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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________________

FORM 10-Q

_________________________________________________________________

☒ Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

For the quarterly period ended: September 30, 2026

Commission File Number: 1-10853

TRUIST FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

_________________________________________________________________

North Carolina						56-0939887
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
214 North Tryon Street
Charlotte,			North Carolina			28202
(Address of principal executive offices)						(Zip Code)
Registrant’s telephone number, including area code:						(844)			487-8478
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

_________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $5 par value

TFC

New York Stock Exchange

Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock

TFC.PI

New York Stock Exchange

5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock

TFC.PJ

New York Stock Exchange

Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock

TFC.PO

New York Stock Exchange

Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock

TFC.PR

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

At September 30, 2026, 1,198,488,412 shares of the registrant’s common stock, $5 par value, were outstanding.

---

TABLE OF CONTENTS

TRUIST FINANCIAL CORPORATION

FORM 10-Q

September 30, 2026

Page No.

PART I - Financial Information

Glossary of Defined Terms

1

Forward-Looking Statements

3

Item 1.

Financial Statements

Consolidated Balance Sheets (Unaudited)

4

Consolidated Statements of Income (Unaudited)

5

Consolidated Statements of Comprehensive Income (Unaudited)

6

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

7

Consolidated Statements of Cash Flows (Unaudited)

8

Notes to Consolidated Financial Statements (Unaudited)

Note 1. Basis of Presentation

9

Note 2. Securities Financing Activities

11

Note 3. Investment Securities

13

Note 4. Loans and ACL

15

Note 5. Goodwill and Other Intangible Assets

25

Note 6. Loan Servicing

26

Note 7. Other Assets and Liabilities

27

Note 8. Borrowings

28

Note 9. Shareholders’ Equity

29

Note 10. AOCI

30

Note 11. Benefit Plans

31

Note 12. Commitments and Contingencies

32

Note 13. Fair Value Disclosures

35

Note 14. Derivative Financial Instruments

40

Note 15. Computation of EPS

45

Note 16. Operating Segments

46

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Executive Overview

49

Analysis of Results of Operations

51

Analysis of Financial Condition

58

Risk Management

67

Liquidity

72

Capital

74

Share Repurchase Activity

75

Regulatory and Supervisory Updates

76

Critical Accounting Estimates

76

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

79

Item 4.

Controls and Procedures

79

PART II - Other Information

Item 1.

Legal Proceedings

79

Item 1A.

Risk Factors

79

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

79

Item 3.

Defaults Upon Senior Securities

79

Item 4.

Mine Safety Disclosures

79

Item 5.

Other Information

79

Item 6.

Exhibits

80

---

Glossary of Defined Terms

The following terms may be used throughout this report, including in the consolidated financial statements and related notes.

Term			Definition
ACL			Allowance for credit losses
AFS			Available-for-sale
Agency MBS			Mortgage-backed securities issued by a U.S. government agency or GSE
AI			Artificial intelligence, including machine learning and other types of artificial intelligence
ALCO			Asset and Liability Committee
ALLL			Allowance for loan and lease losses
AOCI			Accumulated other comprehensive income (loss)
ATM			Automated teller machine
Board			Board of Directors of Truist Financial Corporation
BRC			Joint Risk Committee of the Boards of Directors of Truist Financial Corporation and Truist Bank
CCAR			Comprehensive Capital Analysis and Review
CDI			Core deposit intangible
CEO			Chief Executive Officer of Truist Financial Corporation
CET1			Common equity tier 1
CFO			Chief Financial Officer of Truist Financial Corporation
CODM			Chief operating decision maker
Company			Truist Financial Corporation and its subsidiaries (interchangeable with “Truist” below)
CRE			Commercial real estate
CSBB			Consumer and Small Business Banking, an operating segment
DTA			Deferred tax asset
EPS			Earnings per common share
ERC			Enterprise Risk Committee
EVE			Economic value of equity
Exchange Act			Securities Exchange Act of 1934, as amended
FDIC			Federal Deposit Insurance Corporation
FHLB			Federal Home Loan Bank
FRB			Board of Governors of the Federal Reserve System
FTE			Full-time equivalent employee
GAAP			Accounting principles generally accepted in the United States of America
GDP			Gross domestic product
GSE			U.S. government-sponsored enterprise
HFI			Held for investment
HQLA			High-quality liquid assets
HTM			Held-to-maturity
IPV			Independent price verification
IRR			Interest rate risk
IRS			Internal Revenue Service
LCR			Liquidity Coverage Ratio
LHFS			Loans held for sale
LOCOM			Lower of cost or market
Market Risk Rule			Market risk capital requirements issued jointly by the OCC, FRB, and FDIC
MBS			Mortgage-backed securities
MD&A			Management’s Discussion and Analysis of Financial Condition and Results of Operations
MRO			Model Risk Oversight
NA			Not applicable
NII			Net interest income
NIM - TE			Net interest margin, computed on a TE basis
NM			Not meaningful
NPA			Nonperforming asset
NPL			Nonperforming loan
NSFR			Net stable funding ratio
OAS			Option-adjusted spread
OCC			Office of the Comptroller of the Currency
OCI			Other comprehensive income (loss)
OPEB			Other post-employment benefit
OREO			Other real estate owned
OT&C			Other, Treasury, and Corporate
Parent Company			Truist Financial Corporation, the parent company of Truist Bank and other subsidiaries
PCD			Purchased credit deteriorated loans
RAC			Regional Acceptance Corporation
REIT			Real estate investment trust
RMO			Risk Management Organization
ROTCE			Return on average tangible common equity, a non-GAAP measure
ROU assets			Right-of-use assets
RUFC			Reserve for unfunded lending commitments
S&P			Standard & Poor’s

Truist Financial Corporation 1

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Term			Definition
SBIC			Small Business Investment Company
SCB			Stress capital buffer
SEC			Securities and Exchange Commission
TBVPS			Tangible book value per common share, a non-GAAP measure
TE			Taxable-equivalent
TMRO			Treasury & Market Risk Oversight
TRS			Total return swap
Truist			Truist Financial Corporation and its subsidiaries (interchangeable with the “Company” above)
Truist Bank			Truist Bank, a North Carolina-chartered bank
U.S.			United States of America
U.S. Treasury			United States Department of the Treasury
UPB			Unpaid principal balance
VaR			Value-at-risk
VIE			Variable interest entity
WB			Wholesale Banking, an operating segment

2 Truist Financial Corporation

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Forward-Looking Statements

From time to time we have made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our current expectations, intentions, or forecasts about future events, circumstances, or results.

This report, including any information incorporated by reference in this report, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, and others. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, and results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, and uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include:

•changes in monetary, fiscal, and trade laws or policies, including tariffs or interest rates;

•evolving political, geopolitical, business, social, economic, and market conditions at the local, regional, national, and international levels;

•our ability to effectively address economic, business, or market deterioration, slowdowns or disruptions;

•disruptions and shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations;

•changes in business and consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households;

•negative market perceptions of our investment portfolio or its value;

•our ability to manage credit risk, including in connection with the loans that we originate or purchase;

•the credit, liquidity, or other financial condition of our clients, counterparties, service providers, or competitors;

•our ability to cost-effectively fund our businesses and operations, including by accessing long- and short-term funding and liquidity and by retaining and growing client deposits;

•our ability to manage any unexpected outflows of uninsured deposits and, in such a circumstance, to access substitute funding and avoid selling investment securities or other assets at an unfavorable time or at a loss;

•changes in our credit ratings and the related effects on our funding costs, ability to attract or retain funding, and relationships with clients and counterparties;

•any instability or breakdown in the financial system, including as a result of the actual or perceived soundness of another financial institution or another participant in the financial system;

•our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure, including those that safeguard personal and other sensitive information;

•our ability to keep pace with changes in technology, including technology-driven products and services relating to AI, that affect us or our clients, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property;

•our ability to manage system failures or disruptions affecting operations, communications, or other systems or processes;

•our ability to identify, assess, monitor, and mitigate physical-security and cybersecurity risks, including denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, AI-driven cyberattacks, environmental conditions, and intentional acts of destruction;

•the performance, availability, and resilience of third-party service providers on whom we rely in delivering products and services to our clients and otherwise in conducting our business and operations;

•the adequacy and effectiveness of our corporate governance, risk-management framework, compliance programs, and internal controls over financial reporting, including our ability to identify, assess, monitor, and mitigate risks, remediate lapses or deficiencies in financial reporting, and make appropriate estimates;

•our ability to develop, maintain, and market our products or services and to manage risks and unanticipated costs or liabilities associated with those products or services;

•our ability to satisfactorily and profitably perform loan servicing and similar obligations;

•the legal, regulatory, and supervisory environment, including changes in financial services legislation, regulation, policies, or government leadership or personnel;

•U.S. and international regulatory capital and liquidity requirements and standards and their effects on our capital and liquidity levels, ratios, buffers, and targets, and our ability to pay or increase dividends, repurchase shares, or take other capital actions;

•our ability to address scrutiny and expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies;

•judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for or are adverse to us or the financial services industry;

•the outcomes of judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings to which we are or may be subject (either directly or indirectly through our ownership interests in other entities) and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences;

•our ability to implement strategic and operational plans, including with respect to allocating capital and resources to our highest-value opportunities, becoming the most important financial partner to our clients, and executing with urgency, discipline, and accountability;

•our ability to innovate, to anticipate the needs of current or future clients, or to make timely and effective technology investments and enhancements to meet client expectations;

•our ability to compete successfully, to increase or maintain market share in changing competitive environments, or to address pricing or other competitive pressures, including competition from banks and nonbanks and the effects of digital assets, cryptocurrencies, stablecoins, tokenization, and other emerging products, services, and technologies relating to deposits, lending, and payments;

•changes in our corporate and business strategies, the composition of our assets, or the way in which we fund those assets;

•our ability to successfully make and integrate acquisitions and to effect divestitures, which may include regulatory approvals and conditions;

•the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk;

•evolving accounting standards and policies and related changes to interpretations;

•damage to our brand or negative public opinion or adverse publicity affecting us, our leaders, or our service providers, including the impact on our relationships with clients, teammates, and other stakeholders;

•our ability to attract, hire, and retain key teammates and to engage in adequate succession planning;

•our ability to identify, assess, monitor, and mitigate the risk of fraud or misconduct by internal or external parties, including potential losses that may result;

•policies and other actions of governments to manage and mitigate climate and related environmental risks, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation;

•natural or other disasters, calamities, and conflicts, including terrorist events, cyber-warfare, and pandemics that impact us or our clients, teammates, or service providers; and

•other assumptions, risks, or uncertainties described in the Company’s Annual Report on Form 10-K or subsequent reports.

Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K.

Truist Financial Corporation 3

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ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES

Unaudited (Dollars in millions, except per share data, shares in thousands)			Sep 30, 2026						Dec 31, 2025
Assets
Cash and due from banks			$	4,230					$	4,967
Interest-bearing deposits with banks			41,242						31,410
Securities borrowed or purchased under agreements to resell			3,903						3,200
Trading assets at fair value			5,218						5,790
AFS securities at fair value			61,523						65,042
HTM securities (fair value of $38,263 and $39,130, respectively)			48,666						47,186
LHFS (including $1,270 and $1,622 at fair value, respectively)			1,558						1,883
Loans and leases (including $9 and $11 at fair value, respectively)			323,930						328,595
ALLL			(4,063)						(5,030)
Loans and leases, net of ALLL			319,867						323,565
Premises and equipment			3,257						3,172
Goodwill			17,125						17,125
CDI and other intangible assets			1,067						1,256
Loan servicing rights at fair value			5,066						3,972
Other assets (including $2,351 and $1,725 at fair value, respectively)			41,474						38,970
Total assets			$	554,196					$	547,538
Liabilities
Noninterest-bearing deposits			$	103,325					$	105,092
Interest-bearing deposits (including $776 and $639 at fair value, respectively)			309,908						295,306
Short-term borrowings (including $2,783 and $2,394 at fair value, respectively)			12,415						27,839
Long-term debt			53,373						41,963
Other liabilities (including $3,329 and $1,797 at fair value, respectively)			13,703						12,149
Total liabilities			492,724						482,349
Shareholders’ Equity
Preferred stock			5,411						4,916
Common stock, $5 par value			5,992						6,312
Additional paid-in capital			30,613						33,663
Retained earnings			27,728						26,067
AOCI, net of deferred income taxes			(8,272)						(5,769)
Total shareholders’ equity			61,472						65,189
Total liabilities and shareholders’ equity			$	554,196					$	547,538
Common shares outstanding			1,198,488						1,262,470
Common shares authorized			2,000,000						2,000,000
Preferred shares outstanding			196						176
Preferred shares authorized			5,000						5,000

The accompanying notes are an integral part of these consolidated financial statements.

4 Truist Financial Corporation

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CONSOLIDATED STATEMENTS OF INCOME

TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES

Unaudited (Dollars in millions, except per share data, shares in thousands)						Three Months Ended September 30,												Nine Months Ended September 30,
						2026						2025						2026						2025
Interest Income
Interest and fees on loans and leases						$	4,689					$	4,816					$	13,947					$	13,966
Interest on securities						897						941						2,617						2,877
Interest on other earning assets						444						529						1,288						1,585
Total interest income						6,030						6,286						17,852						18,428
Interest Expense
Interest on deposits						1,647						1,835						4,747						5,415
Interest on long-term debt						534						523						1,464						1,363
Interest on other borrowings						186						299						758						927
Total interest expense						2,367						2,657						6,969						7,705
Net Interest Income						3,663						3,629						10,883						10,723
Provision (benefit) for credit losses						(253)						436						621						1,382
Net Interest Income After Provision for Credit Losses						3,916						3,193						10,262						9,341
Noninterest Income
Wealth management income						407						374						1,152						1,066
Card and treasury management fees						347						340						1,038						1,024
Investment banking and trading income						324						323						1,048						801
Other deposit revenue						125						125						365						350
Mortgage banking income						113						118						362						333
Lending related fees						120						103						358						297
Securities gains (losses)						(1,447)						—						(1,447)						(19)
Other income						95						175						405						498
Total noninterest income						84						1,558						3,281						4,350
Noninterest Expense
Personnel expense						1,853						1,748						5,372						5,030
Professional fees and outside processing						365						346						1,013						1,083
Software expense						254						233						723						694
Net occupancy expense						180						185						530						534
Equipment expense						77						90						241						261
Marketing and customer development						83						79						253						236
Amortization of intangibles						62						72						189						220
Regulatory costs						61						32						190						156
Other expense						170						229						632						692
Total noninterest expense						3,105						3,014						9,143						8,906
Earnings
Income before income taxes						895						1,737						4,400						4,785
Provision for income taxes						96						285						567						832
Net income						799						1,452						3,833						3,953
Preferred stock dividends and other						115						104						253						268
Net income available to common shareholders						$	684					$	1,348					$	3,580					$	3,685
Earnings Per Common Share
Basic EPS						$	0.57					$	1.05					2.92						2.85
Diluted EPS						0.56						1.04						2.88						2.82
Weighted Average Shares Outstanding
Basic						1,210,179						1,280,571						1,227,751						1,293,341
Diluted						1,226,342						1,296,666						1,243,918						1,308,676

The accompanying notes are an integral part of these consolidated financial statements.

Truist Financial Corporation 5

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES

Unaudited (Dollars in millions)			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Net income			$	799					$	1,452					$	3,833					$	3,953
OCI, net of tax:
Net change in net pension and post-retirement costs			(19)						(46)						(24)						(39)
Net change in cash flow hedges			(857)						30						(1,719)						734
Net change in AFS securities			(735)						480						(915)						974
Net change in HTM securities			53						56						150						165
Other, net			2						—						5						6
Total OCI, net of tax			(1,556)						520						(2,503)						1,840
Total comprehensive income			$	(757)					$	1,972					$	1,330					$	5,793
Income Tax Effect of Items Included in OCI:
Net change in net pension and post-retirement costs			$	(6)					$	(14)					$	(8)					$	(14)
Net change in cash flow hedges			(268)						9						(538)						226
Net change in AFS securities			(231)						152						(286)						291
Net change in HTM securities			17						17						47						44
Other, net			1						—						2						—
Total income taxes related to OCI			$	(487)					$	164					$	(783)					$	547

The accompanying notes are an integral part of these consolidated financial statements.

6 Truist Financial Corporation

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES

Unaudited (Dollars in millions, shares in thousands)			Shares of Common Stock						Preferred Stock						Common Stock						Additional Paid-In Capital						Retained Earnings						AOCI												Total Shareholders’ Equity
Balance, July 1, 2025			1,289,435						$	5,907					$	6,447					$	34,620					$	24,759					$	(6,893)											$	64,840
Net income			—						—						—						—						1,452						—												1,452
OCI			—						—						—						—						—						520												520
Issued in connection with equity awards, net			910						—						5						29						(4)						—												30
Repurchase of common stock, including excise tax			(11,099)						—						(56)						(449)						—						—												(505)
Cash dividends declared on common stock			—						—						—						—						(665)						—												(665)
Cash dividends declared on preferred stock			—						—						—						—						(104)						—												(104)
Equity-based compensation expense			—						—						—						78						—						—												78
Balance, September 30, 2025			1,279,246						$	5,907					$	6,396					$	34,278					$	25,438					$	(6,373)											$	65,646
Balance, July 1, 2026			1,221,626						$	5,411					$	6,108					$	31,616					$	27,676					$	(6,716)											$	64,095
Net income			—						—						—						—						799						—												799
OCI			—						—						—						—						—						(1,556)												(1,556)
Issued in connection with equity awards, net			143						—						—						(2)						(3)						—												(5)
Repurchase of common stock, including excise tax			(23,281)						—						(116)						(1,096)						—						—												(1,212)
Cash dividends declared on common stock			—						—						—						—						(629)						—												(629)
Cash dividends declared on preferred stock			—						—						—						—						(115)						—												(115)
Equity-based compensation expense			—						—						—						95						—						—												95
Balance, September 30, 2026			1,198,488						$	5,411					$	5,992					$	30,613					$	27,728					$	(8,272)											$	61,472
Balance, January 1, 2025			1,315,936						$	5,907					$	6,580					$	35,628					$	23,777					$	(8,213)											$	63,679
Net income			—						—						—						—						3,953						—												3,953
OCI			—						—						—						—						—						1,840												1,840
Issued in connection with equity awards, net			5,873						—						29						(54)						(10)						—												(35)
Repurchase of common stock, including excise tax			(42,563)						—						(213)						(1,552)						—						—												(1,765)
Cash dividends declared on common stock			—						—						—						—						(2,014)						—												(2,014)
Cash dividends declared on preferred stock			—						—						—						—						(268)						—												(268)
Equity-based compensation expense			—						—						—						256						—						—												256
Balance, September 30, 2025			1,279,246						$	5,907					$	6,396					$	34,278					$	25,438					$	(6,373)											$	65,646
Balance, January 1, 2026			1,262,470						$	4,916					$	6,312					$	33,663					$	26,067					$	(5,769)											$	65,189
Net income			—						—						—						—						3,833						—												3,833
OCI			—						—						—						—						—						(2,503)												(2,503)
Issued in connection with equity awards, net			5,876						—						29						(111)						(9)						—												(91)
Repurchase of common stock, including excise tax			(69,858)						—						(349)						(3,218)						—						—												(3,567)
Issuance of preferred stock			—						495						—						—						—						—												495
Cash dividends declared on common stock			—						—						—						—						(1,910)						—												(1,910)
Cash dividends declared on preferred stock			—						—						—						—						(253)						—												(253)
Equity-based compensation expense			—						—						—						279						—						—												279
Balance, September 30, 2026			1,198,488						$	5,411					$	5,992					$	30,613					$	27,728					$	(8,272)											$	61,472

The accompanying notes are an integral part of these consolidated financial statements.

Truist Financial Corporation 7

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CONSOLIDATED STATEMENTS OF CASH FLOWS

TRUIST FINANCIAL CORPORATION AND SUBSIDIARIES

Unaudited (Dollars in millions)						Nine Months Ended September 30,
						2026						2025
Cash Flows From Operating Activities:
Net income						$	3,833					$	3,953
Adjustments to reconcile net income to net cash from operating activities:
Provision for credit losses						621						1,382
Depreciation						376						414
Amortization of intangibles						189						220
Securities (gains) losses						1,447						19
Net change in operating assets and liabilities:
LHFS						352						(578)
Pension asset						(229)						(169)
Derivative assets and liabilities						1,078						(1,130)
Trading assets						572						(631)
Investments in affordable housing projects and other qualified tax credits(1)						(560)						(142)
Other assets and other liabilities						(2,144)						(610)
Other, net(1)						(2,054)						429
Net cash flows from operating activities						3,481						3,157
Cash Flows From Investing Activities:
Proceeds from sales of AFS securities						7,279						1,113
Proceeds from maturities, calls and paydowns of AFS securities						12,184						12,123
Purchases of AFS securities						(18,968)						(9,350)
Proceeds from maturities, calls and paydowns of HTM securities						2,800						2,841
Purchases of HTM securities						(4,068)						—
Originations of loans and leases, net of principal collected						(2,245)						(18,194)
Purchases of loans and leases						(750)						(818)
Proceeds from sales of loans and leases						6,002						439
Net cash received (paid) for securities borrowed or purchased under agreements to resell						(703)						(431)
Purchases of loan servicing rights(1)						(755)						(182)
Other, net(1)						189						(512)
Net cash flows from investing activities						965						(12,971)
Cash Flows From Financing Activities:
Net change in deposits						12,835						4,383
Net change in short-term borrowings						(15,418)						199
Proceeds from issuance of long-term debt						75,679						50,907
Repayment of long-term debt						(63,128)						(44,501)
Repurchase of common stock						(3,534)						(1,750)
Net proceeds from preferred stock issued						495						—
Cash dividends paid on common stock						(1,910)						(2,014)
Cash dividends paid on preferred stock						(253)						(268)
Other, net						(117)						(58)
Net cash flows from financing activities						4,649						6,898
Net Change in Cash and Cash Equivalents						9,095						(2,916)
Cash and Cash Equivalents of Continuing and Discontinued Operations, January 1						36,377						39,768
Cash and Cash Equivalents of Continuing and Discontinued Operations, September 30						$	45,472					$	36,852
Supplemental Disclosure of Cash Flow Information:
Net cash paid (received) during the period for:
Interest expense						$	7,093					$	7,568
Income taxes						164						196
Transfer of loans HFI, net of ALLL, to LHFS						5,395						404

(1)Prior period balances have been conformed to current period presentation.

The accompanying notes are an integral part of these consolidated financial statements.

8 Truist Financial Corporation

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NOTE 1. Basis of Presentation

General

See the Glossary of Defined Terms at the beginning of this Report for terms used herein. These consolidated financial statements and notes are presented in accordance with the instructions for 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 GAAP. In the opinion of management, all normal recurring adjustments necessary for a fair statement of the consolidated financial position and consolidated results of operations have been made. The year-end consolidated balance sheet data was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The information contained in the financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2025 should be referred to in connection with these unaudited interim consolidated financial statements. There were no changes to the Company’s accounting policies from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025 that could have a material effect on the Company’s financial statements.

Reclassifications

Certain amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the current presentation.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in accordance with GAAP requires management to make estimates that are used in arriving at the carrying value of assets and liabilities, and amounts reported for revenues and expenses. Certain of these estimates are considered critical because they require the use of difficult, complex, or subjective judgments, which are sensitive to changes in key assumptions or inputs. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change include the ACL; fair value measurement; goodwill; income taxes; and pension and post-retirement benefit obligations.

Subsequent Events

On October 14, 2026, Truist signed an agreement to sell $7.7 billion of loans, representing substantially all assets of LightStream, a national unsecured lending platform. Estimated net proceeds for the transaction are $7.2 billion. The resulting impact to net income is not expected to be material. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

Truist Financial Corporation 9

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Changes in Accounting Principles and Effects of New Accounting Standards

The following table provides a summary of significant accounting standards adopted during the current year and standards not yet adopted:

Standard / Effective Date			Description			Effects on the Financial Statements
Standards Not Yet Adopted
Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract / January 1, 2027			Refines the scope of derivatives by adding a scope exception from derivative accounting for contracts that (i) are not exchange traded and (ii) have underlyings based on operations or activities specific to one of the parties to the contract. However, contracts based on certain underlyings or features would not qualify for the scope exception. Clarifies that the revenue guidance applies initially to share-based noncash consideration (e.g., shares, share options, or other equity instruments) received from a customer for the transfer of goods or services. Permits a prospective or modified retrospective basis transition approach. Early adoption is permitted.			Truist does not expect a material impact on its financial statements.
Hedge Accounting Improvements / January 1, 2027			The standard (i) permits designation of variable price elements of forecasted purchases or sales of nonfinancial assets as hedged items, provided they are clearly and closely related to the underlying asset, (ii) allows individual transactions with similar risk exposures to be grouped for hedge accounting, (iii) permits entities to continue hedge accounting when a borrower transitions to a new interest rate index and/or tenor for choose-your-rate debt instruments, as long as the hedging instrument remains highly effective in offsetting the cash flows attributable to the revised hedged risk, (iv) allows entities, for the written option test, to assume that certain terms of the hedging instrument match those of the forecasted transaction, and (v) requires that any basis adjustments to foreign-currency-denominated debt related to fair value hedges of interest rate risk be excluded from net investment hedge effectiveness assessments. Early adoption is permitted.			Truist does not expect a material impact on its financial statements.
Purchased Loans / January 1, 2027			Requires loans (excluding credit cards) acquired without credit deterioration and classified as seasoned to be treated as purchased seasoned loans and accounted for using the gross-up method at purchase. Under the gross-up method, estimated credit losses at the purchase date are recorded by an offsetting gross-up adjustment to the purchase price of the purchased loans. All non-PCD loans (excluding credit cards) that are acquired in a business combination are deemed seasoned. Other non-PCD loans (excluding credit cards) are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. Requires prospective application. Early adoption is permitted.			Any impact on Truist's financial statements will depend on the nature and volume of future in-scope transactions. Truist does not expect a material impact on its financial statements upon adoption.
Expense Disaggregation Disclosures / December 31, 2027			Introduces new requirements to disclose more detailed information about certain types of expenses not already presented in separate expense captions in the Consolidated Statements of Income, including employee compensation, depreciation, intangible asset amortization, and selling expenses. Banks that present a caption for salaries and benefits under SEC rules would be permitted to retain their current definition. Permits either a prospective or retrospective transition approach.			Truist is evaluating the impact of this standard on its disclosures. This standard relates to footnote disclosures only.
Internal-Use Software / January 1, 2028			Eliminates references to prescriptive and sequential software development stages and requires eligible cost capitalization when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. In evaluating probable-to-complete, requires consideration of any significant development uncertainty. Permits a prospective, a modified transition for in-process projects, or a retrospective transition approach.			Truist is evaluating the impact of this standard on its financial statements.

