US BANCORP \DE\

Overview

Financial Performance U.S. Bancorp and its subsidiaries (the “Company”) reported net income attributable to U.S. Bancorp of $2.2 billion in the third quarter of 2026, compared with $2.0 billion in the third quarter of 2025. Financial performance for the third quarter of 2026, compared with the third quarter of 2025, included the following:

•Diluted earnings per common share of $1.34 in the third quarter of 2026, representing a 9.8 percent increase compared with the third quarter of 2025;

•Net interest income increased $246 million (5.8 percent) primarily due to loan growth, the impact of a small business credit card portfolio purchase in the third quarter of 2026, and benefits from fixed asset repricing;

•Noninterest income increased $402 million (13.1 percent) driven by higher capital markets revenue, trust and investment management fees, and corporate payment and treasury management revenue;

•Noninterest expense increased $296 million (7.1 percent), reflecting the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher technology and communications expense, and higher marketing and business development expense;

•Average loans increased $30.4 billion (8.0 percent) driven by higher commercial loans, commercial real estate loans and credit card loans; and

•Average deposits increased $14.8 billion (2.9 percent), driven by an increase in savings account and money market balances, partially offset by a decrease in time deposits.

The Company reported net income attributable to U.S. Bancorp of $6.3 billion in the first nine months of 2026, compared with $5.5 billion in the first nine months of 2025. Financial performance for the first nine months of 2026, compared with the first nine months of 2025, included the following:

•Diluted earnings per common share of $3.88 in the first nine months of 2026, representing a 15.8 percent increase compared with the first nine months of 2025;

•Net interest income increased $727 million (5.9 percent) primarily due to loan growth, the impact of the small business credit card portfolio purchase, and benefits from fixed asset repricing;

•Noninterest income increased $964 million (10.9 percent) driven by higher revenue across most categories and the contribution from the BTIG acquisition;

•Noninterest expense increased $576 million (4.6 percent), reflecting the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher technology and communications expense, and higher marketing and business development expense;

•Average loans increased $24.0 billion (6.3 percent) driven by higher commercial loans, credit card loans and commercial real estate loans; and

•Average deposits increased $11.9 billion (2.3 percent), driven by an increase in savings account balances, partially offset by a decrease in time deposits.

Credit Quality The Company maintained stable credit quality during the first nine months of 2026.

•The allowance for credit losses was $8.2 billion at September 30, 2026, compared to $7.9 billion at December 31, 2025. The ratio of the allowance for credit losses to period-end loans was 1.97 percent at September 30, 2026, compared to 2.03 percent at December 31, 2025.

•The provision for credit losses increased $83 million (14.5 percent) in the third quarter of 2026 and $159 million (9.9 percent) in the first nine months of 2026, compared with the same periods of 2025, reflecting the impact of the small business credit card portfolio purchase, partially offset by improvement in the economic outlook and favorable credit performance.

•Nonperforming assets were $1.3 billion at September 30, 2026, a decrease of $266 million (16.7 percent) compared with December 31, 2025, driven by lower nonperforming commercial loans.

•Net charge-offs decreased $13 million in the third quarter of 2026 and $32 million in the first nine months of 2026, compared with the same periods of the prior year, reflecting lower commercial real estate and credit card loan net charge-offs, partially offset by higher commercial loan net charge-offs.

•Total loan net charge-offs as a percentage of average loans was 0.51 percent in the third quarter of 2026 and 0.53 percent in the first nine months of 2026, compared with 0.56 percent and 0.58 percent, respectively, for the same periods of 2025.

Capital Management At September 30, 2026, all of the Company’s regulatory capital ratios exceeded regulatory “well-capitalized” requirements.

•The Company’s common equity tier 1 capital ratio was 10.8 percent at both September 30, 2026 and December 31, 2025.

•The Company returned $848 million and $3.0 billion of earnings to shareholders in the third quarter of 2026 and the first nine months of 2026, respectively, through dividends and share repurchases.

