USB 8-K
US Bancorp \De\ (USB)
8-K
2025-10-16
For: 2025-10-16
View Original
Added on
April 06, 2026
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 16, 2025
U.S. BANCORP
(Exact name of registrant as specified in its charter)
(Commission File Number)
| (State or other jurisdiction of incorporation) | (I.R.S. Employer Identification Number) | ||||
(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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
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 l2b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ 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 16, 2025, U.S. Bancorp (the “Company”) issued a press release reporting financial results for the quarter ended September 30, 2025. 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, 2025 (the “3Q25 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 16, 2025, the Company will hold an investor conference call and webcast to discuss financial results for the quarter ended September 30, 2025. The Company has also made available on its website presentation materials containing certain additional historical and forward-looking information related to the Company (the “3Q25 Earnings Conference Call Presentation”). The 3Q25 Earnings Conference Call Presentation is attached as Exhibit 99.3 and is incorporated herein by reference. The 3Q25 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 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| U.S. BANCORP | ||
| By /s/ Lisa R. Stark | ||
| Lisa R. Stark | ||
Executive Vice President and Controller | ||
DATE: October 16, 2025
3Q25 Key Financial Data | 3Q25 Financial Highlights | |||||||||||||||||||
| PROFITABILITY METRICS | 3Q25 | 2Q25 | 3Q24 | •Record net revenue of $7,329 million, including an increase of 9.5% in fee revenue •Net income of $2,001 million, an increase of 16.7% year-over-year •Diluted earnings per common share of $1.22, compared with $1.03 in the third quarter of 2024, an increase of 18.4% year-over-year •Return on tangible common equity of 18.6%, increased compared with the third quarter of 2024 •Return on average assets of 1.17%, increased compared with the third quarter of 2024 •Efficiency ratio of 57.2%, improved compared with the third quarter of 2024 •Positive operating leverage of 530 basis points on a year-over-year basis, excluding net securities gains (losses) •Net interest margin of 2.75%, an increase of 9 basis points on a linked quarter basis •Noninterest expense relatively stable year-over-year •Average total loans increase of 1.4% on a year-over-year basis •CET1 capital ratio of 10.9% at September 30, 2025 | ||||||||||||||||
| Return on average assets (%) | 1.17 | 1.08 | 1.03 | |||||||||||||||||
| Return on average common equity (%) | 13.5 | 12.9 | 12.4 | |||||||||||||||||
| Return on tangible common equity (%) (a) | 18.6 | 18.0 | 17.9 | |||||||||||||||||
| Net interest margin (%) | 2.75 | 2.66 | 2.74 | |||||||||||||||||
| Efficiency ratio (%) (a) | 57.2 | 59.2 | 60.2 | |||||||||||||||||
| Tangible efficiency ratio (%) (a) | 55.5 | 57.5 | 58.2 | |||||||||||||||||
| INCOME STATEMENT (b) | 3Q25 | 2Q25 | 3Q24 | |||||||||||||||||
| Net interest income (taxable-equivalent basis) | $4,251 | $4,080 | $4,166 | |||||||||||||||||
| Noninterest income | $3,078 | $2,924 | $2,698 | |||||||||||||||||
| Noninterest expense | $4,197 | $4,181 | $4,204 | |||||||||||||||||
| Net income attributable to U.S. Bancorp | $2,001 | $1,815 | $1,714 | |||||||||||||||||
| Diluted earnings per common share | $1.22 | $1.11 | $1.03 | |||||||||||||||||
| Dividends declared per common share | $.52 | $.50 | $.50 | |||||||||||||||||
| BALANCE SHEET (b) | 3Q25 | 2Q25 | 3Q24 | |||||||||||||||||
| Average total loans | $379,152 | $378,529 | $374,070 | |||||||||||||||||
| Average total deposits | $511,782 | $502,890 | $508,757 | |||||||||||||||||
| Net charge-off ratio (%) | .56 | .59 | .60 | |||||||||||||||||
| Book value per common share (period end) | $36.33 | $35.06 | $33.34 | |||||||||||||||||
| Tangible book value per common share (period end) (a) | $27.84 | $26.52 | $24.71 | |||||||||||||||||
| Basel III standardized CET1 (%) (c) | 10.9 | 10.7 | 10.5 | |||||||||||||||||
(a) See Non-GAAP Financial Measures reconciliation on page 18 (b) Dollars in millions, except per share data (c) CET1 = Common equity tier 1 capital ratio | ||||||||||||||||||||
| CEO Commentary | ||
"In the third quarter, we reported a return on tangible common equity of 18.6% and diluted earnings per common share of $1.22, an increase of 18.4% year-over-year. Our commitment to growth, execution, and greater interconnectedness across the franchise supported delivery of record net revenue of $7.3 billion this quarter. Solid net interest income growth and margin expansion, as well as continued momentum across our fee businesses and prudent expense management supported double-digit net income growth, on both a linked quarter and year-over-year basis. For the quarter, we generated meaningful positive operating leverage, on a year-over-year basis, and made steady progress toward our medium-term financial targets. Asset quality and capital levels remain strong. Our net charge-off ratio improved on both a linked quarter and year-over-year basis, and our CET1 capital ratio improved to 10.9%.
On behalf of all of us at U.S. Bank, I want to extend our deep gratitude to our clients and shareholders for your trust and partnership. This quarter’s strong results reflect the power of our strategy and the dedication of our teams across the franchise. As we look ahead, we remain confident in our ability to deliver sustainable growth, maintain disciplined risk management, and continue creating long-term value for all of our stakeholders.”
— Gunjan Kedia, CEO, U.S. Bancorp
| Business and Other Highlights | ||
U.S. Bank Selected to Provide Custody Services for Anchorage Digital Bank
U.S. Bank has been chosen to provide custody services for the reserves backing payment stablecoins issued by Anchorage Digital Bank, the only federally chartered crypto-native bank in the U.S. This partnership leverages U.S. Bank’s extensive global custodian capabilities and highlights the growing alignment between traditional finance and digital assets, following the GENIUS Act’s establishment of strict regulatory standards for stablecoins. The collaboration aims to accelerate the responsible scaling of dollar-backed payment stablecoins, ensuring high standards of safety, transparency, and institutional utility.
Moody’s Revises U.S. Bancorp Outlook from Negative to Stable
Moody's Ratings recently affirmed U.S. Bancorp's ratings, with its senior unsecured debt rated A3, and revised the outlook from negative to stable due to the bank's enduring benefit of its strong diversification, strong balance sheet, and improving profitability. Moody’s said that U.S. Bancorp boasts a solid funding and liquidity base and stable asset quality, while its diversification allows for a higher level of stress resilience compared to most other U.S. banks.
U.S. Bank Launches Embedded Accounts Payable and Payroll Tools for Small Businesses
U.S. Bank continues to build interconnected products to help its 1.4 million small business clients manage their businesses. U.S. Bank bill pay for business, offers a comprehensive accounts payable solution integrated with business checking to provide an all-in-one cash flow management platform. U.S. Bank Payroll, enables owners to manage payroll within their online banking dashboard with time-saving automation and automated tax compliance. Both of these embedded solutions are seamlessly integrated in the U.S. Bank online banking platform to create a one-stop hub where business owners can manage their checking, accounts payable, payroll and more.
Elavon and Woo Expand Payments Partnership to North America
Elavon and WooCommerce are expanding a successful European payments partnership to North America, enabling merchants in the United States and Canada to access Elavon's secure and flexible payment solutions. This move allows micro, small, and medium-sized businesses to scale online more easily and benefit from Elavon's suite of services, including seamless integration and streamlined administration for ecommerce platforms and independent software vendors.
Investor contact: George Andersen, [email protected] | Media contact: Jeff Shelman, [email protected] | ||
 | U.S. Bancorp Third Quarter 2025 Results | ||||
| INCOME STATEMENT HIGHLIGHTS | |||||||||||||||||
| ($ in millions, except per share data) | |||||||||||||||||
| Percent Change | |||||||||||||||||
| 3Q 2025 | 2Q 2025 | 3Q 2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 | |||||||||||||
| Net interest income | $4,222 | $4,051 | $4,135 | 4.2 | 2.1 | ||||||||||||
| Taxable-equivalent adjustment | 29 | 29 | 31 | — | (6.5) | ||||||||||||
| Net interest income (taxable-equivalent basis) | 4,251 | 4,080 | 4,166 | 4.2 | 2.0 | ||||||||||||
| Noninterest income | 3,078 | 2,924 | 2,698 | 5.3 | 14.1 | ||||||||||||
| Total net revenue | 7,329 | 7,004 | 6,864 | 4.6 | 6.8 | ||||||||||||
| Noninterest expense | 4,197 | 4,181 | 4,204 | .4 | (.2) | ||||||||||||
| Income before provision and income taxes | 3,132 | 2,823 | 2,660 | 10.9 | 17.7 | ||||||||||||
| Provision for credit losses | 571 | 501 | 557 | 14.0 | 2.5 | ||||||||||||
| Income before taxes | 2,561 | 2,322 | 2,103 | 10.3 | 21.8 | ||||||||||||
| Income taxes and taxable-equivalent adjustment | 553 | 501 | 381 | 10.4 | 45.1 | ||||||||||||
| Net income | 2,008 | 1,821 | 1,722 | 10.3 | 16.6 | ||||||||||||
| Net (income) loss attributable to noncontrolling interests | (7) | (6) | (8) | (16.7) | 12.5 | ||||||||||||
| Net income attributable to U.S. Bancorp | $2,001 | $1,815 | $1,714 | 10.2 | 16.7 | ||||||||||||
| Net income applicable to U.S. Bancorp common shareholders | $1,893 | $1,733 | $1,601 | 9.2 | 18.2 | ||||||||||||
| Diluted earnings per common share | $1.22 | $1.11 | $1.03 | 9.9 | 18.4 | ||||||||||||
| INCOME STATEMENT HIGHLIGHTS | ||||||||||||||||||||||||||
| ($ in millions, except per share data) | ADJUSTED (a) (b) | |||||||||||||||||||||||||
| YTD 2025 | YTD 2024 | Percent Change | YTD 2025 | YTD 2024 | Percent Change | |||||||||||||||||||||
| Net interest income | $12,365 | $12,143 | 1.8 | $12,365 | $12,143 | 1.8 | ||||||||||||||||||||
| Taxable-equivalent adjustment | 88 | 90 | (2.2) | 88 | 90 | (2.2) | ||||||||||||||||||||
| Net interest income (taxable-equivalent basis) | 12,453 | 12,233 | 1.8 | 12,453 | 12,233 | 1.8 | ||||||||||||||||||||
| Noninterest income | 8,838 | 8,213 | 7.6 | 8,838 | 8,213 | 7.6 | ||||||||||||||||||||
| Total net revenue | 21,291 | 20,446 | 4.1 | 21,291 | 20,446 | 4.1 | ||||||||||||||||||||
| Noninterest expense | 12,610 | 12,877 | (2.1) | 12,610 | 12,586 | .2 | ||||||||||||||||||||
| Income before provision and income taxes | 8,681 | 7,569 | 14.7 | 8,681 | 7,860 | 10.4 | ||||||||||||||||||||
| Provision for credit losses | 1,609 | 1,678 | (4.1) | 1,609 | 1,678 | (4.1) | ||||||||||||||||||||
| Income before taxes | 7,072 | 5,891 | 20.0 | 7,072 | 6,182 | 14.4 | ||||||||||||||||||||
| Income taxes and taxable-equivalent adjustment | 1,527 | 1,232 | 23.9 | 1,527 | 1,305 | 17.0 | ||||||||||||||||||||
| Net income | 5,545 | 4,659 | 19.0 | 5,545 | 4,877 | 13.7 | ||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | (20) | (23) | 13.0 | (20) | (23) | 13.0 | ||||||||||||||||||||
| Net income attributable to U.S. Bancorp | $5,525 | $4,636 | 19.2 | $5,525 | $4,854 | 13.8 | ||||||||||||||||||||
| Net income applicable to U.S. Bancorp common shareholders | $5,229 | $4,328 | 20.8 | $5,229 | $4,545 | 15.0 | ||||||||||||||||||||
| Diluted earnings per common share | $3.35 | $2.77 | 20.9 | $3.35 | $2.91 | 15.1 | ||||||||||||||||||||
(a)2024 excludes $291 million ($218 million net-of-tax) of notable items including: $155 million of merger and integration-related charges and $136 million for the increase in the FDIC special assessment.
(b)See Non-GAAP Financial Measures reconciliation beginning on page 18.
2
| U.S. Bancorp Third Quarter 2025 Results | ||||
Net income attributable to U.S. Bancorp was $2,001 million for the third quarter of 2025, $287 million higher than the $1,714 million for the third quarter of 2024 and $186 million higher than the $1,815 million for the second quarter of 2025. Diluted earnings per common share was $1.22 in the third quarter of 2025, compared with $1.03 in the third quarter of 2024 and $1.11 in the second quarter of 2025.
The increase in net income attributable to U.S. Bancorp year-over-year was primarily due to higher total net revenue. Net interest income increased 2.0 percent on a year-over-year taxable-equivalent basis, primarily due to the favorable impact of the change in loan mix, fixed asset repricing and lower rates paid on interest-bearing deposits. The net interest margin of 2.75 percent in the third quarter of 2025 was relatively stable compared with 2.74 percent in the third quarter of 2024. Noninterest income increased 14.1 percent compared with a year ago, driven by higher revenue across most categories. Noninterest expense decreased 0.2 percent primarily due to lower compensation and employee benefits expense, partially offset by higher technology and communications expense and other expense. The provision for credit losses increased $14 million (2.5 percent) compared with the third quarter of 2024, primarily due to loan portfolio growth.
Net income attributable to U.S. Bancorp increased on a linked quarter basis primarily due to an increase in total net revenue, partially offset by a higher provision for credit losses. Net interest income increased 4.2 percent on a linked quarter taxable-equivalent basis, primarily driven by loan mix, fixed asset repricing, and the reinvestment from the second quarter portfolio sales, partially offset by higher interest-bearing deposit balances. The net interest margin increased to 2.75 percent in the third quarter of 2025 from 2.66 percent in the second quarter of 2025, driven by favorable loan mix and fixed rate repricing as well as the impact of the portfolio sales completed in the second quarter of 2025. Noninterest income in the third quarter of 2025 increased 5.3 percent over the second quarter of 2025 primarily due to higher trust and investment management fees, capital markets revenue, mortgage banking revenue and other revenue. Noninterest expense in the third quarter of 2025 increased 0.4 percent over the second quarter of 2025 primarily due to higher marketing and business development expense and technology and communications expense, partially offset by lower compensation and employee benefits expense. The provision for credit losses increased $70 million (14.0 percent) compared with the second quarter of 2025, primarily due to loan portfolio growth compared with a decline in ending loan balances in the second quarter due to loan sales.
3
| U.S. Bancorp Third Quarter 2025 Results | ||||
| NET INTEREST INCOME | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (Taxable-equivalent basis; $ in millions) | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
| 3Q 2025 | 2Q 2025 | 3Q 2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 | YTD 2025 | YTD 2024 | Change | |||||||||||||||||||||||||||||||||||||||||||
| Components of net interest income | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Income on earning assets | $ | 7,956 | $ | 7,633 | $ | 8,117 | $ | 323 | $ | (161) | $ | 23,135 | $ | 23,927 | $ | (792) | ||||||||||||||||||||||||||||||||||
| Expense on interest-bearing liabilities | 3,705 | 3,553 | 3,951 | 152 | (246) | 10,682 | 11,694 | (1,012) | ||||||||||||||||||||||||||||||||||||||||||
| Net interest income | $ | 4,251 | $ | 4,080 | $ | 4,166 | $ | 171 | $ | 85 | $ | 12,453 | $ | 12,233 | $ | 220 | ||||||||||||||||||||||||||||||||||
| Average yields and rates paid | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Earning assets yield | 5.13 | % | 4.99 | % | 5.33 | % | .14 | % | (.20) | % | 5.04 | % | 5.29 | % | (.25) | % | ||||||||||||||||||||||||||||||||||
| Rate paid on interest-bearing liabilities | 2.88 | 2.80 | 3.14 | .08 | (.26) | 2.81 | 3.15 | (.34) | ||||||||||||||||||||||||||||||||||||||||||
| Gross interest margin | 2.25 | % | 2.19 | % | 2.19 | % | .06 | % | .06 | % | 2.23 | % | 2.14 | % | .09 | % | ||||||||||||||||||||||||||||||||||
| Net interest margin | 2.75 | % | 2.66 | % | 2.74 | % | .09 | % | .01 | % | 2.71 | % | 2.70 | % | .01 | % | ||||||||||||||||||||||||||||||||||
| Average balances | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment securities (a) | $ | 173,423 | $ | 172,841 | $ | 166,899 | $ | 582 | $ | 6,524 | $ | 172,489 | $ | 165,059 | $ | 7,430 | ||||||||||||||||||||||||||||||||||
| Loans held for sale | 2,253 | 4,843 | 2,757 | (2,590) | (504) | 2,975 | 2,381 | 594 | ||||||||||||||||||||||||||||||||||||||||||
| Loans | 379,152 | 378,529 | 374,070 | 623 | 5,082 | 378,903 | 373,278 | 5,625 | ||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits with banks | 47,822 | 41,550 | 50,547 | 6,272 | (2,725) | 44,384 | 51,499 | (7,115) | ||||||||||||||||||||||||||||||||||||||||||
| Other earning assets | 14,867 | 15,579 | 12,907 | (712) | 1,960 | 14,972 | 11,863 | 3,109 | ||||||||||||||||||||||||||||||||||||||||||
| Earning assets | 617,517 | 613,342 | 607,180 | 4,175 | 10,337 | 613,723 | 604,080 | 9,643 | ||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities | 510,919 | 508,918 | 500,382 | 2,001 | 10,537 | 507,978 | 496,082 | 11,896 | ||||||||||||||||||||||||||||||||||||||||||
| (a) Excludes unrealized gain (loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income on a taxable-equivalent basis in the third quarter of 2025 was $4,251 million, an increase of $85 million (2.0 percent) over the third quarter of 2024. The increase was primarily due to the favorable impact of the change in loan mix, fixed asset repricing and lower rates paid on interest-bearing deposits. Average earning assets were $10.3 billion (1.7 percent) higher than the third quarter of 2024, reflecting increases of $6.5 billion (3.9 percent) in average investment securities, $5.1 billion (1.4 percent) in average loans, and $2.0 billion (15.2 percent) in average other earning assets, partially offset by a decrease of $2.7 billion (5.4 percent) in average interest-bearing deposits with banks.
Net interest income on a taxable-equivalent basis increased $171 million (4.2 percent) on a linked quarter basis primarily driven by the favorable loan mix, fixed asset repricing, and the reinvestment from the second quarter portfolio sales, partially offset by higher interest bearing deposit balances. Average earning assets were $4.2 billion (0.7 percent) higher on a linked quarter basis, reflecting an increase of $6.3 billion (15.1 percent) in average interest-bearing deposits with banks, partially offset by a decrease in average loans held for sale of $2.6 billion (53.5 percent). Second quarter of 2025 average loans held for sale reflected the impact of a portfolio of residential mortgages transferred to held for sale and subsequently sold during the second quarter of 2025.
The net interest margin in the third quarter of 2025 was 2.75 percent, compared with 2.74 percent in the third quarter of 2024 and 2.66 percent in the second quarter of 2025. Net interest margin was relatively stable compared with the prior year quarter. The increase in net interest margin on a linked quarter basis was due to favorable loan mix and fixed rate repricing as well as the impact of the portfolio sales completed in the second quarter of 2025.
4
| U.S. Bancorp Third Quarter 2025 Results | ||||
| AVERAGE LOANS | |||||||||||||||||||||||||||||
| ($ in millions) | Percent Change | ||||||||||||||||||||||||||||
| 3Q 2025 | 2Q 2025 | 3Q 2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 | YTD 2025 | YTD 2024 | Percent Change | ||||||||||||||||||||||
| Commercial | $141,542 | $139,606 | $128,979 | 1.4 | 9.7 | $139,047 | $128,582 | 8.1 | |||||||||||||||||||||
| Lease financing | 4,250 | 4,211 | 4,159 | .9 | 2.2 | 4,220 | 4,167 | 1.3 | |||||||||||||||||||||
| Total commercial | 145,792 | 143,817 | 133,138 | 1.4 | 9.5 | 143,267 | 132,749 | 7.9 | |||||||||||||||||||||
| Commercial mortgages | 38,384 | 38,194 | 40,343 | .5 | (4.9) | 38,400 | 40,918 | (6.2) | |||||||||||||||||||||
| Construction and development | 9,862 | 10,272 | 11,111 | (4.0) | (11.2) | 10,132 | 11,339 | (10.6) | |||||||||||||||||||||
| Total commercial real estate | 48,246 | 48,466 | 51,454 | (.5) | (6.2) | 48,532 | 52,257 | (7.1) | |||||||||||||||||||||
| Residential mortgages | 114,780 | 115,616 | 117,559 | (.7) | (2.4) | 116,398 | 116,563 | (.1) | |||||||||||||||||||||
| Credit card | 30,241 | 29,588 | 28,994 | 2.2 | 4.3 | 29,747 | 28,430 | 4.6 | |||||||||||||||||||||
| Retail leasing | 3,718 | 3,869 | 4,088 | (3.9) | (9.1) | 3,858 | 4,118 | (6.3) | |||||||||||||||||||||
| Home equity and second mortgages | 13,790 | 13,678 | 13,239 | .8 | 4.2 | 13,671 | 13,092 | 4.4 | |||||||||||||||||||||
| Other | 22,585 | 23,495 | 25,598 | (3.9) | (11.8) | 23,430 | 26,069 | (10.1) | |||||||||||||||||||||
| Total other retail | 40,093 | 41,042 | 42,925 | (2.3) | (6.6) | 40,959 | 43,279 | (5.4) | |||||||||||||||||||||
| Total loans | $379,152 | $378,529 | $374,070 | .2 | 1.4 | $378,903 | $373,278 | 1.5 | |||||||||||||||||||||
Average total loans for the third quarter of 2025 were $5.1 billion (1.4 percent) higher than the third quarter of 2024. The increase was primarily due to higher total commercial loans (9.5 percent) and credit card loans (4.3 percent), partially offset by lower total commercial real estate loans (6.2 percent), residential mortgages (2.4 percent), and total other retail loans (6.6 percent). The increase in total commercial loans was primarily due to growth in loans to financial institutions. The increase in credit card loans was primarily due to higher spend volume. The decrease in commercial real estate loans was primarily due to payoffs and loan workout activities. The decreases in residential mortgages and other retail loans were primarily due to loan sales in the second quarter of 2025.
Average total loans were $623 million (0.2 percent) higher than the second quarter of 2025. The increase was primarily due to higher total commercial loans (1.4 percent) and credit card loans (2.2 percent), partially offset by lower residential mortgages (0.7 percent) and total other retail loans (2.3 percent), driven by similar factors as the year-over-year changes.
5
| U.S. Bancorp Third Quarter 2025 Results | ||||
| AVERAGE DEPOSITS | |||||||||||||||||||||||||||||
| ($ in millions) | Percent Change | ||||||||||||||||||||||||||||
| 3Q 2025 | 2Q 2025 | 3Q 2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 | YTD 2025 | YTD 2024 | Percent Change | ||||||||||||||||||||||
| Noninterest-bearing deposits | $79,890 | $79,117 | $80,939 | 1.0 | (1.3) | $79,568 | $83,040 | (4.2) | |||||||||||||||||||||
| Interest-bearing savings deposits | |||||||||||||||||||||||||||||
| Interest checking | 131,281 | 131,599 | 125,631 | (.2) | 4.5 | 129,531 | 125,451 | 3.3 | |||||||||||||||||||||
| Money market savings | 181,063 | 177,087 | 206,546 | 2.2 | (12.3) | 184,478 | 203,821 | (9.5) | |||||||||||||||||||||
| Savings accounts | 62,599 | 58,171 | 36,814 | 7.6 | 70.0 | 57,059 | 39,097 | 45.9 | |||||||||||||||||||||
| Total savings deposits | 374,943 | 366,857 | 368,991 | 2.2 | 1.6 | 371,068 | 368,369 | .7 | |||||||||||||||||||||
| Time deposits | 56,949 | 56,916 | 58,827 | .1 | (3.2) | 56,451 | 57,167 | (1.3) | |||||||||||||||||||||
| Total interest-bearing deposits | 431,892 | 423,773 | 427,818 | 1.9 | 1.0 | 427,519 | 425,536 | .5 | |||||||||||||||||||||
| Total deposits | $511,782 | $502,890 | $508,757 | 1.8 | .6 | $507,087 | $508,576 | (.3) | |||||||||||||||||||||
Average total deposits for the third quarter of 2025 were $3.0 billion (0.6 percent) higher than the third quarter of 2024. Average noninterest-bearing deposits decreased $1.0 billion (1.3 percent) reflecting decreases within Consumer and Business Banking, partially offset by increases within Wealth, Corporate, Commercial and Institutional Banking. Average total savings deposits increased $6.0 billion (1.6 percent) driven by increases in Consumer and Business Banking and Wealth, Corporate, Commercial and Institutional Banking. Average time deposits were $1.9 billion (3.2 percent) lower than the third quarter of 2024 mainly within Wealth, Corporate, Commercial and Institutional Banking. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.
