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U.S. Bancorp Investor Presentation JANUARY 20, 2026
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2 ©2025 U.S. Bank | Confidential Forward - looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995 : This presentation contains forward - looking statements about U . S . Bancorp . Statements that are not historical or current facts, including statements about beliefs and expectations, are forward - looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof . These forward - looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects, targets, initiatives and operations of U . S . Bancorp . Forward - looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could . ” Forward - looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward - looking statements, including the following risks and uncertainties : deterioration in general business, political and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U . S . Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility ; changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements and any credit card interest rate caps, and the enforcement and interpretation of such laws and regulations, and U . S . Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities ; changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs ; changes in interest rates ; increases in unemployment rates ; deterioration in the credit quality of U . S . Bancorp’s loan portfolios or in the value of the collateral securing those loans ; changes in commercial real estate occupancy rates ; increases in Federal Deposit Insurance Corporation (FDIC) assessments, including due to bank failures ; actions taken by governmental agencies to stabilize or reform the financial system and the effectiveness of such actions ; turmoil and volatility in the financial services industry ; risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U . S . Bancorp’s role as a loan servicer ; impacts of current, pending or future litigation and governmental proceedings ; increased competitive pressure ; effects of climate change and related physical and transition risks ; changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands ; breaches in data security ; failures or disruptions in or breaches of U . S . Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents ; failures to safeguard personal information ; impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events ; impacts of supply chain disruptions, rising inflation, slower growth or a recession ; failure to execute on strategic or operational plans ; effects of mergers and acquisitions, such as the pending acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC, and related integration, including that the expected benefits may take longer than anticipated to achieve or may not be achieved in entirety or at all and the costs relating to the combination may be greater than expected ; effects of critical accounting policies and judgments ; effects of changes in or interpretations of tax laws and regulations ; management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk and liquidity risk ; and the risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U . S . Bancorp’s Form 10 - K for the year ended December 31 , 2024 , and subsequent filings with the Securities and Exchange Commission . Factors other than these risks also could adversely affect U . S . Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties . Readers are cautioned not to place undue reliance on any forward - looking statements . Forward - looking statements speak only as of the date hereof, and U . S . Bancorp undertakes no obligation to update them in light of new information or future events . This presentation includes non - GAAP financial measures to describe U . S . Bancorp’s performance . The calculations of these measures are provided in the Appendix . These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non - GAAP performance measures that may be presented by other companies . This presentation was prepared as of January 20 , 2026 , and all statements made herein are given as of such date . Any use of or discussions regarding this presentation after such date do not reaffirm the statements made herein as of the date of such use or discussions .
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3 ©2025 U.S. Bank | Confidential An Exceptional Banking Franchise As a % of Total Revenue 1,2 ■ Payment Services ■ Consumer & Business Banking ■ Wealth, Corporate, Commercial & Institutional Banking Fee income represents ~ 42% of U.S. Bancorp’s total net revenue 1 Balance sheet 3 Clients 4 $6 84 B Assets ~13M Consumers $6 20 B Earning assets ~1.4M Businesses $5 15 B Deposits ~500K Wealth clients $3 84 B Loans ~4 8 K Corporate and Institutional Key statistics $9 53 B Total purchase volume 5 $53 0 B Assets under management 4 ~$1 2 T Assets under custody and administration 6 105 Fortune Global Company ranked by revenue 7 Map does not include our European locations Client centers Branch network 1 For the twelve months ended December 31 , 2025 on a taxable - equivalent basis. 2 Business line revenue percentages exclude Treasury and Corporate Support; Non - GAAP; see appendix for reconciliation. 3 Average balances for 4 Q25. 4 Data as of November 30 , 2025. 5 Total purchase volume shown on a trailing 12 - month basis for Retail Payment Solutions (Payments: Consumer and Small Business), Corporate Payment Solutions and Me rchant Acquiring for 4 Q25. 6 Amount reported as of December 31 , 2025. 7 Source: Fortune Global 500 Ranking (2025) 31% 43% 26%
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4 ©2025 U.S. Bank | Confidential Strong Foundation Well positioned for growth based on our strong risk management capabilities, balance sheet management program, and “through - the - cycle” earnings power CET1 Capital Ratio 1 10.8% Stress Capital Buffer 2 2.6% CRE Office to Total Loans, Commitments 5 <2% | <1% Net Charge - Off Ratio 6 54 bps 3 Q 2025 Liquidity Coverage Ratio 3 107% 3 Q 2025 Total Available Liquidity 4 $312B Strong Capital Base Robust Liquidity Profile Proven Credit Quality Ongoing capital build through enhanced earnings generation Abundant cash levels and low - cost borrowing capacity Disciplined, through - the - cycle underwriting standards 1 Common equity tier 1 capital to risk - weighted assets as of 12/31/25. 2 E ffective October 1, 2025 through September 30, 2026. 3 Liquidity coverage ratio as of 9 /3 0 /25. 4 Total Available Liquidity = cash held at Federal Reserve Bank and other central banks + available investment securities + bor ro wing capacity from the Federal Reserve Bank and Federal Home Loan Bank as of 9 /3 0 /25. 5 CRE office to loans, commitments as of 12/31/25. 6 For the three months ended December 31, 2025.
