O c t o b e r 1 5 , 2 0 2 6
U.S. Bancorp3Q26 Earnings Conference Call
Record net revenue reflecting strong loan and deposit growth, broad-based fee momentum and one full quarter of BTIG revenue
$1.34
Earnings per share 9.8% vs. 3Q25
5.6%
Net Interest Income1 Growth vs. 3Q25
14.9%
Fee Revenue Growth vs. 3Q25
ProductivityTop-line revenue growth and disciplined expense management drove positive operating leverage and improved efficiency
Returns
240 bpsPositive Operating Leverage2 vs. 3Q25
55.9%
Efficiency Ratio2 130 bpsvs. 3Q25
Continued execution against strategic priorities supporting strong profitability and margin expansion
Risk & Financial ManagementImproving asset quality and strong capital levels
18.5%
Return on Tangible Common Equity2
1.25%
Return on Average Assets
2.84%
0.51%
Net Charge-off Ratio 2 bps vs. 2Q26
10.8%
CET1 Capital Ratio3 Stable vs. 6/30/26
Net Interest Margin 5 bps vs. 2Q26
©2025 U.S. Bank | Confidential
1 Taxable-equivalent basis; Non-GAAP; see appendix for calculation. 2 Non-GAAP; see appendix for calculations. 3 Common equity tier 1 capital to 3
risk-weighted assets.
Accelerating Growth Through Disciplined ExecutionOperating within our medium-term targets
Strong fee growthwith
improving efficiency ratioand
higher returns©2026 U.S. Bank | Confidential
1 Non-GAAP; excludes notable items for 4Q24; see appendix for calculations and description of notable items. 2 Non-GAAP; see appendix for 4
calculations. 3 Medium-term represents 2026 and 2027; subject to economic assumptions described in the appendix.
7.6%
3Q26
5.1%
6.9%
1.9%
3.6%1
4.6%
Medium-term target3 = mid single digits
9.9%
Excl. BTIG2
3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26
Return on Average Assets
Medium-term target3 = 1.15% to 1.35%
1.03%
1.17%
1.25%
3Q24
3Q25
7.6%
9.5%
14.9%
Excl. BTIG2 56.7%
Medium-term target3 = mid-to-high 50s
55.9%
58.2% 57.1%
57.2% 57.4%
59.2%
59.9%1 60.8%
60.2%
Efficiency Ratio2
Fee Revenue Growth YoY
$3,545M 3Q26 Reported Fee Revenue
54.8%
3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26
13.2%
3Q23 3Q26
Core Growth
Deepening Shared Client Base
Additional Capabilities
3 to 5 Years
FICC & Other Capital Markets
BTIG Markets
BTIG Investment Banking
Our Strategy
Expected Strategic Growth
Global Capital Markets
Core Growth
FICC and BTIG continue to grow at a high single digit annual pace
Deepening Shared Client Base
BTIG > USB clients USB > BTIG clients
BTIG beyond Capital Markets
(e.g., Investor Services, Wealth)
Additional Capabilities
Continued product and vertical expansion across FICC and BTIG (e.g., IB verticals, equity swaps, institutional rates and FX, cash macro, structured products, commodities)
©2026 U.S. Bank | Confidential
1 Represents fee revenue contribution (past and expected) for capital markets comprised of Fixed Income, Currencies and Commodities (FICC), Impact 5
Finance, and other capital markets related products as a percentage of total net revenue
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
+ 90 - 100 bps
10% +
8%
+ 70 - 80 bps
+ 30 - 40 bps
4%
Strengthening Consumer & Small Business FranchiseExecuting 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, commercial, CRE and institutional businesses
Prioritized investment in small business
Recently added 50 new business bankers in attractive markets
Client Centers Branch Network
Select Future Branch Locations
Recent SMB Expansion into Client Centers
Digital capabilities & brand awareness
Broaden reach through digital, partnerships and national marketing campaigns
©2025 U.S. Bank | Confidential
6
Spotlight: Small Business BankingScaled, interconnected business banking franchise serving over 2 million small businesses
› Business Essentials partnership expansion
› Checking + Merchant + Card bundle
› Premium Checking + Card bundle
› Unique co-brand relationship
› Increasing presence to expansion markets
Enhanced partnerships & scaled distribution
Business Essentials Expansion | Increased Scale | Co-Brands
Foundational capabilities
Business Essentials | Money Movement | Cash Flow Tools
Built the Foundation Enhancing the Proposition
©2025 U.S. Bank | Confident1iaFl or 3Q26
$223M fees
+9% vs 3Q25
› Represents 10% of total U.S. Bancorp revenue1
› Stable and diversified deposit base at a favorable cost
3Q26 Highlights
$45B avg. deposits $18B avg. loans
+2% vs 3Q25 +11% vs. 3Q25
7
Spotlight: Corporate Payments & Treasury Management
Integrated capabilities driving deeper client relationships and accelerated growth
Diversified payments platform benefiting from strong organic growth and market tailwinds 12.3% 4.7% 2.5% 0.1% 1.8% $457 $440 $407 $408 $395 3Q25 4Q25 1Q26 2Q26 3Q26 $ in millions YoY % Growth |
6% of U.S. Bancorp Total Net Revenue1 |
#3 #1 U.S. commercial card Freight payments issuer ranked by spend provider ranked by volume2 volume3 Integrated Payments + Banking |
Fee Revenue
Unique capabilities at scale
Bringing payments + treasury together in one integrated solution
Interoperability across payment rails
Connecting traditional + emerging rails to stay at the center of money movement
› Launched USBDC in September
Advanced solutions that deepen relationships
©2025 U.S. Bank | Confidential
Growing wallet share, operating deposits, and fees
8
1 For the nine months ended September 30, 2026 fee revenue contribution as a percentage of total net revenue. 2 Volume per Nilson Report (Issue 1307, May
2026). 3 Based on earnings results for key competitors and company reports.
