US Bancorp : First Quarter 2026 Presentation

Published: 2026-04-16 06:48:16 ET USB

Published on 04/16/2026 at 06:48 am EDT

A p r i l 1 6 , 2 0 2 6

U.S. Bancorp

1Q26 Earnings Conference Call

1Q26 Highlights

Growth

Top-line YoY revenue growth supported by strong loan growth, consumer deposit momentum, and sustained fee-based growth

Productivity

Continued expense discipline supporting seven consecutive quarters of positive operating leverage, as adjusted

Returns

Strong profitability driven by disciplined balance sheet actions and a diversified mix of net interest income and fee-based revenue

Risk & Financial Management

Asset quality metrics in line with expectations and strong capital levels

Positive Operating Leverage2 vs. 1Q25

Efficiency Ratio2

-260 bpsvs. 1Q25

Earnings per share 14.6% vs. 1Q25

Net Charge-off Ratio

CET1 Capital Ratio3

Return on Tangible Common Equity2

Net Interest Income1 Growth vs. 1Q25

Return on Average Assets

Fee Revenue Growth vs. 1Q25

Net Interest Margin

1 Taxable-equivalent basis; Non-GAAP; see appendix for calculation. 2 Non-GAAP; see appendix for calculations. 3 Common equity tier 1 capital to 3

risk-weighted assets.

Growing our Business Banking Franchise

Small Businesses represent 40%+ of U.S. GDP and employment

FY 2025 % of Revenue by Product

Other

Merchant

16% 7% CAGR1

Deposit

1.40M

1.14M 48%

2023 2026

Credit 18% USB small business

Card clients 2

10%

Lending

9% of U.S. Bancorp FY 2025 revenue

Fee revenue CAGR3 SBA lender in 22 states4

Small Business Revenue Mix

Our Strategy

Faster product launches with dedicated operating model

Continued investment in differentiated solutions

across payments, banking, and lending

Business Essentials bundles

Embedded digital capabilities (e.g., Spend Management, Bill Pay for Business, Payroll)

Merchant services and small business cards

Lending capabilities (e.g., SBA, healthcare)

Amazon Small Business co-brand partnership

meaningfully expands reach and payments opportunity

Expected to convert in Q3 2026

Unique co-brand; anticipated banking expansion

¹ CAGR based on 2/28/2023 to 2/28/2026. 2 Small business clients from 2/28/2023 to 2/28/2026. 3 CAGR based on FY 2023 to FY 2025. 4 Based 4

on FY 2025 7(a) Lender Report.

California as a Growth Engine

MUFG Union Bank acquisition revenue synergies are driving growth in California

California1

Small business concentration3

0 85K

$4.1T+ GDP | ~40M consumers |

CA Growth over Franchise4

Business clients

growth rate

1.2X

franchise

Business deposits

growth rate

1.6X

franchise

Business card client

growth rate

2.2X

franchise

Business banking merchant revenue

growth rate

1.4X

franchise

~4.3M small businesses

USB branches USB client centers

1 U.S. Bureau of Economic Analysis (BEA), Census, SBA. 2 SNL Market Share as of April 2026. 2025 Pro-Forma Retail Bank. Includes active, closed, and

de novo branches. Deposits capped at $1B. 3 Within 200 mile radius. 4 Feb 2024-Feb 2026 CAGR for California vs. overall USB performance. Business 5

Banking merchant revenue is based on rolling 12 months through Feb 2024 vs. rolling 12 months through Feb 2026.

Momentum building across Payments

Broad based strength across payment categories as we transform the business

1Q26

4Q25

3Q25

2Q25

1Q25

4.4%

4.2%

5.6%

5.3%

Credit Card Only YoY Fee Revenue

$263M 1Q26 Reported Fee Revenue

5.2%

Double digit new account growth over the last 4 quarters a leading indicator for continued growth

1Q26 new account acquisition up 18% YoY

Merchant Processing YoY Fee Revenue

$436M 1Q26 Reported Fee Revenue

5.2%

4.4%

3.5%

5.0%

5.1%

1Q25

2Q25

3Q25

4Q25

1Q26

Consistent execution, durable growth

Mid-single digit fee revenue growth remains steady

Strategic initiatives gaining traction across the business

Corporate Payment Products & Prepaid YoY Fee Revenue

$217M 1Q26 Reported Fee Revenue

1.9%

(0.5)%

(1.3)%

0.0%

(3.5)%

1Q25

2Q25

3Q25

4Q25

1Q26

New business wins increasingly contributing to results

Encouraging early signs of spend stabilization

Growth Momentum

Key partnerships to drive strategic priorities

Acquisition

Partnership

~$75-$85M in revenue per quarter included in guidance

Partnership

~$75C-o$s8t5inMcliundreedveinnugeuipdearnqcuearter

included in guidance

200+ million fans

Capital markets

fee growth

Payments

transformation

Consumer franchise growth

1Q26 Results Summary

Income Statement

Credit Quality

$ in millions, except EPS

1Q26

Change vs.

4Q25

1Q25

Net interest income1

$4,291

(.5)

4.1

Noninterest income

2,997

(1.8)

5.7

Noninterest expense

4,265

Net income to company

1,945

(4.9)

13.8

Diluted EPS

$1.18

(6.3)

14.6

Change vs.

