U.s. Bancorp · NYSE:USB
U.s. Bancorp — Q3 2026 Earnings Presentation
40 slides from U.s. Bancorp's earnings presentation, Oct 15, 2026
Slide 1: U.S. Bancorp 3Q26 Earnings Conference Call
O c t o b e r 1 5 , 2 0 2 6 U.S. Bancorp 3Q26 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: 3Q26 Highlights
3Q26 Highlights Growth • Record net revenue reflecting strong loan and $1.34 5.6% 14.9% Earnings per share Net Interest Income1 Fee Revenue deposit growth, broad-based fee momentum 9.8% vs. 3Q25 Growth vs. 3Q25 Growth vs. 3Q25 and one full quarter of BTIG revenue Productivity 240 bps 55.9% • Top-lin
Slide 4: Accelerating Growth Through Disciplined Execution
Accelerating Growth Through Disciplined Execution Operating within our medium-term targets Fee Revenue Growth YoY $3,545M 3Q26 Reported Fee Revenue 14.9% 13.2% 9.5% 7.6% 6.9% 7.6% 1 5.1% 4.6% 3.6% Medium-term target3 = 9.9% 1.9% mid single digits Excl. BTIG2 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3
Slide 5: Spotlight: Global Capital Markets
Spotlight: Global Capital Markets A broader, integrated platform to expand Capital Markets’ contribution to the company Capital Markets Fee Revenue Contribution to U.S. Bancorp1 + 30 - 40 bps + 90 - 100 bps 10% + + 70 - 80 bps 8% 4% 3Q23 3Q26 Core Deepening Shared Additional 3 to 5 Growth Client Bas
Slide 6: Strengthening Consumer & Small Business Franchise
Strengthening Consumer & Small Business Franchise Executing our focused expansion market strategy Franchise Footprint Our strategy Increase branch density in existing footprint Focused investment in higher-growth markets National expansion through client centers Supporting mortgage, wealth, commerci
Slide 7: Spotlight: Small Business Banking
Spotlight: Small Business Banking Scaled, interconnected business banking franchise serving over 2 million small businesses Built the Foundation Enhancing the Proposition Foundational capabilities Enhanced partnerships & scaled distribution Business Essentials | Money Movement | Cash Flow Tools Busi
Slide 8: Spotlight: Corporate Payments & Treasury Management
Spotlight: Corporate Payments & Treasury Management Integrated capabilities driving deeper client relationships and accelerated growth Fee Revenue Unique capabilities at scale Diversified payments platform benefiting from strong organic growth and market tailwinds 12.3% Bringing payments + treasury
Slide 9: 3Q26 Results Summary
3Q26 Results Summary Income Statement Credit Quality Change vs. Change vs. $ in millions, except EPS 3Q26 2Q26 3Q25 $ in millions 3Q26 2Q26 3Q25 Net interest income1 $4,490 2.3 % 5.6 % Nonperforming assets $1,324 (1.6) % (20.0) % Noninterest income 3,480 4.7 13.1 NPA ratio 0.32 % (1) bps (11) bps No
Slide 10: Performance Ratios
Performance Ratios Continued strength across key metrics Return on Return on Return on Efficiency Ratio1 & Average Assets Average Common Equity Tangible Common Equity1 Net Interest Margin 2 8 bps 10 bps 10 bps 130 bps 9 bps Year-over-year Year-over-year Year-over-year Efficiency Ratio Net Interest M
Slide 11: Loans and Earning Assets Mix
Loans and Earning Assets Mix Strategic loan growth and asset mix support improving returns Total Average Loans Floating Rate Earning Asset Mix Average 5.97% 3Q26 Loan Yield 5.80% Growth Other Assets 7% 8% 5.75% 5.69% 5.67% YoY $ 410 8.0% 27% $ 405 Securities 31% $ 394 $ 379 $ 384 160 162 2.9% 160 15
Slide 12: Deposits and Funding Mix
Deposits and Funding Mix Strong relationship deposit growth underpins funding strength 3Q26 3Q26 Growth Growth Total Average Deposits Funding Mix YoY YoY Wholesale 13% 14% 12% (7%) $512 $515 $515 $515 $527 2.9% Borrowings 10% 8% 8% CDs (19%) $244 $246 $245 $242 $252 3.1% Noninterest Bearing + 77% 78
Slide 13: Net Interest Income
Net Interest Income Momentum supported by loan and deposit growth and net interest margin expansion % Change vs. 3Q26 2Q26 3Q25 Loans $5,920 3.4 % 4.1 % Loans held for sale 41 (4.7) 17.1 Investment securities 1,303 (3.1) (6.4) Other interest income 510 5.6 (25.8) Total interest income $7,774 2.3 (.4
