usb-20250717


2Q25 Key Financial Data					2Q25 Financial Highlights

	PROFITABILITY METRICS	2Q25	1Q25	2Q24		•Net income of $1,815 million, an increase of 13.2% year-over-year •Diluted earnings per common share of $1.11, compared with $0.97 diluted earnings per common share in the second quarter of 2024 •Return on tangible common equity of 18.0%, return on average assets of 1.08%, and efficiency ratio of 59.2% •Positive operating leverage of 250 basis points on a year-over-year basis, excluding securities gains (losses), and as adjusted for the notable item in the second quarter of 2024 •Net revenue of $7,004 million, an increase of 2.0% year-over-year, including an increase of 4.6% in fee revenue •Noninterest expense decrease of 0.2% on a year-over-year basis, as adjusted for the notable item in the second quarter of 2024, and 1.2% on a linked quarter basis •Average total loans increased 1.0% on a year-over-year basis and decreased 0.1% on a linked quarter basis, reflecting the impact of loan portfolio sales during the second quarter of 2025. Total average loans and loans held for sale increased 1.7% on a year-over-year basis and 0.7% on a linked quarter basis. •CET1 capital ratio of 10.7% at June 30, 2025
	Return on average assets (%)	1.08	1.04	.97
	Return on average common equity (%)	12.9	12.3	12.4
	Return on tangible common equity (%) (a)	18.0	17.5	18.4
	Net interest margin (%)	2.66	2.72	2.67
	Efficiency ratio (%) (a)	59.2	60.8	61.0
	Tangible efficiency ratio (%) (a)	57.5	59.1	59.0

	INCOME STATEMENT (b)	2Q25	1Q25	2Q24
	Net interest income (taxable-equivalent basis)	$4,080	$4,122	$4,052
	Noninterest income	$2,924	$2,836	$2,815
	Noninterest expense	$4,181	$4,232	$4,214
	Net income attributable to U.S. Bancorp	$1,815	$1,709	$1,603
	Diluted earnings per common share	$1.11	$1.03	$.97
	Dividends declared per common share	$.50	$.50	$.49

	BALANCE SHEET (b)	2Q25	1Q25	2Q24
	Average total loans	$378,529	$379,028	$374,685
	Average total deposits	$502,890	$506,534	$513,909
	Net charge-off ratio (%)	.59	.59	.58
	Book value per common share (period end)	$35.06	$34.16	$31.80
	Basel III standardized CET1 (%) (c)	10.7	10.8	10.3

	(a) See Non-GAAP Financial Measures reconciliation on page 18 (b) Dollars in millions, except per share data (c) CET1 = Common equity tier 1 capital ratio


CEO Commentary

"In the second quarter we posted diluted earnings per share of $1.11, delivered a return on tangible common equity of 18% and posted a return on average assets of 1.08%. Importantly, year-over-year top-line revenue growth, coupled with our continued expense discipline, resulted in 250 basis points of positive operating leverage, as adjusted, and an efficiency ratio of 59.2% for the quarter. Our results showcased continued momentum across several of our diversified fee income businesses, which now represent approximately 42% of company-wide revenue. Our fee growth was led by payment services revenue, trust and investment management fees, and treasury management fees, which benefited from greater interconnectedness across the franchise and self-funded investments in our organic growth. Our asset quality metrics held steady this quarter with a net charge-off ratio of 59 basis points, and our continued capital levels remain strong.

As we look ahead, we remain committed to executing on our strategic priorities and making disciplined progress towards achieving our medium-term financial targets. Our diversified business mix and sound risk management culture remain strengths, especially at a time of economic volatility. On behalf of all my U.S. Bank colleagues, I would like to thank our clients and shareholders, for their loyalty and support of our exceptional company."

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


Business and Other Highlights

Elavon Jumps Two Spots in 2025 Nilson Report Ratings

Elavon, the merchant services payment provider of U.S. Bank, has moved up two spots in the 2025 Nilson Report to become the fifth-largest U.S. merchant acquirer and the second-largest bank-owned merchant acquirer as ranked by Mastercard and Visa purchase volume. Elavon processes more than $576 billion in transactions worldwide annually and provides payment processing to eight of the top 10 airlines globally and seven of the top 10 largest U.S. hotel brands.

U.S. Bank Completes First Fully Digital Trade Finance Transaction

U.S. Bank has completed its first trade finance collection transaction using a fully digital process, marking a step forward in the bank’s efforts to modernize trade and working capital for clients. U.S. Bank is the first U.S. bank to utilize the blockchain-based WaveBL platform, which supports encrypted document transfers between trading partners and their banks. Previously, a transaction like this would have required a courier to physically transport documents across continents, often taking several days. By contrast, the digital process reduced that timeline to minutes – eliminating delays, enhancing security and compliance, and avoiding disruptions from external events.

U.S. Bank and Fiserv to Create Integrated Agent Card Issuance

U.S. Bank and Fiserv are working together to integrate U.S. Bank’s Elan Financial Services credit card program into Fiserv’s Credit Choice solution. This will allow financial institutions to deliver a digital-first, branded agent-bank credit card program for consumer and small business cardholders. The enhanced platform will allow users to manage both debit and credit card accounts within a single digital interface, improving user experience and operational efficiency. Financial institutions will benefit from streamlined onboarding and servicing tools, while the rollout of new capabilities is expected to continue through 2025 and into early 2026.

U.S. Bank Expands Embedded Payments Suite to Power Efficient, Secure Transactions

U.S. Bank recently unveiled an expanded suite of embedded payment solutions. U.S. Bank Embedded Payment Solutions offer businesses across industries a powerful way to integrate efficient, secure payment capabilities directly into websites, apps, enterprise systems and fintech integrations. Building on Elavon’s success with tech-led embedded merchant acquiring solutions, this expansion is another step in U.S. Bank’s ongoing work to integrate payment capabilities into the software and platforms businesses rely on daily while enabling faster, easier and secure financial transactions.


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


			U.S. Bancorp Second Quarter 2025 Results


INCOME STATEMENT HIGHLIGHTS
($ in millions, except per share data)						ADJUSTED (a) (b)
				Percent Change					Percent Change
	2Q 2025	1Q 2025	2Q 2024	2Q25 vs 1Q25	2Q25 vs 2Q24	2Q 2025	1Q 2025	2Q 2024	2Q25 vs 1Q25	2Q25 vs 2Q24

Net interest income	$4,051	$4,092	$4,023	(1.0)	.7	$4,051	$4,092	$4,023	(1.0)	.7
Taxable-equivalent adjustment	29	30	29	(3.3)	—	29	30	29	(3.3)	—
Net interest income (taxable-equivalent basis)	4,080	4,122	4,052	(1.0)	.7	4,080	4,122	4,052	(1.0)	.7
Noninterest income	2,924	2,836	2,815	3.1	3.9	2,924	2,836	2,815	3.1	3.9
Total net revenue	7,004	6,958	6,867	.7	2.0	7,004	6,958	6,867	.7	2.0
Noninterest expense	4,181	4,232	4,214	(1.2)	(.8)	4,181	4,232	4,188	(1.2)	(.2)
Income before provision and income taxes	2,823	2,726	2,653	3.6	6.4	2,823	2,726	2,679	3.6	5.4
Provision for credit losses	501	537	568	(6.7)	(11.8)	501	537	568	(6.7)	(11.8)
Income before taxes	2,322	2,189	2,085	6.1	11.4	2,322	2,189	2,111	6.1	10.0
Income taxes and taxable-equivalent adjustment	501	473	474	5.9	5.7	501	473	481	5.9	4.2
Net income	1,821	1,716	1,611	6.1	13.0	1,821	1,716	1,630	6.1	11.7
Net (income) loss attributable to noncontrolling interests	(6)	(7)	(8)	14.3	25.0	(6)	(7)	(8)	14.3	25.0
Net income attributable to U.S. Bancorp	$1,815	$1,709	$1,603	6.2	13.2	$1,815	$1,709	$1,622	6.2	11.9
Net income applicable to U.S. Bancorp common shareholders	$1,733	$1,603	$1,518	8.1	14.2	$1,733	$1,603	$1,537	8.1	12.8
Diluted earnings per common share	$1.11	$1.03	$.97	7.8	14.4	$1.11	$1.03	$.98	7.8	13.3

(a)2Q24 excludes a $26 million ($19 million net-of-tax) notable item for an increase in the FDIC special assessment.

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


INCOME STATEMENT HIGHLIGHTS
($ in millions, except per share data)				ADJUSTED (c) (d)
	YTD 2025	YTD 2024	Percent Change	YTD 2025	YTD 2024	Percent Change

Net interest income	$8,143	$8,008	1.7	$8,143	$8,008	1.7
Taxable-equivalent adjustment	59	59	—	59	59	—
Net interest income (taxable-equivalent basis)	8,202	8,067	1.7	8,202	8,067	1.7
Noninterest income	5,760	5,515	4.4	5,760	5,515	4.4
Total net revenue	13,962	13,582	2.8	13,962	13,582	2.8
Noninterest expense	8,413	8,673	(3.0)	8,413	8,382	.4
Income before provision and income taxes	5,549	4,909	13.0	5,549	5,200	6.7
Provision for credit losses	1,038	1,121	(7.4)	1,038	1,121	(7.4)
Income before taxes	4,511	3,788	19.1	4,511	4,079	10.6
Income taxes and taxable-equivalent adjustment	974	851	14.5	974	924	5.4
Net income	3,537	2,937	20.4	3,537	3,155	12.1
Net (income) loss attributable to noncontrolling interests	(13)	(15)	13.3	(13)	(15)	13.3
Net income attributable to U.S. Bancorp	$3,524	$2,922	20.6	$3,524	$3,140	12.2
Net income applicable to U.S. Bancorp common shareholders	$3,336	$2,727	22.3	$3,336	$2,944	13.3
Diluted earnings per common share	$2.14	$1.75	22.3	$2.14	$1.89	13.2

(c)2024 excludes $291 million ($218 million net-of-tax) of notable items including: $155 million of merger and integration-related charges and $136 million for the increase in the FDIC special assessment.

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


			U.S. Bancorp Second Quarter 2025 Results

Net income attributable to U.S. Bancorp was $1,815 million for the second quarter of 2025, $212 million higher than the $1,603 million for the second quarter of 2024 and $106 million higher than the $1,709 million for the first quarter of 2025. Diluted earnings per common share was $1.11 in the second quarter of 2025, compared with $0.97 in the second quarter of 2024 and $1.03 in the first quarter of 2025. The second quarter of 2024 included a notable item of $19 million or ($0.01) per diluted common share, net-of-tax. Excluding the impact of the prior year quarter notable item, net income attributable to U.S. Bancorp for the second quarter of 2025 was $193 million higher than the second quarter of 2024.

The increase in net income attributable to U.S. Bancorp year-over-year was primarily due to higher total net revenue, lower noninterest expense and lower provision for credit losses. Excluding the notable item in the prior year quarter, net income attributable to U.S. Bancorp in the second quarter of 2025 increased 11.9 percent compared with the second quarter of 2024. Net interest income increased 0.7 percent on a year-over-year taxable-equivalent basis, primarily due to the impact of fixed asset repricing, loan mix, and lower rates paid on interest-bearing deposits, partially offset by lower noninterest-bearing deposit balances. The net interest margin decreased to 2.66 percent in the second quarter of 2025 from 2.67 percent in the second quarter of 2024, driven by the factors described above. Noninterest income increased 3.9 percent compared with a year ago driven by higher payment services revenue, trust and investment management fees, and other revenue, partially offset by lower mortgage banking revenue. Noninterest expense decreased 0.8 percent primarily due to lower compensation and employee benefits and other intangible expense, partially offset by higher technology and communications expense. Excluding the notable item in the prior year quarter, noninterest expense in the second quarter of 2025 decreased 0.2 percent compared with the second quarter of 2024. The provision for credit losses decreased $67 million (11.8 percent) compared with the second quarter of 2024, reflecting the impact of loan portfolio sales during the second quarter of 2025 and improved credit quality.

Net income attributable to U.S. Bancorp increased on a linked quarter basis primarily due to an increase in total net revenue, lower noninterest expense and lower provision for credit losses. Net interest income decreased 1.0 percent on a linked quarter taxable-equivalent basis primarily driven by competitive deposit pricing pressure and rotation into higher rate products. The net interest margin decreased to 2.66 percent in the second quarter of 2025 from 2.72 percent in the first quarter of 2025, driven by larger average assets due to the timing of loan sales in the quarter in addition to the factors mentioned above. Noninterest income in the second quarter of 2025 increased 3.1 percent from the first quarter of 2025 primarily due to higher payment services revenue, trust and investment management fees, and service charges, partially offset by net securities losses in the second quarter of 2025. Noninterest expense in the second quarter of 2025 decreased by 1.2 percent from the first quarter of 2025 primarily due to lower compensation and employee benefits expense, and marketing and business development expense. The provision for credit losses decreased $36 million (6.7 percent) compared with the first quarter of 2025, reflecting the impact of loan portfolio sales during the second quarter of 2025 and improved credit quality, partially offset by higher commercial real estate net charge-offs.


			U.S. Bancorp Second Quarter 2025 Results


NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions)										Change
	2Q 2025			1Q 2025			2Q 2024			2Q25 vs 1Q25			2Q25 vs 2Q24			YTD 2025			YTD 2024			Change

Components of net interest income
Income on earning assets	$	7,633		$	7,546		$	8,015		$	87		$	(382)		$	15,179		$	15,810		$	(631)
Expense on interest-bearing liabilities	3,553			3,424			3,963			129			(410)			6,977			7,743			(766)
Net interest income	$	4,080		$	4,122		$	4,052		$	(42)		$	28		$	8,202		$	8,067		$	135

Average yields and rates paid
Earning assets yield	4.99		%	4.99		%	5.29		%	—		%	(.30)		%	4.99		%	5.27		%	(.28)		%
Rate paid on interest-bearing liabilities	2.80			2.75			3.18			.05			(.38)			2.78			3.15			(.37)
Gross interest margin	2.19		%	2.24		%	2.11		%	(.05)		%	.08		%	2.21		%	2.12		%	.09		%
Net interest margin	2.66		%	2.72		%	2.67		%	(.06)		%	(.01)		%	2.69		%	2.68		%	.01		%

Average balances
Investment securities (a)	$	172,841		$	171,178		$	167,020		$	1,663		$	5,821		$	172,014		$	164,128		$	7,886
Loans held for sale	4,843			1,823			2,382			3,020			2,461			3,341			2,192			1,149
Loans	378,529			379,028			374,685			(499)			3,844			378,777			372,878			5,899
Interest-bearing deposits with banks	41,550			43,735			53,056			(2,185)			(11,506)			42,637			51,979			(9,342)
Other earning assets	15,579			14,466			11,749			1,113			3,830			15,025			11,336			3,689
Earning assets	613,342			610,230			608,892			3,112			4,450			611,794			602,513			9,281
Interest-bearing liabilities	508,918			504,023			500,464			4,895			8,454			506,484			493,908			12,576

(a) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis in the second quarter of 2025 was $4,080 million, an increase of $28 million (0.7 percent) from the second quarter of 2024. The increase was primarily due to the impact of fixed asset repricing, loan mix, and lower rates paid on interest-bearing deposits, partially offset by lower noninterest-bearing deposit balances. Average earning assets were $4.5 billion (0.7 percent) higher than the second quarter of 2024, reflecting increases of $5.8 billion (3.5 percent) in average investment securities due to balance sheet repositioning, $6.3 billion (1.7 percent) in total average loans and loans held for sale, and $3.8 billion (32.6 percent) in average other earning assets, partially offset by a decrease of $11.5 billion (21.7 percent) in average interest-bearing deposits with banks. Second quarter of 2025 average loans held for sale reflected the impact of a portfolio of residential mortgages transferred to held for sale and subsequently sold during the period.

Net interest income on a taxable-equivalent basis decreased $42 million (1.0 percent) on a linked quarter basis primarily driven by competitive deposit pricing pressure and rotation into higher rate products. Average earning assets were $3.1 billion (0.5 percent) higher on a linked quarter basis, reflecting increases of $1.7 billion (1.0 percent) in average investment securities due to balance sheet repositioning, $2.5 billion (0.7 percent) in total average loans and loans held for sale, and $1.1 billion (7.7 percent) in other earning assets, partially offset by a decrease of $2.2 billion (5.0 percent) in average interest-bearing deposits with banks. Second quarter of 2025 average loans held for sale reflected the impact of a portfolio of residential mortgages transferred to held for sale and subsequently sold during the period.

The net interest margin in the second quarter of 2025 was 2.66 percent, compared with 2.67 percent in the second quarter of 2024 and 2.72 percent in the first quarter of 2025. The decrease in the net interest margin from the prior year and prior quarter was driven by the factors mentioned above.


			U.S. Bancorp Second Quarter 2025 Results


AVERAGE LOANS
($ in millions)				Percent Change
	2Q 2025	1Q 2025	2Q 2024	2Q25 vs 1Q25	2Q25 vs 2Q24	YTD 2025	YTD 2024	Percent Change

Commercial	$139,606	$135,931	$130,162	2.7	7.3	$137,778	$128,382	7.3
Lease financing	4,211	4,199	4,177	.3	.8	4,206	4,171	.8
Total commercial	143,817	140,130	134,339	2.6	7.1	141,984	132,553	7.1

Commercial mortgages	38,194	38,624	40,871	(1.1)	(6.5)	38,408	41,208	(6.8)
Construction and development	10,272	10,266	11,418	.1	(10.0)	10,269	11,455	(10.4)
Total commercial real estate	48,466	48,890	52,289	(.9)	(7.3)	48,677	52,663	(7.6)

Residential mortgages	115,616	118,844	116,478	(2.7)	(.7)	117,221	116,059	1.0

Credit card	29,588	29,404	28,349	.6	4.4	29,497	28,145	4.8

Retail leasing	3,869	3,990	4,185	(3.0)	(7.6)	3,929	4,134	(5.0)
Home equity and second mortgages	13,678	13,542	13,053	1.0	4.8	13,610	13,018	4.5
Other	23,495	24,228	25,992	(3.0)	(9.6)	23,859	26,306	(9.3)
Total other retail	41,042	41,760	43,230	(1.7)	(5.1)	41,398	43,458	(4.7)

Total loans	$378,529	$379,028	$374,685	(.1)	1.0	$378,777	$372,878	1.6

Average total loans for the second quarter of 2025 were $3.8 billion (1.0 percent) higher than the second quarter of 2024. The increase was primarily due to higher total commercial loans (7.1 percent) and credit card loans (4.4 percent), partially offset by lower total commercial real estate loans (7.3 percent), residential mortgages (0.7 percent), and total other retail loans (5.1 percent). The increase in commercial loans was primarily due to growth in loans to financial institutions. The increase in credit card loans was primarily driven by customer account growth and higher spend volume. The decrease in commercial real estate loans was primarily due to loan workout activities and payoffs. The decrease in residential mortgages and other retail loans was primarily due to portfolio sales in the second quarter of 2025.