$ in millions

1Q26

4Q25

1Q25

Nonperforming assets

$1,528

(3.9)

(11.5) %

NPA ratio

0.38 %

(3) bps

(7) bps

Net charge-off ratio

0.56 %

2 bps

(3) bps

90+ day delinquency

0.21 %

(1) bps

- bps

Capital

Balance Sheet

$ in billions

Total assets Earning assets Total loans Total deposits

Ending balance

1Q26

$701.0 635.1

399.8

528.2

Avg balance

1Q26

$688.3 624.2

393.6

515.1

Average Period Balance change vs.

4Q25

.7 %

2.4

1Q25

2.8 %

2.3

3.8

1.7

Change vs.

1Q26

4Q25

1Q25

CET1 capital ratio2 10.8 % - bps - bps Total risk-based capital ratio 14.2 % - bps (20) bps Book value per share $37.93 1.0 % 11.0 % Tangible book value per share3 $29.56 1.5 % 15.3 % Earnings returned (millions)4 $1,091

1 Taxable-equivalent basis; Non-GAAP; see appendix for calculation. 2 Common equity tier 1 capital to risk-weighted assets. 3 Non-GAAP; see appendix for calculations. 4 Earnings returned (millions) = total common dividends paid and aggregate value of common shares repurchased inclusive of treasury shares 8

repurchased in connection with stock compensation plans

Performance Ratios

Constructive trends reflective of Q1 seasonality

Return on Average Assets

Return on Average Common Equity

Return on Tangible Common Equity1

Efficiency Ratio1 & Net Interest Margin 2

Year-over-year

Efficiency Ratio

Net Interest Margin

Year-over-year

1.19%

1.15%

1.04%

13.5%

12.3%

12.6%

17.5%

18.4%

17.0%

60.8%

57.4%

58.2%

2.77%

2.72%

1Q25 4Q25 1Q26

1 Non-GAAP; see appendix for calculations 9

2 Net interest margin on a taxable-equivalent basis; see appendix for calculations

Return on Tangible Common Equity

Consistent performance as tangible common equity has strengthened

Historical Performance & Growth in TCE

17.4% 18.6% 17.9% 18.3% 17.5% 18.0% 18.6% 18.4% 17.0%

Positioned to deliver high-teens ROTCE through medium-term3:

Accelerating revenue growth

$35 $36

$38

$39

$41

$43

$45

$46

momentum

Maintaining expense discipline while investing for growth

1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Average Tangible Common Equity (TCE), in billions1 Return on Tangible Common Equity (ROTCE), as adjusted 2

TCE stabilizing with moderating capital build and more normalized deployment

Strong net income generation during this period has offset 31% TCE growth since 1Q24

1 Non-GAAP; see appendix for calculations; 2 Non-GAAP; adjusted for notable items; see appendix for calculations and description of notable items; 10

3 Medium-term represents 2026 and 2027

Balance Sheet Summary

Robust loan growth and strategic portfolio remixing driving year-over-year growth

Total Average Deposits Total Average Loans

$379

$384

$394

5.91%

5.89%

5.97%

5.80%

5.69%

1Q25

2Q25

3Q25

4Q25

1Q26

2.39%

2.41%

2.43%

2.25%

2.13%

1Q25 2Q25 3Q25 4Q25 1Q26

$507

$503

$512

$515

$243

$237

$244

$245

$264

$266

$268

$270

1Q25

2Q25

3Q25

4Q25

1Q26

Avg. Yield % Interest-bearing

deposits

1Q26 Highlights

Investment Portfolio

End of Period Balances 2

$171 $174 $171 $171 $174

3.10%

3.18%

3.26%

3.16%

3.08%

Average consumer deposits grew 2.7% year-over-year; Another record quarter

Average loan growth of 3.8% year-over-year or 5.3%3 when adjusted for 2Q25 loan sales

1Q25 2Q25 3Q25 4Q25 1Q26

$ in billions 11

1 Consumer includes Wealth. 2 Balances exclude unrealized gains (losses). 3 Non-GAAP; reflects strategic loan sales of $5.5 billion in 2Q25.

Net Interest Income

Improved earnings asset mix, loan growth and fixed asset repricing

% Change vs.

1Q26

4Q25

1Q25

Loans

$5,526

(1.3)

(.1)

Loans held for sale

(18.6)

25.0

Investment securities

1,303

(3.0)

(.4)

Other interest income

974

3.8

50.5

Total interest income

$7,838

(1.1)

4.3

Deposits

$2,284

(6.8)

(9.0)

Short-term borrowings

645

27.7

Long-term debt

646

(5.4)

(2.7)

Total interest expense

$3,575

(1.8)

4.4

Net interest income

$4,263

(.5)

4.2

Taxable-equivalent adjustment

(6.7)

Net interest income, on a taxable-equivalent basis

$4,291

(.5)

4.1

Net interest margin (taxable-equivalent basis)

2.77 %

bps

Year-over-year increase in net interest income primarily driven by loan growth, improved earning asset mix, and fixed asset repricing

Linked quarter net interest income decrease driven by fewer days in the quarter and deposit seasonality, partially offset by loan growth

nm = not meaningful

Noninterest Income

Broad-based momentum across all fee businesses

1Q26

% Change vs.