Average total deposits increased $8.9 billion (1.8 percent) over the second quarter of 2025. Average noninterest-bearing deposits increased $773 million (1.0 percent) reflecting increases within Wealth, Corporate, Commercial and Institutional Banking. Average total savings deposits increased $8.1 billion (2.2 percent) driven by increases in Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking.
6
| U.S. Bancorp Third Quarter 2025 Results | ||||
| NONINTEREST INCOME | |||||||||||||||||||||||||||||
| ($ in millions) | Percent Change | ||||||||||||||||||||||||||||
| 3Q 2025 | 2Q 2025 | 3Q 2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 | YTD 2025 | YTD 2024 | Percent Change | ||||||||||||||||||||||
| Card revenue | $440 | $442 | $426 | (.5) | 3.3 | $1,280 | $1,246 | 2.7 | |||||||||||||||||||||
| Corporate payment products revenue | 195 | 192 | 203 | 1.6 | (3.9) | 576 | 582 | (1.0) | |||||||||||||||||||||
| Merchant processing services | 463 | 474 | 440 | (2.3) | 5.2 | 1,352 | 1,295 | 4.4 | |||||||||||||||||||||
| Trust and investment management fees | 730 | 703 | 667 | 3.8 | 9.4 | 2,113 | 1,957 | 8.0 | |||||||||||||||||||||
| Service charges | 333 | 336 | 302 | (.9) | 10.3 | 984 | 939 | 4.8 | |||||||||||||||||||||
| Capital markets revenue | 434 | 390 | 397 | 11.3 | 9.3 | 1,206 | 1,159 | 4.1 | |||||||||||||||||||||
| Mortgage banking revenue | 180 | 162 | 155 | 11.1 | 16.1 | 515 | 511 | .8 | |||||||||||||||||||||
| Investment products fees | 97 | 90 | 84 | 7.8 | 15.5 | 274 | 243 | 12.8 | |||||||||||||||||||||
| Other | 213 | 192 | 143 | 10.9 | 49.0 | 602 | 434 | 38.7 | |||||||||||||||||||||
| Total fee revenue | 3,085 | 2,981 | 2,817 | 3.5 | 9.5 | 8,902 | 8,366 | 6.4 | |||||||||||||||||||||
| Securities gains (losses), net | (7) | (57) | (119) | 87.7 | 94.1 | (64) | (153) | 58.2 | |||||||||||||||||||||
| Total noninterest income | $3,078 | $2,924 | $2,698 | 5.3 | 14.1 | $8,838 | $8,213 | 7.6 | |||||||||||||||||||||
Third quarter noninterest income of $3,078 million was $380 million (14.1 percent) higher than the third quarter of 2024. Third quarter total fee revenue was $268 million (9.5 percent) higher than the prior year quarter. The increase was driven by higher payment services revenue, trust and investment management fees, service charges, capital markets revenue, mortgage banking revenue and other revenue. Payment services revenue increased $29 million (2.7 percent) compared with the third quarter of 2024, due to increases in card revenue of $14 million (3.3 percent) mainly due to higher sales volume, and merchant processing services of $23 million (5.2 percent) due to higher sales volume. Trust and investment management fees increased $63 million (9.4 percent) driven by business growth and favorable market conditions. Service charges increased $31 million (10.3 percent) due to higher treasury management fees and higher deposit service charges. Capital markets revenue increased $37 million (9.3 percent) due to higher corporate bond underwriting fees and syndication activity. Mortgage banking revenue increased $25 million (16.1 percent) due to the change in fair value of mortgage servicing rights, net of hedging activities. Other revenue increased $70 million (49.0 percent) due to higher tax credit investment activity and other favorable items.
Noninterest income was $154 million (5.3 percent) higher in the third quarter of 2025 compared with the second quarter of 2025. Third quarter total fee revenue was $104 million (3.5 percent) higher than the linked quarter. The increase was driven by higher trust and investment management fees, capital markets revenue, mortgage banking revenue and other revenue. Trust and investment management fees increased $27 million (3.8 percent) due to business growth and favorable market conditions. Capital markets revenue increased $44 million (11.3 percent) due to higher corporate bond underwriting fees and syndication activity. Mortgage banking revenue increased $18 million (11.1 percent) due to the change in fair value of mortgage servicing rights, net of hedging activities, and higher gain on sale margins. Other revenue increased $21 million (10.9 percent) due to higher tax credit investment activity and other favorable items.
7
| U.S. Bancorp Third Quarter 2025 Results | ||||
| NONINTEREST EXPENSE | |||||||||||||||||||||||||||||
| ($ in millions) | Percent Change | ||||||||||||||||||||||||||||
| 3Q 2025 | 2Q 2025 | 3Q 2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 | YTD 2025 | YTD 2024 | Percent Change | ||||||||||||||||||||||
| Compensation and employee benefits | $2,561 | $2,600 | $2,637 | (1.5) | (2.9) | $7,798 | $7,947 | (1.9) | |||||||||||||||||||||
| Net occupancy and equipment | 300 | 301 | 317 | (.3) | (5.4) | 907 | 929 | (2.4) | |||||||||||||||||||||
| Professional services | 117 | 109 | 130 | 7.3 | (10.0) | 324 | 356 | (9.0) | |||||||||||||||||||||
| Marketing and business development | 175 | 161 | 165 | 8.7 | 6.1 | 518 | 459 | 12.9 | |||||||||||||||||||||
| Technology and communications | 560 | 534 | 524 | 4.9 | 6.9 | 1,627 | 1,540 | 5.6 | |||||||||||||||||||||
| Other intangibles | 125 | 124 | 142 | .8 | (12.0) | 372 | 430 | (13.5) | |||||||||||||||||||||
| Other | 359 | 352 | 289 | 2.0 | 24.2 | 1,064 | 925 | 15.0 | |||||||||||||||||||||
| Total before notable items | 4,197 | 4,181 | 4,204 | .4 | (.2) | 12,610 | 12,586 | .2 | |||||||||||||||||||||
| Notable items | — | — | — | — | — | — | 291 | nm | |||||||||||||||||||||
| Total noninterest expense | $4,197 | $4,181 | $4,204 | .4 | (.2) | $12,610 | $12,877 | (2.1) | |||||||||||||||||||||
Third quarter noninterest expense of $4,197 million was $7 million (0.2 percent) lower than the third quarter of 2024. The decrease was driven by lower compensation and employee benefits expense and net occupancy and equipment expense, partially offset by higher technology and communications expense and other noninterest expense. Compensation and employee benefits expense decreased $76 million (2.9 percent) primarily due to cost savings from operational efficiencies, partially offset by merit increases. Net occupancy and equipment expense decreased $17 million (5.4 percent) due to cost savings from operational efficiencies. The increase in technology and communications expense of $36 million (6.9 percent) was primarily due to investments in infrastructure and technology development.
Noninterest expense increased $16 million (0.4 percent) over the second quarter of 2025. The increase was primarily driven by higher marketing and business development expense and technology and communications expense, partially offset by lower compensation and employee benefits expense. Marketing and business development expense increased $14 million (8.7 percent) primarily due to increased initiatives. Technology and communications expense increased $26 million (4.9 percent) primarily due to investments in infrastructure and technology development. Compensation and employee benefits expense decreased $39 million (1.5 percent) primarily due to timing of corporate incentives.
Provision for Income Taxes
The provision for income taxes for the third quarter of 2025 resulted in a tax rate of 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.7 percent), compared with 18.1 percent on a taxable-equivalent basis (effective tax rate of 16.9 percent) in the third quarter of 2024, and 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.6 percent) in the second quarter of 2025. The tax rate in the third quarter of 2024 reflected the impact of favorable settlements.
8
| U.S. Bancorp Third Quarter 2025 Results | ||||
| ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||||||||||||||||
| ($ in millions) | 3Q 2025 | % (a) | 2Q 2025 | % (a) | 1Q 2025 | % (a) | 4Q 2024 | % (a) | 3Q 2024 | % (a) | ||||||||||||||||||||||
| Balance, beginning of period | $7,862 | $7,915 | $7,925 | $7,927 | $7,934 | |||||||||||||||||||||||||||
| Net charge-offs | ||||||||||||||||||||||||||||||||
| Commercial | 85 | .24 | 122 | .35 | 159 | .47 | 140 | .42 | 139 | .43 | ||||||||||||||||||||||
| Lease financing | 7 | .65 | 6 | .57 | 4 | .39 | 6 | .57 | 8 | .77 | ||||||||||||||||||||||
| Total commercial | 92 | .25 | 128 | .36 | 163 | .47 | 146 | .43 | 147 | .44 | ||||||||||||||||||||||
| Commercial mortgages | 103 | 1.06 | 57 | .60 | (5) | (.05) | 44 | .45 | 69 | .68 | ||||||||||||||||||||||
| Construction and development | — | — | — | — | 1 | .04 | (6) | (.23) | 1 | .04 | ||||||||||||||||||||||
| Total commercial real estate | 103 | .85 | 57 | .47 | (4) | (.03) | 38 | .30 | 70 | .54 | ||||||||||||||||||||||
| Residential mortgages | (1) | — | (1) | — | — | — | (2) | (.01) | (3) | (.01) | ||||||||||||||||||||||
| Credit card | 284 | 3.73 | 317 | 4.30 | 325 | 4.48 | 317 | 4.28 | 299 | 4.10 | ||||||||||||||||||||||
| Retail leasing | 17 | 1.81 | 10 | 1.04 | 13 | 1.32 | 8 | .79 | 5 | .49 | ||||||||||||||||||||||
| Home equity and second mortgages | (2) | (.06) | — | — | (1) | (.03) | 1 | .03 | (1) | (.03) | ||||||||||||||||||||||
| Other | 43 | .76 | 43 | .73 | 51 | .85 | 54 | .86 | 47 | .73 | ||||||||||||||||||||||
| Total other retail | 58 | .57 | 53 | .52 | 63 | .61 | 63 | .59 | 51 | .47 | ||||||||||||||||||||||
| Total net charge-offs | 536 | .56 | 554 | .59 | 547 | .59 | 562 | .60 | 564 | .60 | ||||||||||||||||||||||
| Provision for credit losses | 571 | 501 | 537 | 560 | 557 | |||||||||||||||||||||||||||
| Balance, end of period | $7,897 | $7,862 | $7,915 | $7,925 | $7,927 | |||||||||||||||||||||||||||
| Components | ||||||||||||||||||||||||||||||||
| Allowance for loan losses | $7,557 | $7,537 | $7,584 | $7,583 | $7,560 | |||||||||||||||||||||||||||
| Liability for unfunded credit commitments | 340 | 325 | 331 | 342 | 367 | |||||||||||||||||||||||||||
| Total allowance for credit losses | $7,897 | $7,862 | $7,915 | $7,925 | $7,927 | |||||||||||||||||||||||||||
| Gross charge-offs | $669 | $683 | $690 | $697 | $669 | |||||||||||||||||||||||||||
| Gross recoveries | $133 | $129 | $143 | $135 | $105 | |||||||||||||||||||||||||||
| Allowance for credit losses as a percentage of | ||||||||||||||||||||||||||||||||
| Period-end loans (%) | 2.06 | 2.07 | 2.07 | 2.09 | 2.12 | |||||||||||||||||||||||||||
| Nonperforming loans (%) | 490 | 480 | 470 | 442 | 438 | |||||||||||||||||||||||||||
| Nonperforming assets (%) | 477 | 468 | 458 | 433 | 429 | |||||||||||||||||||||||||||
(a) Annualized and calculated on average loan balances | ||||||||||||||||||||||||||||||||
9
| U.S. Bancorp Third Quarter 2025 Results | ||||
The Company’s provision for credit losses for the third quarter of 2025 was $571 million, compared with $501 million in the second quarter of 2025 and $557 million in the third quarter of 2024. The third quarter of 2025 provision was $70 million (14.0 percent) higher than the second quarter of 2025 and $14 million (2.5 percent) higher than the third quarter of 2024. The increase in provision expense on a year-over-year basis was primarily driven by portfolio growth. The increase on a linked quarter basis was attributed to portfolio growth as well as the effect of loan sales in the second quarter of 2025. The Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to changing tariff policies, the government shutdown, and other economic factors that may affect the financial strength of corporate and consumer borrowers.
Total net charge-offs in the third quarter of 2025 were $536 million, compared with $554 million in the second quarter of 2025 and $564 million in the third quarter of 2024. The net charge-off ratio was 0.56 percent in the third quarter of 2025 compared with 0.59 percent in the second quarter of 2025 and 0.60 percent in the third quarter of 2024. The decrease in net charge-offs on a linked quarter basis was driven by lower net charge-offs on commercial loans and credit card portfolios, partially offset by increased net charge-offs in commercial real estate loans. The decrease in net charge-offs on a year-over-year basis primarily reflected higher recoveries on commercial loans and credit card portfolios in the current period.
The allowance for credit losses was $7,897 million at September 30, 2025, compared with $7,862 million at June 30, 2025, and $7,927 million at September 30, 2024. The increase in the allowance for credit losses on a linked quarter basis was primarily driven by portfolio growth. The decrease in the allowance for credit losses on a year-over-year basis was primarily driven by improved portfolio credit quality, including the resolution of problem assets. The ratio of the allowance for credit losses to period-end loans was 2.06 percent at September 30, 2025, compared with 2.07 percent at June 30, 2025, and 2.12 percent at September 30, 2024. The ratio of the allowance for credit losses to nonperforming loans was 490 percent at September 30, 2025, compared with 480 percent at June 30, 2025, and 438 percent at September 30, 2024.
Nonperforming assets were $1,654 million at September 30, 2025, compared with $1,680 million at June 30, 2025, and $1,848 million at September 30, 2024. The ratio of nonperforming assets to loans and other real estate was 0.43 percent at September 30, 2025, compared with 0.44 percent at June 30, 2025, and 0.49 percent at September 30, 2024. The decreases in nonperforming assets on a linked quarter and year-over-year basis were primarily due to the resolution of commercial real estate nonperforming loans, partially offset by higher commercial nonperforming loans. Accruing loans 90 days or more past due were $840 million at September 30, 2025, compared with $966 million at June 30, 2025, and $738 million at September 30, 2024. The decrease in accruing loans 90 days or more past due on a linked quarter basis was primarily due to the resolution of a prior quarter commercial real estate administrative delinquency. The increase in accruing loans 90 days or more past due on a year-over-year basis was due to higher residential mortgage delinquencies primarily related to forbearance extended to borrowers affected by California wildfires.
10
| U.S. Bancorp Third Quarter 2025 Results | ||||
| DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES | |||||||||||||||||
| (Percent) | Sep 30 2025 | Jun 30 2025 | Mar 31 2025 | Dec 31 2024 | Sep 30 2024 | ||||||||||||
| Delinquent loan ratios - 90 days or more past due | |||||||||||||||||
| Commercial | .06 | .06 | .07 | .07 | .07 | ||||||||||||
| Commercial real estate | .04 | .28 | .01 | .02 | .02 | ||||||||||||
| Residential mortgages | .26 | .28 | .19 | .17 | .15 | ||||||||||||
| Credit card | 1.26 | 1.24 | 1.40 | 1.43 | 1.36 | ||||||||||||
| Other retail | .13 | .13 | .14 | .15 | .14 | ||||||||||||
| Total loans | .22 | .25 | .21 | .21 | .20 | ||||||||||||
| Delinquent loan ratios - 90 days or more past due and nonperforming loans | |||||||||||||||||
| Commercial | .55 | .45 | .49 | .55 | .51 | ||||||||||||
| Commercial real estate | 1.24 | 1.86 | 1.62 | 1.70 | 1.85 | ||||||||||||
| Residential mortgages | .38 | .40 | .31 | .30 | .28 | ||||||||||||
| Credit card | 1.26 | 1.24 | 1.40 | 1.43 | 1.36 | ||||||||||||
| Other retail | .51 | .51 | .50 | .50 | .48 | ||||||||||||
| Total loans | .64 | .68 | .65 | .69 | .68 | ||||||||||||
| ASSET QUALITY (a) | |||||||||||||||||
| ($ in millions) | |||||||||||||||||
| Sep 30 2025 | Jun 30 2025 | Mar 31 2025 | Dec 31 2024 | Sep 30 2024 | |||||||||||||
| Nonperforming loans | |||||||||||||||||
| Commercial | $708 | $548 | $589 | $644 | $560 | ||||||||||||
| Lease financing | 25 | 27 | 27 | 26 | 25 | ||||||||||||
| Total commercial | 733 | 575 | 616 | 670 | 585 | ||||||||||||
| Commercial mortgages | 558 | 732 | 745 | 789 | 853 | ||||||||||||
| Construction and development | 21 | 31 | 35 | 35 | 72 | ||||||||||||
| Total commercial real estate | 579 | 763 | 780 | 824 | 925 | ||||||||||||
| Residential mortgages | 143 | 145 | 141 | 152 | 154 | ||||||||||||
| Credit card | — | — | — | — | — | ||||||||||||
| Other retail | 155 | 154 | 148 | 147 | 145 | ||||||||||||
| Total nonperforming loans | 1,610 | 1,637 | 1,685 | 1,793 | 1,809 | ||||||||||||
| Other real estate | 23 | 21 | 23 | 21 | 21 | ||||||||||||
| Other nonperforming assets | 21 | 22 | 19 | 18 | 18 | ||||||||||||
| Total nonperforming assets | $1,654 | $1,680 | $1,727 | $1,832 | $1,848 | ||||||||||||
| Accruing loans 90 days or more past due | $840 | $966 | $796 | $810 | $738 | ||||||||||||
| Nonperforming assets to loans plus ORE (%) | .43 | .44 | .45 | .48 | .49 | ||||||||||||
| (a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due | |||||||||||||||||
11
| U.S. Bancorp Third Quarter 2025 Results | ||||
| COMMON SHARES | |||||||||||||||||
| (Millions) | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | ||||||||||||
| Beginning shares outstanding | 1,558 | 1,560 | 1,560 | 1,561 | 1,560 | ||||||||||||
| Shares issued for stock incentive plans, | |||||||||||||||||
| acquisitions and other corporate purposes | — | — | 4 | 2 | 1 | ||||||||||||
| Shares repurchased | (2) | (2) | (4) | (3) | — | ||||||||||||
| Ending shares outstanding | 1,556 | 1,558 | 1,560 | 1,560 | 1,561 | ||||||||||||
| CAPITAL POSITION | Preliminary Data | |||||||||||||||||||||||||||||||
| ($ in millions) | Sep 30 2025 | Jun 30 2025 | Mar 31 2025 | Dec 31 2024 | Sep 30 2024 | |||||||||||||||||||||||||||
| Total U.S. Bancorp shareholders' equity | $63,340 | $61,438 | $60,096 | $58,578 | $58,859 | |||||||||||||||||||||||||||
| Basel III Standardized Approach (a) | ||||||||||||||||||||||||||||||||
| Common equity tier 1 capital | $50,587 | $49,382 | $48,482 | $47,877 | $47,164 | |||||||||||||||||||||||||||
| Tier 1 capital | 57,839 | 56,630 | 55,736 | 55,129 | 54,416 | |||||||||||||||||||||||||||
| Total risk-based capital | 66,820 | 65,752 | 64,989 | 64,375 | 63,625 | |||||||||||||||||||||||||||
| Fully implemented common equity tier 1 capital ratio (a) | 10.9 | % | 10.7 | % | 10.8 | % | 10.5 | % (b) | 10.5 | % (b) | ||||||||||||||||||||||
| Tier 1 capital ratio | 12.4 | 12.3 | 12.4 | 12.2 | 12.2 | |||||||||||||||||||||||||||
| Total risk-based capital ratio | 14.4 | 14.3 | 14.4 | 14.3 | 14.2 | |||||||||||||||||||||||||||
| Leverage ratio | 8.6 | 8.5 | 8.4 | 8.3 | 8.3 | |||||||||||||||||||||||||||
| Common equity to assets | 8.1 | 8.0 | 7.9 | 7.6 | 7.6 | |||||||||||||||||||||||||||
| Tangible common equity to tangible assets (b) | 6.4 | 6.1 | 6.0 | 5.8 | 5.7 | |||||||||||||||||||||||||||
| Tangible common equity to risk-weighted assets (b) | 9.3 | 9.0 | 8.9 | 8.5 | 8.6 | |||||||||||||||||||||||||||
| Common equity tier 1 capital to risk-weighted assets, reflecting transitional regulatory capital requirements related to the current expected credit losses methodology (a) | — | — | — | 10.6 | 10.5 | |||||||||||||||||||||||||||
(a) Beginning January 1, 2025, the regulatory capital requirements fully reflect implementation related to the current expected credit losses methodology. Prior to 2025, the Company's capital ratios reflected certain transitional adjustments. (b) See Non-GAAP Financial Measures reconciliation on page 18 | ||||||||||||||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity was $63.3 billion at September 30, 2025, compared with $61.4 billion at June 30, 2025, and $58.9 billion at September 30, 2024. During 2024, the Company's Board of Directors authorized a share repurchase program for up to $5.0 billion of the Company's outstanding common stock effective September 13, 2024. The Company began repurchasing shares under this program, in addition to repurchases done in connection with its stock-based compensation plans, in the fourth quarter of 2024.
All regulatory 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 10.9 percent at September 30, 2025, compared with 10.7 percent at June 30, 2025, and 10.5 percent at September 30, 2024.
12
| U.S. Bancorp Third Quarter 2025 Results | ||||
| Investor Conference Call | ||
On Thursday, October 16, 2025 at 8 a.m. CT, 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 at approximately 11 a.m. CT on Thursday, October 16, 2025. 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 | ||
U.S. Bancorp, with approximately 70,000 employees and $695 billion in assets as of September 30, 2025, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2025 World’s Most Ethical Companies and one of Fortune’s most admired superregional banks. Learn more at usbank.com/about.
| 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 and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility;
•Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities;
•Changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs;
•Changes in interest rates;
•Increases in unemployment rates;
•Deterioration in the credit quality of U.S. Bancorp's loan portfolios or in the value of the collateral securing those loans;
•Changes in commercial real estate occupancy rates;
•Increases in FDIC assessments, including due to bank failures;
•Actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions;
•Turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions, which could affect the ability of depository institutions, including U.S. Bank National Association, to attract and retain depositors, and could affect the ability of financial services providers, including U.S. Bancorp, to borrow or raise capital;
•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;
13
| U.S. Bancorp Third Quarter 2025 Results | ||||
•Increased competition from both banks and non-banks;
•Effects of climate change and related physical and transition risks;
•Changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands;
•Breaches in data security;
•Failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents;
•Failures to safeguard personal information;
•Impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events;
•Impacts of supply chain disruptions, rising inflation, slower growth or a recession;
•Failure to execute on strategic or operational plans;
•Effects of mergers and acquisitions and related integration;
•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, liquidity risk and reputation 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, 2024, 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.
14
| U.S. Bancorp Third Quarter 2025 Results | ||||
| 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,
•Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology, 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 or were not effective for certain periods. In addition, certain capital measures related to prior periods are presented on the same basis as those in the current period. The effective capital ratios defined by banking regulations for these periods were subject to certain transitional provisions for the implementation of accounting guidance related to impairment of financial instruments based on the current expected credit losses methodology. As a result, these capital measures disclosed by the Company may be considered non-GAAP financial measures. 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, tangible efficiency ratio, net interest margin, and tax rate.
The adjusted noninterest expense, adjusted net income, adjusted diluted earnings per common share, and adjusted operating leverage exclude notable items. Management uses these measures in their analysis of the Company’s performance and believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
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.