Average total loans were $499 million (0.1 percent) lower than the first quarter of 2025. The decrease was primarily due to lower residential mortgages (2.7 percent) and total other retail loans (1.7 percent), partially offset by higher total commercial loans (2.6 percent). Linked quarter changes were primarily driven by similar factors as the year-over-year changes.


			U.S. Bancorp Second Quarter 2025 Results


AVERAGE DEPOSITS
($ in millions)				Percent Change
	2Q 2025	1Q 2025	2Q 2024	2Q25 vs 1Q25	2Q25 vs 2Q24	YTD 2025	YTD 2024	Percent Change

Noninterest-bearing deposits	$79,117	$79,696	$83,418	(.7)	(5.2)	$79,405	$84,102	(5.6)
Interest-bearing savings deposits
Interest checking	131,599	125,651	125,709	4.7	4.7	128,642	125,360	2.6
Money market savings	177,087	195,442	208,386	(9.4)	(15.0)	186,213	202,444	(8.0)
Savings accounts	58,171	50,271	38,855	15.7	49.7	54,243	40,250	34.8
Total savings deposits	366,857	371,364	372,950	(1.2)	(1.6)	369,098	368,054	.3
Time deposits	56,916	55,474	57,541	2.6	(1.1)	56,199	56,329	(.2)
Total interest-bearing deposits	423,773	426,838	430,491	(.7)	(1.6)	425,297	424,383	.2
Total deposits	$502,890	$506,534	$513,909	(.7)	(2.1)	$504,702	$508,485	(.7)

Average total deposits for the second quarter of 2025 were $11.0 billion (2.1 percent) lower than the second quarter of 2024. Average noninterest-bearing deposits decreased $4.3 billion (5.2 percent) reflecting balance decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average total savings deposits decreased $6.1 billion (1.6 percent) driven by decreases within Wealth, Corporate, Commercial and Institutional Banking, partially offset by increases in Consumer and Business Banking. Average time deposits were $625 million (1.1 percent) lower than the second quarter of 2024 mainly within Wealth, Corporate, Commercial and Institutional Banking. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.

Average total deposits decreased $3.6 billion (0.7 percent) from the first quarter of 2025. Average noninterest-bearing deposits decreased $579 million (0.7 percent) reflecting balance decreases within Wealth, Corporate, Commercial and Institutional Banking. Average total savings deposits decreased $4.5 billion (1.2 percent) driven by decreases within Wealth, Corporate, Commercial and Institutional Banking, partially offset by increases in Consumer and Business Banking. Average time deposits were $1.4 billion (2.6 percent) higher on a linked quarter basis due to increases within Consumer and Business Banking, partially offset by decreases within Wealth, Corporate, Commercial and Institutional Banking.


			U.S. Bancorp Second Quarter 2025 Results


NONINTEREST INCOME
($ in millions)				Percent Change
	2Q 2025	1Q 2025	2Q 2024	2Q25 vs 1Q25	2Q25 vs 2Q24	YTD 2025	YTD 2024	Percent Change

Card revenue	$442	$398	$428	11.1	3.3	$840	$820	2.4
Corporate payment products revenue	192	189	195	1.6	(1.5)	381	379	.5
Merchant processing services	474	415	454	14.2	4.4	889	855	4.0
Trust and investment management fees	703	680	649	3.4	8.3	1,383	1,290	7.2
Service charges	336	315	322	6.7	4.3	651	637	2.2
Capital markets revenue	390	382	374	2.1	4.3	772	762	1.3
Mortgage banking revenue	162	173	190	(6.4)	(14.7)	335	356	(5.9)
Investment products fees	90	87	82	3.4	9.8	177	159	11.3
Other	192	197	157	(2.5)	22.3	389	291	33.7
Total fee revenue	2,981	2,836	2,851	5.1	4.6	5,817	5,549	4.8
Securities gains (losses), net	(57)	—	(36)	nm	(58.3)	(57)	(34)	(67.6)
Total noninterest income	$2,924	$2,836	$2,815	3.1	3.9	$5,760	$5,515	4.4

Second quarter noninterest income of $2,924 million was $109 million (3.9 percent) higher than the second quarter of 2024. The second quarter total fee revenue was $130 million (4.6 percent) higher than the prior year quarter. The increase was driven by higher payment services revenue, trust and investment management fees, service charges and other revenue, partially offset by lower mortgage banking revenue. Payment services revenue increased $31 million (2.9 percent) compared with the second quarter of 2024, due to increases in card revenue of $14 million (3.3 percent) mainly due to higher sales volume, and merchant processing services of $20 million (4.4 percent) due to favorable rates. Trust and investment management fees increased $54 million (8.3 percent) driven by favorable market conditions and business growth. Service charges increased $14 million (4.3 percent) primarily due to higher treasury management fees. Other revenue increased $35 million (22.3 percent) due to higher tax credit investment activity. Mortgage banking revenue decreased $28 million (14.7 percent) primarily due to a gain on the sale of mortgage servicing rights in the prior year quarter.

Noninterest income was $88 million (3.1 percent) higher in the second quarter of 2025 compared with the first quarter of 2025. The second quarter total fee revenue was $145 million (5.1 percent) higher than linked quarter. The increase was driven by higher payment services revenue, trust and investment management fees, and service charges. Payment services revenue increased $106 million (10.6 percent) compared with the first quarter of 2025, due to increases in card revenue of $44 million (11.1 percent) due to higher sales volume and seasonality, and merchant processing services of $59 million (14.2 percent) due to seasonality and favorable rates. Trust and investment management fees increased $23 million (3.4 percent) due to favorable market conditions and business growth. Service charges increased $21 million (6.7 percent) primarily due to higher treasury management fees.


			U.S. Bancorp Second Quarter 2025 Results


NONINTEREST EXPENSE
($ in millions)				Percent Change
	2Q 2025	1Q 2025	2Q 2024	2Q25 vs 1Q25	2Q25 vs 2Q24	YTD 2025	YTD 2024	Percent Change

Compensation and employee benefits	$2,600	$2,637	$2,619	(1.4)	(.7)	$5,237	$5,310	(1.4)
Net occupancy and equipment	301	306	316	(1.6)	(4.7)	607	612	(.8)
Professional services	109	98	116	11.2	(6.0)	207	226	(8.4)
Marketing and business development	161	182	158	(11.5)	1.9	343	294	16.7
Technology and communications	534	533	509	.2	4.9	1,067	1,016	5.0
Other intangibles	124	123	142	.8	(12.7)	247	288	(14.2)
Other	352	353	328	(.3)	7.3	705	636	10.8
Total before notable items	4,181	4,232	4,188	(1.2)	(.2)	8,413	8,382	.4
Notable items	—	—	26	—	nm	—	291	nm
Total noninterest expense	$4,181	$4,232	$4,214	(1.2)	(.8)	$8,413	$8,673	(3.0)

Second quarter noninterest expense of $4,181 million was $33 million (0.8 percent) lower than the second quarter of 2024. Excluding the notable item of $26 million in the second quarter of 2024, second quarter of 2025 noninterest expense decreased $7 million (0.2 percent) compared with the second quarter of 2024. The decrease was driven by lower compensation and employee benefits expense, net occupancy and equipment expense and other intangibles expense, partially offset by higher technology and communications expense, and other noninterest expense. Compensation and employee benefits expense decreased $19 million (0.7 percent) primarily due to cost savings from operational efficiencies, partially offset by merit increases. Net occupancy and equipment expense decreased $15 million (4.7 percent) due to cost savings from operational efficiencies. The increase in technology and communications expense of $25 million (4.9 percent) was due to investments in infrastructure and technology development.

Noninterest expense decreased $51 million (1.2 percent) from the first quarter of 2025. The decrease was primarily driven by lower compensation and employee benefits expense and marketing and business development expense. Compensation and employee benefits expense decreased $37 million (1.4 percent) primarily due to seasonally lower stock-based compensation and cost savings from operational efficiencies, partially offset by merit increases. Marketing and business development expense decreased $21 million (11.5 percent) primarily due to the charitable foundation contribution in the first quarter of 2025.

Provision for Income Taxes

The provision for income taxes for the second quarter of 2025 resulted in a tax rate of 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.6 percent), compared with 22.7 percent on a taxable-equivalent basis (effective tax rate of 21.6 percent) in the second quarter of 2024, and 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.5 percent) in the first quarter of 2025.


			U.S. Bancorp Second Quarter 2025 Results


ALLOWANCE FOR CREDIT LOSSES
($ in millions)	2Q 2025	% (a)	1Q 2025	% (a)	4Q 2024	% (a)	3Q 2024	% (a)	2Q 2024	% (a)
Balance, beginning of period	$7,915		$7,925		$7,927		$7,934		$7,904


Net charge-offs
Commercial	122	.35	159	.47	140	.42	139	.43	135	.42
Lease financing	6	.57	4	.39	6	.57	8	.77	8	.77
Total commercial	128	.36	163	.47	146	.43	147	.44	143	.43
Commercial mortgages	57	.60	(5)	(.05)	44	.45	69	.68	35	.34
Construction and development	—	—	1	.04	(6)	(.23)	1	.04	1	.04
Total commercial real estate	57	.47	(4)	(.03)	38	.30	70	.54	36	.28

Residential mortgages	(1)	—	—	—	(2)	(.01)	(3)	(.01)	(4)	(.01)

Credit card	317	4.30	325	4.48	317	4.28	299	4.10	315	4.47

Retail leasing	10	1.04	13	1.32	8	.79	5	.49	3	.29
Home equity and second mortgages	—	—	(1)	(.03)	1	.03	(1)	(.03)	(1)	(.03)
Other	43	.73	51	.85	54	.86	47	.73	46	.71
Total other retail	53	.52	63	.61	63	.59	51	.47	48	.45
Total net charge-offs	554	.59	547	.59	562	.60	564	.60	538	.58
Provision for credit losses	501		537		560		557		568

Balance, end of period	$7,862		$7,915		$7,925		$7,927		$7,934
Components
Allowance for loan losses	$7,537		$7,584		$7,583		$7,560		$7,549
Liability for unfunded credit commitments	325		331		342		367		385
Total allowance for credit losses	$7,862		$7,915		$7,925		$7,927		$7,934

Gross charge-offs	$683		$690		$697		$669		$652
Gross recoveries	$129		$143		$135		$105		$114

Allowance for credit losses as a percentage of
Period-end loans (%)	2.07		2.07		2.09		2.12		2.11
Nonperforming loans (%)	480		470		442		438		438
Nonperforming assets (%)	468		458		433		429		428

(a) Annualized and calculated on average loan balances


			U.S. Bancorp Second Quarter 2025 Results

The Company’s provision for credit losses for the second quarter of 2025 was $501 million, compared with $537 million in the first quarter of 2025 and $568 million in the second quarter of 2024. The second quarter of 2025 provision was $36 million (6.7 percent) lower than the first quarter of 2025 and $67 million (11.8 percent) lower than the second quarter of 2024. The decrease in provision expense on a year-over-year basis was primarily driven by the impact of loan portfolio sales during the second quarter of 2025 and improved credit quality. The decrease in provision expense on a linked quarter basis was primarily driven by the impact of loan portfolio sales during the second quarter of 2025 and improved credit quality, partially offset by higher commercial real estate net charge-offs. The Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to changing tariff policies, and other economic factors that may affect the financial strength of corporate and consumer borrowers.

Total net charge-offs in the second quarter of 2025 were $554 million, compared with $547 million in the first quarter of 2025 and $538 million in the second quarter of 2024. The net charge-off ratio was 0.59 percent in the second quarter of 2025 and in the first quarter of 2025, compared with 0.58 percent in the second quarter of 2024. The increase in net charge-offs on a year-over-year basis primarily reflected higher net charge-offs on commercial real estate loans, partially offset by lower net charge-offs on commercial loans.

The allowance for credit losses was $7,862 million at June 30, 2025, compared with $7,915 million at March 31, 2025, and $7,934 million at June 30, 2024. The decrease in the allowance for credit losses on a year-over-year basis was primarily driven by improved credit quality and portfolio mix. The decrease in the allowance for credit losses on a linked quarter basis was primarily driven by the impact of loan portfolio sales during the second quarter of 2025 and improved credit quality. The ratio of the allowance for credit losses to period-end loans was 2.07 percent at June 30, 2025, compared with 2.07 percent at March 31, 2025, and 2.11 percent at June 30, 2024. The ratio of the allowance for credit losses to nonperforming loans was 480 percent at June 30, 2025, compared with 470 percent at March 31, 2025, and 438 percent at June 30, 2024.

Nonperforming assets were $1,680 million at June 30, 2025, compared with $1,727 million at March 31, 2025, and $1,852 million at June 30, 2024. The ratio of nonperforming assets to loans and other real estate was 0.44 percent at June 30, 2025, compared with 0.45 percent at March 31, 2025, and 0.49 percent at June 30, 2024. The decrease in nonperforming assets on a linked quarter basis was primarily due to lower commercial and commercial real estate nonperforming loans. The decrease in nonperforming assets on a year-over year basis was primarily due to lower commercial real estate nonperforming loans, partially offset by higher commercial nonperforming loans. Accruing loans 90 days or more past due were $966 million at June 30, 2025, compared with $796 million at March 31, 2025, and $701 million at June 30, 2024. The increase in accruing loans 90 days or more past due on a quarter-over-quarter and year-over-year basis was primarily due to higher commercial real estate delinquencies that are primarily administrative in nature and higher residential mortgage delinquencies primarily related to forbearance extended to borrowers affected by California wildfires.


			U.S. Bancorp Second Quarter 2025 Results


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

Delinquent loan ratios - 90 days or more past due
Commercial	.06	.07	.07	.07	.06
Commercial real estate	.28	.01	.02	.02	.02
Residential mortgages	.28	.19	.17	.15	.15
Credit card	1.24	1.40	1.43	1.36	1.30
Other retail	.13	.14	.15	.14	.14
Total loans	.25	.21	.21	.20	.19

Delinquent loan ratios - 90 days or more past due and nonperforming loans
Commercial	.45	.49	.55	.51	.48
Commercial real estate	1.86	1.62	1.70	1.85	1.87
Residential mortgages	.40	.31	.30	.28	.28
Credit card	1.24	1.40	1.43	1.36	1.30
Other retail	.51	.50	.50	.48	.47
Total loans	.68	.65	.69	.68	.67


ASSET QUALITY (a)
($ in millions)
	Jun 30 2025	Mar 31 2025	Dec 31 2024	Sep 30 2024	Jun 30 2024
Nonperforming loans
Commercial	$548	$589	$644	$560	$531
Lease financing	27	27	26	25	25
Total commercial	575	616	670	585	556
Commercial mortgages	732	745	789	853	888
Construction and development	31	35	35	72	71
Total commercial real estate	763	780	824	925	959
Residential mortgages	145	141	152	154	154
Credit card	—	—	—	—	—
Other retail	154	148	147	145	141
Total nonperforming loans	1,637	1,685	1,793	1,809	1,810
Other real estate	21	23	21	21	23
Other nonperforming assets	22	19	18	18	19
Total nonperforming assets	$1,680	$1,727	$1,832	$1,848	$1,852
Accruing loans 90 days or more past due	$966	$796	$810	$738	$701
Nonperforming assets to loans plus ORE (%)	.44	.45	.48	.49	.49

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


			U.S. Bancorp Second Quarter 2025 Results


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

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


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

Total U.S. Bancorp shareholders' equity	$61,438		$60,096		$58,578		$58,859		$56,420

Basel III Standardized Approach (a)
Common equity tier 1 capital	$49,382		$48,482		$47,877		$47,164		$46,239
Tier 1 capital	56,630		55,736		55,129		54,416		53,491
Total risk-based capital	65,752		64,989		64,375		63,625		62,926

Fully implemented common equity tier 1 capital ratio (a)	10.7	%	10.8	%	10.5	% (b)	10.5	% (b)	10.2	% (b)
Tier 1 capital ratio	12.3		12.4		12.2		12.2		11.9
Total risk-based capital ratio	14.3		14.4		14.3		14.2		14.0
Leverage ratio	8.5		8.4		8.3		8.3		8.1

Common equity to assets	8.0		7.9		7.6		7.6		7.3
Tangible common equity to tangible assets (b)	6.1		6.0		5.8		5.7		5.4
Tangible common equity to risk-weighted assets (b)	9.0		8.9		8.5		8.6		8.0
Common equity tier 1 capital to risk-weighted assets, reflecting transitional regulatory capital requirements related to the current expected credit losses methodology (a)	—		—		10.6		10.5		10.3

(a) Beginning January 1, 2025, the regulatory capital requirements fully reflect implementation related to the current expected credit losses methodology. Prior to 2025, the Company's capital ratios reflected certain transitional adjustments. (b) See Non-GAAP Financial Measures reconciliation on page 18

Total U.S. Bancorp shareholders’ equity was $61.4 billion at June 30, 2025, compared with $60.1 billion at March 31, 2025, and $56.4 billion at June 30, 2024. During 2024, the Company's Board of Directors authorized a share repurchase program for up to $5.0 billion of the Company's outstanding common stock effective September 13, 2024. The Company began repurchasing shares under this program, in addition to repurchases done in connection with its stock-based compensation plans, in the fourth quarter of 2024.

All regulatory ratios continue to be in excess of “well-capitalized” requirements. The common equity tier 1 capital to risk-weighted assets ratio using the Basel III standardized approach was 10.7 percent at June 30, 2025, compared with 10.8 percent at March 31, 2025, and 10.3 percent at June 30, 2024.


			U.S. Bancorp Second Quarter 2025 Results


Investor Conference Call

On Thursday, July 17, 2025 at 7 a.m. CT, President and Chief Executive Officer Gunjan Kedia and Vice Chair and Chief Financial Officer John Stern will host a conference call to review the financial results. The live conference call will be available online or by telephone. To access the webcast and presentation, visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, "News & events" and “Webcasts & presentations.” To access the conference call from locations within the United States and Canada, please dial 888-210-4659. Participants calling from outside the United States and Canada, please dial 646-960-0383. The access code for all participants is 7269933. For those unable to participate during the live call, a replay will be available at approximately 10 a.m. CT on Thursday, July 17, 2025. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, "News & events" and “Webcasts & presentations.”


About U.S. Bancorp

U.S. Bancorp, with approximately 70,000 employees and $686 billion in assets as of June 30, 2025, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2025 World’s Most Ethical Companies and one of Fortune’s most admired superregional banks. Learn more at usbank.com/about.


Forward-looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.

This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.”

Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties:

•Deterioration in general business and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility;

•Turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions, which could affect the ability of depository institutions, including U.S. Bank National Association, to attract and retain depositors, and could affect the ability of financial services providers, including U.S. Bancorp, to borrow or raise capital;

•Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities;

•Changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs;

•Changes in interest rates;

•Increases in unemployment rates;

•Deterioration in the credit quality of U.S. Bancorp's loan portfolios or in the value of the collateral securing those loans;

•Changes in commercial real estate occupancy rates;

•Increases in FDIC assessments, including due to bank failures;

•Actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions;

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


			U.S. Bancorp Second Quarter 2025 Results

•Risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer;

•Impacts of current, pending or future litigation and governmental proceedings;

•Increased competition from both banks and non-banks;

•Effects of climate change and related physical and transition risks;

•Changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands;

•Breaches in data security;

•Failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents;

•Failures to safeguard personal information;

•Impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events;

•Impacts of supply chain disruptions, rising inflation, slower growth or a recession;

•Failure to execute on strategic or operational plans;

•Effects of mergers and acquisitions and related integration;

•Effects of critical accounting policies and judgments;

•Effects of changes in or interpretations of tax laws and regulations;

•Management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk; and

•The risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2024, and subsequent filings with the Securities and Exchange Commission.

Factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.


			U.S. Bancorp Second Quarter 2025 Results


Non-GAAP Financial Measures

In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:

•Tangible common equity to tangible assets,

•Tangible common equity to risk-weighted assets,

•Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology, and

•Return on tangible common equity.

These capital measures are viewed by management as useful additional methods of evaluating the Company’s utilization of its capital held and the level of capital available to withstand unexpected negative market or economic conditions. Additionally, presentation of these measures allows investors, analysts and banking regulators to assess the Company’s capital position and use of capital relative to other financial services companies. These capital measures are not defined in generally accepted accounting principles (“GAAP”), or in banking regulations or were not effective for certain periods. In addition, certain capital measures related to prior periods are presented on the same basis as those in the current period. The effective capital ratios defined by banking regulations for these periods were subject to certain transitional provisions for the implementation of accounting guidance related to impairment of financial instruments based on the current expected credit losses methodology. As a result, these capital measures disclosed by the Company may be considered non-GAAP financial measures. Management believes this information helps investors assess trends in the Company’s capital utilization and adequacy.

The Company also discloses net interest income and related ratios and analysis on a taxable-equivalent basis, which may also be considered non-GAAP financial measures. The Company believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison of net interest income arising from taxable and tax-exempt sources. In addition, certain performance measures utilize net interest income on a taxable-equivalent basis, including the efficiency ratio, tangible efficiency ratio, net interest margin, and tax rate.

The adjusted noninterest expense, adjusted net income, adjusted diluted earnings per common share, and adjusted operating leverage exclude notable items. Management uses these measures in their analysis of the Company’s performance and believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

There may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in this press release in their entirety, and not to rely on any single financial measure. A table follows that shows the Company’s calculation of these non-GAAP financial measures.


CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data)	Three Months Ended June 30,		Six Months Ended June 30,
(Unaudited)	2025	2024	2025	2024
Interest Income
Loans	$5,548	$5,761	$11,081	$11,473
Loans held for sale	59	41	87	78
Investment securities	1,355	1,294	2,663	2,469
Other interest income	642	889	1,289	1,729
Total interest income	7,604	7,985	15,120	15,749
Interest Expense
Deposits	2,541	3,028	5,052	5,912
Short-term borrowings	291	296	540	566
Long-term debt	721	638	1,385	1,263
Total interest expense	3,553	3,962	6,977	7,741
Net interest income	4,051	4,023	8,143	8,008
Provision for credit losses	501	568	1,038	1,121
Net interest income after provision for credit losses	3,550	3,455	7,105	6,887
Noninterest Income
Card revenue	442	428	840	820
Corporate payment products revenue	192	195	381	379
Merchant processing services	474	454	889	855
Trust and investment management fees	703	649	1,383	1,290
Service charges	336	322	651	637
Capital markets revenue	390	374	772	762
Mortgage banking revenue	162	190	335	356
Investment products fees	90	82	177	159
Securities gains (losses), net	(57)	(36)	(57)	(34)
Other	192	157	389	291
Total noninterest income	2,924	2,815	5,760	5,515
Noninterest Expense
Compensation and employee benefits	2,600	2,619	5,237	5,310
Net occupancy and equipment	301	316	607	612
Professional services	109	116	207	226
Marketing and business development	161	158	343	294
Technology and communications	534	509	1,067	1,016
Other intangibles	124	142	247	288
Merger and integration charges	—	—	—	155
Other	352	354	705	772
Total noninterest expense	4,181	4,214	8,413	8,673
Income before income taxes	2,293	2,056	4,452	3,729
Applicable income taxes	472	445	915	792
Net income	1,821	1,611	3,537	2,937
Net (income) loss attributable to noncontrolling interests	(6)	(8)	(13)	(15)
Net income attributable to U.S. Bancorp	$1,815	$1,603	$3,524	$2,922
Net income applicable to U.S. Bancorp common shareholders	$1,733	$1,518	$3,336	$2,727

Earnings per common share	$1.11	$.97	$2.14	$1.75
Diluted earnings per common share	$1.11	$.97	$2.14	$1.75
Dividends declared per common share	$.50	$.49	$1.00	$.98
Average common shares outstanding	1,559	1,560	1,559	1,560
Average diluted common shares outstanding	1,559	1,561	1,560	1,560


CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	June 30, 2025	December 31, 2024	June 30, 2024
Assets	(Unaudited)		(Unaudited)
Cash and due from banks	$57,807	$56,502	$65,832
Investment securities
Held-to-maturity	77,879	78,634	81,486
Available-for-sale	90,577	85,992	79,799
Loans held for sale	2,288	2,573	2,582
Loans
Commercial	147,416	139,484	135,248
Commercial real estate	48,181	48,859	51,887
Residential mortgages	114,475	118,813	117,147
Credit card	30,023	30,350	28,715
Other retail	40,148	42,326	43,136
Total loans	380,243	379,832	376,133
Less allowance for loan losses	(7,537)	(7,583)	(7,549)
Net loans	372,706	372,249	368,584
Premises and equipment	3,625	3,565	3,570
Goodwill	12,637	12,536	12,476
Other intangible assets	5,285	5,547	5,757
Other assets	63,566	60,720	59,972
Total assets	$686,370	$678,318	$680,058

Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing	$86,972	$84,158	$86,756
Interest-bearing	431,745	434,151	437,029
Total deposits	518,717	518,309	523,785
Short-term borrowings	15,039	15,518	16,557
Long-term debt	64,013	58,002	52,720
Other liabilities	26,705	27,449	30,111
Total liabilities	624,474	619,278	623,173
Shareholders' equity
Preferred stock	6,808	6,808	6,808
Common stock	21	21	21
Capital surplus	8,706	8,715	8,688
Retained earnings	78,652	76,863	75,231
Less treasury stock	(24,140)	(24,065)	(24,020)
Accumulated other comprehensive income (loss)	(8,609)	(9,764)	(10,308)
Total U.S. Bancorp shareholders' equity	61,438	58,578	56,420
Noncontrolling interests	458	462	465
Total equity	61,896	59,040	56,885
Total liabilities and equity	$686,370	$678,318	$680,058


NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)	June 30, 2025			March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Total equity	$61,896			$60,558		$59,040		$59,321		$56,885
Preferred stock	(6,808)			(6,808)		(6,808)		(6,808)		(6,808)
Noncontrolling interests	(458)			(462)		(462)		(462)		(465)
Common equity (a)	54,630			53,288		51,770		52,051		49,612
Goodwill (net of deferred tax liability) (1)	(11,613)			(11,521)		(11,508)		(11,540)		(11,449)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights	(1,699)			(1,761)		(1,846)		(1,944)		(2,047)
Tangible common equity (b)	41,318			40,006		38,416		38,567		36,116

Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation						47,877		47,164		46,239
Adjustments (2)						(433)		(433)		(433)
Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (c)						47,444		46,731		45,806

Total assets (d)	686,370			676,489		678,318		686,469		680,058
Goodwill (net of deferred tax liability) (1)	(11,613)			(11,521)		(11,508)		(11,540)		(11,449)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights	(1,699)			(1,761)		(1,846)		(1,944)		(2,047)
Tangible assets (e)	673,058			663,207		664,964		672,985		666,562

Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company (f)	459,521		*	450,290		450,498		447,476		449,111
Adjustments (3)						(368)		(368)		(368)
Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (g)						450,130		447,108		448,743

Ratios *
Common equity to assets (a)/(d)	8.0	%		7.9	%	7.6	%	7.6	%	7.3	%
Tangible common equity to tangible assets (b)/(e)	6.1			6.0		5.8		5.7		5.4
Tangible common equity to risk-weighted assets (b)/(f)	9.0			8.9		8.5		8.6		8.0
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (c)/(g)						10.5		10.5		10.2

	Three Months Ended
	June 30, 2025			March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Net income applicable to U.S. Bancorp common shareholders	$1,733			$1,603		$1,581		$1,601		$1,518
Intangibles amortization (net-of-tax)	98			97		110		112		113
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization	1,831			1,700		1,691		1,713		1,631
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization (h)	7,344			6,894		6,727		6,815		6,560

Average total equity	61,356			60,071		59,272		58,744		56,492
Average preferred stock	(6,808)			(6,808)		(6,808)		(6,808)		(6,808)
Average noncontrolling interests	(457)			(460)		(460)		(461)		(463)
Average goodwill (net of deferred tax liability) (1)	(11,544)			(11,513)		(11,515)		(11,494)		(11,457)
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights	(1,734)			(1,806)		(1,885)		(1,981)		(2,087)
Average tangible common equity (i)	40,813			39,484		38,604		38,000		35,677

Return on tangible common equity (h)/(i)	18.0	%		17.5	%	17.4	%	17.9	%	18.4	%

Net interest income	$4,051			$4,092		$4,146		$4,135		$4,023
Taxable-equivalent adjustment (4)	29			30		30		31		29
Net interest income, on a taxable-equivalent basis	4,080			4,122		4,176		4,166		4,052

Net interest income, on a taxable-equivalent basis (as calculated above)	4,080			4,122		4,176		4,166		4,052
Noninterest income	2,924			2,836		2,833		2,698		2,815
Less: Securities gains (losses), net	(57)			—		(1)		(119)		(36)
Total net revenue, excluding net securities gains (losses) (j)	7,061			6,958		7,010		6,983		6,903

Noninterest expense (k)	4,181			4,232		4,311		4,204		4,214
Less: Intangible amortization	124			123		139		142		142
Noninterest expense, excluding intangible amortization (l)	4,057			4,109		4,172		4,062		4,072

Efficiency ratio (k)/(j)	59.2	%		60.8	%	61.5	%	60.2	%	61.0	%
Tangible efficiency ratio (l)/(j)	57.5			59.1		59.5		58.2		59.0

* 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		Six Months Ended
(Dollars and Shares in Millions, Except Per Share Data, Unaudited)	June 30, 2024		June 30, 2024
Net income applicable to U.S. Bancorp common shareholders	$1,518		$2,727
Less: Notable items, including the impact of earnings allocated to participating stock awards (1), (2)	(19)		(217)
Net income applicable to U.S. Bancorp common shareholders, excluding notable items (a)	1,537		2,944

Average diluted common shares outstanding (b)	1,561		1,560
Diluted earnings per common share, excluding notable items (a)/(b)	$.98		$1.89

	Three Months Ended
	June 30, 2025		June 30, 2024	Percent Change
Net interest income	$4,051		$4,023
Taxable-equivalent adjustment (3)	29		29
Net interest income, on a taxable-equivalent basis	4,080		4,052

Net interest income, on a taxable-equivalent basis (as calculated above)	4,080		4,052
Noninterest income	2,924		2,815
Total net revenue	7,004		6,867	2.0	%	(c)
Less: Securities gains (losses), net	(57)		(36)
Total net revenue, excluding securities gains (losses), net	7,061		6,903	2.3	%	(d)

Noninterest expense	4,181		4,214	(0.8)	%	(e)
Less: Notable items (1)	—		26
Total noninterest expense, excluding notable items	4,181		4,188	(0.2)	%	(f)

Operating leverage (c) - (e)	2.8	%
Operating leverage, excluding securities gains (losses) and notable items (d) - (f)	2.5	%

(1)Notable items for the three months ended June 30, 2024 included a $26 million ($19 million net-of-tax) charge for the increase in FDIC special assessment.

(2)Notable items of $291 million ($218 million net-of-tax) for the six months ended June 30, 2024 included $155 million of merger and integration-related charges and a $136 million charge for the increase in FDIC special assessment.

(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 Second Quarter 2025
WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING CONSUMER AND BUSINESS BANKING PAYMENT SERVICES TREASURY AND CORPORATE SUPPORT


BUSINESS SEGMENT FINANCIAL PERFORMANCE						Preliminary data
($ in millions)	Net Income Attributable to U.S. Bancorp			Percent Change		Net Income Attributable to U.S. Bancorp
Business Segment	2Q 2025	1Q 2025	2Q 2024	2Q25 vs 1Q25	2Q25 vs 2Q24	YTD 2025	YTD 2024	Percent Change
Wealth, Corporate, Commercial and Institutional Banking	$1,098	$1,200	$1,183	(8.5)	(7.2)	$2,298	$2,321	(1.0)
Consumer and Business Banking	459	408	493	12.5	(6.9)	867	958	(9.5)
Payment Services	325	337	289	(3.6)	12.5	662	523	26.6
Treasury and Corporate Support	(67)	(236)	(362)	71.6	81.5	(303)	(880)	65.6
Consolidated Company	$1,815	$1,709	$1,603	6.2	13.2	$3,524	$2,922	20.6

	Income Before Provision and Taxes			Percent Change		Income Before Provision and Taxes
	2Q 2025	1Q 2025	2Q 2024	2Q25 vs 1Q25	2Q25 vs 2Q24	YTD 2025	YTD 2024	Percent Change
Wealth, Corporate, Commercial and Institutional Banking	$1,647	$1,610	$1,677	2.3	(1.8)	$3,257	$3,335	(2.3)
Consumer and Business Banking	651	606	688	7.4	(5.4)	1,257	1,362	(7.7)
Payment Services	818	766	774	6.8	5.7	1,584	1,445	9.6
Treasury and Corporate Support	(293)	(256)	(486)	(14.5)	39.7	(549)	(1,233)	55.5
Consolidated Company	$2,823	$2,726	$2,653	3.6	6.4	$5,549	$4,909	13.0

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
	2Q 2025	1Q 2025	2Q 2024	2Q25 vs 1Q25	2Q25 vs 2Q24	YTD 2025	YTD 2024	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$1,801	$1,780	$1,928	1.2	(6.6)	$3,581	$3,851	(7.0)
Noninterest income	1,199	1,167	1,130	2.7	6.1	2,366	2,242	5.5
Total net revenue	3,000	2,947	3,058	1.8	(1.9)	5,947	6,093	(2.4)
Noninterest expense	1,353	1,337	1,381	1.2	(2.0)	2,690	2,758	(2.5)
Income before provision and taxes	1,647	1,610	1,677	2.3	(1.8)	3,257	3,335	(2.3)
Provision for credit losses	183	10	100	nm	83.0	193	241	(19.9)
Income before income taxes	1,464	1,600	1,577	(8.5)	(7.2)	3,064	3,094	(1.0)
Income taxes and taxable-equivalent adjustment	366	400	394	(8.5)	(7.1)	766	773	(.9)
Net income	1,098	1,200	1,183	(8.5)	(7.2)	2,298	2,321	(1.0)
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—	—	—	—
Net income attributable to U.S. Bancorp	$1,098	$1,200	$1,183	(8.5)	(7.2)	$2,298	$2,321	(1.0)

Average Balance Sheet Data
Loans	$181,077	$178,004	$173,807	1.7	4.2	$179,549	$172,475	4.1
Other earning assets	12,778	11,957	9,590	6.9	33.2	12,370	9,164	35.0
Goodwill	4,826	4,824	4,824	—	—	4,825	4,824	—
Other intangible assets	817	863	1,007	(5.3)	(18.9)	840	1,032	(18.6)
Assets	211,954	208,656	203,313	1.6	4.3	210,314	201,291	4.5

Noninterest-bearing deposits	54,422	55,171	57,362	(1.4)	(5.1)	54,794	58,001	(5.5)
Interest-bearing deposits	210,094	216,214	218,233	(2.8)	(3.7)	213,136	213,933	(.4)
Total deposits	264,516	271,385	275,595	(2.5)	(4.0)	267,930	271,934	(1.5)

Total U.S. Bancorp shareholders' equity	21,817	21,550	21,487	1.2	1.5	21,684	21,624	.3

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 $1,647 million of income before provision and taxes in the second quarter of 2025, compared with $1,677 million in the second quarter of 2024, and contributed $1,098 million of the Company’s net income in the second quarter of 2025. The provision for credit losses increased $83 million (83.0 percent) compared with the second quarter of 2024 primarily due to increased reserves and charge-offs on select problem assets. Total net revenue was $58 million (1.9 percent) lower in the second quarter of 2025 due to a decrease of $127 million (6.6 percent) in net interest income, partially offset by an increase of $69 million (6.1 percent) in noninterest income. Net interest income decreased primarily due to lower noninterest-bearing deposit balances and continued rotation within the deposit portfolio. Noninterest income increased primarily due to business growth and favorable market conditions in trust and investment management fees and higher treasury management fees in service charges. Noninterest expense decreased $28 million (2.0 percent) compared with the second quarter of 2024 primarily due to lower compensation and employee benefits expense and technology and communications expense.


CONSUMER AND BUSINESS BANKING						Preliminary data
($ in millions)				Percent Change
	2Q 2025	1Q 2025	2Q 2024	2Q25 vs 1Q25	2Q25 vs 2Q24	YTD 2025	YTD 2024	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$1,843	$1,768	$1,912	4.2	(3.6)	$3,611	$3,783	(4.5)
Noninterest income	406	407	414	(.2)	(1.9)	813	838	(3.0)
Total net revenue	2,249	2,175	2,326	3.4	(3.3)	4,424	4,621	(4.3)
Noninterest expense	1,598	1,569	1,638	1.8	(2.4)	3,167	3,259	(2.8)
Income before provision and taxes	651	606	688	7.4	(5.4)	1,257	1,362	(7.7)
Provision for credit losses	39	62	30	(37.1)	30.0	101	84	20.2
Income before income taxes	612	544	658	12.5	(7.0)	1,156	1,278	(9.5)
Income taxes and taxable-equivalent adjustment	153	136	165	12.5	(7.3)	289	320	(9.7)
Net income	459	408	493	12.5	(6.9)	867	958	(9.5)
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—	—	—	—
Net income attributable to U.S. Bancorp	$459	$408	$493	12.5	(6.9)	$867	$958	(9.5)

Average Balance Sheet Data
Loans	$149,661	$153,914	$154,931	(2.8)	(3.4)	$151,776	$154,940	(2.0)
Other earning assets	4,875	1,778	2,278	nm	nm	3,335	2,079	60.4
Goodwill	4,326	4,325	4,326	—	—	4,326	4,326	—
Other intangible assets	4,277	4,368	4,734	(2.1)	(9.7)	4,322	4,715	(8.3)
Assets	165,175	166,499	168,705	(.8)	(2.1)	165,834	168,946	(1.8)

Noninterest-bearing deposits	19,610	19,117	20,845	2.6	(5.9)	19,365	21,081	(8.1)
Interest-bearing deposits	200,903	198,949	201,012	1.0	(.1)	199,932	199,247	.3
Total deposits	220,513	218,066	221,857	1.1	(.6)	219,297	220,328	(.5)

Total U.S. Bancorp shareholders' equity	13,562	13,705	14,558	(1.0)	(6.8)	13,633	14,705	(7.3)

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 $651 million of income before provision and taxes in the second quarter of 2025, compared with $688 million in the second quarter of 2024, and contributed $459 million of the Company’s net income in the second quarter of 2025. The provision for credit losses increased $9 million (30.0 percent) compared with the second quarter of 2024 primarily due to higher net charge-offs. Total net revenue was lower by $77 million (3.3 percent) in the second quarter of 2025 due to a decrease of $69 million (3.6 percent) in net interest income and a decrease of $8 million (1.9 percent) in noninterest income. Net interest income decreased primarily due to continued rotation within the deposit portfolio. Noninterest income decreased primarily due to lower other revenue. Noninterest expense decreased $40 million (2.4 percent) primarily due to lower compensation and employee benefits expense and professional services expense.


