usb-20251016


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.


			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.


			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.


			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.


			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.


			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.


			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.


			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


			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.


			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


			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.


			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;


			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.


			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.


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


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


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.


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.


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.


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.


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.


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.


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.


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


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


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


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.


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.


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.


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


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


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


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.


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


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


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.


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.


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


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	$—		$—		$—		$—		$—


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


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


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

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.

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


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


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


U.S. BANCORP

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


			99.1			Press Release issued by U.S. Bancorp on October 16, 2025, deemed “filed” under the Exchange Act.


			99.2			3Q25 Earnings Supplement, deemed “furnished” under the Exchange Act.


			99.3			3Q25 Earnings Conference Call Presentation, deemed “furnished” under the Exchange Act.


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