10 Truist Financial Corporation

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NOTE 2. Securities Financing Activities

The Company’s securities financing activities include borrowing securities, purchasing securities under agreements to resell, and selling securities under agreements to repurchase.

Securities Borrowed or Purchased Under Agreements to Resell

The Company primarily borrows corporate debt and equity securities in its market-making, settlement, and other trading activities, including facilitating client transactions and covering short positions. Securities borrowing transactions are recorded as receivables reflecting the Company’s right to reclaim cash collateral pledged to securities lenders in exchange for borrowed securities. The Company monitors the fair value of securities borrowed daily, pledging additional collateral or obtaining refunds of excess collateral as warranted under the applicable agreements.

The Company purchases securities under agreements to resell primarily as a source of short-term financing to counterparties or to cover short positions. Securities purchased under agreements to resell are recorded as collateralized financing receivables carried at the amount of cash advanced. The difference between the contractual resale amount and the amount advanced is accrued ratably as interest income over the life of the arrangement. At the inception of these arrangements, the Company and its counterparties agree on the amount of collateral required to secure the amount advanced. The Company monitors collateral values daily and calls for additional collateral to be provided as warranted under the applicable agreements. Securities purchased under agreements to resell are primarily collateralized by U.S. government debt securities.

The securities the Company borrows or receives as collateral are not recognized on its Consolidated Balance Sheets.

Securities Sold Under Agreements to Repurchase

The Company sells securities under agreements to repurchase as a source of short-term collateralized funding. Securities sold under agreements to repurchase are recorded as collateralized borrowings carried at the amount of cash received and are included within Short-term borrowings. The difference between the contractual repurchase amount and the amount of cash received is accrued ratably as interest expense over the life of the arrangement. Securities sold under agreements to repurchase are primarily collateralized by corporate, residential agency MBS, municipal, or U.S. government debt securities. Securities pledged by the Company are not presented net against the associated liability recorded in Short-term borrowings. The Company may be obligated to pledge additional collateral in the event of a significant decline in the fair value of collateral pledged. This risk is managed by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions. Refer to “Note 12. Commitments and Contingencies” for additional information related to pledged securities.

Truist Financial Corporation 11

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The agreements that govern the Company's securities financing transactions provide for a right of offset in the event of default or bankruptcy with respect to either party to such transactions. The following table presents the Company's securities financing transactions, including those executed under master netting (or similar) arrangements. Refer to “Note 14. Derivative Financial Instruments” for information about the Company's derivative instruments subject to master netting (or similar) arrangements.

																		September 30, 2026
(Dollars in millions)																		Amount in Consolidated Balance Sheets						Amount Not Offset in Consolidated Balance Sheets						Financial Instruments Received/Pledged(1)						Net Amount
Assets:
Securities purchased under agreements to resell																		$	1,758					$	—					$	(1,747)					$	11
Securities borrowed															2,145						—						(2,107)						38
Total securities borrowed or purchased under agreements to resell															$	3,903					$	—					$	(3,854)					$	49
Liabilities:
Securities sold under agreements to repurchase																		$	(1,545)					$	—					$	1,545					$	—
																		December 31, 2025
																		Amount in Consolidated Balance Sheets						Amount Not Offset in Consolidated Balance Sheets						Financial Instruments Received/Pledged(1)						Net Amount
Assets:
Securities purchased under agreements to resell																		$	1,313					$	(78)					$	(1,223)					$	12
Securities borrowed																		1,887						—						(1,835)						52
Total securities borrowed or purchased under agreements to resell																		$	3,200					$	(78)					$	(3,058)					$	64
Liabilities:
Securities sold under agreements to repurchase																		$	(3,103)					$	78					$	3,025					$	—

(1)The fair value of received/pledged financial instruments is limited to the carrying amount of the associated asset or liability. The fair value of securities received that was permitted to be resold or repledged was $3.9 billion as of September 30, 2026 and $3.1 billion as of December 31, 2025. Of the fair value of securities permitted to be resold or repledged, the fair value of securities repledged or resold was $2.4 billion as of September 30, 2026 and $2.2 billion as of December 31, 2025.

The following table presents additional information related to the Company’s securities sold under agreements to repurchase, by collateral type and remaining contractual maturity:

			September 30, 2026																		December 31, 2025
(Dollars in millions)			Overnight and Continuous						Up to 30 days												Total						Overnight and Continuous						Up to 30 days												Total
U.S. Treasury			$	—					$	—											$	—					$	78					$	—											$	78
State and Municipal			54						—												54						100						—												100
Agency MBS – residential			—						695												695						—						298												298
Corporate and other debt securities			296						500												796						300						2,327												2,627
Total securities sold under agreements to repurchase			$	350					$	1,195											$	1,545					$	478					$	2,625											$	3,103

12 Truist Financial Corporation

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NOTE 3. Investment Securities

The following tables summarize the Company’s AFS and HTM securities:

September 30, 2026			Amortized Cost						Gross Unrealized												Net unrealized gains (losses)						Fair Value
(Dollars in millions)									Gains						Losses
AFS securities:
U.S. Treasury			$	15,641					$	33					$	(157)					$	(124)					$	15,517
GSE			448						—						(44)						(44)						404
Agency MBS – residential			45,508						3						(5,196)						(5,193)						40,315
Agency MBS – commercial			3,809						—						(730)						(730)						3,079
States and political subdivisions			342						5						(27)						(22)						320
Collateralized loan obligations			1,885						1						—						1						1,886
Other			2						—						—						—						2
Total AFS securities, excluding portfolio level basis adjustments			$	67,635					$	42					$	(6,154)					$	(6,112)					$	61,523
Portfolio-level basis adjustments(1)			(574)																		574						—
Total AFS securities			$	67,061					$	42					$	(6,154)					$	(5,538)					$	61,523
HTM securities:
Agency MBS – residential			$	48,666					$	—					$	(10,403)					$	(10,403)					$	38,263

December 31, 2025						Amortized Cost						Gross Unrealized												Net unrealized gains (losses)						Fair Value
(Dollars in millions)												Gains						Losses
AFS securities:
U.S. Treasury						$	12,727					$	89					$	(24)					$	65					$	12,792
GSE						481						4						(25)						(21)						460
Agency MBS – residential						51,971						272						(4,017)						(3,745)						48,226
Agency MBS – commercial						3,762						12						(574)						(562)						3,200
States and political subdivisions						347						13						(10)						3						350
Other						14						—						—						—						14
Total AFS securities, excluding portfolio level basis adjustments						$	69,302					$	390					$	(4,650)					$	(4,260)					$	65,042
Portfolio-level basis adjustments(1)						77																		(77)						—
Total AFS securities						$	69,379					$	390					$	(4,650)					$	(4,337)					$	65,042
HTM securities:
Agency MBS – residential						$	47,186					$	—					$	(8,056)					$	(8,056)					$	39,130

(1)Represents fair value hedge basis adjustments related to active portfolio-layer method hedges, which are not allocated to individual securities. For additional information, refer to “Note 14. Derivative Financial Instruments.”

The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected lives of MBS may be shorter than the contractual maturities because borrowers have the right to prepay their obligations with or without penalties.

			Amortized Cost																														Fair Value
September 30, 2026 (Dollars in millions)			Due in one year or less						Due after one year through five years						Due after five years through ten years						Due after ten years						Total						Due in one year or less						Due after one year through five years						Due after five years through ten years						Due after ten years						Total
AFS securities:
U.S. Treasury			$	4,466					$	10,395					$	37					$	743					$	15,641					$	4,488					$	10,351					$	35					$	643					$	15,517
GSE			—						—						4						444						448						—						—						4						400						404
Agency MBS – residential			—						—						48						45,460						45,508						—						—						47						40,268						40,315
Agency MBS – commercial			—						534						419						2,856						3,809						—						515						396						2,168						3,079
States and political subdivisions			2						104						161						75						342						2						103						149						66						320
Collateralized loan obligations			—						—						—						1,885						1,885						—						—						—						1,886						1,886
Other			2						—						—						—						2						2						—						—						—						2
Total AFS securities			$	4,470					$	11,033					$	669					$	51,463					$	67,635					$	4,492					$	10,969					$	631					$	45,431					$	61,523
HTM securities:
Agency MBS – residential			$	—					$	—					$	—					$	48,666					$	48,666					$	—					$	—					$	—					$	38,263					$	38,263

Truist Financial Corporation 13

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The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position:

			Less than 12 months												12 months or more												Total
September 30, 2026 (Dollars in millions)			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
AFS securities:
U.S. Treasury			$	7,905					$	(150)					$	29					$	(7)					$	7,934					$	(157)
GSE			214						(11)						190						(33)						404						(44)
Agency MBS – residential			25,606						(1,247)						14,237						(3,949)						39,843						(5,196)
Agency MBS – commercial			1,198						(53)						1,880						(677)						3,078						(730)
States and political subdivisions			222						(27)						—						—						222						(27)
Other			—						—						2						—						2						—
Total			$	35,145					$	(1,488)					$	16,338					$	(4,666)					$	51,483					$	(6,154)
HTM securities:
Agency MBS – residential			$	3,559					$	(85)					$	34,307					$	(10,318)					$	37,866					$	(10,403)

						Less than 12 months												12 months or more												Total
December 31, 2025 (Dollars in millions)						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
AFS securities:
U.S. Treasury						$	704					$	(16)					$	432					$	(8)					$	1,136					$	(24)
GSE						65						(1)						228						(24)						293						(25)
Agency MBS – residential						2,882						(8)						24,986						(4,009)						27,868						(4,017)
Agency MBS – commercial						227						(2)						2,093						(572)						2,320						(574)
States and political subdivisions						158						(10)						31						—						189						(10)
Other						7						—						7						—						14						—
Total						$	4,043					$	(37)					$	27,777					$	(4,613)					$	31,820					$	(4,650)
HTM securities:
Agency MBS – residential						$	—					$	—					$	39,130					$	(8,056)					$	39,130					$	(8,056)

At September 30, 2026, and December 31, 2025, no ACL was established for AFS or HTM securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. The Company does not expect to incur any credit losses on investment securities.

The following table presents gross securities gains and losses recognized in earnings:

(Dollars in millions)						Three Months Ended September 30,												Nine Months Ended September 30,
						2026						2025						2026						2025
Gross realized gains						$	—					$	—					$	—					$	2
Gross realized losses						(1,447)						—						(1,447)						(21)
Securities gains (losses), net						$	(1,447)					$	—					$	(1,447)					$	(19)

In the third quarter of 2026, Truist executed a strategic balance sheet repositioning of a portion of its AFS securities portfolio by selling $8.6 billion of longer-duration, lower-yielding agency MBS and purchasing $7.2 billion of shorter-duration, higher-yielding agency MBS and U.S. Treasury securities.

14 Truist Financial Corporation

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NOTE 4. Loans and ACL

The following tables present loans and leases HFI by aging category. Government guaranteed loans are not placed on nonperforming status regardless of delinquency because collection of principal and interest is reasonably assured.

						Accruing																		Nonperforming
September 30, 2026 (Dollars in millions)						Current						30-89 Days Past Due						90 Days Or More Past Due(1)						Without an ALLL						With an ALLL						Total
Commercial:
Commercial and industrial						$	166,354					$	229					$	—					$	72					$	661					$	167,316
CRE						25,840						14						—						—						43						25,897
Commercial construction						7,426						14						—						18						—						7,458
Consumer:
Residential mortgage						56,695						669						614						—						225						58,203
Home equity						9,531						56						6						—						94						9,687
Indirect auto						16,781						210						—						—						101						17,092
Other consumer						33,134						254						19						—						79						33,486
Credit card						4,661						66						64						—						—						4,791
Total						$	320,422					$	1,512					$	703					$	90					$	1,203					$	323,930
(1)Includes government guaranteed loans of $568 million in the residential mortgage portfolio.
						Accruing																		Nonperforming
December 31, 2025 (Dollars in millions)						Current						30-89 Days Past Due						90 Days Or More Past Due(1)						Without an ALLL						With an ALLL						Total
Commercial:
Commercial and industrial						$	166,839					$	127					$	3					$	5					$	834					$	167,808
CRE						23,648						25						—						—						47						23,720
Commercial construction						7,706						36						—						—						41						7,783
Consumer:
Residential mortgage						55,338						686						570						6						207						56,807
Home equity						9,544						69						7						1						98						9,719
Indirect auto						24,713						679						—						—						267						25,659
Other consumer						31,801						281						28						—						71						32,181
Credit card						4,765						77						76						—						—						4,918
Total						$	324,354					$	1,980					$	684					$	12					$	1,565					$	328,595
(1)Includes government guaranteed loans of $532 million in the residential mortgage portfolio.

In the third quarter of 2026, Truist sold $5.5 billion of RAC loans from the indirect auto portfolio for proceeds of $5.2 billion. The RAC loan sale resulted in a $581 million pre-tax loan loss reserve recapture following the recognition of held for sale-related charge-offs.

Truist Financial Corporation 15

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The following tables present the amortized cost basis of loans by origination year and credit quality indicator:

As of / for the nine months ended September 30, 2026 (Dollars in millions)			Amortized Cost Basis by Origination Year																																				Revolving Credit						Loans Converted to Term						Other(1)
			2026						2025						2024						2023						2022						Prior																								Total
Commercial:
Commercial and industrial:
Pass			$	30,582					$	27,448					$	8,542					$	5,520					$	9,378					$	17,525					$	64,036					$	—					$	(280)					$	162,751
Special mention			64						101						125						163						121						180						569						—						—						1,323
Substandard			189						500						262						281						127						271						879						—						—						2,509
Nonperforming			15						10						64						70						136						69						369						—						—						733
Total			30,850						28,059						8,993						6,034						9,762						18,045						65,853						—						(280)						167,316
Gross charge-offs			15						28						50						10						40						27						234						—						—						404
CRE:
Pass			7,425						7,046						930						985						2,949						3,804						1,058						—						(99)						24,098
Special mention			27						172						—						9						26						166						74						—						—						474
Substandard			161						287						24						369						186						255						—						—						—						1,282
Nonperforming			—						2						—						1						30						10						—						—						—						43
Total			7,613						7,507						954						1,364						3,191						4,235						1,132						—						(99)						25,897
Gross charge-offs			—						3						—						—						4						1						—						—						—						8
Commercial construction:
Pass			1,327						1,849						612						429						91						33						2,038						—						—						6,379
Special mention			64						6						—						96						46						—						104						—						—						316
Substandard			269						50						—						100						282						—						44						—						—						745
Nonperforming			—						—						—						—						—						—						18						—						—						18
Total			1,660						1,905						612						625						419						33						2,204						—						—						7,458
Gross charge-offs			—						—						—						—						—						—						20						—						—						20
Consumer:
Residential mortgage:
Current			5,673						5,296						3,310						2,106						10,984						29,326						—						—						—						56,695
30 - 89 days past due			20						27						21						31						79						491						—						—						—						669
90 days or more past due			2						18						45						99						69						381						—						—						—						614
Nonperforming			—						7						8						11						39						160						—						—						—						225
Total			5,695						5,348						3,384						2,247						11,171						30,358						—						—						—						58,203
Gross charge-offs			—						—						—						—						1						2						—						—						—						3
Home equity:
Current			—						—						—						—						—						—						6,815						2,716						—						9,531
30 - 89 days past due			—						—						—						—						—						—						42						14						—						56
90 days or more past due			—						—						—						—						—						—						5						1						—						6
Nonperforming			—						—						—						—						—						—						41						53						—						94
Total			—						—						—						—						—						—						6,903						2,784						—						9,687
Gross charge-offs			—						—						—						—						—						—						9						—						—						9
Indirect auto:
Current			3,521						6,999						3,246						822						1,493						695						—						—						5						16,781
30 - 89 days past due			20						61						37						22						40						30						—						—						—						210
Nonperforming			4						23						17						12						26						19						—						—						—						101
Total			3,545						7,083						3,300						856						1,559						744						—						—						5						17,092
Gross charge-offs			56						165						117						97						109						107						—						—						—						651
Other consumer:
Current			9,682						8,391						4,165						2,777						2,492						2,395						3,195						34						3						33,134
30 - 89 days past due			45						62						45						42						27						24						7						2						—						254
90 days or more past due			3						4						3						4						2						1						2						—						—						19
Nonperforming			5						24						14						12						10						14						—						—						—						79
Total			9,735						8,481						4,227						2,835						2,531						2,434						3,204						36						3						33,486
Gross charge-offs			49						166						101						87						53						41						25						—						—						522
Credit card:
Current			—						—						—						—						—						—						4,625						36						—						4,661
30 - 89 days past due			—						—						—						—						—						—						62						4						—						66
90 days or more past due			—						—						—						—						—						—						60						4						—						64
Total			—						—						—						—						—						—						4,747						44						—						4,791
Gross charge-offs			—						—						—						—						—						—						193						10						—						203
Total			$	59,098					$	58,383					$	21,470					$	13,961					$	28,633					$	55,849					$	84,043					$	2,864					$	(371)					$	323,930
Gross charge-offs			$	120					$	362					$	268					$	194					$	207					$	178					$	481					$	10					$	—					$	1,820

16 Truist Financial Corporation

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As of / for the year ended December 31, 2025 (Dollars in millions)			Amortized Cost Basis by Origination Year																																				Revolving Credit						Loans Converted to Term						Other(1)
			2025						2024						2023						2022						2021						Prior																								Total
Commercial:
Commercial and industrial:
Pass			$	42,084					$	12,725					$	8,296					$	13,476					$	7,558					$	14,854					$	63,555					$	—					$	(233)					$	162,315
Special mention			401						153						136						180						309						113						621						—						—						1,913
Substandard			351						391						476						383						254						262						624						—						—						2,741
Nonperforming			77						112						64						144						12						53						377						—						—						839
Total			42,913						13,381						8,972						14,183						8,133						15,282						65,177						—						(233)						167,808
Gross charge-offs			45						96						70						28						1						9						212						—						—						461
CRE:
Pass			8,621						1,300						1,548						3,233						1,797						3,510						1,103						—						(84)						21,028
Special mention			26						11						61						181						211						121						—						—						—						611
Substandard			376						153						311						460						150						449						135						—						—						2,034
Nonperforming			4						1						1						13						6						22						—						—						—						47
Total			9,027						1,465						1,921						3,887						2,164						4,102						1,238						—						(84)						23,720
Gross charge-offs			6						42						14						8						—						77						—						—						—						147
Commercial construction:
Pass			1,398						581						1,070						531						158						20						1,844						—						—						5,602
Special mention			112						—						40						252						32						2						36						—						—						474
Substandard			175						32						348						1,020						91						—						—						—						—						1,666
Nonperforming			—						—						—						—						—						—						41						—						—						41
Total			1,685						613						1,458						1,803						281						22						1,921						—						—						7,783
Consumer:
Residential mortgage:
Current			5,724						3,947						2,420						11,747						14,453						17,047						—						—						—						55,338
30 - 89 days past due			20						14						35						81						68						468						—						—						—						686
90 days or more past due			6						34						90						61						34						345						—						—						—						570
Nonperforming			—						5						6						37						35						130						—						—						—						213
Total			5,750						4,000						2,551						11,926						14,590						17,990						—						—						—						56,807
Gross charge-offs			—						1						1						2						2						—						—						—						—						6
Home equity:
Current			—						—						—						—						—						—						6,575						2,969						—						9,544
30 - 89 days past due			—						—						—						—						—						—						52						17						—						69
90 days or more past due			—						—						—						—						—						—						5						2						—						7
Nonperforming			—						—						—						—						—						—						33						66						—						99
Total			—						—						—						—						—						—						6,665						3,054						—						9,719
Gross charge-offs			—						—						—						—						—						—						9						1						—						10
Indirect auto:
Current			11,752						5,780						1,933						3,075						1,430						750						—						—						(7)						24,713
30 - 89 days past due			123						139						106						142						80						89						—						—						—						679
Nonperforming			29						53						46						65						38						36						—						—						—						267
Total			11,904						5,972						2,085						3,282						1,548						875						—						—						(7)						25,659
Gross charge-offs			30						101						122						163						72						103						—						—						—						591
Other consumer:
Current			12,416						5,975						3,947						3,415						1,446						1,791						2,780						27						4						31,801
30 - 89 days past due			66						60						66						44						17						19						7						2						—						281
90 days or more past due			4						7						11						4						—						—						2						—						—						28
Nonperforming			13						12						14						12						9						11						—						—						—						71
Total			12,499						6,054						4,038						3,475						1,472						1,821						2,789						29						4						32,181
Gross charge-offs			98						138						159						110						47						51						30						—						—						633
Credit card:
Current			—						—						—						—						—						—						4,733						32						—						4,765
30 - 89 days past due			—						—						—						—						—						—						73						4						—						77
90 days or more past due			—						—						—						—						—						—						72						4						—						76
Total			—						—						—						—						—						—						4,878						40						—						4,918
Gross charge-offs			—						—						—						—						—						—						246						14						—						260
Total			$	83,778					$	31,485					$	21,025					$	38,556					$	28,188					$	40,092					$	82,668					$	3,123					$	(320)					$	328,595
Gross charge-offs			$	179					$	378					$	366					$	311					$	122					$	240					$	497					$	15					$	—					$	2,108

(1)Includes certain deferred fees and costs and other adjustments.

Truist Financial Corporation 17

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ACL

The following tables present activity in the ACL:

(Dollars in millions)						Balance at Jul 1, 2025						Charge-Offs						Recoveries						Provision (Benefit)						Other						Balance at Sep 30, 2025
Commercial:
Commercial and industrial						$	1,309					$	(98)					$	20					$	105					$	—					$	1,336
CRE						563						(25)						2						(35)						—						505
Commercial construction						259						—						—						1						—						260
Consumer:
Residential mortgage						220						(1)						2						—						—						221
Home equity						92						(2)						5						(6)						—						89
Indirect auto						990						(150)						25						155						—						1,020
Other consumer						1,051						(155)						31						204						1						1,132
Credit card						415						(49)						10						49						—						425
ALLL						4,899						(480)						95						473						1						4,988
RUFC						354						—						—						(37)						—						317
ACL						$	5,253					$	(480)					$	95					$	436					$	1					$	5,305
(Dollars in millions)						Balance at Jul 1, 2026						Charge-Offs						Recoveries						Provision (Benefit)						Other						Balance at Sep 30, 2026
Commercial:
Commercial and industrial						$	1,440					$	(125)					$	19					$	129					$	(1)					$	1,462
CRE						422						—						—						(86)						—						336
Commercial construction						151						(2)						—						(37)						—						112
Consumer:
Residential mortgage						173						(1)						1						(11)						—						162
Home equity						76						(3)						4						(5)						—						72
Indirect auto						1,034						(358)						22						(509)						—						189
Other consumer						1,283						(170)						35						198						—						1,346
Credit card						404						(62)						11						31						—						384
ALLL						4,983						(721)						92						(290)						(1)						4,063
RUFC						333						—						—						37						—						370
ACL						$	5,316					$	(721)					$	92					$	(253)					$	(1)					$	4,433
(Dollars in millions)						Balance at Jan 1, 2025						Charge-Offs						Recoveries						Provision (Benefit)						Other						Balance at Sep 30, 2025
Commercial:
Commercial and industrial						$	1,284					$	(320)					$	75					$	301					$	(4)					$	1,336
CRE						643						(133)						12						(17)						—						505
Commercial construction						257						—						1						2						—						260
Consumer:
Residential mortgage						204						(3)						4						16						—						221
Home equity						89						(8)						13						(5)						—						89
Indirect auto						955						(431)						78						418						—						1,020
Other consumer						994						(455)						92						500						1						1,132
Credit card						431						(193)						33						154						—						425
ALLL						4,857						(1,543)						308						1,369						(3)						4,988
RUFC						304						—						—						13						—						317
ACL						$	5,161					$	(1,543)					$	308					$	1,382					$	(3)					$	5,305

18 Truist Financial Corporation

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(Dollars in millions)						Balance at Jan 1, 2026						Charge-Offs						Recoveries						Provision (Benefit)						Other						Balance at Sep 30, 2026
Commercial:
Commercial and industrial						$	1,326					$	(404)					$	57					$	484					$	(1)					$	1,462
CRE						476						(8)						4						(136)						—						336
Commercial construction						246						(20)						2						(116)						—						112
Consumer:
Residential mortgage						198						(3)						4						(37)						—						162
Home equity						84						(9)						10						(13)						—						72
Indirect auto						1,036						(651)						76						(272)						—						189
Other consumer						1,238						(522)						103						527						—						1,346
Credit card						426						(203)						30						131						—						384
ALLL						5,030						(1,820)						286						568						(1)						4,063
RUFC						317						—						—						53						—						370
ACL						$	5,347					$	(1,820)					$	286					$	621					$	(1)					$	4,433

The commercial ALLL decreased $103 million and the consumer and credit card ALLL decreased $817 million, in the three months ended September 30, 2026. The decrease in the commercial ALLL primarily reflects lower reserve requirements for CRE and commercial construction, that was partially offset by a modest increase in the reserve rate for the commercial and industrial portfolio. The decrease in consumer and credit card reserves primarily reflects the RAC loan sale, that was partially offset by a modest increase in reserve rates in the other consumer portfolio.

The commercial ALLL decreased $138 million and the consumer and credit card ALLL decreased $829 million, in the nine months ended September 30, 2026. The decrease in the commercial ALLL primarily reflects lower reserve requirements for CRE and commercial construction, that was partially offset by loan growth in the commercial and industrial and CRE portfolios. The decrease in consumer and credit card reserves primarily reflects the RAC loan sale and a modest decrease in reserve rates on the residential mortgage and other consumer portfolios, that was partially offset by loan growth in other consumer lending.

The ALLL estimation process estimates expected loan and lease losses using quantitative components, primarily driven by statistical models, and qualitative components that reflect management’s judgment regarding future loss risk. The quantitative models incorporate borrower and portfolio characteristics, historical loss experience, and current and forecasted economic conditions. The quantitative models have been designed to estimate losses using macroeconomic forecasts over a reasonable and supportable forecast period of two years, followed by a reversion to long-term historical loss conditions over a one-year period. Forecasts of macroeconomic variables used in loss forecasting include unemployment trends, U.S. real GDP, corporate credit spreads, commercial real estate vacancy rates, property values, consumer confidence, home price indices, and used car prices.