3Q26 Results SummaryIncome Statement
Credit Quality
$ in millions, except EPS | 3Q26 | 2Q26 | Change vs. | 3Q25 | |
Net interest income1 | $4,490 | 2.3 | % | 5.6 | % |
Noninterest income | 3,480 | 4.7 | 13.1 | ||
Noninterest expense | 4,493 | 1.5 | 7.1 | ||
Net income to company | 2,202 | 1.1 | 10.0 | ||
Change vs.
$ in millions | 3Q26 | 2Q26 | 3Q25 | |
Nonperforming assets | $1,324 | (1.6) | % | (20.0) % |
NPA ratio | 0.32 % | (1) bps | (11) bps | |
Net charge-off ratio | 0.51 % | (2) bps | (5) bps | |
90+ day delinquency | 0.18 % | - bps | (4) bps |
Diluted EPS $1.34 (0.7) 9.8
Balance Sheet
change vs.
Ending balance Avg balance Average Period Balance
$ in billions 3Q26 3Q26 2Q26 3Q25
Capital
Change vs.
3Q26 2Q26 3Q25
Total assets Earning assets Total loans
$703.0 $696.6 0.3 % 2.5 %
636.6 630.8 0.3 2.1
415.2 409.5 1.0 8.0
CET1 capital ratio2 10.8 % - bps (10) bps Total risk-based capital ratio 14.3 % (10) bps (10) bps Book value per share $38.27 (1.6) % 5.3 %
Total deposits 531.7 526.6 2.2 2.9
Tangible book value per share3 $29.34 (2.3) % 5.4 %
Earnings returned (millions)4 $847
©2025 U.S. Bank | Confidential
1 Taxable-equivalent basis; Non-GAAP; see appendix for calculation. 2 Common equity tier 1 capital to risk-weighted assets. 3 Non-GAAP; see appendix for calculations. 4 Earnings returned (millions) = total common dividends paid and aggregate value of common shares repurchased inclusive of treasury shares 9
repurchased in connection with stock compensation plans
Performance RatiosContinued strength across key metrics
Return on Average Assets
Return on Average Common Equity
Return on Tangible Common Equity1
Efficiency Ratio1 & Net Interest Margin 2
8 bps
Year-over-year
10 bps
Year-over-year
10 bps
Year-over-year
130 bps
Efficiency Ratio
9 bps
Net Interest Margin
1.17%
1.26% 1.25%
13.5% 14.0% 13.6%
18.6% 18.7% 18.5%
Year-over-year
57.2% 57.1% 55.9%
2.75%
2.79%
2.84%
3Q25 2Q26 3Q26
3Q25 2Q26 3Q26
3Q25 2Q26 3Q26
3Q25 2Q26 3Q26
Return on Average Assets
Return on Average Common Equity
Return on Tangible Common Equity
Efficiency Ratio
Net Interest Margin
©2025 U.S. Bank | Confidential
1 Non-GAAP; see appendix for calculations 10
2 Net interest margin on a taxable-equivalent basis; see appendix for calculations
Loans and Earning Assets MixStrategic loan growth and asset mix support improving returns
Total Average Loans Floating Rate Earning Asset Mix
Average Loan Yield
5.97%
5.80%
5.69% 5.67%
142
138
148
155
156
48
48
49
53
51
37
36
37
40
38
157
157
160
162
160
$ 405
5.75%
$ 410
3Q26
Growth YoY
8.0%
Other Assets
Securities
$379
$ 384
$ 394
2.9%
Priority growth areas
Fixed Rate
Loans
11.5%
9.8%
12.3%
Floating Rate
Loans1
3Q25 4Q25 1Q26 2Q26 3Q26
Commercial Commercial Real Estate Credit Card Other2
3Q22 3Q26
©2026 U.S. Bank | Confidential
$ in billions 11
1 Floating rate loans include fixed rate loans with maturities less than 1 year. 2 Other includes Residential mortgages and Other retail
32%
36%
30%
29%
27%
31%
8%
7%
Strong relationship deposit growth underpins funding strength
3Q26
3Q26
Total Average Deposits
Growth
Funding Mix
Growth
14%
YoY
YoY
Consumer1
Wholesale, Trust, Other
2.9%
$512 | $515 | $515 | $515 | $527 | ||||||
$244 | $246 | $245 | $242 | $252 | ||||||
$268 | $269 | $270 | $273 | $275 | ||||||
3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26 |
3.1%
2.7%
Wholesale Borrowings
CDs
Noninterest Bearing + Managed Deposits
10%
13%
78%
8%
77%
3Q25 2Q26 3Q26
(7%)
80%
8%
12%
(19%)
