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1Q26 Key Financial Data
 1Q26 Financial Highlights
PROFITABILITY METRICS
1Q26
4Q25
1Q25


•Net revenue of $7,288 million, including year-over-year increases of 4.1% in net interest income (taxable-equivalent basis) and 6.9% in fee revenue
•Net income of $1,945 million, an increase of 14% year-over-year
•Diluted earnings per common share of $1.18, an increase of 15% year-over-year
•Return on average assets of 1.15% and efficiency ratio of 58.2%, both improved on a year-over-year basis
•Positive operating leverage of 440 basis points from the prior year quarter
•Net interest margin of 2.77%, an increase of 5 basis points on a year-over-year basis
•Noninterest expense relatively stable year-over-year
•CET1 capital ratio of 10.8% at March 31, 2026
•Average total loans increased 3.8% on a year-over-year basis and 2.4% on a linked quarter basis
•Average total deposits increased 1.7% on a year-over-year basis

Return on average assets (%)
1.15
1.19
1.04
Return on average common equity (%)
12.6
13.5
12.3
Return on tangible common equity (%)(a)
17.0
18.4
17.5
Net interest margin (%)
2.77
2.77
2.72
Efficiency ratio (%)(a)
58.2
57.4
60.8
INCOME STATEMENT(b)
1Q26
4Q25
1Q25
Net interest income (taxable-equivalent basis)
$4,291 
$4,312 
$4,122 
Noninterest income
$2,997 
$3,053 
$2,836 
Noninterest expense
$4,265 
$4,227 
$4,232 
Net income attributable to U.S. Bancorp
$1,945 
$2,045 
$1,709 
Diluted earnings per common share
$1.18 
$1.26 
$1.03 
Dividends declared per common share
$.52 
$.52 
$.50 
BALANCE SHEET(b)
1Q26
4Q25
1Q25
Average total loans
$393,560 
$384,285 
$379,028 
Average total deposits
$515,119 
$515,142 
$506,534 
Net charge-off ratio (%)
.56
.54
.59
Book value per common share (period end)
$37.93 
$37.55 
$34.16 
Tangible book value per common share (period end)(a)
$29.56 
$29.12 
$25.64 
Basel III standardized CET1 (%)(c)
10.8
10.8
10.8
(a) See Non-GAAP Financial Measures reconciliation on page 16
(b) Dollars in millions, except per share data
(c) CET1 = Common equity tier 1 capital ratio
CEO Commentary
“In the first quarter, we delivered diluted earnings per share of $1.18, up 15% year-over-year, and a return on tangible common equity of 17%. Strong revenue growth drove 440 basis points of positive operating leverage, as ongoing investments for growth and continued cost savings drove 260 basis points of year‑over‑year improvement in our efficiency ratio. Net interest income growth of 4.1% compared with the prior year was supported by robust loan growth in priority areas, including commercial and credit card, and record consumer deposits. Fee revenue increased 6.9% year-over-year, reflecting improved payments performance and continued momentum across capital markets and investment services businesses. Credit quality and capital levels remain healthy and strong.

These results demonstrate continued execution within our medium‑term financial target ranges and strong momentum across the franchise. Recently announced partnerships with nationally recognized brands such as Amazon and the NFL reinforce the scale, relevance, and growth potential of our diversified business model. With disciplined risk management and consistent execution, we are positioned to deliver sustainable returns and long‑term value. On behalf of my U.S. Bank colleagues, I thank our clients and shareholders for their continued trust and support.”
— Gunjan Kedia, CEO, U.S. Bancorp
Business and Other Highlights
Amazon and U.S. Bank Launch New Small Business Credit Cards
Amazon announced it is transitioning its small business credit card portfolio to U.S. Bank and the Mastercard network, introducing a new Prime Business Card and a new Amazon Business Card available this spring. The Prime Business Card will offer Prime members 5% back on Amazon purchases, while the Amazon Business Card will provide 3% back for customers without a Prime membership, with both cards featuring enhanced rewards for off-Amazon spending, flexible credit terms, and no annual fees. Designed to integrate seamlessly with Amazon Business purchasing and spend management tools, the new cards aim to help small businesses better manage cash flow and earn rewards wherever they shop. Issued by U.S. Bank, the partnership expands its small business payments offerings while leveraging Mastercard’s global network, security, and data-driven capabilities to deliver greater value, simplicity, and control for small business customers.


U.S. Bank and NFL Announce Partnership Centered on Banking and Wealth Management
The NFL and U.S. Bank announced a new multi‑year partnership naming U.S. Bank an official bank and wealth management sponsor of the league, building on a trusted relationship that spans more than 20 years. The agreement includes U.S. Bank becoming the presenting sponsor of the Super Bowl MVP Award beginning with Super Bowl LXI and a top‑tier sponsor of the NFL FLAG Championships. A key focus of the partnership is player financial empowerment, with U.S. Bank creating a Financial Edge™ program to support athletes throughout their careers and beyond. The program will address areas such as cash flow, saving strategies, long‑term wealth, entrepreneurship, and life after football. The partnership also reflects U.S. Bank’s extensive experience in sports finance and includes plans for a joint corporate social responsibility initiative and future fan-focused activations.

Investor contact: Angie Jeyaraj, Angie.Jeyaraj@usbank.com | Media contact: Jeff Shelman, Jeffrey.Shelman@usbank.com    
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U.S. Bancorp First Quarter 2026 Results
INCOME STATEMENT HIGHLIGHTS
($ in millions, except per share data)
Percent Change
1Q 2026
4Q 2025
1Q 2025
1Q26 vs 4Q25
1Q26 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 
2,836 
(1.8)
5.7
Total net revenue
7,288 
7,365 
6,958 
(1.0)
4.7
Noninterest expense
4,265 
4,227 
4,232 
.9
.8
Income before provision and income taxes
3,023 
3,138 
2,726 
(3.7)
10.9
Provision for credit losses
576 
577 
537 
(.2)
7.3
Income before taxes
2,447 
2,561 
2,189 
(4.5)
11.8
Income taxes and taxable-equivalent adjustment
497 
510 
473 
(2.5)
5.1
Net income
1,950 
2,051 
1,716 
(4.9)
13.6
Net (income) loss attributable to noncontrolling interests
(5)
(6)
(7)
16.7
28.6
Net income attributable to U.S. Bancorp
$1,945 
$2,045 
$1,709 
(4.9)
13.8
Net income applicable to U.S. Bancorp common shareholders
$1,841 
$1,965 
$1,603 
(6.3)
14.8
Diluted earnings per common share
$1.18 
$1.26 
$1.03 
(6.3)
14.6

