The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. In the opinion of management of U.S. Bancorp (the “Company”), all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Certain amounts in prior periods have been reclassified to conform to the current period presentation.

Effective January 1, 2026, the Company made changes and reclassifications to certain fee revenue generating activities and loan portfolios to align financial reporting with the current management of the Company’s businesses. Corporate payment products revenue was renamed Corporate payment and treasury management revenue and now includes (1) revenue generated from treasury management services, which was previously included in Service charges, and (2) stored-value card revenue, which was previously included in Card revenue. Service charges was renamed Lending and deposit-related fees and now includes loan and leasing fees, which were previously included in Capital markets revenue. Capital markets revenue now includes tax credit investment syndication revenue and related fees, which were previously included in Other noninterest income. The Company’s small business credit card loans have been reclassified from the Commercial loan portfolio to the Credit card loan portfolio as these small business credit card loans share similar credit characteristics to consumer credit card loans.

The Company has evaluated the impact of events that have occurred subsequent to June 30, 2026 through the date the consolidated financial statements were filed with the SEC. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the consolidated financial statements or related notes.