6%
2.43%
Cost of Deposits
2.78%
Total Cost of Funds
2.50%
2.53%
2.25%
2.22%
2.13%
2.15%
2.05%
1.89%
1.80%
1.81%
1.88%
2.09%
1.87% 1.88%
3Q25 4Q25 1Q26 2Q26 3Q26
Interest Bearing Deposit Cost Total Deposit Cost
3Q25 2Q26 3Q26
Total Funding Cost Interest Bearing Liability Cost
©2026 U.S. Bank | Confidential
$ in billions 12
1 Consumer includes Wealth.
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) | |||
Deposits | $2,491 | 6.9 | (5.9) | |||
Short-term borrowings | 198 | (20.5) | (2.5) | |||
Long-term debt | 617 | (6.2) | (15.4) | |||
Total interest expense | $3,306 | 2.1 | (7.7) | |||
Net interest income | $4,468 | 2.5 | 5.8 | |||
Taxable-equivalent adjustment | 22 | (15.4) | (24.1) | |||
Net interest income, on a taxable-equivalent basis | $4,490 | 2.3 | % | 5.6 | % | |
Net interest margin (taxable-equivalent basis) | 2.84 % | 5 | bps | 9 | bps |
Strong loan growth, lower cost deposit growth, and an improved earning asset mix supported year-over-year growth in net interest income
Linked quarter net interest income increase driven by loan and deposit growth and the benefits of fixed asset repricing
©2025 U.S. Bank $| Cinomnfildlieontsial
13
Net Interest Income
Momentum supported by loan and deposit growth and net interest margin expansion
% Change vs.
3Q26 | % Change vs. 2Q26 | 3Q25 | ||||
Payment services | $1,034 | (0.4) | % | 6.3 | % | |
Other managed payments1 | 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 | |||
Investment product fees | 116 | 13.7 | 19.6 | |||
Institutional fees | 1,558 | 11.4 | 29.3 | |||
Lending and deposit-related fees | 308 | - | 6.2 | |||
Mortgage banking revenue | 155 | (8.3) | (13.9) | |||
Other | 166 | 20.3 | 32.8 | |||
Consumer / Other | 629 | 2.3 | 5.7 | |||
Total fee revenue | 3,545 | 5.1 | 14.9 | |||
Securities gains (losses), net | (65) | (32.7) | nm | |||
Noninterest Income | $3,480 | 4.7 | % | 13.1 | % | |
©2025 U.S. Bank $ in millionsal
n| mCo=nnfiodtenmtei aningful
1 Other managed payments includes Debit and Treasury Management not reported in Payment Services.
Fee revenue increased 14.9% year-over-year, reflecting broad-based strength across our differentiated fee businesses and one full quarter of BTIG
BTIG contributed $226 million primarily in Capital Markets fee revenue in the third quarter
14
Noninterest Income
Strong activity across most fee businesses
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 development | 199 | (7.9) | 13.7 | |||
Other intangibles | 127 | 11.4 | 1.6 | |||
All other | 324 | (18.4) | (9.7) | |||
Total noninterest expense | $4,493 | 1.5 | % | 7.1 | % |
Noninterest expense increased 7.1% on a year-over-year basis reflecting the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher technology and communications expense, and increased marketing and business development expense. Excluding BTIG, noninterest expense increased 2.0%1 year-over-year.
BTIG contributed $213 million in noninterest expense in the third quarter, which included $22 million of merger-related integration and intangible amortization costs
©2025 U.S. Bank $| Cinomnfildlieontsial 15
1 Non-GAAP; see appendix for calculations
Noninterest Expense
Investing for growth while delivering significant productivity gains
% Change vs.
