Regulation FD Presentation, Business/Financial Results (Form 8-K)

3Q26 Key Financial Data															3Q26 Financial Highlights
PROFITABILITY METRICS			3Q26			2Q26			3Q25						•Record net revenue of $7,970 million, year-over-year increases of 5.6% in net interest income and 14.9% in fee revenue •Net income of $2,202 million, an increase of 10.0% year-over-year •Diluted earnings per common share of $1.34, an increase of 9.8% year-over-year •Positive operating leverage of 240 basis points from the prior year quarter •Return on average assets of 1.25% and efficiency ratio of 55.9%, both improved on a year-over-year basis •Net interest margin of 2.84%, an increase of 9 basis points on a year-over-year basis •CET1 capital ratio of 10.8% at September 30, 2026 •Average total deposits increase of 2.9% on a year-over-year basis and 2.2% on a linked quarter basis •Average total loans increase of 8.0% on a year-over-year basis and 1.0% on a linked quarter basis
Return on average assets (%)			1.25			1.26			1.17
Return on average common equity (%)			13.6			14.0			13.5
Return on tangible common equity (%)(a)			18.5			18.7			18.6
Net interest margin (%)			2.84			2.79			2.75
Efficiency ratio (%)(a)			55.9			57.1			57.2
INCOME STATEMENT(b)			3Q26			2Q26			3Q25
Net interest income (taxable-equivalent basis)			$4,490			$4,387			$4,251
Noninterest income			$3,480			$3,325			$3,078
Noninterest expense			$4,493			$4,428			$4,197
Net income attributable to U.S. Bancorp			$2,202			$2,177			$2,001
Diluted earnings per common share			$1.34			$1.35			$1.22
Dividends declared per common share			$.54			$.52			$.52
BALANCE SHEET(b)			3Q26			2Q26			3Q25
Average total loans			$409,548			$405,481			$379,152
Average total deposits			$526,602			$515,080			$511,782
Net charge-off ratio (%)			.51			.53			.56
Book value per common share (period end)			$38.27			$38.91			$36.33
Tangible book value per common share (period end)(a)			$29.34			$30.04			$27.84
Basel III standardized CET1 (%)(c)			10.8			10.8			10.9
(a) See Non-GAAP Financial Measures reconciliation on page 16 (b) Dollars in millions, except per share data (c) CET1 = Common equity tier 1 capital ratio

CEO Commentary

"We delivered strong third quarter results. Record net revenue of $8.0 billion drove diluted earnings per share of $1.34, up 10% year-over-year, a return on tangible common equity of 18.5%, and an efficiency ratio of 55.9%. The net charge-off ratio improved to 51 basis points. Our exceptional business mix and increasingly strong operating discipline helped us deliver high returns, productivity, and prudent risk management while strengthening revenue growth. We reported a full quarter of BTIG results, which drove an increase of 69.3% year-over-year in capital markets revenue. Our Payments transformation gained momentum and delivered combined revenue growth of 6.5% year-over-year. We were pleased to report another quarter of record consumer deposits and launch major initiatives to expand our reach in the small business segment as we onboarded a strategic small business credit card relationship, launched Business Essentials, an innovative suite of new products, and established new banker teams in expansion markets.

These results reflect strong execution against our strategic priorities and better interconnectivity across our organization. We remain focused on bringing innovative solutions to our clients, investing in our business, creating a culture of high-performance and delivering exceptional long-term value for our shareholders. On behalf of all of us at U.S. Bank, I want to thank our clients and shareholders for their continued trust and partnership."

- Gunjan Kedia, Chairman and CEO, U.S. Bancorp

Business and Other Highlights

Investor contact: Brian Mauney, [email protected] | Media contact: Jeff Shelman, [email protected]