15
| CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||
| (Dollars and Shares in Millions, Except Per Share Data) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
| (Unaudited) | 2025 | 2024 | 2025 | 2024 | ||||||||||
| Interest Income | ||||||||||||||
| Loans | $5,688 | $5,862 | $16,769 | $17,335 | ||||||||||
| Loans held for sale | 35 | 45 | 122 | 123 | ||||||||||
| Investment securities | 1,392 | 1,316 | 4,055 | 3,785 | ||||||||||
| Other interest income | 812 | 863 | 2,101 | 2,592 | ||||||||||
| Total interest income | 7,927 | 8,086 | 23,047 | 23,835 | ||||||||||
| Interest Expense | ||||||||||||||
| Deposits | 2,648 | 3,004 | 7,700 | 8,916 | ||||||||||
| Short-term borrowings | 328 | 284 | 868 | 850 | ||||||||||
| Long-term debt | 729 | 663 | 2,114 | 1,926 | ||||||||||
| Total interest expense | 3,705 | 3,951 | 10,682 | 11,692 | ||||||||||
| Net interest income | 4,222 | 4,135 | 12,365 | 12,143 | ||||||||||
| Provision for credit losses | 571 | 557 | 1,609 | 1,678 | ||||||||||
| Net interest income after provision for credit losses | 3,651 | 3,578 | 10,756 | 10,465 | ||||||||||
| Noninterest Income | ||||||||||||||
| Card revenue | 440 | 426 | 1,280 | 1,246 | ||||||||||
| Corporate payment products revenue | 195 | 203 | 576 | 582 | ||||||||||
| Merchant processing services | 463 | 440 | 1,352 | 1,295 | ||||||||||
| Trust and investment management fees | 730 | 667 | 2,113 | 1,957 | ||||||||||
| Service charges | 333 | 302 | 984 | 939 | ||||||||||
| Capital markets revenue | 434 | 397 | 1,206 | 1,159 | ||||||||||
| Mortgage banking revenue | 180 | 155 | 515 | 511 | ||||||||||
| Investment products fees | 97 | 84 | 274 | 243 | ||||||||||
| Securities gains (losses), net | (7) | (119) | (64) | (153) | ||||||||||
| Other | 213 | 143 | 602 | 434 | ||||||||||
| Total noninterest income | 3,078 | 2,698 | 8,838 | 8,213 | ||||||||||
| Noninterest Expense | ||||||||||||||
| Compensation and employee benefits | 2,561 | 2,637 | 7,798 | 7,947 | ||||||||||
| Net occupancy and equipment | 300 | 317 | 907 | 929 | ||||||||||
| Professional services | 117 | 130 | 324 | 356 | ||||||||||
| Marketing and business development | 175 | 165 | 518 | 459 | ||||||||||
| Technology and communications | 560 | 524 | 1,627 | 1,540 | ||||||||||
| Other intangibles | 125 | 142 | 372 | 430 | ||||||||||
| Merger and integration charges | — | — | — | 155 | ||||||||||
| Other | 359 | 289 | 1,064 | 1,061 | ||||||||||
| Total noninterest expense | 4,197 | 4,204 | 12,610 | 12,877 | ||||||||||
| Income before income taxes | 2,532 | 2,072 | 6,984 | 5,801 | ||||||||||
| Applicable income taxes | 524 | 350 | 1,439 | 1,142 | ||||||||||
| Net income | 2,008 | 1,722 | 5,545 | 4,659 | ||||||||||
| Net (income) loss attributable to noncontrolling interests | (7) | (8) | (20) | (23) | ||||||||||
| Net income attributable to U.S. Bancorp | $2,001 | $1,714 | $5,525 | $4,636 | ||||||||||
| Net income applicable to U.S. Bancorp common shareholders | $1,893 | $1,601 | $5,229 | $4,328 | ||||||||||
| Earnings per common share | $1.22 | $1.03 | $3.36 | $2.77 | ||||||||||
| Diluted earnings per common share | $1.22 | $1.03 | $3.35 | $2.77 | ||||||||||
| Dividends declared per common share | $.52 | $.50 | $1.52 | $1.48 | ||||||||||
| Average common shares outstanding | 1,557 | 1,561 | 1,558 | 1,560 | ||||||||||
| Average diluted common shares outstanding | 1,557 | 1,561 | 1,559 | 1,561 | ||||||||||
16
| CONSOLIDATED ENDING BALANCE SHEET | |||||||||||
| (Dollars in Millions) | September 30, 2025 | December 31, 2024 | September 30, 2024 | ||||||||
| Assets | (Unaudited) | (Unaudited) | |||||||||
| Cash and due from banks | $66,637 | $56,502 | $73,562 | ||||||||
| Investment securities | |||||||||||
| Held-to-maturity | 76,931 | 78,634 | 80,025 | ||||||||
| Available-for-sale | 89,065 | 85,992 | 81,704 | ||||||||
| Loans held for sale | 2,490 | 2,573 | 3,211 | ||||||||
| Loans | |||||||||||
| Commercial | 148,414 | 139,484 | 133,638 | ||||||||
| Commercial real estate | 48,244 | 48,859 | 50,619 | ||||||||
| Residential mortgages | 115,046 | 118,813 | 118,034 | ||||||||
| Credit card | 30,594 | 30,350 | 29,037 | ||||||||
| Other retail | 40,219 | 42,326 | 42,836 | ||||||||
| Total loans | 382,517 | 379,832 | 374,164 | ||||||||
| Less allowance for loan losses | (7,557) | (7,583) | (7,560) | ||||||||
| Net loans | 374,960 | 372,249 | 366,604 | ||||||||
| Premises and equipment | 3,695 | 3,565 | 3,585 | ||||||||
| Goodwill | 12,634 | 12,536 | 12,573 | ||||||||
| Other intangible assets | 5,152 | 5,547 | 5,488 | ||||||||
| Other assets | 63,793 | 60,720 | 59,717 | ||||||||
| Total assets | $695,357 | $678,318 | $686,469 | ||||||||
| Liabilities and Shareholders' Equity | |||||||||||
| Deposits | |||||||||||
| Noninterest-bearing | $91,550 | $84,158 | $86,838 | ||||||||
| Interest-bearing | 434,599 | 434,151 | 434,293 | ||||||||
| Total deposits | 526,149 | 518,309 | 521,131 | ||||||||
| Short-term borrowings | 15,449 | 15,518 | 23,708 | ||||||||
| Long-term debt | 62,535 | 58,002 | 54,839 | ||||||||
| Other liabilities | 27,426 | 27,449 | 27,470 | ||||||||
| Total liabilities | 631,559 | 619,278 | 627,148 | ||||||||
| Shareholders' equity | |||||||||||
| Preferred stock | 6,808 | 6,808 | 6,808 | ||||||||
| Common stock | 21 | 21 | 21 | ||||||||
| Capital surplus | 8,745 | 8,715 | 8,729 | ||||||||
| Retained earnings | 79,742 | 76,863 | 76,057 | ||||||||
| Less treasury stock | (24,228) | (24,065) | (24,010) | ||||||||
| Accumulated other comprehensive income (loss) | (7,748) | (9,764) | (8,746) | ||||||||
| Total U.S. Bancorp shareholders' equity | 63,340 | 58,578 | 58,859 | ||||||||
| Noncontrolling interests | 458 | 462 | 462 | ||||||||
| Total equity | 63,798 | 59,040 | 59,321 | ||||||||
| Total liabilities and equity | $695,357 | $678,318 | $686,469 | ||||||||
17
| NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||
| (Dollars in Millions, Unaudited) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||||||||||||
| Total equity | $63,798 | $61,896 | $60,558 | $59,040 | $59,321 | |||||||||||||||
| Preferred stock | (6,808) | (6,808) | (6,808) | (6,808) | (6,808) | |||||||||||||||
| Noncontrolling interests | (458) | (458) | (462) | (462) | (462) | |||||||||||||||
| Common equity (a) | 56,532 | 54,630 | 53,288 | 51,770 | 52,051 | |||||||||||||||
Goodwill (net of deferred tax liability) (1) | (11,603) | (11,613) | (11,521) | (11,508) | (11,540) | |||||||||||||||
| Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (1,605) | (1,699) | (1,761) | (1,846) | (1,944) | |||||||||||||||
Tangible common equity (b) | 43,324 | 41,318 | 40,006 | 38,416 | 38,567 | |||||||||||||||
| Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation | 47,877 | 47,164 | ||||||||||||||||||
| Adjustments (2) | (433) | (433) | ||||||||||||||||||
| Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (c) | 47,444 | 46,731 | ||||||||||||||||||
| Total assets (d) | 695,357 | 686,370 | 676,489 | 678,318 | 686,469 | |||||||||||||||
Goodwill (net of deferred tax liability) (1) | (11,603) | (11,613) | (11,521) | (11,508) | (11,540) | |||||||||||||||
| Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (1,605) | (1,699) | (1,761) | (1,846) | (1,944) | |||||||||||||||
Tangible assets (e) | 682,149 | 673,058 | 663,207 | 664,964 | 672,985 | |||||||||||||||
Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company (f) | 465,092 | * | 459,521 | 450,290 | 450,498 | 447,476 | ||||||||||||||
| Adjustments (3) | (368) | (368) | ||||||||||||||||||
Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (g) | 450,130 | 447,108 | ||||||||||||||||||
| Common shares outstanding (h) | 1,556 | 1,558 | 1,560 | 1,560 | 1,561 | |||||||||||||||
| Ratios * | ||||||||||||||||||||
| Common equity to assets (a)/(d) | 8.1 | % | 8.0 | % | 7.9 | % | 7.6 | % | 7.6 | % | ||||||||||
| Tangible common equity to tangible assets (b)/(e) | 6.4 | 6.1 | 6.0 | 5.8 | 5.7 | |||||||||||||||
| Tangible common equity to risk-weighted assets (b)/(f) | 9.3 | 9.0 | 8.9 | 8.5 | 8.6 | |||||||||||||||
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (c)/(g) | 10.5 | 10.5 | ||||||||||||||||||
| Tangible book value per common share (b)/(h) | $27.84 | $26.52 | $25.64 | $24.63 | $24.71 | |||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||||||
| Net income applicable to U.S. Bancorp common shareholders | $1,893 | $1,733 | $1,603 | $1,581 | $1,601 | |||||||||||||||
| Intangibles amortization (net-of-tax) | 99 | 98 | 97 | 110 | 112 | |||||||||||||||
| Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization | 1,992 | 1,831 | 1,700 | 1,691 | 1,713 | |||||||||||||||
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization (i) | 7,903 | 7,344 | 6,894 | 6,727 | 6,815 | |||||||||||||||
| Average total equity | 63,101 | 61,356 | 60,071 | 59,272 | 58,744 | |||||||||||||||
| Average preferred stock | (6,808) | (6,808) | (6,808) | (6,808) | (6,808) | |||||||||||||||
| Average noncontrolling interests | (458) | (457) | (460) | (460) | (461) | |||||||||||||||
| Average goodwill (net of deferred tax liability) (1) | (11,609) | (11,544) | (11,513) | (11,515) | (11,494) | |||||||||||||||
| Average intangible assets (net of deferred tax liability), other than mortgage servicing rights | (1,659) | (1,734) | (1,806) | (1,885) | (1,981) | |||||||||||||||
| Average tangible common equity (j) | 42,567 | 40,813 | 39,484 | 38,604 | 38,000 | |||||||||||||||
| Return on tangible common equity (i)/(j) | 18.6 | % | 18.0 | % | 17.5 | % | 17.4 | % | 17.9 | % | ||||||||||
| Net interest income | $4,222 | $4,051 | $4,092 | $4,146 | $4,135 | |||||||||||||||
| Taxable-equivalent adjustment (4) | 29 | 29 | 30 | 30 | 31 | |||||||||||||||
| Net interest income, on a taxable-equivalent basis | 4,251 | 4,080 | 4,122 | 4,176 | 4,166 | |||||||||||||||
| Net interest income, on a taxable-equivalent basis (as calculated above) | 4,251 | 4,080 | 4,122 | 4,176 | 4,166 | |||||||||||||||
| Noninterest income | 3,078 | 2,924 | 2,836 | 2,833 | 2,698 | |||||||||||||||
| Less: Securities gains (losses), net | (7) | (57) | — | (1) | (119) | |||||||||||||||
| Total net revenue, excluding net securities gains (losses) (k) | 7,336 | 7,061 | 6,958 | 7,010 | 6,983 | |||||||||||||||
| Noninterest expense (l) | 4,197 | 4,181 | 4,232 | 4,311 | 4,204 | |||||||||||||||
| Less: Intangible amortization | 125 | 124 | 123 | 139 | 142 | |||||||||||||||
| Noninterest expense, excluding intangible amortization (m) | 4,072 | 4,057 | 4,109 | 4,172 | 4,062 | |||||||||||||||
| Efficiency ratio (l)/(k) | 57.2 | % | 59.2 | % | 60.8 | % | 61.5 | % | 60.2 | % | ||||||||||
| Tangible efficiency ratio (m)/(k) | 55.5 | 57.5 | 59.1 | 59.5 | 58.2 | |||||||||||||||
* 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)Includes the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology net of deferred taxes.
(3)Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology.
(4)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.
18
| NON-GAAP FINANCIAL MEASURES | ||||||||||||||
| Nine Months Ended | ||||||||||||||
| (Dollars and Shares in Millions, Except Per Share Data, Unaudited) | September 30, 2024 | |||||||||||||
| Net income applicable to U.S. Bancorp common shareholders | $4,328 | |||||||||||||
| Less: Notable items, including the impact of earnings allocated to participating stock awards (1) | (217) | |||||||||||||
| Net income applicable to U.S. Bancorp common shareholders, excluding notable items (a) | 4,545 | |||||||||||||
| Average diluted common shares outstanding (b) | 1,561 | |||||||||||||
| Diluted earnings per common share, excluding notable items (a)/(b) | $2.91 | |||||||||||||
| Three Months Ended | ||||||||||||||
| September 30, 2025 | September 30, 2024 | Percent Change | ||||||||||||
| Net interest income | $4,222 | $4,135 | ||||||||||||
| Taxable-equivalent adjustment (2) | 29 | 31 | ||||||||||||
| Net interest income, on a taxable-equivalent basis | 4,251 | 4,166 | ||||||||||||
| Net interest income, on a taxable-equivalent basis (as calculated above) | 4,251 | 4,166 | ||||||||||||
| Noninterest income | 3,078 | 2,698 | ||||||||||||
| Total net revenue | 7,329 | 6,864 | 6.8 | % | (c) | |||||||||
| Less: Securities gains (losses), net | (7) | (119) | ||||||||||||
| Total net revenue, excluding securities gains (losses), net | 7,336 | 6,983 | 5.1 | % | (d) | |||||||||
| Noninterest expense | 4,197 | 4,204 | (0.2) | % | (e) | |||||||||
| Operating leverage (c) - (e) | 7.0 | % | ||||||||||||
| Operating leverage, excluding securities gains (losses) (d) - (e) | 5.3 | % | ||||||||||||
(1)Notable items of $291 million ($218 million net-of-tax) for the nine months ended September 30, 2024 included $155 million of merger and integration-related charges and a $136 million charge for the increase in FDIC special assessment.
(2)Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.
19
Business Segment Schedules Third Quarter 2025 | ||
WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING CONSUMER AND BUSINESS BANKING PAYMENT SERVICES TREASURY AND CORPORATE SUPPORT | ||
| BUSINESS SEGMENT FINANCIAL PERFORMANCE | Preliminary data | |||||||||||||||||||||||||||||||
| ($ in millions) | Net Income Attributable to U.S. Bancorp | Percent Change | Net Income Attributable to U.S. Bancorp | |||||||||||||||||||||||||||||
| Business Segment | 3Q 2025 | 2Q 2025 | 3Q 2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 | YTD 2025 | YTD 2024 | Percent Change | ||||||||||||||||||||||||
| Wealth, Corporate, Commercial and Institutional Banking | $1,162 | $1,087 | $1,194 | 6.9 | (2.7) | $3,433 | $3,476 | (1.2) | ||||||||||||||||||||||||
| Consumer and Business Banking | 465 | 474 | 485 | (1.9) | (4.1) | 1,360 | 1,460 | (6.8) | ||||||||||||||||||||||||
| Payment Services | 326 | 343 | 304 | (5.0) | 7.2 | 1,023 | 854 | 19.8 | ||||||||||||||||||||||||
| Treasury and Corporate Support | 48 | (89) | (269) | nm | nm | (291) | (1,154) | 74.8 | ||||||||||||||||||||||||
| Consolidated Company | $2,001 | $1,815 | $1,714 | 10.2 | 16.7 | $5,525 | $4,636 | 19.2 | ||||||||||||||||||||||||
| Income Before Provision and Taxes | Percent Change | Income Before Provision and Taxes | ||||||||||||||||||||||||||||||
| 3Q 2025 | 2Q 2025 | 3Q 2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 | YTD 2025 | YTD 2024 | Percent Change | |||||||||||||||||||||||||
| Wealth, Corporate, Commercial and Institutional Banking | $1,746 | $1,633 | $1,686 | 6.9 | 3.6 | $4,968 | $4,970 | — | ||||||||||||||||||||||||
| Consumer and Business Banking | 681 | 671 | 665 | 1.5 | 2.4 | 1,976 | 2,049 | (3.6) | ||||||||||||||||||||||||
| Payment Services | 843 | 842 | 810 | .1 | 4.1 | 2,474 | 2,290 | 8.0 | ||||||||||||||||||||||||
| Treasury and Corporate Support | (138) | (323) | (501) | 57.3 | 72.5 | (737) | (1,740) | 57.6 | ||||||||||||||||||||||||
| Consolidated Company | $3,132 | $2,823 | $2,660 | 10.9 | 17.7 | $8,681 | $7,569 | 14.7 | ||||||||||||||||||||||||
Business Segments
The Company’s major business segments are Wealth, Corporate, Commercial and Institutional Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support. Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2025 and 2024, certain organization and methodology changes were made, including revising the Company's business segment funds transfer-pricing methodology related to deposits and loans during the second quarter of 2024. Prior period results were recast and presented on a comparable basis.
21
| |||||
| WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING | Preliminary data | ||||||||||||||||||||||||||||
| ($ in millions) | Percent Change | ||||||||||||||||||||||||||||
| 3Q 2025 | 2Q 2025 | 3Q 2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 | YTD 2025 | YTD 2024 | Percent Change | ||||||||||||||||||||||
| Condensed Income Statement | |||||||||||||||||||||||||||||
| Net interest income (taxable-equivalent basis) | $1,823 | $1,783 | $1,889 | 2.2 | (3.5) | $5,363 | $5,679 | (5.6) | |||||||||||||||||||||
| Noninterest income | 1,256 | 1,198 | 1,145 | 4.8 | 9.7 | 3,620 | 3,387 | 6.9 | |||||||||||||||||||||
| Total net revenue | 3,079 | 2,981 | 3,034 | 3.3 | 1.5 | 8,983 | 9,066 | (.9) | |||||||||||||||||||||
| Noninterest expense | 1,333 | 1,348 | 1,348 | (1.1) | (1.1) | 4,015 | 4,096 | (2.0) | |||||||||||||||||||||
| Income before provision and taxes | 1,746 | 1,633 | 1,686 | 6.9 | 3.6 | 4,968 | 4,970 | — | |||||||||||||||||||||
| Provision for credit losses | 197 | 183 | 94 | 7.7 | nm | 390 | 335 | 16.4 | |||||||||||||||||||||
| Income before income taxes | 1,549 | 1,450 | 1,592 | 6.8 | (2.7) | 4,578 | 4,635 | (1.2) | |||||||||||||||||||||
| Income taxes and taxable-equivalent adjustment | 387 | 363 | 398 | 6.6 | (2.8) | 1,145 | 1,159 | (1.2) | |||||||||||||||||||||
| Net income | 1,162 | 1,087 | 1,194 | 6.9 | (2.7) | 3,433 | 3,476 | (1.2) | |||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | — | — | |||||||||||||||||||||
| Net income attributable to U.S. Bancorp | $1,162 | $1,087 | $1,194 | 6.9 | (2.7) | $3,433 | $3,476 | (1.2) | |||||||||||||||||||||
| Average Balance Sheet Data | |||||||||||||||||||||||||||||
| Loans | $184,442 | $181,268 | $171,898 | 1.8 | 7.3 | $181,266 | $172,285 | 5.2 | |||||||||||||||||||||
| Other earning assets | 10,734 | 12,778 | 10,740 | (16.0) | (.1) | 11,819 | 9,693 | 21.9 | |||||||||||||||||||||
| Goodwill | 4,826 | 4,826 | 4,825 | — | — | 4,825 | 4,825 | — | |||||||||||||||||||||
| Other intangible assets | 772 | 817 | 955 | (5.5) | (19.2) | 817 | 1,007 | (18.9) | |||||||||||||||||||||
| Assets | 212,924 | 212,145 | 200,267 | .4 | 6.3 | 211,262 | 200,950 | 5.1 | |||||||||||||||||||||
| Noninterest-bearing deposits | 55,329 | 54,409 | 54,375 | 1.7 | 1.8 | 54,966 | 56,769 | (3.2) | |||||||||||||||||||||
| Interest-bearing deposits | 217,748 | 210,238 | 217,180 | 3.6 | .3 | 214,765 | 214,975 | (.1) | |||||||||||||||||||||
| Total deposits | 273,077 | 264,647 | 271,555 | 3.2 | .6 | 269,731 | 271,744 | (.7) | |||||||||||||||||||||
| Total U.S. Bancorp shareholders' equity | 22,130 | 21,823 | 21,280 | 1.4 | 4.0 | 21,837 | 21,508 | 1.5 | |||||||||||||||||||||
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.
Wealth, Corporate, Commercial and Institutional Banking generated $1,746 million of income before provision and taxes in the third quarter of 2025, compared with $1,686 million in the third quarter of 2024, and contributed $1,162 million of the Company’s net income in the third quarter of 2025. The provision for credit losses increased $103 million compared with the third quarter of 2024 primarily due to increased reserves and charge-offs on select problem assets. Total net revenue was $45 million (1.5 percent) higher in the third quarter of 2025 due to a decrease of $66 million (3.5 percent) in net interest income that was more than offset by an increase of $111 million (9.7 percent) in noninterest income. Net interest income decreased primarily due to higher funding costs. Noninterest income increased primarily due to business growth and favorable market conditions in trust and investment management fees, higher treasury management fees in service charges, and higher corporate bond underwriting fees and syndication activity in capital markets revenue. Noninterest expense decreased $15 million (1.1 percent) compared with the third quarter of 2024 primarily due to lower net shared services expense.
22
| |||||
| CONSUMER AND BUSINESS BANKING | Preliminary data | ||||||||||||||||||||||||||||
| ($ in millions) | Percent Change | ||||||||||||||||||||||||||||
| 3Q 2025 | 2Q 2025 | 3Q 2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 | YTD 2025 | YTD 2024 | Percent Change | ||||||||||||||||||||||
| Condensed Income Statement | |||||||||||||||||||||||||||||
| Net interest income (taxable-equivalent basis) | $1,849 | $1,842 | $1,928 | .4 | (4.1) | $5,459 | $5,712 | (4.4) | |||||||||||||||||||||
| Noninterest income | 436 | 407 | 401 | 7.1 | 8.7 | 1,251 | 1,239 | 1.0 | |||||||||||||||||||||
| Total net revenue | 2,285 | 2,249 | 2,329 | 1.6 | (1.9) | 6,710 | 6,951 | (3.5) | |||||||||||||||||||||
| Noninterest expense | 1,604 | 1,578 | 1,664 | 1.6 | (3.6) | 4,734 | 4,902 | (3.4) | |||||||||||||||||||||
| Income before provision and taxes | 681 | 671 | 665 | 1.5 | 2.4 | 1,976 | 2,049 | (3.6) | |||||||||||||||||||||
| Provision for credit losses | 61 | 39 | 18 | 56.4 | nm | 162 | 102 | 58.8 | |||||||||||||||||||||
| Income before income taxes | 620 | 632 | 647 | (1.9) | (4.2) | 1,814 | 1,947 | (6.8) | |||||||||||||||||||||
| Income taxes and taxable-equivalent adjustment | 155 | 158 | 162 | (1.9) | (4.3) | 454 | 487 | (6.8) | |||||||||||||||||||||
| Net income | 465 | 474 | 485 | (1.9) | (4.1) | 1,360 | 1,460 | (6.8) | |||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | — | — | |||||||||||||||||||||
| Net income attributable to U.S. Bancorp | $465 | $474 | $485 | (1.9) | (4.1) | $1,360 | $1,460 | (6.8) | |||||||||||||||||||||
| Average Balance Sheet Data | |||||||||||||||||||||||||||||
| Loans | $145,900 | $149,475 | $155,240 | (2.4) | (6.0) | $149,731 | $155,037 | (3.4) | |||||||||||||||||||||
| Other earning assets | 2,331 | 4,875 | 2,738 | (52.2) | (14.9) | 2,997 | 2,300 | 30.3 | |||||||||||||||||||||
| Goodwill | 4,326 | 4,326 | 4,326 | — | — | 4,326 | 4,326 | — | |||||||||||||||||||||
| Other intangible assets | 4,223 | 4,277 | 4,405 | (1.3) | (4.1) | 4,288 | 4,611 | (7.0) | |||||||||||||||||||||
| Assets | 158,749 | 164,989 | 168,871 | (3.8) | (6.0) | 163,382 | 168,917 | (3.3) | |||||||||||||||||||||
| Noninterest-bearing deposits | 19,642 | 19,619 | 20,673 | .1 | (5.0) | 19,465 | 20,955 | (7.1) | |||||||||||||||||||||
| Interest-bearing deposits | 202,321 | 200,751 | 199,327 | .8 | 1.5 | 200,658 | 199,319 | .7 | |||||||||||||||||||||
| Total deposits | 221,963 | 220,370 | 220,000 | .7 | .9 | 220,123 | 220,274 | (.1) | |||||||||||||||||||||
| Total U.S. Bancorp shareholders' equity | 13,363 | 13,556 | 14,244 | (1.4) | (6.2) | 13,540 | 14,550 | (6.9) | |||||||||||||||||||||
Consumer and Business Banking comprises consumer banking, small business banking 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 $681 million of income before provision and taxes in the third quarter of 2025, compared with $665 million in the third quarter of 2024, and contributed $465 million of the Company’s net income in the third quarter of 2025. The provision for credit losses increased $43 million compared with the third quarter of 2024 primarily due to less favorable trends in housing prices and higher credit losses. Total net revenue was lower by $44 million (1.9 percent) in the third quarter of 2025 due to a decrease of $79 million (4.1 percent) in net interest income partially offset by an increase of $35 million (8.7 percent) in noninterest income. Net interest income decreased primarily due to loan sales in the second quarter of 2025. Noninterest income increased primarily due to higher deposit service charges and mortgage banking revenue, due to the change in fair value of mortgage servicing rights, net of hedging activities. Noninterest expense decreased $60 million (3.6 percent) primarily due to lower compensation and employee benefits expense and net occupancy and equipment expense.
