USB

• Net income attributable to U.S. Bancorp was $2,177 million for Q2 2026, up 19.9% year-over-year.
• Net interest margin improved to 2.79% from 2.66% a year ago.
• Completed acquisition of BTIG, contributing approximately $98 million in fee revenue and $84 million in noninterest expense.
• Average total loans increased 7.1% year-over-year; average total deposits increased 2.4%.

2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• On June 24, 2026, U.S. Bancorp announced its Stress Capital Buffer (SCB) requirement will remain at 2.6% until October 1, 2027, per Federal Reserve's decision to maintain current stress test capital buffer requirements through 2027.
• U.S. Bancorp's CET1 capital to risk-weighted assets ratio was 10.8% as of March 31, 2026, exceeding the required 7.1% minimum (4.5% Basel III minimum plus 2.6% SCB).
• As of March 31, 2026, U.S. Bancorp had $4.1 billion remaining capacity under its existing $5 billion share repurchase program.
• The company published its company-run DFAST results on its website, and all regulatory capital ratios exceed 'well-capitalized' requirements.

8.01 Other Events · 9.01 Financial Statements and Exhibits

• U.S. Bancorp held its 2026 annual meeting of shareholders on April 21, 2026.
• Shareholders gave advisory approval of executive compensation (1.14 billion for, 79 million against).
• Shareholders ratified Ernst & Young LLP as independent auditor for fiscal 2026 (1.31 billion for).
• The results were reported under Item 5.07 (Submission of Matters to a Vote of Security Holders).

5.07 Submission of Matters to a Vote of Security Holders · 9.01 Financial Statements and Exhibits

• Net income attributable to U.S. Bancorp was $1,945 million, up 13.8% from Q1 2025.
• Diluted earnings per common share was $1.18, up 14.6% year-over-year.
• Net interest margin was 2.77%, up 5 basis points year-over-year; efficiency ratio improved to 58.2%.
• CET1 capital ratio was 10.8% at March 31, 2026.

2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• Corporate payment products revenue was renamed Corporate payment and treasury management revenue, now including treasury management services and stored-value card revenue.
• Card revenue from debit cards moved from Payment Services to Consumer and Business Banking segment.
• Service charges was renamed Lending and deposit-related fees, now including loan and leasing fees previously in Capital markets revenue.
• Small business credit card loans were reclassified from Commercial to Credit card loan portfolio; no impact on total net revenues, net income, total loans, or total assets.

7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• On March 9, 2026, U.S. Bancorp established a medium-term note program to issue Series EE (Senior) and Series FF (Subordinated) notes.
• The offering is registered under a Form S-3 registration statement (File No. 333-294133) filed with the SEC on March 9, 2026.
• A distribution agreement dated March 9, 2026 was entered into with U.S. Bancorp Investments, Inc. and other agents.
• The filing includes exhibits such as the Officers' Certificates, specimen notes, and a legal opinion from Willkie Farr & Gallagher LLP.

8.01 Other Events · 9.01 Financial Statements and Exhibits

• The plan provides severance benefits for involuntary termination without Cause or Good Reason Resignation within 24 months following a Change in Control.
• Benefits include a lump-sum cash payment of two times annual base salary plus two times target annual incentive award, a pro-rata target incentive award, and employer cost of six months of health coverage.
• Receipt of benefits requires signing a participation agreement, executing a general release, and complying with confidentiality, non-solicitation, and non-competition covenants.
• Participants generally cannot receive severance benefits under both this plan and another Company severance plan, unless the Committee determines otherwise.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits

• Gunjan Kedia, CEO and President, was elected by the Board to serve as Chairman, effective upon Cecere's retirement from the Board on April 21, 2026.
• Cecere's retirement is not due to any disagreement with the company on operations, policies, or practices.
• Roland Hernandez will continue as the Board's lead independent director.
• Kedia joined U.S. Bancorp in 2016 and was named CEO in April 2025; she has over 30 years of financial services experience.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits