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2Q26 Key Financial Data
 2Q26 Financial Highlights
PROFITABILITY METRICS
2Q26
1Q26
2Q25


•Record net revenue of $7,712 million, including year-over-year increases of 7.5% in net interest income (taxable-equivalent basis) and 13.2% in fee revenue
•Net income of $2,177 million, an increase of 20% year-over-year
•Diluted earnings per common share of $1.35, an increase of 22% year-over-year
•Positive operating leverage of 400 basis points from the prior year quarter
•Return on average assets of 1.26% and efficiency ratio of 57.1%, both improved on a year-over-year and a linked quarter basis
•Net interest margin of 2.79%, an increase of 13 basis points on a year-over-year basis
•CET1 capital ratio of 10.8% at June 30, 2026
•Average total deposits increased 2.4% on a year-over-year basis
•Average total loans increased 7.1% on a year-over-year basis and 3.0% on a linked quarter basis
•Completed the acquisition of BTIG, reflecting approximately $98 million in fee revenue and $84 million of noninterest expense

Return on average assets (%)
1.26
1.15
1.08
Return on average common equity (%)
14.0
12.6
12.9
Return on tangible common equity (%)(a)
18.7
17.0
18.0
Net interest margin (%)
2.79
2.77
2.66
Efficiency ratio (%)(a)
57.1
58.2
59.2
INCOME STATEMENT(b)
2Q26
1Q26
2Q25
Net interest income (taxable-equivalent basis)
$4,387 
$4,291 
$4,080 
Noninterest income
$3,325 
$2,997 
$2,924 
Noninterest expense
$4,428 
$4,265 
$4,181 
Net income attributable to U.S. Bancorp
$2,177 
$1,945 
$1,815 
Diluted earnings per common share
$1.35 
$1.18 
$1.11 
Dividends declared per common share
$.52 
$.52 
$.50 
BALANCE SHEET(b)
2Q26
1Q26
2Q25
Average total loans
$405,481 
$393,560 
$378,529 
Average total deposits
$515,080 
$515,119 
$502,890 
Net charge-off ratio (%)
.53
.56
.59
Book value per common share (period end)
$38.91 
$37.93 
$35.06 
Tangible book value per common share (period end)(a)
$30.04 
$29.56 
$26.52 
Basel III standardized CET1 (%)(c)
10.8
10.8
10.7
(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
“Second quarter results were strong, with record net revenue of $7.7 billion driving diluted earnings per share of $1.35, up 22% year-over-year, and return on tangible common equity of 18.7%. Strong loan growth, a third consecutive quarter of record consumer deposits, broad-based fee income momentum, and productivity drove 400 basis points of positive operating leverage. Credit quality continues to improve.

We enter the second half of the year with a favorable economic backdrop and strong momentum, supported by our diversified business mix, interconnected franchise, and disciplined execution. This quarter’s successful completion of the BTIG acquisition enhances our capital markets capabilities and provides additional opportunities to deepen client relationships.

We remain focused on delivering sustainable growth, attractive returns, and long-term value for shareholders. On behalf of all of us at U.S. Bank, I want to thank our clients and shareholders for your continued trust and support and extend a warm welcome to our new BTIG colleagues.”
— Gunjan Kedia, CEO, U.S. Bancorp
Business and Other Highlights
U.S. Bancorp completes acquisition of BTIG
U.S. Bancorp has completed its acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC ("BTIG"), marking a significant expansion of the company’s capital markets capabilities and strengthening its ability to serve corporate and institutional clients. Effective June 1, 2026, BTIG joined U.S. Bancorp with a suite of complementary businesses, including institutional equity sales and trading, equity capital markets, electronic trading and mergers and acquisitions advisory services. Founded in 2005, BTIG is a leading investment banking and brokerage firm that ranks among the top 10 U.S. brokers for high-touch equity trading volume and has participated in more than 1,350 investment banking transactions since 2015. This acquisition brings together BTIG’s deep market expertise with the scale and resources of a diversified financial institution, creating new opportunities for clients and accelerating the company’s capital markets momentum.


Elavon expands its All-In-One payments platform
Elavon, a wholly owned subsidiary of U.S. Bank, expanded its All-In-One payments platform across North America, helping businesses deliver more seamless commerce experiences across in-store, mobile and online channels. The platform combines Elavon’s payments infrastructure with a growing ecosystem of technology partners, giving merchants a unified way to manage payments and operations while improving customer experiences. Designed for industries such as hospitality, healthcare and retail, the platform integrates payment acceptance, point-of-sale software and business operations into a single solution. The platform leverages Android-based devices that combine payment processing and point-of-sale capabilities. Elavon has also expanded integrations with other leading technology providers allowing businesses to streamline service, increase productivity and scale more easily. The All-In-One platform helps organizations launch quickly, manage transactions from a single system and operate more efficiently while delivering consistent experiences across every customer touchpoint.

Investor contact: Brian Mauney, Brian.Mauney@usbank.com | Media contact: Jeff Shelman, Jeffrey.Shelman@usbank.com    
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U.S. Bancorp Second Quarter 2026 Results
INCOME STATEMENT HIGHLIGHTS
($ in millions, except per share data)
Percent Change
2Q 2026
1Q 2026
2Q 2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
2026
YTD
2025
Percent Change
Net interest income
$4,361 
$4,263 
$4,051 
2.3
7.7
$8,624 
$8,143 
5.9
Taxable-equivalent adjustment
26 
28 
29 
(7.1)
(10.3)
54 
59 
(8.5)
Net interest income (taxable-equivalent basis)
4,387 
4,291 
4,080 
2.2
7.5
8,678 
8,202 
5.8
Noninterest income
3,325 
2,997 
2,924 
10.9
13.7
6,322 
5,760 
9.8
Total net revenue
7,712 
7,288 
7,004 
5.8
10.1
15,000 
13,962 
7.4
Noninterest expense
4,428 
4,265 
4,181 
3.8
5.9
8,693 
8,413 
3.3
Income before provision and income taxes
3,284 
3,023 
2,823 
8.6
16.3
6,307 
5,549 
13.7
Provision for credit losses
538 
576 
501 
(6.6)
7.4
1,114 
1,038 
7.3
Income before taxes
2,746 
2,447 
2,322 
12.2
18.3
5,193 
4,511 
15.1
Income taxes and taxable-equivalent adjustment
563 
497 
501 
13.3
12.4
1,060 
974 
8.8
Net income
2,183 
1,950 
1,821 
11.9
19.9
4,133 
3,537 
16.9
Net (income) loss attributable to noncontrolling interests
(6)
(5)
(6)
(20.0)
—
(11)
(13)
15.4
Net income attributable to U.S. Bancorp
$2,177 
$1,945 
$1,815 
11.9
19.9
$4,122 
$3,524 
17.0
Net income applicable to U.S. Bancorp common shareholders
$2,098 
$1,841 
$1,733 
14.0
21.1
$3,939 
$3,336 
18.1
Diluted earnings per common share
$1.35 
$1.18 
$1.11 
14.4
21.6
$2.53 
$2.14 
18.2

Net income attributable to U.S. Bancorp was $2,177 million for the second quarter of 2026, $362 million higher than the second quarter of 2025 and $232 million higher than the first quarter of 2026. Diluted earnings per common share was $1.35 in the second quarter of 2026, compared with $1.11 in the second quarter of 2025 and $1.18 in the first quarter of 2026.
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 7.5 percent on a taxable-equivalent basis, primarily due to loan growth, improved earning asset mix and benefits from fixed asset repricing, while net interest margin increased to 2.79 percent from 2.66 percent. Noninterest income increased 13.7 percent, reflecting higher revenue across all fee revenue categories and the contribution from the BTIG acquisition. Noninterest expense increased 5.9 percent primarily due to the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher technology and communications expense, and increased marketing and business development expense. The provision for credit losses increased 7.4 percent, primarily due to loan portfolio growth.
Compared with the first quarter of 2026, net income attributable to U.S. Bancorp increased primarily due to higher total net revenue and lower provision for credit losses, partially offset by higher noninterest expense. Net interest income increased 2.2 percent on a taxable-equivalent basis, primarily driven by loan growth and benefits from fixed asset repricing, while net interest margin increased to 2.79 percent from 2.77 percent. Noninterest income increased 10.9 percent, reflecting higher revenue across all fee revenue categories and the contribution from the BTIG acquisition. Noninterest expense increased 3.8 percent, reflecting the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher professional services expense, and higher technology and communications expense. The provision for credit losses decreased 6.6 percent due to stabilizing economic conditions and improving credit quality.

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U.S. Bancorp Second Quarter 2026 Results
NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions)
Change
2Q 2026
1Q 2026
2Q 2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
2026
YTD
2025
Change
Components of net interest income
Income on earning assets(a)
$
7,624 
$
7,435 
$
7,633 
$
189 
$
(9)
$
15,059 
$
15,179 
$
(120)
Expense on interest-bearing liabilities(a)
3,237 
3,144 
3,553 
93 
(316)
6,381 
6,977 
(596)
Net interest income
$
4,387 
$
4,291 
$
4,080 
$
96 
$
307 
$
8,678 
$
8,202 
$
476 
Average yields and rates paid
Earning assets yield
4.86 
%
4.83 
%
4.99 
%
.03 
%
(.13)
%
4.85 
%
4.99 
%
(.14)
%
Rate paid on interest-bearing liabilities
2.50 
2.47 
2.80 
.03 
(.30)
2.49 
2.78 
(.29)
Gross interest margin
2.36 
%
2.36 
%
2.19 
%
— 
%
.17 
%
2.36 
%
2.21 
%
.15 
%
Net interest margin
2.79 
%
2.77 
%
2.66 
%
.02 
%
.13 
%
2.78 
%
2.69 
%
.09 
%
Average balances
Investment securities(b)
$
170,528 
$
171,471 
$
172,841 
$
(943)
$
(2,313)
$
170,997 
$
172,014 
$
(1,017)
Loans held for sale
2,783 
2,326 
4,843 
457 
(2,060)
2,556 
3,341 
(785)
Loans
405,481 
393,560 
378,529 
11,921 
26,952 
399,553 
378,777 
20,776 
Interest-bearing deposits with banks
32,450 
38,855 
41,550 
(6,405)
(9,100)
35,635 
42,637 
(7,002)
Other earning assets
17,759 
17,950 
15,579 
(191)
2,180 
17,854 
15,025 
2,829 
Earning assets
629,001 
624,162 
613,342 
4,839 
15,659 
626,595 
611,794 
14,801 
Interest-bearing liabilities
519,910 
515,578 
508,918 
4,332 
10,992 
517,756 
506,484 
11,272 
(a) Presentation of interest income and interest expense related to certain repurchase and reverse repurchase transactions recorded under enforceable netting agreements are shown on a net basis, consistent with presentation of the related balances on the consolidated balance sheet. Total interest income and interest expense reflected on a gross basis for these arrangements was $8,159 million and $3,772 million, respectively, for the three months ended June 30, 2026, compared with $7,866 million and $3,575 million, respectively, for the three months ended March 31, 2026.
(b) Excludes unrealized gain (loss)
Net interest income on a taxable-equivalent basis was $4,387 million in the second quarter of 2026, an increase of $307 million (7.5 percent) compared with the second quarter of 2025. The increase primarily reflected loan growth, an improved earning asset mix, and benefits from fixed asset repricing. Average earning assets were $15.7 billion (2.6 percent) higher than the second quarter of 2025, reflecting an increase of $27.0 billion (7.1 percent) in average loans, partially offset by a decrease of $9.1 billion (21.9 percent) in average interest-bearing deposits with banks.
On a linked quarter basis, net interest income on a taxable-equivalent basis increased $96 million (2.2 percent) primarily driven by loan growth and benefits from fixed asset repricing. Average earning assets were $4.8 billion (0.8 percent) higher than the prior quarter, reflecting an increase of $11.9 billion (3.0 percent) in average loans, partially offset by a decrease of $6.4 billion (16.5 percent) in average interest-bearing deposits with banks.
Net interest margin was 2.79 percent in the second quarter of 2026, compared with 2.66 percent in the second quarter of 2025 and 2.77 percent in the first quarter of 2026. The increase from the prior year quarter and the linked quarter reflected the combined effects of loan growth, improved earning asset mix and benefits from fixed asset repricing.

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U.S. Bancorp Second Quarter 2026 Results
AVERAGE LOANS
($ in millions)
Percent Change
2Q 2026
1Q 2026
2Q 2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
2026
YTD
2025
Percent Change
Commercial
$152,925 
$145,397 
$133,755 
5.2 
14.3 
$149,181 
$132,013 
13.0 
Lease financing
4,459 
4,436 
4,211 
.5 
5.9 
4,448 
4,206 
5.8 
Total commercial
157,384 
149,833 
137,966 
5.0 
14.1 
153,629 
136,219 
12.8 
Commercial mortgages
41,840 
39,969 
38,194 
4.7 
9.5 
40,909 
38,408 
6.5 
Construction and development
9,417 
9,439 
10,272 
(.2)
(8.3)
9,429 
10,269 
(8.2)
Total commercial real estate
51,257 
49,408 
48,466 
3.7 
5.8 
50,338 
48,677 
3.4 
Residential mortgages
117,196 
116,690 
115,616 
.4 
1.4 
116,944 
117,221 
(.2)
Credit card
38,403 
37,341 
35,439 
2.8 
8.4 
37,875 
35,262 
7.4 
Retail leasing
3,746 
3,525 
3,869 
6.3 
(3.2)
3,636 
3,929 
(7.5)
Home equity and second mortgages
14,055 
13,972 
13,678 
.6 
2.8 
14,014 
13,610 
3.0 
Other
23,440 
22,791 
23,495 
2.8 
(.2)
23,117 
23,859 
(3.1)
Total other retail
41,241 
40,288 
41,042 
2.4 
.5 
40,767 
41,398 
(1.5)
Total loans
$405,481 
$393,560 
$378,529 
3.0 
7.1 
$399,553 
$378,777 
5.5 
Average total loans for the second quarter of 2026 increased $27.0 billion (7.1 percent) compared with the second quarter of 2025. The increase was driven by growth in total commercial loans, total commercial real estate loans, and credit card loans. Growth in total commercial loans reflected higher corporate loans and loans to financial institutions. Growth in total commercial real estate loans was primarily driven by commercial mortgage originations, while credit card loan growth reflected higher sales volumes.
Compared with the first quarter of 2026, average total loans increased $11.9 billion (3.0 percent), driven by growth in total commercial loans and total commercial real estate loans. Higher total commercial loans reflected growth in corporate loans, loans to financial institutions, and other commercial loans, while growth in commercial real estate loans was primarily driven by commercial mortgage originations.