Credit QualityCredit metrics improved; Disciplined growth in credit cards
Net Charge-offs (NCO) and Nonperforming Assets (NPA)
Credit Card Net Receivable Trends ($ in billions)
86%
14%
87%
13%
13%
Change vs. | |||
3Q26 | 2Q26 | 3Q25 | |
Nonperforming assets | |||
Balance | $1,324 | $(22) | $(330) |
NPAs/period-end loans plus OREO | 0.32 % | (1) bps | (11) bps |
Net charge-offs | |||
NCOs | $523 | $(13) | $(13) |
NCOs/avg loans | 0.51 % | (2) bps | (5) bps |
$32.2 $34.7 $36.1
87%
$40.2
87%
13%
3Q23 3Q24 3Q25 3Q26
FICO >= 660 FICO < 660
Provision for Credit Losses
Credit Card Performance
3.18%
3.29%
4.11% 3.80%
$571
$577
$576
$654
$35
$50
$30
$538
$536
$2
$131
1.94%
2.00%
2.03%
2.06%
$546
$527
$536
1.97%
$523
1.34% 1.48% 1.36% 1.35%
3Q25 4Q25 1Q26
2Q26
3Q26
3Q23 3Q24 3Q25 3Q26
NCOs
Allowance for Credit Losses / Period-end Loans
NCO Ratio 30-89 day delinquencies
Reserve Build (Release)
©2025 U.S. Bank | Confidential
$ in millions, unless specified 16
Capital ManagementStrong earnings generation supported continued capital strength
Common Equity Tier 1 Capital Ratio
10.9% 10.8% 10.8% 10.8% 10.8%
9.4%
9.3%
9.3%
9.2%
8.5%
9.1%
6.5%
CET1 Ratio Including AOCI 2
1Q231
3Q25 4Q25 1Q26 2Q26 3Q26
CET1 ratio was 10.8%, or 9.1% including AOCI2 as of September 30, 2026
Long-term commitment to 70-75% capital deployment
3rd Quarter Highlights
©2025 U.S. Bank | Confidential
1 1Q23 ratios calculated in accordance with transitional regulatory requirements related to the CECL methodology 17
2 Non GAAP; see appendix for calculations
AOCI Adjusted Capital Metrics TrendsUnusual demands on capital in the third quarter not expected to recur
CET1 Ratio Incl. AOCI
Tangible Common Equity as a % of Tangible Assets
6.6%
6.6%
0.3%
(0.3)%
(0.4)% 0.1%
-30bps
0.2% 0.1%
(0.3)%
+6bps
2Q26 Earnings Net of
Distributions
RWA
Growth & Strategic Partnership Onboarding
Change in AOCI
Other 3Q26
2Q26 Earnings Net of
Distributions
Change in Ending Assets
Change in AOCI
3Q26
Risk weighted assets increased $12 billion partially driven by one-time onboarding of a large co-brand partnership
86 basis point increase in 5-year treasury rates vs. June 30, 2026 while credit spreads widened
©2025 U.S. Bank | Confidential
AOCI - Accumulated Other Comprehensive Income; CET1 - Common Equity Tier 1; TCE - Tangible Common Equity; RWA - Risk Weighted Assets 18
9.1%
9.4%
BTIG expected to add ~$200M of quarterly net revenue
3Q26 Performance$4,490M
+5.6% vs. 3Q25
+4% to 6%
vs. 3Q25 of $4,251M
3Q Guidance 3Q Result
Net interest income1 Total fee revenue
Total noninterest expense
4Q26
+6% to 7%
vs. 4Q25 of $4,312M
Net interest income1
+13% to 14%
vs. 4Q25 of $3,050M
Total fee revenue
+~8%
vs. 4Q25 of $4,227M
Total noninterest expense
+12% to 14%
vs. 3Q25 of $3,085M
+~8%
vs. 3Q25 of $4,197M
Total net revenue
+7% to 9% | +5% to 7%
vs. prior guidance
vs. prior +7% to 9% | +5% to 7%
Positive operating leverage
vs. prior ~200bps | 300+ bps
$3,545M
+14.9% vs. 3Q25
$4,492M
+7.1% vs. 3Q25
FY 2026
+8% to 9%
vs. FY25 of $28.7B1
+6% to 7%
excluding BTIG
~300 bps
~400bps excluding BTIG
©2025 U.S. Bank | Confidential
1 Taxable-equivalent basis; see appendix for calculation. 19
Operating leverage definition excludes securities gains and losses; see appendix for calculations.
3Q 2025 | 2Q 2026 | 3Q 2026 | Medium-term 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-to-high 50s |
Operating Leverage (YoY)1 | 530 bps | 400 bps | 240 bps | Committed to positive operating leverage |
CET1 Capital Ratio (Cat III) | 10.9% | 10.8% | 10.8% | ~10% Cat II pro forma |
CET1 Capital Ratio with AOCI1 | 9.2% | 9.4% | 9.1% |
©2025 U.S. Bank 1| CNonf-iGdeAnAtiPa;l see appendix for calculations. 2 Excludes securities gains (losses). 3 Medium-term represents 2026 and 2027; subject to economic 20
assumptions described in the appendix.
