trust and investment management fees and higher corporate payment and treasury management revenue, partially offset by lower merchant processing services revenue. Noninterest expense increased 1.5 percent, reflecting higher compensation and employee benefits expense primarily due to a full quarter of BTIG expenses in the third quarter, along with higher technology and communications expense, partially offset by a decrease in other noninterest expense. The provision for credit losses increased 21.6 percent, reflecting the impact of the small business credit card portfolio purchase, partially offset by improvement in the economic outlook and favorable credit performance.

U.S. Bancorp Third Quarter 2026 Results

NET INTEREST INCOME

(Taxable-equivalent basis; $ in millions)

Change

3Q 2026

2Q 2026

3Q 2025

3Q26 vs 2Q26

3Q26 vs 3Q25

YTD

2026

YTD

2025

Change

Components of net interest income

Income on earning assets

7,796

7,624

7,831

172

(35)

22,855

23,010

(155)

Expense on interest-bearing liabilities

3,306

3,237

3,580

(274)

9,687

10,557

(870)

Net interest income

4,490

4,387

4,251

103

239

13,168

12,453

715

Average yields and rates paid

Earning assets yield

4.92

4.86

5.03

.06

(.11)

4.87

5.01

(.14)

Rate paid on interest-bearing liabilities

2.53

2.50

2.78

.03

(.25)

2.50

2.78

(.28)

Gross interest margin

2.39

2.36

2.25

.03

.14

2.37

2.23

.14

Net interest margin

2.84

2.79

2.75

.05

.09

2.80

2.71

.09

Average balances

Investment securities(a)

166,350

170,528

173,423

(4,178)

(7,073)

169,431

172,489

(3,058)

Loans held for sale

2,681

2,783

2,253

(102)

428

2,598

2,975

(377)

Loans

409,548

405,481

379,152

4,067

30,396

402,922

378,903

24,019

Interest-bearing deposits with banks

35,037

32,450

47,822

2,587

(12,785)

35,433

44,384

(8,951)

Other earning assets

17,168

17,759

14,867

(591)

2,301

17,623

14,972

2,651

Earning assets

630,784

629,001

617,517

1,783

13,267

628,007

613,723

14,284

Interest-bearing liabilities

518,927

519,910

510,919

(983)

8,008

518,151

507,978

10,173

(a) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis was $4,490 million in the third quarter of 2026, an increase of $239 million (5.6 percent) compared with the third quarter of 2025. The increase primarily reflected loan growth, the impact of the small business credit card portfolio purchase and benefits from fixed asset repricing. Average earning assets were $13.3 billion (2.1 percent) higher than the third quarter of 2025, reflecting an increase of $30.4 billion (8.0 percent) in average loans, partially offset by a decrease of $12.8 billion (26.7 percent) in average interest-bearing deposits with banks and a decrease of $7.1 billion (4.1 percent) in average investment securities, reflecting tactical balance sheet management actions.

On a linked quarter basis, net interest income on a taxable-equivalent basis increased $103 million (2.3 percent) primarily driven by benefits from the small business credit card portfolio purchase, fixed asset repricing and the impact of higher interest rates. Average earning assets were $1.8 billion (0.3 percent) higher than the prior quarter, reflecting increases of $4.1 billion (1.0 percent) in average loans and $2.6 billion (8.0 percent) in average interest-bearing deposits with banks, partially offset by a decrease of $4.2 billion (2.5 percent) in average investment securities.

Net interest margin was 2.84 percent in the third quarter of 2026, compared with 2.75 percent in the third quarter of 2025 and 2.79 percent in the second quarter of 2026. The increase from the prior year reflected benefits from fixed asset repricing and improved asset mix. The increase from the linked quarter was driven by the benefits from fixed asset repricing along with impacts of the small business credit card portfolio purchase.

U.S. Bancorp Third Quarter 2026 Results

AVERAGE LOANS

($ in millions)

Percent Change

3Q 2026

2Q 2026

3Q 2025

3Q26 vs 2Q26

3Q26 vs 3Q25

YTD

2026

YTD

2025

Percent Change

Commercial

$150,917

$151,114

$134,106

(.1)

12.5

$148,577

$131,679

12.8

Lease financing

4,443

4,459

4,250

(.4)

4.5

4,446

4,220

5.4

Total commercial

155,360

155,573

138,356

(.1)

12.3

153,023

135,899

12.6

Commercial mortgages

42,988

41,840

38,384

2.7

12.0

41,610

38,400

8.4

Construction and development

10,003

9,417

9,862

6.2

1.4

9,622

10,132

(5.0)

Total commercial real estate

52,991

51,257

48,246

3.4

9.8

51,232

48,532

5.6

Residential mortgages

116,886

117,196

114,780

(.3)

1.8

116,925

116,398

Credit card

40,222

38,403

36,079

4.7

11.5

38,666

35,537

8.8

Retail leasing

4,311

3,746

3,718

15.1

15.9

3,864

3,858

Home equity and second mortgages

14,210

14,055

13,790

1.1

3.0

14,080

13,671

3.0

Other

25,568

25,251

24,183

1.3

5.7

25,132

25,008

Total other retail

44,089

43,052

41,691

2.4

5.8

43,076

42,537

1.3

Total loans

$409,548

$405,481

$379,152

1.0

8.0

$402,922

$378,903

6.3

Average total loans for the third quarter of 2026 increased $30.4 billion (8.0 percent) compared with the third quarter of 2025. The increase was driven by growth in total commercial loans, 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 the purchase of a small business credit card portfolio in the third quarter of 2026, along with higher sales volumes.

Compared with the second quarter of 2026, average total loans increased $4.1 billion (1.0 percent), driven by growth in credit card loans, commercial real estate loans and other retail loans. Growth in credit card loans included the impact of the small business credit card portfolio purchase, while commercial real estate loan growth was primarily due to commercial mortgage originations. Growth in other retail loans was primarily driven by higher retail leasing balances.

U.S. Bancorp Third Quarter 2026 Results

AVERAGE DEPOSITS

($ in millions)

Percent Change

3Q 2026

2Q 2026

3Q 2025

3Q26 vs 2Q26

3Q26 vs 3Q25

YTD

2026

YTD

2025

Percent Change

Noninterest-bearing deposits

$80,966

$80,611

$79,890

1.3

$80,736

$79,568

1.5

Interest-bearing savings deposits

Interest checking

134,607

132,358

131,281

1.7

2.5

132,536

129,531

2.3

Money market savings

186,100

181,978

181,063

2.3

2.8

185,678

184,478

Savings accounts

78,976

73,709

62,599

7.1

26.2

73,703

57,059

29.2

Total savings deposits

399,683

388,045

374,943

3.0

6.6

391,917

371,068

5.6

Time deposits

45,953

46,424

56,949

(1.0)

(19.3)

46,323

56,451

(17.9)

Total interest-bearing deposits

445,636

434,469

431,892

2.6

3.2

438,240

427,519

2.5

Total deposits

$526,602

$515,080

$511,782

2.2

2.9

$518,976

$507,087

2.3

Average total deposits in the third quarter of 2026 increased $14.8 billion (2.9 percent) compared with the third 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 second quarter of 2026, average total deposits increased $11.5 billion (2.2 percent), driven by growth in Consumer and Business Banking savings accounts and Wealth, Corporate, Commercial and Institutional Banking money market accounts.

U.S. Bancorp Third Quarter 2026 Results

NONINTEREST INCOME

($ in millions)

Percent Change

3Q 2026

2Q 2026

3Q 2025

3Q26 vs 2Q26

3Q26 vs 3Q25

YTD

2026

YTD

2025

Percent Change

Card revenue

$440

$435

$415

1.1

6.0

$1,266

$1,202

5.3

Corporate payment and treasury management revenue

457

440

407

3.9

12.3

1,305

1,228

6.3

Merchant processing services

461

485

463

(4.9)

(.4)

1,382

1,352

2.2

Trust and investment management fees

802

785

730

2.2

9.9

2,332

2,113

10.4

Lending and deposit-related fees

308

290

—

6.2

910

833

9.2

Capital markets revenue

640

512

378

25.0

69.3

1,529

985

55.2

Mortgage banking revenue

155

169

180

(8.3)

(13.9)

485

515

(5.8)

Investment products fees

116

102

13.7

19.6

315

274

15.0

Other

166

138

125

20.3

32.8

427

400

6.8

Total fee revenue

3,545

3,374

3,085

5.1

14.9

9,951

8,902

11.8

Securities gains (losses), net

(65)

(49)

(7)

(32.7)

(149)

(64)

Total noninterest income

$3,480

$3,325

$3,078

4.7

13.1

$9,802

$8,838

10.9

Third quarter noninterest income of $3,480 million increased $402 million (13.1 percent) compared with the third quarter of 2025, driven by higher capital markets revenue, trust and investment management fees, corporate payment and treasury management revenue and other revenue. Capital markets revenue increased primarily due to the contribution from BTIG, along with higher syndication and client-related derivative activity. Trust and investment management fees increased due to business growth and favorable market conditions. Corporate payment and treasury management revenue increased due to higher sales, while other revenue increased due to higher equity investment gains.

Compared with the second quarter of 2026, noninterest income increased $155 million (4.7 percent), driven by higher capital markets revenue, trust and investment management fees, corporate payment and treasury management revenue and other revenue, partially offset by lower merchant processing services revenue. Capital markets revenue increased primarily due to a full quarter of contribution from BTIG. Trust and investment management fees increased due to business growth. Corporate payment and treasury management revenue increased due to higher sales, while other revenue increased due to higher equity investment gains. Merchant processing services decreased due to seasonality.

U.S. Bancorp Third Quarter 2026 Results

NONINTEREST EXPENSE

($ in millions)

Percent Change

3Q 2026

2Q 2026

3Q 2025

3Q26 vs 2Q26

3Q26 vs 3Q25

YTD

2026

YTD

2025

Percent Change

Compensation and employee benefits

$2,753

$2,685

$2,561

2.5

7.5

$8,066

$7,798

3.4

Net occupancy and equipment

309

303

300

2.0

3.0

916

907

1.0

Professional services

115

112

117

2.7

(1.7)

319

324

(1.5)

Marketing and business development

199

216

175

(7.9)

13.7

632

518

22.0

Technology and communications

666

601

560

10.8

18.9

1,840

1,627

13.1

Other intangibles

127

114

125

11.4

1.6

351

372

(5.6)

Other

324

397

359

(18.4)

(9.7)

1,062

1,064

(.2)

Total noninterest expense

$4,493

$4,428

$4,197

1.5

7.1

$13,186

$12,610

4.6

Third quarter noninterest expense was $4,493 million, an increase of $296 million (7.1 percent) compared with the third quarter of 2025. The increase reflected the impact of the BTIG acquisition, higher compensation and employee benefits expense primarily due to merit increases, higher technology and communications expense related to investments in product and technology development, and increased marketing and business development initiatives, partially offset by lower other expense.

Compared with the second quarter of 2026, noninterest expense increased $65 million (1.5 percent). The increase reflected higher compensation and employee benefits expense primarily due to a full quarter of BTIG expenses in the third quarter, and higher technology and communications expense related to investments in product and technology development, partially offset by lower other expense.

Provision for Income Taxes

The provision for income taxes for the third quarter of 2026 resulted in a tax rate of 21.8 percent on a taxable-equivalent basis (effective tax rate of 21.2 percent), compared with 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.7 percent) in the third quarter of 2025, and 20.5 percent on a taxable-equivalent basis (effective tax rate of 19.7 percent) in the second quarter of 2026.

U.S. Bancorp Third Quarter 2026 Results

ALLOWANCE FOR CREDIT LOSSES

($ in millions)

3Q 2026

%(a)

2Q 2026

%(a)

1Q 2026

%(a)

4Q 2025

%(a)

3Q 2025

%(a)

Balance, beginning of period

$7,979

$7,977

$7,947

$7,897

$7,862

Allowance for acquired credit losses

—

Net charge-offs

Commercial

.22

.24

117

.33

101

.29

.07

Lease financing

.45

.37

.46

.65

Total commercial

.22

.25

121

.33

106

.30

.09

Commercial mortgages

.39

.12

.02

(3)

(.03)

103

1.06

Construction and development

—

(10)

(.43)

—

Total commercial real estate

.31

.10

(8)

(.07)

(3)

(.02)

103

.85

Residential mortgages

—

(1)

—

(2)

(.01)

(1)

—

Credit card

334

3.29

367

3.83

365

3.96

358

3.84

346

3.80

Retail leasing

1.47

1.50

2.07

1.89

1.81

Home equity and second mortgages

—

.03

(2)

(.06)

Other

.67

.73

.83

.81

.71

Total other retail

.53

.56

.67

.64

.55

Total net charge-offs

523

.51

536

.53

546

.56

527

.54

536

.56

Provision for credit losses(b)

654

538

576

577

571

Balance, end of period

$8,165

$7,979

$7,977

$7,947

$7,897

Components

Allowance for loan losses

$7,815

$7,645

$7,646

$7,605

$7,557

Liability for unfunded credit commitments

350

334

331

342

340

Total allowance for credit losses

$8,165

$7,979

$7,977

$7,947

$7,897

Gross charge-offs

$647

$676

$683

$651

$669

Gross recoveries

$124

$140

$137

$124

$133

Allowance for credit losses as a percentage of

Period-end loans (%)

1.97

1.94

2.00

2.03

2.06

Nonperforming loans (%)

636

612

536

514

490

Nonperforming assets (%)

617

593

522

500

477

(a) Annualized and calculated on average loan balances.

(b) The third quarter of 2026 includes $135 million of provision for acquired loans.

U.S. Bancorp Third Quarter 2026 Results

The provision for credit losses was $654 million for the third quarter of 2026, compared with $538 million in the second quarter of 2026 and $571 million in the third quarter of 2025. The increase on a year-over-year basis was primarily driven by the impact of recording the initial provision for credit losses of $135 million related to the purchase of a small business credit card portfolio in the third quarter of 2026, partially offset by improvement in the economic outlook and favorable credit performance. The increase on a linked quarter basis was primarily driven by the impact of the small business credit card portfolio purchase, partially offset by improvement in the economic outlook and favorable credit performance. While economic conditions have shown improvement, 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 $523 million in the third quarter of 2026, compared with $536 million in both the second quarter of 2026 and third quarter of 2025. The net charge-off ratio in the third quarter of 2026 was 0.51 percent, compared with 0.53 percent in the second quarter of 2026 and 0.56 percent in the third quarter of 2025. The decrease in net charge-offs on a linked quarter basis was driven by lower net charge-offs on credit card 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 loans were partially offset by higher net charge-offs on commercial loans.

