U.s. Bancorp · NYSE:USB
U.s. Bancorp — Q1 2026 Earnings Presentation
47 slides from U.s. Bancorp's earnings presentation, Apr 16, 2026
Slide 1: U.S. Bancorp 1Q26 Earnings Conference Call
A p r i l 1 6 , 2 0 2 6 U.S. Bancorp 1Q26 Earnings Conference Call ©2025 U.S. Bank | Confidential 1
Slide 2: Forward-looking Statements and Additional Information
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 st
Slide 3: 1Q26 Highlights
1Q26 Highlights Growth • Top-line YoY revenue growth supported by $1.18 4.1% 6.9% Earnings per share Net Interest Income1 Fee Revenue strong loan growth, consumer deposit 14.6% vs. 1Q25 Growth vs. 1Q25 Growth vs. 1Q25 momentum, and sustained fee-based growth Productivity 440 bps 58.2% • Continued ex
Slide 4: Growing our Business Banking Franchise
Growing our Business Banking Franchise Small Businesses represent 40%+ of U.S. GDP and employment Small Business Revenue Mix Our Strategy FY 2025 % of Revenue by Product Other • Faster product launches with dedicated operating model 8% Merchant • Continued investment in differentiated solutions 16%
Slide 5: California as a Growth Engine
California as a Growth Engine MUFG Union Bank acquisition revenue synergies are driving growth in California CA Growth over Franchise4 $4.1T+ GDP | ~40M consumers | California1 ~4.3M small businesses Business clients 1.2X growth rate franchise 560+ locations #4 market share2 Business deposits 1.6X g
Slide 6: Momentum building across Payments
Momentum building across Payments Broad based strength across payment categories as we transform the business Credit Card Only YoY Fee Revenue $263M 1Q26 Reported Fee Revenue 5.2% 5.3% 5.6% New accounts supporting growth 4.2% 4.4% • Double digit new account growth over the last 4 quarters a leading
Slide 7: Growth Momentum
Growth Momentum Key partnerships to drive strategic priorities Acquisition Capital markets fee growth Partnership Payments ~$75-$85M in revenue per quarter transformation included in guidance Partnership Consumer franchise ~$75-$85M in revenue per quarter growth Cost included in guidance included in
Slide 8: 1Q26 Results Summary
1Q26 Results Summary Income Statement Credit Quality Change vs. Change vs. $ in millions, except EPS 1Q26 4Q25 1Q25 $ in millions 1Q26 4Q25 1Q25 Net interest income1 $4,291 (.5) % 4.1 % Nonperforming assets $1,528 (3.9) % (11.5) % Noninterest income 2,997 (1.8) 5.7 NPA ratio 0.38 % (3) bps (7) bps N
Slide 9: Performance Ratios
Performance Ratios Constructive trends reflective of Q1 seasonality Return on Return on Return on Efficiency Ratio1 & Average Assets Average Common Equity Tangible Common Equity1 Net Interest Margin 2 +11 bps +30 bps -50 bps -260 bps +5 bps Year-over-year Year-over-year Year-over-year Efficiency Rat
Slide 10: Return on Tangible Common Equity
Return on Tangible Common Equity Consistent performance as tangible common equity has strengthened Historical Performance & Growth in TCE Positioned to deliver high-teens ROTCE through medium-term3: 17.4% 18.6% 17.9% 18.3% 17.5% 18.0% 18.6% 18.4% 17.0% • Accelerating revenue growth $45 $46 $43 momen
Slide 11: Balance Sheet Summary
Balance Sheet Summary Robust loan growth and strategic portfolio remixing driving year-over-year growth Total Average Deposits Total Average Loans $515 $515 $394 $507 $503 $512 $379 $379 $379 $384 $243 $237 $244 $245 $245 5.91% 5.89% 5.97% 5.80% 5.69% $264 $266 $268 $270 $270 1Q25 2Q25 3Q25 4Q25 1Q2
Slide 12: Net Interest Income