			U.S. Bancorp Third Quarter 2026 Results

INCOME STATEMENT HIGHLIGHTS
($ in millions, except per share data)
												Percent Change
			3Q 2026			2Q 2026			3Q 2025			3Q26 vs 2Q26			3Q26 vs 3Q25			YTD 2026			YTD 2025			Percent Change
Net interest income			$4,468			$4,361			$4,222			2.5			5.8			$13,092			$12,365			5.9
Taxable-equivalent adjustment			22			26			29			(15.4)			(24.1)			76			88			(13.6)
Net interest income (taxable-equivalent basis)			4,490			4,387			4,251			2.3			5.6			13,168			12,453			5.7
Noninterest income			3,480			3,325			3,078			4.7			13.1			9,802			8,838			10.9
Total net revenue			7,970			7,712			7,329			3.3			8.7			22,970			21,291			7.9
Noninterest expense			4,493			4,428			4,197			1.5			7.1			13,186			12,610			4.6
Income before provision and income taxes			3,477			3,284			3,132			5.9			11.0			9,784			8,681			12.7
Provision for credit losses			654			538			571			21.6			14.5			1,768			1,609			9.9
Income before taxes			2,823			2,746			2,561			2.8			10.2			8,016			7,072			13.3
Income taxes and taxable-equivalent adjustment			615			563			553			9.2			11.2			1,675			1,527			9.7
Net income			2,208			2,183			2,008			1.1			10.0			6,341			5,545			14.4
Net (income) loss attributable to noncontrolling interests			(6)			(6)			(7)			-			14.3			(17)			(20)			15.0
Net income attributable to U.S. Bancorp			$2,202			$2,177			$2,001			1.1			10.0			$6,324			$5,525			14.5
Net income applicable to U.S. Bancorp common shareholders			$2,095			$2,098			$1,893			(.1)			10.7			$6,034			$5,229			15.4
Diluted earnings per common share			$1.34			$1.35			$1.22			(.7)			9.8			$3.88			$3.35			15.8

Net income attributable to U.S. Bancorp was $2,202 million for the third quarter of 2026, $201 million higher than the third quarter of 2025 and $25 million higher than the second quarter of 2026. Diluted earnings per common share was $1.34 in the third quarter of 2026, compared with $1.22 in the third quarter of 2025 and $1.35 in the second quarter of 2026.

The year-over-year increase in net income attributable to U.S. Bancorp was driven by higher total net revenue, partially offset by higher noninterest expense and higher provision for credit losses. Net interest income increased 5.6 percent on a taxable-equivalent basis, primarily due to loan growth, the impact of the small business credit card portfolio purchase and benefits from fixed asset repricing, while net interest margin increased to 2.84 percent from 2.75 percent. Noninterest income increased 13.1 percent, reflecting higher capital markets revenue including the impact of the BTIG acquisition, higher trust and investment management fees, and higher corporate payment and treasury management revenue. Noninterest expense increased 7.1 percent primarily due to the impact of the BTIG acquisition, as well as higher compensation and employee benefits expense, higher technology and communications expense, and increased marketing and business development expense. The provision for credit losses increased 14.5 percent, reflecting the impact of the small business credit card portfolio purchase, partially offset by improvement in the economic outlook and favorable credit performance.

Compared with the second quarter of 2026, net income attributable to U.S. Bancorp increased primarily due to higher total net revenue, partially offset by higher noninterest expense and higher provision for credit losses. Net interest income increased 2.3 percent on a taxable-equivalent basis, primarily driven by benefits from the small business credit card portfolio purchase, fixed asset repricing and the impact of higher interest rates, while net interest margin increased to 2.84 percent from 2.79 percent. Noninterest income increased 4.7 percent, reflecting higher capital markets revenue due to the BTIG acquisition, higher trust and investment management fees and higher corporate payment and treasury management revenue, partially offset by lower merchant processing services revenue. Noninterest expense increased 1.5 percent, reflecting higher compensation and employee benefits expense primarily due to a full quarter of BTIG expenses in the third quarter, along with higher technology and communications expense, partially offset by a decrease in other noninterest expense. The provision for credit losses increased 21.6 percent, reflecting the impact of the small business credit card portfolio purchase, partially offset by improvement in the economic outlook and favorable credit performance.

