8-K
US Bancorp De (USB)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 20, 2026
U.S. BANCORP
(Exact name of registrant as specified in its charter)
1-6880
(Commission File Number)
| Delaware | 41-0255900 |
|---|---|
| (State or other jurisdiction of incorporation) | (I.R.S. Employer Identification Number) |
800 Nicollet Mall
Minneapolis, Minnesota 55402
(Address of principal executive offices and zip code)
(651) 466-3000
(Registrant’s telephone number, including area code)
(not applicable)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br>symbol | Name of each exchange<br><br>on which registered |
|---|---|---|
| Common Stock, $.01 par value per share | USB | New York Stock Exchange |
| Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrA | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrH | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrP | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrQ | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrR | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrS | New York Stock Exchange |
| Floating Rate Notes, Series CC (Senior), due May 21, 2028 | USB/28 | New York Stock Exchange |
| 4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032 | USB/32 | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule l2b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section l3(a) of the Exchange Act.
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On January 20, 2026, U.S. Bancorp (the “Company”) issued a press release reporting financial results for the quarter ended December 31, 2025. The press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference. The press release contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated. The Company has also made available on its website materials that contain additional information about the Company’s financial results for the quarter ended December 31, 2025 (the “4Q25 Earnings Supplement”), which is attached as Exhibit 99.2 hereto and is incorporated herein by reference.
The information included in Exhibit 99.1 shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The information included in Exhibit 99.2 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise expressly stated in such filing.
ITEM 7.01 REGULATION FD DISCLOSURE.
On January 20, 2026, the Company will hold an investor conference call and webcast to discuss financial results for the quarter ended December 31, 2025. The Company has also made available on its website presentation materials containing certain additional historical and forward-looking information related to the Company (the “4Q25 Earnings Conference Call Presentation”). The 4Q25 Earnings Conference Call Presentation is attached as Exhibit 99.3 and is incorporated herein by reference. The 4Q25 Earnings Conference Call Presentation contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated.
The information provided in Item 7.01 of this report, including Exhibit 99.3, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filings under the Securities Act, except as otherwise expressly stated in such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
| 99.1 | Press Release issued by U.S. Bancorp on January 20, 2026, deemed “filed” under the Exchange Act. | | --- | --- || 99.2 | 4Q25 Earnings Supplement, deemed “furnished” under the Exchange Act. | | --- | --- || 99.3 | 4Q25 Earnings Conference Call Presentation, deemed “furnished” under the Exchange Act. | | --- | --- || 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | | --- | --- |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| U.S. BANCORP |
|---|
| By /s/ Lisa R. Stark |
| Lisa R. Stark |
| Executive Vice President and<br><br>Controller |
DATE: January 20, 2026
Document
| 4Q25 Key Financial Data | ||||
|---|---|---|---|---|
| PROFITABILITY METRICS | 4Q25 | 3Q25 | 4Q24 | Full Year2024 |
| Return on average assets (%) | 1.19 | 1.17 | .98 | .95 |
| Return on average common equity (%) | 13.5 | 13.5 | 12.1 | 11.7 |
| Return on tangible common equity (%) (a) | 18.4 | 18.6 | 17.4 | 17.2 |
| Net interest margin (%) | 2.77 | 2.75 | 2.71 | 2.70 |
| Efficiency ratio (%) (a) | 57.4 | 57.2 | 61.5 | 62.3 |
| Tangible efficiency ratio (%) (a) | 55.7 | 55.5 | 59.5 | 60.2 |
| INCOME STATEMENT (b) | 4Q25 | 3Q25 | 4Q24 | Full Year2024 |
| Net interest income (taxable-equivalent basis) | $4,312 | $4,251 | 4,176 | 16,409 |
| Noninterest income | $3,053 | $3,078 | 2,833 | 11,046 |
| Noninterest expense | $4,227 | $4,197 | 4,311 | 17,188 |
| Net income attributable to U.S. Bancorp | $2,045 | $2,001 | 1,663 | 6,299 |
| Diluted earnings per common share | $1.26 | $1.22 | 1.01 | 3.79 |
| Dividends declared per common share | $.52 | $.52 | .50 | 1.98 |
| BALANCE SHEET (b) | 4Q25 | 3Q25 | 4Q24 | Full Year2024 |
| Average total loans | $384,285 | $379,152 | 375,655 | 373,875 |
| Average total deposits | $515,142 | $511,782 | 512,313 | 509,515 |
| Net charge-off ratio (%) | .54 | .56 | .60 | .58 |
| Book value per common share (period end) | $37.55 | $36.33 | 33.19 | |
| Tangible book value per common share (period end) (a) | $29.12 | $27.84 | 24.63 | |
| Basel III standardized CET1 (%) (c) | 10.8 | 10.9 | 10.6 | |
| (a) See Non-GAAP Financial Measures reconciliation on page 18<br><br>(b) Dollars in millions, except per share data<br><br>(c) CET1 = Common equity tier 1 capital ratio |
All values are in US Dollars.
| CEO Commentary |
|---|
“In the fourth quarter, diluted earnings per share was $1.26, an increase of approximately 18%, year-over-year, as adjusted. We delivered a solid return on tangible common equity of 18.4% and 440 basis points of positive operating leverage, on an adjusted basis, that was driven by record net revenue this quarter. Record consumer deposits this quarter and effective balance sheet remixing contributed to net interest income growth and margin expansion. Fee income exceeded our mid-single-digit growth target and was supported by broad strength across our diversified fee businesses. Both credit and capital levels remain healthy as we saw our net charge-off ratio improve to 0.54% and our CET1 capital ratio close the year at 10.8%.
The company's improving results underscored the effectiveness of our strategy, the benefits of greater interconnectedness, and disciplined execution by a talented and motivated team. Looking ahead to 2026, we remain committed to our strategic priorities and medium-term targets as these measures will continue to drive sustainable EPS growth and industry-leading returns. I would like to offer a special thanks to many partners for your well wishes for Minneapolis, where we are headquartered.”
— Gunjan Kedia, CEO, U.S. Bancorp
| Business and Other Highlights |
|---|
U.S. Bancorp to Acquire BTIG, LLC
U.S. Bancorp has entered into a definitive agreement to acquire BTIG, LLC, a financial services firm specializing in investment banking, institutional sales and trading, research, and prime brokerage. Founded in 2005, BTIG is a leading U.S. broker for high-touch equity execution and has completed more than 1,275 investment banking transactions since 2015. The firm’s 700 employees across 20 global locations will join U.S. Bancorp, with its leadership team remaining in place. The acquisition expands U.S. Bancorp’s capital markets capabilities and strengthens relationships with corporate and institutional clients, while providing BTIG's clients and employees enhanced resources, technology, and access to a broader suite of financial products and services. The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and satisfaction of applicable closing conditions.
U.S. Bank Advances Digital Asset Strategy with Cross-Border Stablecoin Pilot
U.S. Bank has successfully completed a pilot to enable cross-border stablecoin transactions, marking a meaningful step forward in the bank’s digital-asset strategy. The initiative demonstrates operational, risk and technology readiness through controlled transactions, which paves the way for future commercial offerings. The pilot underscores U.S. Bank’s commitment to responsible innovation – advancing digital-asset capabilities in a compliant, scalable way through disciplined testing and a control-focused mindset so future product evolution can translate into meaningful, trusted benefits for customers.
| Investor contact: George Andersen, George.Andersen@usbank.com | Media contact: Jeff Shelman, Jeffrey.Shelman@usbank.com | |||
|---|---|---|---|---|
| U.S. Bancorp Fourth Quarter 2025 Results | ||||
| --- | ||||
| INCOME STATEMENT HIGHLIGHTS | ||||
| --- | --- | --- | --- | --- |
| ( in millions, except per share data) | ||||
| Percent Change | ||||
| 3Q 2025 | 4Q 2024 | 4Q25 vs 3Q25 | 4Q25 vs 4Q24 | |
| Net interest income | $4,222 | $4,146 | 1.5 | 3.3 |
| Taxable-equivalent adjustment | 29 | 30 | (3.4) | (6.7) |
| Net interest income (taxable-equivalent basis) | 4,251 | 4,176 | 1.4 | 3.3 |
| Noninterest income | 3,078 | 2,833 | (.8) | 7.8 |
| Total net revenue | 7,329 | 7,009 | .5 | 5.1 |
| Noninterest expense (a) | 4,197 | 4,311 | .7 | (1.9) |
| Income before provision and income taxes | 3,132 | 2,698 | .2 | 16.3 |
| Provision for credit losses | 571 | 560 | 1.1 | 3.0 |
| Income before taxes | 2,561 | 2,138 | — | 19.8 |
| Income taxes and taxable-equivalent adjustment | 553 | 468 | (7.8) | 9.0 |
| Net income | 2,008 | 1,670 | 2.1 | 22.8 |
| Net (income) loss attributable to noncontrolling interests | (7) | (7) | 14.3 | 14.3 |
| Net income attributable to U.S. Bancorp | $2,001 | $1,663 | 2.2 | 23.0 |
| Net income applicable to U.S. Bancorp common shareholders | $1,893 | $1,581 | 3.8 | 24.3 |
| Diluted earnings per common share | $1.22 | $1.01 | 3.3 | 24.8 |
All values are in US Dollars.
(a)4Q24 includes $109 million ($82 million net-of-tax) related to lease impairments and operational efficiency actions.
| INCOME STATEMENT HIGHLIGHTS | |||||
|---|---|---|---|---|---|
| ( in millions, except per share data) | ADJUSTED (b) (c) | ||||
| Full Year 2024 | Percent<br>Change | Full Year 2025 | Full Year 2024 | Percent<br>Change | |
| Net interest income | $16,289 | 2.2 | $16,649 | $16,289 | 2.2 |
| Taxable-equivalent adjustment | 120 | (3.3) | 116 | 120 | (3.3) |
| Net interest income (taxable-equivalent basis) | 16,409 | 2.2 | 16,765 | 16,409 | 2.2 |
| Noninterest income | 11,046 | 7.6 | 11,891 | 11,046 | 7.6 |
| Total net revenue | 27,455 | 4.4 | 28,656 | 27,455 | 4.4 |
| Noninterest expense | 17,188 | (2.0) | 16,837 | 16,788 | .3 |
| Income before provision and income taxes | 10,267 | 15.1 | 11,819 | 10,667 | 10.8 |
| Provision for credit losses | 2,238 | (2.3) | 2,186 | 2,238 | (2.3) |
| Income before taxes | 8,029 | 20.0 | 9,633 | 8,429 | 14.3 |
| Income taxes and taxable-equivalent adjustment | 1,700 | 19.8 | 2,037 | 1,800 | 13.2 |
| Net income | 6,329 | 20.0 | 7,596 | 6,629 | 14.6 |
| Net (income) loss attributable to noncontrolling interests | (30) | 13.3 | (26) | (30) | 13.3 |
| Net income attributable to U.S. Bancorp | $6,299 | 20.2 | $7,570 | $6,599 | 14.7 |
| Net income applicable to U.S. Bancorp common shareholders | $5,909 | 21.7 | $7,194 | $6,207 | 15.9 |
| Diluted earnings per common share | $3.79 | 21.9 | $4.62 | $3.98 | 16.1 |
All values are in US Dollars.
(b)2024 excludes $400 million ($300 million net-of-tax) of notable items including: $109 million of lease impairments and operational efficiency actions, $155 million of merger and integration-related charges and $136 million for the increase in the FDIC special assessment.
(c)See Non-GAAP Financial Measures reconciliation beginning on page 18.
| U.S. Bancorp Fourth Quarter 2025 Results |
|---|
Net income attributable to U.S. Bancorp was $2,045 million for the fourth quarter of 2025, $382 million higher than the $1,663 million for the fourth quarter of 2024 and $44 million higher than the $2,001 million for the third quarter of 2025. Diluted earnings per common share was $1.26 in the fourth quarter of 2025, compared with $1.01 in the fourth quarter of 2024 and $1.22 in the third quarter of 2025.
The increase in net income attributable to U.S. Bancorp year-over-year was primarily due to higher total net revenue and a decrease in noninterest expense. Net interest income increased 3.3 percent on a year-over-year taxable-equivalent basis, primarily due to loan growth and fixed asset repricing. The net interest margin increased to 2.77 percent in the fourth quarter of 2025 from 2.71 percent in the fourth quarter of 2024, driven by loan growth and benefits from fixed asset repricing. Noninterest income increased 7.8 percent compared with a year ago, driven by higher revenue across most categories. Noninterest expense decreased 1.9 percent primarily due to lower compensation and employee benefits expense and the prior year notable items, partially offset by higher marketing and business development expense, technology and communications expense and other expense. The provision for credit losses increased $17 million (3.0 percent) compared with the fourth quarter of 2024, primarily due to loan portfolio growth, partially offset by lower net charge-offs.
Net income attributable to U.S. Bancorp increased on a linked quarter basis primarily due to an increase in total net revenue and a decrease in the provision for income tax expense, partially offset by a higher noninterest expense. Net interest income increased 1.4 percent on a linked quarter taxable-equivalent basis, primarily driven by favorable deposit mix. The net interest margin of 2.77 percent in the fourth quarter of 2025 was relatively stable to the 2.75 percent in the third quarter of 2025. Noninterest income in the fourth quarter of 2025 decreased 0.8 percent from the third quarter of 2025 primarily due to seasonally lower payment services revenue and mortgage banking revenue, partially offset by higher trust and investment management fees and other revenue. Noninterest expense in the fourth quarter of 2025 increased 0.7 percent over the third quarter of 2025 primarily due to higher professional services expense, net occupancy and equipment expense, marketing and business development expense, and technology and communications expense, partially offset by lower compensation and employee benefits expense and other noninterest expense. The current quarter includes $105 million in lower FDIC insurance expense as a result of an amendment to the special assessment instituted in 2023, partially offset by $80 million in severance charges. The provision for credit losses increased $6 million (1.1 percent) compared with the third quarter of 2025, primarily due to loan portfolio growth.
| U.S. Bancorp Fourth Quarter 2025 Results | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NET INTEREST INCOME | |||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (Taxable-equivalent basis; in millions) | Change | ||||||||||||||||||||||
| 3Q 2025 | 4Q 2024 | 4Q25 vs 3Q25 | 4Q25 vs 4Q24 | Full Year 2025 | Full Year 2024 | Change | |||||||||||||||||
| Components of net interest income | |||||||||||||||||||||||
| Income on earning assets | 7,951 | $ | 7,956 | $ | 7,862 | $ | (5) | $ | 89 | $ | 31,086 | $ | 31,789 | $ | (703) | ||||||||
| Expense on interest-bearing liabilities | 3,705 | 3,686 | (66) | (47) | 14,321 | 15,380 | (1,059) | ||||||||||||||||
| Net interest income | 4,312 | $ | 4,251 | $ | 4,176 | $ | 61 | $ | 136 | $ | 16,765 | $ | 16,409 | $ | 356 | ||||||||
| Average yields and rates paid | |||||||||||||||||||||||
| Earning assets yield | % | 5.13 | % | 5.10 | % | (.03) | % | — | % | 5.05 | % | 5.24 | % | (.19) | % | ||||||||
| Rate paid on interest-bearing liabilities | 2.88 | 2.91 | (.05) | (.08) | 2.82 | 3.09 | (.27) | ||||||||||||||||
| Gross interest margin | % | 2.25 | % | 2.19 | % | .02 | % | .08 | % | 2.23 | % | 2.15 | % | .08 | % | ||||||||
| Net interest margin | % | 2.75 | % | 2.71 | % | .02 | % | .06 | % | 2.72 | % | 2.70 | % | .02 | % | ||||||||
| Average balances | |||||||||||||||||||||||
| Investment securities (a) | 172,039 | $ | 173,423 | $ | 171,325 | $ | (1,384) | $ | 714 | $ | 172,376 | $ | 166,634 | $ | 5,742 | ||||||||
| Loans held for sale | 2,253 | 3,009 | 522 | (234) | 2,924 | 2,539 | 385 | ||||||||||||||||
| Loans | 379,152 | 375,655 | 5,133 | 8,630 | 380,260 | 373,875 | 6,385 | ||||||||||||||||
| Interest-bearing deposits with banks | 47,822 | 50,368 | (5,117) | (7,663) | 43,961 | 51,215 | (7,254) | ||||||||||||||||
| Other earning assets | 14,867 | 13,911 | 3,546 | 4,502 | 15,839 | 12,378 | 3,461 | ||||||||||||||||
| Earning assets | 617,517 | 614,268 | 2,700 | 5,949 | 615,360 | 606,641 | 8,719 | ||||||||||||||||
| Interest-bearing liabilities | 510,919 | 504,439 | (1,541) | 4,939 | 508,331 | 498,182 | 10,149 | ||||||||||||||||
| (a) Excludes unrealized gain (loss) |
All values are in US Dollars.
Net interest income on a taxable-equivalent basis in the fourth quarter of 2025 was $4,312 million, an increase of $136 million (3.3 percent) over the fourth quarter of 2024. The increase was primarily due to loan growth and fixed asset repricing. Average earning assets were $5.9 billion (1.0 percent) higher than the fourth quarter of 2024, reflecting increases of $8.6 billion (2.3 percent) in average loans, and $4.5 billion (32.4 percent) in average other earning assets, partially offset by a decrease of $7.7 billion (15.2 percent) in average interest-bearing deposits with banks.
Net interest income on a taxable-equivalent basis increased $61 million (1.4 percent) on a linked quarter basis primarily driven by the favorable deposit mix. Average earning assets were $2.7 billion (0.4 percent) higher on a linked quarter basis, reflecting increases of $5.1 billion (1.4 percent) in average loans and $3.5 billion (23.9 percent) in average other earning assets, partially offset by a decrease of $5.1 billion (10.7 percent) in average interest-bearing deposits with banks.
The net interest margin in the fourth quarter of 2025 was 2.77 percent, compared with 2.71 percent in the fourth quarter of 2024 and 2.75 percent in the third quarter of 2025. The increase in net interest margin compared to the prior year quarter was primarily due to loan growth and benefits from fixed asset repricing. Net interest margin was relatively stable on a linked quarter basis.
| U.S. Bancorp Fourth Quarter 2025 Results | |||||||
|---|---|---|---|---|---|---|---|
| AVERAGE LOANS | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| ( in millions) | Percent Change | ||||||
| 3Q 2025 | 4Q 2024 | 4Q25 vs 3Q25 | 4Q25 vs 4Q24 | Full Year 2025 | Full Year 2024 | Percent Change | |
| Commercial | $141,542 | $131,180 | 2.2 | 10.3 | $140,474 | $129,235 | 8.7 |
| Lease financing | 4,250 | 4,204 | 1.3 | 2.5 | 4,242 | 4,177 | 1.6 |
| Total commercial | 145,792 | 135,384 | 2.2 | 10.1 | 144,716 | 133,412 | 8.5 |
| Commercial mortgages | 38,384 | 39,308 | .8 | (1.6) | 38,475 | 40,513 | (5.0) |
| Construction and development | 9,862 | 10,563 | (.7) | (7.3) | 10,046 | 11,144 | (9.9) |
| Total commercial real estate | 48,246 | 49,871 | .5 | (2.8) | 48,521 | 51,657 | (6.1) |
| Residential mortgages | 114,780 | 118,406 | .5 | (2.5) | 116,144 | 117,026 | (.8) |
| Credit card | 30,241 | 29,438 | 2.9 | 5.7 | 30,093 | 28,683 | 4.9 |
| Retail leasing | 3,718 | 4,035 | (3.9) | (11.5) | 3,786 | 4,097 | (7.6) |
| Home equity and second mortgages | 13,790 | 13,446 | 1.0 | 3.5 | 13,734 | 13,181 | 4.2 |
| Other | 22,585 | 25,075 | .9 | (9.2) | 23,266 | 25,819 | (9.9) |
| Total other retail | 40,093 | 42,556 | .4 | (5.4) | 40,786 | 43,097 | (5.4) |
| Total loans | $379,152 | $375,655 | 1.4 | 2.3 | $380,260 | $373,875 | 1.7 |
All values are in US Dollars.
Average total loans for the fourth quarter of 2025 were $8.6 billion (2.3 percent) higher than the fourth quarter of 2024. The increase was primarily due to higher total commercial loans (10.1 percent) and credit card loans (5.7 percent), partially offset by lower total commercial real estate loans (2.8 percent), residential mortgages (2.5 percent) and total other retail loans (5.4 percent). The increase in total commercial loans was primarily due to growth in loans to financial institutions. The increase in credit card loans was primarily due to higher sales volume. The decrease in commercial real estate loans was primarily due to payoffs and loan workout activities. The decreases in residential mortgages and other retail loans were primarily due to loan sales in the second quarter of 2025.
Average total loans were $5,133 million (1.4 percent) higher than the third quarter of 2025. The increase was primarily due to higher total commercial loans (2.2 percent) and credit card loans (2.9 percent), driven by similar factors as the year-over-year changes.
| U.S. Bancorp Fourth Quarter 2025 Results | |||||||
|---|---|---|---|---|---|---|---|
| AVERAGE DEPOSITS | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| ( in millions) | Percent Change | ||||||
| 3Q 2025 | 4Q 2024 | 4Q25 vs 3Q25 | 4Q25 vs 4Q24 | Full Year 2025 | Full Year 2024 | Percent Change | |
| Noninterest-bearing deposits | $79,890 | $82,909 | 4.3 | .5 | $80,508 | $83,007 | (3.0) |
| Interest-bearing savings deposits | |||||||
| Interest checking | 131,281 | 125,111 | (.2) | 4.8 | 129,915 | 125,365 | 3.6 |
| Money market savings | 181,063 | 206,557 | 2.8 | (9.9) | 184,892 | 204,509 | (9.6) |
| Savings accounts | 62,599 | 41,200 | 2.6 | 55.8 | 58,860 | 39,625 | 48.5 |
| Total savings deposits | 374,943 | 372,868 | 1.7 | 2.3 | 373,667 | 369,499 | 1.1 |
| Time deposits | 56,949 | 56,536 | (11.4) | (10.7) | 54,943 | 57,009 | (3.6) |
| Total interest-bearing deposits | 431,892 | 429,404 | — | .6 | 428,610 | 426,508 | .5 |
| Total deposits | $511,782 | $512,313 | .7 | .6 | $509,118 | $509,515 | (.1) |
All values are in US Dollars.
Average total deposits for the fourth quarter of 2025 were $2.8 billion (0.6 percent) higher than the fourth quarter of 2024. Average noninterest-bearing deposits increased $386 million (0.5 percent) primarily due to increases within Wealth, Corporate, Commercial and Institutional Banking, partially offset by decreases in Consumer and Business Banking. Average total savings deposits increased $8.5 billion (2.3 percent) driven by increases in Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average time deposits were $6.1 billion (10.7 percent) lower than the fourth quarter of 2024 mainly within Wealth, Corporate, Commercial and Institutional Banking and Treasury and Corporate Support, partially offset by increases in Consumer and Business Banking. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.