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5 ©2025 U.S. Bank | Confidential 2025 in Review: Restoring Investor Confidence Return on Average Assets Return on Tangible Common Equity Fee Income Growth (YoY) Efficiency Ratio 1.15% to 1.35% High teens Mid - single digits Mid - to - high 50s Medium - term targets 1 1 Medium - term represents 2026 and 2027, subject to economic assumptions described in the appendix 2 Non - GAAP; see appendix for calculation 3 Excludes securities gains and (losses) Furnished as slide 4 in Exhibit 99.3 of the Form 8 - K, filed with the Securities and Exchange Commission (SEC) on 1/20/2026 Executed on three strategic priorities while operating within our medium - term targets 2025 Key Strategic Priorities Organic Growth Payments Transformation Expense Management 1.19% 18.4% 2 7.6% 57.4% 2 4Q 2025 3
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6 ©2025 U.S. Bank | Confidential Disciplined Expense Management Productivity gains driving consistent positive operating leverage / improving efficiency 1 Non - GAAP; efficiency ratio for 4Q23, 1Q24, 2Q24, and 4Q24 excludes notable items; YoY operating leverage excludes securities gains (losses) and notable items; see appendix for calculations and description of notable items . Furnished as slide 5 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026 2025 Focus • Expense management strong contributor to positive operating leverage • 9 quarters of stable expenses, as adjusted • Execution on 4 signature programs: › AI and automation › Location optimization › Real estate rationalization › Organizational simplicity 2026 Priorities • Expense management expected to become ongoing foundational discipline • Revenue growth expected to be a stronger engine for meaningful positive operating leverage Adjusted Efficiency Ratio & YoY Operating Leverage 1 1 60.7% 59.2% (470)
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7 ©2025 U.S. Bank | Confidential Strong Fee Momentum and Diversified Mix Fee income represents 42% 1 of U.S. Bancorp’s total net revenue Fee Revenue Growth FY2025 vs. FY2024 2024 Fee Income Capital Markets and Impact Finance Payments Trust & Investment Management Consumer/ Other +6.7% 2025 Focus • Capital Markets product expansion • Trust & Investments: Exchange - Traded Funds (ETFs) and Private Capital • Bank Smartly interconnected offerings • Sales and marketing expansion 2026 Priorities • Continued execution on 2025 priorities • BTIG revenue synergies • Growing Small Business segment 2025 Fee Income $11,200M $11,952M +13.7% +7.9% +3.0% +6.7% + 6.7% 1 For the twelve months ended December 31, 2025 on a taxable - equivalent basis Furnished as slide 6 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026
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8 ©2025 U.S. Bank | Confidential Early Momentum on Payments Transformation 2025 Focus • Merchant : Embedded payments, focused verticals, direct distribution • Card : Interconnected solutions, partnership platforms, California market 2026 Priorities • Accelerate payments transformation momentum • Scale Small Business card & merchant Merchant Processing Fee Revenue YoY Growth Credit Card Only Fee Revenue YoY Growth Consumer Credit Card Balance ($Bn) & YoY Growth (%) Furnished as slide 9 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026
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9 ©2025 U.S. Bank | Confidential Balance Sheet Positioned for Improving NII Growth Deposits Average Balances $Bn Net interest income 1 ($M) and Net interest margin (%) Loans Average Balances $Bn 2025 Focus • Consumer deposit growth and more favorable mix shift • Improved Commercial and Credit Card loan mix • Strategic balance sheet actions in 2Q 2026 Priorities • Sustained focus on 2025 priorities • Focus on consumer & operating deposits • Commercial Real Estate loan growth 1 Taxable - equivalent basis; Non - GAAP; see appendix for calculation. 2 Consumer includes Wealth Furnished as slide 10 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026 YoY - 1.5% +2.5% YoY +6 bps + 3.3% CRE, Mortgage & Other Retail 2 Commercial & Credit Card YoY - 3.3% +9.1%
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10 ©2025 U.S. Bank | Confidential Focused on our Medium - Term Targets 1 Non - GAAP; as adjusted for notable items; see appendix for calculation and description of notable items. 2 Excludes securities gains (losses). 3 4Q24 ratio calculated in accordance with transitional regulatory requirements related to the CECL methodology; 3Q25 and 4Q25 fully refle ct implementation related to the CECL methodology. 4 Non - GAAP; see appendix for calculation; 5 Medium - term represents 2026 and 2027; subject to economic assumptions described in the appendix. Furnished as slide 22 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026 4Q 2024 3Q 2025 4Q 2025 Medium - term Target 5 Return on Average Assets 1.03% 1.17% 1.19% 1.15% to 1.35% Return on Tangible Common Equity 18.3% 18.6% 18.4% High teens Fee Revenue Growth (YoY) 2 3.6% 9.5% 7.6% Mid - single digits Efficiency Ratio 59.9% 57.2% 57.4% Mid - to - high 50s Operating Leverage (YoY) 2 190 bps 530 bps 440 bps Committed to positive operating leverage CET1 Capital Ratio (Cat III) 3 10.6% 10.9% 10.8% ~10% Cat II pro forma CET1 Capital Ratio with AOCI 4 8.6% 9.2% 9.3% 1 1 4 4 1 4 4 1 4 1