Net Interest Income Improved earnings asset mix, loan growth and fixed asset repricing % Change vs. 1Q26 4Q25 1Q25 Loans $5,526 (1.3) % (.1) % Loans held for sale 35 (18.6) 25.0 Investment securities 1,303 (3.0) (.4) Other interest income 974 3.8 50.5 Total interest income $7,838 (1.1) 4.3 Deposits
Slide 13: Noninterest Income
Noninterest Income Broad-based momentum across all fee businesses % Change vs. 1Q26 4Q25 1Q25 Payments $1,235 (2.2) % 3.9 % Trust and investment management fees 745 (1.5) 9.6 Capital markets revenue 377 (3.1) 29.1 Investment product fees 97 (4.0) 11.5 Institutional fees 1,219 (2.2) 15.1 Lending and
Slide 14: Noninterest Expense
Noninterest Expense Investing for growth while delivering significant productivity gains % Change vs. 1Q26 4Q25 1Q25 Compensation and benefits $2,628 3.9 % (.3) % Technology and communications 573 (1.9) 7.5 Occupancy and equipment 304 (5.0) (.7) Professional services 92 (36.1) (6.1) Marketing and bu
Slide 15: Disciplined Expense Management
Disciplined Expense Management Productivity driving consistent positive operating leverage and improving efficiency Adjusted Efficiency Ratio & YoY Operating Leverage1 Proven execution Expense discipline is now embedded in how we run the company, with seven consecutive quarters 62.5% of positive ope
Slide 16: Credit Quality
Credit Quality Asset quality trends stable-to-improving; YoY provision increase driven by loan growth Net Charge-offs (NCO) and Nonperforming Assets (NPA) Allowance for Credit Losses Change vs. by Loan Category, 1Q26 Amount Reserve 1Q26 4Q25 1Q25 ($B) (%) Nonperforming assets Commercial $ 1.8 1.2% B
Slide 17: NDFI Business Credit Intermediaries Overview
NDFI Business Credit Intermediaries Overview Limited exposure to BDCs with structural protections across the portfolio Total Loans ($B) Business NDFI NDFI Business Credit Intermediaries Products Composition ($B) $13 CDF | A+ | 0.1% of total loans $0.3 NDFI $37 Predominantly first lien; 65–75% effect
Slide 18: Capital Management
Capital Management Modest share repurchases with continued capital accretion through earnings CET1 Ratio 10.8% 10.7% 10.9% 10.8% 10.8% 7.1% CET1 Ratio 8.5% Regulatory Minimum Binding Capital Constraint starting in 4Q25 1Q231 1Q25 2Q25 3Q25 4Q25 1Q26 CET1 Ratio 6.5% 8.8% 8.9% 9.2% 9.3% 9.3% Including
Slide 19: Impact of Proposed Basel III Finalization
Impact of Proposed Basel III Finalization Current proposal supports return to normalized capital deployment Risk Weighted Assets (RWA) Pro Forma Impact of RWA Methodology Key Takeaways $488B ~ 5% ~ 7% • Delivers meaningful RWA relief reduction reduction under both approaches, concentrated in Residen
Slide 20: Guidance - 2Q 2026
Guidance - 2Q 2026 Guidance excludes the pending BTIG acquisition, which is expected to add ~$200M of quarterly net revenue and be slightly accretive to earnings per share post close in 2026 1Q26 Performance 1Q Guidance 1Q Result +3% to 4% $4,291M Net interest income1 vs. 1Q25 of $4,122M +4.1% vs. 1
Slide 21: Focused on our Medium-Term Targets
Focused on our Medium-Term Targets Medium-term 1Q 2025 4Q 2025 1Q 2026 Target4 Return on Average Assets 1.04% 1.19% 1.15% 1.15% to 1.35% Return on Tangible Common Equity1 17.5% 18.4% 17.0% High teens Fee Revenue Growth (YoY)2 5.1% 7.6% 6.9% Mid-single digits Efficiency Ratio1 60.8% 57.4% 58.2% Mid-t
Slide 22: Momentum Drives Clear Path Forward
Momentum Drives Clear Path Forward • Stable economic activity and consistent client behavior continue to support strong fundamentals and a resilient outlook • Constructive Basel III proposal supportive of resuming long-term capital returns with Category II on the horizon • Execution remains the diff