4Q25

1Q25

Payments

$1,235

(2.2)

3.9

Trust and investment management fees

745

(1.5)

9.6

Capital markets revenue

377

(3.1)

29.1

Investment product fees

(4.0)

11.5

Institutional fees

1,219

(2.2)

15.1

Lending and deposit-related fees

294

(2.6)

10.5

Mortgage banking revenue

161

23.8

(6.9)

Other

123

12.8

(17.4)

Consumer / Other

578

6.8

(1.7)

Total fee revenue

3,032

(.6)

6.9

Securities gains (losses), net

(35)

Noninterest Income

$2,997

(1.8)

5.7

Year-over-year increase driven by broad-based growth across most fee categories

On a linked quarter basis, noninterest income decreased driven by seasonally lower card revenue and capital markets revenue, partially offset by higher mortgage banking revenue

nm = not meaningful

Noninterest Expense

Investing for growth while delivering significant productivity gains

% Change vs.

1Q26

4Q25

1Q25

Compensation and benefits

$2,628

3.9

(.3)

Technology and communications

573

(1.9)

7.5

Occupancy and equipment

304

(5.0)

(.7)

Professional services

(36.1)

(6.1)

Marketing and business development

217

16.0

19.2

All other

451

(2.6)

(5.3)

Total noninterest expense

$4,265

Year-over-year increase in noninterest expense primarily driven by marketing initiatives and technology investments, partially offset by operational efficiencies in compensation expense and other noninterest expense

On a linked quarter basis, increase in noninterest expense driven by seasonally higher compensation expense and higher marketing expense, partially offset by lower net occupancy and equipment, lower professional services, and lower other expense

Disciplined Expense Management

Productivity driving consistent positive operating leverage and improving efficiency

YoY Operating Leverage (bps)

Efficiency Ratio

4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

(420)

(470)

(230)

57.2% 57.4%

58.2%

250

190

270

440 440

59.2% 530

60.8%

60.2% 59.9%

60.7%

61.1%

62.5%

Adjusted Efficiency Ratio & YoY Operating Leverage1

Expense discipline is now embedded in how we run the company, with seven consecutive quarters of positive operating leverage, as adjusted

Improved efficiency ratio in the mid-to-high 50s, reflecting the benefits of sustained cost discipline and continued revenue growth

Ongoing productivity gains from technology enablement and strategic expense initiatives create capacity to reinvest while sustaining leverage

1 Non-GAAP; excludes notable items for applicable periods; see appendix for calculations and description of notable items. 15

Credit Quality

Asset quality trends stable-to-improving; YoY provision increase driven by loan growth

Change vs.

1Q26

4Q25

1Q25

Nonperforming assets

Balance

$1,528

$(62)

$(199)

NPAs/period-end loans plus OREO

0.38 %

(3) bps

(7) bps

Net charge-offs

NCOs

$546

$19

$(1)

NCOs/avg loans

0.56 %

2 bps

(3) bps

Net Charge-offs (NCO) and Nonperforming Assets (NPA)

Provision for Credit Losses

$547

$35

$50

$546

$30

2.07%

2.00%

2.03%

2.06%

2.07%

$527

$536

$554

$537 $501 $571 $577 $576

Allowance for Credit Losses

Amount ($B)

Reserve (%)

Commercial

$1.8

1.2%

Commercial real estate

1.3

2.5%

Residential mortgage

.6%

Credit card

3.4

8.9%

Other retail

2.1%

Total

$8.0

2.0%

by Loan Category, 1Q26

Highlights

$(10)

$(53)

$30M reserve build reflects loan portfolio growth

CECL forecasted peak unemployment rate of 5.9%

Net charge-off ratio decreased 3 bps YoY

1Q25 2Q25 3Q25 4Q25 1Q26

Reserve Build (Release)

$ in millions, unless specified 16

NDFI Business Credit Intermediaries Overview

Total Loans ($B)

Limited exposure to BDCs with structural protections across the portfolio

3/31/2026

NDFI Business Credit Intermediaries Products

$8.3

$246

$1.9

$1.8

$104

$1.0

$0.3

$37

NDFI

$13

Business NDFI Composition ($B)

C&I

CDF | A+ | 0.1% of total loans

Predominantly first lien; 65-75% effective advance rates; diversification limits with lender valuation rights

BDCs | BBB | 0.2% of total loans

Exposure to top-tier managers, with top 10 BDCs representing

~71% of the portfolio; primarily first lien; diversification limits;

<50% effective advance rate

Commercial Leasing / Other | BBB - | 0.4% of total loans Predominantly traditional C&I lending to commercial leasing companies

Commercial ABS | A | 0.5% of total loans

Structured credit with ~85% effective advance rate; diversified across products; 3-4x expected loss coverage

BSL CLOs | AAA | 2.1% of total loans

Highly diversified with no industry exposure >12%; ~95% first-lien collateral; ~65% effective advance rate

NDFI = Non-Depository Financial Institution, C&I = Commercial and Industrial, BSL CLOs = Broadly Syndicated Loan Collateralized Loan