PAYMENT SERVICES						Preliminary data
($ in millions)				Percent Change
	2Q 2025	1Q 2025	2Q 2024	2Q25 vs 1Q25	2Q25 vs 2Q24	YTD 2025	YTD 2024	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$730	$742	$673	(1.6)	8.5	$1,472	$1,375	7.1
Noninterest income	1,116	1,035	1,093	7.8	2.1	2,151	2,071	3.9
Total net revenue	1,846	1,777	1,766	3.9	4.5	3,623	3,446	5.1
Noninterest expense	1,028	1,011	992	1.7	3.6	2,039	2,001	1.9
Income before provision and taxes	818	766	774	6.8	5.7	1,584	1,445	9.6
Provision for credit losses	384	317	388	21.1	(1.0)	701	747	(6.2)
Income before income taxes	434	449	386	(3.3)	12.4	883	698	26.5
Income taxes and taxable-equivalent adjustment	109	112	97	(2.7)	12.4	221	175	26.3
Net income	325	337	289	(3.6)	12.5	662	523	26.6
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—	—	—	—
Net income attributable to U.S. Bancorp	$325	$337	$289	(3.6)	12.5	$662	$523	26.6

Average Balance Sheet Data
Loans	$42,229	$41,611	$40,832	1.5	3.4	$41,922	$40,318	4.0
Other earning assets	5	57	115	(91.2)	(95.7)	31	134	(76.9)
Goodwill	3,425	3,392	3,327	1.0	2.9	3,409	3,330	2.4
Other intangible assets	258	249	281	3.6	(8.2)	254	291	(12.7)
Assets	47,840	46,829	46,096	2.2	3.8	47,338	46,456	1.9

Noninterest-bearing deposits	2,512	2,682	2,706	(6.3)	(7.2)	2,597	2,749	(5.5)
Interest-bearing deposits	95	94	96	1.1	(1.0)	95	96	(1.0)
Total deposits	2,607	2,776	2,802	(6.1)	(7.0)	2,692	2,845	(5.4)

Total U.S. Bancorp shareholders' equity	10,235	10,229	9,941	.1	3.0	10,232	9,953	2.8

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 $818 million of income before provision and taxes in the second quarter of 2025, compared with $774 million in the second quarter of 2024, and contributed $325 million of the Company’s net income in the second quarter of 2025. The provision for credit losses was relatively stable, decreasing $4 million (1.0 percent) compared with the second quarter of 2024. Total net revenue increased $80 million (4.5 percent) in the second quarter of 2025 due to higher net interest income of $57 million (8.5 percent) and higher noninterest income of $23 million (2.1 percent). Net interest income increased primarily due to higher average loan balances and lower funding costs, partially offset by lower loan spreads. Noninterest income increased primarily due to increases in card revenue mainly due to higher sales volume and merchant processing services due to favorable rates. Noninterest expense increased $36 million (3.6 percent) due to higher marketing and business development expense and other expense.


TREASURY AND CORPORATE SUPPORT						Preliminary data
($ in millions)				Percent Change
	2Q 2025	1Q 2025	2Q 2024	2Q25 vs 1Q25	2Q25 vs 2Q24	YTD 2025	YTD 2024	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	($294)	($168)	($461)	(75.0)	36.2	($462)	($942)	51.0
Noninterest income	203	227	178	(10.6)	14.0	430	364	18.1
Total net revenue	(91)	59	(283)	nm	67.8	(32)	(578)	94.5
Noninterest expense	202	315	203	(35.9)	(.5)	517	655	(21.1)
Income (loss) before provision and taxes	(293)	(256)	(486)	(14.5)	39.7	(549)	(1,233)	55.5
Provision for credit losses	(105)	148	50	nm	nm	43	49	(12.2)
Income (loss) before income taxes	(188)	(404)	(536)	53.5	64.9	(592)	(1,282)	53.8
Income taxes and taxable-equivalent adjustment	(127)	(175)	(182)	27.4	30.2	(302)	(417)	27.6
Net income	(61)	(229)	(354)	73.4	82.8	(290)	(865)	66.5
Net (income) loss attributable to noncontrolling interests	(6)	(7)	(8)	14.3	25.0	(13)	(15)	13.3
Net income (loss) attributable to U.S. Bancorp	($67)	($236)	($362)	71.6	81.5	($303)	($880)	65.6

Average Balance Sheet Data
Loans	$5,562	$5,499	$5,115	1.1	8.7	$5,530	$5,145	7.5
Other earning assets	217,155	217,410	222,224	(.1)	(2.3)	217,281	218,258	(.4)
Goodwill	—	—	—	—	—	—	—	—
Other intangible assets	8	8	9	—	(11.1)	8	10	(20.0)
Assets	248,372	247,409	247,390	.4	.4	247,892	243,014	2.0

Noninterest-bearing deposits	2,573	2,726	2,505	(5.6)	2.7	2,649	2,271	16.6
Interest-bearing deposits	12,681	11,581	11,150	9.5	13.7	12,134	11,107	9.2
Total deposits	15,254	14,307	13,655	6.6	11.7	14,783	13,378	10.5

Total U.S. Bancorp shareholders' equity	15,285	14,127	10,043	8.2	52.2	14,709	9,567	53.7

Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business segments, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.

Treasury and Corporate Support generated a $293 million loss before provision and taxes in the second quarter of 2025, compared with a $486 million loss before provision and taxes in the second quarter of 2024, and recorded a net loss of $67 million in the second quarter of 2025. The provision for credit losses decreased $155 million compared with the second quarter of 2024 primarily due to a stable economic outlook in the second quarter of 2025 and improved credit quality. Total net revenue was higher by $192 million (67.8 percent) in the second quarter of 2025 due to an increase of $167 million (36.2 percent) in net interest income and an increase of $25 million (14.0 percent) in noninterest income. Net interest income increased primarily due to lower funding costs as well as the impact of fixed asset repricing. The increase in noninterest income was primarily due to higher tax credit investment activity, higher capital markets revenue, and the impact of other favorable items in other revenue, partially offset by lower mortgage banking revenue due to the gain on the sale of mortgage servicing rights in the prior year quarter. Noninterest expense decreased $1 million (0.5 percent) compared with the second quarter of 2024 primarily due to lower marketing and business development expense and the notable item in the prior year quarter, partially offset by higher compensation and employee benefits expense and technology and communications expense.

Income taxes are assessed to each business segment at a managerial tax rate of 25.0 percent with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.


Supplemental Consolidated Schedules Second Quarter 2025


QUARTERLY CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data) (Unaudited)	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024
Interest Income
Loans	$5,548	$5,533	$5,674	$5,862	$5,761
Loans held for sale	59	28	50	45	41
Investment securities	1,355	1,308	1,326	1,316	1,294
Other interest income	642	647	781	863	889
Total interest income	7,604	7,516	7,831	8,086	7,985
Interest Expense
Deposits	2,541	2,511	2,772	3,004	3,028
Short-term borrowings	291	249	257	284	296
Long-term debt	721	664	656	663	638
Total interest expense	3,553	3,424	3,685	3,951	3,962
Net interest income	4,051	4,092	4,146	4,135	4,023
Provision for credit losses	501	537	560	557	568
Net interest income after provision for credit losses	3,550	3,555	3,586	3,578	3,455
Noninterest Income
Card revenue	442	398	433	426	428
Corporate payment products revenue	192	189	191	203	195
Merchant processing services	474	415	419	440	454
Trust and investment management fees	703	680	703	667	649
Service charges	336	315	314	302	322
Capital markets revenue	390	382	364	397	374
Mortgage banking revenue	162	173	116	155	190
Investment products fees	90	87	87	84	82
Securities gains (losses), net	(57)	—	(1)	(119)	(36)
Other	192	197	207	143	157
Total noninterest income	2,924	2,836	2,833	2,698	2,815
Noninterest Expense
Compensation and employee benefits	2,600	2,637	2,607	2,637	2,619
Net occupancy and equipment	301	306	317	317	316
Professional services	109	98	135	130	116
Marketing and business development	161	182	160	165	158
Technology and communications	534	533	534	524	509
Other intangibles	124	123	139	142	142

Other	352	353	419	289	354
Total noninterest expense	4,181	4,232	4,311	4,204	4,214
Income before income taxes	2,293	2,159	2,108	2,072	2,056
Applicable income taxes	472	443	438	350	445
Net income	1,821	1,716	1,670	1,722	1,611
Net (income) loss attributable to noncontrolling interests	(6)	(7)	(7)	(8)	(8)
Net income attributable to U.S. Bancorp	$1,815	$1,709	$1,663	$1,714	$1,603
Net income applicable to U.S. Bancorp common shareholders	$1,733	$1,603	$1,581	$1,601	$1,518

Earnings per common share	$1.11	$1.03	$1.01	$1.03	$.97
Diluted earnings per common share	$1.11	$1.03	$1.01	$1.03	$.97
Dividends declared per common share	$.50	$.50	$.50	$.50	$.49
Average common shares outstanding	1,559	1,559	1,560	1,561	1,560
Average diluted common shares outstanding	1,559	1,560	1,560	1,561	1,561
Financial Ratios (%)
Net interest margin (taxable-equivalent basis)	2.66	2.72	2.71	2.74	2.67
Return on average assets	1.08	1.04	.98	1.03	.97
Return on average common equity	12.9	12.3	12.1	12.4	12.4
Efficiency ratio	59.2	60.8	61.5	60.2	61.0


CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024
Assets	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)
Cash and due from banks	$57,807	$50,013	$56,502	$73,562	$65,832
Investment securities
Held-to-maturity	77,879	78,008	78,634	80,025	81,486
Available-for-sale	90,577	86,774	85,992	81,704	79,799
Loans held for sale	2,288	1,746	2,573	3,211	2,582
Loans
Commercial	147,416	144,081	139,484	133,638	135,248
Commercial real estate	48,181	48,334	48,859	50,619	51,887
Residential mortgages	114,475	118,907	118,813	118,034	117,147
Credit card	30,023	29,223	30,350	29,037	28,715
Other retail	40,148	41,274	42,326	42,836	43,136
Total loans	380,243	381,819	379,832	374,164	376,133
Less allowance for loan losses	(7,537)	(7,584)	(7,583)	(7,560)	(7,549)
Net loans	372,706	374,235	372,249	366,604	368,584
Premises and equipment	3,625	3,582	3,565	3,585	3,570
Goodwill	12,637	12,555	12,536	12,573	12,476
Other intangible assets	5,285	5,381	5,547	5,488	5,757
Other assets	63,566	64,195	60,720	59,717	59,972
Total assets	$686,370	$676,489	$678,318	$686,469	$680,058

Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing	$86,972	$84,086	$84,158	$86,838	$86,756
Interest-bearing	431,745	428,439	434,151	434,293	437,029
Total deposits	518,717	512,525	518,309	521,131	523,785
Short-term borrowings	15,039	17,158	15,518	23,708	16,557
Long-term debt	64,013	59,859	58,002	54,839	52,720
Other liabilities	26,705	26,389	27,449	27,470	30,111
Total liabilities	624,474	615,931	619,278	627,148	623,173
Shareholders' equity
Preferred stock	6,808	6,808	6,808	6,808	6,808
Common stock	21	21	21	21	21
Capital surplus	8,706	8,678	8,715	8,729	8,688
Retained earnings	78,652	77,691	76,863	76,057	75,231
Less treasury stock	(24,140)	(24,060)	(24,065)	(24,010)	(24,020)
Accumulated other comprehensive income (loss)	(8,609)	(9,042)	(9,764)	(8,746)	(10,308)
Total U.S. Bancorp shareholders' equity	61,438	60,096	58,578	58,859	56,420
Noncontrolling interests	458	462	462	462	465
Total equity	61,896	60,558	59,040	59,321	56,885
Total liabilities and equity	$686,370	$676,489	$678,318	$686,469	$680,058


CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET
(Dollars in Millions, Unaudited)	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024
Assets
Investment securities	$172,841	$171,178	$171,325	$166,899	$167,020
Loans held for sale	4,843	1,823	3,009	2,757	2,382
Loans
Commercial
Commercial	139,606	135,931	131,180	128,979	130,162
Lease financing	4,211	4,199	4,204	4,159	4,177
Total commercial	143,817	140,130	135,384	133,138	134,339
Commercial real estate
Commercial mortgages	38,194	38,624	39,308	40,343	40,871
Construction and development	10,272	10,266	10,563	11,111	11,418
Total commercial real estate	48,466	48,890	49,871	51,454	52,289
Residential mortgages	115,616	118,844	118,406	117,559	116,478
Credit card	29,588	29,404	29,438	28,994	28,349
Other retail
Retail leasing	3,869	3,990	4,035	4,088	4,185
Home equity and second mortgages	13,678	13,542	13,446	13,239	13,053
Other	23,495	24,228	25,075	25,598	25,992
Total other retail	41,042	41,760	42,556	42,925	43,230
Total loans	378,529	379,028	375,655	374,070	374,685
Interest-bearing deposits with banks	41,550	43,735	50,368	50,547	53,056
Other earning assets	15,579	14,466	13,911	12,907	11,749
Total earning assets	613,342	610,230	614,268	607,180	608,892
Allowance for loan losses	(7,605)	(7,589)	(7,599)	(7,576)	(7,550)
Unrealized gain (loss) on investment securities	(6,602)	(6,473)	(6,416)	(6,291)	(7,464)
Other assets	74,206	73,225	71,654	71,327	71,626
Total assets	$673,341	$669,393	$671,907	$664,640	$665,504

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$79,117	$79,696	$82,909	$80,939	$83,418
Interest-bearing deposits
Interest checking	131,599	125,651	125,111	125,631	125,709
Money market savings	177,087	195,442	206,557	206,546	208,386
Savings accounts	58,171	50,271	41,200	36,814	38,855
Time deposits	56,916	55,474	56,536	58,827	57,541
Total interest-bearing deposits	423,773	426,838	429,404	427,818	430,491
Short-term borrowings	22,791	18,841	17,607	17,723	17,098
Long-term debt	62,354	58,344	57,428	54,841	52,875
Total interest-bearing liabilities	508,918	504,023	504,439	500,382	500,464
Other liabilities	23,950	25,603	25,287	24,575	25,130
Shareholders' equity
Preferred equity	6,808	6,808	6,808	6,808	6,808
Common equity	54,091	52,803	52,004	51,475	49,221
Total U.S. Bancorp shareholders' equity	60,899	59,611	58,812	58,283	56,029
Noncontrolling interests	457	460	460	461	463
Total equity	61,356	60,071	59,272	58,744	56,492
Total liabilities and equity	$673,341	$669,393	$671,907	$664,640	$665,504


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

		For the Three Months Ended June 30,
		2025				2024
(Dollars in Millions) (Unaudited)	Average Balances	Interest	Yields and Rates		Average Balances	Interest	Yields and Rates		% Change Average Balances
Assets
Investment securities (b)	$172,841	$1,373	3.18	%	$167,020	$1,314	3.15	%		3.5	%
Loans held for sale	4,843	59	4.85		2,382	41	6.98			*
Loans (c)
Commercial	143,817	2,083	5.81		134,339	2,209	6.61			7.1
Commercial real estate	48,466	723	5.98		52,289	847	6.51			(7.3)
Residential mortgages	115,616	1,160	4.01		116,478	1,141	3.92			(.7)
Credit card	29,588	956	12.96		28,349	925	13.13			4.4
Other retail	41,042	637	6.22		43,230	650	6.05			(5.1)
Total loans	378,529	5,559	5.89		374,685	5,772	6.19			1.0
Interest-bearing deposits with banks	41,550	451	4.36		53,056	736	5.58			(21.7)
Other earning assets	15,579	191	4.94		11,749	152	5.22			32.6
Total earning assets	613,342	7,633	4.99		608,892	8,015	5.29			.7
Allowance for loan losses	(7,605)				(7,550)					(.7)
Unrealized gain (loss) on investment securities	(6,602)				(7,464)					11.5
Other assets	74,206				71,626					3.6
Total assets	$673,341				$665,504					1.2

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$79,117				$83,418					(5.2)	%
Interest-bearing deposits
Interest checking	131,599	415	1.26		125,709	386	1.23			4.7
Money market savings	177,087	1,347	3.05		208,386	1,993	3.85			(15.0)
Savings accounts	58,171	252	1.74		38,855	26	.27			49.7
Time deposits	56,916	527	3.71		57,541	623	4.35			(1.1)
Total interest-bearing deposits	423,773	2,541	2.41		430,491	3,028	2.83			(1.6)
Short-term borrowings	22,791	291	5.12		17,098	297	6.98			33.3
Long-term debt	62,354	721	4.64		52,875	638	4.85			17.9
Total interest-bearing liabilities	508,918	3,553	2.80		500,464	3,963	3.18			1.7
Other liabilities	23,950				25,130					(4.7)
Shareholders' equity
Preferred equity	6,808				6,808					—
Common equity	54,091				49,221					9.9
Total U.S. Bancorp shareholders' equity	60,899				56,029					8.7
Noncontrolling interests	457				463					(1.3)
Total equity	61,356				56,492					8.6
Total liabilities and equity	$673,341				$665,504					1.2
Net interest income		$4,080				$4,052
Gross interest margin			2.19	%			2.11	%
Gross interest margin without taxable-equivalent increments			2.17				2.09

Percent of Earning Assets
Interest income			4.99	%			5.29	%
Interest expense			2.33				2.62
Net interest margin			2.66	%			2.67	%
Net interest margin without taxable-equivalent increments			2.64	%			2.65	%
* Not meaningful
(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent. (b)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments. (c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.


