U.S. Bancorp 3Q26 业绩：EPS 1.34 美元微超预期 1 美分但营收略miss，上调全年净收入增速指引至 7%-9%

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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):
October 15, 2026
U.S. BANCORP
(Exact name of registrant as specified in its charter)
1-6880
(Commission File Number)
Delaware
41-0255900
(State or other jurisdiction of incorporation)
(I.R.S. Employer Identification Number)
200 S. Sixth St.
Minneapolis
,
Minnesota
55402
(Address of principal executive offices and zip code)
(
651
)
466-3000
(Registrant’s telephone number, including area code)
(not applicable)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
symbol
Name of each exchange
on which registered
Common Stock, $.01 par value per share
USB
New York Stock Exchange
Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)
USB PrA
New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)
USB PrH
New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)
USB PrP
New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)
USB PrQ
New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)
USB PrR
New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)
USB PrS
New York Stock Exchange
Floating Rate Notes, Series CC (Senior), due May 21, 2028
USB/28
New York Stock Exchange
4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032
USB/32
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐
Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section l3(a) of the Exchange Act.
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On October 15, 2026, U.S. Bancorp (the “Company”) issued a press release reporting financial results for the quarter ended September 30, 2026. The press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference. The press release contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated. The Company has also made available on its website materials that contain additional information about the Company’s financial results for the quarter ended September 30, 2026 (the “3Q26 Earnings Supplement”), which is attached as Exhibit 99.2 hereto and is incorporated herein by reference.
The information included in Exhibit 99.1 shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The information included in Exhibit 99.2 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise expressly stated in such filing.
ITEM 7.01 REGULATION FD DISCLOSURE.
On October 15, 2026, the Company will hold an investor conference call and webcast to discuss financial results for the quarter ended September 30, 2026. The Company has also made available on its website presentation materials containing certain additional historical and forward-looking information related to the Company (the “3Q26 Earnings Conference Call Presentation”). The 3Q26 Earnings Conference Call Presentation is attached as Exhibit 99.3 and is incorporated herein by reference. The 3Q26 Earnings Conference Call Presentation contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated.
The information provided in Item 7.01 of this report, including Exhibit 99.3, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filings under the Securities Act, except as otherwise expressly stated in such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
99.1
Press Release issued by U.S. Bancorp on October 15, 2026, deemed “filed” under the Exchange Act.
99.2
3Q26 Earnings Supplement, deemed “furnished” under the Exchange Act.
99.3
3Q26 Earnings Conference Call Presentation, deemed “furnished” under the Exchange Act.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
U.S. BANCORP
By: /s/ Lisa R. Stark
Lisa R. Stark
Executive Vice President, Chief Accounting Officer and Controller
DATE: October 15, 2026

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EX-99.3
4
a3q26earningspresentatio.htm
EX-99.3
a3q26earningspresentatio
1©2025 U.S. Bank | Confidential U.S. Bancorp 3Q26 Earnings Conference Call O c t o b e r 1 5 , 2 0 2 6
2©2025 U.S. Bank | Confidential Forward-looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects, targets, initiatives and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties: deterioration in general business, political and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility; changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities; changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs, or the effects of related litigation; changes in interest rates; increases in unemployment rates; deterioration in the credit quality of U.S. Bancorp’s loan portfolios or in the value of the collateral securing those loans; changes in commercial real estate occupancy rates; increases in Federal Deposit Insurance Corporation (FDIC) assessments, including due to bank failures; actions taken by governmental agencies to stabilize or reform the financial system and the effectiveness of such actions; turmoil and volatility in the financial services industry; risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer; impacts of current, pending or future litigation and governmental proceedings; increased competitive pressure; changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands; failures or disruptions in or breaches of U.S. Bancorp’s operational, technology, data security or other security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents; failures to safeguard personal information; impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events, including those arising from conflict in the Middle East; impacts of supply chain disruptions, rising inflation, slower growth or a recession; effects of climate change and related physical and transition risks; failure to execute on strategic or operational plans; effects of mergers and acquisitions, such as the acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC (collectively, “BTIG”), and related integration, including that the expected benefits may take longer than anticipated to achieve or may not be achieved in entirety or at all and the costs relating to the combination may be greater than expected; effects of critical accounting policies and judgments; effects of changes in or interpretations of tax laws and regulations; management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk and liquidity risk; and the risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2025, and subsequent filings with the Securities and Exchange Commission. Factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events. This presentation includes non-GAAP financial measures to describe U.S. Bancorp’s performance. The calculations of these measures are provided in the Appendix. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the difficulty forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of U.S. Bancorp’s control or cannot be reasonably predicted. For the same reasons, U.S. Bancorp’s management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
3©2025 U.S. Bank | Confidential Growth • Record net revenue reflecting strong loan and deposit growth, broad-based fee momentum and one full quarter of BTIG revenue 3Q26 Highlights Productivity • Top-line revenue growth and disciplined expense management drove positive operating leverage and improved efficiency Returns • Continued execution against strategic priorities supporting strong profitability and margin expansion Risk & Financial Management • Improving asset quality and strong capital levels 1 Taxable- quivalent basis; Non-GAAP; see appendix for calculation. 2 Non-GAAP; see appendix for calculations. 3 Common equity tier 1 capital to risk-weighted assets. 0.51% Net Charge-off Ratio 2 bps vs. 2Q26 5.6% Net Interest Income1 Growth vs. 3Q25 14.9% Fee Revenue Growth vs. 3Q25 240 bps Positive Operating Leverage2 vs. 3Q25 $1.34 Earnings per share 9.8% vs. 3Q25 18.5% Return on Tangible Common Equity2 1.25% Return on Average Assets 2.84% Net Interest Margin 5 bps vs. 2Q26 55.9% Efficiency Ratio2 130 bps vs. 3Q25 10.8% CET1 Capital Ratio3 Stable vs. 6/30/26
4©2026 U.S. Bank | Confidential Accelerating Growth Through Disciplined Execution Fee Revenue Growth YoY $3,545M 3Q26 Reported Fee Revenue Efficiency Ratio2 1 N -GAAP; excludes notable items for 4Q24; see appendix for calculations and description of notable items. 2 Non-GAAP; see appendix for calculations. 3 Medium-term represents 2026 and 2027; subject to economic assumptions described in the appendix. Strong fee growth with improving efficiency ratio and higher returns Return on Average Assets 1.9% 3.6% 5.1% 4.6% 9.5% 7.6% 6.9% 13.2% 14.9% 9.9% 7.6% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Excl. BTIG2 60.2% 59.9% 60.8% 59.2% 57.2% 57.4% 58.2% 57.1% 55.9% 56.7% 54.8% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Medium-term target3 = mid single digits Medium-term target3 = mid-to-high 50s Excl. BTIG2 1.03% 1.17% 1.25% 3Q24 3Q25 3Q26 Medium-term target3 = 1.15% to 1.35% Operating within our medium-term targets 1 1
5©2026 U.S. Bank | Confidential 3Q23 3Q26 1 Repres ts fee revenue contribution (past and expected) for capital markets comprised of Fixed Income, Currencies and Commodities (FICC), Impact Finance, and other capital markets related products as a percentage of total net revenue Our Strategy Capital Markets Fee Revenue Contribution to U.S. Bancorp1 FICC & Other Capital Markets FICC and BTIG continue to grow at a high single digit annual pace BTIG > USB clients USB > BTIG clients BTIG beyond Capital Markets (e.g., Investor Services, Wealth) Continued product and vertical expansion across FICC and BTIG (e.g., IB verticals, equity swaps, institutional rates and FX, cash macro, structured products, commodities) BTIG Investment Banking + Global Capital Markets Spotlight: Global Capital Markets A broader, integrated platform to expand Capital Markets’ contribution to the company Core Growth Deepening Shared Client Base Additional Capabilities Core Growth Deepening Shared Client Base Additional Capabilities 3 to 5 Years 10% 8% 4% + 70 - 80 bps + 30 - 40 bps + 90 - 100 bps Expected Strategic Growth BTIG Markets
©2025 U.S. Bank | Confidential 6 Strengthening Consumer & Small Business Franchise Franchise Footprint Executing our focused expansion market strategy Our strategy Increase branch density in existing footprint National expansion through client centers Prioritized investment in small business Digital capabilities & brand awareness Focused investment in higher-growth markets Supporting mortgage, wealth, commercial, CRE and institutional businesses Recently added 50 new business bankers in attractive markets Broaden reach through digital, partnerships and national marketing campaigns Client Centers Branch Network Select Future Branch Locations Recent SMB Expansion into Client Centers
©2025 U.S. Bank | Confidential 7 Built the Foundation Enhancing the Proposition Foundational capabilities Business Essentials | Money Movement | Cash Flow Tools › Represents 10% of total U.S. Bancorp revenue1 › Stable and diversified deposit base at a favorable cost Enhanced partnerships & scaled distribution Business Essentials Expansion | Increased Scale | Co-Brands › Business Essentials partnership expansion › Checking + Merchant + Card bundle › Premium Checking + Card bundle › Unique co-brand relationship › Increasing presence to expansion markets Spotlight: Small Business Banking Scaled, interconnected business banking franchise serving over 2 million small businesses $45B avg. deposits +2% vs 3Q25 $18B avg. loans +11% vs. 3Q25 $223M fees +9% vs 3Q25 3Q26 Highlights 1 For 3Q26
©2025 U.S. Bank | Confidential 8 Fee Revenue #3 U.S. commercial card issuer ranked by spend volume2 6% of U.S. Bancorp Total Net Revenue1 1 For the nine months ended September 30, 2026 fee revenue contribution as a percentage of total net revenue. 2 Volume per Nilson Report (Issue 1307, May 2026). 3 Based on earnings results for key competitors and company reports. Diversified payments platform benefiting from strong organic growth and market tailwinds Integrated Payments + Banking #1 Freight payments provider ranked by volume3 Spotlight: Corporate Payments & Treasury Management Integrated capabilities driving deeper client relationships and accelerated growth $407 $395 $408 $440 $4572.5% 0.1% 1.8% 4.7% 12.3% 3Q25 4Q25 1Q26 2Q26 3Q26 YoY % Growth Unique capabilities at scale Interoperability across payment rails Advanced solutions that deepen relationships Bringing payments + treasury together in one integrated solution Connecting traditional + emerging rails to stay at the center of money movement › Launched USBDC in September Growing wallet share, operating deposits, and fees $ in millions
9©2025 U.S. Bank | Confidential 3Q26 Results Summary Income Statement Balance Sheet Capital 1 Taxable-equivalent basis; Non-GAAP; see appendix for calculation. 2 Common equity tier 1 capital to risk-weighted assets. 3 Non-GAAP; see appendix for calculations. 4 Earnings returned (millions) = total common dividends paid and aggregate value of common shares repurchased inclusive of treasury shares repurchased in connection with stock compensation plans Change vs. $ in millions, except EPS 3Q26 2Q26 3Q25 Net interest income1 $4,490 2.3 % 5.6 % Noninterest income 3,480 4.7 13.1 Noninterest expense 4,493 1.5 7.1 Net income to company 2,202 1.1 10.0 Diluted EPS $1.34 (0.7) 9.8 Change vs. $ in millions 3Q26 2Q26 3Q25 Nonperforming assets $1,324 (1.6) % (20.0) % NPA ratio 0.32 % (1) bps (11) bps Net charge-off ratio 0.51 % (2) bps (5) bps 90+ day delinquency 0.18 % — bps (4) bps Ending balance Avg balance Average Period Balance change vs. $ in billions 3Q26 3Q26 2Q26 3Q25 Total assets $703.0 $696.6 0.3 % 2.5 % Earning assets 636.6 630.8 0.3 2.1 Total loans 415.2 409.5 1.0 8.0 Total deposits 531.7 526.6 2.2 2.9 Change vs. 3Q26 2Q26 3Q25 CET1 capital ratio2 10.8 % — bps (10) bps Total risk-based capital ratio 14.3 % (10) bps (10) bps Book value per share $38.27 (1.6) % 5.3 % Tangible book value per share3 $29.34 (2.3) % 5.4 % Earnings returned (millions)4 $847 Credit Quality
10©2025 U.S. Bank | Confidential 9 bps Net Interest Margin 130 bps Efficiency Ratio 1.17% 1.26% 1.25% Return on Average Assets 3Q25 2Q26 3Q26 57.2% 57.1% 55.9% 2.75% 2.79% 2.84% Efficiency Ratio Net Interest Margin 3Q25 2Q26 3Q26 Performance Ratios 13.5% 14.0% 13.6% Return on Average Common Equity 3Q25 2Q26 3Q26 18.6% 18.7% 18.5% Return on Tangible Common Equity 3Q25 2Q26 3Q26 Return on Average Assets Return on Average Common Equity Return on Tangible Common Equity1 Efficiency Ratio1 & Net Interest Margin 2 1 N -GAAP; see appendix for calculations 2 Net interest margin on a taxable-equivalent basis; see appendix for calculations 8 bps Year-over-year Continued strength across key metrics 10 bps Year-over-year 10 bps Year-over-year Year-over-year
11©2026 U.S. Bank | Confidential Securities 5.97% 5.80% 5.69% 5.67% 5.75% Loans and Earning Assets Mix 379 384 394 405 410 138 142 148 156 155 48 48 49 51 53 36 37 37 38 40 157 157 160 160 162 Commercial Commercial Real Estate Credit Card Other 3Q25 4Q25 1Q26 2Q26 3Q26 32% 36% 30% 29% 31% 27% 7% 8% 3Q22 3Q26 Strategic loan growth and asset mix support improving returns 3Q26 Growth YoY 2.9% 11.5% 9.8% 12.3% Floating Rate Earning Asset MixTotal Average Loans Average Loan Yield Priority growth areas $ $ $ $ $ $ in billions 1 Floating rate loans include fixed rate loans with maturities less than 1 year. 2 Other includes Residential mortgages and Other retail 8.0% Floating Rate Loans1 Fixed Rate Loans Other Assets 2
12©2026 U.S. Bank | Confidential Deposits and Funding Mix $512 $515 $515 $515 $527 $268 $269 $270 $273 $275 $244 $246 $245 $242 $252 Consumer Wholesale, Trust, Other 3Q25 4Q25 1Q26 2Q26 3Q26 Funding Mix 77% 78% 80% 10% 8% 8% 13% 14% 12% 3Q25 2Q26 3Q26 Wholesale Borrowings CDs Noninterest Bearing + Managed Deposits Cost of Deposits 2.43% 2.25% 2.13% 2.15% 2.22% 2.05% 1.89% 1.80% 1.81% 1.88% Interest Bearing Deposit Cost Total Deposit Cost 3Q25 4Q25 1Q26 2Q26 3Q26 Total Cost of Funds 2.09% 1.87% 1.88% 2.78% 2.50% 2.53% Total Funding Cost Interest Bearing Liability Cost 3Q25 2Q26 3Q26 Strong relationship deposit growth underpins funding strength 3Q26 Growth YoY Total Average Deposits 3.1% 2.7% (7%) 6% (19%) 2.9% $ in billions 1 Consumer includes Wealth. 3Q26 Growth YoY 1
13©2025 U.S. Bank | Confidential • Strong loan growth, lower cost deposit growth, and an improved earning asset mix supported year-over-year growth in net interest income • Linked quarter net interest income increase driven by loan and deposit growth and the benefits of fixed asset repricing Net Interest Income % Change vs. 3Q26 2Q26 3Q25 Loans $5,920 3.4 % 4.1 % Loans held for sale 41 (4.7) 17.1 Investment securities 1,303 (3.1) (6.4) Other interest income 510 5.6 (25.8) Total interest income $7,774 2.3 (.4) Deposits $2,491 6.9 (5.9) Short-term borrowings 198 (20.5) (2.5) Long-term debt 617 (6.2) (15.4) Total interest expense $3,306 2.1 (7.7) Net interest income $4,468 2.5 5.8 Taxable-equivalent adjustment 22 (15.4) (24.1) Net interest income, on a taxable-equivalent basis $4,490 2.3 % 5.6 % Net interest margin (taxable-equivalent basis) 2.84 % 5 bps 9 bps Momentum supported by loan and deposit growth and net interest margin expansion $ in millio s