Obligation, ABS = Asset Backed Securities, BDC = Business Development Corporation, CDF = Corporate Debt Facilities 17

Credit Category Rating is based on internal ratings mapped to external S&P equivalent ratings

Capital Management

Modest share repurchases with continued capital accretion through earnings

CET1 Ratio

1Q231

1Q25

2Q25

3Q25

4Q25

1Q26

8.5%

10.8%

10.7%

10.9%

10.8%

7.1% CET1 Ratio Regulatory Minimum Binding Capital Constraint starting in 4Q25

6.5%

8.8%

8.9%

9.2%

9.3%

CET1 Ratio Including AOCI 2

Common Equity Tier 1 capital ratio was flat linked quarter as earnings generation was offset by capital distribution and strong loan growth

Including AOCI, CET1 was 9.3%2 as of March 31, 2026

Completed common stock repurchases of $200 million

1st Quarter Highlights

1 1Q23 ratios calculated in accordance with transitional regulatory requirements related to the CECL methodology 18

2 Non GAAP; see appendix for calculations

Impact of Proposed Basel III Finalization

Current proposal supports return to normalized capital deployment

Risk Weighted Assets (RWA)

Pro Forma Impact of RWA Methodology

Key Takeaways

~ 7% reduction

reduction

$488B

3/31/2026

~ 5%

New Standardized Expanded Risk Approach Based Approach

(ERBA)

Guidance - 2Q 2026

Guidance excludes the pending BTIG acquisition, which is expected to add ~$200M of quarterly net revenue and be slightly accretive to earnings per share post close in 2026

1Q26 Performance

$4,291M

+4.1% vs. 1Q25

+3% to 4%

vs. 1Q25 of $4,122M

1Q Guidance 1Q Result

Net interest income1 Total fee revenue

Total noninterest expense

2Q26 Guidance

+6% to 7%

vs. 2Q25 of $4,080M

Net interest income1

+6% to 7%

vs. 2Q25 of $2,981M

Total fee revenue

+3% to 4%

vs. 2Q25 of $4,181M

Total noninterest expense

+5% to 6%

vs. 1Q25 of $2,836M

$3,032M

+6.9% vs. 1Q25

+1%

vs. 1Q25 of $4,232

$4,265M

+0.8% vs. 1Q25

FY 2026 Guidance

+4% to 6%

vs. FY25 of $28.7B1

Total net revenue

200+ bps

Positive operating leverage

Focused on our Medium-Term Targets

1Q 2025

4Q 2025

1Q 2026

Medium-term Target4

Return on Average Assets

1.04%

1.19%

1.15%

1.15% to 1.35%

Return on Tangible Common Equity1

17.5%

18.4%

17.0%

High teens

Fee Revenue Growth (YoY)2

5.1%

7.6%

6.9%

Mid-single digits

Efficiency Ratio1

60.8%

57.4%

58.2%

Mid-to-high 50s

Operating Leverage (YoY)

270 bps 3

440 bps3

440 bps1

Committed to positive operating leverage

CET1 Capital Ratio (Cat III)

10.8%

~10% Cat II pro forma

CET1 Capital Ratio with AOCI1

8.8%

9.3%

1 Non-GAAP; see appendix for calculations. 2 Excludes securities gains (losses). 3 Non-GAAP; as adjusted for notable items; see appendix for calculation 21

and description of notable items. 4 Medium-term represents 2026 and 2027; subject to economic assumptions described in the appendix.

Momentum Drives Clear Path Forward

Stable economic activity and consistent client behavior continue to support strong fundamentals and a resilient outlook

Appendix

Income Statement Detail

% Change

$ in millions, except EPS

1Q26

4Q25

1Q25

vs 4Q25

vs 1Q25

Net interest income

$4,263

$4,284

$4,092

(.5)

4.2

Taxable-equivalent adjustment

(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

Net revenue

7,288

7,365

6,958

(1.0)

4.7

Noninterest expense

4,265

4,227

4,232

Operating income

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

Applicable income taxes

497

510

473

(2.5)

5.1

Net income

1,950

2,051

1,716

(4.9)

13.6

Noncontrolling interests

(5)

(6)

(7)

16.7

28.6

Net Income to company

1,945

2,045

1,709

(4.9)

13.8

Preferred dividends/other

104

106

30.0

(1.9)

Net Income to common

$1,841

$1,965

$1,603

(6.3)

14.8

Net interest margin1

2.77%

2.72%

bps

Efficiency ratio2

58.2%

57.4%

60.8%

bps

(260)

bps

Diluted EPS

$1.18

$1.26

$1.03

(6.3)

14.6

1 Taxable-equivalent basis 24

2 Non-GAAP; see appendix for calculations

Average Loans

$384.3

$393.6

$379.0

Average % of Average Change vs.

