Net income $2,045M as U.S. Bancorp (NYSE: USB) revises reporting

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

U.S. Bancorp updated how it presents its Consolidated Statement of Income and Balance Sheet, reclassifying certain fee revenues and loan portfolios effective January 1, 2026. The company states these changes do not affect historical total net revenue, net income, key return metrics, total loans or total assets.

Corporate payment products revenue was renamed Corporate payment and treasury management revenue, and Service charges was renamed Lending and deposit-related fees, with related fees shifted among categories. Small business credit card loans were moved from the Commercial to the Credit card loan portfolio. U.S. Bancorp furnished unaudited supplemental historical financial information reflecting the new presentation, including net income attributable to U.S. Bancorp of $2,045 million and diluted earnings per common share of $1.26 for the quarter ended December 31, 2025.

8-K Event Classification

2 items: 7.01, 9.01

2 items

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, and exhibit attachments filed with this report.

Key Figures

Net income attributable to U.S. Bancorp: $2,045 million Net income to common shareholders: $1,965 million Diluted EPS: $1.26 per share +5 more

8 metrics

Net income attributable to U.S. Bancorp $2,045 million Quarter ended December 31, 2025 under revised presentation

Net income to common shareholders $1,965 million Quarter ended December 31, 2025

Diluted EPS $1.26 per share Quarter ended December 31, 2025

Net interest income $4,284 million Quarter ended December 31, 2025

Total noninterest income $3,053 million Quarter ended December 31, 2025

Total assets $692,345 million Balance sheet at December 31, 2025

Total deposits $522,216 million Balance sheet at December 31, 2025

Total U.S. Bancorp shareholders’ equity $65,193 million Balance sheet at December 31, 2025

Key Terms

Corporate payment and treasury management revenue, Lending and deposit-related fees, Impact Finance, Provision for credit losses, +1 more

5 terms

Corporate payment and treasury management revenue financial

"Corporate payment products revenue has been renamed Corporate payment and treasury management revenue"

Impact Finance financial

"The Company’s Impact Finance business unit is now included within the Wealth, Corporate, Commercial and Institutional Banking business segment"

Provision for credit losses financial

"Provision for credit losses | 577 | | 571 | | 501 | | 537"

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

Accumulated other comprehensive income (loss) financial

"Accumulated other comprehensive income (loss) | (6,987) | | (7,748) | | (8,609)"

A balance-sheet line that tracks certain gains and losses that haven’t flowed through the company’s profit-and-loss statement, such as unrealized changes in the value of investments, foreign-currency adjustments, and some pension-related items. Think of it like a storage closet for value swings the company hasn’t ‘realized’ by selling or settling them yet; it changes shareholders’ equity and helps investors see hidden volatility or potential future impacts on book value.

Understanding 8-K Material Events →

04/08/2026 - 04:17 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): April 8, 2026

U.S. BANCORP

(Exact name of registrant as specified in its charter)

1-6880

(Commission File Number)


Delaware			41-0255900
(State or other jurisdiction of incorporation)			(I.R.S. Employer Identification Number)

800 Nicollet Mall

Minneapolis, Minnesota 55402

(Address of principal executive offices and zip code)

(651) 466-3000

(Registrant’s telephone number, including area code)

(not applicable)

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

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

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

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

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

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

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


Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $.01 par value per share	USB	New York Stock Exchange
Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrA	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrH	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrP	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrQ	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrR	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrS	New York Stock Exchange
Floating Rate Notes, Series CC (Senior), due May 21, 2028	USB/28	New York Stock Exchange
4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032	USB/32	New York Stock Exchange

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

☐ Emerging growth company

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

ITEM 7.01 REGULATION FD DISCLOSURE.

Effective January 1, 2026, U.S. Bancorp (“the Company”) made certain changes and reclassifications to the presentation of its Consolidated Statement of Income and Consolidated Balance Sheet. These changes include the reclassification of certain fee revenue generating activities and loan portfolios to align financial reporting with the management of the Company’s businesses. The changes have no impact on the Company’s historical total net revenues, provision for credit losses, operating expenses and net income on the Consolidated Statement of Income or total loans and total assets on the Consolidated Balance Sheet. The changes also have no impact on the Company’s return on average assets, return on average common equity and diluted earnings per common share. The primary changes made were as follows.

