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U.S. Bancorp (NYSE: USB) grows Q2 profit and completes BTIG deal

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

U.S. Bancorp reported record second-quarter 2026 results, with total net revenue of $7,712 million and net income attributable to U.S. Bancorp of $2,177 million. Diluted EPS was $1.35, up from $1.11 a year earlier, as net interest income rose to $4,387 million and noninterest income to $3,325 million. Net interest margin improved to 2.79%, average total loans grew to $405,481 million and average deposits to $515,080 million, producing 400 basis points of positive operating leverage, return on average assets of 1.26% and an efficiency ratio of 57.1%.

Asset quality strengthened: the net charge-off ratio fell to 0.53%, nonperforming assets declined to $1,346 million, equal to 0.33% of loans and other real estate, and the allowance for credit losses stood at $7,979 million, or 1.94% of loans and 612% of nonperforming loans. The Basel III standardized common equity tier 1 capital ratio was 10.8% and tangible book value per share reached $30.04. During the quarter the company completed its acquisition of BTIG, which contributed approximately $98 million of fee revenue and $84 million of noninterest expense, and Elavon expanded its All-In-One payments platform across North America.

Positive

  • Net income attributable to U.S. Bancorp rose to $2,177 million in 2Q26, up 19.9% year-over-year, with diluted EPS of $1.35, up 21.6%.
  • Total net revenue reached a record $7,712 million, with net interest income up 7.5% and fee revenue up 13.2% year-over-year, driving 400 basis points of positive operating leverage.
  • Credit quality improved as the net charge-off ratio declined to 0.53%, nonperforming assets fell to $1,346 million (0.33% of loans and other real estate), and the allowance for credit losses remained strong at $7,979 million (1.94% of loans).
  • Strategic expansion continued with completion of the BTIG acquisition, contributing about $98 million of fee revenue and enhancing capital markets capabilities in the Wealth, Corporate, Commercial and Institutional Banking segment.

Negative

  • None.

Filing Explained

BTIG is completed, but common-share issuance for the acquisition makes share-count effects the key new holder mechanic.

The new holder-relevant detail is that U.S. Bancorp issued common shares as consideration for the completed BTIG acquisition, adding shares to the company’s outstanding common-share base.

During the quarter, the company reported shares issued for stock incentive plans, acquisitions and other corporate purposes and shares repurchased; ending shares were 1,558 million versus 1,555 million at the beginning.

Because the filing groups issuance across those purposes, it does not separately quantify the BTIG portion, so the filing establishes issuance but not a BTIG-specific share count or ownership percentage.

The capital table labels the June 30 figures preliminary and subject to change before filings with applicable regulatory agencies, making those subsequent filings the resolution point for the capital data.

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, and exhibit attachments filed with this report.
Total net revenue $7,712 million Record net revenue for the quarter ended June 30, 2026
Net income attributable to U.S. Bancorp $2,177 million Consolidated net income attributable to U.S. Bancorp in 2Q26
Diluted earnings per common share $1.35 Diluted EPS for the quarter ended June 30, 2026
Net interest margin 2.79% 2Q26 net interest margin, higher than 2.66% in 2Q25
Average total loans $405,481 million Average total loans in 2Q26, up 7.1% year-over-year
Average total deposits $515,080 million Average total deposits in 2Q26, up 2.4% year-over-year
Net charge-off ratio 0.53% Total net charge-offs as a percentage of average loans in 2Q26
Basel III standardized CET1 capital ratio 10.8% Common equity tier 1 capital ratio at June 30, 2026
net interest margin financial
"Net interest margin was 2.79 percent in the second 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 financial
"The common equity tier 1 capital to risk-weighted assets 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.
nonperforming assets financial
"Nonperforming assets were $1,346 million at June 30, 2026"
Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.
allowance for credit losses financial
"The allowance for credit losses was $7,979 million at June 30, 2026"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
operating leverage financial
"Positive operating leverage of 400 basis points from the prior year quarter"
Operating leverage measures how much a company's profits are affected by changes in sales volume. When a business has high operating leverage, small increases in sales can lead to much larger increases in profit, much like a lever amplifies force. It matters to investors because it indicates how sensitive a company's earnings are to fluctuations in sales, affecting risk and potential returns.
Offering Type earnings_snapshot

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FAQ

How did U.S. Bancorp (USB) perform financially in Q2 2026?
U.S. Bancorp generated net revenue of $7,712 million and net income attributable to U.S. Bancorp of $2,177 million in Q2 2026. Diluted EPS was $1.35, up from $1.11 a year earlier, reflecting higher net interest and noninterest income.

What drove U.S. Bancorp (USB) revenue growth in the second quarter of 2026?
Revenue growth was driven by net interest income of $4,387 million, up 7.5% year-over-year, and noninterest income of $3,325 million, up 13.7%. Broad-based fee increases, including card, treasury management, trust and capital markets revenue, and contributions from BTIG supported the gain.

How did loans and deposits trend for U.S. Bancorp (USB) in Q2 2026?
Average total loans reached $405,481 million, up 7.1% year-over-year and 3.0% linked quarter, led by commercial, commercial real estate and credit card growth. Average total deposits were $515,080 million, 2.4% higher than a year earlier and broadly stable versus the prior quarter.

What were U.S. Bancorp’s (USB) key credit quality metrics in Q2 2026?
The net charge-off ratio was 0.53%, down from 0.59% a year earlier. Nonperforming assets declined to $1,346 million, or 0.33% of loans and other real estate, while the allowance for credit losses was $7,979 million, 1.94% of period-end loans.

What is U.S. Bancorp’s (USB) capital position after Q2 2026?
At June 30, 2026, the Basel III standardized common equity tier 1 capital ratio was 10.8%. Tangible common equity to tangible assets was 6.6%, and tangible book value per common share was $30.04, with all regulatory capital ratios above well-capitalized levels.

What impact did the BTIG acquisition have on U.S. Bancorp (USB) in Q2 2026?
The completed acquisition of BTIG contributed approximately $98 million in fee revenue and $84 million of noninterest expense in Q2 2026, primarily within the Wealth, Corporate, Commercial and Institutional Banking segment, expanding capital markets capabilities and client reach.

When will U.S. Bancorp (USB) discuss its Q2 2026 results with investors?
On July 16, 2026 at 7 a.m. CT, U.S. Bancorp’s leadership will host an investor conference call and webcast to review Q2 2026 financial results. Access details and a replay are available through the company’s Investor Relations webcasts and presentations page.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 16, 2026
U.S. BANCORP
(Exact name of registrant as specified in its charter)
1-6880
(Commission File Number)
Delaware41-0255900
(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 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 July 16, 2026, U.S. Bancorp (the “Company”) issued a press release reporting financial results for the quarter ended June 30, 2026. The press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference. The press release contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated. The Company has also made available on its website materials that contain additional information about the Company’s financial results for the quarter ended June 30, 2026 (the “2Q26 Earnings Supplement”), which is attached as Exhibit 99.2 hereto and is incorporated herein by reference.
The information included in Exhibit 99.1 shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The information included in Exhibit 99.2 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise expressly stated in such filing.
ITEM 7.01 REGULATION FD DISCLOSURE.
On July 16, 2026, the Company will hold an investor conference call and webcast to discuss financial results for the quarter ended June 30, 2026. The Company has also made available on its website presentation materials containing certain additional historical and forward-looking information related to the Company (the “2Q26 Earnings Conference Call Presentation”). The 2Q26 Earnings Conference Call Presentation is attached as Exhibit 99.3 and is incorporated herein by reference. The 2Q26 Earnings Conference Call Presentation contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated.
The information provided in Item 7.01 of this report, including Exhibit 99.3, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filings under the Securities Act, except as otherwise expressly stated in such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
 99.1
Press Release issued by U.S. Bancorp on July 16, 2026, deemed “filed” under the Exchange Act.
 99.2
2Q26 Earnings Supplement, deemed “furnished” under the Exchange Act.
 99.3
2Q26 Earnings Conference Call Presentation, deemed “furnished” under the Exchange Act.
 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: July 16, 2026

usbancorplogo_largea.jpg    
2Q26 Key Financial Data
 2Q26 Financial Highlights
PROFITABILITY METRICS
2Q26
1Q26
2Q25


•Record net revenue of $7,712 million, including year-over-year increases of 7.5% in net interest income (taxable-equivalent basis) and 13.2% in fee revenue
•Net income of $2,177 million, an increase of 20% year-over-year
•Diluted earnings per common share of $1.35, an increase of 22% year-over-year
•Positive operating leverage of 400 basis points from the prior year quarter
•Return on average assets of 1.26% and efficiency ratio of 57.1%, both improved on a year-over-year and a linked quarter basis
•Net interest margin of 2.79%, an increase of 13 basis points on a year-over-year basis
•CET1 capital ratio of 10.8% at June 30, 2026
•Average total deposits increased 2.4% on a year-over-year basis
•Average total loans increased 7.1% on a year-over-year basis and 3.0% on a linked quarter basis
•Completed the acquisition of BTIG, reflecting approximately $98 million in fee revenue and $84 million of noninterest expense

Return on average assets (%)
1.26
1.15
1.08
Return on average common equity (%)
14.0
12.6
12.9
Return on tangible common equity (%)(a)
18.7
17.0
18.0
Net interest margin (%)
2.79
2.77
2.66
Efficiency ratio (%)(a)
57.1
58.2
59.2
INCOME STATEMENT(b)
2Q26
1Q26
2Q25
Net interest income (taxable-equivalent basis)
$4,387 
$4,291 
$4,080 
Noninterest income
$3,325 
$2,997 
$2,924 
Noninterest expense
$4,428 
$4,265 
$4,181 
Net income attributable to U.S. Bancorp
$2,177 
$1,945 
$1,815 
Diluted earnings per common share
$1.35 
$1.18 
$1.11 
Dividends declared per common share
$.52 
$.52 
$.50 
BALANCE SHEET(b)
2Q26
1Q26
2Q25
Average total loans
$405,481 
$393,560 
$378,529 
Average total deposits
$515,080 
$515,119 
$502,890 
Net charge-off ratio (%)
.53
.56
.59
Book value per common share (period end)
$38.91 
$37.93 
$35.06 
Tangible book value per common share (period end)(a)
$30.04 
$29.56 
$26.52 
Basel III standardized CET1 (%)(c)
10.8
10.8
10.7
(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
“Second quarter results were strong, with record net revenue of $7.7 billion driving diluted earnings per share of $1.35, up 22% year-over-year, and return on tangible common equity of 18.7%. Strong loan growth, a third consecutive quarter of record consumer deposits, broad-based fee income momentum, and productivity drove 400 basis points of positive operating leverage. Credit quality continues to improve.

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

We remain focused on delivering sustainable growth, attractive returns, and long-term value for shareholders. On behalf of all of us at U.S. Bank, I want to thank our clients and shareholders for your continued trust and support and extend a warm welcome to our new BTIG colleagues.”
— Gunjan Kedia, CEO, U.S. Bancorp
Business and Other Highlights
U.S. Bancorp completes acquisition of BTIG
U.S. Bancorp has completed its acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC ("BTIG"), marking a significant expansion of the company’s capital markets capabilities and strengthening its ability to serve corporate and institutional clients. Effective June 1, 2026, BTIG joined U.S. Bancorp with a suite of complementary businesses, including institutional equity sales and trading, equity capital markets, electronic trading and mergers and acquisitions advisory services. Founded in 2005, BTIG is a leading investment banking and brokerage firm that ranks among the top 10 U.S. brokers for high-touch equity trading volume and has participated in more than 1,350 investment banking transactions since 2015. This acquisition brings together BTIG’s deep market expertise with the scale and resources of a diversified financial institution, creating new opportunities for clients and accelerating the company’s capital markets momentum.


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

Investor contact: Brian Mauney, Brian.Mauney@usbank.com | Media contact: Jeff Shelman, Jeffrey.Shelman@usbank.com    
usbancorplogo_smalla.jpg
U.S. Bancorp Second Quarter 2026 Results
INCOME STATEMENT HIGHLIGHTS
($ in millions, except per share data)
Percent Change
2Q 2026
1Q 2026
2Q 2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
2026
YTD
2025
Percent Change
Net interest income
$4,361 
$4,263 
$4,051 
2.3
7.7
$8,624 
$8,143 
5.9
Taxable-equivalent adjustment
26 
28 
29 
(7.1)
(10.3)
54 
59 
(8.5)
Net interest income (taxable-equivalent basis)
4,387 
4,291 
4,080 
2.2
7.5
8,678 
8,202 
5.8
Noninterest income
3,325 
2,997 
2,924 
10.9
13.7
6,322 
5,760 
9.8
Total net revenue
7,712 
7,288 
7,004 
5.8
10.1
15,000 
13,962 
7.4
Noninterest expense
4,428 
4,265 
4,181 
3.8
5.9
8,693 
8,413 
3.3
Income before provision and income taxes
3,284 
3,023 
2,823 
8.6
16.3
6,307 
5,549 
13.7
Provision for credit losses
538 
576 
501 
(6.6)
7.4
1,114 
1,038 
7.3
Income before taxes
2,746 
2,447 
2,322 
12.2
18.3
5,193 
4,511 
15.1
Income taxes and taxable-equivalent adjustment
563 
497 
501 
13.3
12.4
1,060 
974 
8.8
Net income
2,183 
1,950 
1,821 
11.9
19.9
4,133 
3,537 
16.9
Net (income) loss attributable to noncontrolling interests
(6)
(5)
(6)
(20.0)
—
(11)
(13)
15.4
Net income attributable to U.S. Bancorp
$2,177 
$1,945 
$1,815 
11.9
19.9
$4,122 
$3,524 
17.0
Net income applicable to U.S. Bancorp common shareholders
$2,098 
$1,841 
$1,733 
14.0
21.1
$3,939 
$3,336 
18.1
Diluted earnings per common share
$1.35 
$1.18 
$1.11 
14.4
21.6
$2.53 
$2.14 
18.2

Net income attributable to U.S. Bancorp was $2,177 million for the second quarter of 2026, $362 million higher than the second quarter of 2025 and $232 million higher than the first quarter of 2026. Diluted earnings per common share was $1.35 in the second quarter of 2026, compared with $1.11 in the second quarter of 2025 and $1.18 in the first quarter of 2026.
The year-over-year increase in net income attributable to U.S. Bancorp was driven by higher total net revenue, partially offset by higher noninterest expense and higher provision for credit losses. Net interest income increased 7.5 percent on a taxable-equivalent basis, primarily due to loan growth, improved earning asset mix and benefits from fixed asset repricing, while net interest margin increased to 2.79 percent from 2.66 percent. Noninterest income increased 13.7 percent, reflecting higher revenue across all fee revenue categories and the contribution from the BTIG acquisition. Noninterest expense increased 5.9 percent primarily due to the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher technology and communications expense, and increased marketing and business development expense. The provision for credit losses increased 7.4 percent, primarily due to loan portfolio growth.
Compared with the first quarter of 2026, net income attributable to U.S. Bancorp increased primarily due to higher total net revenue and lower provision for credit losses, partially offset by higher noninterest expense. Net interest income increased 2.2 percent on a taxable-equivalent basis, primarily driven by loan growth and benefits from fixed asset repricing, while net interest margin increased to 2.79 percent from 2.77 percent. Noninterest income increased 10.9 percent, reflecting higher revenue across all fee revenue categories and the contribution from the BTIG acquisition. Noninterest expense increased 3.8 percent, reflecting the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher professional services expense, and higher technology and communications expense. The provision for credit losses decreased 6.6 percent due to stabilizing economic conditions and improving credit quality.