4
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U.S. Bancorp Second Quarter 2026 Results
AVERAGE DEPOSITS
($ in millions)
Percent Change
2Q 2026
1Q 2026
2Q 2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
2026
YTD
2025
Percent Change
Noninterest-bearing deposits
$80,611 
$80,628 
$79,117 
— 
1.9 
$80,620 
$79,405 
1.5 
Interest-bearing savings deposits
Interest checking
132,358 
130,600 
131,599 
1.3 
.6 
131,484 
128,642 
2.2 
Money market savings
181,978 
188,986 
177,087 
(3.7)
2.8 
185,463 
186,213 
(.4)
Savings accounts
73,709 
68,305 
58,171 
7.9 
26.7 
71,022 
54,243 
30.9 
Total savings deposits
388,045 
387,891 
366,857 
— 
5.8 
387,969 
369,098 
5.1 
Time deposits
46,424 
46,600 
56,916 
(.4)
(18.4)
46,511 
56,199 
(17.2)
Total interest-bearing deposits
434,469 
434,491 
423,773 
— 
2.5 
434,480 
425,297 
2.2 
Total deposits
$515,080 
$515,119 
$502,890 
— 
2.4 
$515,100 
$504,702 
2.1 
Average total deposits in the second quarter of 2026 increased $12.2 billion (2.4 percent) compared with the second quarter of 2025. Average total interest-bearing deposits increased, driven by growth in Consumer and Business Banking savings accounts and Wealth, Corporate, Commercial and Institutional Banking money market accounts, partially offset by lower time deposit balances in Treasury and Corporate Support. Time deposit balances are managed as an alternative funding source based on relative pricing and liquidity considerations.

Compared with the first quarter of 2026, average total deposits were relatively flat. Growth in savings accounts, primarily within Consumer and Business Banking, was offset by lower money market savings balances, primarily within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking.

5
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U.S. Bancorp Second Quarter 2026 Results
NONINTEREST INCOME
($ in millions)
Percent Change
2Q 2026
1Q 2026
2Q 2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
2026
YTD
2025
Percent Change
Card revenue
$435 
$391 
$413 
11.3 
5.3 
$826 
$787 
5.0 
Corporate payment and treasury management revenue
440 
408 
421 
7.8 
4.5 
848 
821 
3.3 
Merchant processing services
485 
436 
474 
11.2 
2.3 
921 
889 
3.6 
Trust and investment management fees
785 
745 
703 
5.4 
11.7 
1,530 
1,383 
10.6 
Lending and deposit-related fees
308 
294 
277 
4.8 
11.2 
602 
543 
10.9 
Capital markets revenue
512 
377 
315 
35.8 
62.5 
889 
607 
46.5 
Mortgage banking revenue
169 
161 
162 
5.0 
4.3 
330 
335 
(1.5)
Investment products fees
102 
97 
90 
5.2 
13.3 
199 
177 
12.4 
Other
138 
123 
126 
12.2 
9.5 
261 
275 
(5.1)
Total fee revenue
3,374 
3,032 
2,981 
11.3 
13.2 
6,406 
5,817 
10.1 
Securities gains (losses), net
(49)
(35)
(57)
(40.0)
14.0 
(84)
(57)
(47.4)
Total noninterest income
$3,325 
$2,997 
$2,924 
10.9 
13.7 
$6,322 
$5,760 
9.8 

Second quarter noninterest income of $3,325 million increased $401 million (13.7 percent) compared with the second quarter of 2025. The increase reflected higher fee revenue across all categories, including higher card revenue driven by increased credit card sales volume, higher corporate payment and treasury management revenue resulting from increased sales, higher trust and investment management fees due to business growth and favorable market conditions, higher lending and deposit-related fees, and higher capital markets revenue, driven by the contribution from BTIG following the acquisition, increased client-related derivative activity, higher corporate bond underwriting fees, and favorable market conditions.

Compared with the first quarter of 2026, noninterest income increased $328 million (10.9 percent). The increase reflected higher fee revenue across all categories, including higher card revenue driven by increased credit card sales volume and seasonality, higher corporate payment and treasury management revenue resulting from increased sales, higher merchant processing services due to seasonality, higher trust and investment management fees due to business growth and favorable market conditions, and higher capital markets revenue, driven by the contribution from BTIG following the acquisition and higher syndication activity.


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U.S. Bancorp Second Quarter 2026 Results
NONINTEREST EXPENSE
($ in millions)
Percent Change
2Q 2026
1Q 2026
2Q 2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
2026
YTD
2025
Percent Change
Compensation and employee benefits
$2,685 
$2,628 
$2,600 
2.2 
3.3 
$5,313 
$5,237 
1.5 
Net occupancy and equipment
303 
304 
301 
(.3)
.7 
607 
607 
— 
Professional services
112 
92 
109 
21.7 
2.8 
204 
207 
(1.4)
Marketing and business development
216 
217 
161 
(.5)
34.2 
433 
343 
26.2 
Technology and communications
601 
573 
534 
4.9 
12.5 
1,174 
1,067 
10.0 
Other intangibles
114 
110 
124 
3.6 
(8.1)
224 
247 
(9.3)
Other
397 
341 
352 
16.4 
12.8 
738 
705 
4.7 
Total noninterest expense
$4,428 
$4,265 
$4,181 
3.8 
5.9 
$8,693 
$8,413 
3.3 
Second quarter noninterest expense was $4,428 million, an increase of $247 million (5.9 percent), compared with the second quarter of 2025. The increase reflected the impact of the BTIG acquisition, higher compensation and employee benefits expense, primarily due to stock-based compensation expense, higher technology and communications expense related to investments in product and technology development, increased marketing and business development initiatives, and higher other expense.
Compared with the first quarter of 2026, noninterest expense increased $163 million (3.8 percent). The increase reflected the impact of the BTIG acquisition, seasonally higher compensation and employee benefits expense, primarily due to stock-based compensation expense, higher professional services expense due to the timing of initiatives, higher technology and communications expense related to investments in product and technology development, and higher other expense.


