U.s. Bancorp · NYSE:USB
U.s. Bancorp — Q2 2025 Earnings Presentation
17 slides from U.s. Bancorp's earnings presentation, July 2025
Slide 1: U.S. Bancorp Investor Presentation
U.S. Bancorp Investor Presentation
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: An Exceptional Banking Franchise
An Exceptional Banking Franchise Fee income represents 42% of U.S. Bancorp’s total net revenue1 Balance sheet3 Clients4 $673B Assets ~13M Consumers 26% As a % of 42% $613B Earning assets ~1.4M Businesses Total Revenue1,2 ■ Payment Services 32% $503B Deposits ~500K Wealth clients ■ Consumer & Busines
Slide 4: Committed to Achieving Our Financial Targets
Committed to Achieving Our Financial Targets Key strategic priorities Medium-term Targets1 ROA 1.15% to 1.35% 1 Organic Growth Deepening relationships, interconnected product set, and broader reach ROTCE High teens 2 Expense Management Capacity to deliver positive operating Fee Income leverage and f
Slide 5: An Attractive and Diversified Portfolio
An Attractive and Diversified Portfolio Business Mix Higher • Business mix provides Institutional earnings stability amid Client continued macro uncertainty Group Investment • A unique, fee income portfolio Wealth Services3 that features businesses Recent Revenue Growth2 Consumer & Payments supporte
Slide 6: A More Balanced, Higher Quality Revenue Mix
A More Balanced, Higher Quality Revenue Mix Fee Contribution by Business Line Investing to drive a higher fee mix and better quality, as we shift beyond traditional banking products 37% 38% 36% and services to deliver sustainable growth. Our efforts extend beyond... Payments 26% 40% Institutional •
Slide 7: Asset Mix Shift Targets Multi-Service Clients
Asset Mix Shift Targets Multi-Service Clients Contributes ~3x more revenue than a single-service client Loan Composition Multi-service client %1 51% 2 42% 43% 47% 35% 3 58% 57% 53% 4 12/31/2015 12/31/2023 6/30/2025 Commercial Real Estate, Mortgage and Other Retail Commercial and Credit Card Advancin
Slide 8: 2Q25 Highlights
2Q25 Highlights $1.11 13% vs 2Q24 (Adj.)1 • Positive operating leverage Earnings Per Share › Four straight quarters of year-over-year revenues outpacing expenses, as adjusted1 18.0% • Prudent expense management Return on Tangible Common › Improving efficiency; Seven consecutive quarters of flat Equi
Slide 9: Harvesting Our Strategic Investments
Harvesting Our Strategic Investments Digital capabilities are unlocking scalable, long-term productivity Achieving sustainable productivity from an assortment of strategic digital investments 7 consecutive quarters of stable expenses; Positive operating leverage for 4 straight quarters1 Enterprise D
Slide 10: Noninterest Income
Noninterest Income 2Q25 1Q25 2Q24 Payments $1,108 $1,002 $1,077 Trust and investment management 703 680 649 Capital markets revenue 390 382 374 Investment product fees 90 87 82 Institutional fees 1,183 1,149 1,105 Service charges 336 315 322 Mortgage banking revenue 162 173 190 Other 192 197 157 Con
Slide 11: Marching Towards Our Medium-Term Targets
Marching Towards Our Medium-Term Targets Medium-term 2Q 2024 1Q 2025 2Q 2025 Target5 Return on Average Assets 0.98%1 1.04% 1.08% 1.15% to 1.35% 4 4 Return on Tangible Common Equity 18.6%1 17.5% 18.0% High teens 1 Fee Revenue Growth (YoY)2 3.9%1 5.1% 4.6% Mid-single digits 4 4 Efficiency Ratio 60.7%1
Slide 12: Delivering Strong Shareholder Value
Delivering Strong Shareholder Value • Our diversified business mix and disciplined risk culture provide meaningful downside protection • Strong return profile underpinned by a 40%+ fee mix in 1H25 and efficiency gains through 2Q25 • Ongoing fee momentum anchored in Payments and Institutional (75% mi
Slide 13: Appendix
Appendix ©2025 U.S. Bank 13
Slide 14: Financial Targets
Financial Targets Medium-term1 Key assumptions2 Modest GDP growth ROA 1.15% to 1.35% Stable unemployment rate Moderating inflation ROTCE High teens Current tax policy Fee Income Growth Mid-single digits Fed Funds rate path consistent with market implied Upward sloping yield curve driven by rate cuts
Slide 15: Performance Ratios
Performance Ratios Return on Return on Return on Efficiency Ratio1 & Average Assets Average Common Equity Tangible Common Equity1 Net Interest Margin 2 1 70.0% 10.00% 1.08% 12.9% 18.6% 12.6% 1 18.0% 1.04% 12.3% 17.5% 61.0% 1 60.8% 59.2% 9.00% 0.98% 12.4% 18.4% 60.7%1 60.0% 0.97% 8.00% 50.0% 7.00% 6.
Slide 16: Income Statement Detail
Income Statement Detail Excluding Notable Items2 Notable Items2 Reported % Change % 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 (taxab
Slide 17: Thank you
Thank you ©2025 U.S. Bank 17