2

			U.S. Bancorp Third Quarter 2026 Results

NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions)																					Change
			3Q 2026						2Q 2026						3Q 2025						3Q26 vs 2Q26						3Q26 vs 3Q25						YTD 2026						YTD 2025						Change
Components of net interest income
Income on earning assets			$	7,796					$	7,624					$	7,831					$	172					$	(35)					$	22,855					$	23,010					$	(155)
Expense on interest-bearing liabilities			3,306						3,237						3,580						69						(274)						9,687						10,557						(870)
Net interest income			$	4,490					$	4,387					$	4,251					$	103					$	239					$	13,168					$	12,453					$	715
Average yields and rates paid
Earning assets yield			4.92			%			4.86			%			5.03			%			.06			%			(.11)			%			4.87			%			5.01			%			(.14)			%
Rate paid on interest-bearing liabilities			2.53						2.50						2.78						.03						(.25)						2.50						2.78						(.28)
Gross interest margin			2.39			%			2.36			%			2.25			%			.03			%			.14			%			2.37			%			2.23			%			.14			%
Net interest margin			2.84			%			2.79			%			2.75			%			.05			%			.09			%			2.80			%			2.71			%			.09			%
Average balances
Investment securities(a)			$	166,350					$	170,528					$	173,423					$	(4,178)					$	(7,073)					$	169,431					$	172,489					$	(3,058)
Loans held for sale			2,681						2,783						2,253						(102)						428						2,598						2,975						(377)
Loans			409,548						405,481						379,152						4,067						30,396						402,922						378,903						24,019
Interest-bearing deposits with banks			35,037						32,450						47,822						2,587						(12,785)						35,433						44,384						(8,951)
Other earning assets			17,168						17,759						14,867						(591)						2,301						17,623						14,972						2,651
Earning assets			630,784						629,001						617,517						1,783						13,267						628,007						613,723						14,284
Interest-bearing liabilities			518,927						519,910						510,919						(983)						8,008						518,151						507,978						10,173
(a) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis was $4,490 million in the third quarter of 2026, an increase of $239 million (5.6 percent) compared with the third quarter of 2025. The increase primarily reflected loan growth, the impact of the small business credit card portfolio purchase and benefits from fixed asset repricing. Average earning assets were $13.3 billion (2.1 percent) higher than the third quarter of 2025, reflecting an increase of $30.4 billion (8.0 percent) in average loans, partially offset by a decrease of $12.8 billion (26.7 percent) in average interest-bearing deposits with banks and a decrease of $7.1 billion (4.1 percent) in average investment securities, reflecting tactical balance sheet management actions.

On a linked quarter basis, net interest income on a taxable-equivalent basis increased $103 million (2.3 percent) primarily driven by benefits from the small business credit card portfolio purchase, fixed asset repricing and the impact of higher interest rates. Average earning assets were $1.8 billion (0.3 percent) higher than the prior quarter, reflecting increases of $4.1 billion (1.0 percent) in average loans and $2.6 billion (8.0 percent) in average interest-bearing deposits with banks, partially offset by a decrease of $4.2 billion (2.5 percent) in average investment securities.

Net interest margin was 2.84 percent in the third quarter of 2026, compared with 2.75 percent in the third quarter of 2025 and 2.79 percent in the second quarter of 2026. The increase from the prior year reflected benefits from fixed asset repricing and improved asset mix. The increase from the linked quarter was driven by the benefits from fixed asset repricing along with impacts of the small business credit card portfolio purchase.

3

			U.S. Bancorp Third Quarter 2026 Results

AVERAGE LOANS
($ in millions)												Percent Change
			3Q 2026			2Q 2026			3Q 2025			3Q26 vs 2Q26			3Q26 vs 3Q25						YTD 2026			YTD 2025			Percent Change
Commercial			$150,917			$151,114			$134,106			(.1)			12.5						$148,577			$131,679			12.8
Lease financing			4,443			4,459			4,250			(.4)			4.5						4,446			4,220			5.4
Total commercial			155,360			155,573			138,356			(.1)			12.3						153,023			135,899			12.6
Commercial mortgages			42,988			41,840			38,384			2.7			12.0						41,610			38,400			8.4
Construction and development			10,003			9,417			9,862			6.2			1.4						9,622			10,132			(5.0)
Total commercial real estate			52,991			51,257			48,246			3.4			9.8						51,232			48,532			5.6
Residential mortgages			116,886			117,196			114,780			(.3)			1.8						116,925			116,398			.5
Credit card			40,222			38,403			36,079			4.7			11.5						38,666			35,537			8.8
Retail leasing			4,311			3,746			3,718			15.1			15.9						3,864			3,858			.2
Home equity and second mortgages			14,210			14,055			13,790			1.1			3.0						14,080			13,671			3.0
Other			25,568			25,251			24,183			1.3			5.7						25,132			25,008			.5
Total other retail			44,089			43,052			41,691			2.4			5.8						43,076			42,537			1.3
Total loans			$409,548			$405,481			$379,152			1.0			8.0						$402,922			$378,903			6.3

Average total loans for the third quarter of 2026 increased $30.4 billion (8.0 percent) compared with the third quarter of 2025. The increase was driven by growth in total commercial loans, commercial real estate loans and credit card loans. Growth in total commercial loans reflected higher corporate loans and loans to financial institutions. Growth in total commercial real estate loans was primarily driven by commercial mortgage originations, while credit card loan growth reflected the purchase of a small business credit card portfolio in the third quarter of 2026, along with higher sales volumes.