The allowance for credit losses was $8,165 million at September 30, 2026, compared with $7,979 million at June 30, 2026, and $7,897 million at September 30, 2025. The increase in the allowance for credit losses compared with the linked quarter and prior year quarter was primarily due to the impacts of recording the initial provision for credit losses of $135 million and initial allowance for acquired credit losses of $55 million related to the purchase of the small business credit card portfolio, partially offset by improving credit quality and economic outlook. The allowance for credit losses represented 1.97 percent of period-end loans at September 30, 2026, and 636 percent of nonperforming loans at September 30, 2026.

Nonperforming assets were $1,324 million at September 30, 2026, compared with $1,346 million at June 30, 2026, and $1,654 million at September 30, 2025. The decrease from the prior year quarter primarily reflected the resolution of commercial and commercial mortgage nonperforming loans. The ratio of nonperforming assets to loans and other real estate was 0.32 percent at September 30, 2026. Accruing loans 90 days or more past due were $743 million at September 30, 2026, compared with $735 million at June 30, 2026, and $840 million at September 30, 2025. The decrease in accruing loans 90 days or more past due from the prior year quarter was primarily due to the resolution of elevated prior year residential mortgage delinquencies.

U.S. Bancorp Third Quarter 2026 Results

DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES

(Percent)

Sep 30 2026

Jun 30 2026

Mar 31 2026

Dec 31 2025

Sep 30 2025

Delinquent loan ratios - 90 days or more past due

Commercial

.01

.02

.01

Commercial real estate

.01

.03

.04

Residential mortgages

.19

.20

.23

.25

.26

Credit card

1.10

1.13

1.29

1.27

1.26

Other retail

.10

.09

.12

Total loans

.18

.21

.22

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

Commercial

.28

.26

.45

.50

.53

Commercial real estate

.98

1.09

1.07

1.09

1.24

Residential mortgages

.34

.35

.36

.38

Credit card

1.10

1.13

1.29

1.27

1.26

Other retail

.46

.50

.51

.49

Total loans

.49

.50

.58

.61

.64

ASSET QUALITY(a)

($ in millions)

Sep 30 2026

Jun 30 2026

Mar 31 2026

Dec 31 2025

Sep 30 2025

Nonperforming loans

Commercial

$407

$377

$622

$695

$708

Lease financing

Total commercial

432

402

648

717

733

Commercial mortgages

490

538

488

504

558

Construction and development

Total commercial real estate

518

568

522

518

579

Residential mortgages

176

171

159

151

143

Credit card

—

Other retail

158

162

159

161

155

Total nonperforming loans

1,284

1,303

1,488

1,547

1,610

Other real estate

Other nonperforming assets

Total nonperforming assets

$1,324

$1,346

$1,528

$1,590

$1,654

Accruing loans 90 days or more past due

$743

$735

$847

$853

$840

Nonperforming assets to loans plus ORE (%)

.32

.33

.38

.41

.43

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

U.S. Bancorp Third Quarter 2026 Results

COMMON SHARES

(Millions)

3Q 2026

2Q 2026

1Q 2026

4Q 2025

3Q 2025

Beginning shares outstanding

1,558

1,555

1,556

1,558

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

CAPITAL POSITION

Preliminary Data

($ in millions)

Sep 30 2026

Jun 30 2026

Mar 31 2026

Dec 31 2025

Sep 30 2025

Total U.S. Bancorp shareholders' equity

$66,425

$67,432

$65,786

$65,193

$63,340

Basel III Standardized Approach

Common equity tier 1 capital

$55,023

$53,575

$52,648

$51,665

$50,587

Tier 1 capital

62,267

60,802

59,899

58,917

57,839

Total risk-based capital

72,844

71,429

69,163

68,087

66,820

Common equity tier 1 capital ratio

10.8

10.9

Tier 1 capital ratio

12.3

12.2

12.3

12.4

Total risk-based capital ratio

14.3

14.4

14.2

14.4

Leverage ratio

9.0

8.9

8.8

8.7

8.6

Common equity to assets

8.5

8.4

8.1

Tangible common equity to tangible assets(a)

6.6

6.7

6.4

Tangible common equity to risk-weighted assets(a)

9.0

9.4

9.3

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

Total U.S. Bancorp shareholders’ equity was $66.4 billion at September 30, 2026, compared with $67.4 billion at June 30, 2026, and $63.3 billion at September 30, 2025. The increase from the prior year quarter reflected the impacts of corporate earnings and the common shares issued as consideration for the acquisition of BTIG, partially offset by dividends paid.

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 both September 30, 2026, and June 30, 2026, compared with 10.9 percent at September 30, 2025.

U.S. Bancorp Third Quarter 2026 Results

Investor Conference Call

On Thursday, October 15, 2026 at 8 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 11 a.m. CT on October 15, 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, or the effects of related litigation;

•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;

U.S. Bancorp Third Quarter 2026 Results

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

•Failures or disruptions in or breaches of U.S. Bancorp’s operational, technology, data security or other 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

September 30,

Nine Months Ended

September 30,

(Unaudited)

2026

2025

2026

2025

Interest Income

Loans

$5,920

$5,688

$17,174

$16,769

Loans held for sale

119

122

Investment securities

1,303

1,392

3,950

4,055

Other interest income(a)

510

687

1,536

1,976

Total interest income(a)

7,774

7,802

22,779

22,922

Interest Expense

Deposits

2,491

2,648

7,105

7,700

Short-term borrowings(a)

198

203

661

743

Long-term debt

617

729

1,921

2,114

Total interest expense(a)

3,306

3,580

9,687

10,557

Net interest income

4,468

4,222

13,092

12,365

Provision for credit losses

654

571

1,768

1,609

Net interest income after provision for credit losses

3,814

3,651

11,324

10,756

Noninterest Income

Card revenue

440

415

1,266

1,202

Corporate payment and treasury management revenue

457

407

1,305

1,228

Merchant processing services

461

463

1,382

1,352

Trust and investment management fees

802

730

2,332

2,113

Lending and deposit-related fees

308

290

910

833

Capital markets revenue

640

378

1,529

985

Mortgage banking revenue

155

180

485

515

Investment products fees

116

315

274

Securities gains (losses), net

(65)

(7)

(149)

(64)

Other

166

125

427

400

Total noninterest income

3,480

3,078

9,802

8,838

Noninterest Expense

Compensation and employee benefits

2,753

2,561

8,066

7,798

Net occupancy and equipment

309

300

916

907

Professional services

115

117

319

324

Marketing and business development

199

175

632

518

Technology and communications

666

560

1,840

1,627

Other intangibles

127

125

351

372

Other

324

359

1,062

1,064

Total noninterest expense

4,493

4,197

13,186

12,610

Income before income taxes

2,801

2,532

7,940

6,984

Applicable income taxes

593

524

1,599

1,439

Net income

2,208

2,008

6,341

5,545

Net (income) loss attributable to noncontrolling interests

(6)

(7)

(17)

(20)

Net income attributable to U.S. Bancorp

$2,202

$2,001

$6,324

$5,525

Net income applicable to U.S. Bancorp common shareholders

$2,095

$1,893

$6,034

$5,229

Earnings per common share

$1.34

$1.22

$3.88

$3.36

Diluted earnings per common share

$1.34

$1.22

$3.88

$3.35

Dividends declared per common share

$.54

$.52

$1.58

$1.52

Average common shares outstanding

1,558

1,557

1,555

1,558

Average diluted common shares outstanding

1,559

1,557

1,556

1,559

(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 for all periods shown, consistent with the presentation of the related balances on the consolidated balance sheet.

CONSOLIDATED ENDING BALANCE SHEET

(Dollars in Millions)

(Unaudited)

September 30,

2026

December 31,

2025

September 30,

2025

Assets

Cash and due from banks

$49,523

$46,890

$66,637

Investment securities

Held-to-maturity

72,923

76,170

76,931

Available-for-sale

80,228

90,838

89,065

Loans held for sale

2,426

2,538

2,490

Loans

Commercial

158,814

146,418

140,982

Commercial real estate

53,451

48,920

48,244

Residential mortgages

116,806

115,885

115,046

Credit card

41,587

38,031

36,434

Other retail

44,589

42,081

41,811

Total loans

415,247

391,335

382,517

Less allowance for loan losses

(7,815)

(7,605)

(7,557)

Net loans

407,432

383,730

374,960

Premises and equipment

3,894

3,768

3,695

Goodwill

13,232

12,635

12,634

Other intangible assets

5,310

4,904

5,152

Other assets

67,998

70,872

63,793

Total assets

$702,966

$692,345

$695,357

Liabilities and Shareholders' Equity

Deposits

Noninterest-bearing

$85,596

$84,116

$91,550

Interest-bearing

446,109

438,100

434,599

Total deposits

531,705

522,216

526,149

Short-term borrowings

21,044

17,162

15,449

Long-term debt

51,996

60,764

62,535

Other liabilities

31,333

26,552

27,426

Total liabilities

636,078

626,694

631,559

Shareholders' equity

Preferred stock

6,808

Common stock

Capital surplus

8,839

8,728

8,745

Retained earnings

84,503

80,906

79,742

Less treasury stock

(24,284)

(24,283)

(24,228)

Accumulated other comprehensive income (loss)

(9,462)

(6,987)

(7,748)

Total U.S. Bancorp shareholders' equity

66,425

65,193

63,340

Noncontrolling interests

463

458

Total equity

66,888

65,651

63,798

Total liabilities and equity

$702,966

$692,345

$695,357

NON-GAAP FINANCIAL MEASURES

(Dollars in Millions, Unaudited)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

Total equity

$66,888

$67,895

$66,247

$65,651

$63,798

Preferred stock

(6,808)

Noncontrolling interests

(463)

(461)

(458)

Common equity(a)

59,617

60,624

58,978

58,385

56,532

Goodwill (net of deferred tax liability)(1)

(12,185)

(12,193)

(11,588)

(11,603)

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

(1,713)

(1,624)

(1,429)

(1,507)

(1,605)

Tangible common equity(b)

45,719

46,807

45,961

45,275

43,324

Total assets(c)

702,966

725,918

700,998

692,345

695,357

Goodwill (net of deferred tax liability)(1)

(12,185)

(12,193)

(11,588)

(11,603)

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

(1,713)

(1,624)

(1,429)

(1,507)

(1,605)

Tangible assets(d)

689,068

712,101

687,981

679,235

682,149

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

508,174

496,488

487,958

480,382

465,092

Common shares outstanding(f)

1,558

1,555

1,556

Ratios *

Common equity to assets(a)/(c)

8.5

8.4

8.1

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

6.6

6.7

6.4

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

9.0

9.4

9.3

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

$29.34

$30.04

$29.56

$29.12

$27.84

Three Months Ended

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

Net income applicable to U.S. Bancorp common shareholders

$2,095

$2,098

$1,841

$1,965

$1,893

Intangibles amortization (net-of-tax)

100

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

2,195

2,188

1,928

2,065

1,992

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

8,708

8,776

7,819

8,193

7,903

Average total equity

68,214

67,327

66,315

65,048

63,101

Average preferred stock

(6,808)

Average noncontrolling interests

(463)

(462)

(458)

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

(12,197)

(11,796)

(11,601)

(11,599)

(11,609)

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

(1,684)

(1,409)

(1,474)

(1,568)

(1,659)

Average tangible common equity(h)

47,062

46,852

45,974

44,615

42,567

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

18.5

18.7

17.0

18.4

18.6

Net interest income

$4,468

$4,361

$4,263

$4,284

$4,222

Taxable-equivalent adjustment(2)

Net interest income, on a taxable-equivalent basis

4,490

4,387

4,291

4,312

4,251

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

4,490

4,387

4,291

4,312

4,251

Noninterest income

3,480

3,325

2,997

3,053

3,078

Less: Securities gains (losses), net

(65)

(49)

(35)

(7)

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

8,035

7,761

7,323

7,362

7,336

Noninterest expense(j)

4,493

4,428

4,265

4,227

4,197

Efficiency ratio(j)/(i)

55.9

57.1

58.2

57.4

57.2

* 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)

September 30,

2026

September 30,

2025

Percent Change

Net interest income

$4,468

$4,222

Taxable-equivalent adjustment(1)

Net interest income, on a taxable-equivalent basis

4,490

4,251

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

4,490

4,251

Noninterest income

3,480

3,078

Less: Securities gains (losses), net

(65)

(7)

Total net revenue, excluding net securities gains (losses)

8,035

7,336

9.5

(a)

Noninterest expense

4,493

4,197

7.1

(b)

Operating leverage(a) - (b)

2.4

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

Business Segment Schedules

Third 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

3Q26 vs 2Q26

3Q26 vs 3Q25

YTD

2026

YTD

2025

Percent Change

Wealth, Corporate, Commercial and Institutional Banking

$1,598

$1,513

$1,231

5.6

29.8

$4,550

$3,597

26.5

Consumer and Business Banking

633

593

6.7

1,803

1,717

5.0

Payment Services

175

222

255

(21.2)

(31.4)

661

786

(15.9)

Treasury and Corporate Support

(204)

(151)

(78)

(35.1)

(690)

(575)

(20.0)

Consolidated Company

$2,202

$2,177

$2,001

1.1

10.0

$6,324

$5,525

14.5

Income Before Provision

and Taxes

Percent Change

Income Before Provision

and Taxes

2026

2025

3Q26 vs 2Q26

3Q26 vs 3Q25

YTD

2026

YTD

2025

Percent Change

Wealth, Corporate, Commercial and Institutional Banking

$2,243

$2,147

$1,838

4.5

22.0

$6,374

$5,213

22.3

Consumer and Business Banking

916

869

853

5.4

7.4

2,627

2,451

7.2

Payment Services

828

681

749

21.6

10.5

2,208

2,159

2.3

Treasury and Corporate Support

(510)

(413)

(308)

(23.5)

(65.6)

(1,425)

(1,142)

(24.8)

Consolidated Company

$3,477

$3,284

$3,132

5.9

11.0

$9,784

$8,681

12.7

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

3Q26 vs 2Q26

3Q26 vs 3Q25

YTD

2026

YTD

2025

Percent Change

Condensed Income Statement

Net interest income (taxable-equivalent basis)

$1,971

$1,931

$1,761

2.1

11.9

$5,768

$5,177

11.4

Noninterest income

2,026

1,834

1,572

10.5

28.9

5,467

4,489

21.8

Total net revenue

3,997

3,765

3,333

6.2

19.9

11,235

9,666

16.2

Noninterest expense

1,754

1,618

1,495

8.4

17.3

4,861

4,453

9.2

Income before provision and taxes

2,243

2,147

1,838

4.5

22.0

6,374

5,213

22.3

Provision for credit losses

112

129

196

(13.2)

(42.9)

306

416

(26.4)

Income before income taxes

2,131

2,018

1,642

5.6

29.8

6,068

4,797

26.5

Income taxes and taxable-equivalent adjustment

533

505

411

5.5

29.7

1,518

1,200

26.5

Net income

1,598

1,513

1,231

5.6

29.8

4,550

3,597

26.5

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$1,598

$1,513

$1,231

5.6

29.8

$4,550

$3,597

26.5

Average Balance Sheet Data

Loans

$216,957

$214,486

$189,530

1.2

14.5

$212,023

$186,161

13.9

Other earning assets

15,420

16,113

11,908

(4.3)

29.5

15,637

12,989

20.4

Goodwill

5,439

5,028

4,826

8.2

12.7

5,100

4,825

5.7

Other intangible assets

859

645

772

33.2

11.3

729

817

(10.8)

Assets

272,472

268,941

236,188

1.3

15.4

266,115

234,145

13.7

Noninterest-bearing deposits

57,888

57,832

56,056

3.3

57,824

55,709

3.8

Interest-bearing deposits

237,865

227,562

220,712

4.5

7.8

231,822

217,607

6.5

Total deposits

295,753

285,394

276,768

3.6

6.9

289,646

273,316

6.0

Total U.S. Bancorp shareholders' equity

25,809

25,089

24,020

2.9

7.4

25,048

23,762

5.4

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 $2,243 million of income before provision and taxes in the third quarter of 2026, compared with $1,838 million in the third quarter of 2025, and contributed $1,598 million of the Company’s net income in the third quarter of 2026.