Net income attributable to U.S. Bancorp was $1,945 million for the first quarter of 2026, $236 million higher than the first quarter of 2025 and $100 million lower than the fourth quarter of 2025. Diluted earnings per common share was $1.18 in the first quarter of 2026, compared with $1.03 in the first quarter of 2025 and $1.26 in the fourth quarter of 2025.
The year-over-year increase in net income attributable to U.S. Bancorp was driven by higher total net revenue, partially offset by higher noninterest expense and higher provision for credit losses. Net interest income increased 4.1 percent on a taxable-equivalent basis, primarily due to loan growth, improved earning asset mix, and fixed asset repricing, while net interest margin increased to 2.77 percent from 2.72 percent. Noninterest income increased 5.7 percent, reflecting higher revenue across most categories. Noninterest expense increased 0.8 percent primarily due to higher marketing and business development expense and technology and communications expense, partially offset by lower compensation and employee benefits expense. The provision for credit losses increased 7.3 percent, primarily due to loan portfolio growth.
Compared with the fourth quarter of 2025, net income attributable to U.S. Bancorp decreased primarily due to lower total net revenue and higher noninterest expense. Net interest income decreased 0.5 percent on a taxable-equivalent basis, primarily driven by fewer days in the quarter and deposit seasonality, partially offset by growth in loans, while net interest margin was stable. Noninterest income decreased primarily due to seasonally lower card revenue and capital markets revenue, as well as losses from repositioning a portion of the securities portfolio, partially offset by higher mortgage banking revenue. Noninterest expense increased 0.9 percent reflecting higher compensation and employee benefits expense and higher marketing and business development expense. The provision for credit losses remained relatively stable with a decrease of 0.2 percent.

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U.S. Bancorp First Quarter 2026 Results
NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions)
Change
1Q 2026
4Q 2025
1Q 2025
1Q26 vs 4Q25
1Q26 vs 1Q25
Components of net interest income
Income on earning assets
$
7,866 
$
7,951 
$
7,546 
$
(85)
$
320 
Expense on interest-bearing liabilities
3,575 
3,639 
3,424 
(64)
151 
Net interest income
$
4,291 
$
4,312 
$
4,122 
$
(21)
$
169 
Average yields and rates paid
Earning assets yield
5.09 
%
5.10 
%
4.99 
%
(.01)
%
.10 
%
Rate paid on interest-bearing liabilities
2.81 
2.83 
2.75 
(.02)
.06 
Gross interest margin
2.28 
%
2.27 
%
2.24 
%
.01 
%
.04 
%
Net interest margin
2.77 
%
2.77 
%
2.72 
%
— 
%
.05 
%
Average balances
Investment securities(a)
$
171,471 
$
172,039 
$
171,178 
$
(568)
$
293 
Loans held for sale
2,326 
2,775 
1,823 
(449)
503 
Loans
393,560 
384,285 
379,028 
9,275 
14,532 
Interest-bearing deposits with banks
38,855 
42,705 
43,735 
(3,850)
(4,880)
Other earning assets
17,950 
18,413 
14,466 
(463)
3,484 
Earning assets
624,162 
620,217 
610,230 
3,945 
13,932 
Interest-bearing liabilities
515,578 
509,378 
504,023 
6,200 
11,555 
(a) Excludes unrealized gain (loss)
Net interest income on a taxable-equivalent basis was $4,291 million in the first quarter of 2026, an increase of $169 million (4.1 percent) compared with the first quarter of 2025. The increase primarily reflected loan growth, improved earning asset mix, and benefits from fixed asset repricing. Average earning assets were $13.9 billion (2.3 percent) higher than the first quarter of 2025, reflecting increases of $14.5 billion (3.8 percent) in average loans, and $3.5 billion (24.1 percent) in average other earning assets, partially offset by a decrease of $4.9 billion (11.2 percent) in average interest-bearing deposits with banks.
On a linked quarter basis, net interest income on a taxable-equivalent basis decreased $21 million (0.5 percent) primarily driven by fewer days in the quarter and deposit seasonality, partially offset by loan growth. Average earning assets were $3.9 billion (0.6 percent) higher on a linked quarter basis, reflecting an increase of $9.3 billion (2.4 percent) in average loans, partially offset by a decrease of $3.9 billion (9.0 percent) in average interest-bearing deposits with banks.
Net interest margin was 2.77 percent in the first quarter of 2026, compared with 2.72 percent in the first quarter of 2025 and 2.77 percent in the fourth quarter of 2025. The increase in net interest margin compared with the prior year quarter was primarily due to the benefits from fixed asset repricing. Net interest margin was stable on a linked quarter basis.

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U.S. Bancorp First Quarter 2026 Results
AVERAGE LOANS
($ in millions)
Percent Change
1Q 2026
4Q 2025
1Q 2025
1Q26 vs 4Q25
1Q26 vs 1Q25
Commercial(a)
$145,397 
$138,807 
$130,252 
4.7 
11.6 
Lease financing
4,436 
4,307 
4,199 
3.0 
5.6 
Total commercial(a)
149,833 
143,114 
134,451 
4.7 
11.4 
Commercial mortgages
39,969 
38,698 
38,624 
3.3 
3.5 
Construction and development
9,439 
9,792 
10,266 
(3.6)
(8.1)
Total commercial real estate
49,408 
48,490 
48,890 
1.9 
1.1 
Residential mortgages
116,690 
115,390 
118,844 
1.1 
(1.8)
Credit card(a)
37,341 
37,019 
35,083 
.9 
6.4 
Retail leasing
3,525 
3,572 
3,990 
(1.3)
(11.7)
Home equity and second mortgages
13,972 
13,922 
13,542 
.4 
3.2 
Other
22,791 
22,778 
24,228 
.1 
(5.9)
Total other retail
40,288 
40,272 
41,760 
— 
(3.5)
Total loans
$393,560 
$384,285 
$379,028 
2.4 
3.8 
(a)Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.
Average total loans for the first quarter of 2026 increased $14.5 billion (3.8 percent) compared with the first quarter of 2025. The increase was driven by higher total commercial loans and credit card loans, partially offset by declines in residential mortgages and total other retail loans. Growth in total commercial loans reflected higher loans to financial institutions, partially offset by lower corporate and other commercial loans, while credit card loan growth reflected higher sales volume. Declines in residential mortgages and other retail loans were primarily due to loan sales in the second quarter of 2025.
Compared with the fourth quarter of 2025, average total loans increased $9.3 billion (2.4 percent) driven by higher total commercial loans and residential mortgages. Growth in total commercial loans reflected higher corporate loans and loans to financial institutions, while the increase in residential mortgages was primarily driven by originations.