Compared with the second quarter of 2026, average total loans increased $4.1 billion (1.0 percent), driven by growth in credit card loans, commercial real estate loans and other retail loans. Growth in credit card loans included the impact of the small business credit card portfolio purchase, while commercial real estate loan growth was primarily due to commercial mortgage originations. Growth in other retail loans was primarily driven by higher retail leasing balances.

4

			U.S. Bancorp Third Quarter 2026 Results

AVERAGE DEPOSITS
($ in millions)												Percent Change
			3Q 2026			2Q 2026			3Q 2025			3Q26 vs 2Q26			3Q26 vs 3Q25						YTD 2026			YTD 2025			Percent Change
Noninterest-bearing deposits			$80,966			$80,611			$79,890			.4			1.3						$80,736			$79,568			1.5
Interest-bearing savings deposits
Interest checking			134,607			132,358			131,281			1.7			2.5						132,536			129,531			2.3
Money market savings			186,100			181,978			181,063			2.3			2.8						185,678			184,478			.7
Savings accounts			78,976			73,709			62,599			7.1			26.2						73,703			57,059			29.2
Total savings deposits			399,683			388,045			374,943			3.0			6.6						391,917			371,068			5.6
Time deposits			45,953			46,424			56,949			(1.0)			(19.3)						46,323			56,451			(17.9)
Total interest-bearing deposits			445,636			434,469			431,892			2.6			3.2						438,240			427,519			2.5
Total deposits			$526,602			$515,080			$511,782			2.2			2.9						$518,976			$507,087			2.3

Average total deposits in the third quarter of 2026 increased $14.8 billion (2.9 percent) compared with the third quarter of 2025. Average total interest-bearing deposits increased, driven by growth in Consumer and Business Banking savings accounts and Wealth, Corporate, Commercial and Institutional Banking money market accounts, partially offset by lower time deposit balances in Treasury and Corporate Support. Time deposit balances are managed as an alternative funding source based on relative pricing and liquidity considerations.

Compared with the second quarter of 2026, average total deposits increased $11.5 billion (2.2 percent), driven by growth in Consumer and Business Banking savings accounts and Wealth, Corporate, Commercial and Institutional Banking money market accounts.

5

			U.S. Bancorp Third Quarter 2026 Results

NONINTEREST INCOME
($ in millions)												Percent Change
			3Q 2026			2Q 2026			3Q 2025			3Q26 vs 2Q26			3Q26 vs 3Q25						YTD 2026			YTD 2025			Percent Change
Card revenue			$440			$435			$415			1.1			6.0						$1,266			$1,202			5.3
Corporate payment and treasury management revenue			457			440			407			3.9			12.3						1,305			1,228			6.3
Merchant processing services			461			485			463			(4.9)			(.4)						1,382			1,352			2.2
Trust and investment management fees			802			785			730			2.2			9.9						2,332			2,113			10.4
Lending and deposit-related fees			308			308			290			-			6.2						910			833			9.2
Capital markets revenue			640			512			378			25.0			69.3						1,529			985			55.2
Mortgage banking revenue			155			169			180			(8.3)			(13.9)						485			515			(5.8)
Investment products fees			116			102			97			13.7			19.6						315			274			15.0
Other			166			138			125			20.3			32.8						427			400			6.8
Total fee revenue			3,545			3,374			3,085			5.1			14.9						9,951			8,902			11.8
Securities gains (losses), net			(65)			(49)			(7)			(32.7)			nm						(149)			(64)			nm
Total noninterest income			$3,480			$3,325			$3,078			4.7			13.1						$9,802			$8,838			10.9

Third quarter noninterest income of $3,480 million increased $402 million (13.1 percent) compared with the third quarter of 2025, driven by higher capital markets revenue, trust and investment management fees, corporate payment and treasury management revenue and other revenue. Capital markets revenue increased primarily due to the contribution from BTIG, along with higher syndication and client-related derivative activity. Trust and investment management fees increased due to business growth and favorable market conditions. Corporate payment and treasury management revenue increased due to higher sales, while other revenue increased due to higher equity investment gains.