The overall economic forecast considers a third-party baseline macroeconomic forecast, adjusted to reflect Truist’s interest rate outlook. Management also considers third-party optimistic and pessimistic macroeconomic scenarios to capture uncertainty in the economic environment. For the September 30, 2026 ACL, the scenario weightings remain unchanged from December 31, 2025, at 40% baseline, 30% optimistic, and 30% pessimistic. While the scenario weightings were unchanged, the underlying macroeconomic forecasts are dynamic and evolve with current and expected economic conditions. Emerging or evolving risks not fully captured by the quantitative models and scenario weightings are reflected through incremental qualitative adjustments. The economic forecasts informing the quantitative ACL estimate as of September 30, 2026 assumed a range of low single-digit to negative GDP growth across forecasts and a mid-to-high single digit unemployment rate over the reasonable and supportable forecast period.

Quantitative models have inherent limitations in estimating expected losses, particularly in periods of evolving macroeconomic conditions and changing forecasts. The September 30, 2026 ACL estimate includes qualitative adjustments reflecting management’s judgment regarding expected future credit losses for current and expected events or risks that are not fully captured by the loss forecasting models. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information.

Truist Financial Corporation 19

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NPAs

The following table presents a summary of NPAs and residential mortgage loans in the process of foreclosure:

(Dollars in millions)			Sep 30, 2026						Dec 31, 2025
Nonperforming loans and leases HFI			$	1,293					$	1,577
Nonperforming LHFS			15						—
Foreclosed real estate			4						3
Other foreclosed property			26						53
Total NPAs			$	1,338					$	1,633
Residential mortgage loans in the process of foreclosure			$	266					$	247

20 Truist Financial Corporation

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Loan Modifications

The following tables summarize the amortized cost basis and the weighted average financial effect of loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification granted.

			Renewals												Term Extensions												Interest Rate Adjustments												Capitalizations						Payment Delays																		Combination - Capitalization and Term Extension																								Other												Percentage of Total Class of Financing Receivable
Three Months Ended September 30, 2026 (Dollars in millions)			Amount						Financial Effect						Amount						Financial Effect						Amount						Financial Effect						Amount						Amount						Financial Effect												Amount						Financial Effect																		Amount						Total Modified Loans
Commercial:
Commercial and industrial			$	272					33 months						$	—											$	—											$	—					$	—																	$	—																							$	39					$	311					0.19		%
CRE			147						7 months						—												—												—						—																		—																								93						240						0.93
Commercial construction			145						16 months						—												—												—						—																		—																								16						161						2.16
Consumer:																											—
Residential mortgage			—												24						98 months						—												12						45						7 months												86						103 months																		21						188						0.32
Indirect auto			—												16						28 months						—												—						395						9 months												—																								6						417						2.44
Other consumer			—												9						29 months						—												—						—																		—																								—						9						0.03
Credit card			—												—												7						(17)		%				—						—																		—																								—						7						0.15
Total			$	564											$	49											$	7											$	12					$	440																	$	86																							$	175					$	1,333					0.41
			Renewals												Term Extensions												Interest Rate Adjustments												Capitalizations						Payment Delays																		Combination - Capitalization and Term Extension																								Other												Percentage of Total Class of Financing Receivable
Nine Months Ended September 30, 2026 (Dollars in millions)			Amount						Financial Effect						Amount						Financial Effect						Amount						Financial Effect						Amount						Amount						Financial Effect												Amount						Financial Effect																		Amount						Total Modified Loans
Commercial:
Commercial and industrial			$	762					16 months						$	—											$	—											$	—					$	1					6 months												$	—																							$	56					$	819					0.49		%
CRE			516						15 months						—												—												—						—																		—																								93						609						2.35
Commercial construction			315						11 months						—												—												—						—																		—																								16						331						4.44
Consumer:
Residential mortgage			—												62						96 months						—												51						107						8 months												265						100 months																		68						553						0.95
Indirect auto			—												44						29 months						—												—						1,113						9 months												—																								25						1,182						6.92
Other consumer			—												29						31 months						—												—						1						5 months												—																								1						31						0.09
Credit card			—												—												22						(17)		%				—						—																		—																								1						23						0.48
Total			$	1,593											$	135											$	22											$	51					$	1,222																	$	265																							$	260					$	3,548					1.10

Truist Financial Corporation 21

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			Renewals												Term Extensions												Interest Rate Adjustments												Capitalizations						Payment Delays																		Combination - Capitalization and Term Extension																								Other												Percentage of Total Class of Financing Receivable
Three Months Ended September 30, 2025 (Dollars in millions)			Amount						Financial Effect						Amount						Financial Effect						Amount						Financial Effect						Amount						Amount						Financial Effect												Amount						Financial Effect																		Amount						Total Modified Loans
Commercial:
Commercial and industrial			$	307					8 months						$	13					35 months						$	—											$	—					$	—																	$	—																							$	15					$	335					0.20		%
CRE			60						9 months						—												—												—						—																		—																								—						60						0.27
Commercial construction			237						13 months						—												—												—						—																		—																								—						237						2.95
Consumer:
Residential mortgage			—												27						99 months						—												31						50						7 months												89						87 months																		28						225						0.39
Home equity			—												—												—												—						—																		—																								1						1						0.01
Indirect auto			—												15						29 months						—												—						591						9 months												—																								8						614						2.41
Other consumer			—												10						36 months						—												—						—																		—																								—						10						0.03
Credit card			—												—												8						(18)		%				—						—																		—																								—						8						0.16
Total			$	604											$	65											$	8											$	31					$	641																	$	89																							$	52					$	1,490					0.46
			Renewals												Term Extensions												Interest Rate Adjustments												Capitalizations						Payment Delays																		Combination - Capitalization and Term Extension																								Other												Percentage of Total Class of Financing Receivable
Nine Months Ended September 30, 2025 (Dollars in millions)			Amount						Financial Effect						Amount						Financial Effect						Amount						Financial Effect						Amount						Amount						Financial Effect												Amount						Financial Effect																		Amount						Total Modified Loans
Commercial:
Commercial and industrial			$	822					10 months						$	13					35 months						$	—											$	—					$	47					6 months												$	—																							$	34					$	916					0.56		%
CRE			488						15 months						—												—												—						—																		—																								—						488						2.18
Commercial construction			266						13 months						—												—												—						—																		—																								—						266						3.31
Consumer:
Residential mortgage			—												59						104 months						—												90						88						7 months												233						93 months																		63						533						0.92
Home equity			—												—												—												—						—																		—																								4						4						0.04
Indirect auto			—												31						28 months						1						(6)		%				—						1,215						8 months												—																								23						1,270						4.98
Other consumer			—												29						31 months						—												—						1						5 months												—																								2						32						0.10
Credit card			—												—												23						(17)		%				—						—																		—																								—						23						0.47
Total			$	1,576											$	132											$	24											$	90					$	1,351																	$	233																							$	126					$	3,532					1.09

22 Truist Financial Corporation

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The tables above exclude trial modifications totaling $157 million and $72 million as of September 30, 2026 and 2025, respectively. Such modifications will be included in the modification activity disclosure if the borrower successfully completes the trial period and the loan modification is finalized.

As of September 30, 2026 and 2025, Truist had $387 million and $584 million, respectively, in unfunded commitments to lend additional funds to borrowers experiencing financial difficulty for which Truist has modified the terms of the loans in the ways described above during the twelve months preceding September 30, 2026 and 2025, respectively.

Upon Truist’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the ACL is adjusted by the same amount.

Truist closely monitors the performance of the loans modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables summarize the period-end delinquency status and amortized cost of loans that were modified in the last 12 months. The period-end delinquency status of loans that were modified is disclosed at amortized cost and reflects the impact of any paydowns, payoffs, or charge-offs that occurred subsequent to modification.

			Payment Status
September 30, 2026 (Dollars in millions)			Current						30-89 Days Past Due						90 Days or More Past Due						Total
Commercial:
Commercial and industrial			$	725					$	31					$	37					$	793
CRE			656						—						1						657
Commercial construction			264						—						—						264
Consumer:
Residential mortgage			359						115						181						655
Home equity			3						—						—						3
Indirect auto			41						10						2						53
Other consumer			30						2						1						33
Credit card			18						3						3						24
Total			$	2,096					$	161					$	225					$	2,482
Total nonaccrual loans included above			$	207					$	50					$	81					$	338
			Payment Status
September 30, 2025 (Dollars in millions)			Current						30-89 Days Past Due						90 Days or More Past Due						Total
Commercial:
Commercial and industrial			$	930					$	2					$	46					$	978
CRE			562						1						—						563
Commercial construction			294						—						—						294
Consumer:
Residential mortgage			366						119						157						642
Home equity			5						—						—						5
Indirect auto			994						232						71						1,297
Other consumer			31						2						1						34
Credit card			17						4						3						24
Total			$	3,199					$	360					$	278					$	3,837
Total nonaccrual loans included above			$	231					$	41					$	171					$	443

Truist Financial Corporation 23

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The following tables provide the amortized cost basis of financing receivables that were modified in the last 12 months and were in payment default at period end:

September 30, 2026 (Dollars in millions)			Renewals						Term Extensions						Interest Rate Adjustments						Capitalizations						Payment Delays												Combination - Capitalization and Term Extension																		Other						Total
Commercial:
Commercial and industrial			$	34					$	—					$	—					$	—					$	—											$	—																	$	3					$	37
CRE			1						—						—						—						—												—																		—						1
Consumer:
Residential mortgage			—						7						—						9						106												49																		10						181
Indirect auto			—						2						—						—						—												—																		—						2
Other consumer			—						1						—						—						—												—																		—						1
Credit card			—						—						3						—						—												—																		—						3
Total			$	35					$	10					$	3					$	9					$	106											$	49																	$	13					$	225

September 30, 2025 (Dollars in millions)			Renewals						Term Extensions						Interest Rate Adjustments						Capitalizations						Payment Delays						Combination - Capitalization and Term Extension						Other						Total
Commercial:
Commercial and industrial			$	46					$	—					$	—					$	—					$	—					$	—					$	—					$	46
CRE			—						—						—						—						—						—						—						—
Consumer:
Residential mortgage			—						11						—						3						90						44						9						157
Indirect auto			—						1						—						—						67						—						3						71
Other consumer			—						1						—						—						—						—						—						1
Credit card			—						—						3						—						—						—						—						3
Total			$	46					$	13					$	3					$	3					$	157					$	44					$	12					$	278

Unearned Income, Discounts, and Net Deferred Loan Fees and Costs

The following table presents additional information about loans and leases:

(Dollars in millions)			Sep 30, 2026						Dec 31, 2025
Unearned income, discounts, and net deferred loan fees and costs			$	614					$	509

24 Truist Financial Corporation

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NOTE 5. Goodwill and Other Intangible Assets

The Company monitored events and circumstances during the period from January 1, 2026 to September 30, 2026, including macroeconomic and market factors, industry and banking sector events, Truist-specific performance indicators, a comparison of management’s forecast and assumptions to those used in its October 1, 2025 quantitative impairment test, and the sensitivity of the October 1, 2025 quantitative results to changes in assumptions as of September 30, 2026. Based on these considerations, Truist concluded that it was not more-likely-than-not that the fair value of one or more of its reporting units is below its respective carrying amount as of September 30, 2026.

Refer to “Note 7. Goodwill and Other Intangible Assets” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information on goodwill, including the Company's most recent annual quantitative test. Refer to “Note 16. Operating Segments” for additional information on segments.

The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets:

						September 30, 2026																		December 31, 2025
(Dollars in millions)			Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
CDI						$	2,164					$	(1,823)					$	341					$	2,242					$	(1,796)					$	446
Other, primarily client relationship intangibles						1,426						(700)						726						1,437						(627)						810
Total						$	3,590					$	(2,523)					$	1,067					$	3,679					$	(2,423)					$	1,256

Truist Financial Corporation 25

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NOTE 6. Loan Servicing

The Company acquires servicing rights and retains servicing rights related to certain of its sales or securitizations of residential mortgages, commercial mortgages, and other consumer loans. Servicing rights are capitalized by the Company as Loan servicing rights on the Consolidated Balance Sheets. Income earned by the Company on its loan servicing rights is derived primarily from contractually specified servicing fees, late fees, net of curtailment costs, and other ancillary fees.

Residential Mortgage Activities

The following tables summarize residential mortgage servicing activities:

(Dollars in millions)						Sep 30, 2026						Dec 31, 2025
UPB of residential mortgage loan servicing portfolio						$	325,810					$	285,966
UPB of residential mortgage loans serviced for others, primarily agency-conforming fixed-rate						267,522						228,383
						As of / For the Nine Months Ended September 30,
(Dollars in millions)						2026						2025
UPB of residential mortgage loans sold from LHFS						$	12,613					$	7,937
Pre-tax gains recognized on mortgage loans sold and held for sale						56						53
Servicing fees recognized from mortgage loans serviced for others						516						464
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others						0.29		%				0.28		%
Weighted average interest rate on mortgage loans serviced for others						3.80						3.75

The following table presents a rollforward of residential MSRs recorded at fair value:

(Dollars in millions)						2026						2025
Residential MSRs, carrying value, January 1						$	3,724					$	3,431
Acquired						755						182
Additions						306						160
Change in fair value due to changes in valuation inputs or assumptions						313						(16)
Realization of expected net servicing cash flows, passage of time, and other						(290)						(233)
Residential MSRs, carrying value, September 30						$	4,808					$	3,524

The sensitivity of the fair value of the Company’s residential MSRs to changes in key assumptions is presented in the following table. The sensitivity calculations below are hypothetical and should not be considered predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of an adverse variation in one assumption on the fair value of the MSRs is calculated without changing any other assumption; while in reality, changes in one factor may result in changes in another, which may magnify or counteract the effect of the change.

			September 30, 2026																		December 31, 2025
			Range												Weighted Average						Range												Weighted Average
(Dollars in millions)			Min						Max												Min						Max
Prepayment speed			5.8		%				8.5		%				6.4		%				6.1		%				13.9		%				7.2		%
Effect on fair value of a 10% increase															$	(124)																	$	(107)
Effect on fair value of a 20% increase															(240)																		(208)
OAS			1.3		%				12.0		%				3.8		%				1.4		%				12.2		%				4.4		%
Effect on fair value of a 10% increase															$	(81)																	$	(75)
Effect on fair value of a 20% increase															(159)																		(146)
Composition of loans serviced for others:
Fixed-rate residential mortgage loans															99.5		%																99.7		%
Adjustable-rate residential mortgage loans															0.5																		0.3
Total															100.0		%																100.0		%
Weighted average life															7.9 years																		7.6 years

26 Truist Financial Corporation

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Commercial Mortgage Activities

The following tables summarize commercial mortgage servicing activities:

(Dollars in millions)			Sep 30, 2026						Dec 31, 2025
UPB of CRE mortgages serviced for others			$	27,348					$	26,152
Commercial MSRs at fair value			241						228
			Nine Months Ended September 30,
(Dollars in millions)			2026						2025
CRE mortgages originated			$	1,958					$	937

NOTE 7. Other Assets and Liabilities

Lessee Operating Leases

The Company leases certain assets, consisting primarily of real estate, and assesses at contract inception whether a contract is, or contains, a lease. Finance leases where the Company is a lessee are not material to the Company’s financial statements for all periods presented. The following tables present additional information on operating leases, excluding leases related to the lease financing businesses:

(Dollars in millions)			Sep 30, 2026									Dec 31, 2025
ROU assets			$	968											$	1,045
Lease liabilities			1,169												1,276
Weighted average remaining term			6.5 years												6.7 years
Weighted average discount rate			4.0		%										3.8		%

			Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions)			2026						2025						2026						2025
Operating lease costs			$	75					$	67					$	211					$	204

Lessor Operating Leases

The Company’s two primary lessor businesses are equipment financing and structured real estate with income recorded in Other income on the Consolidated Statements of Income. The following table presents a summary of assets under operating leases held for investment. This table excludes subleases on assets included in premises and equipment.

(Dollars in millions)									Sep 30, 2026						Dec 31, 2025
Assets held under operating leases(1)(2)									$	1,241					$	1,838
Accumulated depreciation									(419)						(527)
Net									$	822					$	1,311

(1)Includes certain land parcels subject to operating leases that have indefinite lives.

(2)Excludes operating leases held for sale that totaled $7 million and $4 million at September 30, 2026, and December 31, 2025, respectively.

Truist Financial Corporation 27

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NOTE 8. Borrowings

Short-Term Borrowings

The types of short-term borrowings that have been, or may be, used by the Company include Federal funds purchased, securities sold under repurchase agreements, master notes, commercial paper, short-term bank notes, and short-term FHLB advances. The carrying value of FHLB advances classified as short-term borrowings was $7.8 billion at September 30, 2026 and $22.1 billion at December 31, 2025. Additionally, securities sold short, which are used for client-related trading activities, are classified as Short-term borrowings in the Consolidated Balance Sheets. Refer to “Note 13. Fair Value Disclosures” for additional information on securities sold short and “Note 2. Securities Financing Activities” for information on securities sold under repurchase agreements.

Long-Term Debt

The types of long-term debt that have been, or may be, used by the Company include fixed- and floating-rate senior and subordinated notes and FHLB advances, which are typically prepayable and may be used for short-term liquidity management. The majority of long-term debt is redeemable at our option at one or more dates prior to contractual maturity. The following table presents a summary of long-term debt:

(Dollars in millions)									Sep 30, 2026						Dec 31, 2025
Truist Financial Corporation:
Fixed-rate senior notes																								$	20,880					$	20,093
Fixed-rate subordinated notes																								1,537						1,818
Capital notes																								643						639
Truist Bank:
Fixed-rate senior notes																								4,834						4,476
Floating-rate senior notes																								849						499
Fixed-rate subordinated notes																								1,891						3,553
Floating-rate FHLB advances																								21,100						9,450
Other long-term debt(1)																								1,639						1,435
Total long-term debt																								$	53,373					$	41,963

(1)Includes debt associated with finance leases and tax credit investments.

28 Truist Financial Corporation

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NOTE 9. Shareholders’ Equity

Dividend Activity

The following table presents total dividends declared per share of common and preferred stock:

(Dollars in millions, except per share data)			Dividends Per Share																											Aggregate Dividends
			Three Months Ended September 30,												Nine Months Ended September 30,															Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025												2026						2025						2026						2025
Common stock			$	0.52					$	0.52					$	1.56					$	1.56											$	629					$	665					$	1,910					$	2,014
Preferred stock:
Series I			1,138.75						1,291.71						3,408.80						3,880.42												2						3						6						7
Series J			1,168.13						1,320.78						3,496.33						3,967.63												2						1						4						4
Series M			—						—						2,562.50						2,562.50												—						—						13						13
Series N			833.63						833.63						1,667.25						1,667.26												57						56						113						112
Series O			328.13						328.13						984.38						984.38												8						8						23						23
Series P			—						—						—						618.75												—						—						—						25
Series Q			637.50						637.50						1,275.00						1,275.00												25						25						51						51
Series R			296.88						296.88						890.63						890.63												11						11						33						33
Series S			520.83						—						520.83						—												10						—						10						—
Total preferred stock																																	$	115					$	104					$	253					$	268

Common Stock

In December 2025, Truist announced that its Board authorized the repurchase of up to $10.0 billion of common stock effective immediately with no expiration date, replacing the previous repurchase authority from June 2024, as part of Truist’s overall capital distribution strategy. For the nine months ended September 30, 2026, the Company repurchased $3.6 billion of common stock, including excise tax, which represented 69.9 million shares, through open market repurchases under the December 2025 repurchase plan. Repurchased shares revert to the status of authorized and unissued shares upon repurchase. At September 30, 2026, Truist had remaining authorization to repurchase up to $6.5 billion of common stock under the December 2025 repurchase plan.

Preferred Stock

On May 15, 2026, Truist issued $500 million of Series S non-cumulative perpetual preferred stock with a stated dividend rate of 6.25% per annum for net proceeds of approximately $495 million. Dividends, if declared by the Board, are payable on the 15th day of March, June, September, and December of each year, which commenced on September 15, 2026. The dividend rate will reset on June 15, 2031, and on each following fifth anniversary of the reset date to the five-year U.S. Treasury rate plus 2.13%. Truist issued depositary shares, each of which represents a fractional ownership interest in a share of the 20,000 shares of the Company’s Series S preferred stock. The preferred stock has no stated maturity and redemption is solely at the option of the Company in whole, but not in part, within 90 days following a regulatory capital treatment event, as defined in the prospectus. In addition, the preferred stock may be redeemed in whole or in part on any dividend payment date on or after June 15, 2031.

Truist Financial Corporation 29

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NOTE 10. AOCI

AOCI includes the after-tax change in unrecognized net costs related to defined benefit pension and OPEB plans as well as unrealized gains and losses on cash flow hedges, AFS securities, and HTM securities previously transferred from AFS securities.

(Dollars in millions)			Pension and OPEB Costs						Cash Flow Hedges						AFS Securities						HTM Securities						Other, net						Total
AOCI balance, July 1, 2025			$	(641)					$	(157)					$	(4,079)					$	(2,016)					$	—					$	(6,893)
OCI before reclassifications, net of tax			(46)						(48)						541						—						—						447
Amounts reclassified from AOCI:
Before tax			—						101						(81)						73						—						93
Tax effect			—						23						(20)						17						—						20
Amounts reclassified, net of tax			—						78						(61)						56						—						73
Total OCI, net of tax			(46)						30						480						56						—						520
AOCI balance, September 30, 2025			$	(687)					$	(127)					$	(3,599)					$	(1,960)					$	—					$	(6,373)
AOCI balance, July 1, 2026			$	(386)					$	(1,035)					$	(3,486)					$	(1,812)					$	3					$	(6,716)
OCI before reclassifications, net of tax			(21)						(923)						(1,827)						—						2						(2,769)
Amounts reclassified from AOCI:
Before tax			2						87						1,434						69						—						1,592
Tax effect			—						21						342						16						—						379
Amounts reclassified, net of tax			2						66						1,092						53						—						1,213
Total OCI, net of tax			(19)						(857)						(735)						53						2						(1,556)
AOCI balance, September 30, 2026			$	(405)					$	(1,892)					$	(4,221)					$	(1,759)					$	5					$	(8,272)
(Dollars in millions)			Pension and OPEB Costs						Cash Flow Hedges						AFS Securities						HTM Securities						Other, net						Total
AOCI balance, January 1, 2025			$	(648)					$	(861)					$	(4,573)					$	(2,125)					$	(6)					$	(8,213)
OCI before reclassifications, net of tax			(40)						515						1,153						—						6						1,634
Amounts reclassified from AOCI:
Before tax			1						286						(232)						209						—						264
Tax effect			—						67						(53)						44						—						58
Amounts reclassified, net of tax			1						219						(179)						165						—						206
Total OCI, net of tax			(39)						734						974						165						6						1,840
AOCI balance, September 30, 2025			$	(687)					$	(127)					$	(3,599)					$	(1,960)					$	—					$	(6,373)
AOCI balance, January 1, 2026			$	(381)					$	(173)					$	(3,306)					$	(1,909)					$	—					$	(5,769)
OCI before reclassifications, net of tax			(28)						(1,855)						(1,985)						—						5						(3,863)
Amounts reclassified from AOCI:
Before tax			5						178						1,405						197						—						1,785
Tax effect			1						42						335						47						—						425
Amounts reclassified, net of tax			4						136						1,070						150						—						1,360
Total OCI, net of tax			(24)						(1,719)						(915)						150						5						(2,503)
AOCI balance, September 30, 2026			$	(405)					$	(1,892)					$	(4,221)					$	(1,759)					$	5					$	(8,272)
Primary income statement location of amounts reclassified from AOCI			Other expense						Net interest income						Securities gains (losses) and Interest on securities						Interest on securities						Other income

30 Truist Financial Corporation

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NOTE 11. Benefit Plans

The components of net periodic (benefit) cost for defined benefit pension plans are summarized in the following table:

						Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions)			Income Statement Location			2026						2025						2026						2025
Service cost			Personnel expense			$	77					$	67					$	227					$	204
Interest cost			Other expense			122						114						366						342
Estimated return on plan assets			Other expense			(267)						(243)						(801)						(728)
Net periodic (benefit) cost						$	(68)					$	(62)					$	(208)					$	(182)

Truist may make contributions to the qualified pension plan up to the maximum amount deductible for federal income tax purposes.

Refer to “Note 15. Benefit Plans” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional discussion of Truist’s benefit plans.

Truist Financial Corporation 31

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NOTE 12. Commitments and Contingencies

Truist utilizes a variety of financial instruments to mitigate exposure to risks and meet clients’ financing needs and provide clients with investment opportunities. These financial instruments include commitments to extend credit, letters of credit and financial guarantees, derivatives, and other investments. Truist also has commitments to fund certain affordable housing investments and contingent liabilities related to certain sold loans. Refer to “Note 16. Commitments and Contingencies” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional discussion of Truist’s tax credit and certain equity investments, total return swaps, legal proceedings, and other commitments.

Tax Credit and Certain Equity Investments

The following table summarizes certain tax credit and equity investments:

(Dollars in millions)			Balance Sheet Location			Sep 30, 2026						Dec 31, 2025
Investments in affordable housing projects, other qualified tax credits and other community development investments:
Carrying amount			Other assets			$	8,609					$	8,049
Amount of future funding commitments included in carrying amount			Other liabilities			2,277						2,531
Lending exposure			Loans and leases for funded amounts			2,016						2,341
Renewable energy investments:
Carrying amount			Other assets			836						736
Amount of future funding commitments not included in carrying amount			NA			2,068						719
SBIC and certain other equity method investments:
Carrying amount			Other assets			1,174						1,015
Amount of future funding commitments not included in carrying amount			NA			639						626

The following table presents a summary of tax credits and amortization expense associated with the Company’s tax credit investment activity.

						Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions)			Income Statement Location			2026						2025						2026						2025
Tax credits:
Investments in affordable housing projects, other qualified tax credits, and other community development investments(1)			Provision for income taxes			$	229					$	210					$	686					$	630
Amortization and other changes in carrying amount:
Investments in affordable housing projects and other qualified tax credits			Provision for income taxes			$	200					$	182					$	602					$	556
Other community development investments			Other noninterest income			2						2						6						7

(1)Excludes renewable energy investment tax credits. These credits are recorded as a reduction to the carrying value of the underlying investments.