2
usbancorplogo_smalla.jpg
U.S. Bancorp Second Quarter 2026 Results
NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions)
Change
2Q 2026
1Q 2026
2Q 2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
2026
YTD
2025
Change
Components of net interest income
Income on earning assets(a)
$
7,624 
$
7,435 
$
7,633 
$
189 
$
(9)
$
15,059 
$
15,179 
$
(120)
Expense on interest-bearing liabilities(a)
3,237 
3,144 
3,553 
93 
(316)
6,381 
6,977 
(596)
Net interest income
$
4,387 
$
4,291 
$
4,080 
$
96 
$
307 
$
8,678 
$
8,202 
$
476 
Average yields and rates paid
Earning assets yield
4.86 
%
4.83 
%
4.99 
%
.03 
%
(.13)
%
4.85 
%
4.99 
%
(.14)
%
Rate paid on interest-bearing liabilities
2.50 
2.47 
2.80 
.03 
(.30)
2.49 
2.78 
(.29)
Gross interest margin
2.36 
%
2.36 
%
2.19 
%
— 
%
.17 
%
2.36 
%
2.21 
%
.15 
%
Net interest margin
2.79 
%
2.77 
%
2.66 
%
.02 
%
.13 
%
2.78 
%
2.69 
%
.09 
%
Average balances
Investment securities(b)
$
170,528 
$
171,471 
$
172,841 
$
(943)
$
(2,313)
$
170,997 
$
172,014 
$
(1,017)
Loans held for sale
2,783 
2,326 
4,843 
457 
(2,060)
2,556 
3,341 
(785)
Loans
405,481 
393,560 
378,529 
11,921 
26,952 
399,553 
378,777 
20,776 
Interest-bearing deposits with banks
32,450 
38,855 
41,550 
(6,405)
(9,100)
35,635 
42,637 
(7,002)
Other earning assets
17,759 
17,950 
15,579 
(191)
2,180 
17,854 
15,025 
2,829 
Earning assets
629,001 
624,162 
613,342 
4,839 
15,659 
626,595 
611,794 
14,801 
Interest-bearing liabilities
519,910 
515,578 
508,918 
4,332 
10,992 
517,756 
506,484 
11,272 
(a) Presentation of interest income and interest expense related to certain repurchase and reverse repurchase transactions recorded under enforceable netting agreements are shown on a net basis, consistent with presentation of the related balances on the consolidated balance sheet. Total interest income and interest expense reflected on a gross basis for these arrangements was $8,159 million and $3,772 million, respectively, for the three months ended June 30, 2026, compared with $7,866 million and $3,575 million, respectively, for the three months ended March 31, 2026.
(b) Excludes unrealized gain (loss)
Net interest income on a taxable-equivalent basis was $4,387 million in the second quarter of 2026, an increase of $307 million (7.5 percent) compared with the second quarter of 2025. The increase primarily reflected loan growth, an improved earning asset mix, and benefits from fixed asset repricing. Average earning assets were $15.7 billion (2.6 percent) higher than the second quarter of 2025, reflecting an increase of $27.0 billion (7.1 percent) in average loans, partially offset by a decrease of $9.1 billion (21.9 percent) in average interest-bearing deposits with banks.
On a linked quarter basis, net interest income on a taxable-equivalent basis increased $96 million (2.2 percent) primarily driven by loan growth and benefits from fixed asset repricing. Average earning assets were $4.8 billion (0.8 percent) higher than the prior quarter, reflecting an increase of $11.9 billion (3.0 percent) in average loans, partially offset by a decrease of $6.4 billion (16.5 percent) in average interest-bearing deposits with banks.
Net interest margin was 2.79 percent in the second quarter of 2026, compared with 2.66 percent in the second quarter of 2025 and 2.77 percent in the first quarter of 2026. The increase from the prior year quarter and the linked quarter reflected the combined effects of loan growth, improved earning asset mix and benefits from fixed asset repricing.

3
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U.S. Bancorp Second Quarter 2026 Results
AVERAGE LOANS
($ in millions)
Percent Change
2Q 2026
1Q 2026
2Q 2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
2026
YTD
2025
Percent Change
Commercial
$152,925 
$145,397 
$133,755 
5.2 
14.3 
$149,181 
$132,013 
13.0 
Lease financing
4,459 
4,436 
4,211 
.5 
5.9 
4,448 
4,206 
5.8 
Total commercial
157,384 
149,833 
137,966 
5.0 
14.1 
153,629 
136,219 
12.8 
Commercial mortgages
41,840 
39,969 
38,194 
4.7 
9.5 
40,909 
38,408 
6.5 
Construction and development
9,417 
9,439 
10,272 
(.2)
(8.3)
9,429 
10,269 
(8.2)
Total commercial real estate
51,257 
49,408 
48,466 
3.7 
5.8 
50,338 
48,677 
3.4 
Residential mortgages
117,196 
116,690 
115,616 
.4 
1.4 
116,944 
117,221 
(.2)
Credit card
38,403 
37,341 
35,439 
2.8 
8.4 
37,875 
35,262 
7.4 
Retail leasing
3,746 
3,525 
3,869 
6.3 
(3.2)
3,636 
3,929 
(7.5)
Home equity and second mortgages
14,055 
13,972 
13,678 
.6 
2.8 
14,014 
13,610 
3.0 
Other
23,440 
22,791 
23,495 
2.8 
(.2)
23,117 
23,859 
(3.1)
Total other retail
41,241 
40,288 
41,042 
2.4 
.5 
40,767 
41,398 
(1.5)
Total loans
$405,481 
$393,560 
$378,529 
3.0 
7.1 
$399,553 
$378,777 
5.5 
Average total loans for the second quarter of 2026 increased $27.0 billion (7.1 percent) compared with the second quarter of 2025. The increase was driven by growth in total commercial loans, total commercial real estate loans, and credit card loans. Growth in total commercial loans reflected higher corporate loans and loans to financial institutions. Growth in total commercial real estate loans was primarily driven by commercial mortgage originations, while credit card loan growth reflected higher sales volumes.
Compared with the first quarter of 2026, average total loans increased $11.9 billion (3.0 percent), driven by growth in total commercial loans and total commercial real estate loans. Higher total commercial loans reflected growth in corporate loans, loans to financial institutions, and other commercial loans, while growth in commercial real estate loans was primarily driven by commercial mortgage originations.

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U.S. Bancorp Second Quarter 2026 Results
AVERAGE DEPOSITS
($ in millions)
Percent Change
2Q 2026
1Q 2026
2Q 2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
2026
YTD
2025
Percent Change
Noninterest-bearing deposits
$80,611 
$80,628 
$79,117 
— 
1.9 
$80,620 
$79,405 
1.5 
Interest-bearing savings deposits
Interest checking
132,358 
130,600 
131,599 
1.3 
.6 
131,484 
128,642 
2.2 
Money market savings
181,978 
188,986 
177,087 
(3.7)
2.8 
185,463 
186,213 
(.4)
Savings accounts
73,709 
68,305 
58,171 
7.9 
26.7 
71,022 
54,243 
30.9 
Total savings deposits
388,045 
387,891 
366,857 
— 
5.8 
387,969 
369,098 
5.1 
Time deposits
46,424 
46,600 
56,916 
(.4)
(18.4)
46,511 
56,199 
(17.2)
Total interest-bearing deposits
434,469 
434,491 
423,773 
— 
2.5 
434,480 
425,297 
2.2 
Total deposits
$515,080 
$515,119 
$502,890 
— 
2.4 
$515,100 
$504,702 
2.1 
Average total deposits in the second quarter of 2026 increased $12.2 billion (2.4 percent) compared with the second quarter of 2025. Average total interest-bearing deposits increased, driven by growth in Consumer and Business Banking savings accounts and Wealth, Corporate, Commercial and Institutional Banking money market accounts, partially offset by lower time deposit balances in Treasury and Corporate Support. Time deposit balances are managed as an alternative funding source based on relative pricing and liquidity considerations.

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

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U.S. Bancorp Second Quarter 2026 Results
NONINTEREST INCOME
($ in millions)
Percent Change
2Q 2026
1Q 2026
2Q 2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
2026
YTD
2025
Percent Change
Card revenue
$435 
$391 
$413 
11.3 
5.3 
$826 
$787 
5.0 
Corporate payment and treasury management revenue
440 
408 
421 
7.8 
4.5 
848 
821 
3.3 
Merchant processing services
485 
436 
474 
11.2 
2.3 
921 
889 
3.6 
Trust and investment management fees
785 
745 
703 
5.4 
11.7 
1,530 
1,383 
10.6 
Lending and deposit-related fees
308 
294 
277 
4.8 
11.2 
602 
543 
10.9 
Capital markets revenue
512 
377 
315 
35.8 
62.5 
889 
607 
46.5 
Mortgage banking revenue
169 
161 
162 
5.0 
4.3 
330 
335 
(1.5)
Investment products fees
102 
97 
90 
5.2 
13.3 
199 
177 
12.4 
Other
138 
123 
126 
12.2 
9.5 
261 
275 
(5.1)
Total fee revenue
3,374 
3,032 
2,981 
11.3 
13.2 
6,406 
5,817 
10.1 
Securities gains (losses), net
(49)
(35)
(57)
(40.0)
14.0 
(84)
(57)
(47.4)
Total noninterest income
$3,325 
$2,997 
$2,924 
10.9 
13.7 
$6,322 
$5,760 
9.8 

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

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


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U.S. Bancorp Second Quarter 2026 Results
NONINTEREST EXPENSE
($ in millions)
Percent Change
2Q 2026
1Q 2026
2Q 2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
2026
YTD
2025
Percent Change
Compensation and employee benefits
$2,685 
$2,628 
$2,600 
2.2 
3.3 
$5,313 
$5,237 
1.5 
Net occupancy and equipment
303 
304 
301 
(.3)
.7 
607 
607 
— 
Professional services
112 
92 
109 
21.7 
2.8 
204 
207 
(1.4)
Marketing and business development
216 
217 
161 
(.5)
34.2 
433 
343 
26.2 
Technology and communications
601 
573 
534 
4.9 
12.5 
1,174 
1,067 
10.0 
Other intangibles
114 
110 
124 
3.6 
(8.1)
224 
247 
(9.3)
Other
397 
341 
352 
16.4 
12.8 
738 
705 
4.7 
Total noninterest expense
$4,428 
$4,265 
$4,181 
3.8 
5.9 
$8,693 
$8,413 
3.3 
Second quarter noninterest expense was $4,428 million, an increase of $247 million (5.9 percent), compared with the second quarter of 2025. The increase reflected the impact of the BTIG acquisition, higher compensation and employee benefits expense, primarily due to stock-based compensation expense, higher technology and communications expense related to investments in product and technology development, increased marketing and business development initiatives, and higher other expense.
Compared with the first quarter of 2026, noninterest expense increased $163 million (3.8 percent). The increase reflected the impact of the BTIG acquisition, seasonally higher compensation and employee benefits expense, primarily due to stock-based compensation expense, higher professional services expense due to the timing of initiatives, higher technology and communications expense related to investments in product and technology development, and higher other expense.


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

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U.S. Bancorp Second Quarter 2026 Results
ALLOWANCE FOR CREDIT LOSSES
($ in millions)
2Q 2026
%(a)
1Q 2026
%(a)
4Q 2025
%(a)
3Q 2025
%(a)
2Q 2025
%(a)
Balance, beginning of period
$7,977 
$7,947 
$7,897 
$7,862 
$7,915 
Net charge-offs
Commercial
91 
.24 
117 
.33 
101 
.29 
23 
.07 
59 
.18 
Lease financing
5 
.45 
4 
.37 
5 
.46 
7 
.65 
6 
.57 
Total commercial
96 
.24 
121 
.33 
106 
.29 
30 
.09 
65 
.19 
Commercial mortgages
13 
.12 
2 
.02 
(3)
(.03)
103 
1.06 
57 
.60 
Construction and development
— 
— 
(10)
(.43)
— 
— 
— 
— 
— 
— 
Total commercial real estate
13 
.10 
(8)
(.07)
(3)
(.02)
103 
.85 
57 
.47 
Residential mortgages
— 
— 
(1)
— 
(2)
(.01)
(1)
— 
(1)
— 
Credit card
367 
3.83 
365 
3.96 
358 
3.84 
346 
3.80 
380 
4.30 
Retail leasing
14 
1.50 
18 
2.07 
17 
1.89 
17 
1.81 
10 
1.04 
Home equity and second mortgages
— 
— 
1 
.03 
1 
.03 
(2)
(.06)
— 
— 
Other
46 
.79 
50 
.89 
50 
.87 
43 
.76 
43 
.73 
Total other retail
60 
.58 
69 
.69 
68 
.67 
58 
.57 
53 
.52 
Total net charge-offs
536 
.53 
546 
.56 
527 
.54 
536 
.56 
554 
.59 
Provision for credit losses
538 
576 
577 
571 
501 
Balance, end of period
$7,979 
$7,977 
$7,947 
$7,897 
$7,862 
Components
Allowance for loan losses
$7,645 
$7,646 
$7,605 
$7,557 
$7,537 
Liability for unfunded credit commitments
334 
331 
342 
340 
325 
Total allowance for credit losses
$7,979 
$7,977 
$7,947 
$7,897 
$7,862 
Gross charge-offs
$676 
$683 
$651 
$669 
$683 
Gross recoveries
$140 
$137 
$124 
$133 
$129 
Allowance for credit losses as a percentage of
Period-end loans (%)
1.94
2.00
2.03
2.06
2.07
Nonperforming loans (%)
612
536
514
490
480
Nonperforming assets (%)
593
522
500
477
468
(a) Annualized and calculated on average loan balances.


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U.S. Bancorp Second Quarter 2026 Results
The provision for credit losses was $538 million for the second quarter of 2026, compared with $576 million in the first quarter of 2026 and $501 million in the second quarter of 2025. The increase on a year-over-year basis was primarily driven by loan portfolio growth. The decrease on a linked quarter basis was primarily driven by stabilizing economic conditions and improving credit quality. While economic conditions have shown some stabilization, the Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to evolving geopolitical events, as well as other economic factors that may affect the financial strength of corporate and consumer borrowers.
Total net charge-offs were $536 million in the second quarter of 2026, compared with $546 million in the first quarter of 2026 and $554 million in the second quarter of 2025. The net charge-off ratio was 0.53 percent compared with 0.56 percent in the first quarter of 2026 and 0.59 percent in the second quarter of 2025. The decrease in net charge-offs on a linked quarter basis was driven by lower net charge-offs on commercial loans, partially offset by higher net charge-offs on commercial real estate loans. Compared with the prior year quarter, lower net charge-offs on commercial real estate loans and credit card portfolios were partially offset by higher net charge-offs on commercial loans.
The allowance for credit losses was $7,979 million at June 30, 2026, compared with $7,977 million at March 31, 2026, and $7,862 million at June 30, 2025. The allowance for credit losses remained relatively stable compared with the linked quarter. The increase in the allowance for credit losses on a year-over-year basis was primarily driven by loan portfolio growth, partially offset by improved credit quality and stabilizing economic conditions. The allowance for credit losses represented 1.94 percent of period-end loans at June 30, 2026, and 612 percent of nonperforming loans at June 30, 2026.
Nonperforming assets were $1,346 million at June 30, 2026, compared with $1,528 million at March 31, 2026, and $1,680 million at June 30, 2025. The decrease from the linked quarter and the prior year quarter primarily reflected the resolution of nonperforming loans. The ratio of nonperforming assets to loans and other real estate was 0.33 percent at June 30, 2026. Accruing loans 90 days or more past due were $735 million at June 30, 2026, compared with $847 million at March 31, 2026, and $966 million at June 30, 2025. The linked quarter decrease in accruing loans 90 days or more past due was primarily due to improvement across all portfolios due to seasonality, while the decrease from the prior year quarter was primarily due to the resolution of elevated prior year delinquencies.