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11 ©2025 U.S. Bank | Confidential Operating within our Target Ranges Drives Growth Return on Average Assets Return on Tangible Common Equity Fee Income Growth (YoY) Efficiency Ratio 1.15% to 1.35% High teens Mid - single digits Mid - to - high 50s Medium - term Targets 1 1 Medium - term represents 2026 and 2027, subject to economic assumptions described in the appendix 2 Non - GAAP; as adjusted for notable items; s ee appendix for calculations and description of notable items 3 Source: Visible Alpha as of 2/2/2026; p eer group includes JPM, WFC, BAC, PNC, CFG, TFC, KEY, FITB and RF 4 The median impact of buyback/ issuance from the peer group, applied to the median adjusted reported EPS growth 5 Adjusted EPS growth after removing impact from buybacks / issuances Adjusted Earnings per Share (EPS) Growth 2025 vs 2024 3 16% 12% USB Peer Median EPS Growth from Buybacks / Issuance Core Adjusted EPS Growth 4 5 2
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12 ©2025 U.S. Bank | Confidential Looking ahead to 2026 • Committed to delivering consistent, strong EPS growth • Executing on organic growth and payments transformation with meaningful operating leverage and strong risk management • Investing for growth , in particular Technology, Sales and Marketing • Building towards our long - term capital distribution target of ~75% • Strongly positioned to succeed in a banking industry being transformed by regulation, digital assets, AI, and novel competitors Furnished as slide 23 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026
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13 ©2025 U.S. Bank | Confidential Appendix
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14 ©2025 U.S. Bank | Confidential Performance Ratios Return on Average Assets Return on Average Common Equity Return on Tangible Common Equity 1 Efficiency Ratio 1 & Net Interest Margin 2 2 1 Non - GAAP; see appendix for calculations and description of notable items 2 Net interest margin on a taxable - equivalent basis; see appendix for calculations Furnished as slide 13 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026 1 1 1 1 1
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15 ©2025 U.S. Bank | Confidential Income Statement Detail 1 Taxable - equivalent basis 2 Non - GAAP; see appendix for calculations and description of notable items Furnished as slide 25 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026 Excluding Notable Items 2 % Change Notable Items 2 Reported % Change $ in millions, except EPS 4Q25 3Q25 4Q24 vs 3Q25 vs 4Q24 4Q24 vs 4Q24 Net interest income $4,284 $4,222 $4,146 1.5 % 3.3 % $ — 3.3 % Taxable - equivalent adjustment 28 29 30 (3.4) (6.7) — (6.7) Net interest income (taxable - equivalent basis) 4,312 4,251 4,176 1.4 3.3 — 3.3 Noninterest income 3,053 3,078 2,833 (.8) 7.8 — 7.8 Net revenue 7,365 7,329 7,009 .5 5.1 — 5.1 Noninterest expense 4,227 4,197 4,311 .7 (1.9) 109 .6 Operating income 3,138 3,132 2,698 .2 16.3 (109) 11.8 Provision for credit losses 577 571 560 1.1 3.0 — 3.0 Income before taxes 2,561 2,561 2,138 — 19.8 (109) 14.0 Applicable income taxes 510 553 468 (7.8) 9.0 (27) 3.0 Net income 2,051 2,008 1,670 2.1 22.8 (82) 17.1 Noncontrolling interests (6) (7) (7) 14.3 14.3 — 14.3 Net Income to company 2,045 2,001 1,663 2.2 23.0 (82) 17.2 Preferred dividends/other 80 108 82 (25.9) (2.4) (1) (3.6) Net Income to common $1,965 $1,893 $1,581 3.8 % 24.3 % ($81) 18.2 % Net interest margin 1 2.77% 2.75% 2.71% 2 bps 6 bps — bps 6 bps Efficiency ratio 2 57.4% 57.2% 61.5% 20 bps (410) bps 160 bps (250) bps Diluted EPS $1.26 $1.22 $1.01 3.3 % 24.8 % $(.06) 17.8 %
