usb-20250416


1Q25 Key Financial Data					1Q25 Financial Highlights

	PROFITABILITY METRICS	1Q25	4Q24	1Q24		•Net income of $1,709 million and diluted earnings per common share of $1.03 •Return on tangible common equity of 17.5%, return on average assets of 1.04%, and efficiency ratio of 60.8% •Positive operating leverage of 270 basis points on a year-over-year basis, as adjusted for notable items in the first quarter of 2024 •Net revenue of $6,958 million, an increase of 3.6% year-over-year, including an increase of 2.7% in net interest income on a taxable-equivalent basis and an increase of 5.0% in noninterest income •Net interest margin of 2.72%, an increase of 2 basis points on a year-over-year basis and a 1 basis point increase on a linked quarter basis •Noninterest expense increase of 0.9% on a year-over-year basis and 0.7% on a linked quarter basis, as adjusted for notable items in the prior quarters •CET1 capital ratio of 10.8% at March 31, 2025, compared with 10.6% at December 31, 2024 •Average total loans increased 2.1% on a year-over-year basis and 0.9% on a linked quarter basis
	Return on average assets (%)	1.04	.98	.81
	Return on average common equity (%)	12.3	12.1	10.0
	Return on tangible common equity (%) (a)	17.5	17.4	15.1
	Net interest margin (%)	2.72	2.71	2.70
	Efficiency ratio (%) (a)	60.8	61.5	66.4
	Tangible efficiency ratio (%) (a)	59.1	59.5	64.2

	INCOME STATEMENT (b)	1Q25	4Q24	1Q24
	Net interest income (taxable-equivalent basis)	$4,122	$4,176	$4,015
	Noninterest income	$2,836	$2,833	$2,700
	Noninterest expense	$4,232	$4,311	$4,459
	Net income attributable to U.S. Bancorp	$1,709	$1,663	$1,319
	Diluted earnings per common share	$1.03	$1.01	$.78
	Dividends declared per common share	$.50	$.50	$.49

	BALANCE SHEET (b)	1Q25	4Q24	1Q24
	Average total loans	$379,028	$375,655	$371,070
	Average total deposits	$506,534	$512,313	$503,061
	Net charge-off ratio (%)	.59	.60	.53
	Book value per common share (period end)	$34.16	$33.19	$31.26
	Basel III standardized CET1 (%) (c)	10.8	10.6	10.0

	(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 first quarter we reported diluted earnings per share of $1.03 and delivered a return on tangible common equity of 17.5%. We managed expenses with discipline and delivered 270 basis points of positive operating leverage on an adjusted basis – our third consecutive quarter of year-over-year growth in revenues outpacing expenses. Total net revenue of approximately $7.0 billion was supported by slight margin expansion and year-over-year growth in fee revenue of 5%. Importantly, asset quality and capital levels are strong. This quarter, our net charge-off ratio improved modestly and common equity tier 1 capital ratio increased by 20 basis points to 10.8%. As we navigate macro economic uncertainties, we will continue to manage the bank with strong risk management capabilities. As I step into the role as Chief Executive Officer, I am excited to lead this exceptional banking franchise and confident in our ability to deliver strong and consistent financial results. I would like to thank my U.S. Bank colleagues for their dedication to our company. As we collectively mourn the loss of our dear friend and colleague, Terry Dolan, the U.S. Bank family truly appreciates the outpouring of support and heartfelt condolences we’ve received from far and wide. Our prayers continue to be with his family and friends during this most difficult time.

Finally, on behalf of the U.S. Bank team, I want to thank Andy Cecere for his 40+ years of thoughtful, dedicated, and steady leadership."

— Gunjan Kedia, President and CEO, U.S. Bancorp


Business and Other Highlights

U.S. Bank personal loans now available through State Farm

In the latest expansion of the State Farm and U.S. Bank alliance, State Farm customers can now apply for U.S. Bank personal loans for up to $50,000 working directly with their agent. To date, more than 900,000 State Farm customers have accessed a suite of U.S. Bank products including deposits, co-branded credit cards and business banking products and services. This is the latest expansion of the collaboration between U.S. Bank and State Farm, which began in 2020.

U.S. Bank introduces Spend Management for business owners

U.S. Bank has introduced a new Spend Management platform to help businesses monitor, track and control their card-based spending. This all-in-one platform is available through the bank’s full portfolio of business credit cards, giving business owners an alternative to using multiple tools. Spend Management gives owners the ability to easily manage how employees use cards.

U.S. Bank Shield™ Visa® card offers 0 percent intro APR for 24 billing cycles

U.S. Bank announced the launch of the U.S. Bank Shield™ Visa® Card, a no annual fee card that provides great value for consumers. The card offers a market-leading introductory 0% APR on purchases and balance transfers for the first 24 billing cycles, and a variable APR thereafter. The card also includes an array of purchase protection and cash-back benefits.

U.S. Bank introduces all-in-one business checking plus payments acceptance

U.S. Bank has launched a premier all-in-one checking account combined with payments acceptance capabilities for small businesses, called Business Essentials. The account enables businesses to accept credit card payments with free same-day access to their funds and a free mobile card reader, in addition to checking with unlimited digital transactions and no monthly maintenance fee.


Investor contact: George Andersen, [email protected] \| Media contact: Jeff Shelman, [email protected]


			U.S. Bancorp First Quarter 2025 Results


INCOME STATEMENT HIGHLIGHTS
($ in millions, except per share data)						ADJUSTED (a) (b)
				Percent Change					Percent Change
	1Q 2025	4Q 2024	1Q 2024	1Q25 vs 4Q24	1Q25 vs 1Q24	1Q 2025	4Q 2024	1Q 2024	1Q25 vs 4Q24	1Q25 vs 1Q24

Net interest income	$4,092	$4,146	$3,985	(1.3)	2.7	$4,092	$4,146	$3,985	(1.3)	2.7
Taxable-equivalent adjustment	30	30	30	—	—	30	30	30	—	—
Net interest income (taxable-equivalent basis)	4,122	4,176	4,015	(1.3)	2.7	4,122	4,176	4,015	(1.3)	2.7
Noninterest income	2,836	2,833	2,700	.1	5.0	2,836	2,833	2,700	.1	5.0
Total net revenue	6,958	7,009	6,715	(.7)	3.6	6,958	7,009	6,715	(.7)	3.6
Noninterest expense	4,232	4,311	4,459	(1.8)	(5.1)	4,232	4,202	4,194	.7	.9
Income before provision and income taxes	2,726	2,698	2,256	1.0	20.8	2,726	2,807	2,521	(2.9)	8.1
Provision for credit losses	537	560	553	(4.1)	(2.9)	537	560	553	(4.1)	(2.9)
Income before taxes	2,189	2,138	1,703	2.4	28.5	2,189	2,247	1,968	(2.6)	11.2
Income taxes and taxable-equivalent adjustment	473	468	377	1.1	25.5	473	495	443	(4.4)	6.8
Net income	1,716	1,670	1,326	2.8	29.4	1,716	1,752	1,525	(2.1)	12.5
Net (income) loss attributable to noncontrolling interests	(7)	(7)	(7)	—	—	(7)	(7)	(7)	—	—
Net income attributable to U.S. Bancorp	$1,709	$1,663	$1,319	2.8	29.6	$1,709	$1,745	$1,518	(2.1)	12.6
Net income applicable to U.S. Bancorp common shareholders	$1,603	$1,581	$1,209	1.4	32.6	$1,603	$1,662	$1,407	(3.5)	13.9
Diluted earnings per common share	$1.03	$1.01	$.78	2.0	32.1	$1.03	$1.07	$.90	(3.7)	14.4

(a)4Q24 excludes $109 million ($82 million net-of-tax) of notable items related to lease impairments and operational efficiency actions. 1Q24 excludes $265 million ($199 million net-of-tax) of notable items including: $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment.

(b)See Non-GAAP Financial Measures reconciliation beginning on page 18.

Net income attributable to U.S. Bancorp was $1,709 million for the first quarter of 2025, $390 million higher than the $1,319 million for the first quarter of 2024 and $46 million higher than the $1,663 million for the fourth quarter of 2024. Diluted earnings per common share was $1.03 in the first quarter of 2025, compared with $0.78 in the first quarter of 2024 and $1.01 in the fourth quarter of 2024. The first quarter of 2024 included notable items of $199 million or ($0.12) per diluted common share. The fourth quarter of 2024 included notable items of $82 million or ($0.06) per diluted common share. Excluding the impact of prior period notable items, net income attributable to U.S. Bancorp for the first quarter of 2025 was $191 million higher than the first quarter of 2024 and $36 million lower than the fourth quarter of 2024.

The increase in net income attributable to U.S. Bancorp year-over-year was primarily due to higher total net revenue, lower noninterest expense and lower provision for credit losses. Excluding notable items in the prior year quarter, net income attributable to U.S. Bancorp in the first quarter of 2025 increased 12.6 percent compared with the first quarter of 2024. Net interest income increased 2.7 percent on a year-over-year taxable-equivalent basis, due to the mix of earning assets, fixed asset repricing and modest loan growth, partially offset by deposit mix. The net interest margin increased to 2.72 percent in the first quarter of 2025 from 2.70 percent in the first quarter of 2024, driven by factors described above, partially offset by higher average earning assets. Noninterest income increased 5.0 percent compared with a year ago driven by higher payment services revenue, trust and investment management fees, and other revenue. Noninterest expense decreased 5.1 percent primarily due to lower compensation and employee benefits and the notable items in the prior year quarter, partially offset by higher marketing and business development expense, technology and communications expense and other noninterest expense. Excluding notable items in the prior year quarter, noninterest expense in the first quarter of 2025 increased 0.9 percent compared with the first quarter of 2024. The provision for credit losses decreased $16 million (2.9 percent) compared with the first quarter of 2024, largely driven by improved credit quality and portfolio mix.


			U.S. Bancorp First Quarter 2025 Results

Net income attributable to U.S. Bancorp increased on a linked quarter basis primarily due to lower noninterest expense driven by notable items in the fourth quarter of 2024 and lower provision for credit losses, partially offset by a decrease in total net revenue. Excluding notable items in the fourth quarter of 2024, net income attributable to U.S. Bancorp in the first quarter of 2025 decreased 2.1 percent on a linked quarter basis. Net interest income decreased 1.3 percent on a linked quarter taxable-equivalent basis primarily driven by fewer days in the quarter and deposit seasonality. The net interest margin increased to 2.72 percent in the first quarter of 2025 from 2.71 percent in the fourth quarter of 2024, driven by lower average earning assets. Noninterest income in the first quarter of 2025 increased 0.1 percent from the fourth quarter of 2024 primarily due to higher mortgage banking revenue and capital markets revenue, partially offset by lower payment services revenue and lower trust and investment management fees. Noninterest expense in the first quarter of 2025 decreased by 1.8 percent from the fourth quarter of 2024 primarily due to fourth quarter 2024 notable items and lower professional services expense, partially offset by higher compensation and employee benefits expense, marketing and business development expense, and other noninterest expense. Excluding notable items in the fourth quarter of 2024, noninterest expense increased 0.7 percent on a linked quarter basis. The provision for credit losses decreased $23 million (4.1 percent) compared with the fourth quarter of 2024, largely driven by lower commercial real estate net charge-offs.


			U.S. Bancorp First Quarter 2025 Results


NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions)										Change
	1Q 2025			4Q 2024			1Q 2024			1Q25 vs 4Q24			1Q25 vs 1Q24

Components of net interest income
Income on earning assets	$	7,546		$	7,862		$	7,795		$	(316)		$	(249)
Expense on interest-bearing liabilities	3,424			3,686			3,780			(262)			(356)
Net interest income	$	4,122		$	4,176		$	4,015		$	(54)		$	107

Average yields and rates paid
Earning assets yield	4.99		%	5.10		%	5.25		%	(.11)		%	(.26)		%
Rate paid on interest-bearing liabilities	2.75			2.91			3.12			(.16)			(.37)
Gross interest margin	2.24		%	2.19		%	2.13		%	.05		%	.11		%
Net interest margin	2.72		%	2.71		%	2.70		%	.01		%	.02		%

Average balances
Investment securities (a)	$	171,178		$	171,325		$	161,236		$	(147)		$	9,942
Loans	379,028			375,655			371,070			3,373			7,958
Interest-bearing deposits with banks	43,735			50,368			50,903			(6,633)			(7,168)
Other earning assets	14,466			13,911			10,924			555			3,542
Earning assets	610,230			614,268			596,135			(4,038)			14,095
Interest-bearing liabilities	504,023			504,439			487,351			(416)			16,672

(a) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis in the first quarter of 2025 was $4,122 million, an increase of $107 million (2.7 percent) from the first quarter of 2024. The increase was primarily due to the mix of earning assets, fixed asset repricing and modest loan growth, partially offset by deposit mix. Average earning assets were $14.1 billion (2.4 percent) higher than the first quarter of 2024, reflecting increases of $9.9 billion (6.2 percent) in average investment securities due to balance sheet repositioning and liquidity management, $8.0 billion (2.1 percent) in average total loans and $3.5 billion (32.4 percent) in other earning assets, partially offset by a decrease of $7.2 billion (14.1 percent) in average interest-bearing deposits with banks.

Net interest income on a taxable-equivalent basis decreased $54 million (1.3 percent) on a linked quarter basis primarily driven by fewer days in the quarter and deposit seasonality. Average earning assets were $4.0 billion (0.7 percent) lower on a linked quarter basis, reflecting decreases of $6.6 billion (13.2 percent) in average interest-bearing deposits with banks and $1.2 billion (39.4 percent) in loans held for sale, partially offset by an increase of $3.4 billion (0.9 percent) in average total loans.

The net interest margin in the first quarter of 2025 was 2.72 percent, compared with 2.70 percent in the first quarter of 2024 and 2.71 percent in the fourth quarter of 2024. The increase in the net interest margin from the prior year was driven by factors mentioned above, partially offset by higher average earning assets. The increase in the net interest margin from the prior quarter was driven by lower average earning assets.


			U.S. Bancorp First Quarter 2025 Results


AVERAGE LOANS
($ in millions)				Percent Change
	1Q 2025	4Q 2024	1Q 2024	1Q25 vs 4Q24	1Q25 vs 1Q24

Commercial	$135,931	$131,180	$126,602	3.6	7.4
Lease financing	4,199	4,204	4,165	(.1)	.8
Total commercial	140,130	135,384	130,767	3.5	7.2

Commercial mortgages	38,624	39,308	41,545	(1.7)	(7.0)
Construction and development	10,266	10,563	11,492	(2.8)	(10.7)
Total commercial real estate	48,890	49,871	53,037	(2.0)	(7.8)

Residential mortgages	118,844	118,406	115,639	.4	2.8

Credit card	29,404	29,438	27,942	(.1)	5.2

Retail leasing	3,990	4,035	4,082	(1.1)	(2.3)
Home equity and second mortgages	13,542	13,446	12,983	.7	4.3
Other	24,228	25,075	26,620	(3.4)	(9.0)
Total other retail	41,760	42,556	43,685	(1.9)	(4.4)

Total loans	$379,028	$375,655	$371,070	.9	2.1

Average total loans for the first quarter of 2025 were $8.0 billion (2.1 percent) higher than the first quarter of 2024. The increase was primarily due to higher total commercial loans (7.2 percent), residential mortgages (2.8 percent) and credit card loans (5.2 percent), partially offset by lower total commercial real estate loans (7.8 percent) and total other retail loans (4.4 percent). The increase in commercial loans was primarily due to growth in loans to financial institutions. The increase in residential mortgages was primarily driven by originations. The increase in credit card loans was primarily driven by customer account growth and higher spend volume. The decrease in commercial real estate loans was primarily due to loan workout activities and payoffs exceeding a reduced level of new originations. The decrease in other retail loans was primarily due to lower automobile loans.

Average total loans were $3.4 billion (0.9 percent) higher than the fourth quarter of 2024. The increase was primarily due to higher total commercial loans (3.5 percent) and residential mortgages (0.4 percent), partially offset by lower total commercial real estate loans (2.0 percent) and total other retail loans (1.9 percent). Linked quarter changes were primarily driven by similar factors as the year-over-year changes.


			U.S. Bancorp First Quarter 2025 Results


AVERAGE DEPOSITS
($ in millions)				Percent Change
	1Q 2025	4Q 2024	1Q 2024	1Q25 vs 4Q24	1Q25 vs 1Q24

Noninterest-bearing deposits	$79,696	$82,909	$84,787	(3.9)	(6.0)
Interest-bearing savings deposits
Interest checking	125,651	125,111	125,011	.4	.5
Money market savings	195,442	206,557	196,502	(5.4)	(.5)
Savings accounts	50,271	41,200	41,645	22.0	20.7
Total savings deposits	371,364	372,868	363,158	(.4)	2.3
Time deposits	55,474	56,536	55,116	(1.9)	.6
Total interest-bearing deposits	426,838	429,404	418,274	(.6)	2.0
Total deposits	$506,534	$512,313	$503,061	(1.1)	.7

Average total deposits for the first quarter of 2025 were $3.5 billion (0.7 percent) higher than the first quarter of 2024. Average noninterest-bearing deposits decreased $5.1 billion (6.0 percent) reflecting balance decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average total savings deposits were $8.2 billion (2.3 percent) higher year-over-year driven by increases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average time deposits were $358 million (0.6 percent) higher than the first quarter of 2024 mainly within Consumer and Business Banking, partially offset by decreases 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 decreased $5.8 billion (1.1 percent) from the fourth quarter of 2024. Average noninterest-bearing deposits decreased $3.2 billion (3.9 percent) reflecting balance decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average total savings deposits decreased $1.5 billion (0.4 percent) driven by decreases within Wealth, Corporate, Commercial and Institutional Banking, partially offset by increases in Consumer and Business Banking. Average time deposits were $1.1 billion (1.9 percent) lower on a linked quarter basis due to decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking.