Provision for Income Taxes
The provision for income taxes for the second quarter of 2026 resulted in a tax rate of 20.5 percent on a taxable-equivalent basis (effective tax rate of 19.7 percent), compared with 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.6 percent) in the second quarter of 2025, and 20.3 percent on a taxable-equivalent basis (effective tax rate of 19.4 percent) in the first quarter of 2026.

7
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U.S. Bancorp Second Quarter 2026 Results
ALLOWANCE FOR CREDIT LOSSES
($ in millions)
2Q 2026
%(a)
1Q 2026
%(a)
4Q 2025
%(a)
3Q 2025
%(a)
2Q 2025
%(a)
Balance, beginning of period
$7,977 
$7,947 
$7,897 
$7,862 
$7,915 
Net charge-offs
Commercial
91 
.24 
117 
.33 
101 
.29 
23 
.07 
59 
.18 
Lease financing
5 
.45 
4 
.37 
5 
.46 
7 
.65 
6 
.57 
Total commercial
96 
.24 
121 
.33 
106 
.29 
30 
.09 
65 
.19 
Commercial mortgages
13 
.12 
2 
.02 
(3)
(.03)
103 
1.06 
57 
.60 
Construction and development
— 
— 
(10)
(.43)
— 
— 
— 
— 
— 
— 
Total commercial real estate
13 
.10 
(8)
(.07)
(3)
(.02)
103 
.85 
57 
.47 
Residential mortgages
— 
— 
(1)
— 
(2)
(.01)
(1)
— 
(1)
— 
Credit card
367 
3.83 
365 
3.96 
358 
3.84 
346 
3.80 
380 
4.30 
Retail leasing
14 
1.50 
18 
2.07 
17 
1.89 
17 
1.81 
10 
1.04 
Home equity and second mortgages
— 
— 
1 
.03 
1 
.03 
(2)
(.06)
— 
— 
Other
46 
.79 
50 
.89 
50 
.87 
43 
.76 
43 
.73 
Total other retail
60 
.58 
69 
.69 
68 
.67 
58 
.57 
53 
.52 
Total net charge-offs
536 
.53 
546 
.56 
527 
.54 
536 
.56 
554 
.59 
Provision for credit losses
538 
576 
577 
571 
501 
Balance, end of period
$7,979 
$7,977 
$7,947 
$7,897 
$7,862 
Components
Allowance for loan losses
$7,645 
$7,646 
$7,605 
$7,557 
$7,537 
Liability for unfunded credit commitments
334 
331 
342 
340 
325 
Total allowance for credit losses
$7,979 
$7,977 
$7,947 
$7,897 
$7,862 
Gross charge-offs
$676 
$683 
$651 
$669 
$683 
Gross recoveries
$140 
$137 
$124 
$133 
$129 
Allowance for credit losses as a percentage of
Period-end loans (%)
1.94
2.00
2.03
2.06
2.07
Nonperforming loans (%)
612
536
514
490
480
Nonperforming assets (%)
593
522
500
477
468
(a) Annualized and calculated on average loan balances.


8
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U.S. Bancorp Second Quarter 2026 Results
The provision for credit losses was $538 million for the second quarter of 2026, compared with $576 million in the first quarter of 2026 and $501 million in the second quarter of 2025. The increase on a year-over-year basis was primarily driven by loan portfolio growth. The decrease on a linked quarter basis was primarily driven by stabilizing economic conditions and improving credit quality. While economic conditions have shown some stabilization, the Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to evolving geopolitical events, as well as other economic factors that may affect the financial strength of corporate and consumer borrowers.
Total net charge-offs were $536 million in the second quarter of 2026, compared with $546 million in the first quarter of 2026 and $554 million in the second quarter of 2025. The net charge-off ratio was 0.53 percent compared with 0.56 percent in the first quarter of 2026 and 0.59 percent in the second quarter of 2025. The decrease in net charge-offs on a linked quarter basis was driven by lower net charge-offs on commercial loans, partially offset by higher net charge-offs on commercial real estate loans. Compared with the prior year quarter, lower net charge-offs on commercial real estate loans and credit card portfolios were partially offset by higher net charge-offs on commercial loans.
The allowance for credit losses was $7,979 million at June 30, 2026, compared with $7,977 million at March 31, 2026, and $7,862 million at June 30, 2025. The allowance for credit losses remained relatively stable compared with the linked quarter. 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 and stabilizing economic conditions. The allowance for credit losses represented 1.94 percent of period-end loans at June 30, 2026, and 612 percent of nonperforming loans at June 30, 2026.
Nonperforming assets were $1,346 million at June 30, 2026, compared with $1,528 million at March 31, 2026, and $1,680 million at June 30, 2025. The decrease from the linked quarter and the prior year quarter primarily reflected the resolution of nonperforming loans. The ratio of nonperforming assets to loans and other real estate was 0.33 percent at June 30, 2026. Accruing loans 90 days or more past due were $735 million at June 30, 2026, compared with $847 million at March 31, 2026, and $966 million at June 30, 2025. The linked quarter decrease in accruing loans 90 days or more past due was primarily due to improvement across all portfolios due to seasonality, while the decrease from the prior year quarter was primarily due to the resolution of elevated prior year delinquencies.