Average total deposits increased $3.4 billion (0.7 percent) over the third quarter of 2025. Average noninterest-bearing deposits increased $3.4 billion (4.3 percent) reflecting increases within Wealth, Corporate, Commercial and Institutional Banking. Average total savings deposits increased $6.4 billion (1.7 percent) driven by increases in Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average time deposits decreased $6.5 billion (11.4 percent) mainly within Treasury and Corporate Support.
| U.S. Bancorp Fourth Quarter 2025 Results | |||||||
|---|---|---|---|---|---|---|---|
| NONINTEREST INCOME | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| ( in millions) | Percent Change | ||||||
| 3Q 2025 | 4Q 2024 | 4Q25 vs 3Q25 | 4Q25 vs 4Q24 | Full Year 2025 | Full Year 2024 | Percent Change | |
| Card revenue | $440 | $433 | 3.4 | 5.1 | $1,735 | $1,679 | 3.3 |
| Corporate payment products revenue | 195 | 191 | (3.1) | (1.0) | 765 | 773 | (1.0) |
| Merchant processing services | 463 | 419 | (5.0) | 5.0 | 1,792 | 1,714 | 4.6 |
| Trust and investment management fees | 730 | 703 | 3.6 | 7.5 | 2,869 | 2,660 | 7.9 |
| Service charges | 333 | 314 | (4.5) | 1.3 | 1,302 | 1,253 | 3.9 |
| Capital markets revenue | 434 | 364 | (1.6) | 17.3 | 1,633 | 1,523 | 7.2 |
| Mortgage banking revenue | 180 | 116 | (27.8) | 12.1 | 645 | 627 | 2.9 |
| Investment products fees | 97 | 87 | 4.1 | 16.1 | 375 | 330 | 13.6 |
| Other | 213 | 207 | 9.9 | 13.0 | 836 | 641 | 30.4 |
| Total fee revenue | 3,085 | 2,834 | (1.1) | 7.6 | 11,952 | 11,200 | 6.7 |
| Securities gains (losses), net | (7) | (1) | nm | nm | (61) | (154) | 60.4 |
| Total noninterest income | $3,078 | $2,833 | (.8) | 7.8 | $11,891 | $11,046 | 7.6 |
All values are in US Dollars.
Fourth quarter noninterest income of $3,053 million was $220 million (7.8 percent) higher than the fourth quarter of 2024. The increase was driven by higher payment services revenue, trust and investment management fees, capital markets revenue, mortgage banking revenue, investment products fees and other revenue. Payment services revenue increased $41 million (3.9 percent) compared with the fourth quarter of 2024 due to increases in card revenue of $22 million (5.1 percent) mainly due to higher sales volume, and merchant processing services of $21 million (5.0 percent) due to higher sales volume and favorable rates. Trust and investment management fees increased $53 million (7.5 percent) driven by business growth and favorable market conditions. Capital markets revenue increased $63 million (17.3 percent) primarily due to higher corporate bond underwriting fees. Mortgage banking revenue increased $14 million (12.1 percent) due to higher gain on sale activity. Investment products fees revenue increased $14 million (16.1 percent) due to higher sales and favorable market conditions. Other revenue increased $27 million (13.0 percent) due to higher tax credit investment activity and other favorable items.
Noninterest income was $25 million (0.8 percent) lower in the fourth quarter of 2025 compared with the third quarter of 2025. The decrease was driven by seasonally lower payment services revenue and mortgage banking revenue, partially offset by higher trust and investment management fees and other revenue. Payment services revenue decreased $14 million (1.3 percent) compared with the linked quarter due to a decrease in merchant processing services of $23 million (5.0 percent) due to seasonality, partially offset by an increase in card revenue of $15 million (3.4 percent) due to higher sales volume. Mortgage banking revenue decreased $50 million (27.8 percent) due to the change in fair value of mortgage servicing rights, net of hedging activities, and lower gain on sale margins. Trust and investment management fees increased $26 million (3.6 percent) due to business growth and favorable market conditions. Other revenue increased $21 million (9.9 percent) due to higher tax credit investment activity and other favorable items.
| U.S. Bancorp Fourth Quarter 2025 Results | |||||||
|---|---|---|---|---|---|---|---|
| NONINTEREST EXPENSE | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| ( in millions) | Percent Change | ||||||
| 3Q 2025 | 4Q 2024 | 4Q25 vs 3Q25 | 4Q25 vs 4Q24 | Full Year 2025 | Full Year 2024 | Percent Change | |
| Compensation and employee benefits | $2,561 | $2,607 | (1.2) | (3.0) | $10,327 | $10,554 | (2.2) |
| Net occupancy and equipment | 300 | 317 | 6.7 | .9 | 1,227 | 1,246 | (1.5) |
| Professional services | 117 | 135 | 23.1 | 6.7 | 468 | 491 | (4.7) |
| Marketing and business development | 175 | 160 | 6.9 | 16.9 | 705 | 619 | 13.9 |
| Technology and communications | 560 | 534 | 4.3 | 9.4 | 2,211 | 2,074 | 6.6 |
| Other intangibles | 125 | 139 | .8 | (9.4) | 498 | 569 | (12.5) |
| Other | 359 | 310 | (6.1) | 8.7 | 1,401 | 1,235 | 13.4 |
| Total before notable items | 4,197 | 4,202 | .7 | .6 | 16,837 | 16,788 | .3 |
| Notable items | — | 109 | — | nm | — | 400 | nm |
| Total noninterest expense | $4,197 | $4,311 | .7 | (1.9) | $16,837 | $17,188 | (2.0) |
All values are in US Dollars.
Fourth quarter noninterest expense of $4,227 million was $84 million (1.9 percent) lower than the fourth quarter of 2024. The decrease was driven by lower compensation and employee benefits expense and the prior year notable items, partially offset by higher marketing and business development expense, technology and communications expense and other noninterest expense. Compensation and employee benefits expense decreased $78 million (3.0 percent) primarily due to cost savings from operational efficiencies, partially offset by merit increases. Marketing and business development increased $27 million (16.9 percent) primarily due to increased initiatives. The increase in technology and communications expense of $50 million (9.4 percent) was primarily due to investments in infrastructure and technology development. Other noninterest expense increased $27 million (8.7 percent) reflecting severance charges related to efficiency actions and other accruals, partially offset by a favorable decrease in the FDIC special assessment.
Noninterest expense increased $30 million (0.7 percent) over the third quarter of 2025. The increase was primarily driven by higher net occupancy and equipment expense, professional services expense, marketing and business development expense, and technology and communications expense, partially offset by lower compensation and employee benefits expense and other noninterest expense. Net occupancy and equipment expense increased $20 million (6.7 percent) primarily due to the timing of branch updates and maintenance projects. Professional services expense increased $27 million (23.1 percent) due to the timing of initiatives. Technology and communications expense increased $24 million (4.3 percent) primarily due to investments in infrastructure and technology development. Compensation and employee benefits expense decreased $32 million (1.2 percent) primarily due to timing of corporate incentives, partially offset by higher commissions. Other noninterest expense decreased $22 million (6.1 percent) primarily due to prior quarter activity and also reflects a favorable decrease in the FDIC special assessment, offset by severance charges related to efficiency actions and other accruals.
Provision for Income Taxes
The provision for income taxes for the fourth quarter of 2025 resulted in a tax rate of 19.9 percent on a taxable-equivalent basis (effective tax rate of 19.0 percent), compared with 21.9 percent on a taxable-equivalent basis (effective tax rate of 20.8 percent) in the fourth quarter of 2024, and 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.7 percent) in the third quarter of 2025.
| U.S. Bancorp Fourth Quarter 2025 Results | |||||
|---|---|---|---|---|---|
| ALLOWANCE FOR CREDIT LOSSES | |||||
| --- | --- | --- | --- | --- | --- |
| ($ in millions) | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 |
| Balance, beginning of period | 7,897 | 7,862 | 7,915 | 7,925 | 7,927 |
| Net charge-offs | |||||
| Commercial | 162 | 85 | 122 | 159 | 140 |
| Lease financing | 5 | 7 | 6 | 4 | 6 |
| Total commercial | 167 | 92 | 128 | 163 | 146 |
| Commercial mortgages | (3) | 103 | 57 | (5) | 44 |
| Construction and development | — | — | — | 1 | (6) |
| Total commercial real estate | (3) | 103 | 57 | (4) | 38 |
| Residential mortgages | (2) | (1) | (1) | — | (2) |
| Credit card | 297 | 284 | 317 | 325 | 317 |
| Retail leasing | 17 | 17 | 10 | 13 | 8 |
| Home equity and second mortgages | 1 | (2) | — | (1) | 1 |
| Other | 50 | 43 | 43 | 51 | 54 |
| Total other retail | 68 | 58 | 53 | 63 | 63 |
| Total net charge-offs | 527 | 536 | 554 | 547 | 562 |
| Provision for credit losses | 577 | 571 | 501 | 537 | 560 |
| Balance, end of period | 7,947 | 7,897 | 7,862 | 7,915 | 7,925 |
| Components | |||||
| Allowance for loan losses | 7,605 | 7,557 | 7,537 | 7,584 | 7,583 |
| Liability for unfunded credit commitments | 342 | 340 | 325 | 331 | 342 |
| Total allowance for credit losses | 7,947 | 7,897 | 7,862 | 7,915 | 7,925 |
| Gross charge-offs | 651 | 669 | 683 | 690 | 697 |
| Gross recoveries | 124 | 133 | 129 | 143 | 135 |
| Allowance for credit losses as a percentage of | |||||
| Period-end loans (%) | 2.03 | 2.06 | 2.07 | 2.07 | 2.09 |
| Nonperforming loans (%) | 514 | 490 | 480 | 470 | 442 |
| Nonperforming assets (%) | 500 | 477 | 468 | 458 | 433 |
| (a) Annualized and calculated on average loan balances |
All values are in US Dollars.
| U.S. Bancorp Fourth Quarter 2025 Results |
|---|
The Company’s provision for credit losses for the fourth quarter of 2025 was $577 million, compared with $571 million in the third quarter of 2025 and $560 million in the fourth quarter of 2024. The fourth quarter of 2025 provision was $6 million (1.1 percent) higher than the third quarter of 2025 and $17 million (3.0 percent) higher than the fourth quarter of 2024. The increase in provision expense on a year-over-year basis was primarily driven by loan portfolio growth, partially offset by lower net charge-offs. The increase on a linked quarter basis was primarily driven by loan portfolio growth. The Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to changing trade policy, geopolitical events, and other economic factors that may affect the financial strength of corporate and consumer borrowers.
Total net charge-offs in the fourth quarter of 2025 were $527 million, compared with $536 million in the third quarter of 2025 and $562 million in the fourth quarter of 2024. The net charge-off ratio was 0.54 percent in the fourth quarter of 2025 compared with 0.56 percent in the third quarter of 2025 and 0.60 percent in the fourth quarter of 2024. The decrease in net charge-offs on a linked quarter basis was driven by lower net charge-offs on commercial real estate loans, partially offset by increased charge-offs on commercial loans. The decrease in net charge-offs on a year-over-year basis primarily reflected lower net charge-offs on commercial real estate loans and credit card portfolios, partially offset by increased net charge-offs on commercial loans.
The allowance for credit losses was $7,947 million at December 31, 2025, compared with $7,897 million at September 30, 2025, and $7,925 million at December 31, 2024. The increase in the allowance for credit losses on a linked quarter basis was primarily driven by loan portfolio growth. The increase in the allowance for credit losses on a year-over-year basis was primarily driven by loan portfolio growth, partially offset by improved credit quality. The ratio of the allowance for credit losses to period-end loans was 2.03 percent at December 31, 2025, compared with 2.06 percent at September 30, 2025, and 2.09 percent at December 31, 2024. The ratio of the allowance for credit losses to nonperforming loans was 514 percent at December 31, 2025, compared with 490 percent at September 30, 2025, and 442 percent at December 31, 2024.
Nonperforming assets were $1,590 million at December 31, 2025, compared with $1,654 million at September 30, 2025, and $1,832 million at December 31, 2024. The ratio of nonperforming assets to loans and other real estate was 0.41 percent at December 31, 2025, compared with 0.43 percent at September 30, 2025, and 0.48 percent at December 31, 2024. The decrease in nonperforming assets on a linked quarter basis was primarily due to the resolution of commercial real estate nonperforming loans. The decrease in nonperforming assets on a year-over-year basis was primarily due to the resolution of commercial real estate nonperforming loans, partially offset by higher commercial nonperforming loans. Accruing loans 90 days or more past due were $853 million at December 31, 2025, compared with $840 million at September 30, 2025, and $810 million at December 31, 2024. The increase in accruing loans 90 days or more past due on a linked quarter basis was primarily due to higher credit card delinquencies, partially offset by lower residential mortgage delinquencies. The increase in accruing loans 90 days or more past due on a year-over-year basis was due to higher residential mortgage delinquencies remaining on accrual with support from strong housing values, partially offset by lower credit card delinquencies.
| U.S. Bancorp Fourth Quarter 2025 Results | | --- || DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES | | | | | | | --- | --- | --- | --- | --- | --- | | (Percent) | Dec 31 2025 | Sep 30 2025 | Jun 30 2025 | Mar 31 2025 | Dec 31 2024 | | Delinquent loan ratios - 90 days or more past due | | | | | | | Commercial | .06 | .06 | .06 | .07 | .07 | | Commercial real estate | .03 | .04 | .28 | .01 | .02 | | Residential mortgages | .25 | .26 | .28 | .19 | .17 | | Credit card | 1.26 | 1.26 | 1.24 | 1.40 | 1.43 | | Other retail | .13 | .13 | .13 | .14 | .15 | | Total loans | .22 | .22 | .25 | .21 | .21 | | Delinquent loan ratios - 90 days or more past due and nonperforming loans | | | | | | | Commercial | .53 | .55 | .45 | .49 | .55 | | Commercial real estate | 1.09 | 1.24 | 1.86 | 1.62 | 1.70 | | Residential mortgages | .38 | .38 | .40 | .31 | .30 | | Credit card | 1.26 | 1.26 | 1.24 | 1.40 | 1.43 | | Other retail | .53 | .51 | .51 | .50 | .50 | | Total loans | .61 | .64 | .68 | .65 | .69 | | ASSET QUALITY (a) | | | | | | --- | --- | --- | --- | --- | | ( in millions) | | | | | | | Sep 30 2025 | Jun 30 2025 | Mar 31 2025 | Dec 31 2024 | | Nonperforming loans | | | | | | Commercial | $708 | $548 | $589 | $644 | | Lease financing | 25 | 27 | 27 | 26 | | Total commercial | 733 | 575 | 616 | 670 | | Commercial mortgages | 558 | 732 | 745 | 789 | | Construction and development | 21 | 31 | 35 | 35 | | Total commercial real estate | 579 | 763 | 780 | 824 | | Residential mortgages | 143 | 145 | 141 | 152 | | Credit card | — | — | — | — | | Other retail | 155 | 154 | 148 | 147 | | Total nonperforming loans | 1,610 | 1,637 | 1,685 | 1,793 | | Other real estate | 23 | 21 | 23 | 21 | | Other nonperforming assets | 21 | 22 | 19 | 18 | | Total nonperforming assets | $1,654 | $1,680 | $1,727 | $1,832 | | Accruing loans 90 days or more past due | $840 | $966 | $796 | $810 | | Nonperforming assets to loans plus ORE (%) | .43 | .44 | .45 | .48 | | (a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due | | | | |
All values are in US Dollars.
| U.S. Bancorp Fourth Quarter 2025 Results | | --- || COMMON SHARES | | | | | | | --- | --- | --- | --- | --- | --- | | (Millions) | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2024 | | Beginning shares outstanding | 1,556 | 1,558 | 1,560 | 1,560 | 1,561 | | Shares issued for stock incentive plans, | | | | | | | acquisitions and other corporate purposes | 2 | — | — | 4 | 2 | | Shares repurchased | (3) | (2) | (2) | (4) | (3) | | Ending shares outstanding | 1,555 | 1,556 | 1,558 | 1,560 | 1,560 | | CAPITAL POSITION | | | | Preliminary Data | | | --- | --- | --- | --- | --- | --- | | ($ in millions) | Dec 31 2025 | Sep 30 2025 | Jun 30 2025 | Mar 31 2025 | Dec 31 2024 | | Total U.S. Bancorp shareholders' equity | 65,193 | 63,340 | 61,438 | 60,096 | 58,578 | | Basel III Standardized Approach (a) | | | | | | | Common equity tier 1 capital | 51,665 | 50,587 | 49,382 | 48,482 | 47,877 | | Tier 1 capital | 58,917 | 57,839 | 56,630 | 55,736 | 55,129 | | Total risk-based capital | 68,087 | 66,820 | 65,752 | 64,989 | 64,375 | | Fully implemented common equity tier 1 capital ratio (a) | 10.8 | 10.9 | 10.7 | 10.8 | 10.5 | | Tier 1 capital ratio | 12.3 | 12.4 | 12.3 | 12.4 | 12.2 | | Total risk-based capital ratio | 14.2 | 14.4 | 14.3 | 14.4 | 14.3 | | Leverage ratio | 8.7 | 8.6 | 8.5 | 8.4 | 8.3 | | Common equity to assets | 8.4 | 8.1 | 8.0 | 7.9 | 7.6 | | Tangible common equity to tangible assets (b) | 6.7 | 6.4 | 6.1 | 6.0 | 5.8 | | Tangible common equity to risk-weighted assets (b) | 9.4 | 9.3 | 9.0 | 8.9 | 8.5 | | 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 | | (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.<br><br>(b)See Non-GAAP Financial Measures reconciliation on page 18. | | | | | |
All values are in US Dollars.
Total U.S. Bancorp shareholders’ equity was $65.2 billion at December 31, 2025, compared with $63.3 billion at September 30, 2025, and $58.6 billion at December 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 under this program, in addition to repurchases 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 December 31, 2025, compared with 10.9 percent at September 30, 2025, and 10.6 percent at December 31, 2024.
| U.S. Bancorp Fourth Quarter 2025 Results | | --- || Investor Conference Call | | --- |
On Tuesday, January 20, 2026 at 8 a.m. CT, Chief Executive Officer Gunjan Kedia and Vice Chair and Chief Financial Officer John Stern will host a conference call to review the financial results. The live conference call will be available online or by telephone. To access the webcast and presentation, visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, "News & events" and “Webcasts & presentations.” To access the conference call from locations within the United States and Canada, please dial 888-210-4659. Participants calling from outside the United States and Canada, please dial 646-960-0383. The access code for all participants is 7269933. For those unable to participate during the live call, a replay will be available at approximately 11 a.m. CT on January 20, 2026. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, "News & events" and “Webcasts & presentations.”
| About U.S. Bancorp |
|---|
U.S. Bancorp, with approximately 70,000 employees and $692 billion in assets as of December 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 Fortune’s most admired superregional banks. Learn more at usbank.com/about.
| Forward-looking Statements |
|---|
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.
This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects, targets, initiatives and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.”
Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties:
•Deterioration in general business, political and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility;
•Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements and any credit card interest rate caps, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities;
•Changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs;
•Changes in interest rates;
•Increases in unemployment rates;
•Deterioration in the credit quality of U.S. Bancorp's loan portfolios or in the value of the collateral securing those loans;
•Changes in commercial real estate occupancy rates;
•Increases in FDIC assessments, including due to bank failures;
•Actions taken by governmental agencies to stabilize or reform the financial system and the effectiveness of such actions;
•Turmoil and volatility in the financial services industry;
•Risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer;
•Impacts of current, pending or future litigation and governmental proceedings;
•Increased competitive pressure;
•Effects of climate change and related physical and transition risks;
| U.S. Bancorp Fourth Quarter 2025 Results |
|---|
•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, such as the pending acquisition of BTIG, LLC, and related integration, including that the expected benefits may take longer than anticipated to achieve or may not be achieved in entirety or at all and the costs relating to the combination may be greater than expected;
•Effects of critical accounting policies and judgments;
•Effects of changes in or interpretations of tax laws and regulations;
•Management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, and liquidity risk; and
•The risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 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 Fourth Quarter 2025 Results |
|---|
| Non-GAAP Financial Measures |
| --- |
In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:
•Tangible common equity to tangible assets,
•Tangible common equity to risk-weighted assets,
•Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology,
•Tangible book value per common share, and
•Return on tangible common equity.
These capital measures are viewed by management as useful additional methods of evaluating the Company’s utilization of its capital held and the level of capital available to withstand unexpected negative market or economic conditions. Additionally, presentation of these measures allows investors, analysts and banking regulators to assess the Company’s capital position and use of capital relative to other financial services companies. These capital measures are not defined in generally accepted accounting principles (“GAAP”) or in banking regulations or were not effective for certain periods. In addition, certain capital measures related to prior periods are presented on the same basis as those in the current period. The effective capital ratios defined by banking regulations for these periods were subject to certain transitional provisions for the implementation of accounting guidance related to impairment of financial instruments based on the current expected credit losses methodology. As a result, these capital measures disclosed by the Company may be considered non-GAAP financial measures. Management believes this information helps investors assess trends in the Company’s capital utilization and adequacy.
The Company also discloses net interest income and related ratios and analysis on a taxable-equivalent basis, which may also be considered non-GAAP financial measures. The Company believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison of net interest income arising from taxable and tax-exempt sources. In addition, certain performance measures utilize net interest income on a taxable-equivalent basis, including the efficiency ratio, tangible efficiency ratio, net interest margin, and tax rate.