			U.S. Bancorp First Quarter 2025 Results


NONINTEREST INCOME
($ in millions)				Percent Change
	1Q 2025	4Q 2024	1Q 2024	1Q25 vs 4Q24	1Q25 vs 1Q24

Card revenue	$398	$433	$392	(8.1)	1.5
Corporate payment products revenue	189	191	184	(1.0)	2.7
Merchant processing services	415	419	401	(1.0)	3.5
Trust and investment management fees	680	703	641	(3.3)	6.1
Service charges	315	314	315	.3	—
Capital markets revenue	382	364	388	4.9	(1.5)
Mortgage banking revenue	173	116	166	49.1	4.2
Investment products fees	87	87	77	—	13.0
Securities gains (losses), net	—	(1)	2	nm	nm
Other	197	207	134	(4.8)	47.0
Total noninterest income	$2,836	$2,833	$2,700	.1	5.0

First quarter noninterest income of $2,836 million was $136 million (5.0 percent) higher than the first quarter of 2024. The increase was driven by higher payment services revenue, trust and investment management fees and other revenue. Payment services revenue increased $25 million (2.6 percent) compared with the first quarter of 2024, primarily due to increases across all categories due to business volume growth. Card revenue was impacted by a reduction in prepaid card volumes from a year ago. Trust and investment management fees increased $39 million (6.1 percent) driven by business growth and favorable market conditions. Other revenue increased $63 million (47.0 percent) due to higher tax credit investment activity and the impact of other favorable items.

Noninterest income was $3 million (0.1 percent) higher in the first quarter of 2025 compared with the fourth quarter of 2024. The increase was driven by higher mortgage banking revenue and capital markets revenue. Mortgage banking revenue increased $57 million (49.1 percent) primarily driven by the change in fair value of mortgage servicing rights, net of hedging activities. Capital markets revenue increased $18 million (4.9 percent) mainly due to higher corporate bond fees, partially offset by lower customer-related derivative activity. Partially offsetting these increases were lower payment services revenue, trust and investment management fees and other revenue. Payment services revenue decreased $41 million (3.9 percent) compared with the fourth quarter of 2024, primarily due to a decrease in card revenue of $35 million (8.1 percent) due to seasonally lower spend volume. Trust and investment management fees decreased $23 million (3.3 percent) due to less favorable market conditions than the fourth quarter of 2024. Other revenue decreased $10 million (4.8 percent) principally driven by seasonally lower tax credit investment activity.


			U.S. Bancorp First Quarter 2025 Results


NONINTEREST EXPENSE
($ in millions)				Percent Change
	1Q 2025	4Q 2024	1Q 2024	1Q25 vs 4Q24	1Q25 vs 1Q24

Compensation and employee benefits	$2,637	$2,607	$2,691	1.2	(2.0)
Net occupancy and equipment	306	317	296	(3.5)	3.4
Professional services	98	135	110	(27.4)	(10.9)
Marketing and business development	182	160	136	13.8	33.8
Technology and communications	533	534	507	(.2)	5.1
Other intangibles	123	139	146	(11.5)	(15.8)
Other	353	310	308	13.9	14.6
Total before notable items	4,232	4,202	4,194	.7	.9
Notable items	—	109	265	nm	nm
Total noninterest expense	$4,232	$4,311	$4,459	(1.8)	(5.1)

First quarter noninterest expense of $4,232 million was $227 million (5.1 percent) lower than the first quarter of 2024. Excluding notable items of $265 million in the first quarter of 2024, first quarter of 2025 noninterest expense increased $38 million (0.9 percent) compared with the first quarter of 2024. The increase was driven by higher marketing and business development expense, technology and communications expense, and other noninterest expense, partially offset by lower compensation and employee benefits expense and other intangibles expense. Marketing and business development expense increased $46 million (33.8 percent) primarily due to a higher charitable foundation contribution. Technology and communications expense increased $26 million (5.1 percent) due to investments in infrastructure and technology development. These increases were partially offset by a $54 million (2.0 percent) decrease in compensation and employee benefits expense primarily due to cost savings from operational efficiencies, partially offset by merit increases.

Noninterest expense decreased $79 million (1.8 percent) from the fourth quarter of 2024. Excluding notable items of $109 million in the fourth quarter of 2024, first quarter of 2025 noninterest expense increased $30 million (0.7 percent) on a linked quarter basis, primarily driven by higher compensation and employee benefits expense, marketing and business development expense and other noninterest expense, partially offset by lower professional services expense. Compensation and employee benefits expense increased $30 million (1.2 percent) primarily due to seasonally higher stock-based compensation, higher performance-based incentives, variable compensation, and merit increases, partially offset by cost savings from operational efficiencies. Marketing and business development expense increased $22 million (13.8 percent) primarily due to a higher charitable foundation contribution.

Provision for Income Taxes

The provision for income taxes for the first quarter of 2025 resulted in a tax rate of 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.5 percent), compared with 22.1 percent on a taxable-equivalent basis (effective tax rate of 20.7 percent) in the first quarter of 2024, and 21.9 percent on a taxable-equivalent basis (effective tax rate of 20.8 percent) in the fourth quarter of 2024.


			U.S. Bancorp First Quarter 2025 Results


ALLOWANCE FOR CREDIT LOSSES
($ in millions)	1Q 2025	% (a)	4Q 2024	% (a)	3Q 2024	% (a)	2Q 2024	% (a)	1Q 2024	% (a)
Balance, beginning of period	$7,925		$7,927		$7,934		$7,904		$7,839


Net charge-offs
Commercial	159	.47	140	.42	139	.43	135	.42	109	.35
Lease financing	4	.39	6	.57	8	.77	8	.77	7	.68
Total commercial	163	.47	146	.43	147	.44	143	.43	116	.36
Commercial mortgages	(5)	(.05)	44	.45	69	.68	35	.34	15	.15
Construction and development	1	.04	(6)	(.23)	1	.04	1	.04	6	.21
Total commercial real estate	(4)	(.03)	38	.30	70	.54	36	.28	21	.16

Residential mortgages	—	—	(2)	(.01)	(3)	(.01)	(4)	(.01)	—	—

Credit card	325	4.48	317	4.28	299	4.10	315	4.47	296	4.26

Retail leasing	13	1.32	8	.79	5	.49	3	.29	5	.49
Home equity and second mortgages	(1)	(.03)	1	.03	(1)	(.03)	(1)	(.03)	—	—
Other	51	.85	54	.86	47	.73	46	.71	50	.76
Total other retail	63	.61	63	.59	51	.47	48	.45	55	.51
Total net charge-offs	547	.59	562	.60	564	.60	538	.58	488	.53
Provision for credit losses	537		560		557		568		553

Balance, end of period	$7,915		$7,925		$7,927		$7,934		$7,904
Components
Allowance for loan losses	$7,584		$7,583		$7,560		$7,549		$7,514
Liability for unfunded credit commitments	331		342		367		385		390
Total allowance for credit losses	$7,915		$7,925		$7,927		$7,934		$7,904

Gross charge-offs	$690		$697		$669		$652		$595
Gross recoveries	$143		$135		$105		$114		$107

Allowance for credit losses as a percentage of
Period-end loans (%)	2.07		2.09		2.12		2.11		2.11
Nonperforming loans (%)	470		442		438		438		454
Nonperforming assets (%)	458		433		429		428		443

(a) Annualized and calculated on average loan balances


			U.S. Bancorp First Quarter 2025 Results

The Company’s provision for credit losses for the first quarter of 2025 was $537 million, compared with $560 million in the fourth quarter of 2024 and $553 million in the first quarter of 2024. The first quarter of 2025 provision was $23 million (4.1 percent) lower than the fourth quarter of 2024 and $16 million (2.9 percent) lower than the first quarter of 2024. The decrease in provision expense on a year-over-year basis was primarily driven by improved credit quality and portfolio mix. The decrease in provision expense on a linked quarter basis reflected lower commercial real estate net charge-offs. The Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to changing tariff policies, and other economic factors that may affect the financial strength of corporate and consumer borrowers.

Total net charge-offs in the first quarter of 2025 were $547 million, compared with $562 million in the fourth quarter of 2024 and $488 million in the first quarter of 2024. The net charge-off ratio was 0.59 percent in the first quarter of 2025 compared with 0.60 percent in the fourth quarter of 2024, and 0.53 percent in the first quarter of 2024. The decrease in net charge-offs on a linked quarter basis was primarily due to lower net charge-offs on commercial real estate loans. The increase in net charge-offs on a year-over-year basis primarily reflected higher net charge-offs on commercial and credit card loans.

The allowance for credit losses was $7,915 million at March 31, 2025, compared with $7,925 million at December 31, 2024, and $7,904 million at March 31, 2024. The increase in the allowance for credit losses on a year-over-year basis was primarily driven by portfolio growth. The decrease in allowance for credit losses on a linked quarter basis was primarily driven by improved credit quality and portfolio mix. The ratio of the allowance for credit losses to period-end loans was 2.07 percent at March 31, 2025, compared with 2.09 percent at December 31, 2024, and 2.11 percent at March 31, 2024. The ratio of the allowance for credit losses to nonperforming loans was 470 percent at March 31, 2025, compared with 442 percent at December 31, 2024, and 454 percent at March 31, 2024.

Nonperforming assets were $1,727 million at March 31, 2025, compared with $1,832 million at December 31, 2024, and $1,786 million at March 31, 2024. The ratio of nonperforming assets to loans and other real estate was 0.45 percent at March 31, 2025, compared with 0.48 percent at December 31, 2024, and at March 31, 2024. The decrease in nonperforming assets on a year-over year basis was primarily due to lower commercial real estate nonperforming loans, partially offset by higher commercial nonperforming loans. Accruing loans 90 days or more past due were $796 million at March 31, 2025, compared with $810 million at December 31, 2024, and $714 million at March 31, 2024.


			U.S. Bancorp First Quarter 2025 Results


DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
(Percent)	Mar 31 2025	Dec 31 2024	Sep 30 2024	Jun 30 2024	Mar 31 2024

Delinquent loan ratios - 90 days or more past due
Commercial	.07	.07	.07	.06	.08
Commercial real estate	.01	.02	.02	.02	—
Residential mortgages	.19	.17	.15	.15	.12
Credit card	1.40	1.43	1.36	1.30	1.42
Other retail	.14	.15	.14	.14	.15
Total loans	.21	.21	.20	.19	.19

Delinquent loan ratios - 90 days or more past due and nonperforming loans
Commercial	.49	.55	.51	.48	.49
Commercial real estate	1.62	1.70	1.85	1.87	1.71
Residential mortgages	.31	.30	.28	.28	.26
Credit card	1.40	1.43	1.36	1.30	1.42
Other retail	.50	.50	.48	.47	.47
Total loans	.65	.69	.68	.67	.66


ASSET QUALITY (a)
($ in millions)
	Mar 31 2025	Dec 31 2024	Sep 30 2024	Jun 30 2024	Mar 31 2024
Nonperforming loans
Commercial	$589	$644	$560	$531	$522
Lease financing	27	26	25	25	27
Total commercial	616	670	585	556	549
Commercial mortgages	745	789	853	888	755
Construction and development	35	35	72	71	145
Total commercial real estate	780	824	925	959	900
Residential mortgages	141	152	154	154	155
Credit card	—	—	—	—	—
Other retail	148	147	145	141	137
Total nonperforming loans	1,685	1,793	1,809	1,810	1,741
Other real estate	23	21	21	23	25
Other nonperforming assets	19	18	18	19	20
Total nonperforming assets	$1,727	$1,832	$1,848	$1,852	$1,786
Accruing loans 90 days or more past due	$796	$810	$738	$701	$714
Nonperforming assets to loans plus ORE (%)	.45	.48	.49	.49	.48

(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due


			U.S. Bancorp First Quarter 2025 Results


COMMON SHARES
(Millions)	1Q 2025	4Q 2024	3Q 2024	2Q 2024	1Q 2024

Beginning shares outstanding	1,560	1,561	1,560	1,560	1,558
Shares issued for stock incentive plans,
acquisitions and other corporate purposes	4	2	1	—	3
Shares repurchased	(4)	(3)	—	—	(1)
Ending shares outstanding	1,560	1,560	1,561	1,560	1,560


CAPITAL POSITION							Preliminary Data
($ in millions)	Mar 31 2025		Dec 31 2024		Sep 30 2024		Jun 30 2024		Mar 31 2024

Total U.S. Bancorp shareholders' equity	$60,096		$58,578		$58,859		$56,420		$55,568

Basel III Standardized Approach (a)
Common equity tier 1 capital	$48,482		$47,877		$47,164		$46,239		$45,239
Tier 1 capital	55,736		55,129		54,416		53,491		52,491
Total risk-based capital	64,989		64,375		63,625		62,926		62,203

Fully implemented common equity tier 1 capital ratio (a)	10.8	%	10.5	% (b)	10.5	% (b)	10.2	% (b)	9.9	% (b)
Tier 1 capital ratio	12.4		12.2		12.2		11.9		11.6
Total risk-based capital ratio	14.4		14.3		14.2		14.0		13.7
Leverage ratio	8.4		8.3		8.3		8.1		8.1

Common equity to assets	7.9		7.6		7.6		7.3		7.1
Tangible common equity to tangible assets (b)	6.0		5.8		5.7		5.4		5.2
Tangible common equity to risk-weighted assets (b)	8.9		8.5		8.6		8.0		7.8
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		10.3		10.0

(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 $60.1 billion at March 31, 2025, compared with $58.6 billion at December 31, 2024, and $55.6 billion at March 31, 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, 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 10.8 percent at March 31, 2025, compared with 10.6 percent at December 31, 2024, and 10.0 percent at March 31, 2024.


			U.S. Bancorp First Quarter 2025 Results


Investor Conference Call

On Wednesday, April 16, 2025 at 8 a.m. CT, President and Chief Executive Officer Gunjan Kedia and Senior Executive Vice President and Chief Financial Officer John Stern will host a conference call to review the financial results. The live conference call will be available online and 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 Wednesday, April 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 $676 billion in assets as of March 31, 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 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;

•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;

•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;

•Uncertainty regarding the content, timing and impact of changes to regulatory capital, liquidity and resolution-related requirements applicable to large banking organizations in response to adverse developments affecting the banking sector;

•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;


			U.S. Bancorp First Quarter 2025 Results

•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.