23
| |||||
| PAYMENT SERVICES | Preliminary data | ||||||||||||||||||||||||||||
| ($ in millions) | Percent Change | ||||||||||||||||||||||||||||
| 3Q 2025 | 2Q 2025 | 3Q 2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 | YTD 2025 | YTD 2024 | Percent Change | ||||||||||||||||||||||
| Condensed Income Statement | |||||||||||||||||||||||||||||
| Net interest income (taxable-equivalent basis) | $781 | $730 | $727 | 7.0 | 7.4 | $2,253 | $2,102 | 7.2 | |||||||||||||||||||||
| Noninterest income | 1,106 | 1,116 | 1,073 | (.9) | 3.1 | 3,257 | 3,144 | 3.6 | |||||||||||||||||||||
| Total net revenue | 1,887 | 1,846 | 1,800 | 2.2 | 4.8 | 5,510 | 5,246 | 5.0 | |||||||||||||||||||||
| Noninterest expense | 1,044 | 1,004 | 990 | 4.0 | 5.5 | 3,036 | 2,956 | 2.7 | |||||||||||||||||||||
| Income before provision and taxes | 843 | 842 | 810 | .1 | 4.1 | 2,474 | 2,290 | 8.0 | |||||||||||||||||||||
| Provision for credit losses | 408 | 384 | 404 | 6.3 | 1.0 | 1,109 | 1,151 | (3.6) | |||||||||||||||||||||
| Income before income taxes | 435 | 458 | 406 | (5.0) | 7.1 | 1,365 | 1,139 | 19.8 | |||||||||||||||||||||
| Income taxes and taxable-equivalent adjustment | 109 | 115 | 102 | (5.2) | 6.9 | 342 | 285 | 20.0 | |||||||||||||||||||||
| Net income | 326 | 343 | 304 | (5.0) | 7.2 | 1,023 | 854 | 19.8 | |||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | — | — | |||||||||||||||||||||
| Net income attributable to U.S. Bancorp | $326 | $343 | $304 | (5.0) | 7.2 | $1,023 | $854 | 19.8 | |||||||||||||||||||||
| Average Balance Sheet Data | |||||||||||||||||||||||||||||
| Loans | $42,957 | $42,224 | $41,652 | 1.7 | 3.1 | $42,267 | $40,766 | 3.7 | |||||||||||||||||||||
| Other earning assets | 5 | 5 | 8 | — | (37.5) | 22 | 92 | (76.1) | |||||||||||||||||||||
| Goodwill | 3,482 | 3,425 | 3,370 | 1.7 | 3.3 | 3,433 | 3,343 | 2.7 | |||||||||||||||||||||
| Other intangible assets | 260 | 258 | 266 | .8 | (2.3) | 256 | 282 | (9.2) | |||||||||||||||||||||
| Assets | 48,424 | 47,835 | 47,195 | 1.2 | 2.6 | 47,700 | 46,704 | 2.1 | |||||||||||||||||||||
| Noninterest-bearing deposits | 2,427 | 2,511 | 2,653 | (3.3) | (8.5) | 2,539 | 2,716 | (6.5) | |||||||||||||||||||||
| Interest-bearing deposits | 95 | 95 | 95 | — | — | 95 | 96 | (1.0) | |||||||||||||||||||||
| Total deposits | 2,522 | 2,606 | 2,748 | (3.2) | (8.2) | 2,634 | 2,812 | (6.3) | |||||||||||||||||||||
| Total U.S. Bancorp shareholders' equity | 10,318 | 10,234 | 9,958 | .8 | 3.6 | 10,261 | 9,955 | 3.1 | |||||||||||||||||||||
Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services and merchant processing.
Payment Services generated $843 million of income before provision and taxes in the third quarter of 2025, compared with $810 million in the third quarter of 2024, and contributed $326 million of the Company’s net income in the third quarter of 2025. The provision for credit losses was relatively stable, increasing $4 million (1.0 percent) compared with the third quarter of 2024. Total net revenue increased $87 million (4.8 percent) in the third quarter of 2025 due to higher net interest income of $54 million (7.4 percent) and higher noninterest income of $33 million (3.1 percent). Net interest income increased primarily due to higher average loan balances and lower funding costs. Noninterest income increased primarily due to increases in card revenue and merchant processing services due to favorable sales volume in both categories. Noninterest expense increased $54 million (5.5 percent) primarily due to higher marketing and business development expense and net shared services expense.
24
| |||||
| TREASURY AND CORPORATE SUPPORT | Preliminary data | ||||||||||||||||||||||||||||
| ($ in millions) | Percent Change | ||||||||||||||||||||||||||||
| 3Q 2025 | 2Q 2025 | 3Q 2024 | 3Q25 vs 2Q25 | 3Q25 vs 3Q24 | YTD 2025 | YTD 2024 | Percent Change | ||||||||||||||||||||||
| Condensed Income Statement | |||||||||||||||||||||||||||||
| Net interest income (taxable-equivalent basis) | ($202) | ($275) | ($378) | 26.5 | 46.6 | ($622) | ($1,260) | 50.6 | |||||||||||||||||||||
| Noninterest income | 280 | 203 | 79 | 37.9 | nm | 710 | 443 | 60.3 | |||||||||||||||||||||
| Total net revenue | 78 | (72) | (299) | nm | nm | 88 | (817) | nm | |||||||||||||||||||||
| Noninterest expense | 216 | 251 | 202 | (13.9) | 6.9 | 825 | 923 | (10.6) | |||||||||||||||||||||
| Income (loss) before provision and taxes | (138) | (323) | (501) | 57.3 | 72.5 | (737) | (1,740) | 57.6 | |||||||||||||||||||||
| Provision for credit losses | (95) | (105) | 41 | 9.5 | nm | (52) | 90 | nm | |||||||||||||||||||||
| Income (loss) before income taxes | (43) | (218) | (542) | 80.3 | 92.1 | (685) | (1,830) | 62.6 | |||||||||||||||||||||
| Income taxes and taxable-equivalent adjustment | (98) | (135) | (281) | 27.4 | 65.1 | (414) | (699) | 40.8 | |||||||||||||||||||||
| Net income | 55 | (83) | (261) | nm | nm | (271) | (1,131) | 76.0 | |||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | (7) | (6) | (8) | (16.7) | 12.5 | (20) | (23) | 13.0 | |||||||||||||||||||||
| Net income (loss) attributable to U.S. Bancorp | $48 | ($89) | ($269) | nm | nm | ($291) | ($1,154) | 74.8 | |||||||||||||||||||||
| Average Balance Sheet Data | |||||||||||||||||||||||||||||
| Loans | $5,853 | $5,562 | $5,280 | 5.2 | 10.9 | $5,639 | $5,190 | 8.7 | |||||||||||||||||||||
| Other earning assets | 225,295 | 217,155 | 219,624 | 3.7 | 2.6 | 219,982 | 218,717 | .6 | |||||||||||||||||||||
| Goodwill | — | — | — | — | — | — | — | — | |||||||||||||||||||||
| Other intangible assets | 7 | 8 | 9 | (12.5) | (22.2) | 8 | 9 | (11.1) | |||||||||||||||||||||
| Assets | 259,508 | 248,372 | 248,307 | 4.5 | 4.5 | 251,806 | 244,792 | 2.9 | |||||||||||||||||||||
| Noninterest-bearing deposits | 2,492 | 2,578 | 3,238 | (3.3) | (23.0) | 2,598 | 2,600 | (.1) | |||||||||||||||||||||
| Interest-bearing deposits | 11,728 | 12,689 | 11,216 | (7.6) | 4.6 | 12,001 | 11,146 | 7.7 | |||||||||||||||||||||
| Total deposits | 14,220 | 15,267 | 14,454 | (6.9) | (1.6) | 14,599 | 13,746 | 6.2 | |||||||||||||||||||||
| Total U.S. Bancorp shareholders' equity | 16,832 | 15,286 | 12,801 | 10.1 | 31.5 | 15,424 | 10,653 | 44.8 | |||||||||||||||||||||
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, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.
Treasury and Corporate Support generated a $138 million loss before provision and taxes in the third quarter of 2025, compared with a $501 million loss before provision and taxes in the third quarter of 2024, and recorded net income of $48 million in the third quarter of 2025. The provision for credit losses decreased $136 million compared with the third quarter of 2024 primarily due to a favorable loan portfolio mix. Total net revenue increased $377 million in the third quarter of 2025 due to an increase of $176 million (46.6 percent) in net interest income and an increase of $201 million in noninterest income. Net interest income increased primarily due to lower funding costs and fixed asset repricing. The increase in noninterest income was primarily due to tax credit investment activity, capital markets revenue, and the impact of higher net securities losses in the third quarter of 2024. Noninterest expense increased $14 million (6.9 percent) compared with the third quarter of 2024 primarily due to lower compensation and employee benefits expense and marketing and business development expense, more than offset by higher other noninterest expense.
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.
25
 | |||||
Supplemental Consolidated Schedules Third Quarter 2025 | ||
| |||||
| QUARTERLY CONSOLIDATED STATEMENT OF INCOME | |||||||||||||||||
| (Dollars and Shares in Millions, Except Per Share Data) (Unaudited) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| Interest Income | |||||||||||||||||
| Loans | $5,688 | $5,548 | $5,533 | $5,674 | $5,862 | ||||||||||||
| Loans held for sale | 35 | 59 | 28 | 50 | 45 | ||||||||||||
| Investment securities | 1,392 | 1,355 | 1,308 | 1,326 | 1,316 | ||||||||||||
| Other interest income | 812 | 642 | 647 | 781 | 863 | ||||||||||||
| Total interest income | 7,927 | 7,604 | 7,516 | 7,831 | 8,086 | ||||||||||||
| Interest Expense | |||||||||||||||||
| Deposits | 2,648 | 2,541 | 2,511 | 2,772 | 3,004 | ||||||||||||
| Short-term borrowings | 328 | 291 | 249 | 257 | 284 | ||||||||||||
| Long-term debt | 729 | 721 | 664 | 656 | 663 | ||||||||||||
| Total interest expense | 3,705 | 3,553 | 3,424 | 3,685 | 3,951 | ||||||||||||
| Net interest income | 4,222 | 4,051 | 4,092 | 4,146 | 4,135 | ||||||||||||
| Provision for credit losses | 571 | 501 | 537 | 560 | 557 | ||||||||||||
| Net interest income after provision for credit losses | 3,651 | 3,550 | 3,555 | 3,586 | 3,578 | ||||||||||||
| Noninterest Income | |||||||||||||||||
| Card revenue | 440 | 442 | 398 | 433 | 426 | ||||||||||||
| Corporate payment products revenue | 195 | 192 | 189 | 191 | 203 | ||||||||||||
| Merchant processing services | 463 | 474 | 415 | 419 | 440 | ||||||||||||
| Trust and investment management fees | 730 | 703 | 680 | 703 | 667 | ||||||||||||
| Service charges | 333 | 336 | 315 | 314 | 302 | ||||||||||||
| Capital markets revenue | 434 | 390 | 382 | 364 | 397 | ||||||||||||
| Mortgage banking revenue | 180 | 162 | 173 | 116 | 155 | ||||||||||||
| Investment products fees | 97 | 90 | 87 | 87 | 84 | ||||||||||||
| Securities gains (losses), net | (7) | (57) | — | (1) | (119) | ||||||||||||
| Other | 213 | 192 | 197 | 207 | 143 | ||||||||||||
| Total noninterest income | 3,078 | 2,924 | 2,836 | 2,833 | 2,698 | ||||||||||||
| Noninterest Expense | |||||||||||||||||
| Compensation and employee benefits | 2,561 | 2,600 | 2,637 | 2,607 | 2,637 | ||||||||||||
| Net occupancy and equipment | 300 | 301 | 306 | 317 | 317 | ||||||||||||
| Professional services | 117 | 109 | 98 | 135 | 130 | ||||||||||||
| Marketing and business development | 175 | 161 | 182 | 160 | 165 | ||||||||||||
| Technology and communications | 560 | 534 | 533 | 534 | 524 | ||||||||||||
| Other intangibles | 125 | 124 | 123 | 139 | 142 | ||||||||||||
| Other | 359 | 352 | 353 | 419 | 289 | ||||||||||||
| Total noninterest expense | 4,197 | 4,181 | 4,232 | 4,311 | 4,204 | ||||||||||||
| Income before income taxes | 2,532 | 2,293 | 2,159 | 2,108 | 2,072 | ||||||||||||
| Applicable income taxes | 524 | 472 | 443 | 438 | 350 | ||||||||||||
| Net income | 2,008 | 1,821 | 1,716 | 1,670 | 1,722 | ||||||||||||
| Net (income) loss attributable to noncontrolling interests | (7) | (6) | (7) | (7) | (8) | ||||||||||||
| Net income attributable to U.S. Bancorp | $2,001 | $1,815 | $1,709 | $1,663 | $1,714 | ||||||||||||
| Net income applicable to U.S. Bancorp common shareholders | $1,893 | $1,733 | $1,603 | $1,581 | $1,601 | ||||||||||||
| Earnings per common share | $1.22 | $1.11 | $1.03 | $1.01 | $1.03 | ||||||||||||
| Diluted earnings per common share | $1.22 | $1.11 | $1.03 | $1.01 | $1.03 | ||||||||||||
| Dividends declared per common share | $.52 | $.50 | $.50 | $.50 | $.50 | ||||||||||||
| Average common shares outstanding | 1,557 | 1,559 | 1,559 | 1,560 | 1,561 | ||||||||||||
| Average diluted common shares outstanding | 1,557 | 1,559 | 1,560 | 1,560 | 1,561 | ||||||||||||
| Financial Ratios (%) | |||||||||||||||||
| Net interest margin (taxable-equivalent basis) | 2.75 | 2.66 | 2.72 | 2.71 | 2.74 | ||||||||||||
| Return on average assets | 1.17 | 1.08 | 1.04 | .98 | 1.03 | ||||||||||||
| Return on average common equity | 13.5 | 12.9 | 12.3 | 12.1 | 12.4 | ||||||||||||
| Efficiency ratio | 57.2 | 59.2 | 60.8 | 61.5 | 60.2 | ||||||||||||
2
| |||||
| CONSOLIDATED ENDING BALANCE SHEET | |||||||||||||||||
| (Dollars in Millions) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| Assets | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Cash and due from banks | $66,637 | $57,807 | $50,013 | $56,502 | $73,562 | ||||||||||||
| Investment securities | |||||||||||||||||
| Held-to-maturity | 76,931 | 77,879 | 78,008 | 78,634 | 80,025 | ||||||||||||
| Available-for-sale | 89,065 | 90,577 | 86,774 | 85,992 | 81,704 | ||||||||||||
| Loans held for sale | 2,490 | 2,288 | 1,746 | 2,573 | 3,211 | ||||||||||||
| Loans | |||||||||||||||||
| Commercial | 148,414 | 147,416 | 144,081 | 139,484 | 133,638 | ||||||||||||
| Commercial real estate | 48,244 | 48,181 | 48,334 | 48,859 | 50,619 | ||||||||||||
| Residential mortgages | 115,046 | 114,475 | 118,907 | 118,813 | 118,034 | ||||||||||||
| Credit card | 30,594 | 30,023 | 29,223 | 30,350 | 29,037 | ||||||||||||
| Other retail | 40,219 | 40,148 | 41,274 | 42,326 | 42,836 | ||||||||||||
| Total loans | 382,517 | 380,243 | 381,819 | 379,832 | 374,164 | ||||||||||||
| Less allowance for loan losses | (7,557) | (7,537) | (7,584) | (7,583) | (7,560) | ||||||||||||
| Net loans | 374,960 | 372,706 | 374,235 | 372,249 | 366,604 | ||||||||||||
| Premises and equipment | 3,695 | 3,625 | 3,582 | 3,565 | 3,585 | ||||||||||||
| Goodwill | 12,634 | 12,637 | 12,555 | 12,536 | 12,573 | ||||||||||||
| Other intangible assets | 5,152 | 5,285 | 5,381 | 5,547 | 5,488 | ||||||||||||
| Other assets | 63,793 | 63,566 | 64,195 | 60,720 | 59,717 | ||||||||||||
| Total assets | $695,357 | $686,370 | $676,489 | $678,318 | $686,469 | ||||||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||
| Deposits | |||||||||||||||||
| Noninterest-bearing | $91,550 | $86,972 | $84,086 | $84,158 | $86,838 | ||||||||||||
| Interest-bearing | 434,599 | 431,745 | 428,439 | 434,151 | 434,293 | ||||||||||||
| Total deposits | 526,149 | 518,717 | 512,525 | 518,309 | 521,131 | ||||||||||||
| Short-term borrowings | 15,449 | 15,039 | 17,158 | 15,518 | 23,708 | ||||||||||||
| Long-term debt | 62,535 | 64,013 | 59,859 | 58,002 | 54,839 | ||||||||||||
| Other liabilities | 27,426 | 26,705 | 26,389 | 27,449 | 27,470 | ||||||||||||
| Total liabilities | 631,559 | 624,474 | 615,931 | 619,278 | 627,148 | ||||||||||||
| Shareholders' equity | |||||||||||||||||
| Preferred stock | 6,808 | 6,808 | 6,808 | 6,808 | 6,808 | ||||||||||||
| Common stock | 21 | 21 | 21 | 21 | 21 | ||||||||||||
| Capital surplus | 8,745 | 8,706 | 8,678 | 8,715 | 8,729 | ||||||||||||
| Retained earnings | 79,742 | 78,652 | 77,691 | 76,863 | 76,057 | ||||||||||||
| Less treasury stock | (24,228) | (24,140) | (24,060) | (24,065) | (24,010) | ||||||||||||
| Accumulated other comprehensive income (loss) | (7,748) | (8,609) | (9,042) | (9,764) | (8,746) | ||||||||||||
| Total U.S. Bancorp shareholders' equity | 63,340 | 61,438 | 60,096 | 58,578 | 58,859 | ||||||||||||
| Noncontrolling interests | 458 | 458 | 462 | 462 | 462 | ||||||||||||
| Total equity | 63,798 | 61,896 | 60,558 | 59,040 | 59,321 | ||||||||||||
| Total liabilities and equity | $695,357 | $686,370 | $676,489 | $678,318 | $686,469 | ||||||||||||
3
| |||||
| CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET | |||||||||||||||||
| (Dollars in Millions, Unaudited) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| Assets | |||||||||||||||||
| Investment securities | $173,423 | $172,841 | $171,178 | $171,325 | $166,899 | ||||||||||||
| Loans held for sale | 2,253 | 4,843 | 1,823 | 3,009 | 2,757 | ||||||||||||
| Loans | |||||||||||||||||
| Commercial | |||||||||||||||||
| Commercial | 141,542 | 139,606 | 135,931 | 131,180 | 128,979 | ||||||||||||
| Lease financing | 4,250 | 4,211 | 4,199 | 4,204 | 4,159 | ||||||||||||
| Total commercial | 145,792 | 143,817 | 140,130 | 135,384 | 133,138 | ||||||||||||
| Commercial real estate | |||||||||||||||||
| Commercial mortgages | 38,384 | 38,194 | 38,624 | 39,308 | 40,343 | ||||||||||||
| Construction and development | 9,862 | 10,272 | 10,266 | 10,563 | 11,111 | ||||||||||||
| Total commercial real estate | 48,246 | 48,466 | 48,890 | 49,871 | 51,454 | ||||||||||||
| Residential mortgages | 114,780 | 115,616 | 118,844 | 118,406 | 117,559 | ||||||||||||
| Credit card | 30,241 | 29,588 | 29,404 | 29,438 | 28,994 | ||||||||||||
| Other retail | |||||||||||||||||
| Retail leasing | 3,718 | 3,869 | 3,990 | 4,035 | 4,088 | ||||||||||||
| Home equity and second mortgages | 13,790 | 13,678 | 13,542 | 13,446 | 13,239 | ||||||||||||
| Other | 22,585 | 23,495 | 24,228 | 25,075 | 25,598 | ||||||||||||
| Total other retail | 40,093 | 41,042 | 41,760 | 42,556 | 42,925 | ||||||||||||
| Total loans | 379,152 | 378,529 | 379,028 | 375,655 | 374,070 | ||||||||||||
| Interest-bearing deposits with banks | 47,822 | 41,550 | 43,735 | 50,368 | 50,547 | ||||||||||||
| Other earning assets | 14,867 | 15,579 | 14,466 | 13,911 | 12,907 | ||||||||||||
| Total earning assets | 617,517 | 613,342 | 610,230 | 614,268 | 607,180 | ||||||||||||
| Allowance for loan losses | (7,565) | (7,605) | (7,589) | (7,599) | (7,576) | ||||||||||||
| Unrealized gain (loss) on investment securities | (5,756) | (6,602) | (6,473) | (6,416) | (6,291) | ||||||||||||
| Other assets | 75,409 | 74,206 | 73,225 | 71,654 | 71,327 | ||||||||||||
| Total assets | $679,605 | $673,341 | $669,393 | $671,907 | $664,640 | ||||||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||
| Noninterest-bearing deposits | $79,890 | $79,117 | $79,696 | $82,909 | $80,939 | ||||||||||||
| Interest-bearing deposits | |||||||||||||||||
| Interest checking | 131,281 | 131,599 | 125,651 | 125,111 | 125,631 | ||||||||||||
| Money market savings | 181,063 | 177,087 | 195,442 | 206,557 | 206,546 | ||||||||||||
| Savings accounts | 62,599 | 58,171 | 50,271 | 41,200 | 36,814 | ||||||||||||
| Time deposits | 56,949 | 56,916 | 55,474 | 56,536 | 58,827 | ||||||||||||
| Total interest-bearing deposits | 431,892 | 423,773 | 426,838 | 429,404 | 427,818 | ||||||||||||
| Short-term borrowings | 15,698 | 22,791 | 18,841 | 17,607 | 17,723 | ||||||||||||
| Long-term debt | 63,329 | 62,354 | 58,344 | 57,428 | 54,841 | ||||||||||||
| Total interest-bearing liabilities | 510,919 | 508,918 | 504,023 | 504,439 | 500,382 | ||||||||||||
| Other liabilities | 25,695 | 23,950 | 25,603 | 25,287 | 24,575 | ||||||||||||
| Shareholders' equity | |||||||||||||||||
| Preferred equity | 6,808 | 6,808 | 6,808 | 6,808 | 6,808 | ||||||||||||
| Common equity | 55,835 | 54,091 | 52,803 | 52,004 | 51,475 | ||||||||||||
| Total U.S. Bancorp shareholders' equity | 62,643 | 60,899 | 59,611 | 58,812 | 58,283 | ||||||||||||
| Noncontrolling interests | 458 | 457 | 460 | 460 | 461 | ||||||||||||
| Total equity | 63,101 | 61,356 | 60,071 | 59,272 | 58,744 | ||||||||||||
| Total liabilities and equity | $679,605 | $673,341 | $669,393 | $671,907 | $664,640 | ||||||||||||
4
| |||||
| CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a) | ||||||||||||||||||||||||||
| For the Three Months Ended September 30, | ||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||
| (Dollars in Millions) (Unaudited) | Average Balances | Interest | Yields and Rates | Average Balances | Interest | Yields and Rates | % Change Average Balances | |||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| Investment securities (b) | $173,423 | $1,412 | 3.26 | % | $166,899 | $1,335 | 3.20 | % | 3.9 | % | ||||||||||||||||
| Loans held for sale | 2,253 | 35 | 6.39 | 2,757 | 45 | 6.44 | (18.3) | |||||||||||||||||||
| Loans (c) | ||||||||||||||||||||||||||
| Commercial | 145,792 | 2,139 | 5.82 | 133,138 | 2,217 | 6.63 | 9.5 | |||||||||||||||||||
| Commercial real estate | 48,246 | 741 | 6.10 | 51,454 | 841 | 6.50 | (6.2) | |||||||||||||||||||
| Residential mortgages | 114,780 | 1,162 | 4.05 | 117,559 | 1,160 | 3.95 | (2.4) | |||||||||||||||||||
| Credit card | 30,241 | 1,017 | 13.34 | 28,994 | 987 | 13.54 | 4.3 | |||||||||||||||||||
| Other retail | 40,093 | 638 | 6.31 | 42,925 | 669 | 6.20 | (6.6) | |||||||||||||||||||
| Total loans | 379,152 | 5,697 | 5.97 | 374,070 | 5,874 | 6.25 | 1.4 | |||||||||||||||||||
| Interest-bearing deposits with banks | 47,822 | 517 | 4.29 | 50,547 | 694 | 5.46 | (5.4) | |||||||||||||||||||
| Other earning assets (d) | 14,867 | 295 | 7.87 | 12,907 | 169 | 5.19 | 15.2 | |||||||||||||||||||
| Total earning assets (d) | 617,517 | 7,956 | 5.13 | 607,180 | 8,117 | 5.33 | 1.7 | |||||||||||||||||||
| Allowance for loan losses | (7,565) | (7,576) | .1 | |||||||||||||||||||||||
| Unrealized gain (loss) on investment securities | (5,756) | (6,291) | 8.5 | |||||||||||||||||||||||
| Other assets | 75,409 | 71,327 | 5.7 | |||||||||||||||||||||||
| Total assets | $679,605 | $664,640 | 2.3 | |||||||||||||||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||
| Noninterest-bearing deposits | $79,890 | $80,939 | (1.3) | % | ||||||||||||||||||||||
| Interest-bearing deposits | ||||||||||||||||||||||||||
| Interest checking | 131,281 | 430 | 1.30 | 125,631 | 399 | 1.26 | 4.5 | |||||||||||||||||||
| Money market savings | 181,063 | 1,403 | 3.07 | 206,546 | 1,930 | 3.72 | (12.3) | |||||||||||||||||||
| Savings accounts | 62,599 | 289 | 1.83 | 36,814 | 28 | .30 | 70.0 | |||||||||||||||||||
| Time deposits | 56,949 | 526 | 3.67 | 58,827 | 647 | 4.37 | (3.2) | |||||||||||||||||||
