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

1Q26 Key Financial Data															1Q26 Financial Highlights
PROFITABILITY METRICS			1Q26			4Q25			1Q25						•Net revenue of $7,288 million, including year-over-year increases of 4.1% in net interest income (taxable-equivalent basis) and 6.9% in fee revenue •Net income of $1,945 million, an increase of 14% year-over-year •Diluted earnings per common share of $1.18, an increase of 15% year-over-year •Return on average assets of 1.15% and efficiency ratio of 58.2%, both improved on a year-over-year basis •Positive operating leverage of 440 basis points from the prior year quarter •Net interest margin of 2.77%, an increase of 5 basis points on a year-over-year basis •Noninterest expense relatively stable year-over-year •CET1 capital ratio of 10.8% at March 31, 2026 •Average total loans increased 3.8% on a year-over-year basis and 2.4% on a linked quarter basis •Average total deposits increased 1.7% on a year-over-year basis
Return on average assets (%)			1.15			1.19			1.04
Return on average common equity (%)			12.6			13.5			12.3
Return on tangible common equity (%)(a)			17.0			18.4			17.5
Net interest margin (%)			2.77			2.77			2.72
Efficiency ratio (%)(a)			58.2			57.4			60.8
INCOME STATEMENT(b)			1Q26			4Q25			1Q25
Net interest income (taxable-equivalent basis)			$4,291			$4,312			$4,122
Noninterest income			$2,997			$3,053			$2,836
Noninterest expense			$4,265			$4,227			$4,232
Net income attributable to U.S. Bancorp			$1,945			$2,045			$1,709
Diluted earnings per common share			$1.18			$1.26			$1.03
Dividends declared per common share			$.52			$.52			$.50
BALANCE SHEET(b)			1Q26			4Q25			1Q25
Average total loans			$393,560			$384,285			$379,028
Average total deposits			$515,119			$515,142			$506,534
Net charge-off ratio (%)			.56			.54			.59
Book value per common share (period end)			$37.93			$37.55			$34.16
Tangible book value per common share (period end)(a)			$29.56			$29.12			$25.64
Basel III standardized CET1 (%)(c)			10.8			10.8			10.8
(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

"In the first quarter, we delivered diluted earnings per share of $1.18, up 15% year-over-year, and a return on tangible common equity of 17%. Strong revenue growth drove 440 basis points of positive operating leverage, as ongoing investments for growth and continued cost savings drove 260 basis points of year-over-year improvement in our efficiency ratio. Net interest income growth of 4.1% compared with the prior year was supported by robust loan growth in priority areas, including commercial and credit card, and record consumer deposits. Fee revenue increased 6.9% year-over-year, reflecting improved payments performance and continued momentum across capital markets and investment services businesses. Credit quality and capital levels remain healthy and strong.

These results demonstrate continued execution within our medium-term financial target ranges and strong momentum across the franchise. Recently announced partnerships with nationally recognized brands such as Amazon and the NFL reinforce the scale, relevance, and growth potential of our diversified business model. With disciplined risk management and consistent execution, we are positioned to deliver sustainable returns and long-term value. On behalf of my U.S. Bank colleagues, I thank our clients and shareholders for their continued trust and support."