14©2025 U.S. Bank | Confidential Noninterest Income $ in millions nm = not meaningful 1 Other managed payments includes Debit and Treasury Management not reported in Payment Services. % Change vs. 3Q26 2Q26 3Q25 Payment services $1,034 (0.4) % 6.3 % Other managed payments1 324 0.6 3.8 Consolidated payments fees 1,358 (0.1) 5.7 Trust and investment management fees 802 2.2 9.9 Capital markets revenue 640 25.0 69.3 Investment product fees 116 13.7 19.6 Institutional fees 1,558 11.4 29.3 Lending and deposit-related fees 308 — 6.2 Mortgage banking revenue 155 (8.3) (13.9) Other 166 20.3 32.8 Consumer / Other 629 2.3 5.7 Total fee revenue 3,545 5.1 14.9 Securities gains (losses), net (65) (32.7) nm Noninterest Income $3,480 4.7 % 13.1 % Strong activity across most fee businesses • Fee revenue increased 14.9% year-over-year, reflecting broad-based strength across our differentiated fee businesses and one full quarter of BTIG • BTIG contributed $226 million primarily in Capital Markets fee revenue in the third quarter
15©2025 U.S. Bank | Confidential Noninterest Expense $ in millio s 1 Non-GAAP; see appendix for calculations % Change vs. 3Q26 2Q26 3Q25 Compensation and benefits $2,753 2.5 % 7.5 % Technology and communications 666 10.8 18.9 Occupancy and equipment 309 2.0 3.0 Professional services 115 2.7 (1.7) Marketing and business development 199 (7.9) 13.7 Other intangibles 127 11.4 1.6 All other 324 (18.4) (9.7) Total noninterest expense $4,493 1.5 % 7.1 % Investing for growth while delivering significant productivity gains • Noninterest expense increased 7.1% on a year-over-year basis reflecting the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher technology and communications expense, and increased marketing and business development expense. Excluding BTIG, noninterest expense increased 2.0%1 year-over-year. • BTIG contributed $213 million in noninterest expense in the third quarter, which included $22 million of merger-related integration and intangible amortization costs
16©2025 U.S. Bank | Confidential $32.2 $34.7 $36.1 $40.2 FICO >= 660 FICO < 660 3Q23 3Q24 3Q25 3Q26 3.18% 4.11% 3.80% 3.29% 1.34% 1.48% 1.36% 1.35% NCO Ratio 30-89 day delinquencies 3Q23 3Q24 3Q25 3Q26 $571 $577 $576 $538 $654 $536 $527 $546 $536 $523 2.06% 2.03% 2.00% 1.94% 1.97% Credit Quality Change vs. 3Q26 2Q26 3Q25 Nonperforming assets Balance $1,324 $(22) $(330) NPAs/period-end loans plus OREO 0.32 % (1) bps (11) bps Net charge-offs NCOs $523 $(13) $(13) NCOs/avg loans 0.51 % (2) bps (5) bps Provision for Credit Losses Net Charge-offs (NCO) and Nonperforming Assets (NPA) NCOs Reserve Build (Release) Allowance for Credit Losses / Period-end Loans 3Q25 4Q25 1Q26 $35 2Q26 $50 $30 3Q26 $2 $131 Credit Card Net Receivable Trends ($ in billions) Credit metrics improved; Disciplined growth in credit cards Credit Card Performance 86% 14% 87% 13% 87% 13% 87% 13% $ in millions, unless specified
17©2025 U.S. Bank | Confidential • CET1 ratio was 10.8%, or 9.1% including AOCI2 as of September 30, 2026 • Long-term commitment to 70-75% capital deployment 8.5% 10.9% 10.8% 10.8% 10.8% 10.8% 6.5% 9.2% 9.3% 9.3% 9.4% 9.1% 1Q23 3Q25 4Q25 1Q26 2Q26 3Q26 Capital Management Strong earnings generation supported continued capital strength 1 1Q23 ratios calculated in accordance with transitional regulatory requirements related to the CECL methodology 2 Non GAAP; see appendix for calculations 3rd Quarter Highlights CET1 Ratio Including AOCI 2 Common Equity Tier 1 Capital Ratio 1
©2025 U.S. Bank | Confidential 18 AOCI Adjusted Capital Metrics Trends 9.4% 0.3% (0.3)% (0.4)% 0.1% 9.1% 2Q26 Earnings Net of Distributions RWA Growth & Strategic Partnership Onboarding Change in AOCI Other 3Q26 CET1 Ratio Incl. AOCI Tangible Common Equity as a % of Tangible Assets 6.6% 0.2% 0.1% (0.3)% 6.6% 2Q26 Earnings Net of Distributions Change in Ending Assets Change in AOCI 3Q26 -30bps +6bps Unusual demands on capital in the third quarter not expected to recur • Risk weighted assets increased $12 billion partially driven by one-time onboarding of a large co- brand partnership • 86 basis point increase in 5-year treasury rates vs. June 30, 2026 while credit spreads widened AOCI - Accumulated Other Comprehensive Income; CET1 - Common Equity Tier 1; TCE - Tangible Common Equity; RWA - Risk Weighted Assets
19©2025 U.S. Bank | Confidential +7% to 9% | +5% to 7% vs. prior guidance Guidance - 4Q and FY 2026 1 Taxable-equivalent basis; see appendix for calculation. Operating leverage definition excludes securities gains and losses; see appendix for calculations. 3Q26 Performance Net interest income1 Total noninterest expense 3Q Guidance 3Q Result $4,490M +5.6% vs. 3Q25 $4,492M +7.1% vs. 3Q25 Total fee revenue $3,545M +14.9% vs. 3Q25 4Q26 Net interest income1 Total noninterest expense Total fee revenue +4% to 6% vs. 3Q25 of $4,251M +12% to 14% vs. 3Q25 of $3,085M +~8% vs. 3Q25 of $4,197M Total net revenue Positive operating leverage ~300 bps ~400bps excluding BTIG +8% to 9% vs. FY25 of $28.7B1 +6% to 7% excluding BTIG BTIG expected to add ~$200M of quarterly net revenue +6% to 7% vs. 4Q25 of $4,312M +13% to 14% vs. 4Q25 of $3,050M +~8% vs. 4Q25 of $4,227M Guidance FY 2026 vs. prior ~200bps | 300+ bps vs. prior +7% to 9% | +5% to 7%
20©2025 U.S. Bank | Confidential Focused on our Medium-Term Targets 1 N -GAAP; see appendix for calculations. 2 Excludes securities gains (losses). 3 Medium-term represents 2026 and 2027; subject to economic assumptions described in the appendix. 3Q 2025 2Q 2026 3Q 2026 Medium-term Target3 Return on Average Assets 1.17% 1.26% 1.25% 1.15% to 1.35% Return on Tangible Common Equity1 18.6% 18.7% 18.5% High teens Fee Revenue Growth (YoY)2 9.5% 13.2% 14.9% Mid-single digits Efficiency Ratio1 57.2% 57.1% 55.9% Mid-to-high 50s Operating Leverage (YoY)1 530 bps 400 bps 240 bps Committed to positive operating leverage CET1 Capital Ratio (Cat III) 10.9% 10.8% 10.8% ~10% Cat II pro forma CET1 Capital Ratio with AOCI1 9.2% 9.4% 9.1%
21©2025 U.S. Bank | Confidential From Strength to Acceleration • Helping clients thrive with leading-edge products and services • Comfortably operating in medium-term target ranges • Sustaining high returns and productivity while accelerating EPS growth • Attractive, diversified fee complex, increasingly delivering scale and national presence
22©2025 U.S. Bank Appendix
23©2025 U.S. Bank | Confidential Income Statement Detail 1 Taxabl -equivalent basis 2 Non-GAAP; see appendix for calculations % Change $ in millions, except EPS 3Q26 2Q26 3Q25 vs 2Q26 vs 3Q25 Net interest income $4,468 $4,361 $4,222 2.5 % 5.8 % Taxable-equivalent adjustment 22 26 29 (15.4) (24.1) Net interest income (taxable-equivalent basis) 4,490 4,387 4,251 2.3 5.6 Noninterest income 3,480 3,325 3,078 4.7 13.1 Net revenue 7,970 7,712 7,329 3.3 8.7 Noninterest expense 4,493 4,428 4,197 1.5 7.1 Operating income 3,477 3,284 3,132 5.9 11.0 Provision for credit losses 654 538 571 21.6 14.5 Income before taxes 2,823 2,746 2,561 2.8 10.2 Applicable income taxes 615 563 553 9.2 11.2 Net income 2,208 2,183 2,008 1.1 10.0 Noncontrolling interests (6) (6) (7) — 14.3 Net Income to company 2,202 2,177 2,001 1.1 10.0 Preferred dividends/other 107 79 108 35.4 (0.9) Net Income to common $2,095 $2,098 $1,893 (0.1) % 10.7 % Net interest margin1 2.84% 2.79% 2.75% 5 bps 9 bps Efficiency ratio2 55.9% 57.1% 57.2% (120) bps (130) bps Diluted EPS $1.34 $1.35 $1.22 (0.7) % 9.8 %
24©2025 U.S. Bank | Confidential $109 $50 Core C&I NDFI 9/30/2026 NDFI Portfolio - Well Diversified, Strong Credit Quality Loan composition based on ending balances ($ in billions) CLO = Collateralized Loan Obligations, BDC = Business Development Corporations, ABS = Asset Backed Security 1 Credit Category Rating is bespoke based on internal ratings mapped to external S&P equivalent ratings Private Equity: Subscription Lines (e.g., capital call facilities) Business Credit: CLOs, Commercial ABS, BDCs Consumer Credit: Consumer Auto ABS Mortgage Credit: Warehouse Lines, Repo Lines Other: All Other (e.g. insurance, broker/dealer) 3Q26 Category Allocation & Credit Category Rating1 Private Equity A+ Business AA- Consumer AA Mortgage BBB+ Other A-13.0% 18.2% 12.5% 26.3% 30.0% 9/30/2026 Commercial Loan Composition Non-Depository Financial Institution (NDFI) loan portfolio characteristics: • Exposures are managed through robust internal processes, including limits sized for our risk appetite • Growth supported by diversification across repayment sources (institutional investors, industries, and CRE property types) • Average portfolio credit quality of A exceeds that of our core investment-grade corporate and commercial lending book of BBB+1 • Criticized rate is <1% of total NDFI portfolio compared to 1.7% for core C&I portfolio (excl. NDFI). U.S. Bancorp has limited exposure to Business Development Corporations (BDCs) at approximately 1.9% of total NDFI portfolio • Asset quality supported by strong collateral and structural protections (performance covenants, overcollateralization)
25©2025 U.S. Bank | Confidential Capital Position $ in billions 3Q26 2Q26 1Q26 4Q25 3Q25 Total U.S. Bancorp shareholders’ equity $66.4 $67.4 $65.8 $65.2 $63.3 Basel III Standardized Approach Common equity tier 1 capital ratio 10.8 % 10.8 % 10.8 % 10.8 % 10.9 % Tier 1 capital ratio 12.3 % 12.2 % 12.3 % 12.3 % 12.4 % Total risk-based capital ratio 14.3 % 14.4 % 14.2 % 14.2 % 14.4 % Leverage ratio 9.0 % 8.9 % 8.8 % 8.7 % 8.6 % Common equity to assets 8.5 % 8.4 % 8.4 % 8.4 % 8.1 % Tangible common equity to tangible assets 1 6.6 % 6.6 % 6.7 % 6.7 % 6.4 % Tangible common equity to risk-weighted assets 1 9.0 % 9.4 % 9.4 % 9.4 % 9.3 % 1 N -GAAP; see appendix for calculations
26©2025 U.S. Bank | Confidential Credit Quality - Commercial $138,356 $141,507 $148,056 $155,573 $155,360 0.09 % 0.30 % 0.33 % 0.25 % 0.22 % Average Loans NCO% 3Q25 4Q25 1Q26 2Q26 3Q26 Key StatisticsAverage Loans ($M) and Net Charge-offs Ratio 0.3% 2.3% 4.6% 5.1% (0.1)% Linked Quarter Growth Key Points • Allowance for credit losses of $1.8 billion, or 1.1% of total loans • Average loans decreased by 0.1% on a linked quarter basis • The NCO rate improved, while other credit metrics remained relatively stable • Utilization decreased on a linked quarter basis to 25.7% for 3Q26 versus 26.2% for 2Q26 $ in millions 3Q25 2Q26 3Q26 Average loans $138,356 $155,573 $155,360 30-89 delinquencies 0.14 % 0.13 % 0.12 % 90+ delinquencies 0.01 % 0.01 % 0.01 % Nonperforming loans 0.52 % 0.25 % 0.27 % Revolving Line Utilization Trend 1Q 18 3Q 18 1Q 19 3Q 19 1Q 20 3Q 20 1Q 21 3Q 21 1Q 22 3Q 22 1Q 23 3Q 23 1Q 24 3Q 24 1Q 25 3Q 25 1Q 26 3Q 26 10% 20% 30% 40%
27©2025 U.S. Bank | Confidential CRE by Loan Type Mortgage 62% Owner Occupied 19% Construction 19% Credit Quality – Commercial Real Estate Key Points Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (0.5)% 0.5% 1.9% 3.7% 3.4% • Allowance for credit losses of $1.2 billion, or 2.2% of total loans • Average loans increased by 3.4% on a linked quarter basis • Nonperforming loans continued to decline reflecting resolution of problem Office loans $48,246 $48,490 $49,408 $51,257 $52,991 0.85 % (0.02) % (0.07) % 0.10 % 0.31 % Average Loans NCO% 3Q25 4Q25 1Q26 2Q26 3Q26 CRE by Property Class SFR Construction 7% Owner Occupied 19% Multi-Family 38% Office 7% Industrial 15% Other 14% $ in millions 3Q25 2Q26 3Q26 Average loans $48,246 $51,257 $52,991 30-89 delinquencies 0.16 % 0.13 % 0.16 % 90+ delinquencies 0.04 % 0.01 % 0.01 % Nonperforming loans 1.20 % 1.09 % 0.97 % 1 1 SFR = Si gle Family Residential
28©2025 U.S. Bank | Confidential Credit Quality - Residential Mortgage $114,780 $115,390 $116,690 $117,196 $116,886 0.00 % (0.01) % 0.00 % 0.00 % 0.00 % Average Loans NCO% 3Q25 4Q25 1Q26 2Q26 3Q26 Key Points • Allowance for credit losses of $0.7 billion, or 0.6% of total loans • Average loans decreased by 0.3% on a linked quarter basis • Continued low losses and nonperforming loans supported by strong credit quality and collateral values • High credit quality originations continued (weighted average credit score of 774, weighted average LTV of 69%) Linked Quarter Growth Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 3Q25 2Q26 3Q26 Average loans $114,780 $117,196 $116,886 30-89 delinquencies 0.14 % 0.15 % 0.17 % 90+ delinquencies 0.26 % 0.20 % 0.19 % Nonperforming loans 0.12 % 0.15 % 0.15 % (0.7)% 0.5% 1.1% 0.4% (0.3)% Residential Mortgage Delinquency Rates 30-89 days past due 90+ days past due 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 —% 0.10% 0.20% 0.30%
29©2025 U.S. Bank | Confidential Credit Quality - Credit Card $36,079 $37,019 $37,341 $38,403 $40,222 3.80 % 3.84 % 3.96 % 3.83 % 3.29 % Average Loans NCO% 3Q25 4Q25 1Q26 2Q26 3Q26 Key Points • Allowance for credit losses of $3.6 billion, or 8.7% of total loans • Average loans increased by 4.7% on a linked quarter basis driven by the small business credit card portfolio acquisition • Net charge-off ratio decreased to 3.29% consistent with seasonality • 30-89 delinquency rates increased to 1.35% consistent with portfolio acquisition onboarding and seasonality Average Loans ($M) and Net Charge-offs Ratio Key Statistics 1.8% 2.6% 0.9% 2.8% 4.7% Linked Quarter Growth $ in millions 3Q25 2Q26 3Q26 Average loans $36,079 $38,403 $40,222 30-89 delinquencies 1.36 % 1.17 % 1.35 % 90+ delinquencies 1.26 % 1.13 % 1.10 % Nonperforming loans — % — % — % Credit Card Delinquency Rates 30-89 days past due 90+ days past due 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 26 —% 0.5% 1.0% 1.5% 2.0%
30©2025 U.S. Bank | Confidential Credit Quality - Other Retail Key Points • Allowance for credit losses of $0.9 billion, or 1.9% of total loans • Average loans increased 2.4% on a linked quarter basis • Net charge-off ratio decreased 3 bps on a linked quarter basis Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth 1.6% 0.5% 0.4% 2.3% 2.4% $41,691 $41,879 $42,065 $43,052 $44,089 0.55 % 0.64 % 0.67 % 0.56 % 0.53 % Average Loans NCO% 3Q25 4Q25 1Q26 2Q26 3Q26 Auto Loans 7% Installment 38% Home Equity 32% Retail Leasing 10% Revolving Credit 13% $ in millions 3Q25 2Q26 3Q26 Average loans $41,691 $43,052 $44,089 30-89 delinquencies 0.42 % 0.37 % 0.40 % 90+ delinquencies 0.12 % 0.09 % 0.10 % Nonperforming loans 0.37 % 0.37 % 0.35 %
31©2025 U.S. Bank | Confidential Financial Targets Return on Average Assets Return on Tangible Common Equity Fee Income Growth (YoY) Efficiency Ratio 1.15% to 1.35% High teens Mid-single digits Mid-to-high 50s Medium-term1 Key assumptions2 Modest GDP growth Stable unemployment rate Moderating inflation Current tax policy Fed Funds rate path consistent with market implied Upward sloping yield curve driven by rate cuts Stable credit quality 1 Medium- erm represents 2026 and 2027 2 Key assumptions as of September 12, 2024 and presented at Investor Day
32©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Net income applicable to U.S. Bancorp common shareholders $ 2,095 $ 2,098 $ 1,893 Intangibles amortization (net-of-tax) 100 90 99 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 2,195 2,188 1,992 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 8,708 8,776 7,903 Average total equity 68,214 67,327 63,101 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (463) (462) (458) Average goodwill (net of deferred tax liability) (1) (12,197) (11,796) (11,609) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,684) (1,409) (1,659) Average tangible common equity (b) 47,062 46,852 42,567 Return on tangible common equity (a)/(b) 18.5 % 18.7 % 18.6 % (1) – see last page in appendix for corresponding notes
33©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (Dollars and Shares in Millions Except Per Share Data, Unaudited) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Total equity $ 66,888 $ 67,895 $ 66,247 $ 65,651 $ 63,798 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolling interest (463) (463) (461) (458) (458) Common equity (a) 59,617 60,624 58,978 58,385 56,532 Goodwill (net of deferred tax liability) (1) (12,185) (12,193) (11,588) (11,603) (11,603) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,713) (1,624) (1,429) (1,507) (1,605) Tangible common equity (b) 45,719 46,807 45,961 45,275 43,324 Total assets (c) 702,966 725,918 700,998 692,345 695,357 Goodwill (net of deferred tax liability) (1) (12,185) (12,193) (11,588) (11,603) (11,603) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,713) (1,624) (1,429) (1,507) (1,605) Tangible assets (d) 689,068 712,101 687,981 679,235 682,149 Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company (e) 508,174 496,488 487,958 480,382 465,092 Common shares outstanding (f) 1,558 1,558 1,555 1,555 1,556 Ratios* Common equity to assets (a)/(c) 8.5% 8.4% 8.4% 8.4% 8.1% Tangible common equity to tangible assets (b)/(d) 6.6 6.6 6.7 6.7 6.4 Tangible common equity to risk-weighted assets (b)/(e) 9.0 9.4 9.4 9.4 9.3 Tangible book value per common share (b)/(f) $ 29.34 $ 30.04 $ 29.56 $ 29.12 $ 27.84 * (1) – see last page in appendix for corresponding notes *Preliminary data. Subject to change prior to filings with applicable regulatory agencies.