9
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U.S. Bancorp Second Quarter 2026 Results
DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
(Percent)
Jun 30 2026
Mar 31 2026
Dec 31 2025
Sep 30 2025
Jun 30 2025
Delinquent loan ratios - 90 days or more past due
Commercial
.01
.02
.01
.01
.01
Commercial real estate
.01
.03
.03
.04
.28
Residential mortgages
.20
.23
.25
.26
.28
Credit card
1.13
1.29
1.27
1.26
1.26
Other retail
.10
.13
.13
.13
.13
Total loans
.18
.21
.22
.22
.25
Delinquent loan ratios - 90 days or more past due and nonperforming loans
Commercial
.26
.44
.50
.52
.42
Commercial real estate
1.09
1.07
1.09
1.24
1.86
Residential mortgages
.35
.36
.38
.38
.40
Credit card
1.13
1.29
1.27
1.26
1.26
Other retail
.48
.52
.53
.51
.51
Total loans
.50
.58
.61
.64
.68
ASSET QUALITY(a)
($ in millions)
Jun 30 2026
Mar 31 2026
Dec 31 2025
Sep 30 2025
Jun 30 2025
Nonperforming loans
Commercial
$377 
$622 
$695 
$708 
$548 
Lease financing
25 
26 
22 
25 
27 
Total commercial
402 
648 
717 
733 
575 
Commercial mortgages
538 
488 
504 
558 
732 
Construction and development
30 
34 
14 
21 
31 
Total commercial real estate
568 
522 
518 
579 
763 
Residential mortgages
171 
159 
151 
143 
145 
Credit card
— 
— 
— 
— 
— 
Other retail
162 
159 
161 
155 
154 
Total nonperforming loans
1,303 
1,488 
1,547 
1,610 
1,637 
Other real estate
24 
22 
24 
23 
21 
Other nonperforming assets
19 
18 
19 
21 
22 
Total nonperforming assets
$1,346 
$1,528 
$1,590 
$1,654 
$1,680 
Accruing loans 90 days or more past due
$735 
$847 
$853 
$840 
$966 
Nonperforming assets to loans plus ORE (%)
.33 
.38 
.41 
.43 
.44 
(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due

10
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U.S. Bancorp Second Quarter 2026 Results
COMMON SHARES
(Millions)
2Q 2026
1Q 2026
4Q 2025
3Q 2025
2Q 2025
Beginning shares outstanding
1,555 
1,555 
1,556 
1,558 
1,560 
Shares issued for stock incentive plans,
  acquisitions and other corporate purposes
6 
5 
2 
— 
— 
Shares repurchased
(3)
(5)
(3)
(2)
(2)
Ending shares outstanding
1,558 
1,555 
1,555 
1,556 
1,558 
CAPITAL POSITION
Preliminary Data
($ in millions)
Jun 30 2026
Mar 31 2026
Dec 31 2025
Sep 30 2025
Jun 30 2025
Total U.S. Bancorp shareholders' equity
$67,432 
$65,786 
$65,193 
$63,340 
$61,438 
Basel III Standardized Approach
Common equity tier 1 capital
$53,575 
$52,648 
$51,665 
$50,587 
$49,382 
Tier 1 capital
60,802 
59,899 
58,917 
57,839 
56,630 
Total risk-based capital
71,429 
69,163 
68,087 
66,820 
65,752 
Common equity tier 1 capital ratio
10.8 
%
10.8 
%
10.8 
%
10.9 
%
10.7 
%
Tier 1 capital ratio
12.2 
12.3 
12.3 
12.4 
12.3 
Total risk-based capital ratio
14.4 
14.2 
14.2 
14.4 
14.3 
Leverage ratio
8.9 
8.8 
8.7 
8.6 
8.5 
Common equity to assets
8.4 
8.4 
8.4 
8.1 
8.0 
Tangible common equity to tangible assets(a)
6.6 
6.7 
6.7 
6.4 
6.1 
Tangible common equity to risk-weighted assets(a)
9.4 
9.4 
9.4 
9.3 
9.0 

(a)See Non-GAAP Financial Measures reconciliation on page 16.
Total U.S. Bancorp shareholders’ equity was $67.4 billion at June 30, 2026, compared with $65.8 billion at March 31, 2026, and $61.4 billion at June 30, 2025. The increase included the impact of common shares issued as consideration for the acquisition of BTIG. During the second quarter of 2026, the Company continued repurchasing shares under its $5.0 billion common stock repurchase authorization, including repurchases in connection with its stock-based compensation plans.

All regulatory capital ratios continue to be in excess of “well-capitalized” requirements. The common equity tier 1 capital to risk-weighted assets ratio using the Basel III standardized approach was 10.8 percent at June 30, 2026, and March 31, 2026, compared with 10.7 percent at June 30, 2025.

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U.S. Bancorp Second Quarter 2026 Results
Investor Conference Call
On Thursday, July 16, 2026 at 7 a.m. CT, Chairman and Chief Executive Officer Gunjan Kedia and Vice Chair and Chief Financial Officer John Stern will host a conference call to review the financial results. The live conference call will be available online or by telephone. To access the webcast and presentation, visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, “News & events” and “Webcasts & presentations.” To access the conference call from locations within the United States and Canada, please dial 888-210-4659. Participants calling from outside the United States and Canada, please dial 646-960-0383. The access code for all participants is 7269933. For those unable to participate during the live call, a replay will be available beginning at approximately 10 a.m. CT on July 16, 2026. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, “News & events” and “Webcasts & presentations.”
About U.S. Bancorp
Headquartered in Minneapolis, U.S. Bancorp is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company's three major business lines serve 15 million clients globally, and its team of nearly 70,000 people invest their hearts and minds to power human potential every day. Ranked 110th on the Fortune 500, U.S. Bancorp is deeply respected for its culture and long-term stewardship and admired for its diversified business mix and product capabilities.
Forward-looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.
This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects, targets, initiatives and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.”
Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties:
•Deterioration in general business, political and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility;
•Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities;
•Changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs;
•Changes in interest rates;
•Increases in unemployment rates;
•Deterioration in the credit quality of U.S. Bancorp's loan portfolios or in the value of the collateral securing those loans;
•Changes in commercial real estate occupancy rates;
•Increases in FDIC assessments, including due to bank failures;
•Actions taken by governmental agencies to stabilize or reform the financial system and the effectiveness of such actions;
•Turmoil and volatility in the financial services industry;
•Risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer;
•Impacts of current, pending or future litigation and governmental proceedings;
•Increased competitive pressure;
•Changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands;

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U.S. Bancorp Second Quarter 2026 Results
•Breaches in data security;
•Failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents;
•Failures to safeguard personal information;
•Impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events, including those arising from conflict in the Middle East;
•Impacts of supply chain disruptions, rising inflation, slower growth or a recession;
•Effects of climate change and related physical and transition risks;
•Failure to execute on strategic or operational plans;
•Effects of mergers and acquisitions, such as the acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC, and related integration, including that the expected benefits may take longer than anticipated to achieve or may not be achieved in entirety or at all and the costs relating to the combination may be greater than expected;
•Effects of critical accounting policies and judgments;
•Effects of changes in or interpretations of tax laws and regulations;
•Management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, and liquidity risk; and
•The risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2025, and subsequent filings with the Securities and Exchange Commission.

Factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.
Non-GAAP Financial Measures
In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including: 
•Tangible common equity to tangible assets,
•Tangible common equity to risk-weighted assets,
•Tangible book value per common share, and
•Return on tangible common equity.
These capital measures are viewed by management as useful additional methods of evaluating the Company’s utilization of its capital held and the level of capital available to withstand unexpected negative market or economic conditions. Additionally, presentation of these measures allows investors, analysts and banking regulators to assess the Company’s capital position and use of capital relative to other financial services companies. These capital measures are not defined in generally accepted accounting principles (“GAAP”) or in banking regulations. Management believes this information helps investors assess trends in the Company’s capital utilization and adequacy.
The Company also discloses net interest income and related ratios and analysis on a taxable-equivalent basis, which may also be considered non-GAAP financial measures. The Company believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison of net interest income arising from taxable and tax-exempt sources. In addition, certain performance measures utilize net interest income on a taxable-equivalent basis, including the efficiency ratio, operating leverage, net interest margin, and tax rate.
There may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in this press release in their entirety, and not to rely on any single financial measure. A table follows that shows the Company’s calculation of these non-GAAP financial measures.

13
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CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data)
Three Months Ended
June 30,
Six Months Ended
June 30,
(Unaudited)
2026
2025
2026
2025
Interest Income
Loans
$5,728 
$5,548 
$11,254 
$11,081 
Loans held for sale
43 
59 
78 
87 
Investment securities
1,344 
1,355 
2,647 
2,663 
Other interest income
483 
642 
1,026 
1,289 
Total interest income
7,598 
7,604 
15,005 
15,120 
Interest Expense
Deposits
2,330 
2,541 
4,614 
5,052 
Short-term borrowings
249 
291 
463 
540 
Long-term debt
658 
721 
1,304 
1,385 
Total interest expense
3,237 
3,553 
6,381 
6,977 
Net interest income
4,361 
4,051 
8,624 
8,143 
Provision for credit losses
538 
501 
1,114 
1,038 
Net interest income after provision for credit losses
3,823 
3,550 
7,510 
7,105 
Noninterest Income
Card revenue
435 
413 
826 
787 
Corporate payment and treasury management revenue
440 
421 
848 
821 
Merchant processing services
485 
474 
921 
889 
Trust and investment management fees
785 
703 
1,530 
1,383 
Lending and deposit-related fees
308 
277 
602 
543 
Capital markets revenue
512 
315 
889 
607 
Mortgage banking revenue
169 
162 
330 
335 
Investment products fees
102 
90 
199 
177 
Securities gains (losses), net
(49)
(57)
(84)
(57)
Other
138 
126 
261 
275 
Total noninterest income
3,325 
2,924 
6,322 
5,760 
Noninterest Expense
Compensation and employee benefits
2,685 
2,600 
5,313 
5,237 
Net occupancy and equipment
303 
301 
607 
607 
Professional services
112 
109 
204 
207 
Marketing and business development
216 
161 
433 
343 
Technology and communications
601 
534 
1,174 
1,067 
Other intangibles
114 
124 
224 
247 
Other
397 
352 
738 
705 
Total noninterest expense
4,428 
4,181 
8,693 
8,413 
Income before income taxes
2,720 
2,293 
5,139 
4,452 
Applicable income taxes
537 
472 
1,006 
915 
Net income
2,183 
1,821 
4,133 
3,537 
Net (income) loss attributable to noncontrolling interests
(6)
(6)
(11)
(13)
Net income attributable to U.S. Bancorp
$2,177 
$1,815 
$4,122 
$3,524 
Net income applicable to U.S. Bancorp common shareholders
$2,098 
$1,733 
$3,939 
$3,336 
Earnings per common share
$1.35 
$1.11 
$2.53 
$2.14 
Diluted earnings per common share
$1.35 
$1.11 
$2.53 
$2.14 
Dividends declared per common share
$.52 
$.50 
$1.04 
$1.00 
Average common shares outstanding
1,554 
1,559 
1,554 
1,559 
Average diluted common shares outstanding
1,555 
1,559 
1,555 
1,560 

14
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CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)
(Unaudited)
June 30,
2026
December 31,
2025
June 30,
2025
Assets
Cash and due from banks
$66,491 
$46,890 
$57,807 
Investment securities
Held-to-maturity
74,085 
76,170 
77,879 
Available-for-sale
89,085 
90,838 
90,577 
Loans held for sale
3,038 
2,538 
2,288 
Loans
Commercial
159,655 
148,161 
141,582 
Commercial real estate
52,348 
48,920 
48,181 
Residential mortgages
117,311 
115,885 
114,475 
Credit card
39,079 
38,031 
35,857 
Other retail
41,907 
40,338 
40,148 
Total loans
410,300 
391,335 
380,243 
Less allowance for loan losses
(7,645)
(7,605)
(7,537)
Net loans
402,655 
383,730 
372,706 
Premises and equipment
3,847 
3,768 
3,625 
Goodwill
13,234 
12,635 
12,637 
Other intangible assets
4,999 
4,904 
5,285 
Other assets
68,484 
70,872 
63,566 
Total assets
$725,918 
$692,345 
$686,370 
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing
$85,791 
$84,116 
$86,972 
Interest-bearing
446,275 
438,100 
431,745 
Total deposits
532,066 
522,216 
518,717 
Short-term borrowings
37,337 
17,162 
15,039 
Long-term debt
58,671 
60,764 
64,013 
Other liabilities
29,949 
26,552 
26,705 
Total liabilities
658,023 
626,694 
624,474 
Shareholders' equity
Preferred stock
6,808 
6,808 
6,808 
Common stock
21 
21 
21 
Capital surplus
8,773 
8,728 
8,706 
Retained earnings
83,241 
80,906 
78,652 
Less treasury stock
(24,300)
(24,283)
(24,140)
Accumulated other comprehensive income (loss)
(7,111)
(6,987)
(8,609)
Total U.S. Bancorp shareholders' equity
67,432 
65,193 
61,438 
Noncontrolling interests
463 
458 
458 
Total equity
67,895 
65,651 
61,896 
Total liabilities and equity
$725,918 
$692,345 
$686,370 

15
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NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Total equity
$67,895 
$66,247 
$65,651 
$63,798 
$61,896 
Preferred stock
(6,808)
(6,808)
(6,808)
(6,808)
(6,808)
Noncontrolling interests
(463)
(461)
(458)
(458)
(458)
Common equity(a)
60,624 
58,978 
58,385 
56,532 
54,630 
Goodwill (net of deferred tax liability)(1)
(12,193)
(11,588)
(11,603)
(11,603)
(11,613)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights
(1,624)
(1,429)
(1,507)
(1,605)
(1,699)
Tangible common equity(b)
46,807 
45,961 
45,275 
43,324 
41,318 
Total assets(c)
725,918 
700,998 
692,345 
695,357 
686,370 
Goodwill (net of deferred tax liability)(1)
(12,193)
(11,588)
(11,603)
(11,603)
(11,613)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights
(1,624)
(1,429)
(1,507)
(1,605)
(1,699)
Tangible assets(d)
712,101 
687,981 
679,235 
682,149 
673,058 
Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company(e)
496,488 
*
487,958 
480,382 
465,092 
459,521 
Common shares outstanding(f)
1,558 
1,555 
1,555 
1,556 
1,558 
Ratios *
Common equity to assets(a)/(c)
8.4
%
8.4
%
8.4
%
8.1
%
8.0
%
Tangible common equity to tangible assets(b)/(d)
6.6
6.7
6.7
6.4
6.1
Tangible common equity to risk-weighted assets(b)/(e)
9.4
9.4
9.4
9.3
9.0
Tangible book value per common share(b)/(f)
$30.04 
$29.56 
$29.12 
$27.84 
$26.52 
Three Months Ended
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Net income applicable to U.S. Bancorp common shareholders
$2,098 
$1,841 
$1,965 
$1,893 
$1,733 
Intangibles amortization (net-of-tax)
90 
87 
100 
99 
98 
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization
2,188 
1,928 
2,065 
1,992 
1,831 
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization(g)
8,776 
7,819 
8,193 
7,903 
7,344 
Average total equity
67,327 
66,315 
65,048 
63,101 
61,356 
Average preferred stock
(6,808)
(6,808)
(6,808)
(6,808)
(6,808)
Average noncontrolling interests
(462)
(458)
(458)
(458)
(457)
Average goodwill (net of deferred tax liability)(1)
(11,796)
(11,601)
(11,599)
(11,609)
(11,544)
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights
(1,409)
(1,474)
(1,568)
(1,659)
(1,734)
Average tangible common equity(h)
46,852 
45,974 
44,615 
42,567 
40,813 
Return on tangible common equity(g)/(h)
18.7
%
17.0
%
18.4
%
18.6
%
18.0
%
Net interest income
$4,361 
$4,263 
$4,284 
$4,222 
$4,051 
Taxable-equivalent adjustment(2)
26 
28 
28 
29 
29 
Net interest income, on a taxable-equivalent basis
4,387 
4,291 
4,312 
4,251 
4,080 
Net interest income, on a taxable-equivalent basis (as calculated above)
4,387 
4,291 
4,312 
4,251 
4,080 
Noninterest income
3,325 
2,997 
3,053 
3,078 
2,924 
Less: Securities gains (losses), net
(49)
(35)
3 
(7)
(57)
Total net revenue, excluding net securities gains (losses)(i)
7,761 
7,323 
7,362 
7,336 
7,061 
Noninterest expense(j)
4,428 
4,265 
4,227 
4,197 
4,181 
Efficiency ratio(j)/(i)
57.1
%
58.2
%
57.4
%
57.2
%
59.2
%
* Preliminary data. Subject to change prior to filings with applicable regulatory agencies.
(1)Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements.
(2)Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.
16
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NON-GAAP FINANCIAL MEASURES
Three Months Ended
(Dollars in Millions, Unaudited)
June 30,
2026
June 30,
2025
Percent Change
Net interest income
$4,361 
$4,051 
Taxable-equivalent adjustment(1)
26 
29 
Net interest income, on a taxable-equivalent basis
4,387 
4,080 
Net interest income, on a taxable-equivalent basis (as calculated above)
4,387 
4,080 
Noninterest income
3,325 
2,924 
Less: Securities gains (losses), net
(49)
(57)
Total net revenue, excluding net securities gains (losses)
7,761 
7,061 
9.9
%
(a)
Noninterest expense
4,428 
4,181 
5.9
%
(b)
Operating leverage(a) - (b)
4.0
%
(1)Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.
17
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Business Segment Schedules
Second Quarter 2026
WEALTH, CORPORATE, COMMERCIAL AND
INSTITUTIONAL BANKING