The adjusted noninterest expense, adjusted net income, adjusted diluted earnings per common share, and adjusted operating leverage exclude notable items. Management uses these measures in their analysis of the Company’s performance and believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
There may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in this press release in their entirety, and not to rely on any single financial measure. A table follows that shows the Company’s calculation of these non-GAAP financial measures.
| CONSOLIDATED STATEMENT OF INCOME | ||||
|---|---|---|---|---|
| (Dollars and Shares in Millions, Except Per Share Data) | Three Months Ended<br>December 31, | Year Ended<br>December 31, | ||
| (Unaudited) | 2025 | 2024 | 2025 | 2024 |
| Interest Income | ||||
| Loans | $5,599 | $5,674 | $22,368 | $23,009 |
| Loans held for sale | 43 | 50 | 165 | 173 |
| Investment securities | 1,343 | 1,326 | 5,398 | 5,111 |
| Other interest income | 938 | 781 | 3,039 | 3,373 |
| Total interest income | 7,923 | 7,831 | 30,970 | 31,666 |
| Interest Expense | ||||
| Deposits | 2,451 | 2,772 | 10,151 | 11,688 |
| Short-term borrowings | 505 | 257 | 1,373 | 1,107 |
| Long-term debt | 683 | 656 | 2,797 | 2,582 |
| Total interest expense | 3,639 | 3,685 | 14,321 | 15,377 |
| Net interest income | 4,284 | 4,146 | 16,649 | 16,289 |
| Provision for credit losses | 577 | 560 | 2,186 | 2,238 |
| Net interest income after provision for credit losses | 3,707 | 3,586 | 14,463 | 14,051 |
| Noninterest Income | ||||
| Card revenue | 455 | 433 | 1,735 | 1,679 |
| Corporate payment products revenue | 189 | 191 | 765 | 773 |
| Merchant processing services | 440 | 419 | 1,792 | 1,714 |
| Trust and investment management fees | 756 | 703 | 2,869 | 2,660 |
| Service charges | 318 | 314 | 1,302 | 1,253 |
| Capital markets revenue | 427 | 364 | 1,633 | 1,523 |
| Mortgage banking revenue | 130 | 116 | 645 | 627 |
| Investment products fees | 101 | 87 | 375 | 330 |
| Securities gains (losses), net | 3 | (1) | (61) | (154) |
| Other | 234 | 207 | 836 | 641 |
| Total noninterest income | 3,053 | 2,833 | 11,891 | 11,046 |
| Noninterest Expense | ||||
| Compensation and employee benefits | 2,529 | 2,607 | 10,327 | 10,554 |
| Net occupancy and equipment | 320 | 317 | 1,227 | 1,246 |
| Professional services | 144 | 135 | 468 | 491 |
| Marketing and business development | 187 | 160 | 705 | 619 |
| Technology and communications | 584 | 534 | 2,211 | 2,074 |
| Other intangibles | 126 | 139 | 498 | 569 |
| Merger and integration charges | — | — | — | 155 |
| Other | 337 | 419 | 1,401 | 1,480 |
| Total noninterest expense | 4,227 | 4,311 | 16,837 | 17,188 |
| Income before income taxes | 2,533 | 2,108 | 9,517 | 7,909 |
| Applicable income taxes | 482 | 438 | 1,921 | 1,580 |
| Net income | 2,051 | 1,670 | 7,596 | 6,329 |
| Net (income) loss attributable to noncontrolling interests | (6) | (7) | (26) | (30) |
| Net income attributable to U.S. Bancorp | $2,045 | $1,663 | $7,570 | $6,299 |
| Net income applicable to U.S. Bancorp common shareholders | $1,965 | $1,581 | $7,194 | $5,909 |
| Earnings per common share | $1.26 | $1.01 | $4.62 | $3.79 |
| Diluted earnings per common share | $1.26 | $1.01 | $4.62 | $3.79 |
| Dividends declared per common share | $.52 | $.50 | $2.04 | $1.98 |
| Average common shares outstanding | 1,555 | 1,560 | 1,557 | 1,560 |
| Average diluted common shares outstanding | 1,556 | 1,560 | 1,558 | 1,561 |
| CONSOLIDATED ENDING BALANCE SHEET | ||
|---|---|---|
| (Dollars in Millions) | December 31,<br>2025 | December 31,<br>2024 |
| Assets | ||
| Cash and due from banks | $46,890 | $56,502 |
| Investment securities | ||
| Held-to-maturity | 76,170 | 78,634 |
| Available-for-sale | 90,838 | 85,992 |
| Loans held for sale | 2,538 | 2,573 |
| Loans | ||
| Commercial | 153,958 | 139,484 |
| Commercial real estate | 48,920 | 48,859 |
| Residential mortgages | 115,885 | 118,813 |
| Credit card | 32,234 | 30,350 |
| Other retail | 40,338 | 42,326 |
| Total loans | 391,335 | 379,832 |
| Less allowance for loan losses | (7,605) | (7,583) |
| Net loans | 383,730 | 372,249 |
| Premises and equipment | 3,768 | 3,565 |
| Goodwill | 12,635 | 12,536 |
| Other intangible assets | 4,904 | 5,547 |
| Other assets | 70,872 | 60,720 |
| Total assets | $692,345 | $678,318 |
| Liabilities and Shareholders' Equity | ||
| Deposits | ||
| Noninterest-bearing | $84,116 | $84,158 |
| Interest-bearing | 438,100 | 434,151 |
| Total deposits | 522,216 | 518,309 |
| Short-term borrowings | 17,162 | 15,518 |
| Long-term debt | 60,764 | 58,002 |
| Other liabilities | 26,552 | 27,449 |
| Total liabilities | 626,694 | 619,278 |
| Shareholders' equity | ||
| Preferred stock | 6,808 | 6,808 |
| Common stock | 21 | 21 |
| Capital surplus | 8,728 | 8,715 |
| Retained earnings | 80,906 | 76,863 |
| Less treasury stock | (24,283) | (24,065) |
| Accumulated other comprehensive income (loss) | (6,987) | (9,764) |
| Total U.S. Bancorp shareholders' equity | 65,193 | 58,578 |
| Noncontrolling interests | 458 | 462 |
| Total equity | 65,651 | 59,040 |
| Total liabilities and equity | $692,345 | $678,318 |
| NON-GAAP FINANCIAL MEASURES | ||||||
|---|---|---|---|---|---|---|
| (Dollars in Millions, Unaudited) | December 31,2025 | September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 | |
| Total equity | 65,651 | 63,798 | 61,896 | 60,558 | 59,040 | |
| Preferred stock | (6,808) | (6,808) | (6,808) | (6,808) | (6,808) | |
| Noncontrolling interests | (458) | (458) | (458) | (462) | (462) | |
| Common equity (a) | 58,385 | 56,532 | 54,630 | 53,288 | 51,770 | |
| Goodwill (net of deferred tax liability) (1) | (11,603) | (11,603) | (11,613) | (11,521) | (11,508) | |
| Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (1,507) | (1,605) | (1,699) | (1,761) | (1,846) | |
| Tangible common equity (b) | 45,275 | 43,324 | 41,318 | 40,006 | 38,416 | |
| Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation | 47,877 | |||||
| Adjustments (2) | (433) | |||||
| Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (c) | 47,444 | |||||
| Total assets (d) | 692,345 | 695,357 | 686,370 | 676,489 | 678,318 | |
| Goodwill (net of deferred tax liability) (1) | (11,603) | (11,603) | (11,613) | (11,521) | (11,508) | |
| Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (1,507) | (1,605) | (1,699) | (1,761) | (1,846) | |
| Tangible assets (e) | 679,235 | 682,149 | 673,058 | 663,207 | 664,964 | |
| Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company (f) | 480,382 | * | 465,092 | 459,521 | 450,290 | 450,498 |
| Adjustments (3) | (368) | |||||
| Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (g) | 450,130 | |||||
| Common shares outstanding (h) | 1,555 | 1,556 | 1,558 | 1,560 | 1,560 | |
| Ratios * | ||||||
| Common equity to assets (a)/(d) | 8.4% | 8.1% | 8.0% | 7.9% | 7.6% | |
| Tangible common equity to tangible assets (b)/(e) | 6.7 | 6.4 | 6.1 | 6.0 | 5.8 | |
| Tangible common equity to risk-weighted assets (b)/(f) | 9.4 | 9.3 | 9.0 | 8.9 | 8.5 | |
| Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (c)/(g) | 10.5 | |||||
| Tangible book value per common share (b)/(h) | 29.12 | 27.84 | 26.52 | 25.64 | 24.63 | |
| Three Months Ended | ||||||
| December 31,2025 | September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 | ||
| Net income applicable to U.S. Bancorp common shareholders | 1,965 | 1,893 | 1,733 | 1,603 | 1,581 | |
| Intangibles amortization (net-of-tax) | 100 | 99 | 98 | 97 | 110 | |
| Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization | 2,065 | 1,992 | 1,831 | 1,700 | 1,691 | |
| Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization (i) | 8,193 | 7,903 | 7,344 | 6,894 | 6,727 | |
| Average total equity | 65,048 | 63,101 | 61,356 | 60,071 | 59,272 | |
| Average preferred stock | (6,808) | (6,808) | (6,808) | (6,808) | (6,808) | |
| Average noncontrolling interests | (458) | (458) | (457) | (460) | (460) | |
| Average goodwill (net of deferred tax liability) (1) | (11,599) | (11,609) | (11,544) | (11,513) | (11,515) | |
| Average intangible assets (net of deferred tax liability), other than mortgage servicing rights | (1,568) | (1,659) | (1,734) | (1,806) | (1,885) | |
| Average tangible common equity (j) | 44,615 | 42,567 | 40,813 | 39,484 | 38,604 | |
| Return on tangible common equity (i)/(j) | 18.4% | 18.6% | 18.0% | 17.5% | 17.4% | |
| Net interest income | 4,284 | 4,222 | 4,051 | 4,092 | 4,146 | |
| Taxable-equivalent adjustment (4) | 28 | 29 | 29 | 30 | 30 | |
| Net interest income, on a taxable-equivalent basis | 4,312 | 4,251 | 4,080 | 4,122 | 4,176 | |
| Net interest income, on a taxable-equivalent basis (as calculated above) | 4,312 | 4,251 | 4,080 | 4,122 | 4,176 | |
| Noninterest income | 3,053 | 3,078 | 2,924 | 2,836 | 2,833 | |
| Less: Securities gains (losses), net | 3 | (7) | (57) | — | (1) | |
| Total net revenue, excluding net securities gains (losses) (k) | 7,362 | 7,336 | 7,061 | 6,958 | 7,010 | |
| Noninterest expense (l) | 4,227 | 4,197 | 4,181 | 4,232 | 4,311 | |
| Less: Intangible amortization | 126 | 125 | 124 | 123 | 139 | |
| Noninterest expense, excluding intangible amortization (m) | 4,101 | 4,072 | 4,057 | 4,109 | 4,172 | |
| Efficiency ratio (l)/(k) | 57.4% | 57.2% | 59.2% | 60.8% | 61.5% | |
| Tangible efficiency ratio (m)/(k) | 55.7 | 55.5 | 57.5 | 59.1 | 59.5 |
All values are in US Dollars.
* 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) | December 31,2025 | December 31,2024 | ||
| Net income applicable to U.S. Bancorp common shareholders | 1,965 | 1,581 | ||
| Less: Notable items, including the impact of earnings allocated to participating stock awards (1) | — | (81) | ||
| Net income applicable to U.S. Bancorp common shareholders, excluding notable items (a) | 1,965 | 1,662 | ||
| Average diluted common shares outstanding (b) | 1,556 | 1,560 | ||
| Diluted earnings per common share, excluding notable items (a)/(b) | 1.26 | 1.07 | % | |
| Year Ended | ||||
| December 31,2025 | December 31,2024 | |||
| Net income applicable to U.S. Bancorp common shareholders | 7,194 | 5,909 | ||
| Less: Notable items, including the impact of earnings allocated to participating stock awards (2) | — | (298) | ||
| Net income applicable to U.S. Bancorp common shareholders, excluding notable items (c) | 7,194 | 6,207 | ||
| Average diluted common shares outstanding (d) | 1,558 | 1,561 | ||
| Diluted earnings per common share, excluding notable items (c)/(d) | 4.62 | 3.98 | % | |
| Three Months Ended | ||||
| December 31,2025 | December 31,2024 | |||
| Net interest income | 4,284 | 4,146 | ||
| Taxable-equivalent adjustment (3) | 28 | 30 | ||
| Net interest income, on a taxable-equivalent basis | 4,312 | 4,176 | ||
| Net interest income, on a taxable-equivalent basis (as calculated above) | 4,312 | 4,176 | ||
| Noninterest income | 3,053 | 2,833 | ||
| Total net revenue | 7,365 | 7,009 | % | (e) |
| Less: Securities gains (losses), net | 3 | (1) | ||
| Total net revenue, excluding securities gains (losses), net | 7,362 | 7,010 | % | (f) |
| Noninterest expense | 4,227 | 4,311 | %) | (g) |
| Less: Notable items (1) | — | 109 | ||
| Total noninterest expense, excluding notable items | 4,227 | 4,202 | % | (h) |
| Operating leverage (e) - (g) | 7.0% | |||
| Operating leverage, excluding securities gains (losses) and notable items (f) - (h) | 4.4% |
All values are in US Dollars.
(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.
(2)Notable items of $400 million ($300 million net-of-tax) for the year ended December 31, 2024 included $109 million of lease impairments and operational efficiency actions, $155 million of merger and integration-related charges and $136 million for the increase in the FDIC special assessment instituted in 2023.
(3)Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.
| Business Segment Schedules<br><br>Fourth Quarter 2025 |
|---|
| WEALTH, CORPORATE, COMMERCIAL AND<br><br>INSTITUTIONAL BANKING<br><br><br><br>CONSUMER AND BUSINESS BANKING<br><br><br><br>PAYMENT SERVICES<br><br><br><br>TREASURY AND CORPORATE SUPPORT |
| BUSINESS SEGMENT FINANCIAL PERFORMANCE | Preliminary data | |||||||
|---|---|---|---|---|---|---|---|---|
| ($ in millions) | Net Income Attributable <br>to U.S. Bancorp | Percent Change | Net Income Attributable <br>to U.S. Bancorp | |||||
| Business Segment | 4Q<br>2025 | 3Q<br>2025 | 4Q<br>2024 | 4Q25 vs 3Q25 | 4Q25 vs 4Q24 | Full Year 2025 | Full Year 2024 | Percent Change |
| Wealth, Corporate, Commercial and Institutional Banking | $1,194 | $1,162 | $1,286 | 2.8 | (7.2) | $4,626 | $4,761 | (2.8) |
| Consumer and Business Banking | 363 | 464 | 427 | (21.8) | (15.0) | 1,723 | 1,887 | (8.7) |
| Payment Services | 259 | 326 | 233 | (20.6) | 11.2 | 1,282 | 1,087 | 17.9 |
| Treasury and Corporate Support | 229 | 49 | (283) | nm | nm | (61) | (1,436) | 95.8 |
| Consolidated Company | $2,045 | $2,001 | $1,663 | 2.2 | 23.0 | $7,570 | $6,299 | 20.2 |
| Income Before Provision<br>and Taxes | Percent Change | Income Before Provision<br>and Taxes | ||||||
| 4Q<br>2025 | 3Q<br>2025 | 4Q<br>2024 | 4Q25 vs 3Q25 | 4Q25 vs 4Q24 | Full Year 2025 | Full Year 2024 | Percent Change | |
| Wealth, Corporate, Commercial and Institutional Banking | $1,748 | $1,746 | $1,765 | .1 | (1.0) | $6,715 | $6,734 | (.3) |
| Consumer and Business Banking | 560 | 680 | 649 | (17.6) | (13.7) | 2,536 | 2,699 | (6.0) |
| Payment Services | 807 | 843 | 774 | (4.3) | 4.3 | 3,281 | 3,064 | 7.1 |
| Treasury and Corporate Support | 23 | (137) | (490) | nm | nm | (713) | (2,230) | 68.0 |
| Consolidated Company | $3,138 | $3,132 | $2,698 | .2 | 16.3 | $11,819 | $10,267 | 15.1 |
Business Segments
The Company’s major business segments are Wealth, Corporate, Commercial and Institutional Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support. Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2025 and 2024, certain organization and methodology changes were made, including revising the Company's business segment funds transfer-pricing methodology related to deposits and loans during the second quarter of 2024. Prior period results were recast and presented on a comparable basis.
| WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING | Preliminary data | ||||||
|---|---|---|---|---|---|---|---|
| ( in millions) | Percent Change | ||||||
| 3Q<br>2025 | 4Q<br>2024 | 4Q25 vs 3Q25 | 4Q25 vs 4Q24 | Full Year 2025 | Full Year 2024 | Percent Change | |
| Condensed Income Statement | |||||||
| Net interest income (taxable-equivalent basis) | $1,823 | $1,935 | 1.6 | (4.3) | $7,214 | $7,613 | (5.2) |
| Noninterest income | 1,256 | 1,151 | (.6) | 8.5 | 4,869 | 4,538 | 7.3 |
| Total net revenue | 3,079 | 3,086 | .7 | .5 | 12,083 | 12,151 | (.6) |
| Noninterest expense | 1,333 | 1,321 | 1.5 | 2.4 | 5,368 | 5,417 | (.9) |
| Income before provision and taxes | 1,746 | 1,765 | .1 | (1.0) | 6,715 | 6,734 | (.3) |
| Provision for credit losses | 197 | 50 | (20.8) | nm | 546 | 385 | 41.8 |
| Income before income taxes | 1,549 | 1,715 | 2.8 | (7.2) | 6,169 | 6,349 | (2.8) |
| Income taxes and taxable-equivalent adjustment | 387 | 429 | 2.8 | (7.2) | 1,543 | 1,588 | (2.8) |
| Net income | 1,162 | 1,286 | 2.8 | (7.2) | 4,626 | 4,761 | (2.8) |
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | — |
| Net income attributable to U.S. Bancorp | $1,162 | $1,286 | 2.8 | (7.2) | $4,626 | $4,761 | (2.8) |
| Average Balance Sheet Data | |||||||
| Loans | $184,440 | $173,208 | 2.6 | 9.2 | $183,254 | $172,517 | 6.2 |
| Other earning assets | 10,734 | 11,399 | 13.8 | 7.1 | 11,918 | 10,122 | 17.7 |
| Goodwill | 4,826 | 4,824 | — | — | 4,826 | 4,825 | — |
| Other intangible assets | 772 | 903 | (6.0) | (19.6) | 794 | 981 | (19.1) |
| Assets | 212,922 | 202,797 | 2.8 | 7.9 | 213,156 | 201,415 | 5.8 |
| Noninterest-bearing deposits | 55,319 | 56,982 | 6.3 | 3.2 | 55,920 | 56,814 | (1.6) |
| Interest-bearing deposits | 217,804 | 219,389 | 2.6 | 1.8 | 216,953 | 216,083 | .4 |
| Total deposits | 273,123 | 276,371 | 3.3 | 2.1 | 272,873 | 272,897 | — |
| Total U.S. Bancorp shareholders' equity | 22,130 | 21,238 | 1.9 | 6.2 | 22,018 | 21,440 | 2.7 |
All values are in US Dollars.
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 $1,748 million of income before provision and taxes in the fourth quarter of 2025, compared with $1,765 million in the fourth quarter of 2024, and contributed $1,194 million of the Company’s net income in the fourth quarter of 2025. The provision for credit losses increased $106 million compared with the fourth quarter of 2024 primarily due to a combination of loan growth and a slower pace of resolutions in the commercial real estate portfolio. Total net revenue was $15 million (0.5 percent) higher in the fourth quarter of 2025 due to an increase of $98 million (8.5 percent) in noninterest income, partially offset by a decrease of $83 million (4.3 percent) in net interest income. Net interest income decreased primarily due to deposit mix partially offset by higher deposit balances. Noninterest income increased primarily due to business growth and favorable market conditions in trust and investment management fees and higher corporate bond underwriting fees and syndication activity in capital markets revenue. Noninterest expense increased $32 million (2.4 percent) compared with the fourth quarter of 2024 primarily due to higher compensation and employee benefits expense, partially offset by lower net shared services expense.
| CONSUMER AND BUSINESS BANKING | Preliminary data | ||||||
|---|---|---|---|---|---|---|---|
| ( in millions) | Percent Change | ||||||
| 3Q<br>2025 | 4Q<br>2024 | 4Q25 vs 3Q25 | 4Q25 vs 4Q24 | Full Year 2025 | Full Year 2024 | Percent Change | |
| Condensed Income Statement | |||||||
| Net interest income (taxable-equivalent basis) | $1,848 | $1,912 | (3.2) | (6.4) | $7,248 | $7,625 | (4.9) |
| Noninterest income | 436 | 367 | (14.2) | 1.9 | 1,625 | 1,606 | 1.2 |
| Total net revenue | 2,284 | 2,279 | (5.3) | (5.1) | 8,873 | 9,231 | (3.9) |
| Noninterest expense | 1,604 | 1,630 | (.1) | (1.7) | 6,337 | 6,532 | (3.0) |
| Income before provision and taxes | 680 | 649 | (17.6) | (13.7) | 2,536 | 2,699 | (6.0) |
| Provision for credit losses | 61 | 80 | 24.6 | (5.0) | 238 | 182 | 30.8 |
| Income before income taxes | 619 | 569 | (21.8) | (14.9) | 2,298 | 2,517 | (8.7) |
| Income taxes and taxable-equivalent adjustment | 155 | 142 | (21.9) | (14.8) | 575 | 630 | (8.7) |
| Net income | 464 | 427 | (21.8) | (15.0) | 1,723 | 1,887 | (8.7) |
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | — |
| Net income attributable to U.S. Bancorp | $464 | $427 | (21.8) | (15.0) | $1,723 | $1,887 | (8.7) |
| Average Balance Sheet Data | |||||||
| Loans | $145,902 | $155,038 | (.6) | (6.5) | $148,543 | $155,039 | (4.2) |
| Other earning assets | 2,331 | 2,738 | 22.3 | 4.1 | 2,960 | 2,410 | 22.8 |
| Goodwill | 4,326 | 4,326 | — | — | 4,326 | 4,326 | — |
| Other intangible assets | 4,223 | 4,324 | (4.8) | (7.0) | 4,222 | 4,539 | (7.0) |
| Assets | 158,751 | 168,693 | (.3) | (6.2) | 162,080 | 168,862 | (4.0) |
| Noninterest-bearing deposits | 19,653 | 20,180 | (1.2) | (3.8) | 19,461 | 20,770 | (6.3) |
| Interest-bearing deposits | 202,259 | 198,659 | .3 | 2.2 | 201,223 | 199,155 | 1.0 |
| Total deposits | 221,912 | 218,839 | .2 | 1.6 | 220,684 | 219,925 | .3 |
| Total U.S. Bancorp shareholders' equity | 13,363 | 14,050 | (.5) | (5.4) | 13,478 | 14,424 | (6.6) |
All values are in US Dollars.
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 $560 million of income before provision and taxes in the fourth quarter of 2025, compared with $649 million in the fourth quarter of 2024, and contributed $363 million of the Company’s net income in the fourth quarter of 2025. The provision for credit losses was relatively stable, decreasing $4 million (5.0 percent) compared with the fourth quarter of 2024. Total net revenue was lower by $116 million (5.1 percent) in the fourth quarter of 2025 due to a decrease of $123 million (6.4 percent) in net interest income and relatively stable noninterest income, which increased $7 million (1.9 percent). Net interest income decreased primarily due to deposit mix partially offset by higher deposit balances. Noninterest income increased primarily due to higher mortgage banking revenue driven by gain on sale activity. Noninterest expense decreased $27 million (1.7 percent) primarily due to lower compensation and employee benefits expense and net occupancy and equipment expense.
| PAYMENT SERVICES | Preliminary data | ||||||
|---|---|---|---|---|---|---|---|
| ( in millions) | Percent Change | ||||||
| 3Q<br>2025 | 4Q<br>2024 | 4Q25 vs 3Q25 | 4Q25 vs 4Q24 | Full Year 2025 | Full Year 2024 | Percent Change | |
| Condensed Income Statement | |||||||
| Net interest income (taxable-equivalent basis) | $781 | $729 | 1.8 | 9.1 | $3,048 | $2,831 | 7.7 |
| Noninterest income | 1,106 | 1,051 | (.4) | 4.9 | 4,359 | 4,195 | 3.9 |
| Total net revenue | 1,887 | 1,780 | .5 | 6.6 | 7,407 | 7,026 | 5.4 |
| Noninterest expense | 1,044 | 1,006 | 4.4 | 8.3 | 4,126 | 3,962 | 4.1 |
| Income before provision and taxes | 843 | 774 | (4.3) | 4.3 | 3,281 | 3,064 | 7.1 |
| Provision for credit losses | 408 | 463 | 13.0 | (.4) | 1,570 | 1,614 | (2.7) |
| Income before income taxes | 435 | 311 | (20.5) | 11.3 | 1,711 | 1,450 | 18.0 |
| Income taxes and taxable-equivalent adjustment | 109 | 78 | (20.2) | 11.5 | 429 | 363 | 18.2 |
| Net income | 326 | 233 | (20.6) | 11.2 | 1,282 | 1,087 | 17.9 |
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | — |
| Net income attributable to U.S. Bancorp | $326 | $233 | (20.6) | 11.2 | $1,282 | $1,087 | 17.9 |
| Average Balance Sheet Data | |||||||
| Loans | $42,957 | $42,021 | 2.3 | 4.6 | $42,689 | $41,080 | 3.9 |
| Other earning assets | 5 | 290 | — | (98.3) | 18 | 142 | (87.3) |
| Goodwill | 3,482 | 3,399 | (.1) | 2.3 | 3,444 | 3,357 | 2.6 |
| Other intangible assets | 260 | 262 | (3.5) | (4.2) | 254 | 277 | (8.3) |
| Assets | 48,424 | 48,545 | 1.0 | .8 | 48,007 | 47,166 | 1.8 |
| Noninterest-bearing deposits | 2,427 | 2,592 | 2.1 | (4.4) | 2,524 | 2,685 | (6.0) |
| Interest-bearing deposits | 95 | 94 | — | 1.1 | 95 | 95 | — |
| Total deposits | 2,522 | 2,686 | 2.0 | (4.2) | 2,619 | 2,780 | (5.8) |
| Total U.S. Bancorp shareholders' equity | 10,318 | 10,154 | 1.3 | 3.0 | 10,310 | 10,005 | 3.0 |
All values are in US Dollars.