Slide 23: Appendix
Appendix ©2025 U.S. Bank 23
Slide 24: Income Statement Detail
Income Statement Detail % Change $ in millions, except EPS 1Q26 4Q25 1Q25 vs 4Q25 vs 1Q25 Net interest income $4,263 $4,284 $4,092 (.5) % 4.2 % Taxable-equivalent adjustment 28 28 30 — (6.7) Net interest income (taxable-equivalent basis) 4,291 4,312 4,122 (.5) 4.1 Noninterest income 2,997 3,053 2,83
Slide 25: Average Loans
Average Loans $393.6 $384.3 Average % of Average Change vs. $379.0 1Q 2026 Balance Total 4Q25 1Q25 Commercial1 $150 38% 4.7 % 11.4 % Commercial real estate 50 13% 1.9 1.1 Residential mortgages 117 30% 1.1 (1.8) Credit card 37 9% .9 6.4 Other retail 40 10% — (3.5) Total loans $394 2.4 % 3.8 % 1Q25 4Q
Slide 26: NDFI Portfolio - Well Diversified, Strong Credit Quality
NDFI Portfolio - Well Diversified, Strong Credit Quality Commercial Loan 1Q26 Category Allocation Composition & Credit Category Rating1 Private Equity: Subscription Lines (e.g., capital call facilities) $50 Private Equity A+ 29.7% Business Credit: Business AA- CLOs, Commercial ABS, BDCs 26.5% Consum
Slide 27: Average Deposits
Average Deposits Average Average Change vs. 1Q 2026 Balance 4Q25 1Q25 $506.5 $515.1 $515.1 Noninterest-bearing deposits $81 (3.2) % 1.2 % Money market savings 189 1.5 (3.3) Interest checking 131 (.3) 3.9 Savings accounts 68 6.4 35.9 Time deposits 46 (7.7) (16.0) Total interest-bearing deposits $434
Slide 28: Capital Position
Capital Position $ in billions 1Q26 4Q25 3Q25 2Q25 1Q25 Total U.S. Bancorp shareholders’ equity $65.8 $65.2 $63.3 $61.4 $60.1 Basel III Standardized Approach Common equity tier 1 capital ratio 10.8 % 10.8 % 10.9 % 10.7 % 10.8 % Tier 1 capital ratio 12.3 % 12.3 % 12.4 % 12.3 % 12.4 % Total risk-based
Slide 29: Payment Services
Payment Services Payments Total Net Revenue by Business (1Q26) Highlights 42% 2 • Announced partnership with Amazon to become their Payments: Consumer & Small Business (PCS) exclusive Small Business Cobrand Credit Card issuer 58% Payments: Merchant & Institutional (PMI) 3 • Launched U.S. Bank Busine
Slide 30: Credit Quality - Commercial
Credit Quality - Commercial 1 Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 1Q25 4Q25 1Q26 Linked Quarter Growth Average loans $134,451 $143,114 $149,833 3.7% 2.6% 1.4% 2.3% 4.7% 30-89 delinquencies 0.15 % 0.23 % 0.14 % 90+ delinquencies 0.01 % 0.01 % 0.02 % $143,114 $149
Slide 31: Credit Quality - Commercial Real Estate
Credit Quality – Commercial Real Estate Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 1Q25 4Q25 1Q26 Linked Quarter Growth Average loans $48,890 $48,490 $49,408 (2.0)% (0.9)% (0.5)% 0.5% 1.9% 30-89 delinquencies 0.12 % 0.10 % 0.19 % 90+ delinquencies 0.01 % 0.03 % 0.03 %
Slide 32: Credit Quality - Residential Mortgage
Credit Quality - Residential Mortgage Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 1Q25 4Q25 1Q26 Linked Quarter Growth Average loans $118,844 $115,390 $116,690 0.4% (2.7)% (0.7)% 0.5% 1.1% 30-89 delinquencies 0.25 % 0.18 % 0.14 % 90+ delinquencies 0.19 % 0.25 % 0.23 % $
Slide 33: Credit Quality - Credit Card
Credit Quality - Credit Card 1 Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 1Q25 4Q25 1Q26 Linked Quarter Growth Average loans $35,083 $37,019 $37,341 (0.2)% 1.0% 1.8% 2.6% 0.9% 30-89 delinquencies 1.35 % 1.34 % 1.28 % 90+ delinquencies 1.40 % 1.27 % 1.29 % $36,079 $37,0
Slide 34: Credit Quality - Other Retail
Credit Quality - Other Retail Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 1Q25 4Q25 1Q26 Linked Quarter Growth Average loans $41,760 $40,272 $40,288 (1.9)% (1.7)% (2.3)% 0.4% —% 30-89 delinquencies 0.50 % 0.46 % 0.41 % 90+ delinquencies 0.14 % 0.13 % 0.13 % Nonperformin