34©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (Dollars in Millions, Unaudited) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 March 31, 2023 Common equity tier 1 capital, determined in accordance with prescribed regulatory capital requirements effective for the company (a) 55,023 53,575 52,648 51,665 50,587 42,027 Accumulated Other Comprehensive Income (AOCI) related adjustments (2) (8,853) (6,790) (7,049) (6,893) (7,638) (10,153) Common equity tier 1 capital, including AOCI related adjustments (2) (b) 46,170 46,785 45,599 44,772 42,949 31,874 Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the company (c) 508,174 496,488 487,958 480,382 465,092 494,048 Ratios Common equity tier 1 capital ratio (a)/(c) 10.8 % 10.8 % 10.8 % 10.8 % 10.9 % 8.5 % Common equity tier 1 capital ratio, including AOCI related adjustments (2) (b)/(c) 9.1 9.4 9.3 9.3 9.2 6.5 (2) – see last page in appendix for corresponding notes
35©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 September 30, 2025 June 30, 2026 June 30, 2025 September 30, 2025 September 30, 2024 Net interest income $ 4,468 $ 4,222 $ 4,361 $ 4,051 $ 4,222 $ 4,135 Taxable-equivalent adjustment (3) 22 29 26 29 29 31 Net interest income, on a taxable-equivalent adjustment basis 4,490 4,251 4,387 4,080 4,251 4,166 Net interest income, on a taxable-equivalent basis (as calculated above) 4,490 4,251 4,387 4,080 4,251 4,166 Noninterest income 3,480 3,078 3,325 2,924 3,078 2,698 Total net revenue 7,970 7,329 7,712 7,004 7,329 6,864 Less: Securities gains (losses), net (65) (7) (49) (57) (7) (119) Total net revenue, excluding net securities gains (losses) (a) 8,035 7,336 7,761 7,061 7,336 6,983 Percent change (b) 9.5 % 9.9 % 5.1 % Less: BTIG fee revenue 226 — 98 Total net revenue, excluding BTIG fee revenue (c) 7,809 7,336 7,663 Percent change (d) 6.4 % Noninterest expense (e) 4,493 4,197 4,428 4,181 4,197 4,204 Percentage change (f) 7.1 % 5.9 % (0.2) % Less: BTIG noninterest expense 213 — 84 — Total noninterest expense, excluding BTIG noninterest expense (g) 4,280 4,197 4,344 4,181 Percentage change (h) 2.0 % 3.9 % Operating leverage (b) - (f) 2.4 % 4.0 % 5.3 % Operating leverage, excl. BTIG impact (d) - (h) 4.4 % Efficiency ratio (e) / (a) 55.9 % 57.1 % 57.2 % Efficiency ratio, excl. BTIG impact (g) / (c) 54.8 % 56.7 % (3) – see last page in appendix for corresponding notes
36©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 September 30, 2025 June 30, 2026 June 30, 2025 December 31, 2024 December 31, 2023 Fee revenue 3,545 3,085 3,374 2,981 2,834 2,618 Less: Notable items (4) — — — — — (118) Total fee revenue, excluding notable items 3,545 3,085 3,374 2,981 2,834 2,736 Percent change 14.9 % 13.2 % 3.6 % Less: BTIG fee revenue 226 — 98 — Total fee revenue, excluding BTIG fee revenue 3,319 3,085 3,276 2,981 Percentage change 7.6 % 9.9 % (4) – see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 September 30, 2025 Capital markets revenue 640 378 Less: BTIG fee revenue 223 — Capital markets revenue, excluding BTIG fee revenue 417 378 Percentage change 10 % Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 September 30, 2025 Total net revenue 7,970 7,329 Less: BTIG fee revenue 226 — Total net revenue, excluding BTIG fee revenue 7,744 7,329 Percentage change 6 %
37 Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 September 30, 2025 Net income applicable to U.S. Bancorp common shareholders (a) $ 2,095 $ 1,893 Less: Provision for acquired loans (b) (101) — Net income applicable to U.S. Bancorp common shareholders, excluding provision for acquired loans (c) 2,196 1,893 Average diluted common shares outstanding (d) 1,558 1,556 Diluted earnings per common share (a)/(d) $ 1.34 $ 1.22 Percentage change 10 % Diluted earnings per common share, excluding provision for acquired loans (c)/(d) $ 1.41 $ 1.22 Percentage change 16 % EPS impact from acquired loans provision (b)/(d) $ (0.07)
38©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (3), (4) - see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net interest income $ 4,263 $ 4,284 $ 4,222 $ 4,051 $ 4,092 $ 4,146 $ 4,135 Taxable-equivalent adjustment (3) 28 28 29 29 30 30 31 Net interest income, on a taxable-equivalent adjustment basis 4,291 4,312 4,251 4,080 4,122 4,176 4,166 Net interest income, on a taxable-equivalent basis (as calculated above) 4,291 4,312 4,251 4,080 4,122 4,176 4,166 Noninterest income 2,997 3,053 3,078 2,924 2,836 2,833 2,698 Total net revenue 7,288 7,365 7,329 7,004 6,958 7,009 6,864 Less: Securities gains (losses), net (35) 3 (7) (57) — (1) (119) Total net revenue, excluding net securities gains (losses) (a) 7,323 7,362 7,336 7,061 6,958 7,010 6,983 Noninterest expense (b) 4,265 4,227 4,197 4,181 4,232 4,311 4,204 Less: Notable items (4) — — — — — 109 — Total noninterest expense, excluding notable items (c) 4,265 4,227 4,197 4,181 4,232 4,202 4,204 Efficiency ratio (b) / (a) 58.2 % 57.4 % 57.2 % 59.2 % 60.8 % 61.5 % 60.2 % Efficiency ratio, excluding notable items (c)/(a) 59.9 %
39©2025 U.S. Bank | Confidential Notes 1. Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. 2. Includes Accumulated Other Comprehensive Income (AOCI) related to available for sale securities, pension plans, and available for sale to held to maturity transfers. 3. Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes. 4. Notable items for the three months ended December 31, 2024 of $109 million ($82 million net-of-tax) included lease impairments and operational efficiency actions. Notable items for the three months ended December 31, 2023 of $1.1 billion ($780 million net-of-tax, including a $70 million discrete tax benefit) included $(118) million of noninterest income related to investment securities balance sheet repositioning and capital management actions, $171 million of merger and integration-related charges, $734 million of FDIC special assessment charges and a $110 million charitable contribution.
40©2025 U.S. Bank | Confidential Thank you

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3Q26 Key Financial Data
3Q26 Financial Highlights
PROFITABILITY METRICS
3Q26
2Q26
3Q25
•
Record net revenue of $7,970 million, year-over-year increases of 5.6% in net interest income and 14.9% in fee revenue
•
Net income of $2,202 million, an increase of 10.0% year-over-year
•
Diluted earnings per common share of $1.34, an increase of 9.8% year-over-year
•
Positive operating leverage of 240 basis points from the prior year quarter
•
Return on average assets of 1.25% and efficiency ratio of 55.9%, both improved on a year-over-year basis
•
Net interest margin of 2.84%, an increase of 9 basis points on a year-over-year basis
•
CET1 capital ratio of 10.8% at September 30, 2026
•
Average total deposits increase of 2.9% on a year-over-year basis and 2.2% on a linked quarter basis
•
Average total loans increase of 8.0% on a year-over-year basis and 1.0% on a linked quarter basis
Return on average assets (%)
1.25
1.26
1.17
Return on average common equity (%)
13.6
14.0
13.5
Return on tangible common equity (%)
(a)
18.5
18.7
18.6
Net interest margin (%)
2.84
2.79
2.75
Efficiency ratio (%)
(a)
55.9
57.1
57.2
INCOME STATEMENT
(b)
3Q26
2Q26
3Q25
Net interest income (taxable-equivalent basis)
$4,490
$4,387
$4,251
Noninterest income
$3,480
$3,325
$3,078
Noninterest expense
$4,493
$4,428
$4,197
Net income attributable to U.S. Bancorp
$2,202
$2,177
$2,001
Diluted earnings per common share
$1.34
$1.35
$1.22
Dividends declared per common share
$.54
$.52
$.52
BALANCE SHEET
(b)
3Q26
2Q26
3Q25
Average total loans
$409,548
$405,481
$379,152
Average total deposits
$526,602
$515,080
$511,782
Net charge-off ratio (%)
.51
.53
.56
Book value per common share (period end)
$38.27
$38.91
$36.33
Tangible book value per common share (period end)
(a)
$29.34
$30.04
$27.84
Basel III standardized CET1 (%)
(c)
10.8
10.8
10.9
(a) See Non-GAAP Financial Measures reconciliation on page 16
(b) Dollars in millions, except per share data
(c) CET1 = Common equity tier 1 capital ratio
CEO Commentary
“We delivered strong third quarter results. Record net revenue of $8.0 billion drove diluted earnings per share of $1.34, up 10% year-over-year, a return on tangible common equity of 18.5%, and an efficiency ratio of 55.9%. The net charge-off ratio improved to 51 basis points. Our exceptional business mix and increasingly strong operating discipline helped us deliver high returns, productivity, and prudent risk management while strengthening revenue growth. We reported a full quarter of BTIG results, which drove an increase of 69.3% year-over-year in capital markets revenue. Our Payments transformation gained momentum and delivered combined revenue growth of 6.5% year-over-year. We were pleased to report another quarter of record consumer deposits and launch major initiatives to expand our reach in the small business segment as we onboarded a strategic small business credit card relationship, launched Business Essentials, an innovative suite of new products, and established new banker teams in expansion markets.
These results reflect strong execution against our strategic priorities and better interconnectivity across our organization. We remain focused on bringing innovative solutions to our clients, investing in our business, creating a culture of high-performance and delivering exceptional long-term value for our shareholders. On behalf of all of us at U.S. Bank, I want to thank our clients and shareholders for their continued trust and partnership.”
— Gunjan Kedia, Chairman and CEO, U.S. Bancorp
Business and Other Highlights
U.S. Bank launches USBDC Stablecoin
U.S. Bank has successfully completed a live pilot transaction using USBDC, its proprietary U.S. dollar-backed stablecoin, for a cross-border payment between U.S. Bank entities in North America and Europe, demonstrating the potential for 24/7 transactions. Conducted on the Stellar blockchain, the pilot showed the bank can move value on-chain while maintaining integration with its existing finance, risk, compliance and operations infrastructure. The transaction also validated U.S. Bank’s internally developed Digital Asset Platform and evaluated key capabilities, including minting, payment redemption, freezing and clawbacks, managing and moving tokenized assets, and creating a foundation for issuing. Looking ahead, U.S. Bank is exploring applications including liquidity management, collateral mobility and cross-border treasury operations, with the initiative representing another step in its broader digital asset strategy to use blockchain technology to improve efficiency, transparency and settlement speed while maintaining the safety, security and reliability expected by clients.
U.S. Bank launches new credit cards for small businesses
U.S. Bank has launched two new small-business credit cards, Business Essentials and Business Essentials Plus, offering unlimited 2% cash back on eligible purchases and additional rewards for customers with qualifying business checking balances. Business Essentials has no annual fee and can earn up to 2.5% total cash back, while the $295-annual-fee Plus card can earn up to 3.5% and automatically provides 5% cash back on the cardholder’s top spending category, subject to an annual limit. Both cards include tools designed to simplify expense management, including Spend Management and ExtendPay, while new cardholders can qualify for cash-back welcome offers of $500 or $1,000, depending on the card. U.S. Bank is supporting the launch with a new advertising campaign featuring entrepreneur and actress Jessica Alba as the spokesperson for both cards, emphasizing its broader strategy of building
deeper relationships with small-business owners through integrated banking, payments and expense-management solutions.
Investor contact: Brian Mauney, Brian.Mauney@usbank.com | Media contact: Jeff Shelman, Jeffrey.Shelman@usbank.com
U.S. Bancorp Third Quarter 2026 Results
INCOME STATEMENT HIGHLIGHTS
($ in millions, except per share data)
Percent Change
3Q 2026
2Q 2026
3Q 2025
3Q26 vs 2Q26
3Q26 vs 3Q25
YTD
2026
YTD
2025
Percent Change
Net interest income
$4,468
$4,361
$4,222
2.5
5.8
$13,092
$12,365
5.9
Taxable-equivalent adjustment
22
26
29
(15.4)
(24.1)
76
88
(13.6)
Net interest income (taxable-equivalent basis)
4,490
4,387
4,251
2.3
5.6
13,168
12,453
5.7
Noninterest income
3,480
3,325
3,078
4.7
13.1
9,802
8,838
10.9
Total net revenue
7,970
7,712
7,329
3.3
8.7
22,970
21,291
7.9
Noninterest expense
4,493
4,428
4,197
1.5
7.1
13,186
12,610
4.6
Income before provision and income taxes
3,477
3,284
3,132
5.9
11.0
9,784
8,681
12.7
Provision for credit losses
654
538
571
21.6
14.5
1,768
1,609
9.9
Income before taxes
2,823
2,746
2,561
2.8
10.2
8,016
7,072
13.3
Income taxes and taxable-equivalent adjustment
615
563
553
9.2
11.2
1,675
1,527
9.7
Net income
2,208
2,183
2,008
1.1
10.0
6,341
5,545
14.4
Net (income) loss attributable to noncontrolling interests
(6)
(6)
(7)
—
14.3
(17)
(20)
15.0
Net income attributable to U.S. Bancorp
$2,202
$2,177
$2,001
1.1
10.0
$6,324
$5,525
14.5
Net income applicable to U.S. Bancorp common shareholders
$2,095
$2,098
$1,893
(.1)
10.7
$6,034
$5,229
15.4
Diluted earnings per common share
$1.34
$1.35
$1.22
(.7)
9.8
$3.88
$3.35
15.8
Net income attributable to U.S. Bancorp was $2,202 million for the third quarter of 2026, $201 million higher than the third quarter of 2025 and $25 million higher than the second quarter of 2026. Diluted earnings per common share was $1.34 in the third quarter of 2026, compared with $1.22 in the third quarter of 2025 and $1.35 in the second quarter of 2026.
The year-over-year increase in net income attributable to U.S. Bancorp was driven by higher total net revenue, partially offset by higher noninterest expense and higher provision for credit losses. Net interest income increased 5.6 percent on a taxable-equivalent basis, primarily due to loan growth, the impact of the small business credit card portfolio purchase and benefits from fixed asset repricing, while net interest margin increased to 2.84 percent from 2.75 percent. Noninterest income increased 13.1 percent, reflecting higher capital markets revenue including the impact of the BTIG acquisition, higher trust and investment management fees, and higher corporate payment and treasury management revenue. Noninterest expense increased 7.1 percent primarily due to the impact of the BTIG acquisition, as well as higher compensation and employee benefits expense, higher technology and communications expense, and increased marketing and business development expense. The provision for credit losses increased 14.5 percent, reflecting the impact of the small business credit card portfolio purchase, partially offset by improvement in the economic outlook and favorable credit performance.
Compared with the second quarter of 2026, net income attributable to U.S. Bancorp increased primarily due to higher total net revenue, partially offset by higher noninterest expense and higher provision for credit losses. Net interest income increased 2.3 percent on a taxable-equivalent basis, primarily driven by benefits from the small business credit card portfolio purchase, fixed asset repricing and the impact of higher interest rates, while net interest margin increased to 2.84 percent from 2.79 percent. Noninterest income increased 4.7 percent, reflecting higher capital markets revenue due to the BTIG acquisition, higher trust and investment management fees and higher corporate payment and treasury management revenue, partially offset by lower merchant processing services revenue. Noninterest expense increased 1.5 percent, reflecting higher compensation and employee benefits expense primarily due to a full quarter of BTIG expenses in the third quarter, along with higher technology and communications expense, partially offset by a decrease in other noninterest expense. The provision for credit losses increased 21.6 percent, reflecting the impact of the small business credit card portfolio purchase, partially offset by improvement in the economic outlook and favorable credit performance.
2
U.S. Bancorp Third Quarter 2026 Results
NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions)
Change
3Q 2026
2Q 2026
3Q 2025
3Q26 vs 2Q26
3Q26 vs 3Q25
YTD
2026
YTD
2025
Change
Components of net interest income
Income on earning assets
$
7,796
$
7,624
$
7,831
$
172
$
(35)
$
22,855
$
23,010
$
(155)
Expense on interest-bearing liabilities
3,306
3,237
3,580
69
(274)
9,687
10,557
(870)
Net interest income
$
4,490
$
4,387
$
4,251
$
103
$
239
$
13,168
$
12,453
$
715
Average yields and rates paid
Earning assets yield
4.92
%
4.86
%
5.03
%
.06
%
(.11)
%
4.87
%
5.01
%
(.14)
%
Rate paid on interest-bearing liabilities
2.53
2.50
2.78
.03
(.25)
2.50
2.78
(.28)
Gross interest margin
2.39
%
2.36
%
2.25
%
.03
%
.14
%
2.37
%
2.23
%
.14
%
Net interest margin
2.84
%
2.79
%
2.75
%
.05
%
.09
%
2.80
%
2.71
%
.09
%
Average balances
Investment securities
(a)
$
166,350
$
170,528
$
173,423
$
(4,178)
$
(7,073)
$
169,431
$
172,489
$
(3,058)
Loans held for sale
2,681
2,783
2,253
(102)
428
2,598
2,975
(377)
Loans
409,548
405,481
379,152
4,067
30,396
402,922
378,903
24,019
Interest-bearing deposits with banks
35,037
32,450
47,822
2,587
(12,785)
35,433
44,384
(8,951)
Other earning assets
17,168
17,759
14,867
(591)
2,301
17,623
14,972
2,651
Earning assets
630,784
629,001
617,517
1,783
13,267
628,007
613,723
14,284
Interest-bearing liabilities
518,927
519,910
510,919
(983)
8,008
518,151
507,978
10,173
(a) Excludes unrealized gain (loss)
Net interest income on a taxable-equivalent basis was $4,490 million in the third quarter of 2026, an increase of $239 million (5.6 percent) compared with the third quarter of 2025. The increase primarily reflected loan growth, the impact of the small business credit card portfolio purchase and benefits from fixed asset repricing. Average earning assets were $13.3 billion (2.1 percent) higher than the third quarter of 2025, reflecting an increase of $30.4 billion (8.0 percent) in average loans, partially offset by a decrease of $12.8 billion (26.7 percent) in average interest-bearing deposits with banks and a decrease of $7.1 billion (4.1 percent) in average investment securities, reflecting tactical balance sheet management actions.