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 $807 million of income before provision and taxes in the fourth quarter of 2025, compared with $774 million in the fourth quarter of 2024, and contributed $259 million of the Company’s net income in the fourth quarter of 2025. The provision for credit losses was relatively stable, decreasing $2 million (0.4 percent) compared with the fourth quarter of 2024. Total net revenue increased $117 million (6.6 percent) in the fourth quarter of 2025 due to higher net interest income of $66 million (9.1 percent) and higher noninterest income of $51 million (4.9 percent). Net interest income increased primarily due to higher average loan balances, higher loan fees and lower funding costs. Noninterest income increased primarily due to increases in card revenue mainly due to higher sales volume and merchant processing services due to higher sales volume and favorable rates. Noninterest expense increased $84 million (8.3 percent) primarily due to higher compensation and employee benefits expense, marketing and business development expense and net shared services expense.
| TREASURY AND CORPORATE SUPPORT | Preliminary data | ||||||
|---|---|---|---|---|---|---|---|
| ( in millions) | Percent Change | ||||||
| 3Q<br>2025 | 4Q<br>2024 | 4Q25 vs 3Q25 | 4Q25 vs 4Q24 | Full Year 2025 | Full Year 2024 | Percent Change | |
| Condensed Income Statement | |||||||
| Net interest income (taxable-equivalent basis) | ($201) | ($400) | 38.3 | 69.0 | ($745) | ($1,660) | 55.1 |
| Noninterest income | 280 | 264 | 17.1 | 24.2 | 1,038 | 707 | 46.8 |
| Total net revenue | 79 | (136) | nm | nm | 293 | (953) | nm |
| Noninterest expense | 216 | 354 | (16.2) | (48.9) | 1,006 | 1,277 | (21.2) |
| Income (loss) before provision and taxes | (137) | (490) | nm | nm | (713) | (2,230) | 68.0 |
| Provision for credit losses | (95) | (33) | (22.1) | nm | (168) | 57 | nm |
| Income (loss) before income taxes | (42) | (457) | nm | nm | (545) | (2,287) | 76.2 |
| Income taxes and taxable-equivalent adjustment | (98) | (181) | 2.0 | 47.0 | (510) | (881) | 42.1 |
| Net income | 56 | (276) | nm | nm | (35) | (1,406) | 97.5 |
| Net (income) loss attributable to noncontrolling interests | (7) | (7) | 14.3 | 14.3 | (26) | (30) | 13.3 |
| Net income (loss) attributable to U.S. Bancorp | $49 | ($283) | nm | nm | ($61) | ($1,436) | 95.8 |
| Average Balance Sheet Data | |||||||
| Loans | $5,853 | $5,388 | 5.5 | 14.6 | $5,774 | $5,239 | 10.2 |
| Other earning assets | 225,295 | 224,186 | (2.0) | (1.5) | 220,204 | 220,092 | .1 |
| Goodwill | — | — | — | — | — | — | — |
| Other intangible assets | 7 | 8 | — | (12.5) | 7 | 9 | (22.2) |
| Assets | 259,508 | 251,872 | (.7) | 2.3 | 253,297 | 246,571 | 2.7 |
| Noninterest-bearing deposits | 2,491 | 3,155 | 5.0 | (17.1) | 2,603 | 2,738 | (4.9) |
| Interest-bearing deposits | 11,734 | 11,262 | (53.9) | (52.0) | 10,339 | 11,175 | (7.5) |
| Total deposits | 14,225 | 14,417 | (43.6) | (44.4) | 12,942 | 13,913 | (7.0) |
| Total U.S. Bancorp shareholders' equity | 16,832 | 13,370 | 8.6 | 36.7 | 16,145 | 11,337 | 42.4 |
All values are in US Dollars.
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 $23 million of income before provision and taxes in the fourth quarter of 2025, compared with a $490 million loss before provision and taxes in the fourth quarter of 2024, and recorded net income of $229 million in the fourth quarter of 2025. The provision for credit losses decreased $83 million compared with the fourth quarter of 2024 primarily related to stabilizing economic conditions. Total net revenue increased $340 million in the fourth quarter of 2025 due to an increase of $276 million (69.0 percent) in net interest income and an increase of $64 million (24.2 percent) in noninterest income. Net interest income increased primarily due to lower funding costs and the benefits of fixed asset repricing in the investment portfolio. The increase in noninterest income was primarily due to tax credit investment activity and capital markets revenue. Noninterest expense decreased $173 million (48.9 percent) compared with the fourth quarter of 2024 primarily due to lower compensation and employee benefits expense and the prior year notable items, partially offset by higher 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.
25
Document
| Supplemental Consolidated Schedules<br><br>Fourth Quarter 2025 | |||||||
|---|---|---|---|---|---|---|---|
| QUARTERLY CONSOLIDATED STATEMENT OF INCOME | |||||||
| --- | --- | --- | --- | --- | --- | ||
| (Dollars and Shares in Millions, Except Per Share Data)<br>(Unaudited) | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31, <br>2024 | ||
| Interest Income | |||||||
| Loans | $5,599 | $5,688 | $5,548 | $5,533 | $5,674 | ||
| Loans held for sale | 43 | 35 | 59 | 28 | 50 | ||
| Investment securities | 1,343 | 1,392 | 1,355 | 1,308 | 1,326 | ||
| Other interest income | 938 | 812 | 642 | 647 | 781 | ||
| Total interest income | 7,923 | 7,927 | 7,604 | 7,516 | 7,831 | ||
| Interest Expense | |||||||
| Deposits | 2,451 | 2,648 | 2,541 | 2,511 | 2,772 | ||
| Short-term borrowings | 505 | 328 | 291 | 249 | 257 | ||
| Long-term debt | 683 | 729 | 721 | 664 | 656 | ||
| Total interest expense | 3,639 | 3,705 | 3,553 | 3,424 | 3,685 | ||
| Net interest income | 4,284 | 4,222 | 4,051 | 4,092 | 4,146 | ||
| Provision for credit losses | 577 | 571 | 501 | 537 | 560 | ||
| Net interest income after provision for credit losses | 3,707 | 3,651 | 3,550 | 3,555 | 3,586 | ||
| Noninterest Income | |||||||
| Card revenue | 455 | 440 | 442 | 398 | 433 | ||
| Corporate payment products revenue | 189 | 195 | 192 | 189 | 191 | ||
| Merchant processing services | 440 | 463 | 474 | 415 | 419 | ||
| Trust and investment management fees | 756 | 730 | 703 | 680 | 703 | ||
| Service charges | 318 | 333 | 336 | 315 | 314 | ||
| Capital markets revenue | 427 | 434 | 390 | 382 | 364 | ||
| Mortgage banking revenue | 130 | 180 | 162 | 173 | 116 | ||
| Investment products fees | 101 | 97 | 90 | 87 | 87 | ||
| Securities gains (losses), net | 3 | (7) | (57) | — | (1) | ||
| Other | 234 | 213 | 192 | 197 | 207 | ||
| Total noninterest income | 3,053 | 3,078 | 2,924 | 2,836 | 2,833 | ||
| Noninterest Expense | |||||||
| Compensation and employee benefits | 2,529 | 2,561 | 2,600 | 2,637 | 2,607 | ||
| Net occupancy and equipment | 320 | 300 | 301 | 306 | 317 | ||
| Professional services | 144 | 117 | 109 | 98 | 135 | ||
| Marketing and business development | 187 | 175 | 161 | 182 | 160 | ||
| Technology and communications | 584 | 560 | 534 | 533 | 534 | ||
| Other intangibles | 126 | 125 | 124 | 123 | 139 | ||
| Other | 337 | 359 | 352 | 353 | 419 | ||
| Total noninterest expense | 4,227 | 4,197 | 4,181 | 4,232 | 4,311 | ||
| Income before income taxes | 2,533 | 2,532 | 2,293 | 2,159 | 2,108 | ||
| Applicable income taxes | 482 | 524 | 472 | 443 | 438 | ||
| Net income | 2,051 | 2,008 | 1,821 | 1,716 | 1,670 | ||
| Net (income) loss attributable to noncontrolling interests | (6) | (7) | (6) | (7) | (7) | ||
| Net income attributable to U.S. Bancorp | $2,045 | $2,001 | $1,815 | $1,709 | $1,663 | ||
| Net income applicable to U.S. Bancorp common shareholders | $1,965 | $1,893 | $1,733 | $1,603 | $1,581 | ||
| Earnings per common share | $1.26 | $1.22 | $1.11 | $1.03 | $1.01 | ||
| Diluted earnings per common share | $1.26 | $1.22 | $1.11 | $1.03 | $1.01 | ||
| Dividends declared per common share | $.52 | $.52 | $.50 | $.50 | $.50 | ||
| Average common shares outstanding | 1,555 | 1,557 | 1,559 | 1,559 | 1,560 | ||
| Average diluted common shares outstanding | 1,556 | 1,557 | 1,559 | 1,560 | 1,560 | ||
| Financial Ratios (%) | |||||||
| Net interest margin (taxable-equivalent basis) | 2.77 | 2.75 | 2.66 | 2.72 | 2.71 | ||
| Return on average assets | 1.19 | 1.17 | 1.08 | 1.04 | .98 | ||
| Return on average common equity | 13.5 | 13.5 | 12.9 | 12.3 | 12.1 | ||
| Efficiency ratio | 57.4 | 57.2 | 59.2 | 60.8 | 61.5 | ||
| CONSOLIDATED ENDING BALANCE SHEET | |||||||
| --- | --- | --- | --- | --- | --- | ||
| (Dollars in Millions) | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | ||
| Assets | (Unaudited) | (Unaudited) | (Unaudited) | ||||
| Cash and due from banks | $46,890 | $66,637 | $57,807 | $50,013 | $56,502 | ||
| Investment securities | |||||||
| Held-to-maturity | 76,170 | 76,931 | 77,879 | 78,008 | 78,634 | ||
| Available-for-sale | 90,838 | 89,065 | 90,577 | 86,774 | 85,992 | ||
| Loans held for sale | 2,538 | 2,490 | 2,288 | 1,746 | 2,573 | ||
| Loans | |||||||
| Commercial | 153,958 | 148,414 | 147,416 | 144,081 | 139,484 | ||
| Commercial real estate | 48,920 | 48,244 | 48,181 | 48,334 | 48,859 | ||
| Residential mortgages | 115,885 | 115,046 | 114,475 | 118,907 | 118,813 | ||
| Credit card | 32,234 | 30,594 | 30,023 | 29,223 | 30,350 | ||
| Other retail | 40,338 | 40,219 | 40,148 | 41,274 | 42,326 | ||
| Total loans | 391,335 | 382,517 | 380,243 | 381,819 | 379,832 | ||
| Less allowance for loan losses | (7,605) | (7,557) | (7,537) | (7,584) | (7,583) | ||
| Net loans | 383,730 | 374,960 | 372,706 | 374,235 | 372,249 | ||
| Premises and equipment | 3,768 | 3,695 | 3,625 | 3,582 | 3,565 | ||
| Goodwill | 12,635 | 12,634 | 12,637 | 12,555 | 12,536 | ||
| Other intangible assets | 4,904 | 5,152 | 5,285 | 5,381 | 5,547 | ||
| Other assets | 70,872 | 63,793 | 63,566 | 64,195 | 60,720 | ||
| Total assets | $692,345 | $695,357 | $686,370 | $676,489 | $678,318 | ||
| Liabilities and Shareholders' Equity | |||||||
| Deposits | |||||||
| Noninterest-bearing | $84,116 | $91,550 | $86,972 | $84,086 | $84,158 | ||
| Interest-bearing | 438,100 | 434,599 | 431,745 | 428,439 | 434,151 | ||
| Total deposits | 522,216 | 526,149 | 518,717 | 512,525 | 518,309 | ||
| Short-term borrowings | 17,162 | 15,449 | 15,039 | 17,158 | 15,518 | ||
| Long-term debt | 60,764 | 62,535 | 64,013 | 59,859 | 58,002 | ||
| Other liabilities | 26,552 | 27,426 | 26,705 | 26,389 | 27,449 | ||
| Total liabilities | 626,694 | 631,559 | 624,474 | 615,931 | 619,278 | ||
| Shareholders' equity | |||||||
| Preferred stock | 6,808 | 6,808 | 6,808 | 6,808 | 6,808 | ||
| Common stock | 21 | 21 | 21 | 21 | 21 | ||
| Capital surplus | 8,728 | 8,745 | 8,706 | 8,678 | 8,715 | ||
| Retained earnings | 80,906 | 79,742 | 78,652 | 77,691 | 76,863 | ||
| Less treasury stock | (24,283) | (24,228) | (24,140) | (24,060) | (24,065) | ||
| Accumulated other comprehensive income (loss) | (6,987) | (7,748) | (8,609) | (9,042) | (9,764) | ||
| Total U.S. Bancorp shareholders' equity | 65,193 | 63,340 | 61,438 | 60,096 | 58,578 | ||
| Noncontrolling interests | 458 | 458 | 458 | 462 | 462 | ||
| Total equity | 65,651 | 63,798 | 61,896 | 60,558 | 59,040 | ||
| Total liabilities and equity | $692,345 | $695,357 | $686,370 | $676,489 | $678,318 | ||
| CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET | |||||||
| --- | --- | --- | --- | --- | --- | ||
| (Dollars in Millions, Unaudited) | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | ||
| Assets | |||||||
| Investment securities | $172,039 | $173,423 | $172,841 | $171,178 | $171,325 | ||
| Loans held for sale | 2,775 | 2,253 | 4,843 | 1,823 | 3,009 | ||
| Loans | |||||||
| Commercial | |||||||
| Commercial | 144,707 | 141,542 | 139,606 | 135,931 | 131,180 | ||
| Lease financing | 4,307 | 4,250 | 4,211 | 4,199 | 4,204 | ||
| Total commercial | 149,014 | 145,792 | 143,817 | 140,130 | 135,384 | ||
| Commercial real estate | |||||||
| Commercial mortgages | 38,698 | 38,384 | 38,194 | 38,624 | 39,308 | ||
| Construction and development | 9,792 | 9,862 | 10,272 | 10,266 | 10,563 | ||
| Total commercial real estate | 48,490 | 48,246 | 48,466 | 48,890 | 49,871 | ||
| Residential mortgages | 115,390 | 114,780 | 115,616 | 118,844 | 118,406 | ||
| Credit card | 31,119 | 30,241 | 29,588 | 29,404 | 29,438 | ||
| Other retail | |||||||
| Retail leasing | 3,572 | 3,718 | 3,869 | 3,990 | 4,035 | ||
| Home equity and second mortgages | 13,922 | 13,790 | 13,678 | 13,542 | 13,446 | ||
| Other | 22,778 | 22,585 | 23,495 | 24,228 | 25,075 | ||
| Total other retail | 40,272 | 40,093 | 41,042 | 41,760 | 42,556 | ||
| Total loans | 384,285 | 379,152 | 378,529 | 379,028 | 375,655 | ||
| Interest-bearing deposits with banks | 42,705 | 47,822 | 41,550 | 43,735 | 50,368 | ||
| Other earning assets | 18,413 | 14,867 | 15,579 | 14,466 | 13,911 | ||
| Total earning assets | 620,217 | 617,517 | 613,342 | 610,230 | 614,268 | ||
| Allowance for loan losses | (7,599) | (7,565) | (7,605) | (7,589) | (7,599) | ||
| Unrealized gain (loss) on investment securities | (4,638) | (5,756) | (6,602) | (6,473) | (6,416) | ||
| Other assets | 75,653 | 75,409 | 74,206 | 73,225 | 71,654 | ||
| Total assets | $683,633 | $679,605 | $673,341 | $669,393 | $671,907 | ||
| Liabilities and Shareholders' Equity | |||||||
| Noninterest-bearing deposits | $83,295 | $79,890 | $79,117 | $79,696 | $82,909 | ||
| Interest-bearing deposits | |||||||
| Interest checking | 131,055 | 131,281 | 131,599 | 125,651 | 125,111 | ||
| Money market savings | 186,119 | 181,063 | 177,087 | 195,442 | 206,557 | ||
| Savings accounts | 64,207 | 62,599 | 58,171 | 50,271 | 41,200 | ||
| Time deposits | 50,466 | 56,949 | 56,916 | 55,474 | 56,536 | ||
| Total interest-bearing deposits | 431,847 | 431,892 | 423,773 | 426,838 | 429,404 | ||
| Short-term borrowings | 16,107 | 15,698 | 22,791 | 18,841 | 17,607 | ||
| Long-term debt | 61,424 | 63,329 | 62,354 | 58,344 | 57,428 | ||
| Total interest-bearing liabilities | 509,378 | 510,919 | 508,918 | 504,023 | 504,439 | ||
| Other liabilities | 25,912 | 25,695 | 23,950 | 25,603 | 25,287 | ||
| Shareholders' equity | |||||||
| Preferred equity | 6,808 | 6,808 | 6,808 | 6,808 | 6,808 | ||
| Common equity | 57,782 | 55,835 | 54,091 | 52,803 | 52,004 | ||
| Total U.S. Bancorp shareholders' equity | 64,590 | 62,643 | 60,899 | 59,611 | 58,812 | ||
| Noncontrolling interests | 458 | 458 | 457 | 460 | 460 | ||
| Total equity | 65,048 | 63,101 | 61,356 | 60,071 | 59,272 | ||
| Total liabilities and equity | $683,633 | $679,605 | $673,341 | $669,393 | $671,907 | ||
| CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a) | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| (Dollars in Millions)<br>(Unaudited) | AverageBalances | AverageBalances | % Change<br>Average<br>Balances | ||||
| Assets | |||||||
| Investment securities (b) | 172,039 | % | 171,325 | % | .4 % | % | |
| Loans held for sale | 2,775 | 3,009 | (7.8) | ||||
| Loans (c) | |||||||
| Commercial | 149,014 | 135,384 | 10.1 | ||||
| Commercial real estate | 48,490 | 49,871 | (2.8) | ||||
| Residential mortgages | 115,390 | 118,406 | (2.5) | ||||
| Credit card | 31,119 | 29,438 | 5.7 | ||||
| Other retail | 40,272 | 42,556 | (5.4) | ||||
| Total loans | 384,285 | 375,655 | 2.3 | ||||
| Interest-bearing deposits with banks | 42,705 | 50,368 | (15.2) | ||||
| Other earning assets (d) | 18,413 | 13,911 | 32.4 | ||||
| Total earning assets (d) | 620,217 | 614,268 | 1.0 | ||||
| Allowance for loan losses | (7,599) | (7,599) | — | ||||
| Unrealized gain (loss) on investment securities | (4,638) | (6,416) | 27.7 | ||||
| Other assets | 75,653 | 71,654 | 5.6 | ||||
| Total assets | 683,633 | 671,907 | 1.7 | ||||
| Liabilities and Shareholders' Equity | |||||||
| Noninterest-bearing deposits | 83,295 | 82,909 | .5 % | % | |||
| Interest-bearing deposits | |||||||
| Interest checking | 131,055 | 125,111 | 4.8 | ||||
| Money market savings | 186,119 | 206,557 | (9.9) | ||||
| Savings accounts | 64,207 | 41,200 | 55.8 | ||||
| Time deposits | 50,466 | 56,536 | (10.7) | ||||
| Total interest-bearing deposits | 431,847 | 429,404 | .6 | ||||
| Short-term borrowings (d) | 16,107 | 17,607 | (8.5) | ||||
| Long-term debt | 61,424 | 57,428 | 7.0 | ||||
| Total interest-bearing liabilities (d) | 509,378 | 504,439 | 1.0 | ||||
| Other liabilities | 25,912 | 25,287 | 2.5 | ||||
| Shareholders' equity | |||||||
| Preferred equity | 6,808 | 6,808 | — | ||||
| Common equity | 57,782 | 52,004 | 11.1 | ||||
| Total U.S. Bancorp shareholders' equity | 64,590 | 58,812 | 9.8 | ||||
| Noncontrolling interests | 458 | 460 | (.4) | ||||
| Total equity | 65,048 | 59,272 | 9.7 | ||||
| Total liabilities and equity | 683,633 | 671,907 | 1.7 | ||||
| Net interest income | |||||||
| Gross interest margin | % | % | |||||
| Gross interest margin without taxable-equivalent increments | |||||||
| Percent of Earning Assets | |||||||
| Interest income | % | % | |||||
| Interest expense | |||||||
| Net interest margin | % | % | |||||
| Net interest margin without taxable-equivalent increments | % | % | |||||
| (a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.<br><br>(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.<br><br>(c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.<br><br>(d)Average balances for the three months ended December 31, 2025, reflect the impact of balance sheet netting of certain repurchase/reverse repurchase transactions under enforceable netting agreements, exclusive of the related interest income and expense. Reflecting the impact of netting the related interest income and expense for these arrangements, the average yields earned on other earning assets and total earning assets were 4.25 percent and 4.88 percent, respectively, and average rates paid on short-term borrowings and total interest-bearing liabilities were 4.49 percent and 2.58 percent, respectively, for the three months ended December 31, 2025. |
All values are in US Dollars.
| CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a) | |||||||
|---|---|---|---|---|---|---|---|
| December 31, 2025 | September 30, 2025 | ||||||
| (Dollars in Millions)<br>(Unaudited) | AverageBalances | AverageBalances | % Change<br>Average<br>Balances | ||||
| Assets | |||||||
| Investment securities (b) | 172,039 | % | 173,423 | % | (.8)% | % | |
| Loans held for sale | 2,775 | 2,253 | 23.2 | ||||
| Loans (c) | |||||||
| Commercial | 149,014 | 145,792 | 2.2 | ||||
| Commercial real estate | 48,490 | 48,246 | .5 | ||||
| Residential mortgages | 115,390 | 114,780 | .5 | ||||
| Credit card | 31,119 | 30,241 | 2.9 | ||||
| Other retail | 40,272 | 40,093 | .4 | ||||
| Total loans | 384,285 | 379,152 | 1.4 | ||||
| Interest-bearing deposits with banks | 42,705 | 47,822 | (10.7) | ||||
| Other earning assets (d) | 18,413 | 14,867 | 23.9 | ||||
| Total earning assets (d) | 620,217 | 617,517 | .4 | ||||
| Allowance for loan losses | (7,599) | (7,565) | (.4) | ||||
| Unrealized gain (loss) on investment securities | (4,638) | (5,756) | 19.4 | ||||
| Other assets | 75,653 | 75,409 | .3 | ||||
| Total assets | 683,633 | 679,605 | .6 | ||||
| Liabilities and Shareholders' Equity | |||||||
| Noninterest-bearing deposits | 83,295 | 79,890 | 4.3 % | % | |||
| Interest-bearing deposits | |||||||
| Interest checking | 131,055 | 131,281 | (.2) | ||||
| Money market savings | 186,119 | 181,063 | 2.8 | ||||
| Savings accounts | 64,207 | 62,599 | 2.6 | ||||
| Time deposits | 50,466 | 56,949 | (11.4) | ||||
| Total interest-bearing deposits | 431,847 | 431,892 | — | ||||
| Short-term borrowings (d) | 16,107 | 15,698 | 2.6 | ||||
| Long-term debt | 61,424 | 63,329 | (3.0) | ||||
| Total interest-bearing liabilities (d) | 509,378 | 510,919 | (.3) | ||||
| Other liabilities | 25,912 | 25,695 | .8 | ||||
| Shareholders' equity | |||||||
| Preferred equity | 6,808 | 6,808 | — | ||||
| Common equity | 57,782 | 55,835 | 3.5 | ||||
| Total U.S. Bancorp shareholders' equity | 64,590 | 62,643 | 3.1 | ||||
| Noncontrolling interests | 458 | 458 | — | ||||
| Total equity | 65,048 | 63,101 | 3.1 | ||||
| Total liabilities and equity | 683,633 | 679,605 | .6 | ||||
| Net interest income | |||||||
| Gross interest margin | % | % | |||||
| Gross interest margin without taxable-equivalent increments | |||||||
| Percent of Earning Assets | |||||||
| Interest income | % | % | |||||
| Interest expense | |||||||
| Net interest margin | % | % | |||||
| Net interest margin without taxable-equivalent increments | % | % | |||||
| (a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.<br><br>(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.<br><br>(c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.<br><br>(d)Average balances reflect the impact of balance sheet netting of certain repurchase/reverse repurchase transactions under enforceable netting agreements, exclusive of the related interest income and expense. Reflecting the impact of netting the related interest income and expense for these arrangements, the average yields earned on other earning assets and total earning assets were 4.25 percent and 4.88 percent, respectively, and the average rates paid on short-term borrowings and total interest-bearing liabilities were 4.49 percent and 2.58 percent, respectively, for the three months ended December 31, 2025. The average yields earned on other earning assets and total earning assets were 4.53 percent and 5.03 percent, respectively, and average rates paid on short-term borrowings and total interest-bearing liabilities were 5.12 percent and 2.78 percent, respectively, for the three months ended September 30, 2025. |
All values are in US Dollars.
| CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a) | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| (Dollars in Millions)<br>(Unaudited) | AverageBalances | AverageBalances | % Change<br>Average<br>Balances | ||||
| Assets | |||||||
| Investment securities (b) | 172,376 | % | 166,634 | % | 3.4 % | % | |
| Loans held for sale | 2,924 | 2,539 | 15.2 | ||||
| Loans (c) | |||||||
| Commercial | 144,716 | 133,412 | 8.5 | ||||
| Commercial real estate | 48,521 | 51,657 | (6.1) | ||||
| Residential mortgages | 116,144 | 117,026 | (.8) | ||||
| Credit card | 30,093 | 28,683 | 4.9 | ||||
| Other retail | 40,786 | 43,097 | (5.4) | ||||
| Total loans | 380,260 | 373,875 | 1.7 | ||||
| Interest-bearing deposits with banks | 43,961 | 51,215 | (14.2) | ||||
| Other earning assets (d) | 15,839 | 12,378 | 28.0 | ||||
| Total earning assets (d) | 615,360 | 606,641 | 1.4 | ||||
| Allowance for loan losses | (7,590) | (7,541) | (.6) | ||||
| Unrealized gain (loss) on investment securities | (5,862) | (6,820) | 14.0 | ||||
| Other assets | 74,632 | 71,734 | 4.0 | ||||
| Total assets | 676,540 | 664,014 | 1.9 | ||||
| Liabilities and Shareholders' Equity | |||||||
| Noninterest-bearing deposits | 80,508 | 83,007 | (3.0)% | % | |||
| Interest-bearing deposits | |||||||
| Interest checking | 129,915 | 125,365 | 3.6 | ||||
| Money market savings | 184,892 | 204,509 | (9.6) | ||||
| Savings accounts | 58,860 | 39,625 | 48.5 | ||||
| Time deposits | 54,943 | 57,009 | (3.6) | ||||
| Total interest-bearing deposits | 428,610 | 426,508 | .5 | ||||
| Short-term borrowings (d) | 18,345 | 17,201 | 6.7 | ||||
| Long-term debt | 61,376 | 54,473 | 12.7 | ||||
| Total interest-bearing liabilities (d) | 508,331 | 498,182 | 2.0 | ||||
| Other liabilities | 25,292 | 25,157 | .5 | ||||
| Shareholders' equity | |||||||
| Preferred equity | 6,808 | 6,808 | — | ||||
| Common equity | 55,143 | 50,398 | 9.4 | ||||
| Total U.S. Bancorp shareholders' equity | 61,951 | 57,206 | 8.3 | ||||
| Noncontrolling interests | 458 | 462 | (.9) | ||||
| Total equity | 62,409 | 57,668 | 8.2 | ||||
| Total liabilities and equity | 676,540 | 664,014 | 1.9 | ||||
| Net interest income | |||||||
| Gross interest margin | % | % | |||||
| Gross interest margin without taxable-equivalent increments | |||||||
| Percent of Earning Assets | |||||||
| Interest income | % | % | |||||
| Interest expense | |||||||
| Net interest margin | % | % | |||||
| Net interest margin without taxable-equivalent increments | % | % | |||||
| (a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.<br><br>(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.<br><br>(c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.<br><br>(d)Average balances for the year ended December 31, 2025, reflect the impact of balance sheet netting of certain repurchase/reverse repurchase transactions under enforceable netting agreements, exclusive of the related interest income and expense. Reflecting the impact of netting the related interest income and expense for these arrangements, the average yields earned on other earning assets and total earning assets were 4.57 percent and 4.98 percent, respectively, and average rates paid on short-term borrowings and total interest-bearing liabilities were 5.04 percent and 2.73 percent, respectively, for the year ended December 31, 2025. |
All values are in US Dollars.
| LOAN PORTFOLIO | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | ||||||
| (Dollars in Millions)<br>(Unaudited) | Amount | Percent<br>of Total | Amount | Percent<br>of Total | Amount | Percent<br>of Total | Amount | Percent<br>of Total | Amount | Percent<br>of Total |
| Commercial | ||||||||||
| Commercial | $149,522 | 38.2 | $144,106 | 37.7 | $143,135 | 37.7 | $139,840 | 36.6 | $135,254 | 35.6 |
| Lease financing | 4,436 | 1.2 | 4,308 | 1.1 | 4,281 | 1.1 | 4,241 | 1.1 | 4,230 | 1.1 |
| Total commercial | 153,958 | 39.4 | 148,414 | 38.8 | 147,416 | 38.8 | 144,081 | 37.7 | 139,484 | 36.7 |
| Commercial real estate | ||||||||||
| Commercial mortgages | 39,476 | 10.1 | 38,316 | 10.0 | 38,144 | 10.0 | 38,064 | 10.0 | 38,619 | 10.2 |
| Construction and | ||||||||||
| development | 9,444 | 2.4 | 9,928 | 2.6 | 10,037 | 2.7 | 10,270 | 2.7 | 10,240 | 2.7 |
| Total commercial | ||||||||||
| real estate | 48,920 | 12.5 | 48,244 | 12.6 | 48,181 | 12.7 | 48,334 | 12.7 | 48,859 | 12.9 |
| Residential mortgages | ||||||||||
| Residential mortgages | 110,788 | 28.3 | 109,730 | 28.7 | 108,913 | 28.6 | 113,112 | 29.6 | 112,806 | 29.7 |
| Home equity loans, first | ||||||||||
| liens | 5,097 | 1.3 | 5,316 | 1.4 | 5,562 | 1.5 | 5,795 | 1.5 | 6,007 | 1.6 |
| Total residential | ||||||||||
| mortgages | 115,885 | 29.6 | 115,046 | 30.1 | 114,475 | 30.1 | 118,907 | 31.1 | 118,813 | 31.3 |
| Credit card | 32,234 | 8.2 | 30,594 | 8.0 | 30,023 | 7.9 | 29,223 | 7.7 | 30,350 | 8.0 |
| Other retail | ||||||||||
| Retail leasing | 3,524 | .9 | 3,627 | 1.0 | 3,816 | 1.0 | 3,928 | 1.0 | 4,040 | 1.0 |
| Home equity and second | ||||||||||
| mortgages | 14,025 | 3.6 | 13,858 | 3.6 | 13,761 | 3.6 | 13,540 | 3.6 | 13,565 | 3.6 |
| Revolving credit | 4,561 | 1.2 | 4,274 | 1.1 | 4,062 | 1.1 | 3,791 | 1.0 | 3,747 | 1.0 |
| Installment | 14,653 | 3.7 | 14,592 | 3.8 | 14,220 | 3.7 | 14,190 | 3.7 | 14,373 | 3.8 |
| Automobile | 3,575 | .9 | 3,868 | 1.0 | 4,289 | 1.1 | 5,825 | 1.5 | 6,601 | 1.7 |
| Total other retail | 40,338 | 10.3 | 40,219 | 10.5 | 40,148 | 10.5 | 41,274 | 10.8 | 42,326 | 11.1 |
| Total loans | $391,335 | 100.0 | $382,517 | 100.0 | $380,243 | 100.0 | $381,819 | 100.0 | $379,832 | 100.0 |
| Supplemental Business Segment Schedules<br><br>Fourth Quarter 2025 | ||||||||||
| --- | ||||||||||
| WEALTH, CORPORATE, COMMERCIAL AND<br><br>INSTITUTIONAL BANKING<br><br><br><br>CONSUMER AND BUSINESS BANKING<br><br><br><br>PAYMENT SERVICES<br><br><br><br>TREASURY AND CORPORATE SUPPORT |
| WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | December 31,2025 | September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 |
| INCOME STATEMENT | |||||
| Net Interest Income (taxable-equivalent basis) | 1,852 | 1,823 | 1,783 | 1,756 | 1,935 |
| Noninterest Income | |||||
| Card revenue | — | — | — | — | — |
| Corporate payment products revenue | — | — | — | — | — |
| Merchant processing services | — | — | — | — | — |
| Trust and investment management fees | 755 | 729 | 702 | 679 | 702 |
| Service charges | 140 | 149 | 159 | 148 | 140 |
| Capital markets revenue | 194 | 219 | 190 | 189 | 162 |
| Mortgage banking revenue | — | — | — | — | — |
| Investment products fees | 101 | 97 | 90 | 87 | 87 |
| Securities gains (losses), net | — | — | — | — | — |
| Other | 59 | 62 | 57 | 63 | 60 |
| Total noninterest income | 1,249 | 1,256 | 1,198 | 1,166 | 1,151 |
| Total net revenue | 3,101 | 3,079 | 2,981 | 2,922 | 3,086 |
| Noninterest Expense | |||||
| Compensation and employee benefits | 534 | 530 | 535 | 522 | 498 |
| Other intangibles | 46 | 46 | 46 | 46 | 50 |
| Net shared services | 515 | 522 | 532 | 525 | 531 |
| Other direct expenses | 258 | 235 | 235 | 241 | 242 |
| Total noninterest expense | 1,353 | 1,333 | 1,348 | 1,334 | 1,321 |
| Income before provision and income taxes | 1,748 | 1,746 | 1,633 | 1,588 | 1,765 |
| Provision for Credit Losses | 156 | 197 | 183 | 10 | 50 |
| Income before income taxes | 1,592 | 1,549 | 1,450 | 1,578 | 1,715 |
| Income taxes and taxable-equivalent adjustment | 398 | 387 | 363 | 395 | 429 |
| Net income | 1,194 | 1,162 | 1,087 | 1,183 | 1,286 |
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — |
| Net income attributable to U.S. Bancorp | 1,194 | 1,162 | 1,087 | 1,183 | 1,286 |
| FINANCIAL RATIOS | |||||
| Return on average assets | 2.17 % | 2.17 % | 2.06 % | 2.30 % | 2.52 % |
| Net interest margin (taxable-equivalent basis) | 3.65 | 3.71 | 3.69 | 3.75 | 4.17 |
| Efficiency ratio | 43.6 | 43.3 | 45.2 | 45.7 | 42.8 |
All values are in US Dollars.
| WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | December 31,2025 | September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 |
| AVERAGE BALANCE SHEET | |||||
| Loans | |||||
| Commercial | 128,313 | 125,669 | 123,864 | 121,193 | 115,926 |
| Commercial real estate | 33,952 | 33,752 | 34,058 | 34,608 | 35,592 |
| Residential mortgages | 20,585 | 19,056 | 17,559 | 16,593 | 16,148 |
| Credit card | — | — | — | — | — |
| Other retail | 6,309 | 5,963 | 5,784 | 5,621 | 5,542 |
| Total loans | 189,159 | 184,440 | 181,265 | 178,015 | 173,208 |
| Other Earning Assets | 12,213 | 10,734 | 12,778 | 11,957 | 11,399 |
| Total earning assets | 201,372 | 195,174 | 194,043 | 189,972 | 184,607 |
| Non-earning Assets | |||||
| Goodwill | 4,826 | 4,826 | 4,826 | 4,824 | 4,824 |
| Other intangible assets | 726 | 772 | 817 | 863 | 903 |
| Other non-earning assets | 11,861 | 12,150 | 12,456 | 13,007 | 12,463 |
| Total non-earning assets | 17,413 | 17,748 | 18,099 | 18,694 | 18,190 |
| Total assets | 218,785 | 212,922 | 212,142 | 208,666 | 202,797 |
| Deposits | |||||
| Noninterest-bearing deposits | 58,783 | 55,319 | 54,398 | 55,147 | 56,982 |
| Interest checking | 58,305 | 59,102 | 58,745 | 53,203 | 53,109 |
| Savings products | 156,287 | 149,449 | 141,608 | 152,271 | 154,786 |
| Time deposits | 8,800 | 9,253 | 9,879 | 10,820 | 11,494 |
| Total deposits | 282,175 | 273,123 | 264,630 | 271,441 | 276,371 |
| Other Interest-bearing Liabilities | 15,197 | 14,219 | 16,270 | 16,059 | 15,699 |
| Other Noninterest-bearing Liabilities | 7,974 | 8,091 | 8,179 | 8,903 | 8,764 |
| Total liabilities | 305,346 | 295,433 | 289,079 | 296,403 | 300,834 |
| Total U.S. Bancorp Shareholders' Equity | 22,557 | 22,130 | 21,823 | 21,551 | 21,238 |
| Noncontrolling Interests | — | — | — | — | — |
| Total Equity | 22,557 | 22,130 | 21,823 | 21,551 | 21,238 |
| NET INTEREST SPREADS (%) | |||||
| Total earning assets | 1.72 | 1.36 | 1.08 | 1.13 | 1.16 |
| Total assets | 1.27 | .91 | .65 | .67 | .66 |
| Total deposits | 2.30 | 2.47 | 2.53 | 2.51 | 2.69 |
| Total liabilities | 1.83 | 2.28 | 2.49 | 2.48 | 2.67 |
| CREDIT QUALITY | |||||
| Net Charge-offs | |||||
| Commercial | 93 | 15 | 48 | 66 | 73 |
| Commercial real estate | (4) | 105 | 58 | (5) | 46 |
| Residential mortgages | — | — | — | — | — |
| Credit card | — | — | — | — | — |
| Other retail | — | (1) | — | — | — |
| Total net charge-offs | 89 | 119 | 106 | 61 | 119 |
| Net Charge-off Ratios | |||||
| Commercial | .29 % | .05 % | .16 % | .22 % | .25 % |
| Commercial real estate | (.05) | 1.23 | .68 | (.06) | .51 |
| Residential mortgages | — | — | — | — | — |
| Credit card | — | — | — | — | — |
| Other retail | — | (.07) | — | — | — |
| Total net charge-offs | .19 % | .26 % | .23 % | .14 % | .27 % |
| December 31,2025 | September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 | |
| Nonperforming Assets | |||||
| Nonperforming loans | 1,126 | 1,208 | 1,240 | 1,273 | 1,384 |
| Other nonperforming assets | 1 | 1 | 1 | — | — |
| Total nonperforming assets | 1,127 | 1,209 | 1,241 | 1,273 | 1,384 |
All values are in US Dollars.
| WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 |
| OTHER INFORMATION | |||||
| Average Loan Balances | |||||
| Commercial real estate division | $44,846 | $44,050 | $43,985 | $43,702 | $44,400 |
| Wealth management | 34,230 | 32,250 | 30,514 | 29,186 | 28,728 |
| Institutional client group | 93,641 | 92,010 | 91,473 | 90,571 | 85,407 |
| Other | 16,442 | 16,130 | 15,293 | 14,556 | 14,673 |
| Total | $189,159 | $184,440 | $181,265 | $178,015 | $173,208 |
| Average Deposit Balances | |||||
| Commercial real estate division | $17,299 | $15,984 | $15,502 | $15,527 | $16,949 |
| Wealth management | 47,230 | 46,234 | 45,264 | 45,257 | 44,224 |
| Institutional client group | 138,367 | 137,027 | 133,563 | 134,929 | 134,320 |
| Global corporate trust | 60,677 | 56,935 | 54,383 | 59,342 | 66,416 |
| Other | 18,602 | 16,943 | 15,918 | 16,386 | 14,462 |
| Total | $282,175 | $273,123 | $264,630 | $271,441 | $276,371 |
| Noninterest Income | |||||
| Trust and investment management fees | |||||
| Wealth management | $181 | $175 | $172 | $167 | $177 |
| U.S. Bancorp Asset Management | 65 | 65 | 62 | 64 | 62 |
| Global corporate trust | 253 | 242 | 231 | 219 | 230 |
| Global fund services | 160 | 154 | 144 | 140 | 143 |
| Institutional trust & custody | 70 | 69 | 67 | 63 | 64 |
| Other | 26 | 24 | 26 | 26 | 26 |
| Global capital markets | 247 | 281 | 246 | 240 | 203 |
| Treasury management | 139 | 148 | 159 | 148 | 140 |
| All other noninterest income | 108 | 98 | 91 | 99 | 106 |
| Total | $1,249 | $1,256 | $1,198 | $1,166 | $1,151 |
| Assets Under Management by Category * | |||||
| Equity | $88,527 | $85,068 | $79,084 | $80,414 | $81,688 |
| Fixed income | 225,777 | 224,009 | 232,453 | 224,349 | 214,329 |
| Money market | 202,398 | 194,604 | 187,799 | 182,768 | 171,192 |
| Other | 28,243 | 26,336 | 37,037 | 36,741 | 37,916 |
| Total | $544,945 | $530,017 | $536,373 | $524,272 | $505,125 |
| * 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)<br>(Unaudited) | December 31,2025 | September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 |
| INCOME STATEMENT | |||||
| Net Interest Income (taxable-equivalent basis) | 1,789 | 1,848 | 1,843 | 1,768 | 1,912 |
| Noninterest Income | |||||
| Card revenue | 3 | 3 | 3 | 2 | 2 |
| Corporate payment products revenue | — | — | — | — | — |
| Merchant processing services | — | — | — | — | — |
| Trust and investment management fees | 1 | 1 | 1 | 1 | 1 |
| Service charges | 176 | 182 | 173 | 163 | 169 |
| Capital markets revenue | 6 | 7 | 6 | 5 | 5 |
| Mortgage banking revenue | 130 | 180 | 162 | 173 | 116 |
| Investment products fees | — | — | — | — | — |
| Securities gains (losses), net | — | — | — | — | — |
| Other | 58 | 63 | 62 | 64 | 74 |
| Total noninterest income | 374 | 436 | 407 | 408 | 367 |
| Total net revenue | 2,163 | 2,284 | 2,250 | 2,176 | 2,279 |
| Noninterest Expense | |||||
| Compensation and employee benefits | 530 | 526 | 529 | 524 | 544 |
| Other intangibles | 59 | 59 | 59 | 59 | 65 |
| Net shared services | 700 | 705 | 681 | 664 | 694 |
| Other direct expenses | 314 | 314 | 309 | 305 | 327 |
| Total noninterest expense | 1,603 | 1,604 | 1,578 | 1,552 | 1,630 |
| Income before provision and income taxes | 560 | 680 | 672 | 624 | 649 |
| Provision for Credit Losses | 76 | 61 | 39 | 62 | 80 |
| Income before income taxes | 484 | 619 | 633 | 562 | 569 |
| Income taxes and taxable-equivalent adjustment | 121 | 155 | 158 | 141 | 142 |
| Net income | 363 | 464 | 475 | 421 | 427 |
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — |
| Net income attributable to U.S. Bancorp | 363 | 464 | 475 | 421 | 427 |
| FINANCIAL RATIOS | |||||
| Return on average assets | .91 % | 1.16 % | 1.15 % | 1.03 % | 1.01 % |
| Net interest margin (taxable-equivalent basis) | 4.80 | 4.95 | 4.79 | 4.61 | 4.82 |
| Efficiency ratio | 74.1 | 70.2 | 70.1 | 71.3 | 71.5 |
All values are in US Dollars.
| CONSUMER AND BUSINESS BANKING | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | December 31,2025 | September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 |
| AVERAGE BALANCE SHEET | |||||
| Loans | |||||
| Commercial | 4,488 | 4,330 | 4,525 | 4,054 | 4,306 |
| Commercial real estate | 11,880 | 11,849 | 11,772 | 11,606 | 11,610 |
| Residential mortgages | 94,804 | 95,724 | 98,057 | 102,251 | 102,257 |
| Credit card | — | — | — | — | — |
| Other retail | 33,835 | 33,999 | 35,124 | 35,996 | 36,865 |
| Total loans | 145,007 | 145,902 | 149,478 | 153,907 | 155,038 |
| Other Earning Assets | 2,850 | 2,331 | 4,875 | 1,778 | 2,738 |
| Total earning assets | 147,857 | 148,233 | 154,353 | 155,685 | 157,776 |
| Non-earning Assets | |||||
| Goodwill | 4,326 | 4,326 | 4,326 | 4,326 | 4,326 |
| Other intangible assets | 4,022 | 4,223 | 4,277 | 4,368 | 4,324 |
| Other non-earning assets | 2,003 | 1,969 | 2,036 | 2,113 | 2,267 |
| Total non-earning assets | 10,351 | 10,518 | 10,639 | 10,807 | 10,917 |
| Total assets | 158,208 | 158,751 | 164,992 | 166,492 | 168,693 |
| Deposits | |||||
| Noninterest-bearing deposits | 19,418 | 19,653 | 19,630 | 19,138 | 20,180 |
| Interest checking | 71,143 | 70,508 | 70,974 | 70,901 | 70,495 |
| Savings products | 92,410 | 92,520 | 91,765 | 91,315 | 90,885 |
| Time deposits | 39,401 | 39,231 | 38,018 | 36,648 | 37,279 |
| Total deposits | 222,372 | 221,912 | 220,387 | 218,002 | 218,839 |
| Other Interest-bearing Liabilities | 2,127 | 1,553 | 1,537 | 1,728 | 1,466 |
| Other Noninterest-bearing Liabilities | 1,742 | 1,872 | 1,880 | 1,842 | 2,051 |
| Total liabilities | 226,241 | 225,337 | 223,804 | 221,572 | 222,356 |
| Total U.S. Bancorp Shareholders' Equity | 13,293 | 13,363 | 13,556 | 13,705 | 14,050 |
| Noncontrolling Interests | — | — | — | — | — |
| Total Equity | 13,293 | 13,363 | 13,556 | 13,705 | 14,050 |
| NET INTEREST SPREADS (%) | |||||
| Total earning assets | 1.33 | 1.38 | 1.35 | 1.42 | 1.34 |
| Total assets | 1.00 | 1.05 | 1.03 | 1.10 | 1.02 |
| Total deposits | 3.59 | 3.94 | 3.98 | 4.08 | 4.31 |
| Total liabilities | 3.57 | 3.90 | 3.95 | 4.04 | 4.28 |
| CREDIT QUALITY | |||||
| Net Charge-offs | |||||
| Commercial | 13 | 16 | 16 | 12 | 13 |
| Commercial real estate | 1 | 1 | (1) | 1 | 1 |
| Residential mortgages | (2) | (1) | (1) | — | (2) |
| Credit card | — | — | — | — | — |
| Other retail | 67 | 58 | 52 | 62 | 62 |
| Total net charge-offs | 79 | 74 | 66 | 75 | 74 |
| Net Charge-off Ratios | |||||
| Commercial | 1.15 % | 1.47 % | 1.42 % | 1.20 % | 1.20 % |
| Commercial real estate | .03 | .03 | (.03) | .03 | .03 |
| Residential mortgages | (.01) | — | — | — | (.01) |
| Credit card | — | — | — | — | — |
| Other retail | .79 | .68 | .59 | .70 | .67 |
| Total net charge-offs | .22 % | .20 % | .18 % | .20 % | .19 % |
| December 31,2025 | September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 | |
| Nonperforming Assets | |||||
| Nonperforming loans | 413 | 394 | 391 | 383 | 386 |
| Other nonperforming assets | 24 | 23 | 21 | 23 | 21 |
| Total nonperforming assets | 437 | 417 | 412 | 406 | 407 |
All values are in US Dollars.