BTIG acquisition On June 1, 2026, the Company acquired BTIG for a purchase price consisting of approximately $395 million of cash and 6.6 million shares of the Company’s common stock paid on the closing date, with up to an additional $275 million of cash consideration to be paid over the next three years, subject to achievement of defined performance targets. BTIG is a global financial services firm specializing in institutional trading, investment banking, research and related brokerage services. The acquisition has contributed fee revenue to the Company’s Wealth, Corporate,

Commercial and Institutional Banking business segment through expanded product offerings.

Statement of Income Analysis

The Company reported net income attributable to U.S. Bancorp of $2.2 billion for the third quarter of 2026, or $1.34 per diluted common share, compared with $2.0 billion, or $1.22 per diluted common share, for the third quarter of 2025. The Company reported net income attributable to U.S. Bancorp of $6.3 billion for the first nine months of 2026, or $3.88 per diluted common share, compared with $5.5 billion, or $3.35 per diluted common share, for the first nine months of 2025. The increases were due to higher net interest income and noninterest income, partially offset by higher noninterest expense and higher provision for credit losses.

Net Interest Income Net interest income was $4.5 billion in the third quarter and $13.1 billion in the first nine months of 2026, representing increases of $246 million (5.8 percent) and $727 million (5.9 percent), respectively, compared with the same periods of 2025. The increases were primarily due to loan growth, the impact of the small business credit card portfolio purchase in the third quarter of 2026, and benefits from fixed asset repricing. Average earning assets for the third quarter and the first nine months of 2026 were $13.3 billion (2.1 percent) and $14.3 billion (2.3 percent) higher, respectively, than the same periods of 2025, reflecting increases in loans and other earning assets, partially offset by decreases in interest-bearing deposits with banks and investment securities. The net interest margin, on a taxable-equivalent basis, was 2.84 percent in the third quarter of 2026 and 2.80 percent in the first nine months of 2026, compared with 2.75 percent and 2.71 percent, respectively, for the same periods of 2025. The increases from the prior year reflected benefits from fixed asset repricing and improved asset mix. Refer to the “Consolidated Daily Average Balance Sheet and Related Yields and Rates” tables for further information on net interest income.

Average total loans in the third quarter and the first nine months of 2026 were $30.4 billion (8.0 percent) and $24.0 billion (6.3 percent) higher, respectively, than the same periods of 2025, primarily due to higher commercial loans, commercial real estate loans and credit card loans. The increase in average commercial loans was primarily due to higher corporate loans and loans to financial institutions. Average commercial real estate loans increased due to higher commercial mortgage loan originations. The increase in average credit card loans was primarily driven by higher sales volume, along with the impact of the small business credit card portfolio purchase.

Average investment securities in the third quarter and the first nine months of 2026 were $7.1 billion (4.1 percent) and $3.1 billion (1.8 percent) lower, respectively, than the same periods of 2025, primarily due to net investment securities sales and maturities, reflecting balance sheet management actions.

Average total deposits for the third quarter and the first nine months of 2026 were $14.8 billion (2.9 percent) and $11.9 billion (2.3 percent) higher, respectively, than the same periods of 2025. Average savings deposits for the third quarter and the first nine months of 2026 were $16.4 billion (26.2

percent) and $16.6 billion (29.2 percent) higher, respectively, than the same periods of 2025, primarily due to an increase in Consumer and Business Banking balances. Average money market deposits for the third quarter of 2026 and the first nine months of 2026 were $5.0 billion (2.8 percent) and $1.2 billion (0.7 percent) higher, respectively, than the same periods of 2025, driven by an increase in Wealth, Corporate, Commercial and Institutional Banking balances, partially offset by a decrease in Consumer and Business Banking balances. Average time deposits for the third quarter and the first nine months of 2026 were $11.0 billion (19.3 percent) and $10.1 billion (17.9 percent) lower, respectively, than the same periods of 2025, primarily due to decreases in Treasury and Corporate Support balances and Consumer and Business Banking balances. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.