On a linked quarter basis, net interest income on a taxable-equivalent basis increased $103 million (2.3 percent) primarily driven by benefits from the small business credit card portfolio purchase, fixed asset repricing and the impact of higher interest rates. Average earning assets were $1.8 billion (0.3 percent) higher than the prior quarter, reflecting increases of $4.1 billion (1.0 percent) in average loans and $2.6 billion (8.0 percent) in average interest-bearing deposits with banks, partially offset by a decrease of $4.2 billion (2.5 percent) in average investment securities.
Net interest margin was 2.84 percent in the third quarter of 2026, compared with 2.75 percent in the third quarter of 2025 and 2.79 percent in the second quarter of 2026. The increase from the prior year reflected benefits from fixed asset repricing and improved asset mix. The increase from the linked quarter was driven by the benefits from fixed asset repricing along with impacts of the small business credit card portfolio purchase.
3
U.S. Bancorp Third Quarter 2026 Results
AVERAGE LOANS
($ in millions)
Percent Change
3Q 2026
2Q 2026
3Q 2025
3Q26 vs 2Q26
3Q26 vs 3Q25
YTD
2026
YTD
2025
Percent Change
Commercial
$150,917
$151,114
$134,106
(.1)
12.5
$148,577
$131,679
12.8
Lease financing
4,443
4,459
4,250
(.4)
4.5
4,446
4,220
5.4
Total commercial
155,360
155,573
138,356
(.1)
12.3
153,023
135,899
12.6
Commercial mortgages
42,988
41,840
38,384
2.7
12.0
41,610
38,400
8.4
Construction and development
10,003
9,417
9,862
6.2
1.4
9,622
10,132
(5.0)
Total commercial real estate
52,991
51,257
48,246
3.4
9.8
51,232
48,532
5.6
Residential mortgages
116,886
117,196
114,780
(.3)
1.8
116,925
116,398
.5
Credit card
40,222
38,403
36,079
4.7
11.5
38,666
35,537
8.8
Retail leasing
4,311
3,746
3,718
15.1
15.9
3,864
3,858
.2
Home equity and second mortgages
14,210
14,055
13,790
1.1
3.0
14,080
13,671
3.0
Other
25,568
25,251
24,183
1.3
5.7
25,132
25,008
.5
Total other retail
44,089
43,052
41,691
2.4
5.8
43,076
42,537
1.3
Total loans
$409,548
$405,481
$379,152
1.0
8.0
$402,922
$378,903
6.3
Average total loans for the third quarter of 2026 increased $30.4 billion (8.0 percent) compared with the third quarter of 2025. The increase was driven by growth in total commercial loans, commercial real estate loans and credit card loans. Growth in total commercial loans reflected higher corporate loans and loans to financial institutions. Growth in total commercial real estate loans was primarily driven by commercial mortgage originations, while credit card loan growth reflected the purchase of a small business credit card portfolio in the third quarter of 2026, along with higher sales volumes.
Compared with the second quarter of 2026, average total loans increased $4.1 billion (1.0 percent), driven by growth in credit card loans, commercial real estate loans and other retail loans. Growth in credit card loans included the impact of the small business credit card portfolio purchase, while commercial real estate loan growth was primarily due to commercial mortgage originations. Growth in other retail loans was primarily driven by higher retail leasing balances.
4
U.S. Bancorp Third Quarter 2026 Results
AVERAGE DEPOSITS
($ in millions)
Percent Change
3Q 2026
2Q 2026
3Q 2025
3Q26 vs 2Q26
3Q26 vs 3Q25
YTD
2026
YTD
2025
Percent Change
Noninterest-bearing deposits
$80,966
$80,611
$79,890
.4
1.3
$80,736
$79,568
1.5
Interest-bearing savings deposits
Interest checking
134,607
132,358
131,281
1.7
2.5
132,536
129,531
2.3
Money market savings
186,100
181,978
181,063
2.3
2.8
185,678
184,478
.7
Savings accounts
78,976
73,709
62,599
7.1
26.2
73,703
57,059
29.2
Total savings deposits
399,683
388,045
374,943
3.0
6.6
391,917
371,068
5.6
Time deposits
45,953
46,424
56,949
(1.0)
(19.3)
46,323
56,451
(17.9)
Total interest-bearing deposits
445,636
434,469
431,892
2.6
3.2
438,240
427,519
2.5
Total deposits
$526,602
$515,080
$511,782
2.2
2.9
$518,976
$507,087
2.3
Average total deposits in the third quarter of 2026 increased $14.8 billion (2.9 percent) compared with the third quarter of 2025. Average total interest-bearing deposits increased, driven by growth in Consumer and Business Banking savings accounts and Wealth, Corporate, Commercial and Institutional Banking money market accounts, partially offset by lower time deposit balances in Treasury and Corporate Support. Time deposit balances are managed as an alternative funding source based on relative pricing and liquidity considerations.
Compared with the second quarter of 2026, average total deposits increased $11.5 billion (2.2 percent), driven by growth in Consumer and Business Banking savings accounts and Wealth, Corporate, Commercial and Institutional Banking money market accounts.
5
U.S. Bancorp Third Quarter 2026 Results
NONINTEREST INCOME
($ in millions)
Percent Change
3Q 2026
2Q 2026
3Q 2025
3Q26 vs 2Q26
3Q26 vs 3Q25
YTD
2026
YTD
2025
Percent Change
Card revenue
$440
$435
$415
1.1
6.0
$1,266
$1,202
5.3
Corporate payment and treasury management revenue
457
440
407
3.9
12.3
1,305
1,228
6.3
Merchant processing services
461
485
463
(4.9)
(.4)
1,382
1,352
2.2
Trust and investment management fees
802
785
730
2.2
9.9
2,332
2,113
10.4
Lending and deposit-related fees
308
308
290
—
6.2
910
833
9.2
Capital markets revenue
640
512
378
25.0
69.3
1,529
985
55.2
Mortgage banking revenue
155
169
180
(8.3)
(13.9)
485
515
(5.8)
Investment products fees
116
102
97
13.7
19.6
315
274
15.0
Other
166
138
125
20.3
32.8
427
400
6.8
Total fee revenue
3,545
3,374
3,085
5.1
14.9
9,951
8,902
11.8
Securities gains (losses), net
(65)
(49)
(7)
(32.7)
nm
(149)
(64)
nm
Total noninterest income
$3,480
$3,325
$3,078
4.7
13.1
$9,802
$8,838
10.9
Third quarter noninterest income of $3,480 million increased $402 million (13.1 percent) compared with the third quarter of 2025, driven by higher capital markets revenue, trust and investment management fees, corporate payment and treasury management revenue and other revenue. Capital markets revenue increased primarily due to the contribution from BTIG, along with higher syndication and client-related derivative activity. Trust and investment management fees increased due to business growth and favorable market conditions. Corporate payment and treasury management revenue increased due to higher sales, while other revenue increased due to higher equity investment gains.
Compared with the second quarter of 2026, noninterest income increased $155 million (4.7 percent), driven by higher capital markets revenue, trust and investment management fees, corporate payment and treasury management revenue and other revenue, partially offset by lower merchant processing services revenue. Capital markets revenue increased primarily due to a full quarter of contribution from BTIG. Trust and investment management fees increased due to business growth. Corporate payment and treasury management revenue increased due to higher sales, while other revenue increased due to higher equity investment gains. Merchant processing services decreased due to seasonality.
6
U.S. Bancorp Third Quarter 2026 Results
NONINTEREST EXPENSE
($ in millions)
Percent Change
3Q 2026
2Q 2026
3Q 2025
3Q26 vs 2Q26
3Q26 vs 3Q25
YTD
2026
YTD
2025
Percent Change
Compensation and employee benefits
$2,753
$2,685
$2,561
2.5
7.5
$8,066
$7,798
3.4
Net occupancy and equipment
309
303
300
2.0
3.0
916
907
1.0
Professional services
115
112
117
2.7
(1.7)
319
324
(1.5)
Marketing and business development
199
216
175
(7.9)
13.7
632
518
22.0
Technology and communications
666
601
560
10.8
18.9
1,840
1,627
13.1
Other intangibles
127
114
125
11.4
1.6
351
372
(5.6)
Other
324
397
359
(18.4)
(9.7)
1,062
1,064
(.2)
Total noninterest expense
$4,493
$4,428
$4,197
1.5
7.1
$13,186
$12,610
4.6
Third quarter noninterest expense was $4,493 million, an increase of $296 million (7.1 percent) compared with the third quarter of 2025. The increase reflected the impact of the BTIG acquisition, higher compensation and employee benefits expense primarily due to merit increases, higher technology and communications expense related to investments in product and technology development, and increased marketing and business development initiatives, partially offset by lower other expense.
Compared with the second quarter of 2026, noninterest expense increased $65 million (1.5 percent). The increase reflected higher compensation and employee benefits expense primarily due to a full quarter of BTIG expenses in the third quarter, and higher technology and communications expense related to investments in product and technology development, partially offset by lower other expense.
Provision for Income Taxes
The provision for income taxes for the third quarter of 2026 resulted in a tax rate of 21.8 percent on a taxable-equivalent basis (effective tax rate of 21.2 percent), compared with 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.7 percent) in the third quarter of 2025, and 20.5 percent on a taxable-equivalent basis (effective tax rate of 19.7 percent) in the second quarter of 2026.
7
U.S. Bancorp Third Quarter 2026 Results
ALLOWANCE FOR CREDIT LOSSES
($ in millions)
3Q 2026
%
(a)
2Q 2026
%
(a)
1Q 2026
%
(a)
4Q 2025
%
(a)
3Q 2025
%
(a)
Balance, beginning of period
$7,979
$7,977
$7,947
$7,897
$7,862
Allowance for acquired credit losses
55
—
—
—
—
Net charge-offs
Commercial
83
.22
91
.24
117
.33
101
.29
23
.07
Lease financing
5
.45
5
.45
4
.37
5
.46
7
.65
Total commercial
88
.22
96
.25
121
.33
106
.30
30
.09
Commercial mortgages
42
.39
13
.12
2
.02
(3)
(.03)
103
1.06
Construction and development
—
—
—
—
(10)
(.43)
—
—
—
—
Total commercial real estate
42
.31
13
.10
(8)
(.07)
(3)
(.02)
103
.85
Residential mortgages
—
—
—
—
(1)
—
(2)
(.01)
(1)
—
Credit card
334
3.29
367
3.83
365
3.96
358
3.84
346
3.80
Retail leasing
16
1.47
14
1.50
18
2.07
17
1.89
17
1.81
Home equity and second mortgages
—
—
—
—
1
.03
1
.03
(2)
(.06)
Other
43
.67
46
.73
50
.83
50
.81
43
.71
Total other retail
59
.53
60
.56
69
.67
68
.64
58
.55
Total net charge-offs
523
.51
536
.53
546
.56
527
.54
536
.56
Provision for credit losses
(b)
654
538
576
577
571
Balance, end of period
$8,165
$7,979
$7,977
$7,947
$7,897
Components
Allowance for loan losses
$7,815
$7,645
$7,646
$7,605
$7,557
Liability for unfunded credit commitments
350
334
331
342
340
Total allowance for credit losses
$8,165
$7,979
$7,977
$7,947
$7,897
Gross charge-offs
$647
$676
$683
$651
$669
Gross recoveries
$124
$140
$137
$124
$133
Allowance for credit losses as a percentage of
Period-end loans (%)
1.97
1.94
2.00
2.03
2.06
Nonperforming loans (%)
636
612
536
514
490
Nonperforming assets (%)
617
593
522
500
477
(a) Annualized and calculated on average loan balances.
(b) The third quarter of 2026 includes $135 million of provision for acquired loans.
8
U.S. Bancorp Third Quarter 2026 Results
The provision for credit losses was $654 million for the third quarter of 2026, compared with $538 million in the second quarter of 2026 and $571 million in the third quarter of 2025. The increase on a year-over-year basis was primarily driven by the impact of recording the initial provision for credit losses of $135 million related to the purchase of a small business credit card portfolio in the third quarter of 2026, partially offset by improvement in the economic outlook and favorable credit performance. The increase on a linked quarter basis was primarily driven by the impact of the small business credit card portfolio purchase, partially offset by improvement in the economic outlook and favorable credit performance. While economic conditions have shown improvement, the Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to evolving geopolitical events, as well as other economic factors that may affect the financial strength of corporate and consumer borrowers.
Total net charge-offs were $523 million in the third quarter of 2026, compared with $536 million in both the second quarter of 2026 and third quarter of 2025. The net charge-off ratio in the third quarter of 2026 was 0.51 percent, compared with 0.53 percent in the second quarter of 2026 and 0.56 percent in the third quarter of 2025. The decrease in net charge-offs on a linked quarter basis was driven by lower net charge-offs on credit card loans, partially offset by higher net charge-offs on commercial real estate loans. Compared with the prior year quarter, lower net charge-offs on commercial real estate loans and credit card loans were partially offset by higher net charge-offs on commercial loans.
The allowance for credit losses was $8,165 million at September 30, 2026, compared with $7,979 million at June 30, 2026, and $7,897 million at September 30, 2025. The increase in the allowance for credit losses compared with the linked quarter and prior year quarter was primarily due to the impacts of recording the initial provision for credit losses of $135 million and initial allowance for acquired credit losses of $55 million related to the purchase of the small business credit card portfolio, partially offset by improving credit quality and economic outlook. The allowance for credit losses represented 1.97 percent of period-end loans at September 30, 2026, and 636 percent of nonperforming loans at September 30, 2026.
Nonperforming assets were $1,324 million at September 30, 2026, compared with $1,346 million at June 30, 2026, and $1,654 million at September 30, 2025. The decrease from the prior year quarter primarily reflected the resolution of commercial and commercial mortgage nonperforming loans. The ratio of nonperforming assets to loans and other real estate was 0.32 percent at September 30, 2026. Accruing loans 90 days or more past due were $743 million at September 30, 2026, compared with $735 million at June 30, 2026, and $840 million at September 30, 2025. The decrease in accruing loans 90 days or more past due from the prior year quarter was primarily due to the resolution of elevated prior year residential mortgage delinquencies.
9
U.S. Bancorp Third Quarter 2026 Results
DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
(Percent)
Sep 30 2026
Jun 30 2026
Mar 31 2026
Dec 31 2025
Sep 30 2025
Delinquent loan ratios - 90 days or more past due
Commercial
.01
.01
.02
.01
.01
Commercial real estate
.01
.01
.03
.03
.04
Residential mortgages
.19
.20
.23
.25
.26
Credit card
1.10
1.13
1.29
1.27
1.26
Other retail
.10
.09
.12
.12
.12
Total loans
.18
.18
.21
.22
.22
Delinquent loan ratios - 90 days or more past due and nonperforming loans
Commercial
.28
.26
.45
.50
.53
Commercial real estate
.98
1.09
1.07
1.09
1.24
Residential mortgages
.34
.35
.36
.38
.38
Credit card
1.10
1.13
1.29
1.27
1.26
Other retail
.46
.46
.50
.51
.49
Total loans
.49
.50
.58
.61
.64
ASSET QUALITY
(a)
($ in millions)
Sep 30 2026
Jun 30 2026
Mar 31 2026
Dec 31 2025
Sep 30 2025
Nonperforming loans
Commercial
$407
$377
$622
$695
$708
Lease financing
25
25
26
22
25
Total commercial
432
402
648
717
733
Commercial mortgages
490
538
488
504
558
Construction and development
28
30
34
14
21
Total commercial real estate
518
568
522
518
579
Residential mortgages
176
171
159
151
143
Credit card
—
—
—
—
—
Other retail
158
162
159
161
155
Total nonperforming loans
1,284
1,303
1,488
1,547
1,610
Other real estate
21
24
22
24
23
Other nonperforming assets
19
19
18
19
21
Total nonperforming assets
$1,324
$1,346
$1,528
$1,590
$1,654
Accruing loans 90 days or more past due
$743
$735
$847
$853
$840
Nonperforming assets to loans plus ORE (%)
.32
.33
.38
.41
.43
(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due
10
U.S. Bancorp Third Quarter 2026 Results
COMMON SHARES
(Millions)
3Q 2026
2Q 2026
1Q 2026
4Q 2025
3Q 2025
Beginning shares outstanding
1,558
1,555
1,555
1,556
1,558
Shares issued for stock incentive plans,
acquisitions and other corporate purposes
—
6
5
2
—
Shares repurchased
—
(3)
(5)
(3)
(2)
Ending shares outstanding
1,558
1,558
1,555
1,555
1,556
CAPITAL POSITION
Preliminary Data
($ in millions)
Sep 30 2026
Jun 30 2026
Mar 31 2026
Dec 31 2025
Sep 30 2025
Total U.S. Bancorp shareholders' equity
$66,425
$67,432
$65,786
$65,193
$63,340
Basel III Standardized Approach
Common equity tier 1 capital
$55,023
$53,575
$52,648
$51,665
$50,587
Tier 1 capital
62,267
60,802
59,899
58,917
57,839
Total risk-based capital
72,844
71,429
69,163
68,087
66,820
Common equity tier 1 capital ratio
10.8
%
10.8
%
10.8
%
10.8
%
10.9
%
Tier 1 capital ratio
12.3
12.2
12.3
12.3
12.4
Total risk-based capital ratio
14.3
14.4
14.2
14.2
14.4
Leverage ratio
9.0
8.9
8.8
8.7
8.6
Common equity to assets
8.5
8.4
8.4
8.4
8.1
Tangible common equity to tangible assets
(a)
6.6
6.6
6.7
6.7
6.4
Tangible common equity to risk-weighted assets
(a)
9.0
9.4
9.4
9.4
9.3
(a)
See Non-GAAP Financial Measures reconciliation on page 16.
Total U.S. Bancorp shareholders’ equity was $66.4 billion at September 30, 2026, compared with $67.4 billion at June 30, 2026, and $63.3 billion at September 30, 2025. The increase from the prior year quarter reflected the impacts of corporate earnings and the common shares issued as consideration for the acquisition of BTIG, partially offset by dividends paid.
All regulatory capital ratios continue to be in excess of “well-capitalized” requirements. The common equity tier 1 capital to risk-weighted assets ratio using the Basel III standardized approach was 10.8 percent at both September 30, 2026, and June 30, 2026, compared with 10.9 percent at September 30, 2025.