Focused on our Medium-Term Targets
Comfortably operating in medium-term target ranges
- Sustaining high returns and productivity while accelerating EPS growth
Attractive, diversified fee complex, increasingly delivering scale and national presence
21
From Strength to Acceleration
Helping clients thrive with leading-edge products and
services
Appendix©2025 U.S. Bank
22
©2025 U.S. Bank
$ 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 | 3,078 | 4.7 | 13.1 | |||
Net revenue | 7,970 | 7,712 | 7,329 | 3.3 | 8.7 | |||
Noninterest expense | 4,493 | 4,428 | 4,197 | 1.5 | 7.1 | |||
Operating income | 3,477 | 3,284 | 3,132 | 5.9 | 11.0 | |||
Provision for credit losses | 654 | 538 | 571 | 21.6 | 14.5 | |||
Income before taxes | 2,823 | 2,746 | 2,561 | 2.8 | 10.2 | |||
Applicable income taxes | 615 | 563 | 553 | 9.2 | 11.2 | |||
Net income | 2,208 | 2,183 | 2,008 | 1.1 | 10.0 | |||
Noncontrolling interests | (6) | (6) | (7) | - | 14.3 | |||
Net Income to company | 2,202 | 2,177 | 2,001 | 1.1 | 10.0 | |||
Preferred dividends/other | 107 | 79 | 108 | 35.4 | (0.9) | |||
Net Income to common | $2,095 | $2,098 | $1,893 | (0.1) | % | 10.7 | % | |
Net interest margin1 | 2.84% | 2.79% | 2.75% | 5 | bps | 9 | bps | |
Efficiency ratio2 | 55.9% | 57.1% | 57.2% | (120) | bps | (130) | bps | |
Diluted EPS | $1.34 | $1.35 | $1.22 | (0.7) | % | 9.8 | % |
©2025 U.S. Bank 1| CTaoxnafibdlen-etiqaul ivalent basis 23
2 Non-GAAP; see appendix for calculations
Income Statement Detail
% Change
NDFI Portfolio - Well Diversified, Strong Credit QualityPrivate Equity: Subscription Lines (e.g., capital call facilities) |
Business Credit: CLOs, Commercial ABS, BDCs |
Consumer Credit: Consumer Auto ABS |
Mortgage Credit: Warehouse Lines, Repo Lines |
Other: All Other (e.g. insurance, broker/dealer) |
Commercial Loan Composition
9/30/2026
Core C&I NDFI
©2025 U.S. Bank | Confidential
Loan composition based on ending balances ($ in billions)
CLO = Collateralized Loan Obligations, BDC = Business Development Corporations, ABS = Asset Backed Security
1 Credit Category Rating is bespoke based on internal ratings mapped to external S&P equivalent ratings
Non-Depository Financial Institution (NDFI) loan portfolio characteristics:
Exposures are managed through robust internal processes, including limits sized for our risk appetite
Growth supported by diversification across repayment sources (institutional investors, industries, and CRE property types)
Average portfolio credit quality of A exceeds that of our core investment-grade corporate and commercial lending book of BBB+1
Criticized rate is <1% of total NDFI portfolio compared to 1.7% for core C&I portfolio (excl. NDFI). U.S. Bancorp has limited exposure to Business Development Corporations (BDCs) at approximately 1.9% of total NDFI portfolio
Asset quality supported by strong collateral and structural protections (performance covenants, overcollateralization)
24
3Q26 Category Allocation & Credit Category Rating1
30.0%
Private Equity A+
Business AA-
26.3%
Consumer AA
12.5%
Mortgage BBB+
18.2%
13.0%
Other A-
9/30/2026
$109
$50
$ 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 capital ratio | 14.3 % | 14.4 % | 14.2 % | 14.2 % | 14.4 % |
Leverage ratio | 9.0 % | 8.9 % | 8.8 % | 8.7 % | 8.6 % |
Common equity to assets | 8.5 % | 8.4 % | 8.4 % | 8.4 % | 8.1 % |
Tangible common equity to tangible assets 1 | 6.6 % | 6.6 % | 6.7 % | 6.7 % | 6.4 % |
Tangible common equity to risk-weighted assets 1 | 9.0 % | 9.4 % | 9.4 % | 9.4 % | 9.3 % |
©2025 U.S. Bank 1| NCon-fiGdAenAtPia;lsee appendix for calculations 25
Capital Position
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 % | |||||
$138,356 | $141,507 | $148,056 | $155,573 | $155,360 | Nonperforming loans | 0.52 % | 0.25 % | 0.27 % |
0.30 %
0.33 %
0.25 %
0.09 %
0.22 %
40%
30%
Revolving Line Utilization Trend
3Q25 4Q25 1Q26 2Q26 3Q26
Average Loans NCO%
20%
3Q26
1Q26
3Q25
1Q25
3Q24
1Q24
3Q23
1Q23
3Q22
1Q22
3Q21
1Q21
3Q20
1Q20
3Q19
1Q19
3Q18
1Q18
10%
Key Points
Allowance for credit losses of $1.8 billion, or 1.1% of total loans
Average loans decreased by 0.1% on a linked quarter basis
The NCO rate improved, while other credit metrics remained relatively stable
Utilization decreased on a linked quarter basis to 25.7% for 3Q26 versus 26.2% for 2Q26
©2025 U.S. Bank | Confidential
26
Credit Quality - Commercial