Corporate payment products revenue has been renamed Corporate payment and treasury management revenue, which now includes (1) revenue generated from treasury management services, which was previously included in Service charges, and (2) stored-value card revenue, which was previously included in Card revenue. Treasury management services revenue is generated primarily within the Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking business segments. Stored-value card revenue is generated within the Payment Services business segment.

Card revenue generated from debit cards, previously included in the Payment Services business segment, is now included in the Consumer and Business Banking business segment.

Service charges has been renamed Lending and deposit-related fees, which now includes loan and leasing fees, which were previously included in Capital markets revenue. Loan and leasing fees are generated primarily within the Wealth, Corporate, Commercial and Institutional Banking business segment.

The Company’s Impact Finance business unit is now included within the Wealth, Corporate, Commercial and Institutional Banking business segment. Impact Finance was previously included within the Treasury and Corporate Support business segment. Capital markets revenue now includes Impact Finance tax credit investment syndication revenue and related fees, which were previously included in Other noninterest income. All other Impact Finance generated revenue remains within Other noninterest income.

The Company’s small business credit card loans have been reclassified from the Commercial loan portfolio to the Credit card loan portfolio as these small business credit card loans share similar credit characteristics to consumer credit card loans. Small business credit card loans remain within the Payment Services business segment.

As of April 8, 2026, the Company is providing unaudited supplemental financial information that conforms the historical financial statement presentation to the new financial statement presentation for the periods presented. The unaudited supplemental historical financial information is furnished as Exhibit 99.1 and incorporated by reference herein. The unaudited supplemental historical financial information does not revise or restate the previously reported consolidated financial results of the Company for any period.

The information provided in Item 7.01 of this report, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.


			99.1			Unaudited Supplemental Historical Financial Information


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

SIGNATURES

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


U.S. BANCORP

By /s/ Lisa R. Stark
Lisa R. Stark
Executive Vice President and Controller

DATE: April 8, 2026

EXHIBIT 99.1

Effective January 1, 2026, U.S. Bancorp made certain changes and reclassifications to the presentation of its Consolidated Statement of Income and Consolidated Balance Sheet to align financial reporting with the management of its businesses. The following unaudited supplemental historical financial information reflects these changes and reclassifications, which have been applied retroactively to all periods presented. This information is being provided for illustrative purposes only.