11
U.S. Bancorp Third Quarter 2026 Results
Investor Conference Call
On Thursday, October 15, 2026 at 8 a.m. CT, Chairman and Chief Executive Officer Gunjan Kedia and Vice Chair and Chief Financial Officer John Stern will host a conference call to review the financial results. The live conference call will be available online or by telephone. To access the webcast and presentation, visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, “News & events” and “Webcasts & presentations.” To access the conference call from locations within the United States and Canada, please dial 888-210-4659. Participants calling from outside the United States and Canada, please dial 646-960-0383. The access code for all participants is 7269933. For those unable to participate during the live call, a replay will be available beginning at approximately 11 a.m. CT on October 15, 2026. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, “News & events” and “Webcasts & presentations.”
About U.S. Bancorp
Headquartered in Minneapolis, U.S. Bancorp is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company's three major business lines serve 15 million clients globally, and its team of nearly 70,000 people invest their hearts and minds to power human potential every day. Ranked 110th on the Fortune 500, U.S. Bancorp is deeply respected for its culture and long-term stewardship and admired for its diversified business mix and product capabilities.
Forward-looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.
This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects, targets, initiatives and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.”
Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties:
•
Deterioration in general business, political and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility;
•
Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities;
•
Changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs, or the effects of related litigation;
•
Changes in interest rates;
•
Increases in unemployment rates;
•
Deterioration in the credit quality of U.S. Bancorp's loan portfolios or in the value of the collateral securing those loans;
•
Changes in commercial real estate occupancy rates;
•
Increases in FDIC assessments, including due to bank failures;
•
Actions taken by governmental agencies to stabilize or reform the financial system and the effectiveness of such actions;
•
Turmoil and volatility in the financial services industry;
•
Risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer;
•
Impacts of current, pending or future litigation and governmental proceedings;
•
Increased competitive pressure;
12
U.S. Bancorp Third Quarter 2026 Results
•
Changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands;
•
Failures or disruptions in or breaches of U.S. Bancorp’s operational, technology, data security or other security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents;
•
Failures to safeguard personal information;
•
Impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events, including those arising from conflict in the Middle East;
•
Impacts of supply chain disruptions, rising inflation, slower growth or a recession;
•
Effects of climate change and related physical and transition risks;
•
Failure to execute on strategic or operational plans;
•
Effects of mergers and acquisitions, such as the acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC, and related integration, including that the expected benefits may take longer than anticipated to achieve or may not be achieved in entirety or at all and the costs relating to the combination may be greater than expected;
•
Effects of critical accounting policies and judgments;
•
Effects of changes in or interpretations of tax laws and regulations;
•
Management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, and liquidity risk; and
•
The risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2025, and subsequent filings with the Securities and Exchange Commission.
Factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.
Non-GAAP Financial Measures
In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:
•
Tangible common equity to tangible assets,
•
Tangible common equity to risk-weighted assets,
•
Tangible book value per common share, and
•
Return on tangible common equity.
These capital measures are viewed by management as useful additional methods of evaluating the Company’s utilization of its capital held and the level of capital available to withstand unexpected negative market or economic conditions. Additionally, presentation of these measures allows investors, analysts and banking regulators to assess the Company’s capital position and use of capital relative to other financial services companies. These capital measures are not defined in generally accepted accounting principles (“GAAP”) or in banking regulations. Management believes this information helps investors assess trends in the Company’s capital utilization and adequacy.
The Company also discloses net interest income and related ratios and analysis on a taxable-equivalent basis, which may also be considered non-GAAP financial measures. The Company believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison of net interest income arising from taxable and tax-exempt sources. In addition, certain performance measures utilize net interest income on a taxable-equivalent basis, including the efficiency ratio, operating leverage, net interest margin, and tax rate.
There may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in this press release in their entirety, and not to rely on any single financial measure. A table follows that shows the Company’s calculation of these non-GAAP financial measures.
13
CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Unaudited)
2026
2025
2026
2025
Interest Income
Loans
$5,920
$5,688
$17,174
$16,769
Loans held for sale
41
35
119
122
Investment securities
1,303
1,392
3,950
4,055
Other interest income
(a)
510
687
1,536
1,976
Total interest income
(a)
7,774
7,802
22,779
22,922
Interest Expense
Deposits
2,491
2,648
7,105
7,700
Short-term borrowings
(a)
198
203
661
743
Long-term debt
617
729
1,921
2,114
Total interest expense
(a)
3,306
3,580
9,687
10,557
Net interest income
4,468
4,222
13,092
12,365
Provision for credit losses
654
571
1,768
1,609
Net interest income after provision for credit losses
3,814
3,651
11,324
10,756
Noninterest Income
Card revenue
440
415
1,266
1,202
Corporate payment and treasury management revenue
457
407
1,305
1,228
Merchant processing services
461
463
1,382
1,352
Trust and investment management fees
802
730
2,332
2,113
Lending and deposit-related fees
308
290
910
833
Capital markets revenue
640
378
1,529
985
Mortgage banking revenue
155
180
485
515
Investment products fees
116
97
315
274
Securities gains (losses), net
(65)
(7)
(149)
(64)
Other
166
125
427
400
Total noninterest income
3,480
3,078
9,802
8,838
Noninterest Expense
Compensation and employee benefits
2,753
2,561
8,066
7,798
Net occupancy and equipment
309
300
916
907
Professional services
115
117
319
324
Marketing and business development
199
175
632
518
Technology and communications
666
560
1,840
1,627
Other intangibles
127
125
351
372
Other
324
359
1,062
1,064
Total noninterest expense
4,493
4,197
13,186
12,610
Income before income taxes
2,801
2,532
7,940
6,984
Applicable income taxes
593
524
1,599
1,439
Net income
2,208
2,008
6,341
5,545
Net (income) loss attributable to noncontrolling interests
(6)
(7)
(17)
(20)
Net income attributable to U.S. Bancorp
$2,202
$2,001
$6,324
$5,525
Net income applicable to U.S. Bancorp common shareholders
$2,095
$1,893
$6,034
$5,229
Earnings per common share
$1.34
$1.22
$3.88
$3.36
Diluted earnings per common share
$1.34
$1.22
$3.88
$3.35
Dividends declared per common share
$.54
$.52
$1.58
$1.52
Average common shares outstanding
1,558
1,557
1,555
1,558
Average diluted common shares outstanding
1,559
1,557
1,556
1,559
(a) Presentation of interest income and interest expense related to certain repurchase and reverse repurchase transactions recorded under enforceable netting agreements are shown on a net basis for all periods shown, consistent with the presentation of the related balances on the consolidated balance sheet.
14
CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)
(Unaudited)
September 30,
2026
December 31,
2025
September 30,
2025
Assets
Cash and due from banks
$49,523
$46,890
$66,637
Investment securities
Held-to-maturity
72,923
76,170
76,931
Available-for-sale
80,228
90,838
89,065
Loans held for sale
2,426
2,538
2,490
Loans
Commercial
158,814
146,418
140,982
Commercial real estate
53,451
48,920
48,244
Residential mortgages
116,806
115,885
115,046
Credit card
41,587
38,031
36,434
Other retail
44,589
42,081
41,811
Total loans
415,247
391,335
382,517
Less allowance for loan losses
(7,815)
(7,605)
(7,557)
Net loans
407,432
383,730
374,960
Premises and equipment
3,894
3,768
3,695
Goodwill
13,232
12,635
12,634
Other intangible assets
5,310
4,904
5,152
Other assets
67,998
70,872
63,793
Total assets
$702,966
$692,345
$695,357
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing
$85,596
$84,116
$91,550
Interest-bearing
446,109
438,100
434,599
Total deposits
531,705
522,216
526,149
Short-term borrowings
21,044
17,162
15,449
Long-term debt
51,996
60,764
62,535
Other liabilities
31,333
26,552
27,426
Total liabilities
636,078
626,694
631,559
Shareholders' equity
Preferred stock
6,808
6,808
6,808
Common stock
21
21
21
Capital surplus
8,839
8,728
8,745
Retained earnings
84,503
80,906
79,742
Less treasury stock
(24,284)
(24,283)
(24,228)
Accumulated other comprehensive income (loss)
(9,462)
(6,987)
(7,748)
Total U.S. Bancorp shareholders' equity
66,425
65,193
63,340
Noncontrolling interests
463
458
458
Total equity
66,888
65,651
63,798
Total liabilities and equity
$702,966
$692,345
$695,357
15
NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Total equity
$66,888
$67,895
$66,247
$65,651
$63,798
Preferred stock
(6,808)
(6,808)
(6,808)
(6,808)
(6,808)
Noncontrolling interests
(463)
(463)
(461)
(458)
(458)
Common equity
(a)
59,617
60,624
58,978
58,385
56,532
Goodwill (net of deferred tax liability)
(1)
(12,185)
(12,193)
(11,588)
(11,603)
(11,603)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights
(1,713)
(1,624)
(1,429)
(1,507)
(1,605)
Tangible common equity
(b)
45,719
46,807
45,961
45,275
43,324
Total assets
(c)
702,966
725,918
700,998
692,345
695,357
Goodwill (net of deferred tax liability)
(1)
(12,185)
(12,193)
(11,588)
(11,603)
(11,603)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights
(1,713)
(1,624)
(1,429)
(1,507)
(1,605)
Tangible assets
(d)
689,068
712,101
687,981
679,235
682,149
Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company
(e)
508,174
*
496,488
487,958
480,382
465,092
Common shares outstanding
(f)
1,558
1,558
1,555
1,555
1,556
Ratios *
Common equity to assets
(a)/(c)
8.5
%
8.4
%
8.4
%
8.4
%
8.1
%
Tangible common equity to tangible assets
(b)/(d)
6.6
6.6
6.7
6.7
6.4
Tangible common equity to risk-weighted assets
(b)/(e)
9.0
9.4
9.4
9.4
9.3
Tangible book value per common share
(b)/(f)
$29.34
$30.04
$29.56
$29.12
$27.84
Three Months Ended
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Net income applicable to U.S. Bancorp common shareholders
$2,095
$2,098
$1,841
$1,965
$1,893
Intangibles amortization (net-of-tax)
100
90
87
100
99
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization
2,195
2,188
1,928
2,065
1,992
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization
(g)
8,708
8,776
7,819
8,193
7,903
Average total equity
68,214
67,327
66,315
65,048
63,101
Average preferred stock
(6,808)
(6,808)
(6,808)
(6,808)
(6,808)
Average noncontrolling interests
(463)
(462)
(458)
(458)
(458)
Average goodwill (net of deferred tax liability)
(1)
(12,197)
(11,796)
(11,601)
(11,599)
(11,609)
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights
(1,684)
(1,409)
(1,474)
(1,568)
(1,659)
Average tangible common equity
(h)
47,062
46,852
45,974
44,615
42,567
Return on tangible common equity
(g)/(h)
18.5
%
18.7
%
17.0
%
18.4
%
18.6
%
Net interest income
$4,468
$4,361
$4,263
$4,284
$4,222
Taxable-equivalent adjustment
(2)
22
26
28
28
29
Net interest income, on a taxable-equivalent basis
4,490
4,387
4,291
4,312
4,251
Net interest income, on a taxable-equivalent basis (as calculated above)
4,490
4,387
4,291
4,312
4,251
Noninterest income
3,480
3,325
2,997
3,053
3,078
Less: Securities gains (losses), net
(65)
(49)
(35)
3
(7)
Total net revenue, excluding net securities gains (losses)
(i)
8,035
7,761
7,323
7,362
7,336
Noninterest expense
(j)
4,493
4,428
4,265
4,227
4,197
Efficiency ratio
(j)/(i)
55.9
%
57.1
%
58.2
%
57.4
%
57.2
%
* Preliminary data. Subject to change prior to filings with applicable regulatory agencies.
(1)
Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements.
(2)
Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.
16
NON-GAAP FINANCIAL MEASURES
Three Months Ended
(Dollars in Millions, Unaudited)
September 30,
2026
September 30,
2025
Percent Change
Net interest income
$4,468
$4,222
Taxable-equivalent adjustment
(1)
22
29
Net interest income, on a taxable-equivalent basis
4,490
4,251
Net interest income, on a taxable-equivalent basis (as calculated above)
4,490
4,251
Noninterest income
3,480
3,078
Less: Securities gains (losses), net
(65)
(7)
Total net revenue, excluding net securities gains (losses)
8,035
7,336
9.5
%
(a)
Noninterest expense
4,493
4,197
7.1
%
(b)
Operating leverage
(a) - (b)
2.4
%
(1)
Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.
17
Business Segment Schedules
Third Quarter 2026
WEALTH, CORPORATE, COMMERCIAL AND
INSTITUTIONAL BANKING
CONSUMER AND BUSINESS BANKING
PAYMENT SERVICES
TREASURY AND CORPORATE SUPPORT
BUSINESS SEGMENT FINANCIAL PERFORMANCE
Preliminary data
($ in millions)
Net Income Attributable
to U.S. Bancorp
Percent Change
Net Income Attributable
to U.S. Bancorp
Business Segment
3Q
2026
2Q
2026
3Q
2025
3Q26 vs 2Q26
3Q26 vs 3Q25
YTD
2026
YTD
2025
Percent Change
Wealth, Corporate, Commercial and Institutional Banking
$1,598
$1,513
$1,231
5.6
29.8
$4,550
$3,597
26.5
Consumer and Business Banking
633
593
593
6.7
6.7
1,803
1,717
5.0
Payment Services
175
222
255
(21.2)
(31.4)
661
786
(15.9)
Treasury and Corporate Support
(204)
(151)
(78)
(35.1)
nm
(690)
(575)
(20.0)
Consolidated Company
$2,202
$2,177
$2,001
1.1
10.0
$6,324
$5,525
14.5
Income Before Provision
and Taxes
Percent Change
Income Before Provision
and Taxes
3Q
2026
2Q
2026
3Q
2025
3Q26 vs 2Q26
3Q26 vs 3Q25
YTD
2026
YTD
2025
Percent Change
Wealth, Corporate, Commercial and Institutional Banking
$2,243
$2,147
$1,838
4.5
22.0
$6,374
$5,213
22.3
Consumer and Business Banking
916
869
853
5.4
7.4
2,627
2,451
7.2
Payment Services
828
681
749
21.6
10.5
2,208
2,159
2.3
Treasury and Corporate Support
(510)
(413)
(308)
(23.5)
(65.6)
(1,425)
(1,142)
(24.8)
Consolidated Company
$3,477
$3,284
$3,132
5.9
11.0
$9,784
$8,681
12.7
Business Segments
The Company’s major business segments are Wealth, Corporate, Commercial and Institutional Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support. Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2026, certain organization and methodology changes were made, including moving the Impact Finance business unit from the Treasury and Corporate Support business segment to the Wealth, Corporate, Commercial and Institutional Banking business segment. In addition, card revenue generated from debit cards, which was previously included in the Payment Services business segment, is now included in the Consumer and Business Banking business segment. Prior period results were recast and presented on a comparable basis.
19
WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING
Preliminary data
($ in millions)
Percent Change
3Q
2026
2Q
2026
3Q
2025
3Q26 vs 2Q26
3Q26 vs 3Q25
YTD
2026
YTD
2025
Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)
$1,971
$1,931
$1,761
2.1
11.9
$5,768
$5,177
11.4
Noninterest income
2,026
1,834
1,572
10.5
28.9
5,467
4,489
21.8
Total net revenue
3,997
3,765
3,333
6.2
19.9
11,235
9,666
16.2
Noninterest expense
1,754
1,618
1,495
8.4
17.3
4,861
4,453
9.2
Income before provision and taxes
2,243
2,147
1,838
4.5
22.0
6,374
5,213
22.3
Provision for credit losses
112
129
196
(13.2)
(42.9)
306
416
(26.4)
Income before income taxes
2,131
2,018
1,642
5.6
29.8
6,068
4,797
26.5
Income taxes and taxable-equivalent adjustment
533
505
411
5.5
29.7
1,518
1,200
26.5
Net income
1,598
1,513
1,231
5.6
29.8
4,550
3,597
26.5
Net (income) loss attributable to noncontrolling interests
—
—
—
—
—
—
—
—
Net income attributable to U.S. Bancorp
$1,598
$1,513
$1,231
5.6
29.8
$4,550
$3,597
26.5
Average Balance Sheet Data
Loans
$216,957
$214,486
$189,530
1.2
14.5
$212,023
$186,161
13.9
Other earning assets
15,420
16,113
11,908
(4.3)
29.5
15,637
12,989
20.4
Goodwill
5,439
5,028
4,826
8.2
12.7
5,100
4,825
5.7
Other intangible assets
859
645
772
33.2
11.3
729
817
(10.8)
Assets
272,472
268,941
236,188
1.3
15.4
266,115
234,145
13.7
Noninterest-bearing deposits
57,888
57,832
56,056
.1
3.3
57,824
55,709
3.8
Interest-bearing deposits
237,865
227,562
220,712
4.5
7.8
231,822
217,607
6.5
Total deposits
295,753
285,394
276,768
3.6
6.9
289,646
273,316
6.0
Total U.S. Bancorp shareholders' equity
25,809
25,089
24,020
2.9
7.4
25,048
23,762
5.4
Wealth, Corporate, Commercial and Institutional Banking
provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment related services to wealth, middle market, large corporate, commercial real estate, government and institutional clients, and also includes investments in tax-advantaged projects.
Wealth, Corporate, Commercial and Institutional Banking generated $2,243 million of income before provision and taxes in the third quarter of 2026, compared with $1,838 million in the third quarter of 2025, and contributed $1,598 million of the Company’s net income in the third quarter of 2026.
Total net revenue increased compared with the third quarter of 2025, driven by growth in net interest income from higher loan and deposit balances and growth in noninterest income, primarily due to higher capital markets revenue driven by the contribution from BTIG and higher syndication and client-related derivative activity, and higher trust and investment management fees due to business growth and favorable market conditions.
Noninterest expense increased compared with the third quarter of 2025, primarily due to higher compensation and employee benefits expense and higher technology and communications expense, both driven by the BTIG acquisition.
The provision for credit losses decreased compared with the third quarter of 2025, primarily due to favorable credit performance.