Compared with the second quarter of 2026, noninterest income increased $155 million (4.7 percent), driven by higher capital markets revenue, trust and investment management fees, corporate payment and treasury management revenue and other revenue, partially offset by lower merchant processing services revenue. Capital markets revenue increased primarily due to a full quarter of contribution from BTIG. Trust and investment management fees increased due to business growth. Corporate payment and treasury management revenue increased due to higher sales, while other revenue increased due to higher equity investment gains. Merchant processing services decreased due to seasonality.

6

			U.S. Bancorp Third Quarter 2026 Results

NONINTEREST EXPENSE
($ in millions)												Percent Change
			3Q 2026			2Q 2026			3Q 2025			3Q26 vs 2Q26			3Q26 vs 3Q25						YTD 2026			YTD 2025			Percent Change
Compensation and employee benefits			$2,753			$2,685			$2,561			2.5			7.5						$8,066			$7,798			3.4
Net occupancy and equipment			309			303			300			2.0			3.0						916			907			1.0
Professional services			115			112			117			2.7			(1.7)						319			324			(1.5)
Marketing and business development			199			216			175			(7.9)			13.7						632			518			22.0
Technology and communications			666			601			560			10.8			18.9						1,840			1,627			13.1
Other intangibles			127			114			125			11.4			1.6						351			372			(5.6)
Other			324			397			359			(18.4)			(9.7)						1,062			1,064			(.2)
Total noninterest expense			$4,493			$4,428			$4,197			1.5			7.1						$13,186			$12,610			4.6

Third quarter noninterest expense was $4,493 million, an increase of $296 million (7.1 percent) compared with the third quarter of 2025. The increase reflected the impact of the BTIG acquisition, higher compensation and employee benefits expense primarily due to merit increases, higher technology and communications expense related to investments in product and technology development, and increased marketing and business development initiatives, partially offset by lower other expense.

Compared with the second quarter of 2026, noninterest expense increased $65 million (1.5 percent). The increase reflected higher compensation and employee benefits expense primarily due to a full quarter of BTIG expenses in the third quarter, and higher technology and communications expense related to investments in product and technology development, partially offset by lower other expense.

Provision for Income Taxes

The provision for income taxes for the third quarter of 2026 resulted in a tax rate of 21.8 percent on a taxable-equivalent basis (effective tax rate of 21.2 percent), compared with 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.7 percent) in the third quarter of 2025, and 20.5 percent on a taxable-equivalent basis (effective tax rate of 19.7 percent) in the second quarter of 2026.

7

			U.S. Bancorp Third Quarter 2026 Results

ALLOWANCE FOR CREDIT LOSSES
($ in millions)			3Q 2026			%(a)			2Q 2026			%(a)			1Q 2026			%(a)			4Q 2025			%(a)			3Q 2025			%(a)
Balance, beginning of period			$7,979						$7,977						$7,947						$7,897						$7,862
Allowance for acquired credit losses			55						-						-						-						-
Net charge-offs
Commercial			83			.22			91			.24			117			.33			101			.29			23			.07
Lease financing			5			.45			5			.45			4			.37			5			.46			7			.65
Total commercial			88			.22			96			.25			121			.33			106			.30			30			.09
Commercial mortgages			42			.39			13			.12			2			.02			(3)			(.03)			103			1.06
Construction and development			-			-			-			-			(10)			(.43)			-			-			-			-
Total commercial real estate			42			.31			13			.10			(8)			(.07)			(3)			(.02)			103			.85
Residential mortgages			-			-			-			-			(1)			-			(2)			(.01)			(1)			-
Credit card			334			3.29			367			3.83			365			3.96			358			3.84			346			3.80
Retail leasing			16			1.47			14			1.50			18			2.07			17			1.89			17			1.81
Home equity and second mortgages			-			-			-			-			1			.03			1			.03			(2)			(.06)
Other			43			.67			46			.73			50			.83			50			.81			43			.71
Total other retail			59			.53			60			.56			69			.67			68			.64			58			.55
Total net charge-offs			523			.51			536			.53			546			.56			527			.54			536			.56
Provision for credit losses(b)			654						538						576						577						571
Balance, end of period			$8,165						$7,979						$7,977						$7,947						$7,897
Components
Allowance for loan losses			$7,815						$7,645						$7,646						$7,605						$7,557
Liability for unfunded credit commitments			350						334						331						342						340
Total allowance for credit losses			$8,165						$7,979						$7,977						$7,947						$7,897
Gross charge-offs			$647						$676						$683						$651						$669
Gross recoveries			$124						$140						$137						$124						$133
Allowance for credit losses as a percentage of
Period-end loans (%)			1.97						1.94						2.00						2.03						2.06
Nonperforming loans (%)			636						612						536						514						490
Nonperforming assets (%)			617						593						522						500						477
(a) Annualized and calculated on average loan balances. (b) The third quarter of 2026 includes $135 million of provision for acquired loans.