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

		For the Three Months Ended
	June 30, 2025				March 31, 2025
(Dollars in Millions) (Unaudited)	Average Balances	Interest	Yields and Rates		Average Balances	Interest	Yields and Rates		% Change Average Balances
Assets
Investment securities (b)	$172,841	$1,373	3.18	%	$171,178	$1,328	3.10	%		1.0	%
Loans held for sale	4,843	59	4.85		1,823	28	6.07			*
Loans (c)
Commercial	143,817	2,083	5.81		140,130	2,040	5.90			2.6
Commercial real estate	48,466	723	5.98		48,890	725	6.02			(.9)
Residential mortgages	115,616	1,160	4.01		118,844	1,189	4.00			(2.7)
Credit card	29,588	956	12.96		29,404	956	13.19			.6
Other retail	41,042	637	6.22		41,760	633	6.15			(1.7)
Total loans	378,529	5,559	5.89		379,028	5,543	5.91			(.1)
Interest-bearing deposits with banks	41,550	451	4.36		43,735	481	4.46			(5.0)
Other earning assets	15,579	191	4.94		14,466	166	4.65			7.7
Total earning assets	613,342	7,633	4.99		610,230	7,546	4.99			.5
Allowance for loan losses	(7,605)				(7,589)					(.2)
Unrealized gain (loss) on investment securities	(6,602)				(6,473)					(2.0)
Other assets	74,206				73,225					1.3
Total assets	$673,341				$669,393					.6

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$79,117				$79,696					(.7)	%
Interest-bearing deposits
Interest checking	131,599	415	1.26		125,651	342	1.10			4.7
Money market savings	177,087	1,347	3.05		195,442	1,483	3.08			(9.4)
Savings accounts	58,171	252	1.74		50,271	170	1.37			15.7
Time deposits	56,916	527	3.71		55,474	516	3.77			2.6
Total interest-bearing deposits	423,773	2,541	2.41		426,838	2,511	2.39			(.7)
Short-term borrowings	22,791	291	5.12		18,841	249	5.37			21.0
Long-term debt	62,354	721	4.64		58,344	664	4.61			6.9
Total interest-bearing liabilities	508,918	3,553	2.80		504,023	3,424	2.75			1.0
Other liabilities	23,950				25,603					(6.5)
Shareholders' equity
Preferred equity	6,808				6,808					—
Common equity	54,091				52,803					2.4
Total U.S. Bancorp shareholders' equity	60,899				59,611					2.2
Noncontrolling interests	457				460					(.7)
Total equity	61,356				60,071					2.1
Total liabilities and equity	$673,341				$669,393					.6
Net interest income		$4,080				$4,122
Gross interest margin			2.19	%			2.24	%
Gross interest margin without taxable-equivalent increments			2.17				2.22

Percent of Earning Assets
Interest income			4.99	%			4.99	%
Interest expense			2.33				2.27
Net interest margin			2.66	%			2.72	%
Net interest margin without taxable-equivalent increments			2.64	%			2.70	%
* Not meaningful
(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent. (b)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments. (c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.


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

		For the Six Months Ended June 30,
	2025				2024
(Dollars in Millions) (Unaudited)	Average Balances	Interest	Yields and Rates		Average Balances	Interest	Yields and Rates		% Change Average Balances
Assets
Investment securities (b)	$172,014	$2,701	3.14	%	$164,128	$2,508	3.06	%		4.8	%
Loans held for sale	3,341	87	5.17		2,192	78	7.14			52.4
Loans (c)
Commercial	141,984	4,123	5.85		132,553	4,389	6.66			7.1
Commercial real estate	48,677	1,448	6.00		52,663	1,701	6.49			(7.6)
Residential mortgages	117,221	2,349	4.01		116,059	2,248	3.88			1.0
Credit card	29,497	1,912	13.07		28,145	1,865	13.32			4.8
Other retail	41,398	1,270	6.19		43,458	1,292	5.98			(4.7)
Total loans	378,777	11,102	5.90		372,878	11,495	6.19			1.6
Interest-bearing deposits with banks	42,637	932	4.41		51,979	1,440	5.57			(18.0)
Other earning assets	15,025	357	4.80		11,336	289	5.14			32.5
Total earning assets	611,794	15,179	4.99		602,513	15,810	5.27			1.5
Allowance for loan losses	(7,597)				(7,493)					(1.4)
Unrealized gain (loss) on investment securities	(6,537)				(7,293)					10.4
Other assets	73,718				71,980					2.4
Total assets	$671,378				$659,707					1.8

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$79,405				$84,102					(5.6)	%
Interest-bearing deposits
Interest checking	128,642	757	1.19		125,360	748	1.20			2.6
Money market savings	186,213	2,830	3.07		202,444	3,907	3.38			(8.0)
Savings accounts	54,243	422	1.57		40,250	52	.26			34.8
Time deposits	56,199	1,043	3.74		56,329	1,205	4.30			(.2)
Total interest-bearing deposits	425,297	5,052	2.40		424,383	5,912	2.80			.2
Short-term borrowings	20,827	540	5.23		16,731	568	6.82			24.5
Long-term debt	60,360	1,385	4.63		52,794	1,263	4.81			14.3
Total interest-bearing liabilities	506,484	6,977	2.78		493,908	7,743	3.15			2.5
Other liabilities	24,772				25,385					(2.4)
Shareholders' equity
Preferred equity	6,808				6,808					—
Common equity	53,450				49,041					9.0
Total U.S. Bancorp shareholders' equity	60,258				55,849					7.9
Noncontrolling interests	459				463					(.9)
Total equity	60,717				56,312					7.8
Total liabilities and equity	$671,378				$659,707					1.8
Net interest income		$8,202				$8,067
Gross interest margin			2.21	%			2.12	%
Gross interest margin without taxable-equivalent increments			2.19				2.10

Percent of Earning Assets
Interest income			4.99	%			5.27	%
Interest expense			2.30				2.59
Net interest margin			2.69	%			2.68	%
Net interest margin without taxable-equivalent increments			2.67	%			2.66	%

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


LOAN PORTFOLIO
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
(Dollars in Millions) (Unaudited)	Amount	Percent of Total	Amount	Percent of Total	Amount	Percent of Total	Amount	Percent of Total	Amount	Percent of Total
Commercial
Commercial	$143,135	37.7	$139,840	36.6	$135,254	35.6	$129,434	34.6	$131,043	34.9
Lease financing	4,281	1.1	4,241	1.1	4,230	1.1	4,204	1.1	4,205	1.1
Total commercial	147,416	38.8	144,081	37.7	139,484	36.7	133,638	35.7	135,248	36.0

Commercial real estate
Commercial mortgages	38,144	10.0	38,064	10.0	38,619	10.2	39,602	10.6	40,844	10.9
Construction and
development	10,037	2.7	10,270	2.7	10,240	2.7	11,017	2.9	11,043	2.9
Total commercial
real estate	48,181	12.7	48,334	12.7	48,859	12.9	50,619	13.5	51,887	13.8

Residential mortgages
Residential mortgages	108,913	28.6	113,112	29.6	112,806	29.7	111,790	29.9	110,680	29.4
Home equity loans, first
liens	5,562	1.5	5,795	1.5	6,007	1.6	6,244	1.6	6,467	1.7
Total residential
mortgages	114,475	30.1	118,907	31.1	118,813	31.3	118,034	31.5	117,147	31.1

Credit card	30,023	7.9	29,223	7.7	30,350	8.0	29,037	7.8	28,715	7.6

Other retail
Retail leasing	3,816	1.0	3,928	1.0	4,040	1.0	4,038	1.1	4,178	1.1
Home equity and second
mortgages	13,761	3.6	13,540	3.6	13,565	3.6	13,364	3.6	13,180	3.5
Revolving credit	4,062	1.1	3,791	1.0	3,747	1.0	3,644	1.0	3,597	1.0
Installment	14,220	3.7	14,190	3.7	14,373	3.8	14,482	3.9	14,169	3.8
Automobile	4,289	1.1	5,825	1.5	6,601	1.7	7,308	1.9	8,012	2.1
Total other retail	40,148	10.5	41,274	10.8	42,326	11.1	42,836	11.5	43,136	11.5
Total loans	$380,243	100.0	$381,819	100.0	$379,832	100.0	$374,164	100.0	$376,133	100.0


Supplemental Business Segment Schedules Second Quarter 2025
WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING CONSUMER AND BUSINESS BANKING PAYMENT SERVICES TREASURY AND CORPORATE SUPPORT


WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$1,801		$1,780		$1,958		$1,920		$1,928
Noninterest Income
Card revenue	—		—		—		—		—
Corporate payment products revenue	—		—		—		—		—
Merchant processing services	—		—		—		—		—
Trust and investment management fees	702		679		702		666		648
Service charges	160		149		141		134		146
Capital markets revenue	190		189		162		205		200
Mortgage banking revenue	—		—		—		—		—
Investment products fees	90		87		87		84		82
Securities gains (losses), net	—		—		—		—		—
Other	57		63		60		56		54
Total noninterest income	1,199		1,167		1,152		1,145		1,130
Total net revenue	3,000		2,947		3,110		3,065		3,058
Noninterest Expense
Compensation and employee benefits	535		522		498		530		548
Other intangibles	46		46		50		52		52
Net shared services	538		529		531		535		555
Other direct expenses	234		240		242		229		226
Total noninterest expense	1,353		1,337		1,321		1,346		1,381
Income before provision and income taxes	1,647		1,610		1,789		1,719		1,677
Provision for Credit Losses	183		10		50		94		100
Income before income taxes	1,464		1,600		1,739		1,625		1,577
Income taxes and taxable-equivalent adjustment	366		400		435		406		394
Net income	1,098		1,200		1,304		1,219		1,183
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$1,098		$1,200		$1,304		$1,219		$1,183

FINANCIAL RATIOS
Return on average assets	2.08	%	2.33	%	2.56	%	2.42	%	2.34	%
Net interest margin (taxable-equivalent basis)	3.73		3.80		4.22		4.18		4.23
Efficiency ratio	45.1		45.4		42.5		43.9		45.2


WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
AVERAGE BALANCE SHEET
Loans
Commercial	$123,864		$121,193		$115,926		$113,813		$115,746
Commercial real estate	34,061		34,611		35,595		36,908		37,427
Residential mortgages	17,370		16,580		16,137		15,731		15,189
Credit card	—		—		—		—		—
Other retail	5,782		5,620		5,540		5,435		5,445
Total loans	181,077		178,004		173,198		171,887		173,807
Other Earning Assets	12,778		11,957		11,399		10,740		9,590
Total earning assets	193,855		189,961		184,597		182,627		183,397
Non-earning Assets
Goodwill	4,826		4,824		4,824		4,824		4,824
Other intangible assets	817		863		903		955		1,007
Other non-earning assets	12,456		13,008		12,463		11,850		14,085
Total non-earning assets	18,099		18,695		18,190		17,629		19,916
Total assets	211,954		208,656		202,787		200,256		203,313
Deposits
Noninterest-bearing deposits	54,422		55,171		57,013		54,402		57,362
Interest checking	58,784		53,242		53,159		53,873		52,580
Savings products	141,460		152,162		154,696		151,023		153,209
Time deposits	9,850		10,810		11,486		12,276		12,444
Total deposits	264,516		271,385		276,354		271,574		275,595
Other Interest-bearing Liabilities	16,269		16,059		15,698		15,885		15,761
Other Noninterest-bearing Liabilities	8,179		8,903		8,764		8,526		10,748
Total liabilities	288,964		296,347		300,816		295,985		302,104
Total U.S. Bancorp Shareholders' Equity	21,817		21,550		21,237		21,279		21,487
Noncontrolling Interests	—		—		—		—		—
Total Equity	21,817		21,550		21,237		21,279		21,487
NET INTEREST SPREADS (%)
Total earning assets	1.12		1.17		1.20		1.19		1.16
Total assets	.67		.69		.70		.66		.58
Total deposits	2.53		2.51		2.69		2.99		3.02
Total liabilities	2.49		2.49		2.67		2.95		3.00
CREDIT QUALITY
Net Charge-offs
Commercial	$48		$66		$73		$73		$72
Commercial real estate	58		(5)		46		67		35
Residential mortgages	—		—		—		—		—
Credit card	—		—		—		—		—
Other retail	—		—		—		—		—
Total net charge-offs	$106		$61		$119		$140		$107
Net Charge-off Ratios
Commercial	.16	%	.22	%	.25	%	.26	%	.25	%
Commercial real estate	.68		(.06)		.51		.72		.38
Residential mortgages	—		—		—		—		—
Credit card	—		—		—		—		—
Other retail	—		—		—		—		—
Total net charge-offs	.23	%	.14	%	.27	%	.32	%	.25	%

	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Nonperforming Assets
Nonperforming loans	$1,240		$1,273		$1,384		$1,359		$1,353
Other nonperforming assets	1		—		—		—		1
Total nonperforming assets	$1,241		$1,273		$1,384		$1,359		$1,354


WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024
OTHER INFORMATION
Average Loan Balances
Commercial real estate division	$43,990	$43,707	$44,406	$45,882	$47,157
Wealth management	30,319	29,167	28,711	28,098	27,718
Institutional client group	91,476	90,573	85,408	83,482	84,477
Other	15,292	14,557	14,673	14,425	14,455
Total	$181,077	$178,004	$173,198	$171,887	$173,807

Average Deposit Balances
Commercial real estate division	$15,500	$15,530	$16,956	$16,194	$15,307
Wealth management	45,128	45,183	44,189	43,246	43,991
Institutional client group	133,571	134,930	134,323	131,537	134,279
Global corporate trust	54,386	59,347	66,421	66,610	67,468
Other	15,931	16,395	14,465	13,987	14,550
Total	$264,516	$271,385	$276,354	$271,574	$275,595

Noninterest Income
Trust and investment management fees
Wealth management	$172	$167	$177	$169	$166
U.S. Bancorp Asset Management	62	64	62	61	60
Global corporate trust	231	219	230	213	204
Global fund services	156	153	155	149	147
Institutional trust & custody	67	63	64	62	61
Other	14	13	14	12	10
Global capital markets	246	240	203	246	238
Treasury management	160	149	141	134	146
All other noninterest income	91	99	106	99	98
Total	$1,199	$1,167	$1,152	$1,145	$1,130

Assets Under Management by Category *
Equity	$79,084	$80,414	$81,688	$79,653	$73,940
Fixed income	232,453	224,349	214,329	213,602	217,792
Money market	187,799	182,768	171,192	160,592	154,977
Other	37,037	36,741	37,916	35,188	33,622
Total	$536,373	$524,272	$505,125	$489,035	$480,331

* Amounts reported reflect end of month balances reported on a one month lag.


CONSUMER AND BUSINESS BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$1,843		$1,768		$1,912		$1,928		$1,912
Noninterest Income
Card revenue	3		2		2		2		3
Corporate payment products revenue	—		—		—		—		—
Merchant processing services	—		—		—		—		—
Trust and investment management fees	1		1		1		1		1
Service charges	172		162		168		166		174
Capital markets revenue	6		5		5		6		6
Mortgage banking revenue	162		173		116		155		160
Investment products fees	—		—		—		—		—
Securities gains (losses), net	—		—		—		—		—
Other	62		64		74		71		70
Total noninterest income	406		407		366		401		414
Total net revenue	2,249		2,175		2,278		2,329		2,326
Noninterest Expense
Compensation and employee benefits	528		523		543		556		551
Other intangibles	59		59		65		67		67
Net shared services	704		684		696		698		701
Other direct expenses	307		303		325		337		319
Total noninterest expense	1,598		1,569		1,629		1,658		1,638
Income before provision and income taxes	651		606		649		671		688
Provision for Credit Losses	39		62		80		18		30
Income before income taxes	612		544		569		653		658
Income taxes and taxable-equivalent adjustment	153		136		142		163		165
Net income	459		408		427		490		493
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$459		$408		$427		$490		$493

FINANCIAL RATIOS
Return on average assets	1.11	%	0.99	%	1.01	%	1.15	%	1.18	%
Net interest margin (taxable-equivalent basis)	4.78		4.61		4.82		4.85		4.89
Efficiency ratio	71.1		72.1		71.5		71.2		70.4


CONSUMER AND BUSINESS BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
AVERAGE BALANCE SHEET
Loans
Commercial	$4,525		$4,054		$4,306		$4,323		$4,053
Commercial real estate	11,769		11,603		11,607		11,762		11,958
Residential mortgages	98,246		102,264		102,268		101,827		101,288
Credit card	—		—		—		—		—
Other retail	35,121		35,993		36,865		37,338		37,632
Total loans	149,661		153,914		155,046		155,250		154,931
Other Earning Assets	4,875		1,778		2,738		2,738		2,278
Total earning assets	154,536		155,692		157,784		157,988		157,209
Non-earning Assets
Goodwill	4,326		4,325		4,326		4,326		4,326
Other intangible assets	4,277		4,368		4,324		4,405		4,734
Other non-earning assets	2,036		2,114		2,266		2,161		2,436
Total non-earning assets	10,639		10,807		10,916		10,892		11,496
Total assets	165,175		166,499		168,700		168,880		168,705
Deposits
Noninterest-bearing deposits	19,610		19,117		20,154		20,652		20,845
Interest checking	70,942		70,866		70,446		70,161		71,684
Savings products	91,914		91,424		90,974		90,188		91,836
Time deposits	38,047		36,659		37,287		38,988		37,492
Total deposits	220,513		218,066		218,861		219,989		221,857
Other Interest-bearing Liabilities	1,538		1,728		1,466		1,176		965
Other Noninterest-bearing Liabilities	1,880		1,842		2,051		2,007		2,143
Total liabilities	223,931		221,636		222,378		223,172		224,965
Total U.S. Bancorp Shareholders' Equity	13,562		13,705		14,051		14,244		14,558
Noncontrolling Interests	—		—		—		—		—
Total Equity	13,562		13,705		14,051		14,244		14,558
NET INTEREST SPREADS (%)
Total earning assets	1.35		1.43		1.34		1.33		1.34
Total assets	1.03		1.11		1.02		1.00		1.00
Total deposits	3.98		4.07		4.31		4.75		4.76
Total liabilities	3.95		4.04		4.28		4.71		4.73
CREDIT QUALITY
Net Charge-offs
Commercial	$16		$12		$13		$15		$15
Commercial real estate	(1)		1		1		3		1
Residential mortgages	(1)		—		(2)		(3)		(4)
Credit card	—		—		—		—		—
Other retail	52		62		62		50		47
Total net charge-offs	$66		$75		$74		$65		$59
Net Charge-off Ratios
Commercial	1.42	%	1.20	%	1.20	%	1.38	%	1.49	%
Commercial real estate	(.03)		.03		.03		.10		.03
Residential mortgages	—		—		(.01)		(.01)		(.02)
Credit card	—		—		—		—		—
Other retail	.59		.70		.67		.53		.50
Total net charge-offs	.18	%	.20	%	.19	%	.17	%	.15	%

	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Nonperforming Assets
Nonperforming loans	$391		$383		$386		$398		$401
Other nonperforming assets	21		23		21		21		23
Total nonperforming assets	$412		$406		$407		$419		$424


CONSUMER AND BUSINESS BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024
OTHER INFORMATION
Other Retail Loan Information
Average Balances
Retail leasing	$3,868	$3,990	$4,035	$4,087	$4,185
Home equity and second mortgages	11,248	11,122	11,017	10,807	10,598
Other	20,005	20,881	21,813	22,444	22,849
Total other retail	$35,121	$35,993	$36,865	$37,338	$37,632
Home equity first lien*	$5,093	$5,296	$5,498	$5,721	$5,930
Home equity loans	2,621	2,492	2,381	2,226	2,028
Home equity lines	8,627	8,630	8,636	8,581	8,570
Total home equity	$16,341	$16,418	$16,515	$16,528	$16,528
Net Charge-off Ratios (%)
Retail leasing	1.04	1.32	.79	.39	.29
Home equity and second mortgages	—	(.04)	.04	(.04)	—
Other	.84	.97	.97	.83	.77
Total other retail	.59	.70	.67	.53	.50
Retail Credit Production
Indirect loan/lease production volume	$1,367	$1,141	$1,397	$1,798	$1,929
Direct branch loan/line production volume	1,935	1,499	1,430	1,417	1,754
Other production volume	1,004	817	547	469	522
Total retail credit production volume	$4,306	$3,457	$3,374	$3,684	$4,205
Branch and ATM Data
# of branches	2,081	2,117	2,165	2,187	2,207
# of U.S. Bank ATMs	4,320	4,476	4,489	4,515	4,534

* Home equity first lien balances are reported within residential mortgages as required by regulatory accounting principles.