Total net revenue increased compared with the third quarter of 2025, driven by growth in net interest income from higher loan and deposit balances and growth in noninterest income, primarily due to higher capital markets revenue driven by the contribution from BTIG and higher syndication and client-related derivative activity, and higher trust and investment management fees due to business growth and favorable market conditions.

Noninterest expense increased compared with the third quarter of 2025, primarily due to higher compensation and employee benefits expense and higher technology and communications expense, both driven by the BTIG acquisition.

The provision for credit losses decreased compared with the third quarter of 2025, primarily due to favorable credit performance.

CONSUMER AND BUSINESS BANKING

Preliminary data

($ in millions)

Percent Change

2026

2025

3Q26 vs 2Q26

3Q26 vs 3Q25

YTD

2026

YTD

2025

Percent Change

Condensed Income Statement

Net interest income (taxable-equivalent basis)

$1,878

$1,838

$1,851

2.2

1.5

$5,516

$5,466

Noninterest income

526

537

564

(2.0)

(6.7)

1,579

1,623

(2.7)

Total net revenue

2,404

2,375

2,415

1.2

(.5)

7,095

7,089

Noninterest expense

1,488

1,506

1,562

(1.2)

(4.7)

4,468

4,638

(3.7)

Income before provision and taxes

916

869

853

5.4

7.4

2,627

2,451

7.2

Provision for credit losses

(7.7)

16.1

222

161

37.9

Income before income taxes

844

791

6.7

2,405

2,290

5.0

Income taxes and taxable-equivalent adjustment

211

198

6.6

602

573

5.1

Net income

633

593

6.7

1,803

1,717

5.0

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$633

$593

6.7

$1,803

$1,717

5.0

Average Balance Sheet Data

Loans

$143,819

$144,009

$145,906

(.1)

(1.4)

$144,005

$149,750

(3.8)

Other earning assets

2,744

2,650

2,330

3.5

17.8

2,602

2,996

(13.2)

Goodwill

4,326

—

4,326

—

Other intangible assets

3,945

3,910

4,223

(6.6)

3,923

4,288

(8.5)

Assets

157,026

157,112

158,865

(.1)

(1.2)

157,038

163,515

(4.0)

Noninterest-bearing deposits

19,138

18,677

19,782

2.5

(3.3)

18,749

19,628

(4.5)

Interest-bearing deposits

207,718

206,556

202,303

2.7

206,086

200,812

2.6

Total deposits

226,856

225,233

222,085

2.1

224,835

220,440

2.0

Total U.S. Bancorp shareholders' equity

12,850

12,865

13,369

(.1)

(3.9)

12,940

13,547

(4.5)

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 $916 million of income before provision and taxes in the third quarter of 2026, compared with $853 million in the third quarter of 2025, and contributed $633 million of the Company’s net income in the third quarter of 2026.

Total net revenue decreased slightly compared with the third quarter of 2025 due to lower noninterest income, partially offset by higher net interest income. Net interest income increased primarily due to higher deposit balances, while noninterest income decreased primarily due to lower mortgage banking revenue, reflecting lower gain on sale activity.

Noninterest expense decreased compared with the third quarter of 2025, primarily due to lower net shared services expense.

The provision for credit losses increased compared with the third quarter of 2025, primarily due to growth in commercial and other retail loans.

PAYMENT SERVICES

Preliminary data

($ in millions)

Percent Change

2026

2025

3Q26 vs 2Q26

3Q26 vs 3Q25

YTD

2026

YTD

2025

Percent Change

Condensed Income Statement

Net interest income (taxable-equivalent basis)

$834

$774

$781

7.8

6.8

$2,402

$2,253

6.6

Noninterest income

1,034

1,038

973

(.4)

6.3

2,997

2,869

4.5

Total net revenue

1,868

1,812

1,754

3.1

6.5

5,399

5,122

5.4

Noninterest expense

1,040

1,131

1,005

(8.0)

3.5

3,191

2,963

7.7

Income before provision and taxes

828

681

749

21.6

10.5

2,208

2,159

2.3

Provision for credit losses

594

385

409

54.3

45.2

1,326

1,110

19.5

Income before income taxes

234

296

340

(20.9)

(31.2)

882

1,049

(15.9)

Income taxes and taxable-equivalent adjustment

(20.3)

(30.6)

221

263

(16.0)

Net income

175

222

255

(21.2)

(31.4)

661

786

(15.9)

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$175

$222

$255

(21.2)

(31.4)

$661

$786

(15.9)

Average Balance Sheet Data

Loans

$48,058

$45,947

$42,957

4.6

11.9

$46,018

$42,267

8.9

Other earning assets

57.1

(63.6)

Goodwill

3,474

3,479

3,482

(.1)

(.2)

3,479

3,433

1.3

Other intangible assets

333

241

260

38.2

28.1

271

256

5.9

Assets

53,331

51,171

48,428

4.2

10.1

51,187

47,705

7.3

Noninterest-bearing deposits

2,379

2,390

2,370

(.5)

2,398

2,474

(3.1)

Interest-bearing deposits

1.1

(1.1)

(2.1)

Total deposits

2,473

2,483

2,465

(.4)

2,491

2,569

(3.0)

Total U.S. Bancorp shareholders' equity

11,090

10,692

10,318

3.7

7.5

10,794

10,261

5.2

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

Payment Services generated $828 million of income before provision and taxes in the third quarter of 2026, compared with $749 million in the third quarter of 2025, and contributed $175 million of the Company’s net income in the third quarter of 2026.

Total net revenue increased compared with the third quarter of 2025, driven by an increase in net interest income, primarily due to higher loan balances including the impact of the small business credit card portfolio purchase, and an increase in noninterest income, primarily due to higher corporate payment and treasury management revenue and higher card revenue, both driven by higher sales volume.

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

The provision for credit losses increased compared with the third quarter of 2025, primarily due to the impact of recording the initial provision for credit losses related to the purchase of the small business credit card portfolio.

TREASURY AND CORPORATE SUPPORT

Preliminary data

($ in millions)

Percent Change

2026

2025

3Q26 vs 2Q26

3Q26 vs 3Q25

YTD

2026

YTD

2025

Percent Change

Condensed Income Statement

Net interest income (taxable-equivalent basis)

($193)

($156)

($142)

(23.7)

(35.9)

($518)

($443)

(16.9)

Noninterest income

(106)

(84)

(31)

(26.2)

(241)

(143)

(68.5)

Total net revenue

(299)

(240)

(173)

(24.6)

(72.8)

(759)

(586)

(29.5)

Noninterest expense

211

173

135

22.0

56.3

666

556

19.8

Income (loss) before provision and taxes

(510)

(413)

(308)

(23.5)

(65.6)

(1,425)

(1,142)

(24.8)

Provision for credit losses

(124)

(54)

(96)

(29.2)

(86)

(78)

(10.3)

Income (loss) before income taxes

(386)

(359)

(212)

(7.5)

(82.1)

(1,339)

(1,064)

(25.8)

Income taxes and taxable-equivalent adjustment

(188)

(214)

(141)

12.1

(33.3)

(666)

(509)

(30.8)

Net income (loss)

(198)

(145)

(71)

(36.6)

(673)

(555)

(21.3)

Net (income) loss attributable to noncontrolling interests

(6)

(7)

—

14.3

(17)

(20)

15.0

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

($204)

($151)

($78)

(35.1)

($690)

($575)

(20.0)

Average Balance Sheet Data

Loans

$714

$1,039

$759

(31.3)

(5.9)

$876

$725

20.8

Other earning assets

203,061

204,750

224,122

(.8)

(9.4)

206,838

218,813

(5.5)

Goodwill

—

Other intangible assets

—

(14.3)

(25.0)

Assets

213,802

217,486

236,124

(1.7)

(9.5)

218,899

228,785

(4.3)

Noninterest-bearing deposits

1,561

1,712

1,682

(8.8)

(7.2)

1,765

1,757

Interest-bearing deposits

(41)

258

8,782

239

9,005

(97.3)

Total deposits

1,520

1,970

10,464

(22.8)

(85.5)

2,004

10,762

(81.4)

Total U.S. Bancorp shareholders' equity

18,002

18,219

14,936

(1.2)

20.5

18,050

13,492

33.8

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 $510 million loss before provision and taxes in the third quarter of 2026, compared with a $308 million loss before provision and taxes in the third quarter of 2025, and recorded a net loss of $204 million in the third quarter of 2026.

Total net revenue decreased compared with the third quarter of 2025, driven by lower net interest income, primarily due to lower interest-bearing deposits with banks and investment securities balances, partially offset by lower funding costs and benefits from fixed asset repricing, as well as lower noninterest income driven by losses on the sales of investment securities.

Noninterest expense increased compared with the third quarter of 2025, primarily due to higher technology and communications expense, net shared services expense, and compensation and employee benefits expense.

The provision for credit losses decreased compared with the third quarter of 2025 primarily due to improvement in the economic outlook.

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: a3q26earningssupplement.htm · Sequence: 3

Document

Supplemental Consolidated Schedules

Third Quarter 2026

QUARTERLY CONSOLIDATED STATEMENT OF INCOME

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

(Unaudited)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

Interest Income

Loans

$5,920

$5,728

$5,526

$5,599

$5,688

Loans held for sale

Investment securities

1,303

1,344

1,303

1,343

1,392

Other interest income(a)

510

483

543

615

687

Total interest income(a)

7,774

7,598

7,407

7,600

7,802

Interest Expense

Deposits

2,491

2,330

2,284

2,451

2,648

Short-term borrowings(a)

198

249

214

182

203

Long-term debt

617

658

646

683

729

Total interest expense(a)

3,306

3,237

3,144

3,316

3,580

Net interest income

4,468

4,361

4,263

4,284

4,222

Provision for credit losses

654

538

576

577

571

Net interest income after provision for credit losses

3,814

3,823

3,687

3,707

3,651

Noninterest Income

Card revenue

440

435

391

427

415

Corporate payment and treasury management revenue

457

440

408

396

407

Merchant processing services

461

485

436

440

463

Trust and investment management fees

802

785

745

756

730

Lending and deposit-related fees

308

294

302

290

Capital markets revenue

640

512

377

389

378

Mortgage banking revenue

155

169

161

130

180

Investment products fees

116

102

101

Securities gains (losses), net

(65)

(49)

(35)

(7)

Other

166

138

123

109

125

Total noninterest income

3,480

3,325

2,997

3,053

3,078

Noninterest Expense

Compensation and employee benefits

2,753

2,685

2,628

2,529

2,561

Net occupancy and equipment

309

303

304

320

300

Professional services

115

112

144

117

Marketing and business development

199

216

217

187

175

Technology and communications

666

601

573

584

560

Other intangibles

127

114

110

126

125

Other

324

397

341

337

359

Total noninterest expense

4,493

4,428

4,265

4,227

4,197

Income before income taxes

2,801

2,720

2,419

2,533

2,532

Applicable income taxes

593

537

469

482

524

Net income

2,208

2,183

1,950

2,051

2,008

Net (income) loss attributable to noncontrolling interests

(6)

(5)

(6)

(7)

Net income attributable to U.S. Bancorp

$2,202

$2,177

$1,945

$2,045

$2,001

Net income applicable to U.S. Bancorp common shareholders

$2,095

$2,098

$1,841

$1,965

$1,893

Earnings per common share

$1.34

$1.35

$1.18

$1.26

$1.22

Diluted earnings per common share

$1.34

$1.35

$1.18

$1.26

$1.22

Dividends declared per common share

$.54

$.52

Average common shares outstanding

1,558

1,554

1,555

1,557

Average diluted common shares outstanding

1,559

1,555

1,556

1,557

Financial Ratios (%)

Net interest margin (taxable-equivalent basis)

2.84

2.79

2.77

2.75

Return on average assets

1.25

1.26

1.15

1.19

1.17

Return on average common equity

13.6

14.0

12.6

13.5

Efficiency ratio

55.9

57.1

58.2

57.4

57.2

CONSOLIDATED ENDING BALANCE SHEET

(Dollars in Millions)