- Gunjan Kedia, CEO, U.S. Bancorp

Business and Other Highlights

			U.S. Bancorp First Quarter 2026 Results

INCOME STATEMENT HIGHLIGHTS
($ in millions, except per share data)
												Percent Change
			1Q 2026			4Q 2025			1Q 2025			1Q26 vs 4Q25			1Q26 vs 1Q25
Net interest income			$4,263			$4,284			$4,092			(.5)			4.2
Taxable-equivalent adjustment			28			28			30			-			(6.7)
Net interest income (taxable-equivalent basis)			4,291			4,312			4,122			(.5)			4.1
Noninterest income			2,997			3,053			2,836			(1.8)			5.7
Total net revenue			7,288			7,365			6,958			(1.0)			4.7
Noninterest expense			4,265			4,227			4,232			.9			.8
Income before provision and income taxes			3,023			3,138			2,726			(3.7)			10.9
Provision for credit losses			576			577			537			(.2)			7.3
Income before taxes			2,447			2,561			2,189			(4.5)			11.8
Income taxes and taxable-equivalent adjustment			497			510			473			(2.5)			5.1
Net income			1,950			2,051			1,716			(4.9)			13.6
Net (income) loss attributable to noncontrolling interests			(5)			(6)			(7)			16.7			28.6
Net income attributable to U.S. Bancorp			$1,945			$2,045			$1,709			(4.9)			13.8
Net income applicable to U.S. Bancorp common shareholders			$1,841			$1,965			$1,603			(6.3)			14.8
Diluted earnings per common share			$1.18			$1.26			$1.03			(6.3)			14.6

Net income attributable to U.S. Bancorp was $1,945 million for the first quarter of 2026, $236 million higher than the first quarter of 2025 and $100 million lower than the fourth quarter of 2025. Diluted earnings per common share was $1.18 in the first quarter of 2026, compared with $1.03 in the first quarter of 2025 and $1.26 in the fourth quarter of 2025.

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 4.1 percent on a taxable-equivalent basis, primarily due to loan growth, improved earning asset mix, and fixed asset repricing, while net interest margin increased to 2.77 percent from 2.72 percent. Noninterest income increased 5.7 percent, reflecting higher revenue across most categories. Noninterest expense increased 0.8 percent primarily due to higher marketing and business development expense and technology and communications expense, partially offset by lower compensation and employee benefits expense. The provision for credit losses increased 7.3 percent, primarily due to loan portfolio growth.

Compared with the fourth quarter of 2025, net income attributable to U.S. Bancorp decreased primarily due to lower total net revenue and higher noninterest expense. Net interest income decreased 0.5 percent on a taxable-equivalent basis, primarily driven by fewer days in the quarter and deposit seasonality, partially offset by growth in loans, while net interest margin was stable. Noninterest income decreased primarily due to seasonally lower card revenue and capital markets revenue, as well as losses from repositioning a portion of the securities portfolio, partially offset by higher mortgage banking revenue. Noninterest expense increased 0.9 percent reflecting higher compensation and employee benefits expense and higher marketing and business development expense. The provision for credit losses remained relatively stable with a decrease of 0.2 percent.

			U.S. Bancorp First Quarter 2026 Results

NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions)																					Change
			1Q 2026						4Q 2025						1Q 2025						1Q26 vs 4Q25						1Q26 vs 1Q25
Components of net interest income
Income on earning assets			$	7,866					$	7,951					$	7,546					$	(85)					$	320
Expense on interest-bearing liabilities			3,575						3,639						3,424						(64)						151
Net interest income			$	4,291					$	4,312					$	4,122					$	(21)					$	169
Average yields and rates paid
Earning assets yield			5.09			%			5.10			%			4.99			%			(.01)			%			.10			%
Rate paid on interest-bearing liabilities			2.81						2.83						2.75						(.02)						.06
Gross interest margin			2.28			%			2.27			%			2.24			%			.01			%			.04			%
Net interest margin			2.77			%			2.77			%			2.72			%			-			%			.05			%
Average balances
Investment securities(a)			$	171,471					$	172,039					$	171,178					$	(568)					$	293
Loans held for sale			2,326						2,775						1,823						(449)						503
Loans			393,560						384,285						379,028						9,275						14,532
Interest-bearing deposits with banks			38,855						42,705						43,735						(3,850)						(4,880)
Other earning assets			17,950						18,413						14,466						(463)						3,484
Earning assets			624,162						620,217						610,230						3,945						13,932
Interest-bearing liabilities			515,578						509,378						504,023						6,200						11,555
(a) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis was $4,291 million in the first quarter of 2026, an increase of $169 million (4.1 percent) compared with the first quarter of 2025. The increase primarily reflected loan growth, improved earning asset mix, and benefits from fixed asset repricing. Average earning assets were $13.9 billion (2.3 percent) higher than the first quarter of 2025, reflecting increases of $14.5 billion (3.8 percent) in average loans, and $3.5 billion (24.1 percent) in average other earning assets, partially offset by a decrease of $4.9 billion (11.2 percent) in average interest-bearing deposits with banks.