Letters of Credit and Financial Guarantees

In the normal course of business, Truist utilizes financial instruments to meet the financing needs of clients, including commitments to extend credit and certain contractual agreements such as letters of credit and financial guarantee arrangements.

32 Truist Financial Corporation

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The following is a summary of selected notional amounts of off-balance sheet financial instruments:

(Dollars in millions)			Sep 30, 2026						Dec 31, 2025
Commitments to extend, originate, or purchase credit and other commitments			$	236,186					$	230,007
Residential mortgage loans sold with recourse			137						138
Maximum recourse exposure from mortgage loans sold with recourse liability			95						91
Indemnification, recourse, and repurchase reserves			18						18
CRE mortgages serviced for others covered by recourse provisions			9,161						9,421
Maximum recourse exposure			2,767						2,786
Recorded reserves related to CRE mortgage recourse exposure			9						10
Other loans serviced for others covered by recourse provisions			3,240						2,803
Maximum recourse exposure			77						80
Letters of credit and financial guarantees			10,044						9,347

Total Return Swaps

The Company enters into TRS transactions with third-party clients, whereby a VIE purchases reference assets identified by a client.

The following table provides a summary of the TRS transactions with the associated VIE reference assets, which include trading loans and bonds:

(Dollars in millions)						Sep 30, 2026						Dec 31, 2025
Total return swaps:
VIE assets						$	1,732					$	2,117
Trading loans and bonds						1,557						1,909
VIE liabilities						229						285

Pledged Assets

Certain assets are pledged to secure municipal deposits, securities sold under agreements to repurchase, certain derivative agreements, and borrowings or borrowing capacity, as well as to fund certain obligations related to nonqualified defined benefit and defined contribution retirement plans and for other purposes as required or permitted by law. Assets pledged to the FHLB and Federal Reserve are subject to applicable asset discounts when determining borrowing capacity. The Company has capacity for secured financing from both the Federal Reserve and FHLB and letters of credit from the FHLB. The Company’s letters of credit from the FHLB can be used to secure various client deposits, including public fund relationships. Excluding assets related to nonqualified benefit plans, the majority of the agreements governing the pledged assets do not permit the other party to sell or repledge the collateral. The following table provides the total carrying amount of pledged assets by asset type:

(Dollars in millions)						Sep 30, 2026						Dec 31, 2025
Pledged securities						$	36,457					$	40,144
Pledged loans:
Federal Reserve						105,025						108,214
FHLB						75,632						74,767
Unused borrowing capacity:
Federal Reserve						82,663						84,160
FHLB						24,414						23,464

Truist Financial Corporation 33

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Legal Proceedings and Other Legal Matters

Truist is routinely named as a defendant in or a party to numerous actual or threatened legal proceedings and other matters and is or may be subject to potential liability in connection with them. The legal proceedings and other matters may be formal or informal and include litigation and arbitration with one or more identified claimants, certified or purported class actions with yet-to-be-identified claimants, and regulatory or other governmental information-gathering requests, examinations, investigations, and enforcement proceedings. Claims may be based in law or equity—such as those arising under contracts or in tort and those involving banking, consumer-protection, securities, antitrust, tax, employment, and other laws—and some present novel legal theories, allegations of substantial or indeterminate damages, demands for injunctive or similar relief, and requests for fines, penalties, restitution, or alterations in Truist’s business practices. Our legal proceedings and other matters exist in varying stages of adjudication, arbitration, negotiation, or investigation and span our business lines and operations.

The course and outcome of legal matters are inherently unpredictable. This is especially so when a matter is still in its early stages, the damages sought are indeterminate or unsupported, significant facts are unclear or disputed, novel questions of law or other meaningful legal uncertainties exist, a request to certify a proceeding as a class action is outstanding or granted, multiple parties are named, or regulatory or other governmental entities are involved. As a result, we often are unable to determine how or when actual or threatened legal proceedings and other matters will be resolved and what losses may be incrementally and ultimately incurred. It is possible that the ultimate resolution of these matters, if unfavorable, may be material to the consolidated financial position, consolidated results of operations, or consolidated cash flows of Truist, or cause significant reputational consequences.

Truist establishes accruals for legal proceedings and other matters when potential losses become probable and the amount of loss can be reasonably estimated. Accruals are evaluated each quarter and may be adjusted, upward or downward, based on our best judgment after consultation with counsel and others. No assurance exists that our accruals will not need to be adjusted in the future. Actual losses may be higher or lower than any amounts accrued, possibly to a significant degree.

Truist also provides estimates of reasonably possible losses, including for disclosed matters, when potential losses become reasonably possible and the amount of loss can be reasonably estimated. Estimates of reasonably possible losses do not represent Truist’s maximum loss exposure, and actual losses may vary significantly. Also, the outcome of a particular matter may be one that the Company did not take into account in its estimate because the Company judged the likelihood of that outcome to be remote. In addition, the matters underlying the Company’s estimate may change from time to time. Estimated losses, like accruals, are based upon currently available information and involve considerable uncertainties and judgment. Subject to the foregoing, the Company believes the upper end of the range of aggregate reasonably possible losses, in excess of amounts accrued, is immaterial as of September 30, 2026, to its consolidated financial condition, consolidated results of operations, and consolidated cash flows.

For certain matters, Truist may be unable to estimate the loss or range of loss, even if it believes that a loss is probable or reasonably possible, until developments in the matter provide additional information sufficient to support such an estimate. These matters are not accrued for and are not reflected in the estimate of reasonably possible losses.

The following is a description of a legal proceeding in which Truist is involved:

Bickerstaff v. SunTrust Bank

This class action case was filed in Fulton County State Court on July 12, 2010, and an amended complaint was filed on August 9, 2010. Plaintiff alleged that all overdraft fees charged to his account which related to debit card and ATM transactions were actually interest charges and therefore subject to the usury laws of Georgia. The amended complaint asserted claims for violations of civil and criminal usury laws, conversion, and money had and received, and sought damages on a class-wide basis, including refunds of challenged overdraft fees and pre-judgment interest. On October 6, 2017, the trial court granted plaintiff’s motion for class certification and defined the class as “Every Georgia citizen who had or has one or more accounts with SunTrust Bank and who, from July 12, 2006, to October 6, 2017 (i) had at least one overdraft of $500.00 or less resulting from an ATM or debit card transaction (the “Transaction”); (ii) paid any Overdraft Fees as a result of the Transaction; and (iii) did not receive a refund of those Fees,” and the granting of a certified class was affirmed on appeal. The class sought a return of up to $452 million in paid overdraft fees plus prejudgment interest.

On January 20, 2026, without any admission of liability or wrongdoing, Truist entered into a settlement agreement with the class to resolve the case. Under the settlement, Truist agreed to contribute up to $240 million to a settlement fund to pay fees and expenses of class counsel, costs of settlement administration, an incentive payment for the class representative, and valid claims submitted by class members. The court granted final approval of the settlement on May 26, 2026, and the time period for class members to submit claims ended on September 14, 2026. Truist’s estimated final payments to the settlement fund are included in its existing legal accruals and are expected to be made in the fourth quarter of 2026.

34 Truist Financial Corporation

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NOTE 13. Fair Value Disclosures

Recurring Fair Value Measurements

Accounting standards define fair value as the price that would be received on the measurement date to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants, with a three-level measurement hierarchy:

•Level 1: Quoted prices for identical instruments in active markets;

•Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets; and

•Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis:

September 30, 2026 (Dollars in millions)						Total						Level 1						Level 2						Level 3						Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury						$	113					$	—					$	113					$	—					$	—
GSE						35						—						35						—						—
States and political subdivisions						144						—						144						—						—
Corporate and other debt securities						2,049						—						2,049						—						—
Loans						1,692						—						1,692						—						—
Equity securities						1,185						1,185						—						—						—
Total trading assets						5,218						1,185						4,033						—						—
AFS securities:
U.S. Treasury						15,517						—						15,517						—						—
GSE						404						—						404						—						—
Agency MBS – residential						40,315						—						40,315						—						—
Agency MBS – commercial						3,079						—						3,079						—						—
States and political subdivisions						320						—						320						—						—
Collateralized loan obligations						1,886						—						1,886						—						—
Other						2						—						2						—						—
Total AFS securities						61,523						—						61,523						—						—
LHFS						1,270						—						1,270						—						—
Loans and leases						9						—						—						9						—
Loan servicing rights at fair value						5,066						—						—						5,066						—
Other assets:
Derivative assets						1,955						1,699						2,807						5						(2,556)
Equity securities						389						298						91						—						—
Other						7						—						7						—						—
Total assets						$	75,437					$	3,182					$	69,731					$	5,080					$	(2,556)
Liabilities:
Interest-bearing deposits:
Brokered time deposits						$	776					$	—					$	776					$	—					$	—
Short-term borrowings:
Securities sold short						2,600						1,144						1,456						—						—
Other trading liabilities						183						—						183						—						—
Other liabilities:
Derivative liabilities						3,329						797						5,791						234						(3,493)
Total liabilities						$	6,888					$	1,941					$	8,206					$	234					$	(3,493)

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December 31, 2025 (Dollars in millions)						Total						Level 1						Level 2						Level 3						Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury						$	244					$	—					$	244					$	—					$	—
GSE						42						—						42						—						—
States and political subdivisions						301						—						301						—						—
Corporate and other debt securities						1,970						—						1,970						—						—
Loans						2,168						—						2,168						—						—
Equity securities						1,065						1,065						—						—						—
Total trading assets						5,790						1,065						4,725						—						—
AFS securities:
U.S. Treasury						12,792						—						12,792						—						—
GSE						460						—						460						—						—
Agency MBS – residential						48,226						—						48,226						—						—
Agency MBS – commercial						3,200						—						3,200						—						—
States and political subdivisions						350						—						350						—						—
Other						14						—						14						—						—
Total AFS securities						65,042						—						65,042						—						—
LHFS						1,622						—						1,622						—						—
Loans and leases						11						—						—						11						—
Loan servicing rights at fair value						3,972						—						—						3,972						—
Other assets:
Derivative assets						1,343						1,157						1,961						4						(1,779)
Equity securities						382						293						89						—						—
Total assets						$	78,162					$	2,515					$	73,439					$	3,987					$	(1,779)
Liabilities:
Interest-bearing deposits:
Brokered time deposits						$	639					$	—					$	639					$	—					$	—
Short-term borrowings:
Securities sold short						2,185						652						1,533						—						—
Other trading liabilities						209						—						209						—						—
Other liabilities:
Derivative liabilities						1,797						623						3,959						33						(2,818)
Total liabilities						$	4,830					$	1,275					$	6,340					$	33					$	(2,818)

(1)Refer to “Note 14. Derivative Financial Instruments” for additional discussion on netting adjustments.

At September 30, 2026, and December 31, 2025, investments totaling $721 million and $622 million, respectively, have been excluded from the tables above as they are valued based on net asset value as a practical expedient. These investments primarily consist of certain SBIC funds.

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Activity for Level 3 assets and liabilities is summarized below:

(Dollars in millions)						Loans and Leases						Loan Servicing Rights						Net Derivatives
Balance at July 1, 2025						$	12					$	3,612					$	(20)
Total realized and unrealized gains (losses):
Included in earnings						—						14						(7)
Purchases						—						182						—
Issuances						—						63						5
Settlements						(1)						(95)						(16)
Balance at September 30, 2025						$	11					$	3,776					$	(38)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2025						$	—					$	14					$	(15)
Balance at July 1, 2026						$	10					$	4,293					$	(18)
Total realized and unrealized gains (losses):
Included in earnings						—						290						(34)
Purchases						—						480						—
Issuances						—						118						(31)
Settlements						(1)						(115)						31
Transfers in						—						—						(177)
Balance at September 30, 2026						$	9					$	5,066					$	(229)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2026						$	—					$	291					$	(46)

(Dollars in millions)						Loans and Leases						Loan Servicing Rights						Net Derivatives
Balance at January 1, 2025						$	13					$	3,708					$	(41)
Total realized and unrealized gains (losses):
Included in earnings						—						(15)						1
Purchases						—						182						—
Issuances						—						174						22
Settlements						(2)						(273)						(20)
Balance at September 30, 2025						$	11					$	3,776					$	(38)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2025						$	—					$	(15)					$	(18)
Balance at January 1, 2026						$	11					$	3,972					$	(29)
Total realized and unrealized gains (losses):
Included in earnings						—						341						(31)
Purchases						—						755						—
Issuances						—						327						(48)
Settlements						(2)						(329)						56
Transfers in						—						—						(177)
Balance at September 30, 2026						$	9					$	5,066					$	(229)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at September 30, 2026						$	—					$	341					$	(46)
Primary income statement location of realized gains (losses) included in earnings						Other income						Mortgage banking income						Mortgage banking income and other income

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The following table presents information about the valuation techniques and significant unobservable inputs used to measure the fair value of certain equity derivatives measured at fair value on a recurring basis. Such equity derivatives primarily consist of long-dated options that are not traded on an exchange and may also include exchange-traded options with limited transaction volumes for which certain significant valuation inputs are unobservable. These options are valued using an option pricing model, which is generally used for instruments that provide the holder with a contingent right or obligation based on the future performance of an underlying equity instrument. The significant unobservable input utilized in the valuation is volatility, which represents a market participant’s expectation of the variability in the value of the underlying equity instrument over the contractual term of the derivatives.

Generally, increases in volatility result in a higher fair value for instruments in which Truist is long the underlying exposure, while decreases in volatility result in a lower fair value. The inverse relationship generally applies to instruments in which Truist is short the underlying exposure. Weighted average volatility is calculated based on the notional amounts of the derivative instruments.

September 30, 2026												Range												Weighted Average
(Dollars in millions)			Fair Value			Principal Valuation Technique			Significant Unobservable Input			Min						Max
Equity derivatives			$	(177)		Option Model			Volatility Factor			55.5		%				80.0		%				69.0		%

For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities measured at fair value on a recurring basis, see “Note 18. Fair Value Disclosures” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025.

Fair Value Option

The following table details the fair value and UPB of certain loans and time deposits that were elected to be measured at fair value:

						September 30, 2026																		December 31, 2025
(Dollars in millions)						Fair Value						UPB						Difference						Fair Value						UPB						Difference
Trading loans						$	1,692					$	1,763					$	(71)					$	2,168					$	2,230					$	(62)
LHFS						1,270						1,302						(32)						1,622						1,592						30
Loans and leases						9						10						(1)						11						12						(1)
Brokered time deposits						776						804						(28)						639						642						(3)

Nonrecurring Fair Value Measurements

The following table provides information about certain assets measured at fair value on a nonrecurring basis held as of period end with valuation adjustments recorded during the period. The end of period carrying value approximates the fair value.

(Dollars in millions)			Fair Value Hierarchy						Sep 30, 2026						Dec 31, 2025
Carrying value:
Total loans and leases, including loans transferred to LHFS			Level 3						$	566					$	472
Other			Level 3						25						65

The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end.

			Nine Months Ended September 30,
(Dollars in millions)			2026						2025
Valuation adjustments:
Total loans and leases, including loans transferred to LHFS			$	(811)					$	(692)
Other			(244)						(229)

Loans and leases consist of larger commercial loans and leases that are collateral-dependent, residential mortgages and commercial loans that are valued using market prices and measured at LOCOM, and other secured loans and leases that have been charged-off to the fair value of the collateral. Valuation adjustments on loans and leases in the table above include $251 million related to RAC loans that were transferred to held-for-sale during the third quarter of 2026. Valuation adjustments for loans and leases are primarily recorded in the Provision for credit losses in the Consolidated Statements of Income. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional discussion of individually evaluated loans and leases.

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Other includes foreclosed real estate, other foreclosed property, partnership investments, premises and equipment, OREO, and held for sale operating leases, and consists primarily of residential homes, commercial properties, vacant lots, and automobiles, as applicable. Partnership investments are measured by discounting expected future cash flows. The remaining assets are measured at LOCOM, less costs to sell.

Financial Instruments Not Recorded at Fair Value

For financial instruments not recorded at fair value, estimates of fair value are based on relevant market data and information about the instruments. Values obtained relate to trading without regard to any premium or discount that may result from concentrations of ownership, possible tax ramifications, estimated transaction costs that may result from bulk sales, or the relationship between various instruments.

An active market does not exist for certain financial instruments. Fair value estimates for these instruments are based on current economic conditions and interest rate risk characteristics, loss experience, and other factors. Many of these estimates involve uncertainties and matters of significant judgment and cannot be determined with precision. Therefore, the fair value estimates in many instances cannot be substantiated by comparison to independent markets. In addition, changes in assumptions could significantly affect these fair value estimates. Financial assets and liabilities not recorded at fair value are summarized below:

									September 30, 2026												December 31, 2025
(Dollars in millions)			Fair Value Hierarchy						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial assets:
HTM securities			Level 2						$	48,666					$	38,263					$	47,186					$	39,130
Loans and leases, net of ALLL			Level 3						319,858						313,670						323,554						320,018
Financial liabilities:
Time deposits			Level 2						38,284						38,077						37,793						37,723
Long-term debt			Level 2						53,373						53,632						41,963						42,451

The carrying value of the RUFC, which approximates the fair value, was $370 million and $317 million at September 30, 2026, and December 31, 2025, respectively. Cash and due from banks, interest-bearing deposits with banks, securities borrowed or purchased under agreements to resell, and short-term borrowings are reflected in the Consolidated Balance Sheets at cost, which approximates the fair value due to the short-term nature of these instruments and their limited inherent credit risk.

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NOTE 14. Derivative Financial Instruments

Impact of Derivatives on the Consolidated Balance Sheets

The following table presents the gross notional or contractual amounts and estimated fair value of derivative instruments employed by the Company:

						September 30, 2026																		December 31, 2025
						Notional or Contractual Amount						Fair Value												Notional or Contractual Amount						Fair Value
(Dollars in millions)												Assets						Liabilities												Assets						Liabilities
Derivatives designated as hedges:
Interest rate contracts:
Swaps hedging commercial loans						$	80,522					$	—					$	(3)					$	97,135					$	—					$	—
Swaps hedging long-term debt						29,650						—						(2)						27,033						—						—
Swaps hedging AFS securities						26,355						—						(1)						26,751						—						—
Total derivatives designated as hedges						136,527						—						(6)						150,919						—						—
Derivatives not designated as hedges:
Client-related and other risk management:
Interest rate contracts:
Swaps						204,676						539						(2,063)						185,861						516						(944)
Written options						11,576						—						(60)						10,577						2						(18)
Purchased options						6,721						24						—						8,558						15						—
Futures and forwards						3,270						3						(1)						2,636						2						(14)
Foreign exchange contracts:
Swaps						19,760						453						(404)						13,647						450						(382)
Futures and forwards						27,825						384						(313)						27,008						338						(335)
Other						2,631						29						(24)						2,820						35						(33)
Equity contracts:
Written options						36,613						19						(2,882)						26,600						12						(2,278)
Purchased options						17,888						2,072						(117)						12,485						1,358						(121)
Other						2,345						27						(178)						1,386						11						(59)
Commodity contracts						12,766						726						(677)						8,340						322						(302)
Credit contracts:
Credit default swaps						1,328						—						(4)						900						—						—
Total return swaps						1,508						27						(4)						1,835						31						(7)
Risk participation agreements						10,385						—						(2)						8,863						—						(2)
Total						359,292						4,303						(6,729)						311,516						3,092						(4,495)
MSRs and mortgage banking:
Interest rate contracts:
Swaps						15,941						—						—						11,035						—						—
Written options						418						12						—						1,288						14						—
Purchased options						10,685						157						(41)						10,465						10						(118)
Interest rate lock commitments						956						—						(42)						960						4						(2)
When issued securities, forward rate agreements, forward commitments, and futures						6,865						39						(4)						7,807						2						—
Total						34,865						208						(87)						31,555						30						(120)
Total derivatives not designated as hedges						394,157						4,511						(6,816)						343,071						3,122						(4,615)
Total derivatives						$	530,684					$	4,511					$	(6,822)					$	493,990					$	3,122					$	(4,615)
Gross amounts in the Consolidated Balance Sheets:
Amounts subject to master netting arrangements and exchange traded derivatives												(2,290)						2,290												(1,585)						1,585
Cash collateral (received) posted for amounts subject to master netting arrangements												(266)						1,203												(194)						1,233
Net amount												$	1,955					$	(3,329)											$	1,343					$	(1,797)

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The following table presents the offsetting of derivative instruments, including financial instrument collateral related to legally enforceable master netting agreements and amounts held or pledged as collateral. GAAP does not permit netting of non-cash collateral balances in the Consolidated Balance Sheets. Refer to “Note 2. Securities Financing Activities” for information about the Company's securities financing transactions subject to master netting (or similar) arrangements.

September 30, 2026 (Dollars in millions)						Gross Amount						Amount Offset						Net Amount in Consolidated Balance Sheets						Held/Pledged Financial Instruments(1)						Net Amount
Derivative assets:
Subject to master netting arrangement or similar arrangement						$	2,472					$	(1,647)					$	825					$	—					$	825
Not subject to master netting arrangement or similar arrangement						180						—						180						—						180
Exchange traded						1,859						(909)						950						—						950
Total derivative assets						$	4,511					$	(2,556)					$	1,955					$	—					$	1,955
Derivative liabilities:
Subject to master netting arrangement or similar arrangement						$	(4,628)					$	2,581					$	(2,047)					$	118					$	(1,929)
Not subject to master netting arrangement or similar arrangement						(1,271)						—						(1,271)						—						(1,271)
Exchange traded						(923)						912						(11)						—						(11)
Total derivative liabilities						$	(6,822)					$	3,493					$	(3,329)					$	118					$	(3,211)

December 31, 2025 (Dollars in millions)						Gross Amount						Amount Offset						Net Amount in Consolidated Balance Sheets						Held/Pledged Financial Instruments(1)						Net Amount
Derivative assets:
Subject to master netting arrangement or similar arrangement						$	1,836					$	(1,157)					$	679					$	—					$	679
Not subject to master netting arrangement or similar arrangement						129						—						129						—						129
Exchange traded						1,157						(622)						535						—						535
Total derivative assets						$	3,122					$	(1,779)					$	1,343					$	—					$	1,343
Derivative liabilities:
Subject to master netting arrangement or similar arrangement						$	(3,171)					$	2,196					$	(975)					$	77					$	(898)
Not subject to master netting arrangement or similar arrangement						(821)						—						(821)						—						(821)
Exchange traded						(623)						622						(1)						—						(1)
Total derivative liabilities						$	(4,615)					$	2,818					$	(1,797)					$	77					$	(1,720)

(1)The fair value of held/pledged financial instruments is limited to the carrying amount of the associated derivative asset or liability.

The following table presents the carrying amount of hedged items in fair value hedging relationships:

			September 30, 2026																		December 31, 2025
			Carrying Amount of the Hedged Assets and Liabilities(1)						Cumulative basis adjustment increasing (decreasing) the carrying amount												Carrying Amount of the Hedged Assets and Liabilities(1)						Cumulative basis adjustment increasing (decreasing) the carrying amount
(Dollars in millions)									Items Currently Designated						Discontinued Hedges												Items Currently Designated						Discontinued Hedges
AFS securities(2)			$	31,371					$	(690)					$	(1)					$	38,608					$	104					$	13
Loans and leases			157						—						2						179						—						3
Long-term debt			28,219						(1,185)						(285)						28,194						70						(375)

(1)Carrying value shown represents amortized cost.

(2)As of September 30, 2026, closed portfolios of securities hedged under the portfolio-layer method had an amortized cost of $18.5 billion, of which $14.8 billion was designated as the hedged item. As of December 31, 2025, closed portfolios of securities hedged under the portfolio-layer method had an amortized cost of $27.4 billion, of which $16.4 billion was designated as the hedged item. The remaining amount of amortized cost is from securities with terminated hedges where the basis adjustment is being amortized into earnings using the effective interest method over the contractual life of the security and hedges not designated under the portfolio-layer method.

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Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income

Derivatives Designated as Hedging Instruments under GAAP

No portion of the change in fair value of derivatives designated as hedges has been excluded from effectiveness testing.

The following table summarizes the impact on NII related to fair value hedges:

			Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions)			2026						2025						2026						2025
Investment securities:
Amounts related to settlements(1)			$	18					$	78					$	47					$	236
Recognized on derivatives			541						(65)						833						(656)
Recognized on hedged items			(543)						66						(835)						660
Interest income gain (loss) recognized(2)			16						79						45						240
Loans and leases:
Amounts related to settlements(1)			—						—						(1)						(1)
Long-term debt:
Amounts related to settlements(1)			(28)						(54)						(79)						(174)
Recognized on derivatives			(833)						12						(1,268)						256
Recognized on hedged items			832						(12)						1,266						(255)
Interest expense gain (loss) recognized			(29)						(54)						(81)						(173)
Net interest income gain (loss) recognized, total			$	(13)					$	25					$	(37)					$	66

(1)Includes amounts related to active and terminated hedges. Prior period balances have been conformed to current period presentation.

(2)Includes income recognized from securities with terminated hedges that were reclassified to HTM of $10 million and $27 million for the three and nine months ended September 30, 2026, respectively, and $10 million and $29 million for the three and nine months ended September 30, 2025, respectively. The income recognized was offset by the amortization of the fair value mark. Refer to “Note 3. Investment Securities” for additional information on the hedge basis adjustment.

The following table summarizes amounts related to cash flow hedges:

			Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions)			2026						2025						2026						2025
Pre-tax gain (loss) recognized in OCI:
Commercial loans			$	(1,212)					$	(62)					$	(2,435)					$	674
Pre-tax gain (loss) reclassified from AOCI into interest income:
Commercial loans			(87)						(101)						(178)						(286)

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The following table presents information about the Company’s cash flow and fair value hedges:

(Dollars in millions)						Sep 30, 2026						Dec 31, 2025
Cash flow hedges:
Net unrecognized after-tax gain (loss) on hedges recorded in AOCI						$	(1,892)					$	(173)
Maximum length of time over which forecasted cash flows are hedged						4 years						5 years
Fair value hedges:
Net unrecognized pre-tax gain (loss) on terminated hedges(1)						$	22					$	(56)

(1)Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $308 million at September 30, 2026, and $335 million at December 31, 2025.

Of the after-tax net loss on active and terminated cash flow hedges in OCI as of September 30, 2026, after-tax net losses of $683 million are expected to be reclassified into earnings in the next 12 months.

