Q2 2026 Earnings

Reported July 16, 2026

Quarter Comparison

Revenue

Net Margin

Income Statement

Cash Flow Statement

Balance Sheet

Operating metrics disclosed this quarter

Read from the filing itself — XBRL does not carry these, so no standard financial dataset has them.

Net Interest Margin (Taxable-Equivalent Basis)
2.8%
Financial Ratios Return on average assets 1.26 % 1.08 % 1.20 % 1.06 % Return on average common equity 14.0 12.9 13.3 12.6 Return on tangible common equity(b) 18.7 18.0 17.9 17.7 Net interest margin (taxable-equivalent basis)(a) 2.79 2.66 2.78 2.69 Efficiency ratio(b) 57.1 59.2 57.6 60.0 Net charge-offs as a percent of average loans outstanding .53 .59 .55 .59
Common Equity Tier 1 Capital Ratio
10.8%
TABLE 10 Regulatory Capital Ratios (Dollars in Millions) June 30,2026 December 31,2025 Basel III standardized approach: Common equity tier 1 capital $ 53,575 $ 51,665 Tier 1 capital 60,802 58,917 Total risk-based capital 71,429 68,087 Risk-weighted assets 496,488 480,382 Common equity tier 1 capital as a percent of risk-weighted assets 10.8 % 10.8 % Tier 1 capital as a percent of risk-weighted assets 12.2 12.3 Total risk-based capital as a percent of risk-weighted assets 14.4 14.2 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 8.9 8.7 Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (supplementary leverage ratio) 7.2 7.1
Leverage Ratio
8.9%
TABLE 10 Regulatory Capital Ratios (Dollars in Millions) June 30,2026 December 31,2025 Basel III standardized approach: Common equity tier 1 capital $ 53,575 $ 51,665 Tier 1 capital 60,802 58,917 Total risk-based capital 71,429 68,087 Risk-weighted assets 496,488 480,382 Common equity tier 1 capital as a percent of risk-weighted assets 10.8 % 10.8 % Tier 1 capital as a percent of risk-weighted assets 12.2 12.3 Total risk-based capital as a percent of risk-weighted assets 14.4 14.2 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 8.9 8.7 Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (supplementary leverage ratio) 7.2 7.1
Supplementary Leverage Ratio
7.2%
TABLE 10 Regulatory Capital Ratios (Dollars in Millions) June 30,2026 December 31,2025 Basel III standardized approach: Common equity tier 1 capital $ 53,575 $ 51,665 Tier 1 capital 60,802 58,917 Total risk-based capital 71,429 68,087 Risk-weighted assets 496,488 480,382 Common equity tier 1 capital as a percent of risk-weighted assets 10.8 % 10.8 % Tier 1 capital as a percent of risk-weighted assets 12.2 12.3 Total risk-based capital as a percent of risk-weighted assets 14.4 14.2 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 8.9 8.7 Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (supplementary leverage ratio) 7.2 7.1

Earnings Release

Bancorp $2,177 $1,945 $1,815 Diluted earnings per common share $1.35 $1.18 $1.11 Dividends declared per common share $.52 $.52 $.50 BALANCE SHEET (b) 2Q26 1Q26 2Q25 Average total loans $405,481 $393,560 $378,529 Average total deposits $515,080 $515,119 $502,890 Net charge-off ratio (%) .53 .56 .59 B

EX-99.1 2 a2q26earningsrelease.htm EX-99.1 Document 2Q26 Key Financial Data 2Q26 Financial Highlights PROFITABILITY METRICS 2Q26 1Q26 2Q25 • Record net revenue of $7,712 million, including year-over-year increases of 7.5% in net interest income (taxable-equivalent basis) and 13.2% in fee revenue • Net income of $2,177 million, an increase of 20% year-over-year • Diluted earnings per common share of $1.35, an increase of 22% year-over-year • Positive operating leverage of 400 basis points from the prior year quarter • Return on average assets of 1.26% and efficiency ratio of 57.1%, both improved on a year-over-year and a linked quarter basis • Net interest margin of 2.79%, an increase of 13 basis points on a year-over-year basis • CET1 capital ratio of 10.8% at June 30, 2026 • Average total deposits increased 2.4% on a year-over-year basis • Average total loans increased 7.1% on a year-ov...