9
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U.S. Bancorp Second Quarter 2026 Results
DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
(Percent)
Jun 30 2026
Mar 31 2026
Dec 31 2025
Sep 30 2025
Jun 30 2025
Delinquent loan ratios - 90 days or more past due
Commercial
.01
.02
.01
.01
.01
Commercial real estate
.01
.03
.03
.04
.28
Residential mortgages
.20
.23
.25
.26
.28
Credit card
1.13
1.29
1.27
1.26
1.26
Other retail
.10
.13
.13
.13
.13
Total loans
.18
.21
.22
.22
.25
Delinquent loan ratios - 90 days or more past due and nonperforming loans
Commercial
.26
.44
.50
.52
.42
Commercial real estate
1.09
1.07
1.09
1.24
1.86
Residential mortgages
.35
.36
.38
.38
.40
Credit card
1.13
1.29
1.27
1.26
1.26
Other retail
.48
.52
.53
.51
.51
Total loans
.50
.58
.61
.64
.68
ASSET QUALITY(a)
($ in millions)
Jun 30 2026
Mar 31 2026
Dec 31 2025
Sep 30 2025
Jun 30 2025
Nonperforming loans
Commercial
$377 
$622 
$695 
$708 
$548 
Lease financing
25 
26 
22 
25 
27 
Total commercial
402 
648 
717 
733 
575 
Commercial mortgages
538 
488 
504 
558 
732 
Construction and development
30 
34 
14 
21 
31 
Total commercial real estate
568 
522 
518 
579 
763 
Residential mortgages
171 
159 
151 
143 
145 
Credit card
— 
— 
— 
— 
— 
Other retail
162 
159 
161 
155 
154 
Total nonperforming loans
1,303 
1,488 
1,547 
1,610 
1,637 
Other real estate
24 
22 
24 
23 
21 
Other nonperforming assets
19 
18 
19 
21 
22 
Total nonperforming assets
$1,346 
$1,528 
$1,590 
$1,654 
$1,680 
Accruing loans 90 days or more past due
$735 
$847 
$853 
$840 
$966 
Nonperforming assets to loans plus ORE (%)
.33 
.38 
.41 
.43 
.44 
(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 Second Quarter 2026 Results
COMMON SHARES
(Millions)
2Q 2026
1Q 2026
4Q 2025
3Q 2025
2Q 2025
Beginning shares outstanding
1,555 
1,555 
1,556 
1,558 
1,560 
Shares issued for stock incentive plans,
  acquisitions and other corporate purposes
6 
5 
2 
— 
— 
Shares repurchased
(3)
(5)
(3)
(2)
(2)
Ending shares outstanding
1,558 
1,555 
1,555 
1,556 
1,558 
CAPITAL POSITION
Preliminary Data
($ in millions)
Jun 30 2026
Mar 31 2026
Dec 31 2025
Sep 30 2025
Jun 30 2025
Total U.S. Bancorp shareholders' equity
$67,432 
$65,786 
$65,193 
$63,340 
$61,438 
Basel III Standardized Approach
Common equity tier 1 capital
$53,575 
$52,648 
$51,665 
$50,587 
$49,382 
Tier 1 capital
60,802 
59,899 
58,917 
57,839 
56,630 
Total risk-based capital
71,429 
69,163 
68,087 
66,820 
65,752 
Common equity tier 1 capital ratio
10.8 
%
10.8 
%
10.8 
%
10.9 
%
10.7 
%
Tier 1 capital ratio
12.2 
12.3 
12.3 
12.4 
12.3 
Total risk-based capital ratio
14.4 
14.2 
14.2 
14.4 
14.3 
Leverage ratio
8.9 
8.8 
8.7 
8.6 
8.5 
Common equity to assets
8.4 
8.4 
8.4 
8.1 
8.0 
Tangible common equity to tangible assets(a)
6.6 
6.7 
6.7 
6.4 
6.1 
Tangible common equity to risk-weighted assets(a)
9.4 
9.4 
9.4 
9.3 
9.0 

(a)See Non-GAAP Financial Measures reconciliation on page 16.
Total U.S. Bancorp shareholders’ equity was $67.4 billion at June 30, 2026, compared with $65.8 billion at March 31, 2026, and $61.4 billion at June 30, 2025. The increase included the impact of common shares issued as consideration for the acquisition of BTIG. During the second quarter of 2026, the Company continued repurchasing shares 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 June 30, 2026, and March 31, 2026, compared with 10.7 percent at June 30, 2025.

11
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U.S. Bancorp Second Quarter 2026 Results
Investor Conference Call
On Thursday, July 16, 2026 at 7 a.m. CT, Chairman and 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 July 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 globally, and its team of nearly 70,000 people invest their hearts and minds to power human potential every day. Ranked 110th 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 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;
•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 Second 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 those arising from conflict in the Middle East;
•Impacts of supply chain disruptions, rising inflation, slower growth or a recession;
•Effects of climate change and related physical and transition risks;
•Failure to execute on strategic or operational plans;
•Effects of mergers and acquisitions, such as the 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
June 30,
Six Months Ended
June 30,
(Unaudited)
2026
2025
2026
2025
Interest Income
Loans
$5,728 
$5,548 
$11,254 
$11,081 
Loans held for sale
43 
59 
78 
87 
Investment securities
1,344 
1,355 
2,647 
2,663 
Other interest income
483 
642 
1,026 
1,289 
Total interest income
7,598 
7,604 
15,005 
15,120 
Interest Expense
Deposits
2,330 
2,541 
4,614 
5,052 
Short-term borrowings
249 
291 
463 
540 
Long-term debt
658 
721 
1,304 
1,385 
Total interest expense
3,237 
3,553 
6,381 
6,977 
Net interest income
4,361 
4,051 
8,624 
8,143 
Provision for credit losses
538 
501 
1,114 
1,038 
Net interest income after provision for credit losses
3,823 
3,550 
7,510 
7,105 
Noninterest Income
Card revenue
435 
413 
826 
787 
Corporate payment and treasury management revenue
440 
421 
848 
821 
Merchant processing services
485 
474 
921 
889 
Trust and investment management fees
785 
703 
1,530 
1,383 
Lending and deposit-related fees
308 
277 
602 
543 
Capital markets revenue
512 
315 
889 
607 
Mortgage banking revenue
169 
162 
330 
335 
Investment products fees
102 
90 
199 
177 
Securities gains (losses), net
(49)
(57)
(84)
(57)
Other
138 
126 
261 
275 
Total noninterest income
3,325 
2,924 
6,322 
5,760 
Noninterest Expense
Compensation and employee benefits
2,685 
2,600 
5,313 
5,237 
Net occupancy and equipment
303 
301 
607 
607 
Professional services
112 
109 
204 
207 
Marketing and business development
216 
161 
433 
343 
Technology and communications
601 
534 
1,174 
1,067 
Other intangibles
114 
124 
224 
247 
Other
397 
352 
738 
705 
Total noninterest expense
4,428 
4,181 
8,693 
8,413 
Income before income taxes
2,720 
2,293 
5,139 
4,452 
Applicable income taxes
537 
472 
1,006 
915 
Net income
2,183 
1,821 
4,133 
3,537 
Net (income) loss attributable to noncontrolling interests
(6)
(6)
(11)
(13)
Net income attributable to U.S. Bancorp
$2,177 
$1,815 
$4,122 
$3,524 
Net income applicable to U.S. Bancorp common shareholders
$2,098 
$1,733 
$3,939 
$3,336 
Earnings per common share
$1.35 
$1.11 
$2.53 
$2.14 
Diluted earnings per common share
$1.35 
$1.11 
$2.53 
$2.14 
Dividends declared per common share
$.52 
$.50 
$1.04 
$1.00 
Average common shares outstanding
1,554 
1,559 
1,554 
1,559 
Average diluted common shares outstanding
1,555 
1,559 
1,555 
1,560 