Derivatives Not Designated as Hedging Instruments under GAAP

The Company also enters into derivatives that are not designated as accounting hedges under GAAP to economically hedge certain risks and for purposes of facilitating client trades.

The following table presents pre-tax gains (losses) recognized in income for derivative instruments not designated as hedges:

						Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions)			Income Statement Location			2026						2025						2026						2025
Client-related and other risk management:
Interest rate contracts			Investment banking and trading income and other income			$	18					$	21					$	76					$	42
Foreign exchange contracts			Investment banking and trading income and other income			46						69						167						(144)
Equity contracts			Investment banking and trading income, other income, and personnel expense			(89)						24						161						39
Credit contracts			Investment banking and trading income and other income			(19)						(1)						(30)						(13)
Commodity contracts			Investment banking and trading income			4						2						10						8
MSRs and mortgage banking:
Interest rate contracts			Mortgage banking income			(235)						(31)						(250)						(12)
Total						$	(275)					$	84					$	134					$	(80)

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Credit Derivative Instruments

As part of the Company’s investment banking and capital markets business, the Company enters into contracts that are, in form or substance, written guarantees; specifically, risk participation agreements and TRS. The Company also seeks to economically transfer certain credit risks by entering into credit default swaps. The Company accounts for these contracts as derivatives.

Truist has entered into risk participation agreements to share the credit exposure with other financial institutions on client-related interest rate derivative contracts. Under these agreements, the Company has guaranteed payment to a dealer counterparty in the event the counterparty experiences a loss on the derivative due to a failure to pay by the counterparty’s client. The Company manages its payment risk on its risk participations by monitoring the creditworthiness of the underlying clients through the normal credit review process that the Company would have performed had it entered into a derivative directly with the obligors. At September 30, 2026, the remaining terms on these risk participations ranged from less than one year to 11 years. The potential future exposure represents the Company’s maximum estimated exposure to written risk participations, as measured by projecting a maximum value of the guaranteed derivative instruments based on scenario simulations and assuming 100% default by all obligors on the maximum value.

The Company has also entered into TRS contracts on loans and bonds. To mitigate its credit risk, the Company typically receives initial margin from the counterparty upon entering into the TRS and variation margin if the fair value of the underlying reference assets deteriorates. Refer to “Note 12. Commitments and Contingencies” for additional information on the Company’s TRS contracts.

The Company’s credit default swaps economically hedge credit risk associated with certain loans and leases.

The following table presents additional information related to interest rate derivative risk participation agreements and total return swaps:

(Dollars in millions)			Sep 30, 2026						Dec 31, 2025
Risk participation agreements:
Maximum potential amount of exposure			$	344					$	554
Total return swaps:
Cash received for variation margin			27						31
Cash and other collateral received for initial margin			407						471

44 Truist Financial Corporation

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NOTE 15. Computation of EPS

Basic and diluted EPS calculations are presented in the following table:

			Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions, except per share data, shares in thousands)			2026						2025						2026						2025
Net income available to common shareholders			$	684					$	1,348					$	3,580					$	3,685
Weighted average number of common shares			1,210,179						1,280,571						1,227,751						1,293,341
Effect of dilutive outstanding equity-based awards			16,163						16,095						16,167						15,335
Weighted average number of diluted common shares			1,226,342						1,296,666						1,243,918						1,308,676
Basic EPS			$	0.57					$	1.05					$	2.92					$	2.85
Diluted EPS			0.56						1.04						2.88						2.82
Anti-dilutive awards			—						—						—						—

Truist Financial Corporation 45

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NOTE 16. Operating Segments

Truist operates and measures business activity across two segments: CSBB and WB, with functional activities included in OT&C. The Company’s business segment structure is based on the manner in which financial information is evaluated by management as well as the products and services provided or the type of client served. The CEO is the Truist CODM. The CODM regularly reviews segment net income and its significant components in comparison to expected results as part of evaluating segment performance and optimizing resource allocation. In this regular review, segment net income typically excludes amortization of intangibles and goodwill impairment, which are separately presented in the table below, as applicable.

Consumer and Small Business Banking

CSBB serves retail, premier, and small business clients, providing checking, money market, savings, time and other deposits, payment services, and lending solutions through digital banking, an extensive network of community banking branches, ATMs, virtual service centers, and other channels. Lending solutions include credit cards, personal and unsecured loans originated through the branch network and digital channels; national indirect lending services providing a comprehensive set of technology-enabled consumer lending solutions, including point-of-sale offerings for autos, outdoor power sports, outdoor power equipment, and home improvement; and real estate lending providing residential mortgages through retail, direct, and correspondent channels, and home equity loans delivered through the branch network.

Wholesale Banking

WB provides a comprehensive set of products, solutions, and advisory services to commercial, corporate, institutional, and wealth clients. Banking expertise and product capabilities are delivered through a combination of regional coverage across the Truist footprint and national industry coverage for real estate, investment banking, and capital markets clients. WB works with clients to meet their core banking needs, including traditional and specialized credit solutions and commercial payments to manage deposits, liquidity, payables, and receivables. Through investment banking capabilities, clients have full access to strategic advisory services, debt and equity capital markets, leveraged finance, and securitizations, with distribution channels and market making across both fixed income and equity markets. WB also invests in certain affordable housing, New Markets Tax Credit, and renewable energy tax credit investments. Refer to “Note 12. Commitments and Contingencies” for additional information on these investments. The wealth business delivers asset management, trust, brokerage, and investment management, as well as specialized commercial products, while aligning closely with regional and industry banking coverage.

Other, Treasury and Corporate

OT&C includes management of the Company’s investment securities portfolio, long-term debt, derivative instruments used for balance sheet hedging, short-term liquidity and funding activities, balance sheet risk management and most bank-owned real estate assets, as well as the Company’s functional activities such as finance, enterprise risk, legal, and enterprise technology, data, and operations, among others. Additionally, OT&C houses intersegment eliminations, including intersegment net referral fees and residual interest rate risk.

Truist promotes revenue growth by bringing the full breadth and depth of Truist’s products and services to meet clients’ financial needs. The objective is to deepen client relationships and deliver the best financial experience in the marketplace. Revenues of certain products and services are reflected in the results of the segment providing those products and services and are also allocated to CSBB and WB. These allocated revenues between segments are reflected as net referral fees in noninterest income and eliminated in OT&C.

The segment results are presented based on internal management methodologies that were designed to support Truist’s strategic objectives. Unlike financial accounting, there is no comprehensive authoritative body of guidance for management accounting equivalent to GAAP. The performance of the segments is not comparable with Truist’s consolidated results or with similar information presented by other financial institutions. Additionally, because of the interrelationships between the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities.

Because business segment results are presented based on management accounting practices, the transition to the consolidated results prepared under GAAP creates certain differences, which are reflected as residuals in OT&C. Business segment reporting conventions include the items as detailed below.

Segment net interest income reflects matched maturity funds transfer pricing, which ascribes credits or charges based on the economic value or cost created by assets and liabilities of each segment. Residual differences between these credits and charges are captured in OT&C.

46 Truist Financial Corporation

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In the first quarter of 2026, the Company’s net intersegment interest income and expense methodology was enhanced to reflect a change to funds transfer pricing. Prior period results were revised to conform to the current allocation methodology. As a result of this methodology change, CSBB net interest income decreased $21 million for the three months ended September 30, 2025 and $77 million for the nine months ended September 30, 2025, with offsetting increases in OT&C net interest income. For the same reason, WB net interest income decreased $95 million for the three months ended September 30, 2025 and $291 million for the nine months ended September 30, 2025, with offsetting increases in OT&C net interest income.

Noninterest income includes intersegment referral fees, as well as federal and state tax credits that are grossed up for the WB segment on a pre-tax equivalent basis, related primarily to certain community development investments with the offset reported in OT&C.

Corporate expense allocations, including overhead or functional expenses that are not directly charged to the segments, are allocated to segments based on various drivers (number of FTEs, number of accounts, loan balances, net revenue, etc.) with the offset reported in OT&C.

Provision for credit losses represents net charge-offs by segment combined with an allocation to the segments for the provision attributable to each segment’s quarterly change in the ALLL. Provision for income taxes is calculated using a blended income tax rate for each segment and includes reversals of the noninterest income tax adjustments described above. The difference between the calculated provision for income taxes at the segment level and the consolidated provision for income taxes is reported in OT&C.

The application and development of management reporting methodologies is an active process and undergoes periodic enhancements. The implementation of these enhancements to the internal management reporting methodology may materially affect the results disclosed for each segment, with no impact on consolidated results. When significant changes to management reporting methodologies take place, the impact of these changes is quantified and prior period information is revised as practicable.

Truist Financial Corporation 47

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The following table presents results by segment:

Three Months Ended September 30, (Dollars in millions)			CSBB												WB																		OT&C(1)												Total
			2026						2025						2026						2025																		2026						2025						2026						2025
Net interest income (expense)			$	1,670					$	1,571					$	1,878					$	2,029																	$	115					$	29					$	3,663					$	3,629
Net intersegment interest income (expense)			1,047						850						(317)						(451)																		(730)						(399)						—						—
Segment net interest income (expense)			2,717						2,421						1,561						1,578																		(615)						(370)						3,663						3,629
Allocated provision (benefit) for credit losses			(299)						400						47						36																		(1)						—						(253)						436
Noninterest income			468						530						1,215						1,142																		(1,599)						(114)						84						1,558
Personnel expense			459						449						632						598																		762						701						1,853						1,748
Amortization of intangibles			33						38						29						34																		—						—						62						72
Other direct noninterest expense(2)			319						281						185						199																		686						714						1,190						1,194
Total direct noninterest expense			811						768						846						831																		1,448						1,415						3,105						3,014
Expense allocations			988						942						551						487																		(1,539)						(1,429)						—						—
Total noninterest expense			1,799						1,710						1,397						1,318																		(91)						(14)						3,105						3,014
Income (loss) before income taxes from continuing operations			1,685						841						1,332						1,366																		(2,122)						(470)						895						1,737
Provision (benefit) for income taxes			409						205						284						283																		(597)						(203)						96						285
Segment net income (loss) from continuing operations			$	1,276					$	636					$	1,048					$	1,083																	$	(1,525)					$	(267)					$	799					$	1,452
Identifiable assets (period end) of continuing operations(3)			$	147,510					$	153,895					$	227,929					$	219,108																	$	178,757					$	170,848					$	554,196					$	543,851
Nine Months Ended September 30, (Dollars in millions)			CSBB												WB																		OT&C(1)												Total
			2026						2025						2026						2025																		2026						2025						2026						2025
Net interest income (expense)			$	4,901					$	4,502					$	5,740					$	5,784																	$	242					$	437					$	10,883					$	10,723
Net intersegment interest income (expense)			2,912						2,488						(1,137)						(1,139)																		(1,775)						(1,349)						—						—
Segment net interest income (expense)			7,813						6,990						4,603						4,645																		(1,533)						(912)						10,883						10,723
Allocated provision (benefit) for credit losses			382						1,111						242						272																		(3)						(1)						621						1,382
Noninterest income			1,526						1,552						3,443						3,030																		(1,688)						(232)						3,281						4,350
Personnel expense			1,335						1,317						1,870						1,729																		2,167						1,984						5,372						5,030
Amortization of intangibles			100						115						89						105																		—						—						189						220
Other direct noninterest expense(2)			924						854						572						594																		2,086						2,208						3,582						3,656
Total direct noninterest expense			2,359						2,286						2,531						2,428																		4,253						4,192						9,143						8,906
Expense allocations			2,841						2,803						1,600						1,525																		(4,441)						(4,328)						—						—
Total noninterest expense			5,200						5,089						4,131						3,953																		(188)						(136)						9,143						8,906
Income (loss) before income taxes from continuing operations			3,757						2,342						3,673						3,450																		(3,030)						(1,007)						4,400						4,785
Provision (benefit) for income taxes			918						571						772						696																		(1,123)						(435)						567						832
Segment net income (loss) from continuing operations			$	2,839					$	1,771					$	2,901					$	2,754																	$	(1,907)					$	(572)					$	3,833					$	3,953
Identifiable assets (period end) of continuing operations(3)			$	147,510					$	153,895					$	227,929					$	219,108																	$	178,757					$	170,848					$	554,196					$	543,851

(1)As described above, includes the Company’s investment securities portfolio, most long-term debt, derivative instruments used for balance sheet hedging, short-term liquidity and funding activities, balance sheet risk management, most bank-owned real estate assets, as well as functional activities such as finance, enterprise risk, legal, and enterprise technology, data, and operations. Additionally, OT&C includes intersegment eliminations, including for residual interest rate risk, intersegment net referral fees, and expense allocations. May also include financial data from business units below the quantitative and qualitative thresholds requiring disclosure.

(2)Other direct noninterest expense includes expenses for net occupancy, equipment, professional fees and outside processing, regulatory costs, and other expenses.

(3)For the purpose of presenting identifiable assets of continuing operations by segment, the majority of the ALLL resides in OT&C which is consistent with the CODM’s review of segment loan portfolios on a gross basis.

48 Truist Financial Corporation

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is management’s discussion and analysis of the financial condition and operating results of Truist, which should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements in this Form 10-Q, as well as with Truist’s Annual Report on Form 10-K for the year ended December 31, 2025.

A description of certain factors that may affect our future results and risk factors is set forth in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

MD&A includes certain non-GAAP measures, including NII-TE, NIM-TE, Revenue-TE, TBVPS, and ROTCE. For reconciliations of TBVPS and ROTCE to the most directly comparable GAAP measures, see the “Non-GAAP Financial Measures” section in MD&A. Reconciliations of TE non-GAAP measures to the most directly comparable GAAP measures are included within Table 1: Earnings Highlights, Table 2-1: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis, and Table 2-2: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis. NIM – TE is calculated using net interest income on a TE basis to determine the total yield on interest-earning assets. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value.

Executive Overview

On August 31, 2026, Mike Lyons became Truist’s President and Chief Executive Officer. We are reallocating resources to focus on our core business and invest in core capabilities (including technology, talent, and products). These efforts are centered on helping us become the most important financial partner to our clients and driving stronger, more sustainable growth and higher returns.

For the third quarter of 2026, we reported net income of $684 million, or $0.56 per diluted share, which reflects the impact of several actions to better position Truist for the future. The actions described below simplify the Company, allow us to focus more on our core businesses, and further strengthen our balance sheet by reducing credit risk, interest rate risk, and wholesale funding.

The actions taken during the third quarter included the completion of the Regional Acceptance Corporation (RAC) loan sale and the subsequent repositioning of a portion of our AFS securities portfolio. The RAC loan sale resulted in a $581 million pre-tax, or $0.36 per share, loan loss reserve recapture and $106 million pre-tax, or $0.06 per share, of impacts included in noninterest income and noninterest expense. The AFS securities repositioning resulted in a $1.4 billion pre-tax, or $0.90 per share, loss.

Underlying results were solid, reflecting client-driven deposit growth, strong asset quality, continued expense discipline, and continued capital return to shareholders.

During the third quarter of 2026, we returned $1.8 billion of capital to shareholders, including $629 million in common stock dividends and $1.2 billion in common share repurchases. As of September 30, 2026, $6.5 billion remained under our $10.0 billion common share-repurchase authorization.

Additionally, on October 14, 2026, Truist signed an agreement to sell $7.7 billion of loans, representing substantially all assets of LightStream, a national unsecured lending platform. Estimated net proceeds for the transaction are $7.2 billion. The resulting impact to net income is not expected to be material. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

Truist Financial Corporation 49

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Table 1: Earnings Highlights
(Dollars in millions)			Three Months Ended September 30,												Change															Nine Months Ended September 30,															Change
			2026						2025						2026 vs. 2025															2026						2025									2026 vs. 2025
Net interest income			$	3,663					$	3,629					$	34														$	10,883					$	10,723								$	160
TE adjustment(1)			44						51						(7)															135						147									(12)
Net interest income - TE(1)			3,707						3,680						27															11,018						10,870									148
Noninterest income			84						1,558						(1,474)															3,281						4,350									(1,069)
Total revenue			3,747						5,187						(1,440)															14,164						15,073									(909)
Total revenue - TE(1)			3,791						5,238						(1,447)															14,299						15,220									(921)
Noninterest expense			3,105						3,014						91															9,143						8,906									237
Income before income taxes			895						1,737						(842)															4,400						4,785									(385)
Provision for income taxes			96						285						(189)															567						832									(265)
Net income			799						1,452						(653)															3,833						3,953									(120)
Net income available to common shareholders			684						1,348						(664)															3,580						3,685									(105)
Diluted earnings per common share			$	0.56					$	1.04					$	(0.48)														$	2.88					$	2.82								$	0.06
Return on average assets			0.6		%				1.1		%				(50) bps															0.9		%				1.0		%							(10) bps
Return on average common shareholders’ equity			4.7						9.0						NM															8.1						8.4									(30) bps
ROTCE(1)			7.2						13.6						NM															12.2						12.8									(60) bps
NIM - TE(1)			3.00						3.01						(1) bp															3.00						3.01									(1) bp

(1)Represents a non-GAAP measure. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the “Non-GAAP Financial Measures” section of this report or within the table above for TE measures. NIM – TE is calculated using net interest income on a TE basis to determine the total yield on interest-earning assets.

Net income available to common shareholders was $684 million for the third quarter of 2026, a decrease of 49% compared to the third quarter of 2025.

Total revenue - TE was down 28% compared to the third quarter of 2025.

•Net interest income - TE increased $27 million, or 0.7%, compared to the third quarter of 2025, driven by fixed-rate asset and liability repricing, higher client deposit balances, and higher loan balances, partially offset by lower loan spreads and unfavorable deposit mix. NIM - TE was 3.00%, stable compared to the third quarter of 2025.

•Noninterest income was impacted by $66 million of losses resulting from the RAC loan sale and $1.4 billion of losses from the AFS securities sale, partially offset by record quarterly income for wealth management.

Noninterest expense increased $91 million compared to the third quarter of 2025, and included $40 million of RAC loan sale costs.

Asset quality improved as a result of the RAC loan sale:

•NCOs as a percentage of loans and leases were 77 basis points, which included 39 basis points related to RAC.

•The third quarter of 2026 included a benefit from credit losses of $253 million, reflecting the benefit from the release of remaining ACL upon the transfer of RAC loans to LHFS.

•The ACL was $4.4 billion and included $4.1 billion for the ALLL and $370 million for the reserve for unfunded commitments. The ALLL as a percentage of loans and leases HFI was 1.25%, down 28 basis points compared to December 31, 2025.

•Nonperforming loans and leases HFI were 0.40% of loans and leases HFI at September 30, 2026, down eight basis points compared to December 31, 2025, primarily due to the RAC loan sale.

•Loans 90 days or more past due and still accruing, excluding government guaranteed loans, were 0.04% as a percentage of loans and leases HFI at September 30, 2026, down one basis point compared to December 31, 2025.

50 Truist Financial Corporation

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Capital and liquidity:

•Truist’s preliminary CET1 ratio was 10.7% as of September 30, 2026, down 10 basis points compared to December 31, 2025, primarily due to capital returned to shareholders and the repositioning of the AFS securities portfolio, partially offset by current year earnings and benefits from the RAC loan sale.

•Truist declared common dividends of $0.52 per share during the third quarter of 2026, and repurchased $1.2 billion of common stock.

•Truist’s average consolidated LCR was 110% for the three months ended September 30, 2026, relative to the regulatory minimum of 100%.

•Truist’s book value per common share at September 30, 2026, was $46.78, compared to $47.74 at December 31, 2025. Truist’s TBVPS was $31.90 at September 30, 2026, compared to $33.48 at December 31, 2025.

Analysis of Results of Operations

Net Interest Income

Three Months Ended September 30, 2026 compared to the Three Months Ended September 30, 2025

Net interest income - TE increased $27 million, or 0.7%, compared to the third quarter of 2025, driven primarily by fixed-rate asset and liability repricing, higher client deposit balances, and higher loan balances, partially offset by lower loan spreads and unfavorable deposit mix. NIM - TE was 3.00%, stable compared to the third quarter of 2025.

•Average earning assets increased $5.4 billion, or 1.1%, primarily due to an increase in average total loans of $7.4 billion, or 2.3%.

•The yield on the average total loan portfolio was 5.71%, down 29 basis points. The yield on the average securities portfolio was 3.03%, down 13 basis points.

•Average deposits increased $14.1 billion, or 3.6%, average short-term borrowings decreased $8.2 billion, or 31%, and average long-term debt increased $3.7 billion, or 8.9%.

•The average cost of total deposits was 1.59%, down 25 basis points. The average cost of short-term borrowings was 3.96%, down 46 basis points. The average cost of long-term debt was 4.73%, down 31 basis points.

Nine Months Ended September 30, 2026 compared to the Nine Months Ended September 30, 2025

Net interest income - TE increased $148 million, or 1.4%, for the nine months ended September 30, 2026 compared to 2025, driven by fixed asset repricing and higher earning assets, partially offset by lower loan spreads, fixed-rate debt repricing, and unfavorable deposit mix. NIM - TE of 3.00% was stable compared to the nine months ended September 30, 2025.

•Average earning assets increased $9.0 billion, or 1.9%, primarily due to an increase in average total loans of $15.5 billion, or 4.9%, partially offset by a decline in average securities of $4.1 billion, or 3.4%, and other earning assets (primarily cash at the Federal Reserve) of $2.2 billion, or 5.6%.

•The yield on the average total loan portfolio was 5.70%, down 29 basis points. The yield on the average securities portfolio was 2.97%, down 19 basis points.

•Average deposits increased $8.4 billion, or 2.1%, average short-term borrowings decreased $1.8 billion, or 6.4%, and average long-term debt increased $4.9 billion, or 14%.

•The average cost of total deposits was 1.57%, down 26 basis points. The average cost of short-term borrowings was 3.89%, down 57 basis points. The average cost of long-term debt was 4.77%, down 27 basis points.

The major components of Net interest income - TE, the related annualized yields and the variances caused by changes in interest rates versus changes in volumes are summarized below.

Truist Financial Corporation 51

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Table 2-1: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis
Three Months Ended September 30, (Dollars in millions)			Average Balances(1)												Annualized Yield/Rate(2)												Income/Expense(2)												Incr. (Decr.)						Change due to
			2026						2025						2026						2025						2026						2025												Rate						Volume
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury			$	13,772					$	13,351					4.34		%				5.18		%				$	151					$	174					$	(23)					$	(28)					$	5
GSE			452						458						3.99						3.86						5						4						1						1						—
Agency MBS			102,259						104,998						2.83						2.89						723						760						(37)						(16)						(21)
States and political subdivisions			342						358						4.27						4.19						4						3						1						—						1
Other			1,608						15						3.83						4.50						15						1						14						—						14
Total securities			118,433						119,180						3.03						3.16						898						942						(44)						(43)						(1)
Interest earning trading assets			5,341						5,991						5.27						5.70						69						86						(17)						(7)						(10)
Other earning assets(3)			38,198						38,765						3.85						4.50						374						445						(71)						(65)						(6)
Loans and leases, net of unearned income:
Commercial and industrial			165,989						162,207						5.21						5.66						2,177						2,312						(135)						(188)						53
CRE			25,493						21,171						5.63						6.25						366						336						30						(35)						65
Commercial construction			7,515						8,258						6.29						6.84						115						139						(24)						(11)						(13)
Residential mortgage			57,286						57,676						4.25						4.15						610						598						12						16						(4)
Home equity			9,663						9,588						6.99						7.51						170						182						(12)						(13)						1
Indirect auto			21,406						24,964						6.81						7.29						368						459						(91)						(29)						(62)
Other consumer			33,360						31,714						8.32						8.36						700						668						32						(3)						35
Credit card			4,811						4,915						11.07						11.74						134						146						(12)						(9)						(3)
Total loans and leases HFI			325,523						320,493						5.66						6.00						4,640						4,840						(200)						(272)						72
LHFS			3,935						1,577						9.41						6.18						93						24						69						18						51
Total loans and leases			329,458						322,070						5.71						6.00						4,733						4,864						(131)						(254)						123
Total earning assets			491,430						486,006						4.91						5.18						6,074						6,337						(263)						(369)						106
Nonearning assets			58,336						55,819
Total assets			$	549,766					$	541,825
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest-checking			$	131,507					$	109,244					2.25						2.46						747						677						70						(61)						131
Money market and savings			137,166						136,515						1.73						2.19						599						755						(156)						(160)						4
Time deposits			39,072						45,090						3.06						3.54						301						403						(102)						(52)						(50)
Total interest-bearing deposits			307,745						290,849						2.12						2.50						1,647						1,835						(188)						(273)						85
Short-term borrowings			18,595						26,796						3.96						4.42						186						299						(113)						(29)						(84)
Long-term debt			45,134						41,458						4.73						5.04						534						523						11						(34)						45
Total interest-bearing liabilities			371,474						359,103						2.53						2.94						2,367						2,657						(290)						(336)						46
Noninterest-bearing deposits			102,954						105,751
Other liabilities			12,028						11,922
Shareholders’ equity			63,310						65,049
Total liabilities and shareholders’ equity			$	549,766					$	541,825
Average interest-rate spread															2.38		%				2.24		%
NIM/net interest income - TE(2)															3.00		%				3.01		%				$	3,707					$	3,680					$	27					$	(33)					$	60
Less: TE adjustment																											44						51
Net interest income																											$	3,663					$	3,629
Memo: Total deposits			$	410,699					$	396,600					1.59		%				1.84		%				$	1,647					$	1,835					$	(188)

(1)Represents daily average balances. Unrealized gains and losses on AFS securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities.

(2)Amounts related to interest income and yields are on a TE basis, which represents a non-GAAP measure, utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends. A reconciliation of net interest income - TE to net interest income is included within the table above. NIM – TE is calculated using net interest income on a TE basis to determine the total yield on interest-earning assets. The change in interest not solely due to changes in rate or volume has been allocated based on the pro-rata absolute dollar amount of each.

(3)Includes cash equivalents, interest-bearing deposits with banks, FHLB stock, and other earning assets.