Provision for Credit Losses The provision for credit losses was $654 million in the third quarter and $1.8 billion in the first nine months of 2026, representing increases of $83 million (14.5 percent) and $159 million (9.9 percent), respectively, from the same periods of 2025. The increases were primarily driven by the impact of recording the initial provision for credit losses of $135 million related to the purchase of the small business credit card portfolio in the third quarter of 2026 along with loan growth, partially offset by improvement in the economic outlook and favorable credit performance. Net charge-offs decreased $13 million (2.4 percent) in the third quarter of 2026 and $32 million (2.0 percent) in the first nine months of 2026, compared with the same periods of 2025. The decreases were driven by lower commercial real estate loan and credit card loan net charge-offs, partially offset by higher commercial loan net charge-offs. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.

Noninterest Income Noninterest income was $3.5 billion in the third quarter of 2026 and $9.8 billion in the first nine months of 2026, representing increases of $402 million (13.1 percent) and $964 million (10.9 percent), respectively, compared with the same periods of 2025. The increases from the prior year were driven by higher capital markets revenue, trust and investment management fees, corporate payment and treasury management revenue, card revenue, lending and deposit-related fees and other noninterest income, partially offset by higher losses on the sales of investment securities. Capital markets revenue increased primarily due to the contribution from BTIG following the acquisition in the second quarter of 2026, along with higher syndication and client-related derivative activity. Trust and investment management fees increased primarily due to business growth and favorable market conditions. Corporate payment and treasury management revenue and card revenue increased primarily due to higher sales volume. Lending and deposit-related fees increased primarily due to higher loan fees, while other noninterest income increased due to higher equity investment gains.

*Not meaningful

Effective January 1, 2026, the Company made changes and reclassifications to certain fee revenue items in order to align financial reporting with current management of the Company’s businesses. Prior period amounts have been conformed to the current period presentation.

(a)See Non-GAAP Financial Measures beginning on page 27.

Noninterest Expense Noninterest expense was $4.5 billion in the third quarter of 2026 and $13.2 billion in the first nine months of 2026, representing increases of $296 million (7.1 percent) and $576 million (4.6 percent), respectively, from the same periods of 2025. The increases from the prior year reflected the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher technology and communications expense, and higher marketing and business development expense. Compensation and employee benefits expense increased primarily due to the impact of BTIG, along with merit increases. Technology and communications expense increased primarily due to investments in product and technology development, while marketing and business development expense was higher primarily due to increased initiatives.

Income Tax Expense The provision for income taxes was $593 million (an effective rate of 21.2 percent) for the third quarter of 2026 and $1.6 billion (an effective rate of 20.1 percent) for the first nine months of 2026, compared with $524

million (an effective rate of 20.7 percent) and $1.4 billion (an effective rate of 20.6 percent) for the same periods of 2025, respectively.

Balance Sheet Analysis

Loans The Company’s loan portfolio was $415.2 billion at September 30, 2026, compared with $391.3 billion at December 31, 2025, an increase of $23.9 billion (6.1 percent). The increase was driven by higher commercial loans, commercial real estate loans and credit card loans.

Commercial loans increased $12.4 billion (8.5 percent) at September 30, 2026, compared with December 31, 2025, primarily due to growth in corporate loans.

Commercial real estate loans increased $4.5 billion (9.3 percent) at September 30, 2026, compared with December 31, 2025, primarily due to increased commercial mortgage originations.

Credit card loans increased $3.6 billion (9.4 percent) at September 30, 2026, compared with December 31, 2025,

primarily due to the purchase of the small business credit card portfolio in the third quarter of 2026, along with higher sales volumes.

Other retail loans increased $2.5 billion (6.0 percent) at September 30, 2026, compared with December 31, 2025, primarily due to higher revolving credit balances and retail leasing balances.

Residential mortgages held in the loan portfolio increased $921 million (0.8 percent) at September 30, 2026, compared with December 31, 2025, driven by originations. Residential mortgages originated and placed in the Company’s loan portfolio include jumbo mortgages and branch-originated first lien home equity loans to borrowers with high credit quality.