			U.S. Bancorp First Quarter 2025 Results


Non-GAAP Financial Measures

In addition to capital ratios defined by banking regulators, U.S. Bancorp (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 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 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 the impairment of financial instruments based on the current expected credit losses methodology. As a result, these 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 March 31,
(Unaudited)	2025	2024
Interest Income
Loans	$5,533	$5,712
Loans held for sale	28	37
Investment securities	1,308	1,175
Other interest income	647	840
Total interest income	7,516	7,764
Interest Expense
Deposits	2,511	2,884
Short-term borrowings	249	270
Long-term debt	664	625
Total interest expense	3,424	3,779
Net interest income	4,092	3,985
Provision for credit losses	537	553
Net interest income after provision for credit losses	3,555	3,432
Noninterest Income
Card revenue	398	392
Corporate payment products revenue	189	184
Merchant processing services	415	401
Trust and investment management fees	680	641
Service charges	315	315
Capital markets revenue	382	388
Mortgage banking revenue	173	166
Investment products fees	87	77
Securities gains (losses), net	—	2
Other	197	134
Total noninterest income	2,836	2,700
Noninterest Expense
Compensation and employee benefits	2,637	2,691
Net occupancy and equipment	306	296
Professional services	98	110
Marketing and business development	182	136
Technology and communications	533	507
Other intangibles	123	146
Merger and integration charges	—	155
Other	353	418
Total noninterest expense	4,232	4,459
Income before income taxes	2,159	1,673
Applicable income taxes	443	347
Net income	1,716	1,326
Net (income) loss attributable to noncontrolling interests	(7)	(7)
Net income attributable to U.S. Bancorp	$1,709	$1,319
Net income applicable to U.S. Bancorp common shareholders	$1,603	$1,209

Earnings per common share	$1.03	$.78
Diluted earnings per common share	$1.03	$.78
Dividends declared per common share	$.50	$.49
Average common shares outstanding	1,559	1,559
Average diluted common shares outstanding	1,560	1,559


CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	March 31, 2025	December 31, 2024	March 31, 2024
Assets	(Unaudited)		(Unaudited)
Cash and due from banks	$50,013	$56,502	$76,985
Investment securities
Held-to-maturity	78,008	78,634	82,948
Available-for-sale	86,774	85,992	72,426
Loans held for sale	1,746	2,573	2,080
Loans
Commercial	144,081	139,484	134,726
Commercial real estate	48,334	48,859	52,677
Residential mortgages	118,907	118,813	116,079
Credit card	29,223	30,350	27,844
Other retail	41,274	42,326	43,262
Total loans	381,819	379,832	374,588
Less allowance for loan losses	(7,584)	(7,583)	(7,514)
Net loans	374,235	372,249	367,074
Premises and equipment	3,582	3,565	3,537
Goodwill	12,555	12,536	12,479
Other intangible assets	5,381	5,547	6,031
Other assets	64,195	60,720	60,046
Total assets	$676,489	$678,318	$683,606

Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing	$84,086	$84,158	$91,220
Interest-bearing	428,439	434,151	436,843
Total deposits	512,525	518,309	528,063
Short-term borrowings	17,158	15,518	17,102
Long-term debt	59,859	58,002	52,693
Other liabilities	26,389	27,449	29,715
Total liabilities	615,931	619,278	627,573
Shareholders' equity
Preferred stock	6,808	6,808	6,808
Common stock	21	21	21
Capital surplus	8,678	8,715	8,642
Retained earnings	77,691	76,863	74,473
Less treasury stock	(24,060)	(24,065)	(24,023)
Accumulated other comprehensive income (loss)	(9,042)	(9,764)	(10,353)
Total U.S. Bancorp shareholders' equity	60,096	58,578	55,568
Noncontrolling interests	462	462	465
Total equity	60,558	59,040	56,033
Total liabilities and equity	$676,489	$678,318	$683,606


NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)	March 31, 2025			December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Total equity	$60,558			$59,040		$59,321		$56,885		$56,033
Preferred stock	(6,808)			(6,808)		(6,808)		(6,808)		(6,808)
Noncontrolling interests	(462)			(462)		(462)		(465)		(465)
Common equity (a)	53,288			51,770		52,051		49,612		48,760
Goodwill (net of deferred tax liability) (1)	(11,521)			(11,508)		(11,540)		(11,449)		(11,459)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights	(1,761)			(1,846)		(1,944)		(2,047)		(2,158)
Tangible common equity (b)	40,006			38,416		38,567		36,116		35,143

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		46,239		45,239
Adjustments (2)				(433)		(433)		(433)		(433)
Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (c)				47,444		46,731		45,806		44,806

Total assets (d)	676,489			678,318		686,469		680,058		683,606
Goodwill (net of deferred tax liability) (1)	(11,521)			(11,508)		(11,540)		(11,449)		(11,459)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights	(1,761)			(1,846)		(1,944)		(2,047)		(2,158)
Tangible assets (e)	663,207			664,964		672,985		666,562		669,989

Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company (f)	450,290		*	450,498		447,476		449,111		452,831
Adjustments (3)				(368)		(368)		(368)		(368)
Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (g)				450,130		447,108		448,743		452,463

Ratios *
Common equity to assets (a)/(d)	7.9	%		7.6	%	7.6	%	7.3	%	7.1	%
Tangible common equity to tangible assets (b)/(e)	6.0			5.8		5.7		5.4		5.2
Tangible common equity to risk-weighted assets (b)/(f)	8.9			8.5		8.6		8.0		7.8
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		10.2		9.9

	Three Months Ended
	March 31, 2025			December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Net income applicable to U.S. Bancorp common shareholders	$1,603			$1,581		$1,601		$1,518		$1,209
Intangibles amortization (net-of-tax)	97			110		112		113		115
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization	1,700			1,691		1,713		1,631		1,324
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization (h)	6,894			6,727		6,815		6,560		5,325

Average total equity	60,071			59,272		58,744		56,492		56,131
Average preferred stock	(6,808)			(6,808)		(6,808)		(6,808)		(6,808)
Average noncontrolling interests	(460)			(460)		(461)		(463)		(464)
Average goodwill (net of deferred tax liability) (1)	(11,513)			(11,515)		(11,494)		(11,457)		(11,473)
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights	(1,806)			(1,885)		(1,981)		(2,087)		(2,208)
Average tangible common equity (i)	39,484			38,604		38,000		35,677		35,178

Return on tangible common equity (h)/(i)	17.5	%		17.4	%	17.9	%	18.4	%	15.1	%

Net interest income	$4,092			$4,146		$4,135		$4,023		$3,985
Taxable-equivalent adjustment (4)	30			30		31		29		30
Net interest income, on a taxable-equivalent basis	4,122			4,176		4,166		4,052		4,015

Net interest income, on a taxable-equivalent basis (as calculated above)	4,122			4,176		4,166		4,052		4,015
Noninterest income	2,836			2,833		2,698		2,815		2,700
Less: Securities gains (losses), net	—			(1)		(119)		(36)		2
Total net revenue, excluding net securities gains (losses) (j)	6,958			7,010		6,983		6,903		6,713

Noninterest expense (k)	4,232			4,311		4,204		4,214		4,459
Less: Intangible amortization	123			139		142		142		146
Noninterest expense, excluding intangible amortization (l)	4,109			4,172		4,062		4,072		4,313

Efficiency ratio (k)/(j)	60.8	%		61.5	%	60.2	%	61.0	%	66.4	%
Tangible efficiency ratio (l)/(j)	59.1			59.5		58.2		59.0		64.2

* 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
	Three Months Ended
(Dollars and Shares in Millions, Except Per Share Data, Unaudited)	March 31, 2025		December 31, 2024	March 31, 2024	Percent Change
Net income applicable to U.S. Bancorp common shareholders			$1,581	$1,209
Less: Notable items, including the impact of earnings allocated to participating stock awards (1)			(81)	(198)
Net income applicable to U.S. Bancorp common shareholders, excluding notable items (a)			1,662	1,407

Average diluted common shares outstanding (b)			1,560	1,559
Diluted earnings per common share, excluding notable items (a)/(b)			$1.07	$.90



































Net interest income	$4,092			$3,985
Taxable-equivalent adjustment (2)	30			30
Net interest income, on a taxable-equivalent basis	4,122			4,015

Net interest income, on a taxable-equivalent basis (as calculated above)	4,122			4,015
Noninterest income	2,836			2,700
Total net revenue	6,958			6,715	3.6	%	(c)



Noninterest expense	4,232			4,459	(5.1)	%	(d)
Less: Notable items (1)	—			265
Total noninterest expense, excluding notable items	4,232			4,194	0.9	%	(e)

Operating leverage (c) - (d)	8.7	%
Operating leverage, excluding notable items (c) - (e)	2.7	%

(1)Notable items of $109 million ($82 million net-of-tax) for the three months ended December 31, 2024 included lease impairments and operational efficiency actions. Notable items of $265 million ($199 million net-of-tax) for the three months ended March 31, 2024 included $155 million of merger and integration-related charges and a $110 million charge for the increase in the 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 First 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
Business Segment	1Q 2025	4Q 2024	1Q 2024	1Q25 vs 4Q24	1Q25 vs 1Q24
Wealth, Corporate, Commercial and Institutional Banking	$1,171	$1,275	$1,126	(8.2)	4.0
Consumer and Business Banking	398	433	469	(8.1)	(15.1)
Payment Services	340	214	236	58.9	44.1
Treasury and Corporate Support	(200)	(259)	(512)	22.8	60.9
Consolidated Company	$1,709	$1,663	$1,319	2.8	29.6

	Income Before Provision and Taxes			Percent Change
	1Q 2025	4Q 2024	1Q 2024	1Q25 vs 4Q24	1Q25 vs 1Q24
Wealth, Corporate, Commercial and Institutional Banking	$1,572	$1,750	$1,642	(10.2)	(4.3)
Consumer and Business Banking	593	658	680	(9.9)	(12.8)
Payment Services	770	749	674	2.8	14.2
Treasury and Corporate Support	(209)	(459)	(740)	54.5	71.8
Consolidated Company	$2,726	$2,698	$2,256	1.0	20.8

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
	1Q 2025	4Q 2024	1Q 2024	1Q25 vs 4Q24	1Q25 vs 1Q24
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$1,743	$1,919	$1,910	(9.2)	(8.7)
Noninterest income	1,167	1,161	1,112	.5	4.9
Total net revenue	2,910	3,080	3,022	(5.5)	(3.7)
Noninterest expense	1,338	1,330	1,380	.6	(3.0)
Income before provision and taxes	1,572	1,750	1,642	(10.2)	(4.3)
Provision for credit losses	10	50	141	(80.0)	(92.9)
Income before income taxes	1,562	1,700	1,501	(8.1)	4.1
Income taxes and taxable-equivalent adjustment	391	425	375	(8.0)	4.3
Net income	1,171	1,275	1,126	(8.2)	4.0
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—
Net income attributable to U.S. Bancorp	$1,171	$1,275	$1,126	(8.2)	4.0

Average Balance Sheet Data
Loans	$177,973	$173,111	$171,137	2.8	4.0
Other earning assets	11,957	11,399	8,738	4.9	36.8
Goodwill	4,824	4,824	4,824	—	—
Other intangible assets	863	903	1,059	(4.4)	(18.5)
Assets	208,621	202,697	199,260	2.9	4.7

Noninterest-bearing deposits	55,093	56,917	58,555	(3.2)	(5.9)
Interest-bearing deposits	214,318	217,652	208,309	(1.5)	2.9
Total deposits	269,411	274,569	266,864	(1.9)	1.0

Total U.S. Bancorp shareholders' equity	21,549	21,234	21,760	1.5	(1.0)

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 $1,572 million of income before provision and taxes in the first quarter of 2025, compared with $1,642 million in the first quarter of 2024, and contributed $1,171 million of the Company’s net income in the first quarter of 2025. The provision for credit losses decreased $131 million (92.9 percent) compared with the first quarter of 2024 primarily due to improved credit quality and portfolio mix. Total net revenue was $112 million (3.7 percent) lower in the first quarter of 2025 due to a decrease of $167 million (8.7 percent) in net interest income, partially offset by an increase of $55 million (4.9 percent) in total noninterest income. Net interest income decreased primarily due to deposit mix. Total noninterest income increased primarily due to business growth and favorable market conditions across most categories. Total noninterest expense decreased $42 million (3.0 percent) compared with the first quarter of 2024 primarily due to lower compensation and employee benefits expense.


CONSUMER AND BUSINESS BANKING				Preliminary data
($ in millions)				Percent Change
	1Q 2025	4Q 2024	1Q 2024	1Q25 vs 4Q24	1Q25 vs 1Q24
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$1,759	$1,922	$1,879	(8.5)	(6.4)
Noninterest income	407	367	424	10.9	(4.0)
Total net revenue	2,166	2,289	2,303	(5.4)	(5.9)
Noninterest expense	1,573	1,631	1,623	(3.6)	(3.1)
Income before provision and taxes	593	658	680	(9.9)	(12.8)
Provision for credit losses	62	80	54	(22.5)	14.8
Income before income taxes	531	578	626	(8.1)	(15.2)
Income taxes and taxable-equivalent adjustment	133	145	157	(8.3)	(15.3)
Net income	398	433	469	(8.1)	(15.1)
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—
Net income attributable to U.S. Bancorp	$398	$433	$469	(8.1)	(15.1)

Average Balance Sheet Data
Loans	$153,945	$155,132	$154,956	(.8)	(.7)
Other earning assets	1,778	2,738	1,879	(35.1)	(5.4)
Goodwill	4,325	4,326	4,326	—	—
Other intangible assets	4,368	4,324	4,696	1.0	(7.0)
Assets	166,532	168,789	169,195	(1.3)	(1.6)

Noninterest-bearing deposits	19,181	20,220	21,389	(5.1)	(10.3)
Interest-bearing deposits	200,833	200,388	198,798	.2	1.0
Total deposits	220,014	220,608	220,187	(.3)	(.1)

Total U.S. Bancorp shareholders' equity	13,706	14,054	14,851	(2.5)	(7.7)

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 $593 million of income before provision and taxes in the first quarter of 2025, compared with $680 million in the first quarter of 2024, and contributed $398 million of the Company’s net income in the first quarter of 2025. The provision for credit losses increased $8 million (14.8 percent) compared with the first quarter of 2024 primarily due to higher net charge-offs. Total net revenue was lower by $137 million (5.9 percent) in the first quarter of 2025 due to a decrease of $120 million (6.4 percent) in net interest income and a decrease of $17 million (4.0 percent) in total noninterest income. Net interest income decreased due to deposit mix. Total noninterest income decreased primarily due to lower service charges, partially offset by higher mortgage banking revenue. Total noninterest expense decreased $50 million (3.1 percent) primarily due to lower compensation and employee benefits expense.


PAYMENT SERVICES				Preliminary data
($ in millions)				Percent Change
	1Q 2025	4Q 2024	1Q 2024	1Q25 vs 4Q24	1Q25 vs 1Q24
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$742	$729	$702	1.8	5.7
Noninterest income	1,036	1,052	979	(1.5)	5.8
Total net revenue	1,778	1,781	1,681	(.2)	5.8
Noninterest expense	1,008	1,032	1,007	(2.3)	.1
Income before provision and taxes	770	749	674	2.8	14.2
Provision for credit losses	317	463	359	(31.5)	(11.7)
Income before income taxes	453	286	315	58.4	43.8
Income taxes and taxable-equivalent adjustment	113	72	79	56.9	43.0
Net income	340	214	236	58.9	44.1
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—
Net income attributable to U.S. Bancorp	$340	$214	$236	58.9	44.1

Average Balance Sheet Data
Loans	$41,611	$42,023	$39,803	(1.0)	4.5
Other earning assets	57	290	153	(80.3)	(62.7)
Goodwill	3,392	3,399	3,332	(.2)	1.8
Other intangible assets	249	262	300	(5.0)	(17.0)
Assets	46,829	48,546	46,814	(3.5)	—

Noninterest-bearing deposits	2,682	2,592	2,791	3.5	(3.9)
Interest-bearing deposits	95	95	97	—	(2.1)
Total deposits	2,777	2,687	2,888	3.3	(3.8)

Total U.S. Bancorp shareholders' equity	10,229	10,154	9,965	.7	2.6

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 $770 million of income before provision and taxes in the first quarter of 2025, compared with $674 million in the first quarter of 2024, and contributed $340 million of the Company’s net income in the first quarter of 2025. The provision for credit losses decreased by $42 million (11.7 percent) compared with the first quarter of 2024 due to improved portfolio mix and stabilizing credit quality. Total net revenue increased $97 million (5.8 percent) in the first quarter of 2025 due to higher net interest income of $40 million (5.7 percent) and higher total noninterest income of $57 million (5.8 percent). Net interest income increased primarily due to higher average loan balances and lower funding costs, partially offset by lower loan spreads. Total noninterest income increased due to business volume growth across all fee categories, and the impact of other favorable items. Total noninterest expense increased slightly by $1 million (0.1 percent).