1Q 2026

Balance

Total

4Q25

1Q25

Commercial1

$150

38%

4.7

11.4

Commercial real estate

13%

1.9

1.1

Residential mortgages

117

30%

1.1

(1.8)

Credit card

6.4

Other retail

10%

(3.5)

Total loans

$394

2.4

3.8

On a year-over-year basis, average total loan growth was driven by higher commercial loans, commercial real estate loans and credit card loans, partially offset by lower residential mortgages and other retail loans

On a linked quarter basis, the increase in average total loans was broad based across categories

1Q25 4Q25 1Q26

+2.4% linked quarter

+3.8% year-over-year

1 Includes $12B in Payments commercial loans.

NDFI Portfolio - Well Diversified, Strong Credit Quality

1Q26 Category Allocation & Credit Category Rating1

29.7%

Private Equity A+

Business AA-

26.5%

Consumer AA

15.3%

Mortgage BBB

17.0%

11.5%

3/31/2026

Other A-

Private Equity:

Subscription Lines (e.g., capital call facilities)

Business Credit:

CLOs, Commercial ABS, BDCs

Consumer Credit:

Consumer Auto ABS

Mortgage Credit:

Warehouse Lines, Repo Lines

Other:

All Other (e.g. insurance, broker/dealer)

Commercial Loan Composition

$50

$104

3/31/2026

Non-Depository Financial Institution (NDFI) loan portfolio characteristics:

Exposures are managed through robust internal processes, including limits sized for our risk appetite

Growth supported by diversification across repayment sources (institutional investors, industries, and CRE property types)

Average portfolio credit quality of A+ exceeds that of our core investment-grade corporate and commercial lending book of BBB+1

Criticized rate is <1% of total NDFI portfolio as compared to 2.1% for core C&I portfolio. U.S. Bank has limited exposure to BDCs at approximately 2% of total NDFI portfolio

Asset quality supported by strong collateral and structural protections (performance covenants, overcollateralization)

Loan composition based on ending balances ($ in billions)

CLO = Collateralized Loan Obligations, BDC = Business Development Corporations, ABS = Asset Backed Security 26

1 Credit Category Rating is based on internal ratings mapped to external S&P equivalent ratings

Average Deposits

Average Average Change vs.

$506.5

$515.1

1Q 2026

Noninterest-bearing deposits

Money market savings Interest checking Savings accounts

Balance

$81 189

131

4Q25 1Q25

(3.2) % 1.2 %

1.5 (3.3)

(.3) 3.9

6.4 35.9

1 Q25 4Q25 1 Q26

Noninterest-bearing Interest-bearing

Time deposits 46 (7.7) (16.0)

Total interest-bearing deposits $434 .6 % 1.8 %

Total deposits $515 - % 1.7 %

On a year-over-year basis, increased average total deposits were driven by higher savings, interest checking, and noninterest-bearing deposits partially offset by lower time and money market deposits

On a linked quarter basis, average total deposits were relatively flat with higher savings and money-market deposits offset by lower time deposits, noninterest-bearing deposits, and interest checking deposits

Capital Position

$ in billions

1Q26

4Q25

3Q25

2Q25

1Q25

Total U.S. Bancorp shareholders' equity

$65.8

$65.2

$63.3

$61.4

$60.1

Basel III Standardized Approach

Common equity tier 1 capital ratio

10.8 %

10.9 %

10.7 %

10.8 %

Tier 1 capital ratio

12.3 %

12.4 %

12.3 %

12.4 %

Total risk-based capital ratio

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 %

8.1 %

8.0 %

7.9 %

Tangible common equity to tangible assets 1

6.7 %

6.4 %

6.1 %

6.0 %

Tangible common equity to risk-weighted assets 1

9.4 %

9.3 %

9.0 %

8.9 %

appendix for calculations 28

Payment Services

Payments Total Net Revenue by Business (1Q26) Highlights

42%

58%

Announced partnership with Amazon to become their exclusive Small Business Cobrand Credit Card issuer

Launched U.S. Bank Business Shield Visa card to help small business owners navigate fluctuations in finances and resources

Introduced new additions to PMI leadership with Wally Mlynarski (Elavon CEO), Peter Geronimo (PMI Sales Distribution), and Raj Gazula (PMI CAO)

Elavon's rebranding initiative reinforces its position as a leading global payments partner

Elavon was recognized with "Best Performing Gateway in 2026" by TSG4 and "Best Risk, Fraud & Compliance Solution" at Europe's MPE 2026 awards5

Payments: Consumer & Small Business (PCS)2 Payments: Merchant & Institutional (PMI) 3

54%

46%

Net interest income (taxable-equivalent basis) Noninterest income

Historical Linked Quarter Seasonality for Payment Fees Revenue1

Segment 1Q 2Q 3Q 4Q

Credit Card

stable

Merchant Processing

stable

Corporate Payments and Treasury3

stable

Fee Revenue Growth Rates

+5.6%

year-over-year

+5.1%

year-over-year

+2.0%

year-over-year

Credit Card Merchant Processing (MPS) Corporate Payments and Treasury3

1 Linked quarter change based on historical trends adjusted for Covid shutdown and recovery. 2 Excludes Debit Card. 3 Includes Prepaid Card and Treasury Management Fee Revenue for consolidated reporting. 4 Elavon was awarded Best Performing Gateway and Best Transaction Speed and was a

runner up for Highest Authorization Rate and Best Gateway Uptime at the 2026 The Strawhecker Group (TSG) Real Transaction Metrics Awards. 5 Best 29