| Total interest-bearing deposits | 431,892 | 2,648 | 2.43 | 427,818 | 3,004 | 2.79 | 1.0 | |||||||||||||||||||
| Short-term borrowings (d) | 15,698 | 328 | 8.28 | 17,723 | 284 | 6.38 | (11.4) | |||||||||||||||||||
| Long-term debt | 63,329 | 729 | 4.57 | 54,841 | 663 | 4.81 | 15.5 | |||||||||||||||||||
| Total interest-bearing liabilities (d) | 510,919 | 3,705 | 2.88 | 500,382 | 3,951 | 3.14 | 2.1 | |||||||||||||||||||
| Other liabilities | 25,695 | 24,575 | 4.6 | |||||||||||||||||||||||
| Shareholders' equity | ||||||||||||||||||||||||||
| Preferred equity | 6,808 | 6,808 | — | |||||||||||||||||||||||
| Common equity | 55,835 | 51,475 | 8.5 | |||||||||||||||||||||||
| Total U.S. Bancorp shareholders' equity | 62,643 | 58,283 | 7.5 | |||||||||||||||||||||||
| Noncontrolling interests | 458 | 461 | (.7) | |||||||||||||||||||||||
| Total equity | 63,101 | 58,744 | 7.4 | |||||||||||||||||||||||
| Total liabilities and equity | $679,605 | $664,640 | 2.3 | |||||||||||||||||||||||
| Net interest income | $4,251 | $4,166 | ||||||||||||||||||||||||
| Gross interest margin | 2.25 | % | 2.19 | % | ||||||||||||||||||||||
| Gross interest margin without taxable-equivalent increments | 2.23 | 2.17 | ||||||||||||||||||||||||
| Percent of Earning Assets | ||||||||||||||||||||||||||
| Interest income | 5.13 | % | 5.33 | % | ||||||||||||||||||||||
| Interest expense | 2.38 | 2.59 | ||||||||||||||||||||||||
| Net interest margin | 2.75 | % | 2.74 | % | ||||||||||||||||||||||
| Net interest margin without taxable-equivalent increments | 2.73 | % | 2.72 | % | ||||||||||||||||||||||
(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)Average balances for the three months ended September 30, 2025, reflect the impact of balance sheet netting of certain repurchase/reverse repurchase transactions under enforceable netting agreements, exclusive of the related interest income and expense. Reflecting the impact of netting the related interest income and expense for these arrangements, the average yields earned on other earning assets and total earning assets were 4.53% and 5.03%, respectively, and average rates paid on short-term borrowings and total interest-bearing liabilities were 5.12% and 2.78%, 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, 2025 | June 30, 2025 | |||||||||||||||||||||||||
| (Dollars in Millions) (Unaudited) | Average Balances | Interest | Yields and Rates | Average Balances | Interest | Yields and Rates | % Change Average Balances | |||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| Investment securities (b) | $173,423 | $1,412 | 3.26 | % | $172,841 | $1,373 | 3.18 | % | .3 | % | ||||||||||||||||
| Loans held for sale | 2,253 | 35 | 6.39 | 4,843 | 59 | 4.85 | (53.5) | |||||||||||||||||||
| Loans (c) | ||||||||||||||||||||||||||
| Commercial | 145,792 | 2,139 | 5.82 | 143,817 | 2,083 | 5.81 | 1.4 | |||||||||||||||||||
| Commercial real estate | 48,246 | 741 | 6.10 | 48,466 | 723 | 5.98 | (.5) | |||||||||||||||||||
| Residential mortgages | 114,780 | 1,162 | 4.05 | 115,616 | 1,160 | 4.01 | (.7) | |||||||||||||||||||
| Credit card | 30,241 | 1,017 | 13.34 | 29,588 | 956 | 12.96 | 2.2 | |||||||||||||||||||
| Other retail | 40,093 | 638 | 6.31 | 41,042 | 637 | 6.22 | (2.3) | |||||||||||||||||||
| Total loans | 379,152 | 5,697 | 5.97 | 378,529 | 5,559 | 5.89 | .2 | |||||||||||||||||||
| Interest-bearing deposits with banks | 47,822 | 517 | 4.29 | 41,550 | 451 | 4.36 | 15.1 | |||||||||||||||||||
| Other earning assets (d) | 14,867 | 295 | 7.87 | 15,579 | 191 | 4.94 | (4.6) | |||||||||||||||||||
| Total earning assets (d) | 617,517 | 7,956 | 5.13 | 613,342 | 7,633 | 4.99 | .7 | |||||||||||||||||||
| Allowance for loan losses | (7,565) | (7,605) | .5 | |||||||||||||||||||||||
| Unrealized gain (loss) on investment securities | (5,756) | (6,602) | 12.8 | |||||||||||||||||||||||
| Other assets | 75,409 | 74,206 | 1.6 | |||||||||||||||||||||||
| Total assets | $679,605 | $673,341 | .9 | |||||||||||||||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||
| Noninterest-bearing deposits | $79,890 | $79,117 | 1.0 | % | ||||||||||||||||||||||
| Interest-bearing deposits | ||||||||||||||||||||||||||
| Interest checking | 131,281 | 430 | 1.30 | 131,599 | 415 | 1.26 | (.2) | |||||||||||||||||||
| Money market savings | 181,063 | 1,403 | 3.07 | 177,087 | 1,347 | 3.05 | 2.2 | |||||||||||||||||||
| Savings accounts | 62,599 | 289 | 1.83 | 58,171 | 252 | 1.74 | 7.6 | |||||||||||||||||||
| Time deposits | 56,949 | 526 | 3.67 | 56,916 | 527 | 3.71 | .1 | |||||||||||||||||||
| Total interest-bearing deposits | 431,892 | 2,648 | 2.43 | 423,773 | 2,541 | 2.41 | 1.9 | |||||||||||||||||||
| Short-term borrowings (d) | 15,698 | 328 | 8.28 | 22,791 | 291 | 5.12 | (31.1) | |||||||||||||||||||
| Long-term debt | 63,329 | 729 | 4.57 | 62,354 | 721 | 4.64 | 1.6 | |||||||||||||||||||
| Total interest-bearing liabilities (d) | 510,919 | 3,705 | 2.88 | 508,918 | 3,553 | 2.80 | .4 | |||||||||||||||||||
| Other liabilities | 25,695 | 23,950 | 7.3 | |||||||||||||||||||||||
| Shareholders' equity | ||||||||||||||||||||||||||
| Preferred equity | 6,808 | 6,808 | — | |||||||||||||||||||||||
| Common equity | 55,835 | 54,091 | 3.2 | |||||||||||||||||||||||
| Total U.S. Bancorp shareholders' equity | 62,643 | 60,899 | 2.9 | |||||||||||||||||||||||
| Noncontrolling interests | 458 | 457 | .2 | |||||||||||||||||||||||
| Total equity | 63,101 | 61,356 | 2.8 | |||||||||||||||||||||||
| Total liabilities and equity | $679,605 | $673,341 | .9 | |||||||||||||||||||||||
| Net interest income | $4,251 | $4,080 | ||||||||||||||||||||||||
| Gross interest margin | 2.25 | % | 2.19 | % | ||||||||||||||||||||||
| Gross interest margin without taxable-equivalent increments | 2.23 | 2.17 | ||||||||||||||||||||||||
| Percent of Earning Assets | ||||||||||||||||||||||||||
| Interest income | 5.13 | % | 4.99 | % | ||||||||||||||||||||||
| Interest expense | 2.38 | 2.33 | ||||||||||||||||||||||||
| Net interest margin | 2.75 | % | 2.66 | % | ||||||||||||||||||||||
| Net interest margin without taxable-equivalent increments | 2.73 | % | 2.64 | % | ||||||||||||||||||||||
(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent. (b)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments. (c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances. (d)Average balances for the three months ended September 30, 2025, reflect the impact of balance sheet netting of certain repurchase/reverse repurchase transactions under enforceable netting agreements, exclusive of the related interest income and expense. Reflecting the impact of netting the related interest income and expense for these arrangements, the average yields earned on other earning assets and total earning assets were 4.53% and 5.03%, respectively, and average rates paid on short-term borrowings and total interest-bearing liabilities were 5.12% and 2.78%, respectively, for the three months ended September 30, 2025. | ||||||||||||||||||||||||||
6
| |||||
| CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a) | ||||||||||||||||||||||||||
| For the Nine Months Ended September 30, | ||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||
| (Dollars in Millions) (Unaudited) | Average Balances | Interest | Yields and Rates | Average Balances | Interest | Yields and Rates | % Change Average Balances | |||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| Investment securities (b) | $172,489 | $4,113 | 3.18 | % | $165,059 | $3,843 | 3.10 | % | 4.5 | % | ||||||||||||||||
| Loans held for sale | 2,975 | 122 | 5.49 | 2,381 | 123 | 6.86 | 24.9 | |||||||||||||||||||
| Loans (c) | ||||||||||||||||||||||||||
| Commercial | 143,267 | 6,262 | 5.84 | 132,749 | 6,606 | 6.65 | 7.9 | |||||||||||||||||||
| Commercial real estate | 48,532 | 2,189 | 6.03 | 52,257 | 2,542 | 6.50 | (7.1) | |||||||||||||||||||
| Residential mortgages | 116,398 | 3,511 | 4.02 | 116,563 | 3,408 | 3.90 | (.1) | |||||||||||||||||||
| Credit card | 29,747 | 2,929 | 13.16 | 28,430 | 2,852 | 13.40 | 4.6 | |||||||||||||||||||
| Other retail | 40,959 | 1,908 | 6.23 | 43,279 | 1,961 | 6.05 | (5.4) | |||||||||||||||||||
| Total loans | 378,903 | 16,799 | 5.92 | 373,278 | 17,369 | 6.21 | 1.5 | |||||||||||||||||||
| Interest-bearing deposits with banks | 44,384 | 1,449 | 4.36 | 51,499 | 2,134 | 5.53 | (13.8) | |||||||||||||||||||
| Other earning assets (d) | 14,972 | 652 | 5.82 | 11,863 | 458 | 5.16 | 26.2 | |||||||||||||||||||
| Total earning assets (d) | 613,723 | 23,135 | 5.04 | 604,080 | 23,927 | 5.29 | 1.6 | |||||||||||||||||||
| Allowance for loan losses | (7,586) | (7,521) | (.9) | |||||||||||||||||||||||
| Unrealized gain (loss) on investment securities | (6,275) | (6,956) | 9.8 | |||||||||||||||||||||||
| Other assets | 74,288 | 71,760 | 3.5 | |||||||||||||||||||||||
| Total assets | $674,150 | $661,363 | 1.9 | |||||||||||||||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||
| Noninterest-bearing deposits | $79,568 | $83,040 | (4.2) | % | ||||||||||||||||||||||
| Interest-bearing deposits | ||||||||||||||||||||||||||
| Interest checking | 129,531 | 1,187 | 1.23 | 125,451 | 1,147 | 1.22 | 3.3 | |||||||||||||||||||
| Money market savings | 184,478 | 4,233 | 3.07 | 203,821 | 5,837 | 3.83 | (9.5) | |||||||||||||||||||
| Savings accounts | 57,059 | 711 | 1.67 | 39,097 | 80 | .27 | 45.9 | |||||||||||||||||||
| Time deposits | 56,451 | 1,569 | 3.72 | 57,167 | 1,852 | 4.33 | (1.3) | |||||||||||||||||||
| Total interest-bearing deposits | 427,519 | 7,700 | 2.41 | 425,536 | 8,916 | 2.80 | .5 | |||||||||||||||||||
| Short-term borrowings (d) | 19,099 | 868 | 6.07 | 17,064 | 852 | 6.67 | 11.9 | |||||||||||||||||||
| Long-term debt | 61,360 | 2,114 | 4.61 | 53,482 | 1,926 | 4.81 | 14.7 | |||||||||||||||||||
| Total interest-bearing liabilities (d) | 507,978 | 10,682 | 2.81 | 496,082 | 11,694 | 3.15 | 2.4 | |||||||||||||||||||
| Other liabilities | 25,083 | 25,112 | (.1) | |||||||||||||||||||||||
| Shareholders' equity | ||||||||||||||||||||||||||
| Preferred equity | 6,808 | 6,808 | — | |||||||||||||||||||||||
| Common equity | 54,254 | 49,858 | 8.8 | |||||||||||||||||||||||
| Total U.S. Bancorp shareholders' equity | 61,062 | 56,666 | 7.8 | |||||||||||||||||||||||
| Noncontrolling interests | 459 | 463 | (.9) | |||||||||||||||||||||||
| Total equity | 61,521 | 57,129 | 7.7 | |||||||||||||||||||||||
| Total liabilities and equity | $674,150 | $661,363 | 1.9 | |||||||||||||||||||||||
| Net interest income | $12,453 | $12,233 | ||||||||||||||||||||||||
| Gross interest margin | 2.23 | % | 2.14 | % | ||||||||||||||||||||||
| Gross interest margin without taxable-equivalent increments | 2.21 | 2.12 | ||||||||||||||||||||||||
| Percent of Earning Assets | ||||||||||||||||||||||||||
| Interest income | 5.04 | % | 5.29 | % | ||||||||||||||||||||||
| Interest expense | 2.33 | 2.59 | ||||||||||||||||||||||||
| Net interest margin | 2.71 | % | 2.70 | % | ||||||||||||||||||||||
| Net interest margin without taxable-equivalent increments | 2.69 | % | 2.68 | % | ||||||||||||||||||||||
(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)Average balances for the nine months ended September 30, 2025, reflect the impact of balance sheet netting of certain repurchase/reverse repurchase transactions under enforceable netting agreements, exclusive of the related interest income and expense. Reflecting the impact of netting the related interest income and expense for these arrangements, the average yields earned on other earning assets and total earning assets were 4.71% and 5.01%, respectively, and average rates paid on short-term borrowings and total interest-bearing liabilities were 5.20% and 2.78%, respectively, for the nine months ended September 30, 2025. | ||||||||||||||||||||||||||
7
| |||||
| LOAN PORTFOLIO | ||||||||||||||||||||||||||||||||
| September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||||||||||||||||||
| (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 | $144,106 | 37.7 | $143,135 | 37.7 | $139,840 | 36.6 | $135,254 | 35.6 | $129,434 | 34.6 | ||||||||||||||||||||||
| Lease financing | 4,308 | 1.1 | 4,281 | 1.1 | 4,241 | 1.1 | 4,230 | 1.1 | 4,204 | 1.1 | ||||||||||||||||||||||
| Total commercial | 148,414 | 38.8 | 147,416 | 38.8 | 144,081 | 37.7 | 139,484 | 36.7 | 133,638 | 35.7 | ||||||||||||||||||||||
| Commercial real estate | ||||||||||||||||||||||||||||||||
| Commercial mortgages | 38,316 | 10.0 | 38,144 | 10.0 | 38,064 | 10.0 | 38,619 | 10.2 | 39,602 | 10.6 | ||||||||||||||||||||||
| Construction and | ||||||||||||||||||||||||||||||||
| development | 9,928 | 2.6 | 10,037 | 2.7 | 10,270 | 2.7 | 10,240 | 2.7 | 11,017 | 2.9 | ||||||||||||||||||||||
| Total commercial | ||||||||||||||||||||||||||||||||
| real estate | 48,244 | 12.6 | 48,181 | 12.7 | 48,334 | 12.7 | 48,859 | 12.9 | 50,619 | 13.5 | ||||||||||||||||||||||
| Residential mortgages | ||||||||||||||||||||||||||||||||
| Residential mortgages | 109,730 | 28.7 | 108,913 | 28.6 | 113,112 | 29.6 | 112,806 | 29.7 | 111,790 | 29.9 | ||||||||||||||||||||||
| Home equity loans, first | ||||||||||||||||||||||||||||||||
| liens | 5,316 | 1.4 | 5,562 | 1.5 | 5,795 | 1.5 | 6,007 | 1.6 | 6,244 | 1.6 | ||||||||||||||||||||||
| Total residential | ||||||||||||||||||||||||||||||||
| mortgages | 115,046 | 30.1 | 114,475 | 30.1 | 118,907 | 31.1 | 118,813 | 31.3 | 118,034 | 31.5 | ||||||||||||||||||||||
| Credit card | 30,594 | 8.0 | 30,023 | 7.9 | 29,223 | 7.7 | 30,350 | 8.0 | 29,037 | 7.8 | ||||||||||||||||||||||
| Other retail | ||||||||||||||||||||||||||||||||
| Retail leasing | 3,627 | 1.0 | 3,816 | 1.0 | 3,928 | 1.0 | 4,040 | 1.0 | 4,038 | 1.1 | ||||||||||||||||||||||
| Home equity and second | ||||||||||||||||||||||||||||||||
| mortgages | 13,858 | 3.6 | 13,761 | 3.6 | 13,540 | 3.6 | 13,565 | 3.6 | 13,364 | 3.6 | ||||||||||||||||||||||
| Revolving credit | 4,274 | 1.1 | 4,062 | 1.1 | 3,791 | 1.0 | 3,747 | 1.0 | 3,644 | 1.0 | ||||||||||||||||||||||
| Installment | 14,592 | 3.8 | 14,220 | 3.7 | 14,190 | 3.7 | 14,373 | 3.8 | 14,482 | 3.9 | ||||||||||||||||||||||
| Automobile | 3,868 | 1.0 | 4,289 | 1.1 | 5,825 | 1.5 | 6,601 | 1.7 | 7,308 | 1.9 | ||||||||||||||||||||||
| Total other retail | 40,219 | 10.5 | 40,148 | 10.5 | 41,274 | 10.8 | 42,326 | 11.1 | 42,836 | 11.5 | ||||||||||||||||||||||
| Total loans | $382,517 | 100.0 | $380,243 | 100.0 | $381,819 | 100.0 | $379,832 | 100.0 | $374,164 | 100.0 | ||||||||||||||||||||||
8
| |||||
Supplemental Business Segment Schedules Third Quarter 2025 | ||
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, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| INCOME STATEMENT | |||||||||||||||||
| Net Interest Income (taxable-equivalent basis) | $1,823 | $1,783 | $1,757 | $1,935 | $1,889 | ||||||||||||
| Noninterest Income | |||||||||||||||||
| Card revenue | — | — | — | — | — | ||||||||||||
| Corporate payment products revenue | — | — | — | — | — | ||||||||||||
| Merchant processing services | — | — | — | — | — | ||||||||||||
| Trust and investment management fees | 729 | 702 | 679 | 702 | 666 | ||||||||||||
| Service charges | 149 | 159 | 148 | 140 | 134 | ||||||||||||
| Capital markets revenue | 219 | 190 | 189 | 162 | 205 | ||||||||||||
| Mortgage banking revenue | — | — | — | — | — | ||||||||||||
| Investment products fees | 97 | 90 | 87 | 87 | 84 | ||||||||||||
| Securities gains (losses), net | — | — | — | — | — | ||||||||||||
| Other | 62 | 57 | 63 | 60 | 56 | ||||||||||||
| Total noninterest income | 1,256 | 1,198 | 1,166 | 1,151 | 1,145 | ||||||||||||
| Total net revenue | 3,079 | 2,981 | 2,923 | 3,086 | 3,034 | ||||||||||||
| Noninterest Expense | |||||||||||||||||
| Compensation and employee benefits | 530 | 535 | 522 | 498 | 531 | ||||||||||||
| Other intangibles | 46 | 46 | 46 | 50 | 52 | ||||||||||||
| Net shared services | 522 | 532 | 525 | 531 | 536 | ||||||||||||
| Other direct expenses | 235 | 235 | 241 | 242 | 229 | ||||||||||||
| Total noninterest expense | 1,333 | 1,348 | 1,334 | 1,321 | 1,348 | ||||||||||||
| Income before provision and income taxes | 1,746 | 1,633 | 1,589 | 1,765 | 1,686 | ||||||||||||
| Provision for Credit Losses | 197 | 183 | 10 | 50 | 94 | ||||||||||||
| Income before income taxes | 1,549 | 1,450 | 1,579 | 1,715 | 1,592 | ||||||||||||
| Income taxes and taxable-equivalent adjustment | 387 | 363 | 395 | 429 | 398 | ||||||||||||
| Net income | 1,162 | 1,087 | 1,184 | 1,286 | 1,194 | ||||||||||||
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | ||||||||||||
| Net income attributable to U.S. Bancorp | $1,162 | $1,087 | $1,184 | $1,286 | $1,194 | ||||||||||||
| FINANCIAL RATIOS | |||||||||||||||||
| Return on average assets | 2.17 | % | 2.06 | % | 2.30 | % | 2.52 | % | 2.37 | % | |||||||
| Net interest margin (taxable-equivalent basis) | 3.71 | 3.69 | 3.75 | 4.17 | 4.11 | ||||||||||||
| Efficiency ratio | 43.3 | 45.2 | 45.6 | 42.8 | 44.4 | ||||||||||||
10
| WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING | Preliminary data | ||||||||||||||||
| Three Months Ended | |||||||||||||||||
| (Dollars in Millions) (Unaudited) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| AVERAGE BALANCE SHEET | |||||||||||||||||
| Loans | |||||||||||||||||
| Commercial | $125,669 | $123,865 | $121,193 | $115,926 | $113,813 | ||||||||||||
| Commercial real estate | 33,754 | 34,060 | 34,609 | 35,594 | 36,907 | ||||||||||||
| Residential mortgages | 19,056 | 17,559 | 16,593 | 16,148 | 15,741 | ||||||||||||
| Credit card | — | — | — | — | — | ||||||||||||
| Other retail | 5,963 | 5,784 | 5,621 | 5,542 | 5,437 | ||||||||||||
| Total loans | 184,442 | 181,268 | 178,016 | 173,210 | 171,898 | ||||||||||||
| Other Earning Assets | 10,734 | 12,778 | 11,957 | 11,399 | 10,740 | ||||||||||||
| Total earning assets | 195,176 | 194,046 | 189,973 | 184,609 | 182,638 | ||||||||||||
| Non-earning Assets | |||||||||||||||||
| Goodwill | 4,826 | 4,826 | 4,824 | 4,824 | 4,825 | ||||||||||||
| Other intangible assets | 772 | 817 | 863 | 903 | 955 | ||||||||||||
| Other non-earning assets | 12,150 | 12,456 | 13,007 | 12,463 | 11,849 | ||||||||||||
| Total non-earning assets | 17,748 | 18,099 | 18,694 | 18,190 | 17,629 | ||||||||||||
| Total assets | 212,924 | 212,145 | 208,667 | 202,799 | 200,267 | ||||||||||||
| Deposits | |||||||||||||||||
| Noninterest-bearing deposits | 55,329 | 54,409 | 55,158 | 56,995 | 54,375 | ||||||||||||
| Interest checking | 59,107 | 58,753 | 53,207 | 53,114 | 53,817 | ||||||||||||
| Savings products | 149,418 | 141,605 | 152,267 | 154,784 | 151,081 | ||||||||||||
| Time deposits | 9,223 | 9,880 | 10,820 | 11,493 | 12,282 | ||||||||||||
| Total deposits | 273,077 | 264,647 | 271,452 | 276,386 | 271,555 | ||||||||||||
| Other Interest-bearing Liabilities | 14,219 | 16,270 | 16,059 | 15,699 | 15,886 | ||||||||||||
| Other Noninterest-bearing Liabilities | 8,091 | 8,179 | 8,903 | 8,764 | 8,526 | ||||||||||||
| Total liabilities | 295,387 | 289,096 | 296,414 | 300,849 | 295,967 | ||||||||||||
| Total U.S. Bancorp Shareholders' Equity | 22,130 | 21,823 | 21,551 | 21,238 | 21,280 | ||||||||||||
| Noncontrolling Interests | — | — | — | — | — | ||||||||||||
| Total Equity | 22,130 | 21,823 | 21,551 | 21,238 | 21,280 | ||||||||||||
| NET INTEREST SPREADS (%) | |||||||||||||||||
| Total earning assets | 1.36 | 1.08 | 1.13 | 1.16 | 1.12 | ||||||||||||
| Total assets | .91 | .65 | .67 | .66 | .60 | ||||||||||||
| Total deposits | 2.47 | 2.53 | 2.51 | 2.69 | 2.99 | ||||||||||||
| Total liabilities | 2.28 | 2.48 | 2.48 | 2.67 | 2.95 | ||||||||||||
| CREDIT QUALITY | |||||||||||||||||
| Net Charge-offs | |||||||||||||||||
| Commercial | $15 | $48 | $66 | $73 | $73 | ||||||||||||
| Commercial real estate | 105 | 58 | (5) | 46 | 67 | ||||||||||||
| Residential mortgages | — | — | — | — | — | ||||||||||||
| Credit card | — | — | — | — | — | ||||||||||||
| Other retail | (1) | — | — | — | — | ||||||||||||
| Total net charge-offs | $119 | $106 | $61 | $119 | $140 | ||||||||||||
| Net Charge-off Ratios | |||||||||||||||||
| Commercial | .05 | % | .16 | % | .22 | % | .25 | % | .26 | % | |||||||
| Commercial real estate | 1.23 | .68 | (.06) | .51 | .72 | ||||||||||||
| Residential mortgages | — | — | — | — | — | ||||||||||||
| Credit card | — | — | — | — | — | ||||||||||||
| Other retail | (.07) | — | — | — | — | ||||||||||||
| Total net charge-offs | .26 | % | .23 | % | .14 | % | .27 | % | .32 | % | |||||||
| September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||||||||||
| Nonperforming Assets | |||||||||||||||||
| Nonperforming loans | $1,208 | $1,240 | $1,273 | $1,384 | $1,359 | ||||||||||||
| Other nonperforming assets | 1 | 1 | — | — | — | ||||||||||||
| Total nonperforming assets | $1,209 | $1,241 | $1,273 | $1,384 | $1,359 | ||||||||||||
11
| WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING | Preliminary data | ||||||||||||||||
| Three Months Ended | |||||||||||||||||