TREASURY AND CORPORATE SUPPORT				Preliminary data
($ in millions)				Percent Change
	1Q 2025	4Q 2024	1Q 2024	1Q25 vs 4Q24	1Q25 vs 1Q24
Condensed Income Statement
Net interest income (taxable-equivalent basis)	($122)	($394)	($476)	69.0	74.4
Noninterest income	226	253	185	(10.7)	22.2
Total net revenue	104	(141)	(291)	nm	nm
Noninterest expense	313	318	449	(1.6)	(30.3)
Income (loss) before provision and taxes	(209)	(459)	(740)	54.5	71.8
Provision for credit losses	148	(33)	(1)	nm	nm
Income (loss) before income taxes	(357)	(426)	(739)	16.2	51.7
Income taxes and taxable-equivalent adjustment	(164)	(174)	(234)	5.7	29.9
Net income	(193)	(252)	(505)	23.4	61.8
Net (income) loss attributable to noncontrolling interests	(7)	(7)	(7)	—	—
Net income (loss) attributable to U.S. Bancorp	($200)	($259)	($512)	22.8	60.9

Average Balance Sheet Data
Loans	$5,499	$5,389	$5,174	2.0	6.3
Other earning assets	217,410	224,186	214,295	(3.0)	1.5
Goodwill	—	—	—	—	—
Other intangible assets	8	8	10	—	(20.0)
Assets	247,411	251,875	238,640	(1.8)	3.7

Noninterest-bearing deposits	2,740	3,180	2,052	(13.8)	33.5
Interest-bearing deposits	11,592	11,269	11,070	2.9	4.7
Total deposits	14,332	14,449	13,122	(.8)	9.2

Total U.S. Bancorp shareholders' equity	14,127	13,370	9,091	5.7	55.4

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 $209 million loss before provision and taxes in the first quarter of 2025, compared with a $740 million loss before provision and taxes in the first quarter of 2024, and recorded a net loss of $200 million in the first quarter of 2025. The provision for credit losses increased $149 million compared with the first quarter of 2024 primarily due to deteriorating economic conditions and increased economic uncertainty. Total net revenue was higher by $395 million in the first quarter of 2025 due to an increase of $354 million (74.4 percent) in net interest income and an increase of $41 million (22.2 percent) in total noninterest income. Net interest income increased primarily due to lower funding costs as well as benefits from the mix of earning assets and fixed asset repricing. The increase in total noninterest income was primarily due to higher capital markets revenue, higher tax credit investment activity and the impact of other favorable items in other revenue. Total noninterest expense decreased $136 million (30.3 percent) compared with the first quarter of 2024 primarily due to notable items in the prior year quarter, partially offset by higher marketing and business development expense, technology and communications expense and 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 First Quarter 2025


QUARTERLY CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data) (Unaudited)	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
Interest Income
Loans	$5,533	$5,674	$5,862	$5,761	$5,712
Loans held for sale	28	50	45	41	37
Investment securities	1,308	1,326	1,316	1,294	1,175
Other interest income	647	781	863	889	840
Total interest income	7,516	7,831	8,086	7,985	7,764
Interest Expense
Deposits	2,511	2,772	3,004	3,028	2,884
Short-term borrowings	249	257	284	296	270
Long-term debt	664	656	663	638	625
Total interest expense	3,424	3,685	3,951	3,962	3,779
Net interest income	4,092	4,146	4,135	4,023	3,985
Provision for credit losses	537	560	557	568	553
Net interest income after provision for credit losses	3,555	3,586	3,578	3,455	3,432
Noninterest Income
Card revenue	398	433	426	428	392
Corporate payment products revenue	189	191	203	195	184
Merchant processing services	415	419	440	454	401
Trust and investment management fees	680	703	667	649	641
Service charges	315	314	302	322	315
Capital markets revenue	382	364	397	374	388
Mortgage banking revenue	173	116	155	190	166
Investment products fees	87	87	84	82	77
Securities gains (losses), net	—	(1)	(119)	(36)	2
Other	197	207	143	157	134
Total noninterest income	2,836	2,833	2,698	2,815	2,700
Noninterest Expense
Compensation and employee benefits	2,637	2,607	2,637	2,619	2,691
Net occupancy and equipment	306	317	317	316	296
Professional services	98	135	130	116	110
Marketing and business development	182	160	165	158	136
Technology and communications	533	534	524	509	507
Other intangibles	123	139	142	142	146
Merger and integration charges	—	—	—	—	155
Other	353	419	289	354	418
Total noninterest expense	4,232	4,311	4,204	4,214	4,459
Income before income taxes	2,159	2,108	2,072	2,056	1,673
Applicable income taxes	443	438	350	445	347
Net income	1,716	1,670	1,722	1,611	1,326
Net (income) loss attributable to noncontrolling interests	(7)	(7)	(8)	(8)	(7)
Net income attributable to U.S. Bancorp	$1,709	$1,663	$1,714	$1,603	$1,319
Net income applicable to U.S. Bancorp common shareholders	$1,603	$1,581	$1,601	$1,518	$1,209

Earnings per common share	$1.03	$1.01	$1.03	$.97	$.78
Diluted earnings per common share	$1.03	$1.01	$1.03	$.97	$.78
Dividends declared per common share	$.50	$.50	$.50	$.49	$.49
Average common shares outstanding	1,559	1,560	1,561	1,560	1,559
Average diluted common shares outstanding	1,560	1,560	1,561	1,561	1,559
Financial Ratios (%)
Net interest margin (taxable-equivalent basis)	2.72	2.71	2.74	2.67	2.70
Return on average assets	1.04	.98	1.03	.97	.81
Return on average common equity	12.3	12.1	12.4	12.4	10.0
Efficiency ratio	60.8	61.5	60.2	61.0	66.4


CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
Assets	(Unaudited)		(Unaudited)	(Unaudited)	(Unaudited)
Cash and due from banks	$50,013	$56,502	$73,562	$65,832	$76,985
Investment securities
Held-to-maturity	78,008	78,634	80,025	81,486	82,948
Available-for-sale	86,774	85,992	81,704	79,799	72,426
Loans held for sale	1,746	2,573	3,211	2,582	2,080
Loans
Commercial	144,081	139,484	133,638	135,248	134,726
Commercial real estate	48,334	48,859	50,619	51,887	52,677
Residential mortgages	118,907	118,813	118,034	117,147	116,079
Credit card	29,223	30,350	29,037	28,715	27,844
Other retail	41,274	42,326	42,836	43,136	43,262
Total loans	381,819	379,832	374,164	376,133	374,588
Less allowance for loan losses	(7,584)	(7,583)	(7,560)	(7,549)	(7,514)
Net loans	374,235	372,249	366,604	368,584	367,074
Premises and equipment	3,582	3,565	3,585	3,570	3,537
Goodwill	12,555	12,536	12,573	12,476	12,479
Other intangible assets	5,381	5,547	5,488	5,757	6,031
Other assets	64,195	60,720	59,717	59,972	60,046
Total assets	$676,489	$678,318	$686,469	$680,058	$683,606

Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing	$84,086	$84,158	$86,838	$86,756	$91,220
Interest-bearing	428,439	434,151	434,293	437,029	436,843
Total deposits	512,525	518,309	521,131	523,785	528,063
Short-term borrowings	17,158	15,518	23,708	16,557	17,102
Long-term debt	59,859	58,002	54,839	52,720	52,693
Other liabilities	26,389	27,449	27,470	30,111	29,715
Total liabilities	615,931	619,278	627,148	623,173	627,573
Shareholders' equity
Preferred stock	6,808	6,808	6,808	6,808	6,808
Common stock	21	21	21	21	21
Capital surplus	8,678	8,715	8,729	8,688	8,642
Retained earnings	77,691	76,863	76,057	75,231	74,473
Less treasury stock	(24,060)	(24,065)	(24,010)	(24,020)	(24,023)
Accumulated other comprehensive income (loss)	(9,042)	(9,764)	(8,746)	(10,308)	(10,353)
Total U.S. Bancorp shareholders' equity	60,096	58,578	58,859	56,420	55,568
Noncontrolling interests	462	462	462	465	465
Total equity	60,558	59,040	59,321	56,885	56,033
Total liabilities and equity	$676,489	$678,318	$686,469	$680,058	$683,606


CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET
(Dollars in Millions, Unaudited)	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
Assets
Investment securities	$171,178	$171,325	$166,899	$167,020	$161,236
Loans held for sale	1,823	3,009	2,757	2,382	2,002
Loans
Commercial
Commercial	135,931	131,180	128,979	130,162	126,602
Lease financing	4,199	4,204	4,159	4,177	4,165
Total commercial	140,130	135,384	133,138	134,339	130,767
Commercial real estate
Commercial mortgages	38,624	39,308	40,343	40,871	41,545
Construction and development	10,266	10,563	11,111	11,418	11,492
Total commercial real estate	48,890	49,871	51,454	52,289	53,037
Residential mortgages	118,844	118,406	117,559	116,478	115,639
Credit card	29,404	29,438	28,994	28,349	27,942
Other retail
Retail leasing	3,990	4,035	4,088	4,185	4,082
Home equity and second mortgages	13,542	13,446	13,239	13,053	12,983
Other	24,228	25,075	25,598	25,992	26,620
Total other retail	41,760	42,556	42,925	43,230	43,685
Total loans	379,028	375,655	374,070	374,685	371,070
Interest-bearing deposits with banks	43,735	50,368	50,547	53,056	50,903
Other earning assets	14,466	13,911	12,907	11,749	10,924
Total earning assets	610,230	614,268	607,180	608,892	596,135
Allowance for loan losses	(7,589)	(7,599)	(7,576)	(7,550)	(7,438)
Unrealized gain (loss) on investment securities	(6,473)	(6,416)	(6,291)	(7,464)	(7,121)
Other assets	73,225	71,654	71,327	71,626	72,333
Total assets	$669,393	$671,907	$664,640	$665,504	$653,909

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$79,696	$82,909	$80,939	$83,418	$84,787
Interest-bearing deposits
Interest checking	125,651	125,111	125,631	125,709	125,011
Money market savings	195,442	206,557	206,546	208,386	196,502
Savings accounts	50,271	41,200	36,814	38,855	41,645
Time deposits	55,474	56,536	58,827	57,541	55,116
Total interest-bearing deposits	426,838	429,404	427,818	430,491	418,274
Short-term borrowings	18,841	17,607	17,723	17,098	16,364
Long-term debt	58,344	57,428	54,841	52,875	52,713
Total interest-bearing liabilities	504,023	504,439	500,382	500,464	487,351
Other liabilities	25,603	25,287	24,575	25,130	25,640
Shareholders' equity
Preferred equity	6,808	6,808	6,808	6,808	6,808
Common equity	52,803	52,004	51,475	49,221	48,859
Total U.S. Bancorp shareholders' equity	59,611	58,812	58,283	56,029	55,667
Noncontrolling interests	460	460	461	463	464
Total equity	60,071	59,272	58,744	56,492	56,131
Total liabilities and equity	$669,393	$671,907	$664,640	$665,504	$653,909


CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a)

		For the Three Months Ended March 31,
		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)	$171,178	$1,328	3.10	%	$161,236	$1,194	2.96	%		6.2	%
Loans held for sale	1,823	28	6.07		2,002	37	7.32			(8.9)
Loans (c)
Commercial	140,130	2,040	5.90		130,767	2,180	6.70			7.2
Commercial real estate	48,890	725	6.02		53,037	854	6.48			(7.8)
Residential mortgages	118,844	1,189	4.00		115,639	1,107	3.83			2.8
Credit card	29,404	956	13.19		27,942	940	13.53			5.2
Other retail	41,760	633	6.15		43,685	642	5.91			(4.4)
Total loans	379,028	5,543	5.91		371,070	5,723	6.20			2.1
Interest-bearing deposits with banks	43,735	481	4.46		50,903	704	5.56			(14.1)
Other earning assets	14,466	166	4.65		10,924	137	5.05			32.4
Total earning assets	610,230	7,546	4.99		596,135	7,795	5.25			2.4
Allowance for loan losses	(7,589)				(7,438)					(2.0)
Unrealized gain (loss) on investment securities	(6,473)				(7,121)					9.1
Other assets	73,225				72,333					1.2
Total assets	$669,393				$653,909					2.4

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$79,696				$84,787					(6.0)	%
Interest-bearing deposits
Interest checking	125,651	342	1.10		125,011	362	1.17			.5
Money market savings	195,442	1,483	3.08		196,502	1,914	3.92			(.5)
Savings accounts	50,271	170	1.37		41,645	26	.25			20.7
Time deposits	55,474	516	3.77		55,116	582	4.25			.6
Total interest-bearing deposits	426,838	2,511	2.39		418,274	2,884	2.77			2.0
Short-term borrowings	18,841	249	5.37		16,364	271	6.66			15.1
Long-term debt	58,344	664	4.61		52,713	625	4.76			10.7
Total interest-bearing liabilities	504,023	3,424	2.75		487,351	3,780	3.12			3.4
Other liabilities	25,603				25,640					(.1)
Shareholders' equity
Preferred equity	6,808				6,808					—
Common equity	52,803				48,859					8.1
Total U.S. Bancorp shareholders' equity	59,611				55,667					7.1
Noncontrolling interests	460				464					(.9)
Total equity	60,071				56,131					7.0
Total liabilities and equity	$669,393				$653,909					2.4
Net interest income		$4,122				$4,015
Gross interest margin			2.24	%			2.13	%
Gross interest margin without taxable-equivalent increments			2.22				2.11

Percent of Earning Assets
Interest income			4.99	%			5.25	%
Interest expense			2.27				2.55
Net interest margin			2.72	%			2.70	%
Net interest margin without taxable-equivalent increments			2.70	%			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.


CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a)

		For the Three Months Ended
	March 31, 2025				December 31, 2024
(Dollars in Millions) (Unaudited)	Average Balances	Interest	Yields and Rates		Average Balances	Interest	Yields and Rates		% Change Average Balances
Assets
Investment securities (b)	$171,178	$1,328	3.10	%	$171,325	$1,346	3.14	%		(.1)	%
Loans held for sale	1,823	28	6.07		3,009	50	6.73			(39.4)
Loans (c)
Commercial	140,130	2,040	5.90		135,384	2,111	6.20			3.5
Commercial real estate	48,890	725	6.02		49,871	784	6.25			(2.0)
Residential mortgages	118,844	1,189	4.00		118,406	1,169	3.95			.4
Credit card	29,404	956	13.19		29,438	963	13.01			(.1)
Other retail	41,760	633	6.15		42,556	658	6.15			(1.9)
Total loans	379,028	5,543	5.91		375,655	5,685	6.03			.9
Interest-bearing deposits with banks	43,735	481	4.46		50,368	610	4.82			(13.2)
Other earning assets	14,466	166	4.65		13,911	171	4.87			4.0
Total earning assets	610,230	7,546	4.99		614,268	7,862	5.10			(.7)
Allowance for loan losses	(7,589)				(7,599)					.1
Unrealized gain (loss) on investment securities	(6,473)				(6,416)					(.9)
Other assets	73,225				71,654					2.2
Total assets	$669,393				$671,907					(.4)

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$79,696				$82,909					(3.9)	%
Interest-bearing deposits
Interest checking	125,651	342	1.10		125,111	358	1.14			.4
Money market savings	195,442	1,483	3.08		206,557	1,743	3.36			(5.4)
Savings accounts	50,271	170	1.37		41,200	85	.82			22.0
Time deposits	55,474	516	3.77		56,536	586	4.13			(1.9)
Total interest-bearing deposits	426,838	2,511	2.39		429,404	2,772	2.57			(.6)
Short-term borrowings	18,841	249	5.37		17,607	257	5.81			7.0
Long-term debt	58,344	664	4.61		57,428	657	4.55			1.6
Total interest-bearing liabilities	504,023	3,424	2.75		504,439	3,686	2.91			(.1)
Other liabilities	25,603				25,287					1.2
Shareholders' equity
Preferred equity	6,808				6,808					—
Common equity	52,803				52,004					1.5
Total U.S. Bancorp shareholders' equity	59,611				58,812					1.4
Noncontrolling interests	460				460					—
Total equity	60,071				59,272					1.3
Total liabilities and equity	$669,393				$671,907					(.4)
Net interest income		$4,122				$4,176
Gross interest margin			2.24	%			2.19	%
Gross interest margin without taxable-equivalent increments			2.22				2.17

Percent of Earning Assets
Interest income			4.99	%			5.10	%
Interest expense			2.27				2.39
Net interest margin			2.72	%			2.71	%
Net interest margin without taxable-equivalent increments			2.70	%			2.69	%

(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent. (b)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments. (c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.