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U.S. Bancorp First Quarter 2026 Results
AVERAGE DEPOSITS
($ in millions)
Percent Change
1Q 2026
4Q 2025
1Q 2025
1Q26 vs 4Q25
1Q26 vs 1Q25
Noninterest-bearing deposits
$80,628 
$83,295 
$79,696 
(3.2)
1.2 
Interest-bearing savings deposits
Interest checking
130,600 
131,055 
125,651 
(.3)
3.9 
Money market savings
188,986 
186,119 
195,442 
1.5 
(3.3)
Savings accounts
68,305 
64,207 
50,271 
6.4 
35.9 
Total savings deposits
387,891 
381,381 
371,364 
1.7 
4.5 
Time deposits
46,600 
50,466 
55,474 
(7.7)
(16.0)
Total interest-bearing deposits
434,491 
431,847 
426,838 
.6 
1.8 
Total deposits
$515,119 
$515,142 
$506,534 
— 
1.7 
Average total deposits in the first quarter of 2026 increased $8.6 billion (1.7 percent) compared with the first quarter of 2025. Average noninterest-bearing deposits grew, driven by higher balances in Wealth, Corporate, Commercial and Institutional Banking, partially offset by declines in Consumer and Business Banking. Average total savings deposits increased driven by growth in Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking, partially offset by decreases in Treasury and Corporate Support. Average time deposits declined mainly within Wealth, Corporate, Commercial and Institutional Banking and Treasury and Corporate Support, partially offset by increases in Consumer and Business Banking. Changes in time deposits reflect balances managed as an alternative to other funding sources, based on relative pricing and liquidity considerations.

Compared with the fourth quarter of 2025, average total deposits were relatively flat. Seasonal decreases in average noninterest-bearing deposits within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking, and lower average time deposits, reflecting decreases in Consumer and Business Banking and Treasury and Corporate Support, were partially offset by an increase in average total savings deposits driven by increases in Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking.

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U.S. Bancorp First Quarter 2026 Results
NONINTEREST INCOME(a)
($ in millions)
Percent Change
1Q 2026
4Q 2025
1Q 2025
1Q26 vs 4Q25
1Q26 vs 1Q25
Card revenue(b)
$391 
$427 
$374 
(8.4)
4.5 
Corporate payment and treasury management revenue(b)(c)
408 
396 
400 
3.0 
2.0 
Merchant processing services
436 
440 
415 
(.9)
5.1 
Trust and investment management fees
745 
756 
680 
(1.5)
9.6 
Lending and deposit-related fees(c)(d)
294 
302 
266 
(2.6)
10.5 
Capital markets revenue(d)(e)
377 
389 
292 
(3.1)
29.1 
Mortgage banking revenue
161 
130 
173 
23.8 
(6.9)
Investment products fees
97 
101 
87 
(4.0)
11.5 
Other(e)
123 
109 
149 
12.8 
(17.4)
Total fee revenue
3,032 
3,050 
2,836 
(.6)
6.9 
Securities gains (losses), net
(35)
3 
— 
nm
nm
Total noninterest income
$2,997 
$3,053 
$2,836 
(1.8)
5.7 
Effective January 1, 2026, U.S. Bancorp made changes and reclassifications to certain fee revenue items. Prior period balances have been conformed to current period presentation to reflect the reclassifications described below:
(a)'Corporate payment products revenue' has been renamed 'Corporate payment and treasury management revenue', and 'Service charges' has been renamed 'Lending and deposit-related fees'.
(b)Stored-value card revenue was reclassified from 'Card revenue' to 'Corporate payment and treasury management revenue'.
(c)Treasury management services revenue was reclassified from 'Lending and deposit-related fees' to 'Corporate payment and treasury management revenue'.
(d)Loan and leasing fees was reclassified from 'Capital markets revenue' to 'Lending and deposit-related fees'.
(e)Impact Finance tax credit investment syndication fee revenue and related fees was reclassified from 'Other' noninterest income to 'Capital markets revenue'.
First quarter noninterest income of $2,997 million increased $161 million (5.7 percent) compared with the first quarter of 2025. The increase was driven by higher card revenue reflecting increased credit card sales volume, higher merchant processing services revenue due to favorable rates, higher trust and investment management fees driven by business growth and favorable market conditions, higher lending and deposit-related fees, and higher capital markets revenue primarily due to higher client-related derivative activity, corporate bond underwriting fees and favorable market conditions. The increases were partially offset by lower other revenue, and losses from repositioning a portion of the securities portfolio.
Compared with the fourth quarter of 2025, noninterest income decreased $56 million (1.8 percent). The decrease was driven by lower card revenue due to seasonality, losses from repositioning a portion of the securities portfolio, and lower capital markets revenue due to the timing of tax credit syndications, partially offset by higher corporate bond underwriting fees and favorable market conditions. These decreases were partially offset by higher mortgage banking revenue due to the change in fair value of mortgage servicing rights, net of hedging activities.


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U.S. Bancorp First Quarter 2026 Results
NONINTEREST EXPENSE
($ in millions)
Percent Change
1Q 2026
4Q 2025
1Q 2025
1Q26 vs 4Q25
1Q26 vs 1Q25
Compensation and employee benefits
$2,628 
$2,529 
$2,637 
3.9 
(.3)
Net occupancy and equipment
304 
320 
306 
(5.0)
(.7)
Professional services
92 
144 
98 
(36.1)
(6.1)
Marketing and business development
217 
187 
182 
16.0 
19.2 
Technology and communications
573 
584 
533 
(1.9)
7.5 
Other intangibles
110 
126 
123 
(12.7)
(10.6)
Other
341 
337 
353 
1.2 
(3.4)
Total noninterest expense
$4,265 
$4,227 
$4,232 
.9 
.8 
First quarter noninterest expense was $4,265 million, an increase of $33 million (0.8 percent), compared with the first quarter of 2025. The increase was driven by marketing and business development expense primarily due to increased initiatives, as well as higher technology and communications expense reflecting investments in product and technology development. These increases were partially offset by lower compensation and employee benefits expense, primarily due to cost savings from operational efficiencies, partially offset by merit increases, lower other intangibles expense, and lower other noninterest expense.
Compared with the fourth quarter of 2025, noninterest expense increased $38 million (0.9 percent). The increase was driven by seasonally higher compensation and employee benefits expense and higher marketing and business development expense. These increases were partially offset by lower net occupancy and equipment expense, related to the timing of projects, and lower professional services expense, due to the timing of initiatives.

Provision for Income Taxes
The provision for income taxes for the first quarter of 2026 resulted in a tax rate of 20.3 percent on a taxable-equivalent basis (effective tax rate of 19.4 percent), compared with 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.5 percent) in the first quarter of 2025, and 19.9 percent on a taxable-equivalent basis (effective tax rate of 19.0 percent) in the fourth quarter of 2025.