| CONSUMER AND BUSINESS BANKING | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 |
| OTHER INFORMATION | |||||
| Other Retail Loan Information | |||||
| Average Balances | |||||
| Retail leasing | $3,572 | $3,718 | $3,868 | $3,990 | $4,035 |
| Home equity and second mortgages | 11,457 | 11,359 | 11,246 | 11,120 | 11,015 |
| Other | 18,806 | 18,922 | 20,010 | 20,886 | 21,815 |
| Total other retail | $33,835 | $33,999 | $35,124 | $35,996 | $36,865 |
| Home equity first lien* | $4,662 | $4,861 | $5,093 | $5,296 | $5,498 |
| Home equity loans | 2,754 | 2,712 | 2,621 | 2,492 | 2,381 |
| Home equity lines | 8,703 | 8,647 | 8,625 | 8,628 | 8,634 |
| Total home equity | $16,119 | $16,220 | $16,339 | $16,416 | $16,513 |
| Net Charge-off Ratios (%) | |||||
| Retail leasing | 2.00 | 1.81 | 1.04 | 1.32 | .79 |
| Home equity and second mortgages | — | (.03) | — | (.04) | .04 |
| Other | 1.03 | .88 | .84 | .97 | .97 |
| Total other retail | .79 | .68 | .59 | .70 | .67 |
| Retail Credit Production | |||||
| Indirect loan/lease production volume | $1,435 | $1,660 | $1,367 | $1,141 | $1,397 |
| Direct branch loan/line production volume | 1,613 | 1,836 | 1,935 | 1,499 | 1,430 |
| Other production volume | 1,196 | 1,133 | 1,004 | 817 | 547 |
| Total retail credit production volume | $4,244 | $4,629 | $4,306 | $3,457 | $3,374 |
| Branch and ATM Data | |||||
| # of branches | 2,075 | 2,080 | 2,081 | 2,117 | 2,165 |
| # of U.S. Bank ATMs | 4,428 | 4,374 | 4,320 | 4,476 | 4,489 |
| * 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)<br>(Unaudited) | December 31,<br>2025 | September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 |
| Mortgage Banking Division Data | |||||
| Mortgage banking revenue | |||||
| Origination and sales (a) | $84 | 93 | 80 | 71 | 67 |
| Loan servicing | 165 | 173 | 172 | 172 | 173 |
| Mortgage servicing rights fair value changes | |||||
| net of economic hedges (b) | (11) | 12 | (4) | 2 | (14) |
| Other changes in mortgage servicing rights fair value (c) | (108) | (98) | (86) | (72) | (110) |
| Total mortgage banking revenue | $130 | 180 | 162 | 173 | 116 |
| Mortgage production volume | $12,627 | 9,951 | 9,645 | 6,562 | 10,211 |
| Mortgage application volume | $16,214 | 14,845 | 14,363 | 11,631 | 11,087 |
| Mortgages serviced for others (d)(e) | $216,349 | 216,146 | 220,795 | 216,701 | 216,648 |
| A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of December 31, 2025, was as follows: | |||||
| (Dollars in Millions) | HFA (f) | Government | Conventional (g) | Total | |
| Servicing portfolio (h) | 56,993 | 23,630 | 126,614 | 207,237 | |
| Fair value | 849 | 465 | 1,845 | 3,159 | |
| Value (bps) (i) | 149 | 197 | 146 | 152 | |
| Weighted-average servicing fees (bps) | 35 | 45 | 25 | 30 | |
| Multiple (value/servicing fees) | 4.22 | 4.41 | 5.75 | 5.03 | |
| Weighted-average note rate | 5.17% | 4.41% | 4.04% | 4.39% | |
| Weighted-average age (in years) | 4.8 | 6.8 | 5.7 | 5.6 | |
| Weighted-average expected prepayment (constant prepayment rate) | 10.2% | 10.1% | 8.2% | 9.0% | |
| Weighted-average expected life (in years) | 7.4 | 6.7 | 7.2 | 7.2 | |
| Weighted-average option adjusted spread (j) | 7.3% | 6.9% | 5.1% | 5.9% | |
| (a)Origination and sales revenue recorded based on estimated number of applications that will close.<br><br>(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.<br><br>(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.<br><br>(d)Amounts reported reflect end of period balances.<br><br>(e)Includes subserviced mortgages with no corresponding mortgage servicing rights asset.<br><br>(f)Represents Housing Finance Agency division.<br><br>(g)Represents loans primarily sold to government-sponsored enterprises.<br><br>(h)Represents principal balance of mortgages having corresponding mortgage servicing rights asset.<br><br>(i)Calculated as fair value divided by the servicing portfolio.<br><br>(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. |
All values are in US Dollars.
| PAYMENT SERVICES | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | December 31,2025 | September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 |
| INCOME STATEMENT | |||||
| Net Interest Income (taxable-equivalent basis) | 795 | 781 | 730 | 742 | 729 |
| Noninterest Income | |||||
| Card revenue | 452 | 437 | 439 | 396 | 431 |
| Corporate payment products revenue | 189 | 195 | 192 | 189 | 191 |
| Merchant processing services | 440 | 463 | 474 | 415 | 419 |
| Trust and investment management fees | — | — | — | — | — |
| Service charges | — | — | — | — | — |
| Capital markets revenue | — | — | — | — | — |
| Mortgage banking revenue | — | — | — | — | — |
| Investment products fees | — | — | — | — | — |
| Securities gains (losses), net | — | — | — | — | — |
| Other | 21 | 11 | 11 | 35 | 10 |
| Total noninterest income | 1,102 | 1,106 | 1,116 | 1,035 | 1,051 |
| Total net revenue | 1,897 | 1,887 | 1,846 | 1,777 | 1,780 |
| Noninterest Expense | |||||
| Compensation and employee benefits | 232 | 227 | 218 | 214 | 211 |
| Other intangibles | 21 | 20 | 19 | 18 | 24 |
| Net shared services | 550 | 547 | 518 | 530 | 535 |
| Other direct expenses | 287 | 250 | 249 | 226 | 236 |
| Total noninterest expense | 1,090 | 1,044 | 1,004 | 988 | 1,006 |
| Income before provision and income taxes | 807 | 843 | 842 | 789 | 774 |
| Provision for Credit Losses | 461 | 408 | 384 | 317 | 463 |
| Income before income taxes | 346 | 435 | 458 | 472 | 311 |
| Income taxes and taxable-equivalent adjustment | 87 | 109 | 115 | 118 | 78 |
| Net income | 259 | 326 | 343 | 354 | 233 |
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — |
| Net income attributable to U.S. Bancorp | 259 | 326 | 343 | 354 | 233 |
| FINANCIAL RATIOS | |||||
| Return on average assets | 2.10 % | 2.67 % | 2.88 % | 3.07 % | 1.91 % |
| Net interest margin (taxable-equivalent basis) | 7.18 | 7.21 | 6.93 | 7.22 | 6.85 |
| Efficiency ratio | 57.5 | 55.3 | 54.4 | 55.6 | 56.5 |
All values are in US Dollars.
| PAYMENT SERVICES | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | December 31,2025 | September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 |
| AVERAGE BALANCE SHEET | |||||
| Loans | |||||
| Commercial | 12,698 | 12,588 | 12,504 | 12,067 | 12,439 |
| Commercial real estate | — | — | — | — | — |
| Residential mortgages | — | — | — | — | — |
| Credit card | 31,119 | 30,241 | 29,588 | 29,404 | 29,438 |
| Other retail | 126 | 128 | 132 | 136 | 144 |
| Total loans | 43,943 | 42,957 | 42,224 | 41,607 | 42,021 |
| Other Earning Assets | 5 | 5 | 5 | 57 | 290 |
| Total earning assets | 43,948 | 42,962 | 42,229 | 41,664 | 42,311 |
| Non-earning Assets | |||||
| Goodwill | 3,478 | 3,482 | 3,425 | 3,391 | 3,399 |
| Other intangible assets | 251 | 260 | 258 | 249 | 262 |
| Other non-earning assets | 1,242 | 1,720 | 1,923 | 1,521 | 2,573 |
| Total non-earning assets | 4,971 | 5,462 | 5,606 | 5,161 | 6,234 |
| Total assets | 48,919 | 48,424 | 47,835 | 46,825 | 48,545 |
| Deposits | |||||
| Noninterest-bearing deposits | 2,478 | 2,427 | 2,511 | 2,682 | 2,592 |
| Interest checking | 1 | — | 1 | 1 | — |
| Savings products | 93 | 94 | 93 | 92 | 93 |
| Time deposits | 1 | 1 | 1 | 1 | 1 |
| Total deposits | 2,573 | 2,522 | 2,606 | 2,776 | 2,686 |
| Other Interest-bearing Liabilities | 325 | 257 | 331 | 228 | 178 |
| Other Noninterest-bearing Liabilities | 4,676 | 5,104 | 5,377 | 4,880 | 5,774 |
| Total liabilities | 7,574 | 7,883 | 8,314 | 7,884 | 8,638 |
| Total U.S. Bancorp Shareholders' Equity | 10,457 | 10,318 | 10,234 | 10,229 | 10,154 |
| Noncontrolling Interests | — | — | — | — | — |
| Total Equity | 10,457 | 10,318 | 10,234 | 10,229 | 10,154 |
| NET INTEREST SPREADS (%) | |||||
| Total earning assets | 6.34 | 6.46 | 6.18 | 6.51 | 6.21 |
| Total assets | 5.27 | 5.23 | 4.94 | 5.30 | 4.80 |
| Total deposits | 4.78 | 5.19 | 5.23 | 5.11 | 5.48 |
| Total liabilities | 4.30 | 4.43 | 4.39 | 4.48 | 4.74 |
| CREDIT QUALITY | |||||
| Net Charge-offs | |||||
| Commercial | 61 | 62 | 63 | 63 | 60 |
| Commercial real estate | — | — | — | — | — |
| Residential mortgages | — | — | — | — | — |
| Credit card | 297 | 284 | 317 | 325 | 317 |
| Other retail | 1 | 1 | 1 | 1 | 1 |
| Total net charge-offs | 359 | 347 | 381 | 389 | 378 |
| Net Charge-off Ratios | |||||
| Commercial | 1.91 % | 1.95 % | 2.02 % | 2.12 % | 1.92 % |
| Commercial real estate | — | — | — | — | — |
| Residential mortgages | — | — | — | — | — |
| Credit card | 3.79 | 3.73 | 4.30 | 4.48 | 4.28 |
| Other retail | 3.15 | 3.10 | 3.04 | 2.98 | 2.76 |
| Total net charge-offs | 3.24 % | 3.20 % | 3.62 % | 3.79 % | 3.58 % |
| December 31,2025 | September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 | |
| Nonperforming Assets | |||||
| Nonperforming loans | — | — | — | — | — |
| Other nonperforming assets | — | — | — | — | — |
| Total nonperforming assets | — | — | — | — | — |
All values are in US Dollars.
| PAYMENT SERVICES | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 |
| OTHER INFORMATION | |||||
| Total Noninterest Income | |||||
| Retail payment solutions | $465 | $441 | $442 | $423 | $436 |
| Corporate payment systems | 192 | 198 | 195 | 192 | 194 |
| Global merchant acquiring | 445 | 467 | 479 | 420 | 421 |
| Total | $1,102 | $1,106 | $1,116 | $1,035 | $1,051 |
| Payment Volumes | |||||
| Retail payment solutions (issuing) | |||||
| Credit card | $39,651 | $38,581 | $38,132 | $34,960 | $37,640 |
| Debit and prepaid card | 28,974 | 27,936 | 27,821 | 26,029 | 27,247 |
| Total retail payment solutions | $68,625 | $66,517 | $65,953 | $60,989 | $64,887 |
| Corporate payment systems (issuing) | $21,413 | $23,312 | $22,317 | $21,612 | $21,859 |
| Merchant volume (acquiring) | $145,144 | $157,540 | $155,853 | $143,505 | $142,576 |
| # of merchant transactions | 2,194,766,357 | 2,305,019,024 | 2,259,541,900 | 2,014,546,904 | 2,112,763,544 |
| TREASURY AND CORPORATE SUPPORT | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 |
| INCOME STATEMENT | |||||
| Net Interest Income (taxable-equivalent basis) | ($124) | ($201) | ($276) | ($144) | ($400) |
| Noninterest Income | |||||
| Card revenue | — | — | — | — | — |
| Corporate payment products revenue | — | — | — | — | — |
| Merchant processing services | — | — | — | — | — |
| Trust and investment management fees | — | — | — | — | — |
| Service charges | 2 | 2 | 4 | 4 | 5 |
| Capital markets revenue | 227 | 208 | 194 | 188 | 197 |
| Mortgage banking revenue | — | — | — | — | — |
| Investment products fees | — | — | — | — | — |
| Securities gains (losses), net | 3 | (7) | (57) | — | (1) |
| Other | 96 | 77 | 62 | 35 | 63 |
| Total noninterest income | 328 | 280 | 203 | 227 | 264 |
| Total net revenue | 204 | 79 | (73) | 83 | (136) |
| Noninterest Expense | |||||
| Compensation and employee benefits | 1,233 | 1,278 | 1,318 | 1,377 | 1,354 |
| Other intangibles | — | — | — | — | — |
| Net shared services | (1,765) | (1,774) | (1,731) | (1,719) | (1,760) |
| Other direct expenses | 713 | 712 | 664 | 700 | 760 |
| Total noninterest expense | 181 | 216 | 251 | 358 | 354 |
| Income (loss) before provision and income taxes | 23 | (137) | (324) | (275) | (490) |
| Provision for Credit Losses | (116) | (95) | (105) | 148 | (33) |
| Income (loss) before income taxes | 139 | (42) | (219) | (423) | (457) |
| Income taxes and taxable-equivalent adjustment | (96) | (98) | (135) | (181) | (181) |
| Net income (loss) | 235 | 56 | (84) | (242) | (276) |
| Net (income) loss attributable to noncontrolling interests | (6) | (7) | (6) | (7) | (7) |
| Net income (loss) attributable to U.S. Bancorp | $229 | $49 | ($90) | ($249) | ($283) |
| 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)<br>(Unaudited) | December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 |
| AVERAGE BALANCE SHEET | |||||
| Loans | |||||
| Commercial | $3,515 | $3,205 | $2,924 | $2,816 | $2,713 |
| Commercial real estate | 2,658 | 2,645 | 2,636 | 2,676 | 2,669 |
| Residential mortgages | 1 | — | — | — | 1 |
| Credit card | — | — | — | — | — |
| Other retail | 2 | 3 | 2 | 7 | 5 |
| Total loans | 6,176 | 5,853 | 5,562 | 5,499 | 5,388 |
| Other Earning Assets | 220,864 | 225,295 | 217,155 | 217,410 | 224,186 |
| Total earning assets | 227,040 | 231,148 | 222,717 | 222,909 | 229,574 |
| Non-earning Assets | |||||
| Goodwill | — | — | — | — | — |
| Other intangible assets | 7 | 7 | 8 | 8 | 8 |
| Other non-earning assets | 30,674 | 28,353 | 25,647 | 24,493 | 22,290 |
| Total non-earning assets | 30,681 | 28,360 | 25,655 | 24,501 | 22,298 |
| Total assets | 257,721 | 259,508 | 248,372 | 247,410 | 251,872 |
| Deposits | |||||
| Noninterest-bearing deposits | 2,616 | 2,491 | 2,578 | 2,729 | 3,155 |
| Interest checking | 1,606 | 1,671 | 1,879 | 1,546 | 1,507 |
| Savings products | 1,536 | 1,599 | 1,792 | 2,035 | 1,993 |
| Time deposits | 2,264 | 8,464 | 9,018 | 8,005 | 7,762 |
| Total deposits | 8,022 | 14,225 | 15,267 | 14,315 | 14,417 |
| Other Interest-bearing Liabilities | 59,882 | 62,998 | 67,007 | 59,170 | 57,692 |
| Other Noninterest-bearing Liabilities | 11,520 | 10,628 | 8,514 | 9,978 | 8,698 |
| Total liabilities | 79,424 | 87,851 | 90,788 | 83,463 | 80,807 |
| Total U.S. Bancorp Shareholders' Equity | 18,283 | 16,832 | 15,286 | 14,126 | 13,370 |
| Noncontrolling Interests | 458 | 458 | 457 | 460 | 460 |
| Total Equity | 18,741 | 17,290 | 15,743 | 14,586 | 13,830 |
| NET INTEREST SPREADS (%) | |||||
| Total earning assets | nm | nm | nm | nm | nm |
| Total assets | nm | nm | nm | nm | nm |
| Total deposits | nm | nm | nm | nm | nm |
| Total liabilities | nm | nm | nm | nm | nm |
| CREDIT QUALITY | |||||
| Net Charge-offs | |||||
| Commercial | $— | ($1) | $1 | $22 | $— |
| Commercial real estate | — | (3) | — | — | (9) |
| Residential mortgages | — | — | — | — | — |
| Credit card | — | — | — | — | — |
| Other retail | — | — | — | — | — |
| Total net charge-offs | $— | ($4) | $1 | $22 | ($9) |
| Net Charge-off Ratios (%) | |||||
| Commercial | nm | nm | nm | nm | nm |
| Commercial real estate | nm | nm | nm | nm | nm |
| Residential mortgages | nm | nm | nm | nm | nm |
| Credit card | nm | nm | nm | nm | nm |
| Other retail | nm | nm | nm | nm | nm |
| Total net charge-offs | nm | nm | nm | nm | nm |
| December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | |
| Nonperforming Assets | |||||
| Nonperforming loans | $8 | $8 | $6 | $29 | $23 |
| Other nonperforming assets | 18 | 20 | 21 | 19 | 18 |
| Total nonperforming assets | $26 | $28 | $27 | $48 | $41 |
21
a4q25earningscallpresent
1©2025 U.S. Bank | Confidential U.S. Bancorp 4Q25 Earnings Conference Call J a n u a r y 2 0 , 2 0 2 6
2©2025 U.S. Bank | Confidential Forward-looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects, targets, initiatives and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties: deterioration in general business, political and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility; changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements and any credit card interest rate caps, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities; changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs; changes in interest rates; increases in unemployment rates; deterioration in the credit quality of U.S. Bancorp’s loan portfolios or in the value of the collateral securing those loans; changes in commercial real estate occupancy rates; increases in Federal Deposit Insurance Corporation (FDIC) assessments, including due to bank failures; actions taken by governmental agencies to stabilize or reform the financial system and the effectiveness of such actions; turmoil and volatility in the financial services industry; risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer; impacts of current, pending or future litigation and governmental proceedings; increased competitive pressure; 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, such as the pending acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC, and related integration, including that the expected benefits may take longer than anticipated to achieve or may not be achieved in entirety or at all and the costs relating to the combination may be greater than expected; effects of critical accounting policies and judgments; effects of changes in or interpretations of tax laws and regulations; management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk and liquidity risk; and the risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2024, and subsequent filings with the Securities and Exchange Commission. Factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events. This presentation includes non-GAAP financial measures to describe U.S. Bancorp’s performance. The calculations of these measures are provided in the Appendix. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the difficulty forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of U.S. Bancorp’s control or cannot be reasonably predicted. For the same reasons, U.S. Bancorp’s management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
3©2025 U.S. Bank | Confidential 4Q25 Highlights Growth • Record quarterly and full-year net revenue driven by NII, consumer deposits, and fee income growth Productivity • Six consecutive quarters of positive operating leverage, as adjusted, supported by continued execution discipline Returns • Strong profitability measures driven by highly diversified fee revenue mix and spread income growth Risk & Financial Management • Stable-to-improving asset quality trends and strong capital levels 1 Non-GAAP; see the appendix for calculations and description of notable items. 2 Taxable-equivalent basis; Non-GAAP; see appendix for calculation. 3 Non-GAAP; see appendix for calculations. 4 Common equity tier 1 capital to risk-weighted assets. 0.54% Net Charge-off Ratio 10.8% CET1 Capital Ratio4 $4.31B Net Interest Income2 3.3% vs. 4Q24 7.6% 4Q25 Fee Revenue Growth vs. 4Q24 440 bps Adjusted Positive Operating Leverage1 vs. 4Q24 57.4% Efficiency Ratio3 $1.26 Earnings per share 17.8% vs. 4Q24 adj.1 18.4% Return on Tangible Common Equity3 1.19% Return on Average Assets 2.77% Net Interest Margin
4©2025 U.S. Bank | Confidential 2025 in Review: Restoring Investor Confidence Return on Average Assets Return on Tangible Common Equity Fee Income Growth (YoY) Efficiency Ratio 1.15% to 1.35% High teens Mid-single digits Mid-to-high 50s Medium-term targets1 1 Medium-term represents 2026 and 2027, subject to economic assumptions described in the appendix 2 Non-GAAP; see appendix for calculation 3 Excludes securities gains and (losses) Executed on three strategic priorities while operating within our medium-term targets 2025 Key Strategic Priorities Organic Growth Payments Transformation Expense Management 1.19% 18.4%2 7.6% 57.4%2 4Q 2025 3
5©2025 U.S. Bank | Confidential 61.1% 62.5% 60.2% 59.9% 60.8% 57.2% 57.4% (420) (230) 30 190 270 250 530 440 Efficiency Ratio YoY Operating Leverage (bps) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Disciplined Expense Management Productivity gains driving consistent positive operating leverage / improving efficiency 1 Non-GAAP; efficiency ratio for 4Q23, 1Q24, 2Q24, and 4Q24 excludes notable items; YoY operating leverage excludes securities gains (losses) and notable items; see appendix for calculations and description of notable items. 2025 Focus • Expense management strong contributor to positive operating leverage • 9 quarters of stable expenses, as adjusted • Execution on 4 signature programs: › AI and automation › Location optimization › Real estate rationalization › Organizational simplicity 2026 Priorities • Expense management expected to become ongoing foundational discipline • Revenue growth expected to be a stronger engine for meaningful positive operating leverage Adjusted Efficiency Ratio & YoY Operating Leverage 1 1 60.7% 59.2% (470)
6©2025 U.S. Bank | Confidential Strong Fee Momentum and Diversified Mix Fee income represents 42%1 of U.S. Bancorp’s total net revenue Fee Revenue Growth FY2025 vs. FY2024 2024 Fee Income Capital Markets and Impact Finance PaymentsTrust & Investment Management Consumer/ Other +6.7% 2025 Focus • Capital Markets product expansion • Trust & Investments: Exchange-Traded Funds (ETFs) and Private Capital • Bank Smartly interconnected offerings • Sales and marketing expansion 2026 Priorities • Continued execution on 2025 priorities • BTIG revenue synergies • Growing Small Business segment 2025 Fee Income $243M $209M $126M $174M $11,200M $11,952M +13.7% +7.9% +3.0% +6.7% + 6. % 1 F r th twelve months ended December 31, 2025 on a taxable-equivalent basis