On a linked quarter basis, net interest income on a taxable-equivalent basis decreased $21 million (0.5 percent) primarily driven by fewer days in the quarter and deposit seasonality, partially offset by loan growth. Average earning assets were $3.9 billion (0.6 percent) higher on a linked quarter basis, reflecting an increase of $9.3 billion (2.4 percent) in average loans, partially offset by a decrease of $3.9 billion (9.0 percent) in average interest-bearing deposits with banks.

Net interest margin was 2.77 percent in the first quarter of 2026, compared with 2.72 percent in the first quarter of 2025 and 2.77 percent in the fourth quarter of 2025. The increase in net interest margin compared with the prior year quarter was primarily due to the benefits from fixed asset repricing. Net interest margin was stable on a linked quarter basis.

			U.S. Bancorp First Quarter 2026 Results

AVERAGE LOANS
($ in millions)												Percent Change
			1Q 2026			4Q 2025			1Q 2025			1Q26 vs 4Q25			1Q26 vs 1Q25
Commercial(a)			$145,397			$138,807			$130,252			4.7			11.6
Lease financing			4,436			4,307			4,199			3.0			5.6
Total commercial(a)			149,833			143,114			134,451			4.7			11.4
Commercial mortgages			39,969			38,698			38,624			3.3			3.5
Construction and development			9,439			9,792			10,266			(3.6)			(8.1)
Total commercial real estate			49,408			48,490			48,890			1.9			1.1
Residential mortgages			116,690			115,390			118,844			1.1			(1.8)
Credit card(a)			37,341			37,019			35,083			.9			6.4
Retail leasing			3,525			3,572			3,990			(1.3)			(11.7)
Home equity and second mortgages			13,972			13,922			13,542			.4			3.2
Other			22,791			22,778			24,228			.1			(5.9)
Total other retail			40,288			40,272			41,760			-			(3.5)
Total loans			$393,560			$384,285			$379,028			2.4			3.8

(a)Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.

Average total loans for the first quarter of 2026 increased $14.5 billion (3.8 percent) compared with the first quarter of 2025. The increase was driven by higher total commercial loans and credit card loans, partially offset by declines in residential mortgages and total other retail loans. Growth in total commercial loans reflected higher loans to financial institutions, partially offset by lower corporate and other commercial loans, while credit card loan growth reflected higher sales volume. Declines in residential mortgages and other retail loans were primarily due to loan sales in the second quarter of 2025.

Compared with the fourth quarter of 2025, average total loans increased $9.3 billion (2.4 percent) driven by higher total commercial loans and residential mortgages. Growth in total commercial loans reflected higher corporate loans and loans to financial institutions, while the increase in residential mortgages was primarily driven by originations.

			U.S. Bancorp First Quarter 2026 Results

AVERAGE DEPOSITS
($ in millions)												Percent Change
			1Q 2026			4Q 2025			1Q 2025			1Q26 vs 4Q25			1Q26 vs 1Q25
Noninterest-bearing deposits			$80,628			$83,295			$79,696			(3.2)			1.2
Interest-bearing savings deposits
Interest checking			130,600			131,055			125,651			(.3)			3.9
Money market savings			188,986			186,119			195,442			1.5			(3.3)
Savings accounts			68,305			64,207			50,271			6.4			35.9
Total savings deposits			387,891			381,381			371,364			1.7			4.5
Time deposits			46,600			50,466			55,474			(7.7)			(16.0)
Total interest-bearing deposits			434,491			431,847			426,838			.6			1.8
Total deposits			$515,119			$515,142			$506,534			-			1.7