Linked Quarter Growth
$ in millions
3Q25
2Q26
3Q26
Key Statistics
Average Loans ($M) and Net Charge-offs Ratio
Linked | Quarter | Growth | $ in millions Average loans | 3Q25 $48,246 | 2Q26 $51,257 | 3Q26 $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 % | |||||
$48,246 | $48,490 | $49,408 | $51,257 | $52,991 | Nonperforming loans 1.20 % 1.09 % 0.97 % | |||
0.85 %
0.31 %
(0.02) %
(0.07) %
0.10 %
CRE by Loan Type
CRE by Property Class
SFR Construction1
Mortgage 62%
Owner Occupied 19%
Construction 19%
Key Points
7%
Other 14%
Industrial Owner
15% Occupied
19%
Office 7%
Multi-Family 38%
3Q25 4Q25 1Q26 2Q26 3Q26
Average Loans NCO%
Allowance for credit losses of $1.2 billion, or 2.2% of total loans
Average loans increased by 3.4% on a linked quarter basis
Nonperforming loans continued to decline reflecting resolution of problem Office loans
©2025 U.S. Bank | Confidential
1 SFR = Single Family Residential 27
Credit Quality - Commercial Real Estate
Key Statistics
Average Loans ($M) and Net Charge-offs Ratio
Linked Quarter Growth
(0.7)% 0.5% 1.1% 0.4% (0.3)%
$114,780 $115,390 $116,690 $117,196 $116,886
$ in millions 3Q25 2Q26 3Q26 Average loans $114,780 $117,196 $116,886 30-89 delinquencies 0.14 % 0.15 % 0.17 %
90+ delinquencies 0.26 % 0.20 % 0.19 %
0.00 %
(0.01) %
0.00 %
0.00 %
0.00 %
Nonperforming loans 0.12 % 0.15 % 0.15 %
Residential Mortgage Delinquency Rates
0.30%
0.20%
3Q25 4Q25 1Q26 2Q26 3Q26
0.10%
-%
3Q26
2Q26
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
4Q23
3Q23
2Q23
Average Loans NCO%
30-89 days past due 90+ days past due
Key Points
Allowance for credit losses of $0.7 billion, or 0.6% of total loans
Average loans decreased by 0.3% on a linked quarter basis
Continued low losses and nonperforming loans supported by strong credit quality and collateral values
High credit quality originations continued (weighted average credit score of 774, weighted average LTV of 69%)
©2025 U.S. Bank | Confidential
28
Key Statistics
Average Loans ($M) and Net Charge-offs Ratio
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 % |
$36,079 | $37,019 | $37,341 | $38,403 | $40,222 | 90+ delinquencies Nonperforming loans | 1.26 % - % | 1.13 % - % | 1.10 % - % |
3.80 %
3.84 %
3.96 %
3.83 %
3.29 %
Credit Card Delinquency Rates
3Q25 4Q25 1Q26 2Q26 3Q26
2.0%
1.5%
1.0%
0.5%
-%
3Q26
2Q26
1Q26
4Q25
3Q25
2Q25
1Q25
4Q24
3Q24
2Q24
1Q24
4Q23
3Q23
2Q23
Average Loans NCO%
30-89 days past due 90+ days past due
Key Points
Allowance for credit losses of $3.6 billion, or 8.7% of total loans
Average loans increased by 4.7% on a linked quarter basis driven by the small business credit card portfolio acquisition
Net charge-off ratio decreased to 3.29% consistent with seasonality
30-89 delinquency rates increased to 1.35% consistent with portfolio acquisition onboarding and seasonality
©2025 U.S. Bank | Confidential
29
Credit Quality - Credit Card
Linked Quarter Growth
$ in millions
3Q25
2Q26
3Q26
Key Statistics
Average Loans ($M) and Net Charge-offs Ratio
Linked | Quarter | Growth | $ in millions Average loans | 3Q25 $41,691 | 2Q26 $43,052 | 3Q26 $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 % | |||||
$41,691 | $41,879 | $42,065 | $43,052 | $44,089 | Nonperforming loans | 0.37 % | 0.37 % | 0.35 % |
0.55 %
0.64 %
0.67 %
0.56 %
0.53 %
Auto Loans 7%
Revolving Credit 13%
Installment 38%
3Q25 4Q25 1Q26 2Q26 3Q26
Average Loans NCO%
Retail Leasing 10%
Home Equity 32%
Key Points
Allowance for credit losses of $0.9 billion, or 1.9% of total loans
Average loans increased 2.4% on a linked quarter basis
Net charge-off ratio decreased 3 bps on a linked quarter basis
©2025 U.S. Bank | Confidential
30
Credit Quality - Other Retail
Key Statistics
Average Loans ($M) and Net Charge-offs Ratio
Medium-term1 Key assumptions2
Return on Average Assets
1.15% to 1.35%
Return on Tangible Common Equity
High teens
Fee Income Growth (YoY)
Mid-single digits
Efficiency Ratio
Mid-to-high 50s
Modest GDP growth
Stable unemployment rate
Moderating inflation
Current tax policy
Fed Funds rate path consistent with market implied
Stable credit quality
Upward sloping yield curve driven by rate cuts
©2025 U.S. Bank | Confidential
1 Medium-term represents 2026 and 2027 31
2 Key assumptions as of September 12, 2024 and presented at Investor Day
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 common shareholders, | ||||