52 Truist Financial Corporation

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Table 2-2: Taxable-Equivalent Net Interest Income and Rate / Volume Analysis
Nine Months Ended September 30, (Dollars in millions)			Average Balances(1)															Annualized Yield/Rate(2)															Income/Expense(2)															Incr. (Decr.)						Change due to
			2026						2025												2026						2025												2026						2025																		Rate						Volume
Assets
AFS and HTM securities at amortized cost:
U.S. Treasury			$	13,457					$	14,078											4.38		%				5.19		%										$	441					$	546											$	(105)					$	(82)					$	(23)
GSE			463						461												3.94						3.78												14						13												1						1						—
Agency MBS			102,572						106,752												2.78						2.88												2,136						2,309												(173)						(81)						(92)
States and political subdivisions			345						366												4.28						4.20												11						11												—						—						—
Other			735						15												3.34						4.59												18						1												17						—						17
Total securities			117,572						121,672												2.97						3.16												2,620						2,880												(260)						(162)						(98)
Interest earning trading assets			5,587						5,840												5.22						5.80												218						254												(36)						(25)						(11)
Other earning assets(3)			36,879						39,059												3.84						4.51												1,070						1,334												(264)						(192)						(72)
Loans and leases, net of unearned income:
Commercial and industrial			167,145						158,663												5.25						5.69												6,567						6,758												(191)						(540)						349
CRE			24,870						20,235												5.61						6.20												1,054						946												108						(94)						202
Commercial construction			7,604						8,533												6.23						6.84												344						428												(84)						(38)						(46)
Residential mortgage			56,698						56,715												4.18						4.09												1,777						1,739												38						39						(1)
Home equity			9,662						9,581												7.00						7.49												506						537												(31)						(36)						5
Indirect auto			23,712						24,129												6.99						7.27												1,240						1,312												(72)						(50)						(22)
Other consumer			32,696						30,474												8.35						8.36												2,041						1,904												137						(2)						139
Credit card			4,843						4,885												10.93						11.57												396						423												(27)						(23)						(4)
Total loans and leases HFI			327,230						313,215												5.69						5.99												13,925						14,047												(122)						(744)						622
LHFS			2,832						1,318												7.25						6.09												154						60												94						13						81
Total loans and leases			330,062						314,533												5.70						5.99												14,079						14,107												(28)						(731)						703
Total earning assets			490,100						481,104												4.90						5.15												17,987						18,575												(588)						(1,110)						522
Nonearning assets			58,038						55,775
Total assets			$	548,138					$	536,879
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest-checking			$	125,100					$	111,548											2.16						2.45												2,018						2,043												(25)						(257)						232
Money market and savings			136,569						136,339												1.78						2.21												1,816						2,249												(433)						(437)						4
Time deposits			39,892						42,448												3.06						3.54												913						1,123												(210)						(145)						(65)
Total interest-bearing deposits			301,561						290,335												2.10						2.49												4,747						5,415												(668)						(839)						171
Short-term borrowings			26,008						27,777												3.89						4.46												758						927												(169)						(112)						(57)
Long-term debt			41,001						36,063												4.77						5.04												1,464						1,363												101						(77)						178
Total interest-bearing liabilities			368,570						354,175												2.53						2.91												6,969						7,705												(736)						(1,028)						292
Noninterest-bearing deposits			103,313						106,110
Other liabilities			12,296						12,151
Shareholders’ equity			63,959						64,443
Total liabilities and shareholders’ equity			$	548,138					$	536,879
Average interest-rate spread																					2.37		%				2.24		%
NIM/net interest income - TE(2)																					3.00		%				3.01		%										$	11,018					$	10,870											$	148					$	(82)					$	230
Less: TE adjustment(2)																																							135						147
Net interest income																																							$	10,883					$	10,723
Memo: Total deposits			$	404,874					$	396,445											1.57		%				1.83		%										$	4,747					$	5,415											$	(668)

(1)Represents daily average balances. Unrealized gains and losses on AFS securities are included in nonearning assets. Active hedge basis adjustments for fair value hedges are included in nonearning assets and other liabilities.

(2)Amounts related to interest income and yields are on a TE basis, which represents a non-GAAP measure, utilizing the federal income tax rate of 21% for the periods presented. Interest income includes certain fees, deferred costs, and dividends. A reconciliation of net interest income - TE to net interest income is included within the table above. NIM – TE is calculated using net interest income on a TE basis to determine the total yield on interest-earning assets. The change in interest not solely due to changes in rate or volume has been allocated based on the pro-rata absolute dollar amount of each.

(3)Includes cash equivalents, interest-bearing deposits with banks, FHLB stock, and other earning assets.

Truist Financial Corporation 53

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Noninterest Income

Noninterest income is a significant driver of Truist’s financial results. The Company has diversified its sources of revenue to reduce its reliance on traditional spread-based interest income, as certain fee-based activities are a relatively stable revenue source during periods of changing interest rates. The following table provides the components of Truist’s noninterest income:

Table 3: Noninterest Income
			Three Months Ended September 30,												% Change						Nine Months Ended September 30,																		% Change
(Dollars in millions)			2026						2025						2026 vs. 2025						2026						2025												2026 vs. 2025
Wealth management income			$	407					$	374					8.8		%				$	1,152					$	1,066											8.1		%
Card and treasury management fees			347						340						2.1						1,038						1,024												1.4
Investment banking and trading income			324						323						0.3						1,048						801												30.8
Other deposit revenue			125						125						—						365						350												4.3
Mortgage banking income			113						118						(4.2)						362						333												8.7
Lending related fees			120						103						16.5						358						297												20.5
Securities gains (losses)			(1,447)						—						NM						(1,447)						(19)												NM
Other income			95						175						(45.7)						405						498												(18.7)
Total noninterest income			$	84					$	1,558					(94.6)						$	3,281					$	4,350											(24.6)

Noninterest income decreased $1.5 billion for the third quarter of 2026 compared to the third quarter of 2025, and $1.1 billion for the nine months ended September 30, 2026 compared to 2025. The third quarter of 2026 included losses from AFS securities sales of $1.4 billion and losses associated with the RAC loan sale of $66 million (other income).

For the three months ended September 30, 2026:

•Wealth management income increased primarily reflecting favorable market performance.

•Other income decreased primarily due to the losses associated with the RAC loan sale and lower returns from investments held for post-retirement benefits (which were offset by lower personnel expense).

For the nine months ended September 30, 2026:

•Wealth management income increased primarily reflecting favorable market performance.

•Investment banking and trading income increased primarily due to higher trading income and capital markets revenue.

•Lending related fees increased primarily due to higher leasing-related gains.

•Other income decreased primarily due to the losses associated with the RAC loan sale and lower income from certain solar and other investments.

Noninterest Expense

The following table provides the components of Truist’s noninterest expense:

Table 4: Noninterest Expense
			Three Months Ended September 30,												% Change						Nine Months Ended September 30,																		% Change
(Dollars in millions)			2026						2025						2026 vs. 2025						2026						2025												2026 vs. 2025
Personnel expense			$	1,853					$	1,748					6.0		%				$	5,372					$	5,030											6.8		%
Professional fees and outside processing			365						346						5.5						1,013						1,083												(6.5)
Software expense			254						233						9.0						723						694												4.2
Net occupancy expense			180						185						(2.7)						530						534												(0.7)
Equipment expense			77						90						(14.4)						241						261												(7.7)
Marketing and customer development			83						79						5.1						253						236												7.2
Amortization of intangibles			62						72						(13.9)						189						220												(14.1)
Regulatory costs			61						32						90.6						190						156												21.8
Other expense			170						229						(25.8)						632						692												(8.7)
Total noninterest expense			$	3,105					$	3,014					3.0						$	9,143					$	8,906											2.7

54 Truist Financial Corporation

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Noninterest expense increased $91 million for the third quarter of 2026 compared to the third quarter of 2025, and $237 million for the nine months ended September 30, 2026 compared to 2025. For both periods:

•Personnel expense increased primarily due to higher incentives expense related to revenue-generating businesses, employee benefit expenses, including costs associated with the RAC loan sale, and higher salaries and annual incentives expense.

•Other expense decreased primarily driven by adjustments to non-fraud operating loss accruals.

Income Taxes

The following table provides information about the effective tax rate:

Table 5: Effective Tax Rate
			Three Months Ended September 30,												% Change						Nine Months Ended September 30,																		% Change
(Dollars in millions)			2026						2025						2026 vs. 2025						2026						2025												2026 vs. 2025
Income before income taxes			$	895					$	1,737					(48.5)		%				$	4,400					$	4,785											(8.0)		%
Provision for income taxes			96						285						(66.3)						567						832												(31.9)
Effective tax rate			10.7		%				16.4		%				NM						12.9		%				17.4		%										NM

The lower effective tax rate for the third quarter of 2026 compared to the third quarter of 2025 was primarily driven by lower income before tax resulting from the AFS securities repositioning, which increased the relative benefit of tax credits, renewable energy tax credit investing activity, and other tax-advantaged items on the effective tax rate. The provision for income taxes was also impacted by the RAC loan sale and AFS securities repositioning.

Segment Results

Truist operates and measures business activity across two reportable segments: Consumer and Small Business Banking (CSBB) and Wholesale Banking (WB), with functional activities included in Other, Treasury, and Corporate (OT&C). The Company’s business segment structure is based on the manner in which financial information is evaluated by management as well as the products and services provided or the type of client served. Refer to “Note 16. Operating Segments” for additional information about the Company’s reportable segments.

Table 6: Net Income from Continuing Operations by Reportable Segment
			Three Months Ended September 30,																		% Change						Nine Months Ended September 30,																		% Change
(Dollars in millions)			2026						2025												2026 vs. 2025						2026						2025												2026 vs. 2025
Consumer and Small Business Banking			$	1,276					$	636											100.6		%				$	2,839					$	1,771											60.3		%
Wholesale Banking			1,048						1,083												(3.2)						2,901						2,754												5.3
Other, Treasury and Corporate			(1,525)						(267)												NM						(1,907)						(572)												NM
Truist Financial Corporation			$	799					$	1,452											(45.0)						$	3,833					$	3,953											(3.0)

Three Months Ended September 30, 2026 compared to the Three Months Ended September 30, 2025

Consumer and Small Business Banking

CSBB net income was $1.3 billion for the third quarter of 2026, an increase of $640 million compared to the third quarter of 2025.

•Segment net interest income increased $296 million primarily driven by higher deposit spreads and balances, partially offset by lower loan balances and spreads.

•The allocated provision for credit losses decreased $699 million, reflecting lower loan loss reserves as a result of the RAC loan sale, partially offset by increased charge-offs also related to the sale.

•Noninterest income decreased $62 million primarily due to lower other income from losses related to the RAC loan sale.

•Noninterest expense increased $89 million primarily due to RAC loan sale costs, increased operational charge-offs, and higher enterprise technology charges.

CSBB average loans and leases HFI decreased $3.3 billion, or 2.4%, for the third quarter of 2026 compared to the third quarter of 2025, primarily due to a decline in the indirect auto portfolio driven by the RAC loan sale, partially offset by increases in the Service Finance and mortgage warehouse lending portfolios.

Truist Financial Corporation 55

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CSBB average total deposits increased $2.5 billion, or 1.2%, for the third quarter of 2026 compared to the third quarter of 2025, primarily driven by increases in money market deposits, partially offset by decreases in time deposits, interest checking, and savings deposits.

Wholesale Banking

WB net income was $1.0 billion for the third quarter of 2026, a decrease of $35 million compared to the third quarter of 2025.

•Segment net interest income decreased $17 million primarily due to lower loan spreads.

•The allocated provision for credit losses increased $11 million, which reflects an increase in net charge-offs and a decrease in the net reserve release.

•Noninterest income increased $73 million driven by higher income from wealth management and capital markets activity, partially offset by lower operating lease income.

•Noninterest expense increased $79 million primarily due to higher regulatory expenses, enterprise technology charges, and revenue-related incentives.

WB average loans HFI increased $8.3 billion, or 4.5%, for the third quarter of 2026 compared to the third quarter of 2025, primarily due to increases in average commercial and industrial loan balances and growth in the CRE portfolio.

WB average total deposits increased $14 billion, or 9.8%, for the third quarter of 2026 compared to the third quarter of 2025, primarily due to increases in interest checking, partially offset by decreases in money market and savings and noninterest-bearing deposits.

Other, Treasury and Corporate

OT&C generated a net loss of $1.5 billion for the third quarter of 2026, compared to a net loss of $267 million for the third quarter of 2025.

•OT&C net interest income decreased $245 million primarily due to higher intersegment funding credit on deposits and a decline in interest income on cash balances and securities resulting from lower balances and yields in those portfolios, partially offset by lower balances and costs on short-term borrowings.

•Noninterest income decreased $1.5 billion driven by a loss from the sale of securities resulting from the AFS securities repositioning.

•Noninterest expense decreased $77 million primarily due to lower allocations for technology and enterprise operations and adjustments to non-fraud operating loss accruals, partially offset by increases in personnel expenses driven by higher investments in enterprise technology talent.

Nine Months Ended September 30, 2026 compared to the Nine Months Ended September 30, 2025

Consumer and Small Business Banking

CSBB net income was $2.8 billion for the nine months ended September 30, 2026, an increase of $1.1 billion compared to the prior year.

•Segment net interest income increased $823 million primarily driven by higher deposit spreads, partially offset by lower loan spreads.

•The allocated provision for credit losses decreased $729 million primarily due to lower loss reserves from the RAC loan sale, partially offset by increased charge-offs also related to the sale.

•Noninterest income decreased $26 million primarily reflecting lower other income due to losses related to the RAC loan sale, partially offset by higher deposit-related revenue.

•Noninterest expense increased $111 million primarily due to RAC loan sale costs, higher enterprise technology charges, regulatory expenses, and loan processing expense along with increased operational charge-offs.

CSBB average loans HFI increased $1.2 billion, or 0.9%, for the nine months ended September 30, 2026 compared to the prior year, primarily due to higher indirect lending in the Service Finance portfolio and increased real estate lending.

CSBB average total deposits increased $2.8 billion, or 1.3%, for the nine months ended September 30, 2026 compared to the prior year, primarily due to higher average money market deposits, partially offset by lower average time deposits and interest checking.

56 Truist Financial Corporation

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Wholesale Banking

WB net income was $2.9 billion for the nine months ended September 30, 2026, an increase of $147 million compared to the prior year.

•Segment net interest income decreased $42 million primarily due to lower loan spreads, partially offset by lower cost of deposits.

•The allocated provision for credit losses decreased $30 million, which reflected an increase in the net reserve release compared to the prior period and a decrease in net charge-offs in the current period.

•Noninterest income increased $413 million primarily due to higher income from capital markets and trading activity, wealth management, and lending related revenue.

•Noninterest expense increased $178 million primarily due to increased personnel expenses driven by revenue-related incentives expense and higher regulatory expense.

WB average loans HFI increased $13 billion, or 7.0%, for the nine months ended September 30, 2026 compared to the prior year, primarily driven by higher balances in the commercial and industrial loan portfolio and growth in the CRE portfolio.

WB average total deposits increased $4.9 billion, or 3.3%, for the nine months ended September 30, 2026 compared to the prior year, primarily due to higher average interest-bearing checking balances, partially offset by declines in money market and savings and noninterest-bearing deposits.

Other, Treasury, and Corporate

OT&C generated a net loss of $1.9 billion for the nine months ended September 30, 2026, compared to a net loss of $572 million for the prior year.

•OT&C net interest income decreased $621 million primarily due to a decline in interest income on cash balances and securities resulting from lower balances and yields in those portfolios as well as higher intersegment funding credit on Consumer deposits, partially offset by lower short-term borrowings balances and costs as well as lower intersegment funding credit on Wholesale deposits.

•Noninterest income decreased $1.5 billion primarily driven by a loss from the sale of securities resulting from the AFS securities repositioning.

•Noninterest expense decreased $52 million primarily due to lower professional fees and outside processing expenses, allocations for technology and enterprise operations, and adjustments to non-fraud operating loss accruals, partially offset by salaries and incentives driven by higher investments in talent in enterprise technology and support functions.

Truist Financial Corporation 57

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Analysis of Financial Condition

Investment Activities

The carrying value of the securities portfolio totaled $110.2 billion at September 30, 2026, compared to $112.2 billion at December 31, 2025. U.S. Treasury, GSE, and agency MBS represented 98.0% and 99.7% of the total securities portfolio at September 30, 2026, and December 31, 2025, respectively. The majority of the portfolio is agency MBS.

During the third quarter of 2026, we repositioned a portion of our AFS securities portfolio by selling $8.6 billion of longer-duration, lower-yielding agency MBS and purchasing $7.2 billion of shorter-duration, higher-yielding agency MBS and U.S. Treasury securities. The sale of securities resulted in a $1.4 billion loss.

•For the nine months ended September 30, 2026, we purchased $23.0 billion of securities, partially offset by paydowns, maturities, and sales of $22.3 billion.

•As of September 30, 2026, 42% of the investment securities portfolio at amortized cost was classified as held-to-maturity, excluding portfolio-level basis adjustments associated with certain AFS securities, compared to 41% at December 31, 2025.

•As of September 30, 2026, approximately 5.7% of the securities portfolio was variable rate, excluding the impact of swaps, compared to 3.7% as of December 31, 2025.

•The effective duration of the AFS securities portfolio was 4.4 years at September 30, 2026, and December 31, 2025, excluding the impact of swaps, or 3.1 years at September 30, 2026 and 2.9 years at December 31, 2025, including the impact of swaps. The effective duration of the HTM securities portfolio was 7.0 years at September 30, 2026, and 7.5 years at December 31, 2025.

Lending Activities

The following table presents the composition of average loans and leases:

Table 7: Average Loans and Leases
						Three Months Ended
(Dollars in millions)						Sep 30, 2026						Jun 30, 2026						Mar 31, 2026						Dec 31, 2025						Sep 30, 2025
Commercial:
Commercial and industrial						$	165,989					$	168,817					$	166,636					$	163,990					$	162,207
CRE						25,493						24,938						24,165						23,205						21,171
Commercial construction						7,515						7,455						7,845						8,015						8,258
Consumer:
Residential mortgage						57,286						56,342						56,458						57,100						57,676
Home equity						9,663						9,656						9,666						9,679						9,588
Indirect auto						21,406						24,430						25,342						25,639						24,964
Other consumer						33,360						32,661						32,053						32,181						31,714
Credit card						4,811						4,863						4,857						4,956						4,915
Total average loans and leases HFI						$	325,523					$	329,162					$	327,022					$	324,765					$	320,493

Average loans and leases HFI were $325.5 billion, a decrease of $3.6 billion, or 1.1%, compared to the second quarter of 2026.

•Average commercial loans decreased 1.1% primarily due to a decrease in the commercial and industrial portfolio.

•Average consumer loans decreased 1.1% driven primarily by a decline in the indirect auto portfolio, resulting from the RAC loan sale, partially offset by an increase in the residential mortgage portfolio.

End of period loans and leases HFI were $323.9 billion, down $5.9 billion, or 1.8%, compared to June 30, 2026, primarily due to the RAC loan sale in the third quarter of 2026 and a decline in the commercial and industrial portfolio, partially offset by an increase in the residential mortgage portfolio.

58 Truist Financial Corporation

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Asset Quality

The following table summarizes asset quality information. For the commercial portfolio segment, loans that are rated special mention or substandard performing are closely monitored by management as potential problem loans. Refer to “Note 4. Loans and ACL” for the amortized cost basis of loans by origination year and credit quality indicator as well as additional disclosures related to NPLs.

Table 8: Asset Quality
(Dollars in millions)			Sep 30, 2026						Jun 30, 2026						Mar 31, 2026						Dec 31, 2025						Sep 30, 2025
NPAs:
NPLs:
Commercial and industrial			$	733					$	657					$	738					$	839					$	800
CRE			43						43						21						47						98
Commercial construction			18						22						23						41						42
Residential mortgage			225						231						231						213						196
Home equity			94						98						101						99						103
Indirect auto			101						569						455						267						247
Other consumer			79						72						73						71						66
Total NPLs HFI			1,293						1,692						1,642						1,577						1,552
Loans held for sale			15						—						79						—						19
Total nonperforming loans and leases			1,308						1,692						1,721						1,577						1,571
Foreclosed real estate			4						5						6						3						4
Other foreclosed property			26						51						58						53						54
Total nonperforming assets			$	1,338					$	1,748					$	1,785					$	1,633					$	1,629
Loans 90 days or more past due and still accruing:
Commercial and industrial			$	—					$	2					$	4					$	3					$	3
CRE			—						3						—						—						—
Residential mortgage – government guaranteed			568						560						609						532						438
Residential mortgage – nonguaranteed			46						33						39						38						41
Home equity			6						8						7						7						6
Other consumer			19						25						26						28						27
Credit card			64						67						75						76						69
Total loans 90 days or more past due and still accruing			$	703					$	698					$	760					$	684					$	584
Loans 30-89 days past due and still accruing:
Commercial and industrial			$	229					$	142					$	260					$	127					$	73
CRE			14						95						42						25						6
Commercial construction			14						—						10						36						5
Residential mortgage – government guaranteed			298						311						263						329						327
Residential mortgage – nonguaranteed			371						354						293						357						344
Home equity			56						52						57						69						54
Indirect auto			210						521						508						679						620
Other consumer			254						232						240						281						241
Credit card			66						67						70						77						73
Total loans 30-89 days past due and still accruing			$	1,512					$	1,774					$	1,743					$	1,980					$	1,743

Nonperforming assets totaled $1.3 billion at September 30, 2026, down $410 million compared to June 30, 2026, primarily due to the RAC loan sale, partially offset by an increase in the commercial and industrial portfolio. Nonperforming loans and leases were 0.40% of loans and leases HFI at September 30, 2026, down eleven basis points compared to June 30, 2026.

At September 30, 2026, and December 31, 2025, 58% and 56% of loans and leases HFI were variable rate, respectively.

Truist Financial Corporation 59

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The following tables present asset quality metrics:

Table 9: Asset Quality Ratios
			Sep 30, 2026						Jun 30, 2026						Mar 31, 2026						Dec 31, 2025						Sep 30, 2025
NPLs as a percentage of loans and leases HFI			0.40		%				0.51		%				0.50		%				0.48		%				0.48		%
NPLs as a percentage of total loans and leases(1)			0.40						0.51						0.52						0.48						0.48
NPAs(1) as a percentage of total assets			0.24						0.31						0.33						0.30						0.30
NPAs(1) as a percentage of total loans and leases(1) plus foreclosed property			0.41						0.53						0.52						0.50						0.50
Loans 90 days or more past due and still accruing as a percentage of loans and leases HFI			0.22						0.21						0.23						0.21						0.18
Loans 90 days or more past due and still accruing as a percentage of loans and leases, excluding government guaranteed loans(2)			0.04						0.04						0.05						0.05						0.05
Loans 30-89 days past due and still accruing as a percentage of loans and leases HFI			0.47						0.54						0.53						0.60						0.54
ALLL as a percentage of loans and leases			1.25						1.51						1.53						1.53						1.54
Ratio of ALLL to nonperforming loans and leases			3.1x						2.9x						3.1x						3.2x						3.2x

(1)Nonperforming assets and total loans and leases include loans held for sale.

(2)This asset quality ratio has been adjusted to remove the impact of government guaranteed loans. Management believes the inclusion of such assets in this asset quality ratio results in distortion of this ratio because collection of principal and interest on government guaranteed loans is reasonably assured.

Table 10: Asset Quality Ratios
						Three Months Ended																														Nine Months Ended September 30,
						Sep 30, 2026						Jun 30, 2026						Mar 31, 2026						Dec 31, 2025						Sep 30, 2025						2026						2025
Net charge-offs (recoveries) as a percentage of average loans and leases:
Commercial:
Commercial and industrial						0.25		%				0.27		%				0.31		%				0.29		%				0.19		%				0.28		%				0.21		%
CRE						—						—						0.06						0.14						0.44						0.02						0.80
Commercial construction						0.12						(0.01)						0.84						(0.04)						(0.03)						0.33						(0.02)
Consumer:
Residential mortgage						—						—						(0.01)						0.01						—						—						—
Home equity						(0.04)						0.02						(0.02)						(0.04)						(0.11)						(0.01)						(0.07)
Indirect auto(1)						6.23						1.73						2.14						2.10						1.99						3.24						1.96
Other consumer						1.61						1.63						1.91						1.84						1.55						1.72						1.60
Credit card						4.21						4.97						5.15						4.64						3.13						4.78						4.38
Total net charge-offs (recoveries) as a percentage of average loans and leases						0.77						0.50						0.61						0.57						0.48						0.63						0.53
Ratio of ALLL to net charge-offs						1.6x						3.0x						2.5x						2.7x						3.3x						2.0x						3.0x

Ratios are annualized.

(1)Includes $251 million of net charge-offs upon the transfer of RAC loans to LHFS in the third quarter of 2026.

60 Truist Financial Corporation

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The following table presents activity related to NPAs:

Table 11: Rollforward of NPAs
(Dollars in millions)						2026						2025
Balance, January 1						$	1,633					$	1,477
New NPAs						2,711						2,565
Advances and principal increases						169						356
Disposals of foreclosed assets(1)						(440)						(466)
Disposals of NPLs						(604)						(265)
Charge-offs and losses						(927)						(894)
Payments						(905)						(938)
Transfers to performing status						(301)						(206)
Other, net						2						—
Ending balance, September 30						$	1,338					$	1,629

(1)Includes charge-offs and losses recorded upon sale of $197 million and $207 million for the nine months ended September 30, 2026 and 2025, respectively.

Commercial Credit Concentrations

Truist has established the following general practices to manage commercial credit risk:

•limiting the amount of credit that Truist may extend to a borrower;

•establishing a process for credit approval accountability;

•initial underwriting and analysis of borrower, transaction, market, and collateral risks;

•evaluating the diversity of the loan portfolio in terms of type, industry, and geographical concentration;

•ongoing servicing and monitoring of individual loans and lending relationships;

•continuous monitoring of the portfolio, market dynamics, and the economy; and

•periodically reevaluating the Company’s strategy and overall exposure as economic, market, and other relevant conditions change.

Truist monitors various segments of its credit portfolios to assess potential concentration risks. Management is involved in the credit approval and review process, and risk acceptance criteria are adjusted as needed to reflect the Company’s risk appetite. Consistent with established risk management objectives, the Company utilizes various risk mitigation techniques, including collecting collateral and security interests, obtaining guarantees, and, to a limited extent, through the purchase of credit loss protection via third-party insurance or use of credit derivatives such as credit default swaps.

In the commercial portfolio, risk concentrations are evaluated regularly on both an aggregate portfolio level and on an individual client basis. The Company manages its commercial exposure through portfolio targets, limits, and transactional risk acceptance criteria as well as other techniques, including loan syndications/participations, loan sales, collateral, structure, covenants, and other risk reduction techniques.