| (Dollars in Millions) (Unaudited) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| OTHER INFORMATION | |||||||||||||||||
| Average Loan Balances | |||||||||||||||||
| Commercial real estate division | $44,052 | $43,986 | $43,703 | $44,402 | $45,878 | ||||||||||||
| Wealth management | 32,246 | 30,513 | 29,185 | 28,727 | 28,112 | ||||||||||||
| Institutional client group | 92,015 | 91,475 | 90,572 | 85,407 | 83,481 | ||||||||||||
| Other | 16,129 | 15,294 | 14,556 | 14,674 | 14,427 | ||||||||||||
| Total | $184,442 | $181,268 | $178,016 | $173,210 | $171,898 | ||||||||||||
| Average Deposit Balances | |||||||||||||||||
| Commercial real estate division | $15,988 | $15,507 | $15,533 | $16,954 | $16,193 | ||||||||||||
| Wealth management | 46,192 | 45,275 | 45,267 | 44,241 | 43,257 | ||||||||||||
| Institutional client group | 137,010 | 133,557 | 134,918 | 134,306 | 131,512 | ||||||||||||
| Global corporate trust | 56,939 | 54,385 | 59,345 | 66,420 | 66,609 | ||||||||||||
| Other | 16,948 | 15,923 | 16,389 | 14,465 | 13,984 | ||||||||||||
| Total | $273,077 | $264,647 | $271,452 | $276,386 | $271,555 | ||||||||||||
| Noninterest Income | |||||||||||||||||
| Trust and investment management fees | |||||||||||||||||
| Wealth management | $175 | $172 | $167 | $177 | $169 | ||||||||||||
| U.S. Bancorp Asset Management | 65 | 62 | 64 | 62 | 61 | ||||||||||||
| Global corporate trust | 242 | 231 | 219 | 230 | 213 | ||||||||||||
| Global fund services | 154 | 144 | 140 | 143 | 137 | ||||||||||||
| Institutional trust & custody | 69 | 67 | 63 | 64 | 62 | ||||||||||||
| Other | 24 | 26 | 26 | 26 | 24 | ||||||||||||
| Global capital markets | 281 | 246 | 240 | 203 | 246 | ||||||||||||
| Treasury management | 148 | 159 | 148 | 140 | 134 | ||||||||||||
| All other noninterest income | 98 | 91 | 99 | 106 | 99 | ||||||||||||
| Total | $1,256 | $1,198 | $1,166 | $1,151 | $1,145 | ||||||||||||
| Assets Under Management by Category * | |||||||||||||||||
| Equity | $85,068 | $79,084 | $80,414 | $81,688 | $79,653 | ||||||||||||
| Fixed income | 224,009 | 232,453 | 224,349 | 214,329 | 213,602 | ||||||||||||
| Money market | 194,604 | 187,799 | 182,768 | 171,192 | 160,592 | ||||||||||||
| Other | 26,336 | 37,037 | 36,741 | 37,916 | 35,188 | ||||||||||||
| Total | $530,017 | $536,373 | $524,272 | $505,125 | $489,035 | ||||||||||||
| * 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, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| INCOME STATEMENT | |||||||||||||||||
| Net Interest Income (taxable-equivalent basis) | $1,849 | $1,842 | $1,768 | $1,912 | $1,928 | ||||||||||||
| Noninterest Income | |||||||||||||||||
| Card revenue | 3 | 3 | 2 | 2 | 2 | ||||||||||||
| Corporate payment products revenue | — | — | — | — | — | ||||||||||||
| Merchant processing services | — | — | — | — | — | ||||||||||||
| Trust and investment management fees | 1 | 1 | 1 | 1 | 1 | ||||||||||||
| Service charges | 182 | 173 | 163 | 169 | 166 | ||||||||||||
| Capital markets revenue | 7 | 6 | 5 | 5 | 6 | ||||||||||||
| Mortgage banking revenue | 180 | 162 | 173 | 116 | 155 | ||||||||||||
| Investment products fees | — | — | — | — | — | ||||||||||||
| Securities gains (losses), net | — | — | — | — | — | ||||||||||||
| Other | 63 | 62 | 64 | 74 | 71 | ||||||||||||
| Total noninterest income | 436 | 407 | 408 | 367 | 401 | ||||||||||||
| Total net revenue | 2,285 | 2,249 | 2,176 | 2,279 | 2,329 | ||||||||||||
| Noninterest Expense | |||||||||||||||||
| Compensation and employee benefits | 526 | 529 | 524 | 544 | 558 | ||||||||||||
| Other intangibles | 59 | 59 | 59 | 65 | 67 | ||||||||||||
| Net shared services | 705 | 681 | 664 | 694 | 700 | ||||||||||||
| Other direct expenses | 314 | 309 | 305 | 327 | 339 | ||||||||||||
| Total noninterest expense | 1,604 | 1,578 | 1,552 | 1,630 | 1,664 | ||||||||||||
| Income before provision and income taxes | 681 | 671 | 624 | 649 | 665 | ||||||||||||
| Provision for Credit Losses | 61 | 39 | 62 | 80 | 18 | ||||||||||||
| Income before income taxes | 620 | 632 | 562 | 569 | 647 | ||||||||||||
| Income taxes and taxable-equivalent adjustment | 155 | 158 | 141 | 142 | 162 | ||||||||||||
| Net income | 465 | 474 | 421 | 427 | 485 | ||||||||||||
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | ||||||||||||
| Net income attributable to U.S. Bancorp | $465 | $474 | $421 | $427 | $485 | ||||||||||||
| FINANCIAL RATIOS | |||||||||||||||||
| Return on average assets | 1.16 | % | 1.15 | % | 1.03 | % | 1.01 | % | 1.14 | % | |||||||
| Net interest margin (taxable-equivalent basis) | 4.95 | 4.79 | 4.61 | 4.82 | 4.86 | ||||||||||||
| Efficiency ratio | 70.2 | 70.2 | 71.3 | 71.5 | 71.4 | ||||||||||||
13
| CONSUMER AND BUSINESS BANKING | Preliminary data | ||||||||||||||||
| Three Months Ended | |||||||||||||||||
| (Dollars in Millions) (Unaudited) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| AVERAGE BALANCE SHEET | |||||||||||||||||
| Loans | |||||||||||||||||
| Commercial | $4,330 | $4,524 | $4,054 | $4,306 | $4,323 | ||||||||||||
| Commercial real estate | 11,847 | 11,770 | 11,605 | 11,608 | 11,763 | ||||||||||||
| Residential mortgages | 95,724 | 98,057 | 102,251 | 102,257 | 101,817 | ||||||||||||
| Credit card | — | — | — | — | — | ||||||||||||
| Other retail | 33,999 | 35,124 | 35,996 | 36,865 | 37,337 | ||||||||||||
| Total loans | 145,900 | 149,475 | 153,906 | 155,036 | 155,240 | ||||||||||||
| Other Earning Assets | 2,331 | 4,875 | 1,778 | 2,738 | 2,738 | ||||||||||||
| Total earning assets | 148,231 | 154,350 | 155,684 | 157,774 | 157,978 | ||||||||||||
| Non-earning Assets | |||||||||||||||||
| Goodwill | 4,326 | 4,326 | 4,326 | 4,326 | 4,326 | ||||||||||||
| Other intangible assets | 4,223 | 4,277 | 4,368 | 4,324 | 4,405 | ||||||||||||
| Other non-earning assets | 1,969 | 2,036 | 2,113 | 2,266 | 2,162 | ||||||||||||
| Total non-earning assets | 10,518 | 10,639 | 10,807 | 10,916 | 10,893 | ||||||||||||
| Total assets | 158,749 | 164,989 | 166,491 | 168,690 | 168,871 | ||||||||||||
| Deposits | |||||||||||||||||
| Noninterest-bearing deposits | 19,642 | 19,619 | 19,127 | 20,167 | 20,673 | ||||||||||||
| Interest checking | 70,504 | 70,966 | 70,896 | 70,489 | 70,215 | ||||||||||||
| Savings products | 92,556 | 91,768 | 91,319 | 90,887 | 90,130 | ||||||||||||
| Time deposits | 39,261 | 38,017 | 36,648 | 37,280 | 38,982 | ||||||||||||
| Total deposits | 221,963 | 220,370 | 217,990 | 218,823 | 220,000 | ||||||||||||
| Other Interest-bearing Liabilities | 1,553 | 1,537 | 1,728 | 1,466 | 1,175 | ||||||||||||
| Other Noninterest-bearing Liabilities | 1,872 | 1,880 | 1,842 | 2,051 | 2,007 | ||||||||||||
| Total liabilities | 225,388 | 223,787 | 221,560 | 222,340 | 223,182 | ||||||||||||
| Total U.S. Bancorp Shareholders' Equity | 13,363 | 13,556 | 13,705 | 14,050 | 14,244 | ||||||||||||
| Noncontrolling Interests | — | — | — | — | — | ||||||||||||
| Total Equity | 13,363 | 13,556 | 13,705 | 14,050 | 14,244 | ||||||||||||
| NET INTEREST SPREADS (%) | |||||||||||||||||
| Total earning assets | 1.38 | 1.35 | 1.42 | 1.34 | 1.32 | ||||||||||||
| Total assets | 1.05 | 1.03 | 1.10 | 1.02 | 1.00 | ||||||||||||
| Total deposits | 3.94 | 3.98 | 4.08 | 4.31 | 4.75 | ||||||||||||
| Total liabilities | 3.90 | 3.95 | 4.04 | 4.28 | 4.71 | ||||||||||||
| CREDIT QUALITY | |||||||||||||||||
| Net Charge-offs | |||||||||||||||||
| Commercial | $16 | $16 | $12 | $13 | $15 | ||||||||||||
| Commercial real estate | 1 | (1) | 1 | 1 | 3 | ||||||||||||
| Residential mortgages | (1) | (1) | — | (2) | (3) | ||||||||||||
| Credit card | — | — | — | — | — | ||||||||||||
| Other retail | 58 | 52 | 62 | 62 | 50 | ||||||||||||
| Total net charge-offs | $74 | $66 | $75 | $74 | $65 | ||||||||||||
| Net Charge-off Ratios | |||||||||||||||||
| Commercial | 1.47 | % | 1.42 | % | 1.20 | % | 1.20 | % | 1.38 | % | |||||||
| Commercial real estate | .03 | (.03) | .03 | .03 | .10 | ||||||||||||
| Residential mortgages | — | — | — | (.01) | (.01) | ||||||||||||
| Credit card | — | — | — | — | — | ||||||||||||
| Other retail | .68 | .59 | .70 | .67 | .53 | ||||||||||||
| Total net charge-offs | .20 | % | .18 | % | .20 | % | .19 | % | .17 | % | |||||||
| September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||||||||||
| Nonperforming Assets | |||||||||||||||||
| Nonperforming loans | $394 | $391 | $383 | $386 | $398 | ||||||||||||
| Other nonperforming assets | 23 | 21 | 23 | 21 | 21 | ||||||||||||
| Total nonperforming assets | $417 | $412 | $406 | $407 | $419 | ||||||||||||
14
| CONSUMER AND BUSINESS BANKING | Preliminary data | ||||||||||||||||
| Three Months Ended | |||||||||||||||||
| (Dollars in Millions) (Unaudited) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| OTHER INFORMATION | |||||||||||||||||
| Other Retail Loan Information | |||||||||||||||||
| Average Balances | |||||||||||||||||
| Retail leasing | $3,718 | $3,868 | $3,990 | $4,035 | $4,087 | ||||||||||||
| Home equity and second mortgages | 11,359 | 11,246 | 11,120 | 11,015 | 10,805 | ||||||||||||
| Other | 18,922 | 20,010 | 20,886 | 21,815 | 22,445 | ||||||||||||
| Total other retail | $33,999 | $35,124 | $35,996 | $36,865 | $37,337 | ||||||||||||
| Home equity first lien* | $4,861 | $5,093 | $5,296 | $5,498 | $5,721 | ||||||||||||
| Home equity loans | 2,712 | 2,621 | 2,492 | 2,381 | 2,226 | ||||||||||||
| Home equity lines | 8,647 | 8,625 | 8,628 | 8,634 | 8,579 | ||||||||||||
| Total home equity | $16,220 | $16,339 | $16,416 | $16,513 | $16,526 | ||||||||||||
| Net Charge-off Ratios (%) | |||||||||||||||||
| Retail leasing | 1.81 | 1.04 | 1.32 | .79 | .39 | ||||||||||||
| Home equity and second mortgages | (.03) | — | (.04) | .04 | (.04) | ||||||||||||
| Other | .88 | .84 | .97 | .97 | .83 | ||||||||||||
| Total other retail | .68 | .59 | .70 | .67 | .53 | ||||||||||||
| Retail Credit Production | |||||||||||||||||
| Indirect loan/lease production volume | $1,660 | $1,367 | $1,141 | $1,397 | $1,798 | ||||||||||||
| Direct branch loan/line production volume | 1,836 | 1,935 | 1,499 | 1,430 | 1,417 | ||||||||||||
| Other production volume | 1,133 | 1,004 | 817 | 547 | 469 | ||||||||||||
| Total retail credit production volume | $4,629 | $4,306 | $3,457 | $3,374 | $3,684 | ||||||||||||
| Branch and ATM Data | |||||||||||||||||
| # of branches | 2,080 | 2,081 | 2,117 | 2,165 | 2,187 | ||||||||||||
| # of U.S. Bank ATMs | 4,374 | 4,320 | 4,476 | 4,489 | 4,515 | ||||||||||||
| * 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, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| Mortgage Banking Division Data | |||||||||||||||||
| Mortgage banking revenue | |||||||||||||||||
| Origination and sales (a) | $93 | $80 | $71 | $67 | $89 | ||||||||||||
| Loan servicing | 173 | 172 | 172 | 173 | 170 | ||||||||||||
| Mortgage servicing rights fair value changes | |||||||||||||||||
| net of economic hedges (b) | 12 | (4) | 2 | (14) | (10) | ||||||||||||
| Other changes in mortgage servicing rights fair value (c) | (98) | (86) | (72) | (110) | (94) | ||||||||||||
| Total mortgage banking revenue | $180 | $162 | $173 | $116 | $155 | ||||||||||||
| Mortgage production volume | $9,951 | $9,645 | $6,562 | $10,211 | $11,076 | ||||||||||||
| Mortgage application volume | $14,845 | $14,363 | $11,631 | $11,087 | $17,089 | ||||||||||||
| Mortgages serviced for others (d)(e) | $216,146 | $220,795 | $216,701 | $216,648 | $215,286 | ||||||||||||
| A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of September 30, 2025, was as follows: | |||||||||||||||||
| (Dollars in Millions) | HFA (f) | Government | Conventional (g) | Total | |||||||||||||
| Servicing portfolio (h) | $56,166 | $23,995 | $135,668 | $215,829 | |||||||||||||
| Fair value | $840 | $472 | $1,977 | $3,289 | |||||||||||||
| Value (bps) (i) | 150 | 197 | 146 | 152 | |||||||||||||
| Weighted-average servicing fees (bps) | 35 | 45 | 25 | 30 | |||||||||||||
| Multiple (value/servicing fees) | 4.23 | 4.41 | 5.75 | 5.06 | |||||||||||||
| Weighted-average note rate | 5.12 | % | 4.40 | % | 4.01 | % | 4.34 | % | |||||||||
| Weighted-average age (in years) | 4.7 | 6.6 | 5.4 | 5.4 | |||||||||||||
| Weighted-average expected prepayment (constant prepayment rate) | 10.0 | % | 10.2 | % | 8.3 | % | 8.9 | % | |||||||||
| Weighted-average expected life (in years) | 7.5 | 6.8 | 7.2 | 7.3 | |||||||||||||
| Weighted-average option adjusted spread (j) | 7.3 | % | 6.9 | % | 5.1 | % | 5.9 | % | |||||||||
(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, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| INCOME STATEMENT | |||||||||||||||||
| Net Interest Income (taxable-equivalent basis) | $781 | $730 | $742 | $729 | $727 | ||||||||||||
| Noninterest Income | |||||||||||||||||
| Card revenue | 437 | 439 | 396 | 431 | 424 | ||||||||||||
| Corporate payment products revenue | 195 | 192 | 189 | 191 | 203 | ||||||||||||
| Merchant processing services | 463 | 474 | 415 | 419 | 440 | ||||||||||||
| Trust and investment management fees | — | — | — | — | — | ||||||||||||
| Service charges | — | — | — | — | — | ||||||||||||
| Capital markets revenue | — | — | — | — | — | ||||||||||||
| Mortgage banking revenue | — | — | — | — | — | ||||||||||||
| Investment products fees | — | — | — | — | — | ||||||||||||
| Securities gains (losses), net | — | — | — | — | — | ||||||||||||
| Other | 11 | 11 | 35 | 10 | 6 | ||||||||||||
| Total noninterest income | 1,106 | 1,116 | 1,035 | 1,051 | 1,073 | ||||||||||||
| Total net revenue | 1,887 | 1,846 | 1,777 | 1,780 | 1,800 | ||||||||||||
| Noninterest Expense | |||||||||||||||||
| Compensation and employee benefits | 227 | 218 | 214 | 211 | 215 | ||||||||||||
| Other intangibles | 20 | 19 | 18 | 24 | 23 | ||||||||||||
| Net shared services | 547 | 518 | 530 | 535 | 527 | ||||||||||||
| Other direct expenses | 250 | 249 | 226 | 236 | 225 | ||||||||||||
| Total noninterest expense | 1,044 | 1,004 | 988 | 1,006 | 990 | ||||||||||||
| Income before provision and income taxes | 843 | 842 | 789 | 774 | 810 | ||||||||||||
| Provision for Credit Losses | 408 | 384 | 317 | 463 | 404 | ||||||||||||
| Income before income taxes | 435 | 458 | 472 | 311 | 406 | ||||||||||||
| Income taxes and taxable-equivalent adjustment | 109 | 115 | 118 | 78 | 102 | ||||||||||||
| Net income | 326 | 343 | 354 | 233 | 304 | ||||||||||||
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | ||||||||||||
| Net income attributable to U.S. Bancorp | $326 | $343 | $354 | $233 | $304 | ||||||||||||
| FINANCIAL RATIOS | |||||||||||||||||
| Return on average assets | 2.67 | % | 2.88 | % | 3.07 | % | 1.91 | % | 2.56 | % | |||||||
| Net interest margin (taxable-equivalent basis) | 7.21 | 6.93 | 7.22 | 6.85 | 6.94 | ||||||||||||
| Efficiency ratio | 55.3 | 54.4 | 55.6 | 56.5 | 55.0 | ||||||||||||
17
| PAYMENT SERVICES | Preliminary data | ||||||||||||||||
| Three Months Ended | |||||||||||||||||
| (Dollars in Millions) (Unaudited) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| AVERAGE BALANCE SHEET | |||||||||||||||||
| Loans | |||||||||||||||||
| Commercial | $12,588 | $12,504 | $12,067 | $12,439 | $12,511 | ||||||||||||
| Commercial real estate | — | — | — | — | — | ||||||||||||
| Residential mortgages | — | — | — | — | — | ||||||||||||
| Credit card | 30,241 | 29,588 | 29,404 | 29,438 | 28,994 | ||||||||||||
| Other retail | 128 | 132 | 136 | 144 | 147 | ||||||||||||
| Total loans | 42,957 | 42,224 | 41,607 | 42,021 | 41,652 | ||||||||||||
| Other Earning Assets | 5 | 5 | 57 | 290 | 8 | ||||||||||||
| Total earning assets | 42,962 | 42,229 | 41,664 | 42,311 | 41,660 | ||||||||||||
| Non-earning Assets | |||||||||||||||||
| Goodwill | 3,482 | 3,425 | 3,391 | 3,399 | 3,370 | ||||||||||||
| Other intangible assets | 260 | 258 | 249 | 262 | 266 | ||||||||||||
| Other non-earning assets | 1,720 | 1,923 | 1,521 | 2,573 | 1,899 | ||||||||||||
| Total non-earning assets | 5,462 | 5,606 | 5,161 | 6,234 | 5,535 | ||||||||||||
| Total assets | 48,424 | 47,835 | 46,825 | 48,545 | 47,195 | ||||||||||||
| Deposits | |||||||||||||||||
| Noninterest-bearing deposits | 2,427 | 2,511 | 2,682 | 2,592 | 2,653 | ||||||||||||
| Interest checking | — | 1 | 1 | — | — | ||||||||||||
| Savings products | 94 | 93 | 92 | 93 | 94 | ||||||||||||
| Time deposits | 1 | 1 | 1 | 1 | 1 | ||||||||||||
| Total deposits | 2,522 | 2,606 | 2,776 | 2,686 | 2,748 | ||||||||||||
| Other Interest-bearing Liabilities | 257 | 331 | 228 | 178 | 220 | ||||||||||||
| Other Noninterest-bearing Liabilities | 5,104 | 5,377 | 4,880 | 5,774 | 5,073 | ||||||||||||
| Total liabilities | 7,883 | 8,314 | 7,884 | 8,638 | 8,041 | ||||||||||||
| Total U.S. Bancorp Shareholders' Equity | 10,318 | 10,234 | 10,229 | 10,154 | 9,958 | ||||||||||||
| Noncontrolling Interests | — | — | — | — | — | ||||||||||||
| Total Equity | 10,318 | 10,234 | 10,229 | 10,154 | 9,958 | ||||||||||||
| NET INTEREST SPREADS (%) | |||||||||||||||||
| Total earning assets | 6.46 | 6.18 | 6.51 | 6.21 | 6.32 | ||||||||||||
| Total assets | 5.23 | 4.94 | 5.30 | 4.80 | 4.98 | ||||||||||||
| Total deposits | 5.19 | 5.23 | 5.11 | 5.48 | 5.94 | ||||||||||||
| Total liabilities | 4.43 | 4.39 | 4.48 | 4.74 | 5.19 | ||||||||||||
| CREDIT QUALITY | |||||||||||||||||
| Net Charge-offs | |||||||||||||||||
| Commercial | $62 | $63 | $63 | $60 | $59 | ||||||||||||
| Commercial real estate | — | — | — | — | — | ||||||||||||
| Residential mortgages | — | — | — | — | — | ||||||||||||
| Credit card | 284 | 317 | 325 | 317 | 299 | ||||||||||||
| Other retail | 1 | 1 | 1 | 1 | 1 | ||||||||||||
| Total net charge-offs | $347 | $381 | $389 | $378 | $359 | ||||||||||||
| Net Charge-off Ratios | |||||||||||||||||
| Commercial | 1.95 | % | 2.02 | % | 2.12 | % | 1.92 | % | 1.88 | % | |||||||
| Commercial real estate | — | — | — | — | — | ||||||||||||
| Residential mortgages | — | — | — | — | — | ||||||||||||
| Credit card | 3.73 | 4.30 | 4.48 | 4.28 | 4.10 | ||||||||||||
| Other retail | 3.10 | 3.04 | 2.98 | 2.76 | 2.71 | ||||||||||||
| Total net charge-offs | 3.20 | % | 3.62 | % | 3.79 | % | 3.58 | % | 3.43 | % | |||||||
| September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||||||||||
| Nonperforming Assets | |||||||||||||||||
| Nonperforming loans | $— | $— | $— | $— | $— | ||||||||||||
| Other nonperforming assets | — | — | — | — | — | ||||||||||||
| Total nonperforming assets | $— | $— | $— | $— | $— | ||||||||||||
18
| PAYMENT SERVICES | Preliminary data | ||||||||||||||||
| Three Months Ended | |||||||||||||||||
| (Dollars in Millions) (Unaudited) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| OTHER INFORMATION | |||||||||||||||||
| Total Noninterest Income | |||||||||||||||||
| Retail payment solutions | $441 | $442 | $423 | $436 | $427 | ||||||||||||
| Corporate payment systems | 198 | 195 | 192 | 194 | 206 | ||||||||||||
| Global merchant acquiring | 467 | 479 | 420 | 421 | 440 | ||||||||||||
| Total | $1,106 | $1,116 | $1,035 | $1,051 | $1,073 | ||||||||||||
| Payment Volumes | |||||||||||||||||
| Retail payment solutions (issuing) | |||||||||||||||||
| Credit card | $38,581 | $38,132 | $34,960 | $37,640 | $36,912 | ||||||||||||
| Debit and prepaid card | 27,936 | 27,821 | 26,029 | 27,247 | 27,299 | ||||||||||||
| Total retail payment solutions | $66,517 | $65,953 | $60,989 | $64,887 | $64,211 | ||||||||||||
| Corporate payment systems (issuing) | $23,312 | $22,317 | $21,612 | $21,859 | $23,808 | ||||||||||||
| Merchant volume (acquiring) | $157,540 | $155,853 | $143,505 | $142,576 | $148,338 | ||||||||||||
| # of merchant transactions | 2,305,019,024 | 2,259,541,900 | 2,014,546,904 | 2,112,763,544 | 2,171,741,540 | ||||||||||||
19
| TREASURY AND CORPORATE SUPPORT | Preliminary data | ||||||||||||||||
| Three Months Ended | |||||||||||||||||
| (Dollars in Millions) (Unaudited) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| INCOME STATEMENT | |||||||||||||||||
| Net Interest Income (taxable-equivalent basis) | ($202) | ($275) | ($145) | ($400) | ($378) | ||||||||||||
| Noninterest Income | |||||||||||||||||
| Card revenue | — | — | — | — | — | ||||||||||||
| Corporate payment products revenue | — | — | — | — | — | ||||||||||||
| Merchant processing services | — | — | — | — | — | ||||||||||||
| Trust and investment management fees | — | — | — | — | — | ||||||||||||
| Service charges | 2 | 4 | 4 | 5 | 2 | ||||||||||||
| Capital markets revenue | 208 | 194 | 188 | 197 | 186 | ||||||||||||
| Mortgage banking revenue | — | — | — | — | — | ||||||||||||
| Investment products fees | — | — | — | — | — | ||||||||||||
| Securities gains (losses), net | (7) | (57) | — | (1) | (119) | ||||||||||||
| Other | 77 | 62 | 35 | 63 | 10 | ||||||||||||
| Total noninterest income | 280 | 203 | 227 | 264 | 79 | ||||||||||||
| Total net revenue | 78 | (72) | 82 | (136) | (299) | ||||||||||||
| Noninterest Expense | |||||||||||||||||
| Compensation and employee benefits | 1,278 | 1,318 | 1,377 | 1,354 | 1,333 | ||||||||||||
| Other intangibles | — | — | — | — | — | ||||||||||||
