U.s. Bancorp · NYSE:USB
U.s. Bancorp — Q2 2026 Earnings Presentation
46 slides from U.s. Bancorp's earnings presentation, Jul 16, 2026
Slide 1: U.S. Bancorp 2Q26 Earnings Conference Call
J u l y 1 6 , 2 0 2 6 U.S. Bancorp 2Q26 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: 2Q26 Highlights
2Q26 Highlights Growth • Record net revenue driven by robust loan $1.35 7.5% 13.2% Earnings per share Net Interest Income1 Fee Revenue growth, broad-based fee momentum, and one 21.6% vs. 2Q25 Growth vs. 2Q25 Growth vs. 2Q25 month impact from the BTIG acquisition Productivity 400 bps 57.1% • Signific
Slide 4: Accelerating Growth Through Disciplined Execution
Accelerating Growth Through Disciplined Execution Operating within our medium-term targets Fee Revenue Growth YoY1 $3,374M 2Q26 Reported Fee Revenue 13.2% 9.5% 7.6% 6.9% 5.1% 4.6% 9.9% 3.9% 3.6% 1.9% Medium-term target3 = Excl. BTIG2 mid single digits 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Str
Slide 5: BTIG Acquisition is Complete
BTIG Acquisition is Complete Deal closed June 1 as planned Looking Ahead + • BTIG’s equity trading and investment banking capabilities complement U.S. Bancorp’s fixed income, currency, and commodities (FICC) strength • Integration is well underway By the numbers 1 • Capital markets revenue for U.S.
Slide 6: Progress on Payments Transformation
Progress on Payments Transformation Growth is accelerating Card Issuing 14% • Total Payment Services revenue growth of 5.7% $0.3B Fees | $0.8B Spread year-over-year (YoY) in 2Q26, up from 4.7% in Merchant Processing 6% 2Q25 $0.5B Fees Corporate Payments 3% ◦ $1.8B 2Q26 revenue 23% $0.2B Fees ◦ NII g
Slide 7: Spotlight: Consumer Franchise
Spotlight: Consumer Franchise Unique and attractive franchise Key observations ~13 Million Consumer Customers1 – 18% out of branch footprint 2,061 Branches 55 Client Centers Client centers Branch network 42% Multi-Serve Clients – up from ~40% in 2024 Map does not include our European locations ©2025
Slide 8: Consumer and Business Strategy
Consumer and Business Strategy Select interconnected initiatives driving sustainable growth Relationship-led growth Expanded reach PS HI Advanced local market pricing Branch density investments RE NS capabilities across 10 high-growth markets AC IO H AT Trusted, L Coordinated relationship Expanding
Slide 9: 2Q26 Results Summary
2Q26 Results Summary Income Statement Credit Quality Change vs. Change vs. $ in millions, except EPS 2Q26 1Q26 2Q25 $ in millions 2Q26 1Q26 2Q25 Net interest income1 $4,387 2.2 % 7.5 % Nonperforming assets $1,346 (11.9) % (19.9) % Noninterest income 3,325 10.9 13.7 NPA ratio 0.33 % (5) bps (11) bps
Slide 10: Performance Ratios
Performance Ratios Broad-based strength across key metrics Return on Return on Return on Efficiency Ratio1 & Average Assets Average Common Equity Tangible Common Equity1 Net Interest Margin 2 18 bps 110 bps 70 bps 210 bps 13 bps Year-over-year Year-over-year Year-over-year Efficiency Ratio Net Inter
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 $515 $405 $503 $512 $394 $379 $379 $384 $237 $244 $245 $245 $242 5.89% 5.97% 5.80% 5.69% 5.67% $266 $268 $270 $270 $273 2Q25 3Q25 4Q25 1Q26 2Q2
Slide 12: Net Interest Income