7©2025 U.S. Bank | Confidential Compelling Strategic Rationale and Cultural Fit Bolt-on transaction that adds ~$750 million annually of predominantly fee revenues to Global Capital Markets business BTIG's strong equities and advisory capabilities complement top-performing fixed-income oriented business BTIG leadership committed to business going-forward; strong alignment through transaction structure Revenue synergies across Global Capital Markets as well as other USB businesses Consistent with 2024 Investor Day objectives Longstanding relationship with BTIG through existing ten-year partnership; a "known quantity" Negligible to 2026 EPS; Total CET1 decline impact of ~12bps1 $1.4B of 2025 Global Markets business revenue $750M in 2025 estimated adjusted net revenue 1 Expected impact at closing
8©2025 U.S. Bank | Confidential $112 $234 $475 $664 Noninterest income Net interest income 2021 2025 Spotlight on Global Fund Services (GFS) Driving fee revenue growth supported by Exchange Traded Funds (ETF) activity Global Fund Services1 Net Revenue in $ Millions Significant ETF growth in 2025: • ETF asset servicing increased 46% YoY • Preferred ETF service provider for first time issuers (50+ new issuers in 2025) • Most fund launches of any service provider in the U.S. (500+ launches in 2025) • Majority of new digital asset and derivative-based ETFs were launched with USB in 2025 +11% CAGR Business Mix % of total 2025 GFS net revenue ETFs 25% Registered Funds 42% Alternative Investments 33% 2025 total U.S. market ETFs launched2 100% = 1,091 launches 1 Global Fund Services noninterest income represented within trust and investment management fees, capital markets revenue, and other revenue. 2 2025 Total ETFs launched source Morningstar Direct 46% 54% U.S. Bancorp funds serviced Competitor funds serviced $587 $898
9©2025 U.S. Bank | Confidential Early Momentum on Payments Transformation 2025 Focus • Merchant: Embedded payments, focused verticals, direct distribution • Card: Interconnected solutions, partnership platforms, California market 2026 Priorities • Accelerate payments transformation momentum • Scale Small Business card & merchant Merchant Processing Fee Revenue YoY Growth Credit Card Only Fee Revenue YoY Growth Consumer Credit Card Balance ($Bn) & YoY Growth (%) 2.4% 3.5% 4.4% 5.2% 5.0% 4Q24 1Q25 2Q25 3Q25 4Q25 4.7% 4.2% 4.4% 5.2% 5.3% 4Q24 1Q25 2Q25 3Q25 4Q25 $29.4 $29.4 $29.6 $30.2 $31.1 6.1% 5.2% 4.4% 4.3% 5.7% 4Q24 1Q25 2Q25 3Q25 4Q25
10©2025 U.S. Bank | Confidential Deposits Average Balances $Bn Balance Sheet Positioned for Improving NII Growth Net interest income1 ($M) and Net interest margin (%) Loans Average Balances $Bn 2025 Focus • Consumer deposit growth and more favorable mix shift • Improved Commercial and Credit Card loan mix • Strategic balance sheet actions in 2Q 2026 Priorities • Sustained focus on 2025 priorities • Focus on consumer & operating deposits • Commercial Real Estate loan growth 1 Taxable-equivalent basis; Non-GAAP; see appendix for calculation. 2 Consumer includes Wealth YoY -1.5% +2.5% YoY +6 bps + 3.3% $263 $270 $249 $245 Consumer Wholesale, Trust, Other 4Q24 4Q25 CRE, Mortgage & Other Retail $4,176 $4,312 2.71% 2.77% 4Q24 4Q25 2 Commercial & Credit Card YoY -3.3% +9.1%$165 $180 $211 $204 4Q24 4Q25
11©2025 U.S. Bank | Confidential Operating within our Target Ranges Drives Growth Return on Average Assets Return on Tangible Common Equity Fee Income Growth (YoY) Efficiency Ratio 1.15% to 1.35% High teens Mid-single digits Mid-to-high 50s Medium-term Targets1 1 Medium-term represents 2026 and 2027, subject to economic assumptions described in the appendix 2 Non-GAAP; See appendix for calculations and description of notable items 3 Source: Visible Alpha as of 1/8/2026; Peer group includes JPM, WFC, BAC, PNC, CFG, TFC, KEY, FITB and RF Adjusted Pre-Provision Net Revenue (PPNR) Growth Year-over-year 8% 6% 5% 3% 18% 10% 12% Peer Median 3 1Q25 2Q25 3Q25 4Q25 Adjusted Earnings per Share (EPS) Growth Year-over-year 2 2 2 2 Peer Median 3 1Q25 2Q25 3Q25 4Q25 14% 8% 13% 12% 18% 17% 18% 2 2 2 2 2 2
12©2025 U.S. Bank | Confidential 4Q25 Results Summary Income Statement Balance Sheet Capital 1 Non-GAAP; see appendix for calculations and description of notable items. 2 Taxable-equivalent basis; Non-GAAP; see appendix for calculation. 3 Common equity tier 1 capital to risk-weighted assets. 4 4Q24 reflects Basel III standardized approach with 5 year current expected credit losses (CECL) transition; 3Q25 and 4Q25 fully reflect 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. $ in millions, except EPS 4Q25 3Q25 4Q24 (Adj.) 1 Net interest income2 $4,312 1.4 % 3.3 % Noninterest income 3,053 (.8) 7.8 Noninterest expense 4,227 .7 .6 Net income to company 2,045 2.2 17.2 Diluted EPS $1.26 3.3 17.8 Change vs. $ in millions 4Q25 3Q25 4Q24 Nonperforming assets $1,590 (3.9) % (13.2) % NPA ratio 0.41 % (2) bps (7) bps Net charge-off ratio 0.54 % (2) bps (6) bps 90+ day delinquency 0.22 % — bps 1 bps Ending balance Avg balance Average Period Balance change vs. $ in billions 4Q25 4Q25 3Q25 4Q24 Total assets $692.3 $683.6 .6 % 1.7 % Earning assets 627.7 620.2 .4 1.0 Total loans 391.3 384.3 1.4 2.3 Total deposits 522.2 515.1 .7 .6 Change vs. 4Q25 3Q25 4Q24 CET1 capital ratio3,4 10.8 % (10) bps 30 bps Total risk-based capital ratio 14.2 % (20) bps (10) bps Book value per share $37.55 3.4 % 13.1 % Tangible book value per share1 $29.12 4.6 % 18.2 % Earnings returned (millions)5 $936 Credit Quality
13©2025 U.S. Bank | Confidential 1.03% 1.17% 1.19% 0.98% Return on Average Assets Adjusted for notable items 4Q24 3Q25 4Q25 61.5% 57.2% 57.4% 59.9% 2.71% 2.75% 2.77% Efficiency Ratio Adjusted for notable items Net Interest Margin 4Q24 3Q25 4Q25 Performance Ratios 12.7% 13.5% 13.5% 12.1% Return on Average Common Equity Adjusted for notable items 4Q24 3Q25 4Q25 18.3% 18.6% 18.4% 17.4% Return on Tangible Common Equity Adjusted for notable items 4Q24 3Q25 4Q25 Return on Average Assets Return on Average Common Equity Return on Tangible Common Equity1 Efficiency Ratio1 & Net Interest Margin 2 2 1 Non-GAAP; see appendix for calculations and description of notable items 2 Net interest margin on a taxable-equivalent basis; see appendix for calculations 1 1 1 1 1
14©2025 U.S. Bank | Confidential Balance Sheet Summary 16% 16% 16% 16% 16% 14% 14% 14% 14% 14% 70% 70% 70% 70% 70% 4Q24 1Q25 2Q25 3Q25 4Q25 Total Average Deposits 4Q25 Highlights Total Average Loans $376 $379 $379 $379 $384 6.03% 5.91% 5.89% 5.97% 5.80% Average Balance Avg Yield % 4Q24 1Q25 2Q25 3Q25 4Q25 Investment Portfolio End of Period Balances $ i billions 1 Balances exclude unrealized gains (losses). 2 Non-GAAP; reflects strategic loan sales of $5.5 billion in 2Q25. $171 $171 $174 $171 $171 3.14% 3.10% 3.18% 3.26% 3.16% Ending Balance Avg Yield % 4Q24 1Q25 2Q25 3Q25 4Q25 1 $512 $507 $503 $512 30% 30% 30% 30% $515 Noninterest-Bearing Low-Cost Consumer Deposits Interest Bearing • Average consumer deposits grew 2.5% YoY to highest level; Continued growth in noninterest-bearing deposits • Average loan growth of 2.3% year-over-year or 3.8%2 when adjusted for 2Q25 loan sales Interest-bearing deposits 30% 4Q24 1Q25 2Q25 3Q25 4Q25 2.57% 2.39% 2.41% 2.43% 2.25% Avg. Yield %
15©2025 U.S. Bank | Confidential • Year-over-year increase in net interest income primarily driven by loan growth and fixed asset repricing • Linked quarter net interest income increase driven by favorable deposit mix and higher average loans, partially offset by lower interest-bearing deposits with banks • Continued net interest margin expansion driven by loan growth and fixed asset repricing Net Interest Income % Change vs. 4Q25 3Q25 4Q24 Loans $5,599 (1.6) % (1.3) % Loans held for sale 43 22.9 (14.0) Investment securities 1,343 (3.5) 1.3 Other interest income 938 15.5 20.1 Total interest income $7,923 (.1) 1.2 Deposits $2,451 (7.4) (11.6) Short-term borrowings 505 54.0 96.5 Long-term debt 683 (6.3) 4.1 Total interest expense $3,639 (1.8) (1.2) Net interest income $4,284 1.5 3.3 Taxable-equivalent adjustment 28 (3.4) (6.7) Net interest income, on a taxable-equivalent basis1 $4,312 1.4 % 3.3 % Net interest margin (taxable-equivalent basis) 2.77 % 2 bps 6 bps $ i millions 1 Non-GAAP; see appendix for calculations
16©2025 U.S. Bank | Confidential Noninterest Income $ in millions Payments = card, corporate payment products and merchant processing Treasury management fees included within service charges % Change vs. 4Q25 3Q25 4Q24 Payments $1,084 (1.3) % 3.9 % Trust and investment management fees 756 3.6 7.5 Capital markets revenue 427 (1.6) 17.3 Investment product fees 101 4.1 16.1 Institutional fees 1,284 1.8 11.3 Service charges 318 (4.5) 1.3 Mortgage banking revenue 130 (27.8) 12.1 Impact finance 136 34.7 23.6 Other 98 (12.5) 1.0 Consumer / Other 682 (6.1) 7.1 Total fee revenue 3,050 (1.1) 7.6 Securities gains (losses), net 3 nm nm Noninterest Income $3,053 (.8) % 7.8 % • Year-over-year increase driven by broad-based growth across all fee categories • On a linked quarter basis, noninterest income reflects continued strength in trust and investment management fees and impact finance which was offset by seasonal declines in payments and mortgage banking revenue
17©2025 U.S. Bank | Confidential Noninterest Expense $ i millions 1 Non-GAAP; 4Q24 adjusted for notable items; see appendix for calculations and description of notable items % Change vs. 4Q25 3Q25 4Q24 Compensation and benefits $2,529 (1.2) % (3.0) % Technology and communications 584 4.3 9.4 Occupancy and equipment 320 6.7 .9 Professional services 144 23.1 6.7 Marketing and business development 187 6.9 16.9 All other 463 (4.3) 3.1 Total noninterest expense, adjusted1 $4,227 .7 .6 Notable items1 — — nm Total noninterest expense, reported $4,227 .7 % (1.9) % • Year-over-year decrease in noninterest expense was driven by lower compensation and employee benefits expenses partially offset by reinvestment in technology and marketing initiatives • On a linked quarter basis, increase in noninterest expense driven by branch remodel and maintenance activity, higher professional services tied to initiatives, and ongoing technology investment, partially offset by lower compensation and other costs • Fourth quarter of 2025 benefit of $105 million in lower FDIC insurance expense was partially offset by $80 million in severance charges
18©2025 U.S. Bank | Confidential $560 $537 $501 $571 $577 $562 $547 $554 $536 $527 $(2) $(10) 2.09% 2.07% 2.07% 2.06% 2.03% $ in millions, unless specified Credit Quality Asset quality trends are stable-to-improving; Provision increase driven by loan growth Amount ($B) Reserve (%) Commercial $2.3 1.5% Commercial real estate 1.3 2.6% Residential mortgage .7 .6% Credit card 2.8 8.6% Other retail .8 2.1% Total $7.9 2.0% Change vs. 4Q25 3Q25 4Q24 Nonperforming assets Balance $1,590 $(64) $(242) NPAs/period-end loans plus OREO 0.41 % (2) bps (7) bps Net charge-offs NCOs $527 $(9) $(35) NCOs/avg loans 0.54 % (2) bps (6) bps Provision for Credit Losses Net Charge-offs (NCO) and Nonperforming Assets (NPA) Highlights Allowance for Credit Losses by Loan Category, 4Q25 • $50M reserve build primarily driven by loan portfolio growth • CECL forecasted peak unemployment rate of 5.9% • Linked quarter net charge-off ratio improved 2bps to 0.54% NCOs Reserve Build (Release) Allowance for Credit Losses / Period-end Loans 4Q24 1Q25 2Q25 3Q25 ($53) $35 4Q25 $50
19©2025 U.S. Bank | Confidential Capital Management Modest share repurchases with continued capital accretion through earnings 1 Ratios for periods prior to January 1, 2025 calculated in accordance with transitional regulatory requirements related to the CECL methodology; 2025 periods fully reflect implementation related to the CECL methodology 2 Non GAAP; see appendix for calculations 4th Quarter Highlights CET1 Ratio Including AOCI 28.8%8.6% 8.9%6.5% 8.5% 10.6% 10.8% 10.7% 10.9% 10.8% 1Q23 4Q24 1Q25 2Q25 3Q25 4Q25 7.1% CET1 Ratio Regulatory Minimum Binding Capital Constraint starting in 4Q25 9.2% • Common Equity Tier 1 capital ratio declined by 10 bps given strong loan and risk weighted asset growth, partially offset by earnings generation • Including AOCI, CET1 improved to 9.3%2 as of December 31, 2025 • Completed common stock repurchases of $100 million CET1 Ratio1 9.3%
20©2025 U.S. Bank | Confidential 2025 Guidance Scorecard 1 Taxable-equivalent basis; see appendix for calculation; 2 Non-GAAP; excludes notable items and securities gains and losses; see appendix for calculations and description of notable items; 3 As calculated on a year-over-year basis; 4 Non-GAAP; excludes securities gains and losses; see appendix for calculation 4Q25 Performance Net interest income1 Total noninterest expense Positive operating leverage2,3 4Q Guidance 4Q Result Relatively stable vs. 3Q 2025 $4,251M $4,312M +1% to 1.5% vs. 3Q 2025 $4,227M +0.7% vs. 3Q 2025 200+ bps 440 bps Total fee revenue ~$3.0B $3,050M FY25 Performance Total net revenue Positive operating leverage2,3 FY Guidance FY Result +3% to 5% vs. FY24 of $27.6B1,4 +4% YoY growth FY25 revenue of $28.7B1,4 200+ bps 370 bps
21©2025 U.S. Bank | Confidential 2026 Outlook 1 Taxable-equivalent basis; see appendix for calculation. 2 Non-GAAP; excludes securities gains and losses; see appendix for calculations. 3 As calculated on a year-over-year basis 1Q26 Guidance +3% to 4% vs. 1Q25 of $4,122M +1% vs. 1Q25 of $4,232 +5% to 6% vs. 1Q25 of $2,836M FY26 Guidance Net interest income1 Total noninterest expense Total fee revenue2 +4% to 6% vs. FY25 of $28.7B1,2 200+ bps Total Net Revenue Positive operating leverage2,3 Guidance excludes the BTIG acquisition, which is expected to add ~$175 - 200M of quarterly net revenue and remain neutral to PPNR post closing in 2026
22©2025 U.S. Bank | Confidential Focused on our Medium-Term Targets 1 Non-GAAP; as adjusted for notable items; see appendix for calculation and description of notable items. 2 Excludes securities gains (losses). 3 4Q24 ratio calculated in accordance with transitional regulatory requirements related to the CECL methodology; 3Q25 and 4Q25 fully reflect implementation related to the CECL methodology. 4 Non-GAAP; see appendix for calculation; 5 Medium-term represents 2026 and 2027; subject to economic assumptions described in the appendix. 4Q 2024 3Q 2025 4Q 2025 Medium-term Target5 Return on Average Assets 1.03% 1.17% 1.19% 1.15% to 1.35% Return on Tangible Common Equity 18.3% 18.6% 18.4% High teens Fee Revenue Growth (YoY)2 3.6% 9.5% 7.6% Mid-single digits Efficiency Ratio 59.9% 57.2% 57.4% Mid-to-high 50s Operating Leverage (YoY)2 190 bps 530 bps 440 bps Committed to positive operating leverage CET1 Capital Ratio (Cat III)3 10.6% 10.9% 10.8% ~10% Cat II pro forma CET1 Capital Ratio with AOCI4 8.6% 9.2% 9.3% 1 1 4 4 1 4 4 1 4 1
23©2025 U.S. Bank | Confidential Looking ahead to 2026 • Committed to delivering consistent, strong EPS growth • Executing on organic growth and payments transformation with meaningful operating leverage and strong risk management • Investing for growth, in particular Technology, Sales and Marketing • Building towards our long-term capital distribution target of ~75% • Strongly positioned to succeed in a banking industry being transformed by regulation, digital assets, AI, and novel competitors
24©2025 U.S. Bank Appendix
25©2025 U.S. Bank | Confidential Income Statement Detail 1 Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations and description of notable items Excluding Notable Items2 % Change Notable Items2 Reported % Change $ in millions, except EPS 4Q25 3Q25 4Q24 vs 3Q25 vs 4Q24 4Q24 vs 4Q24 Net interest income $4,284 $4,222 $4,146 1.5 % 3.3 % $— 3.3 % Taxable-equivalent adjustment 28 29 30 (3.4) (6.7) — (6.7) Net interest income (taxable-equivalent basis) 4,312 4,251 4,176 1.4 3.3 — 3.3 Noninterest income 3,053 3,078 2,833 (.8) 7.8 — 7.8 Net revenue 7,365 7,329 7,009 .5 5.1 — 5.1 Noninterest expense 4,227 4,197 4,311 .7 (1.9) 109 .6 Operating income 3,138 3,132 2,698 .2 16.3 (109) 11.8 Provision for credit losses 577 571 560 1.1 3.0 — 3.0 Income before taxes 2,561 2,561 2,138 — 19.8 (109) 14.0 Applicable income taxes 510 553 468 (7.8) 9.0 (27) 3.0 Net income 2,051 2,008 1,670 2.1 22.8 (82) 17.1 Noncontrolling interests (6) (7) (7) 14.3 14.3 — 14.3 Net Income to company 2,045 2,001 1,663 2.2 23.0 (82) 17.2 Preferred dividends/other 80 108 82 (25.9) (2.4) (1) (3.6) Net Income to common $1,965 $1,893 $1,581 3.8 % 24.3 % ($81) 18.2 % Net interest margin1 2.77% 2.75% 2.71% 2 bps 6 bps — bps 6 bps Efficiency ratio2 57.4% 57.2% 61.5% 20 bps (410) bps 160 bps (250) bps Diluted EPS $1.26 $1.22 $1.01 3.3 % 24.8 % $(.06) 17.8 %
26©2025 U.S. Bank | Confidential Average Loans • On a year-over-year basis, average total loan growth was driven by higher commercial and credit card loans, partially offset by lower commercial real estate loans, residential mortgages, and other retail loans • On a linked quarter basis, the increase in average total loans was primarily driven by higher commercial loans and credit card loans Average % of Average Change vs. 4Q 2025 Balance Total 3Q25 4Q24 Commercial1 $149 39% 2.2 % 10.1 % Commercial real estate 48 13% .5 (2.8) Residential mortgages 115 30% .5 (2.5) Credit card 31 8% 2.9 5.7 Other retail 41 10% .4 (5.4) Total loans $384 1.4 % 2.3 % $375.7 $379.2 $384.3 4Q24 3Q25 4Q25 $ i billions 1 Includes $12B in Payments commercial loans. +1.4% linked quarter +2.3% year-over-year
27©2025 U.S. Bank | Confidential $104 $50 Core C&I NDFI 12/31/2025 NDFI Portfolio - Well Diversified, Strong Credit Quality Loan composition based on ending balances ($ in billions) CLO = Collateralized Loan Obligations, BDC = Business Development Corporations, ABS = Asset Backed Security 1 Credit Category Rating is bespoke based on internal ratings mapped to external S&P equivalent ratings Private Equity: Subscription Lines (e.g., capital call facilities) Business Credit: CLOs, Commercial ABS, BDCs Consumer Credit: Consumer Auto ABS Mortgage Credit: Warehouse Lines, Repo Lines Other: All Other (e.g. insurance, broker/dealer) Category Allocation & Credit Category Rating1 Private Equity A+ Business AA- Consumer AA Mortgage BBB Other A- 12.1% 14.6% 17.4% 26.5% 29.4% 12/31/2025 Commercial Loan Composition Non-Depository Financial Institution (NDFI) loan portfolio characteristics: • Exposures are managed through robust internal processes, including limits sized for our risk appetite • Growth supported by diversification across repayment sources (institutional investors, industries, and CRE property types) • Average portfolio credit quality of A+ exceeds that of our core investment-grade corporate and commercial lending book of BBB+1 • Criticized rate is <1% of total NDFI portfolio as compared to 2.8% for core C&I portfolio. U.S. Bank has limited exposure to BDCs at approximately 2% of total NDFI portfolio • Asset quality supported by strong collateral and structural protections (performance covenants, overcollateralization)
28©2025 U.S. Bank | Confidential Average Deposits • On a year-over-year basis, increased average total deposits were driven by higher savings deposits, partially offset by lower time and money market deposits • On a linked quarter basis, the increase in average total deposits was driven by higher noninterest-bearing, money market and savings deposits, partially offset by lower time deposits $ i billions Noninterest-bearing Interest-bearing 4Q24 3Q25 4Q25 Average Average Change vs. 4Q 2025 Balance 3Q25 4Q24 Noninterest-bearing deposits $83 4.3 % .5 % Money market savings 186 2.8 (9.9) Interest checking 131 (.2) 4.8 Savings accounts 64 2.6 55.8 Time deposits 51 (11.4) (10.7) Total interest-bearing deposits $432 — % .6 % Total deposits $515 .7 % .6 % $515.1$511.8$512.3
29©2025 U.S. Bank | Confidential Capital Position $ in billions 4Q25 3Q25 2Q25 1Q25 4Q24 Total U.S. Bancorp shareholders’ equity $65.2 $63.3 $61.4 $60.1 $58.6 Basel III Standardized Approach 1 Fully implemented common equity tier 1 capital ratio 10.8 % 10.9 % 10.7 % 10.8 % 10.5 % Tier 1 capital ratio 12.3 % 12.4 % 12.3 % 12.4 % 12.2 % Total risk-based capital ratio 14.2 % 14.4 % 14.3 % 14.4 % 14.3 % Leverage ratio 8.7 % 8.6 % 8.5 % 8.4 % 8.3 % Common equity to assets 8.4 % 8.1 % 8.0 % 7.9 % 7.6 % Tangible common equity to tangible assets 2 6.7 % 6.4 % 6.1 % 6.0 % 5.8 % Tangible common equity to risk-weighted assets 2 9.4 % 9.3 % 9.0 % 8.9 % 8.5 % 1 Beginning January 1, 2025, the regulatory capital requirements fully reflect implementation related to the CECL methodology. Prior to 2025, the Company’s capital ratios reflected certain transitional adjustments. 2 Non-GAAP; see appendix for calculations 2