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U.S. Bancorp First Quarter 2026 Results
ALLOWANCE FOR CREDIT LOSSES
($ in millions)
1Q 2026
%(a)
4Q 2025
%(a)
3Q 2025
%(a)
2Q 2025
%(a)
1Q 2025
%(a)
Balance, beginning of period
$7,947 
$7,897 
$7,862 
$7,915 
$7,925 
Net charge-offs
Commercial(b)
117 
.33 
101 
.29 
23 
.07 
59 
.18 
97 
.30 
Lease financing
4 
.37 
5 
.46 
7 
.65 
6 
.57 
4 
.39 
Total commercial(b)
121 
.33 
106 
.29 
30 
.09 
65 
.19 
101 
.30 
Commercial mortgages
2 
.02 
(3)
(.03)
103 
1.06 
57 
.60 
(5)
(.05)
Construction and development
(10)
(.43)
— 
— 
— 
— 
— 
— 
1 
.04 
Total commercial real estate
(8)
(.07)
(3)
(.02)
103 
.85 
57 
.47 
(4)
(.03)
Residential mortgages
(1)
— 
(2)
(.01)
(1)
— 
(1)
— 
— 
— 
Credit card(b)
365 
3.96 
358 
3.84 
346 
3.80 
380 
4.30 
387 
4.47 
Retail leasing
18 
2.07 
17 
1.89 
17 
1.81 
10 
1.04 
13 
1.32 
Home equity and second mortgages
1 
.03 
1 
.03 
(2)
(.06)
— 
— 
(1)
(.03)
Other
50 
.89 
50 
.87 
43 
.76 
43 
.73 
51 
.85 
Total other retail
69 
.69 
68 
.67 
58 
.57 
53 
.52 
63 
.61 
Total net charge-offs
546 
.56 
527 
.54 
536 
.56 
554 
.59 
547 
.59 
Provision for credit losses
576 
577 
571 
501 
537 
Balance, end of period
$7,977 
$7,947 
$7,897 
$7,862 
$7,915 
Components
Allowance for loan losses
$7,646 
$7,605 
$7,557 
$7,537 
$7,584 
Liability for unfunded credit commitments
331 
342 
340 
325 
331 
Total allowance for credit losses
$7,977 
$7,947 
$7,897 
$7,862 
$7,915 
Gross charge-offs
$683 
$651 
$669 
$683 
$690 
Gross recoveries
$137 
$124 
$133 
$129 
$143 
Allowance for credit losses as a percentage of
Period-end loans (%)
2.00
2.03
2.06
2.07
2.07
Nonperforming loans (%)
536
514
490
480
470
Nonperforming assets (%)
522
500
477
468
458
(a) Annualized and calculated on average loan balances.
(b) Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.


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U.S. Bancorp First Quarter 2026 Results
The provision for credit losses was $576 million for the first quarter of 2026, compared with $577 million in the fourth quarter of 2025 and $537 million in the first quarter of 2025. The increase on a year-over-year basis was primarily driven by loan portfolio growth. The provision on a linked quarter basis was relatively stable. The Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to evolving trade policy and geopolitical events, as well as other economic factors that may affect the financial strength of corporate and consumer borrowers.
Total net charge-offs were $546 million in the first quarter of 2026, compared with $527 million in the fourth quarter of 2025 and $547 million in the first quarter of 2025. The net charge-off ratio was 0.56 percent compared with 0.54 percent in the fourth quarter of 2025 and 0.59 percent in the first quarter of 2025. The increase in net charge-offs on a linked quarter basis was driven by higher net charge-offs on commercial loans and credit card portfolios. The decrease in net charge-offs on a year-over-year basis reflected lower net charge-offs on credit card portfolios, partially offset by increased net charge-offs on commercial loans.
The allowance for credit losses was $7,977 million at March 31, 2026, compared with $7,947 million at December 31, 2025, and $7,915 million at March 31, 2025. The increase in the allowance for credit losses on a linked quarter basis was primarily driven by loan portfolio growth. The increase in the allowance for credit losses on a year-over-year basis was primarily driven by loan portfolio growth, partially offset by improved credit quality. The allowance for credit losses represented 2.00 percent of period-end loans at March 31, 2026 and 536 percent of nonperforming loans at March 31, 2026.
Nonperforming assets were $1,528 million at March 31, 2026, compared with $1,590 million at December 31, 2025, and $1,727 million at March 31, 2025. The decrease on a linked quarter basis was primarily due to the resolution of commercial nonperforming loans, while the decrease from the prior year was primarily due to the resolution of commercial real estate nonperforming loans, partially offset by higher commercial nonperforming loans and residential mortgages. The ratio of nonperforming assets to loans and other real estate was 0.38 percent at March 31, 2026. Accruing loans 90 days or more past due were $847 million at March 31, 2026, compared with $853 million at December 31, 2025, and $796 million at March 31, 2025. The linked quarter decrease in accruing loans 90 days or more past due was primarily due to lower residential mortgage delinquencies, partially offset by higher commercial loan delinquencies, while the increase from the prior year was primarily due to higher residential mortgage delinquencies remaining on accrual with support from strong housing values and higher commercial loan delinquencies.

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U.S. Bancorp First Quarter 2026 Results
DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
(Percent)
Mar 31 2026
Dec 31 2025
Sep 30 2025
Jun 30 2025
Mar 31 2025
Delinquent loan ratios - 90 days or more past due
Commercial(a)
.02
.01
.01
.01
.01
Commercial real estate
.03
.03
.04
.28
.01
Residential mortgages
.23
.25
.26
.28
.19
Credit card(a)
1.29
1.27
1.26
1.26
1.40
Other retail
.13
.13
.13
.13
.14
Total loans
.21
.22
.22
.25
.21
Delinquent loan ratios - 90 days or more past due and nonperforming loans
Commercial(a)
.44
.50
.52
.42
.46
Commercial real estate
1.07
1.09
1.24
1.86
1.62
Residential mortgages
.36
.38
.38
.40
.31
Credit card(a)
1.29
1.27
1.26
1.26
1.40
Other retail
.52
.53
.51
.51
.50
Total loans
.58
.61
.64
.68
.65
(a) Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.
ASSET QUALITY(a)
($ in millions)
Mar 31 2026
Dec 31 2025
Sep 30 2025
Jun 30 2025
Mar 31 2025
Nonperforming loans
Commercial
$622 
$695 
$708 
$548 
$589 
Lease financing
26 
22 
25 
27 
27 
Total commercial
648 
717 
733 
575 
616 
Commercial mortgages
488 
504 
558 
732 
745 
Construction and development
34 
14 
21 
31 
35 
Total commercial real estate
522 
518 
579 
763 
780 
Residential mortgages
159 
151 
143 
145 
141 
Credit card
— 
— 
— 
— 
— 
Other retail
159 
161 
155 
154 
148 
Total nonperforming loans
1,488 
1,547 
1,610 
1,637 
1,685 
Other real estate
22 
24 
23 
21 
23 
Other nonperforming assets
18 
19 
21 
22 
19 
Total nonperforming assets
$1,528 
$1,590 
$1,654 
$1,680 
$1,727 
Accruing loans 90 days or more past due
$847 
$853 
$840 
$966 
$796 
Nonperforming assets to loans plus ORE (%)
.38 
.41 
.43 
.44 
.45 
(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due