Risk, Fraud & Compliance Solution at Europe's Merchant Payment Ecosystem (MPE) 2026 awards for Elavon's AI-driven Pay Defense solution

Nonperforming loans

0.45 %

0.48 %

0.42 %

Credit Quality - Commercial1

Average Loans ($M) and Net Charge-offs Ratio

Key Statistics

Linked

Quarter

Growth

$ in millions

Average loans

1Q25

$134,451

4Q25

$143,114

1Q26

$149,833

3.7%

2.6%

1.4%

2.3%

4.7%

30-89 delinquencies

0.15 %

0.23 %

0.14 %

90+ delinquencies

0.01 %

0.02 %

1Q25 2Q25 3Q25 4Q25 1Q26

Average Loans NCO%

40%

$134,451

$137,966

$139,954

$143,114

$149,833

0.30 %

0.19 %

0.29 %

0.33 %

0.09 %

30%

20%

1Q26

3Q25

1Q25

3Q24

1Q24

3Q23

1Q23

3Q22

1Q22

3Q21

1Q21

3Q20

1Q20

3Q19

1Q19

3Q18

1Q18

3Q17

10%

Revolving Line Utilization Trend

Key Points

Average loans increased by 4.7% on a linked quarter basis

Utilization increased on a linked quarter basis to 25.7% for 1Q26 versus 24.7% for 4Q25

1 In 1Q26, Small Business Credit Card loans have been reclassified from Commercial to Credit Card. Prior periods have been adjusted to reflect this 30

change for comparability

Credit Quality - Commercial Real Estate

Average Loans ($M) and Net Charge-offs Ratio

Key Statistics

Linked

Quarter

Growth

$ in millions

Average loans

1Q25

$48,890

4Q25

$48,490

1Q26

$49,408

(2.0)%

(0.9)%

(0.5)%

0.5%

1.9%

30-89 delinquencies

0.12 %

0.10 %

0.19 %

90+ delinquencies

0.01 %

0.03 %

$48,890

$48,466

$48,246

$48,490

$49,408

Nonperforming loans 1.61 % 1.06 % 1.04 %

0.85 %

0.47 %

(0.03) %

(0.02) %

(0.07) %

CRE by Loan Type

CRE by Property Class

Construction 19%

Owner Occupied 20%

Mortgage 61%

Other 14%

Industrial 12%

Owner Occupied 20%

Office 9%

Multi-Family 38%

Key Points

SFR Construction 1 7%

1Q25 2Q25 3Q25 4Q25 1Q26

Average Loans

Average loans increased by 1.9% on a linked quarter basis

90+ delinquencies remained flat while non-performing improved on a linked quarter basis

Nonperforming loans driven by the Office portfolio

1 SFR = Single Family Residential 31

Credit Quality - Residential Mortgage

Average Loans ($M) and Net Charge-offs Ratio

Key Statistics

Linked Quarter Growth

0.4% (2.7)% (0.7)% 0.5% 1.1%

$ in millions 1Q25 4Q25 1Q26 Average loans $118,844 $115,390 $116,690

0.00 %

(0.01) %

0.00 %

30-89 delinquencies

90+ delinquencies Nonperforming loans

0.25 %

0.19 %

0.12 %

0.18 %

0.25 %

0.13 %

0.14 %

0.23 %

0.14 %

$118,844 $115,616 $114,780 $115,390 $116,690

Residential Mortgage Delinquencies ($M)

1Q25 2Q25 3Q25 4Q25 1Q26

Average Loans

$1,000

$800

$600

$400

$200

4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Key Points

Average loans increased by 1.1% on a linked quarter basis

Continued low losses and nonperforming loans supported by strong credit quality and collateral values

High credit quality originations continued (weighted average credit score of 773, weighted average LTV of 68%)

Credit Quality - Credit Card1

Average Loans ($M) and Net Charge-offs Ratio

Linked Quarter Growth

(0.2)% 1.0% 1.8% 2.6% 0.9%

Key Statistics

$ in millions

1Q25

4Q25

1Q26

Average loans

$35,083

$37,019

$37,341

30-89 delinquencies

1.35 %

1.34 %

1.28 %

90+ delinquencies

1.40 %

1.27 %

1.29 %

Nonperforming loans

- %

Credit Card Delinquencies ($M)

1Q25 2Q25 3Q25 4Q25 1Q26

Average Loans NCO%

$1,000

$35,083

$35,439

$36,079

$37,019

$37,341

4.47 %

4.30 %

3.80 %

3.84 %

3.96 %

$800

$600

$400

$200

4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Key Points

Average loans increased by 0.9% on a linked quarter basis

Net charge-off ratio increased sequentially to 3.96% consistent with seasonal patterns; Year-over-year down 51bps