| Net shared services | (1,774) | (1,731) | (1,719) | (1,760) | (1,763) | ||||||||||||
| Other direct expenses | 712 | 664 | 700 | 760 | 632 | ||||||||||||
| Total noninterest expense | 216 | 251 | 358 | 354 | 202 | ||||||||||||
| Income (loss) before provision and income taxes | (138) | (323) | (276) | (490) | (501) | ||||||||||||
| Provision for Credit Losses | (95) | (105) | 148 | (33) | 41 | ||||||||||||
| Income (loss) before income taxes | (43) | (218) | (424) | (457) | (542) | ||||||||||||
| Income taxes and taxable-equivalent adjustment | (98) | (135) | (181) | (181) | (281) | ||||||||||||
| Net income (loss) | 55 | (83) | (243) | (276) | (261) | ||||||||||||
| Net (income) loss attributable to noncontrolling interests | (7) | (6) | (7) | (7) | (8) | ||||||||||||
| Net income (loss) attributable to U.S. Bancorp | $48 | ($89) | ($250) | ($283) | ($269) | ||||||||||||
| FINANCIAL RATIOS (%) | |||||||||||||||||
| Return on average assets | nm | nm | nm | nm | nm | ||||||||||||
| Net interest margin (taxable-equivalent basis) | nm | nm | nm | nm | nm | ||||||||||||
| Efficiency ratio | nm | nm | nm | nm | nm | ||||||||||||
20
| TREASURY AND CORPORATE SUPPORT | Preliminary data | ||||||||||||||||
| Three Months Ended | |||||||||||||||||
| (Dollars in Millions) (Unaudited) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||
| AVERAGE BALANCE SHEET | |||||||||||||||||
| Loans | |||||||||||||||||
| Commercial | $3,205 | $2,924 | $2,816 | $2,713 | $2,491 | ||||||||||||
| Commercial real estate | 2,645 | 2,636 | 2,676 | 2,669 | 2,784 | ||||||||||||
| Residential mortgages | — | — | — | 1 | 1 | ||||||||||||
| Credit card | — | — | — | — | — | ||||||||||||
| Other retail | 3 | 2 | 7 | 5 | 4 | ||||||||||||
| Total loans | 5,853 | 5,562 | 5,499 | 5,388 | 5,280 | ||||||||||||
| Other Earning Assets | 225,295 | 217,155 | 217,410 | 224,186 | 219,624 | ||||||||||||
| Total earning assets | 231,148 | 222,717 | 222,909 | 229,574 | 224,904 | ||||||||||||
| Non-earning Assets | |||||||||||||||||
| Goodwill | — | — | — | — | — | ||||||||||||
| Other intangible assets | 7 | 8 | 8 | 8 | 9 | ||||||||||||
| Other non-earning assets | 28,353 | 25,647 | 24,493 | 22,291 | 23,394 | ||||||||||||
| Total non-earning assets | 28,360 | 25,655 | 24,501 | 22,299 | 23,403 | ||||||||||||
| Total assets | 259,508 | 248,372 | 247,410 | 251,873 | 248,307 | ||||||||||||
| Deposits | |||||||||||||||||
| Noninterest-bearing deposits | 2,492 | 2,578 | 2,729 | 3,155 | 3,238 | ||||||||||||
| Interest checking | 1,670 | 1,879 | 1,547 | 1,508 | 1,599 | ||||||||||||
| Savings products | 1,594 | 1,792 | 2,035 | 1,993 | 2,055 | ||||||||||||
| Time deposits | 8,464 | 9,018 | 8,005 | 7,762 | 7,562 | ||||||||||||
| Total deposits | 14,220 | 15,267 | 14,316 | 14,418 | 14,454 | ||||||||||||
| Other Interest-bearing Liabilities | 62,998 | 67,007 | 59,170 | 57,692 | 55,283 | ||||||||||||
| Other Noninterest-bearing Liabilities | 10,628 | 8,514 | 9,978 | 8,698 | 8,969 | ||||||||||||
| Total liabilities | 87,846 | 90,788 | 83,464 | 80,808 | 78,706 | ||||||||||||
| Total U.S. Bancorp Shareholders' Equity | 16,832 | 15,286 | 14,126 | 13,370 | 12,801 | ||||||||||||
| Noncontrolling Interests | 458 | 457 | 460 | 460 | 461 | ||||||||||||
| Total Equity | 17,290 | 15,743 | 14,586 | 13,830 | 13,262 | ||||||||||||
| NET INTEREST SPREADS (%) | |||||||||||||||||
| Total earning assets | nm | nm | nm | nm | nm | ||||||||||||
| Total assets | nm | nm | nm | nm | nm | ||||||||||||
| Total deposits | nm | nm | nm | nm | nm | ||||||||||||
| Total liabilities | nm | nm | nm | nm | nm | ||||||||||||
| CREDIT QUALITY | |||||||||||||||||
| Net Charge-offs | |||||||||||||||||
| Commercial | ($1) | $1 | $22 | $— | $— | ||||||||||||
| Commercial real estate | (3) | — | — | (9) | — | ||||||||||||
| Residential mortgages | — | — | — | — | — | ||||||||||||
| Credit card | — | — | — | — | — | ||||||||||||
| Other retail | — | — | — | — | — | ||||||||||||
| Total net charge-offs | ($4) | $1 | $22 | ($9) | $— | ||||||||||||
| Net Charge-off Ratios (%) | |||||||||||||||||
| Commercial | nm | nm | nm | nm | nm | ||||||||||||
| Commercial real estate | nm | nm | nm | nm | nm | ||||||||||||
| Residential mortgages | nm | nm | nm | nm | nm | ||||||||||||
| Credit card | nm | nm | nm | nm | nm | ||||||||||||
| Other retail | nm | nm | nm | nm | nm | ||||||||||||
| Total net charge-offs | nm | nm | nm | nm | nm | ||||||||||||
| September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||||||||||
| Nonperforming Assets | |||||||||||||||||
| Nonperforming loans | $8 | $6 | $29 | $23 | $52 | ||||||||||||
| Other nonperforming assets | 20 | 21 | 19 | 18 | 18 | ||||||||||||
| Total nonperforming assets | $28 | $27 | $48 | $41 | $70 | ||||||||||||
21
U.S. Bancorp 3Q25 Earnings Conference Call O c t o b e r 1 6 , 2 0 2 5
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 and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility; changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities; changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs; changes in interest rates; increases in unemployment rates; deterioration in the credit quality of U.S. Bancorp’s loan portfolios or in the value of the collateral securing those loans; changes in commercial real estate occupancy rates; increases in Federal Deposit Insurance Corporation (FDIC) assessments, including due to bank failures; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions, which could affect the ability of depository institutions, including U.S. Bank National Association, to attract and retain depositors, and could affect the ability of financial services providers, including U.S. Bancorp, to borrow or raise capital; 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 competition from both banks and non-banks; effects of climate change and related physical and transition risks; changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands; breaches in data security; failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents; failures to safeguard personal information; impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events; impacts of supply chain disruptions, rising inflation, slower growth or a recession; failure to execute on strategic or operational plans; effects of mergers and acquisitions and related integration; 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, liquidity risk and reputation 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, 2024, 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 3Q25 Highlights Growth • Top and bottom-line growth driven by a diversified and differentiated revenue mix Productivity • Greater organizational efficiency supported meaningful positive operating leverage Returns • Profitability metrics supported by strategic balance sheet and portfolio mix shifts Risk & Financial Management • Improved credit quality with strengthening capital and liquidity levels 1 Taxable-equivalent basis; Non-GAAP; see appendix for calculation. 2 Non-GAAP; see appendix for calculations. 3 Common equity tier 1 capital to risk- weighted assets. 0.56% Net Charge-off Ratio 10.9% CET1 Capital Ratio3 $1.22 Net Interest Income1 $4.25B 3Q25 Fee Revenue Growth (YoY) 9.5% YoY Adjusted Positive Operating Leverage2 530 bps Efficiency Ratio2 57.2% Return on Tangible Common Equity2 18.6% Return on Average Assets 1.17% Net Interest Margin 9bps vs. 2Q25 2.75% Earnings per share 18.4% vs. 3Q24
4 Fee Growth Target: Mid Single Digits Fee Income Growth (Adjusted)2 Year-over-year Performance highlights 3Q25 fee revenue growth (year-over-year) $463M | +5.2% Merchant Processing $187M | +10.5% Treasury Management $730M | +9.4% Trust & Investment Management $434M | +9.3% Capital Markets Our Revenue Mix is a Source of Strength $279M | +5.2% Credit Card Fee income represents ~42% of U.S. Bancorp’s total net revenue1 Fee Income $M (Adjusted)2 Fee Growth % (Adjusted)2 1 For the nine months ended September 30, 2025 taxable-equivalent basis. 2 Non-GAAP; excludes securities gains (losses); Year-over-year fee income growth for 4Q24 excludes notable items; see appendix for calculations and description of notable items $2,817 $2,834 $2,836 $2,981 $3,085 1.9% 3.6% 5.1% 4.6% 9.5% 3Q24 4Q24 1Q25 2Q25 3Q25
5 Spotlight on Impact Finance Impact Finance Revenue1 $ Millions Enhanced fee revenues driven by: • Meaningful California market share • Improved syndication platform / expertise • Legislative-driven pull forward of demand +17% CAGR $137 $203 $215 $255 $145 $251 2021 2022 2023 2024 2024 Jan-Sep 2025 Jan-Sep LMI = Low- and Moderate-Income 1 Impact Finance represented within Other Fee Revenue Driving enterprise value through growth in affordable housing and environmental finance Business Mix Environmental Finance Affordable Housing Community Finance Solutions Greener economy transition Expand access to housing Support LMI development
6 50.5% 51.8% 52.4% 33.0% 30.1% 30.9% 16.5% 18.1% 16.7% Consumer Wholesale Trust & Other 3Q23 3Q24 3Q25 Core Consumer Deposit Strategies 1. Interconnected Products Deepen relationships through bundled solutions on the U.S. Bank Smartly platform 2. Pricing and Analytics Optimize deposit growth and cost of funds using advanced pricing analytics 3. Marketing and Promotions Drive efficient acquisition through targeted campaigns and “life events”-based outreach 4. Distribution Accelerate growth through branch build and reformats, sales excellence, and partnerships Growing Our Consumer Franchise Evolving Our Deposit Mix Based on average balance 3Q25 vs. 3Q24 Balance Growth $ / % ($7B) / (7%) +$5B / +3% +$5B / +2% Focused actions anchored in creating long-term value Consumer includes Wealth deposits
7 61.1% 62.5% 60.7% 60.2% 59.9% 60.8% 57.2% (470) (420) (230) 30 190 270 250 530 Efficiency Ratio YoY Operating Leverage (bps) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 • AI and automation • Location optimization • Real estate rationalization • Organization simplicity / Other Self-Funding Organic Growth Balancing our continued growth with productivity • Technology and digital • Branch and client centers • Sales, marketing, and brand awareness • New products and services • Talent (e.g., Capital Markets and Wealth) Sa vi ng s Re in ve st m en t 1 Non-GAAP; efficiency ratio for 4Q23, 1Q24, 2Q24, and 4Q24 excludes notable items; YoY operating leverage excludes securities gains (losses) and notable items; see appendix for calculations and description of notable items. 1 1 59.2%
8 4.5% 4.7% 4.2% 4.4% 5.2% 3Q24 4Q24 1Q25 2Q25 3Q25 3.0% 2.4% 3.5% 4.4% 5.2% 3Q24 4Q24 1Q25 2Q25 3Q25 Unlocking Our Payments Potential Strategic Initiatives Payments: Merchant and Institutional (PMI) • Embedded payments (FKA, “Tech-led”) • Vertical prioritization / additional sales capacity • Investment in direct distribution channels Payments: Consumer and Small Business (PCS) • Interconnected solutions for consumer and small business • Elan expansion • Scaled marketing, focus on California Merchant Processing Fee Revenue YoY Growth Credit Card Only Fee Revenue YoY Growth Consumer Credit Card Balance ($Bn) & Yield1 (%) $29.0 $29.4 $29.4 $29.6 $30.2 13.5% 13.0% 13.2% 13.0% 13.3% 3Q24 4Q24 1Q25 2Q25 3Q25 1 First and third quarter credit card yields historically elevated given seasonality
9©2025 U.S. Bank | Confidential 3Q25 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 3Q24 reflects Basel III standardized approach with 5 year current expected credit losses (CECL) transition; 2Q25 and 3Q25 fully reflect implementation related to the CECL methodology. 4 Non-GAAP; see appendix for calculations. 5 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 3Q25 2Q25 3Q24 Net interest income1 $4,251 4.2 % 2.0 % Noninterest income 3,078 5.3 14.1 Noninterest expense 4,197 .4 (.2) Net income to company 2,001 10.2 16.7 Diluted EPS $1.22 9.9 18.4 Change vs. $ in millions 3Q25 2Q25 3Q24 Nonperforming assets $1,654 (1.5) % (10.5) % NPA ratio 0.43 % (1) bps (6) bps Net charge-off ratio 0.56 % (3) bps (4) bps 90+ day delinquency 0.22 % (3) bps 2 bps Ending balance Avg balance Average Period Balance change vs. $ in billions 3Q25 3Q25 2Q25 3Q24 Total assets $695.4 $679.6 .9 % 2.3 % Earning assets 631.2 617.5 .7 1.7 Total loans 382.5 379.2 .2 1.4 Total deposits 526.1 511.8 1.8 .6 Change vs. 3Q25 2Q25 3Q24 CET1 capital ratio2,3 10.9 % 20 bps 40 bps Total risk-based capital ratio 14.4 % 10 bps 20 bps Book value per share $36.33 3.6 % 9.0 % Tangible book value per share4 $27.84 5.0 % 12.7 % Earnings returned (millions)5 $915 Credit Quality
10©2025 U.S. Bank | Confidential 60.2% 59.2% 57.2% 2.74% 2.66% 2.75% Efficiency Ratio Net Interest Margin 3Q24 2Q25 3Q25 Performance Ratios 1.03% 1.08% 1.17% 3Q24 2Q25 3Q25 12.4% 12.9% 13.5% 3Q24 2Q25 3Q25 17.9% 18.0% 18.6% 3Q24 2Q25 3Q25 Return on Average Assets Return on Average Common Equity Return on Tangible Common Equity1 Efficiency Ratio1 & Net Interest Margin 2 2 1 Non-GAAP; see appendix for calculations 2 Net interest margin on a taxable-equivalent basis; see appendix for calculations
11©2025 U.S. Bank | Confidential Balance Sheet Summary 16% 16% 16% 16% 16% 14% 14% 14% 14% 14% 70% 70% 70% 70% 70% 3Q24 4Q24 1Q25 2Q25 3Q25 Total Average Deposits 3Q25 Highlights Total Average Loans $374 $376 $379 $379 $379 6.25% 6.03% 5.91% 5.89% 5.97% Average Balance Avg Yield % 3Q24 4Q24 1Q25 2Q25 3Q25 Investment Portfolio End of Period Balances $ in b llio s 1 Balances exclude unrealized gains (losses). 2 Non-GAAP; reflects strategic loan sales of $5.5 billion in 2Q25 $167 $171 $171 $174 $171 3.20% 3.14% 3.10% 3.18% 3.26% Ending Balance Avg Yield % 3Q24 4Q24 1Q25 2Q25 3Q25 1 $509 $512 $507 $503 30% 30% 30% 30% $512 Noninterest-Bearing Low-Cost Consumer Deposits Interest Bearing • Consumer deposits grew 2% year-over-year; Noninterest-bearing sequential growth of 1.0% • Loan growth of 1.4% year-over-year or 2.8%2 when adjusted for 2Q25 loan sales • Loan and investment portfolio yields benefited from improved portfolio mix and 2Q25 strategic actions 30%
12©2025 U.S. Bank | Confidential • Year-over-year increase in net interest income primarily due to the impact of the change in loan mix, fixed asset repricing, and lower rates paid on interest-bearing deposits • Linked quarter net interest income increase driven by loan mix, fixed asset repricing, and strategic actions taken in the second quarter, partially offset by higher interest bearing deposits • Linked quarter net interest margin increase driven by favorable loan mix, strategic actions taken in the second quarter, and fixed asset repricing Net Interest Income % Change vs. 3Q25 2Q25 3Q24 Loans $5,688 2.5 % (3.0) % Loans held for sale 35 (40.7) (22.2) Investment securities 1,392 2.7 5.8 Other interest income 812 26.5 (5.9) Total interest income $7,927 4.2 (2.0) Deposits $2,648 4.2 (11.9) Short-term borrowings 328 12.7 15.5 Long-term debt 729 1.1 10.0 Total interest expense $3,705 4.3 (6.2) Net interest income $4,222 4.2 2.1 Taxable-equivalent adjustment 29 — (6.5) Net interest income, on a taxable-equivalent basis1 $4,251 4.2 % 2.0 % Net interest margin (taxable-equivalent basis) 2.75 % 9 bps 1 bps $ in millions 1 Non-GAAP; see appendix for calculations
13©2025 U.S. Bank | Confidential Noninterest Income $ in millions Payments = card, corporate payment products and merchant processing Treasury management fees included within service charges % Change vs. 3Q25 2Q25 3Q24 Payments $1,098 (.9) % 2.7 % Trust and investment management fees 730 3.8 9.4 Capital markets revenue 434 11.3 9.3 Investment product fees 97 7.8 15.5 Institutional fees 1,261 6.6 9.8 Service charges 333 (.9) 10.3 Mortgage banking revenue 180 11.1 16.1 Impact finance 101 8.2 55.4 Other 112 14.3 43.6 Consumer / Other 726 5.2 21.0 Total fee revenue 3,085 3.5 9.5 Securities gains (losses), net (7) 87.7 94.1 Noninterest Income $3,078 5.3 % 14.1 % • Year-over-year increase driven by broad-based growth across all fee categories • On a linked quarter basis, noninterest income reflects higher trust and investment management fees, capital markets revenue, mortgage banking revenue, and other revenue
14©2025 U.S. Bank | Confidential Noninterest Expense $ in millions % Change vs. 3Q25 2Q25 3Q24 Compensation and benefits $2,561 (1.5) % (2.9) % Technology and communications 560 4.9 6.9 Occupancy and equipment 300 (.3) (5.4) Professional services 117 7.3 (10.0) Marketing and business development 175 8.7 6.1 All other 484 1.7 12.3 Total noninterest expense $4,197 .4 % (.2) % • Year-over-year decrease in noninterest expense was driven by lower compensation and benefits expense and occupancy and equipment expense, partially reinvested in technology and marketing expense • On a linked quarter basis, increase in noninterest expense was driven by higher marketing and business development expense and technology and communications expense
15©2025 U.S. Bank | Confidential $557 $560 $537 $501 $571 $564 $562 $547 $554 $536 $(7) $(2) $(10) 2.12% 2.09% 2.07% 2.07% 2.06% $ in millions, unless specified Credit Quality Quarterly trends improved despite ongoing macroeconomic uncertainty Amount ($B) Reserve (%) Commercial $2.3 1.5% Commercial real estate 1.3 2.8% Residential mortgage 0.8 0.7% Credit card 2.7 8.8% Other retail 0.8 2.1% Total $7.9 2.1% Change vs. 3Q25 2Q25 3Q24 Nonperforming assets Balance $1,654 $(26) $(194) NPAs/period-end loans plus OREO 0.43 % (1) bps (6) bps Net charge-offs NCOs $536 $(18) $(28) NCOs/avg loans 0.56 % (3) bps (4) bps Provision for Credit Losses Net Charge-offs (NCO) and Nonperforming Assets (NPA) Highlights Allowance for Credit Losses by Loan Category, 3Q25 • $35M reserve build primarily driven by loan portfolio growth • CECL forecasted peak unemployment rate of 5.9% • Net charge off ratio improved to 56 basis points NCOs Reserve Build (Release) Allowance for Credit Losses / Period-end Loans 3Q24 4Q24 1Q25 2Q25 3Q25 ($53) $35
16©2025 U.S. Bank | Confidential Capital Management Modest share repurchases with continued capital accretion through earnings 1 Ratios for periods prior to January 1, 2025 calculated in accordance with transitional regulatory requirements related to the CECL methodology; 2025 periods fully reflect implementation related to the CECL methodology 2 Non GAAP; see appendix for calculations 3rd Quarter Highlights CET1 Ratio Including AOCI 28.8%8.6%8.6% 8.9%6.5% 8.5% 10.5% 10.6% 10.8% 10.7% 10.9% 1Q23 3Q24 4Q24 1Q25 2Q25 3Q25 7.1% CET1 Ratio Regulatory Minimum Binding Capital Constraint starting in 4Q25 9.2% • Common Equity Tier 1 capital ratio increased to 10.9% driven by earnings accretion, net of distributions • Including AOCI, CET1 improved to 9.2% as of September 30, 2025, up 30 basis points from June 30, 2025 • Completed common stock repurchases of $100 million CET Ratio1
17©2025 U.S. Bank | Confidential Guidance - 4Q 2025 All guidance is on an adjusted basis 1 Taxable-equivalent basis; see appendix for calculation; 2 Non-GAAP; excludes securities gains and losses; see appendix for calculations; 3 As calculated on a year-over-year basis; 4 Excludes notable items 3Q25 Performance Net interest income1 Total noninterest expense Positive operating leverage2,3 3Q Guidance 3Q Result $4.1B to $4.2B $4,251M $4.2B or Lower $4,197M 200+ bps 530 bps 4Q25 Guidance Net interest income1 Total fee revenue Total noninterest expense Positive operating leverage2,3,4 Total fee revenue ~$3.0B $3,085M Relatively stable vs. 3Q 2025 +1% to 1.5% vs. 3Q 2025 200+ bps ~$3.0B
18©2025 U.S. Bank | Confidential Marching Towards Our Medium-Term Targets 1 Non-GAAP; see appendix for calculation. 2 Excludes securities gains (losses). 3 Non-GAAP; as adjusted for notable items; see appendix for calculation and description of notable items. 4 3Q24 ratio calculated in accordance with transitional regulatory requirements related to the CECL methodology; 2Q25 and 3Q25 fully reflect implementation related to the CECL methodology. 5 Medium-term represents 2026 and 2027; subject to economic assumptions outlined in the appendix. 3Q 2024 2Q 2025 3Q 2025 Medium-term Target5 Return on Average Assets 1.03% 1.08% 1.17% 1.15% to 1.35% Return on Tangible Common Equity1 17.9% 18.0% 18.6% High teens Fee Revenue Growth (YoY)2 1.9% 4.6% 9.5% Mid-single digits Efficiency Ratio1 60.2% 59.2% 57.2% Mid-to-high 50s Operating Leverage (YoY)2 30 bps 250 bps 530 bps Committed to positive operating leverage CET1 Capital Ratio (Cat III)4 10.5% 10.7% 10.9% ~10% Cat II pro forma CET1 Capital Ratio with AOCI1 8.6% 8.9% 9.2% 3 3 1
19 • Building on medium-term targets • Investing for future growth • Maintaining strong expense discipline • Focused on payments transformation • Targeting an earnings distribution of ~75%1 • Committed to restoring investor confidence Hitting Our Stride on Execution 1 Distribution reflects dividends and share repurchases. Dividends and share repurchases are subject to board approval and compliance with regulatory requirements.
