STOCK TITAN
  1. Home
  2. SEC Filings
  3. USB
  4. [8-K] US BANCORP DE Reports Material Event

U.S. Bancorp Q3 earnings rise 10% to $2.2B

USBDC’s pilot evaluated minting, redemption, freezing and clawbacks, as well as tools for managing and moving tokenized assets.

Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment worksHow the balance works

Form Type
8-K

Rhea-AI Filing Summary

U.S. Bancorp reported third-quarter 2026 net revenue of $7,970 million, up 8.7% from the third quarter of 2025, and net income attributable to U.S. Bancorp of $2,202 million, up 10.0%. Diluted earnings per common share were $1.34, compared with $1.22 a year earlier. Net interest income was $4,468 million, up 5.8%; noninterest income rose 13.1% to $3,480 million, while noninterest expense increased 7.1% to $4,493 million. The provision for credit losses was $654 million, up 14.5%.

Average loans increased 8.0% year over year to $409,548 million and average deposits rose 2.9% to $526,602 million. Net interest margin was 2.84%, compared with 2.75%; the net charge-off ratio was 0.51%, compared with 0.56%. The preliminary common equity tier 1 capital ratio was 10.8% at September 30, 2026.

U.S. Bank completed a live pilot cross-border payment using its USBDC dollar-backed stablecoin between bank entities in North America and Europe on the Stellar blockchain. It also launched Business Essentials and Business Essentials Plus small-business credit cards, with cash-back rewards and expense-management tools.

2 points · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 3 points

How the balance works

Positive

  • Moderate pointThird-quarter net revenue reached $7,970 million, up 8.7% year over year.
  • Moderate pointNet income attributable to U.S. Bancorp rose 10.0% to $2,202 million.

Negative

  • Moderate pointCredit-loss provision increased 14.5% year over year to $654 million.
  • Moderate pointNoninterest expense increased 7.1% year over year to $4,493 million.
  • Minor pointPayment Services net income fell 31.4% year over year to $175 million.

Filing Explained

The small-business card portfolio purchase was reflected in third-quarter credit costs: U.S. Bancorp recorded $135 million of initial provision for credit losses and a separate $55 million allowance for acquired credit losses tied to the purchase.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net revenue $7,970 million Third quarter 2026; up 8.7% from third quarter 2025
Net income attributable to U.S. Bancorp $2,202 million Third quarter 2026; up 10.0% from third quarter 2025
Diluted earnings per common share $1.34 Third quarter 2026; up 9.8% year over year
Net interest income $4,468 million Third quarter 2026; up 5.8% from third quarter 2025
Provision for credit losses $654 million Third quarter 2026; up 14.5% from third quarter 2025
Net interest margin 2.84% Third quarter 2026; up 9 basis points from third quarter 2025
Common equity tier 1 capital ratio 10.8% Preliminary figure at September 30, 2026
taxable-equivalent basis financial
"Net interest income on a taxable-equivalent basis was $4,490 million"
net interest margin financial
"Net interest margin was 2.84 percent in the third quarter of 2026"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
Common equity tier 1 capital ratio regulatory
"Common equity tier 1 capital ratio was 10.8 percent"
A bank’s common equity tier 1 (CET1) capital ratio measures the size of its strongest loss-absorbing capital—mainly common shares and retained earnings—relative to the bank’s assets after adjusting those assets for how risky they are (riskier loans count more). Think of it as the safety cushion compared with the weight of risky business; investors use it to judge a bank’s ability to survive losses, meet rules, and sustain dividends or growth.
stablecoin technical
"its proprietary U.S. dollar-backed stablecoin"
A stablecoin is a type of digital currency designed to keep its value steady, often by being backed by traditional assets like money or commodities. For investors, stablecoins offer a reliable way to move money quickly across digital platforms without the value fluctuations common with other cryptocurrencies, making them useful for saving, trading, or transferring funds with less risk of sudden losses.
Net revenue $7,970 million Up 8.7% year over year
Net income attributable to U.S. Bancorp $2,202 million Up 10.0% year over year
Diluted earnings per common share $1.34 Up 9.8% year over year
Provision for credit losses $654 million Up 14.5% year over year
Net interest margin 2.84% Up 9 basis points year over year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue did USB report for the third quarter of 2026?
U.S. Bancorp reported net revenue of $7,970 million for the third quarter of 2026, up 8.7% from $7,329 million in the third quarter of 2025.

What was USB's diluted EPS in the third quarter of 2026?
U.S. Bancorp reported diluted earnings per common share of $1.34 for the third quarter of 2026, compared with $1.22 in the third quarter of 2025. Net income attributable to U.S. Bancorp was $2,202 million, up 10.0% year over year.