The following tables provide industry distribution by major types of commercial credit exposure and the geographical distribution of commercial exposures. Industry classification for commercial and industrial loans is based on the North American Industry Classification System. CRE loans are classified based on type of property. For the geographic disclosures, amounts are generally assigned to a state based on the physical billing address of the client or physical property address.

Truist Financial Corporation 61

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Table 12: Commercial and Industrial Portfolio Industry and Geography
			September 30, 2026																								December 31, 2025
(Dollars in millions)			LHFI						% of Total																								NPL												LHFI						% of Total																								NPL
Industry:
Finance and insurance			$	32,210					19.3		%																						$	6											$	30,464					18.2		%																						$	2
Real estate and rental and leasing			15,671						9.4																								5												11,993						7.1																								1
Manufacturing			13,292						7.9																								79												13,418						8.0																								91
Retail trade			11,075						6.6																								33												11,940						7.1																								24
Health care and social assistance			10,639						6.4																								2												11,779						7.0																								67
Wholesale trade			8,052						4.8																								50												7,655						4.6																								212
Public administration			7,839						4.7																								—												8,658						5.2																								2
Information			6,028						3.6																								255												7,523						4.5																								158
Utilities			5,765						3.4																								—												6,582						3.9																								—
Professional, scientific, and technical services			5,226						3.1																								24												5,043						3.0																								5
Educational services			4,293						2.6																								—												4,868						2.9																								—
Construction			4,282						2.6																								12												3,350						2.0																								4
Transportation and warehousing			3,939						2.4																								30												4,497						2.7																								22
Administrative and support and waste management and remediation services			3,829						2.3																								69												3,108						1.9																								36
Arts, entertainment, and recreation			3,732						2.2																								1												4,182						2.5																								1
Accommodation and food services			2,827						1.7																								78												2,990						1.8																								24
Other(1)			11,943						7.0																								16												11,903						7.0																								115
Subtotal			150,642						90.0																								660												149,953						89.4																								764
Business owner occupied			16,674						10.0																								73												17,855						10.6																								75
Total commercial and industrial			$	167,316					100.0		%																						$	733											$	167,808					100.0		%																						$	839
Geography:
Florida			$	18,805					11.2		%																						$	55											$	18,532					11.0		%																						$	30
Texas			16,875						10.1																								45												17,001						10.1																								157
New York			12,831						7.7																								139												12,719						7.6																								70
California			12,020						7.2																								30												12,460						7.4																								34
North Carolina			11,852						7.1																								12												12,154						7.2																								11
Georgia			11,262						6.7																								56												11,452						6.8																								149
Virginia			8,843						5.3																								3												9,061						5.4																								3
Maryland			7,736						4.6																								9												7,057						4.2																								4
Pennsylvania			7,164						4.3																								9												6,890						4.1																								131
Tennessee			5,670						3.4																								43												5,873						3.5																								42
New Jersey			4,762						2.8																								7												4,743						2.8																								5
Illinois			4,621						2.8																								24												3,970						2.4																								12
South Carolina			3,895						2.3																								1												4,213						2.5																								4
Ohio			3,422						2.0																								27												3,624						2.2																								—
Other(2)			37,558						22.5																								273												38,059						22.8																								187
Total commercial and industrial			$	167,316					100.0		%																						$	733											$	167,808					100.0		%																						$	839

(1)Represents other remaining industries that are deemed to be individually insignificant.

(2)Represents other remaining states, U.S. territories, and non-U.S. loans that are deemed to be individually insignificant.

The Finance and insurance industry category includes various types of nonbank financial institutions, including asset securitization, securities-based lending, and certain REITs, which together comprise approximately 60% and 59% of Truist’s funded loans within that industry category at September 30, 2026, and December 31, 2025, respectively. Asset securitization facilities are structured to provide funding to clients based on advance rates that are applied to pools of eligible collateral that generally result in overcollateralization of the funded exposures. Securities-based lending arrangements are collateralized by marketable securities that are maintained in a restricted account and monitored by Truist on a daily basis to help determine whether the value of the underlying securities collateral complies with the terms of the margin agreement established with the origination of the loan.

62 Truist Financial Corporation

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Table 13: CRE Portfolio Property Type and Geography
			September 30, 2026																								December 31, 2025
(Dollars in millions)			LHFI						% of Total																								NPL												LHFI						% of Total																								NPL
Industry:
Multifamily			$	9,125					35.2		%																						$	33											$	8,055					34.0		%																						$	4
Industrial			5,807						22.4																								—												5,521						23.3																								—
Retail			4,886						18.9																								4												4,244						17.9																								5
Office			2,257						8.7																								4												2,435						10.3																								36
Hotel			1,623						6.3																								—												1,558						6.6																								—
Other(1)			2,199						8.5																								2												1,907						7.9																								2
Total CRE			$	25,897					100.0		%																						$	43											$	23,720					100.0		%																						$	47
Geography:
Florida			$	3,214					12.4		%																						$	1											$	2,668					11.2		%																						$	2
Georgia			2,830						10.9																								2												2,586						10.9																								1
Texas			2,810						10.9																								—												2,411						10.2																								1
New York			2,637						10.2																								2												2,323						9.8																								6
California			2,175						8.4																								—												1,628						6.9																								—
North Carolina			2,093						8.1																								1												2,324						9.8																								1
Pennsylvania			1,520						5.9																								1												1,566						6.6																								—
New Jersey			1,273						4.9																								3												1,118						4.7																								3
Virginia			1,066						4.1																								—												1,034						4.4																								—
Illinois			997						3.8																								—												1,178						5.0																								13
Maryland			916						3.5																								1												883						3.7																								2
Other(2)			4,366						16.9																								32												4,001						16.8																								18
Total CRE			$	25,897					100.0		%																						$	43											$	23,720					100.0		%																						$	47

(1)Represents other remaining property types that are deemed to be individually insignificant.

(2)Represents other remaining states, U.S. territories, and non-U.S. loans that are deemed to be individually insignificant.

Table 14: Commercial Construction Portfolio Property Type and Geography
			September 30, 2026																								December 31, 2025
(Dollars in millions)			LHFI						% of Total																								NPL												LHFI						% of Total																								NPL
Industry:
Multifamily			$	2,810					37.7		%																						$	—											$	3,871					49.7		%																						$	—
Industrial			2,631						35.3																								—												1,884						24.2																								—
Single Family - construction to permanent			1,262						16.9																								—												1,070						13.7																								—
Single Family - acquisition and development and commercial land			222						3.0																								—												208						2.7																								—
Office			157						2.1																								18												392						5.0																								40
Other(1)			376						5.0																								—												358						4.7																								1
Total commercial construction			$	7,458					100.0		%																						$	18											$	7,783					100.0		%																						$	41
Geography:
Florida			$	1,113					14.9																								$	—											$	1,453					18.7																								$	—
Texas			1,047						14.0																								—												1,088						14.0																								—
Georgia			960						12.9																								—												1,188						15.3																								—
California			745						10.0																								—												431						5.5																								—
North Carolina			600						8.0																								—												748						9.6																								—
Other(2)			2,993						40.2																								18												2,875						36.9																								41
Total commercial construction			$	7,458					100.0		%																						$	18											$7,783						100.0		%																						$	41

(1)Represents other remaining property types that are deemed to be individually insignificant.

(2)Represents other remaining states, U.S. territories, and non-U.S. loans that are deemed to be individually insignificant.

Refer to “Note 4. Loans and ACL” for additional information on the commercial portfolios, including loans by origination year and credit quality indicator.

Truist Financial Corporation 63

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ACL

Activity related to the ACL is presented in the following tables:

Table 15: Activity in ACL
			Three Months Ended																														Nine Months Ended September 30,
(Dollars in millions)			Sep 30, 2026						Jun 30, 2026						Mar 31, 2026						Dec 31, 2025						Sep 30, 2025						2026						2025
Balance, beginning of period			$	5,316					$	5,335					$	5,347					$	5,305					$	5,253					$	5,347					$	5,161
Provision (benefit) for credit losses(1)			(253)						395						479						512						436						621						1,382
Charge-offs:
Commercial and industrial			(125)						(137)						(142)						(141)						(98)						(404)						(320)
CRE			—						(1)						(7)						(14)						(25)						(8)						(133)
Commercial construction			(2)						(1)						(17)						—						—						(20)						—
Residential mortgage			(1)						(1)						(1)						(3)						(1)						(3)						(3)
Home equity			(3)						(3)						(3)						(2)						(2)						(9)						(8)
Indirect auto(2)			(358)						(135)						(158)						(160)						(150)						(651)						(431)
Other consumer			(170)						(168)						(184)						(178)						(155)						(522)						(455)
Credit card			(62)						(70)						(71)						(67)						(49)						(203)						(193)
Total charge-offs			(721)						(516)						(583)						(565)						(480)						(1,820)						(1,543)
Recoveries:
Commercial and industrial			19						22						16						23						20						57						75
CRE			—						1						3						6						2						4						12
Commercial construction			—						1						1						1						—						2						1
Residential mortgage			1						1						2						1						2						4						4
Home equity			4						3						3						3						5						10						13
Indirect auto			22						29						25						24						25						76						78
Other consumer			35						35						33						28						31						103						92
Credit card			11						10						9						9						10						30						33
Total recoveries			92						102						92						95						95						286						308
Net charge-offs			(629)						(414)						(491)						(470)						(385)						(1,534)						(1,235)
Other			(1)						—						—						—						1						(1)						(3)
Balance, end of period			$	4,433					$	5,316					$	5,335					$	5,347					$	5,305					$	4,433					$	5,305
ACL:
ALLL			$	4,063					$	4,983					$	5,026					$	5,030					$	4,988
RUFC			370						333						309						317						317
Total ACL			$	4,433					$	5,316					$	5,335					$	5,347					$	5,305

(1)Includes a net benefit of $581 million in the third quarter of 2026 from the loan loss reserve recapture following the recognition of held for sale-related charge-offs resulting from the RAC loan sale.

(2)Includes $251 million of net charge-offs upon the transfer of RAC loans to LHFS in the third quarter of 2026.

The ACL was $4.4 billion at September 30, 2026, and included $4.1 billion for the ALLL and $370 million for the reserve for unfunded commitments. The ALLL ratio at September 30, 2026 was 1.25%, down 26 basis points compared with June 30, 2026, following the recognition of held for sale-related charge-offs resulting from the RAC loan sale.

64 Truist Financial Corporation

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The following table presents an allocation of the ALLL. The entire amount of the allowance is available to absorb losses occurring in any category of loans and leases.

Table 16: Allocation of ALLL by Category
			September 30, 2026																		December 31, 2025
(Dollars in millions)			Amount						% ALLL in Each Category						% Loans in Each Category						Amount						% ALLL in Each Category						% Loans in Each Category
Commercial and industrial			$	1,462					35.8		%				51.6		%				$	1,326					26.3		%				51.0		%
CRE			336						8.3						8.0						476						9.5						7.2
Commercial construction			112						2.8						2.3						246						4.9						2.4
Residential mortgage			162						4.0						18.0						198						3.9						17.3
Home equity			72						1.8						3.0						84						1.7						3.0
Indirect auto			189						4.7						5.3						1,036						20.6						7.8
Other consumer			1,346						33.1						10.3						1,238						24.6						9.8
Credit card			384						9.5						1.5						426						8.5						1.5
Total ALLL			4,063						100.0		%				100.0		%				5,030						100.0		%				100.0		%
RUFC			370																		317
Total ACL			$	4,433																	$	5,347

Other Assets

The components of other assets are presented in the following table:

Table 17: Other Assets as of Period End
(Dollars in millions)			Sep 30, 2026						Dec 31, 2025
Tax credit and other private equity investments			$	10,704					$	9,882
Bank-owned life insurance			8,713						8,515
Pension assets, net			8,149						7,920
DTA			2,795						1,507
Derivative assets			1,955						1,343
Accrued income			1,939						2,028
Accounts receivable			1,751						1,624
FHLB stock			1,395						1,521
Prepaid expenses			1,191						1,075
ROU assets			968						1,045
Leased assets and related assets			868						1,359
Other			1,046						1,151
Total other assets			$	41,474					$	38,970

Truist Financial Corporation 65

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Funding Activities

Deposits

The following table presents average deposits:

Table 18: Average Deposits
						Three Months Ended
(Dollars in millions)						Sep 30, 2026						Jun 30, 2026						Mar 31, 2026						Dec 31, 2025						Sep 30, 2025
Noninterest-bearing deposits						$	102,954					$	103,620					$	103,371					$	105,552					$	105,751
Interest checking						131,507						123,556						120,110						112,313						109,244
Money market and savings						137,166						136,423						136,106						138,114						136,515
Time deposits						39,072						41,270						39,337						40,031						45,090
Total average deposits						$	410,699					$	404,869					$	398,924					$	396,010					$	396,600

Average deposits for the third quarter of 2026 were $410.7 billion, up $5.8 billion, or 1.4%, compared to the second quarter of 2026, driven by an increase in interest checking. Average noninterest-bearing deposits decreased 0.6% compared to the second quarter of 2026 and represented 25.1% of total deposits for the third quarter of 2026 and 25.6% for the second quarter of 2026.

End of period deposits were $413.2 billion, up $3.9 billion, or 0.9%, compared to June 30, 2026, primarily due to an increase in interest checking deposits, partially offset by a decline in time deposits and noninterest-bearing deposits.

Borrowings

At September 30, 2026, short-term borrowings totaled $12.4 billion, a decrease of $15.4 billion compared to December 31, 2025, primarily due to a decline in FHLB advances.

Long-term debt provides funding and, to a lesser extent, regulatory capital, and primarily consists of senior and subordinated notes issued by the Parent Company and Truist Bank. Long-term debt totaled $53.4 billion at September 30, 2026, an increase of $11.4 billion compared to December 31, 2025. During the nine months ended September 30, 2026, the Company had:

•Issuances of $6.4 billion of primarily fixed-to-floating rate senior notes with a weighted average interest rate of 4.78% due between January 27, 2029 and April 23, 2037 and $350 million of floating rate senior notes due January 27, 2029.

•Net issuances of $11.6 billion of floating rate FHLB advances.

•Maturities and redemptions of $4.3 billion of senior notes and $1.8 billion of subordinated notes.

Refer to “Note 8. Borrowings” for additional information on short-term borrowings and long-term debt.

Shareholders’ Equity

Total shareholders’ equity was $61.5 billion at September 30, 2026, a decrease of $3.7 billion from December 31, 2025. This decrease reflected $3.6 billion in common share repurchases, including excise taxes, $2.2 billion in common and preferred dividends, and a $2.5 billion decrease in AOCI, partially offset by $3.8 billion in net income and $495 million for the issuance of Series S non-cumulative perpetual preferred stock with a stated dividend rate of 6.25% per annum. Truist’s book value per common share at September 30, 2026 was $46.78, compared to $47.74 at December 31, 2025. Truist’s TBVPS was $31.90 at September 30, 2026, compared to $33.48 at December 31, 2025.

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Risk Management

Truist seeks to maintain a comprehensive risk management framework supported by people, processes, and systems designed to identify, assess, measure, monitor, control, mitigate, govern, and report on risks arising from exposures and business activities. Truist has developed a risk taxonomy to provide for the identification, measurement, and reporting of primary risk types and classification of risk elements at Truist. Primary risk types are defined across eight categories, including credit, market, liquidity, strategic, operational, technology, compliance, and financial crimes. See Item 1, “Business”, Item 1A, “Risk Factors”, and the “Risk Management” section of MD&A in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding these primary risk types.

Truist has established an enterprise risk management framework to enable the execution of strategic goals and objectives in alignment with its risk appetite.

Truist is committed to fostering a culture that prioritizes and supports the identification and escalation of risks across the organization. All teammates are responsible for upholding the Company’s purpose, mission, and values, and are encouraged to speak up if there is any activity or behavior that is inconsistent with the Company’s culture. The Truist Code of Ethics influences the Company’s decision making and informs teammates on how to act in the absence of specific guidance.

Truist seeks an appropriate return for the risk taken in its business operations. Risk-taking activities must be evaluated and prioritized to identify those that are within the Company’s risk appetite and present attractive risk-adjusted returns, while preserving asset value and capital.

Market Risk

Market risk is the risk to current or anticipated earnings, capital, or economic value arising from changes in interest rates, spreads, or prices of financial instruments, and the corresponding impact on the composition of the balance sheet or trading and fair value positions. Market risk results from changes in the level, volatility, or correlations among financial market risk factors or prices, including interest rates, credit spreads, foreign exchange rates, equity, and commodity prices.

Truist’s most significant market risk exposure is to interest rate risk in its balance sheet. However, market risk also results from underlying product liquidity risk, price risk, and volatility risk of instruments held in Truist’s business units. Interest rate risk results from:

•differences between the timing of rate changes and the timing of cash flows associated with assets and liabilities (re-pricing risk);

•changing rate relationships among different yield curves affecting bank activities (basis risk);

•changing rate relationships across the spectrum of maturities (yield curve risk); and

•interest-related options inherently embedded in bank products (options risk).

The primary objectives of market risk management are to minimize adverse effects from changes in market risk factors on net interest income, net income, and capital, and to offset the risk of price changes for certain assets and liabilities recorded at fair value. At Truist, market risk management also includes the enterprise-wide IPV function.

Market Risk - Interest Rate

As a financial institution, Truist is exposed to interest rate risk from assets, liabilities, and off-balance sheet positions. Truist primarily monitors this risk through two measurement types, (i) NII at risk and (ii) economic value of equity. Truist manages this interest rate risk with securities, derivatives, and broader asset liability management activities. Truist uses derivatives to hedge interest income variability of floating rate loans and to hedge valuation changes of long-term debt and investment securities.

Corporate Treasury is responsible for the management of Truist’s IRR position as part of an integrated balance sheet management strategy. The TMRO team within the RMO monitors Corporate Treasury’s execution of these responsibilities. The ALCO and the BRC approve the policies governing interest rate management and, along with the ERC, receive periodic updates. IRR measurement is reported monthly through the ALCO. Monthly IRR reporting includes exposure and historical trends relative to risk limit scenarios, impacts to a wide range of rate scenarios, and sensitivity tests of key assumptions. IRR reporting is provided to the BRC quarterly.

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IRR measurement is influenced by data, assumptions, and models. Due to their high sensitivity to market rates, mortgage (loan and security) prepayments leverage an industry model that results in varying prepayment speeds across rate scenarios. Prepayments for non-mortgage loans leverage a mix of dynamic models (varying results based on market rates) and static prepayment assumptions based on historical experience. Truist’s analysis incorporates dynamic client deposit balance levels, the mix across product types, and deposit rates paid across alternate rate scenarios based on modeled changes in client and bank behavior. The use of dynamic deposit balance models results in rotation to higher cost funding products (e.g., CDs) when market rates increase and to lower cost funding products (e.g., non-maturity deposits) when market rates decrease. The use of dynamic rate-paid models results in varying deposit betas based on the timing and conditions within market rate cycles.

NII at risk measures the change in NII under alternate interest rate scenarios relative to Truist’s baseline scenario, which incorporates Truist’s current balance sheet and off-balance sheet hedges as well as expectations for new business over the forecast horizon. Truist’s baseline scenario relies on assumptions including expectations of the economy and interest rates – which are influenced by market conditions, new business volume, pricing, and client behavior. In measuring NII at risk, Truist assumes that changes in key factors, such as prepayments and deposit pricing (betas), largely move in line with those Truist has experienced in prior rate cycles. However, future behavior of key factors may vary from Truist’s assumptions. NII at risk measurement assumes, when applicable, that U.S. interest rates floor at zero and Truist does not take any balance sheet or hedging actions in response to the rate scenarios.

Truist evaluates a wide range of alternate scenarios including instantaneous and gradual as well as parallel and non-parallel changes in interest rates. The table below presents the estimated change to NII over the following 12 months for select parallel alternate scenarios, expressed as a percentage change relative to baseline NII.

Table 19: Interest Sensitivity Simulation Analysis
			Sep 30, 2026						Dec 31, 2025
Up 200bps gradual change in interest rates			(0.1)		%				(0.9)		%
Up 50bps instantaneous change in interest rates			(0.2)						(0.1)
Down 50bps instantaneous change in interest rates			0.0						(0.2)
Down 200bps gradual change in interest rates			(1.0)						(0.3)

Truist performs and monitors sensitivity tests of key assumptions used in NII risk including:

•Asset prepayment speeds

•New loan volume pricing spreads

•Interest-bearing deposit betas

•Noninterest-bearing demand deposit balance runoff, replaced by market funding

EVE measures changes in the economic value of Truist’s current balance sheet and off-balance sheet hedges under alternate rate scenarios relative to starting economic value. Truist uses EVE as a longer-term measure of interest rate risk. Truist performs and monitors sensitivity tests of key assumptions used in EVE including:

•Asset prepayment speeds

•Mortgage spreads (mortgage loan and security valuations)

•Interest-bearing deposit beta

•Deposit runoff / decay

Key assumption tests are generally performed by increasing and decreasing the assumption, whether static or dynamically modeled, relative to their respective starting values and then measuring the resulting impact to NII and EVE under baseline and alternate rate scenarios.

The identification and testing of key assumptions are influenced by market conditions and management’s views on key risks. The results of key assumption sensitivity tests are reported to the ALCO and the BRC at least quarterly. Key assumptions and their associated sensitivity tests are reviewed with the ALCO and the BRC at least annually.

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Market Risk - Trading Activities

As a financial intermediary, Truist provides its clients access to derivatives, foreign exchange, and securities markets, which generate market risks. Trading market risk is managed using a multi-faceted risk management approach, which includes measuring risk using VaR, stress testing, and sensitivity analysis. Risk metrics are monitored against a suite of limits at both the trading desk level and at the aggregate portfolio level.

Truist is also subject to risk-based capital guidelines for market risk under the Market Risk Rule. The Capital Markets Risk Management team within the RMO selects, calibrates, and monitors compliance with key risk indicators and other risk measures designed to establish risk-taking parameters for the trading desks within WB. The Capital Markets Risk Committee, ERC, and BRC establish policies governing trading activities and receive regular updates to support the oversight of those activities.

Covered Trading Positions

Covered positions subject to the Market Risk Rule include trading assets and liabilities, specifically those held for the purpose of short-term resale or with the intent of benefiting from actual or expected short-term price movements or to lock in arbitrage profits. Truist’s trading portfolio of covered positions results primarily from market making and underwriting services for the Company’s clients, as well as associated risk mitigating hedging activity. The trading portfolio, measured in terms of VaR, consists primarily of four sub-portfolios of covered positions: (i) credit trading, (ii) fixed income securities, (iii) interest rate derivatives, and (iv) equity derivatives. As a market maker across different asset classes, Truist’s trading portfolio also contains other sub-portfolios, including foreign exchange, loan trading, and commodity derivatives; however, these portfolios do not generate material trading risk exposures.

Valuation policies and methodologies exist for all trading positions. Additionally, these positions are subject to independent price verification. Refer to the “Critical Accounting Estimates” section in MD&A, “Note 13. Fair Value Disclosures,” and “Note 14. Derivative Financial Instruments” for discussion of valuation policies and methodologies.

Securitizations

As of September 30, 2026, the aggregate market value of on-balance sheet securitization positions subject to the Market Risk Rule, which were non-agency asset backed securities positions, was $202 million. Consistent with the Market Risk Rule requirements, the Company performs pre-purchase due diligence on each securitization position to identify the characteristics, including deal structure and the asset quality of the underlying assets, that materially affect valuation and performance. Securitization positions are subject to Truist’s risk management framework, which includes daily monitoring against a suite of limits. There were no off-balance sheet securitization positions during the reporting period.

Correlation Trading Positions

The trading portfolio of covered positions did not contain any correlation trading positions as of September 30, 2026.

VaR-Based Measures

VaR measures the potential loss of a given position or portfolio of positions at a specified confidence level and time horizon. Truist utilizes a historical VaR methodology to measure and aggregate risks across its covered trading positions. The VaR calculation is based on a historical simulation approach and measures the potential trading losses using a one-day holding period at a one-tail, 99% confidence level. For Market Risk Rule purposes, the Company calculates VaR using a 10-day holding period and a 99% confidence level. Due to inherent limitations of the VaR methodology, such as the assumption that past market behavior is indicative of future market performance, VaR is only one of several tools we use to measure and manage market risk. Other tools used to manage market risk include stress testing, scenario analysis, and stop loss limits.

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The trading portfolio’s VaR profile is influenced by a variety of factors, including the size and composition of the portfolio, market volatility, and the correlation between different positions. A portfolio of trading positions is typically less risky than the sum of the risk from each of the individual sub-portfolios, because, under normal market conditions, risk within each category partially offsets the exposure to other risk categories. The following table summarizes certain VaR-based measures for the three and nine months ended September 30, 2026 and 2025. Average VaR measures in the nine months ended September 30, 2026 were lower compared to the nine months ended September 30, 2025, due to lower risk positions.

Table 20: VaR-based Measures
			Three Months Ended September 30,																								Nine Months Ended September 30,
			2026												2025												2026												2025
(Dollars in millions)			10-Day Holding Period						1-Day Holding Period						10-Day Holding Period						1-Day Holding Period						10-Day Holding Period						1-Day Holding Period						10-Day Holding Period						1-Day Holding Period
VaR-based Measures:
Maximum			$	13					$	5					$	35					$	12					$	25					$	7					$	63					$	15
Average			10						4						22						8						10						4						23						9
Minimum			7						3						14						6						5						3						9						4
Period-end			12						4						28						8						12						4						28						8
VaR by Risk Class:
Interest Rate Risk									2												5												2												5
Credit Spread Risk									1												5												1												5
Equity Price Risk									4												7												4												7
Foreign Exchange Risk									1												1												1												1
Portfolio Diversification									(5)												(11)												(5)												(11)
Period-end									4												8												4												8

Stressed VaR-based measures

Stressed VaR, another component of market risk capital, is calculated using the same internal models as used for the VaR-based measure. Stressed VaR is calculated over a ten-day holding period at a one-tail, 99% confidence level and employs a historical simulation approach based on a continuous twelve-month historical window selected to reflect a period of significant financial stress for the Company’s trading portfolio. The following table summarizes Stressed VaR-based measures:

Table 21: Stressed VaR-based Measures - 10 Day Holding Period
			Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions)			2026						2025						2026						2025
Maximum			$	92					$	147					$	92					$	287
Average			43						94						36						133
Minimum			18						56						11						56
Period-end			47						127						47						127

Specific Risk Measures

Specific risk is a measure of idiosyncratic risk that could result from risk factors other than broad market movements (e.g., default or event risks). The Market Risk Rule provides fixed risk weights under a standardized measurement method while also allowing a model-based approach, subject to regulatory approval. Truist utilizes the standardized measurement method to calculate the specific risk component of market risk regulatory capital. As such, incremental risk capital requirements do not apply.