CONSUMER AND BUSINESS BANKING						Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2025	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Mortgage Banking Division Data
Mortgage banking revenue
Origination and sales (a)	$80	$71		$67		$89		$80
Loan servicing	172	172		173		170		176
Mortgage servicing rights fair value changes
net of economic hedges (b)	(4)	2		(14)		(10)		(6)
Other changes in mortgage servicing rights fair value (c)	(86)	(72)		(110)		(94)		(90)
Total mortgage banking revenue	$162	$173		$116		$155		$160
Mortgage production volume	$9,645	$6,562		$10,211		$11,076		$9,449
Mortgage application volume	$14,363	$11,631		$11,087		$17,089		$14,415
Mortgages serviced for others (d)(e)	$220,795	$216,701		$216,648		$215,286		$225,780
A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of June 30, 2025, was as follows:
(Dollars in Millions)		HFA (f)		Government		Conventional (g)		Total
Servicing portfolio (h)		$54,999		$24,371		$136,490		$215,860
Fair value		$834		$481		$1,990		$3,305
Value (bps) (i)		152		197		146		153
Weighted-average servicing fees (bps)		35		45		25		30
Multiple (value/servicing fees)		4.29		4.42		5.75		5.09
Weighted-average note rate		5.05	%	4.38	%	3.96	%	4.29	%
Weighted-average age (in years)		4.6		6.5		5.3		5.3
Weighted-average expected prepayment (constant prepayment rate)		10.0	%	10.4	%	8.2	%	8.9	%
Weighted-average expected life (in years)		7.5		6.7		7.3		7.3
Weighted-average option adjusted spread (j)		7.4	%	6.6	%	5.1	%	5.9	%
(a)Origination and sales revenue recorded based on estimated number of applications that will close. (b)Represents the net impact of changes in the fair value of mortgage servicing rights related to assumption changes and the derivatives used to economically hedge the mortgage servicing rights fair value changes. (c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies. (d)Amounts reported reflect end of period balances. (e)Includes subserviced mortgages with no corresponding mortgage servicing rights asset. (f)Represents Housing Finance Agency division. (g)Represents loans primarily sold to government-sponsored enterprises. (h)Represents principal balance of mortgages having corresponding mortgage servicing rights asset. (i)Calculated as fair value divided by the servicing portfolio. (j)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the mortgage servicing rights asset.


PAYMENT SERVICES							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$730		$742		$729		$727		$673
Noninterest Income
Card revenue	439		396		431		424		425
Corporate payment products revenue	192		189		191		203		195
Merchant processing services	474		415		419		440		454
Trust and investment management fees	—		—		—		—		—
Service charges	—		—		—		—		—
Capital markets revenue	—		—		—		—		—
Mortgage banking revenue	—		—		—		—		—
Investment products fees	—		—		—		—		—
Securities gains (losses), net	—		—		—		—		—
Other	11		35		10		6		19
Total noninterest income	1,116		1,035		1,051		1,073		1,093
Total net revenue	1,846		1,777		1,780		1,800		1,766
Noninterest Expense
Compensation and employee benefits	220		216		214		218		217
Other intangibles	20		18		24		23		23
Net shared services	537		549		543		533		529
Other direct expenses	251		228		238		227		223
Total noninterest expense	1,028		1,011		1,019		1,001		992
Income before provision and income taxes	818		766		761		799		774
Provision for Credit Losses	384		317		463		404		388
Income before income taxes	434		449		298		395		386
Income taxes and taxable-equivalent adjustment	109		112		75		99		97
Net income	325		337		223		296		289
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$325		$337		$223		$296		$289

FINANCIAL RATIOS
Return on average assets	2.72	%	2.92	%	1.83	%	2.50	%	2.52	%
Net interest margin (taxable-equivalent basis)	6.93		7.22		6.85		6.94		6.61
Efficiency ratio	55.7		56.9		57.2		55.6		56.2


PAYMENT SERVICES							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
AVERAGE BALANCE SHEET
Loans
Commercial	$12,504		$12,067		$12,439		$12,511		$12,334
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	29,588		29,404		29,438		28,994		28,349
Other retail	137		140		146		148		149
Total loans	42,229		41,611		42,023		41,653		40,832
Other Earning Assets	5		57		290		8		115
Total earning assets	42,234		41,668		42,313		41,661		40,947
Non-earning Assets
Goodwill	3,425		3,392		3,399		3,371		3,327
Other intangible assets	258		249		262		266		281
Other non-earning assets	1,923		1,520		2,573		1,898		1,541
Total non-earning assets	5,606		5,161		6,234		5,535		5,149
Total assets	47,840		46,829		48,547		47,196		46,096
Deposits
Noninterest-bearing deposits	2,512		2,682		2,592		2,653		2,706
Interest checking	1		1		—		—		—
Savings products	93		92		93		94		95
Time deposits	1		1		1		1		1
Total deposits	2,607		2,776		2,686		2,748		2,802
Other Interest-bearing Liabilities	331		228		178		220		342
Other Noninterest-bearing Liabilities	5,377		4,880		5,774		5,073		4,712
Total liabilities	8,315		7,884		8,638		8,041		7,856
Total U.S. Bancorp Shareholders' Equity	10,235		10,229		10,154		9,958		9,941
Noncontrolling Interests	—		—		—		—		—
Total Equity	10,235		10,229		10,154		9,958		9,941
NET INTEREST SPREADS (%)
Total earning assets	6.18		6.51		6.21		6.32		6.00
Total assets	4.94		5.30		4.80		4.98		4.75
Total deposits	5.23		5.11		5.48		5.94		6.03
Total liabilities	4.39		4.48		4.74		5.19		5.17
CREDIT QUALITY
Net Charge-offs
Commercial	$63		$63		$60		$59		$57
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	317		325		317		299		315
Other retail	1		1		1		1		1
Total net charge-offs	$381		$389		$378		$359		$373
Net Charge-off Ratios
Commercial	2.02	%	2.12	%	1.92	%	1.88	%	1.86	%
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	4.30		4.48		4.28		4.10		4.47
Other retail	2.93		2.90		2.72		2.69		2.70
Total net charge-offs	3.62	%	3.79	%	3.58	%	3.43	%	3.67	%


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


PAYMENT SERVICES				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024
OTHER INFORMATION
Total Noninterest Income
Retail payment solutions	$442	$423	$436	$427	$442
Corporate payment systems	195	192	194	206	197
Global merchant acquiring	479	420	421	440	454
Total	$1,116	$1,035	$1,051	$1,073	$1,093
Payment Volumes
Retail payment solutions (issuing)
Credit card	$38,132	$34,960	$37,640	$36,912	$36,504
Debit and prepaid card	27,821	26,029	27,247	27,299	26,766
Total retail payment solutions	$65,953	$60,989	$64,887	$64,211	$63,270

Corporate payment systems (issuing)	$22,317	$21,612	$21,859	$23,808	$22,391

Merchant volume (acquiring)	$155,853	$143,505	$142,576	$148,338	$147,809
# of merchant transactions	2,259,541,900	2,014,546,904	2,112,763,544	2,171,741,540	2,136,671,083


TREASURY AND CORPORATE SUPPORT				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	($294)	($168)	($423)	($409)	($461)
Noninterest Income
Card revenue	—	—	—	—	—
Corporate payment products revenue	—	—	—	—	—
Merchant processing services	—	—	—	—	—
Trust and investment management fees	—	—	—	—	—
Service charges	4	4	5	2	2
Capital markets revenue	194	188	197	186	168
Mortgage banking revenue	—	—	—	—	30
Investment products fees	—	—	—	—	—
Securities gains (losses), net	(57)	—	(1)	(119)	(36)
Other	62	35	63	10	14
Total noninterest income	203	227	264	79	178
Total net revenue	(91)	59	(159)	(330)	(283)
Noninterest Expense
Compensation and employee benefits	1,317	1,376	1,352	1,333	1,303
Other intangibles	(1)	—	—	—	—
Net shared services	(1,779)	(1,762)	(1,770)	(1,766)	(1,785)
Other direct expenses	665	701	760	632	685
Total noninterest expense	202	315	342	199	203
Income (loss) before provision and income taxes	(293)	(256)	(501)	(529)	(486)
Provision for Credit Losses	(105)	148	(33)	41	50
Income (loss) before income taxes	(188)	(404)	(468)	(570)	(536)
Income taxes and taxable-equivalent adjustment	(127)	(175)	(184)	(287)	(182)
Net income (loss)	(61)	(229)	(284)	(283)	(354)
Net (income) loss attributable to noncontrolling interests	(6)	(7)	(7)	(8)	(8)
Net income (loss) attributable to U.S. Bancorp	($67)	($236)	($291)	($291)	($362)

FINANCIAL RATIOS (%)
Return on average assets	nm	nm	nm	nm	nm
Net interest margin (taxable-equivalent basis)	nm	nm	nm	nm	nm
Efficiency ratio	nm	nm	nm	nm	nm


TREASURY AND CORPORATE SUPPORT				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024
AVERAGE BALANCE SHEET
Loans
Commercial	$2,924	$2,816	$2,713	$2,491	$2,206
Commercial real estate	2,636	2,676	2,669	2,784	2,904
Residential mortgages	—	—	1	1	1
Credit card	—	—	—	—	—
Other retail	2	7	5	4	4
Total loans	5,562	5,499	5,388	5,280	5,115
Other Earning Assets	217,155	217,410	224,186	219,624	222,224
Total earning assets	222,717	222,909	229,574	224,904	227,339
Non-earning Assets
Goodwill	—	—	—	—	—
Other intangible assets	8	8	8	9	9
Other non-earning assets	25,647	24,492	22,291	23,395	20,042
Total non-earning assets	25,655	24,500	22,299	23,404	20,051
Total assets	248,372	247,409	251,873	248,308	247,390
Deposits
Noninterest-bearing deposits	2,573	2,726	3,150	3,232	2,505
Interest checking	1,872	1,542	1,506	1,597	1,445
Savings products	1,791	2,035	1,994	2,055	2,101
Time deposits	9,018	8,004	7,762	7,562	7,604
Total deposits	15,254	14,307	14,412	14,446	13,655
Other Interest-bearing Liabilities	67,007	59,170	57,693	55,283	52,905
Other Noninterest-bearing Liabilities	8,514	9,978	8,698	8,969	7,527
Total liabilities	90,775	83,455	80,803	78,698	74,087
Total U.S. Bancorp Shareholders' Equity	15,285	14,127	13,370	12,802	10,043
Noncontrolling Interests	457	460	460	461	463
Total Equity	15,742	14,587	13,830	13,263	10,506
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	$22	$—	$—	($1)
Commercial real estate	—	—	(9)	—	—
Residential mortgages	—	—	—	—	—
Credit card	—	—	—	—	—
Other retail	—	—	—	—	—
Total net charge-offs	$1	$22	($9)	$—	($1)
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


	June 30, 2025	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024
Nonperforming Assets
Nonperforming loans	$6	$29	$23	$52	$56
Other nonperforming assets	21	19	18	18	18
Total nonperforming assets	$27	$48	$41	$70	$74

U.S. Bank | Confidential 1 U.S. Bancorp 2Q25 Earnings Conference Call July 17, 2025

U.S. Bancorp 2 Forward-looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties: deterioration in general business and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility; turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions, which could affect the ability of depository institutions, including U.S. Bank National Association, to attract and retain depositors, and could affect the ability of financial services providers, including U.S. Bancorp, to borrow or raise capital; changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities; changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs; changes in interest rates; increases in unemployment rates; deterioration in the credit quality of U.S. Bancorp’s loan portfolios or in the value of the collateral securing those loans; changes in commercial real estate occupancy rates; increases in Federal Deposit Insurance Corporation (FDIC) assessments, including due to bank failures; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; uncertainty regarding the content, timing, and impact of changes to regulatory capital, liquidity and resolution-related requirements applicable to large banking organizations in response to adverse developments affecting the banking sector; risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer; impacts of current, pending or future litigation and governmental proceedings; increased competition from both banks and non-banks; effects of climate change and related physical and transition risks; changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands; breaches in data security; failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents; failures to safeguard personal information; impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events; impacts of supply chain disruptions, rising inflation, slower growth or a recession; failure to execute on strategic or operational plans; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; effects of changes in or interpretations of tax laws and regulations; management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk; and the risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2024, and subsequent filings with the Securities and Exchange Commission. Factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events. This presentation includes non-GAAP financial measures to describe U.S. Bancorp’s performance. The calculations of these measures are provided in the Appendix. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the difficulty forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of U.S. Bancorp’s control or cannot be reasonably predicted. For the same reasons, U.S. Bancorp’s management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

U.S. Bancorp 3 • Positive operating leverage › Four straight quarters of year-over-year revenues outpacing expenses, as adjusted1 • Prudent expense management › Improving efficiency; Seven consecutive quarters of flat expenses, as adjusted1 • Solid fee growth › Diversified fee income portfolio represents ~42% of total net revenue • Stable credit quality › Asset quality metrics and trends generally stable to improving; Reserve release driven by strategic loan sales • Balance sheet positioning › Actions taken to reposition the balance sheet for margin expansion; Fixed asset repricing tailwinds 2Q25 Highlights $1.11 13% vs 2Q24 (Adj.)1 59.2% Earnings Per Share Efficiency Ratio1 YoY Adjusted Positive Operating Leverage1 Return on Tangible Common Equity1 1 Non-GAAP; See appendix for calculations and description of notable items 250 bps 18.0% 2Q25 Total Fee Revenue Growth (YoY) 4.6%

U.S. Bancorp 4 An Exceptional Banking Franchise As a % of Total Revenue1,2 ■ Payment Services ■ Consumer & Business Banking ■ Wealth, Corporate, Commercial & Institutional Banking Fee income represents 42% of U.S. Bancorp’s total net revenue1 Balance sheet3 Clients4 $673B Assets ~13M Consumers $613B Earning assets ~1.4M Businesses $503B Deposits ~500K Wealth clients $379B Loans ~45K Corporate and Institutional Key statistics $936B Total purchase volume5 $536B Assets under management4 ~$11T Assets under custody and administration6 105 Fortune Global Company ranked by revenue7 32% 42% 26% 1 For the six months ended June 30, 2025 taxable-equivalent basis. 2 Business line revenue percentages exclude Treasury and Corporate Support; Non- GAAP; see appendix for reconciliation. 3 Average balances for 2Q25. 4 Data as of May 30, 2025. 5 Total purchase volume shown on a trailing 12-month basis for Retail Payment Solutions (Payments: Consumer and Small Business), Corporate Payment Solutions and Merchant Acquiring for 2Q25. 6 Amount reported as of June 30, 2025. 7 Source: Fortune Global 500 Ranking (2025) Map does not include our European locations Client centers Branch network

U.S. Bancorp 5 Harvesting Our Strategic Investments 7 consecutive quarters of stable expenses; Positive operating leverage for 4 straight quarters1 Digital capabilities are unlocking scalable, long-term productivity $4,204 $4,194 $4,188 $4,204 $4,202 $4,232 $4,181 (420) (230) 30 190 270 250 Noninterest expense ($M) YoY operating leverage excl. securities gains (losses) bps 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 1 Non-GAAP; Noninterest expense for 4Q23, 1Q24, 2Q24, and 4Q24 excludes notable items; YoY operating leverage excludes notable items; see the appendix for calculations and description of notable items Noninterest expense ($M)1 YoY operating leverage excluding securities gains (losses) and notable items (bps)1 (470) Achieving sustainable productivity from an assortment of strategic digital investments Enterprise Digital: • Digital app and self-service capabilities • Cloud migration • Core system modernization • Customer relationship management • AI/Machine Learning (ML) initiatives • Contact center automation / productivity Product Specific: • Loan underwriting • Custody management • Foreign exchange • Card issuance • Mortgage processing

U.S. Bancorp 6 An Attractive and Diversified Portfolio 1 Fee Income % for the six months ended June 30, 2025 2 Recent revenue growth reflects 2022-2024 revenue CAGRs including Funds Transfer Pricing (FTP) residual 3 Investment Services includes Global Corporate Trust, Global Fund Services, Asset Management & Institutional Services 4 Capital Markets includes Commercial Products and Impact Finance Bubble size aligns to 1H 2025 revenue New growth strategies Execution focus Slow macroeconomic environment • Business mix provides earnings stability amid continued macro uncertainty • A unique, fee income portfolio that features businesses supported by new growth strategies and execution- focused initiatives • Concentrated efforts offset the impact of slower macro conditions on more established revenue channels Business Mix Fee Income %1 Re ce nt R ev en ue G ro w th 2 HigherLower Lo w er H ig he r Merchant Payment Services Corporate Payment Systems Wealth Capital Markets4 CRE & Equipment Lending Mortgage & Auto Consumer & Business Banking Institutional Client Group Investment Services3 Payments Consumer & Small Business

U.S. Bancorp 7 A More Balanced, Higher Quality Revenue Mix 42%38%45% Investing to drive a higher fee mix and better quality, as we shift beyond traditional banking products and services to deliver sustainable growth. Our efforts extend beyond... • Greater interconnectedness across the franchise • Better leveraging our balance sheet • Expansion markets • Selective bolt-on acquisitions (e.g. Corporate Trust, PFM) Payments = card, corporate payment products and merchant processing Institutional = trust and investment management fees, capital markets revenue, and investment product fees Consumer / Other fees = service charges, mortgage banking revenue, and other fee revenue Fees as a % of total net revenue 37% 24% 24% 26% 38% 40% 37% 38% 36% Payments Institutional Consumer / Other FY 2015 FY 2023 1H 2025 Fee Contribution by Business Line

U.S. Bancorp 8 Asset Mix Shift Targets Multi-Service Clients 58% 57% 53% 42% 43% 47% Commercial Real Estate, Mortgage and Other Retail Commercial and Credit Card 12/31/2015 12/31/2023 6/30/2025 Advancing our strategy to grow attractive, high-return loan portfolios that support client depth: • Deepening relationships through more integrated product offerings and services • Maintaining our risk discipline while also enhancing our returns via a more optimized portfolio mix • Strategic actions, including targeted assets sales, to improve our capital, liquidity, and NII/NIM trajectory Loan Composition 51% Multi-service client %1 35% Loan composition based on ending balances 1 As of May 31, 2025; 2 Commercial and Credit Card includes Wholesale loan and Credit Card clients; 3 Commercial Real Estate, Mortgage and Other Retail includes CRE, Mortgage, Dealer Services, and other loan clients; 4 Includes $4.6B of covered loans as of 12/31/2015 4 Contributes ~3x more revenue than a single-service client 2 3