CONSUMER AND BUSINESS BANKING

PAYMENT SERVICES

TREASURY AND CORPORATE SUPPORT

usbancorplogo_smalla.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
2Q
2026
1Q
2026
2Q
2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
 2026
YTD
 2025
Percent Change
Wealth, Corporate, Commercial and Institutional Banking
$1,530 
$1,455 
$1,174 
5.2 
30.3 
$2,985 
$2,397 
24.5 
Consumer and Business Banking
589 
570 
616 
3.3 
(4.4)
1,159 
1,154 
.4 
Payment Services
225 
272 
235 
(17.3)
(4.3)
497 
494 
.6 
Treasury and Corporate Support
(167)
(352)
(210)
52.6 
20.5 
(519)
(521)
.4 
Consolidated Company
$2,177 
$1,945 
$1,815 
11.9 
19.9 
$4,122 
$3,524 
17.0 
Income Before Provision
and Taxes
Percent Change
Income Before Provision
and Taxes
2Q
2026
1Q
2026
2Q
2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
 2026
YTD
 2025
Percent Change
Wealth, Corporate, Commercial and Institutional Banking
$2,169 
$2,005 
$1,743 
8.2 
24.4 
$4,174 
$3,416 
22.2 
Consumer and Business Banking
863 
832 
859 
3.7 
.5 
1,695 
1,639 
3.4 
Payment Services
685 
710 
698 
(3.5)
(1.9)
1,395 
1,360 
2.6 
Treasury and Corporate Support
(433)
(524)
(477)
17.4 
9.2 
(957)
(866)
(10.5)
Consolidated Company
$3,284 
$3,023 
$2,823 
8.6 
16.3 
$6,307 
$5,549 
13.7 
Business Segments
The Company’s major business segments are Wealth, Corporate, Commercial and Institutional Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support. Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2026, certain organization and methodology changes were made, including moving the Impact Finance business unit from the Treasury and Corporate Support business segment to the Wealth, Corporate, Commercial and Institutional Banking business segment. In addition, card revenue generated from debit cards, which was previously included in the Payment Services business segment, is now included in the Consumer and Business Banking business segment. Prior period results were recast and presented on a comparable basis.
19
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WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING
Preliminary data
($ in millions)
Percent Change
2Q
2026
1Q
2026
2Q
2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
 2026
YTD
 2025
Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)
$1,937 
$1,874 
$1,724 
3.4 
12.4 
$3,811 
$3,432 
11.0 
Noninterest income
1,834 
1,608 
1,496 
14.1 
22.6 
3,442 
2,918 
18.0 
Total net revenue
3,771 
3,482 
3,220 
8.3 
17.1 
7,253 
6,350 
14.2 
Noninterest expense
1,602 
1,477 
1,477 
8.5 
8.5 
3,079 
2,934 
4.9 
Income before provision and taxes
2,169 
2,005 
1,743 
8.2 
24.4 
4,174 
3,416 
22.2 
Provision for credit losses
129 
65 
178 
98.5 
(27.5)
194 
220 
(11.8)
Income before income taxes
2,040 
1,940 
1,565 
5.2 
30.4 
3,980 
3,196 
24.5 
Income taxes and taxable-equivalent adjustment
510 
485 
391 
5.2 
30.4 
995 
799 
24.5 
Net income
1,530 
1,455 
1,174 
5.2 
30.3 
2,985 
2,397 
24.5 
Net (income) loss attributable to noncontrolling interests
— 
— 
— 
— 
— 
— 
— 
— 
Net income attributable to U.S. Bancorp
$1,530 
$1,455 
$1,174 
5.2 
30.3 
$2,985 
$2,397 
24.5 
Average Balance Sheet Data
Loans
$213,957 
$203,948 
$185,545 
4.9 
15.3 
$208,980 
$183,872 
13.7 
Other earning assets
16,112 
15,378 
13,930 
4.8 
15.7 
15,747 
13,538 
16.3 
Goodwill
5,028 
4,826 
4,826 
4.2 
4.2 
4,928 
4,825 
2.1 
Other intangible assets
645 
682 
817 
(5.4)
(21.1)
663 
840 
(21.1)
Assets
268,412 
256,221 
234,434 
4.8 
14.5 
262,350 
232,532 
12.8 
Noninterest-bearing deposits
57,877 
57,796 
55,230 
.1 
4.8 
57,837 
55,581 
4.1 
Interest-bearing deposits
227,688 
230,175 
213,621 
(1.1)
6.6 
228,924 
216,457 
5.8 
Total deposits
285,565 
287,971 
268,851 
(.8)
6.2 
286,761 
272,038 
5.4 
Total U.S. Bancorp shareholders' equity
25,064 
24,204 
23,700 
3.6 
5.8 
24,636 
23,604 
4.4 

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

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

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

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

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

20
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CONSUMER AND BUSINESS BANKING
Preliminary data
($ in millions)
Percent Change
2Q
2026
1Q
2026
2Q
2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
 2026
YTD
 2025
Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)
$1,836 
$1,799 
$1,841 
2.1 
(.3)
$3,635 
$3,608 
.7 
Noninterest income
537 
515 
535 
4.3 
.4 
1,052 
1,058 
(.6)
Total net revenue
2,373 
2,314 
2,376 
2.5 
(.1)
4,687 
4,666 
.5 
Noninterest expense
1,510 
1,482 
1,517 
1.9 
(.5)
2,992 
3,027 
(1.2)
Income before provision and taxes
863 
832 
859 
3.7 
.5 
1,695 
1,639 
3.4 
Provision for credit losses
78 
72 
37 
8.3 
nm
150 
99 
51.5 
Income before income taxes
785 
760 
822 
3.3 
(4.5)
1,545 
1,540 
.3 
Income taxes and taxable-equivalent adjustment
196 
190 
206 
3.2 
(4.9)
386 
386 
— 
Net income
589 
570 
616 
3.3 
(4.4)
1,159 
1,154 
.4 
Net (income) loss attributable to noncontrolling interests
— 
— 
— 
— 
— 
— 
— 
— 
Net income attributable to U.S. Bancorp
$589 
$570 
$616 
3.3 
(4.4)
$1,159 
$1,154 
.4 
Average Balance Sheet Data
Loans
$144,008 
$144,192 
$149,500 
(.1)
(3.7)
$144,100 
$151,702 
(5.0)
Other earning assets
2,650 
2,409 
4,875 
10.0 
(45.6)
2,530 
3,335 
(24.1)
Goodwill
4,326 
4,326 
4,326 
— 
— 
4,326 
4,326 
— 
Other intangible assets
3,910 
3,913 
4,277 
(.1)
(8.6)
3,912 
4,322 
(9.5)
Assets
157,112 
156,975 
165,129 
.1 
(4.9)
157,044 
165,877 
(5.3)
Noninterest-bearing deposits
18,632 
18,380 
19,732 
1.4 
(5.6)
18,507 
19,502 
(5.1)
Interest-bearing deposits
206,430 
203,716 
200,548 
1.3 
2.9 
205,082 
199,628 
2.7 
Total deposits
225,062 
222,096 
220,280 
1.3 
2.2 
223,589 
219,130 
2.0 
Total U.S. Bancorp shareholders' equity
12,865 
13,109 
13,563 
(1.9)
(5.1)
12,986 
13,637 
(4.8)

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

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

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

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

21
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PAYMENT SERVICES
Preliminary data
($ in millions)
Percent Change
2Q
2026
1Q
2026
2Q
2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
 2026
YTD
 2025
Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)
$774 
$794 
$730 
(2.5)
6.0 
$1,568 
$1,472 
6.5 
Noninterest income
1,038 
925 
984 
12.2 
5.5 
1,963 
1,896 
3.5 
Total net revenue
1,812 
1,719 
1,714 
5.4 
5.7 
3,531 
3,368 
4.8 
Noninterest expense
1,127 
1,009 
1,016 
11.7 
10.9 
2,136 
2,008 
6.4 
Income before provision and taxes
685 
710 
698 
(3.5)
(1.9)
1,395 
1,360 
2.6 
Provision for credit losses
385 
347 
384 
11.0 
.3 
732 
701 
4.4 
Income before income taxes
300 
363 
314 
(17.4)
(4.5)
663 
659 
.6 
Income taxes and taxable-equivalent adjustment
75 
91 
79 
(17.6)
(5.1)
166 
165 
.6 
Net income
225 
272 
235 
(17.3)
(4.3)
497 
494 
.6 
Net (income) loss attributable to noncontrolling interests
— 
— 
— 
— 
— 
— 
— 
— 
Net income attributable to U.S. Bancorp
$225 
$272 
$235 
(17.3)
(4.3)
$497 
$494 
.6 
Average Balance Sheet Data
Loans
$45,947 
$44,003 
$42,224 
4.4 
8.8 
$44,980 
$41,917 
7.3 
Other earning assets
7 
5 
5 
40.0 
40.0 
6 
31 
(80.6)
Goodwill
3,479 
3,481 
3,425 
(.1)
1.6 
3,480 
3,409 
2.1 
Other intangible assets
241 
238 
258 
1.3 
(6.6)
240 
254 
(5.5)
Assets
51,171 
49,009 
47,840 
4.4 
7.0 
50,096 
47,338 
5.8 
Noninterest-bearing deposits
2,390 
2,425 
2,439 
(1.4)
(2.0)
2,407 
2,527 
(4.7)
Interest-bearing deposits
93 
94 
95 
(1.1)
(2.1)
93 
95 
(2.1)
Total deposits
2,483 
2,519 
2,534 
(1.4)
(2.0)
2,500 
2,622 
(4.7)
Total U.S. Bancorp shareholders' equity
10,692 
10,596 
10,234 
.9 
4.5 
10,644 
10,232 
4.0 

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

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

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

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

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

22
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TREASURY AND CORPORATE SUPPORT
Preliminary data
($ in millions)
Percent Change
2Q
2026
1Q
2026
2Q
2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
 2026
YTD
 2025
Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)
($160)
($176)
($215)
9.1 
25.6 
($336)
($310)
(8.4)
Noninterest income
(84)
(51)
(91)
(64.7)
7.7 
(135)
(112)
(20.5)
Total net revenue
(244)
(227)
(306)
(7.5)
20.3 
(471)
(422)
(11.6)
Noninterest expense
189 
297 
171 
(36.4)
10.5 
486 
444 
9.5 
Income (loss) before provision and taxes
(433)
(524)
(477)
17.4 
9.2 
(957)
(866)
(10.5)
Provision for credit losses
(54)
92 
(98)
nm
44.9 
38 
18 
nm
Income (loss) before income taxes
(379)
(616)
(379)
38.5 
— 
(995)
(884)
(12.6)
Income taxes and taxable-equivalent adjustment
(218)
(269)
(175)
19.0 
(24.6)
(487)
(376)
(29.5)
Net income
(161)
(347)
(204)
53.6 
21.1 
(508)
(508)
— 
Net (income) loss attributable to noncontrolling interests
(6)
(5)
(6)
(20.0)
— 
(11)
(13)
15.4 
Net income (loss) attributable to U.S. Bancorp
($167)
($352)
($210)
52.6 
20.5 
($519)
($521)
.4 
Average Balance Sheet Data
Loans
$1,569 
$1,417 
$1,260 
10.7 
24.5 
$1,493 
$1,286 
16.1 
Other earning assets
204,751 
212,810 
216,003 
(3.8)
(5.2)
208,759 
216,113 
(3.4)
Goodwill
— 
— 
— 
— 
— 
— 
— 
— 
Other intangible assets
6 
7 
8 
(14.3)
(25.0)
6 
8 
(25.0)
Assets
218,015 
226,077 
225,938 
(3.6)
(3.5)
222,024 
225,631 
(1.6)
Noninterest-bearing deposits
1,712 
2,027 
1,716 
(15.5)
(.2)
1,869 
1,795 
4.1 
Interest-bearing deposits
258 
506 
9,509 
(49.0)
(97.3)
381 
9,117 
(95.8)
Total deposits
1,970 
2,533 
11,225 
(22.2)
(82.4)
2,250 
10,912 
(79.4)
Total U.S. Bancorp shareholders' equity
18,244 
17,948 
13,402 
1.6 
36.1 
18,098 
12,785 
41.6 

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

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

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

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

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

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


23


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Supplemental Consolidated Schedules
Second Quarter 2026




usbancorplogo_small4.jpg
QUARTERLY CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Interest Income
Loans
$5,728 
$5,526 
$5,599 
$5,688 
$5,548 
Loans held for sale
43 
35 
43 
35 
59 
Investment securities
1,344 
1,303 
1,343 
1,392 
1,355 
Other interest income(a)
483 
543 
615 
687 
642 
Total interest income(a)
7,598 
7,407 
7,600 
7,802 
7,604 
Interest Expense
Deposits
2,330 
2,284 
2,451 
2,648 
2,541 
Short-term borrowings(a)
249 
214 
182 
203 
291 
Long-term debt
658 
646 
683 
729 
721 
Total interest expense(a)
3,237 
3,144 
3,316 
3,580 
3,553 
Net interest income
4,361 
4,263 
4,284 
4,222 
4,051 
Provision for credit losses
538 
576 
577 
571 
501 
Net interest income after provision for credit losses
3,823 
3,687 
3,707 
3,651 
3,550 
Noninterest Income
Card revenue
435 
391 
427 
415 
413 
Corporate payment and treasury management revenue
440 
408 
396 
407 
421 
Merchant processing services
485 
436 
440 
463 
474 
Trust and investment management fees
785 
745 
756 
730 
703 
Lending and deposit-related fees
308 
294 
302 
290 
277 
Capital markets revenue
512 
377 
389 
378 
315 
Mortgage banking revenue
169 
161 
130 
180 
162 
Investment products fees
102 
97 
101 
97 
90 
Securities gains (losses), net
(49)
(35)
3 
(7)
(57)
Other
138 
123 
109 
125 
126 
Total noninterest income
3,325 
2,997 
3,053 
3,078 
2,924 
Noninterest Expense
Compensation and employee benefits
2,685 
2,628 
2,529 
2,561 
2,600 
Net occupancy and equipment
303 
304 
320 
300 
301 
Professional services
112 
92 
144 
117 
109 
Marketing and business development
216 
217 
187 
175 
161 
Technology and communications
601 
573 
584 
560 
534 
Other intangibles
114 
110 
126 
125 
124 
Other
397 
341 
337 
359 
352 
Total noninterest expense
4,428 
4,265 
4,227 
4,197 
4,181 
Income before income taxes
2,720 
2,419 
2,533 
2,532 
2,293 
Applicable income taxes
537 
469 
482 
524 
472 
Net income
2,183 
1,950 
2,051 
2,008 
1,821 
Net (income) loss attributable to noncontrolling interests
(6)
(5)
(6)
(7)
(6)
Net income attributable to U.S. Bancorp
$2,177 
$1,945 
$2,045 
$2,001 
$1,815 
Net income applicable to U.S. Bancorp common shareholders
$2,098 
$1,841 
$1,965 
$1,893 
$1,733 
Earnings per common share
$1.35 
$1.18 
$1.26 
$1.22 
$1.11 
Diluted earnings per common share
$1.35 
$1.18 
$1.26 
$1.22 
$1.11 
Dividends declared per common share
$.52 
$.52 
$.52 
$.52 
$.50 
Average common shares outstanding
1,554 
1,554 
1,555 
1,557 
1,559 
Average diluted common shares outstanding
1,555 
1,555 
1,556 
1,557 
1,559 
Financial Ratios (%)
Net interest margin (taxable-equivalent basis)
2.79
2.77
2.77
2.75
2.66
Return on average assets
1.26
1.15
1.19
1.17
1.08
Return on average common equity
14.0
12.6
13.5
13.5
12.9
Efficiency ratio
57.1
58.2
57.4
57.2
59.2
(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