8

			U.S. Bancorp Third Quarter 2026 Results

The provision for credit losses was $654 million for the third quarter of 2026, compared with $538 million in the second quarter of 2026 and $571 million in the third quarter of 2025. The increase on a year-over-year basis was primarily driven by the impact of recording the initial provision for credit losses of $135 million related to the purchase of a small business credit card portfolio in the third quarter of 2026, partially offset by improvement in the economic outlook and favorable credit performance. The increase on a linked quarter basis was primarily driven by the impact of the small business credit card portfolio purchase, partially offset by improvement in the economic outlook and favorable credit performance. While economic conditions have shown improvement, the Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to evolving geopolitical events, as well as other economic factors that may affect the financial strength of corporate and consumer borrowers.

Total net charge-offs were $523 million in the third quarter of 2026, compared with $536 million in both the second quarter of 2026 and third quarter of 2025. The net charge-off ratio in the third quarter of 2026 was 0.51 percent, compared with 0.53 percent in the second quarter of 2026 and 0.56 percent in the third quarter of 2025. The decrease in net charge-offs on a linked quarter basis was driven by lower net charge-offs on credit card loans, partially offset by higher net charge-offs on commercial real estate loans. Compared with the prior year quarter, lower net charge-offs on commercial real estate loans and credit card loans were partially offset by higher net charge-offs on commercial loans.

The allowance for credit losses was $8,165 million at September 30, 2026, compared with $7,979 million at June 30, 2026, and $7,897 million at September 30, 2025. The increase in the allowance for credit losses compared with the linked quarter and prior year quarter was primarily due to the impacts of recording the initial provision for credit losses of $135 million and initial allowance for acquired credit losses of $55 million related to the purchase of the small business credit card portfolio, partially offset by improving credit quality and economic outlook. The allowance for credit losses represented 1.97 percent of period-end loans at September 30, 2026, and 636 percent of nonperforming loans at September 30, 2026.

Nonperforming assets were $1,324 million at September 30, 2026, compared with $1,346 million at June 30, 2026, and $1,654 million at September 30, 2025. The decrease from the prior year quarter primarily reflected the resolution of commercial and commercial mortgage nonperforming loans. The ratio of nonperforming assets to loans and other real estate was 0.32 percent at September 30, 2026. Accruing loans 90 days or more past due were $743 million at September 30, 2026, compared with $735 million at June 30, 2026, and $840 million at September 30, 2025. The decrease in accruing loans 90 days or more past due from the prior year quarter was primarily due to the resolution of elevated prior year residential mortgage delinquencies.

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			U.S. Bancorp Third Quarter 2026 Results

DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
(Percent)			Sep 30 2026			Jun 30 2026			Mar 31 2026			Dec 31 2025			Sep 30 2025
Delinquent loan ratios - 90 days or more past due
Commercial			.01			.01			.02			.01			.01
Commercial real estate			.01			.01			.03			.03			.04
Residential mortgages			.19			.20			.23			.25			.26
Credit card			1.10			1.13			1.29			1.27			1.26
Other retail			.10			.09			.12			.12			.12
Total loans			.18			.18			.21			.22			.22
Delinquent loan ratios - 90 days or more past due and nonperforming loans
Commercial			.28			.26			.45			.50			.53
Commercial real estate			.98			1.09			1.07			1.09			1.24
Residential mortgages			.34			.35			.36			.38			.38
Credit card			1.10			1.13			1.29			1.27			1.26
Other retail			.46			.46			.50			.51			.49
Total loans			.49			.50			.58			.61			.64