Average total deposits in the first quarter of 2026 increased $8.6 billion (1.7 percent) compared with the first quarter of 2025. Average noninterest-bearing deposits grew, driven by higher balances in Wealth, Corporate, Commercial and Institutional Banking, partially offset by declines in Consumer and Business Banking. Average total savings deposits increased driven by growth in Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking, partially offset by decreases in Treasury and Corporate Support. Average time deposits declined mainly within Wealth, Corporate, Commercial and Institutional Banking and Treasury and Corporate Support, partially offset by increases in Consumer and Business Banking. Changes in time deposits reflect balances managed as an alternative to other funding sources, based on relative pricing and liquidity considerations.

Compared with the fourth quarter of 2025, average total deposits were relatively flat. Seasonal decreases in average noninterest-bearing deposits within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking, and lower average time deposits, reflecting decreases in Consumer and Business Banking and Treasury and Corporate Support, were partially offset by an increase in average total savings deposits driven by increases in Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking.

			U.S. Bancorp First Quarter 2026 Results

NONINTEREST INCOME(a)
($ in millions)												Percent Change
			1Q 2026			4Q 2025			1Q 2025			1Q26 vs 4Q25			1Q26 vs 1Q25
Card revenue(b)			$391			$427			$374			(8.4)			4.5
Corporate payment and treasury management revenue(b)(c)			408			396			400			3.0			2.0
Merchant processing services			436			440			415			(.9)			5.1
Trust and investment management fees			745			756			680			(1.5)			9.6
Lending and deposit-related fees(c)(d)			294			302			266			(2.6)			10.5
Capital markets revenue(d)(e)			377			389			292			(3.1)			29.1
Mortgage banking revenue			161			130			173			23.8			(6.9)
Investment products fees			97			101			87			(4.0)			11.5
Other(e)			123			109			149			12.8			(17.4)
Total fee revenue			3,032			3,050			2,836			(.6)			6.9
Securities gains (losses), net			(35)			3			-			nm			nm
Total noninterest income			$2,997			$3,053			$2,836			(1.8)			5.7

Effective January 1, 2026, U.S. Bancorp made changes and reclassifications to certain fee revenue items. Prior period balances have been conformed to current period presentation to reflect the reclassifications described below:

(a)'Corporate payment products revenue' has been renamed 'Corporate payment and treasury management revenue', and 'Service charges' has been renamed 'Lending and deposit-related fees'.

(b)Stored-value card revenue was reclassified from 'Card revenue' to 'Corporate payment and treasury management revenue'.

(c)Treasury management services revenue was reclassified from 'Lending and deposit-related fees' to 'Corporate payment and treasury management revenue'.

(d)Loan and leasing fees was reclassified from 'Capital markets revenue' to 'Lending and deposit-related fees'.

(e)Impact Finance tax credit investment syndication fee revenue and related fees was reclassified from 'Other' noninterest income to 'Capital markets revenue'.

First quarter noninterest income of $2,997 million increased $161 million (5.7 percent) compared with the first quarter of 2025. The increase was driven by higher card revenue reflecting increased credit card sales volume, higher merchant processing services revenue due to favorable rates, higher trust and investment management fees driven by business growth and favorable market conditions, higher lending and deposit-related fees, and higher capital markets revenue primarily due to higher client-related derivative activity, corporate bond underwriting fees and favorable market conditions. The increases were partially offset by lower other revenue, and losses from repositioning a portion of the securities portfolio.

Compared with the fourth quarter of 2025, noninterest income decreased $56 million (1.8 percent). The decrease was driven by lower card revenue due to seasonality, losses from repositioning a portion of the securities portfolio, and lower capital markets revenue due to the timing of tax credit syndications, partially offset by higher corporate bond underwriting fees and favorable market conditions. These decreases were partially offset by higher mortgage banking revenue due to the change in fair value of mortgage servicing rights, net of hedging activities.