Slide 14: Noninterest Income
Noninterest Income Strong activity across most fee businesses % Change vs. 3Q26 2Q26 3Q25 Payment services $1,034 (0.4) % 6.3 % Other managed payments 1 324 0.6 3.8 Consolidated payments fees 1,358 (0.1) 5.7 Trust and investment management fees 802 2.2 9.9 Capital markets revenue 640 25.0 69.3 Inves
Slide 15: Noninterest Expense
Noninterest Expense Investing for growth while delivering significant productivity gains % Change vs. 3Q26 2Q26 3Q25 Compensation and benefits $2,753 2.5 % 7.5 % Technology and communications 666 10.8 18.9 Occupancy and equipment 309 2.0 3.0 Professional services 115 2.7 (1.7) Marketing and business
Slide 16: Credit Quality
Credit Quality Credit metrics improved; Disciplined growth in credit cards Net Charge-offs (NCO) and Nonperforming Assets (NPA) Credit Card Net Receivable Trends ($ in billions) Change vs. $40.2 $34.7 $36.1 3Q26 2Q26 3Q25 $32.2 13% 13% 13% Nonperforming assets 14% 87% 87% 86% 87% Balance $1,324 $(22
Slide 17: Capital Management
Capital Management Strong earnings generation supported continued capital strength Common Equity Tier 1 Capital Ratio 10.9% 10.8% 10.8% 10.8% 10.8% 8.5% 9.2% 9.3% 9.3% 9.4% 9.1% 6.5% CET1 Ratio Including AOCI 2 1 1Q23 3Q25 4Q25 1Q26 2Q26 3Q26 3rd Quarter Highlights • CET1 ratio was 10.8%, or 9.1% in
Slide 18: AOCI Adjusted Capital Metrics Trends
AOCI Adjusted Capital Metrics Trends Unusual demands on capital in the third quarter not expected to recur Tangible Common Equity CET1 Ratio Incl. AOCI as a % of Tangible Assets 0.2% 0.1% +6bps 0.3% -30bps 6.6% (0.3)% 6.6% 9.4% (0.3)% 0.1% 9.1% (0.4)% 2Q26 Earnings RWA Change in Other 3Q26 2Q26 Earn
Slide 19: Guidance - 4Q and FY 2026
Guidance - 4Q and FY 2026 BTIG expected to add ~$200M of quarterly net revenue 3Q26 Performance 3Q Guidance 3Q Result +4% to 6% $4,490M Net interest income1 vs. 3Q25 of $4,251M +5.6% vs. 3Q25 +12% to 14% $3,545M Total fee revenue vs. 3Q25 of $3,085M +14.9% vs. 3Q25 +~8% $4,492M Total noninterest exp
Slide 20: Focused on our Medium-Term Targets
Focused on our Medium-Term Targets Medium-term 3Q 2025 2Q 2026 3Q 2026 Target3 Return on Average Assets 1.17% 1.26% 1.25% 1.15% to 1.35% Return on Tangible Common Equity1 18.6% 18.7% 18.5% High teens Fee Revenue Growth (YoY)2 9.5% 13.2% 14.9% Mid-single digits Efficiency Ratio1 57.2% 57.1% 55.9% Mid
Slide 21: From Strength to Acceleration
From Strength to Acceleration • Helping clients thrive with leading-edge products and services • Comfortably operating in medium-term target ranges • Sustaining high returns and productivity while accelerating EPS growth • Attractive, diversified fee complex, increasingly delivering scale and nation
Slide 22: Appendix
Appendix ©2025 U.S. Bank 22
Slide 23: Income Statement Detail
Income Statement Detail % Change $ in millions, except EPS 3Q26 2Q26 3Q25 vs 2Q26 vs 3Q25 Net interest income $4,468 $4,361 $4,222 2.5 % 5.8 % Taxable-equivalent adjustment 22 26 29 (15.4) (24.1) Net interest income (taxable-equivalent basis) 4,490 4,387 4,251 2.3 5.6 Noninterest income 3,480 3,325
Slide 24: NDFI Portfolio - Well Diversified, Strong Credit Quality
NDFI Portfolio - Well Diversified, Strong Credit Quality Commercial Loan Composition 3Q26 Category Allocation & Credit Category Rating1 Private Equity: Subscription Lines (e.g., capital call facilities) $50 30.0% Private Equity A+ Business Credit: Business AA- CLOs, Commercial ABS, BDCs 26.3% Consum
Slide 25: Capital Position
Capital Position $ in billions 3Q26 2Q26 1Q26 4Q25 3Q25 Total U.S. Bancorp shareholders’ equity $66.4 $67.4 $65.8 $65.2 $63.3 Basel III Standardized Approach Common equity tier 1 capital ratio 10.8 % 10.8 % 10.8 % 10.8 % 10.9 % Tier 1 capital ratio 12.3 % 12.2 % 12.3 % 12.3 % 12.4 % Total risk-based
Slide 26: Credit Quality - Commercial