Source

Exhibit EX-99.1

0000036104-26-000039

Filed July 16, 2026 at 10:59 AM UTC. The figures above are from the audited statements, not from this release.

Tangible Common Equity to Risk-Weighted Assets

9.4%

(Dollars in Millions) June 30,2026 December 31,2025 Total equity $ 67,895 $ 65,651 Preferred stock (6,808) (6,808) Noncontrolling interests (463) (458) Common equity(1) 60,624 58,385 Goodwill (net of deferred tax liability)(a) (12,193) (11,603) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,624) (1,507) Tangible common equity(2) 46,807 45,275 Total assets(3) 725,918 692,345 Goodwill (net of deferred tax liability)(a) (12,193) (11,603) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,624) (1,507) Tangible assets(4) 712,101 679,235 Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company(5) 496,488 480,382 Ratios Common equity to assets(1)/(3) 8.4 % 8.4 % Tangible common equity to tangible assets(2)/(4) 6.6 6.7 Tangible common equity to risk-weighted assets(2)/(5) 9.4 9.4

Tangible Common Equity to Tangible Assets

6.6%

Tier 1 Capital Ratio

12.2%

TABLE 10 Regulatory Capital Ratios (Dollars in Millions) June 30,2026 December 31,2025 Basel III standardized approach: Common equity tier 1 capital $ 53,575 $ 51,665 Tier 1 capital 60,802 58,917 Total risk-based capital 71,429 68,087 Risk-weighted assets 496,488 480,382 Common equity tier 1 capital as a percent of risk-weighted assets 10.8 % 10.8 % Tier 1 capital as a percent of risk-weighted assets 12.2 12.3 Total risk-based capital as a percent of risk-weighted assets 14.4 14.2 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 8.9 8.7 Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (supplementary leverage ratio) 7.2 7.1

Total Risk-Based Capital Ratio

14.4%

Loans 90 Days or More Past Due Ratio

0.2%

TABLE 5 Delinquent Loan Ratios as a Percent of Ending Loan Balances 90 days or more past due June 30,2026 December 31,2025 Commercial Commercial .01 % .01 % Lease financing — — Total commercial .01 .01 Commercial Real Estate Commercial mortgages — — Construction and development .05 .13 Total commercial real estate .01 .03 Residential Mortgages(a) .20 .25 Credit Card 1.13 1.27 Other Retail Retail leasing .05 .06 Home equity and second mortgages .13 .18 Other .09 .11 Total other retail .10 .13 Total loans .18 % .22 % 90 days or more past due and nonperforming loans June 30,2026 December 31,2025 Commercial .26 % .50 % Commercial real estate 1.09 1.09 Residential mortgages(a) .35 .38 Credit card 1.13 1.27 Other retail .48 .53 Total loans .50 % .61 %

Loans 90 Days or More Past Due and Nonperforming Ratio

0.5%

Net Charge-Offs as a Percentage of Average Loans

0.5%

TABLE 7 Net Charge-offs as a Percent of Average Loans Outstanding Three Months Ended June 30 2026 2025 (Dollars in Millions) Average Loan Balance Net Charge-offs Percent Average Loan Balance Net Charge-offs Percent Commercial Commercial $ 152,925 $ 91 .24 % $ 133,755 $ 59 .18 % Lease financing 4,459 5 .45 4,211 6 .57 Total commercial 157,384 96 .24 137,966 65 .19 Commercial Real Estate Commercial mortgages 41,840 13 .12 38,194 57 .60 Construction and development 9,417 — — 10,272 — — Total commercial real estate 51,257 13 .10 48,466 57 .47 Residential Mortgages 117,196 — — 115,616 (1) — Credit Card 38,403 367 3.83 35,439 380 4.30 Other Retail Retail leasing 3,746 14 1.50 3,869 10 1.04 Home equity and second mortgages 14,055 — — 13,678 — — Other 23,440 46 .79 23,495 43 .73 Total other retail 41,241 60 .58 41,042 53 .52 Total loans $ 405,481 $ 536 .53 % $ 378,529 $ 554 .59 %