Net Interest Income Growth supported by improving asset mix, loan momentum and fixed asset repricing % Change vs. 2Q26 1Q26 2Q25 Loans $5,728 3.7 % 3.2 % Loans held for sale 43 22.9 (27.1) Investment securities 1,344 3.1 (.8) Other interest income 483 (11.0) (24.8) Total interest income $7,598 2.6 (
Slide 13: Noninterest Income
Noninterest Income Strong activity across all fee businesses % Change vs. 2Q26 1Q26 2Q25 Payment services $1,038 12.2 % 5.5 % Other managed payments 1 322 3.9 (0.6) Consolidated payments fees 1,360 10.1 4.0 Trust and investment management fees 785 5.4 11.7 Capital markets revenue 512 35.8 62.5 Inves
Slide 14: Noninterest Expense
Noninterest Expense Investing for growth while delivering significant productivity gains % Change vs. 2Q26 1Q26 2Q25 Compensation and benefits $2,685 2.2 % 3.3 % Technology and communications 601 4.9 12.5 Occupancy and equipment 303 (.3) .7 Professional services 112 21.7 2.8 Marketing and business d
Slide 15: Executing Growth While Improving Profitability
Executing Growth While Improving Profitability Disciplined execution continues to drive improved returns and sustained EPS Growth Adjusted Efficiency Ratio & YoY Operating Leverage1 Adjusted EPS Growth YoY1 62.5% 22% 61.1% 60.7% 18% 60.8% 18% 60.2% 59.9% 15% 530 13% 59.2% 14% 440 440 400 8% 270 250
Slide 16: Credit Quality
Credit Quality Provision decrease, credit quality improvement, and stabilizing economic conditions Net Charge-offs (NCO) and Nonperforming Assets (NPA) Allowance for Credit Losses Change vs. by Loan Category, 2Q26 Amount Reserve 2Q26 1Q26 2Q25 ($B) (%) Nonperforming assets Commercial $ 1.8 1.1% Bala
Slide 17: Capital Management
Capital Management Modest share repurchases with continued capital accretion through earnings CET1 Ratio 10.7% 10.9% 10.8% 10.8% 10.8% 7.1% CET1 Ratio 8.5% Regulatory Minimum Binding Capital Constraint starting in 4Q25 1Q231 2Q25 3Q25 4Q25 1Q26 2Q26 CET1 Ratio 6.5% 8.9% 9.2% 9.3% 9.3% 9.4% Including
Slide 18: Guidance - 3Q and FY 2026
Guidance - 3Q and FY 2026 BTIG expected to add ~$200M of quarterly net revenue with a margin of 15-20% 2Q26 Performance (excluding BTIG) 2Q Guidance 2Q Result +6% to 7% $4,387M Net interest income1 vs. 2Q25 of $4,080M 7.5% vs. 2Q25 +6% to 7% $3,276M2 Total fee revenue vs. 2Q25 of $2,981M 9.9%2 vs. 2
Slide 19: Focused on our Medium-Term Targets
Focused on our Medium-Term Targets Medium-term 2Q 2025 1Q 2026 2Q 2026 Target4 Return on Average Assets 1.08% 1.15% 1.26% 1.15% to 1.35% Return on Tangible Common Equity1 18.0% 17.0% 18.7% High teens Fee Revenue Growth (YoY)2 4.6% 6.9% 13.2% Mid-single digits Efficiency Ratio1 59.2% 58.2% 57.1% Mid-
Slide 20: From Strength to Acceleration
From Strength to Acceleration • Comfortably operating in medium-term target ranges • Sustaining high returns and productivity while accelerating EPS growth • Confident in resilient fundamentals, with broad-based growth and healthy consumer and client activity • Differentiating client outcomes with i
Slide 21: Appendix
Appendix ©2025 U.S. Bank 21
Slide 22: Income Statement Detail
Income Statement Detail % Change $ in millions, except EPS 2Q26 1Q26 2Q25 vs 1Q26 vs 2Q25 Net interest income $4,361 $4,263 $4,051 2.3 % 7.7 % Taxable-equivalent adjustment 26 28 29 (7.1) (10.3) Net interest income (taxable-equivalent basis) 4,387 4,291 4,080 2.2 7.5 Noninterest income 3,325 2,997 2