LOAN PORTFOLIO
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 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	$139,840	36.6	$135,254	35.6	$129,434	34.6	$131,043	34.9	$130,530	34.8
Lease financing	4,241	1.1	4,230	1.1	4,204	1.1	4,205	1.1	4,196	1.2
Total commercial	144,081	37.7	139,484	36.7	133,638	35.7	135,248	36.0	134,726	36.0

Commercial real estate
Commercial mortgages	38,064	10.0	38,619	10.2	39,602	10.6	40,844	10.9	41,157	11.0
Construction and
development	10,270	2.7	10,240	2.7	11,017	2.9	11,043	2.9	11,520	3.1
Total commercial
real estate	48,334	12.7	48,859	12.9	50,619	13.5	51,887	13.8	52,677	14.1

Residential mortgages
Residential mortgages	113,112	29.6	112,806	29.7	111,790	29.9	110,680	29.4	109,396	29.2
Home equity loans, first
liens	5,795	1.5	6,007	1.6	6,244	1.6	6,467	1.7	6,683	1.8
Total residential
mortgages	118,907	31.1	118,813	31.3	118,034	31.5	117,147	31.1	116,079	31.0

Credit card	29,223	7.7	30,350	8.0	29,037	7.8	28,715	7.6	27,844	7.4

Other retail
Retail leasing	3,928	1.0	4,040	1.0	4,038	1.1	4,178	1.1	4,137	1.1
Home equity and second
mortgages	13,540	3.6	13,565	3.6	13,364	3.6	13,180	3.5	12,932	3.5
Revolving credit	3,791	1.0	3,747	1.0	3,644	1.0	3,597	1.0	3,473	.9
Installment	14,190	3.7	14,373	3.8	14,482	3.9	14,169	3.8	13,921	3.7
Automobile	5,825	1.5	6,601	1.7	7,308	1.9	8,012	2.1	8,799	2.3
Total other retail	41,274	10.8	42,326	11.1	42,836	11.5	43,136	11.5	43,262	11.5
Total loans	$381,819	100.0	$379,832	100.0	$374,164	100.0	$376,133	100.0	$374,588	100.0


Supplemental Business Segment Schedules First 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)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$1,743		$1,919		$1,903		$1,914		$1,910
Noninterest Income
Card revenue	—		—		—		—		—
Corporate payment products revenue	—		—		—		—		—
Merchant processing services	—		—		—		—		—
Trust and investment management fees	679		702		666		648		640
Service charges	149		140		134		146		134
Capital markets revenue	189		172		205		200		208
Mortgage banking revenue	—		—		—		—		—
Investment products fees	87		87		84		82		77
Securities gains (losses), net	—		—		—		—		—
Other	63		60		56		54		53
Total noninterest income	1,167		1,161		1,145		1,130		1,112
Total net revenue	2,910		3,080		3,048		3,044		3,022
Noninterest Expense
Compensation and employee benefits	536		513		546		563		565
Other intangibles	46		50		52		52		52
Net shared services	515		524		528		541		522
Other direct expenses	241		243		230		227		241
Total noninterest expense	1,338		1,330		1,356		1,383		1,380
Income before provision and income taxes	1,572		1,750		1,692		1,661		1,642
Provision for Credit Losses	10		50		94		100		141
Income before income taxes	1,562		1,700		1,598		1,561		1,501
Income taxes and taxable-equivalent adjustment	391		425		400		390		375
Net income	1,171		1,275		1,198		1,171		1,126
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$1,171		$1,275		$1,198		$1,171		$1,126

FINANCIAL RATIOS
Return on average assets	2.28	%	2.50	%	2.38	%	2.32	%	2.27	%
Net interest margin (taxable-equivalent basis)	3.72		4.14		4.15		4.20		4.27
Efficiency ratio	46.0		43.2		44.5		45.4		45.7


WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
AVERAGE BALANCE SHEET
Loans
Commercial	$121,182		$115,917		$113,805		$115,739		$113,053
Commercial real estate	34,627		35,612		36,925		37,444		37,976
Residential mortgages	16,550		16,047		15,673		15,159		14,705
Credit card	—		—		—		—		—
Other retail	5,614		5,535		5,430		5,441		5,403
Total loans	177,973		173,111		171,833		173,783		171,137
Other Earning Assets	11,957		11,399		10,740		9,590		8,738
Total earning assets	189,930		184,510		182,573		183,373		179,875
Non-earning Assets
Goodwill	4,824		4,824		4,824		4,824		4,824
Other intangible assets	863		903		955		1,007		1,059
Other non-earning assets	13,004		12,460		11,848		14,084		13,502
Total non-earning assets	18,691		18,187		17,627		19,915		19,385
Total assets	208,621		202,697		200,200		203,288		199,260
Deposits
Noninterest-bearing deposits	55,093		56,917		54,317		57,276		58,555
Interest checking	52,612		52,496		53,296		52,031		50,868
Savings products	151,251		153,948		150,333		152,544		145,387
Time deposits	10,455		11,208		12,036		12,241		12,054
Total deposits	269,411		274,569		269,982		274,092		266,864
Other Interest-bearing Liabilities	16,059		15,698		15,885		15,761		15,165
Other Noninterest-bearing Liabilities	8,903		8,765		8,526		10,748		10,060
Total liabilities	294,373		299,032		294,393		300,601		292,089
Total U.S. Bancorp Shareholders' Equity	21,549		21,234		21,277		21,485		21,760
Noncontrolling Interests	—		—		—		—		—
Total Equity	21,549		21,234		21,277		21,485		21,760
NET INTEREST SPREADS (%)
Total earning assets	1.12		1.17		1.18		1.17		1.17
Total assets	.65		.67		.66		.58		.60
Total deposits	2.51		2.69		2.98		3.01		3.07
Total liabilities	2.48		2.65		2.95		3.00		3.05
CREDIT QUALITY
Net Charge-offs
Commercial	$66		$73		$73		$72		$51
Commercial real estate	(5)		46		67		35		13
Residential mortgages	—		—		—		—		—
Credit card	—		—		—		—		—
Other retail	—		—		—		—		1
Total net charge-offs	$61		$119		$140		$107		$65
Net Charge-off Ratios
Commercial	.22	%	.25	%	.26	%	.25	%	.18	%
Commercial real estate	(.06)		.51		.72		.38		.14
Residential mortgages	—		—		—		—		—
Credit card	—		—		—		—		—
Other retail	—		—		—		—		.07
Total net charge-offs	.14	%	.27	%	.32	%	.25	%	.15	%

	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Nonperforming Assets
Nonperforming loans	$1,273		$1,384		$1,359		$1,353		$1,292
Other nonperforming assets	—		—		—		1		1
Total nonperforming assets	$1,273		$1,384		$1,359		$1,354		$1,293


WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
OTHER INFORMATION
Average Loan Balances
Commercial real estate division	$43,712	$44,410	$45,870	$47,144	$47,827
Wealth management	29,137	28,623	28,040	27,689	27,244
Institutional client group	90,568	85,406	83,497	84,494	81,797
Other	14,556	14,672	14,426	14,456	14,269
Total	$177,973	$173,111	$171,833	$173,783	$171,137

Average Deposit Balances
Commercial real estate division	$15,485	$16,917	$16,148	$15,263	$15,574
Wealth management	43,387	42,649	41,843	42,655	42,179
Institutional client group	134,797	134,114	131,394	134,156	135,073
Global corporate trust	59,347	66,421	66,610	67,468	60,272
Other	16,395	14,468	13,987	14,550	13,766
Total	$269,411	$274,569	$269,982	$274,092	$266,864

Noninterest Income
Trust and investment management fees
Wealth management	$167	$177	$169	$166	$165
U.S. Bancorp Asset Management	64	62	61	60	61
Global corporate trust	219	230	213	204	199
Global fund services	153	155	149	147	142
Institutional trust & custody	63	64	62	61	63
Other	13	14	12	10	10
Global capital markets	240	212	247	238	242
Treasury management	149	140	134	146	134
All other noninterest income	99	107	98	98	96
Total	$1,167	$1,161	$1,145	$1,130	$1,112

Assets Under Management by Category *
Equity	$80,414	$81,688	$79,653	$73,940	$70,924
Fixed income	224,349	214,329	213,602	217,792	212,045
Money market	182,768	171,192	160,592	154,977	155,774
Other	36,741	37,916	35,188	33,622	33,421
Total	$524,272	$505,125	$489,035	$480,331	$472,164

* 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)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$1,759		$1,922		$1,938		$1,922		$1,879
Noninterest Income
Card revenue	2		2		2		3		3
Corporate payment products revenue	—		—		—		—		—
Merchant processing services	—		—		—		—		—
Trust and investment management fees	1		1		1		1		1
Service charges	162		169		166		174		179
Capital markets revenue	5		5		6		6		6
Mortgage banking revenue	173		116		155		160		166
Investment products fees	—		—		—		—		—
Securities gains (losses), net	—		—		—		—		—
Other	64		74		71		70		69
Total noninterest income	407		367		401		414		424
Total net revenue	2,166		2,289		2,339		2,336		2,303
Noninterest Expense
Compensation and employee benefits	526		545		559		553		558
Other intangibles	59		65		67		67		67
Net shared services	684		696		698		701		700
Other direct expenses	304		325		338		320		298
Total noninterest expense	1,573		1,631		1,662		1,641		1,623
Income before provision and income taxes	593		658		677		695		680
Provision for Credit Losses	62		80		18		30		54
Income before income taxes	531		578		659		665		626
Income taxes and taxable-equivalent adjustment	133		145		165		166		157
Net income	398		433		494		499		469
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$398		$433		$494		$499		$469

FINANCIAL RATIOS
Return on average assets	.97	%	1.02	%	1.16	%	1.19	%	1.11	%
Net interest margin (taxable-equivalent basis)	4.58		4.84		4.88		4.92		4.82
Efficiency ratio	72.6		71.3		71.1		70.2		70.5


CONSUMER AND BUSINESS BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
AVERAGE BALANCE SHEET
Loans
Commercial	$4,065		$4,314		$4,331		$4,060		$3,818
Commercial real estate	11,587		11,590		11,745		11,941		12,083
Residential mortgages	102,294		102,358		101,885		101,318		100,933
Credit card	—		—		—		—		—
Other retail	35,999		36,870		37,343		37,636		38,122
Total loans	153,945		155,132		155,304		154,955		154,956
Other Earning Assets	1,778		2,738		2,738		2,278		1,879
Total earning assets	155,723		157,870		158,042		157,233		156,835
Non-earning Assets
Goodwill	4,325		4,326		4,326		4,326		4,326
Other intangible assets	4,368		4,324		4,405		4,734		4,696
Other non-earning assets	2,116		2,269		2,163		2,437		3,338
Total non-earning assets	10,809		10,919		10,894		11,497		12,360
Total assets	166,532		168,789		168,936		168,730		169,195
Deposits
Noninterest-bearing deposits	19,181		20,220		20,724		20,914		21,389
Interest checking	71,487		71,103		70,733		72,231		72,898
Savings products	92,332		91,720		90,875		92,497		90,565
Time deposits	37,014		37,565		39,228		37,696		35,335
Total deposits	220,014		220,608		221,560		223,338		220,187
Other Interest-bearing Liabilities	1,728		1,466		1,176		965		1,112
Other Noninterest-bearing Liabilities	1,842		2,051		2,007		2,143		2,117
Total liabilities	223,584		224,125		224,743		226,446		223,416
Total U.S. Bancorp Shareholders' Equity	13,706		14,054		14,247		14,560		14,851
Noncontrolling Interests	—		—		—		—		—
Total Equity	13,706		14,054		14,247		14,560		14,851
NET INTEREST SPREADS (%)
Total earning assets	1.37		1.34		1.33		1.34		1.34
Total assets	1.05		1.02		1.00		1.00		.97
Total deposits	4.07		4.31		4.75		4.76		4.77
Total liabilities	4.04		4.28		4.71		4.72		4.73
CREDIT QUALITY
Net Charge-offs
Commercial	$12		$13		$15		$15		$14
Commercial real estate	1		1		3		1		1
Residential mortgages	—		(2)		(3)		(4)		—
Credit card	—		—		—		—		—
Other retail	62		62		50		47		53
Total net charge-offs	$75		$74		$65		$59		$68
Net Charge-off Ratios
Commercial	1.20	%	1.20	%	1.38	%	1.49	%	1.47	%
Commercial real estate	.04		.03		.10		.03		.03
Residential mortgages	—		(.01)		(.01)		(.02)		—
Credit card	—		—		—		—		—
Other retail	.70		.67		.53		.50		.56
Total net charge-offs	.20	%	.19	%	.17	%	.15	%	.18	%

	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Nonperforming Assets
Nonperforming loans	$383		$386		$398		$401		$389
Other nonperforming assets	23		21		21		23		25
Total nonperforming assets	$406		$407		$419		$424		$414


CONSUMER AND BUSINESS BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
OTHER INFORMATION
Other Retail Loan Information
Average Balances
Retail leasing	$3,990	$4,035	$4,087	$4,185	$4,082
Home equity and second mortgages	11,127	11,022	10,812	10,602	10,527
Other	20,882	21,813	22,444	22,849	23,513
Total other retail	$35,999	$36,870	$37,343	$37,636	$38,122
Home equity first lien*	$5,296	$5,498	$5,721	$5,930	$6,145
Home equity loans	2,492	2,381	2,226	2,028	1,916
Home equity lines	8,635	8,641	8,586	8,574	8,611
Total home equity	$16,423	$16,520	$16,533	$16,532	$16,672
Net Charge-off Ratios (%)
Retail leasing	1.32	.79	.39	.29	.49
Home equity and second mortgages	(.04)	.04	(.04)	—	(.04)
Other	.97	.97	.83	.77	.84
Total other retail	.70	.67	.53	.50	.56
Retail Credit Production
Indirect loan/lease production volume	$1,141	$1,397	$1,798	$1,929	$1,569
Direct branch loan/line production volume	1,499	1,430	1,417	1,754	1,382
Other production volume	817	547	469	522	375
Total retail credit production volume	$3,457	$3,374	$3,684	$4,205	$3,326
Branch and ATM Data
# of branches	2,117	2,165	2,187	2,207	2,256
# of U.S. Bank ATMs	4,476	4,489	4,515	4,534	4,522

* 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)	March 31, 2025	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Mortgage Banking Division Data
Mortgage banking revenue
Origination and sales (a)	$71	$67		$89		$80		$69
Loan servicing	172	173		170		176		180
Mortgage servicing rights fair value changes
net of economic hedges (b)	2	(14)		(10)		(6)		(2)
Other changes in mortgage servicing rights fair value (c)	(72)	(110)		(94)		(90)		(81)
Total mortgage banking revenue	$173	$116		$155		$160		$166
Mortgage production volume	$6,562	$10,211		$11,076		$9,449		$7,129
Mortgage application volume	$11,631	$11,087		$17,089		$14,415		$12,531
Mortgages serviced for others (d)(e)	$216,701	$216,648		$215,286		$225,780		$232,907
A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of March 31, 2025, was as follows:
(Dollars in Millions)		HFA (f)		Government		Conventional (g)		Total
Servicing portfolio (h)		$54,095		$24,797		$137,543		$216,435
Fair value		$819		$489		$2,004		$3,312
Value (bps) (i)		151		197		146		153
Weighted-average servicing fees (bps)		35		45		25		30
Multiple (value/servicing fees)		4.27		4.41		5.74		5.08
Weighted-average note rate		4.99	%	4.36	%	3.91	%	4.23	%
Weighted-average age (in years)		4.6		6.3		5.1		5.1
Weighted-average expected prepayment (constant prepayment rate)		10.5	%	10.6	%	8.2	%	9.0	%
Weighted-average expected life (in years)		7.2		6.6		7.3		7.2
Weighted-average option adjusted spread (j)		6.8	%	6.6	%	5.1	%	5.7	%
(a)Origination and sales revenue recorded based on estimated number of applications that will close. (b)Represents the net impact of changes in the fair value of mortgage servicing rights related to assumption changes and the derivatives used to economically hedge the mortgage servicing rights fair value changes. (c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies. (d)Amounts reported reflect end of period balances. (e)Includes subserviced mortgages with no corresponding mortgage servicing rights asset. (f)Represents Housing Finance Agency division. (g)Represents loans primarily sold to government-sponsored enterprises. (h)Represents principal balance of mortgages having corresponding mortgage servicing rights asset. (i)Calculated as fair value divided by the servicing portfolio. (j)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the mortgage servicing rights asset.


PAYMENT SERVICES							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$742		$729		$727		$673		$702
Noninterest Income
Card revenue	396		431		424		425		389
Corporate payment products revenue	189		191		203		195		184
Merchant processing services	415		419		440		454		401
Trust and investment management fees	—		—		—		—		—
Service charges	—		—		—		—		—
Capital markets revenue	—		—		—		—		—
Mortgage banking revenue	—		—		—		—		—
Investment products fees	—		—		—		—		—
Securities gains (losses), net	—		—		—		—		—
Other	36		11		6		20		5
Total noninterest income	1,036		1,052		1,073		1,094		979
Total net revenue	1,778		1,781		1,800		1,767		1,681
Noninterest Expense
Compensation and employee benefits	223		223		226		224		226
Other intangibles	18		24		23		23		27
Net shared services	539		546		536		520		520
Other direct expenses	228		239		227		223		234
Total noninterest expense	1,008		1,032		1,012		990		1,007
Income before provision and income taxes	770		749		788		777		674
Provision for Credit Losses	317		463		404		388		359
Income before income taxes	453		286		384		389		315
Income taxes and taxable-equivalent adjustment	113		72		96		97		79
Net income	340		214		288		292		236
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$340		$214		$288		$292		$236

FINANCIAL RATIOS
Return on average assets	2.94	%	1.75	%	2.43	%	2.55	%	2.03	%
Net interest margin (taxable-equivalent basis)	7.22		6.85		6.94		6.61		7.07
Efficiency ratio	56.7		57.9		56.2		56.0		59.9


PAYMENT SERVICES							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
AVERAGE BALANCE SHEET
Loans
Commercial	$12,067		$12,439		$12,511		$12,334		$11,705
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	29,404		29,438		28,994		28,349		27,942
Other retail	140		146		148		149		156
Total loans	41,611		42,023		41,653		40,832		39,803
Other Earning Assets	57		290		8		115		153
Total earning assets	41,668		42,313		41,661		40,947		39,956
Non-earning Assets
Goodwill	3,392		3,399		3,371		3,327		3,332
Other intangible assets	249		262		266		281		300
Other non-earning assets	1,520		2,572		1,898		1,541		3,226
Total non-earning assets	5,161		6,233		5,535		5,149		6,858
Total assets	46,829		48,546		47,196		46,096		46,814
Deposits
Noninterest-bearing deposits	2,682		2,592		2,653		2,706		2,791
Interest checking	1		—		—		—		—
Savings products	93		94		94		96		96
Time deposits	1		1		1		1		1
Total deposits	2,777		2,687		2,748		2,803		2,888
Other Interest-bearing Liabilities	228		178		220		342		304
Other Noninterest-bearing Liabilities	4,880		5,774		5,073		4,712		6,275
Total liabilities	7,885		8,639		8,041		7,857		9,467
Total U.S. Bancorp Shareholders' Equity	10,229		10,154		9,958		9,941		9,965
Noncontrolling Interests	—		—		—		—		—
Total Equity	10,229		10,154		9,958		9,941		9,965
NET INTEREST SPREADS (%)
Total earning assets	6.51		6.21		6.32		6.00		6.46
Total assets	5.30		4.80		4.98		4.75		4.73
Total deposits	5.11		5.48		5.94		6.03		5.99
Total liabilities	4.47		4.74		5.19		5.17		5.31
CREDIT QUALITY
Net Charge-offs
Commercial	$63		$60		$59		$57		$51
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	325		317		299		315		296
Other retail	1		1		1		1		1
Total net charge-offs	$389		$378		$359		$373		$348
Net Charge-off Ratios
Commercial	2.12	%	1.92	%	1.88	%	1.86	%	1.75	%
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	4.48		4.28		4.10		4.47		4.26
Other retail	2.90		2.72		2.69		2.70		2.58
Total net charge-offs	3.79	%	3.58	%	3.43	%	3.67	%	3.52	%