Nonperforming Assets Ratio

0.3%

Total nonperforming loans(1) 1,303 1,547 Other Real Estate(c) 24 24 Other Assets 19 19 Total nonperforming assets $ 1,346 $ 1,590 Accruing loans 90 days or more past due(b) $ 735 $ 853 Period-end loans(2) $ 410,300 $ 391,335 Nonperforming loans to total loans(1)/(2) .32 % .40 % Nonperforming assets to total loans plus other real estate(c) .33 % .41 %

Nonperforming Loans to Total Loans

0.3%

Average Deposits

$515.08B

TABLE 1 Selected Financial Data Three Months Ended June 30 Six Months Ended June 30 (Dollars and Shares in Millions, Except Per Share Data) 2026 2025 PercentChange 2026 2025 PercentChange Condensed Income Statement Net interest income $ 4,361 $ 4,051 7.7 % $ 8,624 $ 8,143 5.9 % Taxable-equivalent adjustment(a) 26 29 (10.3) 54 59 (8.5) Net interest income (taxable-equivalent basis)(b) 4,387 4,080 7.5 8,678 8,202 5.8 Noninterest income 3,325 2,924 13.7 6,322 5,760 9.8 Total net revenue 7,712 7,004 10.1 15,000 13,962 7.4 Noninterest expense 4,428 4,181 5.9 8,693 8,413 3.3 Provision for credit losses 538 501 7.4 1,114 1,038 7.3 Income before taxes 2,746 2,322 18.3 5,193 4,511 15.1 Income taxes and taxable-equivalent adjustment 563 501 12.4 1,060 974 8.8 Net income 2,183 1,821 19.9 4,133 3,537 16.9 Net (income) loss attributable to noncontrolling interests (6) (6) — (11) (13) 15.4 Net income attributable to U.S. Bancorp $ 2,177 $ 1,815 19.9 $ 4,122 $ 3,524 17.0 Net income applicable to U.S. Bancorp common shareholders $ 2,098 $ 1,733 21.1 $ 3,939 $ 3,336 18.1 Per Common Share Earnings per share $ 1.35 $ 1.11 21.6 % $ 2.53 $ 2.14 18.2 % Diluted earnings per share 1.35 1.11 21.6 2.53 2.14 18.2 Dividends declared per share .52 .50 4.0 1.04 1.00 4.0 Book value per share(c) 38.91 35.06 11.0 Tangible book value per common share(b) 30.04 26.52 13.3 Market value per share 60.40 45.25 33.5 Average diluted common shares outstanding 1,555 1,559 (.3) 1,555 1,560 (.3) Financial Ratios Return on average assets 1.26 % 1.08 % 1.20 % 1.06 % Return on average common equity 14.0 12.9 13.3 12.6 Return on tangible common equity(b) 18.7 18.0 17.9 17.7 Net interest margin (taxable-equivalent basis)(a) 2.79 2.66 2.78 2.69 Efficiency ratio(b) 57.1 59.2 57.6 60.0 Net charge-offs as a percent of average loans outstanding .53 .59 .55 .59 Average Balances Loans $ 405,481 $ 378,529 7.1 % $ 399,553 $ 378,777 5.5 % Investment securities(d) 170,528 172,841 (1.3) 170,997 172,014 (.6) Assets 694,710 673,341 3.2 691,514 671,378 3.0 Deposits 515,080 502,890 2.4 515,100 504,702 2.1 Long-term debt 61,589 62,354 (1.2) 61,548 60,360 2.0

Average Loans

$405.48B

Total Available Liquidity

$301.69B

(Dollars in Millions) June 30,2026 December 31,2025 Cash held at the Federal Reserve Bank and other central banks $ 58,467 $ 39,206 Available investment securities 50,367 56,366 Borrowing capacity from the Federal Reserve Bank and FHLB 192,854 205,120 Total available liquidity $ 301,688 $ 300,692