excluding intangibles amortization | 2,195 | 2,188 | 1,992 | |
Annualized net income applicable to U.S. Bancorp common shareholders, | ||||
excluding intangibles amortization (a) | 8,708 | 8,776 | 7,903 | |
Average total equity | 68,214 | 67,327 | 63,101 | |
Average preferred stock | (6,808) | (6,808) | (6,808) | |
Average noncontrolling interests | (463) | (462) | (458) | |
Average goodwill (net of deferred tax liability) (1) | (12,197) | (11,796) | (11,609) | |
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights | (1,684) | (1,409) | (1,659) | |
Average tangible common equity (b) | 47,062 | 46,852 | 42,567 | |
Return on tangible common equity (a)/(b) | 18.5 % | 18.7 % | 18.6 % | |
©2025 U.S. Bank (|1C) o-nsfeide lnatsiat lpage in appendix for corresponding notes 32
Non-GAAP Financial Measures
(Dollars and Shares in Millions Except Per Share Data, Unaudited) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 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) |
Noncontrolling interest | (463) | (463) | (461) | (458) | (458) |
Common equity (a) | 59,617 | 60,624 | 58,978 | 58,385 | 56,532 |
Goodwill (net of deferred tax liability) (1) | (12,185) | (12,193) | (11,588) | (11,603) | (11,603) |
Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (1,713) | (1,624) | (1,429) | (1,507) | (1,605) |
Tangible common equity (b) | 45,719 | 46,807 | 45,961 | 45,275 | 43,324 |
Total assets (c) | 702,966 | 725,918 | 700,998 | 692,345 | 695,357 |
Goodwill (net of deferred tax liability) (1) | (12,185) | (12,193) | (11,588) | (11,603) | (11,603) |
Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (1,713) | (1,624) | (1,429) | (1,507) | (1,605) |
Tangible assets (d) | 689,068 | 712,101 | 687,981 | 679,235 | 682,149 |
Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company (e) | 508,174* | 496,488 | 487,958 | 480,382 | 465,092 |
Common shares outstanding (f) | 1,558 | 1,558 | 1,555 | 1,555 | 1,556 |
Ratios* | |||||
Common equity to assets (a)/(c) | 8.5% | 8.4% | 8.4% | 8.4% | 8.1% |
Tangible common equity to tangible assets (b)/(d) | 6.6 | 6.6 | 6.7 | 6.7 | 6.4 |
Tangible common equity to risk-weighted assets (b)/(e) | 9.0 | 9.4 | 9.4 | 9.4 | 9.3 |
Tangible book value per common share (b)/(f) | $ 29.34 | $ 30.04 | $ 29.56 | $ 29.12 | $ 27.84 |
©2025 U.S. Bank | Confidential
- see last page in appendix for corresponding notes 33
*Preliminary data. Subject to change prior to filings with applicable regulatory agencies.
Non-GAAP Financial Measures
regulatory capital requirements effective for the company (a)
55,023
53,575
52,648
51,665
50,587
42,027
Accumulated Other Comprehensive Income (AOCI) related adjustments (2)
(8,853)
(6,790)
(7,049)
(6,893)
(7,638)
(10,153)
Common equity tier 1 capital, including AOCI related adjustments (2) (b)
46,170
46,785
45,599
44,772
42,949
31,874
10.8
%
10.8 %
10.8 %
10.8 %
10.9 %
8.5 %
9.1
9.4
9.3
9.3
9.2
6.5
Common equity tier 1 capital ratio (a)/(c)
Common equity tier 1 capital ratio, including AOCI related adjustments (2) (b)/(c)
©2025 U.S. Bank | Confidential
- see last page in appendix for corresponding notes 34
Non-GAAP Financial Measures
(Dollars in Millions, Unaudited)
Common equity tier 1 capital, determined in accordance with prescribed
September 30,
2026
June 30,
2026
March 31, December 31, September 30,
2026 2025 2025
March 31,
2023
Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the company (c)
Ratios
508,174
496,488
487,958
480,382
465,092
494,048
(Dollars in Millions, Unaudited)
September 30,
2026
September 30,
2025
June 30,
2026
June 30,
2025
September 30,
2025
September 30,
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
31
Net interest income, on a taxable-equivalent adjustment basis
4,490
4,251
4,387
4,080
4,251
4,166
Net interest income, on a taxable-equivalent basis (as calculated above)
4,490
4,251
4,387
4,080
4,251
4,166
Noninterest income
3,480
3,078
3,325
2,924
3,078
2,698
Total net revenue
7,970
7,329
7,712
7,004
7,329
6,864
Less: Securities gains (losses), net
(65)
(7)
(49)
(57)
(7)
(119)
Total net revenue, excluding net securities gains (losses) (a)
8,035
7,336
7,761
7,061
7,336
6,983
Percent change (b)
9.5 %
9.9 %
5.1 %
Less: BTIG fee revenue
226
-
98
Total net revenue, excluding BTIG fee revenue (c)
7,809
7,336
7,663
Percent change (d)
6.4 %
Noninterest expense (e)
4,493
4,197
4,428
4,181
4,197
4,204
Percentage change (f)