14
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CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)
(Unaudited)
June 30,
2026
December 31,
2025
June 30,
2025
Assets
Cash and due from banks
$66,491 
$46,890 
$57,807 
Investment securities
Held-to-maturity
74,085 
76,170 
77,879 
Available-for-sale
89,085 
90,838 
90,577 
Loans held for sale
3,038 
2,538 
2,288 
Loans
Commercial
159,655 
148,161 
141,582 
Commercial real estate
52,348 
48,920 
48,181 
Residential mortgages
117,311 
115,885 
114,475 
Credit card
39,079 
38,031 
35,857 
Other retail
41,907 
40,338 
40,148 
Total loans
410,300 
391,335 
380,243 
Less allowance for loan losses
(7,645)
(7,605)
(7,537)
Net loans
402,655 
383,730 
372,706 
Premises and equipment
3,847 
3,768 
3,625 
Goodwill
13,234 
12,635 
12,637 
Other intangible assets
4,999 
4,904 
5,285 
Other assets
68,484 
70,872 
63,566 
Total assets
$725,918 
$692,345 
$686,370 
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing
$85,791 
$84,116 
$86,972 
Interest-bearing
446,275 
438,100 
431,745 
Total deposits
532,066 
522,216 
518,717 
Short-term borrowings
37,337 
17,162 
15,039 
Long-term debt
58,671 
60,764 
64,013 
Other liabilities
29,949 
26,552 
26,705 
Total liabilities
658,023 
626,694 
624,474 
Shareholders' equity
Preferred stock
6,808 
6,808 
6,808 
Common stock
21 
21 
21 
Capital surplus
8,773 
8,728 
8,706 
Retained earnings
83,241 
80,906 
78,652 
Less treasury stock
(24,300)
(24,283)
(24,140)
Accumulated other comprehensive income (loss)
(7,111)
(6,987)
(8,609)
Total U.S. Bancorp shareholders' equity
67,432 
65,193 
61,438 
Noncontrolling interests
463 
458 
458 
Total equity
67,895 
65,651 
61,896 
Total liabilities and equity
$725,918 
$692,345 
$686,370 

15
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NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Total equity
$67,895 
$66,247 
$65,651 
$63,798 
$61,896 
Preferred stock
(6,808)
(6,808)
(6,808)
(6,808)
(6,808)
Noncontrolling interests
(463)
(461)
(458)
(458)
(458)
Common equity(a)
60,624 
58,978 
58,385 
56,532 
54,630 
Goodwill (net of deferred tax liability)(1)
(12,193)
(11,588)
(11,603)
(11,603)
(11,613)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights
(1,624)
(1,429)
(1,507)
(1,605)
(1,699)
Tangible common equity(b)
46,807 
45,961 
45,275 
43,324 
41,318 
Total assets(c)
725,918 
700,998 
692,345 
695,357 
686,370 
Goodwill (net of deferred tax liability)(1)
(12,193)
(11,588)
(11,603)
(11,603)
(11,613)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights
(1,624)
(1,429)
(1,507)
(1,605)
(1,699)
Tangible assets(d)
712,101 
687,981 
679,235 
682,149 
673,058 
Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company(e)
496,488 
*
487,958 
480,382 
465,092 
459,521 
Common shares outstanding(f)
1,558 
1,555 
1,555 
1,556 
1,558 
Ratios *
Common equity to assets(a)/(c)
8.4
%
8.4
%
8.4
%
8.1
%
8.0
%
Tangible common equity to tangible assets(b)/(d)
6.6
6.7
6.7
6.4
6.1
Tangible common equity to risk-weighted assets(b)/(e)
9.4
9.4
9.4
9.3
9.0
Tangible book value per common share(b)/(f)
$30.04 
$29.56 
$29.12 
$27.84 
$26.52 
Three Months Ended
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Net income applicable to U.S. Bancorp common shareholders
$2,098 
$1,841 
$1,965 
$1,893 
$1,733 
Intangibles amortization (net-of-tax)
90 
87 
100 
99 
98 
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization
2,188 
1,928 
2,065 
1,992 
1,831 
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization(g)
8,776 
7,819 
8,193 
7,903 
7,344 
Average total equity
67,327 
66,315 
65,048 
63,101 
61,356 
Average preferred stock
(6,808)
(6,808)
(6,808)
(6,808)
(6,808)
Average noncontrolling interests
(462)
(458)
(458)
(458)
(457)
Average goodwill (net of deferred tax liability)(1)
(11,796)
(11,601)
(11,599)
(11,609)
(11,544)
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights
(1,409)
(1,474)
(1,568)
(1,659)
(1,734)
Average tangible common equity(h)
46,852 
45,974 
44,615 
42,567 
40,813 
Return on tangible common equity(g)/(h)
18.7
%
17.0
%
18.4
%
18.6
%
18.0
%
Net interest income
$4,361 
$4,263 
$4,284 
$4,222 
$4,051 
Taxable-equivalent adjustment(2)
26 
28 
28 
29 
29 
Net interest income, on a taxable-equivalent basis
4,387 
4,291 
4,312 
4,251 
4,080 
Net interest income, on a taxable-equivalent basis (as calculated above)
4,387 
4,291 
4,312 
4,251 
4,080 
Noninterest income
3,325 
2,997 
3,053 
3,078 
2,924 
Less: Securities gains (losses), net
(49)
(35)
3 
(7)
(57)
Total net revenue, excluding net securities gains (losses)(i)
7,761 
7,323 
7,362 
7,336 
7,061 
Noninterest expense(j)
4,428 
4,265 
4,227 
4,197 
4,181 
Efficiency ratio(j)/(i)
57.1
%
58.2
%
57.4
%
57.2
%
59.2
%
* 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)
June 30,
2026
June 30,
2025
Percent Change
Net interest income
$4,361 
$4,051 
Taxable-equivalent adjustment(1)
26 
29 
Net interest income, on a taxable-equivalent basis
4,387 
4,080 
Net interest income, on a taxable-equivalent basis (as calculated above)
4,387 
4,080 
Noninterest income
3,325 
2,924 
Less: Securities gains (losses), net
(49)
(57)
Total net revenue, excluding net securities gains (losses)
7,761 
7,061 
9.9
%
(a)
Noninterest expense
4,428 
4,181 
5.9
%
(b)
Operating leverage(a) - (b)
4.0
%
(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
Second 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
Net Income Attributable
to U.S. Bancorp
Business Segment
2Q
2026
1Q
2026
2Q
2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
 2026
YTD
 2025
Percent Change
Wealth, Corporate, Commercial and Institutional Banking
$1,530 
$1,455 
$1,174 
5.2 
30.3 
$2,985 
$2,397 
24.5 
Consumer and Business Banking
589 
570 
616 
3.3 
(4.4)
1,159 
1,154 
.4 
Payment Services
225 
272 
235 
(17.3)
(4.3)
497 
494 
.6 
Treasury and Corporate Support
(167)
(352)
(210)
52.6 
20.5 
(519)
(521)
.4 
Consolidated Company
$2,177 
$1,945 
$1,815 
11.9 
19.9 
$4,122 
$3,524 
17.0 
Income Before Provision
and Taxes
Percent Change
Income Before Provision
and Taxes
2Q
2026
1Q
2026
2Q
2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
 2026
YTD
 2025
Percent Change
Wealth, Corporate, Commercial and Institutional Banking
$2,169 
$2,005 
$1,743 
8.2 
24.4 
$4,174 
$3,416 
22.2 
Consumer and Business Banking
863 
832 
859 
3.7 
.5 
1,695 
1,639 
3.4 
Payment Services
685 
710 
698 
(3.5)
(1.9)
1,395 
1,360 
2.6 
Treasury and Corporate Support
(433)
(524)
(477)
17.4 
9.2 
(957)
(866)
(10.5)
Consolidated Company
$3,284 
$3,023 
$2,823 
8.6 
16.3 
$6,307 
$5,549 
13.7 
Business Segments
The Company’s major business segments are Wealth, Corporate, Commercial and Institutional Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support. Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2026, certain organization and methodology changes were made, including moving the Impact Finance business unit from the Treasury and Corporate Support business segment to the Wealth, Corporate, Commercial and Institutional Banking business segment. In addition, card revenue generated from debit cards, which was previously included in the Payment Services business segment, is now included in the Consumer and Business Banking business segment. Prior period results were recast and presented on a comparable basis.
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WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING
Preliminary data
($ in millions)
Percent Change
2Q
2026
1Q
2026
2Q
2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
 2026
YTD
 2025
Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)
$1,937 
$1,874 
$1,724 
3.4 
12.4 
$3,811 
$3,432 
11.0 
Noninterest income
1,834 
1,608 
1,496 
14.1 
22.6 
3,442 
2,918 
18.0 
Total net revenue
3,771 
3,482 
3,220 
8.3 
17.1 
7,253 
6,350 
14.2 
Noninterest expense
1,602 
1,477 
1,477 
8.5 
8.5 
3,079 
2,934 
4.9 
Income before provision and taxes
2,169 
2,005 
1,743 
8.2 
24.4 
4,174 
3,416 
22.2 
Provision for credit losses
129 
65 
178 
98.5 
(27.5)
194 
220 
(11.8)
Income before income taxes
2,040 
1,940 
1,565 
5.2 
30.4 
3,980 
3,196 
24.5 
Income taxes and taxable-equivalent adjustment
510 
485 
391 
5.2 
30.4 
995 
799 
24.5 
Net income
1,530 
1,455 
1,174 
5.2 
30.3 
2,985 
2,397 
24.5 
Net (income) loss attributable to noncontrolling interests
— 
— 
— 
— 
— 
— 
— 
— 
Net income attributable to U.S. Bancorp
$1,530 
$1,455 
$1,174 
5.2 
30.3 
$2,985 
$2,397 
24.5 
Average Balance Sheet Data
Loans
$213,957 
$203,948 
$185,545 
4.9 
15.3 
$208,980 
$183,872 
13.7 
Other earning assets
16,112 
15,378 
13,930 
4.8 
15.7 
15,747 
13,538 
16.3 
Goodwill
5,028 
4,826 
4,826 
4.2 
4.2 
4,928 
4,825 
2.1 
Other intangible assets
645 
682 
817 
(5.4)
(21.1)
663 
840 
(21.1)
Assets
268,412 
256,221 
234,434 
4.8 
14.5 
262,350 
232,532 
12.8 
Noninterest-bearing deposits
57,877 
57,796 
55,230 
.1 
4.8 
57,837 
55,581 
4.1 
Interest-bearing deposits
227,688 
230,175 
213,621 
(1.1)
6.6 
228,924 
216,457 
5.8 
Total deposits
285,565 
287,971 
268,851 
(.8)
6.2 
286,761 
272,038 
5.4 
Total U.S. Bancorp shareholders' equity
25,064 
24,204 
23,700 
3.6 
5.8 
24,636 
23,604 
4.4 