	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Nonperforming Assets
Nonperforming loans	$—		$—		$—		$—		$—
Other nonperforming assets	—		—		—		—		—
Total nonperforming assets	$—		$—		$—		$—		$—


PAYMENT SERVICES				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
OTHER INFORMATION
Total Noninterest Income
Retail payment solutions	$423	$436	$426	$442	$390
Corporate payment systems	193	195	207	198	187
Global merchant acquiring	420	421	440	454	402
Total	$1,036	$1,052	$1,073	$1,094	$979
Payment Volumes
Retail payment solutions (issuing)
Credit card	$34,960	$37,640	$36,912	$36,504	$33,683
Debit and prepaid card	26,029	27,247	27,299	26,766	25,262
Total retail payment solutions	$60,989	$64,887	$64,211	$63,270	$58,945

Corporate payment systems (issuing)	$21,612	$21,859	$23,808	$22,391	$21,477

Merchant volume (acquiring)	$143,505	$142,576	$148,338	$147,809	$137,552
# of merchant transactions	2,014,546,904	2,112,763,544	2,171,741,540	2,136,671,083	1,930,302,342


TREASURY AND CORPORATE SUPPORT				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	($122)	($394)	($402)	($457)	($476)
Noninterest Income
Card revenue	—	—	—	—	—
Corporate payment products revenue	—	—	—	—	—
Merchant processing services	—	—	—	—	—
Trust and investment management fees	—	—	—	—	—
Service charges	4	5	2	2	2
Capital markets revenue	188	187	186	168	174
Mortgage banking revenue	—	—	—	30	—
Investment products fees	—	—	—	—	—
Securities gains (losses), net	—	(1)	(119)	(36)	2
Other	34	62	10	13	7
Total noninterest income	226	253	79	177	185
Total net revenue	104	(141)	(323)	(280)	(291)
Noninterest Expense
Compensation and employee benefits	1,352	1,326	1,306	1,279	1,342
Other intangibles	—	—	—	—	—
Net shared services	(1,738)	(1,766)	(1,762)	(1,762)	(1,742)
Other direct expenses	699	758	630	683	849
Total noninterest expense	313	318	174	200	449
Income (loss) before provision and income taxes	(209)	(459)	(497)	(480)	(740)
Provision for Credit Losses	148	(33)	41	50	(1)
Income (loss) before income taxes	(357)	(426)	(538)	(530)	(739)
Income taxes and taxable-equivalent adjustment	(164)	(174)	(280)	(179)	(234)
Net income (loss)	(193)	(252)	(258)	(351)	(505)
Net (income) loss attributable to noncontrolling interests	(7)	(7)	(8)	(8)	(7)
Net income (loss) attributable to U.S. Bancorp	($200)	($259)	($266)	($359)	($512)

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)	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
AVERAGE BALANCE SHEET
Loans
Commercial	$2,816	$2,714	$2,491	$2,206	$2,191
Commercial real estate	2,676	2,669	2,784	2,904	2,978
Residential mortgages	—	1	1	1	1
Credit card	—	—	—	—	—
Other retail	7	5	4	4	4
Total loans	5,499	5,389	5,280	5,115	5,174
Other Earning Assets	217,410	224,186	219,624	222,224	214,295
Total earning assets	222,909	229,575	224,904	227,339	219,469
Non-earning Assets
Goodwill	—	—	—	—	—
Other intangible assets	8	8	9	9	10
Other non-earning assets	24,494	22,292	23,395	20,042	19,161
Total non-earning assets	24,502	22,300	23,404	20,051	19,171
Total assets	247,411	251,875	248,308	247,390	238,640
Deposits
Noninterest-bearing deposits	2,740	3,180	3,245	2,522	2,052
Interest checking	1,551	1,512	1,602	1,447	1,245
Savings products	2,037	1,995	2,058	2,104	2,099
Time deposits	8,004	7,762	7,562	7,603	7,726
Total deposits	14,332	14,449	14,467	13,676	13,122
Other Interest-bearing Liabilities	59,170	57,693	55,283	52,905	52,496
Other Noninterest-bearing Liabilities	9,978	8,697	8,969	7,527	7,188
Total liabilities	83,480	80,839	78,719	74,108	72,806
Total U.S. Bancorp Shareholders' Equity	14,127	13,370	12,801	10,043	9,091
Noncontrolling Interests	460	460	461	463	464
Total Equity	14,587	13,830	13,262	10,506	9,555
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	$22	$—	$—	($1)	$—
Commercial real estate	—	(9)	—	—	7
Residential mortgages	—	—	—	—	—
Credit card	—	—	—	—	—
Other retail	—	—	—	—	—
Total net charge-offs	$22	($9)	$—	($1)	$7
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


	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
Nonperforming Assets
Nonperforming loans	$29	$23	$52	$56	$60
Other nonperforming assets	19	18	18	18	19
Total nonperforming assets	$48	$41	$70	$74	$79

U.S. Bank | Confidential 1 U.S. Bancorp 1Q25 Earnings Conference Call April 16, 2025

U.S. Bancorp 2 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 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; 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; 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; uncertainty regarding the content, timing, and impact of changes to regulatory capital, liquidity and resolution-related requirements applicable to large banking organizations in response to adverse developments affecting the banking sector; 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; 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.

U.S. Bancorp 3 ▪ Prudent expense discipline › Six consecutive quarters of flat expenses and three straight quarters of positive operating leverage, as adjusted1 ▪ Steady financial performance › Highly diversified revenue mix; Organic growth focus; Fee income represented 41% of total net revenue ▪ Strong capital profile › Continued capital accretion with modest share buybacks; Improving book and tangible book values per share ▪ Effective balance sheet management › Improved funding mix and continued rate paid discipline; Deposit beta and mix shift levels in-line with expectations ▪ Stable credit quality › Improvement in delinquencies, nonperforming assets, and net charge offs on a linked quarter basis 1Q25 Highlights $1.03 10.8% 20 bps vs 4Q24 Earnings per share CET1 Ratio2 YoY Adjusted Positive Operating Leverage1 Return on Tangible Common Equity1 1 Non-GAAP; See appendix for calculations and description of notable items 2 Common equity tier 1 capital to risk-weighted assets; 4Q24 reflects Basel III standardized approach with 5 year current expected credit losses (CECL) transition; 1Q25 fully reflects implementation related to the CECL methodology 270 bps 17.5% 1Q25 Noninterest Income Growth (YoY) 5.0%

U.S. Bancorp 4 An Exceptional Banking Franchise As a % of Total Revenue1,2 ■ Payment Services ■ Consumer & Business Banking ■ Wealth, Corporate, Commercial & Institutional Banking Fee income represents 41% of U.S. Bancorp’s total net revenue1 Balance sheet3 Clients4 $669B Assets ~13M Consumers $610B Earning Assets ~1.4M Businesses $507B Deposits ~500K Wealth clients $379B Loans ~45K Corporate and Institutional Key statistics $925B Total purchase volume5 $524B Assets under management4 ~$11T Assets under custody and administration6 107 Fortune Global Company ranked by revenue7 Client centers Branch network Map does not include our European locations 32% 42% 26% 1 For the three months ended March 31, 2025 taxable-equivalent basis. 2 Business line revenue percentages exclude Treasury and Corporate Support; Non-GAAP; see appendix for reconciliation. 3 Average balances for 1Q25. 4 Data as of February 28, 2025. 5 Total purchase volume shown on a trailing 12- month basis for Retail Payment Solutions (Payments: Consumer and Small Business), Corporate Payment Solutions and Merchant Acquiring for 1Q25. 6 Amount reported as of March 31, 2025. 7 Source: Fortune Global 500 Ranking (2024)

U.S. Bancorp 5 Committed to Achieving Our Financial Targets ROA ROTCE Fee Income Growth Efficiency Ratio 1.15% to 1.35% High teens Mid-single digits Mid-to-high 50s Medium-term Targets1 Organic Growth Key strategic priorities Payments Transformation Expense Management Deepening relationships, interconnected product set, and broader reach Execution-focused and targeted strategy; Embedded money movement Capacity to deliver positive operating leverage and fund organic growth 1 2 3 Strong foundation built on financial and risk management discipline 1 Medium-term represents 2026 & 2027; subject to economic assumptions outlined in the appendix

U.S. Bancorp 6 Noninterest expense ($M) as adjusted3 as adjusted3 Delivering Positive Operating Leverage and Funding Organic Growth Efficiency and productivity momentum supported by four cost-save initiatives Expense Management 6 consecutive quarters of expense discipline; Positive operating leverage for 3 straight quarters3 Four “in-flight” expense initiatives: ■ Real estate rationalization ■ Organizational simplicity ■ AI / automation ■ Location optimization 1 Year-over-year change 23.1%1 20.8%1 18.1%1 6.3%1 (2.7)% (1.7)% (1.0)% 0.0% 0.9% 1 Impacted by the December 2022 Union Bank acquisition 2 3Q24 operating leverage adjusted for securities gains (losses) related to investment portfolio repositioning 3 Non-GAAP; adjusted for notable items; See appendix for calculations and description of notable items 2 $4,259 $4,311 $4,246 YoY operating leverage as adjusted3

U.S. Bancorp 7 Prioritizing Organic Growth Opportunities Organic Growth2 Diversified fee businesses support our mid-single digit growth target Fee Revenue Growth1 Year over year growth (FY2024 vs. FY2023) Our growth target is supported by: ■ Improving momentum in fee revenues ■ Dissipating headwinds (e.g., exit of ATM cash provisioning business) ■ Focusing execution on growth initiatives Capital Markets product expansion Bank Smartly® interconnected solutions Treasury Management scale up Edward Jones partnership Expansion Markets Select key initiatives: 1 Total noninterest income, less securities gains (losses) 2 Other includes services charges and all other fee revenue $11,200M 2023 Fee income 2024 Fee income Trust & Inv Mgmt., Capital Markets / Investment Products Payments Mortgage $10,762M $11,200M Other2 +9.8% +2.9% +16.1% -8.2% 4.1% +$87M

U.S. Bancorp 8 Committed to Our Payments Franchise Payments Transformation3 Our “execution-focused” payments transformation entails: ■ Redeploy expense saves to scale marketing efforts and sales capacity ■ Sharper focus on affluent consumers (e.g., Bank Smartly®) ■ Greater interconnection to other bank products (e.g., Business Essentials) ■ Stronger execution on key growth initiatives (e.g., Elan, Union Bank client penetration, Merchant Processing Services tech-led) Strategy focused on accelerating growth 1 Total purchase volume shown on a trailing 12-month basis for Retail Payment Solutions (Payments: Consumer and Small Business), Corporate Payment Solutions and Merchant Acquiring Trailing 12-months total purchase volume $ in Billions $856 $893 $925 1Q23 1Q24 1Q25 Total Payments average loans $ in Billions $37 $40 $42 1Q23 1Q24 1Q25 1 4.0% CAGR 6.1% CAGR Target growth inline with the market

U.S. Bancorp 9 Streamlining Our Execution Consumer and Business Banking (CBB) Payment Services Wealth, Corporate, Commercial and Institutional Banking (WCIB) CBB Products Branch and Small Business Banking (BSBB) Payments: Consumer and Small Business (PCS) Payments: Merchant and Institutional (PMI) WCIB Products Institutional Client Group (ICG) Operations Revised management structure supports our execution priorities Technology Corporate Functions

U.S. Bancorp 10 1Q25 Results Summary Income Statement Balance Sheet Capital 1 Non-GAAP; see the appendix for calculations and description of notable items. 2 Taxable-equivalent basis; see appendix for calculation. 3 Common equity tier 1 capital to risk-weighted assets. 4 1Q24 and 4Q24 reflect Basel III standardized approach with 5 year CECL transition; 1Q25 fully reflects implementation related to the CECL methodology. 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. Prior Period Adjusted $ in millions, except EPS 1Q25 4Q24 1Q24 Net interest income2 $4,122 (1.3) % 2.7 % Noninterest income 2,836 0.1 5.0 Noninterest expense 4,232 0.7 0.9 Net income to Company 1,709 (2.1) 12.6 Diluted EPS $1.03 (3.7) 14.4 Change vs. $ in millions 1Q25 4Q24 1Q24 Nonperforming assets $1,727 (5.7) % (3.3) % NPA ratio 0.45 % (3) bps (3) bps Net charge-off ratio 0.59 % (1) bps 6 bps 90+ Day Delinquency 0.21 % — bps 2 bps Ending balance Avg balance Average Period Balance change vs. $ in billions 1Q25 1Q25 4Q24 1Q24 Total assets $676.5 $669.4 (0.4) % 2.4 % Earning assets 613.8 610.2 (0.7) 2.4 Total loans 381.8 379.0 0.9 2.1 Total deposits 512.5 506.5 (1.1) 0.7 Change vs. 1Q25 4Q24 1Q24 CET1 capital ratio3,4 10.8 % 20 bps 80 bps Total risk-based capital ratio4 14.4 % 10 bps 70 bps Book value per share $34.16 2.9 % 9.3 % Tangible book value per share1 $25.64 4.1 % 13.8 % Earnings returned (millions)5 $946 1 1 Credit Quality

U.S. Bancorp 11 Performance Ratios 1 Non-GAAP; see appendix for calculations and description of notable items 2 Net interest margin on a taxable-equivalent basis 0.93% 1.03% 1.04% 0.81% 0.98% Return on Average Assets Adjusted for notable items 1Q24 4Q24 1Q25 11.6% 12.7% 12.3% 10.0% 12.1% Return on Average Common Equity Adjusted for notable items 1Q24 4Q24 1Q25 17.4% 18.3% 17.5% 15.1% 17.4% Return on Tangible Common Equity Adjusted for notable items 1Q24 4Q24 1Q25 66.4% 61.5% 60.8% 62.5% 59.9% 60.8% 2.70% 2.71% 2.72% Adjusted Efficiency Ratio Efficiency Ratio Net Interest Margin 1Q24 4Q24 1Q25 Return on Average Assets Return on Average Common Equity Return on Tangible Common Equity1 Efficiency Ratio1 & Net Interest Margin 2 11 1 1 2 11 1 1

U.S. Bancorp 12 $503 $514 $509 $512 $507 2.77% 2.83% 2.79% 2.57% 2.39% Average Deposits Avg Yield on Interest-bearing Deposits % 1Q24 2Q24 3Q24 4Q24 1Q25 Balance Sheet Summary Proactive balance sheet management and pricing discipline Total Average Deposits Highlights Total Average Loans $371 $375 $374 $376 $379 6.20% 6.19% 6.25% 6.03% 5.91% Average Balance Avg Yield % 1Q24 2Q24 3Q24 4Q24 1Q25 Investment Portfolio End of Period Balances $ in billions 1 Balances exclude unrealized gains (losses) ▪ Deposit dynamics in line with seasonal patterns; Emphasis on pricing discipline; Total noninterest bearing mix stable at ~16% ▪ Loan yield impacted by short-term rates partially offset by higher revolve mix; Capital-efficient growth focus ▪ Investment securities portfolio supports a balanced approach to managing capital, liquidity, and interest rate risk $162 $168 $167 $171 $171 2.96% 3.15% 3.20% 3.14% 3.10% Ending Balance Avg Yield % 1Q24 2Q24 3Q24 4Q24 1Q25 1

U.S. Bancorp 13$ in millions 1 Non-GAAP; see appendix for calculations 1Q25 4Q24 1Q24 Loans $5,533 $5,674 $5,712 Loans held for sale 28 50 37 Investment securities 1,308 1,326 1,175 Other interest income 647 781 840 Total interest income $7,516 $7,831 $7,764 Deposits $2,511 $2,772 $2,884 Short-term borrowings 249 257 270 Long-term debt 664 656 625 Total interest expense $3,424 $3,685 $3,779 Net interest income $4,092 $4,146 $3,985 Taxable-equivalent adjustment 30 30 30 Net interest income, on a taxable-equivalent basis1 $4,122 $4,176 $4,015 Net interest margin (taxable-equivalent basis) 2.72 % 2.71 % 2.70 % Net Interest Income (taxable-equivalent basis)1 -1.3% Linked Quarter +2.7% Year-Over-Year Net Interest Income ▪ Year-over-year performance driven by the mix of earning assets, fixed asset repricing and modest loan growth, partially offset by deposit mix ▪ Linked quarter decline due to fewer days and deposit seasonality ▪ Net interest margin increased both sequentially and year-over-year