20
CONSUMER AND BUSINESS BANKING
Preliminary data
($ in millions)
Percent Change
3Q
2026
2Q
2026
3Q
2025
3Q26 vs 2Q26
3Q26 vs 3Q25
YTD
2026
YTD
2025
Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)
$1,878
$1,838
$1,851
2.2
1.5
$5,516
$5,466
.9
Noninterest income
526
537
564
(2.0)
(6.7)
1,579
1,623
(2.7)
Total net revenue
2,404
2,375
2,415
1.2
(.5)
7,095
7,089
.1
Noninterest expense
1,488
1,506
1,562
(1.2)
(4.7)
4,468
4,638
(3.7)
Income before provision and taxes
916
869
853
5.4
7.4
2,627
2,451
7.2
Provision for credit losses
72
78
62
(7.7)
16.1
222
161
37.9
Income before income taxes
844
791
791
6.7
6.7
2,405
2,290
5.0
Income taxes and taxable-equivalent adjustment
211
198
198
6.6
6.6
602
573
5.1
Net income
633
593
593
6.7
6.7
1,803
1,717
5.0
Net (income) loss attributable to noncontrolling interests
—
—
—
—
—
—
—
—
Net income attributable to U.S. Bancorp
$633
$593
$593
6.7
6.7
$1,803
$1,717
5.0
Average Balance Sheet Data
Loans
$143,819
$144,009
$145,906
(.1)
(1.4)
$144,005
$149,750
(3.8)
Other earning assets
2,744
2,650
2,330
3.5
17.8
2,602
2,996
(13.2)
Goodwill
4,326
4,326
4,326
—
—
4,326
4,326
—
Other intangible assets
3,945
3,910
4,223
.9
(6.6)
3,923
4,288
(8.5)
Assets
157,026
157,112
158,865
(.1)
(1.2)
157,038
163,515
(4.0)
Noninterest-bearing deposits
19,138
18,677
19,782
2.5
(3.3)
18,749
19,628
(4.5)
Interest-bearing deposits
207,718
206,556
202,303
.6
2.7
206,086
200,812
2.6
Total deposits
226,856
225,233
222,085
.7
2.1
224,835
220,440
2.0
Total U.S. Bancorp shareholders' equity
12,850
12,865
13,369
(.1)
(3.9)
12,940
13,547
(4.5)
Consumer and Business Banking
comprises consumer banking, small business banking, debit cards and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, online services, direct mail, ATMs, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners.
Consumer and Business Banking generated $916 million of income before provision and taxes in the third quarter of 2026, compared with $853 million in the third quarter of 2025, and contributed $633 million of the Company’s net income in the third quarter of 2026.
Total net revenue decreased slightly compared with the third quarter of 2025 due to lower noninterest income, partially offset by higher net interest income. Net interest income increased primarily due to higher deposit balances, while noninterest income decreased primarily due to lower mortgage banking revenue, reflecting lower gain on sale activity.
Noninterest expense decreased compared with the third quarter of 2025, primarily due to lower net shared services expense.
The provision for credit losses increased compared with the third quarter of 2025, primarily due to growth in commercial and other retail loans.
21
PAYMENT SERVICES
Preliminary data
($ in millions)
Percent Change
3Q
2026
2Q
2026
3Q
2025
3Q26 vs 2Q26
3Q26 vs 3Q25
YTD
2026
YTD
2025
Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)
$834
$774
$781
7.8
6.8
$2,402
$2,253
6.6
Noninterest income
1,034
1,038
973
(.4)
6.3
2,997
2,869
4.5
Total net revenue
1,868
1,812
1,754
3.1
6.5
5,399
5,122
5.4
Noninterest expense
1,040
1,131
1,005
(8.0)
3.5
3,191
2,963
7.7
Income before provision and taxes
828
681
749
21.6
10.5
2,208
2,159
2.3
Provision for credit losses
594
385
409
54.3
45.2
1,326
1,110
19.5
Income before income taxes
234
296
340
(20.9)
(31.2)
882
1,049
(15.9)
Income taxes and taxable-equivalent adjustment
59
74
85
(20.3)
(30.6)
221
263
(16.0)
Net income
175
222
255
(21.2)
(31.4)
661
786
(15.9)
Net (income) loss attributable to noncontrolling interests
—
—
—
—
—
—
—
—
Net income attributable to U.S. Bancorp
$175
$222
$255
(21.2)
(31.4)
$661
$786
(15.9)
Average Balance Sheet Data
Loans
$48,058
$45,947
$42,957
4.6
11.9
$46,018
$42,267
8.9
Other earning assets
11
7
5
57.1
nm
8
22
(63.6)
Goodwill
3,474
3,479
3,482
(.1)
(.2)
3,479
3,433
1.3
Other intangible assets
333
241
260
38.2
28.1
271
256
5.9
Assets
53,331
51,171
48,428
4.2
10.1
51,187
47,705
7.3
Noninterest-bearing deposits
2,379
2,390
2,370
(.5)
.4
2,398
2,474
(3.1)
Interest-bearing deposits
94
93
95
1.1
(1.1)
93
95
(2.1)
Total deposits
2,473
2,483
2,465
(.4)
.3
2,491
2,569
(3.0)
Total U.S. Bancorp shareholders' equity
11,090
10,692
10,318
3.7
7.5
10,794
10,261
5.2
Payment Services
includes consumer and business credit cards, stored-value cards, corporate, government and purchasing card services and merchant processing.
Payment Services generated $828 million of income before provision and taxes in the third quarter of 2026, compared with $749 million in the third quarter of 2025, and contributed $175 million of the Company’s net income in the third quarter of 2026.
Total net revenue increased compared with the third quarter of 2025, driven by an increase in net interest income, primarily due to higher loan balances including the impact of the small business credit card portfolio purchase, and an increase in noninterest income, primarily due to higher corporate payment and treasury management revenue and higher card revenue, both driven by higher sales volume.
Noninterest expense increased primarily due to higher technology and communications expense, higher compensation and employee benefits expense and higher marketing and business development expense.
The provision for credit losses increased compared with the third quarter of 2025, primarily due to the impact of recording the initial provision for credit losses related to the purchase of the small business credit card portfolio.
22
TREASURY AND CORPORATE SUPPORT
Preliminary data
($ in millions)
Percent Change
3Q
2026
2Q
2026
3Q
2025
3Q26 vs 2Q26
3Q26 vs 3Q25
YTD
2026
YTD
2025
Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)
($193)
($156)
($142)
(23.7)
(35.9)
($518)
($443)
(16.9)
Noninterest income
(106)
(84)
(31)
(26.2)
nm
(241)
(143)
(68.5)
Total net revenue
(299)
(240)
(173)
(24.6)
(72.8)
(759)
(586)
(29.5)
Noninterest expense
211
173
135
22.0
56.3
666
556
19.8
Income (loss) before provision and taxes
(510)
(413)
(308)
(23.5)
(65.6)
(1,425)
(1,142)
(24.8)
Provision for credit losses
(124)
(54)
(96)
nm
(29.2)
(86)
(78)
(10.3)
Income (loss) before income taxes
(386)
(359)
(212)
(7.5)
(82.1)
(1,339)
(1,064)
(25.8)
Income taxes and taxable-equivalent adjustment
(188)
(214)
(141)
12.1
(33.3)
(666)
(509)
(30.8)
Net income (loss)
(198)
(145)
(71)
(36.6)
nm
(673)
(555)
(21.3)
Net (income) loss attributable to noncontrolling interests
(6)
(6)
(7)
—
14.3
(17)
(20)
15.0
Net income (loss) attributable to U.S. Bancorp
($204)
($151)
($78)
(35.1)
nm
($690)
($575)
(20.0)
Average Balance Sheet Data
Loans
$714
$1,039
$759
(31.3)
(5.9)
$876
$725
20.8
Other earning assets
203,061
204,750
224,122
(.8)
(9.4)
206,838
218,813
(5.5)
Goodwill
—
—
—
—
—
—
—
—
Other intangible assets
6
6
7
—
(14.3)
6
8
(25.0)
Assets
213,802
217,486
236,124
(1.7)
(9.5)
218,899
228,785
(4.3)
Noninterest-bearing deposits
1,561
1,712
1,682
(8.8)
(7.2)
1,765
1,757
.5
Interest-bearing deposits
(41)
258
8,782
nm
nm
239
9,005
(97.3)
Total deposits
1,520
1,970
10,464
(22.8)
(85.5)
2,004
10,762
(81.4)
Total U.S. Bancorp shareholders' equity
18,002
18,219
14,936
(1.2)
20.5
18,050
13,492
33.8
Treasury and Corporate Support
includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business segments, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.
Treasury and Corporate Support generated a $510 million loss before provision and taxes in the third quarter of 2026, compared with a $308 million loss before provision and taxes in the third quarter of 2025, and recorded a net loss of $204 million in the third quarter of 2026.
Total net revenue decreased compared with the third quarter of 2025, driven by lower net interest income, primarily due to lower interest-bearing deposits with banks and investment securities balances, partially offset by lower funding costs and benefits from fixed asset repricing, as well as lower noninterest income driven by losses on the sales of investment securities.
Noninterest expense increased compared with the third quarter of 2025, primarily due to higher technology and communications expense, net shared services expense, and compensation and employee benefits expense.
The provision for credit losses decreased compared with the third quarter of 2025 primarily due to improvement in the economic outlook.
Income taxes are assessed to each business segment at a managerial tax rate of 25.0 percent with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.
23

----- a3q26earningssupplement.htm -----
EX-99.2
3
a3q26earningssupplement.htm
EX-99.2
Document
Supplemental Consolidated Schedules
Third Quarter
2026
QUARTERLY CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data)
(Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Interest Income
Loans
$5,920
$5,728
$5,526
$5,599
$5,688
Loans held for sale
41
43
35
43
35
Investment securities
1,303
1,344
1,303
1,343
1,392
Other interest income
(a)
510
483
543
615
687
Total interest income
(a)
7,774
7,598
7,407
7,600
7,802
Interest Expense
Deposits
2,491
2,330
2,284
2,451
2,648
Short-term borrowings
(a)
198
249
214
182
203
Long-term debt
617
658
646
683
729
Total interest expense
(a)
3,306
3,237
3,144
3,316
3,580
Net interest income
4,468
4,361
4,263
4,284
4,222
Provision for credit losses
654
538
576
577
571
Net interest income after provision for credit losses
3,814
3,823
3,687
3,707
3,651
Noninterest Income
Card revenue
440
435
391
427
415
Corporate payment and treasury management revenue
457
440
408
396
407
Merchant processing services
461
485
436
440
463
Trust and investment management fees
802
785
745
756
730
Lending and deposit-related fees
308
308
294
302
290
Capital markets revenue
640
512
377
389
378
Mortgage banking revenue
155
169
161
130
180
Investment products fees
116
102
97
101
97
Securities gains (losses), net
(65)
(49)
(35)
3
(7)
Other
166
138
123
109
125
Total noninterest income
3,480
3,325
2,997
3,053
3,078
Noninterest Expense
Compensation and employee benefits
2,753
2,685
2,628
2,529
2,561
Net occupancy and equipment
309
303
304
320
300
Professional services
115
112
92
144
117
Marketing and business development
199
216
217
187
175
Technology and communications
666
601
573
584
560
Other intangibles
127
114
110
126
125
Other
324
397
341
337
359
Total noninterest expense
4,493
4,428
4,265
4,227
4,197
Income before income taxes
2,801
2,720
2,419
2,533
2,532
Applicable income taxes
593
537
469
482
524
Net income
2,208
2,183
1,950
2,051
2,008
Net (income) loss attributable to noncontrolling interests
(6)
(6)
(5)
(6)
(7)
Net income attributable to U.S. Bancorp
$2,202
$2,177
$1,945
$2,045
$2,001
Net income applicable to U.S. Bancorp common shareholders
$2,095
$2,098
$1,841
$1,965
$1,893
Earnings per common share
$1.34
$1.35
$1.18
$1.26
$1.22
Diluted earnings per common share
$1.34
$1.35
$1.18
$1.26
$1.22
Dividends declared per common share
$.54
$.52
$.52
$.52
$.52
Average common shares outstanding
1,558
1,554
1,554
1,555
1,557
Average diluted common shares outstanding
1,559
1,555
1,555
1,556
1,557
Financial Ratios (%)
Net interest margin (taxable-equivalent basis)
2.84
2.79
2.77
2.77
2.75
Return on average assets
1.25
1.26
1.15
1.19
1.17
Return on average common equity
13.6
14.0
12.6
13.5
13.5
Efficiency ratio
55.9
57.1
58.2
57.4
57.2
(a) Presentation of interest income and interest expense related to certain repurchase and reverse repurchase transactions recorded under enforceable netting agreements are shown on a net basis for all periods shown, consistent with the presentation of the related balances on the consolidated balance sheet.
2
CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)
(Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Assets
Cash and due from banks
$49,523
$66,491
$48,420
$46,890
$66,637
Investment securities
Held-to-maturity
72,923
74,085
75,442
76,170
76,931
Available-for-sale
80,228
89,085
93,464
90,838
89,065
Loans held for sale
2,426
3,038
2,928
2,538
2,490
Loans
Commercial
158,814
157,829
152,327
146,418
140,982
Commercial real estate
53,451
52,348
49,971
48,920
48,244
Residential mortgages
116,806
117,311
117,285
115,885
115,046
Credit card
41,587
39,079
37,654
38,031
36,434
Other retail
44,589
43,733
42,559
42,081
41,811
Total loans
415,247
410,300
399,796
391,335
382,517
Less allowance for loan losses
(7,815)
(7,645)
(7,646)
(7,605)
(7,557)
Net loans
407,432
402,655
392,150
383,730
374,960
Premises and equipment
3,894
3,847
3,819
3,768
3,695
Goodwill
13,232
13,234
12,625
12,635
12,634
Other intangible assets
5,310
4,999
4,799
4,904
5,152
Other assets
67,998
68,484
67,351
70,872
63,793
Total assets
$702,966
$725,918
$700,998
$692,345
$695,357
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing
$85,596
$85,791
$85,300
$84,116
$91,550
Interest-bearing
446,109
446,275
442,878
438,100
434,599
Total deposits
531,705
532,066
528,178
522,216
526,149
Short-term borrowings
21,044
37,337
17,859
17,162
15,449
Long-term debt
51,996
58,671
61,361
60,764
62,535
Other liabilities
31,333
29,949
27,353
26,552
27,426
Total liabilities
636,078
658,023
634,751
626,694
631,559
Shareholders' equity
Preferred stock
6,808
6,808
6,808
6,808
6,808
Common stock
21
21
21
21
21
Capital surplus
8,839
8,773
8,623
8,728
8,745
Retained earnings
84,503
83,241
81,944
80,906
79,742
Less treasury stock
(24,284)
(24,300)
(24,387)
(24,283)
(24,228)
Accumulated other comprehensive income (loss)
(9,462)
(7,111)
(7,223)
(6,987)
(7,748)
Total U.S. Bancorp shareholders' equity
66,425
67,432
65,786
65,193
63,340
Noncontrolling interests
463
463
461
458
458
Total equity
66,888
67,895
66,247
65,651
63,798
Total liabilities and equity
$702,966
$725,918
$700,998
$692,345
$695,357
3
CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET
(Dollars in Millions, Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Assets
Investment securities
$166,350
$170,528
$171,471
$172,039
$173,423
Loans held for sale
2,681
2,783
2,326
2,775
2,253
Loans
Commercial
Commercial
150,917
151,114
143,620
137,200
134,106
Lease financing
4,443
4,459
4,436
4,307
4,250
Total commercial
155,360
155,573
148,056
141,507
138,356
Commercial real estate
Commercial mortgages
42,988
41,840
39,969
38,698
38,384
Construction and development
10,003
9,417
9,439
9,792
9,862
Total commercial real estate
52,991
51,257
49,408
48,490
48,246
Residential mortgages
116,886
117,196
116,690
115,390
114,780
Credit card
40,222
38,403
37,341
37,019
36,079
Other retail
Retail leasing
4,311
3,746
3,525
3,572
3,718
Home equity and second mortgages
14,210
14,055
13,972
13,922
13,790
Other
25,568
25,251
24,568
24,385
24,183
Total other retail
44,089
43,052
42,065
41,879
41,691
Total loans
409,548
405,481
393,560
384,285
379,152
Interest-bearing deposits with banks
35,037
32,450
38,855
42,705
47,822
Other earning assets
17,168
17,759
17,950
18,413
14,867
Total earning assets
630,784
629,001
624,162
620,217
617,517
Allowance for loan losses
(7,769)
(7,671)
(7,623)
(7,599)
(7,565)
Unrealized gain (loss) on investment securities
(5,420)
(4,527)
(4,269)
(4,638)
(5,756)
Other assets
79,036
77,907
76,012
75,653
75,409
Total assets
$696,631
$694,710
$688,282
$683,633
$679,605
Liabilities and Shareholders' Equity
Noninterest-bearing deposits
$80,966
$80,611
$80,628
$83,295
$79,890
Interest-bearing deposits
Interest checking
134,607
132,358
130,600
131,055
131,281
Money market savings
186,100
181,978
188,986
186,119
181,063
Savings accounts
78,976
73,709
68,305
64,207
62,599
Time deposits
45,953
46,424
46,600
50,466
56,949
Total interest-bearing deposits
445,636
434,469
434,491
431,847
431,892
Short-term borrowings
17,158
23,852
19,580
16,107
15,698
Long-term debt
56,133
61,589
61,507
61,424
63,329
Total interest-bearing liabilities
518,927
519,910
515,578
509,378
510,919
Other liabilities
28,524
26,862
25,761
25,912
25,695
Shareholders' equity
Preferred equity
6,808
6,808
6,808
6,808
6,808
Common equity
60,943
60,057
59,049
57,782
55,835
Total U.S. Bancorp shareholders' equity
67,751
66,865
65,857
64,590
62,643
Noncontrolling interests
463
462
458
458
458
Total equity
68,214
67,327
66,315
65,048
63,101
Total liabilities and equity
$696,631
$694,710
$688,282
$683,633
$679,605
4
CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES
(a)
For the Three Months Ended September 30,
2026
2025
(Dollars in Millions)
(Unaudited)
Average
Balances
Interest
Yields
and
Rates
Average
Balances
Interest
Yields
and
Rates
% Change
Average
Balances
Assets
Investment securities
(b)
$166,350
$1,316
3.16
%
$173,423
$1,412
3.26
%
(4.1)
%
Loans held for sale
2,681
41
6.23
2,253
35
6.39
19.0
Loans
(c)
Commercial
155,360
1,983
5.07
138,356
1,929
5.53
12.3
Commercial real estate
52,991
764
5.72
48,246
741
6.10
9.8
Residential mortgages
116,886
1,209
4.13
114,780
1,162
4.05
1.8
Credit card
40,222
1,282
12.64
36,079
1,204
13.24
11.5
Other retail
44,089
690
6.21
41,691
661
6.29
5.8
Total loans
409,548
5,928
5.75
379,152
5,697
5.97
8.0
Interest-bearing deposits with banks
35,037
333
3.77
47,822
517
4.29
(26.7)
Other earning assets
(d)
17,168
178
4.12
14,867
170
4.53
15.5
Total earning assets
(d)
630,784
7,796
4.92
617,517
7,831
5.03
2.1
Allowance for loan losses
(7,769)
(7,565)
(2.7)
Unrealized gain (loss) on investment securities
(5,420)
(5,756)
5.8
Other assets
79,036
75,409
4.8
Total assets
$696,631
$679,605
2.5
Liabilities and Shareholders' Equity
Noninterest-bearing deposits
$80,966
$79,890
1.3
%
Interest-bearing deposits
Interest checking
134,607
394
1.16
131,281
430
1.30
2.5
Money market savings
186,100
1,316
2.81
181,063
1,403
3.07
2.8
Savings accounts
78,976
421
2.12
62,599
289
1.83
26.2
Time deposits
45,953
360
3.11
56,949
526
3.67
(19.3)
Total interest-bearing deposits
445,636
2,491
2.22
431,892
2,648
2.43
3.2
Short-term borrowings
(d)
17,158
198
4.58
15,698
203
5.12
9.3
Long-term debt
56,133
617
4.37
63,329
729
4.57
(11.4)
Total interest-bearing liabilities
(d)
518,927
3,306
2.53
510,919
3,580
2.78
1.6
Other liabilities
28,524
25,695
11.0
Shareholders' equity
Preferred equity
6,808
6,808
—
Common equity
60,943
55,835
9.1
Total U.S. Bancorp shareholders' equity
67,751
62,643
8.2
Noncontrolling interests
463
458
1.1
Total equity
68,214
63,101
8.1
Total liabilities and equity
$696,631
$679,605
2.5
Net interest income
$4,490
$4,251
Gross interest margin
2.39
%
2.25
%
Gross interest margin without taxable-equivalent increments
2.38
2.23
Percent of Earning Assets
Interest income
4.92
%
5.03
%
Interest expense
2.08
2.28
Net interest margin
2.84
%
2.75
%
Net interest margin without taxable-equivalent increments
2.83
%
2.73
%
(a)
Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.