10
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U.S. Bancorp First Quarter 2026 Results
COMMON SHARES
(Millions)
1Q 2026
4Q 2025
3Q 2025
2Q 2025
1Q 2025
Beginning shares outstanding
1,555 
1,556 
1,558 
1,560 
1,560 
Shares issued for stock incentive plans,
  acquisitions and other corporate purposes
5 
2 
— 
— 
4 
Shares repurchased
(5)
(3)
(2)
(2)
(4)
Ending shares outstanding
1,555 
1,555 
1,556 
1,558 
1,560 
CAPITAL POSITION
Preliminary Data
($ in millions)
Mar 31 2026
Dec 31 2025
Sep 30 2025
Jun 30 2025
Mar 31 2025
Total U.S. Bancorp shareholders' equity
$65,786 
$65,193 
$63,340 
$61,438 
$60,096 
Basel III Standardized Approach
Common equity tier 1 capital
$52,648 
$51,665 
$50,587 
$49,382 
$48,482 
Tier 1 capital
59,899 
58,917 
57,839 
56,630 
55,736 
Total risk-based capital
69,163 
68,087 
66,820 
65,752 
64,989 
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 capital ratio
14.2 
14.2 
14.4 
14.3 
14.4 
Leverage ratio
8.8 
8.7 
8.6 
8.5 
8.4 
Common equity to assets
8.4 
8.4 
8.1 
8.0 
7.9 
Tangible common equity to tangible assets(a)
6.7 
6.7 
6.4 
6.1 
6.0 
Tangible common equity to risk-weighted assets(a)
9.4 
9.4 
9.3 
9.0 
8.9 

(a)See Non-GAAP Financial Measures reconciliation on page 16.
Total U.S. Bancorp shareholders’ equity was $65.8 billion at March 31, 2026, compared with $65.2 billion at December 31, 2025, and $60.1 billion at March 31, 2025. During the first quarter of 2026, the Company continued share repurchases under its $5.0 billion common stock repurchase authorization, including repurchases in connection with its stock-based compensation plans.

All regulatory capital ratios continue to be in excess of “well-capitalized” requirements. The common equity tier 1 capital to risk-weighted assets ratio using the Basel III standardized approach was 10.8 percent at March 31, 2026, unchanged from December 31, 2025, and March 31, 2025.

11
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U.S. Bancorp First Quarter 2026 Results
Investor Conference Call
On Thursday, April 16, 2026 at 7 a.m. CT, Chief Executive Officer Gunjan Kedia and Vice Chair and Chief Financial Officer John Stern will host a conference call to review the financial results. The live conference call will be available online or by telephone. To access the webcast and presentation, visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, “News & events” and “Webcasts & presentations.” To access the conference call from locations within the United States and Canada, please dial 888-210-4659. Participants calling from outside the United States and Canada, please dial 646-960-0383. The access code for all participants is 7269933. For those unable to participate during the live call, a replay will be available beginning at approximately 10 a.m. CT on April 16, 2026. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, “News & events” and “Webcasts & presentations.”
About U.S. Bancorp
Headquartered in Minneapolis, U.S. Bancorp is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company's three major business lines serve 15 million clients throughout the United States, Canada and Europe, and its team of nearly 70,000 people invest their hearts and minds to power human potential every day. Ranked 105th on the Fortune 500, U.S. Bancorp is deeply respected for its culture and long-term stewardship and admired for its diversified business mix and product capabilities.
Forward-looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.
This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects, targets, initiatives and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.”
Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties:
•Deterioration in general business, political and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility;
•Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements and any credit card interest rate caps, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities;
•Changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs;
•Changes in interest rates;
•Increases in unemployment rates;
•Deterioration in the credit quality of U.S. Bancorp's loan portfolios or in the value of the collateral securing those loans;
•Changes in commercial real estate occupancy rates;
•Increases in FDIC assessments, including due to bank failures;
•Actions taken by governmental agencies to stabilize or reform the financial system and the effectiveness of such actions;
•Turmoil and volatility in the financial services industry;
•Risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer;
•Impacts of current, pending or future litigation and governmental proceedings;
•Increased competitive pressure;
•Effects of climate change and related physical and transition risks;
•Changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands;

12
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U.S. Bancorp First Quarter 2026 Results
•Breaches in data security;
•Failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents;
•Failures to safeguard personal information;
•Impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events, including due to the continuation of the conflict in the Middle East;
•Impacts of supply chain disruptions, rising inflation, slower growth or a recession;
•Failure to execute on strategic or operational plans;
•Effects of mergers and acquisitions, such as the pending acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC, and related integration, including that the expected benefits may take longer than anticipated to achieve or may not be achieved in entirety or at all and the costs relating to the combination may be greater than expected;
•Effects of critical accounting policies and judgments;
•Effects of changes in or interpretations of tax laws and regulations;
•Management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, and liquidity risk; and
•The risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2025, and subsequent filings with the Securities and Exchange Commission.

Factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.
Non-GAAP Financial Measures
In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including: 
•Tangible common equity to tangible assets,
•Tangible common equity to risk-weighted assets,
•Tangible book value per common share, and
•Return on tangible common equity.
These capital measures are viewed by management as useful additional methods of evaluating the Company’s utilization of its capital held and the level of capital available to withstand unexpected negative market or economic conditions. Additionally, presentation of these measures allows investors, analysts and banking regulators to assess the Company’s capital position and use of capital relative to other financial services companies. These capital measures are not defined in generally accepted accounting principles (“GAAP”) or in banking regulations. Management believes this information helps investors assess trends in the Company’s capital utilization and adequacy.
The Company also discloses net interest income and related ratios and analysis on a taxable-equivalent basis, which may also be considered non-GAAP financial measures. The Company believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison of net interest income arising from taxable and tax-exempt sources. In addition, certain performance measures utilize net interest income on a taxable-equivalent basis, including the efficiency ratio, operating leverage, net interest margin, and tax rate.
There may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in this press release in their entirety, and not to rely on any single financial measure. A table follows that shows the Company’s calculation of these non-GAAP financial measures.