U.S. Bancorp 14 ▪ Year-over-year increase driven by higher revenue across most fee income categories ▪ On a linked quarter basis, noninterest income improvement was driven by higher mortgage banking and capital markets revenue $ in millions Payments = card, corporate payment products and merchant processing 1Q25 4Q24 1Q24 Payments $1,002 $1,043 $977 Trust and investment management 680 703 641 Service charges 315 314 315 Capital markets revenue 382 364 388 Mortgage banking revenue 173 116 166 Investment product fees 87 87 77 Securities gains (losses), net — (1) 2 Other 197 207 134 Noninterest Income $2,836 $2,833 $2,700 Noninterest Income Noninterest Income +0.1% Linked Quarter +5.0% Year-Over-Year

U.S. Bancorp 15 ▪ Year-over-year adjusted noninterest expense increase was driven by increases across several categories, which was partially offset by lower compensation and benefits, as well as professional services ▪ On a linked quarter basis, adjusted noninterest expense increased slightly due to seasonally higher compensation and benefits, marketing and business development, and all other expense categories $ in millions 1 Non-GAAP; see the appendix for calculations and description of notable items 1Q25 4Q24 1Q24 Compensation and benefits $2,637 $2,607 $2,691 Technology and communications 533 534 507 Occupancy and equipment 306 317 296 Professional services 98 135 110 Marketing and business development 182 160 136 All other 476 449 454 Total Noninterest Expense, Adjusted1 $4,232 $4,202 $4,194 Notable Items1 — 109 265 Total Noninterest Expense, Reported $4,232 $4,311 $4,459 Noninterest Expense Reported -1.8% Linked Quarter -5.1% Year-Over-Year Excluding Notable Items1 +0.7% Linked Quarter +0.9% Year-Over-Year

U.S. Bancorp 16 Amount ($B) Reserve (%) Commercial $2.2 1.5% Commercial Real Estate 1.4 3.0% Residential Mortgage 0.8 0.7% Credit Card 2.6 9.1% Other Retail 0.9 2.0% Total $7.9 2.1% Change vs. 1Q25 4Q24 1Q24 Non-performing Assets Balance $1,727 $(105) $(59) NPAs/Period-end Loans plus OREO 0.45 % (3) bps (3) bps Net Charge-offs NCOs $547 $(15) $59 NCOs/Avg Loans 0.59 % (1) bps 6 bps Provision for Credit Losses $ in millions, unless specified Credit Quality Trends were favorable linked quarter despite continued stress in CRE Office and economic uncertainty Net Charge-offs and Nonperforming Assets Highlights Allowance for Credit Losses by Loan Category, 1Q25 ▪ $10M reserve release reflects a more favorable portfolio mix and improved credit quality, which was partially offset by increased economic uncertainty ▪ CRE Office segment is appropriately reserved at 10.9% 2.11% 2.11% 2.12% 2.09% 2.07% ($7) ($2) ($10) $553 $568 $557 $560 $537 $488 $538 $564 $562 $547 $65 $30 NCOs Reserve Build (Release) Allowance for Credit Losses/ Period-end Loans 1Q24 2Q24 3Q24 4Q24 1Q25

U.S. Bancorp 17 Capital Management 8.5% 10.0% 10.3% 10.5% 10.6% 10.8% 1Q23 1Q24 2Q24 3Q24 4Q24 1Q25 1 Ratios for periods prior to January 1, 2025 calculated in accordance with transitional regulatory requirements related to the CECL methodology; 1Q25 fully reflects implementation related to the CECL methodology 2 Non GAAP; see appendix for calculations 1st Quarter Highlights ▪ CET1 ratio increased 20 basis points to 10.8% driven by earnings accretion, net of distributions; Completed common stock repurchases of $100 million in the quarter ▪ Effective hedging program continues to support rate neutrality and our overall capital positioning ▪ CET1 ratio (including AOCI) improved to 8.8% as of March 31, 2025 7.6% CET1 Ratio Regulatory Minimum Binding Capital Constraint Balancing our continued capital accretion with modest share buybacks CET1 Ratio1 CET1 Ratio including AOCI 28.6%8.6%8.1%7.8% 8.8%6.5%

U.S. Bancorp 18 Balance Sheet and Net Interest Margin Path 1Q25 NIM 2.72% Loan Growth/Mix + Fixed Repricing ‘+10 to 20bps Investment Portfolio Mgmt + Fixed Repricing ‘+10 to 15bps Deposit Mix + Funding Optimization ‘+5 to 15bps Medium-term NIM1 3.00%+ Projected Balance Sheet Path Projected NIM Expansion Drivers Not expecting to become a Category II bank before 2027 1 Medium-term represents 2026 & 2027; subject to economic assumptions outlined in the appendix Avg Earning Assets Avg Non-earning Assets 1Q25 4Q25 4Q26 2027+ $669B $675-685B $685-695B $700B+ Total Average Assets

U.S. Bancorp 19 Guidance – 2Q and FY 2025 1Q25 Performance FY 2025 Guidance Net interest income1 Total noninterest expense Positive operating leverage3 1Q Guidance 1Q Result Relatively stable vs. Q4 2024 of $4,176M (excluding day count impact) $4,122M Relatively stable vs. Q4 2024 adjusted of $4,202M2 $4,232M 200+ bps 270 bps2 2Q25 Guidance Net interest income1 Total noninterest income Total noninterest expense $4.2B or Lower ~$2.9B $4.1B to $4.2B Positive operating leverage3 200+ bps Total net revenue +3% to 5% vs. FY 2024 of $27.6B1,4 Positive operating leverage3,5 200+ bps All guidance is on an adjusted basis 1 Taxable-equivalent basis; see appendix for calculation; 2 Non-GAAP; as adjusted for notable items; see appendix for calculations and descriptions of notable items; 3 As calculated on a year-over-year basis; 4 Non-GAAP; excludes $119M of securities losses taken in 3Q24 related to investment portfolio repositioning, see appendix for calculation; 5 Excluding the impact of securities gains or losses

U.S. Bancorp 20 Marching Towards Our Medium-Term Targets 1Q 2024 1Q 2025 Medium-term Target5 Return on Average Assets 0.93%1 1.04% 1.15% to 1.35% Return on Tangible Common Equity 17.4%1 17.5% High Teens Fee Income Growth2 6.3% 5.1% Mid-single digits Efficiency 62.5%1 60.8% Mid-to-high 50s Operating Leverage (YoY)1 (370) bps 270 bps Committed to Positive Operating Leverage CET1 Capital Ratio (Cat III)3 10.0% 10.8% ~10% Cat II pro forma CET1 Capital Ratio with AOCI4 7.8% 8.8% 1 Non-GAAP; as adjusted for notable items; see appendix for calculation and description of notable items. 2 Total noninterest income, less securities gains (losses). 3 1Q24 ratio calculated in accordance with transitional regulatory requirements related to the CECL methodology; 1Q25 fully reflects implementation related to the CECL methodology. 4 Non-GAAP; see appendix for calculation. 5 Medium-term represents 2026 & 2027; subject to economic assumptions outlined in the appendix. 4 4

U.S. Bancorp 21 The Path Forward Strong Foundation... Efficient Execution... Organic Growth... ▪ Acquired scale / capabilities ▪ Accelerated capital build ▪ Prudent expense management ▪ Deep management bench and culture ▪ Risk and financial discipline ▪ Diversified business mix ▪ Greater interconnectivity ▪ Payments transformation ▪ Medium-term targets Foundation Execution Growth

U.S. Bancorp 22 Appendix

U.S. Bancorp 23 Excluding Notable Items2 Reported % Change Notable Items2 % Change $ in millions, except EPS 1Q25 4Q24 1Q24 vs 4Q24 vs 1Q24 1Q25 4Q24 1Q24 vs 4Q24 vs 1Q24 Net Interest Income $4,092 $4,146 $3,985 (1.3) % 2.7 % $— $— $— (1.3) % 2.7 % Taxable-equivalent Adjustment 30 30 30 — — — — — — — Net Interest Income (taxable-equivalent basis) 4,122 4,176 4,015 (1.3) 2.7 — — — (1.3) 2.7 Noninterest Income 2,836 2,833 2,700 .1 5.0 — — — .1 5.0 Net Revenue 6,958 7,009 6,715 (.7) 3.6 — — — (.7) 3.6 Noninterest Expense 4,232 4,311 4,459 (1.8) (5.1) — 109 265 .7 .9 Operating Income 2,726 2,698 2,256 1.0 20.8 — (109) (265) (2.9) 8.1 Provision for credit losses 537 560 553 (4.1) (2.9) — — — (4.1) (2.9) Income Before Taxes 2,189 2,138 1,703 2.4 28.5 — (109) (265) (2.6) 11.2 Applicable Income Taxes 473 468 377 1.1 25.5 — (27) (66) (4.4) 6.8 Net Income 1,716 1,670 1,326 2.8 29.4 — (82) (199) (2.1) 12.5 Noncontrolling Interests (7) (7) (7) — — — — — — — Net Income to Company 1,709 1,663 1,319 2.8 29.6 — (82) (199) (2.1) 12.6 Preferred Dividends/Other 106 82 110 29.3 (3.6) — (1) (1) 27.7 (4.5) Net Income to Common $1,603 $1,581 $1,209 1.4 % 32.6 % $— ($81) ($198) (3.5) % 13.9 % Net Interest Margin1 2.72% 2.71% 2.70% 1 bps 2 bps —% —% —% 1 bps 2 bps Efficiency Ratio2 60.8% 61.5% 66.4% (70) bps (560) bps —% 1.6% 3.9% 90 bps (170) bps Diluted EPS $1.03 $1.01 $.78 2.0 % 32.1 % $.00 $(.06) $(.12) (3.7) % 14.4 % 1 Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations and description of notable items Income Statement Detail

U.S. Bancorp 24 $371.1 $375.7 $379.0 1Q24 4Q24 1Q25 Average Loans +0.9% linked quarter +2.1% year-over-year $ in billions 1 Includes $12B in Payments commercial loans ▪ On a year-over-year basis, average total loan growth was driven by higher commercial, residential mortgages, and credit card loans, which was partially offset by lower commercial real estate and other retail loans ▪ On a linked quarter basis, increase in average total loans was driven by higher commercial and residential mortgages, which was partially offset by lower commercial real estate and other retail loans Average % of Average Change vs. 1Q 2025 Balance Total 4Q24 1Q24 Commercial1 $140 37% 3.5 % 7.2 % Commercial Real Estate 49 13% (2.0) (7.8) Residential Mortgages 119 31% 0.4 2.8 Credit Card 29 8% (0.1) 5.2 Other Retail 42 11% (1.9) (4.4) Total Loans $379 0.9 % 2.1 %

U.S. Bancorp 25 ▪ On a year-over-year basis, average total deposits growth was driven by higher savings deposits, time deposits, and interest checking, which was partially offset by lower noninterest- bearing deposits and money market savings balances ▪ On a linked quarter basis, decrease in average total deposits was driven by lower noninterest-bearing deposits, money market savings, and time deposits, which was partially offset by higher savings accounts and interest checking balances Average Deposits -1.1% linked quarter +0.7% year-over-year $ in billions Noninterest-bearing Interest-bearing 1Q24 4Q24 1Q25 Average Average Change vs. 1Q 2025 Balance 4Q24 1Q24 Noninterest-bearing deposits $80 (3.9) % (6.0) % Money market savings 195 (5.4) (0.5) Interest checking 126 0.4 0.5 Savings accounts 50 22.0 20.7 Time deposits 56 (1.9) 0.6 Total interest-bearing deposits $427 (0.6) % 2.0 % Total Deposits $507 (1.1) % 0.7 % $506.5$512.3$503.1

U.S. Bancorp 26 $ in billions 1Q25 4Q24 3Q24 2Q24 1Q24 Total U.S. Bancorp shareholders’ equity $60.1 $58.6 $58.9 $56.4 $55.6 Basel III Standardized Approach 1 Fully implemented common equity tier 1 capital ratio 10.8 % 10.5 % 10.5 % 10.2 % 9.9 % Tier 1 capital ratio 12.4 % 12.2 % 12.2 % 11.9 % 11.6 % Total risk-based capital ratio 14.4 % 14.3 % 14.2 % 14.0 % 13.7 % Leverage ratio 8.4 % 8.3 % 8.3 % 8.1 % 8.1 % Common equity to assets 7.9 % 7.6 % 7.6 % 7.3 % 7.1 % Tangible common equity to tangible assets 2 6.0 % 5.8 % 5.7 % 5.4 % 5.2 % Tangible common equity to risk-weighted assets 2 8.9 % 8.5 % 8.6 % 8.0 % 7.8 % Common equity tier 1 capital to risk-weighted assets, reflecting transitional regulatory capital requirements related to the current expected credit losses methodology 1 — % 10.6 % 10.5 % 10.3 % 10.0 % 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 Capital Position 2 2 2 2

U.S. Bancorp 27 68% 32% Payments: Consumer & Small Business (PCS) Payments: Merchant & Institutional (PMI) 42% 58% Net interest income (taxable-equivalent basis) Noninterest income • New PCS and PMI heads driving payments transformation • Launched a new industry leading Shield card with 24- month 0% intro APR • Rolled out a new Spend Management suite of capabilities for Small Business cardholders • Introduced bundled Business Essentials products, for a more complete banking and payments client offering • Merchant Processing Services now #5 in bank card merchant acquiring by sales volume3 • Tech-led4 investments fueling 11% YoY tech-led fee growth in 1Q25, representing 36% of MPS revenue 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 (1Q25) Highlights Historical Linked Quarter Seasonality for Payment Fees Revenue1 â â â á á á á á á â +1.5% Year-Over-Year +3.5% Year-Over-Year +2.7% Year-Over-Year 1 Linked quarter change based on trends from 2015 to 2019 2 Includes Prepaid Card 3 2025 Nilson report issue #1282, March 2025; Merchant acquirer as ranked by MasterCard / Visa purchase volume 4 Tech-led includes digital, omni-commerce and e-commerce as well as investments in integrated software providers Payment Services +4.2% Credit only Fee Revenue Growth Rates

U.S. Bancorp 28 $130,767 $134,339 $133,138 $135,384 $140,130 0.36 % 0.43 % 0.44 % 0.43 % 0.47 % Average Loans NCO% 1Q24 2Q24 3Q24 4Q24 1Q25 Credit Quality – Commercial Key StatisticsAverage Loans ($M) and Net Charge-offs Ratio (0.3)% 2.7% (0.9)% 1.7% 3.5% Linked Quarter Growth Key Points ▪ Average loans increased by 3.5% on a linked quarter basis ▪ Utilization increased quarter-over-quarter to 25.1% for 1Q25 versus 24.6% for 4Q24 ▪ Non-performing loans ratio decreased 5 bps quarter-over-quarter $ in millions 1Q24 4Q24 1Q25 Average Loans $130,767 $135,384 $140,130 30-89 Delinquencies 0.23 % 0.26 % 0.21 % 90+ Delinquencies 0.08 % 0.07 % 0.07 % Non-performing Loans 0.41 % 0.48 % 0.43 % Revolving Line Utilization Trend 3Q 16 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 15% 20% 25% 30% 35% 40%

U.S. Bancorp 29 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 (1.5)% (1.4)% (1.6)% (3.1)% (2.0)% ▪ Average loans decreased by 2.0% on a linked quarter basis ▪ Non-performing loans ratio decreased 8 bps quarter-over-quarter ▪ Net charge-off rate improvement reflects a large recovery and lower net charge-offs compared to the prior quarter 1 SFR = Single Family Residential $53,037 $52,289 $51,454 $49,871 $48,890 0.16 % 0.28 % 0.54 % 0.30 % (0.03) % Average Loans NCO% 1Q24 2Q24 3Q24 4Q24 1Q25 CRE by Property Class SFR Construction 7% Owner Occupied 21% Multi-Family 37% Office 11% Industrial 10% Other 14% $ in millions 1Q24 4Q24 1Q25 Average Loans $53,037 $49,871 $48,890 30-89 Delinquencies 0.04 % 0.16 % 0.12 % 90+ Delinquencies 0.00 % 0.02 % 0.01 % Non-performing Loans 1.71 % 1.69 % 1.61 % 1