(Unaudited)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

Assets

Cash and due from banks

$49,523

$66,491

$48,420

$46,890

$66,637

Investment securities

Held-to-maturity

72,923

74,085

75,442

76,170

76,931

Available-for-sale

80,228

89,085

93,464

90,838

89,065

Loans held for sale

2,426

3,038

2,928

2,538

2,490

Loans

Commercial

158,814

157,829

152,327

146,418

140,982

Commercial real estate

53,451

52,348

49,971

48,920

48,244

Residential mortgages

116,806

117,311

117,285

115,885

115,046

Credit card

41,587

39,079

37,654

38,031

36,434

Other retail

44,589

43,733

42,559

42,081

41,811

Total loans

415,247

410,300

399,796

391,335

382,517

Less allowance for loan losses

(7,815)

(7,645)

(7,646)

(7,605)

(7,557)

Net loans

407,432

402,655

392,150

383,730

374,960

Premises and equipment

3,894

3,847

3,819

3,768

3,695

Goodwill

13,232

13,234

12,625

12,635

12,634

Other intangible assets

5,310

4,999

4,799

4,904

5,152

Other assets

67,998

68,484

67,351

70,872

63,793

Total assets

$702,966

$725,918

$700,998

$692,345

$695,357

Liabilities and Shareholders' Equity

Deposits

Noninterest-bearing

$85,596

$85,791

$85,300

$84,116

$91,550

Interest-bearing

446,109

446,275

442,878

438,100

434,599

Total deposits

531,705

532,066

528,178

522,216

526,149

Short-term borrowings

21,044

37,337

17,859

17,162

15,449

Long-term debt

51,996

58,671

61,361

60,764

62,535

Other liabilities

31,333

29,949

27,353

26,552

27,426

Total liabilities

636,078

658,023

634,751

626,694

631,559

Shareholders' equity

Preferred stock

6,808

Common stock

Capital surplus

8,839

8,773

8,623

8,728

8,745

Retained earnings

84,503

83,241

81,944

80,906

79,742

Less treasury stock

(24,284)

(24,300)

(24,387)

(24,283)

(24,228)

Accumulated other comprehensive income (loss)

(9,462)

(7,111)

(7,223)

(6,987)

(7,748)

Total U.S. Bancorp shareholders' equity

66,425

67,432

65,786

65,193

63,340

Noncontrolling interests

463

461

458

Total equity

66,888

67,895

66,247

65,651

63,798

Total liabilities and equity

$702,966

$725,918

$700,998

$692,345

$695,357

CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET

(Dollars in Millions, Unaudited)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

Assets

Investment securities

$166,350

$170,528

$171,471

$172,039

$173,423

Loans held for sale

2,681

2,783

2,326

2,775

2,253

Loans

Commercial

150,917

151,114

143,620

137,200

134,106

Lease financing

4,443

4,459

4,436

4,307

4,250

Total commercial

155,360

155,573

148,056

141,507

138,356

Commercial real estate

Commercial mortgages

42,988

41,840

39,969

38,698

38,384

Construction and development

10,003

9,417

9,439

9,792

9,862

Total commercial real estate

52,991

51,257

49,408

48,490

48,246

Residential mortgages

116,886

117,196

116,690

115,390

114,780

Credit card

40,222

38,403

37,341

37,019

36,079

Other retail

Retail leasing

4,311

3,746

3,525

3,572

3,718

Home equity and second mortgages

14,210

14,055

13,972

13,922

13,790

Other

25,568

25,251

24,568

24,385

24,183

Total other retail

44,089

43,052

42,065

41,879

41,691

Total loans

409,548

405,481

393,560

384,285

379,152

Interest-bearing deposits with banks

35,037

32,450

38,855

42,705

47,822

Other earning assets

17,168

17,759

17,950

18,413

14,867

Total earning assets

630,784

629,001

624,162

620,217

617,517

Allowance for loan losses

(7,769)

(7,671)

(7,623)

(7,599)

(7,565)

Unrealized gain (loss) on investment securities

(5,420)

(4,527)

(4,269)

(4,638)

(5,756)

Other assets

79,036

77,907

76,012

75,653

75,409

Total assets

$696,631

$694,710

$688,282

$683,633

$679,605

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$80,966

$80,611

$80,628

$83,295

$79,890

Interest-bearing deposits

Interest checking

134,607

132,358

130,600

131,055

131,281

Money market savings

186,100

181,978

188,986

186,119

181,063

Savings accounts

78,976

73,709

68,305

64,207

62,599

Time deposits

45,953

46,424

46,600

50,466

56,949

Total interest-bearing deposits

445,636

434,469

434,491

431,847

431,892

Short-term borrowings

17,158

23,852

19,580

16,107

15,698

Long-term debt

56,133

61,589

61,507

61,424

63,329

Total interest-bearing liabilities

518,927

519,910

515,578

509,378

510,919

Other liabilities

28,524

26,862

25,761

25,912

25,695

Shareholders' equity

Preferred equity

6,808

Common equity

60,943

60,057

59,049

57,782

55,835

Total U.S. Bancorp shareholders' equity

67,751

66,865

65,857

64,590

62,643

Noncontrolling interests

463

462

458

Total equity

68,214

67,327

66,315

65,048

63,101

Total liabilities and equity

$696,631

$694,710

$688,282

$683,633

$679,605

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

For the Three Months Ended September 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)

$166,350

$1,316

3.16

$173,423

$1,412

3.26

(4.1)

Loans held for sale

2,681

6.23

2,253

6.39

19.0

Loans(c)

Commercial

155,360

1,983

5.07

138,356

1,929

5.53

12.3

Commercial real estate

52,991

764

5.72

48,246

741

6.10

9.8

Residential mortgages

116,886

1,209

4.13

114,780

1,162

4.05

1.8

Credit card

40,222

1,282

12.64

36,079

1,204

13.24

11.5

Other retail

44,089

690

6.21

41,691

661

6.29

5.8

Total loans

409,548

5,928

5.75

379,152

5,697

5.97

8.0

Interest-bearing deposits with banks

35,037

333

3.77

47,822

517

4.29

(26.7)

Other earning assets(d)

17,168

178

4.12

14,867

170

4.53

15.5

Total earning assets(d)

630,784

7,796

4.92

617,517

7,831

5.03

2.1

Allowance for loan losses

(7,769)

(7,565)

(2.7)

Unrealized gain (loss) on investment securities

(5,420)

(5,756)

5.8

Other assets

79,036

75,409

4.8

Total assets

$696,631

$679,605

2.5

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$80,966

$79,890

1.3

Interest-bearing deposits

Interest checking

134,607

394

1.16

131,281

430

1.30

2.5

Money market savings

186,100

1,316

2.81

181,063

1,403

3.07

2.8

Savings accounts

78,976

421

2.12

62,599

289

1.83

26.2

Time deposits

45,953

360

3.11

56,949

526

3.67

(19.3)

Total interest-bearing deposits

445,636

2,491

2.22

431,892

2,648

2.43

3.2

Short-term borrowings(d)

17,158

198

4.58

15,698

203

5.12

9.3

Long-term debt

56,133

617

4.37

63,329

729

4.57

(11.4)

Total interest-bearing liabilities(d)

518,927

3,306

2.53

510,919

3,580

2.78

1.6

Other liabilities

28,524

25,695

11.0

Shareholders' equity

Preferred equity

6,808

—

Common equity

60,943

55,835

9.1

Total U.S. Bancorp shareholders' equity

67,751

62,643

8.2

Noncontrolling interests

463

458

1.1

Total equity

68,214

63,101

8.1

Total liabilities and equity

$696,631

$679,605

2.5

Net interest income

$4,490

$4,251

Gross interest margin

2.39

2.25

Gross interest margin without taxable-equivalent increments

2.38

2.23

Percent of Earning Assets

Interest income

4.92

5.03

Interest expense

2.08

2.28

Net interest margin

2.84

2.75

Net interest margin without taxable-equivalent increments

2.83

2.73

(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 $8,420 million and $3,930 million, respectively, for the three months ended September 30, 2026, compared with $7,956 million and $3,705 million, respectively, for the three months ended September 30, 2025.

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

For the Three Months Ended

September 30, 2026

June 30, 2026

(Dollars in Millions)

(Unaudited)

Average

Balances

Interest

Yields

and

Rates

Average

Balances

Interest

Yields

and

Rates

% Change

Average

Balances

Assets

Investment securities(b)

$166,350

$1,316

3.16

$170,528

$1,361

3.19

(2.5)

Loans held for sale

2,681

6.23

2,783

6.11

(3.7)

Loans(c)

Commercial

155,360

1,983

5.07

155,573

1,969

5.08

(.1)

Commercial real estate

52,991

764

5.72

51,257

731

5.72

3.4

Residential mortgages

116,886

1,209

4.13

117,196

1,191

4.07

(.3)

Credit card

40,222

1,282

12.64

38,403

1,188

12.41

4.7

Other retail

44,089

690

6.21

43,052

658

6.13

2.4

Total loans

409,548

5,928

5.75

405,481

5,737

5.67

1.0

Interest-bearing deposits with banks

35,037

333

3.77

32,450

300

3.71

8.0

Other earning assets(d)

17,168

178

4.12

17,759

183

4.13

(3.3)

Total earning assets(d)

630,784

7,796

4.92

629,001

7,624

4.86

Allowance for loan losses

(7,769)

(7,671)

(1.3)

Unrealized gain (loss) on investment securities

(5,420)

(4,527)

(19.7)

Other assets

79,036

77,907

1.4

Total assets

$696,631

$694,710

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$80,966

$80,611

Interest-bearing deposits

Interest checking

134,607

394

1.16

132,358

369

1.12

1.7

Money market savings

186,100

1,316

2.81

181,978

1,235

2.72

2.3

Savings accounts

78,976

421

2.12

73,709

365

1.99

7.1

Time deposits

45,953

360

3.11

46,424

361

3.12

(1.0)

Total interest-bearing deposits

445,636

2,491

2.22

434,469

2,330

2.15

2.6

Short-term borrowings(d)

17,158

198

4.58

23,852

249

4.19

(28.1)

Long-term debt

56,133

617

4.37

61,589

658

4.28

(8.9)

Total interest-bearing liabilities(d)

518,927

3,306

2.53

519,910

3,237

2.50

(.2)

Other liabilities

28,524

26,862

6.2

Shareholders' equity

Preferred equity

6,808

—

Common equity

60,943

60,057

1.5

Total U.S. Bancorp shareholders' equity

67,751

66,865

1.3

Noncontrolling interests

463

462

Total equity

68,214

67,327

1.3

Total liabilities and equity

$696,631

$694,710

Net interest income

$4,490

$4,387

Gross interest margin

2.39

2.36

Gross interest margin without taxable-equivalent increments

2.38

2.34

Percent of Earning Assets

Interest income

4.92

4.86

Interest expense

2.08

2.07

Net interest margin

2.84

2.79

Net interest margin without taxable-equivalent increments

2.83

2.77

(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 $8,420 million and $3,930 million, respectively, for the three months ended September 30, 2026, compared with $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 Nine Months Ended September 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)

$169,431

$3,999

3.15

$172,489

$4,113

3.18

(1.8)

Loans held for sale

2,598

119

6.12

2,975

122

5.49

(12.7)

Loans(c)

Commercial

153,023

5,813

5.08

135,899

5,646

5.55

12.6

Commercial real estate

51,232

2,190

5.72

48,532

2,189

6.03

5.6

Residential mortgages

116,925

3,558

4.06

116,398

3,511

4.02

Credit card

38,666

3,651

12.62

35,537

3,477

13.08

8.8

Other retail

43,076

1,988

6.17

42,537

1,976

6.21

1.3

Total loans

402,922

17,200

5.70

378,903

16,799

5.92

6.3

Interest-bearing deposits with banks

35,433

983

3.71

44,384

1,449

4.36

(20.2)

Other earning assets(d)

17,623

554

4.20

14,972

527

4.71

17.7

Total earning assets(d)

628,007

22,855

4.87

613,723

23,010

5.01

2.3

Allowance for loan losses

(7,688)

(7,586)

(1.3)

Unrealized gain (loss) on investment securities

(4,743)

(6,275)

24.4

Other assets

77,663

74,288

4.5

Total assets

$693,239

$674,150

2.8

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$80,736

$79,568

1.5

Interest-bearing deposits

Interest checking

132,536

1,115

1.12

129,531

1,187

1.23

2.3

Money market savings

185,678

3,812

2.75

184,478

4,233

3.07

Savings accounts

73,703

1,091

1.98

57,059

711

1.67

29.2

Time deposits

46,323

1,087

3.14

56,451

1,569

3.72

(17.9)

Total interest-bearing deposits

438,240

7,105

2.17

427,519

7,700

2.41

2.5

Short-term borrowings(d)

20,188

661

4.38

19,099

743

5.20

5.7

Long-term debt

59,723

1,921

4.30

61,360

2,114

4.61

(2.7)

Total interest-bearing liabilities(d)

518,151

9,687

2.50

507,978

10,557

2.78

2.0

Other liabilities

27,059

25,083

7.9

Shareholders' equity

Preferred equity

6,808

—

Common equity

60,024

54,254

10.6

Total U.S. Bancorp shareholders' equity

66,832

61,062

9.4

Noncontrolling interests

461

459

Total equity

67,293

61,521

9.4

Total liabilities and equity

$693,239

$674,150

2.8

Net interest income

$13,168

$12,453

Gross interest margin

2.37

2.23

Gross interest margin without taxable-equivalent increments

2.35

2.21

Percent of Earning Assets

Interest income

4.87

5.01

Interest expense

2.07

2.30

Net interest margin

2.80

2.71

Net interest margin without taxable-equivalent increments

2.78

2.69

(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 $24,445 million and $11,277 million, respectively, for the nine months ended September 30, 2026, compared with $23,135 million and $10,682 million, respectively, for the nine months ended September 30, 2025.