Slide 35: Financial Targets
Financial Targets Medium-term1 Key assumptions2 Modest GDP growth Return on Average Assets 1.15% to 1.35% Stable unemployment rate Return on Tangible Moderating inflation Common Equity High teens Current tax policy Fee Income Growth (YoY) Mid-single digits Fed Funds rate path consistent with market
Slide 36: Non-GAAP Financial Measures
Non-GAAP Financial Measures March 31, December 31, September 30, June 30, March 31, (Dollars and Shares in Millions Except Per Share Data, Unaudited) 2026 2025 2025 2025 2025 Total equity $ 66,247 $ 65,651 $ 63,798 $ 61,896 $ 60,558 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontroll
Slide 37: Non-GAAP Financial Measures
Non-GAAP Financial Measures March 31, December 31, September 30, June 30, March 31, March 31, (Dollars in Millions, Unaudited) 2026 2025 2025 2025 2025 2023 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit
Slide 38: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended March 31, March 31, December 31, December 31, September 30, September 30, (Dollars in Millions, Unaudited) 2026 2025 2025 2024 2025 2024 Net interest income $ 4,263 $ 4,092 $ 4,284 $ 4,146 $ 4,222 $ 4,135 Taxable-equivalent adjustment (3) 28 30 28 30 29
Slide 39: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended June 30, June 30, March 31, March 31, December 31, December 31, (Dollars in Millions, Unaudited) 2025 2024 2025 2024 2024 2023 Net interest income $ 4,051 $ 4,023 $ 4,092 $ 3,985 $ 4,146 $ 4,111 Taxable-equivalent adjustment (3) 29 29 30 30 30 31 Net in
Slide 40: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended September 30, September 30, June 30, June 30, March 31, March 31, (Dollars in Millions, Unaudited) 2024 2023 2024 2023 2024 2023 Net interest income $ 4,135 $ 4,236 $ 4,023 $ 4,415 $ 3,985 $ 4,634 Taxable-equivalent adjustment (3) 31 32 29 34 30 34 Net
Slide 41: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended December 31, December 31, (Dollars in Millions, Unaudited) 2023 2022 Net interest income $ 4,111 $ 4,293 Taxable-equivalent adjustment (3) 31 32 Net interest income, on a taxable-equivalent adjustment basis 4,142 4,325 Net interest income, on a taxable-
Slide 42: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) March 31, 2026 December 31, 2025 September 30, 2025 Net income applicable to U.S. Bancorp common shareholders $ 1,841 $ 1,965 $ 1,893 Intangibles amortization (net-of-tax) 87 100 99 Net income applicable to U.S. Bancorp
Slide 43: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) June 30, 2025 March 31, 2025 December 31, 2024 Net income applicable to U.S. Bancorp common shareholders $ 1,733 $ 1,603 $ 1,581 Intangibles amortization (net-of-tax) 98 97 110 Net income applicable to U.S. Bancorp commo
Slide 44: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2024 June 30, 2024 March 31, 2024 Net income applicable to U.S. Bancorp common shareholders $ 1,601 $ 1,518 $ 1,209 Intangibles amortization (net-of-tax) 112 113 115 Net income applicable to U.S. Bancorp co
Slide 45: Notes
Notes 1. Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. 2. Includes Accumulated Other Comprehensive Income (AOCI) related to available for sale securities, pension plans, and available for sale to held to maturity tra
Slide 46: Notes
1. Notes 2. 3. 4. 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 m
Slide 47: Thank you
Thank you ©2025 U.S. Bank | Confidential 47