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16 ©2025 U.S. Bank | Confidential Net Interest Income • Year - over - year increase in net interest income primarily driven by loan growth and fixed asset repricing • Linked quarter net interest income increase driven by favorable deposit mix and higher average loans, partially offset by lower interest - bearing deposits with banks • Continued net interest margin expansion driven by loan growth and fixed asset repricing % Change vs. 4Q25 3Q25 4Q24 Loans $5,599 (1.6) % (1.3) % Loans held for sale 43 22.9 (14.0) Investment securities 1,343 (3.5) 1.3 Other interest income 938 15.5 20.1 Total interest income $7,923 (.1) 1.2 Deposits $2,451 (7.4) (11.6) Short - term borrowings 505 54.0 96.5 Long - term debt 683 (6.3) 4.1 Total interest expense $3,639 (1.8) (1.2) Net interest income $4,284 1.5 3.3 Taxable - equivalent adjus tment 28 (3.4) (6.7) Net interest income, on a taxable - equivalent basis 1 $4,312 1.4 % 3.3 % Net interest margin (taxable - equivalent basis) 2.77 % 2 bps 6 bps $ in millions 1 Non - GAAP; see appendix for calculations Furnished as slide 15 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026
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17 ©2025 U.S. Bank | Confidential Noninterest Income $ in millions Payments = card, corporate payment products and merchant processing Treasury management fees included within service charges Furnished as slide 16 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026 % Change vs. 4Q25 3Q25 4Q24 Payments $1,084 (1.3) % 3.9 % Trust and investment management fees 756 3.6 7.5 Capital markets revenue 427 (1.6) 17.3 Investment product fees 101 4.1 16.1 Institutional fees 1,284 1.8 11.3 Service charges 318 (4.5) 1.3 Mortgage banking revenue 130 (27.8) 12.1 Impact finance 136 34.7 23.6 Other 98 (12.5) 1.0 Consumer / Other 682 (6.1) 7.1 Total fee revenue 3,050 (1.1) 7.6 Securities gains (losses), net 3 nm nm Noninterest Income $3,053 (.8) % 7.8 % • Year - over - year increase driven by broad - based growth across all fee categories • On a linked quarter basis, noninterest income reflects continued strength in trust and investment management fees and impact finance which was offset by seasonal declines in payments and mortgage banking revenue
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18 ©2025 U.S. Bank | Confidential Noninterest Expense $ in millions 1 Non - GAAP; 4Q24 adjusted for notable items; see appendix for calculations and description of notable items Furnished as slide 17 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026 % Change vs. 4Q25 3Q25 4Q24 Compensation and benefits $2,529 (1.2) % (3.0) % Technology and communications 584 4.3 9.4 Occupancy and equipment 320 6.7 .9 Professional services 144 23.1 6.7 Marketing and business development 187 6.9 16.9 All other 463 (4.3) 3.1 Total noninterest expense, adjusted 1 $4,227 .7 .6 Notable items 1 — — nm Total noninterest expense, reported $4,227 .7 % (1.9) % • Year - over - year decrease in noninterest expense was driven by lower compensation and employee benefits expenses partially offset by reinvestment in technology and marketing initiatives • On a linked quarter basis, increase in noninterest expense driven by branch remodel and maintenance activity, higher professional services tied to initiatives, and ongoing technology investment, partially offset by lower compensation and other costs • Fourth quarter of 2025 benefit of $105 million in lower FDIC insurance expense was partially offset by $80 million in severance charges
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19 ©2025 U.S. Bank | Confidential Balance Sheet Summary Total Average Deposits 4Q25 Highlights Total Average Loans Investment Portfolio End of Period Balances $ in billions 1 Balances exclude unrealized gains (losses). 2 Non - GAAP; reflects strategic loan sales of $5.5 billion in 2Q25. Furnished as slide 14 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026 1 $512 $507 $503 $512 30% 30% 30% 30% $515 Noninterest - Bearing Low - Cost Consumer Deposits Interest Bearing • Average consumer deposits grew 2.5% YoY to highest level; Continued growth in noninterest - bearing deposits • Average loan growth of 2.3% year - over - year or 3.8% 2 when adjusted for 2Q25 loan sales Interest - bearing deposits 30% 4Q24 1Q25 2Q25 3Q25 4Q25 2.57% 2.39% 2.41% 2.43% 2.25% Avg. Yield %
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20 ©2025 U.S. Bank | Confidential Capital Management Modest share repurchases with continued capital accretion through earnings 1 Ratios for periods prior to January 1, 2025 calculated in accordance with transitional regulatory requirements related to the CE CL methodology; 2025 periods fully reflect implementation related to the CECL methodology 2 Non GAAP; see appendix for calculations Furnished as slide 19 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026 4th Quarter Highlights CET1 Ratio Including AOCI 2 8.8% 8.6% 8.9% 6.5% 7.1% CET1 Ratio Regulatory Minimum Binding Capital Constraint starting in 4Q25 9.2% • Common Equity Tier 1 capital ratio declined by 10 bps given strong loan and risk weighted asset growth, partially offset by earnings generation • Including AOCI, CET1 improved to 9.3% 2 as of December 31, 2025 • Completed common stock repurchases of $100 million CET1 Ratio 1 9.3%