LOAN PORTFOLIO

September 30, 2026

June 30, 2026

March 31, 2026

December 31, 2025

September 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

Commercial(a)

$154,302

37.2

$153,334

37.4

$147,818

37.0

$141,982

36.2

$136,674

35.8

Lease financing

4,512

1.1

4,495

1.1

4,509

1.2

4,436

1.2

4,308

1.1

Total commercial

158,814

38.3

157,829

38.5

152,327

38.2

146,418

37.4

140,982

36.9

Commercial real estate

Commercial mortgages

43,296

10.4

42,700

10.4

40,807

10.2

39,476

10.1

38,316

10.0

Construction and

development

10,155

2.5

9,648

2.4

9,164

2.3

9,444

2.4

9,928

2.6

Total commercial

real estate

53,451

12.9

52,348

12.8

49,971

12.5

48,920

12.5

48,244

12.6

Residential mortgages

112,323

27.0

112,630

27.5

112,397

28.1

110,788

28.3

109,730

28.7

Home equity loans, first

liens

4,483

1.1

4,681

1.1

4,888

1.2

5,097

1.3

5,316

1.4

Total residential

mortgages

116,806

28.1

117,311

28.6

117,285

29.3

115,885

29.6

115,046

30.1

Credit card

41,587

10.0

39,079

9.5

37,654

9.4

38,031

9.7

36,434

9.5

Other retail

Retail leasing

4,561

1.1

4,087

1.0

3,585

3,524

3,627

1.0

Home equity and second

mortgages

14,346

3.5

14,131

3.4

13,959

3.5

14,025

3.6

13,858

3.6

Revolving credit

5,947

1.4

5,409

1.3

4,864

1.2

4,561

1.2

4,274

1.1

Installment(a)

16,807

4.0

16,858

4.1

16,591

4.1

16,396

4.2

16,184

4.2

Automobile

2,928

3,248

3,560

3,575

3,868

1.0

Total other retail

44,589

10.7

43,733

10.6

42,559

10.6

42,081

10.8

41,811

10.9

Total loans

$415,247

100.0

$410,300

100.0

$399,796

100.0

$391,335

100.0

$382,517

100.0

(a) Effective July 1, 2026, U.S. Bancorp reclassified loans made to certain life insurance trusts from the Commercial loan portfolio to the Other retail loan portfolio. Prior period balances have been conformed to current period presentation.

Supplemental Business Segment Schedules

Third 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)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

$1,971

$1,931

$1,866

$1,791

$1,761

Noninterest Income

Card revenue

—

Corporate payment and treasury management revenue

158

156

155

144

152

Merchant processing services

—

Trust and investment management fees

801

784

744

755

729

Lending and deposit-related fees

164

171

155

161

144

Capital markets revenue

644

507

377

379

373

Mortgage banking revenue

—

Investment products fees

116

102

101

Securities gains (losses), net

—

Other

143

114

Total noninterest income

2,026

1,834

1,607

1,614

1,572

Total net revenue

3,997

3,765

3,473

3,405

3,333

Noninterest Expense

Compensation and employee benefits

734

666

587

571

565

Other intangibles

Net shared services

624

618

609

625

623

Other direct expenses

344

290

253

289

261

Total noninterest expense

1,754

1,618

1,489

1,531

1,495

Income before provision and income taxes

2,243

2,147

1,984

1,874

1,838

Provision for Credit Losses

112

129

157

196

Income before income taxes

2,131

2,018

1,919

1,717

1,642

Income taxes and taxable-equivalent adjustment

533

505

480

429

411

Net income

1,598

1,513

1,439

1,288

1,231

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$1,598

$1,513

$1,439

$1,288

$1,231

FINANCIAL RATIOS

Return on average assets

2.33

2.26

2.27

2.10

2.07

Net interest margin (taxable-equivalent basis)

3.37

3.36

3.44

3.42

3.47

Efficiency ratio

43.9

43.0

42.9

45.0

44.9

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$142,150

$142,394

$136,242

$129,456

$126,520

Commercial real estate

41,097

39,394

37,527

36,591

36,373

Residential mortgages

24,291

23,745

22,359

20,689

19,072

Credit card

—

Other retail

9,419

8,953

8,362

7,922

7,565

Total loans

216,957

214,486

204,490

194,658

189,530

Other Earning Assets

15,420

16,113

15,378

13,378

11,908

Total earning assets

232,377

230,599

219,868

208,036

201,438

Non-earning Assets

Goodwill

5,439

5,028

4,826

Other intangible assets

859

645

682

726

772

Other non-earning assets

33,797

32,669

31,386

30,000

29,152

Total non-earning assets

40,095

38,342

36,894

35,552

34,750

Total assets

272,472

268,941

256,762

243,588

236,188

Deposits

Noninterest-bearing deposits

57,888

57,832

57,749

59,432

56,056

Interest checking

62,215

59,377

58,453

59,923

60,767

Savings products

166,190

159,565

163,131

157,530

150,605

Time deposits

9,460

8,620

8,369

8,918

9,340

Total deposits

295,753

285,394

287,702

285,803

276,768

Other Interest-bearing Liabilities

21,272

22,689

23,560

21,739

20,231

Other Noninterest-bearing Liabilities

19,128

18,106

16,553

15,023

14,597

Total liabilities

336,153

326,189

327,815

322,565

311,596

Total U.S. Bancorp Shareholders' Equity

25,809

25,089

24,230

24,542

24,020

Noncontrolling Interests

Total Equity

25,821

25,100

24,237

24,549

24,027

CREDIT QUALITY

Net Charge-offs

Commercial

$73

$82

$102

$92

$15

Commercial real estate

(11)

(4)

102

Residential mortgages

—

Credit card

—

Other retail

—

(1)

Total net charge-offs

$115

$93

$91

$88

$116

Net Charge-off Ratios

Commercial

.20

.23

.30

.28

.05

Commercial real estate

.41

.11

(.12)

(.04)

1.11

Residential mortgages

—

Credit card

—

Other retail

—

(.05)

Total net charge-offs

.21

.17

.18

.24

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

Nonperforming Assets

Nonperforming loans

$845

$874

$1,068

$1,134

$1,216

Other nonperforming assets

—

Total nonperforming assets

$846

$874

$1,069

$1,135

$1,217

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

OTHER INFORMATION

Average Loan Balances

Commercial real estate division

$52,597

$50,243

$47,517

$44,829

$44,028

Wealth management

40,162

38,739

36,652

34,356

32,287

Institutional client group

103,625

104,984

100,167

95,612

93,729

Other

20,573

20,520

20,154

19,861

19,486

Total

$216,957

$214,486

$204,490

$194,658

$189,530

Average Deposit Balances

Commercial real estate division

$17,525

$16,377

$16,626

$17,310

$15,992

Wealth management

47,923

47,788

47,731

46,698

45,525

Institutional client group

142,050

137,266

137,941

139,280

137,998

Investment services

79,581

75,804

76,711

74,232

68,804

Other

8,674

8,159

8,693

8,283

8,449

Total

$295,753

$285,394

$287,702

$285,803

$276,768

Noninterest Income

Trust and investment management fees

Wealth management

$187

$191

$178

$181

$175

U.S. Bancorp Asset Management

Investment services

450

428

404

414

396

Institutional trust & custody

Other

Capital markets revenue

644

507

377

379

373

Treasury management

158

156

155

144

152

All other noninterest income

423

387

331

336

318

Total

$2,026

$1,834

$1,607

$1,614

$1,572

Assets Under Management by Category(a)

Equity

$102,686

$100,865

$94,953

$88,527

$85,068

Fixed income

226,405

234,589

231,041

225,777

224,009

Money market

218,267

219,737

212,115

202,398

194,604

Other

25,983

26,542

26,944

28,243

26,336

Total

$573,341

$581,733

$565,053

$544,945

$530,017

(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)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

$1,878

$1,838

$1,800

$1,763

$1,851

Noninterest Income

Card revenue

140

128

136

Corporate payment and treasury management revenue

Merchant processing services

—

Trust and investment management fees

Lending and deposit-related fees

144

137

139

141

146

Capital markets revenue

Mortgage banking revenue

155

169

161

130

180

Investment products fees

—

Securities gains (losses), net

—

Other

Total noninterest income

526

537

516

502

564

Total net revenue

2,404

2,375

2,316

2,265

2,415

Noninterest Expense

Compensation and employee benefits

583

581

576

588

587

Other intangibles

Net shared services

508

523

508

557

559

Other direct expenses

346

351

338

360

357

Total noninterest expense

1,488

1,506

1,474

1,564

1,562

Income before provision and income taxes

916

869

842

701

853

Provision for Credit Losses

Income before income taxes

844

791

770

625

791

Income taxes and taxable-equivalent adjustment

211

198

193

156

198

Net income

633

593

577

469

593

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$633

$593

$577

$469

$593

FINANCIAL RATIOS

Return on average assets

1.60

1.51

1.49

1.18

1.48

Net interest margin (taxable-equivalent basis)

5.08

5.03

4.98

4.73

4.95

Efficiency ratio

61.9

63.4

63.6

69.1

64.7

CONSUMER AND BUSINESS BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$4,779

$4,719

$4,399

$4,488

$4,330

Commercial real estate

11,894

11,863

11,881

11,899

11,873

Residential mortgages

92,595

93,451

94,331

94,701

95,708

Credit card

—

Other retail

34,551

33,976

33,579

33,829

33,995

Total loans

143,819

144,009

144,190

144,917

145,906

Other Earning Assets

2,744

2,650

2,409

2,849

2,330

Total earning assets

146,563

146,659

146,599

147,766

148,236

Non-earning Assets

Goodwill

4,326

Other intangible assets

3,945

3,910

3,913

4,021

4,223

Other non-earning assets

2,192

2,217

2,136

2,114

2,080

Total non-earning assets

10,463

10,453

10,375

10,461

10,629

Total assets

157,026

157,112

156,974

158,227

158,865

Deposits

Noninterest-bearing deposits

19,138

18,677

18,427

19,531

19,782

Interest checking

72,579

73,037

72,168

71,235

70,610

Savings products

98,680

95,759

93,750

92,355

92,532

Time deposits

36,459

37,760

38,020

39,297

39,161

Total deposits

226,856

225,233

222,365

222,418

222,085

Other Interest-bearing Liabilities

2,429

2,883

2,874

2,127

1,553

Other Noninterest-bearing Liabilities

1,701

1,737

1,697

1,743

1,872

Total liabilities

230,986

229,853

226,936

226,288

225,510

Total U.S. Bancorp Shareholders' Equity

12,850

12,865

13,109

13,296

13,369

Noncontrolling Interests

—

Total Equity

12,850

12,865

13,109

13,296

13,369

CREDIT QUALITY

Net Charge-offs

Commercial

$14

$18

$13

$16

Commercial real estate

—

Residential mortgages

—

(1)

(2)

(1)

Credit card

—

Other retail

Total net charge-offs

$72

$75

$88

$79

$74

Net Charge-off Ratios

Commercial

1.16

1.19

1.66

1.15

1.47

Commercial real estate

—

.07

.10

.03

Residential mortgages

—

(.01)

—

Credit card

—

Other retail

.67

.70

.82

.79

.68

Total net charge-offs

.20

.21

.25

.22

.20

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

Nonperforming Assets

Nonperforming loans

$439

$429

$420

$413

$394

Other nonperforming assets

Total nonperforming assets

$460

$453

$442

$437

$417

CONSUMER AND BUSINESS BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

OTHER INFORMATION

Other Retail Loan Information

Average Balances

Retail leasing

$4,311

$3,746

$3,525

$3,572

$3,718

Home equity and second mortgages

11,633

11,515

11,477

11,451

11,355

Other

18,607

18,715

18,577

18,806

18,922

Total other retail

$34,551

$33,976

$33,579

$33,829

$33,995

Home equity first lien(a)

$4,103

$4,287

$4,471

$4,662

$4,861

Home equity loans

2,819

2,807

2,787

2,754

2,712

Home equity lines

8,814

8,708

8,690

8,697

8,643

Total home equity

$15,736

$15,802

$15,948

$16,113

$16,216

Net Charge-off Ratios (%)

Retail leasing

1.47

1.50

2.07

1.89

1.81

Home equity and second mortgages

—

.04

—

(.03)

Other

.90

.96

1.07

1.05

.88

Total other retail

.67

.70

.82

.79

.68

Retail Credit Production

Indirect loan/lease production volume

$1,960

$2,203

$1,681

$1,435

$1,660

Direct branch loan/line production volume

2,267

2,166

1,737

1,613

1,836

Other production volume

2,133

1,997

1,595

1,196

1,133

Total retail credit production volume

$6,360

$6,366

$5,013

$4,244

$4,629

Branch and ATM Data

# of branches

2,058

2,061

2,066

2,075

2,080

# of U.S. Bank ATMs

4,297

4,457

4,458

4,428

4,374

(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)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

Mortgage Banking Division Data

Mortgage banking revenue

Origination and sales(a)

$76

$83

$88

$84

$93

Loan servicing

167

164

163

165

173

Mortgage servicing rights fair value changes

net of economic hedges(b)

(9)

(27)

(11)

Other changes in mortgage servicing rights fair value(c)

(79)

(80)

(63)

(108)

(98)

Total mortgage banking revenue

$155

$169

$161

$130

$180

Mortgage production volume

$9,300

$10,605

$11,474

$12,627

$9,951

Mortgage application volume

$11,019

$14,795

$16,307

$16,214

$14,845

Mortgages serviced for others(d/e)

$215,851

$215,070

$215,409

$216,349

$216,146

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

(Dollars in Millions)

HFA(f)

Government

Conventional(g)

Total

Servicing portfolio(h)

$59,610

$22,646

$124,628

$206,884

Fair value

$965

$484

$1,970

$3,419

Value (bps)(i)

162

214

158

165

Weighted-average servicing fees (bps)

Multiple (value/servicing fees)

4.62

4.80

6.20

5.45

Weighted-average note rate

5.28

4.45

4.15

4.51

Weighted-average age (in years)

5.0

7.3

6.0

5.9

Weighted-average expected prepayment (constant prepayment rate)

8.5

8.7

7.2

7.7

Weighted-average expected life (in years)

8.1

7.2

7.5

7.6

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)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

$834

$774

$794

$781

Noninterest Income

Card revenue

300

295

263

291

279

Corporate payment and treasury management revenue

261

247

217

220

Merchant processing services

461

485

436

440

463

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

1,034

1,038

925

969

973

Total net revenue

1,868

1,812

1,719

1,763

1,754

Noninterest Expense

Compensation and employee benefits

244

241

236

235

231

Other intangibles

Net shared services

529

523

516

524

510

Other direct expenses

243

348

250

280

244

Total noninterest expense

1,040

1,131

1,020

1,060

1,005

Income before provision and income taxes

828

681

699

703

749

Provision for Credit Losses

594

385

347

461

409

Income before income taxes

234

296

352

242

340

Income taxes and taxable-equivalent adjustment

Net income

175

222

264

181

255

Net (income) loss attributable to noncontrolling interests

—

Net income attributable to U.S. Bancorp

$175

$222

$264

$181

$255

FINANCIAL RATIOS

Return on average assets

1.30

1.74

2.18

1.47

2.09

Net interest margin (taxable-equivalent basis)