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VaR Model Backtesting

In accordance with the Market Risk Rule, the Company evaluates the accuracy of its VaR model through daily backtesting by comparing aggregate daily trading gains and losses (excluding fees, commissions, reserves, net interest income, and intraday trading) from covered positions with the corresponding daily VaR-based measures generated by the model. The total number of Company-wide VaR backtesting exceptions over the preceding twelve months is used to determine the multiplication factor for the VaR-based capital requirement under the Market Risk Rule. The capital multiplication factor increases from a minimum of three to a maximum of four, depending on the number of exceptions. All Company-wide VaR backtesting exceptions are reviewed in the context of VaR model use and performance. There was no change in the capital multiplication factor over the preceding twelve months.

Model Risk Oversight

The MRO is responsible for the independent model validation of all decision models, including trading market risk models. As part of ongoing monitoring efforts, the performance of all trading risk models is reviewed regularly to evaluate model performance with emerging developments in financial markets, assess evolving modeling approaches, and identify potential model enhancements.

Stress Testing

The Company uses a range of stress testing techniques to help monitor risks across trading desks and to augment standard daily VaR and other risk limits reporting. The stress testing framework is designed to quantify the impact of extreme, but plausible, stress scenarios that could lead to large, unexpected losses. Stress tests include simulations for risk factor sensitivities, historical repeats, and hypothetical scenarios with varying liquidity horizons of key risk factors. All trading positions within each applicable market risk category (i.e., interest rate risk, equity risk, foreign exchange rate risk, credit spread risk, and commodity price risk) are included in the Company’s stress testing framework. Management reviews stress testing scenarios and makes updates on an ongoing basis. Management also utilizes stress analyses to support the Company’s capital adequacy assessment standards. Refer to the “Capital” section in MD&A for additional discussion of capital adequacy.

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Liquidity

Liquidity is the ability to fund increases in assets and meet obligations as they come due, all without incurring unacceptable costs. In addition to the level of liquid assets, such as cash, cash equivalents, and highly liquid unencumbered securities, other factors affect the ability to meet liquidity needs, including access to a variety of funding sources, maintaining borrowing capacity, growing core deposits, loan repayment, and the ability to securitize or package loans for sale.

Truist has a liquidity risk management process designed to identify, measure, and monitor key liquidity risks to assess whether Truist is operating within its liquidity risk appetite. The liquidity risk appetite is outlined using a qualitative statement and more granular detailed risk appetite statements aligned to Truist’s risk taxonomy. Risk statements form the basis for aligning risk appetite with risk management goals and strategy. Using the risk appetite statements, key risk indicators are developed that represent quantitative metrics which measure current risk exposure relative to Truist’s risk appetite, which help the Board oversee and management monitor liquidity risk-taking activity. Truist’s key risk indicators are designed to support the following objectives:

•maintain (i) a diversified, but client deposit-centric, funding base, (ii) a level of liquid, readily monetized assets sufficient to satisfy business as usual and stressed cash flow needs across multiple liquidity horizons, and (iii) an appropriate level of contingent funding to meet any unexpected needs;

•limit concentration risk from individual, correlated counterparties and funding concentrations in tenors that may negatively impact Truist from an unforeseen idiosyncratic or market event; and

•maintain sufficient liquidity in the holding company to serve as a source of strength to its subsidiaries.

Internal Liquidity Stress Testing

Liquidity stress testing is conducted for Truist and Truist Bank using a variety of institution-specific and market-wide adverse scenarios. Each liquidity stress test scenario applies defined assumptions to execute sources and uses of liquidity over varying planning horizons. The types of expected liquidity uses during a stressed event may include deposit attrition, contractual maturities, reductions in unsecured and secured funding, increased draws on unfunded commitments, and the potential need to post additional collateral for derivatives. To mitigate liquidity outflows, Truist has identified sources of liquidity; however, access to these sources of liquidity could be affected within a stressed environment.

Truist maintains a liquidity buffer of cash on hand and highly liquid unencumbered securities that is designed to meet the projected 30-day net stressed cash flow needs. Truist’s liquidity buffer is substantially the same in composition to what qualifies as HQLA under the LCR rule. Truist periodically monetizes a representative sample of the liquidity buffer to assess operational readiness through available monetization channels.

Contingency Funding Plan

Truist has a contingency funding plan designed to address ongoing obligations and commitments, particularly in the event of a liquidity contraction. This plan is designed to examine and quantify the organization’s liquidity under the various internal liquidity stress scenarios and is periodically tested to assess the plan’s reliability. Additionally, the plan provides a framework for management and other teammates to follow in the event of a liquidity contraction or in anticipation of such an event. The plan addresses authority for activation and decision making, liquidity options, and the responsibilities of key departments in the event of a liquidity contraction. On a quarterly basis, Truist conducts testing of market access for alternative sources of funds (e.g., FRB, discount window, standing repo facility, etc.) to test operational readiness. On a periodic basis, Truist conducts a tabletop test of the Contingency Funding Plan to assess reliability of the plan during liquidity stress events and to simulate the operational elements of the plan such as communications, coordination, and decision-making.

LCR, NSFR, and HQLA

The LCR rule requires that Truist and Truist Bank maintain an amount of eligible HQLA that is sufficient within the parameters of the rule to meet their estimated total net cash outflows over a prospective 30 calendar-day period of stress. Eligible HQLA, for purposes of calculating the LCR, is the amount of unencumbered HQLA that satisfies operational requirements of the LCR rule. Truist and Truist Bank are subject to the Category III reduced LCR requirements. For the three months ended September 30, 2026, Truist held average weighted eligible HQLA of $92.2 billion, and Truist’s average LCR was 110%, which exceeded the regulatory minimum of 100%.

The NSFR rule defines a minimum amount of stable, long-term funding that Truist and Truist Bank must maintain in relation to their asset composition and off-balance sheet activities. Truist and Truist Bank are subject to the Category III reduced NSFR requirements. At September 30, 2026, Truist was compliant with this requirement.

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Sources of Funds

Truist funds its balance sheet through diverse sources of funding, including client deposits, secured and unsecured capital markets funding, and shareholders’ equity. Truist Bank’s primary source of funding is client deposits. Continued access to client deposits is highly dependent on public confidence in the stability of Truist Bank and its ability to return funds to clients when requested.

Truist Bank maintains a number of diverse funding sources to meet its liquidity requirements. These sources include unsecured borrowings from the capital markets through the issuance of senior or subordinated bank notes, institutional CDs, overnight and term Federal funds markets, and retail brokered CDs. Truist Bank also maintains access to secured borrowing sources, including FHLB advances, repurchase agreements, and the Federal Reserve discount window. Available investment securities could be pledged to create additional secured borrowing capacity. The following table presents a summary of Truist Bank’s available secured borrowing capacity and eligible cash at the Federal Reserve:

Table 22: Selected Liquidity Sources
(Dollars in millions)			Sep 30, 2026						Dec 31, 2025
Unused borrowing capacity:
Federal Reserve			$	82,663					$	84,160
FHLB			24,414						23,464
Available investment securities (at fair value)			69,703						70,150
Available secured borrowing capacity			176,780						177,774
Eligible cash at the Federal Reserve			38,535						29,973
Total			$	215,315					$	207,747

At September 30, 2026, Truist Bank’s available secured borrowing capacity represented approximately 8.6 times the amount of wholesale funding maturities in one year or less.

Parent Company

The Parent Company serves as the primary source of capital for its operating subsidiaries. The Parent Company’s assets consist primarily of cash on deposit with Truist Bank, equity investments in subsidiaries, and advances to subsidiaries, including notes receivable from subsidiaries. The principal obligations of the Parent Company are payments on long-term debt. The main sources of funds for the Parent Company are dividends and management fees from subsidiaries, repayments of advances to subsidiaries, and proceeds from the issuance of equity and long-term debt. The primary uses of funds by the Parent Company are investments in subsidiaries, advances to subsidiaries, dividend payments to common and preferred shareholders, repurchases of common stock, payments on and, from time to time, potential repurchases or redemptions of a portion of an outstanding tranche of long-term debt of the Parent Company (as may be permitted by the terms of each respective series), and the redemption of preferred stock. Refer to “Note 22. Parent Company Financial Information” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding dividends from subsidiaries and debt transactions.

Access to funding at the Parent Company is more sensitive to market disruptions. Therefore, Truist manages cash levels at the Parent Company to exceed a minimum of 12 months of projected cash outflows. In determining the buffer, Truist considers cash requirements for common and preferred dividends, unfunded commitments to affiliates, serving as a source of strength to Truist Bank and the Parent Company’s other subsidiaries, and being able to withstand sustained market disruptions that could limit access to the capital markets. At September 30, 2026, the Parent Company held cash on hand to meet these requirements.

Credit Ratings

Credit ratings are forward-looking opinions of rating agencies as to the Company’s ability to meet its financial commitments and repay its securities and obligations in accordance with their terms of issuance. Credit ratings influence both borrowing costs and access to the capital markets. The Company’s credit ratings are continuously monitored by the rating agencies and are subject to change at any time. As Truist seeks to maintain high quality credit ratings, management meets with the major rating agencies on a regular basis to provide financial and business updates and to discuss current outlooks and trends.

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The following table presents the credit ratings and outlooks of the Parent Company and Truist Bank as of September 30, 2026:

Table 23: Credit Ratings of Truist Financial Corporation and Truist Bank

S&P

Moody’s

Fitch

DBRS Morningstar

Truist Financial Corporation:

Issuer

A- / A-2

Baa1

A / F1

AAL / R-1M

Senior unsecured

A-

Baa1

A-

AAL

Subordinated

BBB+

Baa1

BBB+

AH

Preferred stock

BBB-

Baa3(hyb)

BBB-

AL

Truist Bank:

Issuer

A / A-1

A3

A / F1

AA / R-1H

Senior unsecured

A

A3

A

AA

Deposits

NA

A1 / P-1

AA- / F1+

AA

Subordinated

A-

A3

A-

AAL

Ratings outlook:

Credit trend

Stable

Stable

Stable

Stable

Capital

The maintenance of appropriate levels of capital is a management priority and is monitored on a regular basis. Truist’s principal goals related to the maintenance of capital are to provide adequate capital to support Truist’s risk profile consistent with the Board-approved risk appetite; provide financial flexibility to support future growth and client needs; comply with relevant laws, regulations, and supervisory guidance; achieve optimal credit ratings for Truist; for the Parent Company to remain a source of strength for the Parent Company’s subsidiaries; and provide a competitive return to shareholders. Risk-based capital ratios, which include CET1 capital, Tier 1 capital, and Total capital, are calculated based on regulatory guidance related to the measurement of capital and risk-weighted assets.

Management regularly monitors the capital position of Truist on both a consolidated and bank-level basis. In this regard, management’s objective is to maintain capital at levels that are in excess of internal capital limits, which are above the regulatory “well-capitalized” minimums. Truist also regularly performs stress testing on its capital levels and is required to periodically submit the Company’s capital plans and stress testing results to the banking regulators. Management has implemented internal stress capital ratio limits and evaluates whether capital ratios calculated under hypothetical stress scenarios, and after the effect of alternative capital actions, exceed these thresholds. Breaches of internal capital limits, or projected breaches of internal stress capital ratio minimums under hypothetical stress, result in the activation of Truist’s capital contingency plan.

Table 24: Capital Requirements
			Minimum Capital						Well-Capitalized												Minimum Capital Plus Stress Capital Buffer(1)
									Truist						Truist Bank
CET1			4.5		%				NA						6.5		%				7.0		%
Tier 1 capital			6.0						6.0		%				8.0						8.5
Total capital			8.0						10.0						10.0						10.5
Leverage ratio			4.0						NA						5.0						NA
Supplementary leverage ratio			3.0						NA						NA						NA

(1)Reflects an SCB requirement of 2.5% applicable to Truist as of September 30, 2026. Truist’s SCB requirement, received in the 2025 CCAR process, is effective from October 1, 2025 to December 31, 2027.

The Parent Company’s capital ratios are presented in the following table:

Table 25: Capital Ratios - Truist Financial Corporation
(Dollars in millions)						Sep 30, 2026						Dec 31, 2025
Risk-based:						(preliminary)
CET1						10.7		%				10.8		%
Tier 1 capital						12.0						11.9
Total capital						13.6						13.8
Leverage ratio						9.6						10.0
Supplementary leverage ratio						8.0						8.3
Risk-weighted assets						$	431,752					$	443,257

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Capital Contingency Plan

In the event of a realized or potential capital shortfall, Truist has a capital contingency plan that is designed to facilitate improvement of the Company’s capital position through the execution of specific contingency actions that either increase capital, decrease risk-weighted assets, or both. The plan provides a framework designed to monitor for the occurrence of these events by establishing mechanisms to detect capital contraction, including market and economic stress that could adversely impact the Company’s capital position. The plan also establishes governance protocols for activation or deactivation and decision making, lists capital contingency options and associated key information, and addresses the responsibilities of key departments.

Capital ratios remain strong relative to the regulatory requirements for well-capitalized banks. Truist’s CET1 ratio was 10.7% as of September 30, 2026, down 10 basis points compared to December 31, 2025, primarily due to capital returned to shareholders and the repositioning of the AFS securities portfolio, partially offset by current year earnings, benefits from the RAC loan sale, and a reduction in risk-weighted assets.

Truist declared common dividends of $0.52 per share during the third quarter of 2026 and repurchased $1.2 billion of common stock.

Share Repurchase Activity

Table 26: Share Repurchase Activity
(Dollars in millions, except per share data, shares in thousands)			Total Number of Shares Purchased						Average Price Paid Per Share(1)(2)						Total Number of Shares Purchased as part of Publicly Announced Plans						Approximate Dollar Value of Shares that may yet be Purchased Under the Plans(2)(3)
July 1, 2026 to July 31, 2026			5,004						$	51.85					5,004						$	7,406
August 1, 2026 to August 31, 2026			13,147						51.81						13,147						6,725
September 1, 2026 to September 30, 2026			5,130						50.58						5,130						6,466
Total			23,281						$	51.55					23,281

(1)Excludes commissions.

(2)Excludes excise taxes on share repurchases.

(3)In December 2025, Truist announced that the Board had authorized the repurchase of up to $10.0 billion of common stock effective immediately with no expiration date, replacing the previous repurchase authority from June 2024, as part of Truist’s overall capital distribution strategy. Repurchased shares revert to the status of authorized and unissued shares upon repurchase. The share-repurchase program enables Truist to acquire shares through open-market purchases or privately negotiated transactions, including through Rule 10b5-1 plans and other programs, at the discretion of management and on terms (including quantity, timing, and price) that management determines to be advisable. Actions in connection with the share-repurchase program are subject to various factors, including Truist's capital and liquidity positions and related internal frameworks, accounting and regulatory considerations (including any changes to capital, liquidity, and other regulatory requirements that may be proposed or adopted by the U.S. banking agencies), Truist's financial and operational performance, alternative uses of capital, the trading price of Truist's common stock, and general market conditions. The share-repurchase program does not obligate Truist to acquire a specific dollar amount or number of shares and may be extended, modified, or discontinued at any time.

Truist Financial Corporation 75

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Regulatory and Supervisory Updates

We are subject to an extensive regulatory framework that affects the products and services that we may offer and the manner in which we may offer them, the risks that we may take, the ways in which we may operate, and the corporate and financial actions that we may take, including our ability to make distributions to shareholders.

The descriptions below summarize updates to the regulatory and supervisory framework applicable to Truist since the filing of the Annual Report on Form 10-K for the year ended December 31, 2025. These updates do not summarize all actual, proposed, or possible changes in statutes, regulations, and other laws applicable to Truist and are not intended to be a substitute for those laws. Refer to “Regulatory and Supervisory Considerations” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional disclosures.

On March 19, 2026, the FDIC, FRB, and OCC issued two joint notices of proposed rulemaking to modernize the regulatory capital framework. The proposals include (i) revisions to the existing standardized approach to calculating risk-weighted assets applicable to Category III and IV institutions and smaller banking organizations, including Truist and Truist Bank; and (ii) a new expanded risk-based approach to calculating risk-weighted assets applicable to the largest and most internationally active banking organizations (Category I and II institutions). As Category III institutions, Truist and Truist Bank would have the option under the proposals to apply the expanded risk-based approach in lieu of the revised standardized approach. The proposals would also (i) update the market risk framework applicable to banking organizations with significant trading activity; and (ii) require Category III and IV banking organizations, including Truist and Truist Bank, to recognize most elements of AOCI in their regulatory capital, subject to a five-year transition period. The timing and content of any final rules, and the potential effects of any final rules on Truist and Truist Bank, remain uncertain.

On September 30, 2026, the FRB published two final rules on stress testing and related capital requirements. The first final rule enhances transparency and public accountability of the stress testing process by improving disclosures of, and providing opportunity for public comment and input on, the supervisory models and scenarios used in the FRB’s stress tests. The rule also makes several adjustments to the annual stress test calendar and adopts as final most of the models that will be used for the 2027 stress test, subject to a proposed change to the FRB’s noninterest income model. The second final rule sets a new SCB effective date of January 1 of the year following a stress test and modifies the calculation of the SCB to reflect the average of the stress test results from the two most recent stress tests. Truist will receive a new SCB effective on January 1, 2028 based on the results of its 2027 stress test. Beginning with the 2028 stress test, Truist’s SCB will be calculated based on the average projected decline of CET1 ratios across the two most recent FRB stress tests, with effect from January 1, 2029.

Critical Accounting Estimates

The accounting and reporting policies of Truist are in accordance with GAAP and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. The preparation of financial statements in accordance with GAAP requires management to make estimates that are used in arriving at the carrying value of assets and liabilities, and amounts reported for revenues and expenses. Certain of these estimates are considered critical because they require the use of difficult, complex, or subjective judgments, which are sensitive to changes in key assumptions or inputs. The selection of different assumptions or inputs could result in material changes in Truist’s consolidated financial position or consolidated results of operations, and related disclosures. Estimates that are particularly susceptible to significant change include the ACL; fair value measurement; goodwill; income taxes; and pension and post-retirement benefit obligations. Understanding Truist’s accounting policies is fundamental to understanding its consolidated financial position and consolidated results of operations. The critical accounting policies are discussed in MD&A in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025. Significant accounting policies and changes in accounting principles and effects of new accounting pronouncements are discussed in “Note 1. Basis of Presentation” in Form 10-K for the year ended December 31, 2025. Disclosures regarding the effects of new accounting pronouncements are included in “Note 1. Basis of Presentation” in this report, as applicable.

76 Truist Financial Corporation

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Goodwill

Goodwill is subject to ongoing periodic impairment testing based on the fair values of the reporting units to which the acquired goodwill relates. Refer to “Note 1. Basis of Presentation” and “Note 7. Goodwill and Other Intangible Assets” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025 for a description of management’s impairment testing approach and the Company's most recent annual quantitative test.

The estimated fair value of a reporting unit is highly sensitive to changes in management’s estimates and assumptions, including management’s financial projections, discount rate estimates, and other inputs. Therefore, in some instances, changes in these assumptions could impact whether the fair value of a reporting unit is greater than its carrying value. The valuation of the WB reporting unit as of October 1, 2025 indicated that if the discount rate increased 100 basis points, with other cash flow assumptions unchanged, the reporting unit’s fair value would be less than its carrying value, indicating a goodwill impairment under the income approach. Ultimately, adverse performance in relation to management’s projections or potential future changes in management’s assumptions may impact the estimated fair value of a reporting unit and cause the fair value of the reporting unit to be below its carrying value. Additionally, a reporting unit’s carrying value could change based on market conditions, changes in the underlying makeup of the reporting unit, or changes in the risk profile of the reporting unit, which could impact whether the fair value of a reporting unit is less than its carrying value.

The Company monitored events and circumstances during the period from January 1, 2026 to September 30, 2026, including macroeconomic and market factors, industry and banking sector events, Truist-specific performance indicators, a comparison of management’s forecast and assumptions to those used in its October 1, 2025 quantitative impairment test, and the sensitivity of the October 1, 2025 quantitative results to changes in assumptions as of September 30, 2026. Based on these considerations, Truist concluded that it was not more-likely-than-not that the fair value of one or more of its reporting units is below its respective carrying amount as of September 30, 2026.

Truist Financial Corporation 77

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Non-GAAP Financial Measures

Tangible common equity, average tangible common equity, and related measures, including ROTCE and TBVPS, are non-GAAP measures that exclude the impact of intangible assets, net of deferred taxes, and its related amortization. These measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Truist’s management uses these measures to assess profitability, returns relative to balance sheet risk, and shareholder value. These measures should not be considered in isolation or as a substitute for the related GAAP financial measures presented in this report and are not necessarily comparable to similar non-GAAP financial measures that may be presented by other companies. The following tables reconcile each of these non-GAAP financial measures to the most directly comparable GAAP financial measure.

Table 27: Reconciliation of ROTCE
						Three Months Ended September 30,												Nine Months Ended September 30,
(Dollars in millions)						2026						2025						2026						2025
Calculation of tangible net income available to common shareholders:
Net income available to common shareholders			(a)			$	684					$	1,348					$	3,580					$	3,685
Amortization of intangibles						62						72						189						220
Applicable income taxes related to amortization of intangibles(1)						(15)						(18)						(45)						(53)
Tangible net income available to common shareholders			(b)			$	731					$	1,402					$	3,724					$	3,852
Calculation of average tangible common shareholders’ equity:
Average common shareholders’ equity			(c)			$	57,899					$	59,141					$	58,791					$	58,535
Average intangible assets						(18,258)						(18,528)						(18,321)						(18,595)
Applicable deferred taxes related to intangible assets(1)						398						415						401						418
Average tangible common shareholders’ equity			(d)			$	40,039					$	41,028					$	40,871					$	40,358
Return on average common shareholders’ equity			(a)/(c)			4.7		%				9.0		%				8.1		%				8.4		%
ROTCE			(b)/(d)			7.2						13.6						12.2						12.8

(1)Calculated using the applicable marginal tax rate.

Table 28: Reconciliation of Tangible Common Equity
(Dollars in millions, except per share data, shares in thousands)						September 30, 2026						December 31, 2025
Calculation of period end tangible common equity:
Total shareholders’ equity						$	61,472					$	65,189
Preferred stock						(5,411)						(4,916)
Common shareholders’ equity			(a)			56,061						60,273
Intangible assets						(18,223)						(18,416)
Applicable deferred taxes related to intangible assets(1)						397						407
Tangible common equity			(b)			$	38,235					$	42,264
Common shares outstanding at end of period			(c)			1,198,488						1,262,470
Common shareholders’ equity per common share			(a)/(c)			$	46.78					$	47.74
TBVPS			(b)/(c)			31.90						33.48

(1)Calculated using the applicable marginal tax rate.

78 Truist Financial Corporation

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

Refer to the “Market Risk” section in MD&A, which is incorporated by reference into this item.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, management of the Company, under the supervision and with the participation of the Company’s CEO and CFO, carried out an evaluation of the effectiveness of the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Based on that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by the report.

Changes in Internal Control over Financial Reporting

Management of Truist is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) of the Exchange Act. The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Refer to the “Legal Proceedings and Other Legal Matters” section in “Note 12. Commitments and Contingencies,” which is incorporated by reference into this item.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors disclosed in Truist’s Annual Report on Form 10-K for the year ended December 31, 2025. Additional risks and uncertainties not currently known to Truist or that management has deemed to be immaterial also may materially adversely affect Truist’s business, financial condition, or operating results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Refer to the “Share Repurchase Activity” section in MD&A, which is incorporated by reference into this item.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

(c) During the three months ended September 30, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Truist Financial Corporation 79

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ITEM 6. EXHIBITS

Exhibit No.

Description

Location

3.1

Bylaws of Truist Financial Corporation, as Amended and Restated, Effective July 28, 2026.

Incorporated herein by reference to Exhibit 3.1 of the Current Report on Form 8-K, filed July 29, 2026.

10.1

First Amendment to the Truist Financial Corporation Non-Qualified Defined Contribution Plan (January 1, 2025 Restatement)

Filed herewith.

10.2

Form of Participation Agreement under the Truist Financial Corporation Executive Severance Plan for Michael P. Lyons

Filed herewith.

10.3

Form of Restricted Stock Unit Agreement (Senior Executive) for the Truist Financial Corporation 2022 Incentive Plan (amended and restated as of April 28, 2026)

Filed herewith.

10.4

Form of Performance Unit Award Agreement (Senior Executive) for the Truist Financial Corporation 2022 Incentive Plan (amended and restated as of April 28, 2026)

Filed herewith.

10.5

Form of LTIP Award Agreement (Senior Executive) for the Truist Financial Corporation 2022 Incentive Plan (amended and restated as of April 28, 2026)

Filed herewith.

10.6

Form of Restricted Stock Unit Agreement (Non-Employee Directors) for the Truist Financial Corporation 2022 Incentive Plan (amended and restated as of April 28, 2026)

Filed herewith.

31.1

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Filed herewith.

31.2

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Filed herewith.

32

Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Filed herewith.

101.INS

XBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

Filed herewith.

101.SCH

XBRL Taxonomy Extension Schema.

Filed herewith.

101.CAL

XBRL Taxonomy Extension Calculation Linkbase.

Filed herewith.

101.LAB

XBRL Taxonomy Extension Label Linkbase.

Filed herewith.

101.PRE

XBRL Taxonomy Extension Presentation Linkbase.

Filed herewith.

101.DEF

XBRL Taxonomy Definition Linkbase.

Filed herewith.

104

Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

Filed herewith.

80 Truist Financial Corporation

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

TRUIST FINANCIAL CORPORATION (Registrant)

Date:

October 28, 2026

By:

/s/ Michael B. Maguire

Michael B. Maguire

Senior Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

Date:

October 28, 2026

By:

/s/ Cynthia B. Powell

Cynthia B. Powell

Executive Vice President and Corporate Controller

(Principal Accounting Officer)

Truist Financial Corporation 81

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ATTACHMENTS / EXHIBITS

EX-10.1

EX-10.2

EX-10.3

EX-10.4

EX-10.5

EX-10.6

EX-31.1

EX-31.2

EX-32

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