Mortgage Servicing Portfolio

$206.03B

June 30, 2026 December 31, 2025 (Dollars in Millions) HFA Government Conventional(d) Total HFA Government Conventional(d) Total Servicing portfolio(a) $ 58,251 $ 22,862 $ 124,918 $ 206,031 $ 56,993 $ 23,630 $ 126,614 $ 207,237 Fair value $ 874 $ 459 $ 1,844 $ 3,177 $ 849 $ 465 $ 1,845 $ 3,159 Value (bps)(b) 150 201 148 154 149 197 146 152 Weighted-average servicing fees (bps) 35 45 25 30 35 45 25 30 Multiple (value/servicing fees) 4.27 4.50 5.81 5.09 4.22 4.41 5.75 5.03 Weighted-average note rate 5.23 % 4.42 % 4.10 % 4.45 % 5.17 % 4.41 % 4.04 % 4.39 % Weighted-average age (in years) 4.9 7.1 5.9 5.8 4.8 6.8 5.7 5.6 Weighted-average expected prepayment (constant prepayment rate) 10.2 % 9.9 % 8.2 % 9.0 % 10.2 % 10.1 % 8.2 % 9.0 % Weighted-average expected life (in years) 7.4 6.7 7.1 7.1 7.4 6.7 7.2 7.2 Weighted-average option adjusted spread(c) 7.1 % 6.6 % 4.8 % 5.7 % 7.3 % 6.9 % 5.1 % 5.9 %

Efficiency Ratio

57.1%

Three Months Ended June 30 Six Months EndedJune 30 (Dollars in Millions) 2026 2025 2026 2025 Net interest income $ 4,361 $ 4,051 $ 8,624 $ 8,143 Taxable-equivalent adjustment(a) 26 29 54 59 Net interest income, on a taxable-equivalent basis 4,387 4,080 8,678 8,202 Net interest income, on a taxable-equivalent basis (as calculated above) 4,387 4,080 8,678 8,202 Noninterest income 3,325 2,924 6,322 5,760 Less: Securities gains (losses), net (49) (57) (84) (57) Total net revenue, excluding net securities gains (losses)(1) 7,761 7,061 15,084 14,019 Noninterest expense(2) 4,428 4,181 8,693 8,413 Efficiency ratio(2)/(1) 57.1 % 59.2 % 57.6 % 60.0 %

Return on Tangible Common Equity

18.7%

Net income applicable to U.S. Bancorp common shareholders $ 2,098 $ 1,733 $ 3,939 $ 3,336 Intangibles amortization (net-of-tax) 90 98 177 195 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 2,188 1,831 4,116 3,531 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization(1) 8,776 7,344 8,300 7,121 Average total equity 67,327 61,356 66,824 60,717 Average preferred stock (6,808) (6,808) (6,808) (6,808) Average noncontrolling interests (462) (457) (460) (459) Average goodwill (net of deferred tax liability)(a) (11,796) (11,544) (11,699) (11,528) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,409) (1,734) (1,442) (1,770) Average tangible common equity(2) 46,852 40,813 46,415 40,152 Return on tangible common equity(1)/(2) 18.7 % 18.0 % 17.9 % 17.7 %

Allowance Coverage of Nonperforming Loans

612.0%

Balance at end of period $ 7,979 $ 7,862 $ 7,979 $ 7,862 Components Allowance for loan losses $ 7,645 $ 7,537 Liability for unfunded credit commitments 334 325 Total allowance for credit losses(1) $ 7,979 $ 7,862 Period-end loans(2) $ 410,300 $ 380,243 Nonperforming loans(3) 1,303 1,637 Allowance for Credit Losses as a Percentage of Period-end loans(1)/(2) 1.94 % 2.07 % Nonperforming loans(1)/(3) 612 480 Nonperforming and accruing loans 90 days or more past due 392 302 Nonperforming assets 593 468 Annualized net charge-offs 371 354

Allowance for Credit Losses to Period-End Loans

1.9%