U.S. Bancorp 9 2Q25 Results Summary Income Statement Balance Sheet Capital 1 Non-GAAP; see the appendix for calculations and description of notable items. 2 Taxable-equivalent basis; see appendix for calculation. 3 Common equity tier 1 capital to risk-weighted assets. 4 2Q24 reflects Basel III standardized approach with 5 year current expected credit losses (CECL) transition; 1Q25 and 2Q25 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. Prior Period $ in millions, except EPS 2Q25 1Q25 2Q24 (Adj.)1 Net interest income2 $4,080 (1.0) % 0.7 % Noninterest income 2,924 3.1 3.9 Noninterest expense 4,181 (1.2) (0.2) Net income to company 1,815 6.2 11.9 Diluted EPS $1.11 7.8 13.3 Change vs. $ in millions 2Q25 1Q25 2Q24 Nonperforming assets $1,680 (2.7) % (9.3) % NPA ratio 0.44 % (1) bps (5) bps Net charge-off ratio 0.59 % 0 bps 1 bps 90+ day delinquency 0.25 % 4 bps 6 bps Ending balance Avg balance Average Period Balance change vs. $ in billions 2Q25 2Q25 1Q25 2Q24 Total assets $686.4 $673.3 0.6 % 1.2 % Earning assets 622.1 613.3 0.5 0.7 Total loans 380.2 378.5 (0.1) 1.0 Total deposits 518.7 502.9 (0.7) (2.1) Change vs. 2Q25 1Q25 2Q24 CET1 capital ratio3,4 10.7 % (2) bps 45 bps Total risk-based capital ratio4 14.3 % (10) bps 30 bps Book value per share $35.06 2.6 % 10.3 % Tangible book value per share1 $26.52 3.4 % 14.6 % Earnings returned (millions)5 $890 Credit Quality

U.S. Bancorp 10 Performance Ratios 1 Non-GAAP; see appendix for calculations and description of notable items 2 Net interest margin on a taxable-equivalent basis 0.98% 1.04% 1.08% 0.97% Return on Average Assets Adjusted for notable items 2Q24 1Q25 2Q25 12.6% 12.3% 12.9% 12.4% Return on Average Common Equity Adjusted for notable items 2Q24 1Q25 2Q25 18.6% 17.5% 18.0% 18.4% Return on Tangible Common Equity Adjusted for notable items 2Q24 1Q25 2Q25 61.0% 60.8% 59.2% 60.7% 59.2% 2.67% 2.72% 2.66% Adjusted Efficiency Ratio Efficiency Ratio Net Interest Margin 2Q24 1Q25 2Q25 Return on Average Assets Return on Average Common Equity Return on Tangible Common Equity1 Efficiency Ratio1 & Net Interest Margin 2 1 1 1 1 2

U.S. Bancorp 11 16% 16% 16% 16% 16% 14% 14% 14% 14% 14% 70% 70% 70% 70% 70% 2Q24 3Q24 4Q24 1Q25 2Q25 Balance Sheet Summary Proactive balance sheet management and pricing discipline Total Average Deposits Linked Quarter Highlights Total Average Loans $375 $374 $376 $379 $379 6.19% 6.25% 6.03% 5.91% 5.89% Average Balance Avg Yield % 2Q24 3Q24 4Q24 1Q25 2Q25 Investment Portfolio End of Period Balances $ in billions 1 Balances exclude unrealized gains (losses) $168 $167 $171 $171 $174 3.15% 3.20% 3.14% 3.10% 3.18% Ending Balance Avg Yield % 2Q24 3Q24 4Q24 1Q25 2Q25 1 $514 $509 $512 $507 30% 30% 30% 30% $503 Non-Interest Bearing Low-Cost Consumer Deposits Interest Bearing 30% • Deposit decline reflects seasonal tax outflows; Prioritizing relationship-based deposit growth • Average loan growth of 0.4%, excl. $5.5B of loan sales • Total average C&I and credit card growth of 2.3% • Investment portfolio yield benefited from mortgage sale reinvestment and more favorable repricing

U.S. Bancorp 12$ in millions 1 Non-GAAP; see appendix for calculations 2Q25 1Q25 2Q24 Loans $5,548 $5,533 $5,761 Loans held for sale 59 28 41 Investment securities 1,355 1,308 1,294 Other interest income 642 647 889 Total interest income $7,604 $7,516 $7,985 Deposits $2,541 $2,511 $3,028 Short-term borrowings 291 249 296 Long-term debt 721 664 638 Total interest expense $3,553 $3,424 $3,962 Net interest income $4,051 $4,092 $4,023 Taxable-equivalent adjustment 29 30 29 Net interest income, on a taxable-equivalent basis1 $4,080 $4,122 $4,052 Net interest margin (taxable-equivalent basis) 2.66 % 2.72 % 2.67 % Net Interest Income (taxable-equivalent basis)1 -1.0% linked quarter +0.7% year-over-year Net Interest Income • Year-over-year performance primarily due to the impact of fixed asset repricing, loan mix, and lower rates paid on interest-bearing deposits, partially offset by lower noninterest-bearing deposit balances • Linked quarter decline driven by competitive deposit pricing pressure and rotation into higher rate products • Linked quarter net interest margin decline driven by elevated balance sheet (-3 bps) and deposit pricing pressures (-3 bps)

U.S. Bancorp 13 • Year-over-year increase driven by higher revenue across most fee income categories partially offset by lower mortgage banking revenue • On a linked quarter basis, noninterest income improvement was driven by higher payment services revenue, treasury management fees, and trust and investment management fees $ in millions Payments = card, corporate payment products and merchant processing Treasury management fees included within service charges 2Q25 1Q25 2Q24 Payments $1,108 $1,002 $1,077 Trust and investment management 703 680 649 Service charges 336 315 322 Capital markets revenue 390 382 374 Mortgage banking revenue 162 173 190 Investment product fees 90 87 82 Other 192 197 157 Total fee revenue 2,981 2,836 2,851 Securities gains (losses), net (57) — (36) Noninterest Income $2,924 $2,836 $2,815 Noninterest Income Fee Income +5.1% linked quarter +4.6% year-over-year Noninterest Income +3.1% linked quarter +3.9% year-over-year

U.S. Bancorp 14 • Year-over-year decrease in noninterest expense, as adjusted, was driven by lower compensation and benefits, occupancy and equipment, and professional services expenses • On a linked quarter basis, decrease in noninterest expense was driven by lower compensation and benefits, and marketing and business development expenses $ in millions 1 Non-GAAP; see the appendix for calculations and description of notable items 2Q25 1Q25 2Q24 Compensation and benefits $2,600 $2,637 $2,619 Technology and communications 534 533 509 Occupancy and equipment 301 306 316 Professional services 109 98 116 Marketing and business development 161 182 158 All other 476 476 470 Total noninterest expense, adjusted1 $4,181 $4,232 $4,188 Notable items1 — — 26 Total noninterest expense, reported $4,181 $4,232 $4,214 Noninterest Expense Reported -1.2% linked quarter -0.8% year-over-year Excluding Notable Items1 -1.2% linked quarter -0.2% year-over-year

U.S. Bancorp 15 $568 $557 $560 $537 $501 $538 $564 $562 $547 $554 $30 NCOs Reserve Build (Release) Allowance for Credit Losses/ Period-end Loans 2Q24 3Q24 4Q24 1Q25 2Q25 Amount ($B) Reserve (%) Commercial $2.2 1.5% Commercial real estate 1.4 2.9% Residential mortgage 0.8 0.7% Credit card 2.7 8.9% Other retail 0.8 2.0% Total $7.9 2.1% Change vs. 2Q25 1Q25 2Q24 Nonperforming assets Balance $1,680 $(47) $(172) NPAs/period-end loans plus OREO 0.44 % (1) bps (5) bps Net charge-offs NCOs $554 $7 $16 NCOs/avg loans 0.59 % 0 bps 1 bps Provision for Credit Losses $ in millions, unless specified Credit Quality Credit quality stable-to-improving despite ongoing economic uncertainty Net Charge-offs and Nonperforming Assets Highlights Allowance for Credit Losses by Loan Category, 2Q25 • $53M reserve release driven by strategic loan sales • Reserve coverage ratio held flat at 2.07% • CECL forecasted peak unemployment rate of 6.0% 2.11% 2.12% 2.09% 2.07% 2.07% ($7) ($2) ($10) ($53)

U.S. Bancorp 16 8.5% 10.3% 10.5% 10.6% 10.8% 10.7% 1Q23 2Q24 3Q24 4Q24 1Q25 2Q25 Capital Management 1 Ratios for periods prior to January 1, 2025 calculated in accordance with transitional regulatory requirements related to the CECL methodology; 1Q25 and 2Q25 fully reflect implementation related to the CECL methodology 2 Non GAAP; see appendix for calculations 2nd Quarter Highlights • Capital build, through earnings accretion, offset by distributions and client activity-driven RWA growth; Completed common stock repurchases of $100 million in the second quarter • 2025 CCAR preliminary stress capital buffer improved 50 bps to 2.6%; Planned capital actions included a 4% increase to quarterly common dividend in the third quarter (subject to Board approval) 7.6% CET1 Ratio Regulatory Minimum Binding Capital Constraint Improved preliminary stress capital buffer; Modest share buybacks this quarter CET1 Ratio1 CET1 Ratio Including AOCI 28.8%8.6%8.6%8.1% 8.9%6.5%

U.S. Bancorp 17 Guidance – 3Q and FY 2025 2Q25 Performance FY 2025 Guidance Net interest income1 Total noninterest expense Positive operating leverage2,3 2Q Guidance 2Q Result $4.1B to $4.2B $4,080M $4.2B or Lower $4,181M 200+ bps 250 bps 3Q25 Guidance Net interest income1 Total fee revenue Total noninterest expense $4.2B or Lower ~$3.0B $4.1B to $4.2B Positive operating leverage2,3 200+ bps Total net revenue2 +3% to 5% vs. FY 2024 of $27.6B1,2 Positive operating leverage2,3 200+ bps Total noninterest income ~$2.9B $2,924M All guidance is on an adjusted basis 1 Taxable-equivalent basis; see appendix for calculation; 2 Non-GAAP excluding 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

U.S. Bancorp 18 Marching Towards Our Medium-Term Targets 2Q 2024 1Q 2025 2Q 2025 Medium-term Target5 Return on Average Assets 0.98%1 1.04% 1.08% 1.15% to 1.35% Return on Tangible Common Equity 18.6%1 17.5% 18.0% High teens Fee Revenue Growth (YoY)2 3.9%1 5.1% 4.6% Mid-single digits Efficiency Ratio 60.7%1 60.8% 59.2% Mid-to-high 50s Operating Leverage (YoY)1,2 (230) bps 270 bps 250 bps Committed to positive operating leverage CET1 Capital Ratio (Cat III)3 10.3% 10.8% 10.7% ~10% Cat II pro forma CET1 Capital Ratio with AOCI4 8.1% 8.8% 8.9% 1 Non-GAAP; as adjusted for notable items; see appendix for calculation and description of notable items. 2 Excludes securities gains (losses). 3 2Q24 ratio calculated in accordance with transitional regulatory requirements related to the CECL methodology; 2Q25 fully reflects implementation related to the CECL methodology. 4 Non-GAAP; see appendix for calculation. 5 Medium-term represents 2026 & 2027; subject to economic assumptions outlined in the appendix. 4 4 4 4 1

U.S. Bancorp 19 Strategically Operating with Urgency • Diversified revenue mix proved resilient in delivering strong net income growth, despite NII headwinds • A more balanced, higher quality fee mix; Repositioning the balance sheet to boost NII / target multi-service clients • Executing on expense initiatives, organic revenue growth, and payments transformation objectives to hit medium-term targets

U.S. Bancorp 20 Appendix

U.S. Bancorp 21 Excluding Notable Items2 % Change Notable Items2 Reported % Change $ in millions, except EPS 2Q25 1Q25 2Q24 vs 1Q25 vs 2Q24 2Q24 vs 2Q24 Net interest income $4,051 $4,092 $4,023 (1.0) % .7 % $— .7 % Taxable-equivalent adjustment 29 30 29 (3.3) — — — Net interest income (taxable-equivalent basis) 4,080 4,122 4,052 (1.0) .7 — .7 Noninterest income 2,924 2,836 2,815 3.1 3.9 — 3.9 Net revenue 7,004 6,958 6,867 .7 2.0 — 2.0 Noninterest expense 4,181 4,232 4,214 (1.2) (.8) 26 (.2) Operating income 2,823 2,726 2,653 3.6 6.4 (26) 5.4 Provision for credit losses 501 537 568 (6.7) (11.8) — (11.8) Income before taxes 2,322 2,189 2,085 6.1 11.4 (26) 10.0 Applicable income taxes 501 473 474 5.9 5.7 (7) 4.2 Net income 1,821 1,716 1,611 6.1 13.0 (19) 11.7 Noncontrolling interests (6) (7) (8) 14.3 25.0 — 25.0 Net Income to company 1,815 1,709 1,603 6.2 13.2 (19) 11.9 Preferred dividends/other 82 106 85 (22.6) (3.5) — (3.5) Net Income to common $1,733 $1,603 $1,518 8.1 % 14.2 % ($19) 12.8 % Net interest margin1 2.66% 2.72% 2.67% (6) bps (1) bps —% (1) bps Efficiency ratio2 59.2% 60.8% 61.0% (160) bps (180) bps .3% (150) bps Diluted EPS $1.11 $1.03 $.97 7.8 % 14.4 % $(.01) 13.3 % 1 Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations and description of notable items Income Statement Detail

U.S. Bancorp 22 $374.7 $379.0 $378.5 2Q24 1Q25 2Q25 Average Loans -0.1% linked quarter +1.0% year-over-year $ in billions 1 Includes $12B in Payments commercial loans • On a year-over-year basis, average total loan growth was driven by higher commercial and credit card loans partially offset by lower commercial real estate loans, residential mortgages, and other retail loans • On a linked quarter basis, the decrease in average total loans was driven by lower residential mortgages and other retail loans, partially offset by higher commercial loans Average % of Average Change vs. 2Q 2025 Balance Total 1Q25 2Q24 Commercial1 $144 38% 2.6 % 7.1 % Commercial real estate 48 13% (0.9) (7.3) Residential mortgages 116 30% (2.7) (0.7) Credit card 30 8% 0.6 4.4 Other retail 41 11% (1.7) (5.1) Total loans $379 (0.1) % 1.0 %

U.S. Bancorp 23 • On a year-over-year basis, average total deposits decline was driven by lower noninterest-bearing, savings, and time deposits • On a linked quarter basis, the decrease in average total deposits was driven by lower noninterest-bearing and savings deposits, partially offset by higher time deposits Average Deposits -0.7% linked quarter -2.1% year-over-year $ in billions Noninterest-bearing Interest-bearing 2Q24 1Q25 2Q25 Average Average Change vs. 2Q 2025 Balance 1Q25 2Q24 Noninterest-bearing deposits $79 (0.7) % (5.2) % Money market savings 177 (9.4) (15.0) Interest checking 132 4.7 4.7 Savings accounts 58 15.7 49.7 Time deposits 57 2.6 (1.1) Total interest-bearing deposits $424 (0.7) % (1.6) % Total deposits $503 (0.7) % (2.1) % $502.9$506.5$513.9

U.S. Bancorp 24 $ in billions 2Q25 1Q25 4Q24 3Q24 2Q24 Total U.S. Bancorp shareholders’ equity $61.4 $60.1 $58.6 $58.9 $56.4 Basel III Standardized Approach 1 Fully implemented common equity tier 1 capital ratio 10.7 % 10.8 % 10.5 % 10.5 % 10.2 % Tier 1 capital ratio 12.3 % 12.4 % 12.2 % 12.2 % 11.9 % Total risk-based capital ratio 14.3 % 14.4 % 14.3 % 14.2 % 14.0 % Leverage ratio 8.5 % 8.4 % 8.3 % 8.3 % 8.1 % Common equity to assets 8.0 % 7.9 % 7.6 % 7.6 % 7.3 % Tangible common equity to tangible assets 2 6.1 % 6.0 % 5.8 % 5.7 % 5.4 % Tangible common equity to risk-weighted assets 2 9.0 % 8.9 % 8.5 % 8.6 % 8.0 % Common equity tier 1 capital to risk-weighted assets, reflecting transitional regulatory capital requirements related to the current expected credit losses methodology 1 — % — % 10.6 % 10.5 % 10.3 % 1 Beginning January 1, 2025, the regulatory capital requirements fully reflect implementation related to the CECL methodology. Prior to 2025, the Company’s capital ratios reflected certain transitional adjustments. 2 Non-GAAP; see appendix for calculations Capital Position 2 2 2

U.S. Bancorp 25 67% 33% Payments: Consumer & Small Business (PCS) Payments: Merchant & Institutional (PMI) 40% 60% Net interest income (taxable-equivalent basis) Noninterest income • Ranked #1 (up from #2 in 2024) in credit card online banking as per Keynova 2025 rankings • U.S. Bank and Fiserv to introduce agent card issuance on Credit Choice with Elan capabilities • Elavon maintained position as 8th largest merchant acquirer in Europe by sale volume3 • Enhanced Wyndham Hotels & Resorts’ mobile check-in and touchless payments experience through Wyndham Connect using Elavon’s Cloud Payments Interface • Ranked #2 in Purchase Card and #3 in combined Purchase and Corporate Card rankings4 • Unveiled expanded Embedded Payments Suite to power efficient and secure payment capabilities on existing platforms • Tech-led5 investments fueling 11% YoY tech-led fee growth in 2Q25, representing 35% of MPS revenue Segment 1Q 2Q 3Q 4Q Card2 stable Corporate Payments stable Merchant Processing Merchant Processing (MPS) Corporate Payments (CPS)Total Card Payments Total Net Revenue by Business (2Q25) Highlights Historical Linked Quarter Seasonality for Payment Fees Revenue1 â â â á á á á á á â +3.3% year-over-year +4.4% year-over-year -1.5% year-over-year 1 Linked quarter change based on trends from 2015 to 2019 2 Includes Prepaid Card 3 2025 Nilson report issue #1287, June 2025; based on volume and excluding merchant acquirers that operate outside our core geographies 4 2024 Nilson report issue #1285, May 2025; based on purchase volume 5 Tech-led includes digital, omni-commerce and e-commerce as well as investments in integrated software providers Payment Services +4.4% Credit only Fee Revenue Growth Rates