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21 ©2025 U.S. Bank | Confidential Credit Quality $ in millions, unless specified Furnished as slide 18 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026 Asset quality trends are stable - to - improving; Provision increase driven by loan growth Amount ($B) Reserve (%) Commercial $2.3 1.5% Commercial real estate 1.3 2.6% Residential mortgage .7 .6% Credit card 2.8 8.6% Other retail .8 2.1% Total $7.9 2.0% Change vs. 4Q25 3Q25 4Q24 Nonperforming assets Balance $1,590 $(64) $(242) NPAs/period - end loans plus OREO 0.41 % (2) bps (7) bps Net charge - offs NCOs $527 $(9) $(35) NCOs/avg loans 0.54 % (2) bps (6) bps Provision for Credit Losses Net Charge - offs (NCO) and Nonperforming Assets (NPA) Highlights Allowance for Credit Losses by Loan Category, 4Q25 • $50M reserve build primarily driven by loan portfolio growth • CECL forecasted peak unemployment rate of 5.9% • Linked quarter net charge - off ratio improved 2bps to 0.54% NCOs Reserve Build (Release) Allowance for Credit Losses / Period - end Loans 4Q24 1Q25 2Q25 3Q25 ($53) $35 4Q25 $50
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22 ©2025 U.S. Bank | Confidential NDFI Portfolio - Well Diversified, Strong Credit Quality Loan composition based on ending balances ($ in billions) CLO = Collateralized Loan Obligations, BDC = Business Development Corporations, ABS = Asset Backed Security 1 Credit Category Rating is bespoke based on internal ratings mapped to external S&P equivalent ratings Furnished as slide 27 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026 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) Category Allocation & Credit Category Rating 1 Private Equity A+ Business AA- Consumer AA Mortgage BBB Other A- Commercial Loan Composition 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 2.8% for core C&I portfolio. U.S. Bank has limited exposure to BDC s at approximately 2% of total NDFI portfolio • Asset quality supported by strong collateral and structural protections (performance covenants, overcollateralization)
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23 ©2025 U.S. Bank | Confidential Credit Ratings Moody's S&P Fitch DBRS Ratings Outlook: Stable Stable Stable Stable U.S. Bancorp Senior Unsecured Debt A3 A A AA (low) Subordinated Debt A3 A - A - A (high) Short Term Issuer Rating P - 2 1 A - 1 F1 R - 1 (middle) Preferred Stock Baa2 BBB BBB A (low) U.S. Bank National Association Senior Unsecured Debt A2 A+ A+ AA Short Term Issuer Rating P - 1 A - 1 F1 R - 1 (high) U.S. Bank Trust Company, National Association Long Term Issuer Rating A2 A+ A+ AA Short Term Issuer Rating P - 1 A - 1 F1 R - 1 (high) U.S. Bank Europe DAC Long Term Issuer Rating A2 A+ A+ Short Term Issuer Rating P - 1 A - 1 F1 Data as of 1 2 /10/25. 1 Moody’s doesn’t provide a short - term issuer rating, commercial paper is shown
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24 ©2025 U.S. Bank | Confidential Financial Targets Return on Average Assets Return on Tangible Common Equity Fee Income Growth (YoY) Efficiency Ratio 1.15% to 1.35% High teens Mid - single digits Mid - to - high 50s Medium - term 1 Key assumptions 2 Modest GDP growth Stable unemployment rate Moderating inflation Current tax policy Fed Funds rate path consistent with market implied Upward sloping yield curve driven by rate cuts Stable credit quality 1 Medium - term represents 2026 and 2027 2 Key assumptions as of September 12, 2024 and presented at Investor Day Furnished as slide 37 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026
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25 ©2025 U.S. Bank | Confidential Compelling Strategic Rationale and Cultural Fit Bolt - on transaction that adds ~$750 million annually of predominantly fee revenues to Global Capital Markets business BTIG's strong equities and advisory capabilities complement top - performing fixed - income oriented business BTIG leadership committed to business going - forward; strong alignment through transaction structure Revenue synergies across Global Capital Markets as well as other USB businesses Consistent with 2024 Investor Day objectives Longstanding relationship with BTIG through existing ten - year partnership; a "known quantity" Negligible to 2026 EPS; Total CET1 decline impact of ~12bps 1 $1.4B of 2025 Global Markets business revenue $750M in 2025 estimated adjusted net revenue 1 Expected impact at closing Furnished as slide 7 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026