			U.S. Bancorp First Quarter 2026 Results

NONINTEREST EXPENSE
($ in millions)												Percent Change
			1Q 2026			4Q 2025			1Q 2025			1Q26 vs 4Q25			1Q26 vs 1Q25
Compensation and employee benefits			$2,628			$2,529			$2,637			3.9			(.3)
Net occupancy and equipment			304			320			306			(5.0)			(.7)
Professional services			92			144			98			(36.1)			(6.1)
Marketing and business development			217			187			182			16.0			19.2
Technology and communications			573			584			533			(1.9)			7.5
Other intangibles			110			126			123			(12.7)			(10.6)
Other			341			337			353			1.2			(3.4)
Total noninterest expense			$4,265			$4,227			$4,232			.9			.8

First quarter noninterest expense was $4,265 million, an increase of $33 million (0.8 percent), compared with the first quarter of 2025. The increase was driven by marketing and business development expense primarily due to increased initiatives, as well as higher technology and communications expense reflecting investments in product and technology development. These increases were partially offset by lower compensation and employee benefits expense, primarily due to cost savings from operational efficiencies, partially offset by merit increases, lower other intangibles expense, and lower other noninterest expense.

Compared with the fourth quarter of 2025, noninterest expense increased $38 million (0.9 percent). The increase was driven by seasonally higher compensation and employee benefits expense and higher marketing and business development expense. These increases were partially offset by lower net occupancy and equipment expense, related to the timing of projects, and lower professional services expense, due to the timing of initiatives.

Provision for Income Taxes

The provision for income taxes for the first quarter of 2026 resulted in a tax rate of 20.3 percent on a taxable-equivalent basis (effective tax rate of 19.4 percent), compared with 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.5 percent) in the first quarter of 2025, and 19.9 percent on a taxable-equivalent basis (effective tax rate of 19.0 percent) in the fourth quarter of 2025.

			U.S. Bancorp First Quarter 2026 Results

ALLOWANCE FOR CREDIT LOSSES
($ in millions)			1Q 2026			%(a)			4Q 2025			%(a)			3Q 2025			%(a)			2Q 2025			%(a)			1Q 2025			%(a)
Balance, beginning of period			$7,947						$7,897						$7,862						$7,915						$7,925
Net charge-offs
Commercial(b)			117			.33			101			.29			23			.07			59			.18			97			.30
Lease financing			4			.37			5			.46			7			.65			6			.57			4			.39
Total commercial(b)			121			.33			106			.29			30			.09			65			.19			101			.30
Commercial mortgages			2			.02			(3)			(.03)			103			1.06			57			.60			(5)			(.05)
Construction and development			(10)			(.43)			-			-			-			-			-			-			1			.04
Total commercial real estate			(8)			(.07)			(3)			(.02)			103			.85			57			.47			(4)			(.03)
Residential mortgages			(1)			-			(2)			(.01)			(1)			-			(1)			-			-			-
Credit card(b)			365			3.96			358			3.84			346			3.80			380			4.30			387			4.47
Retail leasing			18			2.07			17			1.89			17			1.81			10			1.04			13			1.32
Home equity and second mortgages			1			.03			1			.03			(2)			(.06)			-			-			(1)			(.03)
Other			50			.89			50			.87			43			.76			43			.73			51			.85
Total other retail			69			.69			68			.67			58			.57			53			.52			63			.61
Total net charge-offs			546			.56			527			.54			536			.56			554			.59			547			.59
Provision for credit losses			576						577						571						501						537
Balance, end of period			$7,977						$7,947						$7,897						$7,862						$7,915
Components
Allowance for loan losses			$7,646						$7,605						$7,557						$7,537						$7,584
Liability for unfunded credit commitments			331						342						340						325						331
Total allowance for credit losses			$7,977						$7,947						$7,897						$7,862						$7,915
Gross charge-offs			$683						$651						$669						$683						$690
Gross recoveries			$137						$124						$133						$129						$143
Allowance for credit losses as a percentage of
Period-end loans (%)			2.00						2.03						2.06						2.07						2.07
Nonperforming loans (%)			536						514						490						480						470
Nonperforming assets (%)			522						500						477						468						458
(a) Annualized and calculated on average loan balances. (b) Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.