Credit Quality - Commercial Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 3Q25 2Q26 3Q26 Linked Quarter Growth Average loans $138,356 $155,573 $155,360 0.3% 2.3% 4.6% 5.1% (0.1)% 30-89 delinquencies 0.14 % 0.13 % 0.12 % 90+ delinquencies 0.01 % 0.01 % 0.01 % $148,056 $155
Slide 27: Credit Quality – Commercial Real Estate
Credit Quality – Commercial Real Estate Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 3Q25 2Q26 3Q26 Linked Quarter Growth Average loans $48,246 $51,257 $52,991 (0.5)% 0.5% 1.9% 3.7% 3.4% 30-89 delinquencies 0.16 % 0.13 % 0.16 % 90+ delinquencies 0.04 % 0.01 % 0.01 % $51,
Slide 28: Credit Quality - Residential Mortgage
Credit Quality - Residential Mortgage Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 3Q25 2Q26 3Q26 Linked Quarter Growth Average loans $114,780 $117,196 $116,886 (0.7)% 0.5% 1.1% 0.4% (0.3)% 30-89 delinquencies 0.14 % 0.15 % 0.17 % 90+ delinquencies 0.26 % 0.20 % 0.19 % $
Slide 29: Credit Quality - Credit Card
Credit Quality - Credit Card Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 3Q25 2Q26 3Q26 Linked Quarter Growth Average loans $36,079 $38,403 $40,222 1.8% 2.6% 0.9% 2.8% 4.7% 30-89 delinquencies 1.36 % 1.17 % 1.35 % 90+ delinquencies 1.26 % 1.13 % 1.10 % $38,403 $40,222 $
Slide 30: Credit Quality - Other Retail
Credit Quality - Other Retail Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 3Q25 2Q26 3Q26 Linked Quarter Growth Average loans $41,691 $43,052 $44,089 1.6% 0.5% 0.4% 2.3% 2.4% 30-89 delinquencies 0.42 % 0.37 % 0.40 % 90+ delinquencies 0.12 % 0.09 % 0.10 % $42,065 $43,052
Slide 31: 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 32: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Net income applicable to U.S. Bancorp common shareholders $ 2,095 $ 2,098 $ 1,893 Intangibles amortization (net-of-tax) 100 90 99 Net income applicable to U.S. Bancorp
Slide 33: Non-GAAP Financial Measures
Non-GAAP Financial Measures September 30, June 30, March 31, December 31, September 30, (Dollars and Shares in Millions Except Per Share Data, Unaudited) 2026 2026 2026 2025 2025 Total equity $ 66,888 $ 67,895 $ 66,247 $ 65,651 $ 63,798 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncont
Slide 34: Non-GAAP Financial Measures
Non-GAAP Financial Measures September 30, June 30, March 31, December 31, September 30, March 31, (Dollars in Millions, Unaudited) 2026 2026 2026 2025 2025 2023 Common equity tier 1 capital, determined in accordance with prescribed regulatory capital requirements effective for the company (a) 55,023
Slide 35: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended September 30, September 30, June 30, June 30, September 30, September 30, (Dollars in Millions, Unaudited) 2026 2025 2026 2025 2025 2024 Net interest income $ 4,468 $ 4,222 $ 4,361 $ 4,051 $ 4,222 $ 4,135 Taxable-equivalent adjustment (3) 22 29 26 29 29
Slide 36: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended September 30, September 30, June 30, June 30, December 31, December 31, (Dollars in Millions, Unaudited) 2026 2025 2026 2025 2024 2023 Fee revenue 3,545 3,085 3,374 2,981 2,834 2,618 Less: Notable items (4) — — — — — (118) Total fee revenue, excluding n
Slide 37: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended September 30, September 30, (Dollars in Millions, Unaudited) 2026 2025 Net income applicable to U.S. Bancorp common shareholders (a) $ 2,095 $ 1,893 Less: Provision for acquired loans (b) (101) — Net income applicable to U.S. Bancorp common shareholders
Slide 38: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended March 31, December 31, September 30, June 30, March 31, December 31, September 30, (Dollars in Millions, Unaudited) 2026 2025 2025 2025 2025 2024 2024 Net interest income $ 4,263 $ 4,284 $ 4,222 $ 4,051 $ 4,092 $ 4,146 $ 4,135 Taxable-equivalent adjustm
Slide 39: 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 40: Thank you
Thank you ©2025 U.S. Bank | Confidential 40