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 $2,169 million of income before provision and taxes in the second quarter of 2026, compared with $1,743 million in the second quarter of 2025, and contributed $1,530 million of the Company’s net income in the second quarter of 2026.

Total net revenue increased compared with the second quarter of 2025 driven by higher net interest income due to higher loan and deposit balances, as well as an increase in noninterest income, primarily due to the contribution from the BTIG acquisition and higher revenue across most fee categories.

Noninterest expense increased compared with the second quarter of 2025, primarily due to the results of the BTIG acquisition and higher compensation and employee benefits expense.

The provision for credit losses decreased compared with the second quarter of 2025, primarily due to improving credit quality.

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CONSUMER AND BUSINESS BANKING
Preliminary data
($ in millions)
Percent Change
2Q
2026
1Q
2026
2Q
2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
 2026
YTD
 2025
Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)
$1,836 
$1,799 
$1,841 
2.1 
(.3)
$3,635 
$3,608 
.7 
Noninterest income
537 
515 
535 
4.3 
.4 
1,052 
1,058 
(.6)
Total net revenue
2,373 
2,314 
2,376 
2.5 
(.1)
4,687 
4,666 
.5 
Noninterest expense
1,510 
1,482 
1,517 
1.9 
(.5)
2,992 
3,027 
(1.2)
Income before provision and taxes
863 
832 
859 
3.7 
.5 
1,695 
1,639 
3.4 
Provision for credit losses
78 
72 
37 
8.3 
nm
150 
99 
51.5 
Income before income taxes
785 
760 
822 
3.3 
(4.5)
1,545 
1,540 
.3 
Income taxes and taxable-equivalent adjustment
196 
190 
206 
3.2 
(4.9)
386 
386 
— 
Net income
589 
570 
616 
3.3 
(4.4)
1,159 
1,154 
.4 
Net (income) loss attributable to noncontrolling interests
— 
— 
— 
— 
— 
— 
— 
— 
Net income attributable to U.S. Bancorp
$589 
$570 
$616 
3.3 
(4.4)
$1,159 
$1,154 
.4 
Average Balance Sheet Data
Loans
$144,008 
$144,192 
$149,500 
(.1)
(3.7)
$144,100 
$151,702 
(5.0)
Other earning assets
2,650 
2,409 
4,875 
10.0 
(45.6)
2,530 
3,335 
(24.1)
Goodwill
4,326 
4,326 
4,326 
— 
— 
4,326 
4,326 
— 
Other intangible assets
3,910 
3,913 
4,277 
(.1)
(8.6)
3,912 
4,322 
(9.5)
Assets
157,112 
156,975 
165,129 
.1 
(4.9)
157,044 
165,877 
(5.3)
Noninterest-bearing deposits
18,632 
18,380 
19,732 
1.4 
(5.6)
18,507 
19,502 
(5.1)
Interest-bearing deposits
206,430 
203,716 
200,548 
1.3 
2.9 
205,082 
199,628 
2.7 
Total deposits
225,062 
222,096 
220,280 
1.3 
2.2 
223,589 
219,130 
2.0 
Total U.S. Bancorp shareholders' equity
12,865 
13,109 
13,563 
(1.9)
(5.1)
12,986 
13,637 
(4.8)

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 $863 million of income before provision and taxes in the second quarter of 2026, compared with $859 million in the second quarter of 2025, and contributed $589 million of the Company’s net income in the second quarter of 2026.