What did U.S. Bancorp's USBDC stablecoin pilot test?
U.S. Bank's USBDC pilot tested a cross-border payment between U.S. Bank entities in North America and Europe on the Stellar blockchain. The transaction evaluated minting, payment redemption, freezing and clawbacks, managing and moving tokenized assets, and creating a foundation for issuing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Available on EDGAR Accepted by SEC EDGAR
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)
Delaware41-0255900
(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 shareUSBNew 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 PrANew 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 PrHNew 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 PrPNew 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 PrQNew 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 PrRNew 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 PrSNew York Stock Exchange
Floating Rate Notes, Series CC (Senior), due May 21, 2028USB/28New York Stock Exchange
4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032USB/32New 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.
104Cover 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

usbancorplogo_large.jpg    
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 
$.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
10.8
10.9
(a) See Non-GAAP Financial Measures reconciliation on page 16
(b) Dollars in millions, except per share data
(c) CET1 = Common equity tier 1 capital ratio
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    
usbancorplogo_small.jpg
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
22 
26 
29 
(15.4)
(24.1)
76 
88 
(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)
(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.

2
usbancorplogo_small.jpg
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 
69 
(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.

3
usbancorplogo_small.jpg
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 
.5 
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 
.2 
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 
.5 
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.

4
usbancorplogo_small.jpg
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 
.4 
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 
.7 
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.

5
usbancorplogo_small.jpg
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 
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 
97 
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)
nm
(149)
(64)
nm
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.


6
usbancorplogo_small.jpg
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.

7
usbancorplogo_small.jpg
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
55 
— 
— 
— 
— 
Net charge-offs
Commercial
83 
.22 
91 
.24 
117 
.33 
101 
.29 
23 
.07 
Lease financing
5 
.45 
5 
.45 
4 
.37 
5 
.46 
7 
.65 
Total commercial
88 
.22 
96 
.25 
121 
.33 
106 
.30 
30 
.09 
Commercial mortgages
42 
.39 
13 
.12 
2 
.02 
(3)
(.03)
103 
1.06 
Construction and development
— 
— 
— 
— 
(10)
(.43)
— 
— 
— 
— 
Total commercial real estate
42 
.31 
13 
.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
16 
1.47 
14 
1.50 
18 
2.07 
17 
1.89 
17 
1.81 
Home equity and second mortgages
— 
— 
— 
— 
1 
.03 
1 
.03 
(2)
(.06)
Other
43 
.67 
46 
.73 
50 
.83 
50 
.81 
43 
.71 
Total other retail
59 
.53 
60 
.56 
69 
.67 
68 
.64 
58 
.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.


8
usbancorplogo_small.jpg
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.

9
usbancorplogo_small.jpg
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
.01
.02
.01
.01
Commercial real estate
.01
.01
.03
.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
.12
.12
Total loans
.18
.18
.21
.22
.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
.38
Credit card
1.10
1.13
1.29
1.27
1.26
Other retail
.46
.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
25 
25 
26 
22 
25 
Total commercial
432 
402 
648 
717 
733 
Commercial mortgages
490 
538 
488 
504 
558 
Construction and development
28 
30 
34 
14 
21 
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
21 
24 
22 
24 
23 
Other nonperforming assets
19 
19 
18 
19 
21 
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

10
usbancorplogo_small.jpg
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 
1,555 
1,556 
1,558 
Shares issued for stock incentive plans,
  acquisitions and other corporate purposes
— 
6 
5 
2 
— 
Shares repurchased
— 
(3)
(5)
(3)
(2)
Ending shares outstanding
1,558 
1,558 
1,555 
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 
%
10.8 
%
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(a)
6.6 
6.6 
6.7 
6.7 
6.4 
Tangible common equity to risk-weighted assets(a)
9.0 
9.4 
9.4 
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.

11
usbancorplogo_small.jpg
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;

12
usbancorplogo_small.jpg
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.

13
usbancorplogo_small.jpg
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
41 
35 
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 
97 
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.
14
usbancorplogo_small.jpg
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 
6,808 
6,808 
Common stock
21 
21 
21 
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 
458 
Total equity
66,888 
65,651 
63,798 
Total liabilities and equity
$702,966 
$692,345 
$695,357 

15
usbancorplogo_small.jpg
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)
(6,808)
(6,808)
(6,808)
(6,808)
Noncontrolling interests
(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 
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 
90 
87 
100 
99 
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)
(6,808)
(6,808)
(6,808)
(6,808)
Average noncontrolling interests
(463)
(462)
(458)
(458)
(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)
22 
26 
28 
28 
29 
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)
3 
(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.
16
usbancorplogo_small.jpg
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)
22 
29 
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.
17
usbancorplogo_small.jpg
Business Segment Schedules
Third Quarter 2026
WEALTH, CORPORATE, COMMERCIAL AND
INSTITUTIONAL BANKING

CONSUMER AND BUSINESS BANKING

PAYMENT SERVICES

TREASURY AND CORPORATE SUPPORT

usbancorplogo_small.jpg


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
3Q
2026
2Q
2026
3Q
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 
593 
6.7 
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)
nm
(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
3Q
2026
2Q
2026
3Q
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.
19
usbancorplogo_small.jpg
    
WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING
Preliminary data
($ in millions)
Percent Change
3Q
2026
2Q
2026
3Q
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 
.1 
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.