(b)
Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments.
(c)
Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.
(d)
Presentation of interest income and interest expense related to certain repurchase and reverse repurchase transactions recorded under enforceable netting agreements are shown on a net basis, consistent with presentation of the related balances on the consolidated balance sheet. Total interest income and interest expense reflected on a gross basis for these arrangements was $8,420 million and $3,930 million, respectively, for the three months ended September 30, 2026, compared with $7,956 million and $3,705 million, respectively, for the three months ended September 30, 2025.
5
CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES
(a)
For the Three Months Ended
September 30, 2026
June 30, 2026
(Dollars in Millions)
(Unaudited)
Average
Balances
Interest
Yields
and
Rates
Average
Balances
Interest
Yields
and
Rates
% Change
Average
Balances
Assets
Investment securities
(b)
$166,350
$1,316
3.16
%
$170,528
$1,361
3.19
%
(2.5)
%
Loans held for sale
2,681
41
6.23
2,783
43
6.11
(3.7)
Loans
(c)
Commercial
155,360
1,983
5.07
155,573
1,969
5.08
(.1)
Commercial real estate
52,991
764
5.72
51,257
731
5.72
3.4
Residential mortgages
116,886
1,209
4.13
117,196
1,191
4.07
(.3)
Credit card
40,222
1,282
12.64
38,403
1,188
12.41
4.7
Other retail
44,089
690
6.21
43,052
658
6.13
2.4
Total loans
409,548
5,928
5.75
405,481
5,737
5.67
1.0
Interest-bearing deposits with banks
35,037
333
3.77
32,450
300
3.71
8.0
Other earning assets
(d)
17,168
178
4.12
17,759
183
4.13
(3.3)
Total earning assets
(d)
630,784
7,796
4.92
629,001
7,624
4.86
.3
Allowance for loan losses
(7,769)
(7,671)
(1.3)
Unrealized gain (loss) on investment securities
(5,420)
(4,527)
(19.7)
Other assets
79,036
77,907
1.4
Total assets
$696,631
$694,710
.3
Liabilities and Shareholders' Equity
Noninterest-bearing deposits
$80,966
$80,611
.4
%
Interest-bearing deposits
Interest checking
134,607
394
1.16
132,358
369
1.12
1.7
Money market savings
186,100
1,316
2.81
181,978
1,235
2.72
2.3
Savings accounts
78,976
421
2.12
73,709
365
1.99
7.1
Time deposits
45,953
360
3.11
46,424
361
3.12
(1.0)
Total interest-bearing deposits
445,636
2,491
2.22
434,469
2,330
2.15
2.6
Short-term borrowings
(d)
17,158
198
4.58
23,852
249
4.19
(28.1)
Long-term debt
56,133
617
4.37
61,589
658
4.28
(8.9)
Total interest-bearing liabilities
(d)
518,927
3,306
2.53
519,910
3,237
2.50
(.2)
Other liabilities
28,524
26,862
6.2
Shareholders' equity
Preferred equity
6,808
6,808
—
Common equity
60,943
60,057
1.5
Total U.S. Bancorp shareholders' equity
67,751
66,865
1.3
Noncontrolling interests
463
462
.2
Total equity
68,214
67,327
1.3
Total liabilities and equity
$696,631
$694,710
.3
Net interest income
$4,490
$4,387
Gross interest margin
2.39
%
2.36
%
Gross interest margin without taxable-equivalent increments
2.38
2.34
Percent of Earning Assets
Interest income
4.92
%
4.86
%
Interest expense
2.08
2.07
Net interest margin
2.84
%
2.79
%
Net interest margin without taxable-equivalent increments
2.83
%
2.77
%
(a)
Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.
(b)
Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments.
(c)
Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.
(d)
Presentation of interest income and interest expense related to certain repurchase and reverse repurchase transactions recorded under enforceable netting agreements are shown on a net basis, consistent with presentation of the related balances on the consolidated balance sheet. Total interest income and interest expense reflected on a gross basis for these arrangements was $8,420 million and $3,930 million, respectively, for the three months ended September 30, 2026, compared with $8,159 million and $3,772 million, respectively, for the three months ended June 30, 2026.
6
CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES
(a)
For the Nine Months Ended September 30,
2026
2025
(Dollars in Millions)
(Unaudited)
Average
Balances
Interest
Yields
and
Rates
Average
Balances
Interest
Yields
and
Rates
% Change
Average
Balances
Assets
Investment securities
(b)
$169,431
$3,999
3.15
%
$172,489
$4,113
3.18
%
(1.8)
%
Loans held for sale
2,598
119
6.12
2,975
122
5.49
(12.7)
Loans
(c)
Commercial
153,023
5,813
5.08
135,899
5,646
5.55
12.6
Commercial real estate
51,232
2,190
5.72
48,532
2,189
6.03
5.6
Residential mortgages
116,925
3,558
4.06
116,398
3,511
4.02
.5
Credit card
38,666
3,651
12.62
35,537
3,477
13.08
8.8
Other retail
43,076
1,988
6.17
42,537
1,976
6.21
1.3
Total loans
402,922
17,200
5.70
378,903
16,799
5.92
6.3
Interest-bearing deposits with banks
35,433
983
3.71
44,384
1,449
4.36
(20.2)
Other earning assets
(d)
17,623
554
4.20
14,972
527
4.71
17.7
Total earning assets
(d)
628,007
22,855
4.87
613,723
23,010
5.01
2.3
Allowance for loan losses
(7,688)
(7,586)
(1.3)
Unrealized gain (loss) on investment securities
(4,743)
(6,275)
24.4
Other assets
77,663
74,288
4.5
Total assets
$693,239
$674,150
2.8
Liabilities and Shareholders' Equity
Noninterest-bearing deposits
$80,736
$79,568
1.5
%
Interest-bearing deposits
Interest checking
132,536
1,115
1.12
129,531
1,187
1.23
2.3
Money market savings
185,678
3,812
2.75
184,478
4,233
3.07
.7
Savings accounts
73,703
1,091
1.98
57,059
711
1.67
29.2
Time deposits
46,323
1,087
3.14
56,451
1,569
3.72
(17.9)
Total interest-bearing deposits
438,240
7,105
2.17
427,519
7,700
2.41
2.5
Short-term borrowings
(d)
20,188
661
4.38
19,099
743
5.20
5.7
Long-term debt
59,723
1,921
4.30
61,360
2,114
4.61
(2.7)
Total interest-bearing liabilities
(d)
518,151
9,687
2.50
507,978
10,557
2.78
2.0
Other liabilities
27,059
25,083
7.9
Shareholders' equity
Preferred equity
6,808
6,808
—
Common equity
60,024
54,254
10.6
Total U.S. Bancorp shareholders' equity
66,832
61,062
9.4
Noncontrolling interests
461
459
.4
Total equity
67,293
61,521
9.4
Total liabilities and equity
$693,239
$674,150
2.8
Net interest income
$13,168
$12,453
Gross interest margin
2.37
%
2.23
%
Gross interest margin without taxable-equivalent increments
2.35
2.21
Percent of Earning Assets
Interest income
4.87
%
5.01
%
Interest expense
2.07
2.30
Net interest margin
2.80
%
2.71
%
Net interest margin without taxable-equivalent increments
2.78
%
2.69
%
(a)
Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.
(b)
Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments.
(c)
Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.
(d)
Presentation of interest income and interest expense related to certain repurchase and reverse repurchase transactions recorded under enforceable netting agreements are shown on a net basis, consistent with presentation of the related balances on the consolidated balance sheet. Total interest income and interest expense reflected on a gross basis for these arrangements was $24,445 million and $11,277 million, respectively, for the nine months ended September 30, 2026, compared with $23,135 million and $10,682 million, respectively, for the nine months ended September 30, 2025.
7
LOAN PORTFOLIO
September 30, 2026
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
(Dollars in Millions)
(Unaudited)
Amount
Percent
of Total
Amount
Percent
of Total
Amount
Percent
of Total
Amount
Percent
of Total
Amount
Percent
of Total
Commercial
Commercial
(a)
$154,302
37.2
$153,334
37.4
$147,818
37.0
$141,982
36.2
$136,674
35.8
Lease financing
4,512
1.1
4,495
1.1
4,509
1.2
4,436
1.2
4,308
1.1
Total commercial
158,814
38.3
157,829
38.5
152,327
38.2
146,418
37.4
140,982
36.9
Commercial real estate
Commercial mortgages
43,296
10.4
42,700
10.4
40,807
10.2
39,476
10.1
38,316
10.0
Construction and
development
10,155
2.5
9,648
2.4
9,164
2.3
9,444
2.4
9,928
2.6
Total commercial
real estate
53,451
12.9
52,348
12.8
49,971
12.5
48,920
12.5
48,244
12.6
Residential mortgages
Residential mortgages
112,323
27.0
112,630
27.5
112,397
28.1
110,788
28.3
109,730
28.7
Home equity loans, first
liens
4,483
1.1
4,681
1.1
4,888
1.2
5,097
1.3
5,316
1.4
Total residential
mortgages
116,806
28.1
117,311
28.6
117,285
29.3
115,885
29.6
115,046
30.1
Credit card
41,587
10.0
39,079
9.5
37,654
9.4
38,031
9.7
36,434
9.5
Other retail
Retail leasing
4,561
1.1
4,087
1.0
3,585
.9
3,524
.9
3,627
1.0
Home equity and second
mortgages
14,346
3.5
14,131
3.4
13,959
3.5
14,025
3.6
13,858
3.6
Revolving credit
5,947
1.4
5,409
1.3
4,864
1.2
4,561
1.2
4,274
1.1
Installment
(a)
16,807
4.0
16,858
4.1
16,591
4.1
16,396
4.2
16,184
4.2
Automobile
2,928
.7
3,248
.8
3,560
.9
3,575
.9
3,868
1.0
Total other retail
44,589
10.7
43,733
10.6
42,559
10.6
42,081
10.8
41,811
10.9
Total loans
$415,247
100.0
$410,300
100.0
$399,796
100.0
$391,335
100.0
$382,517
100.0
(a) Effective July 1, 2026, U.S. Bancorp reclassified loans made to certain life insurance trusts from the Commercial loan portfolio to the Other retail loan portfolio. Prior period balances have been conformed to current period presentation.
8
Supplemental Business Segment Schedules
Third Quarter
2026
WEALTH, CORPORATE, COMMERCIAL AND
INSTITUTIONAL BANKING
CONSUMER AND BUSINESS BANKING
PAYMENT SERVICES
TREASURY AND CORPORATE SUPPORT
WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)
$1,971
$1,931
$1,866
$1,791
$1,761
Noninterest Income
Card revenue
—
—
—
—
—
Corporate payment and treasury management revenue
158
156
155
144
152
Merchant processing services
—
—
—
—
—
Trust and investment management fees
801
784
744
755
729
Lending and deposit-related fees
164
171
155
161
144
Capital markets revenue
644
507
377
379
373
Mortgage banking revenue
—
—
—
—
—
Investment products fees
116
102
97
101
97
Securities gains (losses), net
—
—
—
—
—
Other
143
114
79
74
77
Total noninterest income
2,026
1,834
1,607
1,614
1,572
Total net revenue
3,997
3,765
3,473
3,405
3,333
Noninterest Expense
Compensation and employee benefits
734
666
587
571
565
Other intangibles
52
44
40
46
46
Net shared services
624
618
609
625
623
Other direct expenses
344
290
253
289
261
Total noninterest expense
1,754
1,618
1,489
1,531
1,495
Income before provision and income taxes
2,243
2,147
1,984
1,874
1,838
Provision for Credit Losses
112
129
65
157
196
Income before income taxes
2,131
2,018
1,919
1,717
1,642
Income taxes and taxable-equivalent adjustment
533
505
480
429
411
Net income
1,598
1,513
1,439
1,288
1,231
Net (income) loss attributable to noncontrolling interests
—
—
—
—
—
Net income attributable to U.S. Bancorp
$1,598
$1,513
$1,439
$1,288
$1,231
FINANCIAL RATIOS
Return on average assets
2.33
%
2.26
%
2.27
%
2.10
%
2.07
%
Net interest margin (taxable-equivalent basis)
3.37
3.36
3.44
3.42
3.47
Efficiency ratio
43.9
43.0
42.9
45.0
44.9
10
WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
AVERAGE BALANCE SHEET
Loans
Commercial
$142,150
$142,394
$136,242
$129,456
$126,520
Commercial real estate
41,097
39,394
37,527
36,591
36,373
Residential mortgages
24,291
23,745
22,359
20,689
19,072
Credit card
—
—
—
—
—
Other retail
9,419
8,953
8,362
7,922
7,565
Total loans
216,957
214,486
204,490
194,658
189,530
Other Earning Assets
15,420
16,113
15,378
13,378
11,908
Total earning assets
232,377
230,599
219,868
208,036
201,438
Non-earning Assets
Goodwill
5,439
5,028
4,826
4,826
4,826
Other intangible assets
859
645
682
726
772
Other non-earning assets
33,797
32,669
31,386
30,000
29,152
Total non-earning assets
40,095
38,342
36,894
35,552
34,750
Total assets
272,472
268,941
256,762
243,588
236,188
Deposits
Noninterest-bearing deposits
57,888
57,832
57,749
59,432
56,056
Interest checking
62,215
59,377
58,453
59,923
60,767
Savings products
166,190
159,565
163,131
157,530
150,605
Time deposits
9,460
8,620
8,369
8,918
9,340
Total deposits
295,753
285,394
287,702
285,803
276,768
Other Interest-bearing Liabilities
21,272
22,689
23,560
21,739
20,231
Other Noninterest-bearing Liabilities
19,128
18,106
16,553
15,023
14,597
Total liabilities
336,153
326,189
327,815
322,565
311,596
Total U.S. Bancorp Shareholders' Equity
25,809
25,089
24,230
24,542
24,020
Noncontrolling Interests
12
11
7
7
7
Total Equity
25,821
25,100
24,237
24,549
24,027
CREDIT QUALITY
Net Charge-offs
Commercial
$73
$82
$102
$92
$15
Commercial real estate
42
11
(11)
(4)
102
Residential mortgages
—
—
—
—
—
Credit card
—
—
—
—
—
Other retail
—
—
—
—
(1)
Total net charge-offs
$115
$93
$91
$88
$116
Net Charge-off Ratios
Commercial
.20
%
.23
%
.30
%
.28
%
.05
%
Commercial real estate
.41
.11
(.12)
(.04)
1.11
Residential mortgages
—
—
—
—
—
Credit card
—
—
—
—
—
Other retail
—
—
—
—
(.05)
Total net charge-offs
.21
%
.17
%
.18
%
.18
%
.24
%
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Nonperforming Assets
Nonperforming loans
$845
$874
$1,068
$1,134
$1,216
Other nonperforming assets
1
—
1
1
1
Total nonperforming assets
$846
$874
$1,069
$1,135
$1,217
11
WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
OTHER INFORMATION
Average Loan Balances
Commercial real estate division
$52,597
$50,243
$47,517
$44,829
$44,028
Wealth management
40,162
38,739
36,652
34,356
32,287
Institutional client group
103,625
104,984
100,167
95,612
93,729
Other
20,573
20,520
20,154
19,861
19,486
Total
$216,957
$214,486
$204,490
$194,658
$189,530
Average Deposit Balances
Commercial real estate division
$17,525
$16,377
$16,626
$17,310
$15,992
Wealth management
47,923
47,788
47,731
46,698
45,525
Institutional client group
142,050
137,266
137,941
139,280
137,998
Investment services
79,581
75,804
76,711
74,232
68,804
Other
8,674
8,159
8,693
8,283
8,449
Total
$295,753
$285,394
$287,702
$285,803
$276,768
Noninterest Income
Trust and investment management fees
Wealth management
$187
$191
$178
$181
$175
U.S. Bancorp Asset Management
66
69
65
65
65
Investment services
450
428
404
414
396
Institutional trust & custody
76
72
71
70
69
Other
22
24
26
25
24
Capital markets revenue
644
507
377
379
373
Treasury management
158
156
155
144
152
All other noninterest income
423
387
331
336
318
Total
$2,026
$1,834
$1,607
$1,614
$1,572
Assets Under Management by Category
(a)
Equity
$102,686
$100,865
$94,953
$88,527
$85,068
Fixed income
226,405
234,589
231,041
225,777
224,009
Money market
218,267
219,737
212,115
202,398
194,604
Other
25,983
26,542
26,944
28,243
26,336
Total
$573,341
$581,733
$565,053
$544,945
$530,017
(a) Amounts reported reflect end of month balances reported on a one month lag.