30©2025 U.S. Bank | Confidential BTIG: Client Base and Revenue Durability 1 Percentages based on annualized November 2025 year-to-date adjusted net revenue (primarily fees) Diversified and balanced product mix with broad industry sector coverage Institutional Client Base Financial Sponsor Depth Risk Management • 3,500+ global institutional and corporate clients • High touch model with ongoing engagement • 475+ companies under research • ~290 sponsor firms with more than $25T in assets under management • Repeat, multi cycle transaction flow • Strong record of repeat portfolio engagement • Disciplined risk management • Governance aligned to USB risk standards • Prudent oversight embedded across capital-raising structures Sectors: Consumer & Retail Energy & Infrastructure Financial Services Healthcare Diversified Industrials Real Estate & Home Building Technology, Media & Telecom ~$750M 2025 Estimated Adj. Net Revenue
31©2025 U.S. Bank | Confidential 69% 31% Payments: Consumer & Small Business (PCS) Payments: Merchant & Institutional (PMI) • Launched “Edward Jones Everyday Solutions powered by U.S. Bank”, a suite of cobranded checking and credit card products to help clients manage spending and investments in one digital platform • Extended cobranded partnerships with Auto Club Group (ACG) and BMW • Introduced AI-driven cash forecasting tool with Kyriba to help businesses gain real-time visibility and control over their cash and liquidity positions • Unveiled customized embedded financing offering through its enhanced Avvance developer portal experience expanded network with three new integrated partners • Rolled out its next-generation treasury management platform, SinglePoint, to manage clients’ liquidity, cash flow, and risk with greater insight and efficiency 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 (4Q25) Highlights Historical Linked Quarter Seasonality for Payment Fees Revenue1 â â â á á á á á á â +5.1% year-over-year +5.0% year-over-year -1.0% year-over-year Payment Services +5.3% Credit only Fee Revenue Growth Rates 1 Link d quarter change based on trends from 2015 to 2019 2 Includes Prepaid Card 42% 58% Net interest income (taxable-equivalent basis) Noninterest income
32©2025 U.S. Bank | Confidential Credit Quality - Commercial $135,384 $140,130 $143,817 $145,792 $149,014 0.43 % 0.47 % 0.36 % 0.25 % 0.44 % Average Loans NCO% 4Q24 1Q25 2Q25 3Q25 4Q25 Key StatisticsAverage Loans ($M) and Net Charge-offs Ratio 1.7% 3.5% 2.6% 1.4% 2.2% Linked Quarter Growth Key Points • Average loans increased by 2.2% on a linked quarter basis • Utilization decreased quarter-over-quarter to 24.7% for 4Q25 versus 25.1% for 3Q25 • 10bps increase in 30-89 day delinquencies driven by seasonality and government shutdown in late 2025 $ in millions 4Q24 3Q25 4Q25 Average loans $135,384 $145,792 $149,014 30-89 delinquencies 0.26 % 0.19 % 0.29 % 90+ delinquencies 0.07 % 0.06 % 0.06 % Nonperforming loans 0.48 % 0.49 % 0.47 % Revolving Line Utilization Trend 2Q 17 4Q 17 2Q 18 4Q 18 2Q 19 4Q 19 2Q 20 4Q 20 2Q 21 4Q 21 2Q 22 4Q 22 2Q 23 4Q 23 2Q 24 4Q 24 2Q 25 4Q 25 10% 20% 30% 40%
33©2025 U.S. Bank | Confidential CRE by Loan Type Mortgage 59% Owner Occupied 21% Construction 20% Credit Quality – Commercial Real Estate Key Points Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (3.1)% (2.0)% (0.9)% (0.5)% 0.5% • Average loans increased by 0.5% on a linked quarter basis • 30-89 and 90+ delinquencies improved on a linked quarter basis • Nonperforming loans driven by the Office portfolio $49,871 $48,890 $48,466 $48,246 $48,490 0.30 % (0.03) % 0.47 % 0.85 % (0.02) % Average Loans NCO% 4Q24 1Q25 2Q25 3Q25 4Q25 CRE by Property Class SFR Construction 7% Owner Occupied 21% Multi-Family 38% Office 9% Industrial 11% Other 14% $ in millions 4Q24 3Q25 4Q25 Average loans $49,871 $48,246 $48,490 30-89 delinquencies 0.16 % 0.16 % 0.10 % 90+ delinquencies 0.02 % 0.04 % 0.03 % Nonperforming loans 1.69 % 1.20 % 1.06 % 1 1 SFR = S ngle Family Residential
34©2025 U.S. Bank | Confidential Credit Quality - Residential Mortgage $118,406 $118,844 $115,616 $114,780 $115,390 (0.01) % 0.00 % 0.00 % 0.00 % (0.01) % Average Loans NCO% 4Q24 1Q25 2Q25 3Q25 4Q25 Key Points • Average loans increased by 0.5% on a linked quarter basis • Continued low losses and nonperforming loans supported by strong credit quality and collateral values • High credit quality origination continue (weighted average credit score of 772, weighted average LTV of 69%) Linked Quarter Growth Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 4Q24 3Q25 4Q25 Average loans $118,406 $114,780 $115,390 30-89 delinquencies 0.16 % 0.14 % 0.18 % 90+ delinquencies 0.17 % 0.26 % 0.25 % Nonperforming loans 0.13 % 0.12 % 0.13 % 0.7% 0.4% (2.7)% (0.7)% 0.5% Residential Mortgage Delinquencies ($M) 30-89 days past due 90+ days past due 2Q223Q22 4Q22 1Q232Q23 3Q23 4Q23 1Q242Q24 3Q24 4Q241Q25 2Q25 3Q25 4Q25 $— $200 $400 $600 $800 $1,000
35©2025 U.S. Bank | Confidential Credit Quality - Credit Card $29,438 $29,404 $29,588 $30,241 $31,119 4.28 % 4.48 % 4.30 % 3.73 % 3.79 % Average Loans NCO% 4Q24 1Q25 2Q25 3Q25 4Q25 Key Points • Average loans increased by 2.9% on a linked quarter basis • Net charge-off ratio increased to 3.79% consistent with seasonal patterns • 30-89 and 90+ day delinquency rates decreased from prior year Average Loans ($M) and Net Charge-offs Ratio Key Statistics 1.5% (0.1)% 0.6% 2.2% 2.9% Linked Quarter Growth $ in millions 4Q24 3Q25 4Q25 Average loans $29,438 $30,241 $31,119 30-89 delinquencies 1.41 % 1.34 % 1.30 % 90+ delinquencies 1.43 % 1.26 % 1.26 % Nonperforming loans — % — % — % Credit Card Delinquencies ($M) 30-89 days past due 90+ days past due 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $— $200 $400 $600 $800 $1,000
36©2025 U.S. Bank | Confidential Credit Quality - Other Retail Key Points • Average loans increased by 0.4% on a linked quarter basis • Net charge-off ratio increased 10 bps on a linked quarter basis, predominantly driven by retail leasing Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (0.9)% (1.9)% (1.7)% (2.3)% 0.4% $42,556 $41,760 $41,042 $40,093 $40,272 0.59 % 0.61 % 0.52 % 0.57 % 0.67 % Average Loans NCO% 4Q24 1Q25 2Q25 3Q25 4Q25 Auto Loans 9% Installment 36% Home Equity 35% Retail Leasing 9% Revolving Credit 11% $ in millions 4Q24 3Q25 4Q25 Average loans $42,556 $40,093 $40,272 30-89 delinquencies 0.54 % 0.44 % 0.46 % 90+ delinquencies 0.15 % 0.13 % 0.13 % Nonperforming loans 0.35 % 0.39 % 0.40 %
37©2025 U.S. Bank | Confidential Financial Targets Return on Average Assets Return on Tangible Common Equity Fee Income Growth (YoY) Efficiency Ratio 1.15% to 1.35% High teens Mid-single digits Mid-to-high 50s Medium-term1 Key assumptions2 Modest GDP growth Stable unemployment rate Moderating inflation Current tax policy Fed Funds rate path consistent with market implied Upward sloping yield curve driven by rate cuts Stable credit quality 1 Me ium-term represents 2026 and 2027 2 Key assumptions as of September 12, 2024 and presented at Investor Day
38©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (1), (2) – see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) December 31, 2025 September 30, 2025 March 31, 2025 December 31, 2024 Net interest income $ 4,284 $ 4,222 $ 4,092 $ 4,146 Taxable-equivalent adjustment (1) 28 29 30 30 Net interest income, on a taxable-equivalent basis 4,312 4,251 4,122 4,176 Net interest income, on a taxable-equivalent basis (as calculated above) 4,312 4,251 4,122 4,176 Noninterest income 3,053 3,078 2,833 Less: Securities gains (losses), net 3 (7) (1) Total net revenue, excluding net securities gains (losses) (a) 7,362 7,336 7,010 Noninterest expense (b) 4,227 4,197 4,311 Efficiency ratio (b)/(a) 57.4 % 57.2 % 61.5 % Total net revenue, excluding net securities gains (losses) (as calculated above) (c) $ 7,010 Noninterest expense 4,311 Less: Notable items (2) 109 Noninterest expense, excluding notable items (d) 4,202 Efficiency ratio, excluding notable items (d)/(c) 59.9 % Net income attributable to U.S. Bancorp $ 1,663 Less: Notable items (2) (82) Net income attributable to U.S. Bancorp, excluding notable items 1,745 Annualized net income attributable to U.S. Bancorp, excluding notable items (e) 6,942 Average assets (f) 671,907 Return on average assets, excluding notable items (e)/(f) 1.03 % Net income applicable to U.S. Bancorp common shareholders $ 1,581 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (81) Net income applicable to U.S. Bancorp common shareholders, excluding notable items 1,662 Annualized net income applicable to U.S. Bancorp common shareholders, excluding notable items (g) 6,612 Average common equity (h) 52,004 Return on average common equity, excluding notable items (g)/(h) 12.7 %
39©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) December 31, 2025 September 30, 2025 December 31, 2024 Net income applicable to U.S. Bancorp common shareholders $ 1,965 $ 1,893 $ 1,581 Intangibles amortization (net-of-tax) 100 99 110 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 2,065 1,992 1,691 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 8,193 7,903 6,727 Average total equity 65,048 63,101 59,272 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (458) (458) (460) Average goodwill (net of deferred tax liability) (3) (11,599) (11,609) (11,515) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,568) (1,659) (1,885) Average tangible common equity (b) 44,615 42,567 38,604 Return on tangible common equity (a)/(b) 18.4 % 18.6 % 17.4 % Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (as calculated above) $ 1,691 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (81) Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items 1,772 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (c) 7,049 Average tangible common equity (as calculated above) (d) 38,604 Return on tangible common equity, excluding notable items (c)/(d) 18.3 % (2), (3) – see last page in appendix for corresponding notes
40©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (Dollars and Shares in Millions Except Per Share Data, Unaudited) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Total equity $ 65,651 $ 63,798 $ 61,896 $ 60,558 $ 59,040 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolling interest (458) (458) (458) (462) (462) Common equity (a) 58,385 56,532 54,630 53,288 51,770 Goodwill (net of deferred tax liability) (3) (11,603) (11,603) (11,613) (11,521) (11,508) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,507) (1,605) (1,699) (1,761) (1,846) Tangible common equity (b) 45,275 43,324 41,318 40,006 38,416 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation 47,877 Adjustments (4) (433) Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (c) 47,444 Total assets (d) 692,345 695,357 686,370 676,489 678,318 Goodwill (net of deferred tax liability) (3) (11,603) (11,603) (11,613) (11,521) (11,508) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,507) (1,605) (1,699) (1,761) (1,846) Tangible assets (e) 679,235 682,149 673,058 663,207 664,964 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation if applicable (f) 480,382 465,092 459,521 450,290 450,498 Adjustments (5) (368) Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (g) 450,130 Common shares outstanding (h) 1,555 1,556 1,558 1,560 1,560 Ratios Common equity to assets (a)/(d) 8.4% 8.1% 8.0% 7.9% 7.6% Tangible common equity to tangible assets (b)/(e) 6.7 6.4 6.1 6.0 5.8 Tangible common equity to risk-weighted assets (b)/(f) 9.4 9.3 9.0 8.9 8.5 Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (c)/(g) 10.5 Tangible book value per common share (b)/(h) $ 29.12 $ 27.84 $ 26.52 $ 25.64 $ 24.63 * (3), (4), (5) – see last page in appendix for corresponding notes *Preliminary data. Subject to change prior to filings with applicable regulatory agencies.
41©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (Dollars in Millions, Unaudited) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 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) 51,665 50,587 49,382 48,482 47,877 42,027 Accumulated Other Comprehensive Income (AOCI) related adjustments (6) (6,893) (7,638) (8,458) (8,737) (9,198) (10,153) Common equity tier 1 capital, including AOCI related adjustments (6) (b) 44,772 42,949 40,924 39,745 38,679 31,874 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (c) 480,382 465,092 459,521 450,290 450,498 494,048 Ratios Common equity tier 1 capital ratio (a)/(c) 10.8 % 10.9 % 10.7 % 10.8 % 10.6 % 8.5 % Common equity tier 1 capital ratio, including AOCI related adjustments (6) (b)/(c) 9.3 9.2 8.9 8.8 8.6 6.5 (1), (6) – see last page in appendix for corresponding notes Year Ended (Dollars in Millions, Unaudited) December 31, 2025 December 31, 2024 Net interest income $ 16,649 $ 16,289 Taxable-equivalent adjustment (1) 116 120 Net interest income, on a taxable-equivalent basis $ 16,765 $ 16,409 Net interest income, on a taxable-equivalent basis (as calculated above) 16,765 16,409 Noninterest income $ 11,891 $ 11,046 Less: Securities gains (losses) 3 (154) Total net revenue, excluding net securities gains (losses) 28,653 27,609 Three Months Ended (Dollars in Millions, Unaudited) March 31, 2025 Noninterest income $ 2,836 Less: Securities gains (losses), net — Noninterest income, excluding net securities gains (losses) $ 2,836
42©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (1), (2) - see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) December 31, 2025 December 31, 2024 September 30, 2025 September 30, 2024 June 30, 2025 June 30, 2024 Net interest income $ 4,284 $ 4,146 $ 4,222 $ 4,135 $ 4,051 $ 4,023 Taxable-equivalent adjustment (1) 28 30 29 31 29 29 Net interest income, on a taxable-equivalent adjustment basis 4,312 4,176 4,251 4,166 4,080 4,052 Net interest income, on a taxable-equivalent basis (as calculated above) 4,312 4,176 4,251 4,166 4,080 4,052 Noninterest income 3,053 2,833 3,078 2,698 2,924 2,815 Total net revenue 7,365 7,009 7,329 6,864 7,004 6,867 Percentage change (a) 5.1 % 6.8 % 2.0 % Less: Securities gains (losses), net 3 (1) (7) (119) (57) (36) Total net revenue, excluding net securities gains (losses) (b) 7,362 7,010 7,336 6,983 7,061 6,903 Percent change (c) 5.0 % 5.1 % 2.3 % Noninterest expense (d) 4,227 4,311 4,197 4,204 4,181 4,214 Percentage change (e) (1.9) % (0.2) % (0.8) % Less: Notable items (2) — 109 — — — 26 Total noninterest expense, excluding notable items 4,227 4,202 4,197 4,204 4,181 4,188 Percentage change (f) 0.6 % (0.2) % (0.2) % Pre-Provision Net Revenue 3,138 2,698 3,132 2,660 2,823 2,653 Percentage change 16 % 18 % 6 % Pre-Provision Net Revenue, excluding notable items 3,138 2,807 3,132 2,660 2,823 2,679 Percentage change 12 % 18 % 5 % Operating leverage (a) - (e) 7.0 % 7.0 % 2.8 % Operating leverage, excl. notable items and net securities losses (c) - (f) 4.4 % 5.3 % 2.5 % Efficiency ratio (d) / (b) 57.4 % 57.2 % 59.2 %
43©2025 U.S. Bank | Confidential 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 Total net revenue 6,958 6,715 7,009 6,762 6,864 7,032 Percentage change (a) 3.6 % 3.7 % (2.4) % Less: Securities gains (losses), net — 2 (1) (116) (119) — Total net revenue, excluding net securities gains (losses) (b) 6,958 6,713 7,010 6,878 6,983 7,032 Percent change (c) 3.6 % 1.9 % (0.7) % Noninterest expense (d) 4,232 4,459 4,311 5,219 4,204 4,530 Percentage change (e) (5.1) % (17.4) % (7.2) % Less: Notable items (2) — 265 109 1,015 — 284 Total noninterest expense, excluding notable items (f) 4,232 4,194 4,202 4,204 4,204 4,246 Percentage change (g) 0.9 % — % (1.0) % Pre-Provision Net Revenue 2,726 2,256 Percentage change 21 % Pre-Provision Net Revenue, excluding notable items 2,726 2,521 Percentage change 8 % Operating leverage (a) - (e) 8.7 % 21.1 % 4.8 % Operating leverage, excl. notable items and net securities losses (c) - (g) 2.7 % 1.9 % 0.3 % Efficiency ratio (d) / (b) 60.8 % 61.5 % 60.2 % Efficiency ratio, excluding notable items (f) / (b) 59.9 % (1), (2) - see last page in appendix for corresponding notes
44©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (1), (2) - see last page in appendix for corresponding notes 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 Percentage change (a) (4.3) % (6.4) % 6.2 % Less: Securities gains (losses), net (36) 3 2 (32) (116) (18) Total net revenue, excluding net securities gains (losses) (b) 6,903 7,172 6,713 7,207 6,878 6,386 Less: Notable items (2) — (22) — — — (381) Total net revenue, excluding net securities gains (losses) and notable items (c) 6,903 7,194 6,713 7,207 6,878 6,767 Percent change (d) (4.0) % (6.9) % 1.6 % Noninterest expense (e) 4,214 4,569 4,459 4,555 5,219 4,043 Percentage change (f) (7.8) % (2.1) % 29.1 % Less: Notable items (2) 26 310 265 244 1,015 90 Total noninterest expense, excluding notable items (g) 4,188 4,259 4,194 4,311 4,204 3,953 Percentage change (h) (1.7) % (2.7) % 6.3 % Operating leverage (a) - (f) 3.5 % (4.3) % (22.9) % Operating leverage, excl. notable items and net securities losses (d) - (h) (2.3) % (4.2) % (4.7) % Efficiency ratio (e) / (b) 61.0 % 66.4 % 75.9 % Efficiency ratio, excluding notable items (g) / (c) 60.7 % 62.5 % 61.1 %
45©2025 U.S. Bank | Confidential Non-GAAP Financial Measures (1), (2) - see last page in appendix for corresponding notes Year Ended (Dollars in Millions, Unaudited) December 31, 2025 December 31, 2024 Net interest income $ 16,649 $ 16,289 Taxable-equivalent adjustment (1) 116 120 Net interest income, on a taxable-equivalent adjustment basis 16,765 16,409 Net interest income, on a taxable-equivalent basis (as calculated above) 16,765 16,409 Noninterest income 11,891 11,046 Total net revenue 28,656 27,455 Percentage change (a) 4.4 % Less: Securities gains (losses), net (61) (154) Total net revenue, excluding net securities gains (losses) 28,717 27,609 Less: Notable items (2) — — Total net revenue, excluding net securities gains (losses) and notable items 28,717 27,609 Percent change (b) 4.0 % Noninterest expense 16,837 17,188 Percentage change (c) (2.0) % Less: Notable items (2) — 400 Total noninterest expense, excluding notable items 16,837 16,788 Percentage change (d) 0.3 % Operating leverage (a) - (c) 6.4 % Operating leverage, excl. notable items and net securities losses (b) - (d) 3.7 %
46©2025 U.S. Bank | Confidential Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) December 31, 2025 December 31, 2024 June 30, 2025 June 30, 2024 Net income applicable to U.S. Bancorp common shareholders (a) $ 1,965 $ 1,581 $ 1,733 $ 1,518 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) — (81) — (19) Net income applicable to U.S. Bancorp common shareholders, excluding notable items (b) 1,965 1,662 1,733 1,537 Average diluted common shares outstanding (c) 1,555 1,560 1,559 1,561 Diluted earnings per common share (a)/(c) $ 1.26 $ 1.01 $ 1.11 $ 0.97 Percentage change 25 % 14 % Diluted earnings per common share, excluding notable items (b)/(c) $ 1.26 $ 1.07 $ 1.11 $ 0.98 Percentage change 18 % 13 % Three Months Ended (Dollars in Millions, Unaudited) March 31, 2025 March 31, 2024 Net income applicable to U.S. Bancorp common shareholders (d) $ 1,603 $ 1,209 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) — (198) Net income applicable to U.S. Bancorp common shareholders, excluding notable items (e) 1,603 1,407 Average diluted common shares outstanding (f) 1,560 1,559 Diluted earnings per common share (d)/(f) $ 1.03 $ 0.78 Percentage change 32 % Diluted earnings per common share, excluding notable items (e)/(f) $ 1.03 $ 0.90 Percentage change 14 % (2) - s e last page in appendix for corresponding notes
47©2025 U.S. Bank | Confidential Notes 1. Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes. 2. Notable items for the year-ended December 31, 2024 included $109 million of lease impairments and operational efficiency actions, $155 million of merger and integration-related charges and $136 million for the increase in the FDIC special assessment. Notable item for the three months ended December 31, 2024 of $109 million ($82 million net-of-tax) included lease impairments and operational efficiency actions. Notable items for the three months ended June 30, 2024 were a $26 million ($19 million net-of-tax) charge for the increase in FDIC special assessment. Notable items for the three months ended March 31, 2024 of $265 million ($199 million net-of-tax) included $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment. Notable items for the three months ended December 31, 2023 of $1.1 billion ($780 million net-of-tax, including a $70 million discrete tax benefit) included $(118) million of noninterest income related to investment securities balance sheet repositioning and capital management actions, $171 million of merger and integration-related charges, $734 million of FDIC special assessment charges and a $110 million charitable contribution. Notable items for the three months ended September 30, 2023 included $284 million ($213 million net-of-tax) of merger and integration-related charges. 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.
48©2025 U.S. Bank | Confidential Notes1. 2. 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.
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