30-89 and 90+ day delinquency rates decreased from prior quarter

1 In 1Q26, Small Business Credit Card loans have been reclassified from Commercial to Credit Card. Prior periods have been adjusted to reflect this 33

change for comparability

Credit Quality - Other Retail

Average Loans ($M) and Net Charge-offs Ratio

Key Statistics

Linked

Quarter

Growth

$ in millions

Average loans

1Q25

$41,760

4Q25

$40,272

1Q26

$40,288

(1.9)%

(1.7)%

(2.3)%

0.4%

30-89 delinquencies

0.50 %

0.46 %

0.41 %

90+ delinquencies

0.14 %

0.13 %

$41,760

$41,042

$40,093

$40,272

$40,288

Nonperforming loans 0.36 % 0.40 % 0.39 %

0.61 %

0.52 %

0.57 %

0.67 %

0.69 %

Auto Loans 9%

Revolving Credit 11%

Installment 36%

1Q25 2Q25 3Q25 4Q25 1Q26

Average Loans

Retail Leasing 9%

Home Equity 35%

Key Points

Average loans flat on a linked quarter basis

Net charge-off ratio increased 2 bps on a linked quarter basis, predominantly driven by retail leasing

Financial Targets

Medium-term1 Key assumptions2

Return on Average Assets

1.15% to 1.35%

Return on Tangible Common Equity

High teens

Fee Income Growth (YoY)

Mid-single digits

Efficiency Ratio

Mid-to-high 50s

Modest GDP growth

Stable unemployment rate

Moderating inflation

Current tax policy

Fed Funds rate path consistent with market implied

Stable credit quality

Upward sloping yield curve driven by rate cuts

1 Medium-term represents 2026 and 2027 35

2 Key assumptions as of September 12, 2024 and presented at Investor Day

(Dollars and Shares in Millions Except Per Share Data, Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Total equity

$ 66,247

$ 65,651

$ 63,798

$ 61,896

$ 60,558

Preferred stock

(6,808)

Noncontrolling interest

(461)

(458)

(462)

Common equity (a)

58,978

58,385

56,532

54,630

53,288

Goodwill (net of deferred tax liability) (1)

(11,588)

(11,603)

(11,613)

(11,521)

Intangible assets (net of deferred tax liability), other than mortgage servicing rights

(1,429)

(1,507)

(1,605)

(1,699)

(1,761)

Tangible common equity (b)

45,961

45,275

43,324

41,318

40,006

Total assets (c)

700,998

692,345

695,357

686,370

676,489

Goodwill (net of deferred tax liability) (1)

(11,588)

(11,603)

(11,613)

(11,521)

Intangible assets (net of deferred tax liability), other than mortgage servicing rights

(1,429)

(1,507)

(1,605)

(1,699)

(1,761)

Tangible assets (d)

687,981

679,235

682,149

673,058

663,207

Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation if

Non-GAAP Financial Measures

applicable (e) 487,958 * 480,382 465,092 459,521 450,290

Common shares outstanding (f) 1,555 1,555 1,556 1,558 1,560

Ratios

Common equity to assets (a)/(c)

8.4%

8.1%

8.0%

7.9%

Tangible common equity to tangible assets (b)/(d)

6.7

6.4

6.1

6.0

Tangible common equity to risk-weighted assets (b)/(e)

9.4

9.3

9.0

8.9

Tangible book value per common share (b)/(f)

$ 29.56

$ 29.12

$ 27.84

$ 26.52

$ 25.64

- see last page in appendix for corresponding notes 36

*Preliminary data. Subject to change prior to filings with applicable regulatory agencies.

Non-GAAP Financial Measures

(Dollars in Millions, Unaudited)

52,648

51,665

50,587

49,382

48,482

42,027

(7,049)

(6,893)

(7,638)

(8,458)

(8,737)

(10,153)

45,599

44,772

42,949

40,924

39,745

31,874

487,958

480,382

465,092

459,521

450,290

494,048

Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (a)

Accumulated Other Comprehensive Income (AOCI) related adjustments (2)

Common equity tier 1 capital, including AOCI related adjustments (2) (b)

Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (c)

Ratios

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

March 31,

2023

Common equity tier 1 capital ratio (a)/(c) 10.8 % 10.8 % 10.9 % 10.7 % 10.8 % 8.5 % Common equity tier 1 capital ratio, including AOCI related adjustments (2)

(b)/(c) 9.3 9.3 9.2 8.9 8.8 6.5

- see last page in appendix for corresponding notes 37

Non-GAAP Financial Measures

Three Months Ended

(Dollars in Millions, Unaudited)

March 31,

2026

March 31,

2025

December 31,

2025

December 31,

2024

September 30,

2025

September 30,

2024

Net interest income

$ 4,263

$ 4,092

$ 4,284

$ 4,146

$ 4,222

$ 4,135

Taxable-equivalent adjustment (3)

Net interest income, on a taxable-equivalent adjustment basis

4,291

4,122

4,312

4,176

4,251

4,166

Net interest income, on a taxable-equivalent basis (as calculated above)

4,291

4,122

4,312

4,176

4,251

4,166

Noninterest income

2,997

2,836

3,053

2,833

3,078

2,698

Total net revenue

7,288

6,958

7,365

7,009

7,329

6,864

Less: Securities gains (losses), net

(35) -

3 (1)

(7) (119)

Total net revenue, excluding net securities gains (losses) (a)

7,323

6,958

7,362

7,010

7,336

6,983

Percent change (b)

5.2 %

5.0 %

5.1 %

Noninterest expense (c)