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CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Assets
Cash and due from banks
$66,491 
$48,420 
$46,890 
$66,637 
$57,807 
Investment securities
Held-to-maturity
74,085 
75,442 
76,170 
76,931 
77,879 
Available-for-sale
89,085 
93,464 
90,838 
89,065 
90,577 
Loans held for sale
3,038 
2,928 
2,538 
2,490 
2,288 
Loans
Commercial
159,655 
154,095 
148,161 
142,574 
141,582 
Commercial real estate
52,348 
49,971 
48,920 
48,244 
48,181 
Residential mortgages
117,311 
117,285 
115,885 
115,046 
114,475 
Credit card
39,079 
37,654 
38,031 
36,434 
35,857 
Other retail
41,907 
40,791 
40,338 
40,219 
40,148 
Total loans
410,300 
399,796 
391,335 
382,517 
380,243 
Less allowance for loan losses
(7,645)
(7,646)
(7,605)
(7,557)
(7,537)
Net loans
402,655 
392,150 
383,730 
374,960 
372,706 
Premises and equipment
3,847 
3,819 
3,768 
3,695 
3,625 
Goodwill
13,234 
12,625 
12,635 
12,634 
12,637 
Other intangible assets
4,999 
4,799 
4,904 
5,152 
5,285 
Other assets
68,484 
67,351 
70,872 
63,793 
63,566 
Total assets
$725,918 
$700,998 
$692,345 
$695,357 
$686,370 
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing
$85,791 
$85,300 
$84,116 
$91,550 
$86,972 
Interest-bearing
446,275 
442,878 
438,100 
434,599 
431,745 
Total deposits
532,066 
528,178 
522,216 
526,149 
518,717 
Short-term borrowings
37,337 
17,859 
17,162 
15,449 
15,039 
Long-term debt
58,671 
61,361 
60,764 
62,535 
64,013 
Other liabilities
29,949 
27,353 
26,552 
27,426 
26,705 
Total liabilities
658,023 
634,751 
626,694 
631,559 
624,474 
Shareholders' equity
Preferred stock
6,808 
6,808 
6,808 
6,808 
6,808 
Common stock
21 
21 
21 
21 
21 
Capital surplus
8,773 
8,623 
8,728 
8,745 
8,706 
Retained earnings
83,241 
81,944 
80,906 
79,742 
78,652 
Less treasury stock
(24,300)
(24,387)
(24,283)
(24,228)
(24,140)
Accumulated other comprehensive income (loss)
(7,111)
(7,223)
(6,987)
(7,748)
(8,609)
Total U.S. Bancorp shareholders' equity
67,432 
65,786 
65,193 
63,340 
61,438 
Noncontrolling interests
463 
461 
458 
458 
458 
Total equity
67,895 
66,247 
65,651 
63,798 
61,896 
Total liabilities and equity
$725,918 
$700,998 
$692,345 
$695,357 
$686,370 


3


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CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET
(Dollars in Millions, Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Assets
Investment securities
$170,528 
$171,471 
$172,039 
$173,423 
$172,841 
Loans held for sale
2,783 
2,326 
2,775 
2,253 
4,843 
Loans
Commercial
Commercial
152,925 
145,397 
138,807 
135,704 
133,755 
Lease financing
4,459 
4,436 
4,307 
4,250 
4,211 
Total commercial
157,384 
149,833 
143,114 
139,954 
137,966 
Commercial real estate
Commercial mortgages
41,840 
39,969 
38,698 
38,384 
38,194 
Construction and development
9,417 
9,439 
9,792 
9,862 
10,272 
Total commercial real estate
51,257 
49,408 
48,490 
48,246 
48,466 
Residential mortgages
117,196 
116,690 
115,390 
114,780 
115,616 
Credit card
38,403 
37,341 
37,019 
36,079 
35,439 
Other retail
Retail leasing
3,746 
3,525 
3,572 
3,718 
3,869 
Home equity and second mortgages
14,055 
13,972 
13,922 
13,790 
13,678 
Other
23,440 
22,791 
22,778 
22,585 
23,495 
Total other retail
41,241 
40,288 
40,272 
40,093 
41,042 
Total loans
405,481 
393,560 
384,285 
379,152 
378,529 
Interest-bearing deposits with banks
32,450 
38,855 
42,705 
47,822 
41,550 
Other earning assets
17,759 
17,950 
18,413 
14,867 
15,579 
Total earning assets
629,001 
624,162 
620,217 
617,517 
613,342 
Allowance for loan losses
(7,671)
(7,623)
(7,599)
(7,565)
(7,605)
Unrealized gain (loss) on investment securities
(4,527)
(4,269)
(4,638)
(5,756)
(6,602)
Other assets
77,907 
76,012 
75,653 
75,409 
74,206 
Total assets
$694,710 
$688,282 
$683,633 
$679,605 
$673,341 
Liabilities and Shareholders' Equity
Noninterest-bearing deposits
$80,611 
$80,628 
$83,295 
$79,890 
$79,117 
Interest-bearing deposits
Interest checking
132,358 
130,600 
131,055 
131,281 
131,599 
Money market savings
181,978 
188,986 
186,119 
181,063 
177,087 
Savings accounts
73,709 
68,305 
64,207 
62,599 
58,171 
Time deposits
46,424 
46,600 
50,466 
56,949 
56,916 
Total interest-bearing deposits
434,469 
434,491 
431,847 
431,892 
423,773 
Short-term borrowings
23,852 
19,580 
16,107 
15,698 
22,791 
Long-term debt
61,589 
61,507 
61,424 
63,329 
62,354 
Total interest-bearing liabilities
519,910 
515,578 
509,378 
510,919 
508,918 
Other liabilities
26,862 
25,761 
25,912 
25,695 
23,950 
Shareholders' equity
Preferred equity
6,808 
6,808 
6,808 
6,808 
6,808 
Common equity
60,057 
59,049 
57,782 
55,835 
54,091 
Total U.S. Bancorp shareholders' equity
66,865 
65,857 
64,590 
62,643 
60,899 
Noncontrolling interests
462 
458 
458 
458 
457 
Total equity
67,327 
66,315 
65,048 
63,101 
61,356 
Total liabilities and equity
$694,710 
$688,282 
$683,633 
$679,605 
$673,341 


4


usbancorplogo_small4.jpg
CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES(a)
For the Three Months Ended June 30,
2026
2025
(Dollars in Millions)
(Unaudited)
Average
Balances
Interest
Yields
and
Rates
Average
Balances
Interest
Yields
and
Rates
% Change
Average
Balances
Assets
Investment securities(b)
$170,528 
$1,361 
3.19
%
$172,841 
$1,373 
3.18
%
(1.3)
%
Loans held for sale
2,783 
43 
6.11
4,843 
59 
4.85
(42.5)
Loans(c)
Commercial
157,384 
1,992 
5.08
137,966 
1,903 
5.53
14.1 
Commercial real estate
51,257 
731 
5.72
48,466 
723 
5.98
5.8 
Residential mortgages
117,196 
1,191 
4.07
115,616 
1,160 
4.01
1.4 
Credit card
38,403 
1,188 
12.41
35,439 
1,136 
12.86
8.4 
Other retail
41,241 
635 
6.18
41,042 
637 
6.22
.5 
Total loans
405,481 
5,737 
5.67
378,529 
5,559 
5.89
7.1 
Interest-bearing deposits with banks
32,450 
300 
3.71
41,550 
451 
4.36
(21.9)
Other earning assets(d)
17,759 
183 
4.13
15,579 
191 
4.94
14.0 
Total earning assets(d)
629,001 
7,624 
4.86
613,342 
7,633 
4.99
2.6 
Allowance for loan losses
(7,671)
(7,605)
(.9)
Unrealized gain (loss) on investment securities
(4,527)
(6,602)
31.4 
Other assets
77,907 
74,206 
5.0 
Total assets
$694,710 
$673,341 
3.2 
Liabilities and Shareholders' Equity
Noninterest-bearing deposits
$80,611 
$79,117 
1.9 
%
Interest-bearing deposits
Interest checking
132,358 
369 
1.12
131,599 
415 
1.26
.6 
Money market savings
181,978 
1,235 
2.72
177,087 
1,347 
3.05
2.8 
Savings accounts
73,709 
365 
1.99
58,171 
252 
1.74
26.7 
Time deposits
46,424 
361 
3.12
56,916 
527 
3.71
(18.4)
Total interest-bearing deposits
434,469 
2,330 
2.15
423,773 
2,541 
2.41
2.5 
Short-term borrowings(d)
23,852 
249 
4.19
22,791 
291 
5.12
4.7 
Long-term debt
61,589 
658 
4.28
62,354 
721 
4.64
(1.2)
Total interest-bearing liabilities(d)
519,910 
3,237 
2.50
508,918 
3,553 
2.80
2.2 
Other liabilities
26,862 
23,950 
12.2 
Shareholders' equity
Preferred equity
6,808 
6,808 
— 
Common equity
60,057 
54,091 
11.0 
Total U.S. Bancorp shareholders' equity
66,865 
60,899 
9.8 
Noncontrolling interests
462 
457 
1.1 
Total equity
67,327 
61,356 
9.7 
Total liabilities and equity
$694,710 
$673,341 
3.2 
Net interest income
$4,387 
$4,080 
Gross interest margin
2.36
%
2.19
%
Gross interest margin without taxable-equivalent increments
2.34
2.17
Percent of Earning Assets
Interest income
4.86
%
4.99
%
Interest expense
2.07
2.33
Net interest margin
2.79
%
2.66
%
Net interest margin without taxable-equivalent increments
2.77
%
2.64
%
(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.
(b)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments.
(c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.
(d)Presentation of interest income and interest expense related to certain repurchase and reverse repurchase transactions recorded under enforceable netting agreements are shown on a net basis, consistent with presentation of the related balances on the consolidated balance sheet. Total interest income and interest expense reflected on a gross basis for these arrangements was $8,159 million and $3,772 million, respectively, for the three months ended June 30, 2026.

5


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CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES(a)
For the Three Months Ended
June 30, 2026
March 31, 2026
(Dollars in Millions)
(Unaudited)
Average
Balances
Interest
Yields
and
Rates
Average
Balances
Interest
Yields
and
Rates
% Change
Average
Balances
Assets
Investment securities(b)
$170,528 
$1,361 
3.19
%
$171,471 
$1,322 
3.08
%
(.5)
%
Loans held for sale
2,783 
43 
6.11
2,326 
35 
6.01
19.6 
Loans(c)
Commercial
157,384 
1,992 
5.08
149,833 
1,883 
5.09
5.0 
Commercial real estate
51,257 
731 
5.72
49,408 
695 
5.71
3.7 
Residential mortgages
117,196 
1,191 
4.07
116,690 
1,158 
3.97
.4 
Credit card
38,403 
1,188 
12.41
37,341 
1,181 
12.83
2.8 
Other retail
41,241 
635 
6.18
40,288 
618 
6.22
2.4 
Total loans
405,481 
5,737 
5.67
393,560 
5,535 
5.69
3.0 
Interest-bearing deposits with banks
32,450 
300 
3.71
38,855 
350 
3.65
(16.5)
Other earning assets(d)
17,759 
183 
4.13
17,950 
193 
4.36
(1.1)
Total earning assets(d)
629,001 
7,624 
4.86
624,162 
7,435 
4.83
.8 
Allowance for loan losses
(7,671)
(7,623)
(.6)
Unrealized gain (loss) on investment securities
(4,527)
(4,269)
(6.0)
Other assets
77,907 
76,012 
2.5 
Total assets
$694,710 
$688,282 
.9 
Liabilities and Shareholders' Equity
Noninterest-bearing deposits
$80,611 
$80,628 
— 
%
Interest-bearing deposits
Interest checking
132,358 
369 
1.12
130,600 
352 
1.09
1.3 
Money market savings
181,978 
1,235 
2.72
188,986 
1,261 
2.71
(3.7)
Savings accounts
73,709 
365 
1.99
68,305 
305 
1.81
7.9 
Time deposits
46,424 
361 
3.12
46,600 
366 
3.18
(.4)
Total interest-bearing deposits
434,469 
2,330 
2.15
434,491 
2,284 
2.13
— 
Short-term borrowings(d)
23,852 
249 
4.19
19,580 
214 
4.44
21.8 
Long-term debt
61,589 
658 
4.28
61,507 
646 
4.26
.1 
Total interest-bearing liabilities(d)
519,910 
3,237 
2.50
515,578 
3,144 
2.47
.8 
Other liabilities
26,862 
25,761 
4.3 
Shareholders' equity
Preferred equity
6,808 
6,808 
— 
Common equity
60,057 
59,049 
1.7 
Total U.S. Bancorp shareholders' equity
66,865 
65,857 
1.5 
Noncontrolling interests
462 
458 
.9 
Total equity
67,327 
66,315 
1.5 
Total liabilities and equity
$694,710 
$688,282 
.9 
Net interest income
$4,387 
$4,291 
Gross interest margin
2.36
%
2.36
%
Gross interest margin without taxable-equivalent increments
2.34
2.34
Percent of Earning Assets
Interest income
4.86
%
4.83
%
Interest expense
2.07
2.06
Net interest margin
2.79
%
2.77
%
Net interest margin without taxable-equivalent increments
2.77
%
2.75
%
(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.
(b)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments.
(c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.
(d)Presentation of interest income and interest expense related to certain repurchase and reverse repurchase transactions recorded under enforceable netting agreements are shown on a net basis, consistent with presentation of the related balances on the consolidated balance sheet. Total interest income and interest expense reflected on a gross basis for these arrangements was $8,159 million and $3,772 million, respectively, for the three months ended June 30, 2026, compared with $7,866 million and $3,575 million, respectively, for the three months ended March 31, 2026.