6.88

6.76

7.32

7.17

7.21

Efficiency ratio

55.7

62.4

59.3

60.1

57.3

PAYMENT SERVICES

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$7,721

$7,426

$6,541

$6,798

$6,750

Commercial real estate

—

Residential mortgages

—

Credit card

40,222

38,403

37,341

37,019

36,079

Other retail

115

118

121

126

128

Total loans

48,058

45,947

44,003

43,943

42,957

Other Earning Assets

Total earning assets

48,069

45,954

44,008

43,948

42,962

Non-earning Assets

Goodwill

3,474

3,479

3,481

3,478

3,482

Other intangible assets

333

241

238

252

260

Other non-earning assets

1,455

1,497

1,282

1,244

1,724

Total non-earning assets

5,262

5,217

5,001

4,974

5,466

Total assets

53,331

51,171

49,009

48,922

48,428

Deposits

Noninterest-bearing deposits

2,379

2,390

2,425

2,432

2,370

Interest checking

—

Savings products

Time deposits

Total deposits

2,473

2,483

2,519

2,527

2,465

Other Interest-bearing Liabilities

170

243

361

325

257

Other Noninterest-bearing Liabilities

5,065

5,028

4,573

4,676

5,104

Total liabilities

7,708

7,754

7,453

7,528

7,826

Total U.S. Bancorp Shareholders' Equity

11,090

10,692

10,596

10,457

10,318

Noncontrolling Interests

—

Total Equity

11,090

10,692

10,596

10,457

10,318

CREDIT QUALITY

Net Charge-offs

Commercial

$—

Commercial real estate

—

Residential mortgages

—

Credit card

334

367

365

358

346

Other retail

Total net charge-offs

$336

$368

$367

$360

$347

Net Charge-off Ratios

Commercial

.05

—

.06

—

Commercial real estate

—

Residential mortgages

—

Credit card

3.29

3.83

3.96

3.84

3.80

Other retail

3.45

3.40

3.35

3.15

3.10

Total net charge-offs

2.77

3.21

3.38

3.25

3.20

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

Nonperforming Assets

Nonperforming loans

$—

Other nonperforming assets

—

Total nonperforming assets

$—

PAYMENT SERVICES

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

OTHER INFORMATION

Noninterest Income

Credit card

$300

$295

$263

$291

$279

Corporate payment products and prepaid

261

247

217

220

Global merchant acquiring

461

485

436

440

463

Payment Volumes

Credit card

$42,024

$41,000

$36,999

$39,651

$38,581

Debit card(a)

28,360

28,312

26,072

26,894

26,327

Prepaid card

1,938

1,961

1,920

2,080

1,609

Corporate payment products

26,908

25,227

22,688

21,413

23,312

Merchant volume

157,098

155,934

145,093

145,144

157,540

Total

256,328

252,434

232,772

235,182

247,369

# of merchant transactions (millions)

2,305

2,259

2,049

2,195

2,305

(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)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

($193)

($156)

($169)

($36)

($142)

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

(10)

(2)

(6)

(2)

Mortgage banking revenue

—

Investment products fees

—

Securities gains (losses), net

(65)

(49)

(35)

(7)

Other

(31)

(33)

(10)

(39)

(22)

Total noninterest income

(106)

(84)

(51)

(32)

(31)

Total net revenue

(299)

(240)

(220)

(68)

(173)

Noninterest Expense

Compensation and employee benefits

1,192

1,197

1,229

1,135

1,178

Other intangibles

—

Net shared services

(1,661)

(1,664)

(1,633)

(1,706)

(1,692)

Other direct expenses

680

640

686

643

649

Total noninterest expense

211

173

282

135

Income (loss) before provision and income taxes

(510)

(413)

(502)

(140)

(308)

Provision for Credit Losses

(124)

(54)

(117)

(96)

Income (loss) before income taxes

(386)

(359)

(594)

(23)

(212)

Income taxes and taxable-equivalent adjustment

(188)

(214)

(264)

(136)

(141)

Net income (loss)

(198)

(145)

(330)

113

(71)

Net (income) loss attributable to noncontrolling interests

(6)

(5)

(6)

(7)

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

($204)

($151)

($335)

$107

($78)

TREASURY AND CORPORATE SUPPORT

Preliminary data

Three Months Ended

(Dollars in Millions)

(Unaudited)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$710

$1,034

$874

$765

$756

Commercial real estate

—

Residential mortgages

—

Credit card

—

Other retail

Total loans

714

1,039

877

767

759

Other Earning Assets

203,061

204,750

212,810

219,700

224,122

Total earning assets

203,775

205,789

213,687

220,467

224,881

Non-earning Assets

Goodwill

—

Other intangible assets

Other non-earning assets

10,021

11,691

11,843

12,422

11,236

Total non-earning assets

10,027

11,697

11,850

12,429

11,243

Total assets

213,802

217,486

225,537

232,896

236,124

Deposits

Noninterest-bearing deposits

1,561

1,712

2,027

1,900

1,682

Interest-bearing deposits

(41)

258

506

2,494

8,782

Total deposits

1,520

1,970

2,533

4,394

10,464

Other Interest-bearing Liabilities

49,420

59,626

54,292

53,340

56,986

Other Noninterest-bearing Liabilities

2,630

1,991

2,938

4,470

4,122

Total liabilities

53,570

63,587

59,763

62,204

71,572

Total U.S. Bancorp Shareholders' Equity

18,002

18,219

17,922

16,295

14,936

Noncontrolling Interests

451

Total Equity

18,453

18,670

18,373

16,746

15,387

CREDIT QUALITY

Net Charge-offs

Commercial

$—

($1)

Commercial real estate

—

Residential mortgages

—

Credit card

—

Other retail

—

Total net charge-offs

$—

($1)

September 30,

2026

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

Nonperforming Assets

Nonperforming loans

$—

Other nonperforming assets

Total nonperforming assets

$18

$19

$17

$18

$20

EX-99.3

Filename: a3q26earningspresentatio.htm · Sequence: 4

a3q26earningspresentatio

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, or the effects of related litigation; 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; failures or disruptions in or breaches of U.S. Bancorp’s operational, technology, data security or other 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 reflecting strong loan and deposit growth, broad-based fee momentum and one full quarter of BTIG revenue 3Q26 Highlights Productivity • Top-line revenue growth and disciplined expense management drove positive operating leverage and improved efficiency Returns • Continued execution against strategic priorities supporting strong profitability and margin expansion Risk & Financial Management • Improving asset quality and strong capital levels 1 Taxable- quivalent basis; Non-GAAP; see appendix for calculation. 2 Non-GAAP; see appendix for calculations. 3 Common equity tier 1 capital to risk-weighted assets. 0.51% Net Charge-off Ratio 2 bps vs. 2Q26 5.6% Net Interest Income1 Growth vs. 3Q25 14.9% Fee Revenue Growth vs. 3Q25 240 bps Positive Operating Leverage2 vs. 3Q25 $1.34 Earnings per share 9.8% vs. 3Q25 18.5% Return on Tangible Common Equity2 1.25% Return on Average Assets 2.84% Net Interest Margin 5 bps vs. 2Q26 55.9% Efficiency Ratio2 130 bps vs. 3Q25 10.8% CET1 Capital Ratio3 Stable vs. 6/30/26

4©2026 U.S. Bank | Confidential Accelerating Growth Through Disciplined Execution Fee Revenue Growth YoY $3,545M 3Q26 Reported Fee Revenue Efficiency Ratio2 1 N -GAAP; excludes notable items for 4Q24; 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 1.9% 3.6% 5.1% 4.6% 9.5% 7.6% 6.9% 13.2% 14.9% 9.9% 7.6% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Excl. BTIG2 60.2% 59.9% 60.8% 59.2% 57.2% 57.4% 58.2% 57.1% 55.9% 56.7% 54.8% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Medium-term target3 = mid single digits Medium-term target3 = mid-to-high 50s Excl. BTIG2 1.03% 1.17% 1.25% 3Q24 3Q25 3Q26 Medium-term target3 = 1.15% to 1.35% Operating within our medium-term targets 1 1

5©2026 U.S. Bank | Confidential 3Q23 3Q26 1 Repres ts fee revenue contribution (past and expected) for capital markets comprised of Fixed Income, Currencies and Commodities (FICC), Impact Finance, and other capital markets related products as a percentage of total net revenue Our Strategy Capital Markets Fee Revenue Contribution to U.S. Bancorp1 FICC & Other Capital Markets FICC and BTIG continue to grow at a high single digit annual pace BTIG > USB clients USB > BTIG clients BTIG beyond Capital Markets (e.g., Investor Services, Wealth) Continued product and vertical expansion across FICC and BTIG (e.g., IB verticals, equity swaps, institutional rates and FX, cash macro, structured products, commodities) BTIG Investment Banking + Global Capital Markets Spotlight: Global Capital Markets A broader, integrated platform to expand Capital Markets’ contribution to the company Core Growth Deepening Shared Client Base Additional Capabilities Core Growth Deepening Shared Client Base Additional Capabilities 3 to 5 Years 10% 8% 4% + 70 - 80 bps + 30 - 40 bps + 90 - 100 bps Expected Strategic Growth BTIG Markets

©2025 U.S. Bank | Confidential 6 Strengthening Consumer & Small Business Franchise Franchise Footprint Executing our focused expansion market strategy Our strategy Increase branch density in existing footprint National expansion through client centers Prioritized investment in small business Digital capabilities & brand awareness Focused investment in higher-growth markets Supporting mortgage, wealth, commercial, CRE and institutional businesses Recently added 50 new business bankers in attractive markets Broaden reach through digital, partnerships and national marketing campaigns Client Centers Branch Network Select Future Branch Locations Recent SMB Expansion into Client Centers

©2025 U.S. Bank | Confidential 7 Built the Foundation Enhancing the Proposition Foundational capabilities Business Essentials | Money Movement | Cash Flow Tools › Represents 10% of total U.S. Bancorp revenue1 › Stable and diversified deposit base at a favorable cost Enhanced partnerships & scaled distribution Business Essentials Expansion | Increased Scale | Co-Brands › Business Essentials partnership expansion › Checking + Merchant + Card bundle › Premium Checking + Card bundle › Unique co-brand relationship › Increasing presence to expansion markets Spotlight: Small Business Banking Scaled, interconnected business banking franchise serving over 2 million small businesses $45B avg. deposits +2% vs 3Q25 $18B avg. loans +11% vs. 3Q25 $223M fees +9% vs 3Q25 3Q26 Highlights 1 For 3Q26

©2025 U.S. Bank | Confidential 8 Fee Revenue #3 U.S. commercial card issuer ranked by spend volume2 6% of U.S. Bancorp Total Net Revenue1 1 For the nine months ended September 30, 2026 fee revenue contribution as a percentage of total net revenue. 2 Volume per Nilson Report (Issue 1307, May 2026). 3 Based on earnings results for key competitors and company reports. Diversified payments platform benefiting from strong organic growth and market tailwinds Integrated Payments + Banking #1 Freight payments provider ranked by volume3 Spotlight: Corporate Payments & Treasury Management Integrated capabilities driving deeper client relationships and accelerated growth $407 $395 $408 $440 $4572.5% 0.1% 1.8% 4.7% 12.3% 3Q25 4Q25 1Q26 2Q26 3Q26 YoY % Growth Unique capabilities at scale Interoperability across payment rails Advanced solutions that deepen relationships Bringing payments + treasury together in one integrated solution Connecting traditional + emerging rails to stay at the center of money movement › Launched USBDC in September Growing wallet share, operating deposits, and fees $ in millions

9©2025 U.S. Bank | Confidential 3Q26 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 3Q26 2Q26 3Q25 Net interest income1 $4,490 2.3 % 5.6 % Noninterest income 3,480 4.7 13.1 Noninterest expense 4,493 1.5 7.1 Net income to company 2,202 1.1 10.0 Diluted EPS $1.34 (0.7) 9.8 Change vs. $ in millions 3Q26 2Q26 3Q25 Nonperforming assets $1,324 (1.6) % (20.0) % NPA ratio 0.32 % (1) bps (11) bps Net charge-off ratio 0.51 % (2) bps (5) bps 90+ day delinquency 0.18 % — bps (4) bps Ending balance Avg balance Average Period Balance change vs. $ in billions 3Q26 3Q26 2Q26 3Q25 Total assets $703.0 $696.6 0.3 % 2.5 % Earning assets 636.6 630.8 0.3 2.1 Total loans 415.2 409.5 1.0 8.0 Total deposits 531.7 526.6 2.2 2.9 Change vs. 3Q26 2Q26 3Q25 CET1 capital ratio2 10.8 % — bps (10) bps Total risk-based capital ratio 14.3 % (10) bps (10) bps Book value per share $38.27 (1.6) % 5.3 % Tangible book value per share3 $29.34 (2.3) % 5.4 % Earnings returned (millions)4 $847 Credit Quality

10©2025 U.S. Bank | Confidential 9 bps Net Interest Margin 130 bps Efficiency Ratio 1.17% 1.26% 1.25% Return on Average Assets 3Q25 2Q26 3Q26 57.2% 57.1% 55.9% 2.75% 2.79% 2.84% Efficiency Ratio Net Interest Margin 3Q25 2Q26 3Q26 Performance Ratios 13.5% 14.0% 13.6% Return on Average Common Equity 3Q25 2Q26 3Q26 18.6% 18.7% 18.5% Return on Tangible Common Equity 3Q25 2Q26 3Q26 Return on Average Assets Return on Average Common Equity Return on Tangible Common Equity1 Efficiency Ratio1 & Net Interest Margin 2 1 N -GAAP; see appendix for calculations 2 Net interest margin on a taxable-equivalent basis; see appendix for calculations 8 bps Year-over-year Continued strength across key metrics 10 bps Year-over-year 10 bps Year-over-year Year-over-year