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26 ©2025 U.S. Bank | Confidential BTIG: Client Base and Revenue Durability 1 Percentages based on annualized November 2025 year - to - date adjusted net revenue (primarily fees) Furnished as slide 30 in Exhibit 99.3 of the Form 8 - K, filed with the SEC on 1/20/2026 Diversified and balanced product mix with broad industry sector coverage Institutional Client Base Financial Sponsor Depth Risk Management • 3,500+ global institutional and corporate clients • High touch model with ongoing engagement • 475+ companies under research • ~290 sponsor firms with more than $25T in assets under management • Repeat, multi cycle transaction flow • Strong record of repeat portfolio engagement • Disciplined risk management • Governance aligned to USB risk standards • Prudent oversight embedded across capital - raising structures Sectors: Consumer & Retail Energy & Infrastructure Financial Services Healthcare Diversified Industrials Real Estate & Home Building Technology, Media & Telecom ~$750M 2025 Estimated Adj. Net Revenue
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27 ©2025 U.S. Bank A high - return bank with proven risk discipline through - the - cycle. Our improving efficiency and diversified revenues are anchored by a trusted brand that delivers durable growth and long - term value creation for shareholders. USB INVESTMENT THESIS
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28 ©2025 U.S. Bank | Confidential Non - GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) December 31, 2025 September 30, 2025 December 31, 2024 Net interest income $ 4,284 $ 4,222 $ 4,146 Taxable - equivalent adjustment (1) 28 29 30 Net interest income, on a taxable - equivalent basis 4,312 4,251 4,176 Net interest income, on a taxable - equivalent basis (as calculated above) 4,312 4,251 4,176 Noninterest income 3,053 3,078 2,833 Less: Securities gains (losses), net 3 (7) (1) Total net revenue, excluding net securities gains (losses) (a) 7,362 7,336 7,010 Noninterest expense (b) 4,227 4,197 4,311 Efficiency ratio (b)/(a) 57.4 % 57.2 % 61.5 % Total net revenue, excluding net securities gains (losses) (as calculated above) (c) $ 7,010 Noninterest expense 4,311 Less: Notable items (2) 109 Noninterest expense, excluding notable items (d) 4,202 Efficiency ratio, excluding notable items (d)/(c) 59.9 % Net income attributable to U.S. Bancorp $ 1,663 Less: Notable items (2) (82) Net income attributable to U.S. Bancorp, excluding notable items 1,745 Annualized net income attributable to U.S. Bancorp, excluding notable items (e) 6,942 Average assets (f) 671,907 Return on average assets, excluding notable items (e)/(f) 1.03 % Net income applicable to U.S. Bancorp common shareholders $ 1,581 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (81) Net income applicable to U.S. Bancorp common shareholders, excluding notable items 1,662 Annualized net income applicable to U.S. Bancorp common shareholders, excluding notable items (g) 6,612 Average common equity (h) 52,004 Return on average common equity, excluding notable items (g)/(h) 12.7 % (1), (2) – see last page in appendix for corresponding notes
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29 ©2025 U.S. Bank | Confidential Non - GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) December 31, 2025 September 30, 2025 December 31, 2024 Net income applicable to U.S. Bancorp common shareholders $ 1,965 $ 1,893 $ 1,581 Intangibles amortization (net - of - tax) 100 99 110 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 2,065 1,992 1,691 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 8,193 7,903 6,727 Average total equity 65,048 63,101 59,272 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (458) (458) (460) Average goodwill (net of deferred tax liability) (3) (11,599) (11,609) (11,515) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,568) (1,659) (1,885) Average tangible common equity (b) 44,615 42,567 38,604 Return on tangible common equity (a)/(b) 18.4 % 18.6 % 17.4 % Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (as calculated above) $ 1,691 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (81) Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items 1,772 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (c) 7,049 Average tangible common equity (as calculated above) (d) 38,604 Return on tangible common equity, excluding notable items (c)/(d) 18.3 % (2), (3) – see last page in appendix for corresponding notes
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30 ©2025 U.S. Bank | Confidential Non - GAAP Financial Measures (Dollars in Millions, Unaudited) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 March 31, 2023 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (a) 51,665 50,587 49,382 48,482 47,877 42,027 Accumulated Other Comprehensive Income (AOCI) related adjustments ( 4 ) (6,893) (7,638) (8,458) (8,737) (9,198) (10,153) Common equity tier 1 capital, including AOCI related adjustments ( 4 ) (b) 44,772 42,949 40,924 39,745 38,679 31,874 Risk - weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (c) 480,382 465,092 459,521 450,290 450,498 494,048 Ratios Common equity tier 1 capital ratio (a)/(c) 10.8 % 10.9 % 10.7 % 10.8 % 10.6 % 8.5 % Common equity tier 1 capital ratio, including AOCI related adjustments ( 4 ) (b)/(c) 9.3 9.2 8.9 8.8 8.6 6.5 ( 4 ) – see last page in appendix for corresponding notes