6


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CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES(a)
For the Six Months Ended June 30,
2026
2025
(Dollars in Millions)
(Unaudited)
Average
Balances
Interest
Yields
and
Rates
Average
Balances
Interest
Yields
and
Rates
% Change
Average
Balances
Assets
Investment securities(b)
$170,997 
$2,683 
3.14
%
$172,014 
$2,701 
3.14
%
(.6)
%
Loans held for sale
2,556 
78 
6.07
3,341 
87 
5.17
(23.5)
Loans(c)
Commercial
153,629 
3,875 
5.08
136,219 
3,762 
5.57
12.8 
Commercial real estate
50,338 
1,426 
5.71
48,677 
1,448 
6.00
3.4 
Residential mortgages
116,944 
2,349 
4.02
117,221 
2,349 
4.01
(.2)
Credit card
37,875 
2,369 
12.61
35,262 
2,273 
13.00
7.4 
Other retail
40,767 
1,253 
6.20
41,398 
1,270 
6.19
(1.5)
Total loans
399,553 
11,272 
5.68
378,777 
11,102 
5.90
5.5 
Interest-bearing deposits with banks
35,635 
650 
3.68
42,637 
932 
4.41
(16.4)
Other earning assets(d)
17,854 
376 
4.25
15,025 
357 
4.80
18.8 
Total earning assets(d)
626,595 
15,059 
4.85
611,794 
15,179 
4.99
2.4 
Allowance for loan losses
(7,647)
(7,597)
(.7)
Unrealized gain (loss) on investment securities
(4,399)
(6,537)
32.7 
Other assets
76,965 
73,718 
4.4 
Total assets
$691,514 
$671,378 
3.0 
Liabilities and Shareholders' Equity
Noninterest-bearing deposits
$80,620 
$79,405 
1.5 
%
Interest-bearing deposits
Interest checking
131,484 
721 
1.11
128,642 
757 
1.19
2.2 
Money market savings
185,463 
2,496 
2.71
186,213 
2,830 
3.07
(.4)
Savings accounts
71,022 
670 
1.90
54,243 
422 
1.57
30.9 
Time deposits
46,511 
727 
3.15
56,199 
1,043 
3.74
(17.2)
Total interest-bearing deposits
434,480 
4,614 
2.14
425,297 
5,052 
2.40
2.2 
Short-term borrowings(d)
21,728 
463 
4.30
20,827 
540 
5.23
4.3 
Long-term debt
61,548 
1,304 
4.27
60,360 
1,385 
4.63
2.0 
Total interest-bearing liabilities(d)
517,756 
6,381 
2.49
506,484 
6,977 
2.78
2.2 
Other liabilities
26,314 
24,772 
6.2 
Shareholders' equity
Preferred equity
6,808 
6,808 
— 
Common equity
59,556 
53,450 
11.4 
Total U.S. Bancorp shareholders' equity
66,364 
60,258 
10.1 
Noncontrolling interests
460 
459 
.2 
Total equity
66,824 
60,717 
10.1 
Total liabilities and equity
$691,514 
$671,378 
3.0 
Net interest income
$8,678 
$8,202 
Gross interest margin
2.36
%
2.21
%
Gross interest margin without taxable-equivalent increments
2.34
2.19
Percent of Earning Assets
Interest income
4.85
%
4.99
%
Interest expense
2.07
2.30
Net interest margin
2.78
%
2.69
%
Net interest margin without taxable-equivalent increments
2.76
%
2.67
%
(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.
(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 $16,025 million and $7,347 million, respectively, for the six months ended June 30, 2026.

7


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LOAN PORTFOLIO
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
(Dollars in Millions)
(Unaudited)
Amount
Percent
of Total
Amount
Percent
of Total
Amount
Percent
of Total
Amount
Percent
of Total
Amount
Percent
of Total
Commercial
Commercial
$155,160 
37.8
$149,586 
37.4
$143,725 
36.7
$138,266 
36.2
$137,301 
36.1
Lease financing
4,495 
1.1 
4,509 
1.2 
4,436 
1.2 
4,308 
1.1 
4,281 
1.1 
Total commercial
159,655 
38.9 
154,095 
38.6 
148,161 
37.9 
142,574 
37.3 
141,582 
37.2 
Commercial real estate
Commercial mortgages
42,700 
10.4 
40,807 
10.2 
39,476 
10.1 
38,316 
10.0 
38,144 
10.0 
Construction and
development
9,648 
2.4 
9,164 
2.3 
9,444 
2.4 
9,928 
2.6 
10,037 
2.7 
Total commercial
real estate
52,348 
12.8 
49,971 
12.5 
48,920 
12.5 
48,244 
12.6 
48,181 
12.7 
Residential mortgages
Residential mortgages
112,630 
27.5 
112,397 
28.1 
110,788 
28.3 
109,730 
28.7 
108,913 
28.6 
Home equity loans, first
liens
4,681 
1.1 
4,888 
1.2 
5,097 
1.3 
5,316 
1.4 
5,562 
1.5 
Total residential
mortgages
117,311 
28.6 
117,285 
29.3 
115,885 
29.6 
115,046 
30.1 
114,475 
30.1 
Credit card
39,079 
9.5 
37,654 
9.4 
38,031 
9.7 
36,434 
9.5 
35,857 
9.5 
Other retail
Retail leasing
4,087 
1.0 
3,585 
.9 
3,524 
.9 
3,627 
1.0 
3,816 
1.0 
Home equity and second
mortgages
14,131 
3.4 
13,959 
3.5 
14,025 
3.6 
13,858 
3.6 
13,761 
3.6 
Revolving credit
5,409 
1.3 
4,864 
1.2 
4,561 
1.2 
4,274 
1.1 
4,062 
1.1 
Installment
15,032 
3.7 
14,823 
3.7 
14,653 
3.7 
14,592 
3.8 
14,220 
3.7 
Automobile
3,248 
.8 
3,560 
.9 
3,575 
.9 
3,868 
1.0 
4,289 
1.1 
Total other retail
41,907 
10.2 
40,791 
10.2 
40,338 
10.3 
40,219 
10.5 
40,148 
10.5 
Total loans
$410,300 
100.0
$399,796 
100.0
$391,335 
100.0
$382,517 
100.0
$380,243 
100.0


8


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Supplemental Business Segment Schedules
Second Quarter 2026
WEALTH, CORPORATE, COMMERCIAL AND
INSTITUTIONAL BANKING

CONSUMER AND BUSINESS BANKING

PAYMENT SERVICES

TREASURY AND CORPORATE SUPPORT

usbancorplogo_small4.jpg
WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)
$1,937 
$1,874 
$1,797 
$1,769 
$1,724 
Noninterest Income
Card revenue
— 
— 
— 
— 
— 
Corporate payment and treasury management revenue
156 
156 
144 
152 
163 
Merchant processing services
— 
— 
— 
— 
— 
Trust and investment management fees
784 
744 
755 
729 
702 
Lending and deposit-related fees
171 
155 
161 
144 
139 
Capital markets revenue
507 
377 
379 
374 
315 
Mortgage banking revenue
— 
— 
— 
— 
— 
Investment products fees
102 
97 
101 
97 
90 
Securities gains (losses), net
— 
— 
— 
— 
— 
Other
114 
79 
74 
77 
87 
Total noninterest income
1,834 
1,608 
1,614 
1,573 
1,496 
Total net revenue
3,771 
3,482 
3,411 
3,342 
3,220 
Noninterest Expense
Compensation and employee benefits
666 
587 
571 
565 
570 
Other intangibles
44 
40 
46 
46 
46 
Net shared services
611 
605 
620 
617 
615 
Other direct expenses
281 
245 
283 
254 
246 
Total noninterest expense
1,602 
1,477 
1,520 
1,482 
1,477 
Income before provision and income taxes
2,169 
2,005 
1,891 
1,860 
1,743 
Provision for Credit Losses
129 
65 
157 
196 
178 
Income before income taxes
2,040 
1,940 
1,734 
1,664 
1,565 
Income taxes and taxable-equivalent adjustment
510 
485 
434 
416 
391 
Net income
1,530 
1,455 
1,300 
1,248 
1,174 
Net (income) loss attributable to noncontrolling interests
— 
— 
— 
— 
— 
Net income attributable to U.S. Bancorp
$1,530 
$1,455 
$1,300 
$1,248 
$1,174 
FINANCIAL RATIOS
Return on average assets
2.29 
%
2.30 
%
2.12 
%
2.10 
%
2.01 
%
Net interest margin (taxable-equivalent basis)
3.38 
3.47 
3.44 
3.49 
3.47 
Efficiency ratio
42.5 
42.4 
44.6 
44.3 
45.9 