20©2025 U.S. Bank Appendix
21©2025 U.S. Bank | Confidential Income Statement Detail 1 Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations % Change $ in millions, except EPS 3Q25 2Q25 3Q24 vs 2Q25 vs 3Q24 Net interest income $4,222 $4,051 $4,135 4.2 % 2.1 % Taxable-equivalent adjustment 29 29 31 — (6.5) Net interest income (taxable-equivalent basis) 4,251 4,080 4,166 4.2 2.0 Noninterest income 3,078 2,924 2,698 5.3 14.1 Net revenue 7,329 7,004 6,864 4.6 6.8 Noninterest expense 4,197 4,181 4,204 .4 (.2) Operating income 3,132 2,823 2,660 10.9 17.7 Provision for credit losses 571 501 557 14.0 2.5 Income before taxes 2,561 2,322 2,103 10.3 21.8 Applicable income taxes 553 501 381 10.4 45.1 Net income 2,008 1,821 1,722 10.3 16.6 Noncontrolling interests (7) (6) (8) (16.7) 12.5 Net Income to company 2,001 1,815 1,714 10.2 16.7 Preferred dividends/other 108 82 113 31.7 (4.4) Net Income to common $1,893 $1,733 $1,601 9.2 % 18.2 % Net interest margin1 2.75% 2.66% 2.74% 9 bps 1 bps Efficiency ratio2 57.2% 59.2% 60.2% (200) bps (300) bps Diluted EPS $1.22 $1.11 $1.03 9.9 % 18.4 %
22©2025 U.S. Bank | Confidential Average Loans • On a year-over-year basis, average total loan growth was driven by higher commercial and credit card loans partially offset by lower commercial real estate loans, residential mortgages, and other retail loans • On a linked quarter basis, the increase in average total loans was driven by higher commercial loans and credit card loans, partially offset by lower residential mortgages and other retail loans Average % of Average Change vs. 3Q 2025 Balance Total 2Q25 3Q24 Commercial1 $146 38% 1.4 % 9.5 % Commercial real estate 48 13% (.5) (6.2) Residential mortgages 115 30% (.7) (2.4) Credit card 30 8% 2.2 4.3 Other retail 40 11% (2.3) (6.6) Total loans $379 .2 % 1.4 % $374.1 $378.5 $379.2 3Q24 2Q25 3Q25 $ in b llio s 1 Includes $12B in Payments commercial loans. 2 Non-GAAP; reflects strategic loan sales of $5.5 billion in 2Q25 Growth Excluding 2Q25 Loan Sales2 +1.0% linked quarter +2.8% year-over-year
23 $103 $45 Core C&I NDFI 9/30/2025 12.5% 16.0% 17.3% 27.3% 26.9% 9/30/2025 NDFI Transparency Loan composition based on ending balances ($ in billions) CLO = Collateralized Loan Obligations, BDC = Business Development Corporations, ABS = Asset Backed Security 1 Based on NDFI blended portfolio external S&P equivalent rating of ‘A’ vs Core C&I external equivalent S&P rating of ‘BBB’ 3Q25 Category Allocation Inside NDFI: Business Composition Commercial Loan Composition 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) Private Equity Business Consumer Mortgage Other Non Depository Financial Institution (NDFI) loan portfolio characteristics: • Balanced composition of subscription lines and credit investment entities with diversified repayment sources • Portfolio credit quality exceeds that of our core investment-grade corporate and commercial lending book1 • Asset quality supported by strong collateral and structural protections
24©2025 U.S. Bank | Confidential Average Deposits • On a year-over-year basis, average total deposits increase was driven by higher savings and interest checking partially offset by lower money market, time deposits, and noninterest-bearing deposits • On a linked quarter basis, the increase in average total deposits was driven by higher money market, savings, noninterest-bearing and time deposits partially offset by lower interest checking $ in b llio s Noninterest-bearing Interest-bearing 3Q24 2Q25 3Q25 Average Average Change vs. 3Q 2025 Balance 2Q25 3Q24 Noninterest-bearing deposits $80 1.0 % (1.3) % Money market savings 181 2.2 (12.3) Interest checking 131 (.2) 4.5 Savings accounts 63 7.6 70.0 Time deposits 57 .1 (3.2) Total interest-bearing deposits $432 1.9 % 1.0 % Total deposits $512 1.8 % .6 % $511.8$502.9$508.8
25©2025 U.S. Bank | Confidential Capital Position $ in billions 3Q25 2Q25 1Q25 4Q24 3Q24 Total U.S. Bancorp shareholders’ equity $63.3 $61.4 $60.1 $58.6 $58.9 Basel III Standardized Approach 1 Fully implemented common equity tier 1 capital ratio 10.9 % 10.7 % 10.8 % 10.5 % 10.5 % Tier 1 capital ratio 12.4 % 12.3 % 12.4 % 12.2 % 12.2 % Total risk-based capital ratio 14.4 % 14.3 % 14.4 % 14.3 % 14.2 % Leverage ratio 8.6 % 8.5 % 8.4 % 8.3 % 8.3 % Common equity to assets 8.1 % 8.0 % 7.9 % 7.6 % 7.6 % Tangible common equity to tangible assets 2 6.4 % 6.1 % 6.0 % 5.8 % 5.7 % Tangible common equity to risk-weighted assets 2 9.3 % 9.0 % 8.9 % 8.5 % 8.6 % 1 Beginning January 1, 2025, the regulatory capital requirements fully reflect implementation related to the CECL methodology. Prior to 2025, the Company’s capital ratios reflected certain transitional adjustments. 2 Non-GAAP; see appendix for calculations 2 2
26©2025 U.S. Bank | Confidential • Elavon and Woo expanded a successful European payments partnership to North America, simplifying merchant experience and providing value-added services at scale • Elavon and Liberis partnering to launch “Quick Capital” to provide seamless flexible revenue-based funding solutions to more than 27,000 U.S. Small Business merchants • U.S. Bank Elan surpassed 1,300 small business and consumer card issuing partner relationships • U.S. Bank continues to support Small Businesses extensively with a new embedded payroll solution “U.S. Bank Payroll”, all- in-one cash flow management platform, “U.S. Bank bill pay for business” and a resource hub, “U.S. Bank Business Resources Central” Segment 1Q 2Q 3Q 4Q Card2 stable Corporate Payments stable Merchant Processing Merchant Processing (MPS) Corporate Payments (CPS)Total Card Payments Total Net Revenue by Business (3Q25) Highlights Historical Linked Quarter Seasonality for Payment Fees Revenue1 â â â á á á á á á â +3.3% year-over-year +5.2% year-over-year -3.9% year-over-year Payment Services +5.2% Credit only Fee Revenue Growth Rates 1 Linked quarter change based on trends from 2015 to 2019 2 Includes Prepaid Card 68% 32% Payments: Consumer & Small Business (PCS) Payments: Merchant & Institutional (PMI) 41% 59% Net interest income (taxable-equivalent basis) Noninterest income
27©2025 U.S. Bank | Confidential Credit Quality - Commercial $133,138 $135,384 $140,130 $143,817 $145,792 0.44 % 0.43 % 0.47 % 0.36 % 0.25 % Average Loans NCO% 3Q24 4Q24 1Q25 2Q25 3Q25 Key StatisticsAverage Loans ($M) and Net Charge-offs Ratio (0.9)% 1.7% 3.5% 2.6% 1.4% Linked Quarter Growth Key Points • Average loans increased by 1.4%, linked quarter, and 9.5% on a year-over-year basis • Utilization decreased quarter-over-quarter to 25.1% for 3Q25 versus 25.4% for 2Q25 • NCOs decreased by 11 bps in the third quarter $ in millions 3Q24 2Q25 3Q25 Average loans $133,138 $143,817 $145,792 30-89 delinquencies 0.25 % 0.22 % 0.19 % 90+ delinquencies 0.07 % 0.06 % 0.06 % Nonperforming loans 0.44 % 0.39 % 0.49 % Revolving Line Utilization Trend 1Q 17 3Q 17 1Q 18 3Q 18 1Q 19 3Q 19 1Q 20 3Q 20 1Q 21 3Q 21 1Q 22 3Q 22 1Q 23 3Q 23 1Q 24 3Q 24 1Q 25 3Q 25 10% 20% 30% 40%
28©2025 U.S. Bank | Confidential CRE by Loan Type Mortgage 58% Owner Occupied 21% Construction 21% Credit Quality – Commercial Real Estate Key Points Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (1.6)% (3.1)% (2.0)% (0.9)% (0.5)% • Average loans decreased by 0.5% on a linked quarter basis • 30-89 and 90+ delinquencies improved on a linked quarter basis • NCOs and non-performing loans continued to be driven by the Office portfolio $51,454 $49,871 $48,890 $48,466 $48,246 0.54 % 0.30 % (0.03) % 0.47 % 0.85 % Average Loans NCO% 3Q24 4Q24 1Q25 2Q25 3Q25 CRE by Property Class SFR Construction 8% Owner Occupied 21% Multi-Family 37% Office 10% Industrial 10% Other 14% $ in millions 3Q24 2Q25 3Q25 Average loans $51,454 $48,466 $48,246 30-89 delinquencies 0.16 % 0.23 % 0.16 % 90+ delinquencies 0.02 % 0.28 % 0.04 % Nonperforming loans 1.83 % 1.58 % 1.20 % 1 1 SFR = Single Family Residential
29©2025 U.S. Bank | Confidential Credit Quality - Residential Mortgage $117,559 $118,406 $118,844 $115,616 $114,780 (0.01) % (0.01) % 0.00 % 0.00 % 0.00 % Average Loans NCO% 3Q24 4Q24 1Q25 2Q25 3Q25 Key Points • Average loans decreased by 0.7% on a linked quarter basis; Year-over-year decline driven by 2Q25 loan sale • Continued low losses and nonperforming loans supported by strong portfolio credit quality and collateral values • Originations continued to reflect high credit quality (weighted average credit score of 772, weighted average LTV of 69%) Linked Quarter Growth Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 3Q24 2Q25 3Q25 Average loans $117,559 $115,616 $114,780 30-89 delinquencies 0.14 % 0.15 % 0.14 % 90+ delinquencies 0.15 % 0.28 % 0.26 % Nonperforming loans 0.13 % 0.13 % 0.12 % 0.9% 0.7% 0.4% (2.7)% (0.7)% Residential Mortgage Delinquencies ($M) 30-89 days past due 90+ days past due 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $— $200 $400 $600 $800 $1,000
30©2025 U.S. Bank | Confidential Credit Quality - Credit Card $28,994 $29,438 $29,404 $29,588 $30,241 4.10 % 4.28 % 4.48 % 4.30 % 3.73 % Average Loans NCO% 3Q24 4Q24 1Q25 2Q25 3Q25 Key Points • Average loans increased by 2.2%, linked quarter, and 4.3% on a year-over-year basis • Net charge-off rate decreased to 3.73% consistent with seasonal patterns • 30-89 and 90+ day delinquency rates decreased from prior year Average Loans ($M) and Net Charge-offs Ratio Key Statistics 2.3% 1.5% (0.1)% 0.6% 2.2% Linked Quarter Growth $ in millions 3Q24 2Q25 3Q25 Average loans $28,994 $29,588 $30,241 30-89 delinquencies 1.47 % 1.24 % 1.34 % 90+ delinquencies 1.36 % 1.24 % 1.26 % Nonperforming loans — % — % — % Credit Card Delinquencies ($M) 30-89 days past due 90+ days past due 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $— $200 $400 $600 $800 $1,000
31©2025 U.S. Bank | Confidential Credit Quality - Other Retail Key Points • Third quarter balance growth rates impacted by 2Q25 auto portfolio sale • Nonperforming loans ratio increased slightly quarter-over-quarter • Net charge-off ratio increased 5 bps on a linked quarter basis Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (0.7)% (0.9)% (1.9)% (1.7)% (2.3)% $42,925 $42,556 $41,760 $41,042 $40,093 0.47 % 0.59 % 0.61 % 0.52 % 0.57 % Average Loans NCO% 3Q24 4Q24 1Q25 2Q25 3Q25 Auto Loans 10% Installment 36% Home Equity 35% Retail Leasing 9% Revolving Credit 10% $ in millions 3Q24 2Q25 3Q25 Average loans $42,925 $41,042 $40,093 30-89 delinquencies 0.52 % 0.43 % 0.44 % 90+ delinquencies 0.14 % 0.13 % 0.13 % Nonperforming loans 0.34 % 0.38 % 0.39 %
32©2025 U.S. Bank | Confidential Financial Targets ROA ROTCE Fee Income Growth 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-term represents 2026 and 2027 2 Key assumptions as of September 12, 2024 and presented at Investor Day
33©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2025 June 30, 2025 September 30, 2024 Net interest income $ 4,222 $ 4,051 $ 4,135 Taxable-equivalent adjustment (1) 29 29 31 Net interest income, on a taxable-equivalent basis 4,251 4,080 4,166 Net interest income, on a taxable-equivalent basis (as calculated above) 4,251 4,080 4,166 Noninterest income 3,078 2,924 2,698 Less: Securities gains (losses), net (7) (57) (119) Total net revenue, excluding net securities gains (losses) (a) 7,336 7,061 6,983 Noninterest expense (b) 4,197 4,181 4,204 Efficiency ratio (b)/(a) 57.2 % 59.2 % 60.2 % Net income applicable to U.S. Bancorp common shareholders $ 1,893 $ 1,733 $ 1,601 Intangibles amortization (net-of-tax) 99 98 112 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 1,992 1,831 1,713 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 7,903 7,344 6,815 Average total equity 63,101 61,356 58,744 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (458) (457) (461) Average goodwill (net of deferred tax liability) (2) (11,609) (11,544) (11,494) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,659) (1,734) (1,981) Average tangible common equity (b) 42,567 40,813 38,000 Return on tangible common equity (a)/(b) 18.6 % 18.0 % 17.9 % (1), (2) – see last page in appendix for corresponding notes
34©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (Dollars and Shares in Millions Except Per Share Data, Unaudited) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Total equity $ 63,798 $ 61,896 $ 60,558 $ 59,040 $ 59,321 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolling interest (458) (458) (462) (462) (462) Common equity (a) 56,532 54,630 53,288 51,770 52,051 Goodwill (net of deferred tax liability) (2) (11,603) (11,613) (11,521) (11,508) (11,540) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,605) (1,699) (1,761) (1,846) (1,944) Tangible common equity (b) 43,324 41,318 40,006 38,416 38,567 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation 47,877 47,164 Adjustments (3) (433) (433) Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (c) 47,444 46,731 Total assets (d) 695,357 686,370 676,489 678,318 686,469 Goodwill (net of deferred tax liability) (2) (11,603) (11,613) (11,521) (11,508) (11,540) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,605) (1,699) (1,761) (1,846) (1,944) Tangible assets (e) 682,149 673,058 663,207 664,964 672,985 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation if applicable (f) 465,092 459,521 450,290 450,498 447,476 Adjustments (4) (368) (368) Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (g) 450,130 447,108 Common shares outstanding (h) 1,556 1,558 1,560 1,560 1,561 Ratios Common equity to assets (a)/(d) 8.1% 8.0% 7.9% 7.6% 7.6% Tangible common equity to tangible assets (b)/(e) 6.4 6.1 6.0 5.8 5.7 Tangible common equity to risk-weighted assets (b)/(f) 9.3 9.0 8.9 8.5 8.6 Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (c)/(g) 10.5 10.5 Tangible book value per common share (b)/(h) $ 27.84 $ 26.52 $ 25.64 $ 24.63 $ 24.71 * (2), (3), (4) – see last page in appendix for corresponding notes *Preliminary data. Subject to change prior to filings with applicable regulatory agencies.
35©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (Dollars in Millions, Unaudited) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 March 31, 2023 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (a) 50,602 49,382 48,482 47,877 47,164 42,027 Accumulated Other Comprehensive Income (AOCI) related adjustments (5) (7,638) (8,458) (8,737) (9,198) (8,648) (10,153) Common equity tier 1 capital, including AOCI related adjustments (5) (b) 42,964 40,924 39,745 38,679 38,516 31,874 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (c) 465,092 459,521 450,290 450,498 447,476 494,048 Ratios Common equity tier 1 capital ratio (a)/(c) 10.9 % 10.7 % 10.8 % 10.6 % 10.5 % 8.5 % Common equity tier 1 capital ratio, including AOCI related adjustments (5) (b)/(c) 9.2 8.9 8.8 8.6 8.6 6.5 (5) – se last page in appendix for corresponding notes
36©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (1), (6) - see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) September 30, 2025 September 30, 2024 June 30, 2025 June 30, 2024 March 31, 2025 March 31, 2024 Net interest income $ 4,222 $ 4,135 $ 4,051 $ 4,023 $ 4,092 $ 3,985 Taxable-equivalent adjustment (1) 29 31 29 29 30 30 Net interest income, on a taxable-equivalent adjustment basis 4,251 4,166 4,080 4,052 4,122 4,015 Net interest income, on a taxable-equivalent basis (as calculated above) 4,251 4,166 4,080 4,052 4,122 4,015 Noninterest income 3,078 2,698 2,924 2,815 2,836 2,700 Total net revenue 7,329 6,864 7,004 6,867 6,958 6,715 Percentage change (a) 6.8 % 2.0 % 3.6 % Less: Securities gains (losses), net (7) (119) (57) (36) — 2 Total net revenue, excluding net securities gains (losses) (b) 7,336 6,983 7,061 6,903 6,958 6,713 Percent change (c) 5.1 % 2.3 % 3.6 % Noninterest expense (d) 4,197 4,204 4,181 4,214 4,232 4,459 Percentage change (e) (0.2) % (0.8) % (5.1) % Less: Notable items (6) — — — 26 — 265 Total noninterest expense, excluding notable items 4,197 4,204 4,181 4,188 4,232 4,194 Percentage change (f) (0.2) % (0.2) % 0.9 % Operating leverage (a) - (e) 7.0 % 2.8 % 8.7 % Operating leverage, excl. notable items and net securities losses (c) - (f) 5.3 % 2.5 % 2.7 % Efficiency ratio (d) / (b) 57.2 % 59.2 % 60.8 %
37©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) December 31, 2024 December 31, 2023 September 30, 2024 September 30, 2023 June 30, 2024 June 30, 2023 Net interest income $ 4,146 $ 4,111 $ 4,135 $ 4,236 $ 4,023 $ 4,415 Taxable-equivalent adjustment (1) 30 31 31 32 29 34 Net interest income, on a taxable-equivalent adjustment basis 4,176 4,142 4,166 4,268 4,052 4,449 Net interest income, on a taxable-equivalent basis (as calculated above) 4,176 4,142 4,166 4,268 4,052 4,449 Noninterest income 2,833 2,620 2,698 2,764 2,815 2,726 Total net revenue 7,009 6,762 6,864 7,032 6,867 7,175 Percentage change (a) 3.7 % (2.4) % (4.3) % Less: Securities gains (losses), net (1) (116) (119) — (36) 3 Total net revenue, excluding net securities gains (losses) (b) 7,010 6,878 6,983 7,032 6,903 7,172 Less: Notable items (6) — — — — — (22) Total net revenue, excluding net securities gains (losses) and notable items (c) 7,010 6,878 6,983 7,032 6,903 7,194 Percent change (d) 1.9 % (0.7) % (4.0) % Noninterest expense (e) 4,311 5,219 4,204 4,530 4,214 4,569 Percentage change (f) (17.4) % (7.2) % (7.8) % Less: Notable items (6) 109 1,015 — 284 26 310 Total noninterest expense, excluding notable items (g) 4,202 4,204 4,204 4,246 4,188 4,259 Percentage change (h) — % (1.0) % (1.7) % Operating leverage (a) - (f) 21.1 % 4.8 % 3.5 % Operating leverage, excl. notable items and net securities losses (d) - (h) 1.9 % 0.3 % (2.3) % Efficiency ratio (e) / (b) 61.5 % 60.2 % 61.0 % Efficiency ratio, excluding notable items (g) / (c) 59.9 % 60.7 % (1), (6) - see last page in appendix for corresponding notes
38©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (1), (6) - see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) March 31, 2024 March 31, 2023 December 31, 2023 December 31, 2022 Net interest income $ 3,985 $ 4,634 $ 4,111 $ 4,293 Taxable-equivalent adjustment (1) 30 34 31 32 Net interest income, on a taxable-equivalent adjustment basis 4,015 4,668 4,142 4,325 Net interest income, on a taxable-equivalent basis (as calculated above) 4,015 4,668 4,142 4,325 Noninterest income 2,700 2,507 2,620 2,043 Total net revenue 6,715 7,175 6,762 6,368 Percentage change (a) (6.4) % 6.2 % Less: Securities gains (losses), net 2 (32) (116) (18) Total net revenue, excluding net securities gains (losses) (b) 6,713 7,207 6,878 6,386 Less: Notable items (6) — — — (381) Total net revenue, excluding net securities gains (losses) and notable items (c) 6,713 7,207 6,878 6,767 Percent change (d) (6.9) % 1.6 % Noninterest expense (e) 4,459 4,555 5,219 4,043 Percentage change (f) (2.1) % 29.1 % Less: Notable items (6) 265 244 1,015 90 Total noninterest expense, excluding notable items (g) 4,194 4,311 4,204 3,953 Percentage change (h) (2.7) % 6.3 % Operating leverage (a) - (f) (4.3) % (22.9) % Operating leverage, excl. notable items and net securities losses (d) - (h) (4.2) % (4.7) % Efficiency ratio (e) / (b) 66.4 % 75.9 % Efficiency ratio, excluding notable items (g) / (c) 62.5 % 61.1 %
39©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2025 September 30, 2024 June 30, 2025 June 30, 2024 March 31, 2025 March 31, 2024 Noninterest income $ 3,078 $ 2,698 $ 2,924 $ 2,815 $ 2,836 $ 2,700 Less: Securities gains (losses), net (7) (119) (57) (36) — 2 Total noninterest income, excluding net securities gains (losses) 3,085 2,817 2,981 2,851 2,836 2,698 Percent change 9.5 % 4.6 % 5.1 % (6) - se last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) December 31, 2024 December 31, 2023 September 30, 2024 September 30, 2023 Noninterest income $ 2,833 $ 2,620 $ 2,698 $ 2,764 Less: Securities gains (losses), net (1) 2 (119) — Less: Notable items (6) — (118) — — Total noninterest income, excluding net securities gains (losses) and notable items 2,834 2,736 2,817 2,764 Percent change 3.6 % 1.9 %
40©2025 U.S. Bank | Confidential Notes 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. 2. Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. 3. Includes the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology net of deferred taxes. 4. Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology. 5. Includes Accumulated Other Comprehensive Income (AOCI) related to available for sale securities, pension plans, and available for sale to held to maturity transfers. 6. Notable item for the three months ended December 31, 2024 of $109 million ($82 million net-of-tax) included lease impairments and operational efficiency actions. Notable items for the three months ended June 30, 2024 were a $26 million ($19 million net-of-tax) charge for the increase in FDIC special assessment. Notable items for the three months ended March 31, 2024 of $265 million ($199 million net-of-tax) included $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment. Notable items for the three months ended December 31, 2023 of $1.1 billion ($780 million net-of-tax, including a $70 million discrete tax benefit) included $(118) million of noninterest income related to investment securities balance sheet repositioning and capital management actions, $171 million of merger and integration-related charges, $734 million of FDIC special assessment charges and a $110 million charitable contribution. Notable items for the three months ended September 30, 2023 included $284 million ($213 million net-of-tax) of merger and integration-related charges.
41©2025 U.S. Bank | Confidential 1. 2. 3. 4. 5. 6. Notable items for the three months ended June 30, 2023 of $575 million ($432 million net-of-tax) included $(22) million of noninterest income related to balance sheet repositioning and capital management actions, $310 million of merger and integration-related charges, and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions. Notable items for the three months ended March 31, 2023 included $244 million ($183 million net-of-tax) of merger and integration-related charges. Notable items for the three months ended December 31, 2022 of $1.3 billion ($952 million net-of-tax) included $(399) million of noninterest income related to balance sheet repositioning and capital management actions, $90 million of merger and integration-related charges and $791 million of provision for credit losses related to the acquisition of Union Bank and balance sheet optimization activities. Notes
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