11©2026 U.S. Bank | Confidential Securities 5.97% 5.80% 5.69% 5.67% 5.75% Loans and Earning Assets Mix 379 384 394 405 410 138 142 148 156 155 48 48 49 51 53 36 37 37 38 40 157 157 160 160 162 Commercial Commercial Real Estate Credit Card Other 3Q25 4Q25 1Q26 2Q26 3Q26 32% 36% 30% 29% 31% 27% 7% 8% 3Q22 3Q26 Strategic loan growth and asset mix support improving returns 3Q26 Growth YoY 2.9% 11.5% 9.8% 12.3% Floating Rate Earning Asset MixTotal Average Loans Average Loan Yield Priority growth areas $ $ $ $ $ $ in billions 1 Floating rate loans include fixed rate loans with maturities less than 1 year. 2 Other includes Residential mortgages and Other retail 8.0% Floating Rate Loans1 Fixed Rate Loans Other Assets 2

12©2026 U.S. Bank | Confidential Deposits and Funding Mix $512 $515 $515 $515 $527 $268 $269 $270 $273 $275 $244 $246 $245 $242 $252 Consumer Wholesale, Trust, Other 3Q25 4Q25 1Q26 2Q26 3Q26 Funding Mix 77% 78% 80% 10% 8% 8% 13% 14% 12% 3Q25 2Q26 3Q26 Wholesale Borrowings CDs Noninterest Bearing + Managed Deposits Cost of Deposits 2.43% 2.25% 2.13% 2.15% 2.22% 2.05% 1.89% 1.80% 1.81% 1.88% Interest Bearing Deposit Cost Total Deposit Cost 3Q25 4Q25 1Q26 2Q26 3Q26 Total Cost of Funds 2.09% 1.87% 1.88% 2.78% 2.50% 2.53% Total Funding Cost Interest Bearing Liability Cost 3Q25 2Q26 3Q26 Strong relationship deposit growth underpins funding strength 3Q26 Growth YoY Total Average Deposits 3.1% 2.7% (7%) 6% (19%) 2.9% $ in billions 1 Consumer includes Wealth. 3Q26 Growth YoY 1

13©2025 U.S. Bank | Confidential • Strong loan growth, lower cost deposit growth, and an improved earning asset mix supported year-over-year growth in net interest income • Linked quarter net interest income increase driven by loan and deposit growth and the benefits of fixed asset repricing Net Interest Income % Change vs. 3Q26 2Q26 3Q25 Loans $5,920 3.4 % 4.1 % Loans held for sale 41 (4.7) 17.1 Investment securities 1,303 (3.1) (6.4) Other interest income 510 5.6 (25.8) Total interest income $7,774 2.3 (.4) Deposits $2,491 6.9 (5.9) Short-term borrowings 198 (20.5) (2.5) Long-term debt 617 (6.2) (15.4) Total interest expense $3,306 2.1 (7.7) Net interest income $4,468 2.5 5.8 Taxable-equivalent adjustment 22 (15.4) (24.1) Net interest income, on a taxable-equivalent basis $4,490 2.3 % 5.6 % Net interest margin (taxable-equivalent basis) 2.84 % 5 bps 9 bps Momentum supported by loan and deposit growth and net interest margin expansion $ in millio s

14©2025 U.S. Bank | Confidential Noninterest Income $ in millions nm = not meaningful 1 Other managed payments includes Debit and Treasury Management not reported in Payment Services. % Change vs. 3Q26 2Q26 3Q25 Payment services $1,034 (0.4) % 6.3 % Other managed payments1 324 0.6 3.8 Consolidated payments fees 1,358 (0.1) 5.7 Trust and investment management fees 802 2.2 9.9 Capital markets revenue 640 25.0 69.3 Investment product fees 116 13.7 19.6 Institutional fees 1,558 11.4 29.3 Lending and deposit-related fees 308 — 6.2 Mortgage banking revenue 155 (8.3) (13.9) Other 166 20.3 32.8 Consumer / Other 629 2.3 5.7 Total fee revenue 3,545 5.1 14.9 Securities gains (losses), net (65) (32.7) nm Noninterest Income $3,480 4.7 % 13.1 % Strong activity across most fee businesses • Fee revenue increased 14.9% year-over-year, reflecting broad-based strength across our differentiated fee businesses and one full quarter of BTIG • BTIG contributed $226 million primarily in Capital Markets fee revenue in the third quarter

15©2025 U.S. Bank | Confidential Noninterest Expense $ in millio s 1 Non-GAAP; see appendix for calculations % Change vs. 3Q26 2Q26 3Q25 Compensation and benefits $2,753 2.5 % 7.5 % Technology and communications 666 10.8 18.9 Occupancy and equipment 309 2.0 3.0 Professional services 115 2.7 (1.7) Marketing and business development 199 (7.9) 13.7 Other intangibles 127 11.4 1.6 All other 324 (18.4) (9.7) Total noninterest expense $4,493 1.5 % 7.1 % Investing for growth while delivering significant productivity gains • Noninterest expense increased 7.1% on a year-over-year basis reflecting the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher technology and communications expense, and increased marketing and business development expense. Excluding BTIG, noninterest expense increased 2.0%1 year-over-year. • BTIG contributed $213 million in noninterest expense in the third quarter, which included $22 million of merger-related integration and intangible amortization costs

16©2025 U.S. Bank | Confidential $32.2 $34.7 $36.1 $40.2 FICO >= 660 FICO < 660 3Q23 3Q24 3Q25 3Q26 3.18% 4.11% 3.80% 3.29% 1.34% 1.48% 1.36% 1.35% NCO Ratio 30-89 day delinquencies 3Q23 3Q24 3Q25 3Q26 $571 $577 $576 $538 $654 $536 $527 $546 $536 $523 2.06% 2.03% 2.00% 1.94% 1.97% Credit Quality Change vs. 3Q26 2Q26 3Q25 Nonperforming assets Balance $1,324 $(22) $(330) NPAs/period-end loans plus OREO 0.32 % (1) bps (11) bps Net charge-offs NCOs $523 $(13) $(13) NCOs/avg loans 0.51 % (2) bps (5) bps Provision for Credit Losses Net Charge-offs (NCO) and Nonperforming Assets (NPA) NCOs Reserve Build (Release) Allowance for Credit Losses / Period-end Loans 3Q25 4Q25 1Q26 $35 2Q26 $50 $30 3Q26 $2 $131 Credit Card Net Receivable Trends ($ in billions) Credit metrics improved; Disciplined growth in credit cards Credit Card Performance 86% 14% 87% 13% 87% 13% 87% 13% $ in millions, unless specified

17©2025 U.S. Bank | Confidential • CET1 ratio was 10.8%, or 9.1% including AOCI2 as of September 30, 2026 • Long-term commitment to 70-75% capital deployment 8.5% 10.9% 10.8% 10.8% 10.8% 10.8% 6.5% 9.2% 9.3% 9.3% 9.4% 9.1% 1Q23 3Q25 4Q25 1Q26 2Q26 3Q26 Capital Management Strong earnings generation supported continued capital strength 1 1Q23 ratios calculated in accordance with transitional regulatory requirements related to the CECL methodology 2 Non GAAP; see appendix for calculations 3rd Quarter Highlights CET1 Ratio Including AOCI 2 Common Equity Tier 1 Capital Ratio 1

©2025 U.S. Bank | Confidential 18 AOCI Adjusted Capital Metrics Trends 9.4% 0.3% (0.3)% (0.4)% 0.1% 9.1% 2Q26 Earnings Net of Distributions RWA Growth & Strategic Partnership Onboarding Change in AOCI Other 3Q26 CET1 Ratio Incl. AOCI Tangible Common Equity as a % of Tangible Assets 6.6% 0.2% 0.1% (0.3)% 6.6% 2Q26 Earnings Net of Distributions Change in Ending Assets Change in AOCI 3Q26 -30bps +6bps Unusual demands on capital in the third quarter not expected to recur • Risk weighted assets increased $12 billion partially driven by one-time onboarding of a large co- brand partnership • 86 basis point increase in 5-year treasury rates vs. June 30, 2026 while credit spreads widened AOCI - Accumulated Other Comprehensive Income; CET1 - Common Equity Tier 1; TCE - Tangible Common Equity; RWA - Risk Weighted Assets

19©2025 U.S. Bank | Confidential +7% to 9% | +5% to 7% vs. prior guidance Guidance - 4Q and FY 2026 1 Taxable-equivalent basis; see appendix for calculation. Operating leverage definition excludes securities gains and losses; see appendix for calculations. 3Q26 Performance Net interest income1 Total noninterest expense 3Q Guidance 3Q Result $4,490M +5.6% vs. 3Q25 $4,492M +7.1% vs. 3Q25 Total fee revenue $3,545M +14.9% vs. 3Q25 4Q26 Net interest income1 Total noninterest expense Total fee revenue +4% to 6% vs. 3Q25 of $4,251M +12% to 14% vs. 3Q25 of $3,085M +~8% vs. 3Q25 of $4,197M Total net revenue Positive operating leverage ~300 bps ~400bps excluding BTIG +8% to 9% vs. FY25 of $28.7B1 +6% to 7% excluding BTIG BTIG expected to add ~$200M of quarterly net revenue +6% to 7% vs. 4Q25 of $4,312M +13% to 14% vs. 4Q25 of $3,050M +~8% vs. 4Q25 of $4,227M Guidance FY 2026 vs. prior ~200bps | 300+ bps vs. prior +7% to 9% | +5% to 7%

20©2025 U.S. Bank | Confidential Focused on our Medium-Term Targets 1 N -GAAP; see appendix for calculations. 2 Excludes securities gains (losses). 3 Medium-term represents 2026 and 2027; subject to economic assumptions described in the appendix. 3Q 2025 2Q 2026 3Q 2026 Medium-term Target3 Return on Average Assets 1.17% 1.26% 1.25% 1.15% to 1.35% Return on Tangible Common Equity1 18.6% 18.7% 18.5% High teens Fee Revenue Growth (YoY)2 9.5% 13.2% 14.9% Mid-single digits Efficiency Ratio1 57.2% 57.1% 55.9% Mid-to-high 50s Operating Leverage (YoY)1 530 bps 400 bps 240 bps Committed to positive operating leverage CET1 Capital Ratio (Cat III) 10.9% 10.8% 10.8% ~10% Cat II pro forma CET1 Capital Ratio with AOCI1 9.2% 9.4% 9.1%

21©2025 U.S. Bank | Confidential From Strength to Acceleration • Helping clients thrive with leading-edge products and services • Comfortably operating in medium-term target ranges • Sustaining high returns and productivity while accelerating EPS growth • Attractive, diversified fee complex, increasingly delivering scale and national presence

23©2025 U.S. Bank | Confidential Income Statement Detail 1 Taxabl -equivalent basis 2 Non-GAAP; see appendix for calculations % Change $ in millions, except EPS 3Q26 2Q26 3Q25 vs 2Q26 vs 3Q25 Net interest income $4,468 $4,361 $4,222 2.5 % 5.8 % Taxable-equivalent adjustment 22 26 29 (15.4) (24.1) Net interest income (taxable-equivalent basis) 4,490 4,387 4,251 2.3 5.6 Noninterest income 3,480 3,325 3,078 4.7 13.1 Net revenue 7,970 7,712 7,329 3.3 8.7 Noninterest expense 4,493 4,428 4,197 1.5 7.1 Operating income 3,477 3,284 3,132 5.9 11.0 Provision for credit losses 654 538 571 21.6 14.5 Income before taxes 2,823 2,746 2,561 2.8 10.2 Applicable income taxes 615 563 553 9.2 11.2 Net income 2,208 2,183 2,008 1.1 10.0 Noncontrolling interests (6) (6) (7) — 14.3 Net Income to company 2,202 2,177 2,001 1.1 10.0 Preferred dividends/other 107 79 108 35.4 (0.9) Net Income to common $2,095 $2,098 $1,893 (0.1) % 10.7 % Net interest margin1 2.84% 2.79% 2.75% 5 bps 9 bps Efficiency ratio2 55.9% 57.1% 57.2% (120) bps (130) bps Diluted EPS $1.34 $1.35 $1.22 (0.7) % 9.8 %

24©2025 U.S. Bank | Confidential $109 $50 Core C&I NDFI 9/30/2026 NDFI Portfolio - Well Diversified, Strong Credit Quality Loan composition based on ending balances ($ 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) 3Q26 Category Allocation & Credit Category Rating1 Private Equity A+ Business AA- Consumer AA Mortgage BBB+ Other A-13.0% 18.2% 12.5% 26.3% 30.0% 9/30/2026 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 compared to 1.7% for core C&I portfolio (excl. NDFI). U.S. Bancorp has limited exposure to Business Development Corporations (BDCs) at approximately 1.9% of total NDFI portfolio • Asset quality supported by strong collateral and structural protections (performance covenants, overcollateralization)

25©2025 U.S. Bank | Confidential Capital Position $ in billions 3Q26 2Q26 1Q26 4Q25 3Q25 Total U.S. Bancorp shareholders’ equity $66.4 $67.4 $65.8 $65.2 $63.3 Basel III Standardized Approach Common equity tier 1 capital ratio 10.8 % 10.8 % 10.8 % 10.8 % 10.9 % Tier 1 capital ratio 12.3 % 12.2 % 12.3 % 12.3 % 12.4 % Total risk-based capital ratio 14.3 % 14.4 % 14.2 % 14.2 % 14.4 % Leverage ratio 9.0 % 8.9 % 8.8 % 8.7 % 8.6 % Common equity to assets 8.5 % 8.4 % 8.4 % 8.4 % 8.1 % Tangible common equity to tangible assets 1 6.6 % 6.6 % 6.7 % 6.7 % 6.4 % Tangible common equity to risk-weighted assets 1 9.0 % 9.4 % 9.4 % 9.4 % 9.3 % 1 N -GAAP; see appendix for calculations

26©2025 U.S. Bank | Confidential Credit Quality - Commercial $138,356 $141,507 $148,056 $155,573 $155,360 0.09 % 0.30 % 0.33 % 0.25 % 0.22 % Average Loans NCO% 3Q25 4Q25 1Q26 2Q26 3Q26 Key StatisticsAverage Loans ($M) and Net Charge-offs Ratio 0.3% 2.3% 4.6% 5.1% (0.1)% Linked Quarter Growth Key Points • Allowance for credit losses of $1.8 billion, or 1.1% of total loans • Average loans decreased by 0.1% on a linked quarter basis • The NCO rate improved, while other credit metrics remained relatively stable • Utilization decreased on a linked quarter basis to 25.7% for 3Q26 versus 26.2% for 2Q26 $ in millions 3Q25 2Q26 3Q26 Average loans $138,356 $155,573 $155,360 30-89 delinquencies 0.14 % 0.13 % 0.12 % 90+ delinquencies 0.01 % 0.01 % 0.01 % Nonperforming loans 0.52 % 0.25 % 0.27 % Revolving Line Utilization Trend 1Q 18 3Q 18 1Q 19 3Q 19 1Q 20 3Q 20 1Q 21 3Q 21 1Q 22 3Q 22 1Q 23 3Q 23 1Q 24 3Q 24 1Q 25 3Q 25 1Q 26 3Q 26 10% 20% 30% 40%