13
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CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data)
Three Months Ended
March 31,
(Unaudited)
2026
2025
Interest Income
Loans
$5,526 
$5,533 
Loans held for sale
35 
28 
Investment securities
1,303 
1,308 
Other interest income
974 
647 
Total interest income
7,838 
7,516 
Interest Expense
Deposits
2,284 
2,511 
Short-term borrowings
645 
249 
Long-term debt
646 
664 
Total interest expense
3,575 
3,424 
Net interest income
4,263 
4,092 
Provision for credit losses
576 
537 
Net interest income after provision for credit losses
3,687 
3,555 
Noninterest Income(a)
Card revenue(b)
391 
374 
Corporate payment and treasury management revenue(b)(c)
408 
400 
Merchant processing services
436 
415 
Trust and investment management fees
745 
680 
Lending and deposit-related fees(c)(d)
294 
266 
Capital markets revenue(d)(e)
377 
292 
Mortgage banking revenue
161 
173 
Investment products fees
97 
87 
Securities gains (losses), net
(35)
— 
Other(e)
123 
149 
Total noninterest income
2,997 
2,836 
Noninterest Expense
Compensation and employee benefits
2,628 
2,637 
Net occupancy and equipment
304 
306 
Professional services
92 
98 
Marketing and business development
217 
182 
Technology and communications
573 
533 
Other intangibles
110 
123 
Other
341 
353 
Total noninterest expense
4,265 
4,232 
Income before income taxes
2,419 
2,159 
Applicable income taxes
469 
443 
Net income
1,950 
1,716 
Net (income) loss attributable to noncontrolling interests
(5)
(7)
Net income attributable to U.S. Bancorp
$1,945 
$1,709 
Net income applicable to U.S. Bancorp common shareholders
$1,841 
$1,603 
Earnings per common share
$1.18 
$1.03 
Diluted earnings per common share
$1.18 
$1.03 
Dividends declared per common share
$.52 
$.50 
Average common shares outstanding
1,554 
1,559 
Average diluted common shares outstanding
1,555 
1,560 
Effective January 1, 2026, U.S. Bancorp made changes and reclassifications to certain fee revenue items. Prior period balances have been conformed to current period presentation to reflect the reclassifications described below:
(a) 'Corporate payment products revenue' has been renamed 'Corporate payment and treasury management revenue', and 'Service charges' has been renamed 'Lending and deposit-related fees'.
(b) Stored-value card revenue was reclassified from 'Card revenue' to 'Corporate payment and treasury management revenue'.
(c) Treasury management services revenue was reclassified from 'Lending and deposit-related fees' to 'Corporate payment and treasury management revenue'.
(d) Loan and leasing fees was reclassified from 'Capital markets revenue' to 'Lending and deposit-related fees'.
(e) Impact Finance tax credit investment syndication fee revenue and related fees was reclassified from 'Other' noninterest income to 'Capital markets revenue'.
14
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CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)
(Unaudited)
March 31,
2026
December 31,
2025
March 31,
2025
Assets
Cash and due from banks
$48,420 
$46,890 
$50,013 
Investment securities
Held-to-maturity
75,442 
76,170 
78,008 
Available-for-sale
93,464 
90,838 
86,774 
Loans held for sale
2,928 
2,538 
1,746 
Loans
Commercial(a)
154,095 
148,161 
138,331 
Commercial real estate
49,971 
48,920 
48,334 
Residential mortgages
117,285 
115,885 
118,907 
Credit card(a)
37,654 
38,031 
34,973 
Other retail
40,791 
40,338 
41,274 
Total loans
399,796 
391,335 
381,819 
Less allowance for loan losses
(7,646)
(7,605)
(7,584)
Net loans
392,150 
383,730 
374,235 
Premises and equipment
3,819 
3,768 
3,582 
Goodwill
12,625 
12,635 
12,555 
Other intangible assets
4,799 
4,904 
5,381 
Other assets
67,351 
70,872 
64,195 
Total assets
$700,998 
$692,345 
$676,489 
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing
$85,300 
$84,116 
$84,086 
Interest-bearing
442,878 
438,100 
428,439 
Total deposits
528,178 
522,216 
512,525 
Short-term borrowings
17,859 
17,162 
17,158 
Long-term debt
61,361 
60,764 
59,859 
Other liabilities
27,353 
26,552 
26,389 
Total liabilities
634,751 
626,694 
615,931 
Shareholders' equity
Preferred stock
6,808 
6,808 
6,808 
Common stock
21 
21 
21 
Capital surplus
8,623 
8,728 
8,678 
Retained earnings
81,944 
80,906 
77,691 
Less treasury stock
(24,387)
(24,283)
(24,060)
Accumulated other comprehensive income (loss)
(7,223)
(6,987)
(9,042)
Total U.S. Bancorp shareholders' equity
65,786 
65,193 
60,096 
Noncontrolling interests
461 
458 
462 
Total equity
66,247 
65,651 
60,558 
Total liabilities and equity
$700,998 
$692,345 
$676,489 
(a)Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.
15
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NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
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)
Noncontrolling interests
(461)
(458)
(458)
(458)
(462)
Common equity(a)
58,978 
58,385 
56,532 
54,630 
53,288 
Goodwill (net of deferred tax liability)(1)
(11,588)
(11,603)
(11,603)
(11,613)
(11,521)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights
(1,429)
(1,507)
(1,605)
(1,699)
(1,761)
Tangible common equity(b)
45,961 
45,275 
43,324 
41,318 
40,006 
Total assets(c)
700,998 
692,345 
695,357 
686,370 
676,489 
Goodwill (net of deferred tax liability)(1)
(11,588)
(11,603)
(11,603)
(11,613)
(11,521)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights
(1,429)
(1,507)
(1,605)
(1,699)
(1,761)
Tangible assets(d)
687,981 
679,235 
682,149 
673,058 
663,207 
Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company(e)
487,958 
*
480,382 
465,092 
459,521 
450,290 
Common shares outstanding(f)
1,555 
1,555 
1,556 
1,558 
1,560 
Ratios *
Common equity to assets(a)/(c)
8.4
%
8.4
%
8.1
%
8.0
%
7.9
%
Tangible common equity to tangible assets(b)/(d)
6.7
6.7
6.4
6.1
6.0
Tangible common equity to risk-weighted assets(b)/(e)
9.4
9.4
9.3
9.0
8.9
Tangible book value per common share(b)/(f)
$29.56 
$29.12 
$27.84 
$26.52 
$25.64 
Three Months Ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Net income applicable to U.S. Bancorp common shareholders
$1,841 
$1,965 
$1,893 
$1,733 
$1,603 
Intangibles amortization (net-of-tax)
87 
100 
99 
98 
97 
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization
1,928 
2,065 
1,992 
1,831 
1,700 
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization(g)
7,819 
8,193 
7,903 
7,344 
6,894 
Average total equity
66,315 
65,048 
63,101 
61,356 
60,071 
Average preferred stock
(6,808)
(6,808)
(6,808)
(6,808)
(6,808)
Average noncontrolling interests
(458)
(458)
(458)
(457)
(460)
Average goodwill (net of deferred tax liability)(1)
(11,601)
(11,599)
(11,609)
(11,544)
(11,513)
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights
(1,474)
(1,568)
(1,659)
(1,734)
(1,806)
Average tangible common equity(h)
45,974 
44,615 
42,567 
40,813 
39,484 
Return on tangible common equity(g)/(h)
17.0
%
18.4
%
18.6
%
18.0
%
17.5
%
Net interest income
$4,263 
$4,284 
$4,222 
$4,051 
$4,092 
Taxable-equivalent adjustment(2)
28 
28 
29 
29 
30 
Net interest income, on a taxable-equivalent basis
4,291 
4,312 
4,251 
4,080 
4,122 
Net interest income, on a taxable-equivalent basis (as calculated above)
4,291 
4,312 
4,251 
4,080 
4,122 
Noninterest income
2,997 
3,053 
3,078 
2,924 
2,836 
Less: Securities gains (losses), net
(35)
3 
(7)
(57)
— 
Total net revenue, excluding net securities gains (losses)(i)
7,323 
7,362 
7,336 
7,061 
6,958 
Noninterest expense(j)
4,265 
4,227 
4,197 
4,181 
4,232 
Efficiency ratio(j)/(i)
58.2
%
57.4
%
57.2
%
59.2
%
60.8
%
* Preliminary data. Subject to change prior to filings with applicable regulatory agencies.
(1)Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements.
(2)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.
16
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NON-GAAP FINANCIAL MEASURES
Three Months Ended
(Dollars in Millions, Unaudited)
March 31,
2026
March 31,
2025
Percent Change
Net interest income
$4,263 
$4,092 
Taxable-equivalent adjustment(1)
28 
30 
Net interest income, on a taxable-equivalent basis
4,291 
4,122 
Net interest income, on a taxable-equivalent basis (as calculated above)
4,291 
4,122 
Noninterest income
2,997 
2,836 
Less: Securities gains (losses), net
(35)
— 
Total net revenue, excluding net securities gains (losses)
7,323 
6,958 
5.2
%
(a)
Noninterest expense
4,265 
4,232 
0.8
%
(b)
Operating leverage(a) - (b)
4.4
%
(1)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.
17
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Business Segment Schedules
First Quarter 2026
WEALTH, CORPORATE, COMMERCIAL AND
INSTITUTIONAL BANKING