20
usbancorplogo_small.jpg
    
CONSUMER AND BUSINESS BANKING
Preliminary data
($ in millions)
Percent Change
3Q
2026
2Q
2026
3Q
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 
.9 
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 
.1 
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
72 
78 
62 
(7.7)
16.1 
222 
161 
37.9 
Income before income taxes
844 
791 
791 
6.7 
6.7 
2,405 
2,290 
5.0 
Income taxes and taxable-equivalent adjustment
211 
198 
198 
6.6 
6.6 
602 
573 
5.1 
Net income
633 
593 
593 
6.7 
6.7 
1,803 
1,717 
5.0 
Net (income) loss attributable to noncontrolling interests
— 
— 
— 
— 
— 
— 
— 
— 
Net income attributable to U.S. Bancorp
$633 
$593 
$593 
6.7 
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 
4,326 
— 
— 
4,326 
4,326 
— 
Other intangible assets
3,945 
3,910 
4,223 
.9 
(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 
.6 
2.7 
206,086 
200,812 
2.6 
Total deposits
226,856 
225,233 
222,085 
.7 
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.

21
usbancorplogo_small.jpg
    
PAYMENT SERVICES
Preliminary data
($ in millions)
Percent Change
3Q
2026
2Q
2026
3Q
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
59 
74 
85 
(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
11 
7 
5 
57.1 
nm
8 
22 
(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)
.4 
2,398 
2,474 
(3.1)
Interest-bearing deposits
94 
93 
95 
1.1 
(1.1)
93 
95 
(2.1)
Total deposits
2,473 
2,483 
2,465 
(.4)
.3 
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.

22
usbancorplogo_small.jpg
    
TREASURY AND CORPORATE SUPPORT
Preliminary data
($ in millions)
Percent Change
3Q
2026
2Q
2026
3Q
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)
nm
(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)
nm
(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)
nm
(673)
(555)
(21.3)
Net (income) loss attributable to noncontrolling interests
(6)
(6)
(7)
— 
14.3 
(17)
(20)
15.0 
Net income (loss) attributable to U.S. Bancorp
($204)
($151)
($78)
(35.1)
nm
($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
6 
6 
7 
— 
(14.3)
6 
8 
(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 
.5 
Interest-bearing deposits
(41)
258 
8,782 
nm
nm
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.


23


usbancorplogo_small.jpg
Supplemental Consolidated Schedules
Third Quarter 2026




usbancorplogo_small.jpg
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
41 
43 
35 
43 
35 
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 
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 
97 
101 
97 
Securities gains (losses), net
(65)
(49)
(35)
3 
(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 
92 
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)
(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 
$.52 
$.52 
$.52 
Average common shares outstanding
1,558 
1,554 
1,554 
1,555 
1,557 
Average diluted common shares outstanding
1,559 
1,555 
1,555 
1,556 
1,557 
Financial Ratios (%)
Net interest margin (taxable-equivalent basis)
2.84
2.79
2.77
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
13.5
Efficiency ratio
55.9
57.1
58.2
57.4
57.2
(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.

2


usbancorplogo_small.jpg
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 
6,808 
6,808 
6,808 
6,808 
Common stock
21 
21 
21 
21 
21 
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 
463 
461 
458 
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 


3


usbancorplogo_small.jpg
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
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 
6,808 
6,808 
6,808 
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 
458 
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 


4


usbancorplogo_small.jpg
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 
41 
6.23
2,253 
35 
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 
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.

5


usbancorplogo_small.jpg
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 
41 
6.23
2,783 
43 
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
.3 
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 
.3 
Liabilities and Shareholders' Equity
Noninterest-bearing deposits
$80,966 
$80,611 
.4 
%
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 
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 
.2 
Total equity
68,214 
67,327 
1.3 
Total liabilities and equity
$696,631 
$694,710 
.3 
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.
(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 $8,159 million and $3,772 million, respectively, for the three months ended June 30, 2026.

6


usbancorplogo_small.jpg
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
.5 
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
.7 
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 
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 
.4 
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.
(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 $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.

7


usbancorplogo_small.jpg
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
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 
.9 
3,524 
.9 
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 
.7 
3,248 
.8 
3,560 
.9 
3,575 
.9 
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.