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31 ©2025 U.S. Bank | Confidential Non - GAAP Financial Measures (1), (2) - see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) December 31, 2025 December 31, 2024 September 30, 2025 September 30, 2024 June 30, 2025 June 30, 2024 Net interest income $ 4,284 $ 4,146 $ 4,222 $ 4,135 $ 4,051 $ 4,023 Taxable - equivalent adjustment (1) 28 30 29 31 29 29 Net interest income, on a taxable - equivalent adjustment basis 4,312 4,176 4,251 4,166 4,080 4,052 Net interest income, on a taxable - equivalent basis (as calculated above) 4,312 4,176 4,251 4,166 4,080 4,052 Noninterest income 3,053 2,833 3,078 2,698 2,924 2,815 Total net revenue 7,365 7,009 7,329 6,864 7,004 6,867 Percentage change (a) 5.1 % 6.8 % 2.0 % Less: Securities gains (losses), net 3 (1) (7) (119) (57) (36) Total net revenue, excluding net securities gains (losses) (b) 7,362 7,010 7,336 6,983 7,061 6,903 Percent change (c) 5.0 % 5.1 % 2.3 % Noninterest expense (d) 4,227 4,311 4,197 4,204 4,181 4,214 Percentage change (e) (1.9) % (0.2) % (0.8) % Less: Notable items (2) — 109 — — — 26 Total noninterest expense, excluding notable items 4,227 4,202 4,197 4,204 4,181 4,188 Percentage change (f) 0.6 % (0.2) % (0.2) % Operating leverage (a) - (e) 7.0 % 7.0 % 2.8 % Operating leverage, excl. notable items and net securities losses (c) - (f) 4.4 % 5.3 % 2.5 % Efficiency ratio (d) / (b) 57.4 % 57.2 % 59.2 %
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32 ©2025 U.S. Bank | Confidential Non - GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) March 31, 2025 March 31, 2024 December 31, 2024 December 31, 2023 September 30, 2024 September 30, 2023 Net interest income $ 4,092 $ 3,985 $ 4,146 $ 4,111 $ 4,135 $ 4,236 Taxable - equivalent adjustment (1) 30 30 30 31 31 32 Net interest income, on a taxable - equivalent adjustment basis 4,122 4,015 4,176 4,142 4,166 4,268 Net interest income, on a taxable - equivalent basis (as calculated above) 4,122 4,015 4,176 4,142 4,166 4,268 Noninterest income 2,836 2,700 2,833 2,620 2,698 2,764 Total net revenue 6,958 6,715 7,009 6,762 6,864 7,032 Percentage change (a) 3.6 % 3.7 % (2.4) % Less: Securities gains (losses), net — 2 (1) (116) (119) — Total net revenue, excluding net securities gains (losses) (b) 6,958 6,713 7,010 6,878 6,983 7,032 Percent change (c) 3.6 % 1.9 % (0.7) % Noninterest expense (d) 4,232 4,459 4,311 5,219 4,204 4,530 Percentage change (e) (5.1) % (17.4) % (7.2) % Less: Notable items (2) — 265 109 1,015 — 284 Total noninterest expense, excluding notable items (f) 4,232 4,194 4,202 4,204 4,204 4,246 Percentage change (g) 0.9 % — % (1.0) % Operating leverage (a) - (e) 8.7 % 21.1 % 4.8 % Operating leverage, excl. notable items and net securities losses (c) - (g) 2.7 % 1.9 % 0.3 % Efficiency ratio (d) / (b) 60.8 % 61.5 % 60.2 % Efficiency ratio, excluding notable items (f) / (b) 59.9 % (1), (2) - see last page in appendix for corresponding notes
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33 ©2025 U.S. Bank | Confidential Non - GAAP Financial Measures (1), (2) - see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) June 30, 2024 June 30, 2023 March 31, 2024 March 31, 2023 December 31, 2023 December 31, 2022 Net interest income $ 4,023 $ 4,415 $ 3,985 $ 4,634 $ 4,111 $ 4,293 Taxable - equivalent adjustment (1) 29 34 30 34 31 32 Net interest income, on a taxable - equivalent adjustment basis 4,052 4,449 4,015 4,668 4,142 4,325 Net interest income, on a taxable - equivalent basis (as calculated above) 4,052 4,449 4,015 4,668 4,142 4,325 Noninterest income 2,815 2,726 2,700 2,507 2,620 2,043 Total net revenue 6,867 7,175 6,715 7,175 6,762 6,368 Percentage change (a) (4.3) % (6.4) % 6.2 % Less: Securities gains (losses), net (36) 3 2 (32) (116) (18) Total net revenue, excluding net securities gains (losses) (b) 6,903 7,172 6,713 7,207 6,878 6,386 Less: Notable items (2) — (22) — — — (381) Total net revenue, excluding net securities gains (losses) and notable items (c) 6,903 7,194 6,713 7,207 6,878 6,767 Percent change (d) (4.0) % (6.9) % 1.6 % Noninterest expense (e) 4,214 4,569 4,459 4,555 5,219 4,043 Percentage change (f) (7.8) % (2.1) % 29.1 % Less: Notable items (2) 26 310 265 244 1,015 90 Total noninterest expense, excluding notable items (g) 4,188 4,259 4,194 4,311 4,204 3,953 Percentage change (h) (1.7) % (2.7) % 6.3 % Operating leverage (a) - (f) 3.5 % (4.3) % (22.9) % Operating leverage, excl. notable items and net securities losses (d) - (h) (2.3) % (4.2) % (4.7) % Efficiency ratio (e) / (b) 61.0 % 66.4 % 75.9 % Efficiency ratio, excluding notable items (g) / (c) 60.7 % 62.5 % 61.1 %