27©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 (0.5)% 0.5% 1.9% 3.7% 3.4% • Allowance for credit losses of $1.2 billion, or 2.2% of total loans • Average loans increased by 3.4% on a linked quarter basis • Nonperforming loans continued to decline reflecting resolution of problem Office loans $48,246 $48,490 $49,408 $51,257 $52,991 0.85 % (0.02) % (0.07) % 0.10 % 0.31 % Average Loans NCO% 3Q25 4Q25 1Q26 2Q26 3Q26 CRE by Property Class SFR Construction 7% Owner Occupied 19% Multi-Family 38% Office 7% Industrial 15% Other 14% $ in millions 3Q25 2Q26 3Q26 Average loans $48,246 $51,257 $52,991 30-89 delinquencies 0.16 % 0.13 % 0.16 % 90+ delinquencies 0.04 % 0.01 % 0.01 % Nonperforming loans 1.20 % 1.09 % 0.97 % 1 1 SFR = Si gle Family Residential

28©2025 U.S. Bank | Confidential Credit Quality - Residential Mortgage $114,780 $115,390 $116,690 $117,196 $116,886 0.00 % (0.01) % 0.00 % 0.00 % 0.00 % Average Loans NCO% 3Q25 4Q25 1Q26 2Q26 3Q26 Key Points • Allowance for credit losses of $0.7 billion, or 0.6% of total loans • Average loans decreased by 0.3% on a linked quarter basis • Continued low losses and nonperforming loans supported by strong credit quality and collateral values • High credit quality originations continued (weighted average credit score of 774, weighted average LTV of 69%) Linked Quarter Growth Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 3Q25 2Q26 3Q26 Average loans $114,780 $117,196 $116,886 30-89 delinquencies 0.14 % 0.15 % 0.17 % 90+ delinquencies 0.26 % 0.20 % 0.19 % Nonperforming loans 0.12 % 0.15 % 0.15 % (0.7)% 0.5% 1.1% 0.4% (0.3)% Residential Mortgage Delinquency Rates 30-89 days past due 90+ days past due 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 —% 0.10% 0.20% 0.30%

29©2025 U.S. Bank | Confidential Credit Quality - Credit Card $36,079 $37,019 $37,341 $38,403 $40,222 3.80 % 3.84 % 3.96 % 3.83 % 3.29 % Average Loans NCO% 3Q25 4Q25 1Q26 2Q26 3Q26 Key Points • Allowance for credit losses of $3.6 billion, or 8.7% of total loans • Average loans increased by 4.7% on a linked quarter basis driven by the small business credit card portfolio acquisition • Net charge-off ratio decreased to 3.29% consistent with seasonality • 30-89 delinquency rates increased to 1.35% consistent with portfolio acquisition onboarding and seasonality Average Loans ($M) and Net Charge-offs Ratio Key Statistics 1.8% 2.6% 0.9% 2.8% 4.7% Linked Quarter Growth $ in millions 3Q25 2Q26 3Q26 Average loans $36,079 $38,403 $40,222 30-89 delinquencies 1.36 % 1.17 % 1.35 % 90+ delinquencies 1.26 % 1.13 % 1.10 % Nonperforming loans — % — % — % Credit Card Delinquency Rates 30-89 days past due 90+ days past due 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 —% 0.5% 1.0% 1.5% 2.0%

30©2025 U.S. Bank | Confidential Credit Quality - Other Retail Key Points • Allowance for credit losses of $0.9 billion, or 1.9% of total loans • Average loans increased 2.4% on a linked quarter basis • Net charge-off ratio decreased 3 bps on a linked quarter basis Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth 1.6% 0.5% 0.4% 2.3% 2.4% $41,691 $41,879 $42,065 $43,052 $44,089 0.55 % 0.64 % 0.67 % 0.56 % 0.53 % Average Loans NCO% 3Q25 4Q25 1Q26 2Q26 3Q26 Auto Loans 7% Installment 38% Home Equity 32% Retail Leasing 10% Revolving Credit 13% $ in millions 3Q25 2Q26 3Q26 Average loans $41,691 $43,052 $44,089 30-89 delinquencies 0.42 % 0.37 % 0.40 % 90+ delinquencies 0.12 % 0.09 % 0.10 % Nonperforming loans 0.37 % 0.37 % 0.35 %

31©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 Medium- erm represents 2026 and 2027 2 Key assumptions as of September 12, 2024 and presented at Investor Day

32©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Net income applicable to U.S. Bancorp common shareholders $ 2,095 $ 2,098 $ 1,893 Intangibles amortization (net-of-tax) 100 90 99 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 2,195 2,188 1,992 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 8,708 8,776 7,903 Average total equity 68,214 67,327 63,101 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (463) (462) (458) Average goodwill (net of deferred tax liability) (1) (12,197) (11,796) (11,609) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,684) (1,409) (1,659) Average tangible common equity (b) 47,062 46,852 42,567 Return on tangible common equity (a)/(b) 18.5 % 18.7 % 18.6 % (1) – see last page in appendix for corresponding notes

33©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (Dollars and Shares in Millions Except Per Share Data, Unaudited) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Total equity $ 66,888 $ 67,895 $ 66,247 $ 65,651 $ 63,798 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolling interest (463) (463) (461) (458) (458) Common equity (a) 59,617 60,624 58,978 58,385 56,532 Goodwill (net of deferred tax liability) (1) (12,185) (12,193) (11,588) (11,603) (11,603) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,713) (1,624) (1,429) (1,507) (1,605) Tangible common equity (b) 45,719 46,807 45,961 45,275 43,324 Total assets (c) 702,966 725,918 700,998 692,345 695,357 Goodwill (net of deferred tax liability) (1) (12,185) (12,193) (11,588) (11,603) (11,603) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,713) (1,624) (1,429) (1,507) (1,605) Tangible assets (d) 689,068 712,101 687,981 679,235 682,149 Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company (e) 508,174 496,488 487,958 480,382 465,092 Common shares outstanding (f) 1,558 1,558 1,555 1,555 1,556 Ratios* Common equity to assets (a)/(c) 8.5% 8.4% 8.4% 8.4% 8.1% Tangible common equity to tangible assets (b)/(d) 6.6 6.6 6.7 6.7 6.4 Tangible common equity to risk-weighted assets (b)/(e) 9.0 9.4 9.4 9.4 9.3 Tangible book value per common share (b)/(f) $ 29.34 $ 30.04 $ 29.56 $ 29.12 $ 27.84 * (1) – see last page in appendix for corresponding notes *Preliminary data. Subject to change prior to filings with applicable regulatory agencies.

34©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (Dollars in Millions, Unaudited) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 March 31, 2023 Common equity tier 1 capital, determined in accordance with prescribed regulatory capital requirements effective for the company (a) 55,023 53,575 52,648 51,665 50,587 42,027 Accumulated Other Comprehensive Income (AOCI) related adjustments (2) (8,853) (6,790) (7,049) (6,893) (7,638) (10,153) Common equity tier 1 capital, including AOCI related adjustments (2) (b) 46,170 46,785 45,599 44,772 42,949 31,874 Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the company (c) 508,174 496,488 487,958 480,382 465,092 494,048 Ratios Common equity tier 1 capital ratio (a)/(c) 10.8 % 10.8 % 10.8 % 10.8 % 10.9 % 8.5 % Common equity tier 1 capital ratio, including AOCI related adjustments (2) (b)/(c) 9.1 9.4 9.3 9.3 9.2 6.5 (2) – see last page in appendix for corresponding notes

35©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 September 30, 2025 June 30, 2026 June 30, 2025 September 30, 2025 September 30, 2024 Net interest income $ 4,468 $ 4,222 $ 4,361 $ 4,051 $ 4,222 $ 4,135 Taxable-equivalent adjustment (3) 22 29 26 29 29 31 Net interest income, on a taxable-equivalent adjustment basis 4,490 4,251 4,387 4,080 4,251 4,166 Net interest income, on a taxable-equivalent basis (as calculated above) 4,490 4,251 4,387 4,080 4,251 4,166 Noninterest income 3,480 3,078 3,325 2,924 3,078 2,698 Total net revenue 7,970 7,329 7,712 7,004 7,329 6,864 Less: Securities gains (losses), net (65) (7) (49) (57) (7) (119) Total net revenue, excluding net securities gains (losses) (a) 8,035 7,336 7,761 7,061 7,336 6,983 Percent change (b) 9.5 % 9.9 % 5.1 % Less: BTIG fee revenue 226 — 98 Total net revenue, excluding BTIG fee revenue (c) 7,809 7,336 7,663 Percent change (d) 6.4 % Noninterest expense (e) 4,493 4,197 4,428 4,181 4,197 4,204 Percentage change (f) 7.1 % 5.9 % (0.2) % Less: BTIG noninterest expense 213 — 84 — Total noninterest expense, excluding BTIG noninterest expense (g) 4,280 4,197 4,344 4,181 Percentage change (h) 2.0 % 3.9 % Operating leverage (b) - (f) 2.4 % 4.0 % 5.3 % Operating leverage, excl. BTIG impact (d) - (h) 4.4 % Efficiency ratio (e) / (a) 55.9 % 57.1 % 57.2 % Efficiency ratio, excl. BTIG impact (g) / (c) 54.8 % 56.7 % (3) – see last page in appendix for corresponding notes

36©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 September 30, 2025 June 30, 2026 June 30, 2025 December 31, 2024 December 31, 2023 Fee revenue 3,545 3,085 3,374 2,981 2,834 2,618 Less: Notable items (4) — — — — — (118) Total fee revenue, excluding notable items 3,545 3,085 3,374 2,981 2,834 2,736 Percent change 14.9 % 13.2 % 3.6 % Less: BTIG fee revenue 226 — 98 — Total fee revenue, excluding BTIG fee revenue 3,319 3,085 3,276 2,981 Percentage change 7.6 % 9.9 % (4) – see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 September 30, 2025 Capital markets revenue 640 378 Less: BTIG fee revenue 223 — Capital markets revenue, excluding BTIG fee revenue 417 378 Percentage change 10 % Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 September 30, 2025 Total net revenue 7,970 7,329 Less: BTIG fee revenue 226 — Total net revenue, excluding BTIG fee revenue 7,744 7,329 Percentage change 6 %

37 Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 September 30, 2025 Net income applicable to U.S. Bancorp common shareholders (a) $ 2,095 $ 1,893 Less: Provision for acquired loans (b) (101) — Net income applicable to U.S. Bancorp common shareholders, excluding provision for acquired loans (c) 2,196 1,893 Average diluted common shares outstanding (d) 1,558 1,556 Diluted earnings per common share (a)/(d) $ 1.34 $ 1.22 Percentage change 10 % Diluted earnings per common share, excluding provision for acquired loans (c)/(d) $ 1.41 $ 1.22 Percentage change 16 % EPS impact from acquired loans provision (b)/(d) $ (0.07)

38©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (3), (4) - see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net interest income $ 4,263 $ 4,284 $ 4,222 $ 4,051 $ 4,092 $ 4,146 $ 4,135 Taxable-equivalent adjustment (3) 28 28 29 29 30 30 31 Net interest income, on a taxable-equivalent adjustment basis 4,291 4,312 4,251 4,080 4,122 4,176 4,166 Net interest income, on a taxable-equivalent basis (as calculated above) 4,291 4,312 4,251 4,080 4,122 4,176 4,166 Noninterest income 2,997 3,053 3,078 2,924 2,836 2,833 2,698 Total net revenue 7,288 7,365 7,329 7,004 6,958 7,009 6,864 Less: Securities gains (losses), net (35) 3 (7) (57) — (1) (119) Total net revenue, excluding net securities gains (losses) (a) 7,323 7,362 7,336 7,061 6,958 7,010 6,983 Noninterest expense (b) 4,265 4,227 4,197 4,181 4,232 4,311 4,204 Less: Notable items (4) — — — — — 109 — Total noninterest expense, excluding notable items (c) 4,265 4,227 4,197 4,181 4,232 4,202 4,204 Efficiency ratio (b) / (a) 58.2 % 57.4 % 57.2 % 59.2 % 60.8 % 61.5 % 60.2 % Efficiency ratio, excluding notable items (c)/(a) 59.9 %

39©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 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.

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v3.26.3

Cover Page

Oct. 15, 2026

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8-K

Document Period End Date

Oct. 15, 2026

Entity Registrant Name

US BANCORP \DE\

Entity File Number

1-6880

Entity Incorporation, State or Country Code

Entity Tax Identification Number

41-0255900

Entity Address, Address Line One

200 S. Sixth St.

Entity Address, City or Town

Minneapolis

Entity Address, State or Province

Entity Address, Postal Zip Code

55402

City Area Code

651

Local Phone Number

466-3000

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

Entity Listings [Line Items]

Title of 12(b) Security

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

Trading Symbol

USB/28

Security Exchange Name

NYSE

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

Entity Listings [Line Items]

Title of 12(b) Security

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

Trading Symbol

USB/32

Security Exchange Name

NYSE

Common Stock, $.01 par value per share

Entity Listings [Line Items]

Title of 12(b) Security

Common Stock, $.01 par value per share

Trading Symbol

USB

Security Exchange Name

NYSE

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

Entity Listings [Line Items]

Title of 12(b) Security

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

Trading Symbol

USB PrA

Security Exchange Name

NYSE

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

Entity Listings [Line Items]

Title of 12(b) Security

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

Trading Symbol

USB PrH

Security Exchange Name

NYSE

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

Entity Listings [Line Items]

Title of 12(b) Security

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

Trading Symbol

USB PrP

Security Exchange Name

NYSE

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

Entity Listings [Line Items]

Title of 12(b) Security

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

Trading Symbol

USB PrQ

Security Exchange Name

NYSE

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

Entity Listings [Line Items]

Title of 12(b) Security

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

Trading Symbol

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Security Exchange Name

NYSE

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

Entity Listings [Line Items]

Title of 12(b) Security

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