U.S. Bancorp is offering callable Senior Medium‑Term Notes paying 5.70% interest per annum. The Notes have an $1,000 principal per Note, expected Original Issue Date April 30, 2026, and an expected Maturity Date of April 30, 2044, subject to early redemption.
The issuer may redeem the Notes in whole (but not in part) on each scheduled Redemption Date beginning April 30, 2029 through January 30, 2044. Interest is payable annually on the 30th calendar day of April, using a 30/360 day count. The price to public is shown at 100% of principal with selling commissions up to $40.00 per $1,000 Note; certain institutional or fee‑based sales may be priced between $960.00 and $1,000 per Note.
U.S. Bancorp is offering Senior Medium-Term Notes: callable fixed-rate notes carrying a 5.60% annual interest rate and a scheduled maturity of April 30, 2041. Interest is payable annually each April 30 beginning April 30, 2027. The issuer may redeem the notes in whole on quarterly Redemption Dates beginning July 30, 2028. Notes are offered in $1,000 minimum denominations; the per-note price in this supplement assumes $1,000 per $1,000 principal amount and selling commissions of up to $40 per $1,000.
U.S. Bancorp is offering Senior Medium-Term Notes: callable fixed-rate notes with a 5.50% interest rate and an expected maturity date of April 30, 2044. The Notes are expected to price on April 28, 2026 with an original issue date of April 30, 2026, sold in minimum denominations of $1,000. The issuer may redeem the Notes in whole on scheduled quarterly Redemption Dates beginning April 30, 2029, at a redemption price equal to principal plus accrued interest. The public offering price shown assumes $1,000 per Note; sales to certain institutional or fee-based accounts may be priced between $960 and $1,000. Selling commissions may be up to $40 per $1,000, and the offering involves an affiliate dealer subject to FINRA Rule 5121.
U.S. Bancorp is offering Senior Medium-Term Notes, Series Callable Fixed Rate Notes with an interest rate of 5.375% and an expected maturity of April 30, 2041. The Notes pay interest annually each April 30 beginning April 30, 2027, carry a per-Note issue price of $1,000, and may be redeemed at our option on quarterly Redemption Dates beginning July 30, 2028 through January 30, 2041, at 100% of principal plus accrued interest, subject to the Business Day Convention; Interest Accrual Convention.
The Notes are senior, unsecured obligations of U.S. Bancorp, not bank deposits and are not FDIC insured. Selling commissions may be up to $40.00 per $1,000 Note; sales to certain institutional or fee-based accounts may be offered at prices between $960.00 and $1,000 per $1,000 Note. The offering involves conflicts of interest because an affiliate, U.S. Bancorp Investments, Inc., is participating in distribution pursuant to FINRA Rule 5121.
U.S. Bancorp is offering Senior Medium-Term Notes: five-year Callable Fixed Rate Notes with an interest rate of 4.40% per annum and an expected Original Issue Date of April 30, 2026. The Notes mature on April 30, 2031 unless earlier redeemed. The issuer may redeem the Notes in whole (but not in part) on scheduled Redemption Dates — the 30th calendar day of April and October beginning October 30, 2027 and ending October 30, 2030 — at 100% of principal plus accrued interest. Notes are payable in U.S. dollars, issued in minimum denominations of $1,000, and expected to be delivered in book-entry form through DTC. The per-Note price to the public is presented at $1,000 (100% of principal) and selling commissions may be up to $15.00 per $1,000. The offering involves a distribution conflict because the issuer’s affiliate, U.S. Bancorp Investments, Inc., is participating in the distribution under FINRA Rule 5121.
U.S. Bancorp reported solid first-quarter 2026 results, with net income attributable to the company of $1,945 million, up 13.8% from a year earlier, and diluted EPS of $1.18, up 14.6%. Total net revenue was $7,288 million, an increase of 4.7% year-over-year, driven by 4.1% growth in net interest income (taxable-equivalent basis) and 5.7% growth in noninterest income.
Profitability metrics improved, with return on average assets at 1.15%, return on average common equity at 12.6%, return on tangible common equity at 17.0%, and an efficiency ratio of 58.2%, reflecting 440 basis points of positive operating leverage versus the prior year quarter. Net interest margin held at 2.77%, modestly above 2.72% a year ago.
Average total loans rose to $393.6 billion, up 3.8% year-over-year, led by commercial and credit card growth, while average total deposits increased 1.7% to $515.1 billion. Credit quality remained stable, with a net charge-off ratio of 0.56% and nonperforming assets at $1,528 million. The Basel III standardized CET1 capital ratio was 10.8%, above well-capitalized levels. The quarter also featured new partnerships with Amazon for small business credit cards and with the NFL for banking and wealth management sponsorships, supporting future growth in payments and advisory services.
U.S. Bancorp updated how it presents its Consolidated Statement of Income and Balance Sheet, reclassifying certain fee revenues and loan portfolios effective January 1, 2026. The company states these changes do not affect historical total net revenue, net income, key return metrics, total loans or total assets.
Corporate payment products revenue was renamed Corporate payment and treasury management revenue, and Service charges was renamed Lending and deposit-related fees, with related fees shifted among categories. Small business credit card loans were moved from the Commercial to the Credit card loan portfolio. U.S. Bancorp furnished unaudited supplemental historical financial information reflecting the new presentation, including net income attributable to U.S. Bancorp of $2,045 million and diluted earnings per common share of $1.26 for the quarter ended December 31, 2025.
The Vanguard Group amended its Schedule 13G to report zero beneficial ownership of US Bancorp common stock. The filing states Amount beneficially owned: 0 and Percent of class: 0% following an internal realignment of Vanguard subsidiaries effective January 12, 2026. The filing is signed by Ashley Grim, Head of Global Fund Administration.
U.S. Bancorp is offering $47,145,000 of senior, unsecured, callable fixed‑rate notes that pay 6.00% per annum and mature on March 20, 2046. The issuer may redeem the notes in whole (but not in part) on the 20th calendar day of each month beginning March 20, 2027.
Interest is paid annually each March 20, calculated on a 30/360 day count, notes are issued at par in $1,000 denominations, and proceeds to the issuer before expenses are $46,924,361.40 based on the pricing shown.
U.S. Bancorp priced $1,000,000 aggregate of Senior Medium-Term Notes, Series Callable Fixed Rate Notes due March 19, 2046 at an issue price of $1,000 per note. The Notes pay interest at 5.80% per annum, payable annually on the 19th of March beginning March 19, 2027.
The Notes are callable at our option on each quarterly Redemption Date (March 19, June 19, September 19 and December 19) beginning March 19, 2029, with the Redemption Price equal to 100% of principal plus accrued interest. Minimum denomination is $1,000; selling commissions may be up to $11.25 per $1,000 note. Delivery is expected in book-entry through DTC on or about March 19, 2026.