CONSUMER AND BUSINESS BANKING

PAYMENT SERVICES

TREASURY AND CORPORATE SUPPORT

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BUSINESS SEGMENT FINANCIAL PERFORMANCE
Preliminary data
($ in millions)
Net Income Attributable
to U.S. Bancorp
Percent Change
Business Segment
1Q
2026
4Q
2025
1Q
2025
1Q26 vs 4Q25
1Q26 vs 1Q25
Wealth, Corporate, Commercial and Institutional Banking
$1,434 
$1,288 
$1,205 
11.3 
19.0 
Consumer and Business Banking
616 
542 
597 
13.7 
3.2 
Payment Services
231 
124 
232 
86.3 
(.4)
Treasury and Corporate Support
(336)
91 
(325)
nm
(3.4)
Consolidated Company
$1,945 
$2,045 
$1,709 
(4.9)
13.8 
Income Before Provision
and Taxes
Percent Change
1Q
2026
4Q
2025
1Q
2025
1Q26 vs 4Q25
1Q26 vs 1Q25
Wealth, Corporate, Commercial and Institutional Banking
$1,977 
$1,874 
$1,649 
5.5 
19.9 
Consumer and Business Banking
894 
799 
858 
11.9 
4.2 
Payment Services
655 
627 
626 
4.5 
4.6 
Treasury and Corporate Support
(503)
(162)
(407)
nm
(23.6)
Consolidated Company
$3,023 
$3,138 
$2,726 
(3.7)
10.9 
Business Segments
The Company’s major business segments are Wealth, Corporate, Commercial and Institutional Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support. Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2026, certain organization and methodology changes were made, including moving the Impact Finance business unit from the Treasury and Corporate Support business segment to the Wealth, Corporate, Commercial and Institutional Banking business segment. In addition, card revenue generated from debit cards, which was previously included in the Payment Services business segment, is now included in the Consumer and Business Banking business segment. Prior period results were recast and presented on a comparable basis.
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WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING
Preliminary Data
($ in millions)
Percent Change
1Q
2026
4Q
2025
1Q
2025
1Q26 vs 4Q25
1Q26 vs 1Q25
Condensed Income Statement
Net interest income (taxable-equivalent basis)
$1,874 
$1,798 
$1,709 
4.2 
9.7 
Noninterest income
1,608 
1,614 
1,422 
(.4)
13.1 
Total net revenue
3,482 
3,412 
3,131 
2.1 
11.2 
Noninterest expense
1,505 
1,538 
1,482 
(2.1)
1.6 
Income before provision and taxes
1,977 
1,874 
1,649 
5.5 
19.9 
Provision for credit losses
65 
157 
42 
(58.6)
54.8 
Income before income taxes
1,912 
1,717 
1,607 
11.4 
19.0 
Income taxes and taxable-equivalent adjustment
478 
429 
402 
11.4 
18.9 
Net income
1,434 
1,288 
1,205 
11.3 
19.0 
Net (income) loss attributable to noncontrolling interests
— 
— 
— 
— 
— 
Net income attributable to U.S. Bancorp
$1,434 
$1,288 
$1,205 
11.3 
19.0 
Average Balance Sheet Data
Loans
$203,834 
$193,976 
$182,191 
5.1 
11.9 
Other earning assets
15,378 
13,378 
13,142 
14.9 
17.0 
Goodwill
4,826 
4,826 
4,824 
— 
— 
Other intangible assets
682 
726 
863 
(6.1)
(21.0)
Assets
256,107 
242,907 
230,619 
5.4 
11.1 
Noninterest-bearing deposits
57,812 
59,499 
56,001 
(2.8)
3.2 
Interest-bearing deposits
229,770 
226,306 
219,157 
1.5 
4.8 
Total deposits
287,582 
285,805 
275,158 
.6 
4.5 
Total U.S. Bancorp shareholders' equity
24,200 
24,511 
23,508 
(1.3)
2.9 

Wealth, Corporate, Commercial and Institutional Banking provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment related services to wealth, middle market, large corporate, commercial real estate, government and institutional clients, and also includes investments in tax-advantaged projects.

Wealth, Corporate, Commercial and Institutional Banking generated $1,977 million of income before provision and taxes in the first quarter of 2026, compared with $1,649 million in the first quarter of 2025, and contributed $1,434 million of the Company’s net income in the first quarter of 2026.

Total net revenue increased compared with the first quarter of 2025 driven by higher net interest income due to higher deposit balances, as well as an increase in noninterest income, primarily due to higher trust and investment management fees and higher capital markets revenue.

Noninterest expense increased compared with the first quarter of 2025, primarily due to higher compensation and employee benefits expense and higher net shared services expense, partially offset by lower other noninterest expense.

The provision for credit losses increased compared with the first quarter of 2025, primarily due to loan growth.

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CONSUMER AND BUSINESS BANKING
Preliminary Data
($ in millions)
Percent Change
1Q
2026
4Q
2025
1Q
2025
1Q26 vs 4Q25
1Q26 vs 1Q25
Condensed Income Statement
Net interest income (taxable-equivalent basis)
$1,801 
$1,762 
$1,768 
2.2 
1.9 
Noninterest income
524 
507 
530 
3.4 
(1.1)
Total net revenue
2,325 
2,269 
2,298 
2.5 
1.2 
Noninterest expense
1,431 
1,470 
1,440 
(2.7)
(.6)
Income before provision and taxes
894 
799 
858 
11.9 
4.2 
Provision for credit losses
72 
76 
62 
(5.3)
16.1 
Income before income taxes
822 
723 
796 
13.7 
3.3 
Income taxes and taxable-equivalent adjustment
206 
181 
199 
13.8 
3.5 
Net income
616 
542 
597 
13.7 
3.2 
Net (income) loss attributable to noncontrolling interests
— 
— 
— 
— 
— 
Net income attributable to U.S. Bancorp
$616 
$542 
$597 
13.7 
3.2 
Average Balance Sheet Data
Loans
$144,291 
$145,007 
$153,906 
(.5)
(6.2)
Other earning assets
2,409 
2,850 
1,778 
(15.5)
35.5 
Goodwill
4,326 
4,326 
4,326 
— 
— 
Other intangible assets
3,914 
4,022 
4,368 
(2.7)
(10.4)
Assets
156,943 
158,209 
166,491 
(.8)
(5.7)
Noninterest-bearing deposits
18,364 
19,464 
19,204 
(5.7)
(4.4)
Interest-bearing deposits
204,121 
202,952 
198,866 
.6 
2.6 
Total deposits
222,485 
222,416 
218,070 
— 
2.0 
Total U.S. Bancorp shareholders' equity
13,107 
13,293 
13,705 
(1.4)
(4.4)

Consumer and Business Banking comprises consumer banking, small business banking, debit cards and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, online services, direct mail, ATMs, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners.