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34 ©2025 U.S. Bank | Confidential Non - GAAP Financial Measures Year Ended (Dollars in Millions, Unaudited) December 31, 2025 December 31, 2024 Net income applicable to U.S. Bancorp common shareholders (a) $ 7,194 $ 5,909 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) — ( 298 ) Net income applicable to U.S. Bancorp common shareholders, excluding notable items (b) 7,194 6,207 Average diluted common shares outstanding (c) 0 1,55 7 1,560 Diluted earnings per common share (a)/(c) $ 4 . 62 $ 3 . 79 Percentage change 2 2 % Diluted earnings per common share, excluding notable items (b)/(c) $ 4.62 $ 3.98 Percentage change 1 6 % (2) - see last page in appendix for corresponding notes
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35 ©2025 U.S. Bank | Confidential Non - GAAP Financial Measures ($ in millions) Twelve Months Ended December 31 , 2025 Line of Business Financial Performance Net Revenue Wealth, Corporate, Commercial and Institutional Banking $ 12,083 Consumer and Business Banking 8 , 873 Payment Services 7 , 407 Treasury and Corporate Support 293 Total Company 2 8 , 656 Less Treasury and Corporate Support 293 Total Company excluding Treasury and Corporate Support $ 2 8 , 363 Percent of Total Company Wealth, Corporate, Commercial and Institutional Banking 42 % Consumer and Business Banking 3 1 % Payment Services 26 % Treasury and Corporate Support 1 % Total Company 100 % Percent of Total Company excluding Treasury and Corporate Support Wealth, Corporate, Commercial and Institutional Banking 4 3 % Consumer and Business Banking 3 1 % Payment Services 26 % Total Company excluding Treasury and Corporate Support 100 %
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36 ©2025 U.S. Bank | Confidential Notes 1. Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes. 2. Notable items for the year - ended December 31, 2024 included $109 million of lease impairments and operational efficiency actions, $155 million of merger and integration - related charges and $136 million for the increase in the FDIC special assessment. Notable item for the three months ended December 31, 2024 of $109 million ($82 million net - of - tax) included lease impairments and operational efficiency actions. Notable items for the three months ended June 30, 2024 were a $26 million ($19 million net - of - tax) charge for the increase in FDIC special assessment . Notable items for the three months ended March 31, 2024 of $265 million ($199 million net - of - tax) included $155 million of merger and integration - related charges and a $110 million charge for the increase in the FDIC special assessment. Notable items for the three months ended December 31, 2023 of $1.1 billion ($780 million net - of - tax, including a $70 million discrete tax benefit) included $(118) million of noninterest income related to investment securities balance sheet reposition ing and capital management actions, $171 million of merger and integration - related charges, $734 million of FDIC special assessment charges and a $110 million charitable contribution. Notable items for the three months ended September 30, 2023 included $284 million ($213 million net - of - tax) of merger and integration - related charges. Notable items for the three months ended June 30, 2023 of $575 million ($432 million net - of - tax) included $(22) million of noninterest income related to balance sheet repositioning and capital management actions, $310 million of merger and integration - related charges, and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions. Notable items for the three months ended March 31, 2023 included $244 million ($183 million net - of - tax) of merger and integration - related charges. Notable items for the three months ended December 31, 2022 of $1.3 billion ($952 million net - of - tax) included $(399) million of noninterest income related to balance sheet repositioning and capital management actions, $90 million of merger and integration - related charges and $791 million of provision for credit losses related to the acquisition of Union Bank and balance sheet optimization activities.
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37 ©2025 U.S. Bank | Confidential Notes 3. Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requireme nts . 4. Includes Accumulated Other Comprehensive Income (AOCI) related to available for sale securities, pension plans, and available for sale to held to maturity transfers.
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38 ©2025 U.S. Bank | Confidential Thank you