U.S. Bancorp 26 $134,339 $133,138 $135,384 $140,130 $143,817 0.43 % 0.44 % 0.43 % 0.47 % 0.36 % Average Loans NCO% 2Q24 3Q24 4Q24 1Q25 2Q25 Credit Quality – Commercial Key StatisticsAverage Loans ($M) and Net Charge-offs Ratio 2.7% (0.9)% 1.7% 3.5% 2.6% Linked Quarter Growth Key Points • Average loans increased by 2.6% on a linked quarter basis • Utilization increased quarter-over-quarter to 25.4% for 2Q25 versus 25.1% for 1Q25 • Nonperforming loans ratio decreased 4 bps quarter-over-quarter $ in millions 2Q24 1Q25 2Q25 Average loans $134,339 $140,130 $143,817 30-89 delinquencies 0.21 % 0.21 % 0.22 % 90+ delinquencies 0.06 % 0.07 % 0.06 % Nonperforming loans 0.41 % 0.43 % 0.39 % Revolving Line Utilization Trend 4Q 16 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 10% 20% 30% 40%

U.S. Bancorp 27 CRE by Loan Type Mortgage 58% Owner Occupied 21% Construction 21% Credit Quality – Commercial Real Estate Key Points Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (1.4)% (1.6)% (3.1)% (2.0)% (0.9)% • CRE Office segment is appropriately reserved at 10.7% • Increases in 30-89 and 90+ delinquencies are primarily administrative in nature • Net charge-offs continue to be driven by losses in Office 1 SFR = Single Family Residential $52,289 $51,454 $49,871 $48,890 $48,466 0.28 % 0.54 % 0.30 % (0.03) % 0.47 % Average Loans NCO% 2Q24 3Q24 4Q24 1Q25 2Q25 CRE by Property Class SFR Construction 8% Owner Occupied 21% Multi-Family 37% Office 10% Industrial 10% Other 14% $ in millions 2Q24 1Q25 2Q25 Average loans $52,289 $48,890 $48,466 30-89 delinquencies 0.04 % 0.12 % 0.23 % 90+ delinquencies 0.02 % 0.01 % 0.28 % Nonperforming loans 1.85 % 1.61 % 1.58 % 1

U.S. Bancorp 28 $116,478 $117,559 $118,406 $118,844 $115,616 (0.01) % (0.01) % (0.01) % 0.00 % 0.00 % Average Loans NCO% 2Q24 3Q24 4Q24 1Q25 2Q25 Credit Quality – Residential Mortgage Key Points • Average loans decreased by 2.7% on a linked quarter basis driven by the portfolio sale • Continued low losses and nonperforming loans supported by strong portfolio credit quality and collateral values • Increase in 90+ delinquencies primarily reflective of delinquency migration due to California wildfires impacts • Originations continue to reflect high credit quality (weighted average credit score of 769, weighted average LTV of 70%) Linked Quarter Growth Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 2Q24 1Q25 2Q25 Average loans $116,478 $118,844 $115,616 30-89 delinquencies 0.12 % 0.25 % 0.15 % 90+ delinquencies 0.15 % 0.19 % 0.28 % Nonperforming loans 0.13 % 0.12 % 0.13 % 0.7% 0.9% 0.7% 0.4% (2.7)% Residential Mortgage Delinquencies ($M) 30-89 days past due 90+ days past due 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 $— $200 $400 $600 $800 $1,000

U.S. Bancorp 29 $28,349 $28,994 $29,438 $29,404 $29,588 4.47 % 4.10 % 4.28 % 4.48 % 4.30 % Average Loans NCO% 2Q24 3Q24 4Q24 1Q25 2Q25 Credit Quality – Credit Card Key Points • Average loans increased by 0.6% on a linked quarter basis • Net charge-off rate decreased to 4.30% consistent with seasonal patterns • 30-89 and 90+ day delinquency rates improved on a linked quarter and year-over-year basis Average Loans ($M) and Net Charge-offs Ratio Key Statistics 1.5% 2.3% 1.5% (0.1)% 0.6% Linked Quarter Growth $ in millions 2Q24 1Q25 2Q25 Average loans $28,349 $29,404 $29,588 30-89 delinquencies 1.34 % 1.31 % 1.24 % 90+ delinquencies 1.30 % 1.40 % 1.24 % Nonperforming loans — % — % — % Credit Card Delinquencies ($M) 30-89 days past due 90+ days past due 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 $— $200 $400 $600 $800 $1,000

U.S. Bancorp 30 Credit Quality – Other Retail Key Points • Average loans decreased by 1.7% on a linked quarter basis • Nonperforming loans ratio increased slightly quarter-over-quarter • Net charge-off ratio decreased 9 bps on a linked quarter basis Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (1.0)% (0.7)% (0.9)% (1.9)% (1.7)% $43,230 $42,925 $42,556 $41,760 $41,042 0.45 % 0.47 % 0.59 % 0.61 % 0.52 % Average Loans NCO% 2Q24 3Q24 4Q24 1Q25 2Q25 Auto Loans 13% Installment 35% Home Equity 33% Retail Leasing 9% Revolving Credit 10% $ in millions 2Q24 1Q25 2Q25 Average loans $43,230 $41,760 $41,042 30-89 delinquencies 0.54 % 0.50 % 0.43 % 90+ delinquencies 0.14 % 0.14 % 0.13 % Nonperforming loans 0.33 % 0.36 % 0.38 %

U.S. Bancorp 31 Financial Targets ROA ROTCE Fee Income Growth Efficiency Ratio 1.15% to 1.35% High teens Mid-single digits Mid-to-high 50s Medium-term1 Key assumptions2 Modest GDP growth Stable unemployment rate Moderating inflation Current tax policy Fed Funds rate path consistent with market implied Upward sloping yield curve driven by rate cuts Stable credit quality 1 Medium-term represents 2026 & 2027 2 Key assumptions as of September 12, 2024 and presented at Investor Day

U.S. Bancorp 32 Non-GAAP Financial Measures (1), (2) – see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) June 30, 2025 March 31, 2025 June 30, 2024 Net interest income $ 4,051 $ 4,092 $ 4,023 Taxable-equivalent adjustment (1) 29 30 29 Net interest income, on a taxable-equivalent basis 4,080 4,122 4,052 Net interest income, on a taxable-equivalent basis (as calculated above) 4,080 4,122 4,052 Noninterest income 2,924 2,836 2,815 Less: Securities gains (losses), net (57) — (36) Total net revenue, excluding net securities gains (losses) (a) 7,061 6,958 6,903 Noninterest expense (b) 4,181 4,232 4,214 Efficiency ratio (b)/(a) 59.2 % 60.8 % 61.0 % Total net revenue, excluding net securities gains (losses) (as calculated above) (c) $ 6,903 Noninterest expense 4,214 Less: Notable items (2) 26 Noninterest expense, excluding notable items (d) 4,188 Efficiency ratio, excluding notable items (d)/(c) 60.7 % Net income attributable to U.S. Bancorp $ 1,603 Less: Notable items (2) (19) Net income attributable to U.S. Bancorp, excluding notable items 1,622 Annualized net income attributable to U.S. Bancorp, excluding notable items (e) 6,524 Average assets (f) 665,504 Return on average assets, excluding notable items (e)/(f) 0.98 % Net income applicable to U.S. Bancorp common shareholders $ 1,518 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (19) Net income applicable to U.S. Bancorp common shareholders, excluding notable items 1,537 Annualized net income applicable to U.S. Bancorp common shareholders, excluding notable items (g) 6,182 Average common equity (h) 49,221 Return on average common equity, excluding notable items (g)/(h) 12.6 % Net income applicable to U.S. Bancorp common shareholders, excluding notable items (as calculated above) (i) $ 1,537 Average diluted common shares outstanding (j) 1,561 Diluted earnings per common share, excluding notable items (i)/(j) $ 0.98

U.S. Bancorp 33 Three Months Ended (Dollars in Millions, Unaudited) June 30, 2025 March 31, 2025 June 30, 2024 Net income applicable to U.S. Bancorp common shareholders $ 1,733 $ 1,603 $ 1,518 Intangibles amortization (net-of-tax) 98 97 113 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 1,831 1,700 1,631 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 7,344 6,894 6,560 Average total equity 61,356 60,071 56,492 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (457) (460) (463) Average goodwill (net of deferred tax liability) (3) (11,544) (11,513) (11,457) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,734) (1,806) (2,087) Average tangible common equity (b) 40,813 39,484 35,677 Return on tangible common equity (a)/(b) 18.0 % 17.5 % 18.4 % Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (as calculated above) $ 1,631 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (19) Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items 1,650 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (c) 6,636 Average tangible common equity (as calculated above) (d) 35,677 Return on tangible common equity, excluding notable items (c)/(d) 18.6 % (2), (3) – see last page in appendix for corresponding notes Non-GAAP Financial Measures

U.S. Bancorp 34 Non-GAAP Financial Measures (Dollars and Shares in Millions Except Per Share Data, Unaudited) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Total equity $ 61,896 $ 60,558 $ 59,040 $ 59,321 $ 56,885 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolling interest (458) (462) (462) (462) (465) Common equity (a) 54,630 53,288 51,770 52,051 49,612 Goodwill (net of deferred tax liability) (3) (11,613) (11,521) (11,508) (11,540) (11,449) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,699) (1,761) (1,846) (1,944) (2,047) Tangible common equity (b) 41,318 40,006 38,416 38,567 36,116 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation 47,877 47,164 46,239 Adjustments (4) (433) (433) (433) Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (c) 47,444 46,731 45,806 Total assets (d) 686,370 676,489 678,318 686,469 680,058 Goodwill (net of deferred tax liability) (3) (11,613) (11,521) (11,508) (11,540) (11,449) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,699) (1,761) (1,846) (1,944) (2,047) Tangible assets (e) 673,058 663,207 664,964 672,985 666,562 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation if applicable (f) 459,521 450,290 450,498 447,476 449,111 Adjustments (5) (368) (368) (368) Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (g) 450,130 447,108 448,743 Common shares outstanding (h) 1,558 1,560 1,560 1,561 1,560 Ratios Common equity to assets (a)/(d) 8.0% 7.9% 7.6% 7.6% 7.3% Tangible common equity to tangible assets (b)/(e) 6.1 6.0 5.8 5.7 5.4 Tangible common equity to risk-weighted assets (b)/(f) 9.0 8.9 8.5 8.6 8.0 Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (c)/(g) 10.5 10.5 10.2 Tangible book value per common share (b)/(h) $ 26.52 $ 25.64 $ 24.63 $ 24.71 $ 23.15 (3), (4), (5) – see last page in appendix for corresponding notes *Preliminary data. Subject to change prior to filings with applicable regulatory agencies. *

U.S. Bancorp 35 Non-GAAP Financial Measures (Dollars in Millions, Unaudited) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2023 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (a) 49,382 48,482 47,877 47,164 46,239 42,027 Accumulated Other Comprehensive Income (AOCI) related adjustments (6) (8,458) (8,737) (9,198) (8,648) (9,801) (10,153) Common equity tier 1 capital, including AOCI related adjustments (6) (b) 40,924 39,745 38,679 38,516 36,438 31,874 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (c) 459,521 450,290 450,498 447,476 449,111 494,048 Ratios Common equity tier 1 capital ratio (a)/(c) 10.75 % 10.77 % 10.63 % 10.54 % 10.30 % 8.51 % Common equity tier 1 capital ratio, including AOCI related adjustments (6) (b)/(c) 8.91 8.83 8.59 8.61 8.11 6.45 (1), (6) – see last page in appendix for corresponding notes Year Ended (Dollars in Millions, Unaudited) December 31, 2024 Net interest income $ 16,289 Taxable-equivalent adjustment (1) 120 Net interest income, on a taxable-equivalent basis $ 16,409 Net interest income, on a taxable-equivalent basis (as calculated above) 16,409 Noninterest income $ 11,046 Less: Securities gains (losses) (154) Total net revenue, excluding net securities gains (losses) 27,609

U.S. Bancorp 36 Non-GAAP Financial Measures ($ in millions) Six Months Ended June 30, 2025 Line of Business Financial Performance Net Revenue Wealth, Corporate, Commercial and Institutional Banking $ 5,947 Consumer and Business Banking 4,424 Payment Services 3,623 Treasury and Corporate Support (32) Total Company 13,962 Less Treasury and Corporate Support (32) Total Company excluding Treasury and Corporate Support $ 13,994 Percent of Total Company Wealth, Corporate, Commercial and Institutional Banking 42 % Consumer and Business Banking 32 % Payment Services 26 % Treasury and Corporate Support — % Total Company 100 % Percent of Total Company excluding Treasury and Corporate Support Wealth, Corporate, Commercial and Institutional Banking 42 % Consumer and Business Banking 32 % Payment Services 26 % Total Company excluding Treasury and Corporate Support 100 %

U.S. Bancorp 37 Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) June 30, 2025 June 30, 2024 March 31, 2025 March 31, 2024 December 31, 2024 December 31, 2023 Net interest income $ 4,051 $ 4,023 $ 4,092 $ 3,985 $ 4,146 $ 4,111 Taxable-equivalent adjustment (1) 29 29 30 30 30 31 Net interest income, on a taxable-equivalent adjustment basis 4,080 4,052 4,122 4,015 4,176 4,142 Net interest income, on a taxable-equivalent basis (as calculated above) 4,080 4,052 4,122 4,015 4,176 4,142 Noninterest income 2,924 2,815 2,836 2,700 2,833 2,620 Total net revenue 7,004 6,867 6,958 6,715 7,009 6,762 Percentage change (a) 2.0 % 3.6 % 3.7 % Less: Securities gains (losses), net (57) (36) — 2 (1) 2 Total net revenue, excluding net securities gains (losses) 7,061 6,903 6,958 6,713 7,010 6,760 Less: Notable items — — — — — (118) Total net revenue, excluding net securities gains (losses) and notable items 7,061 6,903 6,958 6,713 7,010 6,878 Percent change (b) 2.3 % 3.6 % 1.9 % Noninterest expense 4,181 4,214 4,232 4,459 4,311 5,219 Percentage change (c) (0.8) % (5.1) % (17.4) % Less: Notable items (2) — 26 — 265 109 1,015 Total noninterest expense, excluding notable items 4,181 4,188 4,232 4,194 4,202 4,204 Percentage change (d) (0.2) % 0.9 % — % Operating leverage (a) - (c) 2.8 % 8.7 % 21.1 % Operating leverage, excl. notable items and net securities losses (b) - (d) 2.5 % 2.7 % 1.9 % (1), (2) - see last page in appendix for corresponding notes

U.S. Bancorp 38 Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2024 September 30, 2023 June 30, 2024 June 30, 2023 March 31, 2024 March 31, 2023 Net interest income $ 4,135 $ 4,236 $ 4,023 $ 4,415 $ 3,985 $ 4,634 Taxable-equivalent adjustment (1) 31 32 29 34 30 34 Net interest income, on a taxable-equivalent adjustment basis 4,166 4,268 4,052 4,449 4,015 4,668 Net interest income, on a taxable-equivalent basis (as calculated above) 4,166 4,268 4,052 4,449 4,015 4,668 Noninterest income 2,698 2,764 2,815 2,726 2,700 2,507 Total net revenue 6,864 7,032 6,867 7,175 6,715 7,175 Percentage change (a) (2.4) % (4.3) % (6.4) % Less: Securities gains (losses), net (119) — (36) 3 2 (32) Total net revenue, excluding net securities gains (losses) 6,983 7,032 6,903 7,172 6,713 7,207 Less: Notable items — — — (22) — — Total net revenue, excluding net securities gains (losses) and notable items 6,983 7,032 6,903 7,194 6,713 7,207 Percent change (b) (0.7) % (4.0) % (6.9) % Noninterest expense 4,204 4,530 4,214 4,569 4,459 4,555 Percentage change (c) (7.2) % (7.8) % (2.1) % Less: Notable items (2) — 284 26 310 265 244 Total noninterest expense, excluding notable items 4,204 4,246 4,188 4,259 4,194 4,311 Percentage change (d) (1.0) % (1.7) % (2.7) % Operating leverage (a) - (c) 4.8 % 3.5 % (4.3) % Operating leverage, excl. notable items and net securities losses (b) - (d) 0.3 % (2.3) % (4.2) % (1), (2) - see last page in appendix for corresponding notes

U.S. Bancorp 39 Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) December 31, 2023 December 31, 2022 Net interest income $ 4,111 $ 4,293 Taxable-equivalent adjustment (1) 31 32 Net interest income, on a taxable-equivalent adjustment basis 4,142 4,325 Net interest income, on a taxable-equivalent basis (as calculated above) 4,142 4,325 Noninterest income 2,620 2,043 Total net revenue 6,762 6,368 Percentage change (a) 6.2 % Less: Securities gains (losses), net 2 (18) Total net revenue, excluding net securities gains (losses) 6,760 6,386 Less: Notable items (118) (381) Total net revenue, excluding net securities gains (losses) and notable items 6,878 6,767 Percent change (b) 1.6 % Noninterest expense 5,219 4,043 Percentage change (c) 29.1 % Less: Notable items (2) 1,015 90 Total noninterest expense, excluding notable items 4,204 3,953 Percentage change (d) 6.3 % Operating leverage (a) - (c) (22.9) % Operating leverage, excl. notable items and net securities losses (b) - (d) (4.7) % (1), (2) - see last page in appendix for corresponding notes

U.S. Bancorp 40 Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) March 31, 2025 March 31, 2024 June 30, 2024 June 30, 2023 Noninterest income 2,836 2,700 2,815 2,726 Less: Securities gains (losses), net — 2 (36) 3 Less: Notable items (2) — — — (22) Total noninterest income, excluding net securities gains (losses) and notable items 2,836 2,698 2,851 2,745 Percent change 5.1 % 3.9 % (2) - see last page in appendix for corresponding notes

U.S. Bancorp 41 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 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 was a $26 million ($19 million net-of-tax) charge for the increase in FDIC special assessment. Notable items for the three months ended March 31, 2024 of $265 million ($199 million net-of-tax) included $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment. Notable items for the three months ended December 31, 2023 of $1.1 billion ($780 million net-of-tax, including a $70 million discrete tax benefit) included $(118) million of noninterest income related to investment securities balance sheet repositioning and capital management actions, $171 million of merger and integration-related charges, $734 million of FDIC special assessment charges and a $110 million charitable contribution. Notable items for the three months ended September 30, 2023 included $284 million ($213 million net-of-tax) of merger and integration-related charges. Notable items for the three months ended June 30, 2023 of $575 million ($432 million net-of-tax) included $(22) million of noninterest income related to balance sheet repositioning and capital management actions, $310 million of merger and integration-related charges, and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions. Notable items for the three months ended March 31, 2023 included $244 million ($183 million net-of-tax) of merger and integration-related charges. Notable items for the three months ended December 31, 2022 of $1.3 billion ($952 million net-of-tax) included $(399) million of noninterest income related to balance sheet repositioning and capital management actions, $90 million of merger and integration-related charges and $791 million of provision for credit losses related to the acquisition of Union Bank and balance sheet optimization activities.

U.S. Bancorp 42 1. 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. Notes

U.S. Bancorp 43


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


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


U.S. BANCORP

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


			99.1			Press Release issued by U.S. Bancorp on July 17, 2025, deemed “filed” under the Exchange Act.


			99.2			2Q25 Earnings Supplement, deemed “furnished” under the Exchange Act.


			99.3			2Q25 Earnings Conference Call Presentation, deemed “furnished” under the Exchange Act.


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