			U.S. Bancorp First Quarter 2026 Results

The provision for credit losses was $576 million for the first quarter of 2026, compared with $577 million in the fourth quarter of 2025 and $537 million in the first quarter of 2025. The increase on a year-over-year basis was primarily driven by loan portfolio growth. The provision on a linked quarter basis was relatively stable. The Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to evolving trade policy and geopolitical events, as well as other economic factors that may affect the financial strength of corporate and consumer borrowers.

Total net charge-offs were $546 million in the first quarter of 2026, compared with $527 million in the fourth quarter of 2025 and $547 million in the first quarter of 2025. The net charge-off ratio was 0.56 percent compared with 0.54 percent in the fourth quarter of 2025 and 0.59 percent in the first quarter of 2025. The increase in net charge-offs on a linked quarter basis was driven by higher net charge-offs on commercial loans and credit card portfolios. The decrease in net charge-offs on a year-over-year basis reflected lower net charge-offs on credit card portfolios, partially offset by increased net charge-offs on commercial loans.

The allowance for credit losses was $7,977 million at March 31, 2026, compared with $7,947 million at December 31, 2025, and $7,915 million at March 31, 2025. The increase in the allowance for credit losses on a linked quarter basis was primarily driven by loan portfolio growth. The increase in the allowance for credit losses on a year-over-year basis was primarily driven by loan portfolio growth, partially offset by improved credit quality. The allowance for credit losses represented 2.00 percent of period-end loans at March 31, 2026 and 536 percent of nonperforming loans at March 31, 2026.

Nonperforming assets were $1,528 million at March 31, 2026, compared with $1,590 million at December 31, 2025, and $1,727 million at March 31, 2025. The decrease on a linked quarter basis was primarily due to the resolution of commercial nonperforming loans, while the decrease from the prior year was primarily due to the resolution of commercial real estate nonperforming loans, partially offset by higher commercial nonperforming loans and residential mortgages. The ratio of nonperforming assets to loans and other real estate was 0.38 percent at March 31, 2026. Accruing loans 90 days or more past due were $847 million at March 31, 2026, compared with $853 million at December 31, 2025, and $796 million at March 31, 2025. The linked quarter decrease in accruing loans 90 days or more past due was primarily due to lower residential mortgage delinquencies, partially offset by higher commercial loan delinquencies, while the increase from the prior year was primarily due to higher residential mortgage delinquencies remaining on accrual with support from strong housing values and higher commercial loan delinquencies.

			U.S. Bancorp First Quarter 2026 Results

DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
(Percent)			Mar 31 2026			Dec 31 2025			Sep 30 2025			Jun 30 2025			Mar 31 2025
Delinquent loan ratios - 90 days or more past due
Commercial(a)			.02			.01			.01			.01			.01
Commercial real estate			.03			.03			.04			.28			.01
Residential mortgages			.23			.25			.26			.28			.19
Credit card(a)			1.29			1.27			1.26			1.26			1.40
Other retail			.13			.13			.13			.13			.14
Total loans			.21			.22			.22			.25			.21
Delinquent loan ratios - 90 days or more past due and nonperforming loans
Commercial(a)			.44			.50			.52			.42			.46
Commercial real estate			1.07			1.09			1.24			1.86			1.62
Residential mortgages			.36			.38			.38			.40			.31
Credit card(a)			1.29			1.27			1.26			1.26			1.40
Other retail			.52			.53			.51			.51			.50
Total loans			.58			.61			.64			.68			.65
(a) Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.