The Company generally retains portfolio loans through maturity; however, the Company’s intent may change over time based upon various factors such as ongoing asset/liability management activities, assessment of product profitability, credit risk, liquidity needs, and capital implications. If the Company’s intent or ability to hold an existing portfolio loan changes, it is transferred to loans held for sale.

Loans Held for Sale Loans held for sale, consisting primarily of residential mortgages to be sold in the secondary market, were $2.4 billion at September 30, 2026, a slight decrease compared with December 31, 2025. Almost all of the residential mortgage loans the Company originates or purchases for sale follow guidelines that allow the loans to be sold into existing, highly liquid secondary markets, in particular in government agency transactions and to government sponsored enterprises (“GSEs”).

Investment Securities Investment securities totaled $153.2 billion at September 30, 2026, compared with $167.0 billion at December 31, 2025. The $13.9 billion (8.3 percent) decrease was primarily due to net investment securities sales and maturities, reflecting balance sheet management actions.

The Company’s available-for-sale investment securities are carried at fair value with changes in fair value reflected in other comprehensive income (loss) unless a portion of a security’s unrealized loss is related to credit and an allowance for credit losses is necessary. At September 30, 2026, the Company’s net unrealized losses on available-for-sale investment securities were $7.3 billion ($5.5 billion net-of-tax), compared with net unrealized losses of $4.4 billion ($3.3 billion net-of-tax) at December 31, 2025. The unfavorable change in net unrealized gains (losses) was primarily due to a decrease in fair value of mortgage-backed securities as a result of changes in interest rates. Gross unrealized losses on available-for-sale investment securities totaled $7.3 billion at September 30, 2026, compared with $4.7 billion at December 31, 2025. When evaluating credit losses, the

Company considers various factors such as the nature of the investment security, the credit ratings or financial condition of the issuer, the extent of the unrealized loss, expected cash flows of the underlying collateral, the existence of any government or agency guarantees, and market conditions. At September 30, 2026, the Company had no plans to sell securities with unrealized losses, and believed it was more likely than not that it would not be required to sell such securities before recovery of their amortized cost.

Refer to Notes 4 and 14 in the Notes to Consolidated Financial Statements for further information on investment securities.

Deposits Total deposits were $531.7 billion at September 30, 2026, compared with $522.2 billion at December 31, 2025. The $9.5 billion (1.8 percent) increase in total deposits was driven by an increase in savings account balances, partially offset by decreases in time deposits and money market deposits. Savings account balances increased $15.9 billion (24.1 percent), driven by higher Consumer and Business Banking balances. Time deposits decreased $4.0 billion (8.3 percent) at September 30, 2026, compared with December 31, 2025, driven by lower Consumer and Business Banking balances. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics. Money market deposit balances decreased $2.7 billion (1.4 percent), primarily due to lower Consumer and Business Banking balances, partially offset by higher Wealth, Corporate, Commercial and Institutional Banking balances.

Borrowings The Company utilizes both short-term and long-term borrowings as part of its asset/liability management and funding strategies. Short-term borrowings, which include federal funds purchased, commercial paper, repurchase agreements, borrowings secured by high-grade assets and other short-term borrowings, were $21.0 billion at September 30, 2026, compared with $17.2 billion at December 31, 2025. The $3.9 billion (22.6 percent) increase in short-term borrowings was primarily due to higher short-term Federal Home Loan Bank (“FHLB”) balances, partially offset by lower repurchase agreement balances. Long-term debt was $52.0 billion at September 30, 2026, compared with $60.8 billion at December 31, 2025. The $8.8 billion (14.4 percent) decrease was primarily due to a $15.0 billion decrease in FHLB advances, $1.4 billion of medium-term note maturities and $1.2 billion of subordinated note maturities, partially offset by $5.1 billion of medium-term note, $2.3 billion of bank note, $1.6 billion of credit-linked bank note and $1.3 billion of subordinated note issuances. Refer to the “Liquidity Risk Management” section for discussion of liquidity management of the Company.

(a)Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.

(b)Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.

(c)Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.

(d)Amortized cost excludes portfolio level hedge basis adjustments of $(341) million at September 30, 2026 and $185 million at December 31, 2025.

(e)Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.