12
CONSUMER AND BUSINESS BANKING
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)
$1,878
$1,838
$1,800
$1,763
$1,851
Noninterest Income
Card revenue
140
140
128
136
136
Corporate payment and treasury management revenue
38
37
36
35
35
Merchant processing services
—
—
—
—
—
Trust and investment management fees
1
1
1
1
1
Lending and deposit-related fees
144
137
139
141
146
Capital markets revenue
6
7
6
6
7
Mortgage banking revenue
155
169
161
130
180
Investment products fees
—
—
—
—
—
Securities gains (losses), net
—
—
—
—
—
Other
42
46
45
53
59
Total noninterest income
526
537
516
502
564
Total net revenue
2,404
2,375
2,316
2,265
2,415
Noninterest Expense
Compensation and employee benefits
583
581
576
588
587
Other intangibles
51
51
52
59
59
Net shared services
508
523
508
557
559
Other direct expenses
346
351
338
360
357
Total noninterest expense
1,488
1,506
1,474
1,564
1,562
Income before provision and income taxes
916
869
842
701
853
Provision for Credit Losses
72
78
72
76
62
Income before income taxes
844
791
770
625
791
Income taxes and taxable-equivalent adjustment
211
198
193
156
198
Net income
633
593
577
469
593
Net (income) loss attributable to noncontrolling interests
—
—
—
—
—
Net income attributable to U.S. Bancorp
$633
$593
$577
$469
$593
FINANCIAL RATIOS
Return on average assets
1.60
%
1.51
%
1.49
%
1.18
%
1.48
%
Net interest margin (taxable-equivalent basis)
5.08
5.03
4.98
4.73
4.95
Efficiency ratio
61.9
63.4
63.6
69.1
64.7
13
CONSUMER AND BUSINESS BANKING
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
AVERAGE BALANCE SHEET
Loans
Commercial
$4,779
$4,719
$4,399
$4,488
$4,330
Commercial real estate
11,894
11,863
11,881
11,899
11,873
Residential mortgages
92,595
93,451
94,331
94,701
95,708
Credit card
—
—
—
—
—
Other retail
34,551
33,976
33,579
33,829
33,995
Total loans
143,819
144,009
144,190
144,917
145,906
Other Earning Assets
2,744
2,650
2,409
2,849
2,330
Total earning assets
146,563
146,659
146,599
147,766
148,236
Non-earning Assets
Goodwill
4,326
4,326
4,326
4,326
4,326
Other intangible assets
3,945
3,910
3,913
4,021
4,223
Other non-earning assets
2,192
2,217
2,136
2,114
2,080
Total non-earning assets
10,463
10,453
10,375
10,461
10,629
Total assets
157,026
157,112
156,974
158,227
158,865
Deposits
Noninterest-bearing deposits
19,138
18,677
18,427
19,531
19,782
Interest checking
72,579
73,037
72,168
71,235
70,610
Savings products
98,680
95,759
93,750
92,355
92,532
Time deposits
36,459
37,760
38,020
39,297
39,161
Total deposits
226,856
225,233
222,365
222,418
222,085
Other Interest-bearing Liabilities
2,429
2,883
2,874
2,127
1,553
Other Noninterest-bearing Liabilities
1,701
1,737
1,697
1,743
1,872
Total liabilities
230,986
229,853
226,936
226,288
225,510
Total U.S. Bancorp Shareholders' Equity
12,850
12,865
13,109
13,296
13,369
Noncontrolling Interests
—
—
—
—
—
Total Equity
12,850
12,865
13,109
13,296
13,369
CREDIT QUALITY
Net Charge-offs
Commercial
$14
$14
$18
$13
$16
Commercial real estate
—
2
3
1
1
Residential mortgages
—
—
(1)
(2)
(1)
Credit card
—
—
—
—
—
Other retail
58
59
68
67
58
Total net charge-offs
$72
$75
$88
$79
$74
Net Charge-off Ratios
Commercial
1.16
%
1.19
%
1.66
%
1.15
%
1.47
%
Commercial real estate
—
.07
.10
.03
.03
Residential mortgages
—
—
—
(.01)
—
Credit card
—
—
—
—
—
Other retail
.67
.70
.82
.79
.68
Total net charge-offs
.20
%
.21
%
.25
%
.22
%
.20
%
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Nonperforming Assets
Nonperforming loans
$439
$429
$420
$413
$394
Other nonperforming assets
21
24
22
24
23
Total nonperforming assets
$460
$453
$442
$437
$417
14
CONSUMER AND BUSINESS BANKING
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
OTHER INFORMATION
Other Retail Loan Information
Average Balances
Retail leasing
$4,311
$3,746
$3,525
$3,572
$3,718
Home equity and second mortgages
11,633
11,515
11,477
11,451
11,355
Other
18,607
18,715
18,577
18,806
18,922
Total other retail
$34,551
$33,976
$33,579
$33,829
$33,995
Home equity first lien
(a)
$4,103
$4,287
$4,471
$4,662
$4,861
Home equity loans
2,819
2,807
2,787
2,754
2,712
Home equity lines
8,814
8,708
8,690
8,697
8,643
Total home equity
$15,736
$15,802
$15,948
$16,113
$16,216
Net Charge-off Ratios (%)
Retail leasing
1.47
1.50
2.07
1.89
1.81
Home equity and second mortgages
—
—
.04
—
(.03)
Other
.90
.96
1.07
1.05
.88
Total other retail
.67
.70
.82
.79
.68
Retail Credit Production
Indirect loan/lease production volume
$1,960
$2,203
$1,681
$1,435
$1,660
Direct branch loan/line production volume
2,267
2,166
1,737
1,613
1,836
Other production volume
2,133
1,997
1,595
1,196
1,133
Total retail credit production volume
$6,360
$6,366
$5,013
$4,244
$4,629
Branch and ATM Data
# of branches
2,058
2,061
2,066
2,075
2,080
# of U.S. Bank ATMs
4,297
4,457
4,458
4,428
4,374
(a) Home equity first lien balances are reported within residential mortgages as required by regulatory accounting principles.
15
CONSUMER AND BUSINESS BANKING
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Mortgage Banking Division Data
Mortgage banking revenue
Origination and sales
(a)
$76
$83
$88
$84
$93
Loan servicing
167
164
163
165
173
Mortgage servicing rights fair value changes
net of economic hedges
(b)
(9)
2
(27)
(11)
12
Other changes in mortgage servicing rights fair value
(c)
(79)
(80)
(63)
(108)
(98)
Total mortgage banking revenue
$155
$169
$161
$130
$180
Mortgage production volume
$9,300
$10,605
$11,474
$12,627
$9,951
Mortgage application volume
$11,019
$14,795
$16,307
$16,214
$14,845
Mortgages serviced for others
(d/e)
$215,851
$215,070
$215,409
$216,349
$216,146
A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of September 30, 2026, was as follows:
(Dollars in Millions)
HFA
(f)
Government
Conventional
(g)
Total
Servicing portfolio
(h)
$59,610
$22,646
$124,628
$206,884
Fair value
$965
$484
$1,970
$3,419
Value (bps)
(i)
162
214
158
165
Weighted-average servicing fees (bps)
35
45
25
30
Multiple (value/servicing fees)
4.62
4.80
6.20
5.45
Weighted-average note rate
5.28
%
4.45
%
4.15
%
4.51
%
Weighted-average age (in years)
5.0
7.3
6.0
5.9
Weighted-average expected prepayment (constant prepayment rate)
8.5
%
8.7
%
7.2
%
7.7
%
Weighted-average expected life (in years)
8.1
7.2
7.5
7.6
Weighted-average option adjusted spread
(j)
7.1
%
6.6
%
4.8
%
5.7
%
(a)
Origination and sales revenue recorded based on estimated number of applications that will close.
(b)
Represents the net impact of changes in the fair value of mortgage servicing rights related to assumption changes and the derivatives used to economically hedge the mortgage servicing rights fair value changes.
(c)
Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.
(d)
Amounts reported reflect end of period balances.
(e)
Includes subserviced mortgages with no corresponding mortgage servicing rights asset.
(f)
Represents Housing Finance Agency division.
(g)
Represents loans primarily sold to government-sponsored enterprises.
(h)
Represents principal balance of mortgages having corresponding mortgage servicing rights asset.
(i)
Calculated as fair value divided by the servicing portfolio.
(j)
Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the mortgage servicing rights asset.
16
PAYMENT SERVICES
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)
$834
$774
$794
$794
$781
Noninterest Income
Card revenue
300
295
263
291
279
Corporate payment and treasury management revenue
261
247
217
217
220
Merchant processing services
461
485
436
440
463
Trust and investment management fees
—
—
—
—
—
Lending and deposit-related fees
—
—
—
—
—
Capital markets revenue
—
—
—
—
—
Mortgage banking revenue
—
—
—
—
—
Investment products fees
—
—
—
—
—
Securities gains (losses), net
—
—
—
—
—
Other
12
11
9
21
11
Total noninterest income
1,034
1,038
925
969
973
Total net revenue
1,868
1,812
1,719
1,763
1,754
Noninterest Expense
Compensation and employee benefits
244
241
236
235
231
Other intangibles
24
19
18
21
20
Net shared services
529
523
516
524
510
Other direct expenses
243
348
250
280
244
Total noninterest expense
1,040
1,131
1,020
1,060
1,005
Income before provision and income taxes
828
681
699
703
749
Provision for Credit Losses
594
385
347
461
409
Income before income taxes
234
296
352
242
340
Income taxes and taxable-equivalent adjustment
59
74
88
61
85
Net income
175
222
264
181
255
Net (income) loss attributable to noncontrolling interests
—
—
—
—
—
Net income attributable to U.S. Bancorp
$175
$222
$264
$181
$255
FINANCIAL RATIOS
Return on average assets
1.30
%
1.74
%
2.18
%
1.47
%
2.09
%
Net interest margin (taxable-equivalent basis)
6.88
6.76
7.32
7.17
7.21
Efficiency ratio
55.7
62.4
59.3
60.1
57.3
17
PAYMENT SERVICES
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
AVERAGE BALANCE SHEET
Loans
Commercial
$7,721
$7,426
$6,541
$6,798
$6,750
Commercial real estate
—
—
—
—
—
Residential mortgages
—
—
—
—
—
Credit card
40,222
38,403
37,341
37,019
36,079
Other retail
115
118
121
126
128
Total loans
48,058
45,947
44,003
43,943
42,957
Other Earning Assets
11
7
5
5
5
Total earning assets
48,069
45,954
44,008
43,948
42,962
Non-earning Assets
Goodwill
3,474
3,479
3,481
3,478
3,482
Other intangible assets
333
241
238
252
260
Other non-earning assets
1,455
1,497
1,282
1,244
1,724
Total non-earning assets
5,262
5,217
5,001
4,974
5,466
Total assets
53,331
51,171
49,009
48,922
48,428
Deposits
Noninterest-bearing deposits
2,379
2,390
2,425
2,432
2,370
Interest checking
—
—
1
1
—
Savings products
92
92
92
93
94
Time deposits
2
1
1
1
1
Total deposits
2,473
2,483
2,519
2,527
2,465
Other Interest-bearing Liabilities
170
243
361
325
257
Other Noninterest-bearing Liabilities
5,065
5,028
4,573
4,676
5,104
Total liabilities
7,708
7,754
7,453
7,528
7,826
Total U.S. Bancorp Shareholders' Equity
11,090
10,692
10,596
10,457
10,318
Noncontrolling Interests
—
—
—
—
—
Total Equity
11,090
10,692
10,596
10,457
10,318
CREDIT QUALITY
Net Charge-offs
Commercial
$1
$—
$1
$1
$—
Commercial real estate
—
—
—
—
—
Residential mortgages
—
—
—
—
—
Credit card
334
367
365
358
346
Other retail
1
1
1
1
1
Total net charge-offs
$336
$368
$367
$360
$347
Net Charge-off Ratios
Commercial
.05
%
—
%
.06
%
.06
%
—
%
Commercial real estate
—
—
—
—
—
Residential mortgages
—
—
—
—
—
Credit card
3.29
3.83
3.96
3.84
3.80
Other retail
3.45
3.40
3.35
3.15
3.10
Total net charge-offs
2.77
%
3.21
%
3.38
%
3.25
%
3.20
%
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Nonperforming Assets
Nonperforming loans
$—
$—
$—
$—
$—
Other nonperforming assets
—
—
—
—
—
Total nonperforming assets
$—
$—
$—
$—
$—
18
PAYMENT SERVICES
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
OTHER INFORMATION
Noninterest Income
Credit card
$300
$295
$263
$291
$279
Corporate payment products and prepaid
261
247
217
217
220
Global merchant acquiring
461
485
436
440
463
Payment Volumes
Credit card
$42,024
$41,000
$36,999
$39,651
$38,581
Debit card
(a)
28,360
28,312
26,072
26,894
26,327
Prepaid card
1,938
1,961
1,920
2,080
1,609
Corporate payment products
26,908
25,227
22,688
21,413
23,312
Merchant volume
157,098
155,934
145,093
145,144
157,540
Total
256,328
252,434
232,772
235,182
247,369
# of merchant transactions (millions)
2,305
2,259
2,049
2,195
2,305
(a) Debit card revenue is reported within the Consumer and Business Banking segment.
19
TREASURY AND CORPORATE SUPPORT
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)
($193)
($156)
($169)
($36)
($142)
Noninterest Income
Card revenue
—
—
—
—
—
Corporate payment and treasury management revenue
—
—
—
—
—
Merchant processing services
—
—
—
—
—
Trust and investment management fees
—
—
—
—
—
Lending and deposit-related fees
—
—
—
—
—
Capital markets revenue
(10)
(2)
(6)
4
(2)
Mortgage banking revenue
—
—
—
—
—
Investment products fees
—
—
—
—
—
Securities gains (losses), net
(65)
(49)
(35)
3
(7)
Other
(31)
(33)
(10)
(39)
(22)
Total noninterest income
(106)
(84)
(51)
(32)
(31)
Total net revenue
(299)
(240)
(220)
(68)
(173)
Noninterest Expense
Compensation and employee benefits
1,192
1,197
1,229
1,135
1,178
Other intangibles
—
—
—
—
—
Net shared services
(1,661)
(1,664)
(1,633)
(1,706)
(1,692)
Other direct expenses
680
640
686
643
649
Total noninterest expense
211
173
282
72
135
Income (loss) before provision and income taxes
(510)
(413)
(502)
(140)
(308)
Provision for Credit Losses
(124)
(54)
92
(117)
(96)
Income (loss) before income taxes
(386)
(359)
(594)
(23)
(212)
Income taxes and taxable-equivalent adjustment
(188)
(214)
(264)
(136)
(141)
Net income (loss)
(198)
(145)
(330)
113
(71)
Net (income) loss attributable to noncontrolling interests
(6)
(6)
(5)
(6)
(7)
Net income (loss) attributable to U.S. Bancorp
($204)
($151)
($335)
$107
($78)
20
TREASURY AND CORPORATE SUPPORT
Preliminary data
Three Months Ended
(Dollars in Millions)
(Unaudited)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
AVERAGE BALANCE SHEET
Loans
Commercial
$710
$1,034
$874
$765
$756
Commercial real estate
—
—
—
—
—
Residential mortgages
—
—
—
—
—
Credit card
—
—
—
—
—
Other retail
4
5
3
2
3
Total loans
714
1,039
877
767
759
Other Earning Assets
203,061
204,750
212,810
219,700
224,122
Total earning assets
203,775
205,789
213,687
220,467
224,881
Non-earning Assets
Goodwill
—
—
—
—
—
Other intangible assets
6
6
7
7
7
Other non-earning assets
10,021
11,691
11,843
12,422
11,236
Total non-earning assets
10,027
11,697
11,850
12,429
11,243
Total assets
213,802
217,486
225,537
232,896
236,124
Deposits
Noninterest-bearing deposits
1,561
1,712
2,027
1,900
1,682
Interest-bearing deposits
(41)
258
506
2,494
8,782
Total deposits
1,520
1,970
2,533
4,394
10,464
Other Interest-bearing Liabilities
49,420
59,626
54,292
53,340
56,986
Other Noninterest-bearing Liabilities
2,630
1,991
2,938
4,470
4,122
Total liabilities
53,570
63,587
59,763
62,204
71,572
Total U.S. Bancorp Shareholders' Equity
18,002
18,219
17,922
16,295
14,936
Noncontrolling Interests
451
451
451
451
451
Total Equity
18,453
18,670
18,373
16,746
15,387
CREDIT QUALITY
Net Charge-offs
Commercial
$—
$—
$—
$—
($1)
Commercial real estate
—
—
—
—
—
Residential mortgages
—
—
—
—
—
Credit card
—
—
—
—
—
Other retail
—
—
—
—
—
Total net charge-offs
$—
$—
$—
$—
($1)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Nonperforming Assets
Nonperforming loans
$—
$—
$—
$—
$—
Other nonperforming assets
18
19
17
18
20
Total nonperforming assets
$18
$19
$17
$18
$20
21