ASSET QUALITY(a)
($ in millions)
			Mar 31 2026			Dec 31 2025			Sep 30 2025			Jun 30 2025			Mar 31 2025
Nonperforming loans
Commercial			$622			$695			$708			$548			$589
Lease financing			26			22			25			27			27
Total commercial			648			717			733			575			616
Commercial mortgages			488			504			558			732			745
Construction and development			34			14			21			31			35
Total commercial real estate			522			518			579			763			780
Residential mortgages			159			151			143			145			141
Credit card			-			-			-			-			-
Other retail			159			161			155			154			148
Total nonperforming loans			1,488			1,547			1,610			1,637			1,685
Other real estate			22			24			23			21			23
Other nonperforming assets			18			19			21			22			19
Total nonperforming assets			$1,528			$1,590			$1,654			$1,680			$1,727
Accruing loans 90 days or more past due			$847			$853			$840			$966			$796
Nonperforming assets to loans plus ORE (%)			.38			.41			.43			.44			.45
(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due

			U.S. Bancorp First Quarter 2026 Results

COMMON SHARES
(Millions)			1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2025
Beginning shares outstanding			1,555			1,556			1,558			1,560			1,560
Shares issued for stock incentive plans,
acquisitions and other corporate purposes			5			2			-			-			4
Shares repurchased			(5)			(3)			(2)			(2)			(4)
Ending shares outstanding			1,555			1,555			1,556			1,558			1,560

CAPITAL POSITION																					Preliminary Data
($ in millions)			Mar 31 2026						Dec 31 2025						Sep 30 2025						Jun 30 2025						Mar 31 2025
Total U.S. Bancorp shareholders' equity			$65,786						$65,193						$63,340						$61,438						$60,096
Basel III Standardized Approach
Common equity tier 1 capital			$52,648						$51,665						$50,587						$49,382						$48,482
Tier 1 capital			59,899						58,917						57,839						56,630						55,736
Total risk-based capital			69,163						68,087						66,820						65,752						64,989
Common equity tier 1 capital ratio			10.8			%			10.8			%			10.9			%			10.7			%			10.8			%
Tier 1 capital ratio			12.3						12.3						12.4						12.3						12.4
Total risk-based capital ratio			14.2						14.2						14.4						14.3						14.4
Leverage ratio			8.8						8.7						8.6						8.5						8.4
Common equity to assets			8.4						8.4						8.1						8.0						7.9
Tangible common equity to tangible assets(a)			6.7						6.7						6.4						6.1						6.0
Tangible common equity to risk-weighted assets(a)			9.4						9.4						9.3						9.0						8.9
(a)See Non-GAAP Financial Measures reconciliation on page 16.

Total U.S. Bancorp shareholders' equity was $65.8 billion at March 31, 2026, compared with $65.2 billion at December 31, 2025, and $60.1 billion at March 31, 2025. During the first quarter of 2026, the Company continued share repurchases under its $5.0 billion common stock repurchase authorization, including repurchases in connection with its stock-based compensation plans.

All regulatory capital ratios continue to be in excess of "well-capitalized" requirements. The common equity tier 1 capital to risk-weighted assets ratio using the Basel III standardized approach was 10.8 percent at March 31, 2026, unchanged from December 31, 2025, and March 31, 2025.

			U.S. Bancorp First Quarter 2026 Results

Investor Conference Call

On Thursday, April 16, 2026 at 7 a.m. CT, Chief Executive Officer Gunjan Kedia and Vice Chair and Chief Financial Officer John Stern will host a conference call to review the financial results. The live conference call will be available online or by telephone. To access the webcast and presentation, visit the U.S. Bancorp website at usbank.com and click on "About us", "Investor relations", "News & events" and "Webcasts & presentations." To access the conference call from locations within the United States and Canada, please dial 888-210-4659. Participants calling from outside the United States and Canada, please dial 646-960-0383. The access code for all participants is 7269933. For those unable to participate during the live call, a replay will be available beginning at approximately 10 a.m. CT on April 16, 2026. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on "About us", "Investor relations", "News & events" and "Webcasts & presentations."

About U.S. Bancorp

Headquartered in Minneapolis, U.S. Bancorp is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company's three major business lines serve 15 million clients throughout the United States, Canada and Europe, and its team of nearly 70,000 people invest their hearts and minds to power human potential every day. Ranked 105th 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.