U.S. Bancorp

Unaudited Supplemental Historical Income Statement Information


	Quarter Ended
(Dollars and Shares in Millions, Except Per Share Data)	Dec 31 2025	Sep 30 2025	Jun 30 2025	Mar 31 2025	Dec 31 2024	Sep 30 2024	Jun 30 2024	Mar 31 2024
Interest Income
Loans	$5,599	$5,688	$5,548	$5,533	$5,674	$5,862	$5,761	$5,712
Loans held for sale	43	35	59	28	50	45	41	37
Investment securities	1,343	1,392	1,355	1,308	1,326	1,316	1,294	1,175
Other interest income	938	812	642	647	781	863	889	840
Total interest income	7,923	7,927	7,604	7,516	7,831	8,086	7,985	7,764
Interest Expense
Deposits	2,451	2,648	2,541	2,511	2,772	3,004	3,028	2,884
Short-term borrowings	505	328	291	249	257	284	296	270
Long-term debt	683	729	721	664	656	663	638	625
Total interest expense	3,639	3,705	3,553	3,424	3,685	3,951	3,962	3,779
Net interest income	4,284	4,222	4,051	4,092	4,146	4,135	4,023	3,985
Provision for credit losses	577	571	501	537	560	557	568	553
Net interest income after provision for credit losses	3,707	3,651	3,550	3,555	3,586	3,578	3,455	3,432
Noninterest Income(a)
Card revenue(b)	427	415	413	374	408	400	398	363
Corporate payment and treasury management revenue(b)(c)	396	407	421	400	395	397	405	381
Merchant processing services	440	463	474	415	419	440	454	401
Trust and investment management fees	756	730	703	680	703	667	649	641
Lending and deposit-related fees(c)(d)	302	290	277	266	287	278	281	289
Capital markets revenue(d)(e)	389	378	315	292	316	307	265	281
Mortgage banking revenue	130	180	162	173	116	155	190	166
Investment products fees	101	97	90	87	87	84	82	77
Securities gains (losses), net	3	(7)	(57)	—	(1)	(119)	(36)	2
Other(e)	109	125	126	149	103	89	127	99
Total noninterest income	3,053	3,078	2,924	2,836	2,833	2,698	2,815	2,700
Noninterest Expense
Compensation and employee benefits	2,529	2,561	2,600	2,637	2,607	2,637	2,619	2,691
Net occupancy and equipment	320	300	301	306	317	317	316	296
Professional services	144	117	109	98	135	130	116	110
Marketing and business development	187	175	161	182	160	165	158	136
Technology and communications	584	560	534	533	534	524	509	507
Other intangibles	126	125	124	123	139	142	142	146
Merger and integration charges	—	—	—	—	—	—	—	155
Other	337	359	352	353	419	289	354	418
Total noninterest expense	4,227	4,197	4,181	4,232	4,311	4,204	4,214	4,459
Income before income taxes	2,533	2,532	2,293	2,159	2,108	2,072	2,056	1,673
Applicable income taxes	482	524	472	443	438	350	445	347
Net income	2,051	2,008	1,821	1,716	1,670	1,722	1,611	1,326
Net (income) loss attributable to noncontrolling interests	(6)	(7)	(6)	(7)	(7)	(8)	(8)	(7)
Net income attributable to U.S. Bancorp	$2,045	$2,001	$1,815	$1,709	$1,663	$1,714	$1,603	$1,319
Net income applicable to U.S. Bancorp common shareholders	$1,965	$1,893	$1,733	$1,603	$1,581	$1,601	$1,518	$1,209

Earnings per common share	$1.26	$1.22	$1.11	$1.03	$1.01	$1.03	$.97	$.78
Diluted earnings per common share	$1.26	$1.22	$1.11	$1.03	$1.01	$1.03	$.97	$.78
Average common shares outstanding	1,555	1,557	1,559	1,559	1,560	1,561	1,560	1,559
Average diluted common shares outstanding	1,556	1,557	1,559	1,560	1,560	1,561	1,561	1,559

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

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

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

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

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

U.S. Bancorp

Unaudited Supplemental Historical Balance Sheet Information


(Dollars in Millions)	Dec 31 2025	Sep 30 2025	Jun 30 2025	Mar 31 2025	Dec 31 2024	Sep 30 2024	Jun 30 2024	Mar 31 2024
Assets
Cash and due from banks	$46,890	$66,637	$57,807	$50,013	$56,502	$73,562	$65,832	$76,985
Investment securities
Held-to-maturity	76,170	76,931	77,879	78,008	78,634	80,025	81,486	82,948
Available-for-sale	90,838	89,065	90,577	86,774	85,992	81,704	79,799	72,426
Loans held for sale	2,538	2,490	2,288	1,746	2,573	3,211	2,582	2,080
Loans
Commercial(a)	148,161	142,574	141,582	138,331	133,873	127,957	129,571	129,187
Commercial real estate	48,920	48,244	48,181	48,334	48,859	50,619	51,887	52,677
Residential mortgages	115,885	115,046	114,475	118,907	118,813	118,034	117,147	116,079
Credit card(a)	38,031	36,434	35,857	34,973	35,961	34,718	34,392	33,383
Other retail	40,338	40,219	40,148	41,274	42,326	42,836	43,136	43,262
Total loans	391,335	382,517	380,243	381,819	379,832	374,164	376,133	374,588
Less allowance for loan losses	(7,605)	(7,557)	(7,537)	(7,584)	(7,583)	(7,560)	(7,549)	(7,514)
Net loans	383,730	374,960	372,706	374,235	372,249	366,604	368,584	367,074
Premises and equipment	3,768	3,695	3,625	3,582	3,565	3,585	3,570	3,537
Goodwill	12,635	12,634	12,637	12,555	12,536	12,573	12,476	12,479
Other intangible assets	4,904	5,152	5,285	5,381	5,547	5,488	5,757	6,031
Other assets	70,872	63,793	63,566	64,195	60,720	59,717	59,972	60,046
Total assets	$692,345	$695,357	$686,370	$676,489	$678,318	$686,469	$680,058	$683,606

Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing	$84,116	$91,550	$86,972	$84,086	$84,158	$86,838	$86,756	$91,220
Interest-bearing	438,100	434,599	431,745	428,439	434,151	434,293	437,029	436,843
Total deposits	522,216	526,149	518,717	512,525	518,309	521,131	523,785	528,063
Short-term borrowings	17,162	15,449	15,039	17,158	15,518	23,708	16,557	17,102
Long-term debt	60,764	62,535	64,013	59,859	58,002	54,839	52,720	52,693
Other liabilities	26,552	27,426	26,705	26,389	27,449	27,470	30,111	29,715
Total liabilities	626,694	631,559	624,474	615,931	619,278	627,148	623,173	627,573
Shareholders' equity
Preferred stock	6,808	6,808	6,808	6,808	6,808	6,808	6,808	6,808
Common stock	21	21	21	21	21	21	21	21
Capital surplus	8,728	8,745	8,706	8,678	8,715	8,729	8,688	8,642
Retained earnings	80,906	79,742	78,652	77,691	76,863	76,057	75,231	74,473
Less treasury stock	(24,283)	(24,228)	(24,140)	(24,060)	(24,065)	(24,010)	(24,020)	(24,023)
Accumulated other comprehensive income (loss)	(6,987)	(7,748)	(8,609)	(9,042)	(9,764)	(8,746)	(10,308)	(10,353)
Total U.S. Bancorp shareholders' equity	65,193	63,340	61,438	60,096	58,578	58,859	56,420	55,568
Noncontrolling interests	458	458	458	462	462	462	465	465
Total equity	65,651	63,798	61,896	60,558	59,040	59,321	56,885	56,033
Total liabilities and equity	$692,345	$695,357	$686,370	$676,489	$678,318	$686,469	$680,058	$683,606

(a)Reflects small business credit card loans reclassified from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio.

Source: View Original Filing on SEC EDGAR

FAQ

What reporting changes did U.S. Bancorp (USB) implement effective January 1, 2026?

U.S. Bancorp changed how it presents its income statement and balance sheet, mainly by renaming and regrouping fee revenue lines and reclassifying some loan portfolios. The company states these revisions do not change historical net revenue, net income, key return metrics, total loans or total assets.

How do U.S. Bancorp’s new revenue categories affect historical financial results?

The new categories, such as Corporate payment and treasury management revenue and Lending and deposit-related fees, only reclassify existing fee streams. According to U.S. Bancorp, historical total net revenues, provision for credit losses, operating expenses and net income remain unchanged under the updated presentation.

What were U.S. Bancorp’s net income and EPS for the quarter ended December 31, 2025?

For the quarter ended December 31, 2025, U.S. Bancorp reported net income attributable to U.S. Bancorp of $2,045 million and net income applicable to common shareholders of $1,965 million. Diluted earnings per common share for the period were $1.26 on average diluted common shares outstanding of 1,556 million.

How did U.S. Bancorp’s balance sheet look at December 31, 2025 under the new presentation?

At December 31, 2025, U.S. Bancorp reported total assets of $692,345 million and total deposits of $522,216 million. Net loans were $383,730 million after an allowance for loan losses of $7,605 million. Total U.S. Bancorp shareholders’ equity was $65,193 million under the updated balance sheet presentation.

What loan portfolio reclassification did U.S. Bancorp make for small business credit cards?

U.S. Bancorp reclassified its small business credit card loans from the Commercial loan portfolio to the Credit card loan portfolio, noting these loans share similar credit characteristics with consumer credit card loans. The small business credit card loans continue to be reported within the Payment Services business segment.

How was Impact Finance revenue repositioned in U.S. Bancorp’s segment reporting?

The Impact Finance business unit moved into the Wealth, Corporate, Commercial and Institutional Banking segment. Its tax credit investment syndication revenue and related fees are now included in Capital markets revenue, while all other Impact Finance revenue remains within Other noninterest income under the revised presentation.

Filing Exhibits & Attachments

5 documents

Press Releases

EX-99.1 EX-99.1 330.1 KB