10
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WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
AVERAGE BALANCE SHEET
Loans
Commercial
$143,675 
$137,479 
$130,482 
$127,545 
$125,530 
Commercial real estate
39,396 
37,529 
36,593 
36,376 
36,673 
Residential mortgages
23,748 
22,359 
20,689 
19,072 
17,558 
Credit card
— 
— 
— 
— 
— 
Other retail
7,138 
6,581 
6,311 
5,964 
5,784 
Total loans
213,957 
203,948 
194,075 
188,957 
185,545 
Other Earning Assets
16,112 
15,378 
13,378 
11,908 
13,930 
Total earning assets
230,069 
219,326 
207,453 
200,865 
199,475 
Non-earning Assets
Goodwill
5,028 
4,826 
4,826 
4,826 
4,826 
Other intangible assets
645 
682 
726 
772 
817 
Other non-earning assets
32,670 
31,387 
30,001 
29,154 
29,316 
Total non-earning assets
38,343 
36,895 
35,553 
34,752 
34,959 
Total assets
268,412 
256,221 
243,006 
235,617 
234,434 
Deposits
Noninterest-bearing deposits
57,877 
57,796 
59,481 
56,112 
55,230 
Interest checking
59,500 
58,599 
60,080 
60,923 
60,791 
Savings products
159,588 
163,215 
157,623 
150,745 
142,873 
Time deposits
8,600 
8,361 
8,915 
9,339 
9,957 
Total deposits
285,565 
287,971 
286,099 
277,119 
268,851 
Other Interest-bearing Liabilities
22,689 
23,560 
21,739 
20,231 
22,026 
Other Noninterest-bearing Liabilities
18,106 
16,553 
15,023 
14,597 
14,310 
Total liabilities
326,360 
328,084 
322,861 
311,947 
305,187 
Total U.S. Bancorp Shareholders' Equity
25,064 
24,204 
24,514 
23,992 
23,700 
Noncontrolling Interests
11 
7 
7 
7 
8 
Total Equity
25,075 
24,211 
24,521 
23,999 
23,708 
CREDIT QUALITY
Net Charge-offs
Commercial
$82 
$102 
$92 
$15 
$49 
Commercial real estate
11 
(11)
(4)
102 
58 
Residential mortgages
— 
— 
— 
— 
— 
Credit card
— 
— 
— 
— 
— 
Other retail
— 
— 
— 
(1)
— 
Total net charge-offs
$93 
$91 
$88 
$116 
$107 
Net Charge-off Ratios
Commercial
.23 
%
.30 
%
.28 
%
.05 
%
.16 
%
Commercial real estate
.11 
(.12)
(.04)
1.11 
.63 
Residential mortgages
— 
— 
— 
— 
— 
Credit card
— 
— 
— 
— 
— 
Other retail
— 
— 
— 
(.07)
— 
Total net charge-offs
.17 
%
.18 
%
.18 
%
.24 
%
.23 
%
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Nonperforming Assets
Nonperforming loans
$874 
$1,068 
$1,134 
$1,216 
$1,246 
Other nonperforming assets
— 
1 
1 
1 
1 
Total nonperforming assets
$874 
$1,069 
$1,135 
$1,217 
$1,247 
11
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WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
OTHER INFORMATION
Average Loan Balances
Commercial real estate division
$50,243 
$47,517 
$44,829 
$44,028 
$43,962 
Wealth management
38,729 
36,640 
34,345 
32,276 
30,523 
Institutional client group
104,464 
99,636 
95,041 
93,165 
92,481 
Other
20,521 
20,155 
19,860 
19,488 
18,579 
Total
$213,957 
$203,948 
$194,075 
$188,957 
$185,545 
Average Deposit Balances
Commercial real estate division
$16,376 
$16,624 
$17,307 
$15,989 
$15,506 
Wealth management
47,962 
47,988 
46,997 
45,852 
45,267 
Institutional client group
137,267 
137,957 
139,287 
138,030 
134,338 
Global corporate trust
61,254 
62,636 
60,671 
56,922 
54,375 
Other
22,706 
22,766 
21,837 
20,326 
19,365 
Total
$285,565 
$287,971 
$286,099 
$277,119 
$268,851 
Noninterest Income
Trust and investment management fees
Wealth management
$191 
$178 
$181 
$175 
$172 
U.S. Bancorp Asset Management
69 
65 
65 
65 
62 
Global corporate trust
262 
243 
253 
242 
231 
Global fund services
165 
162 
160 
154 
144 
Institutional trust & custody
72 
71 
70 
69 
67 
Other
25 
25 
26 
24 
26 
Capital markets revenue
507 
377 
379 
374 
315 
Treasury management
156 
156 
144 
152 
163 
All other noninterest income
387 
331 
336 
318 
316 
Total
$1,834 
$1,608 
$1,614 
$1,573 
$1,496 
Assets Under Management by Category(a)
Equity
$100,865 
$94,953 
$88,527 
$85,068 
$79,084 
Fixed income
234,589 
231,041 
225,777 
224,009 
232,453 
Money market
219,737 
212,115 
202,398 
194,604 
187,799 
Other
26,542 
26,944 
28,243 
26,336 
37,037 
Total
$581,733 
$565,053 
$544,945 
$530,017 
$536,373 
(a) Amounts reported reflect end of month balances reported on a one month lag.
12
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CONSUMER AND BUSINESS BANKING
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)
$1,836 
$1,799 
$1,760 
$1,847 
$1,841 
Noninterest Income
Card revenue
140 
128 
136 
136 
135 
Corporate payment and treasury management revenue
37 
35 
35 
35 
35 
Merchant processing services
— 
— 
— 
— 
— 
Trust and investment management fees
1 
1 
1 
1 
1 
Lending and deposit-related fees
137 
139 
141 
146 
138 
Capital markets revenue
7 
6 
6 
6 
6 
Mortgage banking revenue
169 
161 
130 
180 
162 
Investment products fees
— 
— 
— 
— 
— 
Securities gains (losses), net
— 
— 
— 
— 
— 
Other
46 
45 
53 
59 
58 
Total noninterest income
537 
515 
502 
563 
535 
Total net revenue
2,373 
2,314 
2,262 
2,410 
2,376 
Noninterest Expense
Compensation and employee benefits
564 
559 
571 
569 
572 
Other intangibles
51 
52 
59 
59 
58 
Net shared services
550 
539 
558 
559 
545 
Other direct expenses
345 
332 
353 
350 
342 
Total noninterest expense
1,510 
1,482 
1,541 
1,537 
1,517 
Income before provision and income taxes
863 
832 
721 
873 
859 
Provision for Credit Losses
78 
72 
76 
62 
37 
Income before income taxes
785 
760 
645 
811 
822 
Income taxes and taxable-equivalent adjustment
196 
190 
161 
203 
206 
Net income
589 
570 
484 
608 
616 
Net (income) loss attributable to noncontrolling interests
— 
— 
— 
— 
— 
Net income attributable to U.S. Bancorp
$589 
$570 
$484 
$608 
$616 
FINANCIAL RATIOS
Return on average assets
1.50 
%
1.47 
%
1.21 
%
1.52 
%
1.50 
%
Net interest margin (taxable-equivalent basis)
5.02 
4.98 
4.73 
4.94 
4.78 
Efficiency ratio
63.6 
64.0 
68.1 
63.8 
63.8 
13
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CONSUMER AND BUSINESS BANKING
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
AVERAGE BALANCE SHEET
Loans
Commercial
$4,719 
$4,399 
$4,488 
$4,330 
$4,525 
Commercial real estate
11,861 
11,879 
11,897 
11,870 
11,793 
Residential mortgages
93,448 
94,331 
94,701 
95,708 
98,058 
Credit card
— 
— 
— 
— 
— 
Other retail
33,980 
33,583 
33,833 
33,998 
35,124 
Total loans
144,008 
144,192 
144,919 
145,906 
149,500 
Other Earning Assets
2,650 
2,409 
2,849 
2,330 
4,875 
Total earning assets
146,658 
146,601 
147,768 
148,236 
154,375 
Non-earning Assets
Goodwill
4,326 
4,326 
4,326 
4,326 
4,326 
Other intangible assets
3,910 
3,913 
4,021 
4,223 
4,277 
Other non-earning assets
2,218 
2,135 
2,114 
2,080 
2,151 
Total non-earning assets
10,454 
10,374 
10,461 
10,629 
10,754 
Total assets
157,112 
156,975 
158,229 
158,865 
165,129 
Deposits
Noninterest-bearing deposits
18,632 
18,380 
19,482 
19,726 
19,732 
Interest checking
72,914 
72,022 
71,078 
70,454 
70,923 
Savings products
95,736 
93,666 
92,262 
92,392 
91,666 
Time deposits
37,780 
38,028 
39,300 
39,162 
37,959 
Total deposits
225,062 
222,096 
222,122 
221,734 
220,280 
Other Interest-bearing Liabilities
2,883 
2,874 
2,127 
1,553 
1,537 
Other Noninterest-bearing Liabilities
1,737 
1,697 
1,743 
1,872 
1,880 
Total liabilities
229,682 
226,667 
225,992 
225,159 
223,697 
Total U.S. Bancorp Shareholders' Equity
12,865 
13,109 
13,296 
13,369 
13,563 
Noncontrolling Interests
— 
— 
— 
— 
— 
Total Equity
12,865 
13,109 
13,296 
13,369 
13,563 
CREDIT QUALITY
Net Charge-offs
Commercial
$14 
$18 
$13 
$16 
$15 
Commercial real estate
2 
3 
1 
1 
(1)
Residential mortgages
— 
(1)
(2)
(1)
(1)
Credit card
— 
— 
— 
— 
— 
Other retail
59 
68 
67 
58 
53 
Total net charge-offs
$75 
$88 
$79 
$74 
$66 
Net Charge-off Ratios
Commercial
1.19 
%
1.66 
%
1.15 
%
1.47 
%
1.33 
%
Commercial real estate
.07 
.10 
.03 
.03 
(.03)
Residential mortgages
— 
— 
(.01)
— 
— 
Credit card
— 
— 
— 
— 
— 
Other retail
.70 
.82 
.79 
.68 
.61 
Total net charge-offs
.21 
%
.25 
%
.22 
%
.20 
%
.18 
%
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Nonperforming Assets
Nonperforming loans
$429 
$420 
$413 
$394 
$391 
Other nonperforming assets
24 
22 
24 
23 
21 
Total nonperforming assets
$453 
$442 
$437 
$417 
$412 
14
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CONSUMER AND BUSINESS BANKING
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
OTHER INFORMATION
Other Retail Loan Information
Average Balances
Retail leasing
$3,746 
$3,525 
$3,572 
$3,718 
$3,868 
Home equity and second mortgages
11,520 
11,481 
11,455 
11,358 
11,246 
Other
18,714 
18,577 
18,806 
18,922 
20,010 
Total other retail
$33,980 
$33,583 
$33,833 
$33,998 
$35,124 
Home equity first lien(a)
$4,287 
$4,471 
$4,662 
$4,861 
$5,093 
Home equity loans
2,807 
2,787 
2,754 
2,712 
2,621 
Home equity lines
8,713 
8,694 
8,701 
8,646 
8,625 
Total home equity
$15,807 
$15,952 
$16,117 
$16,219 
$16,339 
Net Charge-off Ratios (%)
Retail leasing
1.50 
2.07 
2.00 
1.81 
1.04 
Home equity and second mortgages
— 
.04 
— 
(.03)
— 
Other
.96 
1.07 
1.03 
.88 
.86 
Total other retail
.70 
.82 
.79 
.68 
.61 
Retail Credit Production
Indirect loan/lease production volume
$2,203 
$1,681 
$1,435 
$1,660 
$1,367 
Direct branch loan/line production volume
2,166 
1,737 
1,613 
1,836 
1,935 
Other production volume
1,997 
1,595 
1,196 
1,133 
1,004 
Total retail credit production volume
$6,366 
$5,013 
$4,244 
$4,629 
$4,306 
Branch and ATM Data
# of branches
2,061 
2,066 
2,075 
2,080 
2,081 
# of U.S. Bank ATMs
4,457 
4,458 
4,428 
4,374 
4,320 
(a) Home equity first lien balances are reported within residential mortgages as required by regulatory accounting principles.
15
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CONSUMER AND BUSINESS BANKING
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Mortgage Banking Division Data
Mortgage banking revenue
Origination and sales(a)
$83 
$88 
$84 
$93 
$80 
Loan servicing
164 
163 
165 
173 
172 
Mortgage servicing rights fair value changes
net of economic hedges(b)
2 
(27)
(11)
12 
(4)
Other changes in mortgage servicing rights fair value(c)
(80)
(63)
(108)
(98)
(86)
Total mortgage banking revenue
$169 
$161 
$130 
$180 
$162 
Mortgage production volume
$10,605 
$11,474 
$12,627 
$9,951 
$9,645 
Mortgage application volume
$14,795 
$16,307 
$16,214 
$14,845 
$14,363 
Mortgages serviced for others(d/e)
$215,070 
$215,409 
$216,349 
$216,146 
$220,795 
A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of June 30, 2026, was as follows:
(Dollars in Millions)
HFA(f)
Government
Conventional(g)
Total
Servicing portfolio(h)
$58,251 
$22,862 
$124,918 
$206,031 
Fair value
$874 
$459 
$1,844 
$3,177 
Value (bps)(i)
150 
201 
148 
154 
Weighted-average servicing fees (bps)
35 
45 
25 
30 
Multiple (value/servicing fees)
4.27 
4.50 
5.81 
5.09 
Weighted-average note rate
5.23
%
4.42
%
4.10
%
4.45
%
Weighted-average age (in years)
4.9 
7.1 
5.9 
5.8 
Weighted-average expected prepayment (constant prepayment rate)
10.2
%
9.9
%
8.2
%
9.0
%
Weighted-average expected life (in years)
7.4 
6.7 
7.1 
7.1 
Weighted-average option adjusted spread(j)
7.1
%
6.6
%
4.8
%
5.7
%
(a)Origination and sales revenue recorded based on estimated number of applications that will close.
(b)Represents the net impact of changes in the fair value of mortgage servicing rights related to assumption changes and the derivatives used to economically hedge the mortgage servicing rights fair value changes.
(c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.
(d)Amounts reported reflect end of period balances.
(e)Includes subserviced mortgages with no corresponding mortgage servicing rights asset.
(f)Represents Housing Finance Agency division.
(g)Represents loans primarily sold to government-sponsored enterprises.
(h)Represents principal balance of mortgages having corresponding mortgage servicing rights asset.
(i)Calculated as fair value divided by the servicing portfolio.
(j)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the mortgage servicing rights asset.
16
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PAYMENT SERVICES
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)
$774 
$794 
$794 
$781 
$730 
Noninterest Income
Card revenue
295 
263 
291 
279 
278 
Corporate payment and treasury management revenue
247 
217 
217 
220 
221 
Merchant processing services
485 
436 
440 
463 
474 
Trust and investment management fees
— 
— 
— 
— 
— 
Lending and deposit-related fees
— 
— 
— 
— 
— 
Capital markets revenue
— 
— 
— 
— 
— 
Mortgage banking revenue
— 
— 
— 
— 
— 
Investment products fees
— 
— 
— 
— 
— 
Securities gains (losses), net
— 
— 
— 
— 
— 
Other
11 
9 
21 
11 
11 
Total noninterest income
1,038 
925 
969 
973 
984 
Total net revenue
1,812 
1,719 
1,763 
1,754 
1,714 
Noninterest Expense
Compensation and employee benefits
240 
236 
235 
230 
221 
Other intangibles
19 
18 
21 
20 
20 
Net shared services
520 
505 
553 
539 
532 
Other direct expenses
348 
250 
280 
243 
243 
Total noninterest expense
1,127 
1,009 
1,089 
1,032 
1,016 
Income before provision and income taxes
685 
710 
674 
722 
698 
Provision for Credit Losses
385 
347 
461 
409 
384 
Income before income taxes
300 
363 
213 
313 
314 
Income taxes and taxable-equivalent adjustment
75 
91 
53 
78 
79 
Net income
225 
272 
160 
235 
235 
Net (income) loss attributable to noncontrolling interests
— 
— 
— 
— 
— 
Net income attributable to U.S. Bancorp
$225 
$272 
$160 
$235 
$235 
FINANCIAL RATIOS
Return on average assets
1.76 
%
2.25 
%
1.30 
%
1.93 
%
1.97 
%
Net interest margin (taxable-equivalent basis)
6.76 
7.32 
7.17 
7.21 
6.93 
Efficiency ratio
62.2 
58.7 
61.8 
58.8 
59.3 
17
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PAYMENT SERVICES
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
AVERAGE BALANCE SHEET
Loans
Commercial
$7,426 
$6,541 
$6,798 
$6,750 
$6,653 
Commercial real estate
— 
— 
— 
— 
— 
Residential mortgages
— 
— 
— 
— 
— 
Credit card
38,403 
37,341 
37,019 
36,079 
35,439 
Other retail
118 
121 
126 
128 
132 
Total loans
45,947 
44,003 
43,943 
42,957 
42,224 
Other Earning Assets
7 
5 
5 
5 
5 
Total earning assets
45,954 
44,008 
43,948 
42,962 
42,229 
Non-earning Assets
Goodwill
3,479 
3,481 
3,478 
3,482 
3,425 
Other intangible assets
241 
238 
252 
260 
258 
Other non-earning assets
1,497 
1,282 
1,244 
1,724 
1,928 
Total non-earning assets
5,217 
5,001 
4,974 
5,466 
5,611 
Total assets
51,171 
49,009 
48,922 
48,428 
47,840 
Deposits
Noninterest-bearing deposits
2,390 
2,425 
2,432 
2,370 
2,439 
Interest checking
— 
1 
1 
— 
1 
Savings products
92 
92 
93 
94 
93 
Time deposits
1 
1 
1 
1 
1 
Total deposits
2,483 
2,519 
2,527 
2,465 
2,534 
Other Interest-bearing Liabilities
243 
361 
325 
257 
331 
Other Noninterest-bearing Liabilities
5,028 
4,573 
4,676 
5,104 
5,377 
Total liabilities
7,754 
7,453 
7,528 
7,826 
8,242 
Total U.S. Bancorp Shareholders' Equity
10,692 
10,596 
10,457 
10,318 
10,234 
Noncontrolling Interests
— 
— 
— 
— 
— 
Total Equity
10,692 
10,596 
10,457 
10,318 
10,234 
CREDIT QUALITY
Net Charge-offs
Commercial
$— 
$1 
$1 
$— 
$1 
Commercial real estate
— 
— 
— 
— 
— 
Residential mortgages
— 
— 
— 
— 
— 
Credit card
367 
365 
358 
346 
380 
Other retail
1 
1 
1 
1 
— 
Total net charge-offs
$368 
$367 
$360 
$347 
$381 
Net Charge-off Ratios
Commercial
— 
%
.06 
%
.06 
%
— 
%
.06 
%
Commercial real estate
— 
— 
— 
— 
— 
Residential mortgages
— 
— 
— 
— 
— 
Credit card
3.83 
3.96 
3.84 
3.80 
4.30 
Other retail
3.40 
3.35 
3.15 
3.10 
— 
Total net charge-offs
3.21 
%
3.38 
%
3.25 
%
3.20 
%
3.62 
%
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Nonperforming Assets
Nonperforming loans
$— 
$— 
$— 
$— 
$— 
Other nonperforming assets
— 
— 
— 
— 
— 
Total nonperforming assets
$— 
$— 
$— 
$— 
$— 
18
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PAYMENT SERVICES
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
OTHER INFORMATION
Noninterest Income
Credit card
$295 
$263 
$291 
$279 
$278 
Corporate payment products and prepaid
247 
217 
217 
220 
221 
Global merchant acquiring
485 
436 
440 
463 
474 
Payment Volumes
Credit card
$41,000 
$36,999 
$39,651 
$38,581 
$38,132 
Debit card(a)
28,312 
26,072 
26,894 
26,327 
26,264 
Prepaid card
1,961 
1,920 
2,080 
1,609 
1,556 
Corporate payment products
25,227 
22,688 
21,413 
23,312 
22,317 
Merchant volume
155,934 
145,093 
145,144 
157,540 
155,853 
Total
252,434 
232,772 
235,182 
247,369 
244,122 
# of merchant transactions (millions)
2,259 
2,049 
2,195 
2,305 
2,260 
(a) Debit card revenue is reported within the Consumer and Business Banking segment.
19
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TREASURY AND CORPORATE SUPPORT
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)
($160)
($176)
($39)
($146)
($215)
Noninterest Income
Card revenue
— 
— 
— 
— 
— 
Corporate payment and treasury management revenue
— 
— 
— 
— 
2 
Merchant processing services
— 
— 
— 
— 
— 
Trust and investment management fees
— 
— 
— 
— 
— 
Lending and deposit-related fees
— 
— 
— 
— 
— 
Capital markets revenue
(2)
(6)
4 
(2)
(6)
Mortgage banking revenue
— 
— 
— 
— 
— 
Investment products fees
— 
— 
— 
— 
— 
Securities gains (losses), net
(49)
(35)
3 
(7)
(57)
Other
(33)
(10)
(39)
(22)
(30)
Total noninterest income
(84)
(51)
(32)
(31)
(91)
Total net revenue
(244)
(227)
(71)
(177)
(306)
Noninterest Expense
Compensation and employee benefits
1,215 
1,246 
1,152 
1,197 
1,237 
Other intangibles
— 
— 
— 
— 
— 
Net shared services
(1,681)
(1,649)
(1,731)
(1,715)
(1,692)
Other direct expenses
655 
700 
656 
664 
626 
Total noninterest expense
189 
297 
77 
146 
171 
Income (loss) before provision and income taxes
(433)
(524)
(148)
(323)
(477)
Provision for Credit Losses
(54)
92 
(117)
(96)
(98)
Income (loss) before income taxes
(379)
(616)
(31)
(227)
(379)
Income taxes and taxable-equivalent adjustment
(218)
(269)
(138)
(144)
(175)
Net income (loss)
(161)
(347)
107 
(83)
(204)
Net (income) loss attributable to noncontrolling interests
(6)
(5)
(6)
(7)
(6)
Net income (loss) attributable to U.S. Bancorp
($167)
($352)
$101 
($90)
($210)
20
usbancorplogo_small4.jpg
TREASURY AND CORPORATE SUPPORT
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
AVERAGE BALANCE SHEET
Loans
Commercial
$1,564 
$1,414 
$1,346 
$1,329 
$1,258 
Commercial real estate
— 
— 
— 
— 
— 
Residential mortgages
— 
— 
— 
— 
— 
Credit card
— 
— 
— 
— 
— 
Other retail
5 
3 
2 
3 
2 
Total loans
1,569 
1,417 
1,348 
1,332 
1,260 
Other Earning Assets
204,751 
212,810 
219,700 
224,122 
216,003 
Total earning assets
206,320 
214,227 
221,048 
225,454 
217,263 
Non-earning Assets
Goodwill
— 
— 
— 
— 
— 
Other intangible assets
6 
7 
7 
7 
8 
Other non-earning assets
11,689 
11,843 
12,421 
11,234 
8,667 
Total non-earning assets
11,695 
11,850 
12,428 
11,241 
8,675 
Total assets
218,015 
226,077 
233,476 
236,695 
225,938 
Deposits
Noninterest-bearing deposits
1,712 
2,027 
1,900 
1,682 
1,716 
Interest-bearing deposits
258 
506 
2,494 
8,782 
9,509 
Total deposits
1,970 
2,533 
4,394 
10,464 
11,225 
Other Interest-bearing Liabilities
59,626 
54,292 
53,340 
56,986 
61,251 
Other Noninterest-bearing Liabilities
1,991 
2,938 
4,470 
4,122 
2,383 
Total liabilities
63,587 
59,763 
62,204 
71,572 
74,859 
Total U.S. Bancorp Shareholders' Equity
18,244 
17,948 
16,323 
14,964 
13,402 
Noncontrolling Interests
451 
451 
451 
451 
449 
Total Equity
18,695 
18,399 
16,774 
15,415 
13,851 
CREDIT QUALITY
Net Charge-offs
Commercial
$—
$—
$—
($1)
$—
Commercial real estate
— 
— 
— 
— 
— 
Residential mortgages
— 
— 
— 
— 
— 
Credit card
— 
— 
— 
— 
— 
Other retail
— 
— 
— 
— 
— 
Total net charge-offs
$— 
$— 
$— 
($1)
$— 
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Nonperforming Assets
Nonperforming loans
$— 
$— 
$— 
$— 
$— 
Other nonperforming assets
19 
17 
18 
20 
21 
Total nonperforming assets
$19 
$17 
$18 
$20 
$21 
21
1©2025 U.S. Bank | Confidential U.S. Bancorp 2Q26 Earnings Conference Call J u l y 1 6 , 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; changes in interest rates; increases in unemployment rates; deterioration in the credit quality of U.S. Bancorp’s loan portfolios or in the value of the collateral securing those loans; changes in commercial real estate occupancy rates; increases in Federal Deposit Insurance Corporation (FDIC) assessments, including due to bank failures; actions taken by governmental agencies to stabilize or reform the financial system and the effectiveness of such actions; turmoil and volatility in the financial services industry; risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer; impacts of current, pending or future litigation and governmental proceedings; increased competitive pressure; changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands; breaches in data security; failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents; failures to safeguard personal information; impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events, including those arising from conflict in the Middle East; impacts of supply chain disruptions, rising inflation, slower growth or a recession; effects of climate change and related physical and transition risks; failure to execute on strategic or operational plans; effects of mergers and acquisitions, such as the acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC (collectively, “BTIG”), and related integration, including that the expected benefits may take longer than anticipated to achieve or may not be achieved in entirety or at all and the costs relating to the combination may be greater than expected; effects of critical accounting policies and judgments; effects of changes in or interpretations of tax laws and regulations; management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk and liquidity risk; and the risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2025, and subsequent filings with the Securities and Exchange Commission. Factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events. This presentation includes non-GAAP financial measures to describe U.S. Bancorp’s performance. The calculations of these measures are provided in the Appendix. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the difficulty forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of U.S. Bancorp’s control or cannot be reasonably predicted. For the same reasons, U.S. Bancorp’s management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