Slide 23: Average Loans
Average Loans $405.5 $393.6 Average % of Average Change vs. 2Q 2026 Balance Total 1Q26 2Q25 $378.5 Commercial $157 39% 5.0 % 14.1 % Commercial real estate 51 13% 3.7 5.8 Residential mortgages 117 29% .4 1.4 Credit card 38 9% 2.8 8.4 Other retail 42 10% 2.4 0.5 Total loans $405 3.0 % 7.1 % 2Q25 1Q26
Slide 24: NDFI Portfolio - Well Diversified, Strong Credit Quality
NDFI Portfolio - Well Diversified, Strong Credit Quality Commercial Loan Composition 2Q26 Category Allocation & Credit Category Rating1 Private Equity: Subscription Lines (e.g., capital call facilities) $52 27.7% Private Equity A+ Business Credit: Business AA- CLOs, Commercial ABS, BDCs 27.2% Consum
Slide 25: Average Deposits
Average Deposits Average Average Change vs. 2Q 2026 Balance 1Q26 2Q25 $502.9 $515.1 $515.1 Noninterest-bearing deposits $81 — % 1.9 % Money market savings 182 (3.7) 2.8 Interest checking 132 1.3 .6 Savings accounts 74 7.9 26.7 Time deposits 46 (.4) (18.4) Total interest-bearing deposits $434 — % 2.5
Slide 26: Capital Position
Capital Position $ in billions 2Q26 1Q26 4Q25 3Q25 2Q25 Total U.S. Bancorp shareholders’ equity $67.4 $65.8 $65.2 $63.3 $61.4 Basel III Standardized Approach Common equity tier 1 capital ratio 10.8 % 10.8 % 10.8 % 10.9 % 10.7 % Tier 1 capital ratio 12.2 % 12.3 % 12.3 % 12.4 % 12.3 % Total risk-based
Slide 27: Credit Quality - Commercial
Credit Quality - Commercial Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 2Q25 1Q26 2Q26 Linked Quarter Growth Average loans $137,966 $149,833 $157,384 2.6% 1.4% 2.3% 4.7% 5.0% 30-89 delinquencies 0.17 % 0.14 % 0.13 % 90+ delinquencies 0.01 % 0.02 % 0.01 % $157,384 $143,1
Slide 28: Credit Quality – Commercial Real Estate
Credit Quality – Commercial Real Estate Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 2Q25 1Q26 2Q26 Linked Quarter Growth Average loans $48,466 $49,408 $51,257 (0.9)% (0.5)% 0.5% 1.9% 3.7% 30-89 delinquencies 0.23 % 0.19 % 0.13 % 90+ delinquencies 0.28 % 0.03 % 0.01 % $4
Slide 29: Credit Quality - Residential Mortgage
Credit Quality - Residential Mortgage Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 2Q25 1Q26 2Q26 Linked Quarter Growth Average loans $115,616 $116,690 $117,196 (2.7)% (0.7)% 0.5% 1.1% 0.4% 30-89 delinquencies 0.15 % 0.14 % 0.15 % 90+ delinquencies 0.28 % 0.23 % 0.20 % $
Slide 30: Credit Quality - Credit Card
Credit Quality - Credit Card Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 2Q25 1Q26 2Q26 Linked Quarter Growth Average loans $35,439 $37,341 $38,403 1.0% 1.8% 2.6% 0.9% 2.8% 30-89 delinquencies 1.26 % 1.28 % 1.17 % 90+ delinquencies 1.26 % 1.29 % 1.13 % $37,019 $37,341 $
Slide 31: Credit Quality - Other Retail
Credit Quality - Other Retail Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 2Q25 1Q26 2Q26 Linked Quarter Growth Average loans $41,042 $40,288 $41,241 (1.7)% (2.3)% 0.4% —% 2.4% 30-89 delinquencies 0.43 % 0.41 % 0.39 % 90+ delinquencies 0.13 % 0.13 % 0.10 % Nonperforming
Slide 32: 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 33: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) June 30, 2026 March 31, 2026 June 30, 2025 Net income applicable to U.S. Bancorp common shareholders $ 2,098 $ 1,841 $ 1,733 Intangibles amortization (net-of-tax) 90 87 98 Net income applicable to U.S. Bancorp common sha