Total net revenue and noninterest expense were relatively stable compared with the second quarter of 2025.

The provision for credit losses increased compared with the second quarter of 2025, primarily due to loan sales completed in the prior year.

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PAYMENT SERVICES
Preliminary data
($ in millions)
Percent Change
2Q
2026
1Q
2026
2Q
2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
 2026
YTD
 2025
Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)
$774 
$794 
$730 
(2.5)
6.0 
$1,568 
$1,472 
6.5 
Noninterest income
1,038 
925 
984 
12.2 
5.5 
1,963 
1,896 
3.5 
Total net revenue
1,812 
1,719 
1,714 
5.4 
5.7 
3,531 
3,368 
4.8 
Noninterest expense
1,127 
1,009 
1,016 
11.7 
10.9 
2,136 
2,008 
6.4 
Income before provision and taxes
685 
710 
698 
(3.5)
(1.9)
1,395 
1,360 
2.6 
Provision for credit losses
385 
347 
384 
11.0 
.3 
732 
701 
4.4 
Income before income taxes
300 
363 
314 
(17.4)
(4.5)
663 
659 
.6 
Income taxes and taxable-equivalent adjustment
75 
91 
79 
(17.6)
(5.1)
166 
165 
.6 
Net income
225 
272 
235 
(17.3)
(4.3)
497 
494 
.6 
Net (income) loss attributable to noncontrolling interests
— 
— 
— 
— 
— 
— 
— 
— 
Net income attributable to U.S. Bancorp
$225 
$272 
$235 
(17.3)
(4.3)
$497 
$494 
.6 
Average Balance Sheet Data
Loans
$45,947 
$44,003 
$42,224 
4.4 
8.8 
$44,980 
$41,917 
7.3 
Other earning assets
7 
5 
5 
40.0 
40.0 
6 
31 
(80.6)
Goodwill
3,479 
3,481 
3,425 
(.1)
1.6 
3,480 
3,409 
2.1 
Other intangible assets
241 
238 
258 
1.3 
(6.6)
240 
254 
(5.5)
Assets
51,171 
49,009 
47,840 
4.4 
7.0 
50,096 
47,338 
5.8 
Noninterest-bearing deposits
2,390 
2,425 
2,439 
(1.4)
(2.0)
2,407 
2,527 
(4.7)
Interest-bearing deposits
93 
94 
95 
(1.1)
(2.1)
93 
95 
(2.1)
Total deposits
2,483 
2,519 
2,534 
(1.4)
(2.0)
2,500 
2,622 
(4.7)
Total U.S. Bancorp shareholders' equity
10,692 
10,596 
10,234 
.9 
4.5 
10,644 
10,232 
4.0 

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

Payment Services generated $685 million of income before provision and taxes in the second quarter of 2026, compared with $698 million in the second quarter of 2025, and contributed $225 million of the Company’s net income in the second quarter of 2026.

Total net revenue increased compared with the second quarter of 2025, driven by an increase in net interest income, primarily due to higher loan balances, and an increase in noninterest income, primarily due to higher card revenue and corporate payment and treasury management revenue.

Noninterest expense increased primarily due to higher compensation and employee benefits expense, marketing and business development expense, and other expense.

The provision for credit losses was relatively stable compared with the second quarter of 2025.

22
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TREASURY AND CORPORATE SUPPORT
Preliminary data
($ in millions)
Percent Change
2Q
2026
1Q
2026
2Q
2025
2Q26 vs 1Q26
2Q26 vs 2Q25
YTD
 2026
YTD
 2025
Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)
($160)
($176)
($215)
9.1 
25.6 
($336)
($310)
(8.4)
Noninterest income
(84)
(51)
(91)
(64.7)
7.7 
(135)
(112)
(20.5)
Total net revenue
(244)
(227)
(306)
(7.5)
20.3 
(471)
(422)
(11.6)
Noninterest expense
189 
297 
171 
(36.4)
10.5 
486 
444 
9.5 
Income (loss) before provision and taxes
(433)
(524)
(477)
17.4 
9.2 
(957)
(866)
(10.5)
Provision for credit losses
(54)
92 
(98)
nm
44.9 
38 
18 
nm
Income (loss) before income taxes
(379)
(616)
(379)
38.5 
— 
(995)
(884)
(12.6)
Income taxes and taxable-equivalent adjustment
(218)
(269)
(175)
19.0 
(24.6)
(487)
(376)
(29.5)
Net income
(161)
(347)
(204)
53.6 
21.1 
(508)
(508)
— 
Net (income) loss attributable to noncontrolling interests
(6)
(5)
(6)
(20.0)
— 
(11)
(13)
15.4 
Net income (loss) attributable to U.S. Bancorp
($167)
($352)
($210)
52.6 
20.5 
($519)
($521)
.4 
Average Balance Sheet Data
Loans
$1,569 
$1,417 
$1,260 
10.7 
24.5 
$1,493 
$1,286 
16.1 
Other earning assets
204,751 
212,810 
216,003 
(3.8)
(5.2)
208,759 
216,113 
(3.4)
Goodwill
— 
— 
— 
— 
— 
— 
— 
— 
Other intangible assets
6 
7 
8 
(14.3)
(25.0)
6 
8 
(25.0)
Assets
218,015 
226,077 
225,938 
(3.6)
(3.5)
222,024 
225,631 
(1.6)
Noninterest-bearing deposits
1,712 
2,027 
1,716 
(15.5)
(.2)
1,869 
1,795 
4.1 
Interest-bearing deposits
258 
506 
9,509 
(49.0)
(97.3)
381 
9,117 
(95.8)
Total deposits
1,970 
2,533 
11,225 
(22.2)
(82.4)
2,250 
10,912 
(79.4)
Total U.S. Bancorp shareholders' equity
18,244 
17,948 
13,402 
1.6 
36.1 
18,098 
12,785 
41.6 

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 $433 million loss before provision and taxes in the second quarter of 2026, compared with a $477 million loss before provision and taxes in the second quarter of 2025, and recorded a net loss of $167 million in the second quarter of 2026.

Total net revenue increased compared with the second quarter of 2025, driven by higher net interest income, primarily due to an improved earning assets mix, lower funding costs, and benefits from fixed asset repricing, partially offset by lower cash balances.

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

The provision for credit losses increased compared with the second quarter of 2025 primarily due to stronger company loan growth.

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.


23