 

3©2025 U.S. Bank | Confidential Growth • Record net revenue driven by robust loan growth, broad-based fee momentum, and one month impact from the BTIG acquisition 2Q26 Highlights Productivity • Significant positive operating leverage, balancing expense discipline with targeted investments in future growth Returns • Strong profitability supported by diversified revenue mix and continued execution against strategic priorities Risk & Financial Management • Improving asset quality and strong capital levels Note: All data reflects one month of earnings after the acquisition of BTIG 1 Taxable-equivalent basis; Non-GAAP; see appendix for calculation. 2 Non-GAAP; see appendix for calculations. 3 Common equity tier 1 capital to risk-weighted assets. 0.53% Net Charge-off Ratio 10.8% CET1 Capital Ratio3 7.5% Net Interest Income1 Growth vs. 2Q25 13.2% Fee Revenue Growth vs. 2Q25 400 bps Positive Operating Leverage2 vs. 2Q25 $1.35 Earnings per share 21.6% vs. 2Q25 18.7% Return on Tangible Common Equity2 1.26% Return on Average Assets 2.79% Net Interest Margin 57.1% Efficiency Ratio2 210 bps vs. 2Q25

 

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

 

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

 

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

 

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

 

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

 

9©2025 U.S. Bank | Confidential 2Q26 Results Summary Income Statement Balance Sheet Capital 1 Taxable-equivalent basis; Non-GAAP; see appendix for calculation. 2 Common equity tier 1 capital to risk-weighted assets. 3 Non-GAAP; see appendix for calculations. 4 Earnings returned (millions) = total common dividends paid and aggregate value of common shares repurchased inclusive of treasury shares repurchased in connection with stock compensation plans Change vs. $ in millions, except EPS 2Q26 1Q26 2Q25 Net interest income1 $4,387 2.2 % 7.5 % Noninterest income 3,325 10.9 13.7 Noninterest expense 4,428 3.8 5.9 Net income to company 2,177 11.9 19.9 Diluted EPS $1.35 14.4 21.6 Change vs. $ in millions 2Q26 1Q26 2Q25 Nonperforming assets $1,346 (11.9) % (19.9) % NPA ratio 0.33 % (5) bps (11) bps Net charge-off ratio 0.53 % (3) bps (6) bps 90+ day delinquency 0.18 % (3) bps (7) bps Ending balance Avg balance Average Period Balance change vs. $ in billions 2Q26 2Q26 1Q26 2Q25 Total assets $725.9 $694.7 .9 % 3.2 % Earning assets 658.5 629.0 .8 2.6 Total loans 410.3 405.5 3.0 7.1 Total deposits 532.1 515.1 — 2.4 Change vs. 2Q26 1Q26 2Q25 CET1 capital ratio2 10.8 % — bps 10 bps Total risk-based capital ratio 14.4 % 20 bps 10 bps Book value per share $38.91 2.6 % 11.0 % Tangible book value per share3 $30.04 1.6 % 13.3 % Earnings returned (millions)4 $1,017 Credit Quality

 

10©2025 U.S. Bank | Confidential 13 bps Net Interest Margin 210 bps Efficiency Ratio 1.08% 1.15% 1.26% Return on Average Assets 2Q25 1Q26 2Q26 59.2% 58.2% 57.1% 2.66% 2.77% 2.79% Efficiency Ratio Net Interest Margin 2Q25 1Q26 2Q26 Performance Ratios 12.9% 12.6% 14.0% Return on Average Common Equity 2Q25 1Q26 2Q26 18.0% 17.0% 18.7% Return on Tangible Common Equity 2Q25 1Q26 2Q26 Return on Average Assets Return on Average Common Equity Return on Tangible Common Equity1 Efficiency Ratio1 & Net Interest Margin 2 1 Non-GAAP; see appendix for calculations 2 Net interest margin on a taxable-equivalent basis; see appendix for calculations 18 bps Year-over-year Broad-based strength across key metrics 110 bps Year-over-year 70 bps Year-over-year Year-over-year

 

11©2025 U.S. Bank | Confidential Balance Sheet Summary Total Average Deposits 2Q26 Highlights Total Average Loans $379 $379 $384 $394 $405 5.89% 5.97% 5.80% 5.69% 5.67% Average Balance Avg Yield % 2Q25 3Q25 4Q25 1Q26 2Q26 Investment Portfolio End of Period Balances $ i billions 1 Consumer includes Wealth. 2 Balances exclude unrealized gains (losses). 3 Non-GAAP; reflects strategic loan sales of $5.5 billion in 2Q25. $174 $171 $171 $174 $168 3.18% 3.26% 3.16% 3.08% 3.19% Ending Balance Avg Yield % 2Q25 3Q25 4Q25 1Q26 2Q26 2 • Average consumer deposits grew 2.8% year-over-year; Another record quarter • Average loan growth of 7.1% year-over-year or 8.0%3 when adjusted for 2Q25 loan sales • Average investment portfolio yield increased 11 bps linked quarter on higher reinvestment yields Interest-bearing deposits 2Q25 3Q25 4Q25 1Q26 2Q26 2.41% 2.43% 2.25% 2.13% 2.15% Avg. Yield % Robust loan growth and strategic portfolio remixing driving year-over-year growth $266 $268 $270 $270 $273 $237 $244 $245 $245 $242 Consumer Wholesale, Trust, Other 2Q25 3Q25 4Q25 1Q26 2Q26 $515 $503 $512 1 $515 $515

 

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

 

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

 

14©2025 U.S. Bank | Confidential Noninterest Expense $ i millions 1 Non-GAAP; see appendix for calculations % Change vs. 2Q26 1Q26 2Q25 Compensation and benefits $2,685 2.2 % 3.3 % Technology and communications 601 4.9 12.5 Occupancy and equipment 303 (.3) .7 Professional services 112 21.7 2.8 Marketing and business development 216 (.5) 34.2 Other intangibles 114 3.6 (8.1) All other 397 16.4 12.8 Total noninterest expense $4,428 3.8 % 5.9 % • BTIG contributed $84M in noninterest expense in the month of June • Noninterest expense increased 5.9% on a year-over-year basis reflecting the impact of the BTIG acquisition, alongside marketing initiatives and technology investments, partially offset by operational efficiencies; Noninterest expense increased 3.9% year-over-year excluding BTIG1 Investing for growth while delivering significant productivity gains

 

15©2025 U.S. Bank | Confidential 61.1% 62.5% 60.2% 59.9% 60.8% 57.2% 57.4% 58.2% 57.1% (420) (230) 30 190 270 250 530 440 440 400 Efficiency Ratio YoY Operating Leverage (bps) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Executing Growth While Improving Profitability Disciplined execution continues to drive improved returns and sustained EPS Growth 1 Non-GAAP; excludes notable items for applicable periods; see appendix for calculations and description of notable items. Adjusted Efficiency Ratio & YoY Operating Leverage1 60.7% 59.2% (470) (18)% (22)% (13)% (2)% 8% 14% 13% 18% 18% 15% 22% YoY EPS Growth % 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Adjusted EPS Growth YoY1

 

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

 

17©2025 U.S. Bank | Confidential Capital Management Modest share repurchases with continued capital accretion through earnings 1 1Q23 ratios calculated in accordance with transitional regulatory requirements related to the CECL methodology 2 Non GAAP; see appendix for calculations 2nd Quarter Highlights CET1 Ratio Including AOCI 28.9% 9.2%6.5% 8.5% 10.7% 10.9% 10.8% 10.8% 10.8% 1Q23 2Q25 3Q25 4Q25 1Q26 2Q26 7.1% CET1 Ratio Regulatory Minimum Binding Capital Constraint starting in 4Q25 9.3% • As of June 30, 2026, Common Equity Tier 1 capital ratio was flat linked quarter as robust earnings generation supported capital distributions, strong loan growth and the BTIG acquisition; Including AOCI, CET1 ratio was 9.4%2 • Completed common stock repurchases of $200 million • 2026 CCAR results continue to reflect strong capital levels; Planned capital actions included a ~4% increase to the quarterly common stock dividend in the third quarter (subject to Board approval) CET1 Ratio 9.3% 1 9.4%

 

18©2025 U.S. Bank | Confidential Guidance - 3Q and FY 2026 1 Taxable-equivalent basis; see appendix for calculation. 2 Non-GAAP; see appendix for calculations. 2Q26 Performance (excluding BTIG) Net interest income1 Total noninterest expense 2Q Guidance 2Q Result $4,387M 7.5% vs. 2Q25 $4,344M2 3.9%2 vs. 2Q25 Total fee revenue $3,276M2 9.9%2 vs. 2Q25 3Q26 Net interest income1 Total noninterest expense Total fee revenue +6% to 7% vs. 2Q25 of $4,080M +6% to 7% vs. 2Q25 of $2,981M +3% to 4% vs. 2Q25 of $4,181M Total net revenue Positive operating leverage +7% to 9% vs. FY25 of $28.7B1 +5% to 7% excluding BTIG ~200 bps 300+ bps excluding BTIG BTIG expected to add ~$200M of quarterly net revenue with a margin of 15-20% +4% to 6% vs. 3Q25 of $4,251M +12% to 14% vs. 3Q25 of $3,085M +~8% vs. 3Q25 of $4,197M Guidance (including BTIG) FY 2026

 

19©2025 U.S. Bank | Confidential Focused on our Medium-Term Targets 1 Non-GAAP; see appendix for calculations. 2 Excludes securities gains (losses). 3 Non-GAAP; as adjusted for notable items; see appendix for calculation and description of notable items. 4 Medium-term represents 2026 and 2027; subject to economic assumptions described in the appendix. 2Q 2025 1Q 2026 2Q 2026 Medium-term Target4 Return on Average Assets 1.08% 1.15% 1.26% 1.15% to 1.35% Return on Tangible Common Equity1 18.0% 17.0% 18.7% High teens Fee Revenue Growth (YoY)2 4.6% 6.9% 13.2% Mid-single digits Efficiency Ratio1 59.2% 58.2% 57.1% Mid-to-high 50s Operating Leverage (YoY) 250 bps 440 bps 400 bps Committed to positive operating leverage CET1 Capital Ratio (Cat III) 10.7% 10.8% 10.8% ~10% Cat II pro forma CET1 Capital Ratio with AOCI1 8.9% 9.3% 9.4% 3 1 1

 

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

 

21©2025 U.S. Bank Appendix

 

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

 

23©2025 U.S. Bank | Confidential Average Loans • On a year-over-year basis, average total loan growth was driven by higher commercial loans, commercial real estate loans and credit card loans • On a linked quarter basis, the increase in average total loans was broad based across categories Average % of Average Change vs. 2Q 2026 Balance Total 1Q26 2Q25 Commercial $157 39% 5.0 % 14.1 % Commercial real estate 51 13% 3.7 5.8 Residential mortgages 117 29% .4 1.4 Credit card 38 9% 2.8 8.4 Other retail 42 10% 2.4 0.5 Total loans $405 3.0 % 7.1 % $378.5 $393.6 $405.5 2Q25 1Q26 2Q26 $ i billions +3.0% linked quarter +7.1% year-over-year

 

24©2025 U.S. Bank | Confidential $108 $52 Core C&I NDFI 6/30/2026 NDFI Portfolio - Well Diversified, Strong Credit Quality Loan composition based on ending balances ($ in billions) CLO = Collateralized Loan Obligations, BDC = Business Development Corporations, ABS = Asset Backed Security 1 Credit Category Rating is bespoke based on internal ratings mapped to external S&P equivalent ratings Private Equity: Subscription Lines (e.g., capital call facilities) Business Credit: CLOs, Commercial ABS, BDCs Consumer Credit: Consumer Auto ABS Mortgage Credit: Warehouse Lines, Repo Lines Other: All Other (e.g. insurance, broker/dealer) 2Q26 Category Allocation & Credit Category Rating1 Private Equity A+ Business AA- Consumer AA Mortgage BBB+ Other A- 11.6% 19.0% 14.5% 27.2% 27.7% 6/30/2026 Commercial Loan Composition Non-Depository Financial Institution (NDFI) loan portfolio characteristics: • Exposures are managed through robust internal processes, including limits sized for our risk appetite • Growth supported by diversification across repayment sources (institutional investors, industries, and CRE property types) • Average portfolio credit quality of A exceeds that of our core investment-grade corporate and commercial lending book of BBB+1 • Criticized rate is <1% of total NDFI portfolio as compared to 1.9% for core C&I portfolio. U.S. Bancorp has limited exposure to BDCs at approximately 2% of total NDFI portfolio • Asset quality supported by strong collateral and structural protections (performance covenants, overcollateralization)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

32©2025 U.S. Bank | Confidential Financial Targets Return on Average Assets Return on Tangible Common Equity Fee Income Growth (YoY) Efficiency Ratio 1.15% to 1.35% High teens Mid-single digits Mid-to-high 50s Medium-term1 Key assumptions2 Modest GDP growth Stable unemployment rate Moderating inflation Current tax policy Fed Funds rate path consistent with market implied Upward sloping yield curve driven by rate cuts Stable credit quality 1 Me ium-term represents 2026 and 2027 2 Key assumptions as of September 12, 2024 and presented at Investor Day

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

44©2025 U.S. Bank | Confidential Notes 1. Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. 2. Includes Accumulated Other Comprehensive Income (AOCI) related to available for sale securities, pension plans, and available for sale to held to maturity transfers. 3. Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes. 4. Notable items for the three months ended December 31, 2024 of $109 million ($82 million net-of-tax) included lease impairments and operational efficiency actions. Notable items for the three months ended June 30, 2024 included a $26 million ($19 million net-of-tax) charge for the increase in FDIC special assessment. Notable items for the three months ended March 31, 2024 of $265 million ($199 million net-of-tax) included $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment. Notable items for the three months ended December 31, 2023 of $1.1 billion ($780 million net-of-tax, including a $70 million discrete tax benefit) included $(118) million of noninterest income related to investment securities balance sheet repositioning and capital management actions, $171 million of merger and integration-related charges, $734 million of FDIC special assessment charges and a $110 million charitable contribution. Notable items for the three months ended September 30, 2023 included $284 million ($213 million net-of-tax) of merger and integration-related charges. Notable items for the three months ended June 30, 2023 of $575 million ($432 million net-of-tax) included $(22) million of noninterest income related to balance sheet repositioning and capital management actions, $310 million of merger and integration-related charges, and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions. Notable items for the three months ended March 31, 2023 included $244 million ($183 million net-of-tax) of merger and integration-related charges.

 

45©2025 U.S. Bank | Confidential 1. 2. 3. 4. Notable items for the three months ended December 31, 2022 of $1.3 billion ($952 million net-of-tax) included $(399) million of noninterest income related to balance sheet repositioning and capital management actions, $90 million of merger and integration-related charges and $791 million of provision for credit losses related to the acquisition of Union Bank and balance sheet optimization activities. Notes

 

46©2025 U.S. Bank | Confidential Thank you

 

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