Consumer and Business Banking generated $894 million of income before provision and taxes in the first quarter of 2026, compared with $858 million in the first quarter of 2025, and contributed $616 million of the Company’s net income in the first quarter of 2026.

Total net revenue increased compared with the first quarter of 2025, driven by higher net interest income, resulting from higher deposit balances and favorable deposit mix, partially offset by lower loan balances and yields. Noninterest income was relatively stable.

Noninterest expense was relatively stable, reflecting continued expense discipline across the segment.

The provision for credit losses increased compared with the first quarter of 2025, primarily due to higher net charge-offs.

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PAYMENT SERVICES
Preliminary Data
($ in millions)
Percent Change
1Q
2026
4Q
2025
1Q
2025
1Q26 vs 4Q25
1Q26 vs 1Q25
Condensed Income Statement
Net interest income (taxable-equivalent basis)
$794 
$794 
$742 
— 
7.0 
Noninterest income
925 
969 
912 
(4.5)
1.4 
Total net revenue
1,719 
1,763 
1,654 
(2.5)
3.9 
Noninterest expense
1,064 
1,136 
1,028 
(6.3)
3.5 
Income before provision and taxes
655 
627 
626 
4.5 
4.6 
Provision for credit losses
347 
461 
317 
(24.7)
9.5 
Income before income taxes
308 
166 
309 
85.5 
(.3)
Income taxes and taxable-equivalent adjustment
77 
42 
77 
83.3 
— 
Net income
231 
124 
232 
86.3 
(.4)
Net (income) loss attributable to noncontrolling interests
— 
— 
— 
— 
— 
Net income attributable to U.S. Bancorp
$231 
$124 
$232 
86.3 
(.4)
Average Balance Sheet Data
Loans
$44,003 
$43,943 
$41,607 
.1 
5.8 
Other earning assets
5 
5 
57 
— 
(91.2)
Goodwill
3,481 
3,478 
3,391 
.1 
2.7 
Other intangible assets
237 
251 
249 
(5.6)
(4.8)
Assets
49,006 
48,919 
46,825 
.2 
4.7 
Noninterest-bearing deposits
2,425 
2,432 
2,616 
(.3)
(7.3)
Interest-bearing deposits
94 
95 
94 
(1.1)
— 
Total deposits
2,519 
2,527 
2,710 
(.3)
(7.0)
Total U.S. Bancorp shareholders' equity
10,596 
10,457 
10,229 
1.3 
3.6 

Payment Services includes consumer and business credit cards, stored-value cards, corporate, government and purchasing card services and merchant processing.

Payment Services generated $655 million of income before provision and taxes in the first quarter of 2026, compared with $626 million in the first quarter of 2025, and contributed $231 million of the Company’s net income in the first quarter of 2026.

Total net revenue increased compared with the first quarter of 2025, driven by an increase in net interest income, primarily due to higher loan balances and lower funding costs, and an increase in noninterest income, primarily due to higher card revenue and higher merchant processing services revenue.

Noninterest expense increased primarily due to higher compensation and employee benefits expense and marketing and business development expense, partially offset by lower net shared services expense.

The provision for credit losses increased compared with the first quarter of 2025, primarily due to loan growth, partially offset by lower net charge-offs.

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TREASURY AND CORPORATE SUPPORT
Preliminary Data
($ in millions)
Percent Change
1Q
2026
4Q
2025
1Q
2025
1Q26 vs 4Q25
1Q26 vs 1Q25
Condensed Income Statement
Net interest income (taxable-equivalent basis)
($178)
($42)
($97)
nm
(83.5)
Noninterest income
(60)
(37)
(28)
(62.2)
nm
Total net revenue
(238)
(79)
(125)
nm
(90.4)
Noninterest expense
265 
83 
282 
nm
(6.0)
Income (loss) before provision and taxes
(503)
(162)
(407)
nm
(23.6)
Provision for credit losses
92 
(117)
116 
nm
(20.7)
Income (loss) before income taxes
(595)
(45)
(523)
nm
(13.8)
Income taxes and taxable-equivalent adjustment
(264)
(142)
(205)
(85.9)
(28.8)
Net income
(331)
97 
(318)
nm
(4.1)
Net (income) loss attributable to noncontrolling interests
(5)
(6)
(7)
16.7 
28.6 
Net income (loss) attributable to U.S. Bancorp
($336)
$91 
($325)
nm
(3.4)
Average Balance Sheet Data
Loans
$1,432 
$1,359 
$1,324 
5.4 
8.2 
Other earning assets
212,810 
219,699 
216,225 
(3.1)
(1.6)
Goodwill
— 
— 
— 
— 
— 
Other intangible assets
7 
7 
8 
— 
(12.5)
Assets
226,226 
233,598 
225,458 
(3.2)
.3 
Noninterest-bearing deposits
2,027 
1,900 
1,875 
6.7 
8.1 
Interest-bearing deposits
506 
2,494 
8,721 
(79.7)
(94.2)
Total deposits
2,533 
4,394 
10,596 
(42.4)
(76.1)
Total U.S. Bancorp shareholders' equity
17,954 
16,329 
12,169 
10.0 
47.5 

Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business segments, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.

Treasury and Corporate Support generated a $503 million loss before provision and taxes in the first quarter of 2026, compared with a $407 million loss before provision and taxes in the first quarter of 2025, and recorded a net loss of $336 million in the first quarter of 2026.

Total net revenue decreased compared with the first quarter of 2025, driven by lower net interest income, primarily due to lower earning assets, and lower noninterest income, primarily due to losses from repositioning a portion of the securities portfolio.

Noninterest expense decreased compared with the first quarter of 2025 primarily due to lower compensation and employee benefits expense, partially offset by higher technology and communications expense and marketing and business development expense.

The provision for credit losses decreased compared with the first quarter of 2025 primarily due to stable portfolio credit performance amid a continuing high level of economic uncertainty.

Income taxes are assessed to each business segment at a managerial tax rate of 25.0 percent with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.


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