ASSET QUALITY(a)
($ in millions)
			Sep 30 2026			Jun 30 2026			Mar 31 2026			Dec 31 2025			Sep 30 2025
Nonperforming loans
Commercial			$407			$377			$622			$695			$708
Lease financing			25			25			26			22			25
Total commercial			432			402			648			717			733
Commercial mortgages			490			538			488			504			558
Construction and development			28			30			34			14			21
Total commercial real estate			518			568			522			518			579
Residential mortgages			176			171			159			151			143
Credit card			-			-			-			-			-
Other retail			158			162			159			161			155
Total nonperforming loans			1,284			1,303			1,488			1,547			1,610
Other real estate			21			24			22			24			23
Other nonperforming assets			19			19			18			19			21
Total nonperforming assets			$1,324			$1,346			$1,528			$1,590			$1,654
Accruing loans 90 days or more past due			$743			$735			$847			$853			$840
Nonperforming assets to loans plus ORE (%)			.32			.33			.38			.41			.43
(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due

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			U.S. Bancorp Third Quarter 2026 Results

COMMON SHARES
(Millions)			3Q 2026			2Q 2026			1Q 2026			4Q 2025			3Q 2025
Beginning shares outstanding			1,558			1,555			1,555			1,556			1,558
Shares issued for stock incentive plans,
acquisitions and other corporate purposes			-			6			5			2			-
Shares repurchased			-			(3)			(5)			(3)			(2)
Ending shares outstanding			1,558			1,558			1,555			1,555			1,556

CAPITAL POSITION																					Preliminary Data
($ in millions)			Sep 30 2026						Jun 30 2026						Mar 31 2026						Dec 31 2025						Sep 30 2025
Total U.S. Bancorp shareholders' equity			$66,425						$67,432						$65,786						$65,193						$63,340
Basel III Standardized Approach
Common equity tier 1 capital			$55,023						$53,575						$52,648						$51,665						$50,587
Tier 1 capital			62,267						60,802						59,899						58,917						57,839
Total risk-based capital			72,844						71,429						69,163						68,087						66,820
Common equity tier 1 capital ratio			10.8			%			10.8			%			10.8			%			10.8			%			10.9			%
Tier 1 capital ratio			12.3						12.2						12.3						12.3						12.4
Total risk-based capital ratio			14.3						14.4						14.2						14.2						14.4
Leverage ratio			9.0						8.9						8.8						8.7						8.6
Common equity to assets			8.5						8.4						8.4						8.4						8.1
Tangible common equity to tangible assets(a)			6.6						6.6						6.7						6.7						6.4
Tangible common equity to risk-weighted assets(a)			9.0						9.4						9.4						9.4						9.3
(a)See Non-GAAP Financial Measures reconciliation on page 16.

Total U.S. Bancorp shareholders' equity was $66.4 billion at September 30, 2026, compared with $67.4 billion at June 30, 2026, and $63.3 billion at September 30, 2025. The increase from the prior year quarter reflected the impacts of corporate earnings and the common shares issued as consideration for the acquisition of BTIG, partially offset by dividends paid.

All regulatory capital ratios continue to be in excess of "well-capitalized" requirements. The common equity tier 1 capital to risk-weighted assets ratio using the Basel III standardized approach was 10.8 percent at both September 30, 2026, and June 30, 2026, compared with 10.9 percent at September 30, 2025.

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			U.S. Bancorp Third Quarter 2026 Results

Investor Conference Call

On Thursday, October 15, 2026 at 8 a.m. CT, Chairman and Chief Executive Officer Gunjan Kedia and Vice Chair and Chief Financial Officer John Stern will host a conference call to review the financial results. The live conference call will be available online or by telephone. To access the webcast and presentation, visit the U.S. Bancorp website at usbank.com and click on "About us", "Investor relations", "News & events" and "Webcasts & presentations." To access the conference call from locations within the United States and Canada, please dial 888-210-4659. Participants calling from outside the United States and Canada, please dial 646-960-0383. The access code for all participants is 7269933. For those unable to participate during the live call, a replay will be available beginning at approximately 11 a.m. CT on October 15, 2026. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on "About us", "Investor relations", "News & events" and "Webcasts & presentations."

About U.S. Bancorp

Headquartered in Minneapolis, U.S. Bancorp is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company's three major business lines serve 15 million clients globally, and its team of nearly 70,000 people invest their hearts and minds to power human potential every day. Ranked 110th on the Fortune 500, U.S. Bancorp is deeply respected for its culture and long-term stewardship and admired for its diversified business mix and product capabilities.