8


usbancorplogo_small.jpg
Supplemental Business Segment Schedules
Third Quarter 2026
WEALTH, CORPORATE, COMMERCIAL AND
INSTITUTIONAL BANKING

CONSUMER AND BUSINESS BANKING

PAYMENT SERVICES

TREASURY AND CORPORATE SUPPORT

usbancorplogo_small.jpg
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 
97 
101 
97 
Securities gains (losses), net
— 
— 
— 
— 
— 
Other
143 
114 
79 
74 
77 
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
52 
44 
40 
46 
46 
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 
65 
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 


10
usbancorplogo_small.jpg
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 
4,826 
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
12 
11 
7 
7 
7 
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
42 
11 
(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 
%
.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
1 
— 
1 
1 
1 
Total nonperforming assets
$846 
$874 
$1,069 
$1,135 
$1,217 
11
usbancorplogo_small.jpg
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
66 
69 
65 
65 
65 
Investment services
450 
428 
404 
414 
396 
Institutional trust & custody
76 
72 
71 
70 
69 
Other
22 
24 
26 
25 
24 
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.
12
usbancorplogo_small.jpg
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 
140 
128 
136 
136 
Corporate payment and treasury management revenue
38 
37 
36 
35 
35 
Merchant processing services
— 
— 
— 
— 
— 
Trust and investment management fees
1 
1 
1 
1 
1 
Lending and deposit-related fees
144 
137 
139 
141 
146 
Capital markets revenue
6 
7 
6 
6 
7 
Mortgage banking revenue
155 
169 
161 
130 
180 
Investment products fees
— 
— 
— 
— 
— 
Securities gains (losses), net
— 
— 
— 
— 
— 
Other
42 
46 
45 
53 
59 
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
51 
51 
52 
59 
59 
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
72 
78 
72 
76 
62 
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 
13
usbancorplogo_small.jpg
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 
4,326 
4,326 
4,326 
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 
$14 
$18 
$13 
$16 
Commercial real estate
— 
2 
3 
1 
1 
Residential mortgages
— 
— 
(1)
(2)
(1)
Credit card
— 
— 
— 
— 
— 
Other retail
58 
59 
68 
67 
58 
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 
.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
21 
24 
22 
24 
23 
Total nonperforming assets
$460 
$453 
$442 
$437 
$417 
14
usbancorplogo_small.jpg
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.
15
usbancorplogo_small.jpg
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)
2 
(27)
(11)
12 
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)
35 
45 
25 
30 
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.
16
usbancorplogo_small.jpg
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 
$794 
$781 
Noninterest Income
Card revenue
300 
295 
263 
291 
279 
Corporate payment and treasury management revenue
261 
247 
217 
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
12 
11 
9 
21 
11 
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
24 
19 
18 
21 
20 
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
59 
74 
88 
61 
85 
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 
17
usbancorplogo_small.jpg
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
11 
7 
5 
5 
5 
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
— 
— 
1 
1 
— 
Savings products
92 
92 
92 
93 
94 
Time deposits
2 
1 
1 
1 
1 
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
$1 
$— 
$1 
$1 
$— 
Commercial real estate
— 
— 
— 
— 
— 
Residential mortgages
— 
— 
— 
— 
— 
Credit card
334 
367 
365 
358 
346 
Other retail
1 
1 
1 
1 
1 
Total net charge-offs
$336 
$368 
$367 
$360 
$347 
Net Charge-off Ratios
Commercial
.05 
%
— 
%
.06 
%
.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
$— 
$— 
$— 
$— 
$— 
18
usbancorplogo_small.jpg
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 
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.
19
usbancorplogo_small.jpg
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)
4 
(2)
Mortgage banking revenue
— 
— 
— 
— 
— 
Investment products fees
— 
— 
— 
— 
— 
Securities gains (losses), net
(65)
(49)
(35)
3 
(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 
72 
135 
Income (loss) before provision and income taxes
(510)
(413)
(502)
(140)
(308)
Provision for Credit Losses
(124)
(54)
92 
(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)
(6)
(5)
(6)
(7)
Net income (loss) attributable to U.S. Bancorp
($204)
($151)
($335)
$107 
($78)
20
usbancorplogo_small.jpg
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
4 
5 
3 
2 
3 
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
6 
6 
7 
7 
7 
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 
451 
451 
451 
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
18 
19 
17 
18 
20 
Total nonperforming assets
$18 
$19 
$17 
$18 
$20 
21
1©2025 U.S. Bank | Confidential U.S. Bancorp 3Q26 Earnings Conference Call O c t o b e r 1 5 , 2 0 2 6

 

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

 

22©2025 U.S. Bank Appendix

 

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.

 

40©2025 U.S. Bank | Confidential Thank you

 

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

7 documents

Press Releases

Other Documents

Keep reading

More on USB

All USB news

Trending in the feed

BEEM
Beam Global's Pending Drone Company Acquisition ScoutDI Wins Milestone Order from Nuclear Sector Customer Open the live feed