7.1 %
5.9 %
(0.2) %
Less: BTIG noninterest expense
213
-
84
-
Total noninterest expense, excluding BTIG noninterest expense (g)
4,280
4,197
4,344
4,181
Percentage change (h)
2.0 %
3.9 %
Operating leverage (b) - (f)
2.4 %
4.0 %
5.3 %
Operating leverage, excl. BTIG impact (d) - (h)
4.4 %
Efficiency ratio (e) / (a)
55.9 %
57.1 %
57.2 %
Efficiency ratio, excl. BTIG impact (g) / (c)
54.8 %
56.7 %
©2025 U.S. Bank | Confidential
- see last page in appendix for corresponding notes 35
Non-GAAP Financial Measures
Three Months Ended
(Dollars in Millions, Unaudited)
September 30,
2026
September 30,
2025
June 30,
2026
June 30,
2025
December 31,
2024
December 31,
2023
Fee revenue
3,545
3,085
3,374
2,981
2,834
2,618
Less: Notable items (4)
-
-
-
-
-
(118)
Total fee revenue, excluding notable items
3,545
3,085
3,374
2,981
2,834
2,736
Percent change
14.9 %
13.2 %
3.6 %
Less: BTIG fee revenue
226
-
98
-
Total fee revenue, excluding BTIG fee revenue
3,319
3,085
3,276
2,981
Percentage change
7.6 %
9.9 %
Three Months Ended
(Dollars in Millions, Unaudited)
September 30,
2026
September 30,
2025
Capital markets revenue
640
378
Less: BTIG fee revenue
223
-
Capital markets revenue, excluding BTIG fee revenue
417
378
Percentage change
10 %
Three Months Ended
(Dollars in Millions, Unaudited)
September 30,
2026
September 30,
2025
Total net revenue
7,970
7,329
Less: BTIG fee revenue
226
-
Total net revenue, excluding BTIG fee revenue
7,744
7,329
Percentage change
6 %
©2025 U.S. Bank | Confidential
- see last page in appendix for corresponding notes 36
Non-GAAP Financial Measures
Three Months Ended
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, excluding provision for acquired loans (c) | 2,196 | 1,893 | |
Average diluted common shares outstanding (d) | 1,558 | 1,556 | |
Diluted earnings per common share (a)/(d) | $ 1.34 | $ 1.22 | |
Percentage change | 10 | % | |
Diluted earnings per common share, excluding provision for acquired loans (c)/(d) | $ 1.41 | $ 1.22 | |
Percentage change | 16 | % | |
EPS impact from acquired loans provision (b)/(d) | $ (0.07) |
37
Non-GAAP Financial Measures
Three Months Ended September 30, September 30,
(Dollars in Millions, Unaudited) 2026 2025
(Dollars in Millions, Unaudited) | March 31, 2026 | December 31 2025 | September 30 2025 | June 30 2025 | March 31 2025 | December 31 2024 | September 30, 2024 | |||||||
Net interest income | $ 4,263 | $ 4,284 | $ 4,222 | $ 4,051 | $ 4,092 | $ 4,146 | $ 4,135 | |||||||
Taxable-equivalent adjustment (3) | 28 | 28 | 29 | 29 | 30 | 30 | 31 | |||||||
Net interest income, on a taxable-equivalent adjustment basis | 4,291 | 4,312 | 4,251 | 4,080 | 4,122 | 4,176 | 4,166 | |||||||
Net interest income, on a taxable-equivalent basis (as calculated above) | 4,291 | 4,312 | 4,251 | 4,080 | 4,122 | 4,176 | 4,166 | |||||||
Noninterest income | 2,997 | 3,053 | 3,078 | 2,924 | 2,836 | 2,833 | 2,698 | |||||||
Total net revenue | 7,288 | 7,365 | 7,329 | 7,004 | 6,958 | 7,009 | 6,864 | |||||||
Less: Securities gains (losses), net | (35) | 3 | (7) | (57) | - | (1) | (119) | |||||||
Total net revenue, excluding net securities gains (losses) (a) | 7,323 | 7,362 | 7,336 | 7,061 | 6,958 | 7,010 | 6,983 | |||||||
Noninterest expense (b) | 4,265 | 4,227 | 4,197 | 4,181 | 4,232 | 4,311 | 4,204 | |||||||
Less: Notable items (4) | - | - | - | - | - | 109 | - | |||||||
Total noninterest expense, excluding notable items (c) | 4,265 | 4,227 | 4,197 | 4,181 | 4,232 | 4,202 | 4,204 | |||||||
Efficiency ratio (b) / (a) | 58.2 | % | 57.4 | 57.2 | 59.2 | 60.8 | 61.5 | 60.2 | % | |||||
Efficiency ratio, excluding notable items (c)/(a) | 59.9 | |||||||||||||
% % % % %
%
©2025 U.S. Bank | Confidential
(3), (4) - see last page in appendix for corresponding notes 38
Non-GAAP Financial Measures
,
Three Months Ended
,
,
,
,
NotesIncludes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements.
Includes Accumulated Other Comprehensive Income (AOCI) related to available for sale securities, pension plans, and available for sale to held to maturity transfers.
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.
Notable items 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 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.
©2025 U.S. Bank | Confidential
39
Thank you
©2025 U.S. Bank | Confidential
40
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