4,265

4,232

4,227

4,311

4,197

4,204

Percentage change (d)

0.8 %

(1.9)%

(0.2)%

Less: Notable items (4)

109

Total noninterest expense, excluding notable items

4,265

4,232

4,227

4,202

4,197

4,204

Percentage change (e)

0.8 %

0.6 %

(0.2)%

Pre-provision net revenue

3,023

2,726

3,138

2,698

3,132

2,660

Percentage change

11 %

16 %

18 %

Pre-provision net revenue, excluding notable items

3,023

2,726

3,138

2,807

3,132

2,660

Percentage change

11 %

12 %

18 %

Operating leverage (b) - (d)

4.4 %

6.9 %

5.3 %

Operating leverage, excl. notable items (b) - (e)

4.4 %

5.3 %

Efficiency ratio (c) / (a)

58.2 %

57.4 %

57.2 %

, (4) - see last page in appendix for corresponding notes 38

Non-GAAP Financial Measures

Three Months Ended

(Dollars in Millions, Unaudited)

June 30,

2025

June 30,

2024

March 31,

2025

March 31,

2024

December 31,

2024

December 31,

2023

Net interest income

$ 4,051

$ 4,023

$ 4,092

$ 3,985

$ 4,146

$ 4,111

Taxable-equivalent adjustment (3)

Net interest income, on a taxable-equivalent adjustment basis

4,080

4,052

4,122

4,015

4,176

4,142

Net interest income, on a taxable-equivalent basis (as calculated above)

4,080

4,052

4,122

4,015

4,176

4,142

Noninterest income

2,924

2,815

2,836

2,700

2,833

2,620

Total net revenue

7,004 6,867

6,958

6,715

7,009 6,762

Less: Securities gains (losses), net

(57) (36)

(1) (116)

Total net revenue, excluding net securities gains (losses) (a)

7,061

6,903

6,958

6,713

7,010

6,878

Percent change (b)

2.3 %

3.6 %

1.9 %

Noninterest expense (c)

4,181

4,214

4,232

4,459

4,311

5,219

Percentage change (d)

(0.8)%

(5.1)%

(17.4)%

Less: Notable items (4)

265

109

1,015

Total noninterest expense, excluding notable items (e)

4,181

4,188

4,232

4,194

4,202

4,204

Percentage change (f)

(0.2)%

0.9 %

- %

Pre-provision net revenue

2,823

2,653

2,726

2,256

Percentage change

6 %

21 %

Pre-provision net revenue, excluding notable items

2,823

2,679

2,726

2,521

Percentage change

5 %

8 %

Operating leverage (b) - (d)

3.1 %

8.7 %

19.3 %

Operating leverage, excl. notable items (b) - (f)

2.5 %

2.7 %

1.9 %

Efficiency ratio (c) / (a)

59.2 %

60.8 %

61.5 %

Efficiency ratio, excluding notable items (e) / (a)

59.9 %

(3), (4) - see last page in appendix for corresponding notes 39

Non-GAAP Financial Measures

Three Months Ended

(Dollars in Millions, Unaudited)

September 30,

2024

September 30,

2023

June 30,

2024

June 30,

2023

March 31,

2024

March 31,

2023

Net interest income

$ 4,135

$ 4,236

$ 4,023

$ 4,415

$ 3,985

$ 4,634

Taxable-equivalent adjustment (3)

Net interest income, on a taxable-equivalent adjustment basis

4,166

4,268

4,052

4,449

4,015

4,668

Net interest income, on a taxable-equivalent basis (as calculated above)

4,166

4,268

4,052

4,449

4,015

4,668

Noninterest income

2,698

2,764

2,815

2,726

2,700

2,507

Total net revenue

6,864

7,032

6,867

7,175

6,715

7,175

Less: Securities gains (losses), net

(119) -

(36) 3

2 (32)

Total net revenue, excluding net securities gains (losses) (a)

6,983

7,032

6,903

7,172

6,713

7,207

Percent change (b)

(0.7)%

(3.8)%

(6.9)%

Less: Notable items (4)

- (22)

Total net revenue, excluding net securities gains (losses) and notable items (c)

6,983

7,032

6,903

7,194

6,713

7,207

Percent change (d)

(0.7)%

(4.0)%

(6.9)%

Noninterest expense (e)

4,204

4,530

4,214

4,569

4,459

4,555

Percentage change (f)

(7.2)%

(7.8)%

(2.1)%

Less: Notable items (4)

284

310

265

244

Total noninterest expense, excluding notable items (g)

4,204

4,246

4,188

4,259

4,194

4,311

Percentage change (h)

(1.0)%

(1.7)%

(2.7)%

Operating leverage (b) - (f)

6.5 %

4.0 %

(4.8)%

Operating leverage, excl. notable items (d) - (h)

0.3 %

(2.3)%

(4.2)%

Efficiency ratio (e) / (a)

60.2 %

61.0 %

66.4 %

Efficiency ratio, excluding notable items (g) / (c)

60.7 %

62.5 %

(3), (4) - see last page in appendix for corresponding notes 40

Disclaimer

U.S. Bancorp published this content on April 16, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 16, 2026 at 10:47 UTC.