U.S. Bancorp 30 $115,639 $116,478 $117,559 $118,406 $118,844 0.00 % (0.01) % (0.01) % (0.01) % 0.00 % Average Loans NCO% 1Q24 2Q24 3Q24 4Q24 1Q25 Credit Quality – Residential Mortgage Key Points ▪ Average loans increased by 0.4% on a linked quarter basis ▪ Continued low losses and non-performing loans supported by strong portfolio credit quality and collateral values ▪ Excluding the impact of L.A. wildfires, the 30-89 delinquencies would be slightly lower on a linked quarter basis and flat year-over-year ▪ Originations continue to reflect high credit quality (weighted average credit score of 770, weighted average LTV of 70%) Linked Quarter Growth Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 1Q24 4Q24 1Q25 Average Loans $115,639 $118,406 $118,844 30-89 Delinquencies 0.12 % 0.16 % 0.25 % 90+ Delinquencies 0.12 % 0.17 % 0.19 % Non-performing Loans 0.13 % 0.13 % 0.12 % 0.4% 0.7% 0.9% 0.7% 0.4% Residential Mortgage Delinquencies ($M) 30-89 days past due 90+ days past due 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 $— $200 $400 $600 $800 $1,000

U.S. Bancorp 31 $27,942 $28,349 $28,994 $29,438 $29,404 4.26 % 4.47 % 4.10 % 4.28 % 4.48 % Average Loans NCO% 1Q24 2Q24 3Q24 4Q24 1Q25 Credit Quality – Credit Card Key Points ▪ Average loans decreased by 0.1% on a linked quarter basis ▪ Net charge-off rate increased to 4.48% consistent with seasonal patterns ▪ 30-89 and 90+ day delinquency rates improved on a linked quarter and year-over-year basis Average Loans ($M) and Net Charge-offs Ratio Key Statistics 0.7% 1.5% 2.3% 1.5% (0.1)% Linked Quarter Growth $ in millions 1Q24 4Q24 1Q25 Average Loans $27,942 $29,438 $29,404 30-89 Delinquencies 1.40 % 1.41 % 1.31 % 90+ Delinquencies 1.42 % 1.43 % 1.40 % Non-performing Loans — % — % — % Credit Card Delinquencies ($M) 30-89 days past due 90+ days past due 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 $— $200 $400 $600 $800 $1,000

U.S. Bancorp 32 Credit Quality – Other Retail Key Points ▪ Average loans decreased by 1.9% on a linked quarter basis ▪ Non-performing loans ratio remained relatively flat quarter-over-quarter ▪ Net charge-off ratio increased 2 bps on a linked quarter basis driven by Retail Leasing Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (2.9)% (1.0)% (0.7)% (0.9)% (1.9)% $43,685 $43,230 $42,925 $42,556 $41,760 0.51 % 0.45 % 0.47 % 0.59 % 0.61 % Average Loans NCO% 1Q24 2Q24 3Q24 4Q24 1Q25 Auto Loans 15% Installment 34% Home Equity 32% Retail Leasing 10% Revolving Credit 9% $ in millions 1Q24 4Q24 1Q25 Average Loans $43,685 $42,556 $41,760 30-89 Delinquencies 0.55 % 0.54 % 0.50 % 90+ Delinquencies 0.15 % 0.15 % 0.14 % Non-performing Loans 0.32 % 0.35 % 0.36 %

U.S. Bancorp 33 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 & 2027 2 Key assumptions as of September 12, 2024 and presented at Investor Day

U.S. Bancorp 34 Non-GAAP Financial Measures (1), (2) – see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) March 31, 2025 December 31, 2024 March 31, 2024 Net interest income $ 4,092 $ 4,146 $ 3,985 Taxable-equivalent adjustment (1) 30 30 30 Net interest income, on a taxable-equivalent basis 4,122 4,176 4,015 Net interest income, on a taxable-equivalent basis (as calculated above) 4,122 4,176 4,015 Noninterest income 2,836 2,833 2,700 Less: Securities gains (losses), net — (1) 2 Total net revenue, excluding net securities gains (losses) (a) 6,958 7,010 6,713 Noninterest expense (b) 4,232 4,311 4,459 Efficiency ratio (b)/(a) 60.8 % 61.5 % 66.4 % Total net revenue, excluding net securities gains (losses) (as calculated above) (c) $ 7,010 $ 6,713 Noninterest expense 4,311 4,459 Less: Notable items (2) 109 265 Noninterest expense, excluding notable items (d) 4,202 4,194 Efficiency ratio, excluding notable items (d)/(c) 59.9 % 62.5 % Net income attributable to U.S. Bancorp $ 1,663 $ 1,319 Less: Notable items (2) (82) (199) Net income attributable to U.S. Bancorp, excluding notable items 1,745 1,518 Annualized net income attributable to U.S. Bancorp, excluding notable items (e) 6,942 6,105 Average assets (f) 671,907 653,909 Return on average assets, excluding notable items (e)/(f) 1.03 % 0.93 % Net income applicable to U.S. Bancorp common shareholders $ 1,581 $ 1,209 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (81) (198) Net income applicable to U.S. Bancorp common shareholders, excluding notable items 1,662 1,407 Annualized net income applicable to U.S. Bancorp common shareholders, excluding notable items (g) 6,612 5,659 Average common equity (h) 52,004 48,859 Return on average common equity, excluding notable items (g)/(h) 12.7 % 11.6 % Net income applicable to U.S. Bancorp common shareholders, excluding notable items (as calculated above) (i) $ 1,662 $ 1,407 Average diluted common shares outstanding (j) 1,560 1,559 Diluted earnings per common share, excluding notable items (i)/(j) $ 1.07 $ 0.90

U.S. Bancorp 35 Three Months Ended (Dollars in Millions, Unaudited) March 31, 2025 December 31, 2024 March 31, 2024 Net income applicable to U.S. Bancorp common shareholders $ 1,603 $ 1,581 $ 1,209 Intangibles amortization (net-of-tax) 97 110 115 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 1,700 1,691 1,324 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 6,894 6,727 5,325 Average total equity 60,071 59,272 56,131 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (460) (460) (464) Average goodwill (net of deferred tax liability) (3) (11,513) (11,515) (11,473) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,806) (1,885) (2,208) Average tangible common equity (b) 39,484 38,604 35,178 Return on tangible common equity (a)/(b) 17.5 % 17.4 % 15.1 % Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (as calculated above) $ 1,691 $ 1,324 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (81) (198) Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items 1,772 1,522 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (c) 7,049 6,121 Average tangible common equity (as calculated above) (d) 38,604 35,178 Return on tangible common equity, excluding notable items (c)/(d) 18.3 % 17.4 % (2), (3) – see last page in appendix for corresponding notes Non-GAAP Financial Measures

U.S. Bancorp 36 Non-GAAP Financial Measures (Dollars and Shares in Millions Except Per Share Data, Unaudited) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Total equity $ 60,558 $ 59,040 $ 59,321 $ 56,885 $ 56,033 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolling interest (462) (462) (462) (465) (465) Common equity (a) 53,288 51,770 52,051 49,612 48,760 Goodwill (net of deferred tax liability) (3) (11,521) (11,508) (11,540) (11,449) (11,459) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,761) (1,846) (1,944) (2,047) (2,158) Tangible common equity (b) 40,006 38,416 38,567 36,116 35,143 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 46,239 45,239 Adjustments (4) (433) (433) (433) (433) Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (c) 47,444 46,731 45,806 44,806 Total assets (d) 676,489 678,318 686,469 680,058 683,606 Goodwill (net of deferred tax liability) (3) (11,521) (11,508) (11,540) (11,449) (11,459) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,761) (1,846) (1,944) (2,047) (2,158) Tangible assets (e) 663,207 664,964 672,985 666,562 669,989 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation if applicable (f) 450,290 450,498 447,476 449,111 452,831 Adjustments (5) (368) (368) (368) (368) Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (g) 450,130 447,108 448,743 452,463 Common shares outstanding (h) 1,560 1,560 1,561 1,560 1,560 Ratios Common equity to assets (a)/(d) 7.9% 7.6% 7.6% 7.3% 7.1% Tangible common equity to tangible assets (b)/(e) 6.0 5.8 5.7 5.4 5.2 Tangible common equity to risk-weighted assets (b)/(f) 8.9 8.5 8.6 8.0 7.8 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 10.2 9.9 Tangible book value per common share (b)/(h) $ 25.64 $ 24.63 $ 24.71 $ 23.15 $ 22.53 (3), (4), (5) – see last page in appendix for corresponding notes *Preliminary data. Subject to change prior to filings with applicable regulatory agencies. * * *

U.S. Bancorp 37 Non-GAAP Financial Measures (Dollars in Millions, Unaudited) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 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) 48,482 47,877 47,164 46,239 45,239 42,027 Accumulated Other Comprehensive Income (AOCI) related adjustments (6) (8,737) (9,198) (8,648) (9,801) (9,869) (10,153) Common equity tier 1 capital, including AOCI related adjustments (6) (b) 39,745 38,679 38,516 36,438 35,370 31,874 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (c) 450,290 450,498 447,476 449,111 452,831 494,048 Ratios Common equity tier 1 capital ratio (a)/(c) 10.8 % 10.6 % 10.5 % 10.3 % 10.0 % 8.5 % Common equity tier 1 capital ratio, including AOCI related adjustments (6) (b)/(c) 8.8 8.6 8.6 8.1 7.8 6.5 (1), (6), (7) – see last page in appendix for corresponding notes Year Ended (Dollars in Millions, Unaudited) December 31, 2024 Net interest income $ 16,289 Taxable-equivalent adjustment (1) 120 Net interest income, on a taxable-equivalent basis $ 16,409 Net interest income, on a taxable-equivalent basis (as calculated above) 16,409 Noninterest income $ 11,046 Less: Securities gains (losses) (7) (119) Total net revenue, excluding net securities gains (losses) 27,574

U.S. Bancorp 38 Non-GAAP Financial Measures ($ in millions) Three Months Ended March 31, 2025 Line of Business Financial Performance Net Revenue Wealth, Corporate, Commercial and Institutional Banking $ 2,910 Consumer and Business Banking 2,166 Payment Services 1,778 Treasury and Corporate Support 104 Total Company 6,958 Less Treasury and Corporate Support 104 Total Company excluding Treasury and Corporate Support $ 6,854 Percent of Total Company Wealth, Corporate, Commercial and Institutional Banking 42 % Consumer and Business Banking 31 % Payment Services 26 % Treasury and Corporate Support 1 % Total Company 100 % Percent of Total Company excluding Treasury and Corporate Support Wealth, Corporate, Commercial and Institutional Banking 42 % Consumer and Business Banking 32 % Payment Services 26 % Total Company excluding Treasury and Corporate Support 100 %

U.S. Bancorp 39 Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) March 31, 2025 March 31, 2024 December 31, 2024 December 31, 2023 September 30, 2024 September 30, 2023 Net interest income $ 4,092 $ 3,985 $ 4,146 $ 4,111 $ 4,135 $ 4,236 Taxable-equivalent adjustment (1) 30 30 30 31 31 32 Net interest income, on a taxable-equivalent adjustment basis 4,122 4,015 4,176 4,142 4,166 4,268 Net interest income, on a taxable-equivalent basis (as calculated above) 4,122 4,015 4,176 4,142 4,166 4,268 Noninterest income 2,836 2,700 2,833 2,620 2,698 2,764 Less: Securities gains (losses), net (7) (119) — Total net revenue, excluding net securities gains (losses) 6,983 7,032 Percentage change (e) (0.7) % Total net revenue 6,958 6,715 7,009 6,762 6,864 7,032 Percent change (a) 3.6 % 3.7 % (2.4) % Less: Notable items (2) — — — (118) — — Total net revenue, excluding notable items 6,958 6,715 7,009 6,880 6,864 7,032 Percent change (b) 3.6 % 1.9 % (2.4) % Noninterest expense 4,232 4,459 4,311 5,219 4,204 4,530 Percentage change (c) (5.1) % (17.4) % (7.2) % Less: Notable items (2) — 265 109 1,015 — 284 Total noninterest expense, excluding notable items 4,232 4,194 4,202 4,204 4,204 4,246 Percentage change (d) 0.9 % — % (1.0) % Operating leverage (a) - (c) 8.7 % 21.1 % 4.8 % Operating leverage, excluding notable items (b) - (d) 2.7 % 1.9 % (1.4) % Operating leverage 3Q24, excl. notable items and net securities losses (e) - (d) 0.3 % (1), (2), (7) – see last page in appendix for corresponding notes

U.S. Bancorp 40 Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) June 30, 2024 June 30, 2023 March 31, 2024 March 31, 2023 December 31, 2023 December 31, 2022 Net interest income $ 4,023 $ 4,415 $ 3,985 $ 4,634 $ 4,111 $ 4,293 Taxable-equivalent adjustment (1) 29 34 30 34 31 32 Net interest income, on a taxable-equivalent adjustment basis 4,052 4,449 4,015 4,668 4,142 4,325 Net interest income, on a taxable-equivalent basis (as calculated above) 4,052 4,449 4,015 4,668 4,142 4,325 Noninterest income 2,815 2,726 2,700 2,507 2,620 2,043 Total net revenue 6,867 7,175 6,715 7,175 6,762 6,368 Percent change (a) (4.3) % (6.4) % 6.2 % Less: Notable items (2) — (22) — — (118) (399) Total net revenue, excluding notable items 6,867 7,197 6,715 7,175 6,880 6,767 Percent change (b) (4.6) % (6.4) % 1.7 % Noninterest expense 4,214 4,569 4,459 4,555 5,219 4,043 Percentage change (c) (7.8) % (2.1) % 29.1 % Less: Notable items (2) 26 310 265 244 1,015 90 Total noninterest expense, excluding notable items 4,188 4,259 4,194 4,311 4,204 3,953 Percentage change (d) (1.7) % (2.7) % 6.4 % Operating leverage (a) - (c) 3.5 % (4.3) % (22.9) % Operating leverage, excluding notable items (b) - (d) (2.9) % (3.7) % (4.7) % (1), (2) – see last page in appendix for corresponding notes

U.S. Bancorp 41 Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2023 September 30, 2022 June 30, 2023 June 30, 2022 March 31, 2023 March 31, 2022 Net interest income $ 4,236 $ 3,827 $ 4,415 $ 3,435 $ 4,634 $ 3,173 Taxable-equivalent adjustment (1) 32 30 34 29 34 27 Net interest income, on a taxable-equivalent adjustment basis 4,268 3,857 4,449 3,464 4,668 3,200 Net interest income, on a taxable-equivalent basis (as calculated above) 4,268 3,857 4,449 3,464 4,668 3,200 Noninterest income 2,764 2,469 2,726 2,548 2,507 2,396 Total net revenue 7,032 6,326 7,175 6,012 7,175 5,596 Percent change (a) 11.2 % 19.4 % 28.2 % Less: Notable items (2) — — (22) — — — Total net revenue, excluding notable items 7,032 6,326 7,197 6,012 7,175 5,596 Percent change (b) 11.2 % 19.7 % 28.2 % Noninterest expense 4,530 3,637 4,569 3,724 4,555 3,502 Percentage change (c) 24.6 % 22.7 % 30.1 % Less: Notable items (2) 284 42 310 197 244 — Total noninterest expense, excluding notable items 4,246 3,595 4,259 3,527 4,311 3,502 Percentage change (d) 18.1 % 20.7 % 23.1 % Operating leverage (a) - (c) (13.4) % (3.3) % (1.9) % Operating leverage, excluding notable items (b) - (d) (6.9) % (1.0) % 5.1 % (1), (2) – see last page in appendix for corresponding notes

U.S. Bancorp 42 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. Notable items for the three months ended December 31, 2024 of $109 million ($82 million net-of-tax) included lease impairments and operational efficiency actions. Notable items for the three months ended June 30, 2024 included a $26 million ($19 million net-of-tax) charge for the increase in FDIC special assessment. Notable items for the three months ended March 31, 2024 of $265 million ($199 million net-of-tax) included $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment. Notable items for the three months ended December 31, 2023 of $1.1 billion ($780 million net-of-tax, including a $70 million discrete tax benefit) included $(118) million of noninterest income related to investment securities balance sheet repositioning and capital management actions, $171 million of merger and integration-related charges, $734 million of FDIC special assessment charges and a $110 million charitable contribution. Notable items for the three months ended September 30, 2023 included $284 million ($213 million net-of-tax) of merger and integration-related charges. Notable items for the three months ended June 30, 2023 of $575 million ($432 million net-of-tax) included $(22) million of noninterest income related to balance sheet repositioning and capital management actions, $310 million of merger and integration-related charges, and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions. Notable items for the three months ended March 31, 2023 included $244 million ($183 million net-of-tax) of merger and integration- related charges. 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.

U.S. Bancorp 43 Notes 1. Notable items for the three months ended September 30, 2022 included $42 million ($33 million net-of-tax) of merger and integration-related charges 2. Notable items for the three months ended June 30, 2022 included $197 million ($153 million net of tax) of merger and integration- related charges. 3. Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. 4. 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. 5. Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology. 6. Includes Accumulated Other Comprehensive Income (AOCI) related to available for sale securities, pension plans, and available for sale to held to maturity transfers. 7. Securities gains (losses) for the third quarter of 2024 related to investment portfolio repositioning.

U.S. Bancorp 44


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 April 16, 2025, deemed “filed” under the Exchange Act.


			99.2			1Q25 Earnings Supplement, deemed “furnished” under the Exchange Act.


			99.3			1Q25 Earnings Conference Call Presentation, deemed “furnished” under the Exchange Act.


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