Slide 34: Non-GAAP Financial Measures
Non-GAAP Financial Measures June 30, March 31, December 31, September 30, June 30, (Dollars and Shares in Millions Except Per Share Data, Unaudited) 2026 2026 2025 2025 2025 Total equity $ 67,895 $ 66,247 $ 65,651 $ 63,798 $ 61,896 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolli
Slide 35: Non-GAAP Financial Measures
Non-GAAP Financial Measures June 30, March 31, December 31, September 30, June 30, March 31, (Dollars in Millions, Unaudited) 2026 2026 2025 2025 2025 2023 Common equity tier 1 capital, determined in accordance with prescribed regulatory capital requirements effective for the company (a) 53,575 52,6
Slide 36: 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) 2026 2025 2026 2025 2025 2024 Net interest income $ 4,361 $ 4,051 $ 4,263 $ 4,092 $ 4,284 $ 4,146 Taxable-equivalent adjustment (3) 26 29 28 30 28 30 Net in
Slide 37: 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) 2025 2024 2025 2024 2025 2024 Net interest income $ 4,222 $ 4,135 $ 4,051 $ 4,023 $ 4,092 $ 3,985 Taxable-equivalent adjustment (3) 29 31 29 29 30 30 Net
Slide 38: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended December 31, December 31, September 30, September 30, June 30, June 30, (Dollars in Millions, Unaudited) 2024 2023 2024 2023 2024 2023 Net interest income $ 4,146 $ 4,111 $ 4,135 $ 4,236 $ 4,023 $ 4,415 Taxable-equivalent adjustment (3) 30 31 31 32 29 3
Slide 39: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended March 31, March 31, December 31, December 31, (Dollars in Millions, Unaudited) 2024 2023 2023 2022 Net interest income $ 3,985 $ 4,634 $ 4,111 $ 4,293 Taxable-equivalent adjustment (3) 30 34 31 32 Net interest income, on a taxable-equivalent adjustment
Slide 40: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended June 30, June 30, December 31, December 31, June 30, June 30, (Dollars in Millions, Unaudited) 2026 2025 2024 2023 2024 2023 Fee revenue 3,374 2,981 2,834 2,618 2,851 2,723 Less: Notable items (4) — — — (118) — (22) Total fee revenue, excluding notable
Slide 41: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended December 31, December 31, June 30, June 30, March 31, March 31, (Dollars in Millions, Unaudited) 2025 2024 2025 2024 2025 2024 Net income applicable to U.S. Bancorp common shareholders (a) $ 1,965 $ 1,581 $ 1,733 $ 1,518 $ 1,603 $ 1,209 Less: Notable it
Slide 42: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended March 31, March 31, December 31, December 31, (Dollars in Millions, Unaudited) 2024 2023 2023 2022 Net income applicable to U.S. Bancorp common shareholders (a) $ 1,209 $ 1,592 $ 766 $ 853 Less: Notable items, including the impact of earnings allocated
Slide 43: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended ($ in millions) June 30, 2026 Line of Business Financial Performance Net Revenue Wealth, Corporate, Commercial and Institutional Banking $ 3,771 Consumer and Business Banking 2,373 Payment Services 1,812 Treasury and Corporate Support (244) Total Compan
Slide 44: 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 45: 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 46: Thank you
Thank you ©2025 U.S. Bank | Confidential 46